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Any additions, modifications, or deletions","page_number":5,"box":{"x":116,"y":627,"width":767,"height":13}},{"id":"0e4f1cd3-bfb2-41e0-90e6-a3d6bac01518","block_type":"box","text":"to Intermediaries and other third parties listed above that have occurred since the date of this SAI are not","page_number":5,"box":{"x":116,"y":643,"width":766,"height":12}},{"id":"a3361399-a021-46ed-9186-5cff9b3e2614","block_type":"box","text":"included in the list.","page_number":5,"box":{"x":117,"y":658,"width":139,"height":10}},{"id":"4f311387-6ece-48d3-8a00-8987ce27d305","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":682,"width":516,"height":12}},{"id":"7e381591-427f-4021-a69d-2e109db9162e","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"9eece586-266e-455e-9850-d0f316772b50","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"38b6099c-d843-4a5f-8ad4-89e0e591b7b0","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"e569bdad-8368-4b22-9093-1dda5e531d81","block_type":"box","text":"IS-A-IntermSAI-0926","page_number":5,"box":{"x":761,"y":887,"width":122,"height":8}},{"id":"099b4766-76de-4a33-8c2f-f3216085c737","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"84c1499c-3d10-4b3d-aebe-0553f2356b12","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"e1a97ac6-8187-461d-b86b-32832bbe30d8","block_type":"box","text":"iShares Trust","page_number":6,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"857b16a9-9eeb-4734-bc37-147c65a0bd41","block_type":"box","text":"Supplement dated August 4, 2026","page_number":6,"box":{"x":370,"y":85,"width":263,"height":12}},{"id":"7dda45a4-70c6-4784-9340-17b7b9594876","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":6,"box":{"x":259,"y":100,"width":484,"height":13}},{"id":"6ebd08dd-322c-4903-8652-77253fb21871","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":6,"box":{"x":290,"y":116,"width":423,"height":12}},{"id":"e022ebfa-e62b-492f-ba37-ba3fde1c2835","block_type":"box","text":"iShares MSCI USA Value Factor ETF (VLUE)","page_number":6,"box":{"x":339,"y":131,"width":326,"height":13}},{"id":"37ae2e9d-b46c-4cb6-8008-069c03db723c","block_type":"box","text":"(the “Fund”)","page_number":6,"box":{"x":453,"y":147,"width":98,"height":12}},{"id":"c3b15b4e-06a6-4167-85f7-7a37e7e0b308","block_type":"box","text":"The following changes to the Fund’s Prospectus, Summary Prospectus and SAI will take effect on","page_number":6,"box":{"x":116,"y":170,"width":710,"height":13}},{"id":"31792fdd-8870-4f1d-9d0d-e57881b66dea","block_type":"box","text":"September 1, 2026:","page_number":6,"box":{"x":116,"y":185,"width":146,"height":13}},{"id":"0cc04b81-be2a-4def-ace0-885ec35fcbcd","block_type":"box","text":"1) The second paragraph of the “Principal Investment Strategies” section of the Prospectus and","page_number":6,"box":{"x":118,"y":209,"width":733,"height":12}},{"id":"a865130c-73bd-4cd5-ab10-a19305c5341f","block_type":"box","text":"Summary Prospectus is deleted in its entirety and replaced with the following:","page_number":6,"box":{"x":150,"y":224,"width":588,"height":13}},{"id":"f8645e08-3f50-40f1-9114-75bce7defbe3","block_type":"box","text":"To construct the Underlying Index, the Index Provider calculates a “value score” for each security in the","page_number":6,"box":{"x":116,"y":247,"width":752,"height":13}},{"id":"dd214401-053b-452a-ac09-7a313f82c805","block_type":"box","text":"Parent Index using three variables: price-to-book value, price-to-forward earnings and enterprise","page_number":6,"box":{"x":117,"y":263,"width":705,"height":13}},{"id":"c29223b3-01c8-4cbb-8346-997fb0113500","block_type":"box","text":"value-to-cash flow from operations. MSCI assigns weights by multiplying a component’s value score by","page_number":6,"box":{"x":116,"y":278,"width":755,"height":13}},{"id":"46158e81-ce87-48d7-9d0a-00c761d274f3","block_type":"box","text":"its market capitalization. Weights in the Underlying Index are next normalized so that sectors in the","page_number":6,"box":{"x":117,"y":294,"width":721,"height":13}},{"id":"bcf521f7-dd94-46ce-8b44-f91908cc9b19","block_type":"box","text":"Underlying Index represent the same weight as in the Parent Index. On a month-end basis, the Index","page_number":6,"box":{"x":117,"y":309,"width":731,"height":13}},{"id":"74c43ed6-4f6e-4249-b7a2-d39c5be9e3e5","block_type":"box","text":"Provider applies a 25% cap to the weight of any single issuer. 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Inc.","page_number":10,"box":{"x":386,"y":108,"width":232,"height":12}},{"id":"b2c7f39c-a71a-44e7-8b2a-7a33d637912c","block_type":"box","text":"Supplement dated May 26, 2026","page_number":10,"box":{"x":377,"y":123,"width":249,"height":13}},{"id":"34395a05-527d-43b0-9554-b95057d98ff1","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":10,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"7f0e141b-3cc4-4d38-9d6b-d07b33bd485b","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":10,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"2a4d53ca-e927-47dc-a231-9ce8f6e901ad","block_type":"box","text":"for the iShares MSCI USA Value Factor ETF (VLUE) and","page_number":10,"box":{"x":294,"y":170,"width":415,"height":13}},{"id":"8b5ac916-5421-4883-b664-037d17c4ed93","block_type":"box","text":"the iShares ESG Aware MSCI EM ETF (ESGE) (each a “Fund”)","page_number":10,"box":{"x":273,"y":185,"width":457,"height":13}},{"id":"a209dbf9-205e-4814-85db-e1341a2c3822","block_type":"box","text":"Each Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":10,"box":{"x":117,"y":209,"width":767,"height":12}},{"id":"bc10e9f6-2eb0-42a3-b980-6eeba5be84c5","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":10,"box":{"x":116,"y":224,"width":700,"height":13}},{"id":"fa1c238d-c2b7-44b8-a63c-aa3e10b7bf2c","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if a Fund crosses","page_number":10,"box":{"x":116,"y":240,"width":768,"height":12}},{"id":"75bfe7a4-5e73-42ec-95c1-5a5bdff28fed","block_type":"box","text":"from diversified to non-diversified status due solely to a change in the relative market capitalization or","page_number":10,"box":{"x":116,"y":255,"width":743,"height":13}},{"id":"08e42755-14b0-4c76-8753-b1c47dca7e25","block_type":"box","text":"index weighting of the constituents of its Underlying Index.","page_number":10,"box":{"x":117,"y":271,"width":431,"height":12}},{"id":"68f110a0-6acc-4be0-bb17-c788bc52384d","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":10,"box":{"x":116,"y":294,"width":450,"height":13}},{"id":"5f140d15-5373-45a5-8653-2785f9b34031","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the sections entitled","page_number":10,"box":{"x":135,"y":317,"width":732,"height":13}},{"id":"605cdd27-38b4-41c0-a860-8ac8be415ae0","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of each Fund:","page_number":10,"box":{"x":167,"y":333,"width":669,"height":12}},{"id":"6ed7e2db-8466-42bc-b609-e7ce6cbade28","block_type":"box","text":"Diversification Policy.","page_number":10,"box":{"x":167,"y":356,"width":169,"height":13}},{"id":"1a0a60f0-aed5-4578-876c-ad761b4c0b41","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":10,"box":{"x":336,"y":356,"width":549,"height":13}},{"id":"c17799d1-2e74-45fa-aa25-766b9533068c","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":10,"box":{"x":166,"y":371,"width":709,"height":13}},{"id":"a7ca31f7-e47d-4d5e-8c48-a939383e82ec","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one","page_number":10,"box":{"x":168,"y":387,"width":706,"height":13}},{"id":"8a37103b-d855-49fd-ba8e-b933c833eec2","block_type":"box","text":"or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":10,"box":{"x":167,"y":402,"width":710,"height":13}},{"id":"8b418789-a664-4df0-bb90-5008b8369af4","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":10,"box":{"x":167,"y":418,"width":685,"height":13}},{"id":"7afa51a9-2c23-49f6-988d-e317209c4abd","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":10,"box":{"x":166,"y":433,"width":692,"height":13}},{"id":"3a33f384-9adf-4654-81f4-b426a29e200d","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":10,"box":{"x":167,"y":449,"width":340,"height":13}},{"id":"e1a65e8f-2687-4d45-81c7-ec0eeda67bc0","block_type":"box","text":"2. The following is added to the sections entitled “Summary of Principal Risks” in the Summary","page_number":10,"box":{"x":133,"y":472,"width":708,"height":13}},{"id":"72dcaf27-703f-4d0c-b14e-569416b34c78","block_type":"box","text":"Prospectus and Prospectus of each Fund:","page_number":10,"box":{"x":168,"y":488,"width":303,"height":12}},{"id":"c55ef021-2faf-4422-9994-96a9cf2ed6f9","block_type":"box","text":"Non-Diversification Risk.","page_number":10,"box":{"x":167,"y":511,"width":189,"height":10}},{"id":"e60e6515-9404-490d-8666-ae2cbaf225eb","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":10,"box":{"x":356,"y":511,"width":512,"height":13}},{"id":"21607cfc-73af-47f1-a237-7839cfa7bbfc","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":10,"box":{"x":167,"y":526,"width":705,"height":13}},{"id":"c544d80d-11cf-46a3-9998-8f9dbacdeec6","block_type":"box","text":"or counterparties and thus may be more susceptible to the risks associated with these particular","page_number":10,"box":{"x":167,"y":542,"width":702,"height":13}},{"id":"eb300e09-9fc8-4b1d-8161-a908d13bad5d","block_type":"box","text":"issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on","page_number":10,"box":{"x":167,"y":557,"width":705,"height":13}},{"id":"695b9086-ab7d-4e09-8373-03c84900aa28","block_type":"box","text":"the performance of a small number of issuers or counterparties, which may lead to more volatility","page_number":10,"box":{"x":166,"y":573,"width":714,"height":13}},{"id":"838fc681-9e35-4179-bdcf-db2fc398dee4","block_type":"box","text":"in the Fund’s NAV.","page_number":10,"box":{"x":167,"y":589,"width":138,"height":9}},{"id":"dabe4fc2-0aa0-4b8d-9c02-4a7e06c57d75","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":10,"box":{"x":133,"y":612,"width":717,"height":10}},{"id":"5b4c4ed6-a7b7-47df-9737-0d1e104857a0","block_type":"box","text":"Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA","page_number":10,"box":{"x":168,"y":627,"width":683,"height":13}},{"id":"aac476ea-f885-409f-872e-e88c10d647ef","block_type":"box","text":"Value Factor ETF and checked as a Principal Risk for each Fund.","page_number":10,"box":{"x":166,"y":643,"width":461,"height":12}},{"id":"f8e77a53-a480-49f6-a4ed-3dd83e6d9a69","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":10,"box":{"x":133,"y":666,"width":681,"height":13}},{"id":"39a8e913-6c01-493d-b9c5-468bb9b0da70","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the iShares MSCI USA Value Factor ETF:","page_number":10,"box":{"x":168,"y":682,"width":704,"height":12}},{"id":"8f787715-1e01-4edc-9076-8926a3d4c707","block_type":"box","text":"Non-Diversification Risk.","page_number":10,"box":{"x":167,"y":705,"width":189,"height":10}},{"id":"43d8e13f-2029-4e31-b476-a57a459e5a16","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":10,"box":{"x":361,"y":705,"width":471,"height":12}},{"id":"8e2c3710-e8ea-4ce3-b2cf-633ce180b6b9","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":10,"box":{"x":167,"y":720,"width":700,"height":13}},{"id":"56e9d084-63a8-4066-a1c1-4ff363443d4d","block_type":"box","text":"or counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund","page_number":10,"box":{"x":167,"y":736,"width":705,"height":12}},{"id":"a028d3fe-9504-4dc5-ac4c-24eb093b34d2","block_type":"box","text":"thus may be more susceptible to the risks associated with these particular issuers or","page_number":10,"box":{"x":166,"y":751,"width":611,"height":13}},{"id":"f6625598-e48d-4f26-88f8-6ef73c7db64b","block_type":"box","text":"counterparties. The gains and losses on such holdings may have a greater impact on a","page_number":10,"box":{"x":167,"y":767,"width":626,"height":12}},{"id":"23b13132-6dce-4cb0-8059-9f7bbd48a8d6","block_type":"box","text":"non-diversified Fund’s performance than they would on the performance of a diversified Fund,","page_number":10,"box":{"x":167,"y":782,"width":684,"height":13}},{"id":"effc7b09-71c8-4982-8833-7c55ce83aa90","block_type":"box","text":"and a non-diversified Fund’s NAV may be more volatile.","page_number":10,"box":{"x":167,"y":798,"width":402,"height":12}},{"id":"425365f0-e568-4411-a47e-efd4a22cdd9e","block_type":"box","text":"5. For the iShares ESG Aware MSCI EM ETF, in the section entitled “Diversification Status” of the SAI","page_number":10,"box":{"x":133,"y":821,"width":739,"height":12}},{"id":"2bcb30c6-aa4a-4219-9ca9-cc6faa3d4611","block_type":"box","text":"of the Fund:","page_number":10,"box":{"x":167,"y":837,"width":91,"height":10}},{"id":"f2a867b3-1901-48a5-9a03-50ec4d38143b","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":10,"box":{"x":184,"y":860,"width":667,"height":12}},{"id":"10b20514-d938-45ff-937d-262e1d0ef0f9","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the corresponding","page_number":10,"box":{"x":218,"y":875,"width":640,"height":13}},{"id":"9ba07771-96e0-4fa2-ace4-963219a15f34","block_type":"box","text":"footnote.","page_number":10,"box":{"x":217,"y":891,"width":70,"height":10}},{"id":"2cbc5ed1-20e8-48fe-9e40-22e7c0e138d1","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":11,"box":{"x":184,"y":69,"width":658,"height":13}},{"id":"2ed34e94-53f7-4ca4-af00-2ba8e56dbd47","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":11,"box":{"x":217,"y":85,"width":654,"height":12}},{"id":"d43d724c-318d-47a0-843c-711fd36a5d83","block_type":"box","text":"replaced with the following:","page_number":11,"box":{"x":218,"y":100,"width":205,"height":13}},{"id":"b0891061-1d96-4e37-818e-e16d1e78b6b1","block_type":"box","text":"Š","page_number":11,"box":{"x":185,"y":126,"width":9,"height":6}},{"id":"84a6b38b-c55e-4ece-ba0a-b8026d58fd2e","block_type":"box","text":"However, while the","page_number":11,"box":{"x":218,"y":123,"width":138,"height":12}},{"id":"b74357c6-dc12-4be4-af27-de6642eea88f","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM","page_number":11,"box":{"x":361,"y":123,"width":522,"height":13}},{"id":"b4c7df7f-441c-4329-9363-5dc567af36b4","block_type":"box","text":"ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as","page_number":11,"box":{"x":218,"y":139,"width":611,"height":13}},{"id":"f9a1e2e7-a6fb-4219-b1d3-21b908b3aa51","block_type":"box","text":"“diversified,” under applicable no-action relief from the SEC staff, the funds may become","page_number":11,"box":{"x":218,"y":154,"width":646,"height":13}},{"id":"f6a8e231-f506-4610-a969-a72dd0fd11c9","block_type":"box","text":"non-diversified, as defined under the 1940 Act, solely as a result of a change in relative","page_number":11,"box":{"x":218,"y":170,"width":631,"height":13}},{"id":"3ef336fd-0979-4517-b906-17ec35ffd159","block_type":"box","text":"market capitalization or index weighting of one or more constituents of its Underlying","page_number":11,"box":{"x":218,"y":185,"width":625,"height":13}},{"id":"6336c2a1-3a66-44ca-aea4-a4fdf2dac195","block_type":"box","text":"Index, and such a change does not require shareholder approval.","page_number":11,"box":{"x":218,"y":201,"width":473,"height":13}},{"id":"5eb0534c-0626-4d0b-bb4b-2379904c7d53","block_type":"box","text":"6. For the iShares MSCI USA Value Factor ETF","page_number":11,"box":{"x":133,"y":224,"width":346,"height":10}},{"id":"e6d2a71e-406c-4807-ae75-ecda3e1a9b3d","block_type":"box","text":"in the section entitled “Diversification Status” of the","page_number":11,"box":{"x":484,"y":224,"width":379,"height":10}},{"id":"f4eecccd-3ab1-42fa-9d0c-dc6d557d767c","block_type":"box","text":"SAI of the Fund:","page_number":11,"box":{"x":167,"y":240,"width":120,"height":10}},{"id":"9e465202-1392-4736-bfdc-3e23b392f842","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":11,"box":{"x":184,"y":263,"width":667,"height":13}},{"id":"f5304874-3765-4428-bfb2-525088a01ebd","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the corresponding","page_number":11,"box":{"x":218,"y":278,"width":640,"height":13}},{"id":"90ed8590-4c89-4fb3-b608-0cc75ffda70d","block_type":"box","text":"footnote.","page_number":11,"box":{"x":217,"y":294,"width":70,"height":10}},{"id":"dc52cf14-3dab-4254-b2aa-5559753cdb4e","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":11,"box":{"x":184,"y":317,"width":658,"height":13}},{"id":"e110dee2-5cf5-45c8-885e-c40fa554e33b","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":11,"box":{"x":217,"y":333,"width":654,"height":12}},{"id":"45332f69-39ca-4bb1-abd7-cb1b1b2e28aa","block_type":"box","text":"replaced with the following:","page_number":11,"box":{"x":218,"y":348,"width":205,"height":13}},{"id":"f710f085-7d59-4484-8e34-13a446658335","block_type":"box","text":"Š","page_number":11,"box":{"x":185,"y":374,"width":9,"height":6}},{"id":"012adae3-36d3-4215-ab9a-5110382e2e5b","block_type":"box","text":"However, while the iShares MSCI USA Quality Factor ETF and iShares MSCI USA Value","page_number":11,"box":{"x":218,"y":371,"width":627,"height":13}},{"id":"7970ad56-ac58-4bb2-bc79-9b947688863a","block_type":"box","text":"Factor ETF are classified as “diversified,” under applicable no-action relief from the SEC","page_number":11,"box":{"x":218,"y":387,"width":634,"height":13}},{"id":"512afe5e-7aec-4bcb-ac7a-7e0673a51ac2","block_type":"box","text":"staff, the funds may become non-diversified, as defined under the 1940 Act, solely as a","page_number":11,"box":{"x":217,"y":402,"width":635,"height":13}},{"id":"d253a51e-df41-47b3-a7ee-378555869d4f","block_type":"box","text":"result of a change in relative market capitalization or index weighting of one or more","page_number":11,"box":{"x":218,"y":418,"width":616,"height":13}},{"id":"5543b0bd-0cd2-4559-9d4c-1767bb54736d","block_type":"box","text":"constituents of its Underlying Index, and such a change does not require shareholder","page_number":11,"box":{"x":217,"y":433,"width":620,"height":13}},{"id":"5cc82ff8-27c9-45dc-babf-84169b8ba2eb","block_type":"box","text":"approval.","page_number":11,"box":{"x":217,"y":449,"width":71,"height":13}},{"id":"20c64b5c-17b2-4656-b5e5-a628c02f90e5","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":11,"box":{"x":117,"y":472,"width":521,"height":13}},{"id":"b1972dd6-a91d-4bb9-a6b2-d908c0e768d3","block_type":"box","text":"iShares","page_number":11,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"8579d8a8-e341-4581-b461-eccc925d1226","block_type":"box","text":"®","page_number":11,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"2e7677a8-6c65-47da-9f89-2eaebbd3dd84","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":11,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"8c3311c7-3704-4a32-85cf-01d8b93406d4","block_type":"box","text":"IS-SUPP-NAL-0526","page_number":11,"box":{"x":772,"y":887,"width":111,"height":8}},{"id":"cd6225ac-5f10-41a5-8977-099bc19c1486","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":11,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"2ea1e53b-57f1-4f64-bcce-8b87d43e9836","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":11,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"6b3df30d-1d2d-4b2f-ada0-9fac42494c88","block_type":"box","text":"iShares","page_number":12,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"8d430e10-6e56-4f46-bcae-3cc5f874ae2b","block_type":"box","text":"®","page_number":12,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"3cb873a5-26b2-4e4e-850a-54685ce7eb8b","block_type":"box","text":"iShares Trust","page_number":12,"box":{"x":450,"y":107,"width":103,"height":10}},{"id":"f546c17c-e6ba-4aba-9ad2-d701b053e3c1","block_type":"box","text":"Supplement dated March 18, 2026","page_number":12,"box":{"x":369,"y":121,"width":265,"height":12}},{"id":"5b4f3c50-56e6-4216-8f01-a5a20ece3036","block_type":"box","text":"to the currently effective Summary Prospectus,","page_number":12,"box":{"x":320,"y":135,"width":362,"height":13}},{"id":"e9c779ce-6e86-4bd2-a772-aa813607ceb0","block_type":"box","text":"Prospectus, and Statement of Additional Information (the “SAI”)","page_number":12,"box":{"x":256,"y":149,"width":492,"height":13}},{"id":"f320b7a0-37c7-4a5b-bf7a-90e447c6260c","block_type":"box","text":"for the iShares MSCI USA Quality Factor ETF (QUAL) (the “Fund”)","page_number":12,"box":{"x":252,"y":163,"width":498,"height":13}},{"id":"7896aaa8-b286-4eb9-b6b8-008df8b02791","block_type":"box","text":"The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":12,"box":{"x":116,"y":185,"width":761,"height":13}},{"id":"53a986af-d512-4185-956b-8eb92784a57a","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":12,"box":{"x":116,"y":199,"width":700,"height":13}},{"id":"052dedd9-37e1-4605-ac43-28055bacd57b","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund","page_number":12,"box":{"x":116,"y":214,"width":724,"height":12}},{"id":"15b2fb0a-65bd-4f2c-9d77-f25eb879c8bb","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in the relative market","page_number":12,"box":{"x":116,"y":228,"width":681,"height":13}},{"id":"2743ba41-fe99-4a58-92c3-5494c9acfd9a","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":12,"box":{"x":116,"y":242,"width":552,"height":13}},{"id":"b6028e03-9ebc-4f91-94d8-349806f79596","block_type":"box","text":"Accordingly, the following changes are effective on March 31, 2026:","page_number":12,"box":{"x":116,"y":264,"width":499,"height":13}},{"id":"3029858e-ab35-4464-8c6f-bc2bab2dc1d5","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the section entitled","page_number":12,"box":{"x":118,"y":286,"width":720,"height":13}},{"id":"ef00b2da-8a22-43eb-88f3-78ba35e333f1","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":12,"box":{"x":150,"y":300,"width":653,"height":13}},{"id":"dc2de375-610a-4592-918c-325b863572fb","block_type":"box","text":"Diversification Policy.","page_number":12,"box":{"x":151,"y":322,"width":168,"height":13}},{"id":"9f3ed6fa-700d-4eb6-96de-a2052635054b","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":12,"box":{"x":319,"y":322,"width":545,"height":13}},{"id":"c3c73187-0fed-4157-999a-7a801b7114ee","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":12,"box":{"x":149,"y":336,"width":704,"height":13}},{"id":"c5364a30-f925-4566-a6f2-a055cc3eba66","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or","page_number":12,"box":{"x":151,"y":350,"width":721,"height":13}},{"id":"5842397b-0af0-4998-8687-d9f66ddbfa99","block_type":"box","text":"more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":12,"box":{"x":151,"y":365,"width":684,"height":12}},{"id":"23089164-a35f-40dd-8ee4-c9e6f299e2d2","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":12,"box":{"x":151,"y":379,"width":680,"height":13}},{"id":"ca3458ab-739a-44f9-9997-197dc1f28f1d","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":12,"box":{"x":149,"y":393,"width":687,"height":13}},{"id":"fd018c76-5a87-4ee6-9908-8899dfea0034","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":12,"box":{"x":151,"y":407,"width":334,"height":13}},{"id":"b3ab05f2-4e58-46cf-8758-47f2a96a37ea","block_type":"box","text":"2. The following is added to the section entitled “Summary of Principal Risks” in the Summary","page_number":12,"box":{"x":117,"y":429,"width":696,"height":13}},{"id":"568de479-3d77-47ee-a6ac-d35bea233b12","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":12,"box":{"x":151,"y":443,"width":287,"height":13}},{"id":"2549e411-d359-4ef7-a27a-b2d010fe9740","block_type":"box","text":"Non-Diversification Risk.","page_number":12,"box":{"x":151,"y":465,"width":180,"height":10}},{"id":"cca52ab1-a8e8-4d3b-a712-f4c3c9ac4bfa","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":12,"box":{"x":331,"y":465,"width":483,"height":13}},{"id":"9e3ebdbf-9ee9-45f6-bfc5-66de2939cad3","block_type":"box","text":"percentage of its assets in securities or other inst","page_number":12,"box":{"x":150,"y":480,"width":337,"height":12}},{"id":"4dfe0a0d-39ab-4d18-9f8d-0ddea4ac58f4","block_type":"box","text":"ruments representing a small number of issuers or","page_number":12,"box":{"x":488,"y":480,"width":349,"height":12}},{"id":"34cc3e81-1589-4276-9559-9871c720da03","block_type":"box","text":"counterparties and thus may be more susceptible to","page_number":12,"box":{"x":150,"y":494,"width":361,"height":12}},{"id":"4ef34c18-7702-4349-b256-3d9dcbd2c4e3","block_type":"box","text":"the risks associated with these particular issuers or","page_number":12,"box":{"x":512,"y":494,"width":355,"height":12}},{"id":"300f71ae-227f-49e0-b19d-81ff3f583b72","block_type":"box","text":"counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance","page_number":12,"box":{"x":150,"y":508,"width":719,"height":13}},{"id":"95f2c67c-17a4-4e29-9544-35617a81627f","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":12,"box":{"x":150,"y":522,"width":688,"height":13}},{"id":"191a890f-92f6-42cc-9e4e-607ada91d96a","block_type":"box","text":"3. In the table under the section entitled “Additional Info","page_number":12,"box":{"x":116,"y":544,"width":405,"height":10}},{"id":"a0db16fc-399b-47c6-bd18-46d83b4a6acf","block_type":"box","text":"rmation About the Funds’ Risks” in the Prospectus","page_number":12,"box":{"x":522,"y":544,"width":349,"height":13}},{"id":"1a425dc5-da4c-4421-ac89-e5e0eaf4e48d","block_type":"box","text":"of the Fund, Non-Diversification Risk is added as a row and checked as a Principal Risk of the Fund.","page_number":12,"box":{"x":150,"y":558,"width":684,"height":13}},{"id":"d080b889-cc91-47ea-9246-02c0e45a4022","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":12,"box":{"x":116,"y":580,"width":681,"height":13}},{"id":"3c5ba7e2-12b6-40e3-a5cb-bbc42e8bfb8b","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the Fund:","page_number":12,"box":{"x":151,"y":594,"width":484,"height":13}},{"id":"56cf0d8c-149d-429a-991b-3003ee5fa7b2","block_type":"box","text":"Non-Diversification Risk.","page_number":12,"box":{"x":151,"y":616,"width":188,"height":10}},{"id":"cbc34bfa-d175-4580-b1ec-938ac5e1a6bd","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":12,"box":{"x":340,"y":616,"width":475,"height":13}},{"id":"0a88cfb3-561e-4d5e-9ba4-464e034fd49a","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers or","page_number":12,"box":{"x":150,"y":630,"width":721,"height":13}},{"id":"044e811a-9dd4-4258-bca8-8f2b36d16b78","block_type":"box","text":"counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund thus","page_number":12,"box":{"x":150,"y":645,"width":722,"height":12}},{"id":"b377901b-4703-4138-ae5f-6fcda57769b7","block_type":"box","text":"may be more susceptible to the risks associated with these particular issuers or counterparties. The","page_number":12,"box":{"x":151,"y":659,"width":718,"height":13}},{"id":"7a84e3a9-4c56-41e3-9cb0-ebe6a368127a","block_type":"box","text":"gains and losses on such holdings may have a greater impact on a non-diversified Fund’s","page_number":12,"box":{"x":150,"y":673,"width":646,"height":13}},{"id":"dd74714f-273c-42b8-8d95-9b40cd0bc308","block_type":"box","text":"performance than they would on the performance of a diversified Fund, and a non-diversified Fund’s","page_number":12,"box":{"x":150,"y":687,"width":729,"height":13}},{"id":"c598dd24-f603-43b6-9f0f-2ab95b062460","block_type":"box","text":"NAV may be more volatile.","page_number":12,"box":{"x":151,"y":702,"width":191,"height":12}},{"id":"ee2c3c0d-275b-4d96-b472-1d98e2d524a3","block_type":"box","text":"5. The following is added as the new last sentence of the first paragraph following the diversification","page_number":12,"box":{"x":116,"y":723,"width":743,"height":13}},{"id":"ec0cbf94-714c-4111-bba0-7d665c86ea39","block_type":"box","text":"status table of the section entitled “Diversification Status” of the SAI of the Fund:","page_number":12,"box":{"x":150,"y":738,"width":584,"height":10}},{"id":"30ed1656-33a9-4bb5-9ac3-a1210be18358","block_type":"box","text":"Š","page_number":12,"box":{"x":163,"y":762,"width":9,"height":6}},{"id":"2c8a51af-826b-4590-9054-44769c55dbb2","block_type":"box","text":"However, while the iShares MSCI USA Quality Factor ETF is classified as “diversified,” under","page_number":12,"box":{"x":184,"y":760,"width":661,"height":12}},{"id":"cbae69c1-13a0-42e2-894a-e492345c246e","block_type":"box","text":"applicable no-action relief from the SEC staff, the Fund may become non-diversified, as defined","page_number":12,"box":{"x":184,"y":774,"width":689,"height":12}},{"id":"45e5b965-75e2-4640-a86f-f63f135b6ef1","block_type":"box","text":"under the 1940 Act, solely as a result of a change in relative market capitalization or index","page_number":12,"box":{"x":184,"y":788,"width":650,"height":13}},{"id":"8c8d357e-643b-489d-8b3f-891cada9022d","block_type":"box","text":"weighting of one or more constituents of its Underlying Index, and such a change does not","page_number":12,"box":{"x":183,"y":802,"width":659,"height":13}},{"id":"33274b02-a12a-4781-90c7-1aa3b79489f7","block_type":"box","text":"require shareholder approval.","page_number":12,"box":{"x":184,"y":816,"width":211,"height":13}},{"id":"55a7cc2b-9c69-4d41-9483-61a7b1c30d53","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":12,"box":{"x":117,"y":838,"width":521,"height":13}},{"id":"e8607620-f805-47eb-8ee1-0a4f5e1e398b","block_type":"box","text":"iShares","page_number":12,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"913776f7-0fac-4865-8e29-c99b7c41e6f1","block_type":"box","text":"®","page_number":12,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"99fc2613-02c9-4340-a778-eeccb0aea7c5","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":12,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"56bce5f2-6e35-41c9-90dd-e43403f1afa5","block_type":"box","text":"IS-A-QUAL-0326","page_number":12,"box":{"x":785,"y":887,"width":98,"height":9}},{"id":"3e9dbe75-c69c-46d4-a6cb-917fb2759a40","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":12,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"3ec11ad1-9917-4f0d-8831-8025eb146ef9","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":12,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"533722f6-4237-4116-a731-f4068210c5ed","block_type":"box","text":"iShares","page_number":13,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"30db4a94-d4c0-4543-8d02-7bc30aa65f60","block_type":"box","text":"®","page_number":13,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"fbea3d5c-a710-4e68-aabe-65dd217658a0","block_type":"box","text":"iShares, Inc.","page_number":13,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"d02ad4ac-249d-4fb3-b347-f1a709f5de98","block_type":"box","text":"iShares Trust","page_number":13,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"c541b4a4-ee18-4eba-865f-f1c859c67403","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":13,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"e100fc6d-74ce-47f9-b645-ffec76f868f8","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":13,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"af57d3cb-6d8d-4a20-8d8d-c158b250ba7b","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":13,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"d7b8f5ee-eba8-4e10-ae9a-be8ad2a4e869","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":13,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"01d8b147-e99f-424c-84fd-905a9f14badb","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":13,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"b1bab07c-da0c-4372-9dc8-353610de8ba2","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":13,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"bbbb5a36-f663-4041-9b33-f803aa071f96","block_type":"box","text":"is checked for the applicable Fund.","page_number":13,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"6609aa0a-4fb5-4d5e-839f-1b67a25a1e15","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":13,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"22d4a508-19e5-459c-a2d3-d94c0a0cc664","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":13,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"83fc95c1-53b3-4fc8-84ec-465ce86e19e2","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":13,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"5b1dbc55-10f3-4fe2-98e1-8dda8d66d52b","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":13,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"9eff4a11-9070-417a-b8dd-8c82a1c4e79c","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":13,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"aca012d8-396d-4bcb-9c9d-e91b65b7ca82","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":13,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"c1b08ce2-7510-4091-b324-450c8d2cada2","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":13,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"b476d6bb-db6c-4afc-9374-19a18770bf4a","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":13,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"050e7f5f-c89f-4d60-894d-a0a61cdd790f","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":13,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"2c0f9217-21cb-4882-b049-5b557e368e3d","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":13,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"23bfc7fe-150f-4e9c-994f-ee168f9322aa","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":13,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"917e004a-d70f-4ca8-ab2c-5a84dfc9b540","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":13,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"b78f0d9d-3aff-41a2-8e15-efd5d0b767cc","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":13,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"8f56585e-120c-4b76-a498-ae837f292711","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":13,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"79c2dfef-d589-41be-913c-c1f9bb87ee35","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":13,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"73bd30ef-1b82-4a9f-b451-5abd049fab38","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":13,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"17179a5a-f776-4cb2-b148-646ecae7167a","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":13,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"75fa4e3c-b4f4-4dea-84c8-d292c8651516","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":13,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"ec26e794-3a57-4caf-a526-6fbcacba245d","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":13,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"7e0dc935-7629-4a7c-8d73-5efe20a6cfe7","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":13,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"70eb7e08-25af-4633-9152-dc9a59457363","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":13,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"075cbd8a-84ee-49cb-9076-8550f847a818","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":13,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"03270180-2a27-4c37-b6a1-9ca07dc35ec5","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":13,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"bc37dced-4130-4520-b149-92e601383946","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":13,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"f7f308aa-4280-4304-a4e3-bd5b0026e6c2","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":13,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"3384a677-d849-4487-91d5-d144c5c45597","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":13,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"268fb036-9166-4c0a-8d0a-616ce959a72a","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":13,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"09bfb910-533f-4dd5-b57b-02f7a366d62f","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":13,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"d2b592a9-3e9e-48a4-a58c-01765fec65ca","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":13,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"abf918f2-d2d0-4252-b2cf-3e2dd51293c8","block_type":"box","text":":","page_number":13,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"e7399e4d-92b6-46d2-b2b4-a6f609929071","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":13,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"bb83643f-1f0a-462d-be73-c3c7adbee903","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":13,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"ddb95f4d-3785-4806-b63c-3b78b7e59de9","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":13,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"3b1d9ad1-259a-4025-9ca0-75cd413ee6cf","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":13,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"dde5d008-50f3-4b3f-9349-c06cdad2d946","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":13,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"b9675a78-7a09-4fe1-8fe5-d7a28f78fd1e","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":13,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"f3abb7eb-b36d-4b9d-87bc-ac7fa94deed6","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":13,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"eaf437df-ed25-4d54-93e2-b22f209748ae","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":13,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"74bf2574-7d50-4c45-8872-bdd5a41d3552","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":13,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"c9e5b242-6313-412a-a38a-c59ab7d1526f","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":13,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"6f73d2ac-8c11-47ad-9f11-217b54f4b839","block_type":"box","text":"by such custodian.","page_number":13,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"345bd8ad-f80b-45a1-a2de-7234870205a9","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":14,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"5d57fb6d-cbce-4690-a1af-419e52f73d94","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":14,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"95472921-a8c2-4016-995b-7aa86a0918fa","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":14,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"ab55a5b9-9ae2-45b5-a2b7-2592cc6d4de0","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":14,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"90e4674c-4d4b-457d-be9e-b8fb28298f16","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":14,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"2211a85a-8afc-4a54-bf3b-5c6659c2e097","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":14,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"54c97f99-02df-408c-b743-4d9fc548d378","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":14,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"ab095c6e-5539-4e80-9178-f79396fa23b2","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":14,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"3b9962fc-dc1c-4d9e-b0ab-9467bb6aef3c","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":14,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"d0da5dd3-0fef-4c73-bb37-3cb26a93c510","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":14,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"cbb5ca0e-1841-48c6-99c4-7257b50cb3f3","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":14,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"be50244f-d8c1-4db7-92b4-1b3a67b18de5","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":14,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"8d55fc9e-ef7d-4764-a531-1b65dc16ca1d","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":14,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"bff4b2e4-6bd2-4bc0-b19f-b9e5764cb863","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":14,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"a280e894-f920-4c21-abc8-179fd90a9ebe","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":14,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"c1db3a6e-4921-447b-8646-54089163c5b3","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":14,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"3ca8d4a8-93c5-4645-bb1d-6b6c22088a22","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":14,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"0cb4bb5f-d130-424b-94a7-234850a42caa","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":14,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"4d0578f7-3a4b-4389-af97-ca309f586ea9","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":14,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"8ef34db9-827e-4214-9a78-c8a83389f319","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":14,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"c70121a7-ae65-4942-83f2-09b6d95a9eda","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":14,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"653d9742-b149-406e-99f5-37d252c96227","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":14,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"df3a7a5c-ee87-4e0e-8426-65a3ca197beb","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":14,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"c2ce295f-6630-46d6-98d7-6b9bc76da0d0","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":14,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"b05eea4c-1b29-4b91-8b61-7c677a38eb9f","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":14,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"5cbeb979-ba7e-4505-b36e-44a4727cbc39","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":14,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"fd36feb2-7117-4bdd-9671-3a456572bad7","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":14,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"7d63b15a-6e5a-43c5-a290-5586231e48dd","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":14,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"42acb374-1c52-4287-8788-23917504df65","block_type":"box","text":"Fund","page_number":14,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"25fa5908-2a4a-4342-8f12-b955c0ff08bd","block_type":"box","text":"Standard Creation","page_number":14,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"be86af6e-2278-4b11-bd02-178db429187a","block_type":"box","text":"Transaction Fee","page_number":14,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"afb06108-7bcb-4cad-af66-db6228b7cfec","block_type":"box","text":"Maximum Additional","page_number":14,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"c0288a53-cab3-4b3c-91f0-114611235b00","block_type":"box","text":"Charge*","page_number":14,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"baf5a5df-6996-48a6-af76-477d075dbe72","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":14,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"3b905e78-18db-4e4a-a9a3-167dbe242dba","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":14,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"cce94703-6d2e-4d7e-941d-22d48c6238fc","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":14,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"d91b007c-e391-4563-8fc6-f7cc92dfb279","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":14,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"587e7f49-3dfb-4291-a25e-dc0e601f44bb","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":14,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"0cdfa5f0-ce76-4b44-ae88-6430f5826886","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":14,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"d9489b09-e242-4295-aeb9-5db247970680","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":14,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"9a280d26-ef40-451c-8840-e0c2c53ad84d","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":14,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"adae61c8-13a3-4a80-ace7-b1a0244de09c","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":14,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"e08777f2-b32b-4c90-97dc-e0428fea76b3","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":14,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"aa51c79e-a493-448f-a4e0-10f51b3e6137","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":14,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"560a86cb-a043-4205-9251-669279a01cc1","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":14,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"a0e46990-73b1-4ffb-a9a6-a96d9c8c8b05","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":14,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"3ef62153-5210-4740-95aa-026bc7cda585","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":14,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"dd3beabe-9285-4866-ab34-2b0db66db086","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":14,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"85287fe4-9228-4baa-b86a-f8579dfa0599","block_type":"box","text":"iShares MSCI Canada ETF $630 3.0%","page_number":14,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"32e11487-59ed-4c10-a727-8c21d0f70e12","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":14,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"252f2c45-539a-42a1-880f-5e8ec6690b26","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":14,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"25fdaef3-3ebd-41a3-b569-19bd1ed38d87","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":14,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"ceb58d32-b71a-429c-8318-ae0b3a038fa9","block_type":"box","text":"Fund","page_number":15,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"bfbb532f-d2d4-4773-8c04-c8cf3e5263e6","block_type":"box","text":"Standard Creation","page_number":15,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"688b4ecc-d26c-49a7-ac86-b0e3e6689a97","block_type":"box","text":"Transaction Fee","page_number":15,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"40c96ce6-da03-4816-ae68-c15b2262a7e1","block_type":"box","text":"Maximum Additional","page_number":15,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"baee4bd1-c979-490b-a3d9-a4dc340ba918","block_type":"box","text":"Charge*","page_number":15,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"e6c8fdca-507a-4820-8838-c5e29e771216","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 5.0%","page_number":15,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"dab75ebc-6cb1-43ee-9d23-ebd3fe7acec4","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 7.0%","page_number":15,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"fa7e63b1-1979-4083-8386-2c89ffecb37d","block_type":"box","text":"iShares MSCI Denmark ETF $470 3.0%","page_number":15,"box":{"x":184,"y":138,"width":668,"height":10}},{"id":"8ba57a63-4e34-468e-85c1-eb46d3c2c0b9","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 7.0%","page_number":15,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"18687f89-276e-4bab-9311-e0ecde838cc5","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":15,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"9511a893-f975-4eb1-8355-b6c9d2745914","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":15,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"a30650aa-1b66-45b3-b3c7-4550358ef9f1","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":15,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"70cd6440-654d-4f72-bddf-53adb1c94f0b","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":15,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"531fdf8c-68c0-462e-ba9d-22ea56337df1","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":15,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"eb84df11-b8e5-408a-bc25-b1bd4615c3ca","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":15,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"e4140b01-0c84-4d96-a404-bf913ff9c513","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":15,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"134fefe0-7a9b-4f94-ba97-b0177719db74","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":15,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"822ed3b0-aa67-4341-aee6-b6523c5026f9","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":15,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"bb039c57-b876-4744-8fda-e82a50e98dcc","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 7.0%","page_number":15,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"13a9089f-1da4-489b-81c0-2a079a1363be","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 7.0%","page_number":15,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"fac2a6b9-0bb8-473d-b6d0-bd23164b3d03","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":15,"box":{"x":184,"y":390,"width":384,"height":12}},{"id":"52f80c6a-81bc-4a86-9f62-23e2a82678b7","block_type":"box","text":"ETF $1,420 7.0%","page_number":15,"box":{"x":201,"y":405,"width":651,"height":12}},{"id":"8d8063a4-2e78-460b-9d1c-85d060bfae57","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 7.0%","page_number":15,"box":{"x":184,"y":424,"width":668,"height":13}},{"id":"0e36a1f6-10a4-45aa-976e-74f3140341f0","block_type":"box","text":"iShares MSCI India ETF $1,230 3.0%","page_number":15,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"59512067-b54b-4026-8b18-6c58eab207e6","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":15,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"0f629d8c-ee18-40fb-b63e-ebde63eb3905","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":15,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"9c7feed2-dd1c-4e56-a1a9-89897c92a4f4","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":15,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"2148a67f-4d57-45b6-902e-898da2a651ea","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":15,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"08fdbc84-39c1-41c7-a05a-7b5210d3bd4d","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":15,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"f818d8de-59bb-46ba-8850-92b76d0410f6","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":15,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"e737ba32-2f17-467a-b725-02db7dc413d0","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":15,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"70e99390-443b-4293-ae0b-d1ea18dd69ff","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":15,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"2583cc7a-84b8-4af5-b121-77e33f5c195c","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":15,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"10926f4b-b3a3-4e3b-82f6-d9da8be0638c","block_type":"box","text":"iShares MSCI Malaysia ETF $900 3.0%","page_number":15,"box":{"x":184,"y":638,"width":668,"height":12}},{"id":"6624e4ea-dd5c-4708-a8a4-e138e382e56a","block_type":"box","text":"iShares MSCI New Zealand ETF $500 3.0%","page_number":15,"box":{"x":184,"y":657,"width":668,"height":11}},{"id":"8edfd92c-d3dc-4b75-83dd-6a9e9c57ee12","block_type":"box","text":"iShares MSCI Norway ETF $770 3.0%","page_number":15,"box":{"x":184,"y":676,"width":663,"height":13}},{"id":"e34b4b5d-9732-49e4-a0a6-3039de0bd263","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 7.0%","page_number":15,"box":{"x":184,"y":696,"width":663,"height":12}},{"id":"3dd31602-90d5-41f3-af7c-5b4204bdffc5","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 3.0%","page_number":15,"box":{"x":184,"y":715,"width":663,"height":13}},{"id":"bd3b6665-789a-4ccd-91f3-eaed2ec85a4a","block_type":"box","text":"iShares MSCI Philippines ETF $800 3.0%","page_number":15,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"f459b1b2-c247-471f-b64c-90ee4c9a926b","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":15,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"b00a2410-9794-4a5d-b981-13aeb4620fb0","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":15,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"db278083-2087-4e78-a27b-7abc29e7a2ea","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":15,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"a63935d2-f3c8-4b4e-88de-2bb40f3ecd00","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":15,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"7da9fea8-c840-4a98-939d-347f35740580","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":15,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"78049a86-5cb4-4e87-825e-46c4da00a00b","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":15,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"eb935068-e26e-44f3-9599-963251c51a5a","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":15,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"af00aa17-1366-47d7-b91f-c57d97d03a8b","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":15,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"cd32a8ee-2c3b-4f03-85a7-232b8275b9cc","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":15,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"a907cacb-0c26-4ebd-b9e8-e1a4791aade1","block_type":"box","text":"Fund","page_number":16,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"ee3c8b3c-5ca6-46dd-b76b-6c21a834265b","block_type":"box","text":"Standard Creation","page_number":16,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"7b9c969d-1cfa-4597-a0a8-a09c737103e4","block_type":"box","text":"Transaction Fee","page_number":16,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"93d87ccf-605a-4da9-a85c-4d76c1430260","block_type":"box","text":"Maximum Additional","page_number":16,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"71483439-558c-49d3-a2f6-1b986e5248e1","block_type":"box","text":"Charge*","page_number":16,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"078c561d-053c-4d31-aec1-3263399876aa","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":16,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"5eb021dd-2caf-46b1-923a-105d3357e063","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":16,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"7f028c83-b5e5-46bb-b48c-33e866a5a5d2","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":16,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"9cdf1103-2b21-457c-82e3-953153f8f0e1","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":16,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"d54b472e-ca84-4ac8-9fb0-a8a33f07791e","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":16,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"6ded0214-3f4b-4cad-a43c-3276396cf705","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":16,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"9b9b102a-8439-437d-a9a1-d1ff7f4375f0","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":16,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"a693c2cd-2e39-4eb2-b790-d30dd4469158","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":16,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"f47300e8-d30f-4465-b6d9-411f0ccb90c0","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":16,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"48cc25b9-5d40-4a86-8f9e-9d7ff6e77902","block_type":"box","text":":","page_number":16,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"0686aaae-d0d5-4b09-b7e8-244cc2a9f322","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":16,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"eb78e59f-9ed6-4817-9772-f6196561333c","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":16,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"d9d60aac-ea89-4d36-8942-98548b78a346","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":16,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"7bf5fa4c-7f9e-4845-96f3-fe568742c573","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":16,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"c6c18d17-4ca0-458a-8383-9627b3486f9d","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":16,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"b60fba7d-ab35-4cfd-8e9a-a7bcc2955b67","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":16,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"6d01bc05-6391-47d2-aea1-a413c5878485","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":16,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"61ce84e3-0755-4fe7-974b-1e4bfd279bde","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":16,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"454c4fd1-052b-4c8e-9e4c-50e582891bf1","block_type":"box","text":"amounts invoiced by such custodian.","page_number":16,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"b2c47c61-e782-481d-81d0-2235565348a9","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":16,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"5299f920-7973-4455-945c-bb8cffa19dcd","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":16,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"d0afd39a-f692-45b3-8011-676fe82228c0","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":16,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"d29e9287-fe93-4fcc-8615-74346efe290a","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":16,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"a8b2a03f-01db-468c-8c87-4ad7754f3bc1","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":16,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"0cc7d8d0-6232-41b6-9d6b-4b99b6411f71","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":16,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"0f3bf3c1-e0a9-4dad-b426-b810e09eafb9","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":16,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"9d5e5e4a-304c-4214-8929-83856f6a8583","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":16,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"0e2710be-0da7-4282-b7e8-24bf87dd45f2","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":16,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"fc1245cb-795a-4940-ba9d-c561a72718da","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":16,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"79e08a73-4ab5-40bf-bbf1-0f03d9cf05dd","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":16,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"1fd9b931-7f06-47f6-a8d6-a98de9f61dfe","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":16,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"3c73c23d-280e-4fa2-9d09-15359783cfed","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":16,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"110b47bc-571b-4c2c-a4b5-d607c29549c4","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":16,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"801d5a5c-4d09-416b-b1f6-dd0a8138a537","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":16,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"de9545f4-56fa-4abc-bd33-01dcc4adfad6","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":16,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"e2582bf9-0bbe-42ab-b0b4-081eab0f04fd","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":16,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"50fda1bd-6bdb-45e7-8bee-4865d6801818","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":16,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"90774b4d-2d72-46f3-9384-b849a734096c","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":16,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"5daea257-34bf-41d3-aaf8-5a43786518c4","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":16,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"87e16d6b-39a9-49aa-8728-44f7fd446b53","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":16,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"d815cea9-7295-4ca4-8f4a-e94e5f05613d","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":16,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"710364bc-dd20-41cc-9b32-195a02cbabea","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":16,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"3b3f0b6f-b60c-49f2-ac76-272ed87d92d9","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":16,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"b36afb5b-2eed-4ada-99b5-b14008efd664","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":16,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"1f0030bd-5f27-419c-b625-3b856cd85959","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":16,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"7e93b35b-5cc3-4740-816e-bff9ae30f92b","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":17,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"b8740866-829b-4a3d-986f-9780fe89c33e","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":17,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"ba67a97f-69ab-4a2d-a14d-6a7c8661a52d","block_type":"box","text":"Fund","page_number":17,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"df13b92a-c900-428e-ab20-5d1a2979ed06","block_type":"box","text":"Standard Redemption","page_number":17,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"be8c675d-2f7a-4a05-bf53-710f48e404bd","block_type":"box","text":"Transaction Fee","page_number":17,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"bd42b6eb-5a8f-49e3-8459-060c00fe17ff","block_type":"box","text":"Maximum Additional","page_number":17,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"656959e7-9672-4bf5-8bf7-dfeed3d0d4bb","block_type":"box","text":"Charge*","page_number":17,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"9bf7c81f-aede-4282-acc3-48d094b6623b","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":17,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"2a82f5c4-cd75-4dc5-b6cb-2de4a9ffe384","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":17,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"d0f6eac4-df25-4f07-93e8-eaa0ce4550a5","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":17,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"68bd5d3d-7588-45d9-8c4f-6d86bd68fd37","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":17,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"82671e8e-c0d1-454f-9fa5-52de1a3b9fa6","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":17,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"5426f3e0-a35f-4ffc-a7e2-7304b6d5ad30","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":17,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"c0f5b6d0-ca02-4b6e-b6d7-9bf285c66ba6","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":17,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"e2b14264-e60a-412e-937a-c198fe48e602","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":17,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"78bc4f44-825c-46fa-9960-d24ccb7cbe92","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":17,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"c0835fdd-78f1-429a-8597-6231d41f31f0","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":17,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"470ab09e-1847-4934-b862-7ec8696b67bc","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":17,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"dd312952-a809-48bc-bfd5-941b79e989b3","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":17,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"a7327b99-f38e-400e-9b3d-6d686804dad5","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":17,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"deb86d0f-e913-49f7-baab-f0c7c6f3e3d7","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":17,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"9e4a8a3e-c3d6-4c71-9317-8fff5b442c6d","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":17,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"3caf640c-fc45-40c7-9e95-81f69cbe83b7","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":17,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"95f06906-e0f4-44af-9a92-00d1cec64cf0","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":17,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"d33ebabf-d88e-469a-84eb-1aac226c5af2","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":17,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"23341304-ff9e-4348-9633-5dda0069f6bf","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":17,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"ca68b7cb-72d8-4aae-b7da-533b8b09c8a8","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":17,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"48a61d3b-d9c6-4199-bec8-1f0d93c52fe6","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 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iShares MSCI Europe Financials ETF","page_number":27,"box":{"x":121,"y":332,"width":282,"height":13}},{"id":"0f39a211-94f3-4d02-b398-714d9b3a75e3","block_type":"box","text":"• iShares MSCI Europe Small-Cap ETF","page_number":27,"box":{"x":121,"y":353,"width":285,"height":12}},{"id":"8bcac6cc-6d90-4145-b6f6-4dd072633f48","block_type":"box","text":"• iShares MSCI Intl Momentum Factor ETF","page_number":27,"box":{"x":121,"y":373,"width":318,"height":9}},{"id":"5bcc710d-095d-4438-b9e6-0670d6a4bab3","block_type":"box","text":"• iShares MSCI Intl Quality Factor ETF","page_number":27,"box":{"x":121,"y":393,"width":284,"height":12}},{"id":"4bc429bc-f63f-4118-ab27-2c93a067b856","block_type":"box","text":"• iShares MSCI Intl Value Factor ETF","page_number":27,"box":{"x":121,"y":413,"width":272,"height":10}},{"id":"fa29fc29-d173-4afa-8611-5e395c1bf3b3","block_type":"box","text":"• iShares MSCI USA Min Vol Factor ETF","page_number":27,"box":{"x":121,"y":433,"width":295,"height":10}},{"id":"8dc68cba-92dd-4079-afd6-0c9ae70a4425","block_type":"box","text":"• iShares MSCI USA Momentum Factor ETF","page_number":27,"box":{"x":121,"y":453,"width":326,"height":10}},{"id":"2208f92b-57fe-4f6c-bf65-8788a7596b03","block_type":"box","text":"• iShares MSCI USA Quality Factor ETF","page_number":27,"box":{"x":121,"y":473,"width":292,"height":13}},{"id":"1cd4f6ac-e87b-4379-af45-2bf9c3cd91ae","block_type":"box","text":"• iShares MSCI USA Size Factor ETF","page_number":27,"box":{"x":121,"y":494,"width":268,"height":9}},{"id":"b1265157-8ba3-449b-a894-c0491e23bf60","block_type":"box","text":"• iShares MSCI USA Small-Cap Min Vol Factor ETF","page_number":27,"box":{"x":121,"y":514,"width":371,"height":12}},{"id":"2a181f78-cbdd-4f56-9669-932a93d6c077","block_type":"box","text":"• iShares MSCI USA Value Factor ETF","page_number":27,"box":{"x":121,"y":534,"width":280,"height":10}},{"id":"b0f71009-5495-4f8d-8817-bec19f52ad31","block_type":"box","text":"• iShares U.S. Equity Factor ETF","page_number":27,"box":{"x":121,"y":554,"width":240,"height":12}},{"id":"66dd9688-13a1-435e-a471-76e0db2140f1","block_type":"box","text":"• iShares U.S. Small-Cap Equity Factor ETF","page_number":27,"box":{"x":121,"y":574,"width":316,"height":13}},{"id":"cde8f7cf-f067-44b7-8a73-495bd39c42d4","block_type":"box","text":"• iShares U.S. Tech Breakthrough Multisector ETF","page_number":27,"box":{"x":121,"y":594,"width":366,"height":13}},{"id":"18366269-50d0-4471-ab07-3383b48af739","block_type":"box","text":"1 On June 2, 2025, the name of the Fund changed from the iShares ESG MSCI USA Min Vol Factor ETF to the iShares iShares ESG Optimized MSCI USA","page_number":27,"box":{"x":119,"y":628,"width":844,"height":10}},{"id":"a5e40a24-819e-4383-8ce8-db7313a16eb5","block_type":"box","text":"Min Vol Factor ETF.","page_number":27,"box":{"x":133,"y":640,"width":106,"height":8}},{"id":"962ab6a9-fb53-4cb3-86a6-ec36923bc3a6","block_type":"box","text":"Each Fund is managed by BlackRock Fund Advisors (“BFA”), an indirect majority-owned subsidiary of BlackRock, Inc., and","page_number":27,"box":{"x":89,"y":664,"width":850,"height":12}},{"id":"a301e97a-8dbc-4efc-ace1-42190eba3ca2","block_type":"box","text":"generally seeks to track the investment results of the specific benchmark index identified in the applicable Prospectus for that","page_number":27,"box":{"x":89,"y":679,"width":879,"height":12}},{"id":"8869ae21-fcbf-4fc9-a002-2aac1503f3ca","block_type":"box","text":"Fund (each, an “Underlying Index”).","page_number":27,"box":{"x":89,"y":694,"width":250,"height":12}},{"id":"2c0275b0-2bf3-4215-8691-6fbb318ed5a7","block_type":"box","text":"Each Fund offers and issues shares at their net asset value per share (“NAV”) only in aggregations of a specified number of","page_number":27,"box":{"x":89,"y":720,"width":859,"height":13}},{"id":"44882d3f-bc5a-4ae1-ad9b-8fd3e6f88576","block_type":"box","text":"shares (each, a “Creation Unit”), generally in exchange for a designated portfolio of securities, assets or other positions","page_number":27,"box":{"x":89,"y":736,"width":831,"height":12}},{"id":"11249c92-865f-47b3-b3b0-238a540a44fe","block_type":"box","text":"(including any portion of such securities for which cash may be substituted) included in its Underlying Index (the “Deposit","page_number":27,"box":{"x":89,"y":751,"width":857,"height":12}},{"id":"f7aaebf3-6a13-4695-83bd-80aff0fde14e","block_type":"box","text":"Securities” or “Creation Basket”), together with the deposit of a specified cash payment (the “Cash Component”). Shares of","page_number":27,"box":{"x":88,"y":766,"width":867,"height":12}},{"id":"bf7b0be0-0572-43ad-b93e-d3008b18d70f","block_type":"box","text":"the Funds are listed for trading on national securities exchanges (a “Listing Exchange”) such as Cboe BZX Exchange, Inc.","page_number":27,"box":{"x":88,"y":781,"width":845,"height":12}},{"id":"46acddca-f1ad-4758-a032-469d9a7cb4d9","block_type":"box","text":"(“Cboe BZX”), The Nasdaq Stock Market LLC (“Nasdaq”) or NYSE Arca, Inc. (“NYSE Arca”). Shares of each Fund are traded in","page_number":27,"box":{"x":89,"y":796,"width":873,"height":12}},{"id":"5c9aba40-41b0-4634-9215-0241c151f8ee","block_type":"box","text":"the secondary market and elsewhere at market prices that may be at, above or below the Fund’s NAV. Shares are redeemable","page_number":27,"box":{"x":88,"y":811,"width":875,"height":12}},{"id":"89a7c4ea-3b80-4be1-88ef-a41859f30bef","block_type":"box","text":"only in Creation Units by Authorized Participants (as defined in the","page_number":27,"box":{"x":89,"y":826,"width":464,"height":13}},{"id":"04125630-0d42-4ed0-98db-c477d25d0d94","block_type":"box","text":"Creation and Redemption of Creation Units-Role of the","page_number":27,"box":{"x":558,"y":826,"width":381,"height":13}},{"id":"325d0863-462b-4c98-8ecd-3ec3cadbfb9e","block_type":"box","text":"1","page_number":27,"box":{"x":526,"y":894,"width":3,"height":9}},{"id":"8a3ae067-7a7a-467c-8edd-48d4c6e8345d","block_type":"box","text":"Authorized Participant","page_number":28,"box":{"x":87,"y":44,"width":158,"height":12}},{"id":"fb4d3689-726f-4450-906d-945716a7b78b","block_type":"box","text":"section of this SAI) and, generally, in exchange for portfolio securities and a Cash Amount (as defined","page_number":28,"box":{"x":249,"y":44,"width":710,"height":12}},{"id":"bc39a922-55e4-408d-8e61-d25a5041767a","block_type":"box","text":"in the","page_number":28,"box":{"x":89,"y":59,"width":38,"height":10}},{"id":"d7488294-e741-4047-b4eb-4be1369a8955","block_type":"box","text":"Redemption of Creation Units","page_number":28,"box":{"x":132,"y":59,"width":206,"height":12}},{"id":"1d742d35-9c5b-4470-9694-ad043ccfc776","block_type":"box","text":"section of this SAI). Creation Units typically are a specified number of shares, generally","page_number":28,"box":{"x":343,"y":59,"width":605,"height":12}},{"id":"48807470-1e70-49f4-aa72-4d4ddbff910a","block_type":"box","text":"ranging from 50,000 to 600,000 or multiples thereof.","page_number":28,"box":{"x":89,"y":74,"width":370,"height":12}},{"id":"7ab61ab1-d05d-4036-8a42-31bf0cd9dbea","block_type":"box","text":"The Trust reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in cash","page_number":28,"box":{"x":88,"y":101,"width":878,"height":12}},{"id":"f162717a-fc85-42c8-91dc-3a574132784a","block_type":"box","text":"and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in","page_number":28,"box":{"x":89,"y":116,"width":832,"height":12}},{"id":"e89369cf-d789-4d4f-99d0-29f97126bf1e","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":28,"box":{"x":89,"y":131,"width":802,"height":12}},{"id":"2ffc800d-1b38-4c8e-afbc-0d04c014c03d","block_type":"box","text":"Participant maintain collateral with the Trust as set forth in the handbook for Authorized Participants. The Trust may use","page_number":28,"box":{"x":89,"y":146,"width":842,"height":12}},{"id":"6662e568-f057-482e-8231-59c3fcfa3f5e","block_type":"box","text":"such collateral at any time to purchase Deposit Securities. See the","page_number":28,"box":{"x":89,"y":161,"width":459,"height":12}},{"id":"15cbe1ca-1c46-4662-9cfc-9c79a47e4270","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":28,"box":{"x":554,"y":161,"width":300,"height":12}},{"id":"c7e2a778-ba0e-4f32-89a8-d245df4ba0ae","block_type":"box","text":"section of this","page_number":28,"box":{"x":859,"y":161,"width":97,"height":10}},{"id":"8c77f7cc-7b14-4a5c-9fa1-35c95f059f25","block_type":"box","text":"SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be higher","page_number":28,"box":{"x":88,"y":176,"width":851,"height":13}},{"id":"45fe9c32-59f4-4fd9-9a6d-26a61e30ccce","block_type":"box","text":"than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with","page_number":28,"box":{"x":88,"y":191,"width":836,"height":13}},{"id":"0e67f236-a21f-4db8-8aa4-a654a739a58f","block_type":"box","text":"respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and","page_number":28,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"3d487020-1494-4dc7-b63f-8f0224b687be","block_type":"box","text":"regulations applicable to management investment companies offering redeemable securities.","page_number":28,"box":{"x":89,"y":222,"width":652,"height":12}},{"id":"eed04e6a-6840-41f4-ad53-c319b8dfe31c","block_type":"box","text":"Exchange Listing and Trading","page_number":28,"box":{"x":91,"y":252,"width":491,"height":30}},{"id":"551787e4-fe4d-4bf9-89ca-80e8b25f14be","block_type":"box","text":"A discussion of exchange listing and trading matters associated with an investment in each Fund is contained in the","page_number":28,"box":{"x":88,"y":293,"width":813,"height":13}},{"id":"f625170f-86b8-424a-a5db-619d2f4f8210","block_type":"box","text":"Shareholder Information","page_number":28,"box":{"x":88,"y":308,"width":170,"height":12}},{"id":"f7ffe32e-b1f6-4b1a-bcaf-c6a655c3a3a4","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":28,"box":{"x":264,"y":308,"width":651,"height":13}},{"id":"69a65173-9049-47e5-be19-106da5394568","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":28,"box":{"x":89,"y":324,"width":415,"height":12}},{"id":"8979a200-bef8-41c1-95bf-9c72011b601a","block_type":"box","text":"Shares of each Fund are listed for trading, and trade throughout the day, on the applicable Listing Exchange and in other","page_number":28,"box":{"x":88,"y":350,"width":843,"height":12}},{"id":"a3d3ebb0-2a83-404c-9d2c-897077d51d53","block_type":"box","text":"secondary markets. Shares of certain Funds may also be listed on certain non-U.S. exchanges. There can be no assurance","page_number":28,"box":{"x":89,"y":365,"width":850,"height":12}},{"id":"dcd3d47a-95fb-4a1e-9730-f5aac74816ec","block_type":"box","text":"that the requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met.","page_number":28,"box":{"x":88,"y":380,"width":876,"height":13}},{"id":"4748e320-e00c-4a94-a650-2465c0b763ac","block_type":"box","text":"The Listing Exchange may, but is not required to, remove the shares of a Fund from listing if, among other things: (i)","page_number":28,"box":{"x":88,"y":395,"width":811,"height":13}},{"id":"82927957-d6ec-4ec5-bd49-f3ff94d14451","block_type":"box","text":"following the initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50","page_number":28,"box":{"x":88,"y":410,"width":871,"height":13}},{"id":"49824688-7b77-4981-9276-f4e2291a7327","block_type":"box","text":"record and/or beneficial owners of shares of a Fund; (ii) a Fund is no longer eligible to operate in reliance on Rule 6c-11","page_number":28,"box":{"x":89,"y":426,"width":831,"height":12}},{"id":"2515f6d3-8d44-416e-8d16-a13d51fd6d92","block_type":"box","text":"under the Investment Company Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any","page_number":28,"box":{"x":89,"y":441,"width":852,"height":12}},{"id":"4890d339-03d8-4fe3-93ae-0737a69e8b3f","block_type":"box","text":"event shall occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing","page_number":28,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"e6acaab2-d7a3-476e-831c-4a070a9aa609","block_type":"box","text":"Exchange inadvisable. The Listing Exchange will also remove shares of a Fund from listing and trading upon termination of","page_number":28,"box":{"x":89,"y":471,"width":860,"height":12}},{"id":"89ad698e-997f-4e14-8de5-6525fc04db10","block_type":"box","text":"the Fund.","page_number":28,"box":{"x":88,"y":486,"width":66,"height":10}},{"id":"7f6d48d5-9156-4232-981a-d80d93e3085f","block_type":"box","text":"As in the case of other publicly-traded securities, when you buy or sell shares of a Fund through a broker, you may incur a","page_number":28,"box":{"x":88,"y":513,"width":852,"height":12}},{"id":"b7c347f4-27e3-4e38-9bff-7aa0764a1c31","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":28,"box":{"x":89,"y":528,"width":524,"height":12}},{"id":"99ac6e18-4817-4665-bf8b-f607fb4cdf0f","block_type":"box","text":"The Trust reserves the right to adjust the share price of the Funds in the future to maintain convenient trading ranges for","page_number":28,"box":{"x":88,"y":554,"width":845,"height":12}},{"id":"1a520679-e790-4133-94d1-9548a080242d","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":28,"box":{"x":89,"y":569,"width":859,"height":13}},{"id":"d66e5b61-b654-48fc-a1a0-b4155c945468","block_type":"box","text":"on the net assets of the Funds or an investor’s equity interest in the Funds.","page_number":28,"box":{"x":89,"y":584,"width":520,"height":13}},{"id":"e5346b0e-47ee-4f19-abba-855b91facc79","block_type":"box","text":"Investment Strategies and Risks","page_number":28,"box":{"x":91,"y":615,"width":531,"height":30}},{"id":"44d67992-f6ef-4747-9cb8-db860752bb0d","block_type":"box","text":"Each Fund seeks to achieve its objective by investing primarily in securities issued by issuers that compose its relevant","page_number":28,"box":{"x":89,"y":656,"width":824,"height":13}},{"id":"7e6dd68f-287b-4e18-b0f3-627f6922dae3","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the Underlying Index. Each","page_number":28,"box":{"x":89,"y":671,"width":853,"height":13}},{"id":"99eb9382-7534-49f1-a624-ca5c37d9e4fc","block_type":"box","text":"Fund operates as an index fund and is not actively managed. Adverse performance of a security in a Fund’s portfolio will","page_number":28,"box":{"x":89,"y":686,"width":841,"height":13}},{"id":"be6f9499-da86-4c21-b78f-86bdb9a58dbe","block_type":"box","text":"ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":28,"box":{"x":89,"y":702,"width":550,"height":12}},{"id":"fbe07e38-6165-4b24-adaf-a781789988c9","block_type":"box","text":"Each Fund engages in representative sampling, which is investing in a sample of securities selected by BFA to have a","page_number":28,"box":{"x":89,"y":728,"width":812,"height":12}},{"id":"ecd2e045-1bbb-4085-9c27-529629188bd1","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":28,"box":{"x":89,"y":743,"width":848,"height":12}},{"id":"1c9444ec-15b5-47e3-8e5d-6a3871bf2a69","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":28,"box":{"x":89,"y":758,"width":819,"height":13}},{"id":"18c3f90c-6dda-4bd0-af0d-9eb6705c898d","block_type":"box","text":"variability, earnings valuation and yield) and liquidity measures similar to those of the Fund’s Underlying Index. A fund that","page_number":28,"box":{"x":88,"y":773,"width":859,"height":13}},{"id":"75a55cc4-3733-40ba-9642-f14a08d9f626","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":28,"box":{"x":89,"y":788,"width":727,"height":13}},{"id":"ab07aac0-1b37-4f7c-ad9a-99c13e92a5a2","block_type":"box","text":"Although the Funds do not seek leveraged returns, certain instruments used by the Funds may have a leveraging effect as","page_number":28,"box":{"x":88,"y":815,"width":851,"height":12}},{"id":"24969d20-0b5a-42aa-a062-6e32690593eb","block_type":"box","text":"described below.","page_number":28,"box":{"x":89,"y":830,"width":116,"height":10}},{"id":"1cc053d8-3007-4138-8984-b8258fbebf81","block_type":"box","text":"2","page_number":28,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"c6fde5c2-7e1c-4701-a3f8-0e2d85ecc116","block_type":"box","text":"Borrowing.","page_number":29,"box":{"x":89,"y":44,"width":78,"height":12}},{"id":"68682b94-d36e-47ed-bf9c-775c9ca8dcb5","block_type":"box","text":"Each Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":29,"box":{"x":177,"y":44,"width":705,"height":12}},{"id":"45170fe2-f14f-4d0a-b63e-27d68c33d901","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions.","page_number":29,"box":{"x":89,"y":59,"width":538,"height":12}},{"id":"9a4636cf-d0f3-43e8-81f5-8d00e0d883ee","block_type":"box","text":"The purchase of securities while borrowings are outstanding may have the effect of leveraging a Fund. The incurrence of","page_number":29,"box":{"x":88,"y":85,"width":846,"height":13}},{"id":"82f11b3c-5b8d-4efc-a7a4-7e601ffbf44f","block_type":"box","text":"leverage increases a Fund’s exposure to risk, and borrowed funds are subject to interest costs that will reduce net income.","page_number":29,"box":{"x":89,"y":101,"width":852,"height":12}},{"id":"14d4c4dd-04c5-487b-ad5e-650b02f3074e","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":29,"box":{"x":89,"y":116,"width":870,"height":12}},{"id":"a38039e7-8385-455a-882e-cf185ae36c88","block_type":"box","text":"NAV of Fund shares and in the yield on a Fund’s portfolio. In addition, the interest expenses from borrowings may exceed the","page_number":29,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"86db53b8-9493-4966-8955-ef4e3d35a4df","block_type":"box","text":"income generated by a Fund’s portfolio and, therefore, the amount available (if any) for distribution to shareholders as","page_number":29,"box":{"x":89,"y":146,"width":826,"height":12}},{"id":"c0a219ac-c63b-4941-9505-945a2d911a59","block_type":"box","text":"dividends may be reduced. BFA may determine to maintain outstanding borrowings if it expects that the benefits to a Fund’s","page_number":29,"box":{"x":89,"y":161,"width":871,"height":12}},{"id":"3fa0e204-877b-487c-8544-f24619188d1c","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":29,"box":{"x":89,"y":176,"width":381,"height":13}},{"id":"94ecd8f8-395c-4e32-ab4c-a76f675df95e","block_type":"box","text":"Certain types of borrowings by a Fund must be made from a bank or may result in a Fund being subject to covenants in","page_number":29,"box":{"x":89,"y":203,"width":835,"height":12}},{"id":"096fda53-f88a-4bef-8e9b-67968e2e8ffd","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":29,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"c0467c30-35f9-4f58-8d20-1df692e236ce","block_type":"box","text":"observance of such covenants would impede BFA’s management of a Fund’s portfolio in accordance with a Fund’s","page_number":29,"box":{"x":89,"y":233,"width":800,"height":12}},{"id":"be099027-f6e7-4140-8b9c-e4783812d55e","block_type":"box","text":"investment objectives and policies. However, a breach of any such covenants not cured within the specified cure period may","page_number":29,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"ee7c6e38-0ffe-4646-ad25-b6821d5ad045","block_type":"box","text":"result in acceleration of outstanding indebtedness and require a Fund to dispose of portfolio investments at a time when it","page_number":29,"box":{"x":89,"y":263,"width":856,"height":12}},{"id":"921c19ac-b943-495e-b8bb-9919d0541e53","block_type":"box","text":"may be disadvantageous to do so.","page_number":29,"box":{"x":89,"y":278,"width":237,"height":13}},{"id":"3c4e1dd8-1be2-4f87-8488-827890988357","block_type":"box","text":"Currency Transactions.","page_number":29,"box":{"x":89,"y":305,"width":166,"height":12}},{"id":"cf9fb956-3d52-4a96-ba5d-11908e22a704","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":29,"box":{"x":264,"y":305,"width":696,"height":12}},{"id":"7ec488a5-f71d-4aec-9601-05c79f9a4231","block_type":"box","text":"currency at a future date, which may be any fixed number of days greater than two days from the date on which the contract","page_number":29,"box":{"x":89,"y":320,"width":876,"height":12}},{"id":"a67d3580-931b-4eef-9899-5e600e2abfd3","block_type":"box","text":"is agreed upon by the parties, at a price set at the time of the contract. A non-deliverable currency forward is an OTC","page_number":29,"box":{"x":89,"y":335,"width":814,"height":12}},{"id":"b39786ba-251a-489a-98c4-288078fc529d","block_type":"box","text":"currency forward settled in a specified currency, on a specified date, based on the difference between the agreed-upon","page_number":29,"box":{"x":89,"y":350,"width":828,"height":12}},{"id":"2d2f8acf-e2e0-40d1-b79a-fdc645ce56a6","block_type":"box","text":"exchange rate and the market exchange rate. A currency futures contract is a contract that trades on an organized futures","page_number":29,"box":{"x":89,"y":365,"width":854,"height":12}},{"id":"0b9401ab-d62d-42e6-8b08-62664344c164","block_type":"box","text":"exchange involving an obligation to deliver or acquire a specified amount of a specific currency, at a specified price and at a","page_number":29,"box":{"x":89,"y":380,"width":863,"height":13}},{"id":"ded09e11-feb8-4385-9709-e2168cda888b","block_type":"box","text":"specified future time. Currency futures contracts may be settled on a net cash payment basis rather than by the sale and","page_number":29,"box":{"x":89,"y":395,"width":840,"height":13}},{"id":"007e40e2-09c7-42aa-85fc-87182ece8c01","block_type":"box","text":"delivery of the underlying currency. Each Fund does not engage in currency transactions for the purpose of hedging against","page_number":29,"box":{"x":89,"y":410,"width":866,"height":13}},{"id":"2785d98a-83fb-4461-86dd-cc2f65633b1e","block_type":"box","text":"declines in the value of each Fund’s assets that are denominated in a non-U.S. currency. A Fund may enter into non-U.S.","page_number":29,"box":{"x":89,"y":426,"width":839,"height":12}},{"id":"61093e29-95b8-49cc-865a-7f355f3840e8","block_type":"box","text":"currency forward and non-U.S. currency futures transactions to facilitate local securities settlements or to protect against","page_number":29,"box":{"x":89,"y":441,"width":849,"height":12}},{"id":"6cee3de3-976e-4abe-a287-45c4e9a32ba2","block_type":"box","text":"currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for speculative","page_number":29,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"0d2cf466-4e9f-424c-9829-0c39324c6338","block_type":"box","text":"purposes.","page_number":29,"box":{"x":89,"y":474,"width":67,"height":9}},{"id":"f163ec0b-aa51-44df-b8a6-642533b6af8a","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":29,"box":{"x":89,"y":497,"width":879,"height":13}},{"id":"7b1effd6-08c2-4fbf-b2c9-58c78c68fa46","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":29,"box":{"x":89,"y":513,"width":876,"height":12}},{"id":"2b7b0b86-8133-4934-be66-3383e4da70b9","block_type":"box","text":"prices, can occur in such markets within very short periods of time, often within minutes. Foreign exchange trading risks","page_number":29,"box":{"x":89,"y":528,"width":842,"height":12}},{"id":"aee3e9eb-b8aa-44f7-8033-32bdfed3c2b6","block_type":"box","text":"include, but are not limited to, exchange rate risk, counterparty risk, maturity gap, interest rate risk, and potential interference","page_number":29,"box":{"x":89,"y":543,"width":877,"height":12}},{"id":"0bcba71c-2aec-47d3-9c6a-fdfeb0c181cb","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":29,"box":{"x":89,"y":558,"width":864,"height":12}},{"id":"74f8c1ab-73d9-4853-8cc1-d2cc095cc510","block_type":"box","text":"U.S. currency. If BFA utilizes foreign exchange transactions at an inappropriate time or judges market conditions, trends or","page_number":29,"box":{"x":89,"y":573,"width":853,"height":12}},{"id":"3d3052eb-74de-495e-9808-db2a3d1df95b","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":29,"box":{"x":89,"y":588,"width":877,"height":12}},{"id":"cabe26bb-0584-4e4c-8308-30fcf676c7c9","block_type":"box","text":"Fund’s return with the performance of its Underlying Index and may lower the Fund’s return. A Fund could experience losses","page_number":29,"box":{"x":89,"y":603,"width":873,"height":13}},{"id":"2b0925ab-318c-41d9-9137-d8a0d869cc48","block_type":"box","text":"if the value of its currency forwards, options or futures positions were poorly correlated with its other investments or if it","page_number":29,"box":{"x":89,"y":618,"width":841,"height":13}},{"id":"98e51e18-3a83-401c-bdc1-4fa40e0baf99","block_type":"box","text":"could not close out its positions because of an illiquid market or otherwise. In addition, a Fund could incur transaction costs,","page_number":29,"box":{"x":89,"y":633,"width":870,"height":13}},{"id":"89163fb5-a3af-493e-bc6a-8bb3dd9c4451","block_type":"box","text":"including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":29,"box":{"x":89,"y":649,"width":632,"height":12}},{"id":"0d92c94f-e0aa-4209-8457-7ec9fc8a37de","block_type":"box","text":"Diversification Status.","page_number":29,"box":{"x":89,"y":675,"width":156,"height":10}},{"id":"fd1bdd86-aa52-47a0-9d08-4a50d59d04a7","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":29,"box":{"x":253,"y":675,"width":480,"height":12}},{"id":"955dc88e-b9cf-49ad-a9d7-422684113bd6","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":29,"box":{"x":89,"y":705,"width":529,"height":7}},{"id":"86805389-9d0a-4be0-992a-aa2e71abe162","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF iShares China Large-Cap ETF","page_number":29,"box":{"x":89,"y":727,"width":594,"height":12}},{"id":"eed87e11-f512-4029-92f8-d03761415867","block_type":"box","text":"iShares International Equity Factor ETF","page_number":29,"box":{"x":89,"y":747,"width":259,"height":12}},{"id":"5ae2f6f5-f89f-428c-828d-ffcfa9b58635","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF","page_number":29,"box":{"x":89,"y":767,"width":332,"height":12}},{"id":"4a72967f-e9f6-41a0-a810-5e74ae1f5c92","block_type":"box","text":"iShares MSCI EAFE ETF","page_number":29,"box":{"x":89,"y":787,"width":155,"height":10}},{"id":"96594ef8-017d-4418-a75a-fd8f08a6c263","block_type":"box","text":"iShares MSCI EAFE Growth ETF","page_number":29,"box":{"x":89,"y":807,"width":210,"height":10}},{"id":"ecd87bdb-84d5-4ec5-b587-10353dba3173","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF","page_number":29,"box":{"x":89,"y":828,"width":256,"height":9}},{"id":"84b2506f-eb4a-4f73-9c00-fdf0088a44a1","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF","page_number":29,"box":{"x":89,"y":848,"width":229,"height":12}},{"id":"a2c056cc-30b0-4bf5-b37f-7c5b3ca215d8","block_type":"box","text":"3","page_number":29,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"8ce0458e-67c7-4f52-b972-18fc3724211b","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":30,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"f4291913-1459-45df-98ea-bb700526eec0","block_type":"box","text":"iShares MSCI EAFE Value ETF","page_number":30,"box":{"x":89,"y":67,"width":196,"height":9}},{"id":"204a1ebb-8794-4b4c-a126-4d916a4a6ffe","block_type":"box","text":"iShares MSCI Europe Financials ETF","page_number":30,"box":{"x":89,"y":87,"width":239,"height":12}},{"id":"c92f00dc-1dc7-487c-a9c9-fea8b300b3ab","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF","page_number":30,"box":{"x":89,"y":107,"width":242,"height":12}},{"id":"1e7052b3-acba-4984-b04f-5c76a314276f","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF","page_number":30,"box":{"x":89,"y":127,"width":273,"height":10}},{"id":"9e12d6d7-d2d1-48a6-8cad-6bdf1643407e","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF","page_number":30,"box":{"x":89,"y":147,"width":241,"height":13}},{"id":"a4fd1082-72f3-42c8-b847-24821ef6f941","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":30,"box":{"x":89,"y":167,"width":230,"height":10}},{"id":"d0310487-3e7e-4979-a267-9a65421c0e5c","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF","page_number":30,"box":{"x":89,"y":188,"width":251,"height":9}},{"id":"952e2f3e-554f-4077-8366-386314b30f46","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF","page_number":30,"box":{"x":89,"y":208,"width":281,"height":9}},{"id":"e0062c87-cc60-4c03-8512-aa7b6f816cff","block_type":"box","text":"iShares MSCI USA Quality Factor ETF","page_number":30,"box":{"x":89,"y":228,"width":248,"height":12}},{"id":"df2551f2-3178-4a54-95a4-45d63ec4abb5","block_type":"box","text":"iShares MSCI USA Size Factor ETF","page_number":30,"box":{"x":89,"y":248,"width":226,"height":10}},{"id":"9ac8062a-1e3e-4095-ae24-6f2be672bd89","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF","page_number":30,"box":{"x":89,"y":268,"width":325,"height":12}},{"id":"67537aa2-aff5-434e-8468-2a08e305a590","block_type":"box","text":"iShares MSCI USA Value Factor ETF","page_number":30,"box":{"x":89,"y":288,"width":237,"height":10}},{"id":"27960e48-dd1c-404f-b779-10c6686da2b0","block_type":"box","text":"iShares U.S. Equity Factor ETF","page_number":30,"box":{"x":89,"y":308,"width":198,"height":13}},{"id":"db718619-e544-43d0-85df-7041d022009d","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF","page_number":30,"box":{"x":89,"y":329,"width":272,"height":12}},{"id":"99ab0cc1-b816-4bbc-a133-e77027b37b87","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF","page_number":30,"box":{"x":89,"y":349,"width":319,"height":12}},{"id":"a213634f-1195-4b19-895c-9225b0ff7123","block_type":"box","text":"A fund classified as “diversified” under the 1940 Act may not purchase securities of an issuer (other than (i) obligations","page_number":30,"box":{"x":88,"y":382,"width":835,"height":12}},{"id":"10317551-b614-4169-8162-8a02680a8d61","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":30,"box":{"x":89,"y":397,"width":813,"height":12}},{"id":"dd188a4b-386b-4392-8a28-2757400f88d0","block_type":"box","text":"companies) if, with respect to 75% of its total assets, (a) more than 5% of the fund’s total assets would be invested in","page_number":30,"box":{"x":89,"y":412,"width":823,"height":12}},{"id":"4f884b4f-c232-43fe-8b2c-93e2a3595a76","block_type":"box","text":"securities of that issuer or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. With","page_number":30,"box":{"x":89,"y":427,"width":854,"height":12}},{"id":"041ed9f7-6c35-4256-9ec6-c414d7de8700","block_type":"box","text":"respect to the remaining 25% of its total assets, the fund may invest more than 5% of its assets in one issuer. Under the 1940","page_number":30,"box":{"x":89,"y":442,"width":876,"height":12}},{"id":"1513d1ff-5467-4265-a34d-f2c875ea1634","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval.","page_number":30,"box":{"x":88,"y":457,"width":757,"height":12}},{"id":"c3332d0c-6c07-48c1-a570-7f2e11d977b5","block_type":"box","text":"A “non-diversified” fund is a fund that is not limited by the 1940 Act with regard to the percentage of its assets that may be","page_number":30,"box":{"x":92,"y":484,"width":864,"height":12}},{"id":"be13440a-5fad-4a72-9a86-7fcb6b241219","block_type":"box","text":"invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries)","page_number":30,"box":{"x":89,"y":499,"width":876,"height":12}},{"id":"118f4271-10d3-4c9a-b629-96c3e6ae208e","block_type":"box","text":"may constitute a significant percentage of the underlying index of such a fund and, consequently, the fund’s investment","page_number":30,"box":{"x":89,"y":514,"width":840,"height":12}},{"id":"76d43d0e-69c4-41f2-a396-f63b7d9696df","block_type":"box","text":"portfolio. This may adversely affect a fund’s performance or subject the fund’s shares to greater price volatility than that","page_number":30,"box":{"x":89,"y":529,"width":839,"height":12}},{"id":"bef1c91f-c4a9-406c-9d63-9998d89f3916","block_type":"box","text":"experienced by more diversified investment companies.","page_number":30,"box":{"x":89,"y":544,"width":387,"height":12}},{"id":"278b0fb0-27df-4df2-8cf3-55ab3665b648","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":30,"box":{"x":89,"y":570,"width":841,"height":13}},{"id":"96748966-035f-41d7-a098-9e768e4adec2","block_type":"box","text":"conduct its operations so as to qualify as a regulated investment company (“RIC”) for purposes of the U.S. Internal Revenue","page_number":30,"box":{"x":89,"y":586,"width":865,"height":12}},{"id":"7c263ac3-1e6c-4046-b2bb-7e46e357b4d8","block_type":"box","text":"Code of 1986, as amended (the “Internal Revenue Code”), and to relieve the Fund of any liability for U.S. federal income tax to","page_number":30,"box":{"x":89,"y":601,"width":878,"height":12}},{"id":"bb95ccf1-51a1-4f08-badf-750c051ead85","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":30,"box":{"x":88,"y":616,"width":806,"height":12}},{"id":"ab35b503-a8d4-43ed-bae6-c08fe7abf842","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":30,"box":{"x":89,"y":631,"width":824,"height":12}},{"id":"948de86c-4558-4f98-9c32-e605fbfa5ad6","block_type":"box","text":"flexibility of the Funds and may make it less likely that the Funds will meet their respective investment objectives.","page_number":30,"box":{"x":88,"y":646,"width":790,"height":12}},{"id":"97ab3fbb-36d4-4cd2-b788-2653e4d57c62","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":30,"box":{"x":89,"y":673,"width":371,"height":12}},{"id":"c2b47b59-eb9e-4492-b2a4-582003f7a376","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":30,"box":{"x":470,"y":673,"width":473,"height":12}},{"id":"f4d6d09c-66f3-4533-b65c-a7779d772e4c","block_type":"box","text":"used by a Fund to simulate investment in its Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund","page_number":30,"box":{"x":89,"y":688,"width":866,"height":12}},{"id":"2a4616f5-7a9a-4ac2-9663-2b9bbc5cdeb5","block_type":"box","text":"may enter into futures contracts and options on futures that are traded on a U.S. or non-U.S. futures exchange. Each Fund","page_number":30,"box":{"x":89,"y":703,"width":853,"height":12}},{"id":"3d04e8bd-70bd-4e98-a25e-56d51d1d4950","block_type":"box","text":"will not use futures, options on futures or securities options for speculative purposes. Each Fund intends to use futures and","page_number":30,"box":{"x":88,"y":718,"width":862,"height":12}},{"id":"9b283d85-b35a-461d-b4d1-3dda54766d8e","block_type":"box","text":"options on futures in accordance with Rule 4.5 of the Commodity Futures Trading Commission (the “CFTC”) promulgated","page_number":30,"box":{"x":89,"y":733,"width":855,"height":12}},{"id":"056cc100-08c4-4052-a383-c2e28f1782af","block_type":"box","text":"under the Commodity Exchange Act (“CEA”). BFA, with respect to certain Funds, has claimed an exclusion from the definition","page_number":30,"box":{"x":89,"y":748,"width":878,"height":12}},{"id":"1d95324f-394d-4cba-a3ef-7164681498f1","block_type":"box","text":"of the term “commodity pool operator” in accordance with Rule 4.5 so that BFA, with respect to such Funds, is not subject to","page_number":30,"box":{"x":89,"y":763,"width":875,"height":13}},{"id":"3adf01ee-0e59-4223-bd0e-002c31b2ab7a","block_type":"box","text":"registration or regulation as a commodity pool operator under the CEA. See the","page_number":30,"box":{"x":89,"y":778,"width":555,"height":13}},{"id":"c6131d80-e375-4ab4-a819-19140bee267c","block_type":"box","text":"Regulation Regarding Derivatives","page_number":30,"box":{"x":649,"y":778,"width":230,"height":13}},{"id":"3032cef8-07d0-4ece-82fc-1b3e94c5f6fa","block_type":"box","text":"section of","page_number":30,"box":{"x":884,"y":778,"width":70,"height":10}},{"id":"ead9710c-c60d-4226-8905-e0418ff9d12f","block_type":"box","text":"this SAI for more information.","page_number":30,"box":{"x":88,"y":793,"width":208,"height":10}},{"id":"672cb41c-5117-4615-9a35-aeae507814ab","block_type":"box","text":"Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific","page_number":30,"box":{"x":89,"y":820,"width":861,"height":12}},{"id":"868e2b10-4885-4478-9043-08502880100f","block_type":"box","text":"instrument or index at a specified future time and at a specified price. Stock index contracts are based on investments that","page_number":30,"box":{"x":89,"y":835,"width":858,"height":12}},{"id":"1a38e139-8bc0-4d33-b465-bc2563fbc558","block_type":"box","text":"reflect the market value of common stock of the firms included in the investments. Each Fund may enter into futures","page_number":30,"box":{"x":89,"y":850,"width":817,"height":13}},{"id":"11f06837-7910-4a7c-9a15-bd113d0b5a2d","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":30,"box":{"x":89,"y":865,"width":858,"height":13}},{"id":"7b2cd127-0c5c-4f73-98c9-4537f49c5f89","block_type":"box","text":"4","page_number":30,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"8853ad4e-7b12-4a44-aff2-088962db70ef","block_type":"box","text":"rise before the purchase will be made. Upon entering into a futures contract, a Fund will be required to deposit with the","page_number":31,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"2ad4b387-6c79-4f61-a779-02cdb19ce85d","block_type":"box","text":"broker an amount of cash or cash equivalents known as “initial margin,” which is similar to a performance bond or good faith","page_number":31,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"a1d197e7-02d7-486b-9954-581f96e5f5c1","block_type":"box","text":"deposit on the contract and is returned to the Fund upon termination of the futures contract if all contractual obligations","page_number":31,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"834085ae-7390-4709-b869-6e032668f97e","block_type":"box","text":"have been satisfied. Subsequent payments, known as “variation margin,” will be made to and from the broker daily as the","page_number":31,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"3bc892a8-ec75-4fca-8e68-3aee4da461a4","block_type":"box","text":"price of the instrument or index underlying the futures contract fluctuates, making the long and short positions in the futures","page_number":31,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"e07f3764-5de5-445b-9fa6-8160377208a6","block_type":"box","text":"contract more or less valuable, a process known as “marking-to-market.” At any time prior to the expiration of a futures","page_number":31,"box":{"x":89,"y":119,"width":839,"height":13}},{"id":"ae42bef1-c186-4887-8bd1-cc073a158569","block_type":"box","text":"contract, each Fund may elect to close the position by taking an opposite position, which will operate to terminate the Fund’s","page_number":31,"box":{"x":89,"y":135,"width":878,"height":12}},{"id":"b4160004-33aa-49af-9788-f8b535e10fa9","block_type":"box","text":"existing position in the contract. An option on a futures contract, as contrasted with a direct investment in such a contract,","page_number":31,"box":{"x":89,"y":150,"width":859,"height":12}},{"id":"b886615e-5ee2-4166-8bc6-323bfa09f734","block_type":"box","text":"gives the purchaser the right, but no obligation, in return for the premium paid, to assume a position in the underlying","page_number":31,"box":{"x":89,"y":165,"width":825,"height":12}},{"id":"bdd2c3fb-0d74-4b63-8db8-dca84b86b5d7","block_type":"box","text":"futures contract at a specified exercise price at any time prior to the expiration date of the option. Upon exercise of an option,","page_number":31,"box":{"x":88,"y":180,"width":877,"height":12}},{"id":"41147261-3626-452d-9d46-ebd464ab6ebf","block_type":"box","text":"the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of","page_number":31,"box":{"x":88,"y":195,"width":864,"height":12}},{"id":"637e5b57-a822-449b-901e-9d80d532a93a","block_type":"box","text":"the accumulated balance in the writer’s futures margin account that represents the amount by which the market price of the","page_number":31,"box":{"x":88,"y":210,"width":874,"height":13}},{"id":"ab306d20-0225-4a0f-9f3f-75fdf893c45e","block_type":"box","text":"futures contract exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the","page_number":31,"box":{"x":88,"y":225,"width":843,"height":13}},{"id":"a672f23a-6a62-4914-ada7-89b85a68959a","block_type":"box","text":"futures contract.","page_number":31,"box":{"x":88,"y":240,"width":116,"height":10}},{"id":"2f9517b2-3dbf-4cca-876b-8eeec3e1c0fb","block_type":"box","text":"The potential for loss related to the purchase of an option on a futures contract is limited to the premium paid for the option","page_number":31,"box":{"x":88,"y":267,"width":870,"height":12}},{"id":"47a05555-a848-47b5-9e8f-b086a46df445","block_type":"box","text":"plus transaction costs. Because the value of the option is fixed at the point of sale, there are no daily cash payments by the","page_number":31,"box":{"x":89,"y":282,"width":855,"height":12}},{"id":"977cf3de-f089-4114-8969-eb15dd9f0e99","block_type":"box","text":"purchaser to reflect changes in the value of the underlying contract; however, the value of the option changes daily and that","page_number":31,"box":{"x":89,"y":297,"width":867,"height":12}},{"id":"83bb17cc-9a8b-4a14-8285-cf99dac03d6c","block_type":"box","text":"change would be reflected in the NAV of each Fund. The potential for loss related to writing call options is unlimited. The","page_number":31,"box":{"x":89,"y":312,"width":845,"height":13}},{"id":"0d5409d7-f712-4844-96f4-76f1472d8e05","block_type":"box","text":"potential for loss related to writing put options is limited to the agreed-upon price per share, also known as the “strike price,”","page_number":31,"box":{"x":89,"y":327,"width":875,"height":13}},{"id":"85fce4ce-b1d0-42b2-81ea-3c1b94a05fce","block_type":"box","text":"less the premium received from writing the put. Certain of the Funds may purchase and write put and call options on futures","page_number":31,"box":{"x":89,"y":342,"width":872,"height":13}},{"id":"73583c64-7ad3-48f7-a59f-d670ff3617e2","block_type":"box","text":"contracts that are traded on an exchange as a hedge against changes in value of their portfolio securities or in anticipation of","page_number":31,"box":{"x":89,"y":358,"width":876,"height":12}},{"id":"5f312db9-2651-49c2-bfc8-014776bf7113","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":31,"box":{"x":88,"y":373,"width":819,"height":12}},{"id":"3ce39516-b13b-4cb0-98c7-9d529653f8fd","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":31,"box":{"x":89,"y":388,"width":553,"height":12}},{"id":"15338009-efd1-48a1-8415-3666961d3334","block_type":"box","text":"Securities options may be used by a Fund to obtain access to securities in its Underlying Index or to dispose of securities in","page_number":31,"box":{"x":88,"y":414,"width":859,"height":13}},{"id":"76af332e-477f-4a57-aad8-0f6f1d828d00","block_type":"box","text":"its Underlying Index at favorable prices, to invest cash in a securities index that offers similar exposure to that provided by its","page_number":31,"box":{"x":89,"y":429,"width":869,"height":13}},{"id":"f7e8c7d1-39bb-47ef-9e1f-2b5a8bda6754","block_type":"box","text":"Underlying Index or otherwise to achieve the Fund’s objective of tracking its Underlying Index. A call option gives a holder the","page_number":31,"box":{"x":89,"y":445,"width":878,"height":12}},{"id":"6c9d2ea5-5ad9-4ba7-85ba-47a36cdf2da0","block_type":"box","text":"right to purchase a specific security at a specified price (“exercise price”) within a specified period of time. A put option gives","page_number":31,"box":{"x":89,"y":460,"width":873,"height":12}},{"id":"19745c7b-ef4a-4557-9ab5-2abfea5e901c","block_type":"box","text":"a holder the right to sell a specific security at an exercise price within a specified period of time. The initial purchaser of a call","page_number":31,"box":{"x":89,"y":475,"width":871,"height":12}},{"id":"e8bbcddf-ca12-4dbc-b4c3-bf667a5632c4","block_type":"box","text":"option pays the “writer” a premium, which is paid at the time of purchase and is retained by the writer whether or not such","page_number":31,"box":{"x":89,"y":490,"width":860,"height":12}},{"id":"96d8975e-2404-4a6a-9a39-f78bd6067b19","block_type":"box","text":"option is exercised. Each Fund may purchase put options to hedge its portfolio against the risk of a decline in the market","page_number":31,"box":{"x":89,"y":505,"width":843,"height":12}},{"id":"731e7f2d-97bc-4dbd-9100-a5fe32fc133d","block_type":"box","text":"value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed","page_number":31,"box":{"x":88,"y":520,"width":864,"height":12}},{"id":"8003eedd-0783-4216-976a-b182670c61da","block_type":"box","text":"to purchase. Each Fund may write put and call options along with a long position in options to increase its ability to hedge","page_number":31,"box":{"x":88,"y":535,"width":856,"height":13}},{"id":"307e234a-3baf-4734-a7e5-5e258ff204a5","block_type":"box","text":"against a change in the market value of the securities it holds or is committed to purchase. Each Fund may purchase or sell","page_number":31,"box":{"x":89,"y":550,"width":860,"height":13}},{"id":"d3d41e96-683a-4f85-81b6-7086c2ec3e86","block_type":"box","text":"securities options on a U.S. or non-U.S. securities exchange or in the OTC market through a transaction with a dealer. Options","page_number":31,"box":{"x":89,"y":565,"width":878,"height":13}},{"id":"2979d8ab-5043-4c65-b948-888cb484e3a3","block_type":"box","text":"on a securities index are typically settled on a net basis based on the appreciation or depreciation of the index level over the","page_number":31,"box":{"x":89,"y":581,"width":863,"height":12}},{"id":"224f8659-1468-491d-bc74-9cce98333a4d","block_type":"box","text":"strike price. Options on single name securities may be cash- or physically-settled, depending upon the market in which they","page_number":31,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"30eff03d-6395-4e07-b17f-4ddd3b698bcb","block_type":"box","text":"are traded. Options may be structured so as to be exercisable only on certain dates or on a daily basis. Options may also be","page_number":31,"box":{"x":89,"y":611,"width":860,"height":12}},{"id":"3c45ced2-37cc-4c72-906e-b2bcf62546f9","block_type":"box","text":"structured to have conditions to exercise (","page_number":31,"box":{"x":89,"y":626,"width":294,"height":12}},{"id":"e86934ec-6ee3-4b8f-8288-f078ef5e4f2b","block_type":"box","text":"i.e.","page_number":31,"box":{"x":384,"y":627,"width":18,"height":9}},{"id":"2886f294-f628-4400-8089-45c67cd2ec8e","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":31,"box":{"x":404,"y":626,"width":416,"height":12}},{"id":"777f0810-be54-4c8c-b4d6-159acd5e5fe5","block_type":"box","text":"i.e.","page_number":31,"box":{"x":821,"y":627,"width":18,"height":9}},{"id":"111950f1-6b2e-40a2-8ebc-a92ecc638c1f","block_type":"box","text":", “Knock-out","page_number":31,"box":{"x":841,"y":626,"width":88,"height":11}},{"id":"95899386-ed91-49c2-a930-c2ee7605140f","block_type":"box","text":"Events”).","page_number":31,"box":{"x":89,"y":641,"width":61,"height":12}},{"id":"344baf64-a74f-4b13-8f1d-9093278b8967","block_type":"box","text":"Lending Portfolio Securities.","page_number":31,"box":{"x":89,"y":668,"width":202,"height":12}},{"id":"c2598d99-6454-4481-a02d-c8f69f768c00","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":31,"box":{"x":301,"y":668,"width":609,"height":12}},{"id":"c7439040-c0b1-4b95-a754-db57406e57ad","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":31,"box":{"x":89,"y":683,"width":848,"height":12}},{"id":"4d5977da-b891-417c-8377-b7625eaeda2b","block_type":"box","text":"least equal to the current market value of the securities loaned. No securities loan shall be made on behalf of a Fund if, as a","page_number":31,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"89f2e6b0-dc9b-4843-af59-3fb682bd6e6c","block_type":"box","text":"result, the aggregate value of all securities loans of the particular Fund exceeds one-third of the value of such Fund’s total","page_number":31,"box":{"x":89,"y":713,"width":849,"height":12}},{"id":"bb6b30ec-9ff0-4aa0-9585-4abb6dbff448","block_type":"box","text":"assets (including the value of the collateral received). A Fund may terminate a loan at any time and obtain the return of the","page_number":31,"box":{"x":89,"y":728,"width":859,"height":12}},{"id":"528d3f22-a0ba-472f-a8a7-872fa614950f","block_type":"box","text":"securities loaned. Each Fund receives, by way of substitute payment, the value of any interest or cash or non-cash","page_number":31,"box":{"x":89,"y":743,"width":794,"height":12}},{"id":"afe9ed4e-709d-4281-8526-51e6bb18c39b","block_type":"box","text":"distributions paid on the loaned securities that it would have otherwise received if the securities were not on loan.","page_number":31,"box":{"x":89,"y":758,"width":794,"height":13}},{"id":"95040284-3772-4142-bd50-a91b7ee0a482","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of","page_number":31,"box":{"x":88,"y":785,"width":854,"height":12}},{"id":"f2297520-7869-4fd8-acc0-136e6c1f65c0","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":31,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"dc5c1869-80ff-4e4d-afb9-f112e667c458","block_type":"box","text":"cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is compensated by a fee paid","page_number":31,"box":{"x":89,"y":815,"width":876,"height":12}},{"id":"f8ea5f56-5b20-43ae-8195-4e0777ce087a","block_type":"box","text":"by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral received by the Fund","page_number":31,"box":{"x":89,"y":830,"width":863,"height":12}},{"id":"0de22230-40d2-4e90-8770-36466c9e830c","block_type":"box","text":"for such loans, and uninvested cash, may be reinvested in certain short-term instruments either directly on behalf of each","page_number":31,"box":{"x":88,"y":845,"width":850,"height":12}},{"id":"28b6e4fe-aa81-468e-9d67-20092ad3645e","block_type":"box","text":"5","page_number":31,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"02b54b47-a973-4834-b57d-15781092c86f","block_type":"box","text":"Fund or through one or more joint accounts or money market funds, including those affiliated with BFA; such investments","page_number":32,"box":{"x":89,"y":44,"width":855,"height":12}},{"id":"0d8b5441-3250-45e2-9aea-dcf451ca240c","block_type":"box","text":"are subject to investment risk.","page_number":32,"box":{"x":89,"y":59,"width":208,"height":12}},{"id":"dfcfbfac-2381-46aa-9437-b8317dc06189","block_type":"box","text":"Each Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio","page_number":32,"box":{"x":89,"y":85,"width":818,"height":13}},{"id":"44165dcb-89ee-49ff-a93e-8c9f3c3ca917","block_type":"box","text":"securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund to act as securities lending agent. To the","page_number":32,"box":{"x":89,"y":101,"width":868,"height":12}},{"id":"e2a0e5f1-9c91-49c4-8a92-ff9e63bbb36b","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":32,"box":{"x":89,"y":116,"width":832,"height":12}},{"id":"4b3baba2-a6fc-48d4-a8fe-9ac5cae41538","block_type":"box","text":"lending agent for the Fund, subject to the overall supervision of BFA. BTC administers the lending program in accordance","page_number":32,"box":{"x":89,"y":131,"width":846,"height":12}},{"id":"a6573092-4997-45b5-9a14-151ce18022be","block_type":"box","text":"with guidelines approved by the Trust’s Board of Trustees (the “Board,” the trustees of which are the “Trustees”). JPMorgan","page_number":32,"box":{"x":88,"y":146,"width":862,"height":12}},{"id":"138df55f-e34d-4ece-a862-e34ad8bb3937","block_type":"box","text":"Chase Bank, N.A. (“JPMorgan”) serves as custodian for certain Funds in connection with certain securities lending activities.","page_number":32,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"e06143d1-9035-41fd-aef4-75a4372648cc","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems","page_number":32,"box":{"x":88,"y":188,"width":873,"height":12}},{"id":"7711784b-9ae6-412a-b12b-ecd7ee4be96d","block_type":"box","text":"in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral","page_number":32,"box":{"x":89,"y":203,"width":830,"height":12}},{"id":"8c57436d-f382-4953-a611-73fe2be656e4","block_type":"box","text":"reinvestments and the fees a Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default","page_number":32,"box":{"x":89,"y":218,"width":865,"height":12}},{"id":"7f9b2039-d864-46ac-9477-d562bb323d62","block_type":"box","text":"when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to","page_number":32,"box":{"x":88,"y":233,"width":852,"height":12}},{"id":"79ab33c3-df65-4263-92d6-d4fa2d687579","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":32,"box":{"x":89,"y":248,"width":878,"height":12}},{"id":"633a17b6-fe08-4416-8bdd-0460ddac6978","block_type":"box","text":"including but not limited to corporate actions, could lead the Fund to lend securities that are trading at a premium due to","page_number":32,"box":{"x":89,"y":263,"width":848,"height":12}},{"id":"552cab2c-9cff-4b8c-9cb8-fad736403e02","block_type":"box","text":"increased demand, or to recall loaned securities or to lend less or not at all, which could lead to reduced securities lending","page_number":32,"box":{"x":89,"y":278,"width":852,"height":13}},{"id":"a74fbea0-89a7-4713-9e14-cf3534056a83","block_type":"box","text":"revenue). If a Fund were to lend out securities that are subject to a corporate action and commit to the borrower a particular","page_number":32,"box":{"x":89,"y":293,"width":870,"height":13}},{"id":"a04c354e-a125-4e6e-a39a-505bf2f320d2","block_type":"box","text":"election as determined by the Funds’ investment adviser, the benefit the Fund would receive in respect of committing to such","page_number":32,"box":{"x":89,"y":308,"width":875,"height":13}},{"id":"6fb50495-de95-4a4f-ae83-1d8df006abc9","block_type":"box","text":"election may or may not be less than the benefit the Fund would have received from making a different election in such","page_number":32,"box":{"x":89,"y":324,"width":834,"height":12}},{"id":"899e5a0e-faf6-45de-bbb4-a51ca2fdcfbe","block_type":"box","text":"corporate action. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay","page_number":32,"box":{"x":89,"y":339,"width":863,"height":12}},{"id":"81d58c61-f626-4a37-aefd-b210c30b845e","block_type":"box","text":"in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":32,"box":{"x":89,"y":354,"width":833,"height":12}},{"id":"dadf1103-ca4b-497b-8582-78affb016f33","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event may be","page_number":32,"box":{"x":89,"y":369,"width":853,"height":12}},{"id":"e96d8198-b43c-4e4e-b33b-f60740d11314","block_type":"box","text":"impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the","page_number":32,"box":{"x":89,"y":384,"width":871,"height":12}},{"id":"552efbe4-2ff2-4af6-9ae4-ab88082cc79d","block_type":"box","text":"value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing","page_number":32,"box":{"x":88,"y":399,"width":806,"height":13}},{"id":"aecbafff-140f-4c9c-be96-f2bc30253860","block_type":"box","text":"replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund could lose money if its","page_number":32,"box":{"x":89,"y":414,"width":857,"height":13}},{"id":"77387305-b040-44a6-9850-2104cfde9617","block_type":"box","text":"short-term investment of the collateral declines in value over the period of the loan. Substitute payments received by a Fund","page_number":32,"box":{"x":89,"y":429,"width":866,"height":13}},{"id":"3be7a290-c238-4c8e-ad15-fa389cf33883","block_type":"box","text":"representing dividends paid on securities loaned out by the Fund will not be considered qualified dividend income. BTC will","page_number":32,"box":{"x":89,"y":445,"width":858,"height":12}},{"id":"a2779832-327d-45fc-a609-453198fa1487","block_type":"box","text":"take into account the tax effects on shareholders caused by this difference in connection with a Fund’s securities lending","page_number":32,"box":{"x":88,"y":460,"width":844,"height":12}},{"id":"1082526a-4d6d-40a2-b57b-d0aa3c3cd00b","block_type":"box","text":"program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt income. There could also","page_number":32,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"4dc6b1dc-426a-411b-b1e0-cabe0a001e8b","block_type":"box","text":"be changes in the status of issuers under applicable laws and regulations, including tax regulations, that may impact the","page_number":32,"box":{"x":89,"y":490,"width":841,"height":12}},{"id":"d25bb2a2-2dfb-4e90-8ac5-8ec332bc473d","block_type":"box","text":"regulatory or tax treatment of loaned securities and could, for example, result in a delay in the payment of dividend","page_number":32,"box":{"x":89,"y":505,"width":804,"height":12}},{"id":"763ed4cd-580b-493c-826f-3df26127ccd2","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":32,"box":{"x":89,"y":520,"width":490,"height":12}},{"id":"70bc14e5-4ea0-43e0-8406-753dcf3b2fd1","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":32,"box":{"x":89,"y":547,"width":824,"height":12}},{"id":"c4802428-94cb-42dd-86ed-2334c6e518a7","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":32,"box":{"x":89,"y":562,"width":859,"height":12}},{"id":"ab8b59ce-8ec8-490e-8346-5e351bc6b28e","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":32,"box":{"x":88,"y":577,"width":879,"height":12}},{"id":"e318bdfc-ab52-4bbd-b5b4-e5ad8d2bb327","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types","page_number":32,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"f0a1acbc-ab0f-4d19-894b-d9305033f88c","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":32,"box":{"x":89,"y":607,"width":846,"height":12}},{"id":"526ee729-e1f4-42d8-9015-4e27d057c7d7","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":32,"box":{"x":89,"y":622,"width":847,"height":12}},{"id":"1a02e11c-ffa9-4008-bf66-8528583c7ae8","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":32,"box":{"x":89,"y":637,"width":825,"height":13}},{"id":"3ab6c555-f06d-4a17-a72c-6871e2aca1fb","block_type":"box","text":"lenders that can provide additional protections, such as liens that are exercisable in connection with a lender default, to","page_number":32,"box":{"x":89,"y":652,"width":834,"height":13}},{"id":"d5e8f98f-dad6-4379-a98e-7aa1acc04747","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":32,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"4299be8b-fb91-4118-b421-d682dcbd5993","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":32,"box":{"x":89,"y":683,"width":571,"height":12}},{"id":"bdddd20b-62a6-4d68-aad9-097d74d5e251","block_type":"box","text":"Liquidity Risk Management.","page_number":32,"box":{"x":89,"y":709,"width":200,"height":12}},{"id":"47e0871f-0be8-4329-8b8c-1ead6695030c","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":32,"box":{"x":299,"y":709,"width":662,"height":12}},{"id":"69f665d4-1a75-426b-b885-f908668283fd","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":32,"box":{"x":89,"y":724,"width":811,"height":13}},{"id":"2d307709-a44d-418e-ba7b-b7bcc595c447","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":32,"box":{"x":89,"y":739,"width":837,"height":13}},{"id":"d1a4c36d-5bbd-439b-ab86-19a9cab4676a","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Trustees of the Trust, has","page_number":32,"box":{"x":89,"y":754,"width":807,"height":13}},{"id":"1bdb5d95-e4e4-4d5a-b445-9328ca12bb4b","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":32,"box":{"x":89,"y":770,"width":834,"height":12}},{"id":"fbee02be-e41e-4089-a07e-67b91a583952","block_type":"box","text":"periodically reviews each Fund’s liquidity risk and classifies each investment held by a Fund as a “highly liquid investment,”","page_number":32,"box":{"x":89,"y":785,"width":859,"height":12}},{"id":"183a3575-138a-4a11-9c66-850af80d065c","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":32,"box":{"x":89,"y":800,"width":866,"height":12}},{"id":"b0ae65b4-637f-442a-a4b3-51720326ccd5","block_type":"box","text":"the risk that a Fund could not meet requests to redeem shares issued by a Fund without significant dilution of the remaining","page_number":32,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"73fca33c-eb15-4842-8505-9b5ec8e43565","block_type":"box","text":"investors’ interest in a Fund. The liquidity of a Fund’s portfolio investments is determined based on relevant market, trading","page_number":32,"box":{"x":89,"y":830,"width":860,"height":12}},{"id":"b31439d9-6e6c-4628-b6e3-98d0d844581f","block_type":"box","text":"6","page_number":32,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"4a3359f6-831c-490d-b650-f87ab9feac49","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":33,"box":{"x":89,"y":44,"width":825,"height":12}},{"id":"5b8704bf-7763-48cd-ad0e-83af9ebfb844","block_type":"box","text":"liquidity risk management program requirements for “in-kind” ETFs, as defined in the Liquidity Rule. To the extent that an","page_number":33,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"4b02d834-41af-41d3-b51d-da250676333d","block_type":"box","text":"investment is deemed to be an illiquid investment or a less liquid investment, a Fund can expect to be exposed to greater","page_number":33,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"9a3d5d68-7ffd-4aa4-bfe9-7025de3a47b8","block_type":"box","text":"liquidity risk.","page_number":33,"box":{"x":89,"y":89,"width":87,"height":13}},{"id":"285ce00c-9e78-4e7b-8f26-7a6d518f849d","block_type":"box","text":"Non-U.S. Securities.","page_number":33,"box":{"x":89,"y":116,"width":141,"height":10}},{"id":"42befe4a-d83b-413f-a35f-be3d20b2ae4f","block_type":"box","text":"Each Fund may purchase publicly traded common stocks of non-U.S. issuers. To the extent a Fund","page_number":33,"box":{"x":240,"y":116,"width":689,"height":12}},{"id":"5d7c8aa1-0919-49c5-aec7-fa7914255832","block_type":"box","text":"invests in stocks of non-U.S. issuers, certain of the Fund’s investments in such stocks may be in the form of American","page_number":33,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"28812102-7c60-4075-905d-fd8aa2d3cc3c","block_type":"box","text":"Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively,","page_number":33,"box":{"x":89,"y":146,"width":872,"height":12}},{"id":"890324cd-8d70-4aee-b10c-170d6fe05bf6","block_type":"box","text":"“depositary receipts”). Depositary receipts are receipts, typically issued by a bank or trust issuer, which evidence ownership of","page_number":33,"box":{"x":89,"y":161,"width":879,"height":12}},{"id":"b1c18a52-f631-49d7-96dd-3872913ac3bd","block_type":"box","text":"underlying securities issued by a non-U.S. issuer. Depositary receipts may not necessarily be denominated in the same","page_number":33,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"093050d8-bd88-430f-928f-939870f914f7","block_type":"box","text":"currency as their underlying securities. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of","page_number":33,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"0f1848b8-d266-40d0-86e4-a73494e5ee88","block_type":"box","text":"underlying securities issued by a non-U.S. issuer. EDRs, which are sometimes referred to as continental depositary receipts,","page_number":33,"box":{"x":89,"y":206,"width":859,"height":13}},{"id":"c4717225-d0aa-49ff-853c-d79965033571","block_type":"box","text":"are receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or","page_number":33,"box":{"x":89,"y":222,"width":849,"height":12}},{"id":"53276153-db84-4b2a-b4b6-d1e1cea01ada","block_type":"box","text":"domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an","page_number":33,"box":{"x":89,"y":237,"width":838,"height":12}},{"id":"0fcac62e-c037-41b0-ae2e-cb209065a945","block_type":"box","text":"international basis. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets, and EDRs,","page_number":33,"box":{"x":89,"y":252,"width":863,"height":12}},{"id":"01e082cb-514f-45c0-921a-7919f784f68d","block_type":"box","text":"issued in bearer form, are designed for use in European securities markets. GDRs are tradable both in the U.S. and in Europe","page_number":33,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"491c80e5-45db-4750-b51f-17b7d77d3890","block_type":"box","text":"and are designed for use throughout the world.","page_number":33,"box":{"x":89,"y":282,"width":330,"height":12}},{"id":"c7366f62-3041-4d9a-b29d-35fd643626af","block_type":"box","text":"Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may","page_number":33,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"25a60ac0-5112-49e9-b982-03546180b8ac","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":33,"box":{"x":89,"y":324,"width":839,"height":12}},{"id":"57a6cd26-80fa-488f-96ac-82c769b3dabd","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":33,"box":{"x":89,"y":339,"width":841,"height":12}},{"id":"f68c06b1-0b85-4ffc-931a-06a87f36e49a","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":33,"box":{"x":89,"y":354,"width":859,"height":12}},{"id":"a8dd81dd-c4f8-47aa-8f34-00d9d35d1c81","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":33,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"b494518d-ee91-4fe4-b3f4-37c6fb4449c2","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":33,"box":{"x":89,"y":384,"width":795,"height":12}},{"id":"83588e3b-aa02-43f2-a6b3-ca8c7b563882","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":33,"box":{"x":89,"y":399,"width":571,"height":13}},{"id":"39555637-c827-4dd4-bd14-4faa61a8a48c","block_type":"box","text":"Investing in the securities of non-U.S. issuers involves special risks and considerations not typically associated with investing","page_number":33,"box":{"x":89,"y":426,"width":868,"height":12}},{"id":"057edf44-88ec-424d-8255-66f70743bb4b","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":33,"box":{"x":89,"y":441,"width":808,"height":12}},{"id":"e3615e81-f502-4c10-ba39-9020d4f55aa8","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":33,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"97d7476a-bf64-4a11-99a8-3ed1c05130f6","block_type":"box","text":"which could affect U.S. investments in non-U.S. countries; and potential restrictions on the flow of international capital. Non","page_number":33,"box":{"x":88,"y":471,"width":873,"height":12}},{"id":"b683793a-5e18-4e58-8072-e9ee0f0b86ce","block_type":"box","text":"U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may","page_number":33,"box":{"x":89,"y":486,"width":864,"height":12}},{"id":"7123073c-6d62-4741-98c5-fadcc8576992","block_type":"box","text":"differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product (“GDP”), rate of","page_number":33,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"c7a1e0e7-51c2-404f-8fad-4a5ec78a4574","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":33,"box":{"x":89,"y":516,"width":629,"height":13}},{"id":"9b81648a-397d-4457-ba77-cde915d9c252","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":33,"box":{"x":89,"y":543,"width":242,"height":12}},{"id":"b4cf3844-70b4-4ba8-aed0-7a6e154cfd1c","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":33,"box":{"x":340,"y":543,"width":588,"height":12}},{"id":"92d5bb45-a23f-4fb5-83fe-ac0c4a247032","block_type":"box","text":"CFTC if a fund that is advised by the adviser either (i) invests, directly or indirectly, more than a prescribed level of its","page_number":33,"box":{"x":89,"y":558,"width":812,"height":12}},{"id":"240558ef-e278-4135-8cf6-1764ec63240f","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":33,"box":{"x":89,"y":573,"width":819,"height":12}},{"id":"027fdad0-5252-4b62-bbc6-5a5b1b16ba42","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":33,"box":{"x":89,"y":588,"width":872,"height":12}},{"id":"65db2430-73a9-4f09-bedd-ae315d4effac","block_type":"box","text":"by the CFTC if the registered investment company invests in one or more commodity pools. To the extent a Fund uses CFTC","page_number":33,"box":{"x":89,"y":603,"width":866,"height":13}},{"id":"2d1c898b-5648-4b05-901a-67758d0b2ff0","block_type":"box","text":"Derivatives, it intends to do so below such prescribed levels and intends not to market itself as a “commodity pool” or a","page_number":33,"box":{"x":89,"y":618,"width":834,"height":13}},{"id":"900b0065-32c5-41e9-b1fe-4593c90678c7","block_type":"box","text":"vehicle for trading such instruments.","page_number":33,"box":{"x":88,"y":633,"width":256,"height":13}},{"id":"c2276f5a-6836-4157-8c59-d58c15aad67a","block_type":"box","text":"BFA has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA pursuant to Rule 4.5","page_number":33,"box":{"x":89,"y":660,"width":873,"height":12}},{"id":"683f6778-84df-4866-b54f-58c6777478f2","block_type":"box","text":"under the CEA with respect to each of the Funds. BFA is not, therefore, subject to registration or regulation as a “commodity","page_number":33,"box":{"x":89,"y":675,"width":868,"height":12}},{"id":"95caed15-2b4e-42ef-87e8-f5d93be2adf0","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":33,"box":{"x":89,"y":690,"width":393,"height":13}},{"id":"6c5bf99e-035e-4ebe-95d1-4f6b2bdd5aa1","block_type":"box","text":"The iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor ETF, iShares International Small","page_number":33,"box":{"x":88,"y":717,"width":878,"height":12}},{"id":"59355f8c-b7a9-4f6c-816f-ed0ead240dbb","block_type":"box","text":"Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF,","page_number":33,"box":{"x":89,"y":732,"width":824,"height":12}},{"id":"7a2f968b-85ed-48e7-a233-2b27ca41925f","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":33,"box":{"x":89,"y":747,"width":859,"height":12}},{"id":"b8730f34-0543-4358-bc7d-d3318cd0625c","block_type":"box","text":"Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Value Factor","page_number":33,"box":{"x":88,"y":762,"width":870,"height":12}},{"id":"7f5f211b-9fba-4cd7-9b20-3883bfeea8db","block_type":"box","text":"ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor","page_number":33,"box":{"x":89,"y":777,"width":853,"height":12}},{"id":"832cee97-f498-4ac3-a2e2-2689c4835ec1","block_type":"box","text":"ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares","page_number":33,"box":{"x":89,"y":792,"width":869,"height":13}},{"id":"ff12def2-41cd-48c7-b51f-b8d72f32e13b","block_type":"box","text":"U.S. Tech Breakthrough Multisector ETF (the “No-Action Letter Funds”) may also have investments in “underlying funds”","page_number":33,"box":{"x":89,"y":807,"width":847,"height":13}},{"id":"45789cd2-2db9-4b08-84f4-974110e49a25","block_type":"box","text":"(and such underlying funds themselves may invest in underlying funds) not advised by BFA (the term “underlying fund” for","page_number":33,"box":{"x":89,"y":822,"width":863,"height":13}},{"id":"6e549e26-66c7-48ff-9202-d45eac0821e4","block_type":"box","text":"purposes of the no-action letter referenced below may include, but is not limited to, certain securitized vehicles, mortgage or","page_number":33,"box":{"x":89,"y":838,"width":872,"height":12}},{"id":"af61cd53-7cbb-4c0c-8f4f-d88307e554a2","block_type":"box","text":"international real estate investment trusts, business development companies and, investment companies that may invest in","page_number":33,"box":{"x":89,"y":853,"width":862,"height":12}},{"id":"93d55cc2-f43e-4dc8-9f7d-9dc776fe2b5f","block_type":"box","text":"7","page_number":33,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"2fb82733-50b0-42b7-8232-d981efe90296","block_type":"box","text":"CFTC Derivatives or in any of the foregoing), and therefore may be viewed by the CFTC as commodity pools. BFA may not","page_number":34,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"f69ff2c5-4128-4f94-a34e-cc88aef3b7f5","block_type":"box","text":"have transparency into the holdings of these underlying funds because they are not advised by BFA. To address this issue of","page_number":34,"box":{"x":89,"y":59,"width":866,"height":12}},{"id":"28a2e799-0f06-4a4d-b7f4-2f1526a25fd9","block_type":"box","text":"lack of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that","page_number":34,"box":{"x":89,"y":74,"width":843,"height":12}},{"id":"3acd7200-d2f4-4ecb-b77e-0951a0a9b9a0","block_type":"box","text":"invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay","page_number":34,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"9fc49d87-3e90-4344-ad35-564a91305de7","block_type":"box","text":"registration as a “commodity pool operator” until six months from the date on which the CFTC issues additional guidance on","page_number":34,"box":{"x":89,"y":104,"width":874,"height":13}},{"id":"c06ce964-038e-430d-9923-38666f8204fa","block_type":"box","text":"the treatment of CFTC Derivatives held by underlying funds. BFA, the adviser of the No-Action Letter Funds, has filed a claim","page_number":34,"box":{"x":88,"y":119,"width":870,"height":13}},{"id":"8296e863-21ef-472f-b82c-3026c3077e98","block_type":"box","text":"with the CFTC for the Funds to rely on this no-action relief. Accordingly, BFA is not currently subject to registration or","page_number":34,"box":{"x":88,"y":135,"width":820,"height":12}},{"id":"48af9e2a-c6e8-4d16-ad5f-9e786b505114","block_type":"box","text":"regulation as a “commodity pool operator” under the CEA in respect of the Funds.","page_number":34,"box":{"x":89,"y":150,"width":573,"height":12}},{"id":"a9b45e1b-69d4-48fb-b6ba-0d0dd8e70d8e","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":34,"box":{"x":89,"y":176,"width":849,"height":13}},{"id":"630952e9-acad-43ab-9167-fc583260d404","block_type":"box","text":"regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) in the U.S. and under","page_number":34,"box":{"x":89,"y":191,"width":873,"height":13}},{"id":"c4f55258-f02e-4ed3-b9d6-133501c09a34","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":34,"box":{"x":89,"y":206,"width":838,"height":13}},{"id":"c157c076-79f4-4e61-959e-8ea1d430f5a2","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":34,"box":{"x":89,"y":222,"width":863,"height":12}},{"id":"d4a22f01-3503-46c8-8e32-5e36ca008209","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":34,"box":{"x":89,"y":237,"width":867,"height":12}},{"id":"ed42e3b2-4986-4112-8cd3-6d3dc305b3db","block_type":"box","text":"of swaps and other derivatives have impacted and may continue to impact the costs to a Fund of trading these instruments","page_number":34,"box":{"x":89,"y":252,"width":863,"height":12}},{"id":"a0e8b39a-bd92-4487-9dc1-5134b2781441","block_type":"box","text":"and, as a result, may affect returns to investors in a Fund.","page_number":34,"box":{"x":89,"y":267,"width":398,"height":12}},{"id":"e7008a6b-8899-4632-8bca-1d6acefcb3c2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into Derivatives Transactions (as defined below) and","page_number":34,"box":{"x":89,"y":293,"width":866,"height":13}},{"id":"eee02438-0c29-428b-ab23-66a72ab0ab90","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":34,"box":{"x":89,"y":308,"width":842,"height":13}},{"id":"fa9b5aaa-c970-4944-a921-35e9f17e50aa","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":34,"box":{"x":89,"y":324,"width":823,"height":12}},{"id":"b3c998ee-85f5-48ff-89e6-f5f5c3b990d2","block_type":"box","text":"including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement","page_number":34,"box":{"x":89,"y":339,"width":879,"height":12}},{"id":"b9f64330-d77b-4e5a-bd08-3fffd72ff84d","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":34,"box":{"x":88,"y":354,"width":257,"height":12}},{"id":"ac27aee0-c684-48e1-be0b-12878300719d","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":34,"box":{"x":89,"y":380,"width":862,"height":13}},{"id":"dadf4b7e-babb-4a4b-8e2d-f77c1eef51c4","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":34,"box":{"x":88,"y":395,"width":871,"height":13}},{"id":"ba582d07-b18c-4b92-bebd-8a7b31d9574d","block_type":"box","text":"or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets","page_number":34,"box":{"x":89,"y":410,"width":871,"height":13}},{"id":"103fda4b-aaa2-4ac4-a0b8-a9c63405c821","block_type":"box","text":"during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise;","page_number":34,"box":{"x":89,"y":426,"width":867,"height":12}},{"id":"b2c999f1-5119-4eb5-a824-7d581352b781","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":34,"box":{"x":89,"y":441,"width":864,"height":12}},{"id":"5cf62c73-6b1a-4c92-a623-70f07d15f8ac","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":34,"box":{"x":89,"y":456,"width":863,"height":12}},{"id":"c0801f2b-64ff-4e1c-ac55-8f2bfdace433","block_type":"box","text":"under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be","page_number":34,"box":{"x":89,"y":471,"width":863,"height":12}},{"id":"e98726a7-a552-487f-a971-e7ff332c52da","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":34,"box":{"x":89,"y":486,"width":870,"height":12}},{"id":"6879cf9f-8f6b-4f69-9fba-999d32556874","block_type":"box","text":"physically settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed-Settlement","page_number":34,"box":{"x":89,"y":501,"width":834,"height":13}},{"id":"62854d57-cbc2-4f04-8270-3fc7dec7c61c","block_type":"box","text":"Securities Provision”).","page_number":34,"box":{"x":88,"y":516,"width":152,"height":13}},{"id":"f631ffd1-97a9-46a2-a000-6d4e67ff888c","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4","page_number":34,"box":{"x":89,"y":543,"width":872,"height":12}},{"id":"3b45cc8a-74d2-474a-9b43-7a30ee0a75ac","block_type":"box","text":"with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and implement a","page_number":34,"box":{"x":88,"y":558,"width":830,"height":12}},{"id":"a6510da0-8246-4804-9d9e-d009289c744a","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":34,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"3f6a72ee-d3b9-4d58-b890-7fbceba648e4","block_type":"box","text":"leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is","page_number":34,"box":{"x":89,"y":588,"width":846,"height":12}},{"id":"e7b25ec7-7a93-4112-a90a-3f9bb73d28d4","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":34,"box":{"x":89,"y":603,"width":839,"height":13}},{"id":"d73e74fd-83f8-44bd-b4e6-17515762a942","block_type":"box","text":"reports to the Board.","page_number":34,"box":{"x":89,"y":618,"width":142,"height":13}},{"id":"df9b3cb7-50a9-40d9-b3ae-e08c8e22ede9","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s “derivatives exposure”","page_number":34,"box":{"x":89,"y":645,"width":868,"height":12}},{"id":"9c223e87-4a11-4955-ac92-f88d546bbb8d","block_type":"box","text":"(as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":34,"box":{"x":89,"y":660,"width":830,"height":12}},{"id":"bf332d33-710f-4ab6-9dd6-5cb8d61786c2","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":34,"box":{"x":89,"y":675,"width":850,"height":12}},{"id":"a407af6c-6d11-4afc-84c1-871dade84b1f","block_type":"box","text":"Derivatives User Exception”).","page_number":34,"box":{"x":89,"y":690,"width":201,"height":13}},{"id":"e644f7e7-a2c0-4394-9d87-855c7ae08dfb","block_type":"box","text":"Repurchase Agreements.","page_number":34,"box":{"x":89,"y":717,"width":180,"height":12}},{"id":"f63b4653-8f93-4082-a458-580f56972702","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":34,"box":{"x":278,"y":717,"width":494,"height":12}},{"id":"07994f5f-a90e-4acb-b0f9-812d4d1a4c33","block_type":"box","text":"i.e.","page_number":34,"box":{"x":773,"y":718,"width":18,"height":8}},{"id":"b82624ca-eef1-4417-ac5a-3fcfc70f0111","block_type":"box","text":", a Fund) acquires a","page_number":34,"box":{"x":793,"y":717,"width":136,"height":12}},{"id":"e2727766-c8f6-4ac4-bbe6-d3b6e102f233","block_type":"box","text":"security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed-upon time and price,","page_number":34,"box":{"x":89,"y":732,"width":854,"height":12}},{"id":"4d39e920-3363-4e57-8321-5e0ef0bf0f29","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":34,"box":{"x":88,"y":747,"width":822,"height":12}},{"id":"d474dbd5-7423-4067-9577-a0f689884c14","block_type":"box","text":"collateralized loans by the purchaser to the seller secured by the securities transferred to the purchaser. If a repurchase","page_number":34,"box":{"x":89,"y":762,"width":828,"height":12}},{"id":"e77a16b2-34bd-4a97-8ad9-64fdcad4f9e4","block_type":"box","text":"agreement is construed to be a collateralized loan, the underlying securities will not be considered to be owned by a Fund but","page_number":34,"box":{"x":89,"y":777,"width":878,"height":12}},{"id":"adb84c50-417a-4b06-b690-ea09ff9cbb6c","block_type":"box","text":"only to constitute collateral for the seller’s obligation to pay the repurchase price, and, in the event of a default by the seller,","page_number":34,"box":{"x":89,"y":792,"width":860,"height":13}},{"id":"c0e9d4aa-9dcf-4795-a96a-4414f13e775e","block_type":"box","text":"the Fund may suffer time delays and incur costs or losses in connection with the disposition of the collateral.","page_number":34,"box":{"x":88,"y":807,"width":761,"height":13}},{"id":"1afa3f6e-6611-4fc7-9d72-e946e68f9f42","block_type":"box","text":"In any repurchase transaction, the collateral for a repurchase agreement may include: (i) cash items; (ii) obligations issued by","page_number":34,"box":{"x":89,"y":834,"width":875,"height":12}},{"id":"db3fbd11-cf36-4bc0-afa7-59125cf69289","block_type":"box","text":"the U.S. government or its agencies or instrumentalities; or (iii) obligations that, at the time the repurchase agreement is","page_number":34,"box":{"x":88,"y":849,"width":841,"height":12}},{"id":"77cea575-6b61-4694-a596-175a89244126","block_type":"box","text":"8","page_number":34,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"dc4cc071-fba7-4ed6-a745-2aa2bd4ba7e4","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":35,"box":{"x":89,"y":44,"width":811,"height":12}},{"id":"4a4000e1-5629-487d-8aab-f80c85facd39","block_type":"box","text":"sufficiently liquid such that they can be sold at approximately their carrying value in the ordinary course of business within","page_number":35,"box":{"x":89,"y":59,"width":856,"height":12}},{"id":"d04a65d3-6775-4c9b-9eba-dbf69f9cc082","block_type":"box","text":"seven days.","page_number":35,"box":{"x":89,"y":74,"width":78,"height":12}},{"id":"1a6d1a63-c55f-493e-ac8a-14f7c8c6b88f","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that utilizes them. Such risks are not unique to the Funds, but are","page_number":35,"box":{"x":89,"y":101,"width":831,"height":12}},{"id":"936e5eef-2a0a-4884-bdca-ce5169bdd956","block_type":"box","text":"inherent in repurchase agreements. The Funds seek to minimize such risks, but because of the inherent legal uncertainties","page_number":35,"box":{"x":89,"y":116,"width":855,"height":12}},{"id":"0e8fc03b-57ca-4f30-8065-34aff91c05e5","block_type":"box","text":"involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with a longer","page_number":35,"box":{"x":89,"y":131,"width":839,"height":12}},{"id":"4fc076ed-5155-47d1-918d-a12db31aa886","block_type":"box","text":"maturity may be subject to greater price fluctuations than higher quality collateral and collateral with a shorter maturity. If","page_number":35,"box":{"x":89,"y":146,"width":855,"height":12}},{"id":"c7d4c954-21dc-4d2b-ae5d-66ce04415d13","block_type":"box","text":"the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher","page_number":35,"box":{"x":88,"y":161,"width":878,"height":12}},{"id":"fda4eb51-2c0d-4788-9a7e-a17ef15b6631","block_type":"box","text":"quality collateral. Should the counterparty default and the amount of collateral not be sufficient to cover the counterparty’s","page_number":35,"box":{"x":89,"y":176,"width":860,"height":13}},{"id":"7ee06086-fd29-4288-b48a-0d4e21c1b5d4","block_type":"box","text":"repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":35,"box":{"x":89,"y":191,"width":739,"height":13}},{"id":"fe29ba0f-d498-4fa0-adde-e661041c7eb9","block_type":"box","text":"i.e.","page_number":35,"box":{"x":829,"y":192,"width":17,"height":9}},{"id":"473d7a94-3a52-4bd5-8a15-34cc28a206eb","block_type":"box","text":", the position a","page_number":35,"box":{"x":849,"y":191,"width":102,"height":13}},{"id":"64f7e492-0446-4256-ae74-44aaa42baf4a","block_type":"box","text":"Fund would normally be in if it were to hold, pursuant to its investment policies, other unsecured debt securities of the","page_number":35,"box":{"x":89,"y":206,"width":828,"height":13}},{"id":"afa3f0a8-279b-4c3c-aa62-46ad37ee390e","block_type":"box","text":"defaulting counterparty) with respect to the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of","page_number":35,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"4aa3c459-e94a-4a69-8c08-6a15db7b1d11","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":35,"box":{"x":89,"y":237,"width":511,"height":12}},{"id":"420d4693-ca52-4418-b3be-49f1196059db","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":35,"box":{"x":89,"y":263,"width":240,"height":12}},{"id":"f49c66a3-e41e-4aa7-a602-9d73c0309d68","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":35,"box":{"x":339,"y":263,"width":577,"height":12}},{"id":"a5f98e0c-5d77-4d36-8fef-9e0c66044c53","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":35,"box":{"x":89,"y":278,"width":839,"height":13}},{"id":"daf092f0-6705-4818-a104-40bdea5fe5c1","block_type":"box","text":"Generally, the effect of such transactions is that a Fund can recover all or most of the cash invested in the portfolio securities","page_number":35,"box":{"x":89,"y":293,"width":869,"height":13}},{"id":"9dbba21a-ef7e-41aa-bcf6-3ac0cf54a6a6","block_type":"box","text":"involved during the term of the reverse repurchase agreement, while in many cases the Fund is able to keep some of the","page_number":35,"box":{"x":89,"y":308,"width":840,"height":13}},{"id":"b599f95b-139d-4332-b54a-bbf8994efb20","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":35,"box":{"x":89,"y":324,"width":853,"height":12}},{"id":"4548aa8e-2f4e-4632-9b0e-79b1f8c07277","block_type":"box","text":"earn a rate of interest on the cash derived from these transactions that is greater than the interest cost of obtaining the same","page_number":35,"box":{"x":89,"y":339,"width":874,"height":12}},{"id":"2374edf0-3896-42a9-a480-ff29249b037b","block_type":"box","text":"amount of cash. Opportunities to realize earnings from the use of the proceeds equal to or greater than the interest required","page_number":35,"box":{"x":89,"y":354,"width":868,"height":12}},{"id":"f225ee7e-db1a-4c52-a0e4-c5c7221ddd09","block_type":"box","text":"to be paid may not always be available, and a Fund intends to use the reverse repurchase technique only when BFA believes it","page_number":35,"box":{"x":88,"y":369,"width":878,"height":12}},{"id":"6e891d96-3aa5-466a-a93a-ec14bbd955e5","block_type":"box","text":"will be advantageous to the Fund. The use of reverse repurchase agreements may exaggerate any increase or decrease in the","page_number":35,"box":{"x":88,"y":384,"width":875,"height":12}},{"id":"58918631-729a-4765-9d9a-dc2b9521ce7c","block_type":"box","text":"value of a Fund’s assets. The use of reverse repurchase agreements is a form of leverage, and the proceeds obtained by a","page_number":35,"box":{"x":88,"y":399,"width":846,"height":13}},{"id":"ba8bc93c-6b84-4ff4-8a73-76bf8ae904e4","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":35,"box":{"x":89,"y":414,"width":602,"height":13}},{"id":"bfe62581-0fc1-4f44-92eb-b590c1001fe1","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and similar","page_number":35,"box":{"x":89,"y":441,"width":832,"height":12}},{"id":"a96da576-b98f-469b-872a-a2ba7cb6f9cd","block_type":"box","text":"financing transactions (","page_number":35,"box":{"x":88,"y":456,"width":166,"height":12}},{"id":"d022e39d-4c6f-461a-ada6-ccf1b2214535","block_type":"box","text":"e.g.,","page_number":35,"box":{"x":255,"y":459,"width":26,"height":9}},{"id":"07285534-e2e3-423f-b78c-995dccbf2d8b","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":35,"box":{"x":288,"y":456,"width":613,"height":12}},{"id":"fc259c31-8ab3-4a16-b27c-c7c84b2d38ca","block_type":"box","text":"limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that a Fund either (i)","page_number":35,"box":{"x":89,"y":471,"width":855,"height":12}},{"id":"294a6efd-8302-4647-bbe4-fa603850b42b","block_type":"box","text":"complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the aggregate, or","page_number":35,"box":{"x":89,"y":486,"width":878,"height":12}},{"id":"6513ba37-8782-41a0-babe-d5a63970528c","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":35,"box":{"x":89,"y":501,"width":556,"height":13}},{"id":"c8774457-2838-4c07-914e-16b1717332ad","block_type":"box","text":"Regulation Regarding Derivatives","page_number":35,"box":{"x":647,"y":501,"width":230,"height":13}},{"id":"b2e36633-5cdd-46f3-a988-6ee49f4c2dcd","block_type":"box","text":"” above.)","page_number":35,"box":{"x":878,"y":501,"width":61,"height":13}},{"id":"b82d8291-4593-4120-966c-931c4681cf5b","block_type":"box","text":"Securities of Investment Companies.","page_number":35,"box":{"x":88,"y":528,"width":263,"height":12}},{"id":"93430096-7181-4792-8515-52dbf602b0a0","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":35,"box":{"x":361,"y":528,"width":563,"height":12}},{"id":"67bce5e0-9ccd-4bea-bc40-cc72342e9ce6","block_type":"box","text":"money market funds) and real estate investment trusts (“REITs”) to the extent permitted by law. Pursuant to the 1940 Act, a","page_number":35,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"59a24aca-91b4-4947-919f-e1b1d2b46a40","block_type":"box","text":"Fund’s investment in registered investment companies is generally limited to, subject to certain exceptions: (i) 3% of the total","page_number":35,"box":{"x":89,"y":558,"width":876,"height":12}},{"id":"b4b8879e-2333-434a-b6f7-ade39507fd05","block_type":"box","text":"outstanding voting stock of any one investment company; (ii) 5% of a Fund’s total assets with respect to any one investment","page_number":35,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"13b87d28-423e-4233-bfb2-9037e2516ff3","block_type":"box","text":"company; and (iii) 10% of a Fund’s total assets with respect to investment companies in the aggregate. Other investment","page_number":35,"box":{"x":89,"y":588,"width":848,"height":12}},{"id":"21d88c8e-5c66-4f3e-ae2d-85c33932dd87","block_type":"box","text":"companies in which a Fund may invest can be expected to incur fees and expenses for operations, such as investment","page_number":35,"box":{"x":89,"y":603,"width":826,"height":13}},{"id":"aeaddee7-46c4-45cb-89ce-c1d62604c922","block_type":"box","text":"advisory and administration fees, which would be in addition to those incurred by the Fund. Pursuant to guidance issued by","page_number":35,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"f2a873d6-7dbd-4c93-85dd-1d10bab5873d","block_type":"box","text":"the SEC staff, fees and expenses of money market funds used for cash collateral received in connection with loans of","page_number":35,"box":{"x":88,"y":633,"width":817,"height":13}},{"id":"b17bf2a4-eb11-4d12-bcf0-19bc76d6f5d1","block_type":"box","text":"securities are not treated as Acquired Fund Fees and Expenses, which reflect a Fund’s","page_number":35,"box":{"x":89,"y":649,"width":597,"height":12}},{"id":"3827605e-9a1f-47b4-ae23-0bb240a8e4d4","block_type":"box","text":"pro rata","page_number":35,"box":{"x":690,"y":650,"width":56,"height":11}},{"id":"e0caa00f-3c80-4731-85f2-6e0be6316df9","block_type":"box","text":"share of the fees and expenses","page_number":35,"box":{"x":751,"y":649,"width":214,"height":12}},{"id":"59732cec-b189-4889-8819-948001c034b1","block_type":"box","text":"incurred by investing in other investment companies (as disclosed in the Prospectus, as applicable).","page_number":35,"box":{"x":89,"y":664,"width":695,"height":12}},{"id":"e5b902ec-6739-4698-b43e-6f2a4f0b394e","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":35,"box":{"x":88,"y":690,"width":386,"height":13}},{"id":"1c719639-783d-4816-aefd-ae8f718636a6","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":35,"box":{"x":484,"y":690,"width":464,"height":13}},{"id":"62464946-7072-4dfa-ae03-466a909def51","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":35,"box":{"x":89,"y":705,"width":858,"height":13}},{"id":"a33222f6-f8ea-4e3c-be9f-364d16d1c901","block_type":"box","text":"short-term investments that may include, but are not limited to: (i) shares of money market funds (including those advised","page_number":35,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"a77dabeb-290c-4c5e-85ed-1aa91334edd2","block_type":"box","text":"by BFA or otherwise affiliated with BFA); (ii) obligations issued or guaranteed by the U.S. government, its agencies or","page_number":35,"box":{"x":89,"y":736,"width":814,"height":12}},{"id":"4c93811c-c35c-4e8a-9895-d5ec8cd6a205","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit (“CDs”), bankers’","page_number":35,"box":{"x":89,"y":751,"width":840,"height":12}},{"id":"7bbc9f81-8f35-4aa9-8108-2de2224c2b04","block_type":"box","text":"acceptances, fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar","page_number":35,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"c484b1e5-bb2f-4ffe-aa50-3edf170e206c","block_type":"box","text":"institutions; (iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":35,"box":{"x":89,"y":781,"width":612,"height":12}},{"id":"3c7c8fe3-c33b-4998-882e-d03f761be680","block_type":"box","text":"®","page_number":35,"box":{"x":702,"y":779,"width":9,"height":6}},{"id":"0cef3af5-4e5a-4207-998e-2134780d392d","block_type":"box","text":"Investors Service, Inc., “F-1” by","page_number":35,"box":{"x":717,"y":781,"width":214,"height":12}},{"id":"9ce798dd-4b69-46a7-a87b-64e99e334e0a","block_type":"box","text":"Fitch Ratings, Inc., or “A-1” by Standard & Poor’s","page_number":35,"box":{"x":89,"y":796,"width":336,"height":12}},{"id":"c8951076-059c-4673-bc4d-a036483523ae","block_type":"box","text":"®","page_number":35,"box":{"x":426,"y":794,"width":9,"height":6}},{"id":"58c554b6-78cd-425c-9983-466baf719a6f","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc. (“S&P Global","page_number":35,"box":{"x":441,"y":796,"width":471,"height":12}},{"id":"9f30dbbb-e049-4ee7-a040-f8e277ca1dea","block_type":"box","text":"Ratings”), or if unrated, of comparable quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":35,"box":{"x":89,"y":811,"width":808,"height":12}},{"id":"5c90fe5d-d629-4be2-871b-6262109dcfbb","block_type":"box","text":"e.g.","page_number":35,"box":{"x":898,"y":814,"width":23,"height":9}},{"id":"67ddc6ba-c20d-4ece-b409-02996e646be2","block_type":"box","text":",","page_number":35,"box":{"x":923,"y":819,"width":2,"height":3}},{"id":"92326d78-71c7-4952-a358-42b8f63cf8f8","block_type":"box","text":"bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that have been","page_number":35,"box":{"x":89,"y":826,"width":843,"height":13}},{"id":"5d1a5d0e-8206-4b29-b46c-ffba23f0933f","block_type":"box","text":"determined to present minimal credit risks, in accordance with the requirements set forth in Rule 2a-7 under the 1940 Act;","page_number":35,"box":{"x":89,"y":841,"width":856,"height":13}},{"id":"21915956-38c9-4105-9dad-b851cdb25e4a","block_type":"box","text":"(vi) repurchase agreements; and (vii) short-term U.S. dollar-denominated obligations of non-U.S. banks (including U.S.","page_number":35,"box":{"x":89,"y":856,"width":830,"height":13}},{"id":"5f7c755d-ab06-44af-adf1-bb5d8de8ec3b","block_type":"box","text":"9","page_number":35,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"9c6bbe15-2860-4e32-a999-e2d9294b667e","block_type":"box","text":"branches) that, in the opinion of BFA, are of comparable quality to obligations of U.S. banks that may be purchased by a","page_number":36,"box":{"x":89,"y":44,"width":836,"height":12}},{"id":"63c4a24c-7d90-4943-b8e3-b1606d5f4dd7","block_type":"box","text":"Fund. Any of these instruments may be purchased on a current or forward-settled basis. Time deposits are non-negotiable","page_number":36,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"8dc46428-648a-452d-8459-cf64ab9f345e","block_type":"box","text":"deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers’ acceptances are","page_number":36,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"01353932-7704-4803-a6c2-c9747b3a28d9","block_type":"box","text":"time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.","page_number":36,"box":{"x":88,"y":89,"width":755,"height":13}},{"id":"9a8cfa8d-3a1c-40de-8270-1592ddeebbf3","block_type":"box","text":"Swap Agreements.","page_number":36,"box":{"x":88,"y":116,"width":134,"height":12}},{"id":"c6109902-7bef-46a6-bd04-4ac9799ad4e9","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":36,"box":{"x":231,"y":116,"width":735,"height":12}},{"id":"c7f50d34-70f5-4946-91c0-b7de5f815735","block_type":"box","text":"the other party based on a pre-determined underlying investment or notional amount. In return, the other party agrees to","page_number":36,"box":{"x":88,"y":131,"width":850,"height":12}},{"id":"dc227935-fa9c-479e-869a-612fa26beea8","block_type":"box","text":"make periodic payments to the first party based on the return (or a differential in rate of return) earned or realized on the","page_number":36,"box":{"x":89,"y":146,"width":843,"height":12}},{"id":"2b342cee-c782-4497-8596-729b84f64b34","block_type":"box","text":"underlying investment or notional amount. Swap agreements will usually be performed on a net basis, with a Fund receiving","page_number":36,"box":{"x":89,"y":161,"width":869,"height":12}},{"id":"d2091139-e59f-4181-8d07-a5b62bed160e","block_type":"box","text":"or paying only the net amount of the two payments. The net amount of the excess, if any, of a Fund’s obligations over its","page_number":36,"box":{"x":89,"y":176,"width":843,"height":13}},{"id":"012aeee9-c7eb-4350-8584-3c4e9f8c5b88","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":36,"box":{"x":89,"y":191,"width":464,"height":13}},{"id":"845215ae-c189-44e3-9404-93c73d352288","block_type":"box","text":"Certain of the Funds or Underlying Funds may enter into currency swaps, interest rate swaps and index swaps, or total return","page_number":36,"box":{"x":89,"y":218,"width":875,"height":12}},{"id":"556c4195-1ccd-40f3-b235-ce8ed9c292da","block_type":"box","text":"swaps (some of which may be referred to as contracts for difference or “CFDs”). The use of swaps is a highly specialized","page_number":36,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"029093fc-f645-4243-a33a-f7e1cac04b99","block_type":"box","text":"activity that involves investment techniques and risks different from those associated with ordinary portfolio security","page_number":36,"box":{"x":89,"y":248,"width":816,"height":12}},{"id":"9d904134-b0a9-4f77-bf8c-99a3b903fb51","block_type":"box","text":"transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":36,"box":{"x":88,"y":263,"width":762,"height":12}},{"id":"e8c47c7f-f7f2-4d44-92a9-2baff829d6a5","block_type":"box","text":"Tracking Stocks.","page_number":36,"box":{"x":88,"y":290,"width":119,"height":12}},{"id":"e32d585e-9f5c-4024-ab77-bbf8871bd4b5","block_type":"box","text":"A tracking stock is a separate class of common stock whose value is linked to a specific business unit or","page_number":36,"box":{"x":215,"y":290,"width":728,"height":12}},{"id":"6d41987c-3a1f-42db-b802-742fec2d2890","block_type":"box","text":"operating division within a larger company and is designed to “track” the performance of such business unit or division. The","page_number":36,"box":{"x":89,"y":305,"width":869,"height":12}},{"id":"c08f4f8e-e00a-405a-9c19-ceae034efc92","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":36,"box":{"x":88,"y":320,"width":867,"height":12}},{"id":"b41de1e1-a05a-47a2-b53d-ce900360d2db","block_type":"box","text":"business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the","page_number":36,"box":{"x":89,"y":335,"width":851,"height":12}},{"id":"9fa29b57-2be7-4f27-aa6a-aad79d4ac07b","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":36,"box":{"x":89,"y":350,"width":395,"height":12}},{"id":"69fe2f90-764e-44aa-899d-8de00df88fba","block_type":"box","text":"Future Developments.","page_number":36,"box":{"x":89,"y":376,"width":157,"height":13}},{"id":"ebffb622-57a6-45f4-8d58-6aa6e736af82","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":36,"box":{"x":255,"y":376,"width":694,"height":13}},{"id":"f32e763e-ce5d-409f-91a3-303f8b135fbe","block_type":"box","text":"other than those listed in this SAI and in the applicable Prospectuses, provided they are consistent with each Fund’s","page_number":36,"box":{"x":89,"y":392,"width":809,"height":12}},{"id":"b6e06c16-15ef-4f13-97b9-bdab6ea30abb","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":36,"box":{"x":89,"y":407,"width":586,"height":12}},{"id":"75e44326-e0c0-4305-8a4a-7129b6a170ad","block_type":"box","text":"General Considerations and Risks","page_number":36,"box":{"x":90,"y":437,"width":559,"height":24}},{"id":"09e63334-e627-415d-8046-6ee8bbbe81b1","block_type":"box","text":"A discussion of some of the principal risks associated with an investment in a Fund is contained in the applicable Prospectus.","page_number":36,"box":{"x":88,"y":479,"width":876,"height":12}},{"id":"896c627b-4b72-4207-a582-ba29d24ba7d6","block_type":"box","text":"An investment in a Fund should be made with an understanding that the value of the Fund’s portfolio securities may","page_number":36,"box":{"x":88,"y":505,"width":817,"height":12}},{"id":"96e9f167-cb7a-4071-9285-d8013cb086a5","block_type":"box","text":"fluctuate in accordance with changes in the financial condition of the issuers of the portfolio securities, the value of stocks in","page_number":36,"box":{"x":88,"y":520,"width":874,"height":12}},{"id":"43d4b5ba-7a0b-4f26-8bed-44396f8d8958","block_type":"box","text":"general, and other factors that affect the market. The order of the below risk factors does not indicate the significance of any","page_number":36,"box":{"x":89,"y":535,"width":873,"height":13}},{"id":"02d12cc4-4f30-47c5-868a-846b00c0c90f","block_type":"box","text":"particular risk factor.","page_number":36,"box":{"x":89,"y":550,"width":142,"height":13}},{"id":"8f6de288-49f1-4562-bbdf-fc12e81926d0","block_type":"box","text":"Borrowing Risk.","page_number":36,"box":{"x":89,"y":577,"width":112,"height":12}},{"id":"419ef18e-5397-46b9-bda5-0b16f95f5542","block_type":"box","text":"Borrowing may exaggerate changes in the NAV of Fund shares and in the return on a Fund’s portfolio.","page_number":36,"box":{"x":211,"y":577,"width":712,"height":12}},{"id":"5edf2399-4912-45eb-a5a9-90c08d0bec7a","block_type":"box","text":"Borrowing will cause a Fund to incur interest expense and other fees. The costs of borrowing may reduce a Fund’s return.","page_number":36,"box":{"x":89,"y":592,"width":850,"height":12}},{"id":"5819ebc5-6196-4da1-9736-5fc227517b65","block_type":"box","text":"Borrowing may cause a Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations.","page_number":36,"box":{"x":89,"y":607,"width":831,"height":12}},{"id":"f7f4d180-5475-4cb4-b5fe-b8ab5325c804","block_type":"box","text":"Commodities Investment Risk.","page_number":36,"box":{"x":89,"y":633,"width":218,"height":10}},{"id":"40bb16fe-d7b1-4ba1-83ec-553d7d8942dd","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":36,"box":{"x":317,"y":633,"width":641,"height":13}},{"id":"23d521f5-74ea-4c8a-b263-1d0c96cc417c","block_type":"box","text":"in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market","page_number":36,"box":{"x":89,"y":649,"width":830,"height":12}},{"id":"cd87b30d-bd6a-4f97-8df2-a95c6efd7dcc","block_type":"box","text":"conditions may result in rapid and substantial valuation increases or decreases in a Fund’s holdings.","page_number":36,"box":{"x":89,"y":664,"width":697,"height":12}},{"id":"675d98ad-10a4-4a1c-8bd7-b1f05ea8aaf8","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices","page_number":36,"box":{"x":88,"y":690,"width":857,"height":13}},{"id":"1f8dc20f-6553-465b-8449-3a54a120b243","block_type":"box","text":"are outside of a Fund’s control and may not be anticipated by BFA. Price movements may be influenced by, among other","page_number":36,"box":{"x":89,"y":705,"width":842,"height":13}},{"id":"88e0dfc7-d373-4c04-849f-a0c9c46d9bd9","block_type":"box","text":"things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and","page_number":36,"box":{"x":88,"y":720,"width":875,"height":13}},{"id":"474669f5-ac0c-4357-bf4e-74fbfa809933","block_type":"box","text":"economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease;","page_number":36,"box":{"x":89,"y":736,"width":841,"height":12}},{"id":"11f4a949-6137-4650-9176-97d27c394c82","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; changes in","page_number":36,"box":{"x":89,"y":751,"width":823,"height":12}},{"id":"97ec6559-c97c-4261-8d55-0f2cd8b65a12","block_type":"box","text":"storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":36,"box":{"x":89,"y":766,"width":858,"height":12}},{"id":"6a2a017e-abd4-4f82-a5c3-7f23ca9e11aa","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation;","page_number":36,"box":{"x":89,"y":781,"width":823,"height":12}},{"id":"a71632bb-82c5-40f0-bd1f-378b79328cde","block_type":"box","text":"currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest","page_number":36,"box":{"x":89,"y":796,"width":858,"height":12}},{"id":"28f402d1-5484-44ae-9f14-b3126af62a6f","block_type":"box","text":"rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign","page_number":36,"box":{"x":89,"y":811,"width":814,"height":12}},{"id":"4620c1b6-4e73-449f-bcb9-857b341e3056","block_type":"box","text":"governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental","page_number":36,"box":{"x":89,"y":826,"width":818,"height":13}},{"id":"8b8327bb-40e6-49ea-9709-1e4b903c7b02","block_type":"box","text":"expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; and changes in","page_number":36,"box":{"x":89,"y":841,"width":827,"height":13}},{"id":"204fa372-dffc-4aeb-a520-70e2457a376e","block_type":"box","text":"philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":36,"box":{"x":89,"y":856,"width":835,"height":13}},{"id":"d1c6f87a-b4e5-43ea-ae2b-4c2f98f29bf4","block_type":"box","text":"10","page_number":36,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"d9b011d3-101e-47d0-8782-eb47175bee40","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":37,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"2312f92f-af85-44fb-9ef7-f2acdb33f5db","block_type":"box","text":"consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be","page_number":37,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"daec014e-7436-42f2-bb96-c2a58c2fe592","block_type":"box","text":"controlled by a small number of producers or groups of producers. As a result, political, economic, regulatory and supply","page_number":37,"box":{"x":89,"y":74,"width":851,"height":12}},{"id":"a1463ec1-757f-4a6c-9c22-4afe044407ec","block_type":"box","text":"related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":37,"box":{"x":89,"y":89,"width":738,"height":13}},{"id":"074d481f-29f5-42a9-ae09-7a61bcdae125","block_type":"box","text":"A decrease in the production of a physical commodity or a decrease in the volume of such commodity available for","page_number":37,"box":{"x":88,"y":116,"width":806,"height":12}},{"id":"4bd0c8fb-4f45-4a8a-a86f-b7bd77455e73","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a commodity","page_number":37,"box":{"x":88,"y":131,"width":864,"height":12}},{"id":"8f3ecd2c-f52d-4e3d-921b-86c3e45b4ac3","block_type":"box","text":"or commodity-related company that devotes a portion of its business to that commodity. Production declines and volume","page_number":37,"box":{"x":89,"y":146,"width":853,"height":12}},{"id":"11e5d594-d644-41fd-9d21-0235bb61b476","block_type":"box","text":"decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources,","page_number":37,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"d3c3d184-943e-402c-a93c-5e394531cecc","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":37,"box":{"x":89,"y":176,"width":820,"height":13}},{"id":"6346b043-8446-46eb-82dd-851724316a07","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":37,"box":{"x":89,"y":191,"width":842,"height":13}},{"id":"a7742800-0c80-4771-9950-d591edc2973b","block_type":"box","text":"from alternative energy sources or commodity prices. Agricultural commodities may be adversely affected by weather or","page_number":37,"box":{"x":88,"y":206,"width":845,"height":13}},{"id":"2dfe4ac0-f436-4f0d-ba13-8ab6fc927593","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":37,"box":{"x":89,"y":222,"width":427,"height":12}},{"id":"a0b4513e-85fa-4531-9bbd-f88fd1b6931c","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity","page_number":37,"box":{"x":88,"y":248,"width":856,"height":12}},{"id":"ba64d62e-f84f-43cf-9a2b-d14494c60d02","block_type":"box","text":"related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic","page_number":37,"box":{"x":89,"y":263,"width":851,"height":12}},{"id":"7f32bec1-d483-4167-bcf6-4b3cc26d0b22","block_type":"box","text":"conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts","page_number":37,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"df460db6-d587-4cd2-92af-e6d641ce3680","block_type":"box","text":"to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.","page_number":37,"box":{"x":88,"y":293,"width":670,"height":13}},{"id":"95971dac-4dfa-44d8-8274-0496a1af13e7","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of","page_number":37,"box":{"x":88,"y":320,"width":841,"height":12}},{"id":"1bdc63d5-8323-4917-a983-59b4916aa088","block_type":"box","text":"liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some","page_number":37,"box":{"x":89,"y":335,"width":848,"height":12}},{"id":"24817136-c471-479b-ac8c-9d5ba8fdcf7c","block_type":"box","text":"foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day","page_number":37,"box":{"x":88,"y":350,"width":822,"height":12}},{"id":"d87b1f64-2175-474b-97b3-b62561d59926","block_type":"box","text":"(generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a contract as a result of these","page_number":37,"box":{"x":89,"y":365,"width":853,"height":12}},{"id":"f789078d-671f-4d1d-9331-be855484a34c","block_type":"box","text":"limits is referred to as a “limit price.” If the limit price has been reached in a particular contract, no trades may be made","page_number":37,"box":{"x":89,"y":380,"width":831,"height":13}},{"id":"5831ed4f-e63d-4ec9-b588-38e122a6a4fe","block_type":"box","text":"beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of","page_number":37,"box":{"x":89,"y":395,"width":860,"height":13}},{"id":"3278ab3c-08be-4159-b9fd-427bdbc0a433","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":37,"box":{"x":89,"y":410,"width":317,"height":13}},{"id":"ec780104-bf22-4e0d-afe8-46052405d3b3","block_type":"box","text":"Custody Risk.","page_number":37,"box":{"x":89,"y":437,"width":96,"height":12}},{"id":"72c497ed-611a-4530-a695-ec3b27b23b77","block_type":"box","text":"Custody risk refers to the risks inherent in the process of clearing and settling trades and to the holding of","page_number":37,"box":{"x":195,"y":437,"width":741,"height":12}},{"id":"3cdfa389-d7e3-416b-9236-7746bd7a59be","block_type":"box","text":"securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less","page_number":37,"box":{"x":89,"y":452,"width":838,"height":12}},{"id":"41a4c876-a531-4c38-8d6c-b7aa0c6ba005","block_type":"box","text":"developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to","page_number":37,"box":{"x":89,"y":467,"width":875,"height":13}},{"id":"ac8aabe5-4bf6-41fd-9ab3-81e165905a9f","block_type":"box","text":"hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to","page_number":37,"box":{"x":89,"y":482,"width":857,"height":13}},{"id":"87f0f7cf-503b-4d4e-bd5d-6c862c42327d","block_type":"box","text":"the standards of care of their local markets, and thus may be subject to limited or no government oversight. Communications","page_number":37,"box":{"x":88,"y":497,"width":880,"height":13}},{"id":"eca48234-9c2e-43e3-b582-089dc2ccc441","block_type":"box","text":"between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of","page_number":37,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"5cc9e7f9-fd09-4555-b8ff-46445a40633e","block_type":"box","text":"security certificates. In general, the less developed a country’s securities market is, the greater the likelihood of custody","page_number":37,"box":{"x":89,"y":528,"width":833,"height":12}},{"id":"6cde7b34-b345-458f-ac1c-05e6fbdbfc44","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":37,"box":{"x":89,"y":543,"width":837,"height":12}},{"id":"4679a999-c0ff-4e9e-9ea0-b08b494fa730","block_type":"box","text":"those in developed markets, in part because of the use of brokers and counterparties that are often less well capitalized, and","page_number":37,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"116b072d-290f-44a3-b3d2-15d151999166","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":37,"box":{"x":89,"y":573,"width":814,"height":12}},{"id":"9d64944a-6c33-4795-9d8f-1939f4c3ed60","block_type":"box","text":"influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with","page_number":37,"box":{"x":89,"y":588,"width":845,"height":12}},{"id":"0ffc2378-f4df-4b4e-be87-f7720964934e","block_type":"box","text":"other factors, could result in ownership registration being lost. In addition, the laws of certain countries may put limits on a","page_number":37,"box":{"x":89,"y":603,"width":860,"height":13}},{"id":"9ad26c7c-9e58-4812-8da3-7a043b2006e2","block_type":"box","text":"Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing","page_number":37,"box":{"x":89,"y":618,"width":851,"height":13}},{"id":"30eff111-93ea-4d99-9c88-b5cbe17af49b","block_type":"box","text":"goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for","page_number":37,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"3d174f08-0ea3-4b58-ac9d-4446f801f0f0","block_type":"box","text":"compensation.","page_number":37,"box":{"x":89,"y":650,"width":103,"height":11}},{"id":"6fc5edba-6c20-4290-93fc-06bfdfa2eb02","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":37,"box":{"x":89,"y":675,"width":201,"height":12}},{"id":"038c22e9-e85a-451b-8a04-0278846c88e4","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":37,"box":{"x":300,"y":675,"width":660,"height":12}},{"id":"2a0f4bce-efb3-4374-bd75-0bd4f9ce8747","block_type":"box","text":"investors and underperform the broader market. Companies that issue dividend-paying stocks are not required to pay or","page_number":37,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"51655482-6609-4358-a55c-f80294a87d29","block_type":"box","text":"continue paying dividends on such stocks. It is possible that issuers of the stocks held by a Fund will not declare dividends in","page_number":37,"box":{"x":89,"y":705,"width":871,"height":13}},{"id":"d9e27f76-e730-4aff-9106-2f2e672c0cad","block_type":"box","text":"the future or will reduce or eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or","page_number":37,"box":{"x":88,"y":720,"width":879,"height":13}},{"id":"85e3de9a-eead-4bdc-b83f-3c5cb4ee921b","block_type":"box","text":"increases in the payment of dividends) in the future.","page_number":37,"box":{"x":89,"y":736,"width":363,"height":12}},{"id":"9e557ea1-c592-45fb-98de-2893f9574b55","block_type":"box","text":"Illiquid Investments Risk.","page_number":37,"box":{"x":89,"y":762,"width":178,"height":12}},{"id":"a28de884-ae48-4994-b704-a093846cdcec","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":37,"box":{"x":277,"y":762,"width":673,"height":12}},{"id":"6225d9af-7139-4645-95ec-ef23e58c0cd1","block_type":"box","text":"would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any investment that a","page_number":37,"box":{"x":88,"y":777,"width":856,"height":12}},{"id":"1c07c037-c71b-4487-aaf8-f33317270aa9","block_type":"box","text":"Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without","page_number":37,"box":{"x":89,"y":792,"width":859,"height":13}},{"id":"4e764b0e-1eb1-424a-bd26-fbc9404af1a9","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":37,"box":{"x":89,"y":807,"width":820,"height":13}},{"id":"7e0295c3-88d6-4e4d-b321-e1e8f00f3713","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":37,"box":{"x":89,"y":822,"width":818,"height":13}},{"id":"ce6dc67c-edd3-4e93-93dc-762162710341","block_type":"box","text":"11","page_number":37,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"416e7de4-424e-45ac-8964-d27766eff90c","block_type":"box","text":"Liquidity Rule. Illiquid investments may trade at a discount to comparable, more liquid investments and a Fund may not be","page_number":38,"box":{"x":89,"y":44,"width":856,"height":12}},{"id":"ead68068-802c-4bf5-95be-e9a2586990f5","block_type":"box","text":"able to dispose of illiquid investments in a timely fashion or at their expected prices. If illiquid investments exceed 15% of a","page_number":38,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"f01729ab-a8ef-490e-9f56-bf8b5d8ff6e9","block_type":"box","text":"Fund’s net assets, the Liquidity Rule and the Liquidity Program will require that certain remedial actions be taken.","page_number":38,"box":{"x":89,"y":74,"width":790,"height":12}},{"id":"058423ee-f63e-458b-b531-02d72c427e2b","block_type":"box","text":"Money Market Instruments Risk.","page_number":38,"box":{"x":89,"y":101,"width":234,"height":12}},{"id":"ed3b255e-4d3f-45dd-af7e-5fd76fa76749","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":38,"box":{"x":332,"y":101,"width":628,"height":12}},{"id":"145ed857-ae6f-415f-85f6-f2aad2e949c3","block_type":"box","text":"the credit ratings of the investments, among other things. If a significant amount of a Fund’s assets is invested in money","page_number":38,"box":{"x":88,"y":116,"width":843,"height":12}},{"id":"40bec665-87c4-43ab-850c-cdfc26771646","block_type":"box","text":"market instruments, it may be more difficult for the Fund to achieve its investment objective. An investment in a money","page_number":38,"box":{"x":89,"y":131,"width":835,"height":12}},{"id":"4a7c37a4-375d-41b6-a965-615e0ee4daf1","block_type":"box","text":"market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is","page_number":38,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"04a86ff2-c7c1-482e-ba92-9243a0fd80d5","block_type":"box","text":"possible to lose money by investing in a money market fund. Money market funds other than U.S. government money market","page_number":38,"box":{"x":89,"y":161,"width":879,"height":12}},{"id":"b1e79f77-5560-439f-b496-07eb61624864","block_type":"box","text":"funds and retail money market funds “float” their NAV instead of using a stable $1.00 per share price.","page_number":38,"box":{"x":88,"y":176,"width":709,"height":13}},{"id":"982a1766-adb4-4e05-84b6-2bcf56d18507","block_type":"box","text":"National Closed Market Trading Risk.","page_number":38,"box":{"x":89,"y":203,"width":266,"height":12}},{"id":"41018b8a-2bc1-4617-b175-c609b581c81b","block_type":"box","text":"To the extent that the underlying securities held by a Fund trade on foreign exchanges","page_number":38,"box":{"x":363,"y":203,"width":604,"height":12}},{"id":"171276ba-3b60-4628-acfc-babda1e9be85","block_type":"box","text":"or in foreign markets that are closed when the securities exchange on which a Fund’s shares trade is open, there are likely to","page_number":38,"box":{"x":89,"y":218,"width":870,"height":12}},{"id":"259c4a63-d871-49eb-bfb0-3b57da47dc7d","block_type":"box","text":"be deviations between the current price of such an underlying security and the last quoted price for the underlying security","page_number":38,"box":{"x":89,"y":233,"width":862,"height":12}},{"id":"9e8bcfc6-202e-4c6b-a7cf-2308ef4763e3","block_type":"box","text":"(","page_number":38,"box":{"x":89,"y":248,"width":4,"height":12}},{"id":"9fc62fa6-42d5-4dff-91fd-108b57572b31","block_type":"box","text":"i.e.","page_number":38,"box":{"x":94,"y":249,"width":18,"height":9}},{"id":"fe963e7d-c29f-49bd-9ac9-733917f989c1","block_type":"box","text":", a Fund’s quote from the closed foreign market). The impact of a closed foreign market on a Fund is likely to be greater","page_number":38,"box":{"x":114,"y":248,"width":836,"height":12}},{"id":"73c39772-0d37-4ee6-b598-5c29b7a77cb6","block_type":"box","text":"where a large portion of a Fund’s underlying securities and/or other assets trade on that closed foreign market or when the","page_number":38,"box":{"x":88,"y":263,"width":865,"height":12}},{"id":"be2119c9-0a7d-4800-b2e4-4e276f8d2bc9","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations may result in premiums or discounts to a Fund’s NAV","page_number":38,"box":{"x":88,"y":278,"width":848,"height":13}},{"id":"060cc803-bb32-4b24-9c5c-b9ecc4450739","block_type":"box","text":"that may be greater than those experienced by other ETFs.","page_number":38,"box":{"x":88,"y":293,"width":409,"height":13}},{"id":"a7223e00-9cb8-44b7-a978-8ea06d5d327b","block_type":"box","text":"Operational and Technology Risks.","page_number":38,"box":{"x":89,"y":320,"width":250,"height":12}},{"id":"abdf574c-126a-4b2f-a5bb-855a2c9d8d35","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":38,"box":{"x":348,"y":320,"width":593,"height":12}},{"id":"9be5093c-0f0e-4e43-bbe8-dd0f1bacc818","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":38,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"39ccaa2e-0a91-48df-9945-ed5691051650","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":38,"box":{"x":88,"y":350,"width":864,"height":12}},{"id":"bd8d69b9-1b8a-44d1-8cce-63b7cc4fb3f2","block_type":"box","text":"for the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, a Fund’s","page_number":38,"box":{"x":88,"y":365,"width":839,"height":12}},{"id":"0f3fd9d5-844e-44db-a5ef-3b260137e6ee","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":38,"box":{"x":89,"y":380,"width":876,"height":13}},{"id":"9db53979-d44d-4179-b04a-34dd0638c915","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":38,"box":{"x":88,"y":395,"width":853,"height":13}},{"id":"6748718c-87e2-4425-877c-7461146e86bf","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":38,"box":{"x":88,"y":410,"width":859,"height":13}},{"id":"1f77645b-87ab-427b-8ad0-c910d64d5f3a","block_type":"box","text":"invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":38,"box":{"x":89,"y":426,"width":852,"height":12}},{"id":"d5f328e4-9dbb-41b2-8491-6f92e64659e8","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":38,"box":{"x":89,"y":441,"width":770,"height":12}},{"id":"93749fda-a489-4cec-b467-f8bd55dee71c","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":38,"box":{"x":89,"y":467,"width":862,"height":13}},{"id":"dbe4c4fb-9414-4b27-8087-82cfe9960647","block_type":"box","text":"the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems,","page_number":38,"box":{"x":88,"y":482,"width":816,"height":13}},{"id":"ba6da705-2e7e-4f0d-830b-2627ef7a1dc5","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":38,"box":{"x":89,"y":497,"width":808,"height":13}},{"id":"9f7490f4-b977-416e-9ff6-532b499375a8","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":38,"box":{"x":89,"y":513,"width":862,"height":12}},{"id":"6897483b-c701-415a-b465-2075dc268b8f","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":38,"box":{"x":88,"y":528,"width":798,"height":12}},{"id":"3d08d932-579e-4b7b-bec5-f2a7ab257f0c","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":38,"box":{"x":89,"y":543,"width":815,"height":12}},{"id":"699c5d62-db5d-44cc-a2d0-a5e492b2d92e","block_type":"box","text":"submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or its","page_number":38,"box":{"x":89,"y":558,"width":831,"height":12}},{"id":"1661ba0c-0bf9-4cde-b196-f08e337d156d","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":38,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"b316f5d1-60d1-4185-be86-443815de08c4","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":38,"box":{"x":89,"y":588,"width":876,"height":12}},{"id":"3afda32c-9cd5-4628-82a2-7833276b683f","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":38,"box":{"x":89,"y":603,"width":857,"height":13}},{"id":"861343a2-73e8-4445-a882-29e039801d3c","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":38,"box":{"x":89,"y":618,"width":864,"height":13}},{"id":"dbe834fa-8c55-4189-a3f0-9f1a90c142e6","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":38,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"1de5a141-007d-458b-975d-71b313e40dc3","block_type":"box","text":"Fund or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt","page_number":38,"box":{"x":89,"y":649,"width":850,"height":12}},{"id":"66f8b6f9-53c5-4546-bc80-d5e8ef2e53bb","block_type":"box","text":"business operations or impact critical data. In addition, the risks of increased use of AI technologies, such as machine","page_number":38,"box":{"x":89,"y":664,"width":821,"height":12}},{"id":"5a8ffe35-3466-46ce-9efd-052cbc1fd569","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":38,"box":{"x":89,"y":679,"width":863,"height":12}},{"id":"1fefd71a-3ed8-4aab-8fe1-103b6d1bf2d6","block_type":"box","text":"the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":38,"box":{"x":88,"y":694,"width":838,"height":12}},{"id":"ff8e559c-cf9a-45cd-ae66-0c3da23285dd","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may","page_number":38,"box":{"x":89,"y":709,"width":847,"height":12}},{"id":"dee0d6df-fae8-4459-acf7-2d381489a71e","block_type":"box","text":"therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized","page_number":38,"box":{"x":88,"y":724,"width":875,"height":13}},{"id":"0199631d-626b-40b3-b213-bd8fbf63795d","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":38,"box":{"x":89,"y":739,"width":798,"height":13}},{"id":"8f0fdfc3-e4a6-462a-aefe-7d5030b65050","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":38,"box":{"x":89,"y":754,"width":807,"height":13}},{"id":"90ae17c4-f183-4628-9fd3-097636b3299b","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":38,"box":{"x":89,"y":770,"width":832,"height":12}},{"id":"e82ecc14-e7f5-40c3-8929-fd7b82e878f7","block_type":"box","text":"frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI","page_number":38,"box":{"x":88,"y":785,"width":877,"height":12}},{"id":"c7eacd36-b3b0-4ddb-8b6d-6a4a59c01e10","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":38,"box":{"x":89,"y":800,"width":380,"height":12}},{"id":"6c08edb1-ec95-4d84-9711-b12439c067b8","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":38,"box":{"x":88,"y":826,"width":846,"height":13}},{"id":"53787771-e726-40bd-a325-1735908ed9b0","block_type":"box","text":"management policies and procedures, their methods of risk management may differ from those of the Fund in the setting of","page_number":38,"box":{"x":89,"y":841,"width":872,"height":13}},{"id":"92b65610-f652-49a3-985d-3682f948d75c","block_type":"box","text":"priorities, the personnel and resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to","page_number":38,"box":{"x":89,"y":856,"width":852,"height":13}},{"id":"f41b3a54-8b02-48a3-8bcf-f335885d7e38","block_type":"box","text":"12","page_number":38,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"7602bf01-4c9c-44e8-828a-db469ea5cca8","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":39,"box":{"x":89,"y":44,"width":837,"height":12}},{"id":"ffbb1fad-8a01-4c0e-a430-4839549d1b59","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":39,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"eaa6b99d-bc67-446f-b855-c5c91e31e2a1","block_type":"box","text":"certain risks that may affect a Fund have not been identified or may emerge in the future; that such plans and systems may","page_number":39,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"e48045e7-ae11-4a07-baa8-806cc78e08a7","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":39,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"7191794a-a4d4-453c-8364-f416c31575da","block_type":"box","text":"or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go","page_number":39,"box":{"x":89,"y":104,"width":824,"height":13}},{"id":"664115b9-3ab5-4e77-a89a-d76c692a6c4b","block_type":"box","text":"undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it invests","page_number":39,"box":{"x":89,"y":119,"width":868,"height":13}},{"id":"39461b1c-48d9-405e-be6f-ccfbeab28dfb","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":39,"box":{"x":89,"y":135,"width":660,"height":12}},{"id":"c8c5fc3e-d013-46a6-80d4-378d225b4b38","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":39,"box":{"x":89,"y":161,"width":858,"height":12}},{"id":"291d72d6-4cb5-4532-8844-f03acb75f498","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":39,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"dfe74c91-02b7-467d-ba1d-0267639471fb","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":39,"box":{"x":89,"y":191,"width":806,"height":13}},{"id":"e3789222-6502-4409-9e54-5b5eafb3ff16","block_type":"box","text":"implement required changes.","page_number":39,"box":{"x":89,"y":206,"width":204,"height":13}},{"id":"f2ed01fb-0092-4fa5-bdf9-87e820d6d94a","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":39,"box":{"x":89,"y":233,"width":244,"height":12}},{"id":"32694ed5-2e8f-4c23-8eae-f6c179650576","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":39,"box":{"x":342,"y":233,"width":581,"height":12}},{"id":"a9d8ac1d-c974-43ba-8079-7a8713916c26","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":39,"box":{"x":89,"y":248,"width":839,"height":12}},{"id":"7d69417d-51b9-4f6f-8860-fdf69d8729ea","block_type":"box","text":"hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR,","page_number":39,"box":{"x":89,"y":263,"width":863,"height":12}},{"id":"cf13fbed-fcf2-41fe-8e00-31b2cb72ad34","block_type":"box","text":"has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will","page_number":39,"box":{"x":89,"y":278,"width":835,"height":13}},{"id":"9f4f5c8a-b36b-4b4b-a2a1-ea73ac627cf7","block_type":"box","text":"continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":39,"box":{"x":89,"y":293,"width":869,"height":13}},{"id":"10abb4cc-eac8-47ed-8544-db2bb566b662","block_type":"box","text":"Overnight Financing Rate (“SOFR”), which is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":39,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"c2d1f696-5637-46c7-8297-46066f93130e","block_type":"box","text":"Treasury securities in the repurchase agreement market, has been used increasingly on a voluntary basis in new instruments","page_number":39,"box":{"x":88,"y":324,"width":872,"height":12}},{"id":"374b9dc6-3a61-4126-8b12-a15bd4a71053","block_type":"box","text":"and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates","page_number":39,"box":{"x":89,"y":339,"width":865,"height":12}},{"id":"141380e3-f217-48f5-82d1-92c8f104544a","block_type":"box","text":"based on SOFR have replaced LIBOR in different categories of financial contracts.","page_number":39,"box":{"x":89,"y":354,"width":565,"height":12}},{"id":"706b75c6-5aac-41b6-81e6-c6961004ce90","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing LIBOR","page_number":39,"box":{"x":89,"y":380,"width":842,"height":13}},{"id":"dfef234a-9daa-44d0-a419-5209107737d6","block_type":"box","text":"based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting","page_number":39,"box":{"x":89,"y":395,"width":877,"height":13}},{"id":"7d46536b-5204-415a-97e4-0dc26127b80b","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":39,"box":{"x":89,"y":410,"width":836,"height":13}},{"id":"760159d7-4b7b-4fd6-b69b-51597ed0eea1","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":39,"box":{"x":89,"y":426,"width":844,"height":12}},{"id":"26a6bde1-2769-4854-8cef-ad7e75f21988","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":39,"box":{"x":89,"y":441,"width":823,"height":12}},{"id":"73845f9d-9153-4035-92dd-e2dc0a67c676","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":39,"box":{"x":89,"y":456,"width":820,"height":12}},{"id":"efc3530c-d861-45d2-a1e5-f1820d7adcf1","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":39,"box":{"x":89,"y":471,"width":877,"height":12}},{"id":"07a489d3-42da-47bd-8b16-031864ba0d0a","block_type":"box","text":"may have instruments linked to other interbank offered rates that may also cease to be published in the future.","page_number":39,"box":{"x":89,"y":486,"width":773,"height":12}},{"id":"c266a678-1d7b-46c4-bc0b-5acfc9681500","block_type":"box","text":"Risk of Derivatives.","page_number":39,"box":{"x":89,"y":513,"width":135,"height":9}},{"id":"8a73a8f2-bfdf-4a91-88a7-913811f3c0df","block_type":"box","text":"A derivative is a financial contract, the value of which depends on, or is derived from, the value of an","page_number":39,"box":{"x":233,"y":513,"width":701,"height":12}},{"id":"212549d9-2e60-4f92-a63d-36629cf6bdaf","block_type":"box","text":"underlying asset, such as a security, a commodity (such as gold or silver), a currency or an index (a measure of value or rates,","page_number":39,"box":{"x":89,"y":528,"width":877,"height":12}},{"id":"5555fc33-e457-4a7b-85ef-1674d10b0ac5","block_type":"box","text":"such as the S&P 500","page_number":39,"box":{"x":89,"y":543,"width":142,"height":10}},{"id":"fc294c3d-0200-4948-8627-d3029a6d0234","block_type":"box","text":"®","page_number":39,"box":{"x":232,"y":541,"width":9,"height":6}},{"id":"d5b2b865-f51a-4d0e-adf3-867bf00240ef","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs (for the","page_number":39,"box":{"x":247,"y":543,"width":691,"height":12}},{"id":"c1f328e5-4c5d-4977-9717-137271fe7ded","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF) and other derivatives. Compared to securities, derivatives can be more sensitive to","page_number":39,"box":{"x":89,"y":558,"width":868,"height":12}},{"id":"c3eca42f-3d6f-48d2-8ec8-b4c495d1774f","block_type":"box","text":"changes in interest rates or to sudden fluctuations in market prices and thus a Fund’s losses may be greater if it invests in","page_number":39,"box":{"x":89,"y":573,"width":848,"height":12}},{"id":"97124a1c-52b1-47d1-a026-5ca2b8698898","block_type":"box","text":"derivatives than if it invests only in conventional securities. Derivatives are also subject to counterparty risk, which is the risk","page_number":39,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"bb4c6d68-336b-4e6e-922c-f80f39ed9277","block_type":"box","text":"that the other party in the transaction will not fulfill its contractual obligations. Derivatives generally involve the incurrence of","page_number":39,"box":{"x":88,"y":603,"width":876,"height":13}},{"id":"8ea383fe-e229-4f5f-85e6-60bf6172a895","block_type":"box","text":"leverage.","page_number":39,"box":{"x":89,"y":618,"width":60,"height":13}},{"id":"cc058a90-ee84-4d36-95c3-42738e44e16a","block_type":"box","text":"When a derivative is used as a hedge against a position that a Fund holds or is committed to purchase, any loss generated by","page_number":39,"box":{"x":88,"y":645,"width":875,"height":12}},{"id":"d376ce9a-8d62-4a23-a69e-4785db00fe3b","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging can","page_number":39,"box":{"x":88,"y":660,"width":867,"height":12}},{"id":"3d96a501-673a-4a0d-bdb0-1022b4efd4eb","block_type":"box","text":"reduce or eliminate losses, it can also reduce or eliminate gains, and in some cases, hedging can cause losses that are not","page_number":39,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"dd68bde8-5fcb-4e0f-b23d-0d6d3660a236","block_type":"box","text":"offset by gains, and a Fund will recognize losses on both the investment and the hedge. Hedges are sometimes subject to","page_number":39,"box":{"x":89,"y":690,"width":848,"height":13}},{"id":"486b80b5-2fb9-469a-a140-851a7fc28831","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that a Fund’s hedging","page_number":39,"box":{"x":89,"y":705,"width":875,"height":13}},{"id":"0aee634a-13ad-407b-b459-fb20a9743816","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":39,"box":{"x":88,"y":720,"width":497,"height":12}},{"id":"815cd58b-b1cc-476a-9a00-d70c7f9a0310","block_type":"box","text":"Risk of Equity Securities.","page_number":39,"box":{"x":89,"y":747,"width":176,"height":12}},{"id":"1b3e4bb1-ea93-498b-9e91-8b70cbbb7004","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":39,"box":{"x":274,"y":747,"width":633,"height":12}},{"id":"77fff707-3947-46d3-9058-c05d92246383","block_type":"box","text":"investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the","page_number":39,"box":{"x":89,"y":762,"width":843,"height":12}},{"id":"4c935968-1a21-4795-976c-6af40b0dc99a","block_type":"box","text":"general condition of stock markets may deteriorate (either of which may cause a decrease in the value of the portfolio","page_number":39,"box":{"x":89,"y":777,"width":825,"height":12}},{"id":"0cc30d13-e4a2-4455-95ff-dc707a5fd945","block_type":"box","text":"securities and thus in the value of shares of the Fund). Common stocks are susceptible to general stock market fluctuations","page_number":39,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"dc3043b3-d9ad-4c15-8e60-1145c050c308","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":39,"box":{"x":89,"y":807,"width":822,"height":13}},{"id":"e340f4d8-0ca3-496a-85e0-efb420836d49","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":39,"box":{"x":89,"y":822,"width":823,"height":13}},{"id":"f0bdfa61-d4af-4b6d-9390-e87005c48160","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":39,"box":{"x":89,"y":838,"width":866,"height":12}},{"id":"0f134c7f-8304-4842-adcf-cd0c7ae5df8b","block_type":"box","text":"13","page_number":39,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"7823a650-d075-4c60-bbae-f9251dc1e0cc","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":40,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"d7f2cbb4-d98a-4ef7-b60a-b8ae153fd6bc","block_type":"box","text":"investors or groups of investors (for example, retail investors influenced by social media activity or other media coverage or","page_number":40,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"9dff4fa6-94e8-4904-9a4e-f19dd3e31407","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":40,"box":{"x":89,"y":74,"width":422,"height":12}},{"id":"729e3ab7-68a0-485e-9199-23503783aa3e","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":40,"box":{"x":89,"y":101,"width":812,"height":12}},{"id":"ccff42f9-66a1-4c07-a3b1-026e260228fb","block_type":"box","text":"stockholders generally have rights to receive payments from stock issuers that are inferior to the rights of creditors, or","page_number":40,"box":{"x":89,"y":116,"width":825,"height":12}},{"id":"82d3819d-d11a-4a06-b9e9-a3380e5ad33d","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":40,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"22a3b1ca-24c7-488c-a535-f3a57826ff83","block_type":"box","text":"payable at maturity (the value of which, however, is subject to market fluctuations prior to maturity), or preferred stocks,","page_number":40,"box":{"x":89,"y":146,"width":843,"height":12}},{"id":"557fb3a6-1fe9-4e2a-b95d-9e0290d744a9","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":40,"box":{"x":88,"y":161,"width":834,"height":12}},{"id":"6e0798fc-e2de-4deb-9611-0fe4d7947a49","block_type":"box","text":"common stocks have neither a fixed principal amount nor a maturity date. In addition, issuers may, in times of distress or at","page_number":40,"box":{"x":89,"y":176,"width":865,"height":13}},{"id":"237a8f42-a53a-47fe-9322-c5c786716647","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":40,"box":{"x":88,"y":191,"width":779,"height":13}},{"id":"35fe6795-bb2d-4c46-a096-97abb15181c0","block_type":"box","text":"Although most of the securities in each Underlying Index are listed on a securities exchange, the principal trading market for","page_number":40,"box":{"x":88,"y":218,"width":871,"height":12}},{"id":"b99449d9-656a-45a6-acb9-4c4ebb2261fa","block_type":"box","text":"some of the securities may be in the OTC market. The existence of a liquid trading market for certain securities may depend","page_number":40,"box":{"x":89,"y":233,"width":864,"height":12}},{"id":"73212ab6-aae0-49b9-81c5-b048ad7cbc8c","block_type":"box","text":"on whether dealers will make a market in such securities. There can be no assurance that a market will be made or","page_number":40,"box":{"x":89,"y":248,"width":803,"height":10}},{"id":"ba2f85d2-81e2-4516-ab7b-95c0a42837bc","block_type":"box","text":"maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of a","page_number":40,"box":{"x":89,"y":263,"width":840,"height":12}},{"id":"8bee6e5a-0afb-4537-b162-8e88f07e819c","block_type":"box","text":"Fund’s shares will be adversely affected if trading markets for the Fund’s portfolio securities are limited or absent, or if","page_number":40,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"c98ab1b9-e9b7-4414-a0a2-ab080b46607e","block_type":"box","text":"bid/ask spreads are wide.","page_number":40,"box":{"x":89,"y":293,"width":178,"height":13}},{"id":"3518d1ab-fd59-422f-b769-c14b20813758","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":40,"box":{"x":89,"y":320,"width":381,"height":12}},{"id":"feec7565-589e-4e54-afa5-de435b72c2ef","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":40,"box":{"x":479,"y":320,"width":434,"height":12}},{"id":"2b64eee1-2b6a-45cc-a482-9c6ff8b6bbb3","block_type":"box","text":"contracts and options on futures contracts. A position in futures contracts and options on futures contracts may be closed","page_number":40,"box":{"x":89,"y":335,"width":858,"height":12}},{"id":"bd4a4890-bbf7-4dda-87ae-fcd4318886cf","block_type":"box","text":"only on the exchange on which the contract was made (or a linked exchange). While each Fund plans to utilize futures","page_number":40,"box":{"x":89,"y":350,"width":829,"height":12}},{"id":"efb7dac7-ce04-4a18-ab1b-d162db0d440b","block_type":"box","text":"contracts only if an active market exists for such contracts, there is no guarantee that a liquid market will exist for the","page_number":40,"box":{"x":89,"y":365,"width":820,"height":12}},{"id":"a9a8c9d5-d0bb-445e-aa54-098816dfb03c","block_type":"box","text":"contract at a specified time. Futures contracts, by definition, project price levels in the future and not current levels of","page_number":40,"box":{"x":89,"y":380,"width":820,"height":13}},{"id":"fb664010-4c0b-4ca7-9ebc-fed572b3987f","block_type":"box","text":"valuation; therefore, market circumstances may result in a discrepancy between the price of the future and the movement in","page_number":40,"box":{"x":88,"y":395,"width":870,"height":13}},{"id":"f7226ee7-0d45-4bb4-9429-ab87bd7490de","block_type":"box","text":"a Fund’s Underlying Index. In the event of adverse price movements, a Fund would continue to be required to make daily","page_number":40,"box":{"x":89,"y":410,"width":845,"height":13}},{"id":"5097dfc2-6c1a-482f-83c8-618e940012b2","block_type":"box","text":"cash payments to maintain its required margin. In such situations, if a Fund has insufficient cash, it may have to sell portfolio","page_number":40,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"4f3c081a-c3e0-4bc7-b53c-a50715990ef5","block_type":"box","text":"securities to meet daily margin requirements at a time when it may be disadvantageous to do so. In addition, a Fund may be","page_number":40,"box":{"x":89,"y":441,"width":868,"height":12}},{"id":"ab37ec55-a9e5-4589-b37b-fc4fe73469c9","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":40,"box":{"x":89,"y":456,"width":550,"height":12}},{"id":"70518902-b949-4a6f-98c8-8b274c5240e9","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":40,"box":{"x":88,"y":482,"width":623,"height":13}},{"id":"6bfc2d30-17e3-48f4-9039-f05adcee950c","block_type":"box","text":"e.g.","page_number":40,"box":{"x":713,"y":485,"width":22,"height":10}},{"id":"a289c952-c569-4710-8d0a-f39a6abb6151","block_type":"box","text":", selling uncovered stock index","page_number":40,"box":{"x":738,"y":482,"width":214,"height":13}},{"id":"ff83f159-b60c-442b-9eb4-347b9caeaa82","block_type":"box","text":"futures contracts) is potentially unlimited. The Funds do not plan to use futures and options contracts in this way. The risk of","page_number":40,"box":{"x":88,"y":497,"width":876,"height":13}},{"id":"9bca1786-c43d-46f8-bd63-99a4a64fb8d6","block_type":"box","text":"a futures position may still be large as traditionally measured due to the low margin deposits required. In many cases, a","page_number":40,"box":{"x":89,"y":513,"width":832,"height":12}},{"id":"217769e3-760f-4613-a30e-c486f9fca08d","block_type":"box","text":"relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor","page_number":40,"box":{"x":89,"y":528,"width":842,"height":12}},{"id":"a177bfd7-b43e-4ad1-8014-35bcaa5b4746","block_type":"box","text":"relative to the size of a required margin deposit. The Funds, however, intend to utilize futures and options contracts in a","page_number":40,"box":{"x":89,"y":543,"width":832,"height":12}},{"id":"ef93fc8f-88af-49c4-88f2-61da01324d55","block_type":"box","text":"manner designed to limit their risk exposure to levels comparable to a direct investment in the types of stocks in which they","page_number":40,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"598775ee-c4b4-4bab-a8ba-bc5fc76ebf1c","block_type":"box","text":"invest.","page_number":40,"box":{"x":89,"y":574,"width":43,"height":9}},{"id":"b8ba6da1-5577-4026-884e-87cdcc82a066","block_type":"box","text":"Utilization of futures and options on futures by a Fund involves the risk of imperfect or even negative correlation to its","page_number":40,"box":{"x":89,"y":599,"width":821,"height":13}},{"id":"7af708d4-96c9-482a-ab40-51a1b0afac25","block_type":"box","text":"Underlying Index if the index underlying the futures contract differs from the Underlying Index. There is also the risk of loss of","page_number":40,"box":{"x":89,"y":615,"width":879,"height":12}},{"id":"878d9285-4d3d-4cc5-aee4-d603aa6205ef","block_type":"box","text":"margin deposits in the event of bankruptcy of a broker with whom a Fund has an open position in the futures contract or","page_number":40,"box":{"x":89,"y":630,"width":848,"height":12}},{"id":"85293f55-df1d-4cc0-9b4e-1e23e795f66a","block_type":"box","text":"option. The purchase of put or call options will be based upon predictions by BFA as to anticipated trends, which predictions","page_number":40,"box":{"x":89,"y":645,"width":869,"height":12}},{"id":"58a52866-e218-4f8b-8ebf-4ad375030c88","block_type":"box","text":"could prove to be incorrect.","page_number":40,"box":{"x":89,"y":660,"width":191,"height":12}},{"id":"f99d8e8d-08de-40f5-9a5b-799d9813ee70","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":40,"box":{"x":89,"y":686,"width":809,"height":13}},{"id":"a1e8959a-352d-4591-ba91-c44f5b138f25","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":40,"box":{"x":89,"y":702,"width":845,"height":12}},{"id":"026b4a77-a02b-4136-86c8-79482412dfd2","block_type":"box","text":"futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily","page_number":40,"box":{"x":88,"y":717,"width":864,"height":12}},{"id":"b1d024e5-208b-415f-91c5-4e4f36a54c75","block_type":"box","text":"limit establishes the maximum amount by which the price of a futures contract may vary either up or down from the","page_number":40,"box":{"x":89,"y":732,"width":816,"height":12}},{"id":"a859f942-3b99-4559-b886-73845decbf8f","block_type":"box","text":"previous day’s settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of","page_number":40,"box":{"x":89,"y":747,"width":859,"height":12}},{"id":"b54a6315-8f3b-49bc-8cc4-ee3eee400d16","block_type":"box","text":"contract, no trades may be made on that day at a price beyond that limit. It is possible that futures contract prices could","page_number":40,"box":{"x":89,"y":762,"width":839,"height":12}},{"id":"7cb2438a-641e-4a9d-a096-ba144664fb3a","block_type":"box","text":"move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of","page_number":40,"box":{"x":89,"y":777,"width":869,"height":12}},{"id":"cab53dd6-8b7f-48cc-93bb-16dbfee4f08f","block_type":"box","text":"futures positions and subjecting each Fund to substantial losses. In the event of adverse price movements, each Fund would","page_number":40,"box":{"x":88,"y":792,"width":871,"height":13}},{"id":"0e381890-9ba8-45f9-9d7f-8ab43c23eb26","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":40,"box":{"x":89,"y":807,"width":427,"height":13}},{"id":"f691ffc2-9109-491f-839e-52ef26d46cc0","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":40,"box":{"x":89,"y":834,"width":332,"height":12}},{"id":"f05ba97d-fe68-4c4a-a508-288c0a8e8a14","block_type":"box","text":"An investment in any of the Funds that invest, directly or indirectly, in non","page_number":40,"box":{"x":430,"y":834,"width":520,"height":12}},{"id":"8347e097-7103-46b9-bf17-52343999cade","block_type":"box","text":"U.S. equity securities involves risks similar to those of investing in portfolios of equity securities traded on non-U.S.","page_number":40,"box":{"x":89,"y":849,"width":799,"height":12}},{"id":"1b0d56d3-0d01-488c-af96-0718fb9b8387","block_type":"box","text":"exchanges. These risks include market fluctuations caused by such factors as economic and political developments in those","page_number":40,"box":{"x":89,"y":864,"width":868,"height":12}},{"id":"2aff186a-03bb-40d0-8c1f-ff92d4dcc286","block_type":"box","text":"14","page_number":40,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"b05023a3-bbb8-494c-a288-5dc5ba6e6835","block_type":"box","text":"foreign countries, changes in interest rates and perceived trends in stock prices. Investing in securities issued by issuers","page_number":41,"box":{"x":88,"y":44,"width":835,"height":12}},{"id":"4bdf93a2-60f5-4840-a983-94da4a665667","block_type":"box","text":"domiciled in countries other than the domicile of the investor and denominated in currencies other than an investor’s local","page_number":41,"box":{"x":89,"y":59,"width":857,"height":10}},{"id":"a9383d80-08c2-4359-bf42-96275664f22c","block_type":"box","text":"currency entails certain considerations and risks not typically encountered by the investor in making investments in its home","page_number":41,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"71a5f3a7-68a1-4ca3-beb3-2db1cb318c61","block_type":"box","text":"country and in that country’s currency. These considerations include favorable or unfavorable changes in interest rates,","page_number":41,"box":{"x":89,"y":89,"width":833,"height":13}},{"id":"54e6c3fd-0bb5-4012-8be5-a1d2d65befd5","block_type":"box","text":"currency exchange rates, exchange control regulations and the costs that may be incurred in connection with conversions","page_number":41,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"9532e2b1-b651-4220-bb67-2335e644d75e","block_type":"box","text":"between various currencies. Investing in any of the Funds also involves certain risks and considerations not typically","page_number":41,"box":{"x":89,"y":119,"width":810,"height":13}},{"id":"b867575d-7ac4-43f8-8d73-b9f763efca69","block_type":"box","text":"associated with investing in a fund whose portfolio contains exclusively securities of U.S. issuers. These risks include","page_number":41,"box":{"x":89,"y":135,"width":813,"height":12}},{"id":"d38a305f-e088-4113-83e3-ed80de19430a","block_type":"box","text":"generally less liquid and less efficient securities markets; generally greater price volatility; less publicly available information","page_number":41,"box":{"x":89,"y":150,"width":859,"height":12}},{"id":"069cd0d7-f2bb-4666-b13a-c12d824b87da","block_type":"box","text":"about issuers; the imposition of withholding or other taxes; the imposition of restrictions on the expatriation of funds or","page_number":41,"box":{"x":89,"y":165,"width":839,"height":12}},{"id":"5e980d54-e459-4439-af62-65e3c676013f","block_type":"box","text":"other assets of the Funds; higher transaction and custody costs; delays and risks attendant in settlement procedures;","page_number":41,"box":{"x":89,"y":180,"width":819,"height":12}},{"id":"68feaaa6-99d5-4314-ba14-536641d85ea4","block_type":"box","text":"difficulties in enforcing contractual obligations; lower liquidity and significantly smaller market capitalization; different","page_number":41,"box":{"x":89,"y":195,"width":823,"height":12}},{"id":"f054460c-30b0-4f26-8b53-7106d0988c8f","block_type":"box","text":"accounting and disclosure standards; lower levels of regulation of the securities markets; more substantial government","page_number":41,"box":{"x":89,"y":210,"width":832,"height":13}},{"id":"d4c91efa-e83d-4f0d-a29f-00f14e404c5d","block_type":"box","text":"interference with the economy and businesses; higher rates of inflation; greater social, economic, and political uncertainty;","page_number":41,"box":{"x":89,"y":225,"width":858,"height":13}},{"id":"06019016-677d-46fd-8cec-553b8eb172de","block_type":"box","text":"the risk of nationalization or expropriation of assets; and the risk of war.","page_number":41,"box":{"x":88,"y":240,"width":501,"height":13}},{"id":"3b7c433c-f8f1-4577-87bb-0b22fab5b53b","block_type":"box","text":"Risk of Swap Agreements.","page_number":41,"box":{"x":89,"y":267,"width":187,"height":12}},{"id":"6ed6b78a-1ee8-4e39-a8e1-6e1c6e4c719c","block_type":"box","text":"The risk of loss with respect to swaps is generally limited to the net amount of payments that a","page_number":41,"box":{"x":284,"y":267,"width":666,"height":12}},{"id":"9b3c5347-14c1-404f-9724-6f1564afc123","block_type":"box","text":"Fund is contractually obligated to make. Swap agreements are subject to the risk that the swap counterparty will default on","page_number":41,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"ffe1b322-7388-481b-98d6-7df71f85d35a","block_type":"box","text":"its obligations to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the other party to the","page_number":41,"box":{"x":89,"y":297,"width":840,"height":12}},{"id":"c57f4302-30d8-4ab5-ac4d-01d93be16cb1","block_type":"box","text":"agreement. If such a default occurs, the parties will have contractual remedies pursuant to the agreements related to the","page_number":41,"box":{"x":89,"y":312,"width":844,"height":13}},{"id":"bb7834f9-e7d3-4f51-8f19-9302bf78b2ad","block_type":"box","text":"transaction. However, such remedies may be subject to bankruptcy and insolvency laws, which could affect such Fund’s","page_number":41,"box":{"x":88,"y":327,"width":840,"height":13}},{"id":"638d44c4-cb2d-4e90-802e-d3b5cdb94fba","block_type":"box","text":"rights as a creditor (","page_number":41,"box":{"x":89,"y":342,"width":139,"height":13}},{"id":"f7565b4b-e67d-4af5-9909-1b0a2e0d3a7d","block_type":"box","text":"e.g.","page_number":41,"box":{"x":229,"y":346,"width":23,"height":9}},{"id":"8e1681f8-efae-4351-81fa-86a19eff627f","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive). Swap","page_number":41,"box":{"x":254,"y":342,"width":712,"height":13}},{"id":"6c4af49f-c4be-4415-b8b6-d3acbca2fc31","block_type":"box","text":"agreements may also involve the risk that there is an imperfect correlation between the return on a Fund’s obligation to its","page_number":41,"box":{"x":89,"y":358,"width":855,"height":12}},{"id":"8abeb4d1-1261-43cf-a61e-a0d52d3a6191","block_type":"box","text":"counterparty and the return on the referenced asset. In addition, swap agreements are subject to market and liquidity risk,","page_number":41,"box":{"x":89,"y":373,"width":854,"height":12}},{"id":"e2d21edf-09d9-400c-bf29-b1f7ede93927","block_type":"box","text":"leverage risk and hedging risk.","page_number":41,"box":{"x":89,"y":388,"width":211,"height":12}},{"id":"4a316e66-17fa-4b5e-a424-682c9cd2691d","block_type":"box","text":"A Fund is required to post and collect variation margin and initial margin (comprised of specified liquid securities subject to","page_number":41,"box":{"x":88,"y":414,"width":864,"height":13}},{"id":"af77cbef-9bfa-4b76-a54f-a8c24c9cb040","block_type":"box","text":"haircuts) in connection with trading of OTC swaps. These requirements may raise the costs for a Fund’s investment in swaps.","page_number":41,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"04c253e8-ef3e-4e47-8fea-db14fc7f7f80","block_type":"box","text":"Tracking Error Risk.","page_number":41,"box":{"x":88,"y":456,"width":141,"height":12}},{"id":"e0e6e2b8-d287-41b9-883d-c526b3947cea","block_type":"box","text":"A Fund may be subject to tracking error, which is the divergence of a Fund’s performance from that of","page_number":41,"box":{"x":238,"y":456,"width":716,"height":12}},{"id":"fedb5107-73c1-4a99-9786-d2863009da1e","block_type":"box","text":"the applicable underlying index. Tracking error may occur because of differences between the securities and other","page_number":41,"box":{"x":88,"y":471,"width":800,"height":12}},{"id":"07c35a37-0ab5-4925-84ec-36870825ee22","block_type":"box","text":"instruments held in a Fund’s portfolio and those included in its applicable underlying index, pricing differences, transaction","page_number":41,"box":{"x":89,"y":486,"width":858,"height":12}},{"id":"e00da675-3e80-4d49-8faf-4ca69a2efdd7","block_type":"box","text":"costs incurred by a Fund, a Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of","page_number":41,"box":{"x":89,"y":501,"width":834,"height":13}},{"id":"17d5f5c2-e267-4f1a-a848-bcde3a43d708","block_type":"box","text":"dividends or interest received by a Fund or distributions paid to a Fund’s shareholders, the requirements to maintain pass","page_number":41,"box":{"x":89,"y":516,"width":853,"height":13}},{"id":"152fe927-c6a9-4b82-bd33-c9002b9d887d","block_type":"box","text":"through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders,","page_number":41,"box":{"x":88,"y":531,"width":820,"height":13}},{"id":"a325614b-6bef-4105-9a83-a5a4b774b325","block_type":"box","text":"acceptance of custom baskets, changes to the applicable underlying index or the costs to a Fund of complying with various","page_number":41,"box":{"x":89,"y":547,"width":865,"height":12}},{"id":"e44a08c9-cd39-492b-8bec-bb25560fc8f3","block_type":"box","text":"new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other","page_number":41,"box":{"x":89,"y":562,"width":845,"height":12}},{"id":"b447da30-2e6f-4022-b61e-f05395a752d0","block_type":"box","text":"unusual market conditions. Tracking error also may result because a Fund incurs fees and expenses, while its applicable","page_number":41,"box":{"x":89,"y":577,"width":838,"height":12}},{"id":"91e522fd-5546-4455-8264-f6910dcbf550","block_type":"box","text":"underlying index does not. Tracking error may occur due to differences between the methodologies used in calculating the","page_number":41,"box":{"x":89,"y":592,"width":859,"height":12}},{"id":"7057d0ea-89ec-457f-b6ec-a5da74355618","block_type":"box","text":"value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":41,"box":{"x":88,"y":607,"width":501,"height":12}},{"id":"ce43b3da-be4c-4b26-92bb-11862e568d3d","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, BFA may conduct an analysis on such","page_number":41,"box":{"x":88,"y":633,"width":846,"height":13}},{"id":"2c3a7aee-e860-4a32-8886-ab316f7d8b70","block_type":"box","text":"issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual price growth that does not","page_number":41,"box":{"x":89,"y":649,"width":853,"height":12}},{"id":"6b8c1fff-fd41-48c0-b55b-cae7a28549fd","block_type":"box","text":"appear to be supported by publicly available information on the business and assets of the issuer, unusual or significant short","page_number":41,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"5664880f-25aa-4cb8-a465-6c085f24a24c","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":41,"box":{"x":89,"y":679,"width":818,"height":12}},{"id":"c04c19eb-74cc-439f-88fb-02e39a50a692","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":41,"box":{"x":89,"y":694,"width":867,"height":12}},{"id":"7e7408a9-988d-4d0e-aa78-c5ab99d70d29","block_type":"box","text":"alert the index provider as to the alleged issue. The index provider has sole discretion for the determination as to whether to","page_number":41,"box":{"x":89,"y":709,"width":867,"height":12}},{"id":"56c61b9b-44ae-4774-8e61-26c8907907f1","block_type":"box","text":"continue to include the issuer’s securities in the rebalancing of its index. If the securities continue to be included in the index,","page_number":41,"box":{"x":89,"y":724,"width":873,"height":13}},{"id":"ee88430b-9b9b-4a7e-b8ec-1868e2f5c0a9","block_type":"box","text":"BFA may underweight or exclude such securities from a Fund’s portfolio and, if it does so, such a fund will be subject to","page_number":41,"box":{"x":89,"y":739,"width":835,"height":13}},{"id":"4e3acda3-98a4-4c95-b471-fa958128a1f8","block_type":"box","text":"increased tracking error due to the divergence in the securities included in its portfolio from its underlying index. The","page_number":41,"box":{"x":89,"y":754,"width":817,"height":13}},{"id":"1ed9b85f-d56d-4ccb-a4cc-c625e15c50e5","block_type":"box","text":"application of the abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of BFA","page_number":41,"box":{"x":89,"y":770,"width":866,"height":12}},{"id":"9cb3a2fb-4c68-4867-a3fb-a410dab3a9a2","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities from an","page_number":41,"box":{"x":89,"y":785,"width":869,"height":12}},{"id":"43ed7c3f-205b-4533-954f-4dfb149efabb","block_type":"box","text":"Underlying Index or a Fund’s portfolio, and the inclusion of such securities will result in an adverse impact to a Fund’s net","page_number":41,"box":{"x":89,"y":800,"width":848,"height":12}},{"id":"efeae938-70bb-4626-8e48-d7b549924b55","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":41,"box":{"x":89,"y":815,"width":410,"height":10}},{"id":"a8f6e71a-b012-464b-a331-680d3e9ae17d","block_type":"box","text":"15","page_number":41,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"9613cfc1-fa76-4ebe-b49e-0fcd5bfd1e43","block_type":"box","text":"Volatility Risk.","page_number":42,"box":{"x":88,"y":44,"width":101,"height":12}},{"id":"eb129d9c-b8d3-46b6-919b-81afb5b45246","block_type":"box","text":"The value of a security may fluctuate due to factors affecting markets generally or particular industries. This","page_number":42,"box":{"x":198,"y":44,"width":754,"height":12}},{"id":"e3cc6391-9bb0-4729-bbd9-a1505678b0b9","block_type":"box","text":"volatility may affect a Fund’s NAV. Although certain of the Underlying Indexes were created to seek lower absolute volatility,","page_number":42,"box":{"x":88,"y":59,"width":863,"height":12}},{"id":"26c74aa3-9d50-4b1c-a859-284119866da5","block_type":"box","text":"there is no guarantee that these strategies will be successful. An underlying index’s index provider may be unsuccessful in","page_number":42,"box":{"x":88,"y":74,"width":854,"height":12}},{"id":"4c95bbbc-2063-4cd8-9d40-0411d07168bb","block_type":"box","text":"creating an index that minimizes volatility, and there is a risk that each Fund may experience more than minimum volatility.","page_number":42,"box":{"x":89,"y":89,"width":859,"height":13}},{"id":"e27602c2-7847-4cd8-bfb2-3834e1e68da6","block_type":"box","text":"Securities in the Funds’ portfolios may be subject to price volatility and their prices may not be any less volatile than the","page_number":42,"box":{"x":88,"y":104,"width":836,"height":13}},{"id":"9917e6f2-2c18-43c0-b142-66a19e665763","block_type":"box","text":"market as a whole and could be more volatile. Events or financial circumstances affecting individual securities or sectors may","page_number":42,"box":{"x":89,"y":119,"width":875,"height":13}},{"id":"a942851e-90a6-440f-a2e6-7ab4e70e73bd","block_type":"box","text":"increase the volatility of the Funds.","page_number":42,"box":{"x":89,"y":135,"width":242,"height":12}},{"id":"7b6ab8f5-184e-4dde-b903-440cead05112","block_type":"box","text":"Risk of Investing in Asia.","page_number":42,"box":{"x":89,"y":161,"width":175,"height":12}},{"id":"a57072c9-c6ae-48f3-9cf5-ecb6cd56381c","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":42,"box":{"x":278,"y":161,"width":682,"height":12}},{"id":"d28f880a-ce0b-41f3-88cc-ec42442b5b97","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":42,"box":{"x":88,"y":176,"width":874,"height":13}},{"id":"6a370c54-9a98-4d03-9cb5-9858c109362e","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":42,"box":{"x":89,"y":191,"width":873,"height":13}},{"id":"555670b7-a00c-407c-834d-a11d1be82db6","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":42,"box":{"x":89,"y":206,"width":870,"height":13}},{"id":"0d415fba-5fae-40cd-8d9a-acad7c71106e","block_type":"box","text":"making, armed conflict and social instability as a result of religious, ethnic and/or socio-economic unrest. Certain Asian","page_number":42,"box":{"x":89,"y":222,"width":837,"height":12}},{"id":"0232070a-9f2c-4fde-b5d3-0c601292e074","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":42,"box":{"x":89,"y":237,"width":867,"height":12}},{"id":"834e77f5-790d-4eaa-93f5-37f99b636118","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":42,"box":{"x":88,"y":252,"width":538,"height":12}},{"id":"50d869de-3839-4716-a01e-ca595e8bd351","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":42,"box":{"x":89,"y":278,"width":852,"height":13}},{"id":"281712c0-2e57-421c-8ca1-1bd8db3ed38d","block_type":"box","text":"These countries have faced political and military unrest, and further unrest could present a risk to their local economies and","page_number":42,"box":{"x":88,"y":293,"width":867,"height":13}},{"id":"173cad56-104c-4d55-b83f-cea15ff64eeb","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":42,"box":{"x":89,"y":308,"width":821,"height":13}},{"id":"58a5d0e0-2794-4500-b1ee-f3a70a62bd91","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":42,"box":{"x":89,"y":324,"width":855,"height":12}},{"id":"6bd4c556-1584-4263-8477-8c78c6eba403","block_type":"box","text":"between the two countries present the risk of war. Escalated tensions involving the two countries and any outbreak of","page_number":42,"box":{"x":89,"y":339,"width":825,"height":12}},{"id":"3373b936-1468-4e09-8413-eb91cd0dbc95","block_type":"box","text":"hostilities between the two countries, or even the threat of an outbreak of hostilities, could have a severe adverse effect on","page_number":42,"box":{"x":89,"y":354,"width":854,"height":11}},{"id":"784d909d-d34a-4812-b362-dc3f7f7505a5","block_type":"box","text":"the entire Asian region. Certain Asian countries have also developed increasingly strained relationships with the U.S., and if","page_number":42,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"1792c7d1-a0d2-401f-b54a-4f0c8363b742","block_type":"box","text":"these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. for trade. Political, religious, and","page_number":42,"box":{"x":88,"y":384,"width":875,"height":12}},{"id":"9ef8ef9c-2e7d-41d7-9f37-64ab529a0c8a","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":42,"box":{"x":89,"y":399,"width":847,"height":13}},{"id":"b50d4997-b6d4-4e22-b4a5-20274977f649","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":42,"box":{"x":88,"y":414,"width":880,"height":13}},{"id":"64a15bd1-ffd0-40c0-aff3-f036a5877aa7","block_type":"box","text":"the performance of investments in this region.","page_number":42,"box":{"x":88,"y":429,"width":323,"height":13}},{"id":"51539334-3ce4-443e-a2f5-d6b728149bf2","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":42,"box":{"x":89,"y":456,"width":822,"height":12}},{"id":"eb15b736-2ea3-4f27-9128-cbb74d3dd446","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":42,"box":{"x":89,"y":471,"width":873,"height":12}},{"id":"3b4f7a2a-03b4-4831-bc70-5464d4442cdc","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":42,"box":{"x":89,"y":486,"width":868,"height":12}},{"id":"d1f1d7a7-3e76-4c34-93f6-9155667bc945","block_type":"box","text":"the economic conditions in this region, which in turn could have a negative impact on private sector companies. There is also","page_number":42,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"db8c78aa-ee31-4945-9350-df3b0671ba18","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":42,"box":{"x":88,"y":516,"width":617,"height":13}},{"id":"7a33c6e0-9065-4c72-9c09-930b7c4514be","block_type":"box","text":"Corruption and the perceived lack of a rule of law in dealings with international companies in certain Asian countries may","page_number":42,"box":{"x":89,"y":543,"width":851,"height":12}},{"id":"3b4b9181-e250-4bd3-9c76-0d2cc8970525","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":42,"box":{"x":89,"y":558,"width":838,"height":12}},{"id":"b1add351-ec02-461a-b3ef-b1b03d2232d8","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":42,"box":{"x":89,"y":573,"width":830,"height":12}},{"id":"e6231d0f-00ff-4166-ac2f-2236d1ba1d02","block_type":"box","text":"sectors.","page_number":42,"box":{"x":89,"y":589,"width":53,"height":9}},{"id":"4786fe73-161a-477c-881d-4e0453a8eb69","block_type":"box","text":"Some economies in this region are dependent on a range of commodities, including oil, natural gas and coal. Accordingly,","page_number":42,"box":{"x":88,"y":615,"width":852,"height":12}},{"id":"78c31376-bf89-4713-b9b6-f6e363e57111","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":42,"box":{"x":88,"y":630,"width":867,"height":12}},{"id":"3573c68c-a45a-42a6-aec5-20df3d11fbcd","block_type":"box","text":"for these products. The market for securities in this region may also be directly influenced by the flow of international capital,","page_number":42,"box":{"x":88,"y":645,"width":875,"height":12}},{"id":"47354d50-615a-4b0e-a886-3058a1ad08c1","block_type":"box","text":"and by the economic and market conditions of neighboring countries. China is a key trading partner of many Asian countries","page_number":42,"box":{"x":89,"y":660,"width":874,"height":12}},{"id":"1942c485-cafc-4a54-9cde-7518af5f6629","block_type":"box","text":"and any changes in trading relationships between China and other Asian countries may affect the region as a whole. Adverse","page_number":42,"box":{"x":89,"y":675,"width":874,"height":12}},{"id":"2f6a00d4-7863-418d-96b5-6826be61b55d","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":42,"box":{"x":89,"y":690,"width":867,"height":13}},{"id":"c09cc485-9d98-4364-a008-7a9b0e1e0e1f","block_type":"box","text":"the region as a whole, which may adversely impact the market value of the securities issued by companies in the region.","page_number":42,"box":{"x":88,"y":705,"width":840,"height":13}},{"id":"4cdea0f0-7f58-47a7-9f1a-e28d0c49c709","block_type":"box","text":"Risk of Investing in Australasia.","page_number":42,"box":{"x":89,"y":732,"width":224,"height":12}},{"id":"56306768-be94-4671-b785-588913948c82","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":42,"box":{"x":322,"y":732,"width":637,"height":12}},{"id":"3278ec26-59b9-4200-9602-005d55b0c8f2","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":42,"box":{"x":89,"y":747,"width":832,"height":12}},{"id":"61afcb1d-a46a-4d9b-930b-e2e8494764db","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":42,"box":{"x":89,"y":762,"width":805,"height":12}},{"id":"37d28d45-d943-4dd3-9955-9160939a60ad","block_type":"box","text":"industries. Australia and New Zealand are located in a part of the world that has historically been prone to natural disasters,","page_number":42,"box":{"x":89,"y":777,"width":863,"height":12}},{"id":"9b33bfa9-be38-4fa6-a2fc-33cc4f9a9d0d","block_type":"box","text":"such as drought and flooding. Any such event in the future could have a significant adverse impact on the economies of","page_number":42,"box":{"x":89,"y":792,"width":841,"height":13}},{"id":"f1d9b753-9403-4ce5-a932-01069acb92ee","block_type":"box","text":"Australia and New Zealand and affect the value of securities held by a relevant Fund. The economies of Australia and New","page_number":42,"box":{"x":88,"y":807,"width":853,"height":13}},{"id":"5df4d53b-1cfe-4a37-aeac-96267eca11a7","block_type":"box","text":"Zealand are dependent on trading with certain key trading partners, including Asia and the U.S. Economic events in the U.S.,","page_number":42,"box":{"x":89,"y":822,"width":867,"height":13}},{"id":"ae5e2956-b35d-49f4-9e6a-486e86da64a2","block_type":"box","text":"Asia, or in other key trading countries can have a significant economic effect on the Australasian economies. The economies","page_number":42,"box":{"x":88,"y":838,"width":872,"height":12}},{"id":"1498d533-3eab-4b8b-9473-9e9f8172f2df","block_type":"box","text":"16","page_number":42,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"0a123eb1-0bc8-473e-9f86-4369b1ee4b00","block_type":"box","text":"of Australia and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign","page_number":43,"box":{"x":89,"y":44,"width":823,"height":12}},{"id":"5fbe6240-9671-43c9-8c53-0ccb01c737e4","block_type":"box","text":"ownership of companies in the mining sector or imposition of new taxes on profits of mining companies may dissuade","page_number":43,"box":{"x":89,"y":59,"width":832,"height":12}},{"id":"f8dcfadc-b361-427d-b1dc-3bb27b660121","block_type":"box","text":"foreign investment, and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":43,"box":{"x":88,"y":74,"width":731,"height":12}},{"id":"0fcf70d4-2e8c-494a-8d20-6671f88613db","block_type":"box","text":"Risk of Investing in China.","page_number":43,"box":{"x":89,"y":101,"width":185,"height":12}},{"id":"1e4c7ba1-fed1-4857-81ab-acbd70208854","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":43,"box":{"x":284,"y":101,"width":636,"height":12}},{"id":"70d57187-fca2-465a-89e0-7387b53973cb","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":43,"box":{"x":89,"y":116,"width":852,"height":12}},{"id":"5e073e90-f509-4f51-9030-18d297424782","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":43,"box":{"x":89,"y":131,"width":863,"height":12}},{"id":"2be18745-a5c0-4bfc-b363-5c399ba1bece","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":43,"box":{"x":89,"y":146,"width":750,"height":12}},{"id":"5d35dfb3-4f3b-421b-b6ba-d5e36d9b0d9f","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":43,"box":{"x":89,"y":172,"width":820,"height":13}},{"id":"5d20078b-6f08-4572-9d55-c1f1cf4bdde9","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":43,"box":{"x":89,"y":188,"width":862,"height":12}},{"id":"fad08959-f44f-42c3-bb49-1a3126cb917d","block_type":"box","text":"with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese government and many people","page_number":43,"box":{"x":88,"y":203,"width":870,"height":12}},{"id":"6206d851-6a05-4603-a31e-fa9139a12f4f","block_type":"box","text":"in Hong Kong who perceive China as tightening control over Hong Kong’s semi-autonomous liberal political, economic, legal,","page_number":43,"box":{"x":89,"y":218,"width":875,"height":12}},{"id":"f59bd63a-ba99-43b8-b13d-907f32f31256","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":43,"box":{"x":89,"y":233,"width":842,"height":10}},{"id":"1ce0e084-f0b2-4406-a512-32cbe468f1dc","block_type":"box","text":"Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese","page_number":43,"box":{"x":89,"y":248,"width":835,"height":12}},{"id":"e929c1ee-fd9d-4d13-b6b7-cc04f2a0c4b1","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":43,"box":{"x":89,"y":263,"width":830,"height":12}},{"id":"5d1bd04e-f8bd-4f4c-949c-49b9290e11ed","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":43,"box":{"x":88,"y":278,"width":834,"height":13}},{"id":"6c2a5b21-fb5a-4fc1-9555-c830e83a7d6f","block_type":"box","text":"Taiwan may have an adverse impact on the value of the value of the Fund’s investments in China or Taiwan, may cause a","page_number":43,"box":{"x":88,"y":293,"width":845,"height":13}},{"id":"fd3dbd6e-ba61-42cd-b78d-d5381321315a","block_type":"box","text":"suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such investments","page_number":43,"box":{"x":89,"y":308,"width":811,"height":13}},{"id":"6b5dceea-4063-47dc-9e3a-4fe63d635a95","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":43,"box":{"x":89,"y":324,"width":846,"height":12}},{"id":"751ad8ec-175b-4858-8028-f2ed35e65470","block_type":"box","text":"impact on the value of the Fund’s investments in both countries and the region. In addition, China has strained international","page_number":43,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"7965862e-29f6-4bd2-9623-0da4aa58d5e1","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":43,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"617048ea-5367-454f-aed2-77ff692a07f9","block_type":"box","text":"defense concerns. Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially","page_number":43,"box":{"x":89,"y":369,"width":851,"height":12}},{"id":"b234ae15-764b-43f3-aa33-12cc6c00798d","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":43,"box":{"x":89,"y":384,"width":871,"height":12}},{"id":"7496ebb5-03e4-4795-a68b-67bbecba9f6a","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":43,"box":{"x":89,"y":399,"width":860,"height":13}},{"id":"073e199a-10c3-4eee-b8fd-3920306eb1ce","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":43,"box":{"x":89,"y":414,"width":861,"height":13}},{"id":"765b19c7-0b0f-4795-9a3d-44d84c2b1249","block_type":"box","text":"impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be affected by military events","page_number":43,"box":{"x":89,"y":429,"width":873,"height":13}},{"id":"5567097d-b559-4459-a702-baf52f00bfb5","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":43,"box":{"x":89,"y":445,"width":843,"height":12}},{"id":"f8b41b70-de7b-4216-a913-992cbe5d48c4","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":43,"box":{"x":89,"y":460,"width":524,"height":12}},{"id":"836d123e-5926-414e-86a9-d4cf498e6caf","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":43,"box":{"x":88,"y":486,"width":866,"height":12}},{"id":"c9567d6d-dcd5-4e30-96ff-6c17041d133a","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":43,"box":{"x":89,"y":501,"width":816,"height":13}},{"id":"85f3f91c-4b38-420f-a552-06cacb2783aa","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":43,"box":{"x":89,"y":516,"width":826,"height":13}},{"id":"095ebb5a-46b0-43aa-b3da-a519664db705","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":43,"box":{"x":89,"y":531,"width":873,"height":13}},{"id":"e40b7bc1-8832-45ab-8641-c2fe4220129e","block_type":"box","text":"the future, are subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese","page_number":43,"box":{"x":88,"y":547,"width":824,"height":12}},{"id":"eb198de1-c579-479b-a249-9bc058b9d66d","block_type":"box","text":"government continues to maintain a major role in economic policymaking, and investing in China involves risk of loss due to","page_number":43,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"21b41d33-578f-47e4-a74c-541dc050c252","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":43,"box":{"x":89,"y":577,"width":849,"height":12}},{"id":"819198e1-47c9-49a8-a272-274ec1bd139c","block_type":"box","text":"and on repatriation of capital invested.","page_number":43,"box":{"x":89,"y":592,"width":268,"height":12}},{"id":"5e7c317d-879e-4985-abfb-e3bed26acc46","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors, brokers and","page_number":43,"box":{"x":89,"y":618,"width":861,"height":13}},{"id":"fc4a1d93-de07-49c8-9809-2f28b2acda9b","block_type":"box","text":"other participants than in the U.S. Accordingly, issuers of securities in China, including Chinese companies that are listed on","page_number":43,"box":{"x":89,"y":633,"width":863,"height":13}},{"id":"33bc3f41-419a-4418-860d-0f241438273b","block_type":"box","text":"U.S. exchanges, are not subject to the same degree of regulation as are U.S. issuers with respect to such matters as insider","page_number":43,"box":{"x":89,"y":649,"width":855,"height":12}},{"id":"096fab29-e10b-43df-9a84-290d064e0e2d","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":43,"box":{"x":88,"y":664,"width":846,"height":12}},{"id":"164f60ce-d69d-4836-a10c-fa81dfc82038","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":43,"box":{"x":89,"y":679,"width":842,"height":12}},{"id":"b078983e-5d02-4b76-be22-f9de16592adc","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":43,"box":{"x":89,"y":694,"width":872,"height":12}},{"id":"a2097349-4c68-428a-b2a8-d1c6482544f9","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":43,"box":{"x":89,"y":709,"width":454,"height":12}},{"id":"d6f568c1-3a35-40e7-bb7d-e6d83acaf26c","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":43,"box":{"x":88,"y":736,"width":849,"height":12}},{"id":"4f983da6-6b10-41af-ae18-b8b2279c227d","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":43,"box":{"x":89,"y":751,"width":827,"height":12}},{"id":"2a0a2c80-a554-40c2-a0af-97b9385e7392","block_type":"box","text":"protection considerations.","page_number":43,"box":{"x":89,"y":766,"width":182,"height":12}},{"id":"ef56d20b-b556-47d6-b875-aa57b52b8635","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":43,"box":{"x":89,"y":792,"width":835,"height":13}},{"id":"7b6eebd3-9889-44eb-b216-b3ca1038c2c8","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":43,"box":{"x":88,"y":807,"width":830,"height":13}},{"id":"4dd2e871-48ab-4193-b571-79b41ab7adaa","block_type":"box","text":"jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to list its stock in the","page_number":43,"box":{"x":88,"y":822,"width":858,"height":13}},{"id":"a42938b2-0fa0-4579-9f8b-ed0550f3b9cb","block_type":"box","text":"U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell company directly or indirectly enters","page_number":43,"box":{"x":89,"y":838,"width":879,"height":12}},{"id":"25e028ec-b851-4f99-af12-ba0ec7f5465f","block_type":"box","text":"17","page_number":43,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"97e8c344-2311-413d-9869-f2d00366cd96","block_type":"box","text":"into contracts with the Chinese operating company under Chinese law. These contracts provide the U.S.-listed shell company","page_number":44,"box":{"x":89,"y":44,"width":875,"height":12}},{"id":"c4cbf3f4-9d3b-4289-be2f-eb5e3e7462e5","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":44,"box":{"x":88,"y":59,"width":845,"height":12}},{"id":"78695e54-c138-4a7a-bb0f-abc7acf35de4","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally","page_number":44,"box":{"x":88,"y":85,"width":846,"height":13}},{"id":"72b5e826-cb00-4988-874b-a202cf30b6fd","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":44,"box":{"x":89,"y":101,"width":867,"height":12}},{"id":"f8c96e88-02f7-4842-9195-8268bee289ec","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":44,"box":{"x":89,"y":116,"width":854,"height":12}},{"id":"6001cbdc-475b-4eaa-a863-163285279a6b","block_type":"box","text":"released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The","page_number":44,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"2042c4da-232e-42e3-bdab-24ab4ee2cce7","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":44,"box":{"x":89,"y":146,"width":838,"height":12}},{"id":"1728c97c-a901-40c4-9dd0-872f99ac3487","block_type":"box","text":"rulemaking or guidance by the Chinese government with respect to VIE structures or the non-enforcement of VIE-related","page_number":44,"box":{"x":89,"y":161,"width":847,"height":12}},{"id":"2c287f75-ac61-4111-a88a-967f98bfcf22","block_type":"box","text":"contractual rights could significantly affect the operating company’s business in China, the enforceability of the U.S.-listed","page_number":44,"box":{"x":89,"y":176,"width":853,"height":13}},{"id":"ccc806ef-94e5-48b4-8f7e-924e14162ea2","block_type":"box","text":"shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock. Further, the VIE","page_number":44,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"f7b2ea65-caa3-46c3-a90a-670488ce130d","block_type":"box","text":"contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":44,"box":{"x":89,"y":206,"width":843,"height":13}},{"id":"e0c82e5d-30fb-4515-b0c1-ebecb9d7f0ed","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":44,"box":{"x":89,"y":222,"width":875,"height":12}},{"id":"2a89d2c2-b90e-4d00-b713-62776f3697c0","block_type":"box","text":"a VIE structure are subject to the risk that the China-based company (or its officers, directors, or Chinese equity owners) may","page_number":44,"box":{"x":89,"y":237,"width":875,"height":12}},{"id":"d5e5d40a-35e3-4921-bcf8-58b845c68ed4","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":44,"box":{"x":89,"y":252,"width":851,"height":12}},{"id":"38b4f584-1bc1-45e6-a754-eb3a3550b837","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":44,"box":{"x":89,"y":267,"width":827,"height":12}},{"id":"50387a46-ae8e-471a-91f7-43fb8898afae","block_type":"box","text":"significant losses on its investments through a VIE structure with little or no recourse available. Any change in the operations","page_number":44,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"d3903bf3-aa7f-41ee-b76b-64c9031e3672","block_type":"box","text":"of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":44,"box":{"x":89,"y":297,"width":838,"height":12}},{"id":"923ebe1d-2c43-45c3-acb8-5404a9cd1cf5","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total, losses to a","page_number":44,"box":{"x":89,"y":312,"width":853,"height":13}},{"id":"224e6ae8-5352-4075-a236-600685d1a919","block_type":"box","text":"Fund.","page_number":44,"box":{"x":89,"y":327,"width":38,"height":10}},{"id":"2a8f634e-24ee-4e2f-a92e-0aeeb324e571","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such growth rates will","page_number":44,"box":{"x":88,"y":354,"width":864,"height":12}},{"id":"9d0b40ec-d61b-4efc-a705-85183212d784","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":44,"box":{"x":89,"y":369,"width":819,"height":12}},{"id":"afb843e0-7ccc-4575-9b8e-421b8e999578","block_type":"box","text":"negative effect on the economy and securities market. China’s economy is heavily dependent on export growth. Reduction in","page_number":44,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"f12cabc4-f507-4a52-bff1-51534831de4f","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":44,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"67935843-3358-4bda-8843-ac710b07858f","block_type":"box","text":"trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to actual or","page_number":44,"box":{"x":88,"y":414,"width":835,"height":13}},{"id":"d476aeae-d777-440c-90ad-3c7478dc53a1","block_type":"box","text":"alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse","page_number":44,"box":{"x":89,"y":429,"width":858,"height":13}},{"id":"8f7b0582-71b0-4a1b-8b6e-dd3641b7b543","block_type":"box","text":"impact on the Chinese economy and the companies in which a Fund invests. Certain Chinese companies (which may change","page_number":44,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"63f671ed-36fd-4b87-b1ca-b19a4e0afcec","block_type":"box","text":"from time to time) are directly or indirectly subject to economic or trade restrictions imposed by the U.S. or other","page_number":44,"box":{"x":88,"y":460,"width":791,"height":12}},{"id":"034bc835-bc9d-476a-a75c-54ccefff941a","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":44,"box":{"x":89,"y":475,"width":840,"height":12}},{"id":"e54b4073-357d-4724-8542-eaee401d883c","block_type":"box","text":"technology companies are subject to U.S. export controls as those companies are believed to pose a risk to U.S. interests. The","page_number":44,"box":{"x":88,"y":490,"width":877,"height":12}},{"id":"04d535e0-b8cb-48d4-a096-0617075f5ef9","block_type":"box","text":"U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":44,"box":{"x":89,"y":505,"width":876,"height":12}},{"id":"ccf68316-fbc0-4fce-98df-79e89f9c1e61","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":44,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"7a9ee939-6b02-45c8-81b7-e87a44441067","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":44,"box":{"x":89,"y":535,"width":873,"height":13}},{"id":"3e83e0f8-12e4-4b1c-a2ac-ec60edc77594","block_type":"box","text":"cause market disruptions. The Underlying Index of a Fund may include companies that are subject to economic or trade","page_number":44,"box":{"x":89,"y":550,"width":840,"height":13}},{"id":"411eed95-ce14-476c-a44c-4d300a7a8b06","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S. or other governments. So long as these restrictions do not","page_number":44,"box":{"x":89,"y":565,"width":865,"height":13}},{"id":"443e9ffd-d82b-4655-a780-1a6253893342","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":44,"box":{"x":89,"y":581,"width":867,"height":12}},{"id":"0a914937-53be-4d4f-8605-fa99a2c2b0e8","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":44,"box":{"x":88,"y":596,"width":340,"height":12}},{"id":"5e77503f-c086-4cc8-9d3e-37e348d7234d","block_type":"box","text":"The tax laws and regulations in the People’s Republic of China (“PRC”) are subject to change, including the issuance of","page_number":44,"box":{"x":88,"y":622,"width":833,"height":12}},{"id":"95795f76-9d8c-4db5-a7c7-ec7884e46454","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":44,"box":{"x":89,"y":637,"width":863,"height":13}},{"id":"8b052e77-a810-4a85-84a3-5c55d13e7a92","block_type":"box","text":"such laws by PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary","page_number":44,"box":{"x":89,"y":652,"width":849,"height":13}},{"id":"7022681b-5173-4cc2-85d1-e04e033c5fb5","block_type":"box","text":"over time and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":44,"box":{"x":89,"y":668,"width":876,"height":12}},{"id":"667549b7-9618-4171-8368-ef47bdd6c01b","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In addition,","page_number":44,"box":{"x":89,"y":683,"width":867,"height":12}},{"id":"d3cab2b2-0e10-46bd-bee8-dc78982391c8","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":44,"box":{"x":88,"y":698,"width":826,"height":12}},{"id":"4fa9ade9-0355-49a0-ad36-8a5028359d92","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":44,"box":{"x":89,"y":713,"width":874,"height":12}},{"id":"dfed97d1-ed49-4807-a8d3-1499a45e4100","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":44,"box":{"x":89,"y":728,"width":691,"height":12}},{"id":"d8a6fd0f-0baa-4bac-9c2c-463004889caf","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":44,"box":{"x":89,"y":754,"width":313,"height":13}},{"id":"34ed0ab7-7a1d-4e6d-9659-6d8d9a7ffe4f","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":44,"box":{"x":411,"y":754,"width":360,"height":13}},{"id":"4c3d9872-3aef-41b7-8509-4728ddd75068","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":44,"box":{"x":121,"y":775,"width":819,"height":12}},{"id":"f925215f-ad1b-47d4-9295-778e19d554c3","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":44,"box":{"x":154,"y":790,"width":404,"height":12}},{"id":"fec95b70-1e2c-4cbb-9e20-c72397deb959","block_type":"box","text":"• A-shares, which are securities of companies incorporated in the PRC that are denominated in renminbi and listed on","page_number":44,"box":{"x":121,"y":810,"width":846,"height":12}},{"id":"88a715dc-a7ae-4d2f-82cf-34e6beca48f0","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":44,"box":{"x":153,"y":825,"width":579,"height":12}},{"id":"907eb95e-9f75-42d4-b935-be4c0a56c68f","block_type":"box","text":"• B-shares, which are securities of companies incorporated in the PRC that are denominated in U.S. dollars (in the","page_number":44,"box":{"x":121,"y":845,"width":815,"height":12}},{"id":"843fef0c-5d30-42d2-833a-04b818c82654","block_type":"box","text":"case of the SSE) or Hong Kong dollars (in the case of the SZSE) and listed on the SSE and the SZSE;","page_number":44,"box":{"x":154,"y":860,"width":692,"height":13}},{"id":"33cb0e34-d959-4709-800d-81864d9bc697","block_type":"box","text":"18","page_number":44,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"e31d895b-e115-41f9-9231-afd38496205a","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":45,"box":{"x":121,"y":44,"width":803,"height":12}},{"id":"5298eab9-bc59-408c-a3fa-edcd28ac873a","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":45,"box":{"x":153,"y":59,"width":779,"height":12}},{"id":"9b430b19-e82f-4271-804e-6f49c4ac1a83","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":45,"box":{"x":154,"y":74,"width":748,"height":12}},{"id":"380c1a85-5b01-49b0-8560-6809905cce54","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":45,"box":{"x":121,"y":94,"width":786,"height":13}},{"id":"9229a9c4-f74b-4fe8-a6b4-3e2e7f2b989a","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":45,"box":{"x":153,"y":109,"width":800,"height":13}},{"id":"d36189f9-61dc-4547-a49f-7731da5b1a65","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":45,"box":{"x":153,"y":125,"width":320,"height":9}},{"id":"accbabe1-b017-492b-b43d-eb9f03abdc6b","block_type":"box","text":"Securities listed on the SSE or the SZSE are divided into two classes: A-shares, which are mostly limited to domestic investors,","page_number":45,"box":{"x":88,"y":151,"width":880,"height":12}},{"id":"b5502262-d420-4393-a694-0da488d5de2a","block_type":"box","text":"and B-shares, which are allocated for both international and domestic investors. The A-shares market is generally subject to","page_number":45,"box":{"x":89,"y":166,"width":867,"height":12}},{"id":"70c325f3-d3ee-43d6-a613-a451d2303a7d","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":45,"box":{"x":89,"y":181,"width":843,"height":13}},{"id":"710dca27-a432-4442-9d25-41a21f354f5a","block_type":"box","text":"market is generally smaller and less liquid and has a smaller issuer base than the A-shares market, which may lead to","page_number":45,"box":{"x":89,"y":196,"width":819,"height":13}},{"id":"17780ca8-a2d0-4594-89ba-76f6f972cd03","block_type":"box","text":"significant price volatility. B-shares, H-shares, P-Chips or Red-Chips of issuers that also issue A-shares may trade at","page_number":45,"box":{"x":89,"y":211,"width":804,"height":13}},{"id":"40b7b829-dc9a-4968-bb66-40a675dc8685","block_type":"box","text":"significant discounts to their A-shares counterparts. The issuance of B-shares and H-shares by Chinese companies and the","page_number":45,"box":{"x":89,"y":227,"width":860,"height":12}},{"id":"d29305b0-eb9a-47c5-9805-4f4a737271e6","block_type":"box","text":"ability to obtain a “back-door listing” through Red-Chips or P-Chips is still regarded by the Chinese authorities as an","page_number":45,"box":{"x":89,"y":242,"width":809,"height":12}},{"id":"a928ad57-7a13-426a-b223-97c4cad6d50d","block_type":"box","text":"experiment in economic reform. “Back-door listing” is a means by which a mainland Chinese company issues Red-Chips or","page_number":45,"box":{"x":89,"y":257,"width":861,"height":12}},{"id":"d9a9c826-fbdf-49f0-bb5a-ab7610f6e452","block_type":"box","text":"P-Chips to obtain quick access to international listing and international capital. These share mechanisms are subject to the","page_number":45,"box":{"x":89,"y":272,"width":859,"height":12}},{"id":"8c820fff-7c0b-49f7-80ac-7aac78aab774","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":45,"box":{"x":89,"y":287,"width":847,"height":12}},{"id":"af5974bd-8fa3-45c1-a0af-a80bd80fc334","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":45,"box":{"x":89,"y":302,"width":867,"height":12}},{"id":"dd7a46ce-105f-49de-9c62-6cc5d83cd197","block_type":"box","text":"make it difficult to acquire, dispose of or value Chinese securities, which would lead to adverse effects to a Fund.","page_number":45,"box":{"x":89,"y":317,"width":785,"height":13}},{"id":"af89731d-fb90-43df-9f2b-d5b1566c0bc7","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":45,"box":{"x":88,"y":344,"width":362,"height":12}},{"id":"eadb5bd0-3e2f-4dc7-a271-6ede3298f361","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":45,"box":{"x":451,"y":344,"width":486,"height":12}},{"id":"ec64434b-ea06-444b-b73f-ffa7c7f4f682","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":45,"box":{"x":89,"y":359,"width":826,"height":12}},{"id":"96fa1491-0e1b-47f9-98b0-f1417881707b","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":45,"box":{"x":89,"y":374,"width":815,"height":12}},{"id":"37d9829f-19ba-4bd2-b0eb-12fb125c3120","block_type":"box","text":"program with an aim to achieve mutual stock market access between the PRC and Hong Kong. Stock Connect was developed","page_number":45,"box":{"x":89,"y":389,"width":879,"height":12}},{"id":"f32bb29c-a6e6-4ede-a265-9e9968b011d7","block_type":"box","text":"by Hong Kong Exchanges and Clearing Limited, the SSE (in the case of Shanghai Connect) or the SZSE (in the case of","page_number":45,"box":{"x":89,"y":404,"width":820,"height":13}},{"id":"cb87beb6-dd0f-4b1b-8117-cdc987ba0395","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":45,"box":{"x":88,"y":419,"width":862,"height":13}},{"id":"a239507f-8e5d-4bf7-97ea-e603109295c9","block_type":"box","text":"Fund’s trading of eligible A-shares listed on the SSE or the SZSE, as applicable, would be effectuated through its Hong Kong","page_number":45,"box":{"x":89,"y":434,"width":862,"height":13}},{"id":"95ba8247-89f6-47a4-b66a-77772d5a5583","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":45,"box":{"x":89,"y":450,"width":833,"height":12}},{"id":"fc19fa44-8d4d-4882-9dd9-94ce539d4f94","block_type":"box","text":"which could pose risks to a Fund.","page_number":45,"box":{"x":88,"y":465,"width":233,"height":12}},{"id":"7ca6af95-879e-4b95-90a1-b5c6dddef0c9","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":45,"box":{"x":88,"y":491,"width":847,"height":12}},{"id":"67d1c2c7-390b-4267-badd-d0d672681e91","block_type":"box","text":"Stock Connect is subject to a daily quota (the “Daily Quota”), which limits the maximum net purchases under Stock Connect","page_number":45,"box":{"x":88,"y":506,"width":876,"height":13}},{"id":"074333f9-34aa-433a-8cba-13f4e507642a","block_type":"box","text":"each day. The Daily Quota does not belong to a Fund and is utilized on a first-come-first-serve basis. As such, buy orders for","page_number":45,"box":{"x":89,"y":521,"width":868,"height":13}},{"id":"d02780d8-bb84-4ba8-b8e3-b1e61c2bddda","block_type":"box","text":"A-shares would be rejected once the Daily Quota is exceeded (although a Fund will be permitted to sell A-shares regardless","page_number":45,"box":{"x":88,"y":536,"width":865,"height":13}},{"id":"da42c192-04b1-448e-8c87-0fa8cb2ede9b","block_type":"box","text":"of the Daily Quota balance). The Daily Quota may restrict a Fund’s ability to invest in A-shares through Stock Connect on a","page_number":45,"box":{"x":89,"y":552,"width":859,"height":12}},{"id":"0d80e1da-5cee-4ab5-a782-4d9a2309d05d","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy. The Daily Quota is also subject","page_number":45,"box":{"x":88,"y":567,"width":875,"height":12}},{"id":"ac8edd65-48d0-41f3-9742-119c47eb751b","block_type":"box","text":"to change.","page_number":45,"box":{"x":88,"y":582,"width":73,"height":12}},{"id":"4d410c9b-2675-43b9-a14e-adae4df33b00","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":45,"box":{"x":88,"y":608,"width":869,"height":13}},{"id":"6fb1b577-6f7a-4435-bcdb-a7dfa1ee1a06","block_type":"box","text":"in accordance with applicable rules. In order to comply with applicable local market rules and to facilitate orderly operations","page_number":45,"box":{"x":89,"y":623,"width":867,"height":13}},{"id":"1e187e02-d103-42d1-a0a2-eee34095eded","block_type":"box","text":"of a Fund, including the timely settlement of Stock Connect trades placed by or on behalf of the Fund, BFA utilizes an","page_number":45,"box":{"x":89,"y":639,"width":816,"height":12}},{"id":"528d3f8b-be28-4890-afbc-627110dc0d6b","block_type":"box","text":"operating model that will only be used by iShares ETFs with investments in A-shares through Stock Connect. Such operating","page_number":45,"box":{"x":89,"y":654,"width":870,"height":12}},{"id":"4c918bb8-7304-47dd-855d-5752faae4091","block_type":"box","text":"model may reduce the risks of trade failures; however, it will also allow Stock Connect trades to be settled without the prior","page_number":45,"box":{"x":89,"y":669,"width":860,"height":12}},{"id":"984de2a6-fd30-4d23-9da9-aa40f27d1c5a","block_type":"box","text":"verification by a Fund. Accordingly, this operating model may subject a Fund to additional risks, including an increased risk of","page_number":45,"box":{"x":88,"y":684,"width":879,"height":12}},{"id":"30c00ae5-3516-4e87-8310-bc0114321c4e","block_type":"box","text":"inadvertently exceeding certain trade or other restrictions or limits placed on the Fund and/or its affiliates, and a heightened","page_number":45,"box":{"x":89,"y":699,"width":869,"height":12}},{"id":"118e22e4-217c-461c-b9f8-b737e2621968","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":45,"box":{"x":89,"y":714,"width":448,"height":12}},{"id":"5bec88a2-ae78-471b-8318-6e298975e9f1","block_type":"box","text":"While A-shares must be designated as eligible to be traded through Stock Connect (such eligible A-shares listed on the SSE,","page_number":45,"box":{"x":88,"y":741,"width":867,"height":12}},{"id":"44c22ce7-fff4-4676-81eb-81dd40df7347","block_type":"box","text":"the “SSE Securities,” and such eligible A-shares listed on the SZSE, the “SZSE Securities”), those A-shares may also lose such","page_number":45,"box":{"x":88,"y":756,"width":873,"height":12}},{"id":"546c62f3-68d8-4b02-97b9-75f5c396f409","block_type":"box","text":"designation, and if this occurs, such A-shares may be sold but could no longer be purchased through Stock Connect. With","page_number":45,"box":{"x":89,"y":771,"width":856,"height":12}},{"id":"9f15deaa-df54-4130-9d1b-65fccdaa1d53","block_type":"box","text":"respect to sell orders through Stock Connect, the SEHK carries out pre-trade checks to ensure an investor has sufficient A","page_number":45,"box":{"x":89,"y":786,"width":854,"height":12}},{"id":"cd21cfae-5b65-4860-9836-40e5790755fe","block_type":"box","text":"shares in its account before the market opens on the trading day. Accordingly, if there are insufficient A-shares in an","page_number":45,"box":{"x":89,"y":801,"width":810,"height":12}},{"id":"4472070b-b7b8-4a04-9194-657210f3b7ac","block_type":"box","text":"investor’s account before the market opens on the trading day, the sell order will be rejected, which may adversely impact a","page_number":45,"box":{"x":89,"y":816,"width":862,"height":13}},{"id":"23e5efcc-d378-44c5-b87b-d5c43a7ed0b6","block_type":"box","text":"Fund’s performance.","page_number":45,"box":{"x":89,"y":831,"width":143,"height":13}},{"id":"87679dad-e64a-463f-b7e1-ab45b82b8594","block_type":"box","text":"19","page_number":45,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"3b286d2c-8b3c-41ef-885c-8c015c737d41","block_type":"box","text":"In addition, Stock Connect operates only on days when both the Chinese and the Hong Kong markets are open for trading","page_number":46,"box":{"x":89,"y":44,"width":853,"height":12}},{"id":"e8ee0e5a-f101-417d-95db-9caa46674385","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":46,"box":{"x":89,"y":59,"width":865,"height":12}},{"id":"751ab00f-498d-4d29-a3f5-c3926a5609ab","block_type":"box","text":"A-shares through Stock Connect may subject a Fund to the risk of price fluctuations on days when the Chinese markets are","page_number":46,"box":{"x":88,"y":74,"width":866,"height":12}},{"id":"08832336-8031-40ea-ab28-01db761aa35f","block_type":"box","text":"open, but Stock Connect is not trading. Each of the SEHK, SSE and SZSE reserves the right to suspend trading through Stock","page_number":46,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"386a89a7-d526-418a-bc86-110092dd1500","block_type":"box","text":"Connect under certain circumstances. Where such a suspension of trading is effected, a Fund’s ability to access A-shares","page_number":46,"box":{"x":89,"y":104,"width":846,"height":13}},{"id":"9b872f05-03b2-4daf-b220-3854c1d2de83","block_type":"box","text":"through Stock Connect will be adversely affected. In addition, if one or both of the Chinese and Hong Kong markets are","page_number":46,"box":{"x":88,"y":119,"width":834,"height":13}},{"id":"aa95cc6d-72db-4851-b7e1-bd7811869d3d","block_type":"box","text":"closed on a U.S. trading day, a Fund may not be able to acquire or dispose of A-shares through Stock Connect in a timely","page_number":46,"box":{"x":89,"y":135,"width":845,"height":12}},{"id":"98c4f4a4-8c0d-4407-8a7e-2e8d18687636","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":46,"box":{"x":89,"y":150,"width":435,"height":12}},{"id":"2ba11448-5366-47d4-9e0a-be5432902378","block_type":"box","text":"A Fund’s investments in A-shares through Stock Connect are held by its custodian in accounts in the Central Clearing and","page_number":46,"box":{"x":88,"y":176,"width":853,"height":13}},{"id":"a083cf30-d842-43c5-a87a-b383e4e82dbd","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":46,"box":{"x":88,"y":191,"width":867,"height":13}},{"id":"fc2569ca-b032-4a2e-bb1c-d79b441ce3f0","block_type":"box","text":"holds the A-shares, as the nominee holder, through an omnibus securities account in its name registered with the CSDCC.","page_number":46,"box":{"x":89,"y":206,"width":853,"height":13}},{"id":"4de97195-5261-4ee0-928f-52952ee4754a","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as","page_number":46,"box":{"x":88,"y":233,"width":853,"height":12}},{"id":"31bc64da-e324-43da-b70c-7035ce3be4b4","block_type":"box","text":"nominee is not well defined under PRC law. There is a lack of a clear definition of, and distinction between, legal ownership","page_number":46,"box":{"x":89,"y":248,"width":857,"height":12}},{"id":"00e59052-2ea3-46b9-a64c-ad7ad604ab7d","block_type":"box","text":"and beneficial ownership under PRC law and there have been few cases involving a nominee account structure in the PRC","page_number":46,"box":{"x":89,"y":263,"width":850,"height":12}},{"id":"21237180-5957-4585-b027-3af9fcef83f7","block_type":"box","text":"courts. The exact nature and methods of enforcement of the rights and interests of a Fund under PRC law is also uncertain.","page_number":46,"box":{"x":89,"y":278,"width":862,"height":13}},{"id":"0ee8a0ad-8cc3-45bd-b2e0-169853cad71c","block_type":"box","text":"In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE","page_number":46,"box":{"x":89,"y":305,"width":829,"height":12}},{"id":"db322864-1650-4323-8214-42cfa0bfa7b5","block_type":"box","text":"Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general","page_number":46,"box":{"x":88,"y":320,"width":843,"height":12}},{"id":"6013d94a-aabc-4261-bc7a-23f313ac18cf","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":46,"box":{"x":89,"y":335,"width":452,"height":12}},{"id":"4c4d15f1-c242-466b-b0ab-2d4b5438127c","block_type":"box","text":"Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":46,"box":{"x":89,"y":361,"width":861,"height":13}},{"id":"9f529d38-2568-4dbc-9c45-4fefe85f03b2","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat","page_number":46,"box":{"x":89,"y":376,"width":834,"height":13}},{"id":"c75f7aab-7542-4eef-b094-64c72ca54076","block_type":"box","text":"HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities or SZSE Securities.","page_number":46,"box":{"x":89,"y":392,"width":845,"height":12}},{"id":"54710759-ff97-4d21-a37d-784735e23077","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":46,"box":{"x":89,"y":418,"width":812,"height":12}},{"id":"36d18791-9918-4f43-a42e-e59ef7057fe2","block_type":"box","text":"informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. A Fund","page_number":46,"box":{"x":89,"y":433,"width":857,"height":13}},{"id":"b4bef28b-c1e5-4eeb-a0ee-362b7b2fee2e","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":46,"box":{"x":88,"y":448,"width":775,"height":13}},{"id":"cabd4b57-8b39-4f50-8d2b-5650cadff6ed","block_type":"box","text":"The HKSCC is responsible for the clearing, settlement and provision of depositary, nominee and other related services of the","page_number":46,"box":{"x":88,"y":475,"width":866,"height":12}},{"id":"1ccd86bf-bb73-4d42-8ec0-be3ec22bdf9b","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":46,"box":{"x":88,"y":490,"width":860,"height":12}},{"id":"a609611d-b2e3-4be7-b09b-8fa3c78ab1ab","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":46,"box":{"x":88,"y":505,"width":833,"height":12}},{"id":"5d5f563c-f354-4471-858d-c54fa47c165f","block_type":"box","text":"CSDCC establish clearing links and each has become a participant of the other to facilitate clearing and settlement of cross","page_number":46,"box":{"x":89,"y":520,"width":865,"height":12}},{"id":"6531b2ba-d004-4cb9-b02e-1b1a128d0777","block_type":"box","text":"border trades. Should CSDCC default and the CSDCC be declared as a defaulter, HKSCC’s liabilities in Stock Connect under its","page_number":46,"box":{"x":89,"y":535,"width":875,"height":12}},{"id":"6c859088-efc9-464d-8d6d-f8affa1d1383","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":46,"box":{"x":89,"y":550,"width":857,"height":13}},{"id":"a8e98d8f-4a5e-4be3-84d3-4fa405f6f6a9","block_type":"box","text":"the CSDCC. In that event, a Fund may suffer delays in the recovery process or may not be able to fully recover its losses from","page_number":46,"box":{"x":88,"y":565,"width":869,"height":13}},{"id":"5384a26f-f2fb-4a50-943f-30a162aa6f0e","block_type":"box","text":"the CSDCC.","page_number":46,"box":{"x":88,"y":581,"width":80,"height":9}},{"id":"bb946614-9068-40b9-9785-4530c05b5c7f","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":46,"box":{"x":89,"y":607,"width":876,"height":12}},{"id":"d5905030-41f3-4e5b-b548-903281fa5f0b","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":46,"box":{"x":89,"y":622,"width":833,"height":12}},{"id":"a78b2fe4-9804-4666-a322-e3f8201d9f5e","block_type":"box","text":"“connectivity” in Stock Connect requires the routing of orders across the borders of Hong Kong and the PRC. This requires","page_number":46,"box":{"x":89,"y":637,"width":853,"height":13}},{"id":"af2a6857-1212-49b2-bcb5-43a9f2626ff1","block_type":"box","text":"the development of new information technology systems on the part of the SEHK and exchange participants. There is no","page_number":46,"box":{"x":88,"y":652,"width":845,"height":13}},{"id":"fd42fea1-f020-4308-b758-0c5b7c6083f4","block_type":"box","text":"assurance that these systems will function properly or will continue to be adapted to changes and developments in both","page_number":46,"box":{"x":89,"y":668,"width":842,"height":12}},{"id":"ff483abf-097e-4fbe-84da-a0ab27c84215","block_type":"box","text":"markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock Connect could be","page_number":46,"box":{"x":89,"y":683,"width":868,"height":12}},{"id":"9fee13a4-c0ad-4b2d-852f-d3d79d3f2d50","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":46,"box":{"x":89,"y":698,"width":644,"height":12}},{"id":"991680a2-d4bc-494c-9926-4274c11c8a9c","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":46,"box":{"x":88,"y":724,"width":857,"height":13}},{"id":"cb03a94c-e029-4a16-a325-00cc046f56c2","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":46,"box":{"x":89,"y":739,"width":812,"height":13}},{"id":"64153904-1492-4291-bd13-0e5e5eac3fc8","block_type":"box","text":"authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. There is no certainty as to","page_number":46,"box":{"x":89,"y":754,"width":850,"height":13}},{"id":"64a23dfb-36f6-424a-a87d-7c4987dbb713","block_type":"box","text":"how the current regulations will be applied or interpreted going forward, and new or revised regulations may be issued from","page_number":46,"box":{"x":89,"y":770,"width":868,"height":12}},{"id":"2e892493-3b7f-4ca6-a709-5e0736a05666","block_type":"box","text":"time to time by the regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":46,"box":{"x":88,"y":785,"width":789,"height":12}},{"id":"73d4ccc7-743e-4083-98ff-b837c33c65ba","block_type":"box","text":"enforcement and cross-border trades under Stock Connect. In addition, there can be no assurance that Stock Connect will","page_number":46,"box":{"x":89,"y":800,"width":855,"height":11}},{"id":"3632e072-69ea-4bbf-ad9c-8256198dba29","block_type":"box","text":"not be discontinued. A Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and","page_number":46,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"ac0d2aec-19ab-4a1d-a1a3-d34fa428d0a2","block_type":"box","text":"legal systems of China and Hong Kong differ significantly and issues may arise based on these differences. Further, different","page_number":46,"box":{"x":89,"y":830,"width":863,"height":12}},{"id":"d780c3ae-800f-43c4-ae53-21e60d82e6e5","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring A-shares through Stock Connect, and these fees, costs and","page_number":46,"box":{"x":88,"y":845,"width":866,"height":12}},{"id":"f8f147c7-5716-44e8-bff0-eb7babb65da4","block_type":"box","text":"20","page_number":46,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"72d473cc-108a-463b-b09b-6fcfb002f73a","block_type":"box","text":"taxes may be higher than comparable fees, costs and taxes imposed on owners of other Chinese securities providing similar","page_number":47,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"ec27a022-6fe0-4510-9874-581e54d56578","block_type":"box","text":"investment exposure.","page_number":47,"box":{"x":89,"y":60,"width":148,"height":11}},{"id":"6e447e25-433a-457d-9e5c-0f27fb954627","block_type":"box","text":"A-Share Market Suspension Risk","page_number":47,"box":{"x":87,"y":85,"width":229,"height":13}},{"id":"313ac5ee-eebc-4333-b367-077734db884a","block_type":"box","text":". A-shares may only be bought from, or sold to, a Fund at times when the relevant A-shares","page_number":47,"box":{"x":317,"y":85,"width":639,"height":13}},{"id":"964a38b8-4b03-4f39-bc32-d62bd983245c","block_type":"box","text":"may be sold or purchased on the relevant Chinese stock exchange. The A-shares market can have a higher propensity for","page_number":47,"box":{"x":89,"y":101,"width":848,"height":12}},{"id":"41442645-2a55-41da-ab12-1bf5ea601188","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":47,"box":{"x":88,"y":116,"width":838,"height":12}},{"id":"b35dc571-936c-4500-ac92-6cd0d3b9f384","block_type":"box","text":"market execution risk, valuation risks and liquidity risks and costs for a Fund, as well as for Authorized Participants that","page_number":47,"box":{"x":89,"y":131,"width":832,"height":12}},{"id":"ded56dc6-89f3-4aeb-9db5-84663c639e93","block_type":"box","text":"create and redeem Creation Units of the Fund. The SSE and SZSE currently apply a daily limit, set at 10%, of the amount of","page_number":47,"box":{"x":89,"y":146,"width":858,"height":12}},{"id":"954fbe7c-0ef4-4864-b2a3-38a24872529c","block_type":"box","text":"fluctuation permitted in the prices of A-shares during a single trading day. The daily limit refers to price movements only and","page_number":47,"box":{"x":88,"y":161,"width":873,"height":12}},{"id":"ec37e93e-50a1-4389-a9b9-4d432763a835","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for","page_number":47,"box":{"x":89,"y":176,"width":879,"height":13}},{"id":"521fcb92-fd1a-4640-a160-3972bf2c7187","block_type":"box","text":"any particular A-share or for any particular time. This could increase a Fund’s tracking error and/or cause a Fund to trade in","page_number":47,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"40c6cf67-10c5-401d-a0d9-b83d023ecde2","block_type":"box","text":"the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Given that the A-shares market is","page_number":47,"box":{"x":88,"y":206,"width":875,"height":13}},{"id":"239d497e-dd6e-4a13-b402-e0a162187d4d","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":47,"box":{"x":89,"y":222,"width":865,"height":12}},{"id":"5faffeb1-e7ca-4bd0-aedf-1c992dbcbff6","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":47,"box":{"x":89,"y":237,"width":395,"height":12}},{"id":"a497aa27-8771-4319-9c4e-f465e8e2e11c","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":47,"box":{"x":89,"y":263,"width":295,"height":12}},{"id":"d59aa6df-2bf4-47e5-a122-edbc2304607f","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":47,"box":{"x":393,"y":263,"width":544,"height":12}},{"id":"3bee9ca8-77e7-47c1-8e2e-8711a6f30351","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":47,"box":{"x":89,"y":278,"width":585,"height":13}},{"id":"0414fc96-30bb-470f-b350-64bb78c7c44d","block_type":"box","text":"e.g.","page_number":47,"box":{"x":675,"y":281,"width":23,"height":10}},{"id":"46dab36e-710a-46a2-838e-d8fcd5f4b6ab","block_type":"box","text":", the financial services sector) as the","page_number":47,"box":{"x":700,"y":278,"width":253,"height":13}},{"id":"c34a97fa-c901-4040-bc3f-cd4dbd414ed7","block_type":"box","text":"primary source of economic growth and may be susceptible to the risks of individual service sectors. For example, companies","page_number":47,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"00bed27b-cdc8-4fbf-9284-c6896f237d45","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":47,"box":{"x":89,"y":308,"width":847,"height":13}},{"id":"f518e36c-c02e-4bf4-8bc4-b904a6263a2f","block_type":"box","text":"adversely affect the scope of their activities, the prices they can charge and amount of capital they must maintain.","page_number":47,"box":{"x":89,"y":324,"width":797,"height":12}},{"id":"df9d25bd-8164-46f0-a06b-19f459d824c1","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":47,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"d89fd3bd-4278-4386-9d30-4725a23196fd","block_type":"box","text":"to credit rating downgrades and, as a result, impact, among other things, revenue growth for such companies. If financial","page_number":47,"box":{"x":88,"y":354,"width":848,"height":12}},{"id":"9024fa57-d5ac-4e18-a40d-fa94e8ce77dd","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":47,"box":{"x":89,"y":369,"width":832,"height":12}},{"id":"867a8049-d65f-4ace-83a8-27f4286263b5","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":47,"box":{"x":89,"y":384,"width":828,"height":12}},{"id":"de86fe1e-88c9-4b4b-aaa3-2c7c0e111d5c","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":47,"box":{"x":89,"y":399,"width":876,"height":13}},{"id":"b859b334-926b-4e17-a5b2-04eddfb01192","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":47,"box":{"x":89,"y":414,"width":870,"height":13}},{"id":"ed14c680-7d11-45c0-84b1-e76eef2640cb","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":47,"box":{"x":89,"y":429,"width":854,"height":13}},{"id":"a879df84-eb71-499a-9cde-9cf409facc54","block_type":"box","text":"result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such","page_number":47,"box":{"x":89,"y":445,"width":864,"height":12}},{"id":"43bbee20-537d-4d39-9dbc-d379b60469b5","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":47,"box":{"x":89,"y":460,"width":833,"height":12}},{"id":"e2795a4e-d7e2-4e01-ade1-0200e71119cc","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":47,"box":{"x":89,"y":475,"width":867,"height":12}},{"id":"d388589e-30b2-41ae-8aa4-87d9ad283f1e","block_type":"box","text":"in health care and pension costs. Any increase in health care and pension costs will likely have a negative impact on the","page_number":47,"box":{"x":89,"y":490,"width":835,"height":12}},{"id":"d574e5ca-1c6c-4067-b548-85a807e0b1e1","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":47,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"5d0554a0-6cc4-40e8-9be4-fb7763411313","block_type":"box","text":"crude oil, natural gas, and other commodities. As a result, an increase in demand for, or price fluctuations of, certain","page_number":47,"box":{"x":89,"y":520,"width":811,"height":12}},{"id":"324de4a4-cecd-4c5f-bbe6-72d9ca70e9e7","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":47,"box":{"x":89,"y":535,"width":861,"height":13}},{"id":"c05137e0-65d3-4112-a13f-dc30d5a6c1f8","block_type":"box","text":"the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several","page_number":47,"box":{"x":88,"y":550,"width":820,"height":13}},{"id":"84524621-c1b7-4f64-8b9e-b2fc2c047963","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":47,"box":{"x":89,"y":565,"width":862,"height":13}},{"id":"3dd0fa55-8a08-467f-8030-343f840a6df0","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":47,"box":{"x":89,"y":581,"width":856,"height":12}},{"id":"dc2a8375-25bb-4400-b107-b721e91e8aa9","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":47,"box":{"x":89,"y":596,"width":531,"height":12}},{"id":"3098e2f6-e7e1-428b-b0ac-21cc6c85eb43","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":47,"box":{"x":89,"y":622,"width":276,"height":12}},{"id":"603c18e3-9c5e-46da-9aac-5d4b0d3dbc8e","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":47,"box":{"x":375,"y":622,"width":550,"height":12}},{"id":"a4924b9b-ff43-4b1e-8e78-b14522fbff75","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":47,"box":{"x":89,"y":637,"width":865,"height":13}},{"id":"e86d6a5d-0472-4c06-a1d0-c0b91228139b","block_type":"box","text":"and price volatility due to smaller or limited local capital markets for such securities, or low or non-existent trading volumes;","page_number":47,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"ba5f2da6-f75b-4e1d-9d2d-d1a42ca953d9","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":47,"box":{"x":89,"y":668,"width":824,"height":12}},{"id":"d0eb5903-5245-4c6c-97e0-ea36fa269b84","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":47,"box":{"x":89,"y":683,"width":854,"height":12}},{"id":"53c1db3f-f422-4509-aee0-33d71921ae11","block_type":"box","text":"and/or local governments may decide to suspend or limit an issuer’s ability to make dividend or interest payments; (v) local","page_number":47,"box":{"x":89,"y":698,"width":864,"height":12}},{"id":"adb715eb-d1f1-4669-8502-d2c8b72d2f3c","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":47,"box":{"x":89,"y":713,"width":843,"height":12}},{"id":"732a05dd-69ef-4d45-ab99-8e6717b483d1","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":47,"box":{"x":89,"y":728,"width":857,"height":12}},{"id":"9fbb33e6-3540-4998-8006-7e493237f93a","block_type":"box","text":"local governments may attempt to make dividend or interest payments to foreign investors in the local currency; (viii) there","page_number":47,"box":{"x":89,"y":743,"width":862,"height":12}},{"id":"a8dad32a-54c5-4401-bfa6-2e7fd228c3f3","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":47,"box":{"x":89,"y":758,"width":855,"height":13}},{"id":"c89d6b3a-ef7b-41f8-bb61-074f72f67037","block_type":"box","text":"investors may experience difficulty in enforcing legal claims related to the securities and/or local judges may favor the","page_number":47,"box":{"x":89,"y":773,"width":825,"height":13}},{"id":"39f27532-c878-45ec-9ae8-0664750ae2f3","block_type":"box","text":"interests of the issuer over those of foreign parties; (ix) bankruptcy judgments may only be permitted to be paid in the local","page_number":47,"box":{"x":89,"y":788,"width":861,"height":13}},{"id":"65243b33-ddaf-4806-934d-3ad64dc6fdbc","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":47,"box":{"x":89,"y":804,"width":868,"height":12}},{"id":"f3958c89-4811-4176-ba39-3cb20fd3fb07","block_type":"box","text":"of the securities; and (xi) lack of financial reporting on a regular basis, substandard disclosure and differences in accounting","page_number":47,"box":{"x":89,"y":819,"width":865,"height":12}},{"id":"e58a45be-2104-4dcd-a352-af2ced6903c7","block_type":"box","text":"standards may make it difficult to ascertain the financial health of an issuer. The Funds are not actively managed and do not","page_number":47,"box":{"x":89,"y":834,"width":868,"height":12}},{"id":"bc7e7086-20a0-4f5b-8124-df0bbb8a8f71","block_type":"box","text":"select investments based on investor protection considerations.","page_number":47,"box":{"x":89,"y":849,"width":444,"height":12}},{"id":"8373f654-77c2-4ede-b7d7-a02a01875489","block_type":"box","text":"21","page_number":47,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"24190c67-763d-41e9-bae0-c90682d460d8","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":48,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"a9f27bda-4cb1-4434-88ab-2be599c47b32","block_type":"box","text":"in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of","page_number":48,"box":{"x":89,"y":59,"width":844,"height":12}},{"id":"f8549612-8b68-45aa-97e3-389b84a39227","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":48,"box":{"x":89,"y":74,"width":829,"height":12}},{"id":"fb534371-4ea5-4d7c-87e4-50a9f32dd0a2","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":48,"box":{"x":89,"y":89,"width":820,"height":13}},{"id":"a2dea652-6a5e-4656-856a-77e9a0c9beee","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":48,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"820d3758-8fe3-4306-81e8-c4c1d26a654f","block_type":"box","text":"credit quality, the markets for securities in other emerging market countries are in the earliest stages of their development,","page_number":48,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"d7a4ad19-4206-4a2a-8dec-fdd545ac2b91","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":48,"box":{"x":89,"y":135,"width":844,"height":12}},{"id":"c8e14fd6-7521-4569-9821-4439bac9085e","block_type":"box","text":"emerging market countries may not be able to absorb, without price disruptions, a significant increase in trading volume or","page_number":48,"box":{"x":89,"y":150,"width":863,"height":12}},{"id":"fb1fa06e-5786-42e8-b44a-bacfa4dcea75","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":48,"box":{"x":88,"y":165,"width":876,"height":12}},{"id":"afe15908-57bd-4f38-9bb7-5034fe6432ea","block_type":"box","text":"size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the","page_number":48,"box":{"x":89,"y":180,"width":803,"height":12}},{"id":"21213641-a7a6-42b4-8f43-ec7c9741f7f8","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":48,"box":{"x":89,"y":195,"width":830,"height":12}},{"id":"504729f2-5597-4b21-8529-e0f2ee350c5d","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":48,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"29cee386-180e-41bb-8815-27fa76eda554","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":48,"box":{"x":89,"y":225,"width":843,"height":13}},{"id":"c1568180-9c9b-4475-9d00-4b6cbfd28b50","block_type":"box","text":"emerging market country securities may also affect a Fund’s ability to accurately value its portfolio securities or to acquire or","page_number":48,"box":{"x":89,"y":240,"width":871,"height":13}},{"id":"81cf4ecf-c670-46ce-ab83-c9f516a41c57","block_type":"box","text":"dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.","page_number":48,"box":{"x":89,"y":256,"width":707,"height":12}},{"id":"3014c0c3-8f22-49cd-8f1d-170f10432548","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":48,"box":{"x":89,"y":282,"width":826,"height":12}},{"id":"87952c24-539e-43f8-84f9-ffe9e87a302a","block_type":"box","text":"difficult to interpret and laws may be too new to provide any precedential value. Laws regarding foreign investment and","page_number":48,"box":{"x":89,"y":297,"width":835,"height":12}},{"id":"132bd9ad-8bad-4abe-be7c-e0fd4dc9b5c5","block_type":"box","text":"private property may be weak or non-existent. Sudden changes in governments may result in policies which are less","page_number":48,"box":{"x":89,"y":312,"width":812,"height":13}},{"id":"e95f5fc8-d4d2-4120-931d-c6a9cd7af9c0","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":48,"box":{"x":88,"y":327,"width":849,"height":13}},{"id":"31890364-5370-48aa-8454-278a93972296","block_type":"box","text":"countries in the past have expropriated large amounts of private property, in many cases with little or no compensation, and","page_number":48,"box":{"x":89,"y":342,"width":868,"height":13}},{"id":"a5c08a95-2e13-448f-bb22-cfe6cce5015e","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":48,"box":{"x":88,"y":358,"width":546,"height":12}},{"id":"c99f8576-78a0-4632-b76e-2f0da6986f13","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":48,"box":{"x":89,"y":384,"width":834,"height":12}},{"id":"eb4f2759-f716-479f-9eee-86cf656fe130","block_type":"box","text":"These restrictions may limit a Fund’s investment in certain emerging market countries and may increase the expenses of the","page_number":48,"box":{"x":88,"y":399,"width":871,"height":13}},{"id":"7cdec6c5-378a-4fe9-9436-64e295b14a60","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":48,"box":{"x":89,"y":414,"width":841,"height":13}},{"id":"24fba167-3a84-406a-8dba-cc8a561868c7","block_type":"box","text":"investment by foreign persons to only a specified percentage of an issuer’s outstanding securities or a specific class of","page_number":48,"box":{"x":89,"y":429,"width":827,"height":13}},{"id":"a6dcc214-9db7-421f-9c0d-56b0ad309688","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":48,"box":{"x":89,"y":445,"width":859,"height":12}},{"id":"eb30507d-b55e-40ce-b719-9e218a565a5d","block_type":"box","text":"by nationals.","page_number":48,"box":{"x":89,"y":460,"width":87,"height":12}},{"id":"2e82b548-0d16-4fc4-a66b-18662299d709","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":48,"box":{"x":89,"y":486,"width":870,"height":12}},{"id":"187057d7-7a1c-4c3a-9037-09b8dfc2d729","block_type":"box","text":"among emerging market countries can be common and may be caused by an uneven distribution of wealth, social unrest,","page_number":48,"box":{"x":89,"y":501,"width":854,"height":13}},{"id":"f95fdbf0-6eb4-47c4-9d05-70014e316c5a","block_type":"box","text":"labor strikes, civil wars, and religious oppression. Economic instability in emerging market countries may take the form of: (i)","page_number":48,"box":{"x":89,"y":516,"width":870,"height":13}},{"id":"cd8f58f1-8bbd-4ef8-a492-c23315e95b1a","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":48,"box":{"x":89,"y":531,"width":743,"height":13}},{"id":"a8bad410-3fb6-4c8b-8529-86b9b365ce2a","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":48,"box":{"x":89,"y":547,"width":800,"height":12}},{"id":"d17367f8-a73c-42c6-a04f-373daad0ea40","block_type":"box","text":"imposition of trade barriers.","page_number":48,"box":{"x":89,"y":562,"width":193,"height":12}},{"id":"72086bc1-665d-4a89-b203-21ef9fcaf5ab","block_type":"box","text":"A Fund’s income and, in some cases, capital gains from foreign securities will be subject to applicable taxation in certain of","page_number":48,"box":{"x":88,"y":588,"width":862,"height":12}},{"id":"d60e2188-3193-430d-9841-73660de8b181","block_type":"box","text":"the emerging market countries in which it invests, and treaties between the U.S. and such countries may not be available in","page_number":48,"box":{"x":88,"y":603,"width":861,"height":13}},{"id":"bed06f4e-430d-43c6-8fba-ec4bd814c1b0","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":48,"box":{"x":89,"y":618,"width":394,"height":13}},{"id":"545338b5-d6db-492d-bc58-6305d4c3efdd","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":48,"box":{"x":89,"y":645,"width":860,"height":12}},{"id":"2cdc1088-e032-48b3-9af4-ccf151bc9ce9","block_type":"box","text":"have been times when settlements have been unable to keep pace with the volume of securities transactions, making it","page_number":48,"box":{"x":89,"y":660,"width":834,"height":12}},{"id":"e1794c3c-36b3-4d42-9dab-56150827d39e","block_type":"box","text":"difficult to conduct such transactions.","page_number":48,"box":{"x":89,"y":675,"width":264,"height":10}},{"id":"19c19f6a-b9d0-43e5-8a04-e650b535c474","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":48,"box":{"x":89,"y":702,"width":822,"height":12}},{"id":"cca38bc2-695b-476f-b42f-c80d263d9a55","block_type":"box","text":"markets and other forms of foreign credit to finance large public spending programs, which in the past have caused huge","page_number":48,"box":{"x":89,"y":717,"width":849,"height":12}},{"id":"0ea67244-8ad3-4f4a-8921-705ea79632a4","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":48,"box":{"x":89,"y":732,"width":846,"height":12}},{"id":"5f404f2f-dc15-415b-ae2d-324b9b603027","block_type":"box","text":"percentage of total GDP. These foreign obligations have become the subject of political debate and served as fuel for political","page_number":48,"box":{"x":89,"y":747,"width":872,"height":12}},{"id":"e234fe71-c7a9-4590-a91e-653bc7022e74","block_type":"box","text":"parties of the opposition, which pressure the government not to make payments to foreign creditors, but instead to use these","page_number":48,"box":{"x":89,"y":762,"width":878,"height":12}},{"id":"72942ff5-5add-4bae-929a-0492a5fcee11","block_type":"box","text":"funds for, among other things, social programs. Either due to an inability to pay or submission to political pressure, foreign","page_number":48,"box":{"x":88,"y":777,"width":856,"height":12}},{"id":"a00024dc-523f-4038-8299-8391a7acbe66","block_type":"box","text":"governments have been forced to seek a restructuring of their loan and/or bond obligations, have declared a temporary","page_number":48,"box":{"x":89,"y":792,"width":838,"height":13}},{"id":"f698987f-b85e-4717-8c0a-3e30b322272b","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":48,"box":{"x":89,"y":807,"width":853,"height":13}},{"id":"06760721-310f-4ac7-a18e-ed08e69561a9","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":48,"box":{"x":88,"y":822,"width":829,"height":13}},{"id":"e54414e7-dbba-43af-9356-40271636509e","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":48,"box":{"x":89,"y":838,"width":404,"height":12}},{"id":"aa632cca-2c2f-45c2-a4be-370acfb41479","block_type":"box","text":"22","page_number":48,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1d3c8339-0c53-4d62-b6c0-23826a41479b","block_type":"box","text":"Risk of Investing in Europe.","page_number":49,"box":{"x":89,"y":44,"width":194,"height":12}},{"id":"2848d085-895d-4b37-9014-9ec0584cec3e","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":49,"box":{"x":293,"y":44,"width":656,"height":12}},{"id":"0afce203-020d-45bf-836b-5d6f6de25c87","block_type":"box","text":"with Europe in general and the specific European countries in which it invests. The economies and markets of European","page_number":49,"box":{"x":88,"y":59,"width":838,"height":12}},{"id":"c94d0db4-a184-4e47-bd3a-af6bea406791","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":49,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"35512a5d-ca46-41f2-8b69-21d5e0956f46","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":49,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"2b48d12a-010d-4148-8f7c-9599630c2ece","block_type":"box","text":"operations in, or that are listed on at least one securities exchange within member states of the European Union (the “EU”). A","page_number":49,"box":{"x":89,"y":104,"width":877,"height":13}},{"id":"bb0dda8f-9dc8-4a47-8414-0cbe08d402ad","block_type":"box","text":"number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) and have","page_number":49,"box":{"x":89,"y":119,"width":825,"height":13}},{"id":"489d7964-34cb-47d9-9583-66fa7518ae4d","block_type":"box","text":"adopted the euro as their currency. Eurozone membership requires member states to comply with restrictions on inflation","page_number":49,"box":{"x":89,"y":135,"width":851,"height":12}},{"id":"205ba62a-0a12-4201-bf5f-d5b3647b8a94","block_type":"box","text":"rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every","page_number":49,"box":{"x":89,"y":150,"width":822,"height":12}},{"id":"1e434b75-974c-4d06-937e-18ab3d0619f8","block_type":"box","text":"country in Europe. Changes in import or export tariffs, changes in governmental or EU regulations on trade, changes in the","page_number":49,"box":{"x":89,"y":165,"width":858,"height":12}},{"id":"a891a8cb-166e-45ad-a1a8-f1903bab7b51","block_type":"box","text":"exchange rate of the euro and other currencies of certain EU countries which are not in the eurozone, the default or threat of","page_number":49,"box":{"x":89,"y":180,"width":873,"height":12}},{"id":"8d4b6cdf-326b-4de7-a067-418857bab87c","block_type":"box","text":"default by an EU member state on its sovereign debt, and/or an economic recession in an EU member state may have a","page_number":49,"box":{"x":89,"y":195,"width":834,"height":12}},{"id":"199f980f-bc60-4cb1-bbd2-e8c519c0d5c8","block_type":"box","text":"significant adverse effect on the economies of other EU member states and their trading partners. Although certain European","page_number":49,"box":{"x":89,"y":210,"width":876,"height":13}},{"id":"10b0a070-1e97-4a78-8bea-87650cee8975","block_type":"box","text":"countries are not in the eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":49,"box":{"x":89,"y":225,"width":802,"height":13}},{"id":"4afb10ab-fa52-47d9-9431-30ca6eae2ae9","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":49,"box":{"x":89,"y":252,"width":870,"height":12}},{"id":"4a76f94b-9314-4731-902f-697d16bb24f5","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":49,"box":{"x":89,"y":267,"width":831,"height":12}},{"id":"effe869c-ee99-4299-a8c9-83675af25d32","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":49,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"079d4ab5-f6a7-441f-afc7-97b43fec9020","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":49,"box":{"x":89,"y":297,"width":812,"height":12}},{"id":"e6a81562-789f-4688-9599-bc3e85e0ed9b","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":49,"box":{"x":89,"y":312,"width":814,"height":13}},{"id":"30fd3dff-648e-4d61-8d55-0b0f3f731bcd","block_type":"box","text":"movements of capital entering and exiting their country. Such controls may negatively affect a Fund’s investments. A default","page_number":49,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"c6e58436-0446-4f44-8b35-fb4cc2e975e1","block_type":"box","text":"or debt restructuring by any European country would adversely impact holders of that country’s debt and sellers of credit","page_number":49,"box":{"x":89,"y":342,"width":848,"height":13}},{"id":"806d4c1a-3dd4-4059-9459-1cac08804a29","block_type":"box","text":"default swaps linked to that country’s creditworthiness, which may be located in countries other than those listed above. In","page_number":49,"box":{"x":89,"y":358,"width":862,"height":12}},{"id":"db9a4c41-1b97-4370-8310-6c2a56d6e279","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":49,"box":{"x":89,"y":373,"width":871,"height":12}},{"id":"09ef8e7a-d0cb-4c26-9f2e-cfae3ac31536","block_type":"box","text":"the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe,","page_number":49,"box":{"x":88,"y":388,"width":860,"height":12}},{"id":"f19a44fc-89bc-45a5-bec8-7001ef7747bf","block_type":"box","text":"including countries that do not use the euro and non-EU member states. Responses to the financial problems by European","page_number":49,"box":{"x":89,"y":403,"width":857,"height":12}},{"id":"b85a1d5b-8d04-4b6d-9a6d-0bbc0da05f55","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":49,"box":{"x":89,"y":418,"width":871,"height":12}},{"id":"66d09c73-32bd-40ad-83e1-7f0e1c9ed79f","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":49,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"7c99ae81-27b3-4bb9-9c2c-2c8a5ca70420","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":49,"box":{"x":89,"y":448,"width":796,"height":13}},{"id":"fe17d26e-ff8f-4016-8c7f-ac7f8e1502ff","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":49,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"e86bd122-b671-4c8b-8578-8f056490ab6f","block_type":"box","text":"euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, is not clear","page_number":49,"box":{"x":89,"y":479,"width":856,"height":12}},{"id":"9368d9a2-2e7b-4dca-b485-5e25ed159254","block_type":"box","text":"but could be significant and far-reaching and could adversely impact the value of a Fund’s investments in the region.","page_number":49,"box":{"x":89,"y":494,"width":816,"height":12}},{"id":"24403f9f-2643-4a08-b9db-9fa0fa8081ae","block_type":"box","text":"The United Kingdom (the “U.K.”) left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or","page_number":49,"box":{"x":88,"y":520,"width":813,"height":12}},{"id":"7e26f524-cf20-40c1-ba44-d2047a7e7883","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":49,"box":{"x":88,"y":535,"width":802,"height":13}},{"id":"2a24d513-aadf-4cbe-abfd-d202f7054394","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":49,"box":{"x":89,"y":550,"width":382,"height":13}},{"id":"b0923a90-eee5-4834-8aa8-75e7f7f89466","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":49,"box":{"x":89,"y":577,"width":863,"height":12}},{"id":"8dfb1fc8-b2fd-4db3-b918-ccb576452a9b","block_type":"box","text":"to worsen, they could adversely affect European issuers that rely on the U.S. for trade. The national politics of countries in","page_number":49,"box":{"x":88,"y":592,"width":849,"height":12}},{"id":"55114a74-64e7-488e-9b05-2f6719f2dfa6","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":49,"box":{"x":89,"y":607,"width":872,"height":12}},{"id":"5bf70222-dcc6-4ded-97a1-b878176e3d04","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":49,"box":{"x":89,"y":622,"width":818,"height":12}},{"id":"a00e72bc-44d8-4a3a-9cf3-d9025fb0284a","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":49,"box":{"x":89,"y":637,"width":845,"height":13}},{"id":"69a84e86-5856-408f-8461-484253a17a25","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":49,"box":{"x":89,"y":652,"width":873,"height":13}},{"id":"025a09a6-b4e3-480e-b29f-98a9b083777b","block_type":"box","text":"financial markets. The impact of these events is not clear but could be significant and far-reaching and could adversely affect","page_number":49,"box":{"x":88,"y":668,"width":876,"height":12}},{"id":"e0ca5858-5aa1-46f1-bfd6-2e1915db4fb1","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":49,"box":{"x":88,"y":683,"width":328,"height":12}},{"id":"ad07fae5-29d2-4816-9412-4bf9d6149fff","block_type":"box","text":"Russian Invasion of Ukraine","page_number":49,"box":{"x":88,"y":709,"width":192,"height":11}},{"id":"a5dd8fd2-97f4-4892-9858-007ebf35dfdf","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":49,"box":{"x":281,"y":709,"width":680,"height":12}},{"id":"1ae766e2-67ad-491a-abed-9617fe347b52","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":49,"box":{"x":89,"y":724,"width":870,"height":13}},{"id":"94cc4010-a1f7-4c79-bae2-b8a3a4769d9c","block_type":"box","text":"the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian","page_number":49,"box":{"x":88,"y":739,"width":879,"height":13}},{"id":"31c19d0c-4c8c-4732-80b0-111d20af18e5","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":49,"box":{"x":89,"y":754,"width":869,"height":13}},{"id":"9c0b3566-aace-4b61-8699-c78821408836","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":49,"box":{"x":89,"y":770,"width":811,"height":12}},{"id":"2d0a53cb-f8a6-4ecd-9801-9106fc532b39","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":49,"box":{"x":89,"y":785,"width":862,"height":12}},{"id":"33a375fa-7b2d-45dc-a0e2-a8ed7b5ab8f0","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in which a Fund invests, or the","page_number":49,"box":{"x":89,"y":800,"width":863,"height":12}},{"id":"d342dbc9-5a70-4027-9d3f-9ca6011bd0d9","block_type":"box","text":"economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact the markets for","page_number":49,"box":{"x":89,"y":815,"width":879,"height":12}},{"id":"485029d9-96e0-4392-b01c-30fb8de63ad2","block_type":"box","text":"certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":49,"box":{"x":89,"y":830,"width":858,"height":12}},{"id":"d3612be1-3733-4c6d-ace5-c0865018f736","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":49,"box":{"x":89,"y":845,"width":468,"height":12}},{"id":"7bfcce10-d35a-479a-82f5-e506dad04030","block_type":"box","text":"23","page_number":49,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d92d35de-d462-477f-8fc6-ffb1a6465008","block_type":"box","text":"Risk of Investing in Japan.","page_number":50,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"e4b769e2-924e-4ce9-8160-196b07017446","block_type":"box","text":"Japan may be subject to political, economic, labor and other risks. Any of these risks, individually","page_number":50,"box":{"x":281,"y":44,"width":676,"height":12}},{"id":"f42d1a9c-7a22-43ac-ad54-e77720e29809","block_type":"box","text":"or in the aggregate, can impact an investment made in Japan.","page_number":50,"box":{"x":89,"y":59,"width":429,"height":12}},{"id":"025b66c3-5a43-4971-9757-92d6ea3dc8d9","block_type":"box","text":"Currency Risk","page_number":50,"box":{"x":89,"y":85,"width":95,"height":13}},{"id":"9e36b880-15ec-491f-91dc-0599f245a2e4","block_type":"box","text":". The Japanese yen has fluctuated widely at times and any increase in its value may cause a decline in exports","page_number":50,"box":{"x":184,"y":85,"width":763,"height":13}},{"id":"1159c0bf-10a9-4bd2-a10f-2f676f1ecac4","block_type":"box","text":"that could weaken the Japanese economy. Japan has, in the past, intervened in the currency markets to attempt to maintain","page_number":50,"box":{"x":88,"y":101,"width":863,"height":12}},{"id":"a40431d4-ae0d-4fda-84ad-b28ea3f1d1c6","block_type":"box","text":"or reduce the value of the yen. Japanese intervention in the currency markets could cause the value of the yen to fluctuate","page_number":50,"box":{"x":89,"y":116,"width":852,"height":12}},{"id":"14f956f8-b119-4658-aa85-abdc69b50a95","block_type":"box","text":"sharply and unpredictably and could cause losses to investors.","page_number":50,"box":{"x":89,"y":131,"width":436,"height":12}},{"id":"b2e21c91-5558-4477-9ea7-8221bdaab2cc","block_type":"box","text":"Economic Risk","page_number":50,"box":{"x":88,"y":157,"width":101,"height":10}},{"id":"48fb43ff-7ccb-40b6-bf5a-1dbb66753c08","block_type":"box","text":". The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed","page_number":50,"box":{"x":190,"y":157,"width":752,"height":13}},{"id":"2247613c-634a-4831-b18b-bd2009ab9c18","block_type":"box","text":"economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":50,"box":{"x":89,"y":172,"width":876,"height":13}},{"id":"eac86f87-608a-410e-81ae-f6d943ce3a93","block_type":"box","text":"it may remain low in the future. The Japanese economy is heavily dependent on international trade and has been adversely","page_number":50,"box":{"x":89,"y":188,"width":857,"height":12}},{"id":"8b9e4c03-0b82-44a5-8f9d-f639fff18be8","block_type":"box","text":"affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions","page_number":50,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"0f0f1def-982a-4a68-b81a-5ea0c7e02196","block_type":"box","text":"of its trading partners. Japan is also heavily dependent on oil imports, and higher commodity prices could therefore have a","page_number":50,"box":{"x":89,"y":218,"width":853,"height":12}},{"id":"e6615a73-222a-40f5-becf-6a71d425f6bd","block_type":"box","text":"negative impact on the Japanese economy.","page_number":50,"box":{"x":89,"y":233,"width":298,"height":12}},{"id":"0de80008-48d6-4532-8f4e-81bdc5daf276","block_type":"box","text":"Geographic Risk","page_number":50,"box":{"x":89,"y":259,"width":113,"height":13}},{"id":"c7f6f438-f88b-4669-a345-2fab19fe610d","block_type":"box","text":". Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or","page_number":50,"box":{"x":202,"y":259,"width":756,"height":13}},{"id":"c894cf8b-bfc1-4dc7-9815-7cc1c1307552","block_type":"box","text":"surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect a Fund.","page_number":50,"box":{"x":89,"y":274,"width":790,"height":13}},{"id":"98b84791-2f0d-422b-ac3a-7d014b4f9592","block_type":"box","text":"Labor Risk","page_number":50,"box":{"x":88,"y":301,"width":74,"height":10}},{"id":"ceb3a419-04cb-445f-8f74-2c8fc38951b0","block_type":"box","text":". Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor","page_number":50,"box":{"x":162,"y":301,"width":791,"height":12}},{"id":"560b889e-de89-4c56-a541-263265bcd462","block_type":"box","text":"market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime","page_number":50,"box":{"x":89,"y":316,"width":845,"height":12}},{"id":"3d760d80-3973-4f30-a54c-ecb609add532","block_type":"box","text":"employment adjusts to meet the need for increased labor mobility, which may adversely affect Japan’s economic","page_number":50,"box":{"x":89,"y":331,"width":786,"height":12}},{"id":"6f64744a-0b8f-4e1e-af42-cd7641861696","block_type":"box","text":"competitiveness.","page_number":50,"box":{"x":89,"y":347,"width":116,"height":12}},{"id":"8fc44ae6-9183-4cff-a605-1cc286e218a8","block_type":"box","text":"Large Government and Corporate Debt Risk","page_number":50,"box":{"x":88,"y":373,"width":306,"height":12}},{"id":"d944ab48-8eea-43f5-823a-00857dad21c3","block_type":"box","text":". The Japanese economy faces several concerns, including a financial system with","page_number":50,"box":{"x":394,"y":373,"width":568,"height":12}},{"id":"87ca17b9-27cf-4db2-acaa-4307abb6be9c","block_type":"box","text":"large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major","page_number":50,"box":{"x":89,"y":388,"width":799,"height":12}},{"id":"8471be8e-a2e1-4e65-98ea-b68a015390c9","block_type":"box","text":"corporations, a changing corporate governance structure, and large government deficits. These issues may cause a","page_number":50,"box":{"x":89,"y":403,"width":806,"height":12}},{"id":"47258a00-a09f-43a1-8bc3-3683789d591d","block_type":"box","text":"slowdown of the Japanese economy.","page_number":50,"box":{"x":89,"y":418,"width":253,"height":12}},{"id":"ed156af5-c102-41a7-ba56-7242b3d673d6","block_type":"box","text":"Political Risk","page_number":50,"box":{"x":88,"y":445,"width":88,"height":9}},{"id":"ed4c31a3-f598-406c-9c6e-2ad87c72546d","block_type":"box","text":". Historically, Japan has had unpredictable national politics and may experience frequent political turnover. Future","page_number":50,"box":{"x":176,"y":445,"width":790,"height":12}},{"id":"33cb9f04-dc2a-4c17-b7f4-46b4f3d9b94f","block_type":"box","text":"political developments may lead to changes in policy that might adversely affect a Fund’s investments. In addition, China has","page_number":50,"box":{"x":89,"y":460,"width":873,"height":12}},{"id":"fe6a06f2-75c6-44d3-bd3b-460f2ae053dd","block_type":"box","text":"become an important trading partner with Japan. Japan’s political relationship with China, however, has been strained. Should","page_number":50,"box":{"x":89,"y":475,"width":877,"height":12}},{"id":"f1e588df-d43c-4d0e-9b71-0c7ebaf6840f","block_type":"box","text":"political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.","page_number":50,"box":{"x":89,"y":490,"width":773,"height":12}},{"id":"b0c3b611-e5bf-4c50-95ad-cee302ed0e29","block_type":"box","text":"Security Risk.","page_number":50,"box":{"x":88,"y":516,"width":91,"height":13}},{"id":"bdf93f0d-9abd-4209-9b02-edad307b5002","block_type":"box","text":"Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been","page_number":50,"box":{"x":184,"y":516,"width":780,"height":13}},{"id":"2bcb2d13-6a38-4189-891c-dcd331a4656f","block_type":"box","text":"strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has","page_number":50,"box":{"x":89,"y":531,"width":869,"height":13}},{"id":"753de417-94b7-437e-825f-0957bccdfbdc","block_type":"box","text":"shown concern over the increased nuclear and military activity by North Korea and China. Strained relations may cause","page_number":50,"box":{"x":89,"y":547,"width":831,"height":12}},{"id":"eb10a450-a4b8-483a-ac7e-6ae36e9cb250","block_type":"box","text":"uncertainty in the Japanese markets and adversely affect the overall Japanese economy, particularly in times of crisis.","page_number":50,"box":{"x":89,"y":562,"width":812,"height":12}},{"id":"892cfe1f-9969-436a-bf82-eaf1760f6c39","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":50,"box":{"x":89,"y":588,"width":255,"height":12}},{"id":"4e2983ba-861c-46c7-9797-a7f5eaa6d7d4","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":50,"box":{"x":353,"y":588,"width":596,"height":12}},{"id":"fa811d1e-bb47-4330-ae0a-f9d04eb8f9f8","block_type":"box","text":"and legal systems in such countries may have an adverse impact on a Fund. Many economies in the Middle East are highly","page_number":50,"box":{"x":89,"y":603,"width":857,"height":13}},{"id":"13115f0d-7a3e-44d2-91ff-ec53b2ad4f75","block_type":"box","text":"reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas, and","page_number":50,"box":{"x":89,"y":618,"width":857,"height":13}},{"id":"12397aa9-378d-48f0-a9d4-81229cab4512","block_type":"box","text":"their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As","page_number":50,"box":{"x":88,"y":633,"width":844,"height":13}},{"id":"2f0fb94e-975e-4bab-8216-b85bceeef476","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":50,"box":{"x":89,"y":649,"width":789,"height":12}},{"id":"857e2f17-38cb-4641-9b56-24326ce50b9f","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":50,"box":{"x":89,"y":675,"width":837,"height":12}},{"id":"7f318bb0-af15-4b56-acd4-11ec8c00a575","block_type":"box","text":"aspects of the private sector. In certain cases, a Middle Eastern country’s government may own or control many companies,","page_number":50,"box":{"x":89,"y":690,"width":866,"height":13}},{"id":"e3dc0458-abab-4cbd-a505-7b28b11d4d36","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":50,"box":{"x":89,"y":705,"width":819,"height":13}},{"id":"6681d8b4-b24a-4665-873e-aa2776822770","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":50,"box":{"x":89,"y":720,"width":875,"height":13}},{"id":"24aedf97-eeaf-4650-b71a-979856179159","block_type":"box","text":"as well as the value of securities in a Fund’s portfolio.","page_number":50,"box":{"x":89,"y":736,"width":369,"height":12}},{"id":"30f0a726-84fe-4f78-998f-fcbe27860df0","block_type":"box","text":"Certain Middle Eastern markets are in the earliest stages of development. As a result, there may be a high concentration of","page_number":50,"box":{"x":89,"y":762,"width":858,"height":12}},{"id":"de481bb7-4172-4ecf-85d9-852fb099bb3a","block_type":"box","text":"market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as","page_number":50,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"a10ffd31-0cd5-4481-8c7a-54e65c2a9c66","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":50,"box":{"x":89,"y":792,"width":832,"height":13}},{"id":"b97234ac-9851-4b41-9b84-bf2e3f926b7d","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":50,"box":{"x":89,"y":807,"width":361,"height":13}},{"id":"7c22fc38-d1d8-415c-a07d-871c744d6ecb","block_type":"box","text":"The legal systems in certain Middle Eastern countries also may have an adverse impact on a Fund. For example, the potential","page_number":50,"box":{"x":88,"y":834,"width":874,"height":12}},{"id":"6e607dbd-5ecb-443f-933b-f9c918e25269","block_type":"box","text":"liability of a shareholder in a U.S. corporation with respect to acts of the corporation generally is limited to the amount of the","page_number":50,"box":{"x":89,"y":849,"width":871,"height":12}},{"id":"e4eae18e-1033-41fc-821d-be993d548e30","block_type":"box","text":"shareholder’s investment. However, the notion of limited liability is less clear in certain Middle Eastern countries. A Fund","page_number":50,"box":{"x":89,"y":864,"width":838,"height":12}},{"id":"b59cf61e-a120-47fa-a84f-5c03370ba652","block_type":"box","text":"24","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"61ed43ee-240c-4bc9-809a-4dfe6d956299","block_type":"box","text":"therefore may be liable in certain Middle Eastern countries for the acts of a corporation in which it invests for an amount","page_number":51,"box":{"x":88,"y":44,"width":843,"height":12}},{"id":"ae7de360-3b07-48d5-b3e0-619a3b57d466","block_type":"box","text":"greater than its actual investment in that corporation. Similarly, the rights of investors in Middle Eastern issuers may be more","page_number":51,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"1e6be4f3-f40e-414a-8401-04d026094c31","block_type":"box","text":"limited than those of shareholders of a U.S. corporation. It may be difficult or impossible to obtain or enforce a legal","page_number":51,"box":{"x":89,"y":74,"width":807,"height":12}},{"id":"616acf55-f9e7-4c28-97df-3583242f457f","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":51,"box":{"x":88,"y":89,"width":809,"height":13}},{"id":"4b92854e-84c0-4f4a-9eae-b624dd5d32e4","block_type":"box","text":"investments in their capital markets, particularly their equity markets, by foreign entities such as a Fund. For example, certain","page_number":51,"box":{"x":89,"y":104,"width":872,"height":13}},{"id":"f10cfa1b-5459-451c-8976-3ffca78d021c","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":51,"box":{"x":89,"y":119,"width":852,"height":13}},{"id":"9377bf49-fab4-45c7-a884-8b6d2182e2c4","block_type":"box","text":"foreign persons in a particular issuer. Certain Middle Eastern countries may also limit investment by foreign persons to only a","page_number":51,"box":{"x":88,"y":135,"width":873,"height":12}},{"id":"aa62bb80-9461-4f41-a01c-1a72072b00fe","block_type":"box","text":"specific class of securities of an issuer that may have less advantageous terms (including price) than securities of the issuer","page_number":51,"box":{"x":89,"y":150,"width":863,"height":12}},{"id":"af14e81a-7fb2-4fb7-a9fb-5b38e7e5327b","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":51,"box":{"x":89,"y":165,"width":515,"height":12}},{"id":"20dd3132-c06c-45a8-ba2f-7e0b0f010095","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain Middle Eastern countries, as well as limitations on","page_number":51,"box":{"x":88,"y":191,"width":870,"height":13}},{"id":"c69ae197-6a4a-49f1-bb29-0ca1410463d4","block_type":"box","text":"those investments, may have an adverse impact on the operations of a Fund. For example, in certain of these countries, a","page_number":51,"box":{"x":88,"y":206,"width":847,"height":13}},{"id":"a493229b-656d-493e-aa8c-586cff42d85b","block_type":"box","text":"Fund may be required to invest initially through a local broker or other entity and then have the shares that were purchased","page_number":51,"box":{"x":89,"y":222,"width":861,"height":12}},{"id":"913d9a0f-2e2d-405d-992a-031db14bf194","block_type":"box","text":"re-registered in the name of a Fund. Re-registration in some instances may not be possible on a timely basis. This may result","page_number":51,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"a08ced42-4777-4fd8-a45f-98cb0d200ad2","block_type":"box","text":"in a delay during which a Fund may be denied certain of its rights as an investor, including rights as to dividends or to be","page_number":51,"box":{"x":89,"y":252,"width":842,"height":12}},{"id":"c016a3d1-cab5-4f76-b9b0-aa34f7f5f876","block_type":"box","text":"made aware of certain corporate actions. There also may be instances where a Fund places a purchase order but is","page_number":51,"box":{"x":89,"y":267,"width":803,"height":12}},{"id":"86c01efa-7277-4b15-8aa0-5546b16278ad","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":51,"box":{"x":89,"y":282,"width":853,"height":12}},{"id":"a2c1798c-4245-483d-9043-34406cc770c9","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":51,"box":{"x":89,"y":297,"width":697,"height":12}},{"id":"dbc6b619-8eff-4ded-8864-6ad1b0e5c04c","block_type":"box","text":"Substantial limitations may exist in certain Middle Eastern countries with respect to a Fund’s ability to repatriate investment","page_number":51,"box":{"x":88,"y":324,"width":866,"height":12}},{"id":"099b2f37-0da5-40dd-bf83-8c7f5cbad57b","block_type":"box","text":"income or capital gains. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental","page_number":51,"box":{"x":89,"y":339,"width":844,"height":12}},{"id":"c0e979d8-5bb8-4d71-afec-6497ce703311","block_type":"box","text":"approval for repatriation of capital, as well as by the application to a Fund of any restrictions on investment.","page_number":51,"box":{"x":89,"y":354,"width":750,"height":12}},{"id":"cd2a6218-e2ec-48b3-9c17-ace0f7bf4096","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":51,"box":{"x":89,"y":380,"width":867,"height":13}},{"id":"23b6447c-f9f4-45c9-80ca-efb241d77694","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":51,"box":{"x":89,"y":395,"width":873,"height":13}},{"id":"1263204e-9fca-4206-902c-d26c3789e1d4","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":51,"box":{"x":89,"y":410,"width":866,"height":13}},{"id":"e1fa4c33-5e9c-40ad-a5bc-68b25be70dfe","block_type":"box","text":"and may continue to be adversely impacted by economic conditions in the countries with which they trade. In addition,","page_number":51,"box":{"x":89,"y":426,"width":835,"height":12}},{"id":"ad687d59-d6e7-4145-9284-dba84ab6e804","block_type":"box","text":"certain issuers located in Middle Eastern countries in which a Fund invests may operate in, or have dealings with, countries","page_number":51,"box":{"x":89,"y":441,"width":859,"height":12}},{"id":"834655d1-cb04-4ef9-b36f-4658fd324164","block_type":"box","text":"subject to sanctions and/or embargoes imposed by the U.S. government and the United Nations, and/or countries identified","page_number":51,"box":{"x":89,"y":456,"width":871,"height":12}},{"id":"cafad2ee-8fb8-4cd2-b645-702ff73ab580","block_type":"box","text":"by the U.S. government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":51,"box":{"x":89,"y":471,"width":835,"height":12}},{"id":"16f0bd0f-3552-4d70-944a-6125f4abba28","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be","page_number":51,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"ec695e9a-4572-4694-98bf-516d8d747438","block_type":"box","text":"indirectly subject to those risks.","page_number":51,"box":{"x":89,"y":501,"width":219,"height":13}},{"id":"6960cbf6-d2a3-47a1-a989-37e05b938339","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":51,"box":{"x":89,"y":528,"width":830,"height":12}},{"id":"36936d25-2d7c-45e5-88bf-5c206c05aeb0","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":51,"box":{"x":89,"y":543,"width":865,"height":12}},{"id":"937a690a-ce6f-4cb2-a554-0bc94915d085","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":51,"box":{"x":89,"y":558,"width":814,"height":12}},{"id":"ba60c8ee-d8c8-4ba8-8e83-ab98817227e7","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":51,"box":{"x":88,"y":573,"width":832,"height":12}},{"id":"767b36c8-0f84-476a-a02d-8ec4045a0f86","block_type":"box","text":"territorial control by terrorist groups in the region, which has led to an outbreak of warfare and hostilities. Warfare in Syria has","page_number":51,"box":{"x":88,"y":588,"width":880,"height":12}},{"id":"eda59b4f-43fd-4f01-ba0c-b411cb1f64af","block_type":"box","text":"spread to surrounding areas, including many portions of Iraq and Turkey. Such hostilities may continue into the future or may","page_number":51,"box":{"x":89,"y":603,"width":878,"height":13}},{"id":"ae7e709f-9c01-4e2e-a2b8-8fa5994599a6","block_type":"box","text":"escalate at any time due to ethnic, racial, political, religious or ideological tensions between groups in the region or foreign","page_number":51,"box":{"x":89,"y":618,"width":855,"height":13}},{"id":"4e153519-3ae2-40fd-a8bb-95ed9805e5f3","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":51,"box":{"x":89,"y":633,"width":397,"height":13}},{"id":"c66a209e-b1f1-452c-8696-26fb6991e95a","block_type":"box","text":"Risk of Investing in the United Kingdom.","page_number":51,"box":{"x":89,"y":660,"width":288,"height":12}},{"id":"222e5f16-29ea-4a41-8711-1da42f9b5396","block_type":"box","text":"Investment in U.K. issuers will subject a Fund to regulatory, political, currency,","page_number":51,"box":{"x":387,"y":660,"width":541,"height":12}},{"id":"c3293513-e979-494f-b039-6b79987fb194","block_type":"box","text":"security, and economic risks specific to the U.K. The U.K. economy relies heavily on the export of financial services to the U.S.","page_number":51,"box":{"x":89,"y":675,"width":872,"height":12}},{"id":"e69fe46b-afc1-4d63-a65e-f198d7c780b7","block_type":"box","text":"and other European countries. A prolonged slowdown in the financial services sector may have a negative impact on the","page_number":51,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"2377a6a7-3f43-4be5-8cf8-e2c105da433e","block_type":"box","text":"U.K.’s economy. In the past, the U.K. has been a target of terrorism. Acts of terrorism in the U.K. or against U.K. interests","page_number":51,"box":{"x":89,"y":705,"width":833,"height":13}},{"id":"81aaf52a-9651-4701-af2a-4c83b4fc9c94","block_type":"box","text":"abroad may cause uncertainty in the U.K. financial markets and adversely affect the performance of the issuers to which a","page_number":51,"box":{"x":89,"y":720,"width":851,"height":13}},{"id":"49e64fdc-3c0a-450b-b1a9-f93e5b3b3781","block_type":"box","text":"Fund has exposure. Secessionist movements, such as the Catalan movement in Spain and the independence movement in","page_number":51,"box":{"x":89,"y":736,"width":855,"height":12}},{"id":"1f5d29ee-2f8e-4135-a26b-d58ece43c380","block_type":"box","text":"Scotland, may have an adverse effect on the U.K. economy.","page_number":51,"box":{"x":88,"y":751,"width":411,"height":12}},{"id":"5649ad54-3fae-4d44-a5ec-9093a05317dc","block_type":"box","text":"On January 31, 2020, the U.K. officially left the EU (Brexit), subject to a transitional period that ended December 31, 2020. The","page_number":51,"box":{"x":89,"y":777,"width":873,"height":12}},{"id":"d1a23cc2-7f34-466a-bb1b-659b58ee5ffe","block_type":"box","text":"U.K. and EU have reached an agreement on the terms of their future trading relationship effective January 1, 2021, which","page_number":51,"box":{"x":89,"y":792,"width":839,"height":13}},{"id":"b174cc6b-2b79-458d-bd7f-7594f6d151f7","block_type":"box","text":"principally relates to the trading of goods rather than services, including financial services. Further discussions are to be held","page_number":51,"box":{"x":89,"y":807,"width":870,"height":13}},{"id":"61258f63-fd39-469e-b43c-10821fcfd335","block_type":"box","text":"between the U.K. and the EU in relation to matters not covered by the trade agreement, such as financial services. A Fund will","page_number":51,"box":{"x":89,"y":822,"width":874,"height":13}},{"id":"553aa4bc-f366-4d10-be4f-10218e1e77f4","block_type":"box","text":"face risks associated with the potential uncertainty and consequences that may follow Brexit, including with respect to","page_number":51,"box":{"x":88,"y":838,"width":831,"height":12}},{"id":"90679dc4-e752-435a-9dd9-4a5d73b4dc6e","block_type":"box","text":"volatility in exchange rates and interest rates. Brexit could adversely affect European or worldwide political, regulatory,","page_number":51,"box":{"x":88,"y":853,"width":825,"height":12}},{"id":"5636e935-c2b0-4a04-9604-bd89b63f39b7","block_type":"box","text":"25","page_number":51,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c81d3160-33c5-4359-9b0e-8774d7453351","block_type":"box","text":"economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and","page_number":52,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"9ce0f557-62f5-4be1-86df-770952010529","block_type":"box","text":"financial markets. Brexit has also led to legal uncertainty and could lead to politically divergent national laws and regulations","page_number":52,"box":{"x":88,"y":59,"width":870,"height":12}},{"id":"9f5c08f0-48ff-4f16-8825-bb86ebdb9e3d","block_type":"box","text":"as a new relationship between the U.K. and EU is defined and the U.K. determines which EU laws to replace or replicate. Any","page_number":52,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"de8a39a0-9636-422d-a6bf-4370988da584","block_type":"box","text":"of these effects of Brexit could adversely affect any of the companies to which a Fund has exposure and any other assets that","page_number":52,"box":{"x":89,"y":89,"width":876,"height":13}},{"id":"cb069e9c-c9bf-4cbe-8bbe-15210badfaf2","block_type":"box","text":"a Fund invests in. The political, economic and legal consequences of Brexit are not yet known. In the short term, financial","page_number":52,"box":{"x":89,"y":104,"width":846,"height":13}},{"id":"89d8cda4-28d2-471b-85ce-07a869608260","block_type":"box","text":"markets may experience heightened volatility, particularly those in the U.K. and Europe, but possibly worldwide. The U.K. and","page_number":52,"box":{"x":89,"y":119,"width":872,"height":13}},{"id":"94a3351c-f75f-4ee9-8ed0-78ac1926d4f7","block_type":"box","text":"Europe may be less stable than they have been in recent years, and investments in the U.K. and the EU may be difficult to","page_number":52,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"b7c91bb6-42ee-4c3c-9fbe-6cbaa2568ef9","block_type":"box","text":"value or subject to greater or more frequent volatility. In the longer term, there is likely to be a period of significant political,","page_number":52,"box":{"x":88,"y":150,"width":860,"height":12}},{"id":"1c0ba606-a44c-43af-baf5-671dbe8bcc3e","block_type":"box","text":"regulatory and commercial uncertainty as the U.K. continues to negotiate the terms of its future trading relationships.","page_number":52,"box":{"x":89,"y":165,"width":822,"height":12}},{"id":"13f40a91-7ca0-492f-bd6b-9b8bb38e141a","block_type":"box","text":"Recently, the U.K.’s real estate sector has experienced significant volatility and declines in the value of many real estate","page_number":52,"box":{"x":89,"y":180,"width":827,"height":12}},{"id":"34cbd4c5-1f46-4b0c-bcd8-63362bfe0d17","block_type":"box","text":"securities, including real estate funds, REITs and real estate holding companies. Increased volatility and investor redemption","page_number":52,"box":{"x":89,"y":195,"width":864,"height":12}},{"id":"a0db30f7-e0ab-4670-b5d5-95dfe4b232fe","block_type":"box","text":"requests in real estate funds may result in the continued decline in the value and liquidity of real estate securities, which may","page_number":52,"box":{"x":89,"y":210,"width":872,"height":13}},{"id":"15f8ac18-cefa-4241-bb05-59d02e6cc534","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities.","page_number":52,"box":{"x":89,"y":225,"width":508,"height":13}},{"id":"71395ece-5993-4fa3-ac79-c2954990731f","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":52,"box":{"x":89,"y":252,"width":264,"height":12}},{"id":"2713e5eb-67b4-4e40-87b4-4f93faadea85","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":52,"box":{"x":362,"y":252,"width":597,"height":12}},{"id":"a240edc5-0a53-43b7-b91a-9ad588d0e803","block_type":"box","text":"foreign investor in, certain countries in which a Fund invests. As a result, economic conditions of such countries may be","page_number":52,"box":{"x":88,"y":267,"width":838,"height":12}},{"id":"1337a7b5-657a-40f2-bb61-e6548755f626","block_type":"box","text":"particularly affected by changes in the U.S. economy. A decrease in U.S. imports or exports, new trade and financial","page_number":52,"box":{"x":89,"y":282,"width":803,"height":12}},{"id":"9fc36b86-7189-4732-8bcf-5323af13db5a","block_type":"box","text":"regulations or tariffs, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":52,"box":{"x":89,"y":297,"width":838,"height":12}},{"id":"dea24fbe-b962-492d-ae8c-a1c2b55818e1","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which a Fund has exposure. Circumstances","page_number":52,"box":{"x":89,"y":312,"width":862,"height":13}},{"id":"cfffd215-2986-42b7-bcce-0484a02fefc9","block_type":"box","text":"could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":52,"box":{"x":89,"y":327,"width":838,"height":13}},{"id":"e0fba56a-48f2-49ac-ad82-73348c1c3496","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":52,"box":{"x":89,"y":342,"width":874,"height":13}},{"id":"dd2f9425-abb6-4cb6-aaf1-f14f80f3ac05","block_type":"box","text":"global financial system.","page_number":52,"box":{"x":89,"y":358,"width":162,"height":12}},{"id":"c39e4ed2-38ac-4e19-91cb-7636b1f1218a","block_type":"box","text":"There are strained relations between the U.S. and a number of foreign countries. If these relations were to worsen, it could","page_number":52,"box":{"x":88,"y":384,"width":854,"height":12}},{"id":"e2aad3c9-6cd5-4100-a927-4a309b6e081b","block_type":"box","text":"adversely affect U.S. issuers as well as non-U.S. issuers that rely on the U.S. for trade. The U.S. has also experienced increased","page_number":52,"box":{"x":89,"y":399,"width":873,"height":13}},{"id":"9e50fe9b-90e8-4492-9873-38bddb2e70ab","block_type":"box","text":"internal unrest and discord. If this trend were to continue, it may have an adverse impact on the U.S. economy and many of","page_number":52,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"5b2bc40c-fad1-453b-9cd0-cf98845d4f8b","block_type":"box","text":"the issuers in which a Fund invests.","page_number":52,"box":{"x":88,"y":429,"width":247,"height":10}},{"id":"7b5668f6-5d3c-46c2-a6f5-10ee2814c710","block_type":"box","text":"Risk of Investing in the Basic Materials Industry.","page_number":52,"box":{"x":89,"y":456,"width":344,"height":12}},{"id":"cdfef992-99b5-43fa-b958-fe47e818edcc","block_type":"box","text":"Issuers in the basic materials industry could be adversely affected by","page_number":52,"box":{"x":443,"y":456,"width":477,"height":12}},{"id":"55c56ed9-f27a-4fff-a3f5-e8ba4f3bc5a0","block_type":"box","text":"commodity price volatility, inflation, exchange rate fluctuations, social and political unrest, import controls and increased","page_number":52,"box":{"x":89,"y":471,"width":845,"height":12}},{"id":"c80e50cc-7613-4133-b0d3-61f1f4d3c81f","block_type":"box","text":"competition. Companies in the basic materials industry may be subject to swift fluctuations in supply and demand.","page_number":52,"box":{"x":89,"y":486,"width":804,"height":12}},{"id":"07dc4d13-193a-4343-b7e5-8ab444953737","block_type":"box","text":"Fluctuations may be caused by events relating to political and economic developments, the environmental impact of basic","page_number":52,"box":{"x":89,"y":501,"width":854,"height":13}},{"id":"1f0a6e64-e9f5-414c-9738-121445765b28","block_type":"box","text":"materials operations, and the success of exploration projects. Production of industrial materials often exceeds demand as a","page_number":52,"box":{"x":89,"y":516,"width":862,"height":13}},{"id":"49bb059c-5036-4da4-b563-c837337fae9e","block_type":"box","text":"result of over-building or economic downturns, leading to poor investment returns. Issuers in the basic materials industry are","page_number":52,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"9207ffea-b779-47ed-b499-78b84a47dc1e","block_type":"box","text":"at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, delays","page_number":52,"box":{"x":89,"y":547,"width":874,"height":12}},{"id":"76e95872-6969-422f-ae14-340437ff4cd1","block_type":"box","text":"in technical progress, labor relations, tax and government regulations related to changes to, among other things, energy and","page_number":52,"box":{"x":89,"y":562,"width":871,"height":12}},{"id":"28a43380-0365-4b93-acb9-61a106a31694","block_type":"box","text":"environmental policies.","page_number":52,"box":{"x":89,"y":577,"width":160,"height":12}},{"id":"afc1d740-44f3-495a-9138-c31b0253703b","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":52,"box":{"x":89,"y":603,"width":401,"height":13}},{"id":"5a24697b-63a7-44e9-8c93-4e0f1dda8a55","block_type":"box","text":"The communication services sector consists of both companies in","page_number":52,"box":{"x":498,"y":603,"width":464,"height":13}},{"id":"3b146822-5859-4e40-85d0-fb64969d24af","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":52,"box":{"x":88,"y":618,"width":877,"height":13}},{"id":"2c417631-8af3-4bda-a643-aaaafe67eb9b","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":52,"box":{"x":88,"y":633,"width":774,"height":13}},{"id":"4285e7ed-16c9-419f-9167-266f86c37d08","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":52,"box":{"x":88,"y":649,"width":860,"height":12}},{"id":"05a2af10-87ca-4cd5-b618-afd3f2bfda01","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":52,"box":{"x":89,"y":664,"width":841,"height":12}},{"id":"435d5deb-06c8-4657-8657-6be3ab9fbc26","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":52,"box":{"x":89,"y":679,"width":851,"height":12}},{"id":"6a4ffbe9-30ac-402b-807d-3fa8e9511b9e","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":52,"box":{"x":89,"y":694,"width":822,"height":12}},{"id":"ce2f2344-ed63-4d30-942d-731aa6cdebb7","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":52,"box":{"x":89,"y":709,"width":803,"height":12}},{"id":"19b1a2fc-057e-473c-988d-2b5c79deda34","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":52,"box":{"x":89,"y":724,"width":808,"height":13}},{"id":"3b52f398-8977-42a1-b363-eaa3864f89a9","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":52,"box":{"x":89,"y":739,"width":870,"height":13}},{"id":"ce603d59-ea9b-46e1-b9fe-bc409cf7003b","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":52,"box":{"x":89,"y":754,"width":848,"height":13}},{"id":"99bcb289-6c7a-41a1-8ac0-a3422963831c","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":52,"box":{"x":89,"y":770,"width":702,"height":12}},{"id":"07c7e2f3-54d0-4bdc-9c90-c76ed7ace15f","block_type":"box","text":"The communication services sector of a country’s economy is often subject to extensive government regulation. The costs of","page_number":52,"box":{"x":88,"y":796,"width":879,"height":12}},{"id":"09acfe10-08a8-4cdc-96b8-ff455027ee2f","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":52,"box":{"x":89,"y":811,"width":875,"height":12}},{"id":"a93644d1-eb9f-4d09-b159-682124740f12","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":52,"box":{"x":89,"y":826,"width":867,"height":13}},{"id":"af1beff1-4725-45da-b01b-a521f8bbfb5a","block_type":"box","text":"world, specifically in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. The","page_number":52,"box":{"x":88,"y":841,"width":843,"height":13}},{"id":"d91262e4-3338-4a70-942f-97354aefb96e","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":52,"box":{"x":89,"y":856,"width":828,"height":13}},{"id":"9ab8f955-f9bf-48ad-b2bf-cf91a13515ad","block_type":"box","text":"26","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"50dfd1d8-accd-4298-b93c-801eda821baf","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":53,"box":{"x":89,"y":44,"width":837,"height":12}},{"id":"d7bee6bd-cdcd-4bd7-a500-bd48f0ef17f4","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":53,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"16905ffd-ef4a-4f4e-80d1-d44ea61ff68c","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":53,"box":{"x":89,"y":74,"width":803,"height":12}},{"id":"a2a2e50f-9b9f-442f-acf9-ecc226457df3","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":53,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"ade72abe-2b0b-4cec-8485-17b655244955","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":53,"box":{"x":89,"y":104,"width":799,"height":13}},{"id":"098e80c0-aff6-4c3e-bb13-b0a298dc9432","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":53,"box":{"x":89,"y":119,"width":683,"height":13}},{"id":"31c1b720-da5c-4604-93ab-0f3fc59d3842","block_type":"box","text":"Telecommunications providers with exposure to the U.S. are generally required to obtain franchises or licenses in order to","page_number":53,"box":{"x":88,"y":146,"width":850,"height":12}},{"id":"e162dd21-18ff-4f47-9f95-df2fabfdc541","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":53,"box":{"x":89,"y":161,"width":864,"height":12}},{"id":"7f9b9c9a-ad62-49ad-bf32-58bda2a9b19d","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":53,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"85cf4b5c-73ae-4fa7-a261-3f3e9be8a6aa","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":53,"box":{"x":89,"y":191,"width":818,"height":13}},{"id":"303bf005-30be-4f37-b7f6-281a51fb96c1","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":53,"box":{"x":89,"y":206,"width":826,"height":13}},{"id":"785b2427-32eb-4f2a-a2ca-3ea7113339ca","block_type":"box","text":"subject to similar risks. Additional risks include those related to competitive challenges in the U.S. from non-U.S. competitors","page_number":53,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"126a2bfa-cd62-4712-94c5-4247a3ec12f2","block_type":"box","text":"engaged in strategic joint ventures with U.S. companies and in non-U.S. markets from both U.S. and non-U.S. competitors.","page_number":53,"box":{"x":89,"y":237,"width":856,"height":12}},{"id":"bd141930-2a62-4031-be55-03cf47a24f0f","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":53,"box":{"x":89,"y":263,"width":868,"height":12}},{"id":"f6d74a9d-9fc4-4a82-bc4c-cb76ae3d5be0","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":53,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"c22e00cd-eab6-4893-9119-ba4e3b342dcb","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":53,"box":{"x":89,"y":293,"width":833,"height":13}},{"id":"2bcf710a-968b-44a2-a465-f45e6d53aac2","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":53,"box":{"x":89,"y":308,"width":840,"height":13}},{"id":"55a3aa24-67da-434a-a777-2a37b7495cff","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":53,"box":{"x":88,"y":324,"width":823,"height":12}},{"id":"27c20837-07d6-4abf-9a0f-a7a011b020dc","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":53,"box":{"x":89,"y":339,"width":859,"height":12}},{"id":"ed1bf60c-71d9-4425-8bd1-dd099f8be0d9","block_type":"box","text":"less revenue.","page_number":53,"box":{"x":89,"y":354,"width":88,"height":10}},{"id":"e0dae115-0896-4463-b3d2-11f186515d80","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":53,"box":{"x":89,"y":380,"width":397,"height":13}},{"id":"3cc04655-e3a7-4fd0-9247-c70de9bf2d54","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":53,"box":{"x":495,"y":380,"width":446,"height":13}},{"id":"2ace043f-69f9-46ec-8cfa-55152da37c54","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":53,"box":{"x":89,"y":395,"width":861,"height":13}},{"id":"b5875e7a-8ca0-499c-997d-0424d3e0e5d4","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":53,"box":{"x":89,"y":410,"width":872,"height":13}},{"id":"9aa2457d-7e38-4394-aa38-bde963ef3069","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":53,"box":{"x":89,"y":426,"width":850,"height":12}},{"id":"0dd77a66-ed3f-43d0-9f01-b321c5ad54af","block_type":"box","text":"related services, automobiles, hotels and motels, and fast food and other restaurants) are subject to the risk that their","page_number":53,"box":{"x":89,"y":441,"width":822,"height":12}},{"id":"7a926e21-596c-4497-9340-ae8fddef379c","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":53,"box":{"x":89,"y":456,"width":827,"height":12}},{"id":"c4d312c0-2fd7-486f-af47-fe88ff080cb8","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":53,"box":{"x":89,"y":471,"width":850,"height":12}},{"id":"d44bf9df-ee86-4d80-b7b2-ac73a4024cba","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":53,"box":{"x":89,"y":486,"width":838,"height":12}},{"id":"3fa642e2-a2a2-4864-8aa6-7d2146a3c6be","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":53,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"e235e6b9-bd98-480e-8b9e-2e459bd3e4d6","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":53,"box":{"x":89,"y":516,"width":823,"height":13}},{"id":"0038d870-aa21-428b-8142-97fd16004cea","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":53,"box":{"x":89,"y":531,"width":834,"height":13}},{"id":"d042585a-fd2c-4163-8e0b-87e457c3f71c","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":53,"box":{"x":89,"y":547,"width":741,"height":12}},{"id":"f55650d5-b0c5-4c9d-9f49-74f7c2c3a66d","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":53,"box":{"x":89,"y":573,"width":352,"height":12}},{"id":"c2510629-fad8-47c9-ab6f-89852e426805","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":53,"box":{"x":450,"y":573,"width":504,"height":12}},{"id":"2027a07d-81bc-4ccc-8869-3c3219df6734","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":53,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"efb7a71a-7bde-4191-b656-9ff8cf63e76b","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":53,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"7c0b81fb-5bb5-4251-9b2b-53940542f001","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":53,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"fa9fe502-970c-456c-bbbe-27dfc8d5dcae","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":53,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"84232bb5-3f2b-4403-b1a1-e51d90f02854","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":53,"box":{"x":88,"y":649,"width":849,"height":12}},{"id":"1ce2de2c-36fe-4ac1-9d5a-603719a8446d","block_type":"box","text":"adoption of proposed legislation and/or by litigation. Companies in the consumer staples sector also may be subject to risks","page_number":53,"box":{"x":89,"y":664,"width":869,"height":12}},{"id":"32169eb4-4376-4aff-af43-0379820ec6d6","block_type":"box","text":"pertaining to the supply of, demand for and prices of raw materials. The prices of raw materials fluctuate in response to a","page_number":53,"box":{"x":89,"y":679,"width":847,"height":12}},{"id":"c0ed3f98-c2a1-46bf-b140-434e090cb174","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":53,"box":{"x":89,"y":694,"width":838,"height":12}},{"id":"2b3fbbe6-c238-4bca-b1bb-eb87009cb963","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":53,"box":{"x":89,"y":709,"width":864,"height":12}},{"id":"f09d7e86-8e4c-4a1e-8dea-7ecfd21e5b85","block_type":"box","text":"Companies in the consumer staples sector may be subject to severe competition, which may also have an adverse impact on","page_number":53,"box":{"x":89,"y":724,"width":872,"height":13}},{"id":"2d1e8bb5-b8ee-4862-b509-7c32320528ae","block_type":"box","text":"their profitability.","page_number":53,"box":{"x":88,"y":739,"width":118,"height":13}},{"id":"35b9d2ed-c13a-44eb-afca-9a07f1e6a74a","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":53,"box":{"x":89,"y":766,"width":270,"height":12}},{"id":"39cfe2d7-5248-494e-ba53-17441c80f111","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":53,"box":{"x":369,"y":766,"width":590,"height":12}},{"id":"f8a95116-d899-47a5-b258-5632e8ac47fb","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":53,"box":{"x":89,"y":781,"width":788,"height":12}},{"id":"f4a1d69a-819d-4b0a-bf7e-2a84d8500c4e","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":53,"box":{"x":89,"y":796,"width":853,"height":12}},{"id":"de94ffd4-08f9-45ea-bd16-5cb7fc8e7afb","block_type":"box","text":"control. Energy companies may have relatively high levels of debt and may be more likely to restructure their businesses if","page_number":53,"box":{"x":89,"y":811,"width":852,"height":12}},{"id":"c7be8f79-e0ad-4c09-9721-d34eec392b7f","block_type":"box","text":"there are downturns in energy markets or in the global economy. If an energy company in a Fund’s portfolio becomes","page_number":53,"box":{"x":88,"y":826,"width":822,"height":13}},{"id":"cefb06cd-2651-4e8e-80a2-271a29f967f7","block_type":"box","text":"distressed, a Fund could lose all or a substantial portion of its investment. The energy sector is cyclical and is highly","page_number":53,"box":{"x":89,"y":841,"width":807,"height":13}},{"id":"70a8e6f5-1b23-407d-91b2-853dad4602e5","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":53,"box":{"x":89,"y":856,"width":846,"height":13}},{"id":"14580a1b-ce80-4d63-9614-4ed90490a081","block_type":"box","text":"27","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"66946746-4207-44e7-a3e6-e685d534f3a9","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":54,"box":{"x":88,"y":44,"width":874,"height":12}},{"id":"16366e00-1de1-46d7-9cdc-13fa0d7abd2f","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":54,"box":{"x":89,"y":59,"width":820,"height":12}},{"id":"60e68167-ee80-4e23-a4bf-dc8a408214ac","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":54,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"aadab747-ad6c-404c-94e1-17d7f31942e9","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":54,"box":{"x":89,"y":89,"width":823,"height":13}},{"id":"055cbbc9-306c-49b5-b334-e85383a0c800","block_type":"box","text":"terrorism, cyber incidents, natural disasters or other catastrophes. Companies in the energy sector are at risk of liability from","page_number":54,"box":{"x":88,"y":104,"width":870,"height":13}},{"id":"4902593f-c19c-4bd8-9cf9-b5f8d38c495a","block_type":"box","text":"accidents resulting in injury, loss of life or property, pollution or other environmental damage claims. Significant oil and gas","page_number":54,"box":{"x":89,"y":119,"width":859,"height":13}},{"id":"193f27fb-abf7-41fa-a6c3-a3252d1c40b1","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":54,"box":{"x":89,"y":135,"width":860,"height":12}},{"id":"4ff98010-642b-4060-b76f-618c870c88ff","block_type":"box","text":"the other risks of investing in emerging markets. Additionally, the Middle East, where many companies in the energy sector","page_number":54,"box":{"x":88,"y":150,"width":861,"height":12}},{"id":"df8b385d-482d-4214-ac12-27b13da80bb5","block_type":"box","text":"may operate, has experienced conflict and unrest. Companies in the energy sector may also be adversely affected by changes","page_number":54,"box":{"x":89,"y":165,"width":876,"height":12}},{"id":"5a743373-bdf9-4c02-97e2-6dccabc7f1a1","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":54,"box":{"x":89,"y":180,"width":836,"height":12}},{"id":"20f5a637-a29c-4793-af8c-b21a244fecc0","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":54,"box":{"x":89,"y":195,"width":755,"height":12}},{"id":"407476fb-b9b0-43b9-a09d-3e83e95cd1d2","block_type":"box","text":"e.g","page_number":54,"box":{"x":845,"y":198,"width":20,"height":9}},{"id":"d46eb755-5a9e-4216-9a56-2ea0825a6ef4","block_type":"box","text":".,","page_number":54,"box":{"x":866,"y":203,"width":6,"height":3}},{"id":"f661091a-57ec-4106-add7-d290bdc0ed40","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":54,"box":{"x":89,"y":210,"width":849,"height":13}},{"id":"f53d7694-7b56-473e-b810-d35bfbb5cbd3","block_type":"box","text":"and repatriation of capital, military coups, social unrest, violence or labor unrest). Because a significant portion of revenues of","page_number":54,"box":{"x":89,"y":225,"width":879,"height":13}},{"id":"356f9af1-59f8-4828-bbde-c6bb704db97a","block_type":"box","text":"companies in this sector is derived from a relatively small number of customers that are largely composed of governmental","page_number":54,"box":{"x":89,"y":240,"width":860,"height":13}},{"id":"2e6a860b-8082-413a-b324-c8efa2261d1d","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":54,"box":{"x":89,"y":256,"width":873,"height":12}},{"id":"10954ae3-a8fa-4c22-a2e8-c7445db5758e","block_type":"box","text":"sector is highly regulated. Entities operating in the energy sector are subject to significant regulation of nearly every aspect of","page_number":54,"box":{"x":89,"y":271,"width":878,"height":12}},{"id":"0efd581f-78f3-4628-a71c-33a6ea5899dd","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":54,"box":{"x":88,"y":286,"width":839,"height":12}},{"id":"1d09a309-d503-4bbc-9151-876e6e48bc6b","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":54,"box":{"x":88,"y":301,"width":858,"height":12}},{"id":"ca47f5b8-95b2-45df-b92c-f143b13975b1","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":54,"box":{"x":89,"y":316,"width":611,"height":12}},{"id":"5ca72f4b-37ba-46d9-a60a-4ca0314bea98","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":54,"box":{"x":88,"y":342,"width":831,"height":13}},{"id":"bf1e9939-c888-40ad-8d43-3e97b1018271","block_type":"box","text":"February 24, 2022 led to further disruptions and increased volatility in the energy and commodity futures markets due to","page_number":54,"box":{"x":89,"y":358,"width":843,"height":12}},{"id":"e48c6071-de0b-4478-8528-ae7fe3f44f53","block_type":"box","text":"actual and potential disruptions in the supply and demand for certain commodities, including oil and natural gas. The U.S.","page_number":54,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"153eca84-4164-4321-b98e-cff0b03fc66d","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":54,"box":{"x":89,"y":388,"width":875,"height":12}},{"id":"7bb75a62-a810-4920-92b4-cc6c276e2e01","block_type":"box","text":"on imports of oil, natural gas and coal. The effect of the current sanctions and restrictions, as well as the extent and duration","page_number":54,"box":{"x":89,"y":403,"width":871,"height":12}},{"id":"a114c304-8d36-4ab3-93d2-614c8794dec5","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":54,"box":{"x":89,"y":418,"width":873,"height":12}},{"id":"ca3f64a6-6fdf-4604-89e8-f0f1e5e29e04","block_type":"box","text":"predict and depend on a number of factors. The effect of these events or any related developments could be significant and","page_number":54,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"34db5718-3715-4084-953a-a3b5e91f37f4","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":54,"box":{"x":89,"y":448,"width":445,"height":13}},{"id":"1bae8c3f-73cb-453f-96f4-bbb31db12855","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":54,"box":{"x":89,"y":475,"width":292,"height":12}},{"id":"cb9ed496-30fb-4080-b6a7-7928c7dd5c28","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":54,"box":{"x":391,"y":475,"width":533,"height":12}},{"id":"0ff23f56-4861-4c7e-8785-a3b7d6e2aae6","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":54,"box":{"x":89,"y":490,"width":836,"height":12}},{"id":"5a117b2f-959d-4789-8e8f-2032fe63077a","block_type":"box","text":"companies (","page_number":54,"box":{"x":89,"y":505,"width":85,"height":12}},{"id":"9f1e1a85-3f83-4f83-b449-a4b24bf37a6f","block_type":"box","text":"e.g.","page_number":54,"box":{"x":175,"y":508,"width":23,"height":9}},{"id":"ba908e59-f9aa-4154-b53f-c7c369990e59","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":54,"box":{"x":200,"y":505,"width":706,"height":12}},{"id":"cb3fc6fc-04a1-450c-ba2b-18f000e1ff8c","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":54,"box":{"x":88,"y":520,"width":491,"height":12}},{"id":"1d04729e-f1bf-4127-b937-96505c294291","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":54,"box":{"x":89,"y":547,"width":865,"height":12}},{"id":"e8a563a0-9413-42c6-9401-a673acd2aea2","block_type":"box","text":"ability to earn a profit from a given line of business. Government regulation may change frequently and may have significant","page_number":54,"box":{"x":89,"y":562,"width":869,"height":12}},{"id":"36f49255-bde4-425c-b53d-29fa28e8b207","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":54,"box":{"x":89,"y":577,"width":813,"height":12}},{"id":"ffd4b555-4042-4b97-9bb4-adafefbde611","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":54,"box":{"x":89,"y":592,"width":877,"height":12}},{"id":"403d3cc9-dc65-4177-9b42-a2fc2c033669","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":54,"box":{"x":88,"y":607,"width":848,"height":12}},{"id":"dd4eeab9-a1dd-4240-bdc1-692bbf7e56d5","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":54,"box":{"x":89,"y":622,"width":827,"height":12}},{"id":"dec8d5c6-68ba-40d7-9315-75a5d32c2ac3","block_type":"box","text":"financial company or on the financials sector as a whole cannot be predicted. The valuation of financial companies has been","page_number":54,"box":{"x":88,"y":637,"width":871,"height":13}},{"id":"ae987d8d-c096-417d-9f9e-362e8ceda8c9","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":54,"box":{"x":89,"y":652,"width":853,"height":13}},{"id":"a75726db-38a3-41a4-862c-ff289fe5bc71","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":54,"box":{"x":89,"y":668,"width":833,"height":12}},{"id":"5224faec-4e04-4b04-aede-08ee9c0b25fe","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":54,"box":{"x":89,"y":683,"width":839,"height":12}},{"id":"56099dc6-3cd1-4fd2-952c-fdcd550be300","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":54,"box":{"x":89,"y":698,"width":872,"height":12}},{"id":"20ad22e0-749e-4423-a8b3-3e80e81d35c9","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":54,"box":{"x":89,"y":713,"width":810,"height":12}},{"id":"1efd588a-cf9f-4f53-a6f6-3d821b8c1ddc","block_type":"box","text":"restrictions on currency transfers. Market conditions and regulation of the financial sector in China may be particularly","page_number":54,"box":{"x":89,"y":728,"width":829,"height":12}},{"id":"af7b41cb-0411-40d0-990a-ff5de87b0874","block_type":"box","text":"subject to change based on government policy. In addition, companies in the financials sector may be the targets of hacking","page_number":54,"box":{"x":89,"y":743,"width":868,"height":12}},{"id":"d904356f-61ae-42e6-a77f-774866c12932","block_type":"box","text":"and potential theft of proprietary or customer information or disruptions in service, which could have a material adverse","page_number":54,"box":{"x":89,"y":758,"width":841,"height":13}},{"id":"e3c540fe-0fe5-4674-af0b-3cc565a701fb","block_type":"box","text":"effect on their businesses.","page_number":54,"box":{"x":89,"y":773,"width":180,"height":10}},{"id":"8b908ee7-a734-47da-9414-cfebcb4e9a73","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":54,"box":{"x":88,"y":800,"width":879,"height":12}},{"id":"5c20cf17-c8bd-45c2-bcc7-0ae3d8ca33f9","block_type":"box","text":"and cost of capital funds and can fluctuate significantly when interest rates change; for instance, when interest rates go up,","page_number":54,"box":{"x":89,"y":815,"width":863,"height":12}},{"id":"7441e059-d49b-4d21-8323-389facf73bf3","block_type":"box","text":"the value of securities issued by many types of companies in the financials sector generally goes down. In other words,","page_number":54,"box":{"x":88,"y":830,"width":831,"height":12}},{"id":"bf145adc-6da6-4d8f-8cfe-9332c9c928b5","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":54,"box":{"x":88,"y":845,"width":873,"height":12}},{"id":"1c874003-e899-4e5f-9f9f-05b7ff51ba50","block_type":"box","text":"28","page_number":54,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"052fc4f9-3d6d-41de-b8e8-6d4fda0ccb4b","block_type":"box","text":"interest rates, which may restrict the availability and increase the cost of capital, and during periods of declining economic","page_number":55,"box":{"x":89,"y":44,"width":855,"height":12}},{"id":"52e170a7-6f37-46da-8976-e6f0bb288fc5","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":55,"box":{"x":89,"y":59,"width":730,"height":12}},{"id":"20c5529f-854f-4763-8d20-919d9734d61e","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":55,"box":{"x":89,"y":85,"width":845,"height":13}},{"id":"1a26f6e1-7050-4191-9145-0ba554bd8f75","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":55,"box":{"x":89,"y":101,"width":835,"height":12}},{"id":"3e3021fd-0743-442a-849f-aca36cd2e47b","block_type":"box","text":"exposed directly to the credit risk of their borrowers and counterparties, who may be leveraged to an unknown degree,","page_number":55,"box":{"x":89,"y":116,"width":831,"height":12}},{"id":"9799ae88-f956-414a-b853-72803df4410e","block_type":"box","text":"including through swaps and other derivatives products, and who at times may be unable to meet their obligations to the","page_number":55,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"dd581d51-0d0a-4450-af56-67e22afc57ab","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":55,"box":{"x":88,"y":146,"width":821,"height":12}},{"id":"30e2618d-5b43-4123-9213-3cde9e0880b4","block_type":"box","text":"counterparties, with the result that a borrower’s or counterparty’s inability to meet its obligations to one company may affect","page_number":55,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"33439385-c3f4-4cd0-b702-34072d3f03f2","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":55,"box":{"x":89,"y":176,"width":836,"height":13}},{"id":"c4acecf3-014b-48e5-9306-dff4fee041fa","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":55,"box":{"x":89,"y":191,"width":841,"height":13}},{"id":"edb545ff-d6f6-4c1d-8a3d-e11300684e91","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":55,"box":{"x":89,"y":206,"width":814,"height":13}},{"id":"e0ae9b3e-6d07-4694-ac75-6ca5ec669b80","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":55,"box":{"x":89,"y":222,"width":827,"height":12}},{"id":"0d0aa404-ec12-4c83-a677-8ff9ea280505","block_type":"box","text":"access, such as adverse overall economic conditions or a negative perception in the capital markets of a financial company’s","page_number":55,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"ab94d45e-2c3e-44d7-af5e-7272b05f34ed","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":55,"box":{"x":88,"y":252,"width":837,"height":12}},{"id":"b45984ae-6ce6-402c-808b-69c43ef514bf","block_type":"box","text":"impact on a broad range of financial markets, causing certain financial companies to incur large losses. In these conditions,","page_number":55,"box":{"x":89,"y":267,"width":862,"height":12}},{"id":"86fff23c-d4d8-4a8a-ac24-af51f53a9151","block_type":"box","text":"companies in the financials sector may experience significant declines in the valuation of their assets, take actions to raise","page_number":55,"box":{"x":89,"y":282,"width":853,"height":12}},{"id":"3c23e19e-74bb-4734-94d6-81957bf0f242","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":55,"box":{"x":89,"y":297,"width":865,"height":12}},{"id":"e06f9b49-6a6d-491c-9876-f6af3f20c794","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":55,"box":{"x":89,"y":312,"width":863,"height":13}},{"id":"f70b9818-c238-4468-b496-aa5dc070a376","block_type":"box","text":"government intervention. In addition, there is no guarantee that governments will provide any such relief in the future. These","page_number":55,"box":{"x":89,"y":327,"width":872,"height":13}},{"id":"17974e05-0a4b-42ee-a708-cb44ff4c69a5","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":55,"box":{"x":89,"y":342,"width":665,"height":13}},{"id":"c75b2d76-8df9-4c16-bc0d-5949673375fd","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":55,"box":{"x":89,"y":369,"width":299,"height":12}},{"id":"9b90a29b-0a56-4c20-b142-1510b293a505","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":55,"box":{"x":397,"y":369,"width":557,"height":12}},{"id":"c32ed759-7032-4f61-a830-598ab2a0d772","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":55,"box":{"x":89,"y":384,"width":839,"height":12}},{"id":"986771b5-ed8b-47dc-9602-4e2f2b7057c6","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":55,"box":{"x":88,"y":399,"width":834,"height":13}},{"id":"1e1b24d1-3eca-49ba-be2b-fa7795db92dd","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":55,"box":{"x":89,"y":414,"width":816,"height":13}},{"id":"e7ee6539-99d8-4dc5-9bec-3734d22fe02b","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":55,"box":{"x":89,"y":429,"width":849,"height":13}},{"id":"0d3ce027-b623-4085-9722-8389188d135e","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":55,"box":{"x":89,"y":456,"width":863,"height":12}},{"id":"b462fedf-1f68-4690-919d-585d29bc8bda","block_type":"box","text":"that are typically sold at a lower price than the patented product, which can cause the original developer of the product to","page_number":55,"box":{"x":88,"y":471,"width":854,"height":12}},{"id":"037c960e-2aa4-45e8-95ce-f51ac0423302","block_type":"box","text":"lose market share and/or reduce the price charged for the product, resulting in lower profits for the original developer. As a","page_number":55,"box":{"x":89,"y":486,"width":860,"height":12}},{"id":"e650f274-dc6f-47a5-8075-335f0aecdd8f","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":55,"box":{"x":89,"y":501,"width":621,"height":13}},{"id":"5f9e70d2-5f98-4496-938a-7b9c4b0f00b4","block_type":"box","text":"In addition, because the products and services of many companies in the healthcare sector affect the health and well-being","page_number":55,"box":{"x":89,"y":528,"width":862,"height":12}},{"id":"28f83ff5-1a32-43e9-93ad-181d65ea8984","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":55,"box":{"x":89,"y":543,"width":860,"height":12}},{"id":"b22097ce-015d-403c-ad37-624ee806d227","block_type":"box","text":"claims. Healthcare companies are subject to competitive forces that may make it difficult to raise prices and, in fact, may","page_number":55,"box":{"x":89,"y":558,"width":842,"height":12}},{"id":"150e973a-9c71-485a-9b15-87abe33ba022","block_type":"box","text":"result in price discounting. Many new products in the healthcare sector may be subject to regulatory approvals. The process","page_number":55,"box":{"x":89,"y":573,"width":868,"height":12}},{"id":"a136e797-89a1-4146-b366-2b32b0a3ce1e","block_type":"box","text":"of obtaining such approvals may be long and costly, which can result in increased development costs, delayed cost recovery","page_number":55,"box":{"x":89,"y":588,"width":867,"height":12}},{"id":"3eb54588-3ea4-4dbb-934c-00b35830be22","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":55,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"99bbdd60-d097-43ba-9e5b-9e88c2a0ecca","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":55,"box":{"x":89,"y":618,"width":857,"height":13}},{"id":"c2a3a7a5-03d1-4077-afcd-90b2553680a9","block_type":"box","text":"diminish the opportunity for a company to profit from a new product or to bring a new product to market, which could have","page_number":55,"box":{"x":89,"y":633,"width":870,"height":13}},{"id":"bb1653a3-8b5d-428b-99d3-a92f2f2b77c6","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":55,"box":{"x":89,"y":649,"width":811,"height":12}},{"id":"32f68ef0-8900-412f-9799-a3a50a8fafae","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":55,"box":{"x":89,"y":664,"width":834,"height":12}},{"id":"6df6bae8-6cdc-4128-8bf7-3023d2ece763","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":55,"box":{"x":89,"y":679,"width":878,"height":12}},{"id":"3acbbe91-f1f4-4ff1-8d4f-2d5d396a3381","block_type":"box","text":"in governmental policies or laws. Changes in governmental policies or laws may span a wide range of topics, including cost","page_number":55,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"3a6a177b-f90f-4026-ae43-5f56b02be783","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":55,"box":{"x":89,"y":709,"width":844,"height":12}},{"id":"3fd92943-2b3f-4bc5-9eb2-496d2f9ba7e0","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":55,"box":{"x":89,"y":724,"width":845,"height":13}},{"id":"2159aa52-db31-43ca-aaf7-007b78d5fa31","block_type":"box","text":"legislative proposals concerning healthcare have been considered by the U.S. Congress in recent years. It is unclear what","page_number":55,"box":{"x":89,"y":739,"width":841,"height":13}},{"id":"023abb80-705b-427f-aae9-19186e798cf8","block_type":"box","text":"proposals will ultimately be enacted, if any, and what effect they may have on companies in the healthcare sector.","page_number":55,"box":{"x":89,"y":754,"width":793,"height":13}},{"id":"22a1dd64-2017-49fa-98e8-c07397f4a9b1","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":55,"box":{"x":88,"y":781,"width":872,"height":12}},{"id":"2c56b485-d4ef-4c11-9e9f-9045f59702f0","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":55,"box":{"x":89,"y":796,"width":861,"height":12}},{"id":"bc9e046a-05cb-4940-95c8-a47273141696","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":55,"box":{"x":89,"y":811,"width":828,"height":12}},{"id":"2c7cee25-f233-4f58-9e53-40d4ff8fe340","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":55,"box":{"x":89,"y":826,"width":788,"height":13}},{"id":"fb2595f6-a79c-474c-9688-2eca615bfb5c","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":55,"box":{"x":89,"y":841,"width":821,"height":13}},{"id":"a20bbbc8-f106-4592-a07d-d05ab1ed8931","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":55,"box":{"x":89,"y":856,"width":786,"height":13}},{"id":"07c3661f-8995-4f1d-9f46-f17770ddd205","block_type":"box","text":"29","page_number":55,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"35cce580-e5fb-4ded-a1b2-85960d8073b4","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":56,"box":{"x":89,"y":44,"width":297,"height":12}},{"id":"1f9eb95d-de53-403f-95d0-84bb9c67dd14","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":56,"box":{"x":395,"y":44,"width":530,"height":12}},{"id":"b68bec6f-6428-423a-949f-37c20e1bec5a","block_type":"box","text":"adversely affected by supply of and demand for both their specific products or services and for industrials sector products in","page_number":56,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"91f81fb3-a813-4811-b489-1063b7fea6a8","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":56,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"b938dd00-3059-437f-a2a5-33280c925cce","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":56,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"b65abe1d-7dba-4f8f-9df7-bd474a93224d","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":56,"box":{"x":89,"y":104,"width":824,"height":13}},{"id":"6ac6728b-cbdb-425d-b1c6-67c4d8ab5522","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":56,"box":{"x":89,"y":119,"width":852,"height":13}},{"id":"7a77aeba-3a6f-45da-be08-b28af00ecac7","block_type":"box","text":"declines and unit volume reductions resulting from an over-supply of materials used in the industrials sector can adversely","page_number":56,"box":{"x":89,"y":135,"width":858,"height":12}},{"id":"c25e984f-e661-4e83-ab02-62b3eee1e5ee","block_type":"box","text":"affect the sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage,","page_number":56,"box":{"x":89,"y":150,"width":837,"height":12}},{"id":"bdfa91a9-16fe-4157-a5f6-5cc4bf015744","block_type":"box","text":"product liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":56,"box":{"x":89,"y":165,"width":751,"height":12}},{"id":"e1b14c8b-0b28-4dc7-b714-a07a1025189e","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":56,"box":{"x":89,"y":191,"width":288,"height":13}},{"id":"13add547-15ca-41b0-ba8c-974a3d5095be","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":56,"box":{"x":386,"y":191,"width":568,"height":13}},{"id":"d069ee5d-6a1f-4b91-a581-2161fd17bf28","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":56,"box":{"x":88,"y":206,"width":824,"height":13}},{"id":"97d0a5c8-49e2-43f2-bfd7-fe3135b29e25","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":56,"box":{"x":89,"y":222,"width":878,"height":12}},{"id":"8204ad82-4290-49c1-b8dd-058688c8f831","block_type":"box","text":"and pollution control, among other factors. Such risks may adversely affect the issuers to which a Fund has exposure.","page_number":56,"box":{"x":89,"y":237,"width":822,"height":12}},{"id":"2e707d7c-4cbd-4e07-89e9-aac98dfbd8d3","block_type":"box","text":"Companies in the materials sector are also at risk of liability for environmental damage and product liability claims.","page_number":56,"box":{"x":89,"y":252,"width":801,"height":12}},{"id":"0ec35518-506c-4205-aacc-a868c976d452","block_type":"box","text":"Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor","page_number":56,"box":{"x":89,"y":267,"width":832,"height":12}},{"id":"2babfcd4-bc9a-4a68-a733-7a5b91ac3616","block_type":"box","text":"investment returns. These risks are heightened for companies in the materials sector located in foreign markets.","page_number":56,"box":{"x":89,"y":282,"width":783,"height":12}},{"id":"81a9a3b9-045e-49f2-9123-5faee1dc8f27","block_type":"box","text":"Risk of Investing in the Media Sub-Industry.","page_number":56,"box":{"x":89,"y":308,"width":314,"height":13}},{"id":"49640915-e083-459c-9b42-d7366c74f515","block_type":"box","text":"Companies in the media sub-industry may encounter distressed cash flows","page_number":56,"box":{"x":412,"y":308,"width":527,"height":13}},{"id":"38f5d088-5070-40ea-a42f-46f42ac7e640","block_type":"box","text":"due to the need to commit substantial capital to meet increasing competition, particularly in formulating new products and","page_number":56,"box":{"x":89,"y":324,"width":864,"height":12}},{"id":"49b704ad-8937-43c7-9d75-0abd0e5b4fa2","block_type":"box","text":"services using new technology. Media companies are subject to risks that include cyclicality of revenues and earnings, a","page_number":56,"box":{"x":89,"y":339,"width":837,"height":12}},{"id":"aea7f957-fb7e-45aa-a8fe-788482b06cac","block_type":"box","text":"potential decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, competition","page_number":56,"box":{"x":89,"y":354,"width":865,"height":12}},{"id":"129dbc1c-55a9-40c9-bb59-b7a0637f1ab6","block_type":"box","text":"in the industry and the potential for increased state and federal regulation. Advertising spending is an important source of","page_number":56,"box":{"x":89,"y":369,"width":854,"height":12}},{"id":"bc03fdf4-05ec-4e6b-bb20-bb3e5ef224ff","block_type":"box","text":"revenue for media companies. During economic downturns, advertising spending typically decreases and, as a result, media","page_number":56,"box":{"x":89,"y":384,"width":868,"height":12}},{"id":"e8431a11-b6d1-4357-a139-03c932063963","block_type":"box","text":"companies tend to generate less revenue.","page_number":56,"box":{"x":89,"y":399,"width":289,"height":13}},{"id":"f8d5e968-7ae4-4fcd-9147-2c3272892911","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":56,"box":{"x":89,"y":426,"width":313,"height":12}},{"id":"03e970dd-ccb4-4cf9-b720-cfbbbab4a2c0","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":56,"box":{"x":411,"y":426,"width":520,"height":12}},{"id":"85df3877-fc1b-4fc2-ba5b-51ef2aab8867","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":56,"box":{"x":89,"y":441,"width":867,"height":12}},{"id":"f5d7f5f6-11c6-413f-a2a6-37ba313895de","block_type":"box","text":"Estate Companies”). Investing in Real Estate Companies exposes investors to the risks of owning real estate directly, as well","page_number":56,"box":{"x":89,"y":456,"width":859,"height":12}},{"id":"d1c0e1a5-18d2-4910-8db4-19436574c09a","block_type":"box","text":"as to risks that relate specifically to the way in which Real Estate Companies are organized and operated. The real estate","page_number":56,"box":{"x":89,"y":471,"width":837,"height":12}},{"id":"9f5ea2cd-1cbc-485a-9f82-7530cac6efd7","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":56,"box":{"x":89,"y":486,"width":819,"height":12}},{"id":"2a0645b9-bcdd-45c1-bab9-7b76e431f404","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":56,"box":{"x":89,"y":501,"width":869,"height":13}},{"id":"a4380cb9-2cd0-4bad-9c00-a30813b25fdc","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":56,"box":{"x":88,"y":516,"width":439,"height":13}},{"id":"6a525361-6d88-45a7-9ea1-6b2faa0d7103","block_type":"box","text":"Concentration Risk.","page_number":56,"box":{"x":89,"y":543,"width":134,"height":10}},{"id":"64dbd225-27bd-4baf-ad10-13f314862954","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":56,"box":{"x":230,"y":543,"width":718,"height":12}},{"id":"2ff20264-1269-4c6d-bab4-f6424a241b99","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":56,"box":{"x":89,"y":558,"width":854,"height":12}},{"id":"4719e4dd-2b6a-41de-b426-05d21ea6196c","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":56,"box":{"x":89,"y":573,"width":416,"height":12}},{"id":"2f654129-d99f-4c7b-9fe9-d263a72907e9","block_type":"box","text":"Distressed Investment Risk.","page_number":56,"box":{"x":88,"y":599,"width":189,"height":10}},{"id":"310f47e5-6573-444b-99fc-8a4035f129a6","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":56,"box":{"x":284,"y":599,"width":595,"height":13}},{"id":"249a6b45-4150-4955-a5a7-f9bcff45b9a0","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":56,"box":{"x":89,"y":615,"width":859,"height":12}},{"id":"98318498-bf0f-415d-b77b-b6de10c97e3d","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":56,"box":{"x":89,"y":630,"width":806,"height":12}},{"id":"464ac33d-8216-4b21-81bd-8db8f1ff2e17","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":56,"box":{"x":89,"y":645,"width":856,"height":12}},{"id":"101de9c0-3b86-412b-a6eb-a0116a23889c","block_type":"box","text":"the securities of companies with higher credit and market risk due to financial or operational difficulties. Higher risk securities","page_number":56,"box":{"x":88,"y":660,"width":879,"height":12}},{"id":"6e51010c-2545-4866-a273-04f8a52ea3ac","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":56,"box":{"x":89,"y":675,"width":587,"height":12}},{"id":"22c37a51-0d53-40c4-b81f-8482ffc512ed","block_type":"box","text":"Illiquidity Risk.","page_number":56,"box":{"x":88,"y":702,"width":98,"height":12}},{"id":"7cc8829c-60af-4abf-87fb-f54567a60600","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":56,"box":{"x":193,"y":702,"width":722,"height":12}},{"id":"281c9b0d-5d68-41c9-8a47-58827ea3d52a","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":56,"box":{"x":89,"y":717,"width":867,"height":12}},{"id":"24f3ffdc-8b3b-48a6-8f5b-18ce28d9b02d","block_type":"box","text":"volatile than, and perform differently from, shares of large-capitalization companies. There may be less trading in Real Estate","page_number":56,"box":{"x":88,"y":732,"width":870,"height":12}},{"id":"0bf1b65d-832a-4c3a-8f24-8c81164c7911","block_type":"box","text":"Company shares, which means that buy and sell transactions in those shares could have a magnified impact on share price,","page_number":56,"box":{"x":89,"y":747,"width":865,"height":12}},{"id":"08c28f98-c40c-44b5-81cb-4af9eb985020","block_type":"box","text":"resulting in abrupt or erratic price fluctuations. In addition, real estate is relatively illiquid, and, therefore, a Real Estate","page_number":56,"box":{"x":89,"y":762,"width":819,"height":12}},{"id":"f57d811f-bad7-4f43-8a84-f317c11d36f5","block_type":"box","text":"Company may have a limited ability to vary or liquidate properties in response to changes in economic or other conditions.","page_number":56,"box":{"x":89,"y":777,"width":857,"height":12}},{"id":"685c5b65-4211-435b-9297-b55f8ac3c30e","block_type":"box","text":"Interest Rate Risk.","page_number":56,"box":{"x":88,"y":804,"width":124,"height":9}},{"id":"d1263b62-1b39-4d98-b8af-3ddf2fbbba68","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":56,"box":{"x":218,"y":804,"width":680,"height":12}},{"id":"0e209f23-4618-4118-9ada-5e207ef66b0b","block_type":"box","text":"negatively impact a Real Estate Company’s ability to meet its payment obligations. Declining interest rates could result in","page_number":56,"box":{"x":89,"y":819,"width":843,"height":12}},{"id":"2759ff25-144f-448b-b779-adc7e35aae07","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":56,"box":{"x":89,"y":834,"width":679,"height":12}},{"id":"a3837f96-cd79-40f8-8172-16f1aa4a564b","block_type":"box","text":"30","page_number":56,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3998c96c-52c1-4700-87ae-fd0ec8e25759","block_type":"box","text":"Leverage Risk.","page_number":57,"box":{"x":88,"y":44,"width":98,"height":12}},{"id":"700ec850-8221-46d7-a3f2-16fee4e03ef2","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":57,"box":{"x":192,"y":44,"width":774,"height":12}},{"id":"10e56af0-9050-4826-8471-717917cb9917","block_type":"box","text":"and could adversely affect a Real Estate Company’s operations and market value in periods of rising interest rates. Real Estate","page_number":57,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"3fca8b4f-31ce-4d51-98cf-ecb177b4408a","block_type":"box","text":"Companies are also exposed to the risks normally associated with debt financing. Financial covenants related to a Real Estate","page_number":57,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"0f03642a-50eb-463b-9ac3-11975301e331","block_type":"box","text":"Company’s leverage may affect the ability of the Real Estate Company to operate effectively. In addition, real property may be","page_number":57,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"d509ce62-779c-4dc6-9146-c08b4fa8d152","block_type":"box","text":"subject to the quality of credit extended and defaults by borrowers and tenants. If the properties do not generate sufficient","page_number":57,"box":{"x":89,"y":104,"width":857,"height":13}},{"id":"432e3657-6fed-4616-a728-caaece336976","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":57,"box":{"x":89,"y":119,"width":877,"height":13}},{"id":"879e3b29-3501-4903-ab67-355bbba09fd1","block_type":"box","text":"third-party leasing commissions and other capital expenditures, the income and ability of a Real Estate Company to make","page_number":57,"box":{"x":88,"y":135,"width":851,"height":12}},{"id":"55b6eaa4-a17b-413b-a34d-e8b1655a2c05","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":57,"box":{"x":89,"y":150,"width":599,"height":12}},{"id":"8da5a9b0-2bb8-4b2b-8066-8f699f00f648","block_type":"box","text":"Loan Foreclosure Risk.","page_number":57,"box":{"x":88,"y":176,"width":154,"height":10}},{"id":"ac1ab61c-da24-45fe-b829-043e4a2fd313","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":57,"box":{"x":249,"y":176,"width":664,"height":13}},{"id":"f2f78321-5e3a-4529-97cd-8ecd70a10345","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":57,"box":{"x":89,"y":191,"width":870,"height":13}},{"id":"a0edfe58-380f-48f3-941e-988d39c2aef4","block_type":"box","text":"the length and expense of such proceedings, the validity of the terms of the applicable loan may not be recognized in","page_number":57,"box":{"x":88,"y":206,"width":819,"height":13}},{"id":"c44d1590-7508-4ebf-af88-0d5ed10cca0d","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":57,"box":{"x":88,"y":222,"width":868,"height":12}},{"id":"912b43ca-c9e2-457d-8cb6-921b6398670b","block_type":"box","text":"rights by a Real Estate Company. Parallel proceedings, such as bankruptcy, may also delay resolution and limit the amount of","page_number":57,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"3c563885-0779-41da-b290-c40f0d73ee06","block_type":"box","text":"recovery on a foreclosed loan by a Real Estate Company even where the property underlying the loan is liquidated.","page_number":57,"box":{"x":89,"y":252,"width":796,"height":12}},{"id":"7fef1281-d59d-4734-afa9-044ef7e6641f","block_type":"box","text":"Management Risk.","page_number":57,"box":{"x":88,"y":278,"width":130,"height":13}},{"id":"36e452ea-e257-4a99-8f91-4b13e66c1243","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":57,"box":{"x":225,"y":278,"width":733,"height":13}},{"id":"ca58f7ec-b812-4089-9a2c-45f1c6951fcc","block_type":"box","text":"Real Estate Companies are generally not diversified and may be subject to heavy cash flow dependency, default by borrowers","page_number":57,"box":{"x":89,"y":293,"width":872,"height":13}},{"id":"6b4c1a83-c75a-46e9-8a6d-b444f0b138b5","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":57,"box":{"x":89,"y":308,"width":838,"height":13}},{"id":"d2f1660f-5987-4987-976d-fc6128f4f439","block_type":"box","text":"conflicts of interest, which may adversely affect a Real Estate Company’s shareholders. A Real Estate Company may also have","page_number":57,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"3ee401fd-c61f-497f-b089-ececd1b669b5","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":57,"box":{"x":88,"y":339,"width":822,"height":12}},{"id":"76e6189c-e2f3-4fa6-8faf-03919cdf0501","block_type":"box","text":"properties may be limited.","page_number":57,"box":{"x":89,"y":354,"width":181,"height":12}},{"id":"5e47db73-6b1c-475a-8683-125b8b76d6f4","block_type":"box","text":"Property Risk.","page_number":57,"box":{"x":88,"y":380,"width":94,"height":13}},{"id":"e3e9547e-1c11-43eb-98a3-a9adc2b32327","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":57,"box":{"x":189,"y":380,"width":752,"height":13}},{"id":"16cfd2a3-3a19-43b4-8bab-f519d54d7e91","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":57,"box":{"x":89,"y":395,"width":794,"height":13}},{"id":"653f70b0-32cc-4b74-8487-1c7f2678b859","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":57,"box":{"x":89,"y":410,"width":867,"height":13}},{"id":"0952af66-7346-4f6f-91cf-576c0e28336e","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":57,"box":{"x":89,"y":426,"width":819,"height":12}},{"id":"1810183e-276e-4187-b4a9-80fda24810c1","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":57,"box":{"x":89,"y":441,"width":860,"height":12}},{"id":"eefe0b13-6692-40e5-8fbd-cbb7c4247900","block_type":"box","text":"Regulatory Risk.","page_number":57,"box":{"x":88,"y":467,"width":110,"height":13}},{"id":"bba67357-7a74-485a-9626-eaa3f56d2de4","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":57,"box":{"x":205,"y":467,"width":754,"height":13}},{"id":"353c3fdf-eb41-494f-bd55-dbe706fff45c","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":57,"box":{"x":89,"y":482,"width":828,"height":13}},{"id":"09bb5afd-ba1f-4c21-83bb-f16a80011534","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":57,"box":{"x":89,"y":497,"width":843,"height":13}},{"id":"eeaa35ee-ecdb-4b0d-a336-6ffb92b15f2f","block_type":"box","text":"addition, quarterly compliance with regulations limiting the proportion of asset types held by a U.S. REIT may force certain","page_number":57,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"074ee570-cf4b-4933-8fa8-8279290168bc","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":57,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"b991c9ba-68ef-4dc6-aff8-376ca25503ed","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":57,"box":{"x":89,"y":543,"width":432,"height":12}},{"id":"a99f9579-6f64-40fb-89ae-056499d5232a","block_type":"box","text":"Underlying Investment Risk.","page_number":57,"box":{"x":89,"y":569,"width":192,"height":13}},{"id":"7eca5559-0f0d-45eb-b977-8ce90f3c8387","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":57,"box":{"x":287,"y":569,"width":626,"height":13}},{"id":"d6aaf05e-dd87-4b60-8ffb-64cb7944117b","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":57,"box":{"x":88,"y":584,"width":849,"height":13}},{"id":"666c55f9-cf15-4bdd-80d7-24c4fafb29b5","block_type":"box","text":"that have higher risks of delinquency and foreclosure than loans on single family homes due to a variety of factors associated","page_number":57,"box":{"x":88,"y":599,"width":877,"height":13}},{"id":"eef7f05a-6467-4ded-98a4-f229a1f04acc","block_type":"box","text":"with commercial property, including the tie between income available to service debt and productive use of the property. Real","page_number":57,"box":{"x":88,"y":615,"width":877,"height":12}},{"id":"769af352-ddfc-45ca-9ece-a82dd40321e4","block_type":"box","text":"Estate Companies may also invest in debt instruments and preferred equity that are junior in an issuer’s capital structure and","page_number":57,"box":{"x":89,"y":630,"width":871,"height":12}},{"id":"0a7954bf-29bd-421c-b927-9762cb1c4089","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":57,"box":{"x":88,"y":645,"width":868,"height":12}},{"id":"a47784eb-8f47-46e3-89ab-702227d0f4de","block_type":"box","text":"greater credit risk of default due to the need to service more senior debt of the issuer. Similarly, preferred equity investments","page_number":57,"box":{"x":89,"y":660,"width":867,"height":12}},{"id":"ce282390-562d-4532-a938-07923a355623","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":57,"box":{"x":89,"y":675,"width":821,"height":12}},{"id":"8e4df2f3-bc24-457d-be50-5c27c0bec97f","block_type":"box","text":"ranking. Investments in commercial mortgage-backed securities may also be junior in priority in the event of bankruptcy or","page_number":57,"box":{"x":89,"y":690,"width":862,"height":13}},{"id":"4b28f290-af2b-412a-aca3-1574bfd363bf","block_type":"box","text":"similar proceedings. Investments in senior loans may be effectively subordinated if the senior loan is pledged as collateral.","page_number":57,"box":{"x":89,"y":705,"width":849,"height":13}},{"id":"0eda64cd-8bfc-41d9-bc15-e13fc1633656","block_type":"box","text":"The ability of a holder of junior claims to proceed against a defaulting issuer is circumscribed by the terms of the particular","page_number":57,"box":{"x":88,"y":720,"width":859,"height":13}},{"id":"c0b23046-b7ac-4ced-9d00-3c3d98371e82","block_type":"box","text":"contractual arrangement, which vary considerably from transaction to transaction.","page_number":57,"box":{"x":89,"y":736,"width":578,"height":12}},{"id":"786009b2-3742-47f2-b120-da4ba99b04ac","block_type":"box","text":"U.S. Tax Risk.","page_number":57,"box":{"x":89,"y":762,"width":89,"height":10}},{"id":"4e24eda7-b512-4053-b29a-4a1f7ec9a538","block_type":"box","text":"Certain U.S. Real Estate Companies are subject to special U.S. federal tax requirements. A REIT that fails to","page_number":57,"box":{"x":184,"y":762,"width":739,"height":12}},{"id":"e414f78e-fc1c-44e9-b388-a783bb9b9ade","block_type":"box","text":"comply with such tax requirements may be subject to U.S. federal income taxation, which may affect the value of the REIT","page_number":57,"box":{"x":89,"y":777,"width":854,"height":12}},{"id":"5eab9314-c596-40c3-8f04-5ac06022e4e6","block_type":"box","text":"and the characterization of the REIT’s distributions. The U.S. federal tax requirement that a REIT distribute substantially all of","page_number":57,"box":{"x":89,"y":792,"width":871,"height":13}},{"id":"d820fb50-cb38-4392-b3f1-21699ce41436","block_type":"box","text":"its net income to its shareholders may result in a REIT having insufficient capital for future expenditures. A REIT that","page_number":57,"box":{"x":89,"y":807,"width":811,"height":13}},{"id":"137f73b9-0a5c-46db-a191-3f371c468d6e","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":57,"box":{"x":89,"y":822,"width":821,"height":13}},{"id":"b24efbe9-b7c0-4c09-809c-a331df0f398e","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":57,"box":{"x":89,"y":838,"width":825,"height":12}},{"id":"f2a5a610-9dff-4ad3-b12f-882316d77a2d","block_type":"box","text":"31","page_number":57,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"d84c1678-5e03-40e7-bc56-0d4b75701ddd","block_type":"box","text":"Because REITs often do not provide complete tax information until after the calendar year-end, a Fund may at times need to","page_number":58,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"621c87bb-d335-48ac-bb74-1aa6c093a4a8","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":58,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"ab737d63-4a26-407d-9e8f-1b2c1c157e38","block_type":"box","text":"provided to you.","page_number":58,"box":{"x":89,"y":74,"width":112,"height":12}},{"id":"73855a0d-7e03-41e3-8099-771c62098cb0","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":58,"box":{"x":89,"y":101,"width":313,"height":12}},{"id":"975345c8-76e7-499d-856d-791491299bdc","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":58,"box":{"x":411,"y":101,"width":509,"height":12}},{"id":"81d9901a-9934-42e8-8320-809c91497622","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid","page_number":58,"box":{"x":89,"y":116,"width":830,"height":12}},{"id":"f016c58a-1011-430f-accb-d32dba000797","block_type":"box","text":"product obsolescence as well as unexpected risks and costs related to new product introduction and technological","page_number":58,"box":{"x":89,"y":131,"width":803,"height":12}},{"id":"d3a3060e-b41d-4215-933e-11b7330e66d5","block_type":"box","text":"developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by","page_number":58,"box":{"x":89,"y":146,"width":837,"height":12}},{"id":"c1466995-ab2a-4285-ac11-e941da10349c","block_type":"box","text":"disruptions to supply chains and distribution networks as well as issues at third-party partners. They are heavily dependent","page_number":58,"box":{"x":89,"y":161,"width":861,"height":12}},{"id":"d0c3b391-9d32-4bbc-9b79-48bae3adb1e6","block_type":"box","text":"on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":58,"box":{"x":89,"y":176,"width":815,"height":13}},{"id":"b9baacb6-12c8-4913-9cbe-86670468b34d","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or","page_number":58,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"6f042658-e945-4c48-a28f-ea1b11ac8474","block_type":"box","text":"legal action. These companies also may be adversely affected by, among other things, actual or perceived security","page_number":58,"box":{"x":89,"y":206,"width":796,"height":13}},{"id":"1413d92b-a6a3-459e-9b98-e5c6331ee858","block_type":"box","text":"vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions","page_number":58,"box":{"x":88,"y":222,"width":871,"height":12}},{"id":"21d69b08-b7bf-4514-93ed-aa6de23ae388","block_type":"box","text":"and other remediation costs.","page_number":58,"box":{"x":89,"y":237,"width":200,"height":9}},{"id":"c134bef9-f22a-4046-88af-22a77e1abbab","block_type":"box","text":"Risk of Investing in the Telecommunications Sector.","page_number":58,"box":{"x":89,"y":263,"width":371,"height":12}},{"id":"f33c3ebf-763b-41dd-b250-cb6e83cd8983","block_type":"box","text":"The telecommunications sector of a country’s economy is often","page_number":58,"box":{"x":469,"y":263,"width":448,"height":12}},{"id":"5eb32c51-742c-407a-b3e8-53cba7e6cad2","block_type":"box","text":"subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to","page_number":58,"box":{"x":89,"y":278,"width":831,"height":13}},{"id":"a336961f-17f3-458f-bb71-d3ba4cb62cb6","block_type":"box","text":"receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of","page_number":58,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"5613e6c6-414c-44d0-88d4-bb3edf32ea3c","block_type":"box","text":"telecommunications companies. Government actions around the world, specifically in the area of pre-marketing clearance of","page_number":58,"box":{"x":88,"y":308,"width":877,"height":13}},{"id":"48484ca7-b895-412c-b5c1-75a9d0dacc8e","block_type":"box","text":"products and prices, can be arbitrary and unpredictable. Companies in the telecommunications sector may experience","page_number":58,"box":{"x":89,"y":324,"width":829,"height":12}},{"id":"a05984ee-8747-4b0c-8343-212ca236a98b","block_type":"box","text":"distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in","page_number":58,"box":{"x":89,"y":339,"width":798,"height":12}},{"id":"ba7373ca-918a-4d33-ba56-3fc0dc669f33","block_type":"box","text":"developing new products and services using new technology. Technological innovations may make the products and services","page_number":58,"box":{"x":89,"y":354,"width":877,"height":12}},{"id":"b73902b5-52b0-4d16-8f69-20aac87fec22","block_type":"box","text":"of certain telecommunications companies obsolete. Finally, while all companies may be susceptible to network security","page_number":58,"box":{"x":89,"y":369,"width":835,"height":12}},{"id":"d3b116e5-db81-4682-b31c-4b508ec88fc6","block_type":"box","text":"breaches, certain companies in the telecommunications sector may be particular targets of hacking and potential theft of","page_number":58,"box":{"x":89,"y":384,"width":851,"height":12}},{"id":"226c1791-07d2-4c88-8837-3efad7f47bda","block_type":"box","text":"proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":58,"box":{"x":89,"y":399,"width":877,"height":13}},{"id":"2f3c3d0e-22f8-4d8c-86a9-41bb3344c62e","block_type":"box","text":"Risk of Investing in the Utilities Sector.","page_number":58,"box":{"x":89,"y":426,"width":274,"height":12}},{"id":"69b33c82-a613-4aa6-9f43-0aec5670e939","block_type":"box","text":"The utilities sector may be adversely affected by changing commodity prices,","page_number":58,"box":{"x":372,"y":426,"width":539,"height":12}},{"id":"4c65b3f9-4919-42c2-a0eb-5979823a8d5a","block_type":"box","text":"government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations","page_number":58,"box":{"x":89,"y":441,"width":857,"height":12}},{"id":"14034e6b-31be-46f0-a098-2384a60240d4","block_type":"box","text":"and changes in the cost of providing specific utility services. The utilities industry is also subject to potential terrorist attacks,","page_number":58,"box":{"x":89,"y":456,"width":871,"height":12}},{"id":"db277817-1c04-4c4e-81d4-7b393b96e38f","block_type":"box","text":"natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation","page_number":58,"box":{"x":89,"y":471,"width":872,"height":12}},{"id":"cf91626b-7d40-4bfc-822d-ed6408e9d395","block_type":"box","text":"and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore","page_number":58,"box":{"x":89,"y":486,"width":858,"height":12}},{"id":"22ced0ac-135c-41df-816d-73fd88e24ad9","block_type":"box","text":"may limit utility profits. Federal legislation may facilitate the construction of electric transmission lines not only by public","page_number":58,"box":{"x":89,"y":501,"width":841,"height":13}},{"id":"0b7c2145-12e9-46ca-b36b-5397b5e25fb5","block_type":"box","text":"utilities but also by independent transmission developers, which could increase competition in the wholesale electricity","page_number":58,"box":{"x":89,"y":516,"width":833,"height":13}},{"id":"d90925dd-2a36-4330-a71e-1687098b8b8a","block_type":"box","text":"markets. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby","page_number":58,"box":{"x":89,"y":531,"width":796,"height":13}},{"id":"0581a53f-b32e-4940-b022-64ccc0e01cc5","block_type":"box","text":"diminishing the company’s long-term prospects.","page_number":58,"box":{"x":89,"y":547,"width":339,"height":12}},{"id":"3341291e-c5c3-425d-b5a8-26482c75b7e9","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any regulatory","page_number":58,"box":{"x":88,"y":573,"width":842,"height":12}},{"id":"b72b22bd-8350-41cb-bceb-0b8aeab29596","block_type":"box","text":"agency may make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in the future,","page_number":58,"box":{"x":89,"y":588,"width":878,"height":12}},{"id":"9c5c3545-f68e-4e20-9f29-838f46d182da","block_type":"box","text":"grant rate increases. Additionally, existing and possible future regulatory legislation may make it even more difficult for","page_number":58,"box":{"x":89,"y":603,"width":829,"height":13}},{"id":"70cf3a2a-cc09-42b5-b529-addff52a6be2","block_type":"box","text":"utilities to obtain adequate relief. Certain of the issuers of securities held in a Fund’s portfolio may own or operate nuclear","page_number":58,"box":{"x":89,"y":618,"width":850,"height":13}},{"id":"546bd685-2954-4e97-b8ef-36dccba10dff","block_type":"box","text":"generating facilities. Governmental authorities may from time to time review existing policies and impose additional","page_number":58,"box":{"x":89,"y":633,"width":809,"height":13}},{"id":"ca0bd945-ad40-44ac-8932-ec2fdf10675b","block_type":"box","text":"requirements governing the licensing, construction and operation of nuclear power plants. Prolonged changes in climate","page_number":58,"box":{"x":89,"y":649,"width":845,"height":12}},{"id":"902ada06-5133-483a-915d-1fd1ed13d643","block_type":"box","text":"conditions can also have a significant impact on both the revenues of an electric and gas utility as well as the expenses of a","page_number":58,"box":{"x":89,"y":664,"width":861,"height":12}},{"id":"9d998b82-14c2-431b-92a6-ac5a701044f3","block_type":"box","text":"utility, particularly a hydro-based electric utility.","page_number":58,"box":{"x":89,"y":679,"width":328,"height":12}},{"id":"71a53f4f-8a57-421f-a7aa-fa2d38bc0aec","block_type":"box","text":"The rates that traditional regulated utility companies may charge their customers generally are subject to review and","page_number":58,"box":{"x":88,"y":705,"width":817,"height":13}},{"id":"3e667e59-d774-4745-98fe-c1c02c212c80","block_type":"box","text":"limitation by governmental regulatory commissions. Rate changes may occur only after a prolonged approval period or may","page_number":58,"box":{"x":89,"y":720,"width":868,"height":13}},{"id":"cf8e42d8-6e76-443a-ba37-643573283234","block_type":"box","text":"not occur at all, which could adversely affect utility companies when costs are rising. The value of regulated utility debt","page_number":58,"box":{"x":89,"y":736,"width":832,"height":12}},{"id":"0ceefa11-0b30-409d-b38a-2fe621b94c16","block_type":"box","text":"securities (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates.","page_number":58,"box":{"x":89,"y":751,"width":860,"height":12}},{"id":"e8cf1698-be75-483e-871c-09f934e20d12","block_type":"box","text":"Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently","page_number":58,"box":{"x":89,"y":766,"width":868,"height":12}},{"id":"3e6a4fc2-c087-42da-92c5-71c2271affc5","block_type":"box","text":"more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to","page_number":58,"box":{"x":89,"y":781,"width":876,"height":12}},{"id":"54f81baf-dda0-410a-8293-218b12d08874","block_type":"box","text":"diversify outside of their original geographic regions and their traditional lines of business. As a result, some companies may","page_number":58,"box":{"x":89,"y":796,"width":869,"height":12}},{"id":"acd10857-9bf9-4d9a-a5bb-78bb5ec791f7","block_type":"box","text":"be forced to defend their core business and may be less profitable. Deregulation may also permit a utility company to expand","page_number":58,"box":{"x":89,"y":811,"width":874,"height":12}},{"id":"8e3794ab-b38f-4846-a482-d10b0447cf7e","block_type":"box","text":"outside of its traditional lines of business and engage in riskier ventures.","page_number":58,"box":{"x":89,"y":826,"width":503,"height":13}},{"id":"46692c29-0d6d-4045-97da-27192a4d766b","block_type":"box","text":"32","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"afc89e2c-ca93-49e0-ab69-49519eff26bc","block_type":"box","text":"Proxy Voting Policies","page_number":59,"box":{"x":91,"y":44,"width":343,"height":30}},{"id":"aa2f9531-97a4-4204-befb-4ef1eaf363f9","block_type":"box","text":"The Board has delegated the voting of proxies for each Fund’s securities to BFA pursuant to (i) the Open-End Active and","page_number":59,"box":{"x":88,"y":85,"width":840,"height":13}},{"id":"c64db5e4-6246-4023-a40d-3ff8f3e3e390","block_type":"box","text":"Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii)","page_number":59,"box":{"x":89,"y":101,"width":859,"height":12}},{"id":"eb9035fe-d2a1-4894-b0d0-22de1623aed2","block_type":"box","text":"the Index Equity Fund Proxy Voting Policy, with respect to certain other Funds, as applicable. Please refer to the table below,","page_number":59,"box":{"x":88,"y":116,"width":864,"height":12}},{"id":"8fc81a73-8082-46e9-a9bc-2885107e8b92","block_type":"box","text":"which discloses the policy applicable to each Fund in this SAI. Information that does not apply to a Fund does not form a part","page_number":59,"box":{"x":88,"y":131,"width":879,"height":12}},{"id":"e432d00e-9e24-49b3-addb-d45a7591081d","block_type":"box","text":"of that Fund’s SAI and should not be relied on by investors in that Fund. Only information that is clearly identified as","page_number":59,"box":{"x":89,"y":146,"width":810,"height":12}},{"id":"70e4682e-93f6-4cff-a391-a33e4b0cead5","block_type":"box","text":"applicable to a Fund is considered to form a part of that Fund’s SAI.","page_number":59,"box":{"x":89,"y":161,"width":471,"height":12}},{"id":"7308bbfe-3b22-4de7-b2de-5abd6645e65c","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, BFA has adopted the BlackRock Active Investment","page_number":59,"box":{"x":88,"y":188,"width":844,"height":12}},{"id":"9bd1db23-f7bf-47a5-99eb-92c86dec81e9","block_type":"box","text":"Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such Funds, as listed within the","page_number":59,"box":{"x":88,"y":203,"width":866,"height":12}},{"id":"83e774e6-b021-4041-aea3-9a0766186ea8","block_type":"box","text":"Active Fund Proxy Voting Policy and as disclosed in the table below, follow supplemental guidelines within the BAIS","page_number":59,"box":{"x":88,"y":218,"width":806,"height":12}},{"id":"61bdaf99-9b8c-4f7b-9bfd-98f37f31d5c4","block_type":"box","text":"Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":59,"box":{"x":89,"y":233,"width":811,"height":12}},{"id":"da2aa899-ae46-4ba3-94e5-9a218b1937e4","block_type":"box","text":"Stewardship Guidelines”).","page_number":59,"box":{"x":88,"y":248,"width":180,"height":12}},{"id":"f81f0674-3345-4149-9e16-c0ee88db0084","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, BFA has adopted the BlackRock Investment","page_number":59,"box":{"x":88,"y":274,"width":839,"height":13}},{"id":"cb6ae4e9-ab77-4afa-867b-de3d74482062","block_type":"box","text":"Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for Benchmark Policies, regional voting","page_number":59,"box":{"x":88,"y":290,"width":840,"height":12}},{"id":"e13dfb56-1515-4225-bdd1-8f235034edb9","block_type":"box","text":"guidelines, and engagement priorities, which are each available upon request. 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The Board reviews","page_number":61,"box":{"x":88,"y":257,"width":873,"height":12}},{"id":"cc5b3042-d442-4bcf-be6e-43b91427b50e","block_type":"box","text":"the policy and procedures for disclosure of portfolio holdings information at least annually.","page_number":61,"box":{"x":88,"y":272,"width":635,"height":12}},{"id":"910fb777-2131-4d2f-a310-f30fcae9e53d","block_type":"box","text":"Construction and Maintenance of the Underlying","page_number":61,"box":{"x":90,"y":303,"width":822,"height":29}},{"id":"4fe667c7-55be-44de-9bc0-18d12a928af7","block_type":"box","text":"Indexes","page_number":61,"box":{"x":91,"y":333,"width":125,"height":23}},{"id":"a198a353-38f6-4c19-93c4-d33f75f83816","block_type":"box","text":"Descriptions of the Underlying Indexes are provided below.","page_number":61,"box":{"x":89,"y":374,"width":410,"height":12}},{"id":"8cb63c48-5546-49d7-8b2f-f6c581229332","block_type":"box","text":"With respect to certain underlying indexes of the iShares funds, BFA or its affiliates have held discussions with the applicable","page_number":61,"box":{"x":88,"y":400,"width":870,"height":13}},{"id":"1b0c35ea-1437-40be-a7b7-6581ba0c3f1f","block_type":"box","text":"index provider regarding their business interest in licensing an index to track a particular market segment and conveyed","page_number":61,"box":{"x":89,"y":416,"width":837,"height":12}},{"id":"146e43c6-5ed3-4f0a-8f0b-336f2803e8b7","block_type":"box","text":"investment concepts and strategies that could be considered for the index. 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In its sole discretion, the index provider determines the composition of the securities and other","page_number":61,"box":{"x":89,"y":461,"width":868,"height":12}},{"id":"8159f2cb-f920-4c39-86cd-8258442bab76","block_type":"box","text":"instruments in such underlying index, the rebalance protocols of the underlying index, the weightings of the securities and","page_number":61,"box":{"x":89,"y":476,"width":857,"height":12}},{"id":"73c0b94e-2077-405b-8a6d-f12ca7837a90","block_type":"box","text":"other instruments in the underlying index, and any updates to the methodology. 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P Chips must be incorporated outside of the PRC and traded on the Stock Exchange of Hong","page_number":62,"box":{"x":89,"y":59,"width":851,"height":12}},{"id":"d5d3daf2-f7cb-41e1-bd0d-af0f0a0542d0","block_type":"box","text":"Kong with a majority of revenues or assets derived from Mainland China.","page_number":62,"box":{"x":89,"y":74,"width":508,"height":12}},{"id":"308fe635-93e4-4d79-8318-a503b43fe84d","block_type":"box","text":"Component Selection Criteria.","page_number":62,"box":{"x":89,"y":101,"width":216,"height":12}},{"id":"7e813641-87a1-4f12-a6dd-036b3f79dbab","block_type":"box","text":"The Underlying Index is primarily rule-based, but is also monitored by a governing","page_number":62,"box":{"x":310,"y":101,"width":573,"height":12}},{"id":"6e6ce1af-9ff4-44d9-a5f4-39caeeb08374","block_type":"box","text":"committee. 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The Chairman and Deputy","page_number":62,"box":{"x":88,"y":346,"width":823,"height":13}},{"id":"eb5d7fc9-c719-4f63-87f8-c1a394255c46","block_type":"box","text":"Chairman of the Index Committee are collectively responsible for approving constituent changes to the Underlying Index","page_number":62,"box":{"x":89,"y":361,"width":845,"height":13}},{"id":"183236ea-fa1c-4510-90f7-cc5f4704f5a2","block_type":"box","text":"between meetings of the Committee on advice from the Secretary to the Committee and as permitted and as specified by the","page_number":62,"box":{"x":89,"y":376,"width":877,"height":13}},{"id":"4b4490ae-1833-408f-9514-189ad28ea3af","block_type":"box","text":"Underlying Index’s Ground Rules.","page_number":62,"box":{"x":89,"y":392,"width":232,"height":12}},{"id":"3c507fba-4f45-447f-a6a6-3a53045ff270","block_type":"box","text":"Additions.","page_number":62,"box":{"x":88,"y":418,"width":73,"height":10}},{"id":"fa2950bd-03ee-4c62-99c4-bce411790983","block_type":"box","text":"A company is added to the Underlying Index at the periodic review if it rises to the 40th position or above when","page_number":62,"box":{"x":166,"y":418,"width":779,"height":12}},{"id":"df7367f4-0912-4547-abbe-70787bc70b9e","block_type":"box","text":"the eligible companies are ranked by full market value before the application of any investability weightings.","page_number":62,"box":{"x":88,"y":433,"width":752,"height":13}},{"id":"f0e3417a-20b9-45a8-80c5-142b52c2c7e4","block_type":"box","text":"Deletions.","page_number":62,"box":{"x":89,"y":460,"width":71,"height":9}},{"id":"02ce167e-a791-47f8-89a8-bbfd78f4192d","block_type":"box","text":"A company in the Underlying Index is deleted at the periodic review if it falls to the 61st position or below when","page_number":62,"box":{"x":165,"y":460,"width":779,"height":12}},{"id":"a1d4ae8e-d4ff-4bfb-851e-ec755d3fe27a","block_type":"box","text":"the eligible companies are ranked by full market value before the application of any investability weighting. Any deletion to","page_number":62,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"aba2e90a-319c-40b3-8394-4bc1d3dd2d01","block_type":"box","text":"the Underlying Index will simultaneously entail an addition to the Underlying Index in order to maintain 50 Index constituents","page_number":62,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"ac9bae1c-648c-43e9-82d2-65708e2bdf8a","block_type":"box","text":"at all times.","page_number":62,"box":{"x":89,"y":505,"width":78,"height":10}},{"id":"52495fa5-f9ad-4ff5-aa9d-74609954a622","block_type":"box","text":"Revisions to the Float Adjustments.","page_number":62,"box":{"x":89,"y":531,"width":253,"height":13}},{"id":"9bffbcc3-b7d2-4a0f-9856-37a95661fb7a","block_type":"box","text":"The Underlying Index is reviewed quarterly for changes in free float. These reviews","page_number":62,"box":{"x":347,"y":531,"width":577,"height":13}},{"id":"65c2d585-121a-4e9b-82b9-5e926e8e5f91","block_type":"box","text":"coincide with quarterly reviews undertaken of the Underlying Index. Implementation of any changes takes place after the","page_number":62,"box":{"x":89,"y":547,"width":847,"height":12}},{"id":"f71988fa-36c1-4918-a028-2a4fc2e4967a","block_type":"box","text":"close of the Underlying Index calculation on the third Friday in March, June, September and December.","page_number":62,"box":{"x":89,"y":562,"width":716,"height":12}},{"id":"2d4de474-b8af-46e0-9476-f7e8ced799f7","block_type":"box","text":"Quarterly Index Rebalancing.","page_number":62,"box":{"x":89,"y":588,"width":209,"height":12}},{"id":"05857708-c21b-495f-9f39-06a247a5b644","block_type":"box","text":"The quarterly review of the Underlying Index constituents takes place in March, June,","page_number":62,"box":{"x":303,"y":588,"width":595,"height":12}},{"id":"4c02ea65-a14b-4ef5-8793-51d61cc831b6","block_type":"box","text":"September and December. Any constituent changes are implemented on the next trading day following the third Friday of","page_number":62,"box":{"x":88,"y":603,"width":856,"height":13}},{"id":"30ada4d1-fcfb-457d-abcf-1d222a5e164a","block_type":"box","text":"the same month of the review meeting. Details of the outcome of the review and the dates on which any changes are to be","page_number":62,"box":{"x":88,"y":618,"width":863,"height":13}},{"id":"3be3dfab-df1b-4cef-b28c-e9d995819cf0","block_type":"box","text":"implemented are published as soon as possible after the Index Committee meeting has concluded. Significant Underlying","page_number":62,"box":{"x":89,"y":633,"width":849,"height":13}},{"id":"e2e16567-6180-489e-83e9-a98f2f651393","block_type":"box","text":"Index rebalancing may cause funds based on the Underlying Index to experience trading error.","page_number":62,"box":{"x":89,"y":649,"width":658,"height":12}},{"id":"8f179401-da98-4bea-9e49-07b81447e1d4","block_type":"box","text":"Index Availability.","page_number":62,"box":{"x":89,"y":675,"width":125,"height":12}},{"id":"5cbb61e4-f037-40d8-a173-bbbcd98d0993","block_type":"box","text":"The Underlying Index is calculated continuously during Hong Kong trading hours and is widely","page_number":62,"box":{"x":219,"y":675,"width":664,"height":12}},{"id":"15c25225-b4d1-4516-8d19-be54e2efe9b0","block_type":"box","text":"disseminated to major data vendors. The Underlying Index will not be calculated on Hong Kong public holidays.","page_number":62,"box":{"x":89,"y":690,"width":780,"height":13}},{"id":"e87b2659-227d-452b-93c6-338338d34183","block_type":"box","text":"Exchange Rates and Pricing.","page_number":62,"box":{"x":89,"y":717,"width":203,"height":12}},{"id":"135be924-d3af-4d15-a00d-98137ee8950f","block_type":"box","text":"The Underlying Index uses Reuters’ real-time foreign exchange spot rates and Reuters’ real","page_number":62,"box":{"x":297,"y":717,"width":640,"height":12}},{"id":"fc931326-70ef-40c4-abe4-7cde0aaaf6f5","block_type":"box","text":"time security prices. The Underlying Index is calculated in Hong Kong Dollars. Non-Hong Kong Dollar denominated","page_number":62,"box":{"x":88,"y":732,"width":805,"height":12}},{"id":"710c35c4-1585-4245-9929-aa6c050e522a","block_type":"box","text":"constituent prices are converted to Hong Kong Dollars in order to calculate the Underlying Index. The foreign exchange rates","page_number":62,"box":{"x":89,"y":747,"width":872,"height":12}},{"id":"7ae0a93a-6413-4af8-8054-01829a9f5b7f","block_type":"box","text":"and security prices received from Reuters at the closing time of the Underlying Index are used to calculate the final index","page_number":62,"box":{"x":89,"y":762,"width":844,"height":12}},{"id":"ba6e2629-c4df-4ab3-a231-cd0df80a7a8a","block_type":"box","text":"levels.","page_number":62,"box":{"x":89,"y":777,"width":40,"height":10}},{"id":"ccab6269-7754-4942-abf7-67ad95b0a86e","block_type":"box","text":"36","page_number":62,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"79904cbc-589d-4e2c-9524-5214bca24508","block_type":"box","text":"The MSCI Indexes","page_number":63,"box":{"x":88,"y":44,"width":227,"height":17}},{"id":"b169d42f-78dd-4285-93a7-405433aac09a","block_type":"box","text":"The MSCI indexes were founded in 1969 by Capital International S.A. as international performance benchmarks constructed","page_number":63,"box":{"x":88,"y":78,"width":869,"height":12}},{"id":"591affba-fdb6-4a55-8d97-d39ad9a654ed","block_type":"box","text":"to facilitate comparison of world markets. The MSCI single country standard equity indexes have covered the world’s","page_number":63,"box":{"x":88,"y":93,"width":819,"height":12}},{"id":"9aeabbab-09ec-4df5-9905-d8b28f186ba0","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":63,"box":{"x":89,"y":108,"width":654,"height":12}},{"id":"fd3a652c-8795-4f69-b4b2-16fd5d25bd96","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":63,"box":{"x":89,"y":135,"width":875,"height":12}},{"id":"86407cab-2afc-43d7-89e1-7ffb261e8fa7","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":63,"box":{"x":88,"y":150,"width":843,"height":12}},{"id":"118d11d8-3453-430b-b3c0-16e6b6015414","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":63,"box":{"x":89,"y":165,"width":838,"height":12}},{"id":"5e781410-8cbe-448f-9e4a-73936a9b5c7b","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":63,"box":{"x":89,"y":180,"width":322,"height":12}},{"id":"2b4e19b0-6b7b-4865-8d53-c7cd7f8c1d26","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":63,"box":{"x":89,"y":206,"width":281,"height":10}},{"id":"193efca3-6fc6-417f-9f02-b43d31debb47","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":63,"box":{"x":89,"y":233,"width":867,"height":12}},{"id":"7eb17eff-e592-482e-929d-6b44012b149f","block_type":"box","text":"market capitalization size and by style. The MSCI GIMI intend to target approximately 99% coverage of the free float-adjusted","page_number":63,"box":{"x":89,"y":248,"width":877,"height":12}},{"id":"fe9822e2-09b5-4050-ad48-4cbb8579d25e","block_type":"box","text":"market capitalization in each market of large-, mid- and small-cap securities. In each market, MSCI creates an Investable","page_number":63,"box":{"x":89,"y":263,"width":842,"height":12}},{"id":"0d489a41-4b34-45c6-9c05-e4d03c459bbd","block_type":"box","text":"Market Index, Standard Index, Large Cap Index, Mid Cap Index and Small Cap Index. The Standard Index, Large Cap Index,","page_number":63,"box":{"x":89,"y":278,"width":854,"height":13}},{"id":"6820581a-e9a5-4d26-9b34-0e4313491b7b","block_type":"box","text":"Mid Cap Index and Small Cap Index are each subsets of the Investable Market Index for a market. The MSCI Global Standard","page_number":63,"box":{"x":89,"y":293,"width":868,"height":13}},{"id":"8da0f0ae-730d-4d2d-9b47-fca8bb652201","block_type":"box","text":"Index is the aggregation of the Large Cap Index and Mid Cap Index and the MSCI GIMI is the aggregation of the MSCI Global","page_number":63,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"b851f730-6715-4b97-b217-13845c594672","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":63,"box":{"x":88,"y":324,"width":348,"height":12}},{"id":"8b8def0f-4ca4-495c-ab40-de59ca0498e1","block_type":"box","text":"Selection Criteria.","page_number":63,"box":{"x":88,"y":350,"width":127,"height":10}},{"id":"9c856fca-3897-423a-9d54-905dff45a4b4","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":63,"box":{"x":221,"y":350,"width":723,"height":12}},{"id":"80847d87-80fa-40ca-bb76-a9582e5f6789","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":63,"box":{"x":89,"y":365,"width":814,"height":12}},{"id":"c60071f7-e86a-4026-b855-d4b0f328ddb4","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":63,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"3ea17549-4faa-4814-8fcb-176a9326b542","block_type":"box","text":"Index.","page_number":63,"box":{"x":89,"y":395,"width":41,"height":10}},{"id":"f84876be-1753-4504-8d3b-c54fd83257e2","block_type":"box","text":"Defining the Equity Universe","page_number":63,"box":{"x":89,"y":422,"width":204,"height":12}},{"id":"0af18e96-f750-4dd4-bf4f-02925499e0be","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":63,"box":{"x":294,"y":422,"width":643,"height":12}},{"id":"55f5442a-1eaf-4603-a10e-78317f3e09d8","block_type":"box","text":"classified as developed markets, 24 as emerging markets, and 28 as frontier markets. All listed equity securities and listed","page_number":63,"box":{"x":89,"y":437,"width":847,"height":12}},{"id":"f8fa2f2e-9795-4e5a-ae28-da7e85581e49","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":63,"box":{"x":89,"y":452,"width":863,"height":12}},{"id":"ac3dde1e-7776-43ae-abdb-a5d1db7a704f","block_type":"box","text":"and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income","page_number":63,"box":{"x":89,"y":467,"width":835,"height":13}},{"id":"a5d4d30b-179c-42f4-9ba7-b7a5df3471a8","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":63,"box":{"x":88,"y":482,"width":559,"height":13}},{"id":"a61bc224-78d0-4019-9ec9-fdceabe37ce2","block_type":"box","text":"i.e","page_number":63,"box":{"x":648,"y":483,"width":15,"height":9}},{"id":"54e32118-d958-4c09-96cc-d73323bc847b","block_type":"box","text":"., share classes) are classified in only one","page_number":63,"box":{"x":665,"y":482,"width":284,"height":13}},{"id":"5db3b93b-86d5-48cc-8391-75e33785ae8c","block_type":"box","text":"country.","page_number":63,"box":{"x":89,"y":499,"width":55,"height":11}},{"id":"14f98e2e-eb28-451e-84ee-b8643375a91f","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":63,"box":{"x":89,"y":524,"width":489,"height":12}},{"id":"b3c3aebb-0745-46f4-bdf3-61425efe520d","block_type":"box","text":"The equity universe in any market is derived by","page_number":63,"box":{"x":583,"y":524,"width":328,"height":12}},{"id":"08dbf782-fc9b-4b61-8eb4-719f61b9c01e","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":63,"box":{"x":89,"y":539,"width":838,"height":12}},{"id":"5b325eb9-a8c6-425f-b027-845ebaff16c7","block_type":"box","text":"applied at the individual security level and some at the overall company level, represented by the aggregation of individual","page_number":63,"box":{"x":89,"y":554,"width":851,"height":12}},{"id":"9591659f-5b6c-4315-9e23-765015002c0c","block_type":"box","text":"securities of the company. As a result, the inclusion or exclusion of one security does not imply the automatic inclusion or","page_number":63,"box":{"x":89,"y":569,"width":852,"height":13}},{"id":"0c3fbd0d-e6c0-439d-b33e-258d02d8a915","block_type":"box","text":"exclusion of other securities of the same company.","page_number":63,"box":{"x":89,"y":584,"width":353,"height":13}},{"id":"dcac3dd9-8262-4017-b3f5-71b0dde44223","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":63,"box":{"x":89,"y":611,"width":479,"height":12}},{"id":"07866566-9168-4842-ad1e-0dcac12688d2","block_type":"box","text":"In order to create size components that can be","page_number":63,"box":{"x":574,"y":611,"width":325,"height":12}},{"id":"5009e293-acab-404e-9485-c1e889be2f38","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":63,"box":{"x":89,"y":626,"width":786,"height":12}},{"id":"b8ead659-2426-451c-94c7-f5c001827d3f","block_type":"box","text":"• Achieving global size integrity by ensuring that companies of comparable and relevant sizes are included in a given size","page_number":63,"box":{"x":89,"y":646,"width":863,"height":12}},{"id":"03959888-7e2a-41de-b82b-90e18c4046b9","block_type":"box","text":"segment across all markets in a composite index; and","page_number":63,"box":{"x":121,"y":661,"width":375,"height":13}},{"id":"b7bb5f00-9815-4ecd-9711-861553a77df1","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":63,"box":{"x":89,"y":681,"width":846,"height":13}},{"id":"db4e2b90-f1a6-45ca-9b22-d9e2018f5cec","block_type":"box","text":"weight in the composite universe.","page_number":63,"box":{"x":121,"y":696,"width":236,"height":13}},{"id":"00434ed8-a4b1-4171-8098-2e41484098a1","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":63,"box":{"x":88,"y":723,"width":787,"height":12}},{"id":"a4d88758-cf2a-4358-a140-4e5ea60b3281","block_type":"box","text":"capitalization size segments:","page_number":63,"box":{"x":89,"y":738,"width":197,"height":12}},{"id":"d5bf8dad-8dc0-45c7-a323-f5adf820eacb","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":63,"box":{"x":89,"y":758,"width":809,"height":13}},{"id":"2f4f7060-d021-47c7-ab04-7b4f99c2868b","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":63,"box":{"x":121,"y":773,"width":627,"height":13}},{"id":"df3d2129-c5fd-4667-8fc9-08adaef280f1","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":63,"box":{"x":89,"y":793,"width":848,"height":13}},{"id":"898a3ac3-df11-4e2d-882c-59c4183279f3","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":63,"box":{"x":121,"y":809,"width":627,"height":12}},{"id":"e99a7fbc-5b2e-4dcb-a5a5-99d6f2aade2d","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":63,"box":{"x":89,"y":829,"width":865,"height":12}},{"id":"b5c977b8-7589-408f-8012-60ecaac59229","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":63,"box":{"x":121,"y":844,"width":614,"height":12}},{"id":"7d088466-2ad6-4241-871d-c298ebf6a7cf","block_type":"box","text":"37","page_number":63,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"22a400c4-d056-48c3-90e7-ccd13a3416f1","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":64,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"cd655721-042a-496e-a030-41773da8bffc","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":64,"box":{"x":121,"y":59,"width":577,"height":10}},{"id":"2bb57bb5-2d85-4581-9ea9-3be81e039de8","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":64,"box":{"x":88,"y":85,"width":404,"height":13}},{"id":"b1f1225f-bec4-4174-bbf3-04e34389b929","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":64,"box":{"x":498,"y":85,"width":430,"height":13}},{"id":"eeab7dda-233e-4165-9f07-be8f74d77d72","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":64,"box":{"x":89,"y":101,"width":796,"height":12}},{"id":"616b0801-93ab-4811-91f1-8bba42fbf21f","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":64,"box":{"x":89,"y":116,"width":842,"height":12}},{"id":"abd0abfe-f687-425a-857c-25641c606f3c","block_type":"box","text":"minimum length of trading.","page_number":64,"box":{"x":89,"y":131,"width":192,"height":12}},{"id":"ed517c83-f88d-463f-9221-5627b62950f8","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":64,"box":{"x":88,"y":157,"width":404,"height":13}},{"id":"298e9120-4f01-4b58-91b4-59284900c8c9","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":64,"box":{"x":498,"y":157,"width":456,"height":13}},{"id":"c7b1e098-516f-4699-8afb-4a0dbe92de6e","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":64,"box":{"x":89,"y":172,"width":873,"height":13}},{"id":"b59493d5-38de-48b0-8ff4-3777a5c39eeb","block_type":"box","text":"minimum number of five constituents will be maintained for a developed market Standard Index and a minimum number of","page_number":64,"box":{"x":89,"y":188,"width":870,"height":12}},{"id":"ae05cf52-f8a9-4ed9-817a-0d6c26194c2e","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":64,"box":{"x":88,"y":203,"width":544,"height":12}},{"id":"24a1f8ba-65f3-4e62-9fc7-c5b3e848be7d","block_type":"box","text":"Weighting.","page_number":64,"box":{"x":88,"y":229,"width":77,"height":12}},{"id":"0eac05aa-62fd-4f69-85fa-55ac54134704","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":64,"box":{"x":171,"y":229,"width":365,"height":12}},{"id":"e66087d3-9826-462a-aca4-64da68fb8c8c","block_type":"box","text":"i.e.,","page_number":64,"box":{"x":541,"y":230,"width":21,"height":10}},{"id":"b0881565-1df2-4772-ba4c-5bbae2fb1405","block_type":"box","text":"companies are included in the indexes at the value of","page_number":64,"box":{"x":568,"y":229,"width":373,"height":12}},{"id":"040937db-f10d-4fbf-b7c5-5fa5f38f7357","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":64,"box":{"x":88,"y":244,"width":420,"height":13}},{"id":"bf398ac8-5c44-4ecb-b9fd-8615e57a1511","block_type":"box","text":"Regional Weights.","page_number":64,"box":{"x":89,"y":271,"width":128,"height":12}},{"id":"df1e5c89-a028-421a-a617-88cf86572f76","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":64,"box":{"x":223,"y":271,"width":720,"height":12}},{"id":"c69cbc13-4082-4160-a92f-3d49dceeb2ee","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":64,"box":{"x":89,"y":286,"width":878,"height":12}},{"id":"55a97d3b-0e28-4406-af5d-ef39ad9470eb","block_type":"box","text":"weight in the total universe of developing and emerging markets. A market is equivalent to a single country except for","page_number":64,"box":{"x":88,"y":301,"width":826,"height":12}},{"id":"88a27c44-f541-41eb-b8e3-623fe601d5f6","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":64,"box":{"x":89,"y":316,"width":873,"height":12}},{"id":"e083f36a-5f97-433e-9651-424b6f4a8612","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":64,"box":{"x":89,"y":331,"width":768,"height":12}},{"id":"a1612eba-86ad-4c20-ad29-28e3672187de","block_type":"box","text":"Free Float.","page_number":64,"box":{"x":89,"y":358,"width":73,"height":9}},{"id":"eb2a2c86-4988-4602-849a-cdc3c0b8f979","block_type":"box","text":"MSCI defines the free float of a security as the proportion of shares outstanding that are deemed to be available","page_number":64,"box":{"x":167,"y":358,"width":781,"height":12}},{"id":"7a097cb6-a1ae-4a4e-b31f-ca926346a719","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":64,"box":{"x":88,"y":373,"width":803,"height":12}},{"id":"18f77511-0014-4e35-84d3-b87c22a013ea","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":64,"box":{"x":89,"y":388,"width":865,"height":12}},{"id":"8609cffc-3475-4a92-ae1e-3e4e0f4b6fb9","block_type":"box","text":"on share ownership for foreigners.","page_number":64,"box":{"x":89,"y":403,"width":239,"height":12}},{"id":"5ee30a4b-7cd0-43ee-b9dd-21793fef2fb9","block_type":"box","text":"MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe by (i) defining and","page_number":64,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"f47beea2-e245-48b3-b050-9b0315a094c2","block_type":"box","text":"estimating the free float available to foreign investors; (ii) assigning a free float-adjustment factor to each security; and (iii)","page_number":64,"box":{"x":89,"y":445,"width":856,"height":12}},{"id":"95b4b5dd-54db-4e39-9931-3c045eaebcca","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":64,"box":{"x":89,"y":460,"width":503,"height":12}},{"id":"6d2c9552-b635-45f4-8460-03e594b543b5","block_type":"box","text":"Under MSCI’s free float-adjustment methodology, a constituent’s inclusion factor is equal to its estimated free float, rounded","page_number":64,"box":{"x":89,"y":486,"width":872,"height":12}},{"id":"bf2bda99-a865-452a-8318-113e0937f5b6","block_type":"box","text":"up to the closest 5% for constituents with free float equal to or exceeding 15%. For example, a constituent security with a","page_number":64,"box":{"x":89,"y":501,"width":852,"height":13}},{"id":"af300128-5c04-4ab4-9826-fab6f77bb4d3","block_type":"box","text":"free float of 23.2% will be included in the index at 25% of its market capitalization. For securities with a free float of less than","page_number":64,"box":{"x":88,"y":516,"width":872,"height":13}},{"id":"47701a86-d008-470b-b1bf-e0f3377591f5","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":64,"box":{"x":90,"y":531,"width":412,"height":13}},{"id":"093cbc79-a3c3-42bc-a3df-71393ac85eea","block_type":"box","text":"Price and Exchange Rates","page_number":64,"box":{"x":89,"y":558,"width":184,"height":12}},{"id":"e8ce7162-ea7e-40f3-9f66-1c4d6478c2b6","block_type":"box","text":"Prices.","page_number":64,"box":{"x":89,"y":585,"width":46,"height":9}},{"id":"ccf5f643-c503-4fa1-8483-388047d38611","block_type":"box","text":"The prices used to calculate all MSCI indexes are the official exchange closing prices or those figures accepted as","page_number":64,"box":{"x":140,"y":584,"width":791,"height":13}},{"id":"f05308d5-5072-4ec3-a6e4-15921e7b5ab8","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":64,"box":{"x":89,"y":599,"width":578,"height":13}},{"id":"18bf8dda-a5cf-4bf0-91e9-5faee66719e7","block_type":"box","text":"Exchange Rates.","page_number":64,"box":{"x":89,"y":626,"width":116,"height":12}},{"id":"a91fc3a6-1a5a-4ac4-bf8a-12863d9aea19","block_type":"box","text":"MSCI uses the World Markets/Reuters Closing Spot Rates taken at 4:00 p.m. London time. In case World","page_number":64,"box":{"x":211,"y":626,"width":730,"height":12}},{"id":"70ab9fdd-1019-4dd6-9859-c7f615e5b1ec","block_type":"box","text":"Markets/Reuters does not provide rates for specific markets on given days (for example, Christmas Day and New Year’s Day),","page_number":64,"box":{"x":89,"y":641,"width":876,"height":12}},{"id":"9109ceb0-f057-4739-b2be-f0d5688eeff7","block_type":"box","text":"the previous business day’s rates are normally used. MSCI independently monitors the exchange rates on all its indexes.","page_number":64,"box":{"x":88,"y":656,"width":839,"height":13}},{"id":"314b7fe8-e080-494c-95f2-fbee7281593f","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":64,"box":{"x":89,"y":671,"width":864,"height":13}},{"id":"90350595-63c0-4cb8-a8f1-a6000149a575","block_type":"box","text":"rates are not available, or if MSCI determines that the World Markets/Reuters rates are not reflective of market circumstances","page_number":64,"box":{"x":89,"y":686,"width":877,"height":12}},{"id":"c3c61133-8ba2-4b0d-914c-87e00535a3b6","block_type":"box","text":"for a given currency on a particular day. In such circumstances, an announcement would be sent to clients with the related","page_number":64,"box":{"x":88,"y":702,"width":859,"height":12}},{"id":"58587d81-586c-4a6b-9aa2-0d4db0ec2820","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":64,"box":{"x":89,"y":717,"width":845,"height":12}},{"id":"dee6d1bf-e65c-42a3-b182-f49475acedef","block_type":"box","text":"most relevant exchange rate.","page_number":64,"box":{"x":89,"y":732,"width":201,"height":12}},{"id":"6ab71ddd-5f3f-4efe-aa2d-00337e6df948","block_type":"box","text":"Changes to the Indexes.","page_number":64,"box":{"x":89,"y":758,"width":172,"height":13}},{"id":"7ca064fa-d684-427b-8c6b-78def7600c33","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":64,"box":{"x":266,"y":758,"width":678,"height":13}},{"id":"86e256ee-4ed4-476d-b490-a2ed1d55612c","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":64,"box":{"x":88,"y":773,"width":833,"height":13}},{"id":"c9669cf5-b76e-444f-a008-0852f6b3de91","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":64,"box":{"x":89,"y":788,"width":839,"height":13}},{"id":"997a58b8-4c5a-4099-b548-100611f55ed1","block_type":"box","text":"deletions from, the indexes; (ii) changes in number of shares; and (iii) changes in inclusion factors as a result of updated free","page_number":64,"box":{"x":89,"y":804,"width":872,"height":12}},{"id":"5dc39119-5649-4899-bae6-25f0555f3629","block_type":"box","text":"float estimates.","page_number":64,"box":{"x":88,"y":819,"width":106,"height":9}},{"id":"2d934e09-e4e2-4180-be8a-673938e17feb","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":64,"box":{"x":89,"y":845,"width":524,"height":12}},{"id":"9add1eb0-fb34-47db-80f6-239c5193fa65","block_type":"box","text":"38","page_number":64,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"309ad85d-22b1-456f-b0fe-29505b316724","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":65,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"0fbad3f9-7a6b-4994-8c8e-8324227c7885","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":65,"box":{"x":121,"y":59,"width":399,"height":12}},{"id":"89302824-9bfc-4f03-9223-d4ef3841f5a1","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":65,"box":{"x":89,"y":79,"width":728,"height":13}},{"id":"918e7d63-407c-4554-917b-c9a27fa3874e","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":65,"box":{"x":89,"y":99,"width":876,"height":13}},{"id":"3f0788a2-8226-40d3-9ab2-378e50ec701f","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":65,"box":{"x":121,"y":114,"width":560,"height":13}},{"id":"87f3f8f4-a85c-4841-9466-89bd2d8a37ad","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":65,"box":{"x":89,"y":141,"width":876,"height":12}},{"id":"5b7269cc-a1be-4da8-b5ab-2b39f45cece6","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":65,"box":{"x":88,"y":156,"width":839,"height":12}},{"id":"5ccaa1ad-dfd3-413e-9893-21a0881941e7","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":65,"box":{"x":89,"y":171,"width":387,"height":12}},{"id":"26c678b0-b863-450d-b3ca-981d7b8123f6","block_type":"box","text":"MSCI conducts SAIRs generally as of the close of the last business day of May and November. During the SAIRs, MSCI","page_number":65,"box":{"x":89,"y":198,"width":823,"height":12}},{"id":"65b48a38-fed1-4546-8f73-a841c6c33c26","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":65,"box":{"x":89,"y":213,"width":876,"height":12}},{"id":"3215088e-94de-4280-833c-5097c03f5634","block_type":"box","text":"generally as of the close of the last business day of February and August. During the QIRs, MSCI reflects changes in the index","page_number":65,"box":{"x":89,"y":228,"width":876,"height":12}},{"id":"b1dc1477-ac21-41dc-90b9-157f4f6ffd4d","block_type":"box","text":"that were not captured at the time of their actual occurrence, but are significant enough to be included before the next SAIR.","page_number":65,"box":{"x":88,"y":243,"width":873,"height":12}},{"id":"4f051193-741f-4528-8bd2-631a34a548f1","block_type":"box","text":"The results of the SAIR and QIR are generally announced at least ten business days in advance of implementation.","page_number":65,"box":{"x":88,"y":258,"width":798,"height":12}},{"id":"e5d53eae-39bd-4bd4-bd39-76ac8273c062","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":65,"box":{"x":89,"y":285,"width":689,"height":12}},{"id":"30b99dbb-03ed-496a-ac4e-5ddffba68070","block_type":"box","text":"®","page_number":65,"box":{"x":779,"y":283,"width":9,"height":6}},{"id":"4afcf329-6621-4600-83c0-c1e76f281a7f","block_type":"box","text":")","page_number":65,"box":{"x":789,"y":285,"width":5,"height":12}},{"id":"010c01f9-01ac-4adf-bcca-b9628f9d73d5","block_type":"box","text":"All securities in the Global Investable Equity Universe are assigned to the industry that best describes their business activities","page_number":65,"box":{"x":88,"y":311,"width":871,"height":12}},{"id":"e8452724-156b-47c0-af62-f78b897c10a3","block_type":"box","text":"using the GICS. The GICS consists of sectors, industry groups, industries and sub-industries. Under the GICS, each company","page_number":65,"box":{"x":89,"y":326,"width":867,"height":12}},{"id":"352f4219-abdb-44b6-b0bb-659e2547680b","block_type":"box","text":"is assigned to one unique sub-industry according to its principal business activity (generally defined as the business activity","page_number":65,"box":{"x":89,"y":341,"width":865,"height":13}},{"id":"c733daa5-6005-4d01-bee2-80fecbd231a6","block_type":"box","text":"that generates 60% or more of the company’s revenues). Narrower indexes may be derived based on industry classification,","page_number":65,"box":{"x":88,"y":356,"width":866,"height":13}},{"id":"57bee7e8-dc29-4326-a8e4-e5735013710e","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":65,"box":{"x":89,"y":371,"width":878,"height":13}},{"id":"f3435a75-3f4e-4c9c-ae16-0deb6f067af7","block_type":"box","text":"MSCI 25/50 Indexes","page_number":65,"box":{"x":89,"y":398,"width":147,"height":10}},{"id":"8743d2fd-101e-4b49-ba78-ab54601ffaf2","block_type":"box","text":"Each of the MSCI 25/50 Indexes (the “25/50 Indexes”) is a sub-index of either an MSCI Global Standard Index or an MSCI","page_number":65,"box":{"x":89,"y":424,"width":854,"height":13}},{"id":"bab62d80-653d-4084-b922-7e666a8dfde0","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":65,"box":{"x":89,"y":439,"width":873,"height":13}},{"id":"1599195e-3dfc-4335-99a7-896132501197","block_type":"box","text":"Revenue Code. MSCI uses the concept of “group entities” for the concentration limits of the capping methodologies in the","page_number":65,"box":{"x":89,"y":455,"width":854,"height":12}},{"id":"3f81d592-f4cc-4a7f-b1e6-afb1fe9b4585","block_type":"box","text":"25/50 Indexes. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue","page_number":65,"box":{"x":89,"y":470,"width":873,"height":12}},{"id":"c27c901e-920c-49d8-aa5e-75ab66f8fd7e","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":65,"box":{"x":89,"y":485,"width":863,"height":12}},{"id":"78bb4f51-b2c2-4189-98a6-38c7fe3617f7","block_type":"box","text":"or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":65,"box":{"x":89,"y":500,"width":857,"height":12}},{"id":"2c869416-a58f-4c48-b4f9-91cf7244e164","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":65,"box":{"x":89,"y":515,"width":845,"height":12}},{"id":"8e36f9d4-9d61-42b4-b0ef-8c1ae1db64e2","block_type":"box","text":"there is reasonable evidence of control based on other information. The 25/50 Indexes are free float-adjusted market","page_number":65,"box":{"x":88,"y":530,"width":821,"height":13}},{"id":"a7bb0288-3706-4f9d-b5c8-051a2f4f38f0","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":65,"box":{"x":89,"y":545,"width":861,"height":13}},{"id":"b85ae67b-8a70-447f-93dd-22afbfb5d68c","block_type":"box","text":"exceeds 25% of index weight, and all group entities with a weight above 5% do not cumulatively exceed 50% of the index","page_number":65,"box":{"x":89,"y":560,"width":854,"height":13}},{"id":"d9656e32-c0ac-4699-a5fe-cadeab388598","block_type":"box","text":"weight. A buffer of 10% of the value of each of these caps is used in order to reduce the risk of noncompliance due to short","page_number":65,"box":{"x":88,"y":576,"width":865,"height":12}},{"id":"9f1c03f4-de53-41e0-ac33-e86bc003c575","block_type":"box","text":"term market movements between rebalances. As a result, at the point of constructing or rebalancing the 25/50 Indexes, the","page_number":65,"box":{"x":88,"y":591,"width":869,"height":12}},{"id":"f9fd0f2b-ad83-44fa-a0dd-2dd9a4921ef6","block_type":"box","text":"weight of any single group entity cannot exceed 22.5% of the index weight and all group entities with weight above 4.5%","page_number":65,"box":{"x":88,"y":606,"width":851,"height":12}},{"id":"9b3ac031-8b1e-45ea-9ef5-7ddc53d45092","block_type":"box","text":"cannot exceed 45% of the index weight. A software application called the Barra Optimizer is utilized to calculate the capped","page_number":65,"box":{"x":89,"y":621,"width":865,"height":12}},{"id":"8addfb57-9339-499e-bf57-d107a7613173","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":65,"box":{"x":89,"y":636,"width":843,"height":12}},{"id":"55c992b4-255e-415a-9561-a0152e4b69d8","block_type":"box","text":"deviation from the uncapped index.","page_number":65,"box":{"x":89,"y":651,"width":248,"height":12}},{"id":"b04a5b63-ce22-41a5-9f45-c97b51a9155d","block_type":"box","text":"MSCI EAFE Growth Index","page_number":65,"box":{"x":89,"y":678,"width":181,"height":9}},{"id":"0d8a53b0-36fb-424d-b2f7-1cede881d736","block_type":"box","text":"Number of Components: approximately 361","page_number":65,"box":{"x":89,"y":696,"width":315,"height":13}},{"id":"16a4fe28-ce58-4a0c-9d3d-dfec20786127","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":719,"width":131,"height":13}},{"id":"9af8906c-e1f4-4aeb-89ac-1af717e42c4f","block_type":"box","text":"The MSCI EAFE Growth Index is an MSCI Global Standard Index. The Underlying Index is a subset of the","page_number":65,"box":{"x":225,"y":719,"width":726,"height":13}},{"id":"b0e2c03d-2190-470e-b5b0-e9966b8e5c26","block_type":"box","text":"MSCI EAFE Index and constituents of the Underlying Index include securities from Europe, Australasia and the Far East. The","page_number":65,"box":{"x":89,"y":734,"width":864,"height":13}},{"id":"d2dc3f95-a196-4d96-9d12-2ff37363b97f","block_type":"box","text":"Underlying Index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE","page_number":65,"box":{"x":89,"y":749,"width":860,"height":13}},{"id":"6b1e6e4e-6236-4d81-93ee-fd2b0fb14fad","block_type":"box","text":"Index and consists of those securities classified by MSCI as most representing the growth style. Securities classified in this","page_number":65,"box":{"x":89,"y":765,"width":853,"height":12}},{"id":"46580545-07db-48ad-b5fd-66cb137ab866","block_type":"box","text":"style generally tend to have higher growth characteristics (","page_number":65,"box":{"x":89,"y":780,"width":410,"height":12}},{"id":"b0cc082e-3016-4934-9526-9d5fd76ed99a","block_type":"box","text":"i.e.","page_number":65,"box":{"x":500,"y":781,"width":17,"height":8}},{"id":"052bbc9b-4498-4b06-8b1b-2adbab3457dd","block_type":"box","text":", higher long-term forward earnings-per-share (“EPS”) growth","page_number":65,"box":{"x":520,"y":780,"width":435,"height":12}},{"id":"bdf7745e-309d-4d98-bd30-d91a03149a0b","block_type":"box","text":"rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long","page_number":65,"box":{"x":89,"y":795,"width":860,"height":12}},{"id":"d6cffd5c-5bd1-406a-ae70-6f9c0962c72c","block_type":"box","text":"term historical sales per share growth trend). MSCI uses a specialized framework to attribute both growth and value style","page_number":65,"box":{"x":88,"y":810,"width":849,"height":12}},{"id":"6cf5907f-649d-42cf-88c6-c0ec9d741041","block_type":"box","text":"characteristics to each security within the MSCI EAFE Index. Each security is evaluated based on certain value factors and","page_number":65,"box":{"x":89,"y":825,"width":848,"height":12}},{"id":"82117b88-7383-4aac-8b25-e06856674208","block_type":"box","text":"growth factors, which are then used to calculate a growth score and value score. Based upon these two scores, MSCI","page_number":65,"box":{"x":89,"y":840,"width":818,"height":12}},{"id":"81e11ca2-18e9-4f4f-ad8c-8e0362cd8dd4","block_type":"box","text":"determines the extent to which each security is assigned to the growth or value style. It is possible for a single security to","page_number":65,"box":{"x":89,"y":855,"width":846,"height":13}},{"id":"aa621ff0-f490-4859-bc72-8ff2f5e7e90f","block_type":"box","text":"39","page_number":65,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e81bb228-9608-4fa3-b9b2-a28c7ea0a10f","block_type":"box","text":"have representation in both the growth and value style indexes, however, no more than 100% of a security’s float-adjusted","page_number":66,"box":{"x":89,"y":44,"width":857,"height":12}},{"id":"1a5f191f-d3a7-4e38-93a0-0fe514658964","block_type":"box","text":"market capitalization will be included within the combined style framework.","page_number":66,"box":{"x":89,"y":59,"width":529,"height":12}},{"id":"0ef77530-6b9b-46c6-89d2-fdc8b63d9ad6","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":85,"width":184,"height":13}},{"id":"b62f7a6a-1e36-4222-9970-7b7ac6edf569","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":66,"box":{"x":278,"y":85,"width":662,"height":13}},{"id":"4e55fc5b-1dc1-485b-a2d1-a30296253ff9","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":66,"box":{"x":89,"y":101,"width":878,"height":12}},{"id":"880fb99c-3734-4e95-94fc-ff5a0dc8b66b","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":66,"box":{"x":88,"y":116,"width":864,"height":12}},{"id":"8c6a8ed6-9820-409d-a651-62adda1afdeb","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":66,"box":{"x":89,"y":131,"width":849,"height":12}},{"id":"fedae55a-0de1-45cc-9e09-b55b8be25232","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":66,"box":{"x":88,"y":146,"width":868,"height":12}},{"id":"6295a840-bcc6-4c33-98a9-cb0f7ab2c9b0","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":161,"width":474,"height":12}},{"id":"e195724e-e5f9-4640-8601-999429a11371","block_type":"box","text":"MSCI EAFE Index","page_number":66,"box":{"x":89,"y":188,"width":123,"height":9}},{"id":"7809d606-a186-426f-9250-db6de516a66f","block_type":"box","text":"Number of Components: approximately 695","page_number":66,"box":{"x":89,"y":206,"width":317,"height":13}},{"id":"311b56a6-95d9-45f7-9da0-20441b1f6336","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":229,"width":131,"height":12}},{"id":"7a41d138-d257-42bc-a8ab-ff4419e130d9","block_type":"box","text":"The MSCI EAFE Index is an MSCI Global Standard Index. The Underlying Index is commonly used as a","page_number":66,"box":{"x":225,"y":229,"width":711,"height":12}},{"id":"8dd4fc27-4627-43a8-b70d-cad164108698","block_type":"box","text":"measure of international stock performance. Constituents of the Underlying Index include securities from Europe, Australasia","page_number":66,"box":{"x":89,"y":244,"width":876,"height":13}},{"id":"77ee6c5b-3c20-4222-aa3b-1655a447f2f8","block_type":"box","text":"and the Far East.","page_number":66,"box":{"x":89,"y":259,"width":114,"height":10}},{"id":"f854bcf4-806f-4a49-8b3b-1a6419b7194e","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":286,"width":184,"height":12}},{"id":"a4825a95-cf57-4d07-8bd0-90b0e0b9d0a0","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":66,"box":{"x":278,"y":286,"width":662,"height":12}},{"id":"11364fea-225c-4ea0-aa47-c750ddef406f","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":66,"box":{"x":89,"y":301,"width":878,"height":12}},{"id":"f4bfd770-db02-409b-b6a4-bd7dceaf3bb0","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":66,"box":{"x":88,"y":316,"width":864,"height":12}},{"id":"5a1d5c97-700b-4685-babe-ac6fa9c70e3c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":66,"box":{"x":89,"y":331,"width":849,"height":12}},{"id":"6ca2a033-90b2-4b16-abb1-d0398fd3656c","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":66,"box":{"x":88,"y":346,"width":868,"height":13}},{"id":"098a1ea0-894d-47e5-b892-8e23eff8e0ae","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":361,"width":474,"height":13}},{"id":"df557ad4-6094-483c-9790-1f18063464ee","block_type":"box","text":"MSCI EAFE Minimum Volatility (USD) Index","page_number":66,"box":{"x":89,"y":388,"width":312,"height":12}},{"id":"42c8936e-cfea-4612-9aba-3335e637ea33","block_type":"box","text":"Number of Components: approximately 229","page_number":66,"box":{"x":89,"y":407,"width":318,"height":12}},{"id":"3a2eff76-b5a4-4ff7-8eb1-0e48af7ab955","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":429,"width":131,"height":13}},{"id":"923d94b1-c648-4e38-a504-117f9ae82d5b","block_type":"box","text":"The MSCI EAFE Minimum Volatility (USD) Index is an MSCI Global Standard Index. The Underlying Index","page_number":66,"box":{"x":225,"y":429,"width":732,"height":13}},{"id":"26de2149-fd23-4765-8903-474fe2cc5224","block_type":"box","text":"measures the performance of international equity securities from Europe, Australasia, the Middle East and the Far East that,","page_number":66,"box":{"x":89,"y":445,"width":864,"height":12}},{"id":"daa724bb-4172-43e3-b23d-353663752525","block_type":"box","text":"in the aggregate, have lower relative volatility. Each security included in the Underlying Index is a current constituent of the","page_number":66,"box":{"x":89,"y":460,"width":857,"height":12}},{"id":"6eaf2c71-78c9-40c1-ada9-39884d686e6c","block_type":"box","text":"MSCI EAFE Index. The Underlying Index is reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.","page_number":66,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"c99ec9bf-28ed-4a91-ab54-9fe9d3734939","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":501,"width":184,"height":13}},{"id":"9451690c-6420-4142-8b09-ee00728dd52b","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":66,"box":{"x":278,"y":501,"width":662,"height":13}},{"id":"6c9a4e18-d6c0-42c7-880d-f8a382b785be","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":66,"box":{"x":89,"y":516,"width":878,"height":13}},{"id":"9ca954a9-5b98-439a-8187-cb48571bdab5","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":66,"box":{"x":88,"y":531,"width":864,"height":13}},{"id":"06618196-94c1-4de3-9648-8bb77bcf566a","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":66,"box":{"x":89,"y":547,"width":849,"height":12}},{"id":"82f43f20-8f45-4458-a763-679becafd70c","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":66,"box":{"x":88,"y":562,"width":868,"height":12}},{"id":"41d1cfd8-078c-4ecf-aed5-59d78ea1dd13","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":577,"width":474,"height":12}},{"id":"a384d2fe-8bf2-440c-b499-5cc728c93774","block_type":"box","text":"MSCI EAFE Small Cap Index","page_number":66,"box":{"x":89,"y":603,"width":199,"height":13}},{"id":"1f04f4b1-680f-413d-8cea-8653d1d18793","block_type":"box","text":"Number of Components: approximately 1,991","page_number":66,"box":{"x":89,"y":622,"width":327,"height":12}},{"id":"85c3b5ea-51e7-4e74-a934-b8e983eb92f2","block_type":"box","text":"The MSCI EAFE Small Cap Index is an MSCI Global Small Cap Index. The Underlying Index represents the small-cap universe","page_number":66,"box":{"x":88,"y":645,"width":869,"height":12}},{"id":"946c4109-2735-4454-9dc3-ddb779a19140","block_type":"box","text":"(","page_number":66,"box":{"x":89,"y":660,"width":4,"height":12}},{"id":"951da606-d5c3-42cc-aa29-99ad83599835","block_type":"box","text":"i.e.","page_number":66,"box":{"x":94,"y":661,"width":18,"height":9}},{"id":"7bcd5383-8bc2-4677-ba16-fc7eeca095b0","block_type":"box","text":", listed securities with a market capitalization in the range of $81 million - $9 billion) of the MSCI EAFE IMI Index, and","page_number":66,"box":{"x":114,"y":660,"width":816,"height":12}},{"id":"702a005f-d68e-4b9d-8987-4c8c4d60e2fd","block_type":"box","text":"consists of the securities of those companies whose securities are included in the MSCI GIMI but not the MSCI Global","page_number":66,"box":{"x":89,"y":675,"width":821,"height":12}},{"id":"42a1acef-1ee5-418a-a4b1-b6187792c205","block_type":"box","text":"Standard Index in a particular market.","page_number":66,"box":{"x":88,"y":690,"width":263,"height":13}},{"id":"50c4f8b1-8636-4c9e-96e5-aca7e6adef28","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":717,"width":184,"height":12}},{"id":"d2924175-7544-478a-9be6-1e1dff38d0ec","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":66,"box":{"x":278,"y":717,"width":662,"height":12}},{"id":"cc0be823-d0f7-40a6-b72e-be27dd0d0956","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":66,"box":{"x":89,"y":732,"width":878,"height":12}},{"id":"d6a92847-7466-45e6-8206-8f93c8b20eda","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":66,"box":{"x":88,"y":747,"width":864,"height":12}},{"id":"a1810713-5d31-488b-9d13-f799129e8681","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":66,"box":{"x":89,"y":762,"width":849,"height":12}},{"id":"4213465b-70b3-4a44-b045-ca9f65ad5ea0","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":66,"box":{"x":88,"y":777,"width":868,"height":12}},{"id":"942bc934-f4a5-4566-8ba2-6a136ec8ffeb","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":792,"width":474,"height":13}},{"id":"f35055a0-608d-473e-af8b-54a576911ca5","block_type":"box","text":"MSCI EAFE Value Index","page_number":66,"box":{"x":89,"y":819,"width":167,"height":9}},{"id":"1311d74d-fbb9-4f1b-b3ec-7aaa1611e61f","block_type":"box","text":"Number of Components: approximately 425","page_number":66,"box":{"x":89,"y":838,"width":317,"height":12}},{"id":"19de7198-ec25-4bfd-bfef-69816af1ba6b","block_type":"box","text":"40","page_number":66,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"9d65900c-3730-4148-9a8f-db5b6086ef81","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"3cebd8d8-61fe-4c9f-a042-b02131245f6a","block_type":"box","text":"The MSCI EAFE Value Index is an MSCI Global Standard Index. The Underlying Index is a subset of the","page_number":67,"box":{"x":225,"y":44,"width":712,"height":12}},{"id":"61d99012-d4b7-497b-b891-2722c70fb2c4","block_type":"box","text":"MSCI EAFE Index and constituents of the Underlying Index include securities from Europe, Australasia and the Far East. The","page_number":67,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"ab75b1b6-f37b-4a2f-ba9a-56c2359aba0e","block_type":"box","text":"Underlying Index targets approximately 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index","page_number":67,"box":{"x":89,"y":74,"width":879,"height":12}},{"id":"ac3985a6-53b8-478d-aefc-62f73e133037","block_type":"box","text":"and consists of those securities classified by MSCI as most representing the value style. Securities classified in this style","page_number":67,"box":{"x":89,"y":89,"width":833,"height":13}},{"id":"a7d7832f-76b7-473d-9fb1-1231dc7193a4","block_type":"box","text":"generally tend to have higher value characteristics (","page_number":67,"box":{"x":89,"y":104,"width":359,"height":13}},{"id":"95e45167-c0ae-4a30-9447-4725414789d1","block_type":"box","text":"i.e.","page_number":67,"box":{"x":450,"y":105,"width":17,"height":9}},{"id":"870d2249-e239-429b-9b7e-76d81cf1a3cf","block_type":"box","text":", higher book value to price, 12-month forward earnings to price and","page_number":67,"box":{"x":469,"y":104,"width":479,"height":13}},{"id":"00fdb1a7-3eed-4b93-9483-d3f6bb5312cf","block_type":"box","text":"dividend yield). Each security is evaluated based on certain value factors and growth factors, which are then used to calculate","page_number":67,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"3834df98-5f9c-43af-8c83-2dfdafeb757d","block_type":"box","text":"a growth score and value score. Based upon these two scores, MSCI determines the extent to which each security is assigned","page_number":67,"box":{"x":89,"y":135,"width":877,"height":12}},{"id":"a09634d8-65a4-40e3-80af-90c760a38fc8","block_type":"box","text":"to the value or growth style. It is possible for a single security to have representation in both the value and growth style","page_number":67,"box":{"x":88,"y":150,"width":832,"height":12}},{"id":"75576623-af13-4b77-9658-ee25b17624a1","block_type":"box","text":"indexes; however, no more than 100% of a security’s float-adjusted market capitalization will be included within the","page_number":67,"box":{"x":89,"y":165,"width":809,"height":12}},{"id":"fb3916ef-b654-4fd9-aabd-23ed1a26b25f","block_type":"box","text":"combined style framework.","page_number":67,"box":{"x":89,"y":180,"width":190,"height":12}},{"id":"138f3026-d258-487b-8d21-362617ec98bb","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":206,"width":184,"height":13}},{"id":"d4a42e7a-f0bf-4fc4-8a37-e3f4cba74943","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":67,"box":{"x":278,"y":206,"width":662,"height":13}},{"id":"9bace5e5-96fe-490c-91c9-7fa3697acdf5","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":67,"box":{"x":89,"y":222,"width":878,"height":12}},{"id":"b536edf7-1d0b-47c8-9a06-3deeb6bd35c8","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":67,"box":{"x":88,"y":237,"width":864,"height":12}},{"id":"36ce803d-ace5-43b0-9a39-562ae56c1519","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":67,"box":{"x":89,"y":252,"width":849,"height":12}},{"id":"b72deeea-b8b0-4c95-a9b6-9bfa039cc603","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":67,"box":{"x":88,"y":267,"width":868,"height":12}},{"id":"07434434-dd7b-4361-a676-b3a98c0e824c","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":282,"width":474,"height":12}},{"id":"852c5889-6f06-4223-b88e-efac05c3bfe7","block_type":"box","text":"MSCI Europe Financials Index","page_number":67,"box":{"x":89,"y":308,"width":214,"height":13}},{"id":"4f56d189-7bcc-43e3-bb66-1f0f52c5e8c8","block_type":"box","text":"Number of Components: approximately 84","page_number":67,"box":{"x":89,"y":335,"width":308,"height":12}},{"id":"487c8685-1d01-48c9-8a42-3a56317c7801","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":361,"width":131,"height":13}},{"id":"aa1a20d2-bd6d-49f8-93d9-efefddc45172","block_type":"box","text":"The MSCI Europe Financials Index is an MSCI Global Standard Index. The Underlying Index is a free float","page_number":67,"box":{"x":225,"y":361,"width":734,"height":13}},{"id":"b9d754a6-0075-497c-b4a8-9b0a4d56f5d7","block_type":"box","text":"adjusted market capitalization-weighted index designed to measure the combined equity market performance of the","page_number":67,"box":{"x":89,"y":376,"width":817,"height":13}},{"id":"a764b10c-f5ae-4499-883e-395099c5695e","block_type":"box","text":"financials sector of developed market countries in Europe.","page_number":67,"box":{"x":88,"y":392,"width":406,"height":12}},{"id":"e1c32c9a-0705-4d6b-951a-32407a346719","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":418,"width":184,"height":12}},{"id":"4da7983f-2176-4e0d-8524-0bf188d7f330","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":67,"box":{"x":278,"y":418,"width":662,"height":12}},{"id":"b225d859-f722-4861-95a7-cfa22e8a7017","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":67,"box":{"x":89,"y":433,"width":878,"height":13}},{"id":"ea237c00-9146-439f-b9a7-a5ac9c0d7dea","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":67,"box":{"x":88,"y":448,"width":864,"height":13}},{"id":"c758ca17-9941-40e5-a8ad-f78d98b289f9","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":67,"box":{"x":89,"y":463,"width":849,"height":13}},{"id":"5a8fb230-349a-4c62-966b-76aada708a98","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":67,"box":{"x":88,"y":479,"width":868,"height":12}},{"id":"92b4a0c3-41b4-44fd-ab8b-6ff29ad522f4","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":494,"width":474,"height":12}},{"id":"f6158311-96c2-45f3-a8c1-905d32b41464","block_type":"box","text":"MSCI Europe Small Cap Index","page_number":67,"box":{"x":89,"y":520,"width":214,"height":12}},{"id":"b324322e-5692-4c0a-8f55-97c69e1a1d80","block_type":"box","text":"Number of Components: approximately 826","page_number":67,"box":{"x":89,"y":547,"width":318,"height":12}},{"id":"3137eab4-9dd6-4509-a611-9731f407bb78","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":573,"width":131,"height":12}},{"id":"ec04a9ff-822c-4ccd-a582-4d3d15c5db69","block_type":"box","text":"The MSCI Europe Small Cap Index is an MSCI Global Small Cap Index. The Underlying Index is a free float","page_number":67,"box":{"x":225,"y":573,"width":741,"height":12}},{"id":"d62eb5cc-60cc-47ca-94a5-c63eded08b2d","block_type":"box","text":"adjusted, market capitalization-weighted index that captures small-cap representation across the 15 developed market","page_number":67,"box":{"x":89,"y":588,"width":832,"height":12}},{"id":"d0d951c1-9c10-49f9-94b1-9ecf7c62511f","block_type":"box","text":"countries in Europe. The Index covers approximately 14% of the free float-adjusted market capitalization in the European","page_number":67,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"a029a606-8e98-47f5-aa0f-0fa43515ca19","block_type":"box","text":"equity universe. As of July 31, 2025, the Index consisted of securities from the following countries or regions: Austria,","page_number":67,"box":{"x":89,"y":618,"width":816,"height":13}},{"id":"18ad2844-0268-48b5-8795-be74f1d0de77","block_type":"box","text":"Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland","page_number":67,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"42256bc3-4627-433f-8767-4020dea249fe","block_type":"box","text":"and the U.K.","page_number":67,"box":{"x":89,"y":649,"width":83,"height":9}},{"id":"c0358271-c4a4-482e-9b80-68960afd4617","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":675,"width":184,"height":12}},{"id":"ce2d26fb-2658-4da3-b2e4-759d9db03180","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":67,"box":{"x":278,"y":675,"width":662,"height":12}},{"id":"7bc5344a-2b65-486b-892e-850465bad30c","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":67,"box":{"x":89,"y":690,"width":878,"height":13}},{"id":"1de91a01-f68c-429f-bbb9-30b9cd384eca","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":67,"box":{"x":88,"y":705,"width":864,"height":13}},{"id":"71c45856-d720-47a1-ba0b-afb51738a885","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":67,"box":{"x":89,"y":720,"width":849,"height":13}},{"id":"cf249aa3-98c9-4ee7-9c80-f6ca16719780","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":67,"box":{"x":88,"y":736,"width":868,"height":12}},{"id":"7e263dd7-b9e0-4e3f-9941-28fec23dc50e","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":751,"width":474,"height":12}},{"id":"ed8962a0-f113-4b9d-8634-396e5cec3672","block_type":"box","text":"MSCI USA Enhanced Value Index","page_number":67,"box":{"x":89,"y":777,"width":237,"height":10}},{"id":"503a7f4b-ed9c-4cc7-884e-4805dfa5cf80","block_type":"box","text":"Number of Components: approximately 149","page_number":67,"box":{"x":89,"y":796,"width":317,"height":12}},{"id":"22c59785-1dba-4612-8161-1373c4f658db","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":819,"width":131,"height":12}},{"id":"44fc7bec-74b7-4c10-b106-465a65450853","block_type":"box","text":"The MSCI USA Enhanced Value Index is an MSCI Global Standard Index. The Underlying Index is based on","page_number":67,"box":{"x":225,"y":819,"width":740,"height":12}},{"id":"fe8e7537-b7a4-45d8-b1a7-71c6e5554f33","block_type":"box","text":"a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid","page_number":67,"box":{"x":89,"y":834,"width":803,"height":12}},{"id":"4adbe6f6-2019-4028-86a1-f759c30115dd","block_type":"box","text":"capitalization stocks. The Underlying Index is designed to measure the performance of securities in the parent index that","page_number":67,"box":{"x":89,"y":849,"width":844,"height":12}},{"id":"a7141fe3-dd1f-4c07-a0ff-f80ccf8b8761","block_type":"box","text":"exhibit higher value characteristics relative to their peers within the corresponding Global Industry Classification Standard","page_number":67,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"d768fb38-ba11-4c6e-a491-06b27926fbe9","block_type":"box","text":"41","page_number":67,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"00696df3-7f92-448a-8d4a-c8550b3fa62b","block_type":"box","text":"(GICS","page_number":68,"box":{"x":89,"y":44,"width":39,"height":12}},{"id":"6b26c922-115c-48eb-8eeb-076e1a2a77aa","block_type":"box","text":"®","page_number":68,"box":{"x":129,"y":42,"width":9,"height":6}},{"id":"0caa1eb1-27e7-4c1f-92c7-6f73dd0337db","block_type":"box","text":") sector. To construct the Underlying Index, the index provider determines the value weighting of each security in the","page_number":68,"box":{"x":139,"y":44,"width":817,"height":12}},{"id":"54263ce5-516f-4472-b725-961aead4a138","block_type":"box","text":"parent index using three variables: price-to-book value, price-to-forward earnings and enterprise value-to-cash flow from","page_number":68,"box":{"x":89,"y":59,"width":849,"height":12}},{"id":"74a0e046-4391-4a27-90e7-993e372d48d7","block_type":"box","text":"operations. MSCI uses an algorithm to determine the number of components in the Underlying Index based on the number","page_number":68,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"588fa73d-0928-4a58-ba15-4afed463b1d4","block_type":"box","text":"of constituents in the Parent Index. The number of components is evaluated semi-annually. MSCI assigns weights by","page_number":68,"box":{"x":89,"y":89,"width":817,"height":13}},{"id":"41df5ddd-df17-4e07-9fc6-04501a45ba97","block_type":"box","text":"multiplying a component’s value score by its market capitalization. Weights in the Underlying Index are next normalized so","page_number":68,"box":{"x":89,"y":104,"width":856,"height":13}},{"id":"d7ec006b-0c90-4758-9485-fbfec5e71059","block_type":"box","text":"that sectors in the Underlying Index represent the same weight as in the parent index.","page_number":68,"box":{"x":88,"y":119,"width":600,"height":13}},{"id":"cfae9d7b-c04e-4457-ba27-ca2322785e88","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":146,"width":184,"height":12}},{"id":"cde4a54e-f406-4a53-a7c7-694dd9b611c8","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":68,"box":{"x":278,"y":146,"width":652,"height":12}},{"id":"75a2fea5-2bdd-48de-b6a8-80d3aa689523","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":68,"box":{"x":89,"y":161,"width":832,"height":12}},{"id":"a4a53410-9667-4195-8be8-9884c39e7c71","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":68,"box":{"x":88,"y":176,"width":343,"height":13}},{"id":"82b24941-8a3e-463a-8561-e9fdf2783566","block_type":"box","text":"MSCI USA Low Size Index","page_number":68,"box":{"x":89,"y":203,"width":183,"height":9}},{"id":"6cab920f-b5a3-477d-931c-80863d219503","block_type":"box","text":"Number of Components: approximately 544","page_number":68,"box":{"x":89,"y":222,"width":318,"height":12}},{"id":"416e2887-739d-45be-bc64-54bff5ce42ce","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":244,"width":131,"height":13}},{"id":"c100adfa-33a2-4d85-b137-1ec1d2c46cc5","block_type":"box","text":"The MSCI USA Low Size Index is an MSCI Global Standard Index. As of July 31, 2025, the MSCI USA Low","page_number":68,"box":{"x":225,"y":244,"width":726,"height":13}},{"id":"4816741c-f2db-4b26-97d7-d196b27347ce","block_type":"box","text":"Size Index is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S.","page_number":68,"box":{"x":88,"y":259,"width":848,"height":13}},{"id":"03642bb6-fd93-4152-abc9-d976720ba6c8","block_type":"box","text":"large- and mid-capitalization stocks. The Underlying Index is constructed by applying a mathematical formula at each","page_number":68,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"781d5997-927f-4ac0-bf14-a2eeb2f68f00","block_type":"box","text":"rebalancing that reweights the components of its market capitalization-weighted Parent Index, such that the representation","page_number":68,"box":{"x":89,"y":290,"width":865,"height":12}},{"id":"c6d63119-7777-45ed-b23b-16e576f73d5e","block_type":"box","text":"of smaller capitalization companies is increased relative to larger capitalization companies. In addition, at each rebalancing,","page_number":68,"box":{"x":89,"y":305,"width":859,"height":12}},{"id":"d6c8719a-58e3-4f20-96e0-c617a5321732","block_type":"box","text":"the Index Provider calculates a “constraint factor” for each component. The constraint factor is the ratio of the component’s","page_number":68,"box":{"x":88,"y":320,"width":869,"height":12}},{"id":"f7a04466-d5fc-4765-92cb-63d4fc8dfdb2","block_type":"box","text":"weight in the Underlying Index to that component’s weight in the Parent Index. The constraint factor is held constant","page_number":68,"box":{"x":88,"y":335,"width":822,"height":12}},{"id":"75b16a5c-1152-4e2a-9864-0910b7be2643","block_type":"box","text":"between each rebalancing, except in the case of corporate events (as defined by the Index Provider). Changes in the relative","page_number":68,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"a3c075a8-1b49-413e-86a2-48f4aac84ab7","block_type":"box","text":"weight of an individual component in the Parent Index due to market appreciation/depreciation result in that component","page_number":68,"box":{"x":88,"y":365,"width":850,"height":12}},{"id":"6fefafa6-727c-408f-a267-c120cd0412a7","block_type":"box","text":"increasing/decreasing in weight in the Underlying Index to hold the constraint factor for that component constant between","page_number":68,"box":{"x":89,"y":380,"width":865,"height":13}},{"id":"0ae4d733-7b94-4c2c-84d0-fa1c364d5cb3","block_type":"box","text":"each rebalancing. The Underlying Index is rebalanced semiannually in May and November.","page_number":68,"box":{"x":89,"y":395,"width":631,"height":13}},{"id":"95287f7c-e937-4174-86ea-865dd4a736b8","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":422,"width":184,"height":12}},{"id":"4f13be46-3492-437a-8511-ea1a60d2fd10","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":68,"box":{"x":278,"y":422,"width":652,"height":12}},{"id":"fb17f17a-d53c-4df9-8ba8-9a17b80356fc","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":68,"box":{"x":89,"y":437,"width":832,"height":12}},{"id":"9426eca2-1a2d-46c2-ac23-61cbdf01b56a","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":68,"box":{"x":88,"y":452,"width":343,"height":12}},{"id":"35938d43-a24d-4b4c-96ba-7e937cea9be1","block_type":"box","text":"MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index","page_number":68,"box":{"x":89,"y":479,"width":537,"height":12}},{"id":"b04f68c9-7aa1-4617-8340-1823b138301b","block_type":"box","text":"Number of Components: approximately 152","page_number":68,"box":{"x":89,"y":497,"width":317,"height":13}},{"id":"bf6093a8-e13c-426a-a462-67813d0ca62c","block_type":"box","text":"Index 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Index.","page_number":68,"box":{"x":88,"y":565,"width":562,"height":13}},{"id":"7460cf3b-b65e-47bf-8617-d5fc15951ff1","block_type":"box","text":"Index Methodology.","page_number":68,"box":{"x":89,"y":592,"width":143,"height":12}},{"id":"b713e738-8c53-472a-afef-2147916dbf26","block_type":"box","text":"The Index Provider begins with the MSCI USA Index and excludes securities of issuers that it identifies","page_number":68,"box":{"x":237,"y":592,"width":714,"height":12}},{"id":"1ae85e44-22ae-4df5-91be-9d7fe7ff8377","block_type":"box","text":"as being involved in any of the business activities summarized below:","page_number":68,"box":{"x":89,"y":607,"width":481,"height":12}},{"id":"c375f9d3-4dc2-48fc-b8d3-c8070b122c44","block_type":"box","text":"• Companies that meet the Index Provider’s determination of “tobacco involvement,” including companies classified","page_number":68,"box":{"x":121,"y":627,"width":834,"height":13}},{"id":"027c7cb2-e853-4063-8167-26522ead7a8c","block_type":"box","text":"as a producer or licensor, companies that own or are owned by a tobacco company, and companies that earn 15%","page_number":68,"box":{"x":154,"y":642,"width":800,"height":13}},{"id":"d3fcdb64-0a5b-4832-bf2c-6dc30625ea0c","block_type":"box","text":"or more of their revenue from tobacco products.","page_number":68,"box":{"x":154,"y":657,"width":338,"height":13}},{"id":"09f03a82-499a-44d3-b074-80b346bf3b22","block_type":"box","text":"• Companies with any tie to controversial weapons (as defined by the Index Provider).","page_number":68,"box":{"x":121,"y":678,"width":621,"height":12}},{"id":"868185fb-55c3-4ad9-9a48-9e84cf725596","block_type":"box","text":"• Companies classified as a producer of civilian firearms (as defined by the Index Provider) as well as companies","page_number":68,"box":{"x":121,"y":698,"width":804,"height":12}},{"id":"7150bcf4-c92f-4520-91f1-715ad0916da1","block_type":"box","text":"classified as retailers of civilian firearms if such retailers earn 5% or more, or more than $20 million, in revenue from","page_number":68,"box":{"x":154,"y":713,"width":809,"height":11}},{"id":"1489fff0-a0ed-4b7c-bb1f-b76b642c192b","block_type":"box","text":"civilian firearms-related products.","page_number":68,"box":{"x":154,"y":728,"width":234,"height":12}},{"id":"fe24d1c9-d41c-447a-a920-c13d15f892dc","block_type":"box","text":"• Companies that derive 5% or more in revenue from the mining or sales to external parties of thermal coal","page_number":68,"box":{"x":121,"y":748,"width":770,"height":12}},{"id":"4524920a-ef7d-492f-9c90-6804c75b8269","block_type":"box","text":"(excluding metallurgical coal) or from thermal coal-based power generation (as defined by the Index Provider).","page_number":68,"box":{"x":154,"y":763,"width":775,"height":13}},{"id":"8485465e-9820-450a-b395-ecf1911f8edf","block_type":"box","text":"• Companies that own oil sands reserves and derive more than 5% in revenue from oil sands extraction.","page_number":68,"box":{"x":121,"y":783,"width":746,"height":13}},{"id":"28e93dfc-1608-44c9-b06d-af17262147a5","block_type":"box","text":"The Index Provider also excludes companies involved in very severe business controversies, defined as an instance or","page_number":68,"box":{"x":88,"y":810,"width":818,"height":12}},{"id":"c78344f6-815a-4a98-a134-610ddf4152c1","block_type":"box","text":"ongoing situation in which company operations and/or products allegedly have a negative ESG impact, including alleged","page_number":68,"box":{"x":89,"y":825,"width":846,"height":12}},{"id":"56bcbf48-cb6d-425e-a94b-27bc8e677632","block_type":"box","text":"violations of laws, regulations, or accepted international norms (","page_number":68,"box":{"x":88,"y":840,"width":451,"height":12}},{"id":"860463bc-4a5e-4dc5-95fa-21853347f51b","block_type":"box","text":"e.g","page_number":68,"box":{"x":540,"y":843,"width":20,"height":9}},{"id":"918ea135-645b-4274-9548-a22a1ee35e6d","block_type":"box","text":"., human rights violations or toxic emissions and waste).","page_number":68,"box":{"x":561,"y":840,"width":393,"height":12}},{"id":"97b0765b-6641-442b-82a1-1e9ee5fb65a1","block_type":"box","text":"In each case, severe business controversies are determined by the Index Provider based on an MSCI ESG Controversy Score.","page_number":68,"box":{"x":89,"y":855,"width":863,"height":13}},{"id":"bf88f8a4-2ab5-453d-9630-3947aa4b5ea4","block_type":"box","text":"42","page_number":68,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2a2a3b30-635e-454c-81a7-67451ec7c2a2","block_type":"box","text":"The Index Provider also excludes companies that are not assessed by the Index Provider to determine their involvement in","page_number":69,"box":{"x":88,"y":44,"width":852,"height":12}},{"id":"02c719a0-2b08-4f57-815d-530293d30feb","block_type":"box","text":"severe business controversies or their management of ESG risks and opportunities (“ESG Score,” in each case determined by","page_number":69,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"a659717e-ee44-4eb4-a9d1-a1f4830463f5","block_type":"box","text":"the Index Provider). For ESG scoring, the Index Provider identifies, for each industry, key ESG issues that may generate","page_number":69,"box":{"x":88,"y":74,"width":824,"height":12}},{"id":"bb6a7ab6-b735-4370-8d1c-dc90a1497d20","block_type":"box","text":"unanticipated costs for a given company or industry (as determined by the Index Provider). The Index Provider has identified","page_number":69,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"1f4b4b87-cf15-490d-a7d6-043e369e30ad","block_type":"box","text":"35 key ESG issues across the following 10 themes: climate change, natural capital, pollution and waste, environmental","page_number":69,"box":{"x":89,"y":104,"width":825,"height":13}},{"id":"619a0945-b31a-4826-9a88-7ee054baecc4","block_type":"box","text":"opportunities, human capital, product liability, stakeholder opposition, social opportunities, corporate governance and","page_number":69,"box":{"x":89,"y":119,"width":825,"height":13}},{"id":"49bf5100-1357-4d5c-bede-3825bb48030d","block_type":"box","text":"corporate behavior. The Index Provider then calculates the size of each company’s exposure to each key issue based on the","page_number":69,"box":{"x":89,"y":135,"width":859,"height":12}},{"id":"046c8f00-882d-4469-aba8-70179583b7ea","block_type":"box","text":"company’s business segment and geographic risk and analyzes the extent to which the company has developed robust","page_number":69,"box":{"x":89,"y":150,"width":834,"height":12}},{"id":"e480bc15-87e6-4302-94b9-3f9f8888031b","block_type":"box","text":"strategies and programs to manage ESG risks and opportunities. Using a sector-specific weighting model, companies are","page_number":69,"box":{"x":89,"y":165,"width":847,"height":12}},{"id":"9c8bec1d-b829-4dec-9a0d-8cd39f142d13","block_type":"box","text":"rated and ranked in comparison to their industry peers. A higher rating indicates that a company exhibits more favorable ESG","page_number":69,"box":{"x":89,"y":180,"width":875,"height":12}},{"id":"a29205f0-f917-43ce-84b0-05b6cbca0115","block_type":"box","text":"characteristics and greater resilience to long-term, material ESG risks specific to that industry.","page_number":69,"box":{"x":89,"y":195,"width":654,"height":12}},{"id":"5030d17b-3458-4b9f-86b9-c7bc4e0d9b49","block_type":"box","text":"The Index Provider then follows a quantitative process that is designed to determine the carbon exposure of a security in","page_number":69,"box":{"x":88,"y":222,"width":845,"height":12}},{"id":"4368ddab-911b-4c15-b4ff-57707c8c4bd0","block_type":"box","text":"terms of its greenhouse gas emissions and its potential carbon emissions from fossil fuel reserves, such that the Index","page_number":69,"box":{"x":88,"y":237,"width":827,"height":12}},{"id":"c581adeb-e29d-4ce9-b785-6f0eaa024d90","block_type":"box","text":"Provider can determine the level of climate-related risk exposure and management assessment of those companies.","page_number":69,"box":{"x":89,"y":252,"width":811,"height":12}},{"id":"659d8934-2965-47f1-b51a-8e19fe2fa29e","block_type":"box","text":"Greenhouse gas emissions data is collected by the Index Provider and includes company-specific direct (Scope 1) and","page_number":69,"box":{"x":89,"y":267,"width":824,"height":12}},{"id":"715cb00f-60e8-4006-b949-937bc5e97e9e","block_type":"box","text":"indirect (Scope 2) greenhouse gas (“GHG”) emissions data from company public documents and/or the Carbon Disclosure","page_number":69,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"9ba78889-d7cf-4e3a-a71b-d3069d17ed20","block_type":"box","text":"Project. If a company does not report GHG emissions, then the Index Provider uses a proprietary methodology to estimate","page_number":69,"box":{"x":89,"y":297,"width":853,"height":12}},{"id":"cdb175a5-49d5-45ba-90eb-13a646729ded","block_type":"box","text":"Scope 1 and Scope 2 GHG emissions. To determine a security’s potential carbon emissions from fossil fuel reserves, the Index","page_number":69,"box":{"x":88,"y":312,"width":879,"height":13}},{"id":"57a1faaf-366a-4816-b41f-e28b7021460d","block_type":"box","text":"Provider collects fossil fuel reserves data where relevant for companies that have reserves, typically in the oil and gas, coal","page_number":69,"box":{"x":89,"y":327,"width":849,"height":13}},{"id":"a7f22840-3493-428a-b3aa-e0de1a7c26b2","block_type":"box","text":"mining and electric utilities industries. While fossil fuel reserves can be used for several applications, including energy or","page_number":69,"box":{"x":89,"y":342,"width":838,"height":13}},{"id":"d5ad8c19-2a14-4ff6-8d0b-0ba17eb8f787","block_type":"box","text":"industrial (","page_number":69,"box":{"x":89,"y":358,"width":74,"height":12}},{"id":"ae34a77c-b263-4c3e-9215-58772f762c2d","block_type":"box","text":"e.g.","page_number":69,"box":{"x":164,"y":361,"width":23,"height":9}},{"id":"f20855d3-b317-4045-a426-fc883d97a25a","block_type":"box","text":", coking coal used for steel production), for the Underlying Index, only fossil fuel reserves used for energy are","page_number":69,"box":{"x":189,"y":358,"width":759,"height":12}},{"id":"db286671-8fc4-42db-9b0e-cb6b409299ce","block_type":"box","text":"taken into account. Sources include company publications, other public records and third-party data providers.","page_number":69,"box":{"x":88,"y":373,"width":776,"height":12}},{"id":"8175058c-d783-4164-894c-4de6be55c6cf","block_type":"box","text":"The Index Provider further refines the Underlying Index through an optimization process that aims to achieve (1) the lowest","page_number":69,"box":{"x":88,"y":399,"width":866,"height":13}},{"id":"cc9a960b-35d4-4bcb-baea-da42e0515228","block_type":"box","text":"volatility in light of certain replicability and investability constraints as defined by the Index Provider; (2) at least a 20%","page_number":69,"box":{"x":88,"y":414,"width":826,"height":13}},{"id":"41fac540-0061-4a93-892f-1e01d6f56969","block_type":"box","text":"improvement in its weighted-average, industry-adjusted ESG score relative to the MSCI USA Index; and (3) a reduction in","page_number":69,"box":{"x":89,"y":429,"width":845,"height":13}},{"id":"6ffe1f86-cc6c-471b-b7b6-631ff94949fb","block_type":"box","text":"carbon exposure as represented by at least a 30% reduction in carbon emissions relative to the overall size of a company and","page_number":69,"box":{"x":89,"y":445,"width":873,"height":12}},{"id":"62c8125d-ffee-48e5-8d31-e7146098017b","block_type":"box","text":"in potential carbon emissions from fossil fuel reserves used for potential energy production per dollar of market capitalization","page_number":69,"box":{"x":89,"y":460,"width":876,"height":12}},{"id":"b612216d-3ce4-41ac-80d0-c6457c78910e","block_type":"box","text":"relative to the MSCI USA Index. At each semi-annual index review, additional optimization constraints that aim to ensure","page_number":69,"box":{"x":89,"y":475,"width":843,"height":12}},{"id":"f7bdc300-f67c-4ce7-93cb-69f22651b075","block_type":"box","text":"replicability and investability are employed, including the following: (a) the weight of an index constituent will be restricted to","page_number":69,"box":{"x":89,"y":490,"width":875,"height":12}},{"id":"464398b3-0b05-4067-994d-8c7723a0477f","block_type":"box","text":"the lower of 1.5% and 20 times the weight of the security in the MSCI USA Index; (b) the minimum weight of an index","page_number":69,"box":{"x":88,"y":505,"width":828,"height":12}},{"id":"23dd4d15-85f2-4839-aa19-86b0cec5f86a","block_type":"box","text":"constituent will be 0.05%; (c) the sector weights of the Underlying Index will not deviate more than +/- 5% from the sector","page_number":69,"box":{"x":89,"y":520,"width":862,"height":12}},{"id":"b3f108f5-7552-45f9-bfa8-9f3690e02c7e","block_type":"box","text":"weights of the MSCI USA Index; (d) the one-way turnover of the Underlying Index is capped at 10% at each semi-annual","page_number":69,"box":{"x":88,"y":535,"width":843,"height":13}},{"id":"58ddc657-05e4-4d41-9204-d3e5e39757fe","block_type":"box","text":"index review. The Underlying Index is also optimized using Barra style factors, which aim to capture the systematic factors","page_number":69,"box":{"x":89,"y":550,"width":853,"height":13}},{"id":"50c473fe-1329-42a4-88ee-249917041dd6","block_type":"box","text":"driving the risk and return of a security, including, but not limited to, size, momentum, leverage, profitability, dividend yield","page_number":69,"box":{"x":89,"y":565,"width":855,"height":13}},{"id":"fff1f3bf-f7b2-4cb2-8863-99cef63a851c","block_type":"box","text":"and investment quality. No constraint is applied on the exposure of the Underlying Index to the two Barra volatility style","page_number":69,"box":{"x":89,"y":581,"width":834,"height":12}},{"id":"334c0000-5bc2-4b42-9993-8e7212ff90a6","block_type":"box","text":"factors (as defined by the Index Provider), but exposure to the other 14 Barra style factors is restricted to +/-0.25 standard","page_number":69,"box":{"x":88,"y":596,"width":854,"height":12}},{"id":"be48d08d-f3a3-4bc0-a47e-c90f36aed01d","block_type":"box","text":"deviations relative to the MSCI USA Index.","page_number":69,"box":{"x":89,"y":611,"width":293,"height":10}},{"id":"631f5eb7-c75e-4afa-aa67-d69610d8429e","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":637,"width":184,"height":13}},{"id":"4ddbeade-0841-4b9a-b5f8-e46543c4d678","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":69,"box":{"x":278,"y":637,"width":652,"height":13}},{"id":"13caffaa-7312-480e-9199-2fa675316f5d","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":69,"box":{"x":89,"y":652,"width":832,"height":13}},{"id":"7f51dccb-8a3b-4da7-9fbd-ace9798d161c","block_type":"box","text":"without any adjustment for taxes or withholding. The Underlying Index is reconstituted quarterly. At each reconstitution,","page_number":69,"box":{"x":88,"y":668,"width":844,"height":12}},{"id":"9979cabc-11d0-4ab1-8b42-e6d80a0c7fbb","block_type":"box","text":"one-way turnover is capped at 5%. A constituent that is removed from the MSCI USA Index will be removed simultaneously","page_number":69,"box":{"x":89,"y":683,"width":865,"height":12}},{"id":"860983ff-d9bf-4f16-a665-e6165169b3c0","block_type":"box","text":"from the Underlying Index, and its weight will be distributed pro rata among the remaining constituents. Additions to the","page_number":69,"box":{"x":88,"y":698,"width":848,"height":12}},{"id":"d05e830f-b200-4186-abb9-02cd7d2ecfb5","block_type":"box","text":"MSCI USA Index will be considered for inclusion in the Underlying Index at the next review.","page_number":69,"box":{"x":89,"y":713,"width":634,"height":12}},{"id":"1c66db18-c6fc-4f9e-8475-a89de35bb40c","block_type":"box","text":"MSCI USA Minimum Volatility (USD) Index","page_number":69,"box":{"x":89,"y":739,"width":306,"height":13}},{"id":"3b4b4c80-8204-4add-a56e-c3e94a0b61b7","block_type":"box","text":"Number of Components: approximately 176","page_number":69,"box":{"x":89,"y":758,"width":316,"height":13}},{"id":"ffa1892d-e50b-4794-b7c6-8582d6394806","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":781,"width":131,"height":12}},{"id":"3363538c-e1ed-4c14-bee4-684f9bd68455","block_type":"box","text":"The MSCI USA Minimum Volatility (USD) Index is an MSCI Global Standard Index. The Underlying Index","page_number":69,"box":{"x":225,"y":781,"width":726,"height":12}},{"id":"0d513fd1-92d9-4b0e-9411-9ebfc7237436","block_type":"box","text":"aims to reflect the performance characteristics of a minimum volatility strategy applied to the large- and mid-capitalization","page_number":69,"box":{"x":89,"y":796,"width":860,"height":12}},{"id":"6ac9c459-86a0-4bf0-8a52-a8d4a2436386","block_type":"box","text":"U.S. equity universe. The Underlying Index is calculated by optimizing the MSCI USA Index, its Parent Index, in USD for the","page_number":69,"box":{"x":89,"y":811,"width":852,"height":12}},{"id":"2f5712ba-ed2f-4c0c-8382-c593cd41c069","block_type":"box","text":"lowest absolute risk (within a given set of constraints). Historically, the Underlying Index has shown lower beta and volatility","page_number":69,"box":{"x":89,"y":826,"width":868,"height":13}},{"id":"25ff85d4-1101-4043-ac14-9351365a5a38","block_type":"box","text":"characteristics relative to the MSCI USA Index. The Underlying Index is reconstituted quarterly. At each reconstitution, one","page_number":69,"box":{"x":89,"y":841,"width":861,"height":13}},{"id":"6637acbe-dcdf-4131-a4c5-12eeea04813b","block_type":"box","text":"way turnover is capped at 5%.","page_number":69,"box":{"x":88,"y":856,"width":211,"height":13}},{"id":"352ac503-e508-4377-a10d-29fd54c4efa1","block_type":"box","text":"43","page_number":69,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"0219a6b9-07ec-4a12-8908-ea6dbd920c36","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"6a43346e-f846-4cb5-9159-9718be768345","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":70,"box":{"x":278,"y":44,"width":652,"height":12}},{"id":"a6edb125-f790-4edb-825e-5e2827fbd1f1","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":70,"box":{"x":89,"y":59,"width":832,"height":12}},{"id":"b6feac2d-8bf7-45ac-8889-5a737bff6203","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":70,"box":{"x":88,"y":74,"width":343,"height":12}},{"id":"489e1b53-e83d-40e0-836c-9c0af441fcfc","block_type":"box","text":"MSCI USA Momentum SR Variant Index","page_number":70,"box":{"x":89,"y":101,"width":285,"height":9}},{"id":"abeae907-3fa3-4a7c-9440-493a41e320d8","block_type":"box","text":"Number of Components: approximately 125","page_number":70,"box":{"x":89,"y":127,"width":317,"height":12}},{"id":"8ed2c396-f41b-43e2-9c2f-3cc58afa3bff","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":153,"width":131,"height":13}},{"id":"6a68d30b-6855-4abf-99cd-01ef4bf8def7","block_type":"box","text":"The MSCI USA Momentum SR Variant Index is an MSCI Global Standard Index. The Underlying Index","page_number":70,"box":{"x":225,"y":153,"width":706,"height":13}},{"id":"925343c3-771a-47f9-9c9a-7b9f539926bf","block_type":"box","text":"consists of stocks exhibiting relatively higher momentum characteristics from the MSCI USA Index (the “Parent Index”), as","page_number":70,"box":{"x":89,"y":169,"width":858,"height":12}},{"id":"7bc1ed56-53c8-47d5-8332-b02800e7ddde","block_type":"box","text":"determined by MSCI Inc. The MSCI USA Momentum SR Variant Index is a version of the MSCI USA Momentum Index, which","page_number":70,"box":{"x":89,"y":184,"width":870,"height":12}},{"id":"7106433d-5446-44b8-a69f-748519cffcbd","block_type":"box","text":"rebalances quarterly and applies turnover caps at each rebalance.","page_number":70,"box":{"x":89,"y":199,"width":457,"height":12}},{"id":"a7661296-0286-4ec1-85dd-7e35e91363cd","block_type":"box","text":"A risk-adjusted price momentum, defined by MSCI as the excess return over the risk-free rate (","page_number":70,"box":{"x":88,"y":225,"width":664,"height":13}},{"id":"ec1d871a-175a-414a-abf0-7b97543898cf","block_type":"box","text":"i.e.","page_number":70,"box":{"x":753,"y":226,"width":18,"height":9}},{"id":"6ad81bd7-a2e4-468e-9a62-b64696ffce26","block_type":"box","text":", the 3 Month Treasury Bill","page_number":70,"box":{"x":773,"y":225,"width":182,"height":13}},{"id":"7dc28dd2-ddeb-4cca-b5da-70cceb92f89d","block_type":"box","text":"Rate) divided by the annualized standard deviation of weekly returns over the past 3 years, is calculated for each security in","page_number":70,"box":{"x":89,"y":240,"width":859,"height":13}},{"id":"c12dad6e-7c79-4301-94e4-025f8fd5ffdb","block_type":"box","text":"the Parent Index over 6- and 12- month time periods. The 6- and 12-month risk-adjusted price momentum calculations are","page_number":70,"box":{"x":88,"y":256,"width":864,"height":12}},{"id":"8d2469de-c782-4106-aebe-6a1536529477","block_type":"box","text":"then standardized at +/-3 standard deviations and translated into an average momentum score. The 125 securities with the","page_number":70,"box":{"x":88,"y":271,"width":864,"height":12}},{"id":"f1263f3f-f787-4b06-b1d6-64e74988d7d4","block_type":"box","text":"highest positive momentum scores are predetermined for the Underlying Index at initial construction with an aim to attain a","page_number":70,"box":{"x":89,"y":286,"width":869,"height":12}},{"id":"804990c9-dea8-417f-b3a6-819ba6cf5e6c","block_type":"box","text":"high exposure to the momentum factor while maintaining sufficient market capitalization and number of securities","page_number":70,"box":{"x":89,"y":301,"width":805,"height":12}},{"id":"08e5251a-8d02-4960-8841-ac820e1c47f6","block_type":"box","text":"coverages. The weight of each Underlying Index constituent is determined based on the product of the security’s momentum","page_number":70,"box":{"x":89,"y":316,"width":877,"height":12}},{"id":"8cf5762c-d253-4185-84d9-1793fd240ba8","block_type":"box","text":"score and its market capitalization weight in the Parent Index and further adjusted to, among others, mitigate the impact of","page_number":70,"box":{"x":89,"y":331,"width":864,"height":12}},{"id":"e7507741-45e1-47ed-8086-7770050daad1","block_type":"box","text":"stock-specific risk. Additionally, a capping methodology is applied so that each individual issuer is capped at 5% weight at","page_number":70,"box":{"x":89,"y":346,"width":855,"height":13}},{"id":"643f6b2f-3325-46d7-9778-7c4c70afc2e1","block_type":"box","text":"reconstitution. The Index Provider also takes into account certain diversification rules. At reconstitution, if the aggregate","page_number":70,"box":{"x":89,"y":361,"width":841,"height":13}},{"id":"ba275c69-e3c9-482c-9c8a-731125732200","block_type":"box","text":"weight of stocks representing more than 4.5% weight is greater than 22.5% of the Underlying Index weight, the Underlying","page_number":70,"box":{"x":88,"y":376,"width":864,"height":13}},{"id":"2631e49e-7de6-4b30-bc62-493e5ef59980","block_type":"box","text":"Index is rebalanced such that the aggregate weight of stocks greater than 4.5% does not exceed 22.5% of the Underlying","page_number":70,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"fd2d88da-aca5-4270-9ddb-25d824ccdc73","block_type":"box","text":"Index weight. Between constitution dates, if the aggregate weight of stocks representing more than 5% weight is greater","page_number":70,"box":{"x":89,"y":407,"width":846,"height":12}},{"id":"c746240b-0897-48b9-a7d4-dbca4598d19b","block_type":"box","text":"than 25% of the Underlying Index weight, the Underlying Index is rebalanced such that the aggregate weight of stocks","page_number":70,"box":{"x":88,"y":422,"width":831,"height":12}},{"id":"6b412c4e-baf4-4e9c-b54b-cf45b13a634e","block_type":"box","text":"greater than 4.5% does not exceed 22.5% of the Underlying Index weight. The Underlying Index is reconstituted quarterly. To","page_number":70,"box":{"x":89,"y":437,"width":877,"height":12}},{"id":"11469bd9-10a7-4b2b-8880-56db629de27a","block_type":"box","text":"determine the constituent changes at each quarterly reconstitution, the Index Provider applies an iterative algorithm to cap","page_number":70,"box":{"x":89,"y":452,"width":861,"height":12}},{"id":"bee7d186-cefc-4fd0-a23c-e0d561957e31","block_type":"box","text":"the one-way turnover per reconstitution at 30%.","page_number":70,"box":{"x":88,"y":467,"width":339,"height":13}},{"id":"ec1b3deb-cbd0-4769-82cc-f212df01236f","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":494,"width":184,"height":12}},{"id":"56270d33-79a5-4c30-b51c-a05890cac043","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":70,"box":{"x":278,"y":494,"width":652,"height":12}},{"id":"2a70eec8-45b3-4466-9c76-5c0dbebea7a8","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":70,"box":{"x":89,"y":509,"width":832,"height":12}},{"id":"90e17302-edef-494e-82e8-27e3f34edec9","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":70,"box":{"x":88,"y":524,"width":343,"height":12}},{"id":"41c4cf78-5da4-42b6-83cd-b83f1b868089","block_type":"box","text":"MSCI USA Sector Neutral Quality Index","page_number":70,"box":{"x":89,"y":550,"width":281,"height":13}},{"id":"98a8ed59-e644-46e7-b265-1d0ef199765c","block_type":"box","text":"Number of Components: approximately 125","page_number":70,"box":{"x":89,"y":577,"width":317,"height":12}},{"id":"080b34db-c40f-4b8f-8a50-3a39f5357903","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":603,"width":131,"height":13}},{"id":"1c19997d-0c34-43d3-b410-e93d22b0c9f4","block_type":"box","text":"The MSCI USA Sector Neutral Quality Index is an MSCI Global Standard Index. The Underlying Index is","page_number":70,"box":{"x":225,"y":603,"width":715,"height":13}},{"id":"392c0d66-d18b-4d4c-acc3-1f2ddb3148d5","block_type":"box","text":"based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid","page_number":70,"box":{"x":89,"y":618,"width":871,"height":13}},{"id":"e2530545-608c-4f07-82bf-98edd4dcd705","block_type":"box","text":"capitalization stocks. The Underlying Index seeks to measure the performance of securities in the parent index that exhibit","page_number":70,"box":{"x":89,"y":633,"width":855,"height":13}},{"id":"443351fa-6440-41e2-b9e7-c0e1b51551dd","block_type":"box","text":"higher quality characteristics relative to their peers within the corresponding Global Industry Classification Standard (GICS","page_number":70,"box":{"x":89,"y":649,"width":854,"height":12}},{"id":"8b6ad825-fba4-4401-85f5-8123fd9c2197","block_type":"box","text":"®","page_number":70,"box":{"x":944,"y":647,"width":9,"height":6}},{"id":"c34f7a11-188d-4a16-afc0-9884b92ddded","block_type":"box","text":")","page_number":70,"box":{"x":955,"y":649,"width":4,"height":12}},{"id":"ced99d47-44af-4dd5-aa36-df8a115dbc85","block_type":"box","text":"sector. To construct the Underlying Index, the quality score of each security in the parent index is determined based on three","page_number":70,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"a4dc2154-e825-4c11-94c7-3a7091dd179c","block_type":"box","text":"main fundamental variables: high return on equity, low earnings variability and low leverage. A fixed number of securities","page_number":70,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"6efee133-8824-4c0a-a141-b3d3e2f5fded","block_type":"box","text":"with the highest positive quality scores are predetermined for the Underlying Index at initial construction with an aim to","page_number":70,"box":{"x":88,"y":694,"width":839,"height":12}},{"id":"1204e56b-64f0-42dd-b64b-dd38afca5201","block_type":"box","text":"attain a high exposure to the quality factor while maintaining sufficient index market capitalization and number of securities","page_number":70,"box":{"x":89,"y":709,"width":868,"height":12}},{"id":"41a750e7-fe4c-4f88-adea-5b10e0e8726d","block_type":"box","text":"coverage. The weight of each Underlying Index constituent is determined based on the product of the security’s quality score","page_number":70,"box":{"x":89,"y":724,"width":876,"height":13}},{"id":"a959c7fb-38aa-4517-9e1d-83836f57cd47","block_type":"box","text":"and its market capitalization weight in the parent index and further adjusted to, among others, mitigate concentration risk.","page_number":70,"box":{"x":89,"y":739,"width":857,"height":13}},{"id":"70318e8f-0cd4-497c-a2c6-9a46d74c6a71","block_type":"box","text":"Weights in the Underlying Index are normalized so that sectors in the Underlying Index represent the same weight as in the","page_number":70,"box":{"x":88,"y":754,"width":861,"height":13}},{"id":"f1b285d6-2c4b-47ec-969c-e9867172bf6e","block_type":"box","text":"Parent Index. Additionally, each individual issuer is capped at 5%.","page_number":70,"box":{"x":89,"y":770,"width":456,"height":12}},{"id":"7b4eb006-3e78-46cd-bc9d-e409e10c67ca","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":796,"width":184,"height":12}},{"id":"28805d3a-8f4a-45a1-8bea-0aff053cdd49","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":70,"box":{"x":278,"y":796,"width":652,"height":12}},{"id":"bad5bce8-49ea-4f0c-8474-504429dc6f07","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":70,"box":{"x":89,"y":811,"width":832,"height":12}},{"id":"572dca7e-e44d-466a-a783-5cdeb99be763","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":70,"box":{"x":88,"y":826,"width":343,"height":13}},{"id":"54e7e385-49a8-4e3b-9379-0510172cb877","block_type":"box","text":"MSCI USA Small Cap Minimum Volatility (USD) Index","page_number":70,"box":{"x":89,"y":853,"width":383,"height":12}},{"id":"c8f8c8b9-ded7-457e-8b53-839e7c32e097","block_type":"box","text":"44","page_number":70,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"cb9c84e7-7dec-4003-837d-6d60010572ea","block_type":"box","text":"Number of Components: approximately 304","page_number":71,"box":{"x":89,"y":44,"width":318,"height":12}},{"id":"6a5f09d4-af83-4aeb-8b8a-ca2aa358b246","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":67,"width":131,"height":12}},{"id":"89ed71d8-ed03-41bf-989a-c80f81d8ad1c","block_type":"box","text":"The MSCI USA Small Cap Minimum Volatility (USD) Index is an MSCI Global Small Cap Index. The","page_number":71,"box":{"x":225,"y":67,"width":683,"height":12}},{"id":"970d4ae5-26fb-452a-9849-8bdd33af00bc","block_type":"box","text":"Underlying Index aims to reflect the performance of small-capitalization U.S. equities that in the aggregate are expected to","page_number":71,"box":{"x":89,"y":82,"width":856,"height":12}},{"id":"ac34fa8b-4b25-4dae-bc5d-f8b398e10001","block_type":"box","text":"have lower volatility characteristics relative to the small-capitalization U.S. equity market. Each security included in the","page_number":71,"box":{"x":89,"y":97,"width":825,"height":12}},{"id":"ae3a7ec9-257a-4283-b8b5-273a03059e47","block_type":"box","text":"Underlying Index is a current constituent of the MSCI USA Small Cap Index, the parent index.","page_number":71,"box":{"x":89,"y":112,"width":649,"height":12}},{"id":"1a37f4f2-c744-414b-8532-28f8befdf855","block_type":"box","text":"Index Methodology.","page_number":71,"box":{"x":89,"y":138,"width":143,"height":13}},{"id":"9168e368-d172-41fc-8627-dbf655253327","block_type":"box","text":"The Underlying Index is designed to provide the lowest expected return variance using MSCI’s multi","page_number":71,"box":{"x":237,"y":138,"width":705,"height":13}},{"id":"0c4b5ced-5477-4313-9b3f-4c2d3db22b9c","block_type":"box","text":"factor risk model, and then it is further refined by an optimization tool that seeks to optimize the parent index for the lowest","page_number":71,"box":{"x":88,"y":153,"width":866,"height":13}},{"id":"c287177e-752a-40e3-8f2a-b3d1012d2219","block_type":"box","text":"absolute volatility with a certain set of constraints. These constraints help maintain Underlying Index replicability and","page_number":71,"box":{"x":89,"y":169,"width":818,"height":12}},{"id":"83609bdc-f7e4-411a-ac9d-c32faf8d20cf","block_type":"box","text":"investability and include Underlying Index turnover limits, for example, along with minimum and maximum constituent,","page_number":71,"box":{"x":89,"y":184,"width":838,"height":12}},{"id":"1c7812e4-3626-4fb4-8edf-f46d7c7e70b8","block_type":"box","text":"sector and/or country weights relative to the parent index, and other factor constraints, as measured by MSCI, including","page_number":71,"box":{"x":89,"y":199,"width":841,"height":12}},{"id":"0f65e3b3-41cd-4ed3-b530-8968a7bab94d","block_type":"box","text":"those related to momentum, value, size, size non-linearity (","page_number":71,"box":{"x":88,"y":214,"width":413,"height":12}},{"id":"852a3b8b-f5cb-49cf-becb-654fc9e24b86","block_type":"box","text":"i.e.","page_number":71,"box":{"x":502,"y":215,"width":18,"height":9}},{"id":"abfadef1-8607-42e7-8e97-3cc38870b8b0","block_type":"box","text":", the performance differential between mid-capitalization","page_number":71,"box":{"x":522,"y":214,"width":397,"height":12}},{"id":"a08f763c-b44f-4798-a86d-36c548c6345f","block_type":"box","text":"companies versus large- and small-capitalization companies), growth, liquidity and financial leverage The Underlying Index is","page_number":71,"box":{"x":89,"y":229,"width":876,"height":12}},{"id":"4243ef65-8093-40b1-8d7b-ad70208af966","block_type":"box","text":"reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.","page_number":71,"box":{"x":89,"y":244,"width":575,"height":13}},{"id":"3d97d18c-e881-4493-85b3-74827b9517f1","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":271,"width":184,"height":12}},{"id":"b238144d-fe1d-4342-ada8-ec7e3dcda1f7","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":71,"box":{"x":278,"y":271,"width":652,"height":12}},{"id":"7fde1eac-a5e8-4387-8950-81d4f4698abb","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":71,"box":{"x":89,"y":286,"width":832,"height":12}},{"id":"8b9f9ce2-4cdb-4d65-9a6e-8e6535acfba9","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":71,"box":{"x":88,"y":301,"width":343,"height":12}},{"id":"ae424518-177d-4da7-ad37-4bbc56d7c4a2","block_type":"box","text":"MSCI World ex USA Enhanced Value Index","page_number":71,"box":{"x":89,"y":327,"width":306,"height":10}},{"id":"c01e7902-6357-4c4b-9a52-bf134a3f6296","block_type":"box","text":"Number of Components: approximately 351","page_number":71,"box":{"x":89,"y":346,"width":314,"height":13}},{"id":"72f2d758-5b96-4c47-b840-7513f86141fc","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":369,"width":131,"height":12}},{"id":"00753f15-2e48-4fd8-98ba-997e4408c765","block_type":"box","text":"The MSCI World ex USA Enhanced Value Index is an MSCI Global Standard Index. The investment results","page_number":71,"box":{"x":225,"y":369,"width":733,"height":10}},{"id":"eea1d15e-ab99-4ebd-b146-0a72f25dc728","block_type":"box","text":"of the MSCI World ex USA Enhanced Value Index are based on a traditional market capitalization-weighted parent index, the","page_number":71,"box":{"x":89,"y":384,"width":867,"height":12}},{"id":"d6dc33f1-7353-49e4-af8d-d7d9d5608348","block_type":"box","text":"MSCI World ex USA Index, which as of July 31, 2025 included large- and mid- capitalization stocks across the following 21","page_number":71,"box":{"x":89,"y":399,"width":848,"height":13}},{"id":"d76e7ff5-b9d9-4b90-9794-3b197d2f7717","block_type":"box","text":"developed market countries or regions: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong,","page_number":71,"box":{"x":89,"y":414,"width":873,"height":13}},{"id":"5055e6bf-d3ae-42be-bfcf-76f43de2ef9f","block_type":"box","text":"Ireland, Israel, Italy, Japan, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the U.K. The","page_number":71,"box":{"x":89,"y":429,"width":819,"height":13}},{"id":"3e595889-53fd-45f3-9e88-bd3ef0797728","block_type":"box","text":"Underlying Index is designed to represent the performance of securities that exhibit higher value style characteristics relative\r\n®","page_number":71,"box":{"x":89,"y":445,"width":871,"height":12}},{"id":"00222bf2-870e-43c7-987b-8e5e80608ba0","block_type":"box","text":"to their peers within the corresponding Global Industry Classification Standard (GICS","page_number":71,"box":{"x":88,"y":460,"width":594,"height":12}},{"id":"bd395eaa-7c60-4e81-868c-350c0733bce9","block_type":"box","text":"®","page_number":71,"box":{"x":683,"y":456,"width":6,"height":5}},{"id":"e71a0f98-24c7-440e-8d96-28382e09b9af","block_type":"box","text":") sector.","page_number":71,"box":{"x":690,"y":460,"width":55,"height":12}},{"id":"fc9466fd-f528-4fa8-af30-cf24b6939264","block_type":"box","text":"Index Methodology.","page_number":71,"box":{"x":89,"y":486,"width":143,"height":12}},{"id":"ead6c32d-b587-4c51-ac3a-74f931fd121a","block_type":"box","text":"The Underlying Index is designed to represent the performance of securities that exhibit relatively","page_number":71,"box":{"x":237,"y":486,"width":683,"height":12}},{"id":"83c13d78-4e6b-4ebd-b0ce-d11b69c59073","block_type":"box","text":"higher value characteristics within the parent index. The value score for each security is calculated by combining the scores","page_number":71,"box":{"x":89,"y":501,"width":862,"height":13}},{"id":"50df8469-141d-4720-9812-45322906da18","block_type":"box","text":"of three valuation descriptors based on publicly reported financial data: price-to-book value, price-to-forward earnings and","page_number":71,"box":{"x":89,"y":516,"width":860,"height":13}},{"id":"73555ac8-ee85-49cf-985b-9a2fc5fe3cfc","block_type":"box","text":"enterprise value-to-cash flow from operations. The Underlying Index is constructed with a fixed number of securities","page_number":71,"box":{"x":89,"y":531,"width":817,"height":13}},{"id":"a29b42f5-de86-4833-9279-2155ac754b2c","block_type":"box","text":"constituting a subset of the parent index based on their final value scores. The fixed number of securities is evaluated semi","page_number":71,"box":{"x":89,"y":547,"width":863,"height":12}},{"id":"1db52ba0-ef68-4924-8977-9e4296c2bbb0","block_type":"box","text":"annually. MSCI assigns weights by multiplying a component’s final value score by its market capitalization. Weights in the","page_number":71,"box":{"x":89,"y":562,"width":848,"height":12}},{"id":"3c35a87c-6de5-45d5-b46f-06e44f2ceaf6","block_type":"box","text":"Underlying Index are next normalized so that sectors in the Underlying Index represent the same weight as in the Parent","page_number":71,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"0c232051-9154-478a-ab60-265d1164cb8f","block_type":"box","text":"Index. Coinciding with the SAIRs of the parent index, the Underlying Index is rebalanced on the last business day of May and","page_number":71,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"387eb715-68c2-4c20-88c2-91b91cfdfd67","block_type":"box","text":"November.","page_number":71,"box":{"x":89,"y":607,"width":73,"height":10}},{"id":"b7f83316-d7d5-49ea-bdb9-54149c0971cc","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":633,"width":184,"height":13}},{"id":"802fc563-659d-4136-bbf1-73b8235d4ef8","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":71,"box":{"x":278,"y":633,"width":662,"height":13}},{"id":"73543fe3-9753-4883-88ea-261887045163","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":71,"box":{"x":89,"y":649,"width":878,"height":12}},{"id":"7ae78164-3804-42e0-a4ec-0041e68f36ad","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":71,"box":{"x":88,"y":664,"width":864,"height":12}},{"id":"acb0b826-117d-4dc4-aa85-26eda09f4713","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":71,"box":{"x":89,"y":679,"width":849,"height":12}},{"id":"277586a7-1ccd-4565-a551-668937f3f50b","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":71,"box":{"x":88,"y":694,"width":868,"height":12}},{"id":"11926d2f-19a3-4178-a554-7b44243497b2","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":709,"width":474,"height":12}},{"id":"8b1b9f05-5c51-49e7-ba47-e59d681bc6ff","block_type":"box","text":"MSCI World ex USA Momentum Index","page_number":71,"box":{"x":89,"y":736,"width":275,"height":9}},{"id":"762c7a4b-9511-41ca-8714-db91df08012e","block_type":"box","text":"Number of Components: approximately 301","page_number":71,"box":{"x":89,"y":754,"width":314,"height":13}},{"id":"10ea03e4-34b5-4e2f-8025-9c80d486eb2d","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":777,"width":131,"height":12}},{"id":"57d6687c-f308-4990-98a6-f8787b5087f1","block_type":"box","text":"The MSCI World ex USA Momentum Index is an MSCI Global Standard Index. The index consists of","page_number":71,"box":{"x":225,"y":777,"width":695,"height":10}},{"id":"b236694e-2a0f-47b3-bad5-a2164d49eb32","block_type":"box","text":"stocks exhibiting relatively higher momentum characteristics than the traditional market capitalization-weighted parent","page_number":71,"box":{"x":89,"y":792,"width":837,"height":13}},{"id":"f0f77bbb-6bf8-4b80-b655-f67b6a6e3217","block_type":"box","text":"index, the MSCI World ex USA Index, which includes large- and mid-capitalization equity securities in developed market","page_number":71,"box":{"x":89,"y":807,"width":837,"height":13}},{"id":"e2cf8df4-d3cf-4be5-a176-ab53e46940e4","block_type":"box","text":"countries, excluding the U.S. It is designed to reflect the performance of an equity momentum strategy that emphasizes","page_number":71,"box":{"x":89,"y":822,"width":837,"height":13}},{"id":"edd124b1-c343-47cf-aab7-f2ae6fc06ff4","block_type":"box","text":"stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate","page_number":71,"box":{"x":89,"y":838,"width":854,"height":12}},{"id":"b6988979-72d7-4647-97b9-4808df6e86a3","block_type":"box","text":"index turnover. As of July 31, 2025, the Underlying Index consisted of companies in the following 21 countries or regions:","page_number":71,"box":{"x":89,"y":853,"width":843,"height":12}},{"id":"58846d61-42f5-4952-91fe-c32fa2da287d","block_type":"box","text":"45","page_number":71,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"208f797c-2162-44a5-bdb9-946afaa88f00","block_type":"box","text":"Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the","page_number":72,"box":{"x":88,"y":44,"width":806,"height":12}},{"id":"1d008835-acf0-41a4-8a7e-eae43cffd058","block_type":"box","text":"Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland and the U.K.","page_number":72,"box":{"x":89,"y":59,"width":610,"height":12}},{"id":"88323c8d-72c1-4127-bee7-4b329b6ebf4a","block_type":"box","text":"Index Methodology.","page_number":72,"box":{"x":89,"y":85,"width":143,"height":13}},{"id":"63ae9453-30bc-43db-a4a0-ecd4592e80c1","block_type":"box","text":"The MSCI World ex USA Momentum Index holds a fixed number of securities that are chosen from","page_number":72,"box":{"x":237,"y":85,"width":692,"height":10}},{"id":"9da5a1c6-d3e2-4bb2-a51a-c3ae2188f1d6","block_type":"box","text":"constituents within the parent index. A risk-adjusted price momentum score, defined as the excess return over the risk-free","page_number":72,"box":{"x":89,"y":101,"width":863,"height":12}},{"id":"d8d3e1c4-240c-4b5c-97c3-725c3f9140d9","block_type":"box","text":"rate divided by the annualized standard deviation of weekly returns over the past 3 years, is calculated for each security in the","page_number":72,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"8974c199-8868-4643-a7f0-ecad5d961397","block_type":"box","text":"parent index over 6- and 12-month time periods. The 6- and 12- month risk-adjusted price momentum calculations are then","page_number":72,"box":{"x":89,"y":131,"width":872,"height":12}},{"id":"83b9c743-d093-41ac-8dad-784d40bca355","block_type":"box","text":"standardized at +/-3 standard deviations and the standardized z-scores are translated into an average momentum score. A","page_number":72,"box":{"x":89,"y":146,"width":857,"height":12}},{"id":"5318cf34-bbd0-4060-96ab-63fbca14501e","block_type":"box","text":"fixed number of securities with the highest positive momentum scores are predetermined for the Underlying Index at initial","page_number":72,"box":{"x":88,"y":161,"width":862,"height":12}},{"id":"ee5c7732-0859-466e-8615-004ab4b935d9","block_type":"box","text":"construction with an aim to attain a high exposure to the momentum factor while maintaining sufficient market","page_number":72,"box":{"x":89,"y":176,"width":785,"height":13}},{"id":"64724c56-6ee6-4bfd-9a5b-66f689138f42","block_type":"box","text":"capitalization and number of securities coverage.","page_number":72,"box":{"x":89,"y":191,"width":342,"height":13}},{"id":"d7312963-495d-4c11-abf3-9631af043030","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced quarterly. At each reconstitution, MSCI uses an algorithm to determine","page_number":72,"box":{"x":88,"y":218,"width":875,"height":12}},{"id":"4fc62623-8f52-4408-9c9e-b254535f0474","block_type":"box","text":"the number of components in the Underlying Index based on the number of constituents in the Parent Index, momentum","page_number":72,"box":{"x":88,"y":233,"width":852,"height":12}},{"id":"36de8f51-15b2-43ac-ac92-be5b66e0b1ad","block_type":"box","text":"score and market capitalization coverage. The weight of each Underlying Index constituent is initially determined by","page_number":72,"box":{"x":89,"y":248,"width":810,"height":12}},{"id":"38556eab-ee7d-4b4f-91ce-8450046a3b97","block_type":"box","text":"multiplying the security’s momentum score by its market capitalization weight in the Parent Index, subject to a 5% cap on","page_number":72,"box":{"x":89,"y":263,"width":853,"height":12}},{"id":"e03b1b80-8631-432b-bd3b-68a4c5372dd7","block_type":"box","text":"each issuer. A 50% turnover buffer is then applied to each constituent security that has a change in weight based on the","page_number":72,"box":{"x":89,"y":278,"width":841,"height":13}},{"id":"3948abc8-8c5a-4681-b055-b874f0ffd0be","block_type":"box","text":"previous reconstitution steps. With this buffer, each relevant security receives only half of its designated weight change. The","page_number":72,"box":{"x":89,"y":293,"width":866,"height":13}},{"id":"5e949034-5e33-4d62-8835-3c89de61e99e","block_type":"box","text":"buffer is not applied to deletions. After the buffer is applied, the constituents’ weights are normalized to 100%, subject to a","page_number":72,"box":{"x":89,"y":308,"width":857,"height":13}},{"id":"02eda0a3-2a7b-48c3-8260-5be0e7b3fe47","block_type":"box","text":"5% cap on each issuer.","page_number":72,"box":{"x":89,"y":324,"width":159,"height":12}},{"id":"f7f42d92-4df6-4272-a354-345c111af6f6","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":350,"width":184,"height":12}},{"id":"d60a1c69-8b41-4e93-905c-8773765f5a65","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":350,"width":662,"height":12}},{"id":"8cbda285-8155-44eb-b07e-b69bf4535689","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":365,"width":878,"height":12}},{"id":"3960026b-8b18-46c5-8ea0-295c391548c9","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":380,"width":864,"height":13}},{"id":"27bfe53c-bd2f-4ace-bb34-3be4b8870b6b","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":395,"width":849,"height":13}},{"id":"51a96e9f-11f8-4780-bda0-14ca9d68e9b8","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":72,"box":{"x":88,"y":410,"width":868,"height":13}},{"id":"327d1506-49bc-4730-a5a2-a6ebf74ea95a","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":426,"width":474,"height":12}},{"id":"72a5e860-1523-45ad-ab69-c683f8080f7a","block_type":"box","text":"MSCI World ex USA Sector Neutral Quality Index","page_number":72,"box":{"x":89,"y":452,"width":350,"height":12}},{"id":"5c7fbc4a-fbc1-4918-abe4-870bd225b739","block_type":"box","text":"Number of Components: approximately 301","page_number":72,"box":{"x":89,"y":471,"width":314,"height":12}},{"id":"1293cc23-979f-423a-b7f2-da0f425ef201","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":494,"width":131,"height":12}},{"id":"052abd8c-51be-48bb-b253-94860a2f311c","block_type":"box","text":"The MSCI World ex USA Sector Neutral Quality Index is an MSCI Global Standard Index. The Underlying","page_number":72,"box":{"x":225,"y":494,"width":723,"height":12}},{"id":"e4ea604f-6113-4602-8d0c-0e44db77a6e5","block_type":"box","text":"Index is based on a traditional market capitalization-weighted parent index, the MSCI World ex USA Index, which includes","page_number":72,"box":{"x":89,"y":509,"width":851,"height":12}},{"id":"2a0f7689-7ded-4b9b-b19a-586f92b17656","block_type":"box","text":"large- and mid-capitalization equity securities in developed market countries, excluding the U.S. The Underlying Index seeks","page_number":72,"box":{"x":89,"y":524,"width":867,"height":12}},{"id":"0c94bb4a-99ff-4ff2-bdf0-35cd73b3a773","block_type":"box","text":"to capture the performance of quality stocks by identifying common stocks with high quality scores while maintaining","page_number":72,"box":{"x":88,"y":539,"width":829,"height":12}},{"id":"d3bfbc66-82bc-4e62-abf9-2c08c5ff9ed6","block_type":"box","text":"reasonably high trading liquidity, investment capacity and moderate index turnover. As of July 31, 2025, the Underlying Index","page_number":72,"box":{"x":89,"y":554,"width":870,"height":12}},{"id":"51c5b422-0672-487f-8bfc-1204efe3bd3b","block_type":"box","text":"consisted of companies in the following 22 countries or regions: Australia, Austria, Belgium, Canada, Denmark, Finland,","page_number":72,"box":{"x":89,"y":569,"width":835,"height":13}},{"id":"da8bae53-2a59-40ae-b45c-5db0b8abcf02","block_type":"box","text":"France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,","page_number":72,"box":{"x":89,"y":584,"width":863,"height":13}},{"id":"7bca995d-a039-45a6-8415-b55efe1b81eb","block_type":"box","text":"Sweden, Switzerland and the U.K.","page_number":72,"box":{"x":88,"y":599,"width":232,"height":12}},{"id":"6a7bd783-0789-49f9-8d8d-26760df9a88d","block_type":"box","text":"Index Methodology.","page_number":72,"box":{"x":89,"y":626,"width":143,"height":12}},{"id":"c3b9beaf-547c-402a-89c8-b4cb3291e163","block_type":"box","text":"The MSCI World ex USA Sector Neutral Quality Index holds a fixed number of securities that are chosen","page_number":72,"box":{"x":237,"y":626,"width":724,"height":12}},{"id":"ed6c43fc-81ea-43c3-a986-700f499db4ae","block_type":"box","text":"from constituents within the parent index. The MSCI World ex USA Sector Neutral Quality Index aims to capture the","page_number":72,"box":{"x":88,"y":641,"width":811,"height":12}},{"id":"66b6ce7e-3a5b-43d2-bb29-4110d560a0b2","block_type":"box","text":"performance of high quality stocks by identifying common stocks with high “quality scores” based on three variables:","page_number":72,"box":{"x":89,"y":656,"width":821,"height":13}},{"id":"ce76ef87-bb53-406c-a4f2-871ce21569c0","block_type":"box","text":"Return on equity: Trailing 12-month earnings per share divided by the latest book value per share.","page_number":72,"box":{"x":89,"y":683,"width":681,"height":12}},{"id":"cf2966d4-a830-4bdf-b766-f42fbb1a2e3f","block_type":"box","text":"Earnings variability: Standard deviation of year-over-year earnings per share growth over last five fiscal years.","page_number":72,"box":{"x":89,"y":709,"width":761,"height":12}},{"id":"6ca60ce5-44c0-4889-9f2d-35b4db77a9ae","block_type":"box","text":"Debt-to-equity: Latest fiscal year total debt-to-book value.","page_number":72,"box":{"x":89,"y":736,"width":407,"height":12}},{"id":"d3ee3cab-0a69-465b-accf-a95107f66d89","block_type":"box","text":"The methodology calculates a “quality score” for each security in the parent index by averaging the z-scores of the three","page_number":72,"box":{"x":88,"y":762,"width":841,"height":12}},{"id":"0cf63a20-e8ec-4e46-a09f-4b6835931dc9","block_type":"box","text":"fundamental variables above. 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The Funds are neither sponsored, endorsed, sold nor promoted by MSCI Inc., and MSCI Inc. makes no","page_number":73,"box":{"x":89,"y":308,"width":869,"height":13}},{"id":"3f360b70-3c64-4abb-84ca-96c3e97fa83e","block_type":"box","text":"representation regarding the advisability of investing in any of the Funds.","page_number":73,"box":{"x":89,"y":324,"width":508,"height":12}},{"id":"558c65b5-2384-44ea-a2cb-3c1b2c0ee181","block_type":"box","text":"ICE Data Indices","page_number":73,"box":{"x":90,"y":351,"width":202,"height":18}},{"id":"35abd1a8-b61a-4d85-887c-caedde0f561c","block_type":"box","text":"®","page_number":73,"box":{"x":293,"y":346,"width":11,"height":7}},{"id":"61a12724-f5c3-40e9-a7c7-eb4667335a10","block_type":"box","text":"Additional Information","page_number":73,"box":{"x":88,"y":385,"width":164,"height":10}},{"id":"0ec866e9-5619-4e33-8fb1-b17105b5aa2c","block_type":"box","text":": ICE Data Indices, LLC is used with permission. ICE is a registered trademark of ICE Data Indices, LLC","page_number":73,"box":{"x":254,"y":385,"width":703,"height":13}},{"id":"f41d7059-8ab2-4315-9372-e7a49cb6f85e","block_type":"box","text":"(“IDI”) or its affiliates. “NYSE” is a registered trademark of NYSE Group, Inc., an affiliate of IDI and is used by IDI with","page_number":73,"box":{"x":89,"y":400,"width":809,"height":13}},{"id":"13693e90-e01d-4842-9399-48727c612de4","block_type":"box","text":"permission and under a license. “FactSet” is a registered trademark of FactSet Research Systems, Inc. These trademarks have","page_number":73,"box":{"x":89,"y":416,"width":873,"height":12}},{"id":"bccd5d17-2dcd-4162-a696-3ea6a718b9bb","block_type":"box","text":"been licensed for use, together with certain IDI indices, for certain purposes by BlackRock Fund Advisors and its affiliates.","page_number":73,"box":{"x":89,"y":431,"width":847,"height":12}},{"id":"48038acd-1cf7-45d6-8c02-8959f8d9f99b","block_type":"box","text":"NYSE","page_number":73,"box":{"x":89,"y":458,"width":37,"height":9}},{"id":"23ea65cc-56c2-44cc-9d11-9b3a92de5560","block_type":"box","text":"®","page_number":73,"box":{"x":126,"y":455,"width":10,"height":7}},{"id":"2850ebec-ea7e-4a34-9b71-54f0223c02ed","block_type":"box","text":"FactSet","page_number":73,"box":{"x":141,"y":458,"width":52,"height":9}},{"id":"c9c870b6-e564-4112-a523-a10aaf43dea6","block_type":"box","text":"®","page_number":73,"box":{"x":193,"y":455,"width":9,"height":7}},{"id":"4b633358-61c0-46e6-a8fd-24c7d4a7f846","block_type":"box","text":"U.S. Tech Breakthrough Index","page_number":73,"box":{"x":208,"y":457,"width":214,"height":12}},{"id":"730e97ac-a475-4521-b081-d7c341e5c731","block_type":"box","text":"Number of Components: approximately 168","page_number":73,"box":{"x":89,"y":484,"width":317,"height":12}},{"id":"bc51d2f5-5f18-4dca-babe-9cc8ca8af78d","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":510,"width":131,"height":12}},{"id":"01a2bdfb-27bb-4d99-9306-56335403dc8d","block_type":"box","text":"The NYSE","page_number":73,"box":{"x":225,"y":510,"width":68,"height":10}},{"id":"390e7bc1-3a63-4f1c-b448-c16f473e4ba8","block_type":"box","text":"®","page_number":73,"box":{"x":294,"y":508,"width":9,"height":6}},{"id":"629c775b-80da-4cc6-b874-930c30e2c8ca","block_type":"box","text":"FactSet","page_number":73,"box":{"x":308,"y":511,"width":51,"height":9}},{"id":"f83d014c-35b2-4c50-9abe-db62b93538f4","block_type":"box","text":"®","page_number":73,"box":{"x":359,"y":508,"width":9,"height":6}},{"id":"3f62cbcb-b258-4d80-998f-d49fa49aadc3","block_type":"box","text":"U.S. Tech Breakthrough Index is provided by ICE Data Indices, LLC (“ICE Data”) and","page_number":73,"box":{"x":374,"y":510,"width":579,"height":12}},{"id":"79b1417d-251b-4580-ad0a-dcb1fd105fbf","block_type":"box","text":"is designed to represent a broad universe of U.S. listed companies engaged in cutting edge research and development of","page_number":73,"box":{"x":89,"y":525,"width":843,"height":12}},{"id":"ea3120ab-2ee0-458f-b6c7-3f48ef08fdbf","block_type":"box","text":"products and services in the areas of robotics and artificial intelligence, cyber security, cloud and data tech, financial","page_number":73,"box":{"x":89,"y":540,"width":810,"height":13}},{"id":"3e1bcb81-4796-4aac-9e87-f3a9520aecb5","block_type":"box","text":"technology, and genomics and immunology. Constituents selected must belong to one of the five thematic segments and","page_number":73,"box":{"x":88,"y":555,"width":852,"height":13}},{"id":"fae67aa1-2d6d-48d2-9519-855b518b6e3a","block_type":"box","text":"must meet the eligibility requirements of the segment the company is classified under as defined by FactSet Revere Business","page_number":73,"box":{"x":89,"y":570,"width":869,"height":13}},{"id":"32ade1d9-6eae-47f0-a7ba-938ae0f85d94","block_type":"box","text":"Industry Classification systems (“RBICS”).","page_number":73,"box":{"x":89,"y":586,"width":291,"height":12}},{"id":"d8f774d6-f47b-4fc8-970b-8c7f89048680","block_type":"box","text":"Eligibility.","page_number":73,"box":{"x":89,"y":612,"width":67,"height":12}},{"id":"2dc190fa-8a85-4db1-8914-1a3982831d1a","block_type":"box","text":"The following rules are used for the initial constituent selection and ongoing reconstitution:","page_number":73,"box":{"x":161,"y":612,"width":640,"height":12}},{"id":"712b84f3-c290-43bb-914b-7c311b4cfe8d","block_type":"box","text":"The starting universe are common stocks, American Depositary Receipts, or Global Depositary Receipts of companies that","page_number":73,"box":{"x":88,"y":639,"width":857,"height":12}},{"id":"aa9f7b5e-26a6-448d-b209-c4a89ae9e2a0","block_type":"box","text":"are primarily listed for trading and electronically quoted on a major stock market that is accessible by foreign investors in one","page_number":73,"box":{"x":89,"y":654,"width":875,"height":12}},{"id":"610d2b3a-eca1-4c04-976e-b528c502a333","block_type":"box","text":"of the following countries: Australia, Hungary, Poland, Austria, Iceland, Portugal, Belgium, India, Singapore, Brazil, Indonesia,","page_number":73,"box":{"x":89,"y":669,"width":866,"height":12}},{"id":"578e18b6-56e5-4342-a42a-0414ed9f001f","block_type":"box","text":"South Africa, Canada, Ireland, Republic of Korea (South Korea), Chile, Israel, Spain, Colombia, Italy, Sweden, Czech Republic,","page_number":73,"box":{"x":88,"y":684,"width":862,"height":12}},{"id":"a4573e99-d8a4-4502-a492-2e8da49a0938","block_type":"box","text":"Japan, Switzerland, Denmark, Malaysia, Taiwan, Egypt, Mexico, Thailand, Finland, Netherlands, Turkey, France, New Zealand,","page_number":73,"box":{"x":88,"y":699,"width":868,"height":12}},{"id":"c1a49135-3fc8-456c-a0d3-2ae2e350c220","block_type":"box","text":"the U.K., Germany, Norway, U.S., Greece, Peru, Hong Kong and Philippines. Companies are selected that belong to one of the","page_number":73,"box":{"x":88,"y":714,"width":867,"height":12}},{"id":"95297627-e1a0-44a1-a73d-f4b425f25e4a","block_type":"box","text":"five following thematic segments: (i) Robotics and Artificial Intelligence, (ii) Cyber Security, (iii) Cloud and Data Tech, (iv)","page_number":73,"box":{"x":88,"y":729,"width":844,"height":13}},{"id":"c2ff7f8b-0bea-4ccb-a21b-db4d83b43984","block_type":"box","text":"Financial Technology, and (v) Genomics and Immunology.","page_number":73,"box":{"x":89,"y":744,"width":406,"height":13}},{"id":"b7df72e2-38bd-4c89-9346-a2725c43de22","block_type":"box","text":"Robotics and Artificial Intelligence:","page_number":73,"box":{"x":89,"y":771,"width":251,"height":12}},{"id":"60ddbf21-e284-4338-822d-194bfde9945b","block_type":"box","text":"• Companies must have a float-adjusted market capitalization of $500 million or greater, and a three-month 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December.","page_number":73,"box":{"x":154,"y":851,"width":348,"height":13}},{"id":"9a57b5b0-1c42-4321-a632-4318d5459eca","block_type":"box","text":"47","page_number":73,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"720a2ae2-5f96-4a5e-ae0c-994e512085ac","block_type":"box","text":"• Companies must also (1) be classified as deriving 50% or more revenues from one of 22 RBICS Focus Level 6","page_number":74,"box":{"x":121,"y":44,"width":795,"height":12}},{"id":"8ceb0741-1239-4ad8-8879-5cbdebe5e20d","block_type":"box","text":"industries related to Robotics and Artificial Intelligence, or (2) have a 20% or more market share or generate $1","page_number":74,"box":{"x":154,"y":59,"width":774,"height":12}},{"id":"9235fe98-6150-4835-8165-74c67782d462","block_type":"box","text":"billion or more in absolute annual revenues from one of the 22 RBICS Level 6 industry 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The","page_number":75,"box":{"x":89,"y":675,"width":856,"height":12}},{"id":"38398ecc-9244-4262-8002-d1aef5bd0467","block_type":"box","text":"Underlying Index is reviewed and reconstituted annually in December. Constituent weights of the Underlying Index are","page_number":75,"box":{"x":89,"y":690,"width":829,"height":13}},{"id":"a54add1f-d99f-46d7-a8d0-6a8d26b845db","block_type":"box","text":"rebalanced semiannually. The Underlying Index may include large-, mid- or small-capitalization companies. 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The STOXX Country Total Market indexes form the basis for all regional STOXX","page_number":76,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"1e44f3d5-ca20-4d15-95cd-5358a916ad98","block_type":"box","text":"Total Market indexes (each, a “Regional TMI”). Each STOXX Country Total Market index aims to represent a broad market","page_number":76,"box":{"x":88,"y":74,"width":851,"height":12}},{"id":"c1c34a2e-4d38-40fb-9578-a3b9a02cd442","block_type":"box","text":"and covers at least 95 percent of the free float market capitalization of the respective country’s investable universe. 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The STOXX World AC All Cap Index aims to","page_number":76,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"59d7c6e4-064b-4ff1-b6d0-3d3c58174afc","block_type":"box","text":"provide a broad universe that includes all investable stocks, ADR’s and GDR’s from all developed and emerging markets in the","page_number":76,"box":{"x":89,"y":188,"width":878,"height":12}},{"id":"b3be4259-4cd0-4c5a-b430-90fe4b0c92fc","block_type":"box","text":"world. Large Cap, Mid Cap and Small Cap Indexes provide coverage of approximately the top 70 percent, 85 percent and 95","page_number":76,"box":{"x":88,"y":203,"width":863,"height":12}},{"id":"cce28f88-c1c5-4022-a683-28e6387a23be","block_type":"box","text":"percent of each respective countries’ free float-adjusted market capitalization. The universe for all countries besides China, is","page_number":76,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"1e7d2098-ca24-454b-845f-24733addfe0f","block_type":"box","text":"the combination of the respective STOXX Country Total Market Index, the respective country’s constituents in the STOXX","page_number":76,"box":{"x":88,"y":233,"width":850,"height":12}},{"id":"f1f07320-a061-4591-96e4-4ee3ddc709a1","block_type":"box","text":"GCC Total Market Index (a Regional TMI that aims to represent the Gulf Cooperation Council countries market, which","page_number":76,"box":{"x":89,"y":248,"width":821,"height":12}},{"id":"f7f4741d-8bdd-4fe7-80b4-1ecae7d8d8c2","block_type":"box","text":"consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) and the respective country’s","page_number":76,"box":{"x":89,"y":263,"width":800,"height":12}},{"id":"5f6a5c9c-92a1-47e3-b507-606847a5b096","block_type":"box","text":"constituents of the STOXX World DR Index (a free-float market capitalization-weighted index of depositary receipts whose","page_number":76,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"87c88afc-b654-42a0-a17c-fc90e42118e4","block_type":"box","text":"universe includes ADRs and GDRs that are traded on the New York Stock Exchange, NASDAQ, or the London Stock","page_number":76,"box":{"x":89,"y":293,"width":803,"height":13}},{"id":"3bc63ade-98cc-4d30-a028-6d817c1a5f32","block_type":"box","text":"Exchange). For China the universe is the aggregate of the STOXX China Total Market Index, the STOXX China A Total Market","page_number":76,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"114eafd6-ad92-4a5a-99fd-cb41cdd2c265","block_type":"box","text":"Index, the STOXX China P-Chip Total Market Index, and the China constituents in the STOXX Global DR Index.","page_number":76,"box":{"x":89,"y":324,"width":768,"height":12}},{"id":"631aa331-8084-4c6e-b7ee-72755bc8ae3d","block_type":"box","text":"STOXX International Equity Factor Index","page_number":76,"box":{"x":88,"y":350,"width":291,"height":12}},{"id":"1ede13ba-d143-4c4d-9ced-4bbae9413996","block_type":"box","text":"Number of Components: approximately 457","page_number":76,"box":{"x":89,"y":369,"width":318,"height":12}},{"id":"b00463dd-7c6c-40d1-acfc-510e4226232d","block_type":"box","text":"Index Description.","page_number":76,"box":{"x":89,"y":392,"width":131,"height":12}},{"id":"b8bbfd6c-47e2-4c62-a97c-54f4be1d1b79","block_type":"box","text":"The STOXX International Equity Factor Index is a rules-based equity index provided by STOXX Ltd. The","page_number":76,"box":{"x":225,"y":392,"width":716,"height":12}},{"id":"f2c280f6-726b-4225-9684-c2c57ec89bd2","block_type":"box","text":"Underlying Index is a subset of the STOXX Global 1800 ex-USA (the “Parent Index”). The Parent Index is a subset of the","page_number":76,"box":{"x":89,"y":407,"width":833,"height":12}},{"id":"ceb376c0-63ed-4e94-9020-18f5c51b8b4f","block_type":"box","text":"STOXX Global 1800, which is a fixed component index that measures the performance of the largest developed market","page_number":76,"box":{"x":88,"y":422,"width":833,"height":12}},{"id":"4531ad50-4665-4a73-93f0-596b0dc9ef71","block_type":"box","text":"stocks and is an aggregation of these indices: STOXX North America 600, STOXX Asia/Pacific 600 and STOXX Europe 600.","page_number":76,"box":{"x":89,"y":437,"width":858,"height":12}},{"id":"2badec18-2d4f-4a97-ad32-ff2747941635","block_type":"box","text":"The Parent Index is a free float market capitalization-weighted index that measures the performance of the largest","page_number":76,"box":{"x":88,"y":452,"width":800,"height":12}},{"id":"cb1425b2-db95-41f9-81bc-d49f0d7045e5","block_type":"box","text":"companies of the developed equity market excluding the U.S., as defined by STOXX. Free float market capitalization is","page_number":76,"box":{"x":89,"y":467,"width":821,"height":13}},{"id":"ab618f97-a23b-4aa0-aaa6-554b71378139","block_type":"box","text":"calculated by multiplying the total market capitalization of a security by a free float factor, as determined by the Index","page_number":76,"box":{"x":89,"y":482,"width":820,"height":13}},{"id":"afa9dab8-c36c-474e-887c-96ef8c67288e","block_type":"box","text":"Provider, to reflect the market capitalization of the number of shares available in the market (rather than that of the total","page_number":76,"box":{"x":89,"y":497,"width":839,"height":13}},{"id":"2d99cf61-4533-43db-a14b-bfb33a59f800","block_type":"box","text":"number of shares outstanding).","page_number":76,"box":{"x":89,"y":513,"width":221,"height":12}},{"id":"82a82617-2b65-4a2b-a6b2-8fb8939f0f10","block_type":"box","text":"The Underlying Index is composed of large- and mid-capitalization equity securities from the Parent Index that are selected","page_number":76,"box":{"x":88,"y":539,"width":863,"height":12}},{"id":"9933e6ce-856e-478c-b76e-1740f687f135","block_type":"box","text":"and weighted using an optimization process designed to maximize exposure to five target factors: momentum, quality, value,","page_number":76,"box":{"x":89,"y":554,"width":875,"height":12}},{"id":"4115a26a-44ab-4d1e-8e38-66774106e19e","block_type":"box","text":"low volatility and size. The Underlying Index also seeks to mitigate exposure to unintended systematic exposures, limit","page_number":76,"box":{"x":89,"y":569,"width":827,"height":13}},{"id":"23bb06be-4bd6-47f8-a04f-a29a470f0bca","block_type":"box","text":"turnover and maintain a level of risk similar to that of the Parent Index.","page_number":76,"box":{"x":88,"y":584,"width":494,"height":10}},{"id":"c856d2e3-2aee-46c6-819f-5e165028b694","block_type":"box","text":"Index Methodology.","page_number":76,"box":{"x":89,"y":611,"width":143,"height":12}},{"id":"893f36ab-9a2b-4f2d-b006-7f02c11bc3fa","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":76,"box":{"x":237,"y":611,"width":720,"height":12}},{"id":"bfc103a0-e8b4-4dc1-8e3d-166b56ff1dea","block_type":"box","text":"and earnings announcement drift (","page_number":76,"box":{"x":89,"y":626,"width":244,"height":12}},{"id":"d1aaa3b7-2f1d-4b0d-a94f-0c7ddfd491d1","block_type":"box","text":"i.e.","page_number":76,"box":{"x":335,"y":627,"width":17,"height":9}},{"id":"e5a2bc3b-d152-462c-b0b5-de64ef84b4b3","block_type":"box","text":", the difference between a stock’s performance on and immediately following an","page_number":76,"box":{"x":354,"y":626,"width":561,"height":12}},{"id":"def78eb0-8b1a-4c68-b3dc-d12a6c0d82d8","block_type":"box","text":"earnings announcement date).","page_number":76,"box":{"x":89,"y":641,"width":215,"height":12}},{"id":"7d661d5e-ed14-4fd5-9ba0-ecb4445f6ee7","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":76,"box":{"x":88,"y":668,"width":877,"height":12}},{"id":"a5dbc674-e017-4850-8b3f-c0ef9db9add9","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":76,"box":{"x":89,"y":683,"width":852,"height":12}},{"id":"4d312801-4c17-4934-ab5f-19dfcac9cc8f","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":76,"box":{"x":88,"y":698,"width":351,"height":12}},{"id":"98cb422d-ebba-4406-8e6f-2d1651e5190e","block_type":"box","text":"i.e.","page_number":76,"box":{"x":440,"y":699,"width":18,"height":8}},{"id":"8f26f25e-c397-45aa-943a-b044e6830635","block_type":"box","text":", direct emissions from sources that an issuer owns or controls and","page_number":76,"box":{"x":460,"y":698,"width":468,"height":11}},{"id":"8abfdbe5-19f9-4d5e-9869-bf8bfffb12cf","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":76,"box":{"x":89,"y":713,"width":841,"height":12}},{"id":"fff96ffa-294c-4265-a87c-fc9f15090443","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":76,"box":{"x":88,"y":728,"width":863,"height":12}},{"id":"4eb76c42-1418-42b9-b442-442e936afb4c","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":76,"box":{"x":89,"y":743,"width":876,"height":12}},{"id":"21479274-38d9-4230-ab0a-5671708cea3b","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":76,"box":{"x":88,"y":758,"width":500,"height":13}},{"id":"33696346-692d-412a-b400-b63a2018c372","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":76,"box":{"x":88,"y":785,"width":738,"height":12}},{"id":"85d779b6-6642-419d-9dd7-716070e1b224","block_type":"box","text":"i.e.","page_number":76,"box":{"x":827,"y":786,"width":18,"height":8}},{"id":"84b9a6b8-3d44-4c73-89e2-8c3948d860e6","block_type":"box","text":", 12-month","page_number":76,"box":{"x":847,"y":785,"width":76,"height":11}},{"id":"2079fda5-6ad6-40ff-be6a-9e224a6ba710","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":76,"box":{"x":88,"y":800,"width":496,"height":12}},{"id":"3e428297-168f-495e-aa35-4a471d5ac958","block_type":"box","text":"i.e.","page_number":76,"box":{"x":585,"y":801,"width":17,"height":9}},{"id":"73ef5ec9-ebe5-4e11-bc3d-a56fa826a44a","block_type":"box","text":", 12-month net income divided by total market","page_number":76,"box":{"x":605,"y":800,"width":325,"height":12}},{"id":"d5f4abd8-eefa-4fb2-8305-792b88064913","block_type":"box","text":"capitalization), cash flow yield (","page_number":76,"box":{"x":89,"y":815,"width":219,"height":12}},{"id":"b503cc71-ec40-46da-a64f-c2280d0492e9","block_type":"box","text":"i.e.","page_number":76,"box":{"x":309,"y":816,"width":18,"height":9}},{"id":"d10f13c2-a41f-4c32-9613-a45b9ed6429b","block_type":"box","text":", 12-month cash flow divided by total market capitalization) and time series normalized","page_number":76,"box":{"x":329,"y":815,"width":608,"height":12}},{"id":"4b0ac0d1-1ade-4b46-8bd4-373a7aabf472","block_type":"box","text":"cash flow yield over the previous 36 months. The low volatility score is based on prior 12-month volatility, as calculated by","page_number":76,"box":{"x":89,"y":830,"width":853,"height":12}},{"id":"e7ce6d80-e39a-41cf-9d50-6bd713a51480","block_type":"box","text":"the Index Provider. The size score seeks to measure an issuer’s market capitalization relative to other companies in the Parent","page_number":76,"box":{"x":88,"y":845,"width":876,"height":12}},{"id":"73d8e119-4902-49d2-9246-67ac1213f01b","block_type":"box","text":"Index.","page_number":76,"box":{"x":89,"y":860,"width":41,"height":10}},{"id":"37264cf4-f44e-4fb0-baa1-1e85c132493b","block_type":"box","text":"50","page_number":76,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a9e3f793-c19c-4a9b-90e4-70d3b22a8c31","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the five factors at the following weights:","page_number":77,"box":{"x":88,"y":44,"width":794,"height":12}},{"id":"4811b5dc-10fb-4606-a71b-c193a24a820b","block_type":"box","text":"momentum, 27%; quality, 36%; value, 27%; low volatility, 5%; and size, 5%. The composite score is an input to the","page_number":77,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"baf9cdbe-5025-4daf-8d4c-5db82e086299","block_type":"box","text":"optimization process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":77,"box":{"x":89,"y":74,"width":813,"height":12}},{"id":"8b0ada96-5426-4db3-b10f-51df74f20364","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the five factors while applying certain constraints, which","page_number":77,"box":{"x":88,"y":101,"width":872,"height":12}},{"id":"779a68c7-f0ce-41cf-b288-1282d6b82d61","block_type":"box","text":"include the following:","page_number":77,"box":{"x":89,"y":116,"width":149,"height":12}},{"id":"a4785bd8-0188-4483-b573-294ccffaa3b1","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":77,"box":{"x":89,"y":136,"width":722,"height":12}},{"id":"bc90dd46-4ba7-4b08-bab1-db5ddcddad59","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":77,"box":{"x":89,"y":156,"width":848,"height":12}},{"id":"61bd7102-a239-44be-a97a-e4ab178c6180","block_type":"box","text":"weight.","page_number":77,"box":{"x":121,"y":171,"width":50,"height":12}},{"id":"44ca22ae-46cc-47a5-a9c4-f7fb5fb9ab62","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":77,"box":{"x":89,"y":191,"width":536,"height":13}},{"id":"45dc86bc-e117-45c7-86d0-47eaca37faa9","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":77,"box":{"x":89,"y":211,"width":839,"height":13}},{"id":"5a70e6ac-0139-4c84-8b79-8fc315e519c2","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":77,"box":{"x":89,"y":232,"width":837,"height":12}},{"id":"be5f2269-f3db-4159-9b2c-655710cbdbbf","block_type":"box","text":"exposure in the Parent Index.","page_number":77,"box":{"x":121,"y":247,"width":203,"height":12}},{"id":"ccae12c6-d915-4b45-bdfd-e3d3e6f0f4c2","block_type":"box","text":"• The exposure to a particular country must be within 5% of the exposure in the Parent Index.","page_number":77,"box":{"x":89,"y":267,"width":677,"height":12}},{"id":"7329a2b1-4671-4e05-8d17-85b2e92db99d","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":77,"box":{"x":89,"y":287,"width":504,"height":12}},{"id":"437ac981-9825-4e51-9c9c-2b600d3b7fc3","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":77,"box":{"x":89,"y":307,"width":527,"height":13}},{"id":"ea8a2396-dd44-4fe8-b3e7-f723a8c6bfe8","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the five factors relative to the Parent Index.","page_number":77,"box":{"x":89,"y":327,"width":853,"height":13}},{"id":"8d40de1a-ec30-44d1-8331-13972f5d07bb","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":77,"box":{"x":88,"y":354,"width":663,"height":12}},{"id":"0ac4cb6f-587f-4d1c-a5e4-29436e3f76f5","block_type":"box","text":"STOXX International Small-Cap Equity Factor Index","page_number":77,"box":{"x":88,"y":380,"width":370,"height":13}},{"id":"5b09269a-7450-40c8-81b9-f876ca387285","block_type":"box","text":"Number of Components: approximately 1,092","page_number":77,"box":{"x":89,"y":399,"width":330,"height":13}},{"id":"88efffae-5f7f-4dcd-9c46-57f116246e45","block_type":"box","text":"Index Description.","page_number":77,"box":{"x":89,"y":422,"width":131,"height":12}},{"id":"12b949d2-a391-4ca0-9be6-d635a09d1af6","block_type":"box","text":"The STOXX International Small-Cap Equity Factor Index (the “Underlying Index”) is a subset of the STOXX","page_number":77,"box":{"x":225,"y":422,"width":742,"height":12}},{"id":"f7596489-b193-447f-8f88-6b847a8ea7c6","block_type":"box","text":"International Developed Markets Small Cap Index (the “Parent Index”), which is a free float market capitalization-weighted","page_number":77,"box":{"x":89,"y":437,"width":857,"height":12}},{"id":"4ca27f03-cfa9-46e4-8a5a-0e80d0a09985","block_type":"box","text":"index designed to measure the performance of small-capitalization companies from developed market countries excluding","page_number":77,"box":{"x":89,"y":452,"width":858,"height":12}},{"id":"9086ca79-44a7-424c-b029-3429347e1a7c","block_type":"box","text":"the U.S. Small-capitalization companies, as calculated by the Index Provider, represent approximately the bottom 15% of the","page_number":77,"box":{"x":88,"y":467,"width":869,"height":13}},{"id":"84156c28-3256-44fc-a740-0b0903261c32","block_type":"box","text":"investable market capitalization of each developed market country included in the Parent Index, as defined by STOXX. Free","page_number":77,"box":{"x":89,"y":482,"width":856,"height":13}},{"id":"e4ccf55e-002b-41c9-befa-bc9f9ad7a706","block_type":"box","text":"float market capitalization is calculated by multiplying the total market capitalization of a security by a free float factor, as","page_number":77,"box":{"x":88,"y":497,"width":847,"height":13}},{"id":"b09778ed-a075-4e98-8f9b-6d03398b97b9","block_type":"box","text":"determined by the Index Provider, to reflect the market capitalization of the number of shares available in the market (rather","page_number":77,"box":{"x":89,"y":513,"width":866,"height":12}},{"id":"65e9dd11-604f-4074-95c5-ae0911a732e6","block_type":"box","text":"than that of the total number of shares outstanding). The Underlying Index is composed of small-capitalization equity","page_number":77,"box":{"x":88,"y":528,"width":826,"height":12}},{"id":"9d57bf70-5a8a-4ca2-9e24-6c84232342ec","block_type":"box","text":"securities from the Parent Index that are selected and weighted using an optimization process designed to maximize","page_number":77,"box":{"x":89,"y":543,"width":814,"height":12}},{"id":"278d0fe4-10a7-4898-8223-6653c1a8ed8d","block_type":"box","text":"exposure to four target factors: momentum, quality, value, and low volatility. The Underlying Index also seeks to mitigate","page_number":77,"box":{"x":89,"y":558,"width":843,"height":12}},{"id":"f52464f3-baf9-4bfa-acb1-080f3bfdbe1c","block_type":"box","text":"exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent Index.","page_number":77,"box":{"x":89,"y":573,"width":858,"height":12}},{"id":"5f59eb52-dade-4b25-98ab-9c251c602d51","block_type":"box","text":"Index Methodology.","page_number":77,"box":{"x":89,"y":599,"width":143,"height":13}},{"id":"94684834-8c3b-4ce4-b7fd-374e05cf8603","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":77,"box":{"x":237,"y":599,"width":720,"height":13}},{"id":"d1d7f51a-ad50-428f-a942-9493aa4de2c7","block_type":"box","text":"and earnings announcement drift (i.e., the difference between a stock’s performance on and immediately following an","page_number":77,"box":{"x":89,"y":615,"width":827,"height":12}},{"id":"cfd9e663-b2c4-4422-a3e8-56dccbf11ecd","block_type":"box","text":"earnings announcement date).","page_number":77,"box":{"x":89,"y":630,"width":215,"height":12}},{"id":"5d2799bc-1600-4318-a6e4-53d9065e904f","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":77,"box":{"x":88,"y":656,"width":877,"height":13}},{"id":"005dab14-2e67-43c1-bae6-a1fb21adca85","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":77,"box":{"x":89,"y":671,"width":852,"height":13}},{"id":"feadf2b0-d508-442b-8f35-ee9eb525a907","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":77,"box":{"x":88,"y":686,"width":351,"height":13}},{"id":"46ff51a8-d70e-4767-82ce-a275ac90210a","block_type":"box","text":"i.e.,","page_number":77,"box":{"x":440,"y":687,"width":21,"height":11}},{"id":"cd27f24d-7f40-4d55-b7b6-eeb7ecbaa831","block_type":"box","text":"direct emissions from sources that an issuer owns or controls and","page_number":77,"box":{"x":467,"y":686,"width":461,"height":10}},{"id":"6e97b36d-a39a-47bd-b4a6-75e910a0f270","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":77,"box":{"x":89,"y":702,"width":841,"height":12}},{"id":"0f609797-d5e6-4099-99dd-bb866c4dd0d9","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":77,"box":{"x":88,"y":717,"width":863,"height":12}},{"id":"f80a97d2-14c4-4e9f-b4d0-0c94bff5093a","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":77,"box":{"x":89,"y":732,"width":876,"height":12}},{"id":"b192eafb-2629-4604-b2dc-d2f83162612d","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":77,"box":{"x":88,"y":747,"width":500,"height":12}},{"id":"f4ec8a3c-7011-46bf-9bba-075e689c5f7f","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":77,"box":{"x":88,"y":773,"width":738,"height":13}},{"id":"ed43e27a-9157-469d-8415-a6ba6ba46c1b","block_type":"box","text":"i.e.,","page_number":77,"box":{"x":827,"y":774,"width":22,"height":11}},{"id":"8adda937-df2f-463b-84bb-b03fd4e88a1e","block_type":"box","text":"12-month","page_number":77,"box":{"x":856,"y":773,"width":67,"height":10}},{"id":"6d108e41-5567-4e64-8a74-f22a14b0f27d","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (i.e., 12-month net income divided by total market","page_number":77,"box":{"x":88,"y":788,"width":842,"height":13}},{"id":"72bdf66f-ebba-415f-8ad0-6cedcbd33fd7","block_type":"box","text":"capitalization), cash flow yield (","page_number":77,"box":{"x":89,"y":804,"width":219,"height":12}},{"id":"1cf70ef0-9df1-4cba-ac43-f9ad1387cdfd","block_type":"box","text":"i.e.,","page_number":77,"box":{"x":309,"y":805,"width":21,"height":10}},{"id":"b8fe70aa-1944-444c-aa2d-42031ef239b7","block_type":"box","text":"12-month cash flow divided by total market capitalization) and time series normalized","page_number":77,"box":{"x":338,"y":804,"width":599,"height":12}},{"id":"d6d18814-447a-40f1-b394-3582551c4740","block_type":"box","text":"cash flow yield over the previous 36 months.","page_number":77,"box":{"x":89,"y":819,"width":311,"height":12}},{"id":"f8215358-c79b-4b74-9c20-63f86436df3c","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider.","page_number":77,"box":{"x":88,"y":845,"width":670,"height":12}},{"id":"10da5648-d917-43a8-869a-9957d72dbb7f","block_type":"box","text":"51","page_number":77,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"d9db432f-edb2-4675-b767-0e8ee982ffcf","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the four factors at the following weights:","page_number":78,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"aac5df8f-7391-4897-b641-991f2bb7b2a4","block_type":"box","text":"momentum, 30%; quality, 35%; value, 30%; and low volatility, 5%. The composite score is an input to the optimization","page_number":78,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"64633905-22d5-4ab3-9531-a96b3e0e484b","block_type":"box","text":"process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":78,"box":{"x":89,"y":74,"width":721,"height":12}},{"id":"4fc127ba-fd1b-4106-9335-9246280bf21f","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the four factors while applying certain constraints, which","page_number":78,"box":{"x":88,"y":101,"width":876,"height":12}},{"id":"011303ff-eb17-449c-9fc0-391759c80866","block_type":"box","text":"include the following:","page_number":78,"box":{"x":89,"y":116,"width":149,"height":12}},{"id":"6802cd83-61c4-4cf4-8023-cb6302f5c458","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":78,"box":{"x":89,"y":136,"width":722,"height":12}},{"id":"89109709-a5f8-4b98-885d-c2115641d47e","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":78,"box":{"x":89,"y":156,"width":848,"height":12}},{"id":"78466434-8381-43a6-b9b0-7f4fe9784b2d","block_type":"box","text":"weight.","page_number":78,"box":{"x":121,"y":171,"width":50,"height":12}},{"id":"2e4ec16d-47e7-461d-b646-fea4eca3642a","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":78,"box":{"x":89,"y":191,"width":536,"height":13}},{"id":"23b246e7-0744-4952-93ba-b8876f68d33c","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":78,"box":{"x":89,"y":211,"width":839,"height":13}},{"id":"79ee92d4-74e1-4863-aa0a-27b45d73083c","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":78,"box":{"x":89,"y":232,"width":837,"height":12}},{"id":"bca2a509-7982-4d3d-acd1-035371f39066","block_type":"box","text":"exposure in the Parent Index.","page_number":78,"box":{"x":121,"y":247,"width":203,"height":12}},{"id":"39f6048c-4b1f-43ff-9bcd-934a688ccc00","block_type":"box","text":"• The exposure to a particular country must be within 5% of the exposure in the Parent Index.","page_number":78,"box":{"x":89,"y":267,"width":677,"height":12}},{"id":"023bd33d-d15e-41ba-b595-7c1f8ce44e6c","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":78,"box":{"x":89,"y":287,"width":504,"height":12}},{"id":"36aa3376-ae9e-4dfb-8687-aba23c3c8624","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":78,"box":{"x":89,"y":307,"width":527,"height":13}},{"id":"d4dd0cff-eec9-4e29-9c6d-a8e7ba5553d5","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the four factors relative to the Parent Index.","page_number":78,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"684c81f8-8188-4775-aa34-a66193749094","block_type":"box","text":"• A constituent’s maximum weight is also subject to liquidity constraints.","page_number":78,"box":{"x":89,"y":348,"width":532,"height":12}},{"id":"f6e4f00d-d630-4c8c-8ec1-8244356319e3","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":78,"box":{"x":88,"y":374,"width":663,"height":12}},{"id":"593b465c-3299-4d62-bd68-3bd02a8b0588","block_type":"box","text":"STOXX U.S. Equity Factor Index","page_number":78,"box":{"x":88,"y":400,"width":225,"height":13}},{"id":"16679cb2-61f8-4bcb-8bd3-8da91a87e49e","block_type":"box","text":"Number of Components: approximately 285","page_number":78,"box":{"x":89,"y":419,"width":317,"height":13}},{"id":"23c578c5-723e-40b2-b18c-a971a5bd4acc","block_type":"box","text":"Index Description.","page_number":78,"box":{"x":89,"y":442,"width":131,"height":12}},{"id":"2570790c-1885-41b8-8c50-80ec8bc984f4","block_type":"box","text":"The STOXX U.S. Equity Factor Index is a rules-based equity index provided by STOXX Ltd. The Underlying","page_number":78,"box":{"x":225,"y":442,"width":734,"height":12}},{"id":"ace3ef61-0098-4f9a-b4a9-a186c945c2d2","block_type":"box","text":"Index is a subset of the STOXX USA 900 index (the “Parent Index”), which is a free float market capitalization-weighted index","page_number":78,"box":{"x":89,"y":457,"width":876,"height":12}},{"id":"07fc2e6d-9efe-43ac-8281-c90cd5789ceb","block_type":"box","text":"that measures the performance of the largest 900 companies of the U.S. equity market, as defined by STOXX. Free float","page_number":78,"box":{"x":88,"y":472,"width":835,"height":13}},{"id":"cd6fa5cc-90b3-4878-8d54-649c72aef2a7","block_type":"box","text":"market capitalization is calculated by multiplying the total market capitalization of a security by a free float factor, as","page_number":78,"box":{"x":89,"y":487,"width":810,"height":13}},{"id":"f0ad5dae-1740-4acc-a189-cbf7212d570c","block_type":"box","text":"determined by the Index Provider, to reflect the market capitalization of the number of shares available in the market (rather","page_number":78,"box":{"x":89,"y":502,"width":866,"height":13}},{"id":"d43ec55f-3693-4a4b-9f9b-abfee67c367f","block_type":"box","text":"than that of the total number of shares outstanding). The Underlying Index is composed of large- and mid-capitalization","page_number":78,"box":{"x":88,"y":518,"width":843,"height":12}},{"id":"add87899-8683-4f8b-a032-725055816fa7","block_type":"box","text":"equity securities from the Parent Index that are selected and weighted using an optimization process designed to maximize","page_number":78,"box":{"x":89,"y":533,"width":862,"height":12}},{"id":"77361831-b578-4542-aa37-4a20349869e3","block_type":"box","text":"exposure to five target factors: momentum, quality, value, low volatility and size. The Underlying Index also seeks to mitigate","page_number":78,"box":{"x":89,"y":548,"width":870,"height":12}},{"id":"9bca0a2a-712c-4498-af72-3c3419c22d08","block_type":"box","text":"exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent Index.","page_number":78,"box":{"x":89,"y":563,"width":858,"height":12}},{"id":"d5f30ffc-8947-4d4f-8d1a-9cda76670fe9","block_type":"box","text":"Index Methodology.","page_number":78,"box":{"x":89,"y":589,"width":143,"height":13}},{"id":"ffc35098-f122-4d2a-bc79-c37dbd351ab7","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":78,"box":{"x":237,"y":589,"width":720,"height":13}},{"id":"82b47e7e-16fc-4739-9f37-b1f06c41b32d","block_type":"box","text":"and earnings announcement drift (","page_number":78,"box":{"x":89,"y":605,"width":244,"height":12}},{"id":"14fabf8f-ca5c-4a42-88df-e2c1c231f109","block_type":"box","text":"i.e.","page_number":78,"box":{"x":335,"y":605,"width":17,"height":9}},{"id":"98a90033-bdde-4eb1-ad10-b37fdcf75fd6","block_type":"box","text":", the difference between a stock’s performance on and immediately following an","page_number":78,"box":{"x":354,"y":605,"width":561,"height":12}},{"id":"3c8d13bc-b438-4633-961c-b1ba85f3f5ce","block_type":"box","text":"earnings announcement date).","page_number":78,"box":{"x":89,"y":620,"width":215,"height":12}},{"id":"5fa8ce4f-095f-4b4c-85d2-8cdddeeb1fd7","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":78,"box":{"x":88,"y":646,"width":877,"height":12}},{"id":"cab52ec2-c9f7-42cf-883d-50d4b9957c06","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":78,"box":{"x":89,"y":661,"width":852,"height":13}},{"id":"9c9c271e-61f3-4f1a-8a3f-931c7d271306","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":78,"box":{"x":88,"y":676,"width":351,"height":13}},{"id":"7ed1af7e-3d9d-4b61-b7c1-65a7c353f8ac","block_type":"box","text":"i.e.","page_number":78,"box":{"x":440,"y":677,"width":18,"height":9}},{"id":"29f12057-04a2-41e7-8653-effffe18ffa8","block_type":"box","text":", direct emissions from sources that an issuer owns or controls and","page_number":78,"box":{"x":460,"y":676,"width":468,"height":12}},{"id":"70e9e6a1-9d9f-4333-afbf-bd1181686150","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":78,"box":{"x":89,"y":691,"width":841,"height":13}},{"id":"96174211-575a-4fef-b9a9-12e02b5fbeb7","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":78,"box":{"x":88,"y":707,"width":863,"height":12}},{"id":"e5ec1f07-98eb-4870-a1b4-8480a5b7b23a","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":78,"box":{"x":89,"y":722,"width":876,"height":12}},{"id":"7250b56a-613a-4e52-a862-f3f2abf40d11","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":78,"box":{"x":88,"y":737,"width":500,"height":12}},{"id":"77215221-f9e2-4033-b5f1-41e2d09eae7b","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":78,"box":{"x":88,"y":763,"width":738,"height":13}},{"id":"713ce078-9b97-4b2c-a0cd-6818f368d8bc","block_type":"box","text":"i.e.","page_number":78,"box":{"x":827,"y":764,"width":18,"height":9}},{"id":"3b857bed-f69e-4b9e-8704-fe1511968873","block_type":"box","text":", 12-month","page_number":78,"box":{"x":847,"y":763,"width":76,"height":12}},{"id":"6a822fdc-7514-4a5e-adc3-3049842efe7c","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":78,"box":{"x":88,"y":778,"width":496,"height":13}},{"id":"681f7351-300c-4039-b55f-34828960342f","block_type":"box","text":"i.e.","page_number":78,"box":{"x":585,"y":779,"width":17,"height":9}},{"id":"fbe024fa-031c-4f7d-87d2-ffd4ddebb1d9","block_type":"box","text":", 12-month net income divided by total market","page_number":78,"box":{"x":605,"y":778,"width":325,"height":13}},{"id":"da4a118b-8a12-4927-bfae-f90e3fe7887c","block_type":"box","text":"capitalization), cash flow yield (","page_number":78,"box":{"x":89,"y":793,"width":219,"height":13}},{"id":"408b726d-0bb8-424d-90e0-8f4f340e843b","block_type":"box","text":"i.e.","page_number":78,"box":{"x":309,"y":794,"width":18,"height":9}},{"id":"99c7564d-a791-412c-a76c-9d2bea62386f","block_type":"box","text":", 12-month cash flow divided by total market capitalization) and time series normalized","page_number":78,"box":{"x":329,"y":793,"width":608,"height":13}},{"id":"a3d004d5-f579-48ad-9c4a-91a6a7991c83","block_type":"box","text":"cash flow yield over the previous 36 months. The low volatility score is based on prior 12-month volatility, as calculated by","page_number":78,"box":{"x":89,"y":809,"width":853,"height":12}},{"id":"8a4034bc-6b43-46be-9e86-493da729e0c3","block_type":"box","text":"the Index Provider. The size score seeks to measure an issuer’s market capitalization relative to other companies in the Parent","page_number":78,"box":{"x":88,"y":824,"width":876,"height":12}},{"id":"8898d9ef-16ac-40e0-a99d-d8b6407f857e","block_type":"box","text":"Index.","page_number":78,"box":{"x":89,"y":839,"width":41,"height":10}},{"id":"674debf6-bea3-4a06-aa5c-2cbb8c647ba9","block_type":"box","text":"52","page_number":78,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3dc1991f-be5f-4192-b65d-90caed2c480a","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the five factors at the following weights:","page_number":79,"box":{"x":88,"y":44,"width":794,"height":12}},{"id":"c77e5c94-6ed7-4772-a6fe-36189398dfa7","block_type":"box","text":"momentum, 27%; quality, 36%; value, 27%; low volatility, 5%; and size, 5%. The composite score is an input to the","page_number":79,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"343da666-38f3-4bf1-bf7b-ecb6b6c170ac","block_type":"box","text":"optimization process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":79,"box":{"x":89,"y":74,"width":813,"height":12}},{"id":"89dd7e2c-61f8-4c08-b726-a938bcfca2b4","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the five factors while applying certain constraints, which","page_number":79,"box":{"x":88,"y":101,"width":872,"height":12}},{"id":"27b5c8ff-f868-434a-b0c0-229103455fe9","block_type":"box","text":"include the following:","page_number":79,"box":{"x":89,"y":116,"width":149,"height":12}},{"id":"c700fa64-da7f-47da-a006-4bbe8613db69","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":79,"box":{"x":89,"y":136,"width":722,"height":12}},{"id":"f8f495b6-af4e-4968-8f19-cb610fb14c2d","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":79,"box":{"x":89,"y":156,"width":848,"height":12}},{"id":"c5a6a7d8-59c9-4a56-9912-cbfcf75bb6c7","block_type":"box","text":"weight.","page_number":79,"box":{"x":121,"y":171,"width":50,"height":12}},{"id":"3e968110-f51d-4067-ad76-2b6a9350a5dd","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":79,"box":{"x":89,"y":191,"width":536,"height":13}},{"id":"758db789-8888-43a5-9e8f-78a1743f7936","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":79,"box":{"x":89,"y":211,"width":839,"height":13}},{"id":"0672158c-deb1-4503-85bd-82c9a90821f5","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":79,"box":{"x":89,"y":232,"width":837,"height":12}},{"id":"0ddc60b6-9b27-4584-b548-e0b2c7c6c2c9","block_type":"box","text":"exposure in the Parent Index.","page_number":79,"box":{"x":121,"y":247,"width":203,"height":12}},{"id":"dac4af2b-8b1a-43e4-ab45-d2c7fe1c52e3","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":79,"box":{"x":89,"y":267,"width":504,"height":12}},{"id":"45fda8da-24dc-4435-bb36-4b796ea5b7f3","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":79,"box":{"x":89,"y":287,"width":527,"height":12}},{"id":"cb34fff4-a006-41dd-8aeb-9287fb6b667a","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the five factors relative to the Parent Index.","page_number":79,"box":{"x":89,"y":307,"width":853,"height":13}},{"id":"de863f42-d63b-4a36-847d-d8017ab71e9d","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":79,"box":{"x":88,"y":334,"width":663,"height":12}},{"id":"b4b24405-9438-4813-9cc1-df518ffb1ab7","block_type":"box","text":"STOXX U.S. Small-Cap Equity Factor Index","page_number":79,"box":{"x":88,"y":360,"width":304,"height":12}},{"id":"305939ba-e6a8-4d00-aa3c-698b237d3bda","block_type":"box","text":"Number of Components: approximately 842","page_number":79,"box":{"x":89,"y":379,"width":317,"height":12}},{"id":"8a2bc5aa-d89d-45e2-9446-88aa5171951d","block_type":"box","text":"Index Description.","page_number":79,"box":{"x":89,"y":402,"width":131,"height":12}},{"id":"0abeeb81-12a7-4cbd-8b3c-b93296dda0c5","block_type":"box","text":"The STOXX U.S. Small-Cap Equity Factor Index (the “Underlying Index”) is a subset of the STOXX US","page_number":79,"box":{"x":225,"y":402,"width":702,"height":12}},{"id":"4c31dc3a-f7ba-40a6-851e-8888c711a2e0","block_type":"box","text":"Small Cap Index (the “Parent Index”), which is a free float market capitalization-weighted index designed to measure the","page_number":79,"box":{"x":88,"y":417,"width":845,"height":12}},{"id":"31226f8a-7cc0-44a5-9d6a-ec75f5266fad","block_type":"box","text":"performance of small-capitalization companies in the U.S. Small-capitalization companies, as calculated by the Index","page_number":79,"box":{"x":89,"y":432,"width":816,"height":12}},{"id":"c438fb86-f2d4-4562-9efd-d6bed442018e","block_type":"box","text":"Provider, represent approximately the bottom 15% of the investable market capitalization in the U.S. securities market, as","page_number":79,"box":{"x":89,"y":447,"width":845,"height":12}},{"id":"e4ac2e0f-4f8f-474a-9e18-62662826786d","block_type":"box","text":"defined by STOXX. Free float market capitalization is calculated by multiplying the total market capitalization of a security by","page_number":79,"box":{"x":89,"y":462,"width":868,"height":12}},{"id":"d70b02c9-5091-4f75-9216-0349e0015282","block_type":"box","text":"a free float factor, as determined by the Index Provider, to reflect the market capitalization of the number of shares available in","page_number":79,"box":{"x":89,"y":477,"width":878,"height":13}},{"id":"46c89135-67ce-4123-99bb-802e7936316e","block_type":"box","text":"the market (rather than that of the total number of shares outstanding). The Underlying Index is composed of small","page_number":79,"box":{"x":88,"y":492,"width":818,"height":13}},{"id":"ae8cbcf3-eca6-4f3a-aa5f-2178b3e24d30","block_type":"box","text":"capitalization equity securities from the Parent Index that are selected and weighted using an optimization process designed","page_number":79,"box":{"x":89,"y":508,"width":869,"height":12}},{"id":"b45e90e6-38ea-476d-9b20-56f8fc1fbfdd","block_type":"box","text":"to maximize exposure to four target factors: momentum, quality, value, and low volatility. The Underlying Index also seeks to","page_number":79,"box":{"x":88,"y":523,"width":871,"height":12}},{"id":"be5caacd-38dc-465e-8161-24449cd95b4e","block_type":"box","text":"mitigate exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent","page_number":79,"box":{"x":89,"y":538,"width":875,"height":12}},{"id":"e89e56d2-6418-46b2-9eee-a003661babbf","block_type":"box","text":"Index.","page_number":79,"box":{"x":89,"y":553,"width":41,"height":10}},{"id":"5fbbea49-66ae-404e-aadc-b330165e76f5","block_type":"box","text":"Index Methodology.","page_number":79,"box":{"x":89,"y":579,"width":143,"height":13}},{"id":"c4aa4763-3fee-432f-82b8-910664b5a2ff","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":79,"box":{"x":237,"y":579,"width":720,"height":13}},{"id":"5d87adff-7df1-454c-b316-5020859458a3","block_type":"box","text":"and earnings announcement drift (","page_number":79,"box":{"x":89,"y":594,"width":244,"height":13}},{"id":"a1e8ff88-9dff-4fc9-a9e5-dd80362afa60","block_type":"box","text":"i.e.,","page_number":79,"box":{"x":335,"y":595,"width":21,"height":11}},{"id":"7d23d29f-efed-443c-9aa6-c8f1270a73a9","block_type":"box","text":"the difference between a stock’s performance on and immediately following an","page_number":79,"box":{"x":361,"y":594,"width":554,"height":13}},{"id":"15c4ce9c-ed62-4e18-9d50-cb8125f3b049","block_type":"box","text":"earnings announcement date).","page_number":79,"box":{"x":89,"y":610,"width":215,"height":12}},{"id":"4c5ceba6-7d2b-4975-86a4-dc2dd6f8c8dd","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":79,"box":{"x":88,"y":636,"width":877,"height":12}},{"id":"c380c358-2db1-4482-96d7-7591685016ea","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":79,"box":{"x":89,"y":651,"width":852,"height":12}},{"id":"8f55c4ac-afb2-44be-9318-dbcd6e8175dc","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":79,"box":{"x":88,"y":666,"width":351,"height":13}},{"id":"82cb93d4-445a-4f3f-8f78-3190336eca31","block_type":"box","text":"i.e.,","page_number":79,"box":{"x":440,"y":667,"width":21,"height":11}},{"id":"6d7cde78-55eb-45ea-beb6-13a345f32a84","block_type":"box","text":"direct emissions from sources that an issuer owns or controls and","page_number":79,"box":{"x":467,"y":666,"width":461,"height":10}},{"id":"e8f4555c-4251-4821-bd6e-c6cd2f733aea","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":79,"box":{"x":89,"y":681,"width":841,"height":13}},{"id":"e7353965-9cd1-4351-9d76-0e78e67c0e18","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":79,"box":{"x":88,"y":696,"width":863,"height":13}},{"id":"9b76cea4-6bd2-4110-be14-a04cf273fbbf","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":79,"box":{"x":89,"y":712,"width":876,"height":12}},{"id":"974f3a91-9e41-4cba-a706-700529171bef","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":79,"box":{"x":88,"y":727,"width":500,"height":12}},{"id":"235fc6a1-8d48-42e4-9432-b5c17e01a7ca","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":79,"box":{"x":88,"y":753,"width":738,"height":13}},{"id":"3297c104-2d23-4fe7-88b2-fc727f1e1dd8","block_type":"box","text":"i.e.,","page_number":79,"box":{"x":827,"y":754,"width":22,"height":11}},{"id":"f3706214-a274-4083-90ce-004ad0cf8625","block_type":"box","text":"12-month","page_number":79,"box":{"x":856,"y":753,"width":67,"height":10}},{"id":"b0930aa3-9b4a-4794-994a-32dc9a2e3bd2","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":79,"box":{"x":88,"y":768,"width":496,"height":13}},{"id":"8190260d-832a-493a-8de2-6d86c73c4a4f","block_type":"box","text":"i.e.,","page_number":79,"box":{"x":585,"y":769,"width":21,"height":11}},{"id":"f4d0df94-3091-4eb9-8d75-8109f1e59788","block_type":"box","text":"12-month net income divided by total market","page_number":79,"box":{"x":614,"y":768,"width":316,"height":13}},{"id":"ac52c30f-22b8-47ed-82b2-8d342f582fb9","block_type":"box","text":"capitalization), cash flow yield (","page_number":79,"box":{"x":89,"y":783,"width":219,"height":13}},{"id":"73a1a16e-782d-442b-ba17-ff4a7657d325","block_type":"box","text":"i.e.,","page_number":79,"box":{"x":309,"y":784,"width":21,"height":11}},{"id":"45475dbe-b783-4c1d-ae09-d2de75daff2d","block_type":"box","text":"12-month cash flow divided by total market capitalization) and time series normalized","page_number":79,"box":{"x":338,"y":783,"width":599,"height":13}},{"id":"50cdf608-47fa-4c44-9437-361c1caf7ae5","block_type":"box","text":"cash flow yield over the previous 36 months.","page_number":79,"box":{"x":89,"y":799,"width":311,"height":12}},{"id":"d5446234-8666-4567-a6d0-6461e7df769b","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider.","page_number":79,"box":{"x":88,"y":825,"width":670,"height":12}},{"id":"697574df-7e70-4bbd-901f-f3ac1c5c96b8","block_type":"box","text":"53","page_number":79,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"af64c5f6-27e6-47d4-8973-be70e6961a21","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the four factors at the following weights:","page_number":80,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"93891a64-3552-4890-8688-48eae20c9ae6","block_type":"box","text":"momentum, 30%; quality, 35%; value, 30%; and low volatility, 5%. The composite score is an input to the optimization","page_number":80,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"709ae8a5-3385-4dbd-bcca-ac094bb05bdf","block_type":"box","text":"process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":80,"box":{"x":89,"y":74,"width":721,"height":12}},{"id":"ad8b7de3-5f5d-4a25-b4f5-ba4300f833f6","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the four factors while applying certain constraints, which","page_number":80,"box":{"x":88,"y":101,"width":876,"height":12}},{"id":"7d5d6026-cd68-4574-860d-461c556835d1","block_type":"box","text":"include the following:A constituent’sminimum weight is the greater of 0% and its weight in the Parent Indexminus 2%.A constituent’s","page_number":80,"box":{"x":89,"y":116,"width":879,"height":12}},{"id":"b3dd5b19-33c7-4530-a434-e3f70e35f80b","block_type":"box","text":"maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index weight.The maximum","page_number":80,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"91417e16-d5d1-44e7-9e64-f796d373c0c0","block_type":"box","text":"weight for a single issuer is 10% of the Underlying Index.The sum of issuer weights that are individually greater than 4.5% must","page_number":80,"box":{"x":88,"y":146,"width":880,"height":12}},{"id":"ce87196d-fb25-412e-adc4-e088ba0e5b99","block_type":"box","text":"be less than 22.5% of the Underlying Index.The maximum exposure to each ICB Industry (Level 1) (as defined by the Index","page_number":80,"box":{"x":89,"y":161,"width":879,"height":12}},{"id":"20460332-3de9-4c4e-9437-e66f7e11942b","block_type":"box","text":"Provider) must be within 2% of the exposure in the Parent Index.The maximum one way turnover at each quarterly rebalance","page_number":80,"box":{"x":89,"y":176,"width":879,"height":13}},{"id":"45628c01-197e-4e63-82eb-8176532b8247","block_type":"box","text":"is 5%.The maximum ex ante tracking error relative to the Parent Index is 1%.Constraints are also applied for the minimum and","page_number":80,"box":{"x":89,"y":191,"width":879,"height":13}},{"id":"da3a0a74-9f63-4422-a8ef-c162e7a51f59","block_type":"box","text":"maximum exposures to the four factors relative to the Parent Index.A constituent’s maximum weight is also subject to liquidity","page_number":80,"box":{"x":89,"y":206,"width":879,"height":13}},{"id":"6de83328-4a78-43d2-b470-c35a4c6601ee","block_type":"box","text":"constraints.The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":80,"box":{"x":89,"y":222,"width":745,"height":12}},{"id":"ada83829-b8f8-4fee-a98b-65f015b8c60b","block_type":"box","text":"Investment Policies","page_number":80,"box":{"x":91,"y":252,"width":318,"height":24}},{"id":"cc34de9b-bae7-4988-9278-de7bcfaf2e4d","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":80,"box":{"x":88,"y":293,"width":835,"height":13}},{"id":"c09f3c38-2469-4e97-968d-869dd73de86c","block_type":"box","text":"without the approval of the holders of a majority of the applicable Fund’s outstanding voting securities. A vote of a majority","page_number":80,"box":{"x":88,"y":308,"width":866,"height":13}},{"id":"9381976d-8c94-498c-a2dd-ecb673c55f57","block_type":"box","text":"of the outstanding voting securities of a Fund is defined in the 1940 Act as the lesser of (i) 67% or more of the voting","page_number":80,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"78a829e6-46e9-4e1e-bb91-775623ba32ee","block_type":"box","text":"securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the Fund","page_number":80,"box":{"x":89,"y":339,"width":872,"height":12}},{"id":"eccb58b2-43fd-488e-bb91-85c70cf6bc12","block_type":"box","text":"are present or represented by proxy, or (ii) more than 50% of outstanding voting securities of the Fund. Each Fund has also","page_number":80,"box":{"x":89,"y":354,"width":860,"height":12}},{"id":"318caee9-e122-447f-9e57-4a1bd897364a","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":80,"box":{"x":89,"y":369,"width":835,"height":12}},{"id":"eed4d117-34a7-4670-a8bb-e98ce7681a6f","block_type":"box","text":"policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its investment","page_number":80,"box":{"x":89,"y":384,"width":825,"height":12}},{"id":"02a2415e-e138-4dda-8209-9c30924d4dd9","block_type":"box","text":"objective and its Underlying Index without shareholder approval.","page_number":80,"box":{"x":89,"y":399,"width":450,"height":13}},{"id":"5639aaee-9d26-4ea6-a691-0a070cbcb113","block_type":"box","text":"Fundamental Investment Policies","page_number":80,"box":{"x":89,"y":426,"width":237,"height":9}},{"id":"117aa088-9bcf-4c26-82fe-1a63bcde14f6","block_type":"box","text":"The iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF will not:","page_number":80,"box":{"x":88,"y":452,"width":738,"height":12}},{"id":"acbf1f0c-763e-4aed-809a-e367526043df","block_type":"box","text":"1. Concentrate its investments (","page_number":80,"box":{"x":90,"y":472,"width":243,"height":13}},{"id":"4f68f71b-ab9e-4e13-8516-413895460ac4","block_type":"box","text":"i.e.","page_number":80,"box":{"x":334,"y":473,"width":17,"height":9}},{"id":"6793c02d-2042-46d4-ac45-3eb6d37f9854","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":80,"box":{"x":354,"y":472,"width":597,"height":13}},{"id":"4f281b8b-0c1a-4015-834c-4bf835d152fa","block_type":"box","text":"industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":80,"box":{"x":128,"y":487,"width":771,"height":13}},{"id":"6b2c2df8-9b76-4f73-b271-66400e6bdfee","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":80,"box":{"x":128,"y":502,"width":840,"height":13}},{"id":"aa1a4c88-f48f-4fe7-8f16-162fcba1d310","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":80,"box":{"x":127,"y":518,"width":783,"height":12}},{"id":"8ce3650c-6823-40d6-b892-89ae9badabb3","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":80,"box":{"x":128,"y":533,"width":776,"height":12}},{"id":"9d059677-a86c-4629-8e47-953e2dae10cf","block_type":"box","text":"considered to be issued by members of any industry.","page_number":80,"box":{"x":128,"y":548,"width":367,"height":12}},{"id":"bfffb55e-baa5-41cc-9303-3eb9f8e3aa79","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":80,"box":{"x":89,"y":568,"width":815,"height":12}},{"id":"2b41cf89-fcd8-42bd-ab16-926a59ed6760","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":80,"box":{"x":128,"y":583,"width":806,"height":12}},{"id":"90cccdd3-47e4-484b-94e0-5893f04d1ff7","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":80,"box":{"x":128,"y":598,"width":761,"height":13}},{"id":"f4439267-0a81-4261-88ad-d906976d4359","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":80,"box":{"x":128,"y":613,"width":756,"height":13}},{"id":"73ef19d7-2238-49af-8641-98df7f7220c8","block_type":"box","text":"techniques. To the extent that it engages in transactions described in (i) and (ii), each Fund will be limited so that no","page_number":80,"box":{"x":127,"y":628,"width":815,"height":13}},{"id":"b41a6c03-144c-461e-9363-13d4ec44afc1","block_type":"box","text":"more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions.","page_number":80,"box":{"x":128,"y":644,"width":827,"height":12}},{"id":"508f4631-d7d5-4597-a242-6ff63cab04fb","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":80,"box":{"x":127,"y":659,"width":717,"height":12}},{"id":"737ec815-4882-41c7-be32-67b81f79a558","block_type":"box","text":"3. Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by","page_number":80,"box":{"x":89,"y":679,"width":857,"height":12}},{"id":"c2c653d1-3ab5-492e-9ef3-68d4ae3a2a03","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":80,"box":{"x":128,"y":694,"width":407,"height":12}},{"id":"f1ecb2d9-c18a-45eb-b3e5-8a7e843e6c05","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":80,"box":{"x":88,"y":714,"width":844,"height":12}},{"id":"572f91b6-a641-4d4e-90f6-d82eb94d44ab","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":80,"box":{"x":128,"y":729,"width":331,"height":13}},{"id":"3410fb23-9202-4ee6-bc19-1bee5c6bd038","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":80,"box":{"x":89,"y":749,"width":860,"height":13}},{"id":"c8f9fa7e-ccea-4d59-b531-bc04f61bf822","block_type":"box","text":"prevent each Fund from trading in futures contracts and options on futures contracts (including options on currencies","page_number":80,"box":{"x":128,"y":765,"width":828,"height":12}},{"id":"051ed126-2dbf-4f66-8c1f-6216e541f577","block_type":"box","text":"to the extent consistent with each Fund’s investment objective and policies).","page_number":80,"box":{"x":127,"y":780,"width":536,"height":12}},{"id":"959abf05-81c6-4694-9ca5-9361ccf5123f","block_type":"box","text":"6. Engage in the business of underwriting securities issued by other persons, except to the extent that each Fund may","page_number":80,"box":{"x":89,"y":800,"width":846,"height":12}},{"id":"a7048c20-139a-4fb0-b443-4e1e94808c7c","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":80,"box":{"x":127,"y":815,"width":694,"height":12}},{"id":"87385f5e-38a6-4997-b545-e7b3d8037993","block_type":"box","text":"The iShares China Large-Cap ETF will not:","page_number":80,"box":{"x":88,"y":841,"width":302,"height":13}},{"id":"1efcdedf-7015-4c20-8976-ba1e26deedd2","block_type":"box","text":"1. Concentrate its investments (","page_number":80,"box":{"x":90,"y":862,"width":243,"height":12}},{"id":"86ebb44d-af0e-445e-9e60-109a21d49dce","block_type":"box","text":"i.e.","page_number":80,"box":{"x":334,"y":862,"width":17,"height":9}},{"id":"05742d7e-a22e-4fdd-bbcc-b57663f54311","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":80,"box":{"x":354,"y":862,"width":597,"height":12}},{"id":"74cec996-304f-4e65-9bb6-acf57b82c6e8","block_type":"box","text":"54","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1610bb0d-984b-4b6c-ab77-2dd60ddd8926","block_type":"box","text":"industries), except that the Fund will concentrate to approximately the same extent that its Underlying Index","page_number":81,"box":{"x":128,"y":44,"width":760,"height":12}},{"id":"469cbdc1-8425-4913-86a9-3e5aebde4d28","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":81,"box":{"x":128,"y":59,"width":840,"height":12}},{"id":"7e5762dd-4a38-4a9f-b937-4bca955292eb","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":81,"box":{"x":127,"y":74,"width":783,"height":12}},{"id":"9e1b17c2-a03d-4bb9-9a25-93d7991fa085","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":81,"box":{"x":128,"y":89,"width":776,"height":13}},{"id":"e0987af8-0973-427b-b300-6d4ce9377c9a","block_type":"box","text":"considered to be issued by members of any industry.","page_number":81,"box":{"x":128,"y":104,"width":367,"height":13}},{"id":"630814fd-2767-4932-b90d-243a3a3e43d9","block_type":"box","text":"2. Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes,","page_number":81,"box":{"x":89,"y":125,"width":877,"height":12}},{"id":"af3fbdfe-f9ad-4516-bd38-fbeb4536ad69","block_type":"box","text":"including the meeting of redemption requests which might otherwise require the untimely disposition of securities, and","page_number":81,"box":{"x":128,"y":140,"width":837,"height":12}},{"id":"f5b5fcb8-f697-42c6-b393-fcac8c3faa82","block_type":"box","text":"(ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse","page_number":81,"box":{"x":128,"y":155,"width":791,"height":12}},{"id":"9e911150-a412-459f-a95e-3c99a81c5f98","block_type":"box","text":"repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it","page_number":81,"box":{"x":128,"y":170,"width":838,"height":12}},{"id":"63c79efa-9839-4de9-b065-b40103f2bc05","block_type":"box","text":"engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of","page_number":81,"box":{"x":128,"y":185,"width":825,"height":12}},{"id":"baee1c26-1c43-475c-ba65-04ebd8cb1984","block_type":"box","text":"its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to","page_number":81,"box":{"x":128,"y":200,"width":803,"height":12}},{"id":"0d5a233c-dec4-46ef-bad4-a23d04183a9c","block_type":"box","text":"exceed this amount will be reduced in accordance with applicable law.","page_number":81,"box":{"x":128,"y":215,"width":491,"height":13}},{"id":"b8ac0766-6002-461a-b8c2-2b39e9e697f7","block_type":"box","text":"3. Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as","page_number":81,"box":{"x":89,"y":235,"width":809,"height":13}},{"id":"fd5c4778-264b-4c36-9cbf-a9f10af6d2ce","block_type":"box","text":"permitted under the 1940 Act and the rules, regulations and orders thereunder.","page_number":81,"box":{"x":128,"y":250,"width":554,"height":13}},{"id":"44afe142-5703-47e4-9281-2967f024d136","block_type":"box","text":"4. Make loans. This restriction does not apply to: (i) the purchase of debt obligations in which the Fund may invest","page_number":81,"box":{"x":88,"y":271,"width":823,"height":12}},{"id":"ab02b8b2-0380-472f-a606-013b8296ffe1","block_type":"box","text":"consistent with its investment objectives and policies; (ii) repurchase agreements and reverse repurchase agreements;","page_number":81,"box":{"x":128,"y":286,"width":826,"height":12}},{"id":"2c51841e-a468-46ac-b497-04c1230b07d9","block_type":"box","text":"and (iii) loans of its portfolio securities, to the fullest extent permitted under the 1940 Act.","page_number":81,"box":{"x":128,"y":301,"width":628,"height":12}},{"id":"4964acc4-496a-4c33-81c1-db2f513357c6","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":81,"box":{"x":89,"y":321,"width":860,"height":12}},{"id":"1061908b-9709-4735-816a-0e6b8328025f","block_type":"box","text":"prevent the Fund from trading in futures contracts and options on futures contracts (including options on currencies to","page_number":81,"box":{"x":128,"y":336,"width":836,"height":13}},{"id":"89e8df6f-f3e1-4ccf-817d-6fde8335da2d","block_type":"box","text":"the extent consistent with the Fund’s investment objective and policies).","page_number":81,"box":{"x":127,"y":351,"width":507,"height":13}},{"id":"51f5d797-52d0-48a7-8e04-bfa6db22e910","block_type":"box","text":"6. Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may","page_number":81,"box":{"x":89,"y":371,"width":836,"height":13}},{"id":"81cdc6dc-968f-4bf4-addc-6903b5482d75","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act in disposing of portfolio securities.","page_number":81,"box":{"x":127,"y":387,"width":690,"height":12}},{"id":"e5120255-8b1d-4cc6-95a1-39aec648b18c","block_type":"box","text":"Each of the iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI Europe Financials ETF,","page_number":81,"box":{"x":89,"y":413,"width":879,"height":12}},{"id":"da7462d1-0095-4384-b312-ef918c74f673","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF and iShares MSCI USA Min Vol Factor ETF will not:","page_number":81,"box":{"x":89,"y":428,"width":625,"height":12}},{"id":"3b26639a-6a95-4b59-a545-30a0cd12578b","block_type":"box","text":"1. Concentrate its investments (","page_number":81,"box":{"x":90,"y":448,"width":243,"height":13}},{"id":"154beb51-73a9-47f2-9345-ae299bbe9826","block_type":"box","text":"i.e.","page_number":81,"box":{"x":334,"y":449,"width":17,"height":9}},{"id":"d9691429-074e-4faf-8747-d88de33e7da2","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":81,"box":{"x":354,"y":448,"width":609,"height":13}},{"id":"4dd2e5a4-bae6-44df-b1d5-f69994c59d8b","block_type":"box","text":"of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":81,"box":{"x":128,"y":463,"width":789,"height":13}},{"id":"c9e0daf0-47d2-49ee-9d18-9d826ad79bb6","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":81,"box":{"x":128,"y":479,"width":771,"height":12}},{"id":"e70b88a2-3320-44ba-9902-8895d3518358","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":81,"box":{"x":128,"y":494,"width":820,"height":12}},{"id":"91da72b7-d5a2-4d67-8a8c-4da749c11b35","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":81,"box":{"x":128,"y":509,"width":828,"height":12}},{"id":"14e2b101-cabf-4ae7-8e19-eea4481ce5ec","block_type":"box","text":"considered to be issued by members of any industry.","page_number":81,"box":{"x":128,"y":524,"width":367,"height":12}},{"id":"cfbb0dbe-9087-41d1-86c1-38c963fa1acb","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":81,"box":{"x":89,"y":544,"width":815,"height":12}},{"id":"7e4b3e39-9c75-4b39-afdb-d3375d1c7420","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":81,"box":{"x":128,"y":559,"width":806,"height":13}},{"id":"4550f8f0-409c-493d-a2b5-532ce443ebde","block_type":"box","text":"securities; and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":81,"box":{"x":128,"y":574,"width":761,"height":13}},{"id":"1d6c34cf-025b-45ac-bdd0-92562507799a","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":81,"box":{"x":128,"y":589,"width":756,"height":13}},{"id":"8d80811c-5df1-4d73-941e-9374d17f3ce8","block_type":"box","text":"techniques. To the extent that it engages in transactions described in (i) and (ii), each Fund will be limited so that no","page_number":81,"box":{"x":127,"y":605,"width":815,"height":12}},{"id":"6befc8e9-9e42-4539-89e7-75f68a941d20","block_type":"box","text":"more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions.","page_number":81,"box":{"x":128,"y":620,"width":827,"height":12}},{"id":"d02d5d09-0ba0-4d3b-a78b-f4985453550b","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":81,"box":{"x":127,"y":635,"width":717,"height":12}},{"id":"ad147ce7-fcf1-401e-bb6e-f41c4cd8ab18","block_type":"box","text":"3. Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by","page_number":81,"box":{"x":89,"y":655,"width":857,"height":12}},{"id":"ac1a29c6-f163-4243-8dfd-07a58d8f1742","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":81,"box":{"x":128,"y":670,"width":407,"height":12}},{"id":"3f5367a7-8585-49de-b5f9-7f81bf48d605","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":81,"box":{"x":88,"y":690,"width":844,"height":13}},{"id":"3c80fdd4-f6ce-4abb-86c8-757e3ae70042","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":81,"box":{"x":128,"y":705,"width":331,"height":13}},{"id":"5278b655-4adb-47a4-afdc-0dbe23708465","block_type":"box","text":"5. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this","page_number":81,"box":{"x":89,"y":725,"width":811,"height":13}},{"id":"7765eec0-b279-46ee-87e0-4ec9082b43eb","block_type":"box","text":"restriction shall not prevent each Fund from investing in securities of companies engaged in the real estate business or","page_number":81,"box":{"x":128,"y":741,"width":830,"height":12}},{"id":"0be09ff3-83b0-40c0-bb61-90861f250826","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":81,"box":{"x":128,"y":756,"width":827,"height":12}},{"id":"bac346e5-cb8c-46d5-8bf0-f0648c806aea","block_type":"box","text":"restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including","page_number":81,"box":{"x":128,"y":771,"width":809,"height":12}},{"id":"e42bf356-d8e9-4e2f-b781-181f4bf2b3ac","block_type":"box","text":"options on currencies to the extent consistent with each Fund’s investment objective and policies).","page_number":81,"box":{"x":128,"y":786,"width":691,"height":12}},{"id":"33417d80-179f-4b39-bd42-0576e85d67b0","block_type":"box","text":"6. Engage in the business of underwriting securities issued by other persons, except to the extent that each Fund may","page_number":81,"box":{"x":89,"y":806,"width":846,"height":12}},{"id":"ce92c41c-dad7-46ce-8a17-5335e956f563","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":81,"box":{"x":127,"y":821,"width":694,"height":13}},{"id":"b787b0e7-6714-4f6d-81c5-82e8ba9d1a97","block_type":"box","text":"Each of the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor ETF, iShares","page_number":81,"box":{"x":89,"y":848,"width":810,"height":12}},{"id":"aacfc2c3-7e0a-45aa-b0f1-16a933456fa0","block_type":"box","text":"International Small-Cap Equity Factor ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF,","page_number":81,"box":{"x":89,"y":863,"width":868,"height":12}},{"id":"2b26b476-4f6b-46f6-9bc8-75359851b6f5","block_type":"box","text":"55","page_number":81,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4ba175d2-de94-4bd4-aba7-aae5a3853375","block_type":"box","text":"iShares MSCI Intl Value Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF,","page_number":82,"box":{"x":89,"y":44,"width":828,"height":12}},{"id":"ed830465-8d95-4bee-8590-50870dd99781","block_type":"box","text":"iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF,","page_number":82,"box":{"x":89,"y":59,"width":860,"height":12}},{"id":"36b1639b-825f-49ed-9781-d0b0c49d19b7","block_type":"box","text":"iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech Breakthrough Multisector","page_number":82,"box":{"x":89,"y":74,"width":862,"height":12}},{"id":"3c21782c-224e-40a8-8f6e-40ba8d04c6ae","block_type":"box","text":"ETF will not:","page_number":82,"box":{"x":89,"y":89,"width":86,"height":10}},{"id":"2de6121b-3bd5-4501-af16-640e1791c655","block_type":"box","text":"1. Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the","page_number":82,"box":{"x":90,"y":116,"width":857,"height":12}},{"id":"20f3ef5e-ddc7-44e2-8eb0-0ce93ebfe043","block_type":"box","text":"Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular","page_number":82,"box":{"x":89,"y":131,"width":879,"height":12}},{"id":"cc9076bd-0f08-4988-b46f-751168468497","block_type":"box","text":"industry or group of industries.","page_number":82,"box":{"x":89,"y":146,"width":216,"height":12}},{"id":"883fcf0b-ac8b-42ae-a110-4902e88835a6","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":82,"box":{"x":89,"y":172,"width":523,"height":13}},{"id":"f5f34d80-7f7c-4b07-95a8-77f8a1b560e7","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":82,"box":{"x":89,"y":199,"width":676,"height":12}},{"id":"956b4fcf-455e-447f-a392-a0eb7f4105b2","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by,","page_number":82,"box":{"x":88,"y":225,"width":862,"height":13}},{"id":"a4d99cc7-e941-4f17-bb31-3e1f15fc9e6b","block_type":"box","text":"or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged","page_number":82,"box":{"x":89,"y":240,"width":868,"height":13}},{"id":"7ced875b-a8bb-42d5-b61d-4efc0c0d13e5","block_type":"box","text":"in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other","page_number":82,"box":{"x":89,"y":256,"width":874,"height":12}},{"id":"2858a737-c974-425b-b479-f82bf62812e7","block_type":"box","text":"instruments.","page_number":82,"box":{"x":89,"y":272,"width":87,"height":8}},{"id":"42356e3e-1af9-4586-92f9-0c4af217eb37","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed","page_number":82,"box":{"x":89,"y":297,"width":877,"height":12}},{"id":"5c498852-46d6-4caf-b299-418988e4d593","block_type":"box","text":"to be an underwriting or as otherwise permitted by applicable law.","page_number":82,"box":{"x":88,"y":312,"width":463,"height":13}},{"id":"91c99d32-8473-4c17-b442-de1748726ec7","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":82,"box":{"x":89,"y":339,"width":776,"height":12}},{"id":"951ecd38-4c2d-4c30-99c4-279fbd604a8c","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":82,"box":{"x":89,"y":365,"width":497,"height":12}},{"id":"d1e1fc8b-a68d-4ed6-a745-ca2e790a3ed9","block_type":"box","text":"Notations Regarding each Fund’s Fundamental Investment Policies","page_number":82,"box":{"x":88,"y":392,"width":487,"height":12}},{"id":"994b642b-834a-4b55-b5d2-cacac0c08f53","block_type":"box","text":"The following notations are not considered to be part of a Fund’s fundamental investment policies and are subject to change","page_number":82,"box":{"x":88,"y":418,"width":874,"height":12}},{"id":"a0fe95e5-bfc1-452f-9cc4-11e05a5b9a6f","block_type":"box","text":"without shareholder approval.","page_number":82,"box":{"x":88,"y":433,"width":210,"height":13}},{"id":"edd1cda1-e268-4f4b-9838-62decc9ee81c","block_type":"box","text":"With respect to the fundamental policy relating to concentration set forth in (1) above, the Investment Company Act does","page_number":82,"box":{"x":88,"y":460,"width":853,"height":12}},{"id":"acdc3c77-6466-4e25-9ffc-c44b4fbd8f2b","block_type":"box","text":"not define what constitutes “concentration” in an industry. The SEC staff has taken the position that investment of 25% or","page_number":82,"box":{"x":89,"y":475,"width":855,"height":12}},{"id":"3a7ff64f-8313-419f-92c2-1424c62a86a3","block_type":"box","text":"more of a fund’s total assets in one or more issuers conducting their principal activities in the same industry or group of","page_number":82,"box":{"x":89,"y":490,"width":840,"height":12}},{"id":"cf3febd0-b0de-4393-bb97-2f5dc752e8cd","block_type":"box","text":"industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy","page_number":82,"box":{"x":89,"y":505,"width":877,"height":12}},{"id":"c04b7b8c-28ce-4a81-84c8-ed6b9d82a009","block_type":"box","text":"in (1) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also","page_number":82,"box":{"x":89,"y":520,"width":856,"height":12}},{"id":"6c1a1444-2f69-49ae-aa12-dd1e9dabd9d2","block_type":"box","text":"will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or","page_number":82,"box":{"x":88,"y":535,"width":861,"height":13}},{"id":"fc3d85f9-5b7f-4cdf-ae7e-d557b39e662d","block_type":"box","text":"instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":82,"box":{"x":89,"y":550,"width":805,"height":13}},{"id":"007ef5b8-66cb-4118-8758-4b873d6f9f15","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":82,"box":{"x":89,"y":565,"width":848,"height":13}},{"id":"fddd8eb0-8969-45fd-9e0f-37c972f89a22","block_type":"box","text":"issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on","page_number":82,"box":{"x":89,"y":581,"width":820,"height":12}},{"id":"1a4c5934-ac9b-424e-8140-79a71dba8533","block_type":"box","text":"investment in issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the","page_number":82,"box":{"x":89,"y":596,"width":809,"height":12}},{"id":"18ab3e84-cc12-4dbc-b0b3-7391fc416dcc","block_type":"box","text":"industries of their parents if their activities are primarily related to financing the activities of the parents. Each foreign","page_number":82,"box":{"x":89,"y":611,"width":815,"height":12}},{"id":"dc161b33-fc72-4385-baf9-37bf5f660d97","block_type":"box","text":"government will be considered to be a member of a separate industry. With respect to each Fund’s industry classifications,","page_number":82,"box":{"x":89,"y":626,"width":856,"height":12}},{"id":"698f0f03-0803-4a01-8f1a-f5e9ada7fdf1","block_type":"box","text":"each Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized","page_number":82,"box":{"x":89,"y":641,"width":829,"height":12}},{"id":"e8a78aca-3c3a-4307-aa15-8df75a4094e8","block_type":"box","text":"market indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":82,"box":{"x":89,"y":656,"width":860,"height":13}},{"id":"6ef0332b-0c3b-43b4-a702-b17a7fa7e406","block_type":"box","text":"broad authority to each Fund as to how to classify issuers within or among industries.","page_number":82,"box":{"x":89,"y":671,"width":600,"height":13}},{"id":"3fc9652c-bebf-4ee4-bb62-e2cf03f8d286","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set forth in (2) above, the Investment Company Act","page_number":82,"box":{"x":88,"y":698,"width":844,"height":12}},{"id":"a83c00fa-5b55-4243-af1b-ee1d838f50eb","block_type":"box","text":"permits each Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any purpose,","page_number":82,"box":{"x":89,"y":713,"width":850,"height":12}},{"id":"9788959a-471b-440a-ad68-f81104df7a9e","block_type":"box","text":"and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The Fund’s total","page_number":82,"box":{"x":89,"y":728,"width":844,"height":12}},{"id":"34f93ffb-3765-490a-b17b-09b31572d8f5","block_type":"box","text":"assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires","page_number":82,"box":{"x":89,"y":743,"width":877,"height":12}},{"id":"7f94daa3-9f84-49e0-acfc-e6b9a7b7d434","block_type":"box","text":"each Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its borrowings. Asset coverage","page_number":82,"box":{"x":89,"y":758,"width":841,"height":13}},{"id":"f2e5f854-a509-4a75-b746-870f4ce6b0c3","block_type":"box","text":"means the ratio that the value of each Fund’s total assets (including amounts borrowed), minus liabilities other than","page_number":82,"box":{"x":89,"y":773,"width":813,"height":13}},{"id":"8f8ee656-7b69-4414-9a18-ba792983f0fb","block_type":"box","text":"borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as","page_number":82,"box":{"x":89,"y":788,"width":857,"height":13}},{"id":"cd40849b-6019-4463-9343-bf97a2077231","block_type":"box","text":"“leveraging.” Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be","page_number":82,"box":{"x":89,"y":804,"width":851,"height":12}},{"id":"d5b724bf-539a-42c0-b938-f224066f7541","block_type":"box","text":"borrowings or involve leverage and thus are subject to the Investment Company Act restrictions. In accordance with Rule 18f","page_number":82,"box":{"x":89,"y":819,"width":878,"height":12}},{"id":"0d397ba5-ed55-4bca-a96c-14497f78d337","block_type":"box","text":"4 under the Investment Company Act, when each Fund engages in reverse repurchase agreements and similar financing","page_number":82,"box":{"x":88,"y":834,"width":843,"height":12}},{"id":"d051acd3-cac3-4237-99af-632a444da6d1","block_type":"box","text":"transactions, the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any","page_number":82,"box":{"x":88,"y":849,"width":845,"height":12}},{"id":"a7d4519b-c06c-4455-8356-3c7b0884cc4f","block_type":"box","text":"other borrowings in the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4","page_number":82,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"5af0f75d-e134-4361-b8fa-dc87f56632ae","block_type":"box","text":"56","page_number":82,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"bb2ead12-a174-4b5b-b759-9d5ce8d0550e","block_type":"box","text":"with respect to such transactions. Short-term credits necessary for the settlement of securities transactions and","page_number":83,"box":{"x":88,"y":44,"width":784,"height":12}},{"id":"f1468c09-a277-4972-8968-f3a7f937d7db","block_type":"box","text":"arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and","page_number":83,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"1fac2f09-6df4-4220-b4a2-586dc888de50","block_type":"box","text":"investments that may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":83,"box":{"x":89,"y":74,"width":754,"height":12}},{"id":"25b21c26-ab3c-48ba-9a78-e1e90ba3d9ba","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set forth in (5) above, the Investment Company Act does not","page_number":83,"box":{"x":88,"y":101,"width":875,"height":12}},{"id":"052b2d54-7c8e-49fa-87ad-a6e642358789","block_type":"box","text":"prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, in the","page_number":83,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"cdd94bfb-503f-44a5-9c7e-f62d02e852b4","block_type":"box","text":"case of diversified funds, the Investment Company Act permits a fund to have underwriting commitments of up to 25% of its","page_number":83,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"a342ca66-6507-4a7d-b3e1-275b40bcd83b","block_type":"box","text":"assets under certain circumstances. Those circumstances currently are that the amount of a fund’s underwriting","page_number":83,"box":{"x":89,"y":146,"width":788,"height":12}},{"id":"1746cbde-b67f-48bc-82bb-f370f76be601","block_type":"box","text":"commitments, when added to the value of a fund’s investments in issuers where a fund owns more than 10% of the","page_number":83,"box":{"x":89,"y":161,"width":813,"height":11}},{"id":"1afea877-1268-4441-82ab-6d93e831b184","block_type":"box","text":"outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the","page_number":83,"box":{"x":89,"y":176,"width":846,"height":13}},{"id":"adacb77c-f957-4143-bc0b-b3560e331799","block_type":"box","text":"acquisition or disposition of portfolio securities may be considered to be an underwriter under the 1933 Act. Although it is","page_number":83,"box":{"x":89,"y":191,"width":854,"height":13}},{"id":"f291fa92-2d37-4ff8-80c2-9ef6e99b785c","block_type":"box","text":"not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the","page_number":83,"box":{"x":89,"y":206,"width":822,"height":13}},{"id":"995d8f75-4d3d-47c5-bcd0-917853534c24","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions","page_number":83,"box":{"x":89,"y":222,"width":836,"height":12}},{"id":"fbfdae01-0745-4e8a-8722-bd957aec9ebd","block_type":"box","text":"involving the acquisition or disposition of portfolio securities, regardless of whether a fund may be considered to be an","page_number":83,"box":{"x":89,"y":237,"width":829,"height":12}},{"id":"27aa4d09-1c5f-4c6d-8dcd-170cf4307f5f","block_type":"box","text":"underwriter under the 1933 Act or is otherwise engaged in the underwriting business to the extent permitted by applicable","page_number":83,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"12e74e4b-cf2b-4e62-ba06-ff686be4b6ea","block_type":"box","text":"law.","page_number":83,"box":{"x":89,"y":267,"width":25,"height":10}},{"id":"0203a0a2-d45f-469e-9b16-18709b965949","block_type":"box","text":"With respect to the fundamental policy relating to lending set forth in (7) above, the Investment Company Act does not","page_number":83,"box":{"x":88,"y":293,"width":836,"height":13}},{"id":"f107d90b-4fc6-474e-b4df-71ea35eff9c2","block_type":"box","text":"prohibit each Fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit","page_number":83,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"fcc747e1-deea-46a4-8441-b924da488330","block_type":"box","text":"funds from lending more than one-third of their total assets (including lending its securities), except through the purchase of","page_number":83,"box":{"x":88,"y":324,"width":878,"height":12}},{"id":"94d94556-7baa-4b70-aeda-ac857ad71572","block_type":"box","text":"debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward","page_number":83,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"b4129436-8f57-4462-a3c6-fa010036dd54","block_type":"box","text":"currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of","page_number":83,"box":{"x":89,"y":354,"width":841,"height":12}},{"id":"5b48e4f6-0b74-4894-80bf-d0100cfb6767","block_type":"box","text":"securities transactions, will not be considered loans.","page_number":83,"box":{"x":89,"y":369,"width":363,"height":11}},{"id":"9b996799-85e5-4c83-bdfd-ab49caefb4f5","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds.","page_number":83,"box":{"x":89,"y":395,"width":372,"height":10}},{"id":"9d830ba7-16f8-4ae7-85dd-4117da782e02","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":83,"box":{"x":89,"y":422,"width":870,"height":12}},{"id":"82aec985-4a31-4750-8c9a-3e153c79f916","block_type":"box","text":"Fund may not:","page_number":83,"box":{"x":89,"y":437,"width":100,"height":12}},{"id":"46170c23-b695-4d81-a4c5-bd73086c4156","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":83,"box":{"x":90,"y":457,"width":841,"height":12}},{"id":"63ed10f1-1124-4db7-bb57-b061a5efba25","block_type":"box","text":"Section 12(d)(1)(F) or (G) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":83,"box":{"x":128,"y":472,"width":800,"height":13}},{"id":"1af4808d-5d0f-413e-a7a2-4a991782a6a7","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":83,"box":{"x":128,"y":487,"width":785,"height":13}},{"id":"074a86f7-8caa-431e-97af-1e9d209439e5","block_type":"box","text":"12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of registered open-end","page_number":83,"box":{"x":129,"y":502,"width":773,"height":13}},{"id":"4b227f08-dcea-42d2-83a4-b9c53e586a70","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":83,"box":{"x":128,"y":518,"width":793,"height":12}},{"id":"cd36382d-f083-4dfc-bf9f-e7136f36137c","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":83,"box":{"x":128,"y":533,"width":659,"height":12}},{"id":"7f828284-a6a8-46fb-984b-bd8990b42393","block_type":"box","text":"2. In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, invest less than 80% of the value of its","page_number":83,"box":{"x":89,"y":553,"width":878,"height":11}},{"id":"11e4daea-81f6-4911-b527-510e838d0150","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in component securities of its Underlying Index","page_number":83,"box":{"x":128,"y":568,"width":839,"height":12}},{"id":"3cd8bb9b-8e3d-4587-9b10-d0c391eb32d5","block_type":"box","text":"or in Depositary Receipts representing component securities in the Underlying Index.","page_number":83,"box":{"x":128,"y":583,"width":593,"height":12}},{"id":"9e032293-4d32-4f4c-8135-b8e077fb9ea3","block_type":"box","text":"A Fund will notify its shareholders at least 60 days prior to any change in its restrictions described in 2 above.","page_number":83,"box":{"x":88,"y":610,"width":764,"height":12}},{"id":"db06c32a-d1d9-423b-ac8d-29a37339f347","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":83,"box":{"x":88,"y":636,"width":656,"height":12}},{"id":"54cccd50-ff19-4dcd-999d-d28344d013f5","block_type":"box","text":"Unless otherwise indicated, all limitations under each Fund’s fundamental or non-fundamental investment restrictions apply","page_number":83,"box":{"x":89,"y":662,"width":871,"height":13}},{"id":"b557e679-c793-41be-92a0-9bc2bd108655","block_type":"box","text":"only at the time that a transaction is undertaken. Any change in the percentage of each Fund’s assets invested in certain","page_number":83,"box":{"x":89,"y":678,"width":840,"height":12}},{"id":"de0f2e6b-51ca-428b-9f20-f6ef11ecf46b","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in each Fund’s total assets will not","page_number":83,"box":{"x":89,"y":693,"width":829,"height":12}},{"id":"c9919452-5e88-4c49-9f2c-adbc26df54f2","block_type":"box","text":"require the Fund to dispose of an investment.","page_number":83,"box":{"x":89,"y":708,"width":316,"height":12}},{"id":"426daf0e-3da7-4b00-8f6f-e85c8c0d4a2d","block_type":"box","text":"Continuous Offering","page_number":83,"box":{"x":90,"y":738,"width":338,"height":30}},{"id":"b1dc786d-0bbf-4d44-acff-da44a0df97ac","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":83,"box":{"x":88,"y":780,"width":821,"height":12}},{"id":"6e62eb41-13a0-4c26-8cc8-30544c3ae91c","block_type":"box","text":"Because new Creation Units are issued and sold by the Funds on an ongoing basis, at any point a “distribution,” as such term","page_number":83,"box":{"x":89,"y":795,"width":873,"height":12}},{"id":"4f3d1f9e-53f4-4d17-b68c-6dde830b1bc7","block_type":"box","text":"is used in the 1933 Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may,","page_number":83,"box":{"x":89,"y":810,"width":849,"height":12}},{"id":"39414fc8-3a4b-4430-bcbe-3d12c272633e","block_type":"box","text":"depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render","page_number":83,"box":{"x":89,"y":825,"width":849,"height":12}},{"id":"4a7375b8-47e3-43d8-9f66-a33ad67abae4","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":83,"box":{"x":88,"y":840,"width":877,"height":12}},{"id":"62b14992-feed-4345-8262-ce0ce6da8c63","block_type":"box","text":"57","page_number":83,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8a348ab3-b238-4b0d-9649-090d3f6e661c","block_type":"box","text":"For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing","page_number":84,"box":{"x":89,"y":44,"width":860,"height":12}},{"id":"77f6f2da-e93b-4ae7-aeb0-e8b71a23b77f","block_type":"box","text":"an order with the Distributor, breaks them down into constituent shares and sells such shares directly to customers or if it","page_number":84,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"80ebdb2d-dbf6-434d-8a51-b1b44e63a828","block_type":"box","text":"chooses to couple the creation of new shares with an active selling effort involving solicitation of secondary market demand","page_number":84,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"4794f105-6446-4087-90d3-2b03b803946c","block_type":"box","text":"for shares. A determination of whether one is an underwriter for purposes of the 1933 Act must take into account all of the","page_number":84,"box":{"x":88,"y":89,"width":863,"height":13}},{"id":"04d1dbfa-a24a-44c8-9849-4b7cd044ea16","block_type":"box","text":"facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case and the examples","page_number":84,"box":{"x":88,"y":104,"width":861,"height":13}},{"id":"99a0b6f3-19b2-4c00-b081-0079e42f78c2","block_type":"box","text":"mentioned above should not be considered a complete description of all the activities that could lead to a categorization as","page_number":84,"box":{"x":89,"y":119,"width":862,"height":13}},{"id":"5cccc632-6884-4a7d-a060-84ee428a59f0","block_type":"box","text":"an underwriter.","page_number":84,"box":{"x":89,"y":135,"width":105,"height":9}},{"id":"49d9e1b3-46b7-46c1-8fc3-b233e9fc7240","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":84,"box":{"x":89,"y":161,"width":817,"height":12}},{"id":"9fb7ec3b-1ed9-45c8-b0c8-feaba4f5c477","block_type":"box","text":"whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the","page_number":84,"box":{"x":88,"y":176,"width":858,"height":13}},{"id":"831b38e7-88dc-429a-8e05-bf69b01ae423","block_type":"box","text":"prospectus delivery exemption in Section 4(a)(3) of the 1933 Act is not available in respect of such transactions as a result of","page_number":84,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"45a3e1db-5dff-41dc-998d-8426fc5da43c","block_type":"box","text":"Section 24(d) of the 1940 Act. Firms that incur a prospectus delivery obligation with respect to shares of the Funds are","page_number":84,"box":{"x":88,"y":206,"width":831,"height":13}},{"id":"90e502d2-0c51-4945-8c22-b53fad44d328","block_type":"box","text":"reminded that, pursuant to Rule 153 under the 1933 Act, a prospectus delivery obligation under Section 5(b)(2) of the 1933","page_number":84,"box":{"x":89,"y":222,"width":864,"height":12}},{"id":"ac658411-fc21-442d-a5e3-ac33b1c92e1d","block_type":"box","text":"Act owed to an exchange member in connection with a sale on the Listing Exchange generally is satisfied by the fact that the","page_number":84,"box":{"x":88,"y":237,"width":875,"height":12}},{"id":"296e5991-a40c-482c-af55-757256dffb43","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":84,"box":{"x":89,"y":252,"width":845,"height":12}},{"id":"a5377c49-843e-4653-ae4e-0c24dd2d0a6e","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":84,"box":{"x":89,"y":267,"width":412,"height":12}},{"id":"8bc6fe16-a38e-4335-bcc2-f26243d10454","block_type":"box","text":"Management","page_number":84,"box":{"x":90,"y":299,"width":225,"height":28}},{"id":"4cb99daf-97a2-4d42-8dc1-00e7ba159c72","block_type":"box","text":"Trustees and Officers.","page_number":84,"box":{"x":88,"y":339,"width":157,"height":10}},{"id":"af35c9a3-1454-4a75-a238-46607ea26c3a","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":84,"box":{"x":254,"y":339,"width":670,"height":12}},{"id":"7aa3fbbe-bb34-4805-acf4-a3eb7fbe39a1","block_type":"box","text":"general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is","page_number":84,"box":{"x":89,"y":354,"width":875,"height":12}},{"id":"62fbe8b0-fab1-4d3b-833b-64612a67a809","block_type":"box","text":"removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and","page_number":84,"box":{"x":89,"y":369,"width":817,"height":12}},{"id":"3d0c93a3-96d9-4142-822b-db2202e44b20","block_type":"box","text":"qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940","page_number":84,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"77176b06-a208-4e69-811f-17e471073e19","block_type":"box","text":"Act) of the Trust are referred to as independent trustees (“Independent Trustees”).","page_number":84,"box":{"x":88,"y":399,"width":578,"height":13}},{"id":"6749f7f8-010d-4046-9c6d-cf6cc434ac66","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":84,"box":{"x":88,"y":426,"width":867,"height":12}},{"id":"facd7134-1351-4760-90f8-052205c6d10f","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":84,"box":{"x":89,"y":441,"width":857,"height":12}},{"id":"de7f7350-523d-436e-893c-8fa441d617cc","block_type":"box","text":"Complex”). 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Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in 1979, and an","page_number":89,"box":{"x":89,"y":165,"width":876,"height":12}},{"id":"49416ca9-3368-4e42-b4f9-f485d10210e3","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":89,"box":{"x":89,"y":180,"width":360,"height":12}},{"id":"95d3215c-2406-48fd-bf3a-99f427765a71","block_type":"box","text":"Stephen Cohen has been a Trustee of the Trust since 2024. Mr. Cohen has also served as a Director of iShares, Inc. and a","page_number":89,"box":{"x":88,"y":206,"width":841,"height":13}},{"id":"f7b6461d-e955-4382-9721-020bc2673880","block_type":"box","text":"Trustee of iShares U.S. ETF Trust since 2024. Mr. Cohen has also served as a Director of BlackRock Investment Management","page_number":89,"box":{"x":88,"y":222,"width":865,"height":12}},{"id":"85687049-68de-4948-8ffa-d10f6c7f1622","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":89,"box":{"x":89,"y":237,"width":854,"height":12}},{"id":"e30a5df3-0127-4f5e-a2b7-0aff5a1e84a0","block_type":"box","text":"Senior Managing Director, is BlackRock’s Chief Product Officer and a member of the Global Executive Committee. Mr. Cohen","page_number":89,"box":{"x":88,"y":252,"width":869,"height":12}},{"id":"c5cf82f5-c6bf-4eb6-acd2-12012759583f","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":89,"box":{"x":89,"y":267,"width":856,"height":12}},{"id":"43bb0d69-fa54-47e9-ac8a-d228c6007a26","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":89,"box":{"x":89,"y":282,"width":846,"height":12}},{"id":"e098dfee-5e1f-4844-b2db-d665d171660d","block_type":"box","text":"Active, and Private Markets. Before assuming his current role in January 2024, Mr. Cohen served as the Head of Europe,","page_number":89,"box":{"x":88,"y":297,"width":830,"height":12}},{"id":"dd68c504-7469-4db3-9e83-77f27c30c009","block_type":"box","text":"Middle East and Africa from 2021, leading BlackRock in the region. He was previously Head of the iShares, Index and Wealth","page_number":89,"box":{"x":89,"y":312,"width":866,"height":13}},{"id":"5bfafc9f-17b6-4722-8d21-052c5df9db01","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":89,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"e27db12f-af8d-43d2-a86c-2eecb0bf5aa6","block_type":"box","text":"and distribution of active and index investments, and the firm’s equity index portfolio management capability in the region.","page_number":89,"box":{"x":89,"y":342,"width":861,"height":13}},{"id":"74ca62b2-f357-4c74-bb2a-58d64486434e","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":89,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"25cf0c15-101e-49ce-a32e-dd17ce5f7dbd","block_type":"box","text":"and iShares, and then, in 2016, as Global Head of Fixed Income Indexing. Prior to BlackRock, Mr. Cohen was Global Head of","page_number":89,"box":{"x":89,"y":373,"width":861,"height":12}},{"id":"50162afe-f73d-43cc-8b80-006e0a9965fd","block_type":"box","text":"Equity Linked Strategy at Nomura Holdings, Inc. Mr. Cohen’s career began at UBS in 1996 before he joined ING Barings in","page_number":89,"box":{"x":89,"y":388,"width":845,"height":12}},{"id":"41a3477a-2e1d-4603-8340-7d21184459ec","block_type":"box","text":"2003, having served as Director, Fixed Income at each firm. Mr. Cohen earned a Bachelor of Science degree in Economics","page_number":89,"box":{"x":89,"y":403,"width":844,"height":12}},{"id":"fbec49c4-b84a-4618-946c-c7ce5d3ae484","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":89,"box":{"x":88,"y":418,"width":862,"height":12}},{"id":"427fc3d5-047a-4373-9a34-6ec4b5d129a0","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":89,"box":{"x":89,"y":433,"width":410,"height":13}},{"id":"11e92592-e17d-4f35-ae9a-4d12efc10208","block_type":"box","text":"John E. Kerrigan has been a Trustee of the Trust since 2005 and Chair of the Trust’s Board since 2022. Mr. Kerrigan has also","page_number":89,"box":{"x":88,"y":460,"width":858,"height":12}},{"id":"2e0ec121-4263-494f-ae69-6251d88d021a","block_type":"box","text":"served as a Director of iShares, Inc. since 2005, a Trustee of iShares U.S. ETF Trust since 2011, Chair of the Equity Plus and","page_number":89,"box":{"x":89,"y":475,"width":849,"height":12}},{"id":"6a747e4c-5512-447c-beb7-e72726fae2a3","block_type":"box","text":"Nominating and Governance Committees of each Board from 2019 to 2021, and as Chair of each Board since 2022. Mr.","page_number":89,"box":{"x":89,"y":490,"width":830,"height":12}},{"id":"3477cb8c-ddc9-4d1c-9ff8-1f6375051f54","block_type":"box","text":"Kerrigan served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Mr. Kerrigan served as Chief","page_number":89,"box":{"x":89,"y":505,"width":822,"height":12}},{"id":"9d35a80d-6f03-43a3-881f-84c0b1211e33","block_type":"box","text":"Investment Officer of Santa Clara University from 2002 to 2025. Mr. Kerrigan was formerly a Managing Director at Merrill","page_number":89,"box":{"x":89,"y":520,"width":842,"height":12}},{"id":"f23de87b-1e48-4164-90e0-b9c96eaaecd4","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":89,"box":{"x":89,"y":535,"width":861,"height":13}},{"id":"065034c2-f9c6-4350-a644-b09a85527758","block_type":"box","text":"Mr. Kerrigan has been a Director, since 1999, of The BASIC Fund (Bay Area Scholarships for Inner City Children). Mr. Kerrigan","page_number":89,"box":{"x":89,"y":550,"width":869,"height":13}},{"id":"a3122d37-7408-4e62-9571-6cc7447893b3","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":89,"box":{"x":89,"y":565,"width":618,"height":13}},{"id":"fc4f3118-15c9-40e6-9421-a71d583ef6f7","block_type":"box","text":"Jane D. Carlin has been a Trustee of the Trust since 2015 and Chair of the Securities Lending Committee since 2025. Ms.","page_number":89,"box":{"x":88,"y":592,"width":837,"height":12}},{"id":"fdad5567-543f-405c-ae0f-488065ce6a4d","block_type":"box","text":"Carlin has also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2015 and Chair of the","page_number":89,"box":{"x":89,"y":607,"width":819,"height":11}},{"id":"396e06c7-1e12-4ffa-8677-42b0d5b21a1c","block_type":"box","text":"Securities Lending Committee of each Board since 2025. Ms. Carlin has served as a consultant since 2012 and formerly","page_number":89,"box":{"x":88,"y":622,"width":832,"height":12}},{"id":"1ac16f58-2a9c-4aec-980a-df8f3738297b","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":89,"box":{"x":89,"y":637,"width":864,"height":13}},{"id":"06b8df76-4d66-4557-a513-ade3822666e3","block_type":"box","text":"of Operational Risk Management of Morgan Stanley from 2006 to 2012. In addition, Ms. Carlin served as Managing Director","page_number":89,"box":{"x":89,"y":652,"width":867,"height":13}},{"id":"c8cae099-d565-45e9-a95b-08d983b3a777","block_type":"box","text":"and Global Head of the Bank Operational Risk Oversight Department of Credit Suisse Group from 2003 to 2006. Prior to that,","page_number":89,"box":{"x":89,"y":668,"width":872,"height":12}},{"id":"9649037d-68d3-4ce9-93cc-e9f5cf602766","block_type":"box","text":"Ms. Carlin served as Managing Director and Deputy General Counsel of Morgan Stanley. Ms. Carlin has over 30 years of","page_number":89,"box":{"x":89,"y":683,"width":835,"height":12}},{"id":"35d84a14-95c1-4d65-94b0-5eab82be664f","block_type":"box","text":"experience in the financial sector and has served in a number of legal, regulatory, and risk management positions. Ms. Carlin","page_number":89,"box":{"x":89,"y":698,"width":869,"height":12}},{"id":"58018faf-f2bb-4659-ad91-ff017a948a5c","block_type":"box","text":"has served as a member of the Audit Committee and as a Director of The Hanover Insurance Group, Inc., each since 2016,","page_number":89,"box":{"x":89,"y":713,"width":852,"height":12}},{"id":"160974c6-dee3-4332-bd60-7a693e78eaa1","block_type":"box","text":"and as Chair of the Audit Committee since 2020. Ms. Carlin served as a member of the Audit Committee from 2012 to 2018,","page_number":89,"box":{"x":89,"y":728,"width":865,"height":11}},{"id":"b1270aa7-47d8-4836-9f81-ef1e0f583038","block_type":"box","text":"Chair of the Nominating and Governance Committee from 2017 to 2018 and as an Independent Director on the Board of PHH","page_number":89,"box":{"x":89,"y":743,"width":876,"height":12}},{"id":"f8bc2fdd-79a0-43fd-9df2-4a73aa39f00e","block_type":"box","text":"Corporation from 2012 to 2018. She previously served as a Director on the Boards of Astoria Financial Corporation and","page_number":89,"box":{"x":89,"y":758,"width":828,"height":13}},{"id":"133931bc-e637-468a-bb7a-6db7467500ac","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":89,"box":{"x":88,"y":773,"width":859,"height":13}},{"id":"e15f5ac2-78ff-44f4-baf2-b9c693cd06a7","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":89,"box":{"x":88,"y":788,"width":854,"height":13}},{"id":"06f75912-d167-4374-8330-740ab5520186","block_type":"box","text":"Chair and Chair of the Cyber Security Committee from 2009 to 2010. Ms. Carlin has a BA degree in political science from","page_number":89,"box":{"x":89,"y":804,"width":841,"height":12}},{"id":"d4038d1a-5bb7-4c97-99b1-91d4c32ff719","block_type":"box","text":"State University of New York at Stony Brook and a JD degree from Benjamin N. Cardozo School of Law.","page_number":89,"box":{"x":88,"y":819,"width":713,"height":12}},{"id":"bfece813-f2bc-4cb5-9b5b-bd1d538fba38","block_type":"box","text":"Richard L. Fagnani has been a Trustee of the Trust since 2017 and Chair of the 15(c) Committee since 2025. Mr. Fagnani has","page_number":89,"box":{"x":89,"y":845,"width":866,"height":12}},{"id":"12313378-bdca-40cf-8cbe-3bd8334c3d42","block_type":"box","text":"also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2017 and Chair of the 15(c) Committee","page_number":89,"box":{"x":89,"y":860,"width":869,"height":13}},{"id":"04b5bba9-e7da-48e5-9368-1535ac94c861","block_type":"box","text":"63","page_number":89,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3727d2fa-dcbe-4f0e-bc87-c23f73546332","block_type":"box","text":"of each Board since 2025. Mr. Fagnani served as an Advisory Board Member of the Trust, iShares U.S. ETF Trust and iShares,","page_number":90,"box":{"x":89,"y":44,"width":864,"height":12}},{"id":"1ed4cc29-5821-4183-a8ff-b6c3b151af4f","block_type":"box","text":"Inc. from April 2017 to June 2017. Mr. Fagnani served as a Senior Audit Partner at KPMG LLP from 2002 to 2016, most recently","page_number":90,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"03113366-e695-4b75-99d7-c2d8059302b8","block_type":"box","text":"as the U.S. asset management audit practice leader responsible for setting strategic direction and execution of the operating","page_number":90,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"2abffb1b-a3fc-4abb-a624-526df6e84e70","block_type":"box","text":"plan for the asset management audit practice. In addition, from 1977 to 2002, Mr. Fagnani served as an Audit Partner at","page_number":90,"box":{"x":89,"y":89,"width":837,"height":13}},{"id":"04c16051-958c-446a-9a03-c9773a48a154","block_type":"box","text":"Andersen LLP, where he developed and managed the asset management audit practice in the Philadelphia office. Mr. Fagnani","page_number":90,"box":{"x":88,"y":104,"width":876,"height":13}},{"id":"be5be3c1-38d8-43ef-afc9-a112bae7359e","block_type":"box","text":"served as a Trustee on the Board of the Walnut Street Theater in Philadelphia from 2009 to 2014 and as a member of the","page_number":90,"box":{"x":89,"y":119,"width":843,"height":13}},{"id":"34b034b1-004f-4f4e-9297-4e5f42e30d30","block_type":"box","text":"School of Business Advisory Board at LaSalle University from 2006 to 2014. Mr. Fagnani has also served as a Director of One","page_number":90,"box":{"x":88,"y":135,"width":866,"height":12}},{"id":"c4cddd77-95b3-4060-8f0e-119cec723127","block_type":"box","text":"Generation Away, a non-profit which works to bring healthy food directly to people in need, since 2021. Mr. Fagnani has a BS","page_number":90,"box":{"x":89,"y":150,"width":871,"height":12}},{"id":"e8982248-c7be-40a4-86ae-fc78049e5919","block_type":"box","text":"degree in Accounting from LaSalle University.","page_number":90,"box":{"x":89,"y":165,"width":316,"height":12}},{"id":"c6a2eca4-dba5-43df-ad34-77c6c80453c8","block_type":"box","text":"Laura F. Fergerson has been a Trustee of the Trust since 2024 and Chair of the Audit Committee of the Trust since 2025. Ms.","page_number":90,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"df8eda05-a885-4b53-b7af-55acb26743be","block_type":"box","text":"Fergerson has also served as a Director of iShares, Inc., a Trustee of iShares U.S. ETF Trust since 2024, and Chair of the Audit","page_number":90,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"7ae0b106-97cf-49d1-8244-925666d19a07","block_type":"box","text":"Committee of each Board since 2025. From 2017 to 2024, Ms. Fergerson was the President of Franklin Templeton Services,","page_number":90,"box":{"x":89,"y":222,"width":854,"height":12}},{"id":"5cc6b282-5746-4577-9a48-296a862f10e0","block_type":"box","text":"LLC where she led the global fund administration division. Prior to that, she held various roles at Franklin Templeton since","page_number":90,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"480b013e-f332-4d8f-bf85-c1bae595b550","block_type":"box","text":"1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a Director,","page_number":90,"box":{"x":90,"y":252,"width":851,"height":12}},{"id":"85b38051-3fa6-48c8-8e30-349d9bce47fa","block_type":"box","text":"since 2019, of the Crocker Art Museum Association and was the President, from 2022 to 2023, of the Crocker Art Museum","page_number":90,"box":{"x":89,"y":267,"width":856,"height":11}},{"id":"f07fee50-948f-4280-b201-1cec4aa9b82b","block_type":"box","text":"Foundation. Ms. Fergerson has a BA degree in Economics from the University of California, Berkeley and is a Certified Public","page_number":90,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"8d9b4fec-4033-4413-b72d-88741d72fe69","block_type":"box","text":"Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":90,"box":{"x":88,"y":297,"width":665,"height":12}},{"id":"8ff34936-4b1a-4db3-9e7b-54a6362c4152","block_type":"box","text":"Cecilia H. Herbert has been a Trustee of the Trust since 2005. Ms. Herbert has also served as a Director of iShares, Inc. since","page_number":90,"box":{"x":89,"y":324,"width":863,"height":11}},{"id":"c1c09093-146f-42ca-a81c-8a01d6199682","block_type":"box","text":"2005, a Trustee of iShares U.S. ETF Trust since 2011 and Chair of the Trust’s Board from 2016 to 2021. Ms. Herbert served as a","page_number":90,"box":{"x":89,"y":339,"width":878,"height":11}},{"id":"1b45f524-d0ab-4989-b727-0a7cb2c300ef","block_type":"box","text":"Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Previously, Ms. Herbert served as Trustee of the","page_number":90,"box":{"x":89,"y":354,"width":813,"height":12}},{"id":"7d7956a0-51b2-4a93-b7fa-949281aceb0d","block_type":"box","text":"Montgomery Funds from 1992 to 2003, the Pacific Select Funds from 2004 to 2005, the Forward Funds from 2009 to 2018,","page_number":90,"box":{"x":89,"y":369,"width":859,"height":12}},{"id":"92da38b4-8503-49a9-93a0-72a7d3ee3451","block_type":"box","text":"the Salient Funds from 2015 to 2018 and the Thrivent Church Loan and Income Fund from 2019 to 2022. She has served as a","page_number":90,"box":{"x":88,"y":384,"width":874,"height":10}},{"id":"045ec19b-cdb6-45a5-b510-e9706c1b5e5d","block_type":"box","text":"member of the Finance, Audit and Quality Committees and Trustee of Stanford Health Care since 2016 and became Chair of","page_number":90,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"a16f87d4-1c28-4682-a8e3-79e121770439","block_type":"box","text":"the Finance Committee of Stanford Health Care in 2019. She has served as a Trustee of WNET, New York’s public media","page_number":90,"box":{"x":88,"y":414,"width":834,"height":13}},{"id":"fc33c4d0-ac62-421d-b8fd-f3bfdd306da6","block_type":"box","text":"station, since 2011 and a Member of its Audit Committee since 2018. She was appointed to the Wyoming State Investment","page_number":90,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"c048ec3a-3788-485c-8a65-aa502fe7c5e9","block_type":"box","text":"Funds Committee in 2022. She became a member of the Governing Council of the Independent Directors Council in 2018.","page_number":90,"box":{"x":89,"y":445,"width":851,"height":12}},{"id":"efad2546-31f8-4500-aa86-57d484cdd317","block_type":"box","text":"She served as a Director of the Senior Center of Jackson Hole from 2020 to 2023 and of the Jackson Hole Center for the Arts","page_number":90,"box":{"x":88,"y":460,"width":865,"height":11}},{"id":"c9344b62-83bb-4dda-a630-277439d8d11c","block_type":"box","text":"since 2021. She was President of the Board of Catholic Charities CYO, the largest social services agency in the San Francisco","page_number":90,"box":{"x":89,"y":475,"width":864,"height":12}},{"id":"66639883-428d-4d54-a6cd-6a24b8053cb9","block_type":"box","text":"Bay Area, from 2007 to 2011 and a member of that board from 1992 to 2013. From 1973 to 1990 she worked at J.P.","page_number":90,"box":{"x":89,"y":490,"width":801,"height":12}},{"id":"a9c7e1e3-9df9-4433-82ae-c6a9639b0127","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":90,"box":{"x":89,"y":505,"width":867,"height":12}},{"id":"c64ec710-b23d-41cb-af5c-a3ab27ef7dff","block_type":"box","text":"and Head of the West Coast Office. Ms. Herbert has been on numerous non-profit boards, chairing investment and finance","page_number":90,"box":{"x":89,"y":520,"width":857,"height":12}},{"id":"b44d8993-6ff0-4178-98e1-71e007685b80","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":90,"box":{"x":89,"y":535,"width":824,"height":13}},{"id":"eb12beaf-d85e-4777-babd-4cc9bbffd348","block_type":"box","text":"Harvard Business School.","page_number":90,"box":{"x":89,"y":550,"width":175,"height":10}},{"id":"888d936f-f6ae-4d46-b6ee-66c6a43f048d","block_type":"box","text":"James Lam has been a Trustee of the Trust since 2024 and Chair of the Risk Committee of the Trust since 2025. Mr. Lam has","page_number":90,"box":{"x":88,"y":577,"width":867,"height":11}},{"id":"459d8700-b1ce-48b8-9b9d-7806d9b86887","block_type":"box","text":"also served as a Director of iShares, Inc., a Trustee of iShares U.S. ETF Trust since 2024, and Chair of the Risk Committee of","page_number":90,"box":{"x":89,"y":592,"width":857,"height":11}},{"id":"b93a2536-79ee-4e5f-9f7a-a5febb9df7bd","block_type":"box","text":"each Board since 2025. Mr. Lam has over 40 years of experience in corporate governance and risk management as a board","page_number":90,"box":{"x":89,"y":607,"width":856,"height":12}},{"id":"fd0fcccc-7e69-4c05-b26b-5ecbecad9f4d","block_type":"box","text":"director, management consultant, and chief risk officer. He has previously served as a director on public, private, and fund","page_number":90,"box":{"x":89,"y":622,"width":850,"height":12}},{"id":"61626a97-7817-4fe7-83f3-d8a8e286e7fb","block_type":"box","text":"boards, including leadership roles as the chair of the risk, audit, and compliance committees. From 2012 to 2020, Mr. Lam","page_number":90,"box":{"x":89,"y":637,"width":850,"height":13}},{"id":"93cb96aa-2c8a-4f64-9e94-f3befd538ba7","block_type":"box","text":"was a Director of E*TRADE Financial and E*TRADE Bank, where he served as Risk Oversight Committee Chair and Audit","page_number":90,"box":{"x":88,"y":652,"width":840,"height":13}},{"id":"c92aec0c-fec6-4d70-95f9-eec393fd8a66","block_type":"box","text":"Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk management consulting firm serving","page_number":90,"box":{"x":89,"y":668,"width":877,"height":12}},{"id":"25f9e691-0091-4553-b109-8a96d9b211df","block_type":"box","text":"global clients across all major industry sectors, since 2002. Previously, Mr. Lam served as Founder and President of ERisk, a","page_number":90,"box":{"x":89,"y":683,"width":856,"height":12}},{"id":"dabbf053-10cf-4d32-9d1d-6b2c40c6f46e","block_type":"box","text":"Partner of Oliver Wyman, and the Chief Risk Officer of Fidelity Investments. Mr. Lam has served as a Director of the FAIR","page_number":90,"box":{"x":89,"y":698,"width":838,"height":12}},{"id":"40f1f102-1c53-4bdb-827e-a2064169f2d1","block_type":"box","text":"Institute, a not-for-profit organization dedicated to advancing the discipline of cyber risk quantification, since 2020. Mr. Lam","page_number":90,"box":{"x":89,"y":713,"width":867,"height":12}},{"id":"238519b4-9b24-4b3b-b5f7-f594cebb2554","block_type":"box","text":"is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk Management,” leading risk management","page_number":90,"box":{"x":89,"y":728,"width":867,"height":12}},{"id":"7f39c215-0167-49ac-845c-60648238f758","block_type":"box","text":"books. He holds the NACD Directorship Certification and the NACD CERT Certificate in Cyber-Risk Oversight. Mr. Lam has","page_number":90,"box":{"x":89,"y":743,"width":850,"height":12}},{"id":"05eb4849-de26-44db-9c83-78100db3b1b6","block_type":"box","text":"been an adjunct professor at Carnegie Mellon University since 2018 and a member of the Zicklin School of Business Dean’s","page_number":90,"box":{"x":89,"y":758,"width":860,"height":13}},{"id":"538ff480-8891-4764-a6e6-4a5e1a7f22e0","block_type":"box","text":"Council of Baruch College since 2017. Mr. Lam has a BBA from Baruch College and an MBA from the University of California,","page_number":90,"box":{"x":89,"y":773,"width":865,"height":13}},{"id":"18886ee1-dd1c-4a9f-b163-1b92008c9430","block_type":"box","text":"Los Angeles.","page_number":90,"box":{"x":89,"y":788,"width":87,"height":13}},{"id":"d01ceafe-de7a-45f9-b861-c7984be2f44f","block_type":"box","text":"Drew E. Lawton has been a Trustee of the Trust since 2017 and Chair of the Fixed Income Plus Committee of the Trust since","page_number":90,"box":{"x":89,"y":815,"width":865,"height":10}},{"id":"cb095d53-fe20-47d7-88dc-e469e4e8bd2c","block_type":"box","text":"2025. Mr. Lawton has also served as a Director of iShares, Inc., a Trustee of iShares U.S. ETF Trust, and Chair of the Fixed","page_number":90,"box":{"x":89,"y":830,"width":839,"height":11}},{"id":"71864620-8617-4d44-b9a6-88d163d61839","block_type":"box","text":"Income Plus Committee of each Board since 2025. Mr. Lawton also served as an Advisory Board Member of the Trust,","page_number":90,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"77108a75-5a67-4923-9966-95a3bd3fdedc","block_type":"box","text":"iShares, Inc. and iShares U.S. ETF Trust from 2016 to 2017. Mr. Lawton served as Director of Principal Funds, Inc., Principal","page_number":90,"box":{"x":89,"y":860,"width":848,"height":13}},{"id":"d704592e-a566-4e88-ac49-a16aa5d06abd","block_type":"box","text":"64","page_number":90,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"0f3a8bce-f9db-4f23-872f-7d9db01cc111","block_type":"box","text":"Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 to October 2016. Mr. Lawton has also","page_number":91,"box":{"x":88,"y":44,"width":870,"height":12}},{"id":"444d7c31-a29b-4c39-ab73-1f1da46dfa98","block_type":"box","text":"served as a member of the Compensation and Finance and Risk Committees and Director of Jackson Financial Inc. since","page_number":91,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"1f3703fa-d600-4c20-a17e-d4e04ca5ac69","block_type":"box","text":"2021. Mr. Lawton served in various capacities at New York Life Insurance Company from 2010 to 2015, most recently as a","page_number":91,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"b8924d81-d9ff-4fd0-8f5a-4448f5b9a14f","block_type":"box","text":"Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":91,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"e3bf4061-4fef-47cd-be6c-49210f91e49f","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":91,"box":{"x":89,"y":104,"width":804,"height":13}},{"id":"898d5ac1-8fcb-4fe5-b18e-440ef72234df","block_type":"box","text":"Investments from 1997 to 2008. Mr. Lawton has been an Adjunct Professor at the University of North Texas since 2021. Mr.","page_number":91,"box":{"x":89,"y":119,"width":859,"height":13}},{"id":"afac6add-2275-44d1-a0e1-06a05570dcac","block_type":"box","text":"Lawton has a BA degree in Administrative Science from Yale University and an MBA from University of North Texas.","page_number":91,"box":{"x":89,"y":135,"width":806,"height":12}},{"id":"b7c904c6-5df9-48be-8ea8-b9d6fc4b33d3","block_type":"box","text":"John E. Martinez has been a Trustee of the Trust since 2003 and Chair of the Equity Plus Committee of the Trust since 2025.","page_number":91,"box":{"x":88,"y":161,"width":863,"height":12}},{"id":"5e35f085-e85a-48e3-ba4d-135bfbb6fdf1","block_type":"box","text":"Mr. Martinez has also served as a Director of iShares, Inc. since 2003, a Trustee of iShares U.S. ETF Trust since 2011, and Chair","page_number":91,"box":{"x":89,"y":176,"width":877,"height":12}},{"id":"9684ed97-1b2b-4009-81d1-49198c563aa9","block_type":"box","text":"of the Equity Plus Committee of each Board since 2025. Mr. Martinez served as a Director of iShares MSCI Russia Capped ETF,","page_number":91,"box":{"x":89,"y":191,"width":877,"height":13}},{"id":"32f7366d-7900-4b67-bdf4-2eba56ebf736","block_type":"box","text":"Inc. from 2010 to 2015. Mr. Martinez is a Director of Real Estate Equity Exchange, Inc., providing governance oversight and","page_number":91,"box":{"x":89,"y":206,"width":852,"height":13}},{"id":"0a9d4d29-5537-4b47-b851-fe23f8eddd19","block_type":"box","text":"consulting services to this privately held firm that develops products and strategies for homeowners in managing the equity","page_number":91,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"177e1805-8881-4860-9574-cbfacfe59a9d","block_type":"box","text":"in their homes. From 2017 to 2020, Mr. Martinez served as a Board member for the Cloudera Foundation. Mr. Martinez","page_number":91,"box":{"x":89,"y":237,"width":825,"height":11}},{"id":"b182feab-75b0-45dc-84af-0fe0e33e9c2c","block_type":"box","text":"previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he provided governance oversight","page_number":91,"box":{"x":89,"y":252,"width":836,"height":12}},{"id":"d9447194-fedf-47a6-a78e-8087b91d16ba","block_type":"box","text":"representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through oversight of BGI’s worldwide","page_number":91,"box":{"x":89,"y":267,"width":817,"height":12}},{"id":"e1953cf5-f8d2-49a1-87ed-792962aa6e36","block_type":"box","text":"activities. Mr. Martinez also previously served as Co-Chief Executive Officer of the Global Index and Markets Group of BGI,","page_number":91,"box":{"x":89,"y":282,"width":848,"height":12}},{"id":"869bfb45-1616-4993-81ec-a1cecef18b56","block_type":"box","text":"Chairman of Barclays Global Investor Services and Chief Executive Officer of the Capital Markets Group of BGI. From 2003 to","page_number":91,"box":{"x":89,"y":297,"width":867,"height":12}},{"id":"77ebfcc8-57a2-456e-b948-43a25a2a1eb1","block_type":"box","text":"2012, he was a Director and Executive Committee Member for Larkin Street Youth Services. He now serves on the Larkin","page_number":91,"box":{"x":89,"y":312,"width":840,"height":12}},{"id":"b5979d39-a5f9-4635-91bb-f40bd22f2851","block_type":"box","text":"Street Honorary Board. From 2012 to 2016, Mr. Martinez served as a Director for Reading Partners. Mr. Martinez has an AB","page_number":91,"box":{"x":88,"y":327,"width":853,"height":13}},{"id":"2a310a95-9ce8-4b11-9203-fab6529e0a2a","block_type":"box","text":"degree in economics from The University of California, Berkeley and holds an MBA degree in finance and statistics from The","page_number":91,"box":{"x":89,"y":342,"width":866,"height":13}},{"id":"4f35254d-4687-4fed-8941-e8327fb712ec","block_type":"box","text":"University of Chicago Booth School of Business.","page_number":91,"box":{"x":89,"y":358,"width":333,"height":12}},{"id":"d428d493-2438-4832-a315-5e615157d39f","block_type":"box","text":"Madhav V. Rajan has been a Trustee of the Trust since 2011 and Chair of the Nominating and Governance Committee of the","page_number":91,"box":{"x":89,"y":384,"width":866,"height":12}},{"id":"e26a7fd1-a660-46aa-9856-45bc3a21f874","block_type":"box","text":"Trust since 2025. Mr. Rajan has also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2011,","page_number":91,"box":{"x":88,"y":399,"width":854,"height":13}},{"id":"662d177d-e5ab-4f94-b0ef-ad88e746d1eb","block_type":"box","text":"and Chair of the Nominating and Governance Committee of each Board since 2025. Mr. Rajan served as a Director of iShares","page_number":91,"box":{"x":89,"y":414,"width":869,"height":13}},{"id":"69938aef-d8dd-4a9c-976c-775f5f99ba88","block_type":"box","text":"MSCI Russia Capped ETF, Inc. from 2011 to 2015. Mr. Rajan is the Dean and George Pratt Shultz Professor of Accounting at","page_number":91,"box":{"x":89,"y":429,"width":858,"height":13}},{"id":"ec6beadc-8b43-4874-bcd2-f6605e600345","block_type":"box","text":"the University of Chicago Booth School of Business and also serves as Chair of the Board for the Center for Research in","page_number":91,"box":{"x":88,"y":445,"width":828,"height":12}},{"id":"c50e48eb-c40a-4e64-9d89-5e0e0eda6598","block_type":"box","text":"Security Prices, LLC, an affiliate of the University of Chicago Booth School of Business, since 2020. He has served on the","page_number":91,"box":{"x":88,"y":460,"width":835,"height":12}},{"id":"70f9e240-1ddc-44ab-8ace-11c270d2cbc0","block_type":"box","text":"Advisory Board of C.M. Capital Corporation since 2016 and as a Director of C.M. Capital Corporation since 2020. Mr. Rajan","page_number":91,"box":{"x":88,"y":475,"width":852,"height":12}},{"id":"aaddccfc-d82c-4a64-8858-21bc727575f7","block_type":"box","text":"has served as a director of WellBe Senior Medical since 2023. From 2001 to 2017, Mr. Rajan was the Robert K. Jaedicke","page_number":91,"box":{"x":89,"y":490,"width":821,"height":12}},{"id":"18761c3f-d577-42b6-a179-45172c878f08","block_type":"box","text":"Professor of Accounting at the Stanford University Graduate School of Business. In April 2017, he received the school’s Robert","page_number":91,"box":{"x":89,"y":505,"width":877,"height":12}},{"id":"afbbdf71-8c93-4d74-a20c-292d54ebc2b9","block_type":"box","text":"T. Davis Award for Lifetime Achievement and Service. He has taught accounting for over 25 years to undergraduate, MBA","page_number":91,"box":{"x":88,"y":520,"width":850,"height":12}},{"id":"5d3e56ec-e539-411b-b45b-374615241d04","block_type":"box","text":"and law students, as well as to senior executives. From 2010 to 2016, Mr. Rajan served as the Senior Associate Dean for","page_number":91,"box":{"x":89,"y":535,"width":833,"height":13}},{"id":"721eb8e0-57b4-4cfe-b251-a4bc92597c56","block_type":"box","text":"Academic Affairs and head of the MBA Program at the Stanford University Graduate School of Business. Mr. Rajan served as","page_number":91,"box":{"x":88,"y":550,"width":867,"height":13}},{"id":"99de5918-9da7-4ba0-a5b7-9de5b144e764","block_type":"box","text":"editor of “The Accounting Review” from 2002 to 2008 and is co-author of “Cost Accounting: A Managerial Emphasis,” a","page_number":91,"box":{"x":89,"y":565,"width":842,"height":13}},{"id":"2b6e47d5-5713-4cdf-a4a1-cf602f9a885d","block_type":"box","text":"leading cost accounting textbook. From 2013 to 2018, Mr. Rajan served on the Board of Directors of Cavium Inc., a","page_number":91,"box":{"x":89,"y":581,"width":798,"height":12}},{"id":"0265ef11-6713-487d-9575-efee45a16087","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":91,"box":{"x":89,"y":596,"width":775,"height":12}},{"id":"c6acf3d3-a3cd-4adb-bdaa-5ba40ddcdf9f","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":91,"box":{"x":89,"y":622,"width":417,"height":12}},{"id":"213201a6-9276-4eb2-9b51-6f809b7595f8","block_type":"box","text":"Overall responsibility for oversight of the Funds rests with the Board. The Board has engaged BFA to manage the Funds on a","page_number":91,"box":{"x":89,"y":649,"width":867,"height":12}},{"id":"5dc473d8-415b-485e-8dcc-149639d5dea3","block_type":"box","text":"day-to-day basis. The Board is responsible for overseeing BFA and other service providers in the operations of the Funds in","page_number":91,"box":{"x":89,"y":664,"width":855,"height":12}},{"id":"d486820e-4b70-4b7b-ac00-154b3fbe4cb3","block_type":"box","text":"accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Trust’s charter. The","page_number":91,"box":{"x":89,"y":679,"width":847,"height":12}},{"id":"f8cfc857-ba25-4be2-8a72-9fe5a57cad96","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Trustees. The Board currently conducts","page_number":91,"box":{"x":89,"y":694,"width":842,"height":12}},{"id":"4fb02bff-8f7d-4113-9b45-32987e6233e6","block_type":"box","text":"regular in person meetings four times a year. In addition, the Board frequently holds special in person or telephonic meetings","page_number":91,"box":{"x":89,"y":709,"width":872,"height":12}},{"id":"6338c986-a323-4b1a-bbb5-b75b92e7ff18","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":91,"box":{"x":89,"y":724,"width":829,"height":13}},{"id":"47e4e23e-fa94-4e76-9802-6b5ad66dfeb0","block_type":"box","text":"Independent Trustees meet regularly outside the presence of management, in executive session or with other service","page_number":91,"box":{"x":89,"y":739,"width":819,"height":13}},{"id":"4f2480bd-9cbe-427a-b6d3-f7e9ecd94317","block_type":"box","text":"providers to the Trust.","page_number":91,"box":{"x":89,"y":754,"width":153,"height":13}},{"id":"d38bf00a-fad0-4716-bbfa-d7537e269d51","block_type":"box","text":"The Board has appointed an Independent Trustee to serve in the role of Board Chair. The Board Chair’s role is to preside at all","page_number":91,"box":{"x":88,"y":781,"width":871,"height":12}},{"id":"6c963278-01b6-4e0e-8b33-87fc2dbf07e4","block_type":"box","text":"meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees generally between","page_number":91,"box":{"x":89,"y":796,"width":872,"height":12}},{"id":"e19458ae-1f6b-4f6e-94e6-376f1e7292c2","block_type":"box","text":"meetings. The Board Chair may also perform such other functions as may be delegated by the Board from time to time. The","page_number":91,"box":{"x":89,"y":811,"width":865,"height":12}},{"id":"70914c49-1aea-4c37-bec8-f3bdb200d904","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":91,"box":{"x":89,"y":826,"width":863,"height":13}},{"id":"f49dfe3d-2238-4715-876c-10c0a32a1bbf","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":91,"box":{"x":89,"y":841,"width":803,"height":13}},{"id":"3c2f0807-0ab4-4fdf-95f7-37dd4ad95af6","block_type":"box","text":"Committee to assist the Board in the oversight and direction of the business and affairs of the Funds, and from time to time","page_number":91,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"b60826ec-7e58-4d68-bec7-a41a6ddd2fcc","block_type":"box","text":"65","page_number":91,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1856fdbc-aeb2-4cf6-939e-85b76de7451d","block_type":"box","text":"the Board may establish ad hoc committees or informal working groups to review and address the policies and practices of","page_number":92,"box":{"x":88,"y":44,"width":863,"height":12}},{"id":"3e5afb02-af77-4f74-88cf-6070b02cfe9c","block_type":"box","text":"the Funds with respect to certain specified matters. The Chair of each standing Committee is an Independent Trustee. The","page_number":92,"box":{"x":88,"y":59,"width":857,"height":12}},{"id":"d89666e5-a22e-47a7-92bc-0a15a6810325","block_type":"box","text":"role of the Chair of each Committee is to preside at all meetings of the Committee and to act as a liaison with service","page_number":92,"box":{"x":89,"y":74,"width":816,"height":12}},{"id":"9e0221bb-e92d-4a1e-84a0-f38da9e59bf2","block_type":"box","text":"providers, officers, attorneys and other Trustees between meetings. Each standing Committee meets regularly to conduct the","page_number":92,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"e22f6d41-11a0-446a-8494-c8c7d82be31d","block_type":"box","text":"oversight functions delegated to the Committee by the Board and reports its finding to the Board. The Board and each","page_number":92,"box":{"x":89,"y":104,"width":824,"height":13}},{"id":"c79b9c6d-883a-4a55-9303-809efce0bf45","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":92,"box":{"x":89,"y":119,"width":862,"height":13}},{"id":"7556e7ad-4cab-4359-9ef7-e3160b5085ba","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":92,"box":{"x":88,"y":135,"width":798,"height":12}},{"id":"a459c064-69b0-4c44-8ecb-387b80fc970f","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Trustees and the full Board to","page_number":92,"box":{"x":89,"y":150,"width":823,"height":12}},{"id":"424e4b43-0d11-4c70-930a-e828afd0b2cd","block_type":"box","text":"enhance effective oversight.","page_number":92,"box":{"x":89,"y":165,"width":194,"height":12}},{"id":"59b2dda0-9047-4c12-a2a5-b9b4a2656827","block_type":"box","text":"Day-to-day risk management with respect to the Funds is the responsibility of BFA or other service providers (depending on","page_number":92,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"99f3ed01-4633-43be-bd71-06e801ea5c57","block_type":"box","text":"the nature of the risk), subject to the supervision of BFA. Each Fund is subject to a number of risks, including investment,","page_number":92,"box":{"x":88,"y":206,"width":845,"height":13}},{"id":"83fd7708-309e-43fa-94a0-5c5f14345180","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":92,"box":{"x":89,"y":222,"width":836,"height":12}},{"id":"941515e5-ec8e-4101-ba51-b75b693a478f","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":92,"box":{"x":89,"y":237,"width":813,"height":12}},{"id":"54de5c16-187e-4742-ad73-d529acb1837d","block_type":"box","text":"eliminate all of the risks applicable to the Funds. The Trustees have an oversight role in this area, satisfying themselves that","page_number":92,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"0ba884a4-4a41-4aca-bace-1297f8bb2106","block_type":"box","text":"risk management processes and controls are in place and operating effectively. Risk oversight forms part of the Board’s","page_number":92,"box":{"x":89,"y":267,"width":831,"height":12}},{"id":"bf52b7bb-723a-4b46-a675-ff1146d01f36","block_type":"box","text":"general oversight of each Fund and is addressed as part of various Board and committee activities. In some cases, risk","page_number":92,"box":{"x":89,"y":282,"width":824,"height":12}},{"id":"c7487ff9-4aed-4cb6-be75-99e48de6b67b","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":92,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"1c7f508e-3751-47c2-a76b-6607f955ae4b","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":92,"box":{"x":89,"y":312,"width":874,"height":13}},{"id":"242fee11-03a3-4306-9ba7-53f0a35b2728","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":92,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"a7e09740-a8c7-43ce-bda6-f85e72272870","block_type":"box","text":"analysis and methodologies, as well as specific risk topics such as operational and counterparty risks relating to the Funds.","page_number":92,"box":{"x":89,"y":342,"width":858,"height":13}},{"id":"f45fc981-6976-4703-a99e-407906942be8","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":92,"box":{"x":88,"y":358,"width":848,"height":12}},{"id":"bd4d7854-d09d-4380-a5cc-b7781752b8da","block_type":"box","text":"registered public accounting firm for the Trust, as appropriate, regarding risks faced by each Fund and management’s risk","page_number":92,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"8ed6775b-8f77-4e0b-92d7-25c8e65ed035","block_type":"box","text":"functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Trust’s","page_number":92,"box":{"x":88,"y":388,"width":864,"height":12}},{"id":"d6e61fb4-2b0b-41fb-941c-271efa9e2f97","block_type":"box","text":"compliance program, including assessments by independent third parties, and reports to the Board regarding compliance","page_number":92,"box":{"x":89,"y":403,"width":850,"height":12}},{"id":"ae9ac6bc-2b7b-410b-9f3c-bdc5d7fa27d8","block_type":"box","text":"matters for the Trust and its principal service providers. In testing and maintaining the compliance program, the Chief","page_number":92,"box":{"x":89,"y":418,"width":824,"height":12}},{"id":"f58f573a-6481-4ed9-b101-3d17c926694d","block_type":"box","text":"Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses them in","page_number":92,"box":{"x":89,"y":433,"width":841,"height":13}},{"id":"0f3e0297-dd48-4dc3-8918-8700131d5538","block_type":"box","text":"periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered public","page_number":92,"box":{"x":89,"y":448,"width":849,"height":13}},{"id":"3ebe2953-a613-465b-8f9c-37b97a9feb03","block_type":"box","text":"accounting firm and BFA’s internal audit group to review risk controls in place that support each Fund as well as test results.","page_number":92,"box":{"x":89,"y":463,"width":867,"height":13}},{"id":"c02b7114-fc83-41cc-b994-556cf5ed90ff","block_type":"box","text":"Board oversight of risk is also performed as needed between meetings through communications between BFA and the Board.","page_number":92,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"a4ef1989-fd7c-47bc-95de-5418c5f1f99c","block_type":"box","text":"The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight","page_number":92,"box":{"x":88,"y":494,"width":783,"height":12}},{"id":"974a88b4-663a-4f95-8c81-7ba72e71202b","block_type":"box","text":"responsibilities. From time to time, the Board may modify the manner in which it conducts risk oversight. The Board’s","page_number":92,"box":{"x":89,"y":509,"width":821,"height":12}},{"id":"537479fa-e799-4c73-baaa-d0e074b822c1","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":92,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"165bd96f-d274-45a0-8592-3273f9d8e8c4","block_type":"box","text":"Committees of the Board of Trustees.","page_number":92,"box":{"x":89,"y":550,"width":268,"height":10}},{"id":"283ca995-5f36-4536-8b89-1d3f84971256","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":92,"box":{"x":366,"y":550,"width":555,"height":13}},{"id":"2c5191d1-d550-4b80-89dd-7a96fc30bdce","block_type":"box","text":"Fagnani (Co-Chair from January 1, 2025 to June 30, 2025), Cecilia H. Herbert and John E. Martinez, each of whom is an","page_number":92,"box":{"x":89,"y":565,"width":825,"height":13}},{"id":"6cfb5420-7245-4716-b3fd-81c22c2961c7","block_type":"box","text":"Independent Trustee. The purposes of the Audit Committee are to assist the Board (i) in its oversight of the Trust’s","page_number":92,"box":{"x":89,"y":581,"width":800,"height":12}},{"id":"ee1a69d8-c99d-4e39-96f0-5a54a11ff410","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":92,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"64caa057-8fe2-4cef-92df-2cf497d28317","block_type":"box","text":"the Trust; (ii) in its oversight of the Trust’s financial statements and the independent audit thereof; (iii) in selecting, evaluating","page_number":92,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"f445d9cb-9bf3-4275-95f9-c56f6d94f3f6","block_type":"box","text":"and, where deemed appropriate, replacing the independent accountants (or nominating the independent accountants to be","page_number":92,"box":{"x":89,"y":626,"width":868,"height":12}},{"id":"79c056e1-7c24-4502-8b3a-dd380019bce2","block_type":"box","text":"proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the independent","page_number":92,"box":{"x":89,"y":641,"width":805,"height":12}},{"id":"db4210f2-8f57-4b54-bd5b-db9c4ba832c8","block_type":"box","text":"accountants; (v) in complying with legal and regulatory requirements that relate to the Trust’s accounting and financial","page_number":92,"box":{"x":89,"y":656,"width":835,"height":13}},{"id":"ce404b26-78d1-4534-bac3-d019eb642277","block_type":"box","text":"reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other responsibilities as","page_number":92,"box":{"x":89,"y":671,"width":854,"height":13}},{"id":"5bc919f6-505d-4b01-be78-6eda32d33400","block_type":"box","text":"may be delegated by the Board. The Audit Committee met five times during the fiscal year ended July 31, 2025.","page_number":92,"box":{"x":89,"y":686,"width":773,"height":13}},{"id":"88b1acd8-4cbb-437c-aa66-d932a7d75fb1","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":92,"box":{"x":88,"y":713,"width":830,"height":12}},{"id":"ebe2aa9a-b14e-4832-ac9a-e637d365302b","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Trustee. The Nominating and Governance Committee","page_number":92,"box":{"x":89,"y":728,"width":848,"height":12}},{"id":"947a1eea-e635-4ecd-b7b6-9929d04a4d21","block_type":"box","text":"nominates individuals for Independent Trustee membership on the Board and recommends appointments to the Advisory","page_number":92,"box":{"x":89,"y":743,"width":855,"height":12}},{"id":"63d4c9a5-f452-4da0-8cac-f4fce8aee7eb","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":92,"box":{"x":89,"y":758,"width":866,"height":13}},{"id":"8f58d3d8-689c-41fc-bd55-de0b0b6e302f","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Trustee; (ii) recommending to the","page_number":92,"box":{"x":89,"y":773,"width":859,"height":13}},{"id":"ee0b789a-1523-4f4b-8164-c49833382eff","block_type":"box","text":"Board and current Independent Trustees the nominee(s) for appointment as an Independent Trustee by the Board and","page_number":92,"box":{"x":89,"y":788,"width":827,"height":13}},{"id":"d0cf7a99-6e3d-45b2-a1f4-94cb80c8346d","block_type":"box","text":"current Independent Trustees and/or for election as Independent Trustees by shareholders to fill any vacancy for a position","page_number":92,"box":{"x":89,"y":804,"width":861,"height":12}},{"id":"8dd0c16d-cbf5-44e8-bdbc-90a3a8130ee4","block_type":"box","text":"of Independent Trustee(s) on the Board; (iii) recommending to the Board and current Independent Trustees the size and","page_number":92,"box":{"x":89,"y":819,"width":839,"height":12}},{"id":"e18c7314-1685-41ee-845e-1cdebf42e4e1","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":92,"box":{"x":89,"y":834,"width":814,"height":12}},{"id":"0b9c1b0a-741b-4fda-93c3-ff5cb6d3f285","block_type":"box","text":"recommending a current Independent Trustee to the Board and current Independent Trustees to serve as Board Chair; (v)","page_number":92,"box":{"x":89,"y":849,"width":849,"height":12}},{"id":"1f9ac07a-ddbd-4d52-99a1-ad263fc4e693","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":92,"box":{"x":89,"y":864,"width":820,"height":12}},{"id":"47ae3421-f684-4dbe-ba39-adbc241ca1fb","block_type":"box","text":"66","page_number":92,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"175b9102-45f3-4541-87d0-488bb2b74950","block_type":"box","text":"Independent Trustees for their services as Trustees, members or chairpersons of committees of the Board, Board Chair and","page_number":93,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"a4fb499e-13d1-4862-9ecb-b59b5e8a4b31","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":93,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"6d6efa9e-4abe-41b0-b719-6ff9447c4c88","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":93,"box":{"x":89,"y":74,"width":812,"height":12}},{"id":"cb37a14a-551b-40fa-b533-90aca5e2a34a","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":93,"box":{"x":89,"y":89,"width":852,"height":13}},{"id":"238e6e7a-a1e2-4f8a-b771-20b1bb1c5492","block_type":"box","text":"year ended July 31, 2025.","page_number":93,"box":{"x":88,"y":104,"width":173,"height":13}},{"id":"34ad1010-f96e-4b73-b3ff-454fe58f56b0","block_type":"box","text":"Each Independent Trustee serves on the 15(c) Committee. The Chair of the 15(c) Committee is Richard L. Fagnani. The","page_number":93,"box":{"x":89,"y":131,"width":831,"height":12}},{"id":"c36691f2-b307-42d6-ba93-469a3022d9e1","block_type":"box","text":"principal responsibilities of the 15(c) Committee are to support, oversee and organize on behalf of the Board the process for","page_number":93,"box":{"x":89,"y":146,"width":865,"height":12}},{"id":"47c10b91-8e18-439e-80c9-55dc87f52266","block_type":"box","text":"the annual review and renewal of the Trust’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":93,"box":{"x":88,"y":161,"width":823,"height":12}},{"id":"b26ea483-02e9-4402-b4f4-c3d4d9ddd2e5","block_type":"box","text":"meeting with BlackRock, Inc. in advance of the Board meeting at which the Trust’s advisory and sub-advisory agreements are","page_number":93,"box":{"x":89,"y":176,"width":877,"height":13}},{"id":"f6d8b5e6-9361-4bcc-b23a-09fa253c0d8b","block_type":"box","text":"to be considered to discuss generally the process for providing requested information to the Board and the format in which","page_number":93,"box":{"x":88,"y":191,"width":861,"height":13}},{"id":"5b4fa297-0cfd-4fd0-bf3e-5014adf7d31b","block_type":"box","text":"information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and information as","page_number":93,"box":{"x":89,"y":206,"width":868,"height":13}},{"id":"09409eee-90a9-4c13-b0b7-d55fb2427c82","block_type":"box","text":"may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory agreements of the","page_number":93,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"5f1a252a-e39a-443f-8de3-9dbc59d49b73","block_type":"box","text":"Trust. The 15(c) Committee met two times during the fiscal year ended July 31, 2025.","page_number":93,"box":{"x":88,"y":237,"width":595,"height":12}},{"id":"4c6ddc53-780a-4d23-9926-c4779f8d4788","block_type":"box","text":"The members of the Securities Lending Committee are Jane D. Carlin (Chair), James C. Lam, Drew E. Lawton and John E.","page_number":93,"box":{"x":88,"y":263,"width":837,"height":12}},{"id":"74629df4-4b95-44ff-9e1e-37609fe3d1c4","block_type":"box","text":"Martinez, each of whom is an Independent Trustee. The principal responsibilities of the Securities Lending Committee are to","page_number":93,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"25f39ec3-a8f0-405d-a87d-c80add25ce50","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of the Trust’s securities lending activities.","page_number":93,"box":{"x":89,"y":293,"width":840,"height":13}},{"id":"55a347c6-f1a2-4298-b562-6afa1ca18ab1","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":93,"box":{"x":88,"y":308,"width":819,"height":13}},{"id":"4f22bda6-9f6a-4c5e-a910-89a5285538ee","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":93,"box":{"x":89,"y":324,"width":877,"height":12}},{"id":"182f82c0-ffab-4330-957e-6466600ee352","block_type":"box","text":"other matters and information as may be necessary and appropriate for the Board to oversee the Trust’s securities lending","page_number":93,"box":{"x":89,"y":339,"width":854,"height":12}},{"id":"1c7781a2-f84a-4d0b-bec1-5dd5ffa44e4c","block_type":"box","text":"activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the annual","page_number":93,"box":{"x":89,"y":354,"width":869,"height":12}},{"id":"9953136c-03d8-4972-a46d-22219346a814","block_type":"box","text":"approval of the Trust’s Securities Lending Guidelines and the required findings with respect to, and annual approval of, the","page_number":93,"box":{"x":89,"y":369,"width":855,"height":12}},{"id":"7ae0c12b-9cdb-409c-b65b-255b64b7686a","block_type":"box","text":"Trust’s agreement with the securities lending agent. The Securities Lending Committee met six times during the fiscal year","page_number":93,"box":{"x":88,"y":384,"width":859,"height":12}},{"id":"aaf93c84-4bb5-4e09-87c2-635e9e444beb","block_type":"box","text":"ended July 31, 2025.","page_number":93,"box":{"x":89,"y":399,"width":138,"height":13}},{"id":"39255d0f-526e-41e5-9cc8-e9ef0b7164c8","block_type":"box","text":"The members of the Equity Plus Committee are John E. Martinez (Chair), Jane D. Carlin, Richard L. Fagnani, and Cecilia H.","page_number":93,"box":{"x":88,"y":426,"width":843,"height":12}},{"id":"846526de-f0d2-47b3-9106-747dafb39016","block_type":"box","text":"Herbert, each of whom is an Independent Trustee. The principal responsibilities of the Equity Plus Committee are to support,","page_number":93,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"b9447b9e-e91e-4bbc-98cd-88ffe5a70d00","block_type":"box","text":"oversee and organize on behalf of the Board the process for oversight of Trust performance and related matters for equity","page_number":93,"box":{"x":89,"y":456,"width":851,"height":12}},{"id":"4da86d7f-050a-4849-9eca-70bcfcd1ede3","block_type":"box","text":"funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance, secondary market trading","page_number":93,"box":{"x":88,"y":471,"width":865,"height":12}},{"id":"4375dfd4-a003-479e-95be-3efc4f6b3911","block_type":"box","text":"and changes in net assets to identify any matters that should be brought to the attention of the Board; and (ii) considering","page_number":93,"box":{"x":89,"y":486,"width":856,"height":12}},{"id":"e6ac5b52-6193-4348-883f-acba9dd85404","block_type":"box","text":"any performance or investment related matters as may be delegated to the Committee by the Board from time to time and","page_number":93,"box":{"x":89,"y":501,"width":856,"height":13}},{"id":"3140f121-f2f0-4937-a6d0-9cb57492d64b","block_type":"box","text":"providing a report or recommendation to the Board as appropriate. The Equity Plus Committee met four times during the","page_number":93,"box":{"x":89,"y":516,"width":847,"height":13}},{"id":"9d7121ed-6e97-4477-99e2-6046bdc74793","block_type":"box","text":"fiscal year ended July 31, 2025.","page_number":93,"box":{"x":88,"y":531,"width":213,"height":13}},{"id":"a9603c14-a439-4e7c-aeb3-fd0bfcbc91f1","block_type":"box","text":"The members of the Fixed Income Plus Committee are Drew E. Lawton (Chair), Laura F. Fergerson, James C. Lam and Madhav","page_number":93,"box":{"x":88,"y":558,"width":880,"height":12}},{"id":"8b02852c-c443-4db2-8c9c-714cd6810580","block_type":"box","text":"V. Rajan, each of whom is an Independent Trustee. The principal responsibilities of the Fixed Income Plus Committee are to","page_number":93,"box":{"x":88,"y":573,"width":862,"height":12}},{"id":"88810899-126e-4e6e-983e-c3f532c51c56","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of Trust performance and related matters for","page_number":93,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"5f0d537f-88f6-4d61-b3b9-32916044f2e9","block_type":"box","text":"fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance,","page_number":93,"box":{"x":88,"y":603,"width":879,"height":13}},{"id":"525a9218-7138-453b-9ffb-f64c1c9c575e","block_type":"box","text":"secondary market trading and changes in net assets to identify any matters that should be brought to the attention of the","page_number":93,"box":{"x":89,"y":618,"width":852,"height":13}},{"id":"7b7f1d92-4aab-43b5-89dc-1fb908cbc4d9","block_type":"box","text":"Board; and (ii) considering any performance or investment related matters as may be delegated to the Committee by the","page_number":93,"box":{"x":89,"y":633,"width":843,"height":13}},{"id":"79f3ddd3-9bd0-487c-9b25-2ae5aa941c1b","block_type":"box","text":"Board from time to time and providing a report or recommendation to the Board as appropriate. The Fixed Income Plus","page_number":93,"box":{"x":89,"y":649,"width":833,"height":12}},{"id":"323b8a78-7ba8-46ff-90fa-ebee3be74d89","block_type":"box","text":"Committee met four times during the fiscal year ended July 31, 2025.","page_number":93,"box":{"x":89,"y":664,"width":479,"height":12}},{"id":"8ec55e3a-99d3-4e9c-bc99-82e6405877c9","block_type":"box","text":"The members of the Risk Committee are James C. Lam (Chair), Jane D. Carlin (Co-Chair from January 1, 2025 to June 30,","page_number":93,"box":{"x":88,"y":690,"width":838,"height":13}},{"id":"2bb89669-c2cf-4dc3-a678-a6a92e93b72b","block_type":"box","text":"2025), Cecilia H. Herbert, Drew E. Lawton and Madhav V. Rajan, each of whom is an Independent Trustee. The principal","page_number":93,"box":{"x":89,"y":705,"width":834,"height":13}},{"id":"d00d2ed4-b46b-4c7b-84ba-208efeb21877","block_type":"box","text":"responsibility of the Risk Committee is to consider and organize on behalf of the Board risk related matters of the Funds so","page_number":93,"box":{"x":89,"y":720,"width":856,"height":13}},{"id":"7e5ab327-61c8-40f7-a770-f2fbeddb82c1","block_type":"box","text":"the Board may most effectively structure itself to oversee them. The Risk Committee commenced on January 1, 2016. The","page_number":93,"box":{"x":88,"y":736,"width":850,"height":12}},{"id":"62b485a2-64a8-4cce-a8c8-00e3c34a83bf","block_type":"box","text":"Risk Committee met five times during the fiscal year ended July 31, 2025.","page_number":93,"box":{"x":89,"y":751,"width":508,"height":12}},{"id":"50bcf4fe-f4d9-46bc-9047-cc302f977a81","block_type":"box","text":"As the Chair of the Board, John E. Kerrigan may serve as an ex-officio member of each Committee.","page_number":93,"box":{"x":88,"y":777,"width":685,"height":12}},{"id":"ad08fbb4-26eb-4203-bc15-76044686f8f5","block_type":"box","text":"The following table sets forth, as of December 31, 2024, the dollar range of equity securities beneficially owned by each","page_number":93,"box":{"x":88,"y":804,"width":833,"height":12}},{"id":"d6dc1847-ea83-4a03-a307-20a7c6cf1fb6","block_type":"box","text":"Trustee in the Funds and in other registered investment companies overseen by the Trustee within the same family of","page_number":93,"box":{"x":88,"y":819,"width":824,"height":12}},{"id":"e2938051-1b6f-4367-bff0-d6c34177444d","block_type":"box","text":"investment companies as the Trust. 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BlackRock may, in certain cases, elect to","page_number":106,"box":{"x":89,"y":414,"width":821,"height":13}},{"id":"40600526-9c0b-4088-ad9e-1e9e4459e733","block_type":"box","text":"implement internal policies and procedures designed to limit such consequences, which may cause a Fund to be unable to","page_number":106,"box":{"x":89,"y":429,"width":858,"height":13}},{"id":"bc8aff9b-e9b2-445d-a8a6-12f7f99354e6","block_type":"box","text":"engage in certain activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do","page_number":106,"box":{"x":89,"y":445,"width":866,"height":12}},{"id":"df3fbfda-742d-43e2-8584-130b5829da55","block_type":"box","text":"so.","page_number":106,"box":{"x":89,"y":463,"width":18,"height":6}},{"id":"b5f800ec-a097-43c9-a1ce-e544a7cf2af6","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by BlackRock. 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For example, BlackRock may determine to rely on information","page_number":106,"box":{"x":89,"y":679,"width":866,"height":12}},{"id":"54e40160-269f-417f-b381-21c8565752b5","block_type":"box","text":"barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":106,"box":{"x":89,"y":694,"width":831,"height":12}},{"id":"2f433a2d-31ce-4034-8059-15d46c1e6c74","block_type":"box","text":"actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on","page_number":106,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"9b24e9f1-124c-4204-9dfe-081338a3e283","block_type":"box","text":"behalf of the Funds.","page_number":106,"box":{"x":89,"y":724,"width":138,"height":10}},{"id":"773225ca-579e-4f3f-a7bc-8893fa3c3f98","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds advised by","page_number":106,"box":{"x":89,"y":751,"width":815,"height":12}},{"id":"56fcc8c3-de47-4539-ad41-3a7cb61ee148","block_type":"box","text":"BlackRock, including funds that are managed by one or more of the same portfolio managers, which could result in conflicts","page_number":106,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"67ed0eb4-3075-49d7-98c0-c4cb4e415404","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":106,"box":{"x":89,"y":781,"width":863,"height":12}},{"id":"bad014c2-1b90-4fe9-8552-8d9fe505a441","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":106,"box":{"x":89,"y":796,"width":541,"height":12}},{"id":"86c1d4d5-d390-4d52-a283-f5e5221aafd9","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another fund or","page_number":106,"box":{"x":89,"y":822,"width":827,"height":13}},{"id":"b0ea81da-af7e-49f4-a804-da91e644d4cf","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":106,"box":{"x":89,"y":838,"width":865,"height":12}},{"id":"100b738e-e10c-4e3f-9130-da24ecf4d712","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":106,"box":{"x":89,"y":853,"width":804,"height":12}},{"id":"3e3305cd-bc89-417e-9981-9e170bd096ae","block_type":"box","text":"80","page_number":106,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"29617667-9b8a-40e0-9b3a-8377c98a8a4c","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. 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BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":107,"box":{"x":89,"y":74,"width":788,"height":12}},{"id":"96c0100c-99d6-47fd-ba9c-418e4d67a364","block_type":"box","text":"transactions.","page_number":107,"box":{"x":88,"y":90,"width":90,"height":9}},{"id":"3b4fc38a-288c-4395-b343-13b0176a0d51","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested, and those","page_number":107,"box":{"x":89,"y":116,"width":839,"height":12}},{"id":"8dacceb1-783a-4cc8-b812-12b966873c7b","block_type":"box","text":"activities may have an adverse effect on the Fund. 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It","page_number":107,"box":{"x":89,"y":203,"width":873,"height":12}},{"id":"c0ecef0b-0fd7-4b28-9026-89fde72ae2ca","block_type":"box","text":"is possible that one or more accounts managed or advised by BlackRock and such other accounts will achieve investment","page_number":107,"box":{"x":89,"y":218,"width":851,"height":12}},{"id":"4c49920d-7842-48a8-aa50-57e5f6cda25c","block_type":"box","text":"results that are substantially more or less favorable than the results achieved by a Fund. Moreover, it is possible that a Fund","page_number":107,"box":{"x":89,"y":233,"width":859,"height":12}},{"id":"73cf6a45-bf2d-4e11-8977-bc48b4b5a358","block_type":"box","text":"will sustain losses during periods in which one or more proprietary or other accounts managed or advised by BlackRock","page_number":107,"box":{"x":88,"y":248,"width":840,"height":12}},{"id":"d4e97d8b-ded4-4fb0-ad72-f502e137e527","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":107,"box":{"x":89,"y":263,"width":433,"height":12}},{"id":"be4ce972-35cf-4e42-9e5c-f1603833ef0d","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment","page_number":107,"box":{"x":89,"y":290,"width":838,"height":12}},{"id":"433fb389-377d-4537-b7d3-686a23f80274","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":107,"box":{"x":89,"y":305,"width":845,"height":12}},{"id":"6d0b2e14-1df4-4eb2-858b-984df14ed6d6","block_type":"box","text":"advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such requirements. As a result,","page_number":107,"box":{"x":89,"y":320,"width":839,"height":12}},{"id":"d8668b71-0436-4676-b2b7-3f43a968f912","block_type":"box","text":"there may be periods, for example, when BlackRock will not initiate or recommend certain types of transactions in certain","page_number":107,"box":{"x":88,"y":335,"width":850,"height":12}},{"id":"cf57ea18-dce4-47fd-ab3f-0a70acd89080","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":107,"box":{"x":89,"y":350,"width":867,"height":12}},{"id":"40bb0f9c-4a26-4b3b-8d42-f8aebc1760c9","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":107,"box":{"x":89,"y":365,"width":850,"height":12}},{"id":"eee6207a-0742-4aef-bd67-9dff9eb18275","block_type":"box","text":"limit the investment opportunities for a Fund in certain emerging and other markets in which limitations are imposed upon","page_number":107,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"458ac7b8-18df-431a-8514-e6a646999a6f","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":107,"box":{"x":88,"y":395,"width":678,"height":13}},{"id":"13ac68b3-69ae-4992-9257-120ae4a7d048","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":107,"box":{"x":89,"y":422,"width":859,"height":12}},{"id":"29e77313-5230-486f-bd33-7d071e9af5b0","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":107,"box":{"x":88,"y":437,"width":842,"height":12}},{"id":"f6221b0c-153a-496c-bdb1-375eb0409146","block_type":"box","text":"behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have any obligation to make","page_number":107,"box":{"x":89,"y":452,"width":854,"height":12}},{"id":"ccf99cf1-d4d2-425f-80fd-e73fc42b1e21","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":107,"box":{"x":89,"y":467,"width":815,"height":13}},{"id":"bab5f24b-379e-4856-87cb-3888f9ace61e","block_type":"box","text":"accounts managed by them, for the benefit of the management of a Fund and it is not anticipated that BlackRock will have","page_number":107,"box":{"x":89,"y":482,"width":858,"height":13}},{"id":"b973903c-23b5-4adb-89a2-ec7f9e31d4fd","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":107,"box":{"x":89,"y":497,"width":818,"height":13}},{"id":"c1cb3e97-c3f8-4dc4-967e-4aed1e4db573","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":107,"box":{"x":89,"y":513,"width":845,"height":12}},{"id":"551aa334-749a-424c-9472-2c68dd89fac7","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":107,"box":{"x":88,"y":528,"width":568,"height":12}},{"id":"9dfd0c6b-bf01-4749-8a40-f2a6fa8b795a","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial advisors. To the","page_number":107,"box":{"x":88,"y":554,"width":852,"height":12}},{"id":"e63eaf79-ab08-491f-af42-e0870a43a4ca","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":107,"box":{"x":89,"y":569,"width":851,"height":13}},{"id":"fc56fc72-2b13-4ba9-a553-619f9caf4130","block_type":"box","text":"management fee amounts paid by the Funds to BlackRock may also increase. The net asset value and liquidity of a Fund may","page_number":107,"box":{"x":89,"y":584,"width":875,"height":13}},{"id":"15ce70b2-f17b-4fad-8c20-27a0b7f1c261","block_type":"box","text":"be impacted by purchases and sales of the Fund by model-driven investment portfolios, as well as by BlackRock itself and by","page_number":107,"box":{"x":89,"y":599,"width":869,"height":13}},{"id":"b27506e4-c32b-45f5-9048-41a8865c3861","block_type":"box","text":"its advisory clients. In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":107,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"5a421de1-761d-40ed-998d-0649905492bb","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":107,"box":{"x":89,"y":630,"width":815,"height":12}},{"id":"0f17dc76-d587-4171-8299-aaec0717535f","block_type":"box","text":"obligations to such other business units or entities or their clients and such obligations to other business units or entities or","page_number":107,"box":{"x":89,"y":645,"width":865,"height":12}},{"id":"a20bafad-bb3f-4eef-8fc6-6c750c9b8233","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":107,"box":{"x":88,"y":660,"width":573,"height":12}},{"id":"4b2746b0-9dc8-4009-8ddf-506de3c23a78","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund in which","page_number":107,"box":{"x":89,"y":686,"width":835,"height":13}},{"id":"bfd15c18-781d-4c84-987f-b383d0697e65","block_type":"box","text":"clients of BlackRock, or, to the extent permitted by the SEC and applicable law, BlackRock, serves as the counterparty,","page_number":107,"box":{"x":89,"y":702,"width":817,"height":12}},{"id":"744287df-754e-44f4-9ee0-9b81eb44c117","block_type":"box","text":"principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the interests of the Fund, and","page_number":107,"box":{"x":89,"y":717,"width":844,"height":12}},{"id":"9a8bd255-f121-4716-8550-2f17abf9cc1c","block_type":"box","text":"such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the","page_number":107,"box":{"x":89,"y":732,"width":851,"height":12}},{"id":"67effe3f-571a-4a54-884c-2135285373a4","block_type":"box","text":"transactions. In addition, the purchase, holding and sale of such investments by a Fund may enhance the profitability of","page_number":107,"box":{"x":88,"y":747,"width":839,"height":12}},{"id":"0d5708c3-02b0-416a-84ed-f4621629d3da","block_type":"box","text":"BlackRock.","page_number":107,"box":{"x":89,"y":762,"width":74,"height":10}},{"id":"4f032643-37da-45f9-95ad-cf0e53fb77ef","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":107,"box":{"x":89,"y":788,"width":872,"height":13}},{"id":"95d2e0de-e5c5-4724-85ed-23c4edd7d783","block_type":"box","text":"may be those in which a Fund invests or which may be based on the performance of the Fund. Additionally, an affiliate of","page_number":107,"box":{"x":89,"y":804,"width":848,"height":12}},{"id":"95516f5e-e0fd-4b8c-ba9a-f47951c71612","block_type":"box","text":"BlackRock will create, write or issue options, which may be based on the performance of certain Funds. BlackRock has","page_number":107,"box":{"x":89,"y":819,"width":827,"height":12}},{"id":"ed56009b-23cd-47ad-a814-6da6d43f9c71","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":107,"box":{"x":89,"y":834,"width":847,"height":12}},{"id":"24e4c7ab-e3ad-4bf1-bd0a-329c54ec84b8","block_type":"box","text":"certain iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs. Trading activity in","page_number":107,"box":{"x":89,"y":849,"width":837,"height":12}},{"id":"4c56769e-8d49-4c95-b526-26fcf0f5673f","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":107,"box":{"x":88,"y":864,"width":857,"height":12}},{"id":"3c1a41fd-deb1-40e1-be3f-c61b4ea2c970","block_type":"box","text":"81","page_number":107,"box":{"x":521,"y":894,"width":12,"height":9}},{"id":"a725615d-5aae-4b38-99c0-7617f44cf773","block_type":"box","text":"respect to these iShares ETFs and increased assets under management for BlackRock. A Fund may, subject to applicable law,","page_number":108,"box":{"x":89,"y":44,"width":870,"height":12}},{"id":"64910767-5879-4f08-83f7-53de800226bf","block_type":"box","text":"purchase investments that are the subject of an underwriting or other distribution by BlackRock and may also enter into","page_number":108,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"7df8ccb0-f818-4459-881e-2e0fd22343fd","block_type":"box","text":"transactions with other clients of BlackRock where such other clients have interests adverse to those of the Fund. At times,","page_number":108,"box":{"x":88,"y":74,"width":859,"height":11}},{"id":"9a322068-9038-4f99-87c1-d62fe4fef77f","block_type":"box","text":"these activities may cause business units or entities within BlackRock to give advice to clients that may cause these clients to","page_number":108,"box":{"x":88,"y":89,"width":875,"height":13}},{"id":"f266e02b-f785-42ea-b8c1-07d7c04a3760","block_type":"box","text":"take actions adverse to the interests of the Fund. To the extent such transactions are permitted, a Fund will deal with","page_number":108,"box":{"x":88,"y":104,"width":817,"height":13}},{"id":"de45986a-440e-4c34-a4dc-7bd75e3e41e5","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":108,"box":{"x":89,"y":119,"width":248,"height":13}},{"id":"7b851741-20a4-4520-9999-40a158dd0dea","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in other","page_number":108,"box":{"x":88,"y":146,"width":801,"height":12}},{"id":"71e27e40-969c-4fbc-84db-57b524fd745a","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":108,"box":{"x":89,"y":161,"width":836,"height":12}},{"id":"6c90ace2-72bb-44ae-a8ab-615cc467b71f","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":108,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"7a9cd30a-0137-426c-b40a-72653e13ebbd","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":108,"box":{"x":89,"y":191,"width":854,"height":13}},{"id":"e593ecbf-3287-4c69-8ca3-c37facd4ec81","block_type":"box","text":"including its sales personnel, will have an interest in obtaining fees and other amounts that are favorable to BlackRock and","page_number":108,"box":{"x":89,"y":206,"width":855,"height":13}},{"id":"fe7792f0-c0df-4306-9f94-e4f0194b49de","block_type":"box","text":"such sales personnel, which may have an adverse effect on the Funds. Index based funds may use an index provider that is","page_number":108,"box":{"x":89,"y":222,"width":858,"height":12}},{"id":"12e1c73b-5f52-422d-988c-dd66106a4783","block_type":"box","text":"affiliated with another service provider of the Fund or BlackRock that acts as a broker, dealer, agent, lender or in other","page_number":108,"box":{"x":89,"y":237,"width":820,"height":12}},{"id":"86d4737d-a20d-497b-b033-413a80132ee8","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":108,"box":{"x":89,"y":252,"width":329,"height":12}},{"id":"4a8ae581-cd13-4748-b670-d86fda490f77","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and other","page_number":108,"box":{"x":88,"y":278,"width":821,"height":13}},{"id":"9808c7cb-ab81-45ae-9171-14283f2ec58c","block_type":"box","text":"amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser or in other","page_number":108,"box":{"x":89,"y":293,"width":850,"height":13}},{"id":"1e51e060-b2ab-481a-9514-5a47a80ba258","block_type":"box","text":"commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or other compensation","page_number":108,"box":{"x":89,"y":308,"width":874,"height":13}},{"id":"2c9f9c32-769b-4591-a9d8-f1269e583a91","block_type":"box","text":"payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of any such fees or other","page_number":108,"box":{"x":89,"y":324,"width":824,"height":12}},{"id":"ab4c4773-4ca9-4685-83e7-22090cdbf750","block_type":"box","text":"amounts.","page_number":108,"box":{"x":89,"y":340,"width":65,"height":8}},{"id":"41fa9950-4fd9-4580-adb2-0bf9619c70df","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds, BlackRock","page_number":108,"box":{"x":88,"y":365,"width":858,"height":12}},{"id":"735c271d-b441-4157-86a5-4687db871cda","block_type":"box","text":"may take commercial steps in its own interests, which may have an adverse effect on the Funds. A Fund will be required to","page_number":108,"box":{"x":89,"y":380,"width":856,"height":13}},{"id":"38f633e0-0ecc-4890-aa75-fcda22777301","block_type":"box","text":"establish business relationships with its counterparties based on the Fund’s own credit standing. BlackRock will not have any","page_number":108,"box":{"x":89,"y":395,"width":873,"height":13}},{"id":"c737de3b-0436-426e-9ba9-f5ba064e31a5","block_type":"box","text":"obligation to allow its credit to be used in connection with a Fund’s establishment of its business relationships, nor is it","page_number":108,"box":{"x":89,"y":410,"width":831,"height":13}},{"id":"6b582926-12ad-4364-9a19-87fcdf17da0d","block_type":"box","text":"expected that the Fund’s counterparties will rely on the credit of BlackRock in evaluating the Fund’s creditworthiness.","page_number":108,"box":{"x":89,"y":426,"width":820,"height":12}},{"id":"53d86273-4a34-468d-8132-e3bb16845fd4","block_type":"box","text":"BTC, an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and receives a share of","page_number":108,"box":{"x":89,"y":452,"width":851,"height":12}},{"id":"26dc47ce-4e5b-44c6-98dd-c59f3954576b","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":108,"box":{"x":89,"y":467,"width":869,"height":13}},{"id":"5caa9eff-f2e4-488a-bd32-82288f81133e","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":108,"box":{"x":89,"y":482,"width":850,"height":13}},{"id":"6fbddbeb-935e-47f3-bf64-29398ee22825","block_type":"box","text":"including but not limited to: (i) BlackRock as securities lending agent may have an incentive to, among other things, increase","page_number":108,"box":{"x":89,"y":497,"width":872,"height":13}},{"id":"bbfa7e4b-303b-4d6c-8a21-9ad924f76e19","block_type":"box","text":"or decrease the amount of securities on loan or to lend particular securities in order to generate additional risk-adjusted","page_number":108,"box":{"x":89,"y":513,"width":837,"height":12}},{"id":"5561bda9-57bc-4c2d-afa2-df3c9700942f","block_type":"box","text":"revenue for BlackRock and its affiliates; and (ii) BlackRock as securities lending agent may have an incentive to allocate loans","page_number":108,"box":{"x":89,"y":528,"width":871,"height":12}},{"id":"89f93b1f-302d-45c3-bf5c-1d5343ed3a33","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":108,"box":{"x":88,"y":543,"width":825,"height":12}},{"id":"219d5dc9-4a2c-493b-846d-e79c85f085f0","block_type":"box","text":"conflict by providing its securities lending clients with equal lending opportunities over time in order to approximate pro rata","page_number":108,"box":{"x":89,"y":558,"width":870,"height":12}},{"id":"04352ccd-aa8f-4cee-aeaa-b8c1782e7759","block_type":"box","text":"allocation.","page_number":108,"box":{"x":89,"y":573,"width":71,"height":10}},{"id":"38dfb489-8de5-4915-8b37-ebd74f00c012","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/ or funds against a","page_number":108,"box":{"x":88,"y":599,"width":864,"height":13}},{"id":"14846275-df66-409b-af6b-901c0649630b","block_type":"box","text":"shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the potential dollar exposure of","page_number":108,"box":{"x":89,"y":615,"width":880,"height":12}},{"id":"d5e70314-235d-4761-b819-269294a620e6","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":108,"box":{"x":89,"y":630,"width":874,"height":12}},{"id":"cde987ad-38cb-46d4-be5d-c7c829c2ab80","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":108,"box":{"x":89,"y":645,"width":869,"height":12}},{"id":"c73ea113-3591-4010-aadb-14244328fd55","block_type":"box","text":"risk model that calculates projected collateral shortfall values using loan-level factors such as loan and collateral type and","page_number":108,"box":{"x":89,"y":660,"width":848,"height":12}},{"id":"fbabae03-dfe7-4530-b96c-ab88f12bde21","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":108,"box":{"x":89,"y":675,"width":845,"height":12}},{"id":"43c2e743-13dc-4bf5-8b24-cb4a1ea011c4","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":108,"box":{"x":89,"y":690,"width":818,"height":13}},{"id":"88b45da0-0fb7-47f8-bda9-da1980cc1fcb","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":108,"box":{"x":89,"y":705,"width":865,"height":13}},{"id":"72e3db56-e0d7-4d99-a32d-d578ee8a5bcf","block_type":"box","text":"activity BlackRock may conduct at any given point in time by reducing the volume of lending opportunities for certain loans","page_number":108,"box":{"x":89,"y":720,"width":863,"height":13}},{"id":"faeba8ab-3e4b-4e08-8c69-954d2a455f86","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":108,"box":{"x":89,"y":736,"width":443,"height":12}},{"id":"6cb05762-dc9d-47ea-85a8-84d3a1ba1b57","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or terminate a","page_number":108,"box":{"x":89,"y":762,"width":868,"height":12}},{"id":"7ed5608e-c350-445d-a7d8-b08856c8ca51","block_type":"box","text":"securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements and/or market rules,","page_number":108,"box":{"x":89,"y":777,"width":866,"height":12}},{"id":"2f62fae7-c746-449f-a69b-a2c47f015552","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":108,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"480f944a-3031-468b-ba2e-89fe15648c6e","block_type":"box","text":"opportunities for certain types of loans, loans in particular markets, loans of particular securities or types of securities, or for","page_number":108,"box":{"x":89,"y":807,"width":866,"height":13}},{"id":"aa837906-cd79-4332-a43a-974657ad8581","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":108,"box":{"x":89,"y":822,"width":857,"height":13}},{"id":"b4d038a8-0dfd-4ff8-929c-8343101496b6","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":108,"box":{"x":89,"y":838,"width":422,"height":12}},{"id":"25abf13b-e4c5-4ba4-9e5b-de42e4af7e5e","block_type":"box","text":"82","page_number":108,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f15fb701-b6c9-4100-ae41-d15996ec0525","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In order to allocate","page_number":109,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"c8618348-081d-469b-9d66-88a7ee39e5c4","block_type":"box","text":"a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the various program limits","page_number":109,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"6cbbb466-c726-46db-b044-fdf778aa6c83","block_type":"box","text":"(","page_number":109,"box":{"x":89,"y":74,"width":4,"height":12}},{"id":"668d4b24-1552-45a1-996b-025fee7a0e74","block_type":"box","text":"i.e","page_number":109,"box":{"x":94,"y":75,"width":15,"height":9}},{"id":"b03cb5b8-35ae-4e8d-8b45-565d4426360f","block_type":"box","text":"., indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must hold the asset at the time a","page_number":109,"box":{"x":110,"y":74,"width":825,"height":12}},{"id":"cef7d968-cfb5-4096-be50-64ecf6e8b0d9","block_type":"box","text":"loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory, either on its own or when","page_number":109,"box":{"x":89,"y":89,"width":799,"height":13}},{"id":"6098f61e-323d-4d9a-ae82-f35c8728de34","block_type":"box","text":"aggregated with other portfolios into one single market delivery, to satisfy the loan request. In doing so, BlackRock seeks to","page_number":109,"box":{"x":89,"y":104,"width":860,"height":13}},{"id":"1d436916-ddbd-44e3-a48d-e500ed740cc1","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":109,"box":{"x":89,"y":119,"width":838,"height":13}},{"id":"b93ff3c6-a4a2-4c29-bd39-38fd0cd9870b","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":109,"box":{"x":89,"y":135,"width":836,"height":12}},{"id":"5f5c127d-2ef7-4baf-b308-b8e292dcc478","block_type":"box","text":"individual clients may vary due to asset mix, asset/liability spreads on different securities, and the overall limits imposed by","page_number":109,"box":{"x":89,"y":150,"width":858,"height":12}},{"id":"de4dde72-349c-40b8-8ccd-05728db62073","block_type":"box","text":"the firm.","page_number":109,"box":{"x":88,"y":165,"width":59,"height":10}},{"id":"5febf2a4-66b3-4ddf-b64e-45335ef4e0d8","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be bunched or aggregated with orders for other BlackRock","page_number":109,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"d47ac37a-ec6d-42b8-9d56-4bb20e0f05a2","block_type":"box","text":"client accounts, including with accounts that pay different transaction costs solely due to the fact that they have different","page_number":109,"box":{"x":89,"y":206,"width":848,"height":13}},{"id":"9144e8ad-51cc-4d4d-bb7f-7a12afcd1713","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":109,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"94703328-14df-438d-8112-778eddb696a6","block_type":"box","text":"decisions for different accounts are made separately, or if they determine that bunching or aggregating is not practicable or","page_number":109,"box":{"x":89,"y":237,"width":864,"height":12}},{"id":"81a5aa7a-f248-43ee-b429-7ab536cd427d","block_type":"box","text":"required, or in cases involving client direction.","page_number":109,"box":{"x":89,"y":252,"width":318,"height":12}},{"id":"f94b1dfd-6e34-4146-8bc3-931e125de081","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of","page_number":109,"box":{"x":89,"y":278,"width":873,"height":13}},{"id":"35955985-b147-4592-9b6d-ff4b16b65b96","block_type":"box","text":"securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or","page_number":109,"box":{"x":89,"y":293,"width":818,"height":13}},{"id":"3d89bd59-ae14-44e3-9911-42bd15ca9f1f","block_type":"box","text":"credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of","page_number":109,"box":{"x":89,"y":308,"width":860,"height":13}},{"id":"ab18b0db-3836-4778-b71a-319234b91a7a","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":109,"box":{"x":88,"y":324,"width":844,"height":12}},{"id":"9d3530ec-6f85-4ea8-846b-c0b722ebd6b1","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":109,"box":{"x":89,"y":339,"width":470,"height":12}},{"id":"9e1c8270-d297-413f-8aec-439261a54fce","block_type":"box","text":"BlackRock does not currently enter into arrangements to use the Fund’s assets for, or participate in, soft dollars, although","page_number":109,"box":{"x":89,"y":365,"width":847,"height":12}},{"id":"643825bf-c733-4184-8d4c-21b993fc7eaf","block_type":"box","text":"BlackRock may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a","page_number":109,"box":{"x":89,"y":380,"width":864,"height":13}},{"id":"decda505-0300-4b53-9b8e-1b00a16f7469","block_type":"box","text":"particular broker-dealer. To the extent that BlackRock receives research on this basis, many of the same conflicts related to","page_number":109,"box":{"x":89,"y":395,"width":856,"height":13}},{"id":"56b46b97-3972-4343-95a1-133aebbb5961","block_type":"box","text":"traditional soft dollars may exist. For example, the research effectively will be paid by client commissions that also will be","page_number":109,"box":{"x":88,"y":410,"width":844,"height":13}},{"id":"146cf2a0-8062-4c43-be95-570905520088","block_type":"box","text":"used to pay for the execution, clearing, and settlement services provided by the broker-dealer and will not be paid by","page_number":109,"box":{"x":89,"y":426,"width":814,"height":12}},{"id":"3246e5fb-0803-4ec0-bb1d-06c578963d31","block_type":"box","text":"BlackRock.","page_number":109,"box":{"x":89,"y":441,"width":74,"height":9}},{"id":"f3dad8b4-799a-4526-a4e1-a76fa51a88ca","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":109,"box":{"x":88,"y":467,"width":879,"height":13}},{"id":"c57da771-0011-42e9-9838-32257410dfd9","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":109,"box":{"x":89,"y":482,"width":841,"height":13}},{"id":"ce6dc682-6e74-40a0-997b-f3267bc3165c","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":109,"box":{"x":89,"y":497,"width":868,"height":13}},{"id":"f9cea56f-533a-4f3c-8b97-017aa38dd1ea","block_type":"box","text":"futures, fixed-price offerings and OTC transactions). Such research or other services may include, to the extent permitted by","page_number":109,"box":{"x":88,"y":513,"width":868,"height":12}},{"id":"086ff4f6-69e7-4106-bab3-51089a85bcde","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":109,"box":{"x":89,"y":528,"width":836,"height":12}},{"id":"a3014403-439a-4ff7-aa5f-578ff73f8505","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":109,"box":{"x":89,"y":543,"width":815,"height":12}},{"id":"82af1275-4a8d-4885-a549-d8ddd51a1438","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other BlackRock","page_number":109,"box":{"x":89,"y":569,"width":840,"height":13}},{"id":"cfc33bd5-1abb-4645-80ea-e5ffab8c02cb","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":109,"box":{"x":89,"y":584,"width":875,"height":13}},{"id":"418c58a9-b348-48c0-ac7c-a4ce7975e856","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":109,"box":{"x":89,"y":599,"width":839,"height":13}},{"id":"5d1256f8-7bea-4bf1-b82b-a4c966c3125d","block_type":"box","text":"BlackRock client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such","page_number":109,"box":{"x":89,"y":615,"width":869,"height":12}},{"id":"861de001-bb2a-4c14-8989-9f4bbc0f467b","block_type":"box","text":"other BlackRock client accounts. For example, research or other services that are paid for through one client’s commissions","page_number":109,"box":{"x":89,"y":630,"width":863,"height":12}},{"id":"4b13d9ff-dcca-427a-9d8f-3e020fbd4338","block_type":"box","text":"may not be used in managing that client’s account. In addition, other BlackRock client accounts may receive the benefit,","page_number":109,"box":{"x":89,"y":645,"width":841,"height":12}},{"id":"f00257f6-7df3-40e3-b049-f88263960089","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":109,"box":{"x":89,"y":660,"width":861,"height":12}},{"id":"ebff5cce-6ff2-401b-8fd1-800c52af7d4c","block_type":"box","text":"may be provided to the Funds and to such other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it","page_number":109,"box":{"x":89,"y":675,"width":867,"height":12}},{"id":"a1a850fb-6c3f-4f7c-9428-a2c201ed045d","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":109,"box":{"x":88,"y":690,"width":400,"height":13}},{"id":"9d1fc60a-d056-4861-a71a-a5fdfdfb56dc","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":109,"box":{"x":89,"y":717,"width":833,"height":12}},{"id":"af1c198a-e5db-43d8-98e4-14377b3203c0","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":109,"box":{"x":89,"y":732,"width":827,"height":12}},{"id":"3ad02101-6135-494a-8ef9-8e47df0b8cb3","block_type":"box","text":"BlackRock believes are useful in its investment decision-making process. BlackRock may from time to time choose not to","page_number":109,"box":{"x":89,"y":747,"width":845,"height":12}},{"id":"4c017b93-a5b8-4e97-a856-5d79d46ef8b6","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":109,"box":{"x":89,"y":762,"width":850,"height":12}},{"id":"ddc5c4fc-3576-4dae-a425-2dbafdf204f5","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":109,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"a8c2d768-dd6e-420f-ba1d-267070c78b72","block_type":"box","text":"request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that provides","page_number":109,"box":{"x":89,"y":792,"width":845,"height":13}},{"id":"54ae90f8-a6c5-4bbe-bb40-2c2f9da64214","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":109,"box":{"x":89,"y":807,"width":825,"height":13}},{"id":"2bc18d6b-b723-4c8d-90e1-1f349b070c40","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":109,"box":{"x":89,"y":822,"width":361,"height":13}},{"id":"9dab3e8c-0931-4b89-a5f4-d80db5be7bf4","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":109,"box":{"x":89,"y":849,"width":869,"height":12}},{"id":"ef7b0c84-c2d4-4ea5-9b96-06261b5bae6b","block_type":"box","text":"has an investment or other interest, to the extent permitted by applicable law) in executing client securities transactions for","page_number":109,"box":{"x":89,"y":864,"width":862,"height":12}},{"id":"9d50b6c5-99f4-4af7-b842-4331fec06a5a","block_type":"box","text":"83","page_number":109,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"fc208329-e44f-40b9-a17e-3cab36b8a8a0","block_type":"box","text":"certain types of securities. These ECNs may charge fees for their services, including access fees and transaction fees. The","page_number":110,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"b9333f73-0ea8-46aa-8856-689bdf4e81bd","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":110,"box":{"x":88,"y":59,"width":843,"height":12}},{"id":"5dd172be-0fbd-4432-80cb-adf12b6f0f75","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":110,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"89f5ffca-c281-41e5-8554-3a580e33e836","block_type":"box","text":"may be paid by BlackRock even though incurred in connection with executing transactions on behalf of clients, including the","page_number":110,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"37fad2ea-3bc4-4473-96da-16bd20507e99","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":110,"box":{"x":89,"y":104,"width":805,"height":13}},{"id":"2d529907-82b6-421d-b942-1e87437467b3","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":110,"box":{"x":89,"y":119,"width":793,"height":13}},{"id":"e8bac06e-1583-4852-9689-099d606af59c","block_type":"box","text":"transactions.","page_number":110,"box":{"x":88,"y":136,"width":90,"height":8}},{"id":"45420205-682c-4e94-8de5-92cc24ad6519","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S. stock","page_number":110,"box":{"x":89,"y":161,"width":821,"height":12}},{"id":"960f5816-3c9b-40bc-bc43-6fe7522ae78e","block_type":"box","text":"exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the appropriate venue","page_number":110,"box":{"x":89,"y":176,"width":859,"height":13}},{"id":"e648e380-8f26-4e72-82a4-e76586ba47fb","block_type":"box","text":"for execution of orders placed by BlackRock traders on behalf of client portfolios. In addition, transactions in ETF shares may","page_number":110,"box":{"x":88,"y":191,"width":870,"height":13}},{"id":"5c8a4b19-7438-4c6c-8d51-8e2f9abb9386","block_type":"box","text":"be executed on MEMX if third party brokers select MEMX as the appropriate venue for the execution of such orders.","page_number":110,"box":{"x":89,"y":206,"width":810,"height":13}},{"id":"c3db7c8b-cc09-461c-ab1a-87f12f435378","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting","page_number":110,"box":{"x":89,"y":233,"width":826,"height":12}},{"id":"7f566a5e-f8f3-4c8d-97a8-032e2912cb4d","block_type":"box","text":"decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such decisions are made in","page_number":110,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"01a9b6a9-00b1-4a73-ac29-a54fa0c43ed4","block_type":"box","text":"accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and","page_number":110,"box":{"x":89,"y":263,"width":876,"height":12}},{"id":"86385be6-bc76-4820-bb48-7aabe469da9e","block_type":"box","text":"procedures, actual proxy voting decisions of BlackRock may have the effect of favoring the interests of other clients or","page_number":110,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"b995821a-3510-4bd5-a905-d9afd48fa256","block_type":"box","text":"businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":110,"box":{"x":89,"y":293,"width":801,"height":13}},{"id":"dd97a772-ef6d-4748-bcb1-ba534f22c2a1","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see “Proxy Voting","page_number":110,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"29a1768d-1044-4235-b935-ab1075ed2ebc","block_type":"box","text":"Policies.”","page_number":110,"box":{"x":89,"y":324,"width":61,"height":9}},{"id":"1452df55-fb0a-4474-88fe-3c9d62fef932","block_type":"box","text":"It is also possible that, from time to time, BlackRock and /or its advisory clients (including other funds and separately","page_number":110,"box":{"x":89,"y":350,"width":819,"height":12}},{"id":"35d238e4-5d69-4430-a6c3-75660dcd8682","block_type":"box","text":"managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund. Increasing a Fund’s","page_number":110,"box":{"x":89,"y":365,"width":875,"height":12}},{"id":"82dc3e00-fe22-4bdc-96df-869b5a64d9a2","block_type":"box","text":"assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce","page_number":110,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"bbded093-fcb3-485e-89de-99d3c5d68cc4","block_type":"box","text":"the Fund’s expense ratio.","page_number":110,"box":{"x":88,"y":395,"width":174,"height":13}},{"id":"df9d861c-fc42-47b7-a008-0bf3022f29a6","block_type":"box","text":"BlackRock reserves the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units","page_number":110,"box":{"x":89,"y":422,"width":855,"height":12}},{"id":"f81ed93a-ec7b-4d02-8164-15d12aca628c","block_type":"box","text":"through an Authorized Participant at any time some or all of the shares of the Fund acquired for its own accounts or the","page_number":110,"box":{"x":88,"y":437,"width":840,"height":12}},{"id":"337db608-381e-4ddb-88f0-fe31efed1cce","block_type":"box","text":"account of a BlackRock advisory client. A large sale or redemption of shares of the Fund by BlackRock itself or a BlackRock","page_number":110,"box":{"x":89,"y":452,"width":855,"height":12}},{"id":"f2f2a399-ad09-4cf7-ba50-ad33ccf76805","block_type":"box","text":"advisory client could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":110,"box":{"x":89,"y":467,"width":822,"height":13}},{"id":"5ac82471-5fe1-4f72-aed5-8d9b7350e247","block_type":"box","text":"liquidity, investment flexibility, portfolio diversification, expense ratio or ability to comply with the listing requirements for the","page_number":110,"box":{"x":89,"y":482,"width":872,"height":13}},{"id":"1f880a84-cc85-4520-8c46-4803c37bd80d","block_type":"box","text":"Fund.","page_number":110,"box":{"x":89,"y":497,"width":38,"height":10}},{"id":"1f956192-6a0c-4eaa-8aea-3079925deddd","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which BlackRock has","page_number":110,"box":{"x":89,"y":524,"width":828,"height":12}},{"id":"70fbd2ec-2d6c-4594-ab3c-65f3aef064b4","block_type":"box","text":"significant debt or equity investments or other interests. A Fund may also invest in issuances (such as structured notes) by","page_number":110,"box":{"x":89,"y":539,"width":857,"height":12}},{"id":"7dbb8c41-7c63-4799-b209-397076be20e7","block_type":"box","text":"entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the","page_number":110,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"f60b912c-4685-4d58-ab42-d48ce71d8f9c","block_type":"box","text":"sale of such issuances. In making investment decisions for a Fund, BlackRock is not permitted to obtain or use material non","page_number":110,"box":{"x":89,"y":569,"width":869,"height":13}},{"id":"34230e69-b702-4a29-8133-33daa9018f56","block_type":"box","text":"public information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to time, the","page_number":110,"box":{"x":89,"y":584,"width":839,"height":13}},{"id":"308d0066-8d4a-4688-9c77-e190bbb55ef2","block_type":"box","text":"activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As indicated below, BlackRock may","page_number":110,"box":{"x":89,"y":599,"width":859,"height":13}},{"id":"41d28935-21ec-498c-ad47-57672b563735","block_type":"box","text":"engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":110,"box":{"x":89,"y":615,"width":866,"height":12}},{"id":"e5cc7d74-15bb-4162-8d84-26bebd125cd5","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the Funds. With","page_number":110,"box":{"x":89,"y":641,"width":856,"height":12}},{"id":"0c2f146c-5e9c-4077-899a-48d06e64d166","block_type":"box","text":"respect to BlackRock and its personnel, the remuneration and profitability relating to services to and sales of the Funds or","page_number":110,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"edc5757b-daf1-41b5-a0cd-fdce214124d2","block_type":"box","text":"other products may be greater than remuneration and profitability relating to services to and sales of certain funds or other","page_number":110,"box":{"x":89,"y":671,"width":863,"height":13}},{"id":"a1c2dc1f-8c0a-410d-b18e-2a2a0decc339","block_type":"box","text":"products that might be provided or offered. BlackRock and its sales personnel may directly or indirectly receive a portion of","page_number":110,"box":{"x":89,"y":686,"width":860,"height":13}},{"id":"594122d7-5fb7-458d-b431-b42f834cb69a","block_type":"box","text":"the fees and commissions charged to the Funds or their shareholders. BlackRock and its advisory or other personnel may","page_number":110,"box":{"x":88,"y":702,"width":849,"height":12}},{"id":"1d57145c-304c-4cb9-ad2e-fd936840c683","block_type":"box","text":"also benefit from increased amounts of assets under management. 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While BlackRock will generally communicate its valuation information","page_number":111,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"9022455d-a42f-49ed-8979-1bca4584562c","block_type":"box","text":"or determinations to a Fund’s pricing vendors and/or fund accountants, there may be instances where the Fund’s pricing","page_number":111,"box":{"x":89,"y":104,"width":848,"height":13}},{"id":"5fe24981-e637-45ec-b84c-74d81cfaafaf","block_type":"box","text":"vendors or fund accountants assign a different valuation to a security or other investment than the valuation for such","page_number":111,"box":{"x":88,"y":119,"width":821,"height":13}},{"id":"0e9cdbf3-389a-499f-a918-67f9810b75bf","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":111,"box":{"x":89,"y":135,"width":466,"height":12}},{"id":"c7765e2a-8a4c-4fa9-8bd0-02b510608563","block_type":"box","text":"As disclosed in more detail in “Determination of Net Asset Value” in this SAI, when market quotations are not readily","page_number":111,"box":{"x":88,"y":161,"width":817,"height":12}},{"id":"58f8dd58-117f-49c8-9400-17d007ec9ed7","block_type":"box","text":"available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at fair value by BlackRock. BlackRock","page_number":111,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"885436d4-72e2-4d4d-b6b5-a73e4e1cbc87","block_type":"box","text":"has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts","page_number":111,"box":{"x":89,"y":191,"width":851,"height":13}},{"id":"5465c97f-768f-40f5-9735-93ea691d3405","block_type":"box","text":"through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock pricing committees","page_number":111,"box":{"x":88,"y":206,"width":879,"height":13}},{"id":"86d9385c-0413-4330-b411-fc101f0b9d40","block_type":"box","text":"and in accordance with BlackRock’s policies and procedures (the “Valuation Procedures”). 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The price generally may not be determined based on what a Fund","page_number":111,"box":{"x":89,"y":252,"width":844,"height":12}},{"id":"1189817e-b02a-4118-8aa3-b514dea55454","block_type":"box","text":"might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity.","page_number":111,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"5de23cb2-cfb5-458e-82ea-6192fca825f3","block_type":"box","text":"While fair value determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":111,"box":{"x":88,"y":282,"width":835,"height":12}},{"id":"63feafe7-84a3-4c3c-9ee6-99e3ff4f5d1a","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":111,"box":{"x":89,"y":297,"width":845,"height":12}},{"id":"bc0db5c1-1c6e-459b-a5e0-7a8221318b02","block_type":"box","text":"models, fair value represents only a good faith approximation of the value of an asset or liability. 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Similar situations could arise if personnel of","page_number":111,"box":{"x":185,"y":845,"width":735,"height":12}},{"id":"75059e92-e609-4816-ae5f-47aaf3f1b4bc","block_type":"box","text":"BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. 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Certain BlackRock advisory personnel","page_number":112,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"31986e16-7c9f-4f6e-a630-c5121ebefb43","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":112,"box":{"x":89,"y":146,"width":829,"height":12}},{"id":"688c1551-1e44-4792-9674-d48e11df3e01","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":112,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"df7bd780-3ecf-4f05-8046-be47d0ae3b5c","block_type":"box","text":"taking) actions with respect to clients they advise in a manner different than or adverse to the decisions made or the actions","page_number":112,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"e8fdc7fa-a881-4752-825d-17fc7cce3fda","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":112,"box":{"x":88,"y":191,"width":852,"height":13}},{"id":"f332a568-b531-4496-8e3e-150313da125e","block_type":"box","text":"information with each other, including as a result of certain information barriers and other policies, and will not have any","page_number":112,"box":{"x":89,"y":206,"width":843,"height":13}},{"id":"abdb072f-8976-41a7-94bc-4aa224f0af98","block_type":"box","text":"obligation or other duty to do so.","page_number":112,"box":{"x":89,"y":222,"width":230,"height":12}},{"id":"9386b96f-261e-414a-b080-d6fda458c0a9","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":112,"box":{"x":89,"y":248,"width":838,"height":12}},{"id":"3a5313c8-7e2e-4a62-a2c6-b526edd589e2","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":112,"box":{"x":89,"y":263,"width":879,"height":12}},{"id":"156590ca-302c-45d6-bfb1-e267da2c286d","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":112,"box":{"x":88,"y":278,"width":834,"height":13}},{"id":"596dc429-f6ab-4967-a0f2-079c1114f89b","block_type":"box","text":"managing portfolios and voting proxies with respect to all other portfolios. 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In connection therewith, BlackRock personnel, businesses, and business units that","page_number":112,"box":{"x":88,"y":395,"width":862,"height":13}},{"id":"5be70985-b6a9-4db7-8d18-e8ca70e4c956","block_type":"box","text":"were moved will no longer have access to the information and personnel from the side of the information barrier from which","page_number":112,"box":{"x":88,"y":410,"width":873,"height":13}},{"id":"3cfef95b-eb51-468f-bf9f-5cc8a3684dcb","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":112,"box":{"x":88,"y":426,"width":845,"height":12}},{"id":"074862c6-2a04-4275-8074-0fd5377c6592","block_type":"box","text":"ability of BlackRock to engage in or otherwise effect transactions on behalf of the Funds (including purchasing or selling","page_number":112,"box":{"x":89,"y":441,"width":840,"height":12}},{"id":"14dd338c-3139-415d-a994-ee36f30437d5","block_type":"box","text":"securities that BlackRock may otherwise have purchased or sold for a client in the absence of a change to an information","page_number":112,"box":{"x":89,"y":456,"width":845,"height":12}},{"id":"f1a31d00-6faa-4c66-bf0a-c9def22d29dc","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":112,"box":{"x":89,"y":471,"width":800,"height":12}},{"id":"914a38c6-cf79-440c-a9d3-087eadfe809c","block_type":"box","text":"inadvertent crossings of the barriers, and actions by personnel on one side of a barrier may impact the potential actions of","page_number":112,"box":{"x":89,"y":486,"width":856,"height":12}},{"id":"99e32d6f-d2fb-41eb-ac53-6b7623b443cb","block_type":"box","text":"personnel on the other side of a barrier.","page_number":112,"box":{"x":89,"y":501,"width":274,"height":13}},{"id":"75d0157a-b499-4d2b-a982-0bac49d19f1c","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":112,"box":{"x":88,"y":528,"width":861,"height":12}},{"id":"0fe0d38d-a288-4f44-a5f2-0a3a7fc59c70","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":112,"box":{"x":88,"y":543,"width":803,"height":12}},{"id":"3a9a8ef9-c2f2-4599-bf2f-ca9901c5b771","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":112,"box":{"x":89,"y":558,"width":862,"height":12}},{"id":"04c7e72b-aa7c-4512-9d69-6bc7f435bf85","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":112,"box":{"x":89,"y":573,"width":845,"height":12}},{"id":"e15d5ee2-1b4b-4d56-b418-33283d299638","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":112,"box":{"x":89,"y":588,"width":834,"height":12}},{"id":"fa22ea3f-4522-4a37-8cfb-baba2b7af184","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":112,"box":{"x":89,"y":603,"width":811,"height":13}},{"id":"3e1a4264-9e49-4e73-9cbd-11560c4d05eb","block_type":"box","text":"e.g","page_number":112,"box":{"x":901,"y":606,"width":21,"height":10}},{"id":"251eee3d-36ab-4b9f-b0be-b76b127d3f28","block_type":"box","text":".,","page_number":112,"box":{"x":923,"y":611,"width":6,"height":4}},{"id":"ce2c8715-21fc-47b3-b21c-32cbde98449f","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":112,"box":{"x":89,"y":618,"width":849,"height":13}},{"id":"586af69d-26ca-4693-a7f5-d355fc5ede67","block_type":"box","text":"ownership restrictions (","page_number":112,"box":{"x":89,"y":633,"width":165,"height":13}},{"id":"bb548471-ad80-494e-9dcd-08b878ac9718","block_type":"box","text":"e.g","page_number":112,"box":{"x":255,"y":637,"width":20,"height":9}},{"id":"070b726e-35b5-442e-927c-e1748ce2f3c0","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":112,"box":{"x":276,"y":633,"width":688,"height":13}},{"id":"a2fbd054-e76e-4c7c-88be-9d784b00bb67","block_type":"box","text":"invests in certain futures and derivatives, there may be limits on the aggregate amount invested by BlackRock for its clients","page_number":112,"box":{"x":89,"y":649,"width":857,"height":12}},{"id":"c49c3bc3-efa5-42fc-b5d8-c7bb9296e6d7","block_type":"box","text":"and BlackRock’s proprietary accounts that may not be exceeded without the grant of a license or other regulatory or","page_number":112,"box":{"x":89,"y":664,"width":815,"height":12}},{"id":"26ea745c-701a-4d6f-85de-a48fb63d8e28","block_type":"box","text":"corporate approval, order, consent, relief, waiver or non-disapproval or, if exceeded, may cause BlackRock or its clients to be","page_number":112,"box":{"x":89,"y":679,"width":864,"height":12}},{"id":"dc8aff90-7a0c-4c90-a314-4c6dbdd658e5","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":112,"box":{"x":89,"y":694,"width":846,"height":12}},{"id":"9184c217-f987-4ee9-9ee8-dbbdc3b0d8e0","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":112,"box":{"x":89,"y":709,"width":813,"height":12}},{"id":"6e71d6d8-e509-4d68-9850-d1268b96a5de","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":112,"box":{"x":89,"y":724,"width":390,"height":13}},{"id":"29848bc9-5ac8-42f2-9aab-014ce8498cd1","block_type":"box","text":"e.g","page_number":112,"box":{"x":480,"y":727,"width":20,"height":10}},{"id":"b2c611cd-a415-4116-8176-ed48640d3fdb","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":112,"box":{"x":501,"y":724,"width":451,"height":13}},{"id":"e8d58dd1-c35b-4dc5-90fa-97da05699b26","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":112,"box":{"x":89,"y":739,"width":854,"height":13}},{"id":"757849d2-21f0-4c24-b941-df56f01c6483","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives. There may be","page_number":112,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"846a7cce-2376-4b16-b29f-c588770c0d44","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":112,"box":{"x":89,"y":770,"width":866,"height":12}},{"id":"809dea04-6b5a-49ce-8478-f65cab3fc043","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":112,"box":{"x":89,"y":785,"width":831,"height":12}},{"id":"2f39b98e-1f79-4f62-a4ae-4599ca6e48c3","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":112,"box":{"x":89,"y":800,"width":854,"height":12}},{"id":"93347b0b-98ae-42a4-a6e9-bf8f53ab1ccc","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":112,"box":{"x":89,"y":815,"width":547,"height":12}},{"id":"434d6e55-3657-4fa3-b2aa-c38f706448b2","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock client or as a","page_number":112,"box":{"x":89,"y":841,"width":859,"height":13}},{"id":"34a634da-7929-48c9-b6cb-1f93bfd63096","block_type":"box","text":"result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or dispose of investments, or","page_number":112,"box":{"x":89,"y":856,"width":878,"height":13}},{"id":"c7af297d-4049-420c-a404-91c9e0eb51a2","block_type":"box","text":"86","page_number":112,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f358f224-e17b-44d2-b61c-de5322cdd4ce","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":113,"box":{"x":89,"y":44,"width":793,"height":12}},{"id":"1aa6eee1-32ca-4470-a835-6c4c420cd35c","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":113,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"db66cfbb-2dad-4d06-ba3c-af638af964bc","block_type":"box","text":"restriction, a client may be unable to purchase or directly hold a security the client would otherwise purchase or hold. The","page_number":113,"box":{"x":89,"y":74,"width":852,"height":12}},{"id":"108ae7db-6a8c-46b6-8e2c-dcb6f87b6a73","block_type":"box","text":"limitation or restriction may be based on the holdings of other BlackRock clients instead of the specific client being restricted.","page_number":113,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"a0e092c4-b216-4f02-9633-5d3633b1f4ef","block_type":"box","text":"For index funds, this means a fund may not be able to track its index as closely as it would if it was not subject to an","page_number":113,"box":{"x":89,"y":104,"width":810,"height":13}},{"id":"bce2bb73-2cd8-4714-ad89-7c680c4fae0f","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":113,"box":{"x":89,"y":119,"width":835,"height":13}},{"id":"589749ad-d4a1-4551-b5db-99fa8e68496f","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":113,"box":{"x":89,"y":135,"width":841,"height":12}},{"id":"3b89951a-50fb-481e-a066-43286a3d940b","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":113,"box":{"x":89,"y":150,"width":874,"height":12}},{"id":"c9a7a4df-d32b-4c86-950b-4f3c3315fe04","block_type":"box","text":"voting rights or forgoing the right to receive dividends) when BlackRock, in its sole discretion, deems it appropriate in light of","page_number":113,"box":{"x":88,"y":165,"width":876,"height":12}},{"id":"05dc8f8d-3b3b-4d97-8cdf-bd0962316834","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":113,"box":{"x":89,"y":180,"width":878,"height":12}},{"id":"afec452b-584e-4e95-9d0a-1279502a337b","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":113,"box":{"x":88,"y":195,"width":812,"height":12}},{"id":"8c4683ad-fd37-4675-bf36-94e6f2664f2d","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek permission","page_number":113,"box":{"x":88,"y":222,"width":867,"height":12}},{"id":"01f74c5b-3e0a-4467-a060-63ff89ec9040","block_type":"box","text":"from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that permission will be","page_number":113,"box":{"x":88,"y":237,"width":840,"height":12}},{"id":"d492e89c-f584-4e34-b891-8d4ccdf70c9d","block_type":"box","text":"granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. The issuer and/or","page_number":113,"box":{"x":89,"y":252,"width":868,"height":12}},{"id":"7b0d71de-0a6c-4ace-8605-fe2689ba532c","block_type":"box","text":"regulator may also require that BlackRock on behalf of itself and its clients take or refrain from taking certain actions in","page_number":113,"box":{"x":89,"y":267,"width":829,"height":12}},{"id":"6026139a-2a86-420c-8faa-381e66772ae1","block_type":"box","text":"connection with the approval, order, consent, relief or non-disapproval, which BlackRock may accept if it believes the benefits","page_number":113,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"ecf980d4-d2ed-4d1e-b05f-b65ed66ca10c","block_type":"box","text":"outweigh the costs and may limit BlackRock from taking actions that it otherwise would take. In those circumstances where","page_number":113,"box":{"x":89,"y":297,"width":868,"height":12}},{"id":"f60a3cf3-a584-4a40-b211-f47926872794","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":113,"box":{"x":89,"y":312,"width":879,"height":13}},{"id":"78b08c46-1106-4f94-9909-58c0f1e4663d","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":113,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"7cc707ef-7388-4f0c-b6cd-6a50105fd85d","block_type":"box","text":"designed to prevent the occurrence of a breach of any applicable ownership threshold or limits, including, for example, when","page_number":113,"box":{"x":89,"y":342,"width":874,"height":13}},{"id":"84a9d271-8282-4e77-9689-18e6714b1a90","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":113,"box":{"x":89,"y":358,"width":868,"height":12}},{"id":"172c8fc9-930e-442c-a29f-553231178dbf","block_type":"box","text":"with respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection with","page_number":113,"box":{"x":88,"y":373,"width":875,"height":12}},{"id":"1401bc45-5a79-4ccd-bfe3-fcad30baeb74","block_type":"box","text":"purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and BlackRock is","page_number":113,"box":{"x":89,"y":388,"width":840,"height":12}},{"id":"44231fac-0c36-4655-bc93-5548983da339","block_type":"box","text":"unable to obtain relief to enable the continued holding of such investments, it may be necessary to reduce these positions to","page_number":113,"box":{"x":89,"y":403,"width":872,"height":12}},{"id":"360aeb99-b624-4cd8-b6a4-5eacac667bb6","block_type":"box","text":"meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. In these cases, the","page_number":113,"box":{"x":89,"y":418,"width":817,"height":12}},{"id":"51023111-ea9d-4d86-a2ee-d88cdecfe8ee","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":113,"box":{"x":89,"y":433,"width":613,"height":13}},{"id":"e685a3c5-333b-4ac5-b239-61284fc4c2d5","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be granted","page_number":113,"box":{"x":89,"y":460,"width":861,"height":12}},{"id":"7bf09b39-6f77-4217-9b6b-4fbf5964a30a","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":113,"box":{"x":89,"y":475,"width":814,"height":12}},{"id":"c5e8ca2b-f2bf-412c-aa9e-0a040e29ddbc","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":113,"box":{"x":89,"y":490,"width":481,"height":12}},{"id":"87f27f75-fe8b-43ec-9c0d-b29f82ecdae5","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":113,"box":{"x":89,"y":516,"width":872,"height":13}},{"id":"b446cbe4-b128-438d-9bee-7858a2f16cf7","block_type":"box","text":"authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended strategy with respect","page_number":113,"box":{"x":89,"y":531,"width":878,"height":13}},{"id":"38fb15dd-8a2e-421b-a107-8a28469a7cff","block_type":"box","text":"to such security or asset.","page_number":113,"box":{"x":88,"y":547,"width":174,"height":12}},{"id":"bb8495a3-8e69-4c64-8851-6a7d47e03628","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":113,"box":{"x":89,"y":573,"width":710,"height":12}},{"id":"4e94dd97-f1f1-4fa8-bf3c-7acd5c9e5694","block_type":"box","text":"Under an ETF Services Agreement, the Fund has, when applicable, retained BRIL, an affiliate of BFA, to perform certain order","page_number":113,"box":{"x":89,"y":599,"width":868,"height":13}},{"id":"922875ff-d407-450e-b81b-a150334ccb18","block_type":"box","text":"processing, Authorized Participant communications, and related services in connection with the issuance and redemption of","page_number":113,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"4b647e98-f6c6-4b25-bb03-ed79c1e46d1d","block_type":"box","text":"Creation Units of the Fund (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide","page_number":113,"box":{"x":89,"y":630,"width":831,"height":12}},{"id":"e7ec9c6f-94e4-4e44-8b85-646067d7969e","block_type":"box","text":"certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each","page_number":113,"box":{"x":89,"y":645,"width":845,"height":12}},{"id":"d6616f39-e710-417b-bc4e-5389b94c86cc","block_type":"box","text":"creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and","page_number":113,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"9cf14415-26be-464a-abaf-a00092edce59","block_type":"box","text":"received payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and from time to","page_number":113,"box":{"x":89,"y":675,"width":875,"height":12}},{"id":"6f339fe5-f1b7-4f5e-86b7-448f4bf16dd0","block_type":"box","text":"time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":113,"box":{"x":88,"y":690,"width":709,"height":13}},{"id":"b17d57b8-5e2e-41de-be3d-2169e687b7d4","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Fund may collect certain fees","page_number":113,"box":{"x":89,"y":717,"width":859,"height":12}},{"id":"e77f6509-63e8-47c0-a9a5-8b19e0a3a3c8","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. While","page_number":113,"box":{"x":88,"y":732,"width":809,"height":12}},{"id":"38511809-21f1-4fde-b73d-b7c2ae182118","block_type":"box","text":"BlackRock uses good faith estimates of the expected costs to the Fund in determining the rates for fees collected by the Fund","page_number":113,"box":{"x":89,"y":747,"width":877,"height":12}},{"id":"088c2f2d-9d61-4f28-a57f-7f4713997495","block_type":"box","text":"related to creation and redemption activity, BlackRock may have incentives to improve Fund performance through the","page_number":113,"box":{"x":89,"y":762,"width":824,"height":12}},{"id":"5bf1782a-594f-45f2-8a71-9012a2a9acba","block_type":"box","text":"collection of these fees. As these charges are based on estimates, where the charges exceed actual transaction-related costs","page_number":113,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"d59f1dbc-c4cd-4435-87df-5d6657905167","block_type":"box","text":"and/or expenses incurred by the Fund, Fund performance could improve as a result. BlackRock has established processes to","page_number":113,"box":{"x":89,"y":792,"width":869,"height":13}},{"id":"3fac9688-61df-4d9b-b963-1501aba86e74","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":113,"box":{"x":89,"y":807,"width":566,"height":13}},{"id":"1967dc6d-84df-46aa-a7d5-78facde0c95a","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to license and use","page_number":113,"box":{"x":89,"y":834,"width":877,"height":12}},{"id":"8f72ce8e-08c9-46a8-9e5f-297b2d4a614c","block_type":"box","text":"such indices as part of their investment strategy. Index based funds that seek to track the performance of securities indices","page_number":113,"box":{"x":89,"y":849,"width":859,"height":12}},{"id":"b1326f73-8889-4c63-81ad-0e2e550f6b43","block_type":"box","text":"also may use the name of the index or index provider in the fund name. Index providers, including BlackRock (to the extent","page_number":113,"box":{"x":89,"y":864,"width":861,"height":12}},{"id":"dda15445-ebd8-4b68-9ac4-afefc0647660","block_type":"box","text":"87","page_number":113,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8a1dda58-53b2-43fc-9c33-82bbc6945bc8","block_type":"box","text":"permitted by applicable law), may be paid licensing fees for use of their index or index name. In instances where BlackRock","page_number":114,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"b8440054-da65-455e-96e1-69f36265470c","block_type":"box","text":"charges a unitary management fee, BlackRock may have a financial incentive to use a BlackRock index that is less costly to","page_number":114,"box":{"x":89,"y":59,"width":856,"height":12}},{"id":"1749b092-d45f-4afb-b807-3bf14e8fff07","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":114,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"c07acb4a-84cb-464e-8c95-5e18941cdca6","block_type":"box","text":"acceptance in the marketplace for such indices. BlackRock is not obligated to license its indices to a Fund and the Funds are","page_number":114,"box":{"x":89,"y":89,"width":867,"height":13}},{"id":"be2c35e1-7f62-4c50-ba57-4d0687004408","block_type":"box","text":"under no obligation to use BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured","page_number":114,"box":{"x":89,"y":104,"width":852,"height":13}},{"id":"ef358147-40b5-4399-9402-57eba764816b","block_type":"box","text":"that the terms of any index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":114,"box":{"x":88,"y":119,"width":876,"height":13}},{"id":"55a1b45a-129a-4c50-b3e0-b380eea0080d","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":114,"box":{"x":89,"y":146,"width":681,"height":12}},{"id":"f18b7e49-e9d3-402a-882b-0b0efe2b14d0","block_type":"box","text":"e.g","page_number":114,"box":{"x":771,"y":149,"width":20,"height":9}},{"id":"b58915da-a54a-40bb-9787-9ae61a440610","block_type":"box","text":"., custodians,","page_number":114,"box":{"x":793,"y":146,"width":90,"height":11}},{"id":"81188519-69cc-44d2-9ba2-3d6caf5ed23f","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":114,"box":{"x":89,"y":161,"width":846,"height":12}},{"id":"1db60688-37ca-486c-b54e-4d471015c518","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":114,"box":{"x":89,"y":176,"width":853,"height":13}},{"id":"c2822ea2-5a4c-45e4-af5f-bed8840c4f18","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":114,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"ce502001-bb99-4459-b74c-dcedd14c51c2","block_type":"box","text":"with respect to a Fund. 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92,677,100,000","page_number":118,"box":{"x":89,"y":432,"width":879,"height":11}},{"id":"b5b92034-22b1-407f-bbb9-a1ba46aeec7f","block_type":"box","text":"Other Accounts 0 N/A","page_number":118,"box":{"x":89,"y":447,"width":879,"height":10}},{"id":"ab7a69ca-dba8-4458-947c-81d82046aa85","block_type":"box","text":"Matt Waldron","page_number":118,"box":{"x":89,"y":482,"width":97,"height":10}},{"id":"03c20df9-bfed-4722-bd4e-afe369a3f7cd","block_type":"box","text":"Types of Accounts","page_number":118,"box":{"x":88,"y":499,"width":107,"height":10}},{"id":"7c59bfc9-7475-4d62-90b2-7b0806d9abcc","block_type":"box","text":"Number Total Assets","page_number":118,"box":{"x":671,"y":499,"width":262,"height":8}},{"id":"a9dace32-17ae-4027-9f04-b33d03bfcbb6","block_type":"box","text":"Registered Investment Companies 344 $2,615,529,200,000","page_number":118,"box":{"x":89,"y":520,"width":879,"height":12}},{"id":"0e4fb87f-c395-430a-82e8-ef46dc0567ec","block_type":"box","text":"Other Pooled Investment Vehicles 146 354,643,100,000","page_number":118,"box":{"x":89,"y":535,"width":879,"height":12}},{"id":"774af2c9-2214-47d6-af96-3fcd7ef17e53","block_type":"box","text":"Other Accounts 74 166,574,100,000","page_number":118,"box":{"x":89,"y":550,"width":879,"height":12}},{"id":"bc4e4db7-02b8-4e2e-ac2b-4aa4d26427e9","block_type":"box","text":"Peter Sietsema","page_number":118,"box":{"x":89,"y":586,"width":105,"height":9}},{"id":"a761f2f8-f02e-4e81-b44c-f2e0887acb9d","block_type":"box","text":"Types of Accounts","page_number":118,"box":{"x":88,"y":603,"width":107,"height":10}},{"id":"3bf1616a-3e16-4ed8-a333-b40789af8ee7","block_type":"box","text":"Number Total Assets","page_number":118,"box":{"x":669,"y":603,"width":263,"height":7}},{"id":"c8f3611a-9003-46c7-a6c5-0ea1b377a88a","block_type":"box","text":"Registered Investment Companies 351 $2,622,868,400,000","page_number":118,"box":{"x":89,"y":623,"width":879,"height":13}},{"id":"82dc6fb2-0d75-4cca-b5d9-39a700a375ea","block_type":"box","text":"Other Pooled Investment Vehicles 210 898,693,700,000","page_number":118,"box":{"x":89,"y":639,"width":879,"height":11}},{"id":"43547883-5ae3-496d-9f7f-f0abc5061ed2","block_type":"box","text":"Other Accounts 63 657,918,500,000","page_number":118,"box":{"x":89,"y":654,"width":879,"height":11}},{"id":"ac2d80c6-ef0c-4bb2-a3db-4f25b6bdb395","block_type":"box","text":"Steven White","page_number":118,"box":{"x":88,"y":689,"width":94,"height":10}},{"id":"d110760e-6ea6-408a-b39c-e098e1d9ea84","block_type":"box","text":"Types of Accounts","page_number":118,"box":{"x":88,"y":706,"width":107,"height":10}},{"id":"aaeef3bd-f88a-471c-a455-9146842f6c08","block_type":"box","text":"Number Total Assets","page_number":118,"box":{"x":671,"y":706,"width":262,"height":8}},{"id":"69e35ae1-add0-4328-9de7-ac2195ad6ed2","block_type":"box","text":"Registered Investment Companies 343 $2,615,253,300,000","page_number":118,"box":{"x":89,"y":727,"width":879,"height":12}},{"id":"7894270b-e0b6-403a-8226-e4a399f040f7","block_type":"box","text":"Other Pooled Investment Vehicles 7 191,800,000","page_number":118,"box":{"x":89,"y":742,"width":879,"height":11}},{"id":"5a47263f-7c58-432a-b5db-7f5ae9919c97","block_type":"box","text":"Other Accounts 0 N/A","page_number":118,"box":{"x":89,"y":757,"width":879,"height":10}},{"id":"4b2c6a71-bf18-4e69-8e59-6453fdab9ad9","block_type":"box","text":"Pursuant to BFA’s policy, investment opportunities are allocated equitably among the Funds and other portfolios and","page_number":118,"box":{"x":89,"y":790,"width":814,"height":12}},{"id":"e7b18fc6-6938-4970-9358-55ab770eb9eb","block_type":"box","text":"accounts. For example, under certain circumstances, an investment opportunity may be restricted due to limited supply in","page_number":118,"box":{"x":89,"y":805,"width":854,"height":12}},{"id":"c41a8d8e-36bd-46c1-9551-185f1441c0d7","block_type":"box","text":"the market, legal constraints or other factors, in which event the investment opportunity will be allocated equitably among","page_number":118,"box":{"x":88,"y":820,"width":858,"height":12}},{"id":"3038dce7-a0a3-4fa6-a473-5417da12eed3","block_type":"box","text":"those portfolios and accounts, including the Funds, seeking such investment opportunity. As a consequence, from time to","page_number":118,"box":{"x":88,"y":835,"width":855,"height":12}},{"id":"b900f4da-6ea0-4006-af7f-47a96827c10d","block_type":"box","text":"time each Fund may receive a smaller allocation of an investment opportunity than it would have if the Portfolio Managers","page_number":118,"box":{"x":88,"y":850,"width":857,"height":13}},{"id":"0f2b48b8-640c-430c-af83-5f5746c28ba3","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":118,"box":{"x":89,"y":865,"width":489,"height":13}},{"id":"131eb879-d18d-493b-a6d8-0e806ae7cd8f","block_type":"box","text":"92","page_number":118,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9e610f29-ec51-422f-837a-de54d47489f3","block_type":"box","text":"Like the Funds, the other portfolios or accounts for which the Portfolio Managers are primarily responsible for the day-to-day","page_number":119,"box":{"x":89,"y":44,"width":875,"height":12}},{"id":"1f4ea4fb-b1c4-41fd-9e1d-768b433e3c1f","block_type":"box","text":"portfolio management generally pay an asset-based fee to BFA or its affiliates, as applicable, for its advisory services. One or","page_number":119,"box":{"x":89,"y":59,"width":866,"height":12}},{"id":"54205eba-2c73-4073-b87e-1912ab046160","block_type":"box","text":"more of those other portfolios or accounts, however, may pay BFA or its affiliates a performance-based fee in lieu of, or in","page_number":119,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"d77e93cb-098d-4a28-b3ab-d79a1af76472","block_type":"box","text":"addition to, an asset-based fee for its advisory services. A portfolio or account with a performance-based fee would pay BFA","page_number":119,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"d8f3db27-35b6-456c-89a1-146f025cb620","block_type":"box","text":"or its affiliates a portion of that portfolio’s or account’s gains, or would pay BFA or its affiliates more for its services than","page_number":119,"box":{"x":89,"y":104,"width":834,"height":13}},{"id":"421d0468-3eac-430e-87c6-0558b4f23a54","block_type":"box","text":"would otherwise be the case if BFA or any of its affiliates meets or exceeds specified performance targets. Performance-based","page_number":119,"box":{"x":88,"y":119,"width":879,"height":13}},{"id":"ca3b6942-a2ca-44fc-997a-9fec36417710","block_type":"box","text":"fee arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more","page_number":119,"box":{"x":88,"y":135,"width":799,"height":12}},{"id":"9e569158-d0fb-45b7-bb62-713abec14c38","block_type":"box","text":"investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or","page_number":119,"box":{"x":89,"y":150,"width":832,"height":12}},{"id":"73ac71df-e8d2-4495-bb87-5d2495f26b37","block_type":"box","text":"accounts, in order to earn larger fees. Although BFA and each of its affiliates have an obligation to allocate resources and","page_number":119,"box":{"x":89,"y":165,"width":843,"height":12}},{"id":"89012ac7-2b51-4a96-b0e9-061eab834d36","block_type":"box","text":"opportunities equitably among portfolios and accounts and intend to do so, shareholders of the Funds should be aware that,","page_number":119,"box":{"x":89,"y":180,"width":872,"height":12}},{"id":"4dd75f34-f703-49a7-8a1f-1839032a9f52","block_type":"box","text":"as with any group of portfolios and accounts managed by an investment adviser and/or its affiliates pursuant to varying fee","page_number":119,"box":{"x":89,"y":195,"width":865,"height":12}},{"id":"88c4acdb-d82a-4e34-b496-a05decdb5226","block_type":"box","text":"arrangements, including performance-based fee arrangements, there is the potential for a conflict of interest, which may","page_number":119,"box":{"x":89,"y":210,"width":845,"height":13}},{"id":"10d15e79-5c8a-450c-b8d6-91f6caa14add","block_type":"box","text":"result in the Portfolio Managers favoring those portfolios or accounts with performance-based fee arrangements.","page_number":119,"box":{"x":89,"y":225,"width":791,"height":13}},{"id":"38b53a7e-60d0-42b0-b7b1-de42fe0902d3","block_type":"box","text":"The tables below show, for each Portfolio Manager, the number of portfolios or accounts of the types set forth in the above","page_number":119,"box":{"x":88,"y":252,"width":861,"height":12}},{"id":"6630751d-ca77-430f-b652-ed72c2d37268","block_type":"box","text":"tables and the aggregate of total assets in those portfolios or accounts with respect to which the investment management","page_number":119,"box":{"x":88,"y":267,"width":858,"height":12}},{"id":"76d36a0a-59c7-4c07-9fa5-fbdc35cf75da","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of July 31, 2025:","page_number":119,"box":{"x":88,"y":282,"width":597,"height":12}},{"id":"cdb2fdbe-9550-4729-93fc-9a519b6f9cb3","block_type":"box","text":"Jennifer Hsui","page_number":119,"box":{"x":88,"y":311,"width":92,"height":11}},{"id":"79dfd91a-4b12-4f37-b6d5-2ac788aaf6f2","block_type":"box","text":"Types of Accounts","page_number":119,"box":{"x":88,"y":348,"width":107,"height":10}},{"id":"6381141b-7ff5-44a4-83a8-cd7b3e886c67","block_type":"box","text":"Number of Other Accounts","page_number":119,"box":{"x":643,"y":328,"width":155,"height":8}},{"id":"07cd8963-868e-4872-b17b-71648b4a3da7","block_type":"box","text":"with Performance Fees","page_number":119,"box":{"x":654,"y":338,"width":132,"height":8}},{"id":"ae5ad227-90c7-46cb-a1f8-1a215fae86e6","block_type":"box","text":"Managed by Portfolio 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Waldron","page_number":119,"box":{"x":89,"y":434,"width":97,"height":10}},{"id":"940e0f1e-75ba-434e-a4ab-16054ab4ef48","block_type":"box","text":"Types of Accounts","page_number":119,"box":{"x":88,"y":472,"width":107,"height":9}},{"id":"63c96ed2-46e7-42ba-a5d5-a9ad20a631d6","block_type":"box","text":"Number of Other Accounts","page_number":119,"box":{"x":643,"y":451,"width":155,"height":8}},{"id":"ca40e968-01e8-4b71-b1ce-ced984abeb8d","block_type":"box","text":"with Performance Fees","page_number":119,"box":{"x":654,"y":462,"width":132,"height":7}},{"id":"6f583448-3387-49cc-a414-5ac0480ebbc5","block_type":"box","text":"Managed by Portfolio Manager","page_number":119,"box":{"x":631,"y":472,"width":179,"height":9}},{"id":"96b49e89-7250-4e9f-a6bf-9fc9734e9aae","block_type":"box","text":"Aggregate","page_number":119,"box":{"x":896,"y":462,"width":59,"height":9}},{"id":"cdf6d80b-3111-46fa-bd9f-ebbdaf19382f","block_type":"box","text":"of Total Assets","page_number":119,"box":{"x":884,"y":472,"width":84,"height":7}},{"id":"f49a9fd8-7400-487d-b3d1-94ac7a6626d5","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":119,"box":{"x":89,"y":492,"width":851,"height":13}},{"id":"91cbbe3e-66e8-4512-8249-ebeba292093c","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":119,"box":{"x":89,"y":508,"width":851,"height":9}},{"id":"a9ff421b-b117-44ed-9d98-4afa860ca508","block_type":"box","text":"Other Accounts 0 N/A","page_number":119,"box":{"x":89,"y":523,"width":851,"height":9}},{"id":"d036ed3b-33fc-49fe-a0aa-e60f2c44089b","block_type":"box","text":"Peter Sietsema","page_number":119,"box":{"x":89,"y":558,"width":105,"height":10}},{"id":"819c7785-1b1a-4cb1-9141-80a30e2185f7","block_type":"box","text":"Types of Accounts","page_number":119,"box":{"x":88,"y":595,"width":107,"height":10}},{"id":"d7b73648-50cd-4a8a-b342-d46abaeeda0a","block_type":"box","text":"Number of Other 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N/A","page_number":119,"box":{"x":89,"y":631,"width":851,"height":10}},{"id":"df3d0385-65df-4e0f-8f73-d42a79401417","block_type":"box","text":"Other Accounts 0 N/A","page_number":119,"box":{"x":89,"y":646,"width":851,"height":10}},{"id":"cc099e36-1206-454d-afcf-fc4aa6beb99d","block_type":"box","text":"Steven White","page_number":119,"box":{"x":88,"y":681,"width":94,"height":10}},{"id":"43de0ca6-75fc-4a9d-8e57-8258f145c960","block_type":"box","text":"Types of Accounts","page_number":119,"box":{"x":88,"y":719,"width":107,"height":9}},{"id":"bd5d076e-a25c-40a1-ac24-edf319c2f12f","block_type":"box","text":"Number of Other Accounts","page_number":119,"box":{"x":643,"y":698,"width":155,"height":8}},{"id":"1384f51e-0dc9-476b-85bb-f0e402b199c7","block_type":"box","text":"with Performance Fees","page_number":119,"box":{"x":654,"y":708,"width":132,"height":8}},{"id":"76ee7dba-436c-4c9c-a80e-ad42901dfc31","block_type":"box","text":"Managed by Portfolio Manager","page_number":119,"box":{"x":631,"y":719,"width":179,"height":9}},{"id":"a346f85a-a160-4c1e-881b-f76c9cf37d24","block_type":"box","text":"Aggregate","page_number":119,"box":{"x":896,"y":709,"width":59,"height":9}},{"id":"074230c8-2162-46f5-9de9-5d1afa7dd95e","block_type":"box","text":"of Total Assets","page_number":119,"box":{"x":884,"y":719,"width":84,"height":7}},{"id":"98f4573b-67f1-42a4-ab31-8349721bc89e","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":119,"box":{"x":89,"y":739,"width":851,"height":13}},{"id":"65efa905-3c97-41c4-9f98-742afd5c7618","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":119,"box":{"x":89,"y":754,"width":851,"height":10}},{"id":"95473e8d-932e-4576-8bf8-373b540597bb","block_type":"box","text":"Other Accounts 0 N/A","page_number":119,"box":{"x":89,"y":770,"width":851,"height":9}},{"id":"27385850-a8eb-4e57-93c1-637f10043f8c","block_type":"box","text":"Portfolio Manager Compensation Overview","page_number":119,"box":{"x":88,"y":802,"width":303,"height":13}},{"id":"38e05d1f-72a4-4cc5-a995-0daa36cc9b93","block_type":"box","text":"The discussion below describes the Portfolio Managers’ compensation as of July 31, 2025.","page_number":119,"box":{"x":88,"y":829,"width":628,"height":12}},{"id":"e6e89489-d6da-4807-ae42-e9870db07b67","block_type":"box","text":"93","page_number":119,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9aa07005-6668-4687-93da-30310f6f249c","block_type":"box","text":"BlackRock, Inc.’s financial arrangements with its portfolio managers, its competitive compensation and its career path","page_number":120,"box":{"x":89,"y":44,"width":824,"height":12}},{"id":"26aee4e2-d27b-4766-adc2-696f8367385a","block_type":"box","text":"emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of","page_number":120,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"37b32e20-abd7-4452-b5fa-84766b79b549","block_type":"box","text":"components and may vary from year to year based on a number of factors. The principal components of compensation","page_number":120,"box":{"x":89,"y":74,"width":836,"height":12}},{"id":"a60005b1-340f-44a3-863e-6cf467843c18","block_type":"box","text":"include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more","page_number":120,"box":{"x":89,"y":89,"width":865,"height":13}},{"id":"866cfaaf-5d2c-4a75-843d-289b7ce59249","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":120,"box":{"x":89,"y":104,"width":496,"height":13}},{"id":"3af81929-23a2-42db-8477-6fc099ad1784","block_type":"box","text":"Each portfolio manager receives base compensation based on their position with the firm, as well as retirement and other","page_number":120,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"d2793d5c-4db9-42f3-9599-efddc3b29ab2","block_type":"box","text":"benefits offered to all BlackRock employees. 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As compensation for these services, State Street receives certain out-of-pocket costs, transaction fees and","page_number":123,"box":{"x":89,"y":467,"width":832,"height":13}},{"id":"fd59fd8b-51c7-406f-ba22-8ef835aec9ba","block_type":"box","text":"asset-based fees which are accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to pay","page_number":123,"box":{"x":89,"y":482,"width":872,"height":13}},{"id":"91908ee1-97b2-4913-8371-2e13aaa3b3f6","block_type":"box","text":"these operating expenses under the Investment Advisory Agreement as described therein.","page_number":123,"box":{"x":88,"y":497,"width":631,"height":13}},{"id":"4dd2a19f-fe4e-49fb-8c96-19ac7502365c","block_type":"box","text":"iShares China Large-Cap ETF, iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor","page_number":123,"box":{"x":88,"y":524,"width":859,"height":12}},{"id":"6b0b62bf-ab64-4aa0-b38a-bb150f8b2c0f","block_type":"box","text":"ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares","page_number":123,"box":{"x":88,"y":539,"width":861,"height":12}},{"id":"5cb1445b-a69b-43b9-837b-2a2fef1ed5bb","block_type":"box","text":"MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":123,"box":{"x":88,"y":554,"width":860,"height":12}},{"id":"704bcdcf-b84b-41a4-8682-de6ea84fad09","block_type":"box","text":"Small-Cap ETF, iShares MSCI USA Min Vol Factor ETF, iShares USA Momentum Factor ETF, iShares MSCI USA Quality","page_number":123,"box":{"x":88,"y":569,"width":845,"height":13}},{"id":"e6826f53-f963-47d2-8b72-6ea933926b2e","block_type":"box","text":"Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF","page_number":123,"box":{"x":88,"y":584,"width":622,"height":12}},{"id":"c6981d78-55aa-4221-b03d-6d122209fec0","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":123,"box":{"x":89,"y":611,"width":806,"height":12}},{"id":"cb4424f7-6d6f-43df-a393-df82ce76a6ae","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":123,"box":{"x":88,"y":626,"width":853,"height":12}},{"id":"e266ff59-efc4-458f-b9dc-62a40b5ed8ae","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary administrative, tax and accounting","page_number":123,"box":{"x":89,"y":641,"width":857,"height":12}},{"id":"08630dff-0700-4e79-85fe-a01da72e6f2b","block_type":"box","text":"and financial reporting services for the maintenance and operations of the Trust and each Fund. In addition, Citibank makes","page_number":123,"box":{"x":89,"y":656,"width":866,"height":13}},{"id":"0e313a4b-97c3-4f72-b9da-df01b0238691","block_type":"box","text":"available the office space, equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":123,"box":{"x":89,"y":671,"width":832,"height":13}},{"id":"bd0d251a-c30b-4596-863d-79a028e3d4d7","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities and other assets of the Trust","page_number":123,"box":{"x":88,"y":686,"width":855,"height":13}},{"id":"13753ce1-8b55-4e7c-b59e-599b59e43beb","block_type":"box","text":"and each Fund, keeps all necessary accounts and records and provides other services. Citibank is required, upon the order of","page_number":123,"box":{"x":89,"y":702,"width":872,"height":12}},{"id":"2b7915ba-36ef-44d2-8269-ae61f503b800","block_type":"box","text":"the Trust, to deliver securities held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":123,"box":{"x":88,"y":717,"width":851,"height":12}},{"id":"fe01d16f-f8ae-40af-90d3-639565a61880","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the","page_number":123,"box":{"x":89,"y":732,"width":856,"height":12}},{"id":"bb840b0e-8ed9-49c0-81af-069589ce6773","block_type":"box","text":"U.S. Pursuant to the Master Services Agreement with the Trust, Citibank acts as a transfer agent for each Fund’s authorized","page_number":123,"box":{"x":89,"y":747,"width":862,"height":12}},{"id":"ea314892-4451-412d-ade4-1a4a549a5185","block_type":"box","text":"and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":123,"box":{"x":89,"y":762,"width":855,"height":12}},{"id":"66de3d22-1747-4933-8a1b-b26097408dd4","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid","page_number":123,"box":{"x":89,"y":777,"width":818,"height":12}},{"id":"43573da4-c781-4905-99c6-717310eafb75","block_type":"box","text":"monthly by BFA. BFA pays the compensation because it has agreed to pay these operating expenses under the Investment","page_number":123,"box":{"x":89,"y":792,"width":854,"height":13}},{"id":"0dc2ce92-c00d-4845-b5c6-89fa6b566556","block_type":"box","text":"Advisory Agreement as described therein.","page_number":123,"box":{"x":88,"y":807,"width":293,"height":13}},{"id":"f86b09fb-fca8-422d-9381-85cfa213e444","block_type":"box","text":"Prior to August 11, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Europe","page_number":123,"box":{"x":89,"y":834,"width":836,"height":12}},{"id":"5355d7dd-3232-45e0-8077-a215106d5f15","block_type":"box","text":"Financials ETF and iShares MSCI Europe Small-Cap ETF.","page_number":123,"box":{"x":89,"y":849,"width":388,"height":12}},{"id":"0b2e9907-a44a-4501-a6d5-78ddf241091c","block_type":"box","text":"97","page_number":123,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7a18e83a-52e4-4c3b-b155-9ba672daa726","block_type":"box","text":"Prior to November 10, 2025, State Street served as administrator, custodian and transfer agent for iShares China Large-Cap","page_number":124,"box":{"x":89,"y":44,"width":858,"height":12}},{"id":"ba895f5a-9296-44b4-9c84-5806e5f1339a","block_type":"box","text":"ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF,","page_number":124,"box":{"x":89,"y":59,"width":827,"height":12}},{"id":"7f528fc0-d811-4ad3-9e01-3d186f43533d","block_type":"box","text":"iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF and iShares MSCI EAFE Value ETF.","page_number":124,"box":{"x":89,"y":74,"width":735,"height":11}},{"id":"27c6efc4-de34-48c1-a3fc-d2c74ad5c9d8","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF","page_number":124,"box":{"x":88,"y":116,"width":876,"height":12}},{"id":"f49c94e5-6211-4b08-b6ad-c3046d6ed1c3","block_type":"box","text":"and iShares U.S. Tech Breakthrough Multisector ETF","page_number":124,"box":{"x":88,"y":131,"width":379,"height":12}},{"id":"7f46cb12-3d61-44df-a64c-f979e5773cfd","block_type":"box","text":"JPMorgan serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":124,"box":{"x":92,"y":157,"width":818,"height":13}},{"id":"aec4a5c7-36d3-4f7b-9415-6ad12dee9828","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":124,"box":{"x":88,"y":172,"width":479,"height":13}},{"id":"4794919b-ae4c-4099-8795-fe0766341a22","block_type":"box","text":"th","page_number":124,"box":{"x":570,"y":170,"width":10,"height":7}},{"id":"77040220-ac42-4d48-9a34-e022be591efd","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Master","page_number":124,"box":{"x":586,"y":172,"width":353,"height":12}},{"id":"84330025-165b-4c12-b635-3075dbb0c4f8","block_type":"box","text":"Services Agreement with the Trust, JPMorgan provides necessary administrative, tax and accounting and financial reporting","page_number":124,"box":{"x":88,"y":188,"width":866,"height":12}},{"id":"5bf49a98-0a8c-4eed-80a7-48282d30a172","block_type":"box","text":"services for the maintenance and operations of the Trust and each Fund. In addition, JPMorgan makes available the office","page_number":124,"box":{"x":89,"y":203,"width":848,"height":12}},{"id":"89cda8a3-7d35-4467-8b8a-fd21864ae5cd","block_type":"box","text":"space, equipment, personnel and facilities required to provide such services. Pursuant to the Master Services Agreement with","page_number":124,"box":{"x":89,"y":218,"width":876,"height":12}},{"id":"732d3ffa-1c72-409c-96f0-ddd79dfed7a7","block_type":"box","text":"the Trust, JPMorgan maintains, in separate accounts, cash, securities and other assets of the Trust and each Fund, keeps all","page_number":124,"box":{"x":88,"y":233,"width":861,"height":12}},{"id":"985328d8-e49f-47ce-96df-673f23199c2c","block_type":"box","text":"necessary accounts and records and provides other services. JPMorgan is required, upon the order of the Trust, to deliver","page_number":124,"box":{"x":89,"y":248,"width":845,"height":12}},{"id":"1edaeace-bdbe-418f-be02-0af4ad65b5e3","block_type":"box","text":"securities held by JPMorgan and to make payments for securities purchased by the Trust for each Fund. JPMorgan is","page_number":124,"box":{"x":89,"y":263,"width":809,"height":12}},{"id":"53382714-b002-4b8d-82e3-665e496e048d","block_type":"box","text":"authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the U.S. Pursuant","page_number":124,"box":{"x":89,"y":278,"width":878,"height":13}},{"id":"8c1b287d-96be-487f-a708-5d14321f23a5","block_type":"box","text":"to the Master Services Agreement with the Trust, JPMorgan acts as a transfer agent for each Fund’s authorized and issued","page_number":124,"box":{"x":88,"y":293,"width":854,"height":13}},{"id":"ad5104d8-6b7e-4a95-b729-76a5498b5eb6","block_type":"box","text":"shares of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these services, JPMorgan","page_number":124,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"0514802f-e902-4109-bf08-cf906c39f7fa","block_type":"box","text":"receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by BFA.","page_number":124,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"2b7b97e4-bcaa-415d-afc1-7d7597dafa8f","block_type":"box","text":"BFA pays the compensation because it has agreed to pay these operating expenses under the Investment Advisory","page_number":124,"box":{"x":89,"y":339,"width":801,"height":12}},{"id":"d178c228-0697-44f1-9c73-e1347f6a0f91","block_type":"box","text":"Agreement as described therein.","page_number":124,"box":{"x":88,"y":354,"width":227,"height":12}},{"id":"936623a2-e5ba-44bf-b23f-5f7ba85d66a4","block_type":"box","text":"JPMorgan serves as custodian for certain Funds in connection with certain securities lending activities under a Custody","page_number":124,"box":{"x":88,"y":380,"width":834,"height":13}},{"id":"1356e043-b0f1-44f0-b501-00af67bf8e97","block_type":"box","text":"Services Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":124,"box":{"x":88,"y":395,"width":540,"height":13}},{"id":"ea255b36-9a52-4a84-914a-cab4df505413","block_type":"box","text":"th","page_number":124,"box":{"x":632,"y":393,"width":10,"height":7}},{"id":"dfe17e25-6ab9-444b-b564-dd35811b0b10","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the","page_number":124,"box":{"x":648,"y":395,"width":299,"height":12}},{"id":"e5f0afaa-73be-4977-b392-25720acc1f84","block_type":"box","text":"Custody Services Agreement with BTC and the Trust, JPMorgan provides custody and related services required to facilitate","page_number":124,"box":{"x":89,"y":410,"width":854,"height":13}},{"id":"12dec2fb-d36e-4c94-8c84-eefcc653008f","block_type":"box","text":"securities lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending","page_number":124,"box":{"x":89,"y":426,"width":827,"height":12}},{"id":"b388d92b-8c3a-4647-8aad-48ceb2e5b488","block_type":"box","text":"activity in coordination with other funds, maintains custodial records and provides other services. As compensation for these","page_number":124,"box":{"x":89,"y":441,"width":875,"height":12}},{"id":"828bff36-0a06-4879-9c90-926ad02a6385","block_type":"box","text":"services, JPMorgan receives certain fees and expenses paid by BTC from its compensation for its services as securities lending","page_number":124,"box":{"x":89,"y":456,"width":876,"height":12}},{"id":"d3a1a5c0-1b46-4b5e-b59b-a4ae45c731f3","block_type":"box","text":"agent.","page_number":124,"box":{"x":89,"y":472,"width":42,"height":11}},{"id":"6a549943-1000-4319-8130-57aa19944f18","block_type":"box","text":"Distributor.","page_number":124,"box":{"x":89,"y":497,"width":80,"height":10}},{"id":"bb628aeb-3c8d-46d6-9b67-1d122079d321","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":124,"box":{"x":178,"y":497,"width":783,"height":13}},{"id":"b4f591b2-f8d6-4a02-a0a4-5ea8c8550f56","block_type":"box","text":"sale by the Funds through the Distributor or its agent only in Creation Units, as described in the applicable Prospectus and","page_number":124,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"e1474224-fbb5-40d2-aab8-cfc410f67f6c","block_type":"box","text":"below in the","page_number":124,"box":{"x":89,"y":528,"width":85,"height":9}},{"id":"b7ee723b-75c0-491f-b95b-8b829571be1d","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":124,"box":{"x":179,"y":528,"width":300,"height":12}},{"id":"e463f7e4-b9cd-49ee-8b89-4082d6374ec4","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":124,"box":{"x":484,"y":528,"width":473,"height":9}},{"id":"a3441988-188b-4a8c-b805-f7ff96af5e26","block_type":"box","text":"are generally not distributed by the Distributor or its agent. The Distributor or its agent will arrange for the delivery of the","page_number":124,"box":{"x":89,"y":543,"width":845,"height":12}},{"id":"8bb7c3cf-1cdb-4057-a134-2f1fec99aeac","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":124,"box":{"x":89,"y":558,"width":846,"height":12}},{"id":"fa888709-17f7-4d3d-a216-45da232c2df1","block_type":"box","text":"orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. The Distributor is a broker","page_number":124,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"220e0dc6-af9e-48ee-ac4b-a93515a735d6","block_type":"box","text":"dealer registered under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and a member of the Financial","page_number":124,"box":{"x":89,"y":588,"width":852,"height":12}},{"id":"493e80ca-440c-4691-9f12-ec335cc11c87","block_type":"box","text":"Industry Regulatory Authority, Inc. (“FINRA”). The Distributor is also licensed as a broker-dealer in all 50 U.S. states, as well as","page_number":124,"box":{"x":89,"y":603,"width":876,"height":13}},{"id":"0acf1c06-4634-4cdd-94d5-833408fe7550","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":124,"box":{"x":89,"y":618,"width":462,"height":13}},{"id":"3820aede-b05a-4c3d-9493-dc3144413a11","block_type":"box","text":"The Distribution Agreement for each Fund provides that it may be terminated at any time, without the payment of any","page_number":124,"box":{"x":88,"y":645,"width":829,"height":12}},{"id":"c1d4d28f-e93d-443e-bd1d-898de00aa0fb","block_type":"box","text":"penalty, on at least 60 days’ prior written notice to the other party following (i) the vote of a majority of the Independent","page_number":124,"box":{"x":89,"y":660,"width":840,"height":12}},{"id":"23046d58-482a-4a4a-8120-407f213b8a28","block_type":"box","text":"Trustees, or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the relevant Fund.","page_number":124,"box":{"x":88,"y":675,"width":861,"height":12}},{"id":"ab64d292-7e75-414e-8282-9bd548d8aec1","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":124,"box":{"x":88,"y":690,"width":811,"height":13}},{"id":"fc59ec4e-a080-41a4-83e9-52e2347a4d98","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":124,"box":{"x":88,"y":717,"width":848,"height":12}},{"id":"51bcde88-e078-4aff-8d0e-67183063529a","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":124,"box":{"x":89,"y":732,"width":818,"height":12}},{"id":"d47419ee-095c-43ef-b01c-34da3c12fec2","block_type":"box","text":"participants and/or investor services organizations.","page_number":124,"box":{"x":89,"y":747,"width":357,"height":12}},{"id":"eb8bb2b3-07ee-422d-acb6-f97361b74085","block_type":"box","text":"BFA or its affiliates may, from time to time and from its own resources, pay, defray or absorb costs relating to distribution,","page_number":124,"box":{"x":89,"y":773,"width":847,"height":13}},{"id":"3b19b601-dd5b-46c2-a661-9bcde89b36f2","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":124,"box":{"x":89,"y":788,"width":743,"height":13}},{"id":"454d0549-4701-4cf9-afb3-42271df16593","block_type":"box","text":"Securities Lending.","page_number":124,"box":{"x":88,"y":815,"width":137,"height":12}},{"id":"be2d91d1-8e75-45a5-8f04-4d4458b787e5","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":124,"box":{"x":234,"y":815,"width":681,"height":12}},{"id":"35d407e3-324f-4ee8-8931-e149e985c3ed","block_type":"box","text":"pursuant to SEC exemptive relief, and BTC acts as securities lending agent for the Funds, subject to the overall supervision of","page_number":124,"box":{"x":89,"y":830,"width":872,"height":12}},{"id":"fce54c4f-c980-4529-a23d-51781b69ad23","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":124,"box":{"x":89,"y":845,"width":592,"height":12}},{"id":"c4ae33b8-bda3-4458-a4ab-6c27fd3282c9","block_type":"box","text":"98","page_number":124,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7a67f3c1-dcc9-488c-b641-a9d847bf1472","block_type":"box","text":"Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its","page_number":125,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"ef8cf73d-9a36-46bb-ad87-a089bd9eb724","block_type":"box","text":"services as securities lending agent. Securities lending income is generally equal to the total of income earned from the","page_number":125,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"225f30fa-81a9-423e-af35-53fc10a8ba83","block_type":"box","text":"reinvestment of cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to","page_number":125,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"89a82eef-f0fd-455c-b13f-4ea4a4aeb66a","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":125,"box":{"x":89,"y":89,"width":844,"height":13}},{"id":"9a9488d3-bb54-4008-8983-bd4a36237b5d","block_type":"box","text":"lending, including custodial costs of JPMorgan. Each Fund is responsible for fees in connection with the investment of cash","page_number":125,"box":{"x":89,"y":104,"width":859,"height":13}},{"id":"f0a7c90d-afcb-41b9-be5e-ac27ab5e6ac5","block_type":"box","text":"collateral received for securities on loan in a money market fund managed by BFA (the “collateral investment fees”); however,","page_number":125,"box":{"x":89,"y":119,"width":874,"height":13}},{"id":"6b546587-bc0c-4889-9dac-d257b643de44","block_type":"box","text":"BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":125,"box":{"x":89,"y":135,"width":820,"height":12}},{"id":"8a87c87a-1c82-4a39-8413-fd978324d3fc","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load,","page_number":125,"box":{"x":89,"y":150,"width":870,"height":12}},{"id":"83551619-3c90-46ba-9699-525ffe94ac7f","block_type":"box","text":"redemption fee, distribution fee or service fee.","page_number":125,"box":{"x":89,"y":165,"width":319,"height":12}},{"id":"0012295e-cbd7-44ad-8416-b1c73719f49f","block_type":"box","text":"To the extent that a Fund invests cash collateral in a non-government money market fund, the Fund may be subject to a","page_number":125,"box":{"x":88,"y":191,"width":841,"height":13}},{"id":"514d808f-73b1-4a2a-a804-4130c7504b1c","block_type":"box","text":"discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any","page_number":125,"box":{"x":89,"y":206,"width":858,"height":13}},{"id":"9995f494-5a8e-4b54-b011-c732451b3a3c","block_type":"box","text":"time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee","page_number":125,"box":{"x":88,"y":222,"width":844,"height":12}},{"id":"24824113-c558-42d7-810e-3bc9bc7ac99d","block_type":"box","text":"would be, or would not be, respectively, in the best interest of the money market fund. Additionally, a Fund will be subject to","page_number":125,"box":{"x":88,"y":237,"width":868,"height":12}},{"id":"dbb4a718-e14a-4c29-a81a-d02ca1f8cbea","block_type":"box","text":"a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market","page_number":125,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"fb76c25c-bef5-42fb-b7ae-458df8c865c2","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":125,"box":{"x":88,"y":267,"width":415,"height":12}},{"id":"68299eb1-ff4b-4dcc-9ded-ab18b442b094","block_type":"box","text":"i.e","page_number":125,"box":{"x":504,"y":268,"width":15,"height":9}},{"id":"94249c9f-1d76-4547-8ad5-cfcedcbd6616","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":125,"box":{"x":520,"y":267,"width":429,"height":12}},{"id":"83e27007-c849-4764-be45-4e67d6b83447","block_type":"box","text":"will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund","page_number":125,"box":{"x":88,"y":282,"width":879,"height":12}},{"id":"52c15255-a748-4e47-b034-f41c3ee27538","block_type":"box","text":"would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on","page_number":125,"box":{"x":88,"y":297,"width":861,"height":12}},{"id":"da7d54f7-1b40-4cf4-873f-4832c311c140","block_type":"box","text":"that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of","page_number":125,"box":{"x":88,"y":312,"width":841,"height":13}},{"id":"f7e13022-159c-44d4-b55a-4ff573acd552","block_type":"box","text":"selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default","page_number":125,"box":{"x":89,"y":327,"width":831,"height":13}},{"id":"91682549-3c08-4739-835c-75c9cbeef20f","block_type":"box","text":"liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any such discretionary or mandatory","page_number":125,"box":{"x":89,"y":342,"width":835,"height":13}},{"id":"664e5b90-9ec7-4e57-a3d8-c7ea8c9d3531","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":125,"box":{"x":89,"y":358,"width":464,"height":12}},{"id":"78776c63-b376-41f4-b53f-0cb78bd0b111","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":125,"box":{"x":89,"y":384,"width":871,"height":12}},{"id":"2c95e550-a705-4f8c-8354-663298260b14","block_type":"box","text":"of a Fund’s asset class category (fixed-income, domestic equity, international equity or fund-of-funds), each of which may be","page_number":125,"box":{"x":89,"y":399,"width":877,"height":13}},{"id":"46f73070-19ec-4857-bbbe-e8030be419e3","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Trust and BTC.","page_number":125,"box":{"x":89,"y":414,"width":685,"height":13}},{"id":"27ff58de-d732-43fa-a8a0-2c629388d9e0","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":125,"box":{"x":89,"y":441,"width":439,"height":12}},{"id":"bc7657ef-452d-4d57-be1a-90abd6382fbd","block_type":"box","text":"(i) domestic equity funds, such as the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor","page_number":125,"box":{"x":89,"y":467,"width":877,"height":13}},{"id":"c3bf27d4-f1ff-4dec-aaa9-e4507b708958","block_type":"box","text":"ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF,","page_number":125,"box":{"x":89,"y":482,"width":836,"height":13}},{"id":"9434b5dc-5492-4f38-954e-e09cca652274","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares","page_number":125,"box":{"x":89,"y":497,"width":864,"height":13}},{"id":"d8965fdb-db50-4ba0-ac52-f770a2bb561f","block_type":"box","text":"U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech Breakthrough Multisector ETF (“Domestic Equity Funds”), retain 81%","page_number":125,"box":{"x":89,"y":513,"width":872,"height":12}},{"id":"67088576-ebc2-409c-8364-267eacdc525f","block_type":"box","text":"of securities lending income (which excludes collateral investment fees) and (ii) this amount could never be less than 70% of","page_number":125,"box":{"x":89,"y":528,"width":877,"height":12}},{"id":"c2111c11-eeae-4de7-a247-b60279975205","block_type":"box","text":"the sum of securities lending income plus collateral investment fees","page_number":125,"box":{"x":88,"y":543,"width":474,"height":12}},{"id":"d23eb0c1-254b-4332-a0b1-d64bf21e4063","block_type":"box","text":"(i) international equity funds, such as iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares","page_number":125,"box":{"x":89,"y":569,"width":801,"height":13}},{"id":"23a3d8c6-8fa5-4e8c-8b1c-ad1596a06f57","block_type":"box","text":"International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min","page_number":125,"box":{"x":89,"y":584,"width":856,"height":13}},{"id":"9fe2c681-e796-441b-b6e9-5dc9afd87fd1","block_type":"box","text":"Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares","page_number":125,"box":{"x":88,"y":599,"width":871,"height":13}},{"id":"bc6a2e8e-07d3-4356-83bb-b42b702c7064","block_type":"box","text":"MSCI Europe Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, and iShares MSCI","page_number":125,"box":{"x":89,"y":615,"width":877,"height":12}},{"id":"1893e590-e912-491b-be71-bbc1eaff12ec","block_type":"box","text":"Intl Value Factor ETF (“International Equity Funds”), retain 82% of securities lending income (which excludes collateral","page_number":125,"box":{"x":89,"y":630,"width":829,"height":12}},{"id":"5bdddba8-735c-4d67-af32-da065d31dea5","block_type":"box","text":"investment fees) and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral","page_number":125,"box":{"x":89,"y":645,"width":838,"height":12}},{"id":"a411c7e1-f220-4124-8f31-e76ec0faf250","block_type":"box","text":"investment fees.","page_number":125,"box":{"x":89,"y":660,"width":112,"height":10}},{"id":"9087b577-70c1-4218-8fa4-b8b1dbadd5db","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":125,"box":{"x":89,"y":686,"width":863,"height":13}},{"id":"7e7c93fc-ffee-45cc-951e-fc5044193e97","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in the","page_number":125,"box":{"x":88,"y":702,"width":679,"height":12}},{"id":"f9e7d61b-2759-40a6-8e07-f033b814cee5","block_type":"box","text":"Management — Trustees","page_number":125,"box":{"x":772,"y":702,"width":178,"height":12}},{"id":"38aa12ad-3702-4756-a030-ea72150c93e9","block_type":"box","text":"and Officers","page_number":125,"box":{"x":88,"y":717,"width":84,"height":11}},{"id":"1865c65b-200c-4842-b36a-e8c18eb2d1c7","block_type":"box","text":"section of this SAI) in a calendar year exceeds specified thresholds, each applicable Fund, pursuant to the","page_number":125,"box":{"x":177,"y":717,"width":737,"height":12}},{"id":"2d7548f9-52db-45cb-9ea7-e46e0206546c","block_type":"box","text":"current Securities Lending Agency Agreement, will receive for the remainder of that calendar year securities lending income","page_number":125,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"2b5854c1-9eb0-4959-95b5-a22ad9062f54","block_type":"box","text":"as follows:","page_number":125,"box":{"x":89,"y":747,"width":72,"height":10}},{"id":"4b57a7fe-9985-49c9-b5b2-fbc2a33e917b","block_type":"box","text":"Domestic Equity Funds","page_number":125,"box":{"x":88,"y":773,"width":159,"height":13}},{"id":"1909ac45-432c-4f31-8df6-0a0f9ae4ec52","block_type":"box","text":"(i) 84% of securities lending income (which excludes collateral investment fees); and (ii) this amount can never be less than","page_number":125,"box":{"x":89,"y":800,"width":866,"height":12}},{"id":"092d9846-e1a2-41cd-aea0-01753de99205","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":125,"box":{"x":89,"y":815,"width":532,"height":12}},{"id":"91d4c945-fdae-4d78-a6ab-b0b71dd13a06","block_type":"box","text":"International Equity Funds","page_number":125,"box":{"x":88,"y":841,"width":183,"height":13}},{"id":"3e9ffbfa-4852-42fe-9a18-595fb5a00691","block_type":"box","text":"99","page_number":125,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ab63ab33-ad27-4358-b5cc-c4a193f0a462","block_type":"box","text":"(i) 85% of securities lending income (which excludes collateral investment fees); and (ii) this amount can never be less than","page_number":126,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"5a8a4e0c-a555-4e62-9ac3-4df745e9c32e","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":126,"box":{"x":89,"y":59,"width":532,"height":12}},{"id":"473bf42e-d4c6-49e0-a992-e8c9cd103b8d","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended July 31, 2025 primarily included the following:","page_number":126,"box":{"x":88,"y":85,"width":874,"height":13}},{"id":"dbfd8f55-5182-4490-a336-7a4a68198b9e","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":126,"box":{"x":109,"y":112,"width":817,"height":12}},{"id":"5349bda4-6a0e-49da-8808-7361e25cdfab","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":126,"box":{"x":109,"y":127,"width":316,"height":11}},{"id":"1bde69b2-cb21-436f-bb50-3e7f0baf1efb","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":126,"box":{"x":109,"y":153,"width":519,"height":13}},{"id":"8039802b-cc85-4023-921b-b65c2aae21b0","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":126,"box":{"x":109,"y":180,"width":314,"height":12}},{"id":"e77eb52d-eebf-45e5-8d28-d3331f0899de","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return of","page_number":126,"box":{"x":109,"y":206,"width":836,"height":13}},{"id":"04c14f69-b4c4-424d-a863-e6703dde0c60","block_type":"box","text":"excess collateral, as necessary;","page_number":126,"box":{"x":108,"y":222,"width":214,"height":12}},{"id":"4113abaa-da35-4078-b5e5-cdd75552b3ec","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":126,"box":{"x":109,"y":248,"width":543,"height":12}},{"id":"707a41a2-017c-45d5-987c-a07486e7f5a0","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":126,"box":{"x":109,"y":274,"width":652,"height":13}},{"id":"6c963fdf-012f-483b-932a-8ab3d4ed44d5","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of the","page_number":126,"box":{"x":109,"y":301,"width":821,"height":12}},{"id":"8f7f9af3-1f8e-42cc-8271-192cc2f72985","block_type":"box","text":"liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that of the loaned","page_number":126,"box":{"x":109,"y":316,"width":839,"height":12}},{"id":"476d50f8-ac16-4477-8ae7-633ff93ecc7e","block_type":"box","text":"securities; and","page_number":126,"box":{"x":108,"y":331,"width":100,"height":11}},{"id":"b9db3a2a-28f1-444a-a7c9-56d754eac12b","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":126,"box":{"x":109,"y":358,"width":793,"height":12}},{"id":"18ad400c-0e65-4e9e-bd4c-c0b4814fdcc0","block_type":"box","text":"The following tables show the dollar amounts of income and fees/compensation related to the securities lending activities of","page_number":126,"box":{"x":88,"y":384,"width":878,"height":12}},{"id":"d6075d3e-b664-4497-9af4-49e8d755d3c0","block_type":"box","text":"each Fund during its most recent fiscal year ended July 31, 2025.","page_number":126,"box":{"x":89,"y":399,"width":449,"height":13}},{"id":"fa64a839-9a79-4ceb-9e52-dea1aa5821bb","block_type":"box","text":"Fund","page_number":126,"box":{"x":89,"y":449,"width":27,"height":8}},{"id":"aa0575bc-2870-4f41-9b5d-9af53bab9f52","block_type":"box","text":"iShares China","page_number":126,"box":{"x":350,"y":439,"width":78,"height":8}},{"id":"94a31186-41d6-4b74-9f85-6576464f738f","block_type":"box","text":"Large-Cap ETF","page_number":126,"box":{"x":347,"y":449,"width":84,"height":10}},{"id":"6fa67d8a-a1b8-449c-9088-212ae2a7655e","block_type":"box","text":"iShares ESG Optimized","page_number":126,"box":{"x":481,"y":429,"width":130,"height":10}},{"id":"44e31ac1-c787-452d-8113-9f64431e0fdc","block_type":"box","text":"MSCI USA Min Vol","page_number":126,"box":{"x":494,"y":439,"width":104,"height":8}},{"id":"cf97b6a2-5622-4dfb-8601-5837f09a6a54","block_type":"box","text":"Factor ETF","page_number":126,"box":{"x":517,"y":449,"width":59,"height":8}},{"id":"0290e404-7636-4751-91ff-ff84b4e24ea9","block_type":"box","text":"iShares International","page_number":126,"box":{"x":661,"y":429,"width":119,"height":8}},{"id":"ed14b797-f8a8-41f4-a8b9-6b88dd77e940","block_type":"box","text":"Equity Factor","page_number":126,"box":{"x":684,"y":439,"width":74,"height":10}},{"id":"af937fa5-de96-4582-b27d-a90ed6ce81de","block_type":"box","text":"ETF","page_number":126,"box":{"x":711,"y":449,"width":20,"height":8}},{"id":"b8400337-b914-4a05-aca4-9712715d1d0f","block_type":"box","text":"iShares International","page_number":126,"box":{"x":840,"y":429,"width":118,"height":8}},{"id":"bc2b2c91-04e5-467f-bec0-ae54930e6d61","block_type":"box","text":"Small-Cap Equity Factor","page_number":126,"box":{"x":830,"y":439,"width":138,"height":10}},{"id":"04dd3431-839d-468d-a727-6b5255e55650","block_type":"box","text":"ETF","page_number":126,"box":{"x":889,"y":449,"width":21,"height":8}},{"id":"e2686c3f-72c5-4371-9ccb-93adc579c19c","block_type":"box","text":"Gross income from","page_number":126,"box":{"x":89,"y":467,"width":136,"height":9}},{"id":"927310f8-ca1f-4f0c-aa29-6709bb0ce4fa","block_type":"box","text":"securities","page_number":126,"box":{"x":105,"y":482,"width":68,"height":9}},{"id":"66e9deca-2464-4634-a316-8a2be6c85a32","block_type":"box","text":"lending activities","page_number":126,"box":{"x":105,"y":497,"width":121,"height":12}},{"id":"6a0ab301-5dfb-4a14-9b8c-4f900891b1aa","block_type":"box","text":"$2,040,646 $4,703 $272,583 $953,073","page_number":126,"box":{"x":348,"y":467,"width":584,"height":11}},{"id":"92873c2e-8408-46a9-9f62-717041026c2b","block_type":"box","text":"Fees and/or compensation","page_number":126,"box":{"x":88,"y":516,"width":188,"height":13}},{"id":"863c52e7-6cf8-4ed4-9edd-86cf33c4e200","block_type":"box","text":"for securities lending","page_number":126,"box":{"x":104,"y":531,"width":145,"height":13}},{"id":"946e228d-7d4a-4427-99b4-015bd0bb8e72","block_type":"box","text":"activities and","page_number":126,"box":{"x":105,"y":547,"width":92,"height":9}},{"id":"77a134b3-c0e1-4a94-8c42-e7670d44e603","block_type":"box","text":"related services","page_number":126,"box":{"x":104,"y":562,"width":108,"height":9}},{"id":"42eee52d-26f6-4538-9b14-34b49331ac2b","block_type":"box","text":"Securities lending","page_number":126,"box":{"x":118,"y":579,"width":123,"height":13}},{"id":"51769e3b-6f2f-4ea3-9c40-b7d298935e44","block_type":"box","text":"income paid to","page_number":126,"box":{"x":118,"y":594,"width":104,"height":13}},{"id":"b727d16e-148d-456c-9e7b-ffe8f2a68cd2","block_type":"box","text":"BTC for services as","page_number":126,"box":{"x":119,"y":610,"width":129,"height":9}},{"id":"1258ab0a-778e-47a4-a9b2-966663906198","block_type":"box","text":"securities","page_number":126,"box":{"x":118,"y":626,"width":65,"height":8}},{"id":"06222956-03cf-46f3-a63b-e4157853e25b","block_type":"box","text":"lending agent","page_number":126,"box":{"x":118,"y":640,"width":96,"height":12}},{"id":"8dbdd573-032a-49e8-ba73-201f09d717bf","block_type":"box","text":"219,237 33 5,827 84,629","page_number":126,"box":{"x":376,"y":577,"width":556,"height":11}},{"id":"427c50c3-74c5-44f1-84c5-daa8d7860203","block_type":"box","text":"Cash collateral","page_number":126,"box":{"x":118,"y":657,"width":101,"height":10}},{"id":"de627bb2-370b-4a39-903f-9a4156623dcb","block_type":"box","text":"management","page_number":126,"box":{"x":118,"y":674,"width":94,"height":11}},{"id":"33cbfbc7-0fa4-40b2-b7fc-74b3bebd4d0e","block_type":"box","text":"expenses not included in","page_number":126,"box":{"x":118,"y":688,"width":173,"height":12}},{"id":"27c976c6-5be9-49a8-aed4-5a86918bbae6","block_type":"box","text":"securities lending","page_number":126,"box":{"x":118,"y":703,"width":121,"height":12}},{"id":"7b895fee-cc76-4b99-85b7-21b6197aee58","block_type":"box","text":"income paid to 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Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":132,"box":{"x":89,"y":267,"width":868,"height":12}},{"id":"be709fe3-9f76-44a5-8868-2617cf128b9f","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":132,"box":{"x":89,"y":282,"width":844,"height":12}},{"id":"91edcb7b-feaf-4f15-9d14-28af6afd3007","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":132,"box":{"x":89,"y":297,"width":871,"height":12}},{"id":"6bfd555e-de9f-4bfa-8f67-49d8e07e9c9b","block_type":"box","text":"With respect to certain funds and Products, payments by the BFA Entities may take the form of, among other things, “due","page_number":132,"box":{"x":88,"y":312,"width":850,"height":13}},{"id":"a7d8c6eb-80f8-46ad-8ae5-1c64fcda25cd","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":132,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"bcc38cac-f89d-4d17-ba66-327a6b7203b0","block_type":"box","text":"information relating to such funds and Products; fees for access (in some cases on a preferential basis) to an Intermediary’s","page_number":132,"box":{"x":89,"y":342,"width":864,"height":13}},{"id":"32066df8-eba8-4d4e-81a2-2ed3bf993329","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":132,"box":{"x":89,"y":358,"width":861,"height":12}},{"id":"525d70c7-41b8-4065-845c-4d15d6c4479c","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":132,"box":{"x":89,"y":373,"width":807,"height":12}},{"id":"8191d18f-630d-4b1b-8fa9-6145ac34847a","block_type":"box","text":"assistance in promoting the sale of such funds and Products. In such cases, the payments to Intermediaries may be tiered or","page_number":132,"box":{"x":89,"y":388,"width":871,"height":12}},{"id":"2a069ac4-5398-48e3-b701-1aa7e3867227","block_type":"box","text":"based on a percentage of the value of the funds and Products held by customers of the applicable Intermediary and may also","page_number":132,"box":{"x":89,"y":403,"width":875,"height":12}},{"id":"cc687253-ca49-4aeb-917e-818d70d8f092","block_type":"box","text":"be subject to minimum payment levels. Payments made pursuant to such arrangements may vary in any year and may be","page_number":132,"box":{"x":89,"y":418,"width":851,"height":12}},{"id":"a86c243d-d9bb-4684-bb66-b24bebaca240","block_type":"box","text":"different for different Intermediaries and third parties and may reflect different services provided. As of the date of this SAI,","page_number":132,"box":{"x":89,"y":433,"width":855,"height":13}},{"id":"b8886e74-e114-4079-a14e-b47702b566a3","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":132,"box":{"x":88,"y":448,"width":821,"height":13}},{"id":"7e31ca3c-649b-4dd1-bf85-e19a67c80320","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":132,"box":{"x":89,"y":463,"width":780,"height":13}},{"id":"993a8cba-8658-4d81-aae3-6800a42aaeae","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":132,"box":{"x":89,"y":479,"width":839,"height":12}},{"id":"e79eed9e-7f1c-4a83-b2c0-bab66484eebb","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":132,"box":{"x":89,"y":494,"width":821,"height":12}},{"id":"c5dc3b87-f6f9-47e5-815b-1bbc207ed352","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":132,"box":{"x":89,"y":509,"width":847,"height":12}},{"id":"447bcd9b-7b3c-4a42-9403-868da57a9753","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":132,"box":{"x":89,"y":524,"width":858,"height":12}},{"id":"fa362c22-aea1-45de-87cb-4d1705315523","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":132,"box":{"x":89,"y":539,"width":877,"height":12}},{"id":"fc48a2c3-35a3-477e-be3d-f245ff5e0fa4","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":132,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"23c2aca2-c845-460f-9d3b-9072d1064ce9","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":132,"box":{"x":88,"y":569,"width":878,"height":13}},{"id":"34850fe5-8140-4439-8d8c-875c0e861334","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":132,"box":{"x":88,"y":584,"width":842,"height":13}},{"id":"79ddfdcf-1651-4856-8c64-7fe813f0d587","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":132,"box":{"x":89,"y":599,"width":637,"height":13}},{"id":"792605c7-02fd-4643-9e3b-ab97361a576a","block_type":"box","text":"Further, BFA Entities make Education Costs and Publishing Costs payments to other Intermediaries that are not listed in the","page_number":132,"box":{"x":89,"y":626,"width":861,"height":12}},{"id":"faddf475-7ce8-4623-8b89-c583c586d9f0","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":132,"box":{"x":89,"y":641,"width":870,"height":12}},{"id":"5a1ff819-1737-463c-bd18-42d7970d74eb","block_type":"box","text":"example, BFA Entities may make payments at year-end or other intervals in a fixed amount, an amount based upon an","page_number":132,"box":{"x":89,"y":656,"width":826,"height":13}},{"id":"0eb6d59c-02d5-42c9-b910-471e30d5b217","block_type":"box","text":"Intermediary’s services at defined levels or an amount based on the Intermediary’s net sales of one or more Products,","page_number":132,"box":{"x":89,"y":671,"width":821,"height":13}},{"id":"15ff4ba8-f890-4302-b335-8106eb7d65a7","block_type":"box","text":"including the Fund, in a year or other period, any of which arrangements may include an agreed-upon minimum or","page_number":132,"box":{"x":89,"y":686,"width":805,"height":13}},{"id":"c0e7a53e-5ca8-4319-a2b3-53ec98329576","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":132,"box":{"x":89,"y":702,"width":862,"height":12}},{"id":"a90e66dd-0a82-42e1-9e0d-0d02882aae2a","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":132,"box":{"x":88,"y":717,"width":835,"height":12}},{"id":"1179716e-d871-4e71-9da4-425fc194f40c","block_type":"box","text":"payments made, or financial incentives offered, by the BFA Entities to an Intermediary may create the incentive for the","page_number":132,"box":{"x":89,"y":732,"width":823,"height":12}},{"id":"10e67e8a-1e34-45cd-949d-8dc64c1ccce3","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":132,"box":{"x":89,"y":747,"width":578,"height":12}},{"id":"bb4a239b-ad61-43e9-80ac-2e495ce096a9","block_type":"box","text":"The Fund may participate in certain market maker incentive programs of a national securities exchange in which an affiliate","page_number":132,"box":{"x":88,"y":773,"width":864,"height":13}},{"id":"79808f5e-f109-4975-a408-d07a2aa8c417","block_type":"box","text":"of the Fund would pay a fee to the exchange used for the purpose of incentivizing one or more market makers in the","page_number":132,"box":{"x":89,"y":788,"width":814,"height":13}},{"id":"3e71a5a3-6a48-455d-85f3-f5d53b2b1c19","block_type":"box","text":"securities of the Fund to enhance the liquidity and quality of the secondary market of securities of the Fund. The fee would","page_number":132,"box":{"x":89,"y":804,"width":859,"height":12}},{"id":"e42ae7c9-469e-40cd-9f38-ffa35b81afc5","block_type":"box","text":"then be credited by the exchange to one or more market makers that meet or exceed liquidity and market quality standards","page_number":132,"box":{"x":88,"y":819,"width":865,"height":12}},{"id":"00f173b4-0da6-4008-b0bf-142fcbb3df1e","block_type":"box","text":"with respect to the securities of the Fund. Each market maker incentive program is subject to approval from the SEC. Any","page_number":132,"box":{"x":88,"y":834,"width":847,"height":12}},{"id":"82750196-50a3-451f-b565-213e0d85273f","block_type":"box","text":"such fee payments made to an exchange will be made by an affiliate of the Fund solely for the benefit of the Fund and will","page_number":132,"box":{"x":89,"y":849,"width":851,"height":12}},{"id":"c1a2168b-8b61-48bd-b457-122b8b6e45b8","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":132,"box":{"x":89,"y":864,"width":722,"height":12}},{"id":"690e240f-fac1-4f4b-adf2-1e6f11b17cd8","block_type":"box","text":"106","page_number":132,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"f1b4d622-33be-4b66-97aa-e27e4959e38d","block_type":"box","text":"Determination of Net Asset Value","page_number":133,"box":{"x":91,"y":44,"width":558,"height":24}},{"id":"db5a3171-cb9d-4398-90fe-223ea8c753fe","block_type":"box","text":"Valuation of Shares.","page_number":133,"box":{"x":88,"y":85,"width":144,"height":10}},{"id":"0abcc8fa-b7b0-49fa-9e55-782316745e85","block_type":"box","text":"The NAV for each Fund is generally calculated as of the close of regular trading hours on the New York","page_number":133,"box":{"x":237,"y":85,"width":717,"height":13}},{"id":"7bbddcbe-43d6-4e28-85ea-b8529fc36767","block_type":"box","text":"Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time) on each business day the NYSE is open. Valuation of assets held","page_number":133,"box":{"x":88,"y":101,"width":877,"height":12}},{"id":"6d3f2012-a578-43bc-84f5-ff5af1e4a6bc","block_type":"box","text":"by a Fund is as follows:","page_number":133,"box":{"x":89,"y":116,"width":159,"height":12}},{"id":"6832e7ac-60c2-4bcd-8e03-fb29449785db","block_type":"box","text":"Equity Investments.","page_number":133,"box":{"x":89,"y":143,"width":139,"height":11}},{"id":"72bebbcb-99a8-4d49-9e88-46c8f2e95086","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":133,"box":{"x":235,"y":142,"width":429,"height":12}},{"id":"64aab721-7c1c-4bcd-a0ed-f153dd9d1985","block_type":"box","text":"e.g.","page_number":133,"box":{"x":665,"y":145,"width":23,"height":9}},{"id":"9bb5a857-87b8-49e2-86a3-31a6d9fcd17c","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":133,"box":{"x":690,"y":142,"width":277,"height":12}},{"id":"3c327cc2-ac3c-4abc-a3de-a1b9180f01a9","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":133,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"060945aa-db7e-46b9-996a-6a3f740e9d9a","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":133,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"623e7de5-a12c-4389-a765-e9ad3c357e00","block_type":"box","text":"or, if an Exchange closing price is not available, the last traded price on that Exchange prior to the time as of which the assets","page_number":133,"box":{"x":89,"y":188,"width":874,"height":12}},{"id":"067fcb73-cc14-4386-8304-306b76f8b2ca","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":133,"box":{"x":89,"y":203,"width":841,"height":12}},{"id":"300dcda6-fecc-4879-a33c-cbb06ac8314b","block_type":"box","text":"used. If an equity security is traded on more than one Exchange, the current market value of the security where it is primarily","page_number":133,"box":{"x":89,"y":218,"width":872,"height":12}},{"id":"e8f22121-9957-4dad-aaaf-a9e6ba1878fe","block_type":"box","text":"traded generally will be used. In the event that there are no sales involving an equity security held by a Fund on a day on","page_number":133,"box":{"x":88,"y":233,"width":838,"height":12}},{"id":"2518736d-aeac-4037-b481-293d1b5bc943","block_type":"box","text":"which a Fund values such security, the prior day’s price will be used, unless BFA determines that such prior day’s price no","page_number":133,"box":{"x":88,"y":248,"width":848,"height":12}},{"id":"057ed04c-61ff-4dda-bcf2-e453db26cd3d","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as defined","page_number":133,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"fcbe89ea-78e7-43e8-829a-f890306324c2","block_type":"box","text":"below).","page_number":133,"box":{"x":89,"y":278,"width":50,"height":13}},{"id":"e73fae17-e25a-4209-bce1-7efd5971e7b3","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":133,"box":{"x":89,"y":305,"width":337,"height":12}},{"id":"cd58893f-e2e1-42e2-831c-34eff4c53eea","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":133,"box":{"x":432,"y":305,"width":518,"height":12}},{"id":"2668f4d8-1cc3-441b-9191-ee27731cfe7f","block_type":"box","text":"or those that are customized) for which market quotations are readily available are valued at the mean of the last bid and ask","page_number":133,"box":{"x":89,"y":320,"width":874,"height":12}},{"id":"a3cd03b5-1a74-4b5c-8205-48ebc4765430","block_type":"box","text":"prices as quoted on the Exchange or the board of trade on which such options are traded. In the event that there is no mean","page_number":133,"box":{"x":89,"y":335,"width":868,"height":12}},{"id":"eeea38c4-8e1e-4dc0-a430-0ce0cfe1d947","block_type":"box","text":"price available for such exchange traded equity option held by a Fund on a day on which a Fund values such option, the last","page_number":133,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"8915abe9-f0d2-4516-91d7-897c3a83a6a4","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask price is","page_number":133,"box":{"x":89,"y":365,"width":873,"height":12}},{"id":"c4c36142-405b-435a-b158-ca00b7e86737","block_type":"box","text":"available on a day on which a Fund values such option, the prior day’s price will be used, unless BFA determines that such","page_number":133,"box":{"x":89,"y":380,"width":850,"height":13}},{"id":"643bde23-4e89-4888-bae5-38c9ce055906","block_type":"box","text":"prior day’s price no longer reflects the fair value of the option, in which case such option will be treated as a Fair Value Asset.","page_number":133,"box":{"x":89,"y":395,"width":871,"height":13}},{"id":"141bbcfb-e9a2-4987-9e96-ae9196d25812","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives, may be valued using a","page_number":133,"box":{"x":89,"y":410,"width":859,"height":13}},{"id":"b561547c-e133-4e8b-bbdb-af1c4c0e698c","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":133,"box":{"x":89,"y":426,"width":824,"height":12}},{"id":"f08ce8b4-a1b3-405b-8f7e-d93ef21d2f4b","block_type":"box","text":"thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such exchanges.","page_number":133,"box":{"x":88,"y":441,"width":857,"height":12}},{"id":"1c663ece-4259-4806-9fd7-a8509205f8e2","block_type":"box","text":"Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing","page_number":133,"box":{"x":88,"y":456,"width":874,"height":12}},{"id":"9d526ecd-2bba-4a67-a84d-5258b324f5d0","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":133,"box":{"x":89,"y":471,"width":368,"height":10}},{"id":"0f90d174-51dc-4ded-832d-54cd62191a13","block_type":"box","text":"Underlying Funds.","page_number":133,"box":{"x":89,"y":497,"width":130,"height":13}},{"id":"077a6542-f9fd-443c-b279-5082e5d31919","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":133,"box":{"x":224,"y":497,"width":694,"height":13}},{"id":"319cb13d-35fe-4e6d-bc6f-1465c7adad27","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":133,"box":{"x":89,"y":513,"width":759,"height":12}},{"id":"4a3051b2-a2d6-4b36-bc14-455804ecef55","block_type":"box","text":"General Valuation Information.","page_number":133,"box":{"x":89,"y":539,"width":222,"height":10}},{"id":"8b4402f5-2e54-45c5-a2ad-91911e3594b5","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":133,"box":{"x":317,"y":539,"width":612,"height":12}},{"id":"14f8fcdf-7ce6-4dc7-85fd-4cb14dc4b0db","block_type":"box","text":"makers to value a Fund’s securities and other assets and liabilities are based on information available at the time a Fund","page_number":133,"box":{"x":89,"y":554,"width":836,"height":10}},{"id":"e1b296df-1148-4729-9d57-a0a3b1d898c6","block_type":"box","text":"values its assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on","page_number":133,"box":{"x":88,"y":569,"width":853,"height":13}},{"id":"21773b4e-f182-4351-8191-dddd3912173a","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":133,"box":{"x":88,"y":584,"width":813,"height":13}},{"id":"96679735-5587-4b4c-b788-f0aefcedce32","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":133,"box":{"x":89,"y":599,"width":700,"height":13}},{"id":"e4f11166-9ade-48f5-8dc9-b07e602476f4","block_type":"box","text":"The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the","page_number":133,"box":{"x":88,"y":626,"width":867,"height":12}},{"id":"81d9e99c-99ab-4913-acd6-3c2b6a23129e","block_type":"box","text":"investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation methodology","page_number":133,"box":{"x":89,"y":641,"width":866,"height":12}},{"id":"cc35acaa-12e4-40eb-a441-4414592c6568","block_type":"box","text":"or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be","page_number":133,"box":{"x":89,"y":656,"width":859,"height":13}},{"id":"88e8dd2d-79c8-44ef-9b20-050aec45bcf0","block_type":"box","text":"less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain","page_number":133,"box":{"x":89,"y":671,"width":846,"height":13}},{"id":"12f29363-8693-4a70-990a-ebe2766399a9","block_type":"box","text":"upon the sale of the investment. A Fund’s ability to value its investment may also be impacted by technological issues and/or","page_number":133,"box":{"x":89,"y":686,"width":876,"height":13}},{"id":"4b0814bf-1068-4f30-93c2-7a4fdaa847e4","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":133,"box":{"x":89,"y":702,"width":439,"height":12}},{"id":"07f6f3af-a55f-4b71-a24b-cfa416a1528f","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":133,"box":{"x":88,"y":728,"width":627,"height":12}},{"id":"c646243e-7a23-4d09-8d71-c53ef590ef81","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is deemed not","page_number":133,"box":{"x":89,"y":754,"width":871,"height":13}},{"id":"0c86c569-4350-4089-8f12-49ac2716c1e9","block_type":"box","text":"to be representative of the fair market value of such security, the security will be valued by, under the direction of or in","page_number":133,"box":{"x":88,"y":770,"width":823,"height":12}},{"id":"492fa6c9-a87f-4108-a07d-fd4b47ef1e86","block_type":"box","text":"accordance with a method approved by BFA, each Fund’s valuation designee, as reflecting fair value. All other assets and","page_number":133,"box":{"x":89,"y":785,"width":843,"height":12}},{"id":"b491c304-16f0-4d14-aad0-0efa18d9d9fe","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":133,"box":{"x":89,"y":800,"width":836,"height":12}},{"id":"9cdb1015-8187-45a6-b885-3c59a1e50713","block_type":"box","text":"securities) are valued at fair value as determined in good faith by BFA pursuant to the Valuation Procedures. Any assets and","page_number":133,"box":{"x":89,"y":815,"width":862,"height":12}},{"id":"2a3276d8-ccea-4c21-b124-edfc06bd18ac","block_type":"box","text":"liabilities which are denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":133,"box":{"x":89,"y":830,"width":805,"height":12}},{"id":"b5f40d9b-5491-4243-96db-2e4b5605f1ff","block_type":"box","text":"107","page_number":133,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"48daae37-c882-4aa1-b58e-9f164be02cd5","block_type":"box","text":"Use of fair value prices and certain current market valuations could result in a difference between the prices used to calculate","page_number":134,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"cc92b4c6-fd29-4bbc-a519-57b1ce8edc5b","block_type":"box","text":"a Fund’s NAV and the prices used in the Underlying Index, which, in turn, could result in a difference between a Fund’s","page_number":134,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"de03b735-1aac-4f91-9cfc-9b27045428e2","block_type":"box","text":"performance and the performance of the Underlying Index.","page_number":134,"box":{"x":89,"y":74,"width":413,"height":12}},{"id":"99129cdd-94d3-4a8f-86c6-189a773d929f","block_type":"box","text":"Fair Value.","page_number":134,"box":{"x":89,"y":101,"width":73,"height":9}},{"id":"e11c33c2-3f00-4f62-b572-769e45781638","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, a Fund’s investments are","page_number":134,"box":{"x":167,"y":101,"width":796,"height":12}},{"id":"65b62ca5-1fde-4a6b-83f7-7037a3beb39c","block_type":"box","text":"valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BFA in accordance with the Valuation Procedures.","page_number":134,"box":{"x":88,"y":116,"width":854,"height":12}},{"id":"a841ab2c-be6a-43ee-8a13-55d2eeee50d3","block_type":"box","text":"Pursuant to Rule 2a-5 under the Investment Company Act, the Board of Trustees has designated BFA as the valuation","page_number":134,"box":{"x":89,"y":131,"width":820,"height":12}},{"id":"0179d73b-9404-429a-aeff-e71d7ababb8f","block_type":"box","text":"designee for the respective Funds for which it serves as investment adviser. BFA may reasonably conclude that a market","page_number":134,"box":{"x":89,"y":146,"width":837,"height":12}},{"id":"1ac4b81d-786f-45eb-b531-b11f6272c53f","block_type":"box","text":"quotation is not readily available or is unreliable if, among other things, a security or other asset or liability does not have a","page_number":134,"box":{"x":89,"y":161,"width":855,"height":12}},{"id":"67cabfe4-de7e-4fe5-b56b-cf6d419fc72c","block_type":"box","text":"price source due to its complete lack of trading, if BFA believes a market quotation from a broker-dealer or other source is","page_number":134,"box":{"x":89,"y":176,"width":851,"height":13}},{"id":"ed606cef-6e72-4c82-a44a-4a1fb9fbde85","block_type":"box","text":"unreliable (","page_number":134,"box":{"x":89,"y":191,"width":77,"height":13}},{"id":"3dc192e5-b257-4bfd-bf7f-9d8911eab7c6","block_type":"box","text":"e.g.","page_number":134,"box":{"x":167,"y":194,"width":23,"height":10}},{"id":"a0e5f15b-ca21-42e4-b72d-2164b6d080b4","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other","page_number":134,"box":{"x":192,"y":191,"width":745,"height":13}},{"id":"b51e1d48-8baf-4a48-a215-a844d44f8989","block_type":"box","text":"asset or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":134,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"9c190efb-40cd-4a26-974e-8b15e3ec8d6e","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":134,"box":{"x":88,"y":222,"width":822,"height":12}},{"id":"f4aec313-d9a0-4bfe-beb9-20234c3fcfc9","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BFA determines, in its reasonable business judgment, that an event has","page_number":134,"box":{"x":89,"y":237,"width":860,"height":12}},{"id":"ab6bd79f-3487-4ff4-9de9-e609fb134c31","block_type":"box","text":"occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s assets or liabilities, is","page_number":134,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"677bc855-9c29-4f0d-9207-23b95ffb647b","block_type":"box","text":"likely to cause a material change to the last exchange closing price or closing market price of one or more assets held by, or","page_number":134,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"13bd3119-c408-4cc7-8650-269c80d6f6c0","block_type":"box","text":"liabilities of, a Fund. On any day the NYSE is open and a foreign market or the primary exchange on which a foreign asset or","page_number":134,"box":{"x":89,"y":282,"width":864,"height":12}},{"id":"070d3b15-c8e0-4253-8806-daaac9015fc0","block_type":"box","text":"liability is traded is closed, such asset or liability will be valued using the prior day’s price, provided that BFA is not aware of","page_number":134,"box":{"x":89,"y":297,"width":858,"height":12}},{"id":"9c27925a-16d4-4451-8450-df0c069839fb","block_type":"box","text":"any significant event or other information that would cause such price to no longer reflect the fair value of the asset or","page_number":134,"box":{"x":89,"y":312,"width":829,"height":13}},{"id":"17c6c8b1-7efd-42f6-80a1-07c5d2de0591","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":134,"box":{"x":89,"y":327,"width":573,"height":13}},{"id":"5473203c-4105-4d2a-b5e8-7c903a25f1d7","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of","page_number":134,"box":{"x":89,"y":354,"width":874,"height":12}},{"id":"9db813cf-a117-455d-91a4-50dcf2e69970","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":134,"box":{"x":89,"y":369,"width":787,"height":12}},{"id":"a6a5e840-790a-4c2f-a474-5fa551ab5a8e","block_type":"box","text":"methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the close of the","page_number":134,"box":{"x":89,"y":384,"width":867,"height":12}},{"id":"f2896fe4-4835-4dec-b05d-4df9d1470ec9","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":134,"box":{"x":89,"y":399,"width":559,"height":13}},{"id":"1fdff79b-5935-4683-9b24-d2688bbb250d","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":134,"box":{"x":89,"y":426,"width":843,"height":12}},{"id":"b5e4b0aa-d938-4413-9122-c5d0c066b3e9","block_type":"box","text":"inputs used in the fair valuation of Fund assets or liabilities. In addition, a Fund’s accounting agent assists BFA by periodically","page_number":134,"box":{"x":89,"y":441,"width":874,"height":12}},{"id":"44da39c0-c049-4847-9688-38b8053c7e57","block_type":"box","text":"endeavoring to confirm the prices it receives from all third-party pricing services, index providers and broker-dealers. BFA","page_number":134,"box":{"x":89,"y":456,"width":847,"height":12}},{"id":"c863ad45-c37a-48d5-859b-cf0d8a70741c","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":134,"box":{"x":89,"y":471,"width":676,"height":12}},{"id":"0fe816c0-26b7-40d5-9af3-2e6179c9b1b6","block_type":"box","text":"When determining the price for a Fair Value Asset, BFA will seek to determine the price that a Fund might reasonably expect","page_number":134,"box":{"x":88,"y":497,"width":868,"height":13}},{"id":"4039e320-c8c0-4ba6-b325-756d1cb80a1c","block_type":"box","text":"to receive from the current sale of that asset or liability in an arm’s-length transaction on the date on which the asset or","page_number":134,"box":{"x":88,"y":513,"width":838,"height":12}},{"id":"e51b2b67-2438-4ce9-ba3e-dde091c5504a","block_type":"box","text":"liability is being valued, and does not seek to determine the price a Fund might reasonably expect to receive for selling an","page_number":134,"box":{"x":89,"y":528,"width":847,"height":12}},{"id":"d14e4711-a93b-4c1b-af75-a81c216d0b59","block_type":"box","text":"asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all","page_number":134,"box":{"x":89,"y":543,"width":856,"height":12}},{"id":"94f1143b-1cb9-4142-83a5-cc86461ab516","block_type":"box","text":"available factors that BFA deems relevant at the time of the determination, and may be based on analytical values determined","page_number":134,"box":{"x":89,"y":558,"width":877,"height":12}},{"id":"2962eaea-e859-4b9c-9e71-806ec27d2188","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":134,"box":{"x":89,"y":573,"width":397,"height":12}},{"id":"01e545c0-e4df-48af-b22d-aec5f540361d","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair value of an","page_number":134,"box":{"x":89,"y":599,"width":848,"height":13}},{"id":"5132474e-436e-4e55-93c8-7c1bee7e5f72","block_type":"box","text":"investment, one or more fair value methodologies may be used (depending on certain factors, including the asset type). For","page_number":134,"box":{"x":89,"y":615,"width":865,"height":12}},{"id":"e970996e-48d4-4b05-8dca-354d396f6d8d","block_type":"box","text":"example, the investment may be initially priced based on the original cost of the investment or, alternatively, using proprietary","page_number":134,"box":{"x":89,"y":630,"width":878,"height":12}},{"id":"64dc4a67-c43b-4712-a351-d4a569fe1af6","block_type":"box","text":"or third-party models that may rely upon one or more unobservable inputs. Prices of actual, executed or historical","page_number":134,"box":{"x":89,"y":645,"width":795,"height":12}},{"id":"51804070-af79-4450-a505-377d7a9833e8","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":134,"box":{"x":88,"y":660,"width":839,"height":12}},{"id":"bacb4c74-9801-4b9c-a021-e3c5642c4aae","block_type":"box","text":"experienced in the valuation of similar instruments, may also be used as a basis for establishing the fair value of an","page_number":134,"box":{"x":89,"y":675,"width":801,"height":12}},{"id":"6e386daa-88fc-4977-ab89-4bec890126ec","block_type":"box","text":"investment.","page_number":134,"box":{"x":89,"y":691,"width":80,"height":9}},{"id":"62868f8e-19f2-40ed-b46e-823918ffed92","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could","page_number":134,"box":{"x":88,"y":717,"width":865,"height":12}},{"id":"c3328c7f-bf19-4f9f-9271-7d93ae38ced0","block_type":"box","text":"have been sold during the period in which the particular fair values were used in determining a Fund’s NAV. As a result, a","page_number":134,"box":{"x":89,"y":732,"width":843,"height":12}},{"id":"b8a9c225-32af-4371-ae31-7136bca23383","block_type":"box","text":"Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the","page_number":134,"box":{"x":89,"y":747,"width":850,"height":12}},{"id":"21c4c0e6-177e-44da-8e8e-e6ce45afc76a","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":134,"box":{"x":89,"y":762,"width":540,"height":12}},{"id":"d9cef1a8-3f82-406b-bb5e-67e97e134aa2","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":134,"box":{"x":89,"y":788,"width":843,"height":13}},{"id":"571f5ccf-81e9-4e21-a786-299cbbfbe98f","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":134,"box":{"x":89,"y":804,"width":795,"height":12}},{"id":"f9c75641-b2b9-4a5e-803d-98f5d523130c","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":134,"box":{"x":88,"y":819,"width":838,"height":12}},{"id":"34dd8f56-a334-4adc-a4df-ddb823639c8c","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":134,"box":{"x":89,"y":834,"width":835,"height":12}},{"id":"a7d412fe-4a72-478a-ba5e-85f69ab7d67e","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":134,"box":{"x":89,"y":849,"width":499,"height":12}},{"id":"9b071220-1276-479b-9f3c-46be603b1c70","block_type":"box","text":"108","page_number":134,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"095e1e06-1ac3-43f2-9dd2-8782074d6c79","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are evolving. Such","page_number":135,"box":{"x":89,"y":44,"width":870,"height":12}},{"id":"f0a947d0-3f7c-4b8c-a008-58756c908c59","block_type":"box","text":"changes may adversely affect a Fund. For example, the evolution of rules governing the determination of the fair market","page_number":135,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"4ee3aa3e-cde2-41bd-889f-22810f50d6d1","block_type":"box","text":"value of assets or liabilities, to the extent such rules become more stringent, would tend to increase the cost and/or reduce","page_number":135,"box":{"x":88,"y":74,"width":863,"height":12}},{"id":"a715832d-4cac-4e38-9b29-136f02cddf75","block_type":"box","text":"the availability of third-party determinations of fair market value. This may in turn increase the costs associated with selling","page_number":135,"box":{"x":88,"y":89,"width":863,"height":13}},{"id":"4582ac00-4341-4675-9246-269508739361","block_type":"box","text":"assets or affect their liquidity due to a Fund’s inability to obtain a third-party determination of fair market value.","page_number":135,"box":{"x":89,"y":104,"width":778,"height":13}},{"id":"cd5c51ef-7b16-411c-98a4-408b58bb0c12","block_type":"box","text":"Brokerage Transactions","page_number":135,"box":{"x":91,"y":135,"width":390,"height":30}},{"id":"4e1298cb-1ed9-47a0-929d-3153026d5be1","block_type":"box","text":"Subject to policies established by the Board, BFA is primarily responsible for the execution of a Fund’s portfolio transactions","page_number":135,"box":{"x":88,"y":176,"width":863,"height":13}},{"id":"a326254d-dd6a-4e64-bce2-e7b210621e28","block_type":"box","text":"and the allocation of brokerage. BFA does not execute transactions through any particular broker or dealer, but seeks to","page_number":135,"box":{"x":89,"y":191,"width":835,"height":13}},{"id":"be035083-da1e-4a24-8f04-5e1bcd2a34d4","block_type":"box","text":"obtain the best net results for the Funds, taking into account such factors as price (including the applicable brokerage","page_number":135,"box":{"x":89,"y":206,"width":824,"height":13}},{"id":"19f9de52-db02-4472-bdd2-a1ecfabc826d","block_type":"box","text":"commission or dealer spread), size of order, difficulty of execution, operational facilities of the firm and the firm’s risk and skill","page_number":135,"box":{"x":89,"y":222,"width":877,"height":12}},{"id":"26a56960-3fe5-4108-9582-ae5487efd670","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":135,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"ae23f759-4a2b-47c6-b091-fa33a4081187","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":135,"box":{"x":89,"y":252,"width":805,"height":12}},{"id":"e61de2ca-27f8-447a-bd91-311819ba1333","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":135,"box":{"x":89,"y":267,"width":851,"height":12}},{"id":"8c340a84-5b52-47a5-9e44-406b2cf8bd47","block_type":"box","text":"BFA may select a broker based partly upon brokerage or research services provided to BFA and its clients, including a Fund. In","page_number":135,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"dea6504d-4bad-480f-b56a-2a5d9eb78a27","block_type":"box","text":"return for such services, BFA may cause a Fund to pay a higher commission than other brokers would charge if BFA","page_number":135,"box":{"x":89,"y":297,"width":807,"height":12}},{"id":"faf380cd-7b7d-4ad2-8f2b-4d1fd7f24d4d","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":135,"box":{"x":89,"y":312,"width":664,"height":13}},{"id":"683747c9-4796-45ab-bce7-7b72011ed551","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, BFA seeks to obtain the best price and most favorable","page_number":135,"box":{"x":89,"y":339,"width":825,"height":12}},{"id":"f1df3fd6-b6ae-40fd-add4-5d85d595d10c","block_type":"box","text":"execution for a Fund and may take into account a variety of factors including: (i) the size, nature and character of the security","page_number":135,"box":{"x":89,"y":354,"width":878,"height":12}},{"id":"6c1f212d-6019-47c4-87a0-3b9f1561b40e","block_type":"box","text":"or instrument being traded and the markets in which it is purchased or sold; (ii) the desired timing of the transaction; (iii)","page_number":135,"box":{"x":89,"y":369,"width":846,"height":12}},{"id":"01eff21d-a1e1-475a-87eb-9814170215d2","block_type":"box","text":"BFA’s knowledge of the expected commission rates and spreads currently available; (iv) the activity existing and expected in","page_number":135,"box":{"x":89,"y":384,"width":865,"height":12}},{"id":"6ae65f5b-1d88-4067-b30d-718c5841f264","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":135,"box":{"x":88,"y":399,"width":835,"height":13}},{"id":"186fc29c-5072-480a-8fb8-77460cab90ae","block_type":"box","text":"brokerage services provided; (vi) the broker’s or dealer’s capital; (vii) the quality of research and research services provided;","page_number":135,"box":{"x":89,"y":414,"width":860,"height":13}},{"id":"fca295c5-18f5-471c-b2fc-46f1c574b83f","block_type":"box","text":"(viii) the reasonableness of the commission, dealer spread or its equivalent for the specific transaction; and (ix) BFA’s","page_number":135,"box":{"x":89,"y":429,"width":816,"height":13}},{"id":"2f14c388-4bcf-4cb5-aea6-773fed66818c","block_type":"box","text":"knowledge of any actual or apparent operational problems of a broker or dealer. Brokers may also be selected because of","page_number":135,"box":{"x":89,"y":445,"width":846,"height":12}},{"id":"9d49819a-7e56-498b-b685-edaa9ce532c0","block_type":"box","text":"their ability to handle special or difficult executions, such as may be involved in large block trades, thinly traded securities, or","page_number":135,"box":{"x":88,"y":460,"width":870,"height":12}},{"id":"123c654d-d8cb-4123-ae7b-5b5d182944dd","block_type":"box","text":"other circumstances.","page_number":135,"box":{"x":89,"y":475,"width":146,"height":9}},{"id":"c1936c5c-f9bc-4d6a-a6fd-03a06a8b0790","block_type":"box","text":"Section 28(e) of the 1934 Act (“Section 28(e)”) permits a U.S. investment adviser, under certain circumstances, to cause an","page_number":135,"box":{"x":88,"y":501,"width":863,"height":13}},{"id":"8517d5de-0f97-44a7-8a83-3a5952ef3391","block_type":"box","text":"account to pay a broker or dealer a commission for effecting a transaction in securities that exceeds the amount another","page_number":135,"box":{"x":89,"y":516,"width":844,"height":13}},{"id":"6c6440fd-2492-42fc-9149-3b001bf6bcc8","block_type":"box","text":"broker or dealer would have charged for effecting the same transaction in recognition of the value of brokerage and research","page_number":135,"box":{"x":89,"y":531,"width":871,"height":13}},{"id":"8d9af6cd-7398-4fec-b32a-c1b558ca36bc","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":135,"box":{"x":89,"y":547,"width":839,"height":12}},{"id":"8b262e8a-7681-4913-a978-24e436ea05f4","block_type":"box","text":"under certain conditions.","page_number":135,"box":{"x":89,"y":562,"width":174,"height":9}},{"id":"03449141-39f8-4c8b-be2f-f54d146468f0","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations, the broker may","page_number":135,"box":{"x":89,"y":588,"width":869,"height":12}},{"id":"ccfebc54-1eb7-4b7c-8ad6-b88dbcde9ddd","block_type":"box","text":"be a member of the selling group that will, in addition to selling securities, provide BFA with research services. FINRA has","page_number":135,"box":{"x":89,"y":603,"width":844,"height":13}},{"id":"c4f4b76c-7a39-4f3f-91c5-8b2886d5aa6b","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":135,"box":{"x":89,"y":618,"width":831,"height":13}},{"id":"d4decf0e-62c4-4e51-b59b-90a9e8c64c29","block_type":"box","text":"provide research “credits” in these situations at a rate that is higher than that available for typical secondary market","page_number":135,"box":{"x":89,"y":633,"width":807,"height":13}},{"id":"e2a185d3-f530-49e1-a717-675ad1362228","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":135,"box":{"x":88,"y":649,"width":605,"height":12}},{"id":"19820b5f-4f16-4922-b778-0906b5bbda00","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":135,"box":{"x":88,"y":675,"width":868,"height":12}},{"id":"360fd2b3-c2e7-4afe-88a4-9b113db76072","block_type":"box","text":"the principal stock exchanges of the applicable country. Foreign equity securities may be held by the Funds in the form of","page_number":135,"box":{"x":88,"y":690,"width":849,"height":13}},{"id":"322247d4-e8be-48a1-a235-65af27fc0d91","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":135,"box":{"x":89,"y":705,"width":857,"height":13}},{"id":"f2ff4224-c5f6-43bb-8f03-8ab05f6b7fea","block_type":"box","text":"exchanges, or traded in OTC markets in the U.S. or Europe, as the case may be. ADRs, like other securities traded in the U.S.,","page_number":135,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"f22af5f0-987b-4176-88b2-d23f6d1a81c6","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":135,"box":{"x":88,"y":736,"width":330,"height":12}},{"id":"80a2a769-6670-42a8-a779-d5b3d11a4fe5","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":135,"box":{"x":89,"y":762,"width":842,"height":12}},{"id":"feb18ffc-0d39-46b8-8b7f-bf2709745652","block_type":"box","text":"traded on a “net” basis without a stated commission, through dealers acting for their own account and not as brokers. The","page_number":135,"box":{"x":88,"y":777,"width":861,"height":12}},{"id":"0c9dc65d-da28-486d-83d8-a620f22d7d7c","block_type":"box","text":"Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a better price or","page_number":135,"box":{"x":89,"y":792,"width":811,"height":13}},{"id":"391fa2f1-1bcb-4c88-b6bd-0e89b155267b","block_type":"box","text":"execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and domestic securities","page_number":135,"box":{"x":89,"y":807,"width":853,"height":13}},{"id":"de4b3d5b-e784-4e09-8171-6f46ebbe29b3","block_type":"box","text":"will generally include a “spread,” which is the difference between the prices at which the dealer is willing to purchase and sell","page_number":135,"box":{"x":88,"y":822,"width":875,"height":13}},{"id":"8341e56d-e2b6-4a8b-89ff-2f2e7e8ffa29","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":135,"box":{"x":88,"y":838,"width":501,"height":12}},{"id":"b5a0f92e-1a16-452b-8c14-97c0446fc27c","block_type":"box","text":"109","page_number":135,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"a783f3c5-3621-45d1-9470-fb80e103de87","block_type":"box","text":"Under the 1940 Act, persons affiliated with a Fund and persons who are affiliated with such affiliated persons are prohibited","page_number":136,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"76dcb87b-0320-4a33-ba23-fbf68866fc86","block_type":"box","text":"from dealing with the Fund as principal in the purchase and sale of securities unless a permissive order allowing such","page_number":136,"box":{"x":88,"y":59,"width":820,"height":12}},{"id":"ea27df08-c2e1-4116-87ca-65be0d8a78f4","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":136,"box":{"x":88,"y":74,"width":845,"height":12}},{"id":"3872d2ad-2f02-4600-a673-399e77efcd60","block_type":"box","text":"acting as principal for their own accounts, the Funds will not deal with affiliated persons and affiliated persons of such","page_number":136,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"54ba7749-903a-4f4f-81bc-c8d490c6ec34","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":136,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"fd1ea14c-a5cd-4646-b45a-c41dfea9e1cc","block_type":"box","text":"underwriting or selling group relating to such securities of which BFA, BRIL or any affiliated person (as defined in the 1940","page_number":136,"box":{"x":89,"y":119,"width":853,"height":13}},{"id":"004884e6-b878-4dc1-b131-aaa48377a421","block_type":"box","text":"Act) thereof is a member except pursuant to procedures adopted by the Board in accordance with Rule 10f-3 under the 1940","page_number":136,"box":{"x":88,"y":135,"width":875,"height":12}},{"id":"eefe6336-98ed-4833-89c0-0d4a8ab641d7","block_type":"box","text":"Act.","page_number":136,"box":{"x":88,"y":150,"width":27,"height":9}},{"id":"ff1dd599-6c5b-4db3-86ab-41a02efc3e76","block_type":"box","text":"Purchases of money market instruments by the Funds are made from dealers, underwriters and issuers. The Funds do not","page_number":136,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"cf7d6a6c-d021-43b7-99a9-03da48744644","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":136,"box":{"x":89,"y":191,"width":860,"height":13}},{"id":"fcf3d50c-b528-403c-8104-7450be438b57","block_type":"box","text":"generally traded on a “net” basis with dealers acting as principal for their own accounts without a stated commission. The","page_number":136,"box":{"x":89,"y":206,"width":855,"height":13}},{"id":"a96a1b9b-20b0-4dd0-90c1-6b5f4d51f8dd","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":136,"box":{"x":89,"y":222,"width":472,"height":12}},{"id":"0afbc07d-2845-4f6e-8e9d-09a309f8d29f","block_type":"box","text":"BFA may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are","page_number":136,"box":{"x":89,"y":248,"width":831,"height":12}},{"id":"e9958745-3a2b-4230-9404-25cce99483ff","block_type":"box","text":"affiliated with BFA, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions,","page_number":136,"box":{"x":89,"y":263,"width":865,"height":12}},{"id":"8083a04f-f35a-4a55-a455-08659001a39e","block_type":"box","text":"any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by","page_number":136,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"cd4bdb32-3c57-417b-b559-bd1dc3b9536f","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":136,"box":{"x":89,"y":293,"width":364,"height":13}},{"id":"2249823e-6b66-443c-81cc-789380f018b1","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":136,"box":{"x":88,"y":320,"width":874,"height":12}},{"id":"d060e9a6-db17-40ea-9552-b34098a76f5f","block_type":"box","text":"to as the underwriter’s concession or discount. When securities are purchased or sold directly from or to an issuer, no","page_number":136,"box":{"x":88,"y":335,"width":824,"height":12}},{"id":"d9a17c0a-8bfe-42b9-8051-2cf0c263f04e","block_type":"box","text":"commissions or discounts are paid.","page_number":136,"box":{"x":89,"y":350,"width":246,"height":12}},{"id":"de47e064-5d2a-4f4b-a302-0c337bb2956b","block_type":"box","text":"Investment decisions for the Funds and for other investment accounts managed by BFA and the other Affiliates are made","page_number":136,"box":{"x":89,"y":376,"width":847,"height":13}},{"id":"0654ca3e-1594-4dbd-bf0c-b92d40dbc853","block_type":"box","text":"independently of each other in light of differing conditions. A variety of factors will be considered in making investment","page_number":136,"box":{"x":89,"y":392,"width":835,"height":12}},{"id":"7691e66f-fcdd-4124-a18b-0bcb3774fb0d","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":136,"box":{"x":89,"y":407,"width":854,"height":12}},{"id":"89a71af0-1af3-4455-9f10-5235fa0dcca4","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":136,"box":{"x":89,"y":422,"width":854,"height":12}},{"id":"5f7556cb-d14c-4a63-bb25-5a6600bca2d3","block_type":"box","text":"parameters for an account; (iv) supply or demand for a security at a given price level; (v) size of available investment; (vi)","page_number":136,"box":{"x":89,"y":437,"width":842,"height":12}},{"id":"ddbde59c-b4aa-492d-91d2-f7902f869de2","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":136,"box":{"x":89,"y":452,"width":845,"height":12}},{"id":"87aedc9e-1ef0-420d-a9b1-c46ac92ad455","block_type":"box","text":"account; (ix) relative size of account; and (x) such other factors as may be approved by BlackRock’s general counsel.","page_number":136,"box":{"x":89,"y":467,"width":812,"height":13}},{"id":"d12ef87a-0a76-4f83-bd1a-123dce8f667c","block_type":"box","text":"Moreover, investments may not be allocated to one client account over another based on any of the following considerations:","page_number":136,"box":{"x":89,"y":482,"width":876,"height":13}},{"id":"019f45f2-40e7-494e-bc46-ec35a37d5342","block_type":"box","text":"(i) to favor one client account at the expense of another; (ii) to generate higher fees paid by one client account over another","page_number":136,"box":{"x":89,"y":497,"width":866,"height":13}},{"id":"f2c42f76-3e1c-42f5-a420-be8321df30d7","block_type":"box","text":"or to produce greater performance compensation to BlackRock; (iii) to develop or enhance a relationship with a client or","page_number":136,"box":{"x":89,"y":513,"width":842,"height":12}},{"id":"49f48690-11c0-496e-a9e5-d8bc71765d5d","block_type":"box","text":"prospective client; (iv) to compensate a client for past services or benefits rendered to BlackRock or to induce future services","page_number":136,"box":{"x":89,"y":528,"width":871,"height":12}},{"id":"978dd801-8697-433b-9861-231142d0cc17","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":136,"box":{"x":89,"y":543,"width":817,"height":12}},{"id":"f3b17ef5-a90b-49e4-94f7-6b06de2ccae2","block_type":"box","text":"accounts. BFA and the other Affiliates may deal, trade and invest for their own respective accounts in the types of securities","page_number":136,"box":{"x":89,"y":558,"width":862,"height":12}},{"id":"1fb1adbf-7f91-4061-b96e-62185a158893","block_type":"box","text":"in which the Funds may invest.","page_number":136,"box":{"x":89,"y":573,"width":215,"height":12}},{"id":"b7adb9fc-7528-4455-a093-d9cc7c050ae4","block_type":"box","text":"Initial public offerings (“IPOs”) of securities may be over-subscribed and subsequently trade at a premium in the secondary","page_number":136,"box":{"x":89,"y":599,"width":862,"height":13}},{"id":"b54743ba-fd0a-449f-a7df-a10a83fb9376","block_type":"box","text":"market. When BFA is given an opportunity to invest in such an initial offering or “new” or “hot” issue, the supply of securities","page_number":136,"box":{"x":89,"y":615,"width":872,"height":12}},{"id":"09472c5d-5882-4b07-a14d-e500e3719dcc","block_type":"box","text":"available for client accounts is often less than the amount of securities the accounts would otherwise take. In order to","page_number":136,"box":{"x":89,"y":630,"width":823,"height":9}},{"id":"2b0922b9-3da5-4bdb-9586-cf8bce4b2df1","block_type":"box","text":"allocate these investments fairly and equitably among client accounts over time, each portfolio manager or a member of his","page_number":136,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"14b2787c-fb41-4024-ae05-2b31a4dec8c1","block_type":"box","text":"or her respective investment team will indicate to BFA’s trading desk their level of interest in a particular offering with respect","page_number":136,"box":{"x":89,"y":660,"width":872,"height":12}},{"id":"e594968e-ab94-46f6-a5be-6fd245cf8e00","block_type":"box","text":"to eligible clients’ accounts for which that team is responsible. IPOs of U.S. equity securities will be identified as eligible for","page_number":136,"box":{"x":88,"y":675,"width":855,"height":12}},{"id":"0e017dfe-c505-446b-874e-17ae5f0762d6","block_type":"box","text":"particular client accounts that are managed by portfolio teams who have indicated interest in the offering based on market","page_number":136,"box":{"x":89,"y":690,"width":859,"height":13}},{"id":"9e191f02-1559-403a-8444-d2c54ba04d72","block_type":"box","text":"capitalization of the issuer of the security and the investment mandate of the client account and in the case of international","page_number":136,"box":{"x":89,"y":705,"width":863,"height":13}},{"id":"30845338-9993-4061-bca1-76e73144f96b","block_type":"box","text":"equity securities, the country where the offering is taking place and the investment mandate of the client account. Generally,","page_number":136,"box":{"x":89,"y":720,"width":870,"height":13}},{"id":"55498365-d5aa-49ac-a2f0-e2e3fe30b4eb","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":136,"box":{"x":89,"y":736,"width":856,"height":12}},{"id":"9b0c9c80-07a7-4f42-979c-dc7d9548ac79","block_type":"box","text":"pro rata","page_number":136,"box":{"x":87,"y":752,"width":56,"height":11}},{"id":"1bc07ec1-7c0f-4839-8ca1-0beb89ae1e0c","block_type":"box","text":"basis. This","page_number":136,"box":{"x":149,"y":751,"width":71,"height":9}},{"id":"f25aa963-a7f1-4987-8aaf-3dcb5e99b687","block_type":"box","text":"pro rata","page_number":136,"box":{"x":224,"y":752,"width":56,"height":11}},{"id":"809a0ec2-d597-47fc-8539-5dd865b69bd0","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":136,"box":{"x":285,"y":751,"width":656,"height":12}},{"id":"84a94c4a-5779-4a98-95b1-939e006a5ebb","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":136,"box":{"x":89,"y":766,"width":822,"height":12}},{"id":"44cc2bb2-f341-4da3-89b2-ea2e20133160","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":136,"box":{"x":89,"y":781,"width":797,"height":12}},{"id":"2ed5138e-7bee-441e-aeb1-be8e1ed17df9","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":136,"box":{"x":89,"y":796,"width":873,"height":12}},{"id":"decce8d3-ecd5-4339-affc-e6d7f00e5783","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":136,"box":{"x":88,"y":811,"width":814,"height":12}},{"id":"d8c69686-8dd8-4b01-9e19-8afdcaaf2f0f","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":136,"box":{"x":89,"y":826,"width":510,"height":13}},{"id":"edcc39f4-8809-4c5b-9401-d63173ae90c7","block_type":"box","text":"110","page_number":136,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"20020001-0d53-4f74-a897-661063229f40","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":137,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"c38a5560-27fe-496a-bc95-9277aa116313","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":137,"box":{"x":89,"y":59,"width":811,"height":12}},{"id":"1a0be9ca-e8c5-41e2-b92b-f68d6b211b38","block_type":"box","text":"accounts. For example, BFA may decide that it may be entirely appropriate for a growth fund to sell a security at the same","page_number":137,"box":{"x":89,"y":74,"width":850,"height":12}},{"id":"abe8e763-be63-4ca7-b1b8-0239c310d4b4","block_type":"box","text":"time a value fund is buying that security. To the extent that transactions on behalf of more than one client of BFA or the other","page_number":137,"box":{"x":88,"y":89,"width":878,"height":13}},{"id":"399ceacb-7b1c-4ac6-b4f0-9053f681589a","block_type":"box","text":"Affiliates during the same period increase the demand for securities being purchased or the supply of securities being sold,","page_number":137,"box":{"x":88,"y":104,"width":860,"height":13}},{"id":"1a3875ea-8eb9-48c4-84c6-f7bc56c7003f","block_type":"box","text":"there may be an adverse effect on price. For example, sales of a security by BlackRock on behalf of one or more of its clients","page_number":137,"box":{"x":88,"y":119,"width":865,"height":13}},{"id":"468fd696-604f-4c96-97ce-fad0aea60636","block_type":"box","text":"may decrease the market price of such security, adversely impacting other BlackRock clients that still hold the security. If","page_number":137,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"1f0c96d3-dcd9-4750-9908-ea80a2540603","block_type":"box","text":"purchases or sales of securities arise for consideration at or about the same time that would involve the Funds or other","page_number":137,"box":{"x":89,"y":150,"width":831,"height":12}},{"id":"1bfe320d-d7eb-459f-bbee-31b1db9fe1dd","block_type":"box","text":"clients or funds for which BFA or another Affiliate act as investment manager, transactions in such securities will be made,","page_number":137,"box":{"x":89,"y":165,"width":854,"height":12}},{"id":"09a10670-a6c5-47ce-b88c-c59a6970a258","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":137,"box":{"x":89,"y":180,"width":637,"height":12}},{"id":"f010c817-876c-45a7-9706-069c1f86f879","block_type":"box","text":"In certain instances, BFA may find it efficient for purposes of seeking to obtain best execution, to aggregate or “bunch”","page_number":137,"box":{"x":89,"y":206,"width":831,"height":13}},{"id":"9e9205ec-25b6-43dd-92fa-28476d15ae79","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":137,"box":{"x":89,"y":222,"width":869,"height":12}},{"id":"9d1cfd1f-f9e8-4dec-88aa-b797d0def1bf","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":137,"box":{"x":89,"y":237,"width":864,"height":12}},{"id":"ac05d3ec-ef89-4834-a6b9-a8faea86bf0c","block_type":"box","text":"bunched in a single order if the trader believes the bunched trade would provide each client with an opportunity to achieve a","page_number":137,"box":{"x":89,"y":252,"width":871,"height":12}},{"id":"22f7d276-9358-4a38-816b-0b0d9a410510","block_type":"box","text":"more favorable execution at a potentially lower execution cost. The costs associated with a bunched order will be shared","page_number":137,"box":{"x":89,"y":267,"width":844,"height":12}},{"id":"50bc6bc7-8c6b-462b-82e6-f877c2b9db13","block_type":"box","text":"pro","page_number":137,"box":{"x":937,"y":270,"width":23,"height":9}},{"id":"144560af-0075-44ca-9402-b39e3e1d4c03","block_type":"box","text":"rata","page_number":137,"box":{"x":88,"y":283,"width":28,"height":9}},{"id":"63d7ed0b-6c4a-4216-8648-36b4d17c41d4","block_type":"box","text":"among the clients in the bunched order. Generally, if an order for a particular portfolio manager or management team is","page_number":137,"box":{"x":121,"y":282,"width":838,"height":12}},{"id":"0aba8077-7b29-40dc-8425-8e1c3b142ada","block_type":"box","text":"filled at several different prices through multiple trades, all accounts participating in the order will receive the average price","page_number":137,"box":{"x":88,"y":297,"width":857,"height":12}},{"id":"cfa62cf5-7901-459c-a69a-3514b7561d83","block_type":"box","text":"(except in the case of certain international markets where average pricing is not permitted). 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841,006,105","page_number":138,"box":{"x":89,"y":838,"width":878,"height":12}},{"id":"07490a3d-81db-4498-9f93-4b4390041cf2","block_type":"box","text":"Morgan Stanley $ 203,782,192","page_number":138,"box":{"x":560,"y":854,"width":407,"height":12}},{"id":"a6670fcd-ec73-4d9c-8157-da725ac23860","block_type":"box","text":"112","page_number":138,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"60d2b7cf-492d-4095-a0c4-8b338482a495","block_type":"box","text":"Fund","page_number":139,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"28014224-703f-47b9-b7a6-f856942d6641","block_type":"box","text":"Issuer","page_number":139,"box":{"x":560,"y":55,"width":34,"height":7}},{"id":"595d576e-06f5-466a-9bce-d7cce7bd81e4","block_type":"box","text":"Market Value 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755,597","page_number":139,"box":{"x":560,"y":142,"width":407,"height":12}},{"id":"b05f32c7-5c3d-4d8c-b95a-b65d8fbb6a84","block_type":"box","text":"JPMorgan Chase & Co. $ 649,654","page_number":139,"box":{"x":559,"y":159,"width":408,"height":12}},{"id":"aa5e7caa-a04a-4f0d-88d6-359fb0d31cda","block_type":"box","text":"Morgan Stanley $ 678,822","page_number":139,"box":{"x":560,"y":175,"width":407,"height":12}},{"id":"32917f3f-c86a-4fdf-944d-73a1920c0439","block_type":"box","text":"The Goldman Sachs Group, Inc. $ 740,233","page_number":139,"box":{"x":559,"y":191,"width":408,"height":13}},{"id":"f1605b13-96b4-495d-a9be-3a8887ad817a","block_type":"box","text":"iShares MSCI USA Value Factor ETF Bank of America Corp. $ 168,343,171","page_number":139,"box":{"x":89,"y":224,"width":875,"height":12}},{"id":"2cb7cad6-1eb6-49b8-b250-ecb65082028f","block_type":"box","text":"Citigroup Inc. $153,625,085","page_number":139,"box":{"x":560,"y":241,"width":407,"height":12}},{"id":"365ec619-ec4f-47cb-9e5b-6524f9cec9ca","block_type":"box","text":"The Goldman Sachs Group, Inc. $ 87,297,516","page_number":139,"box":{"x":559,"y":257,"width":408,"height":12}},{"id":"8c3972ff-f3ef-4782-afdb-2e5b3b318353","block_type":"box","text":"iShares U.S. Equity Factor ETF J.P. Morgan Securities LLC $ 47,267,758","page_number":139,"box":{"x":89,"y":290,"width":878,"height":12}},{"id":"5a8e3dc7-cb84-4269-ab31-d72c66c0f65b","block_type":"box","text":"Goldman Sachs & Co. LLC $ 15,625,926","page_number":139,"box":{"x":560,"y":306,"width":407,"height":11}},{"id":"1c7ed50c-5773-43be-9099-c3f389c48947","block_type":"box","text":"BofA Securities, Inc. $ 9,887,230","page_number":139,"box":{"x":561,"y":322,"width":406,"height":12}},{"id":"39beccad-5635-440f-8553-b5dcd0b64300","block_type":"box","text":"Citigroup Global Markets Inc. $ 4,047,934","page_number":139,"box":{"x":560,"y":339,"width":407,"height":12}},{"id":"dddb090c-d4c2-4c53-9742-d096d7908aec","block_type":"box","text":"Morgan Stanley & Co. LLC $ 2,724,690","page_number":139,"box":{"x":560,"y":355,"width":407,"height":12}},{"id":"22d6c491-3e61-4dab-9f16-dbb27a00e043","block_type":"box","text":"The Funds’ purchase and sale orders for securities may be combined with those of other investment companies, clients or","page_number":139,"box":{"x":88,"y":388,"width":855,"height":12}},{"id":"58fefbd1-1de7-47bf-b49f-a5f1d0b0cdcc","block_type":"box","text":"accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of the Funds and one or more other","page_number":139,"box":{"x":89,"y":403,"width":873,"height":12}},{"id":"476d8e1b-51d1-4e1e-9ba2-b0cb340876a7","block_type":"box","text":"accounts managed or advised by BlackRock are considered at or about the same time, transactions in such securities are","page_number":139,"box":{"x":89,"y":418,"width":845,"height":12}},{"id":"6394b444-7efc-4d3e-a365-c3c4ce035f2a","block_type":"box","text":"allocated among the Funds and the other accounts in a manner deemed equitable to all by BlackRock. In some cases, this","page_number":139,"box":{"x":89,"y":433,"width":851,"height":13}},{"id":"341d201f-54fc-47d4-8958-403d837850ee","block_type":"box","text":"procedure could have a detrimental effect on the price or volume of the security as far as the Funds are concerned. However,","page_number":139,"box":{"x":89,"y":448,"width":871,"height":13}},{"id":"0469bf0a-bbfa-4518-adf3-d43551ae456c","block_type":"box","text":"in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower transaction costs will","page_number":139,"box":{"x":89,"y":463,"width":870,"height":13}},{"id":"9794c820-cbd2-4c56-8ff1-ffa905d1f4cd","block_type":"box","text":"be beneficial to the Funds. BlackRock may deal, trade and invest for its own account in the types of securities in which the","page_number":139,"box":{"x":89,"y":479,"width":852,"height":12}},{"id":"d7e50b0a-25ac-4589-85c3-6b30a213221c","block_type":"box","text":"Funds may invest. BlackRock may, from time to time, effect trades on behalf of and for the account of the Funds with brokers","page_number":139,"box":{"x":89,"y":494,"width":874,"height":12}},{"id":"4e7a715e-791a-464e-8d30-51241a1ba35f","block_type":"box","text":"or dealers that are affiliated with BFA, in conformity with the 1940 Act and SEC rules and regulations. Under these provisions,","page_number":139,"box":{"x":89,"y":509,"width":874,"height":12}},{"id":"d801ab41-7d33-4075-9f01-163a6db0d04a","block_type":"box","text":"any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by","page_number":139,"box":{"x":89,"y":524,"width":867,"height":12}},{"id":"57c54d84-d957-4476-8d6c-3bb1a15ce062","block_type":"box","text":"other brokers or dealers in comparable transactions. The Funds will not deal with affiliates in principal transactions unless","page_number":139,"box":{"x":89,"y":539,"width":850,"height":12}},{"id":"4da3202b-8560-4fc9-862c-677137bd2d2c","block_type":"box","text":"permitted by applicable SEC rules or regulations, or by SEC exemptive order.","page_number":139,"box":{"x":89,"y":554,"width":528,"height":12}},{"id":"a9f5dfb1-789a-43ac-a00a-1ac9a07c2462","block_type":"box","text":"Portfolio turnover may vary from year to year, as well as within a year. High turnover rates may result in comparatively greater","page_number":139,"box":{"x":89,"y":581,"width":876,"height":12}},{"id":"7193baca-ecf7-4528-b8bb-aad6ab9779af","block_type":"box","text":"brokerage expenses. The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":139,"box":{"x":89,"y":596,"width":798,"height":12}},{"id":"faff6f2e-d180-44a4-9a0e-63e3f996f34e","block_type":"box","text":"The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":139,"box":{"x":88,"y":622,"width":651,"height":12}},{"id":"ea9049b9-037f-4715-aa3a-6c7421302ee4","block_type":"box","text":"Fund","page_number":139,"box":{"x":89,"y":662,"width":27,"height":8}},{"id":"86796d4b-cbff-464f-a93f-12b3cbea0638","block_type":"box","text":"Fiscal Year Ended","page_number":139,"box":{"x":673,"y":652,"width":99,"height":8}},{"id":"3b32feda-ff22-433e-9c6b-ea99f842b425","block_type":"box","text":"July 31, 2025","page_number":139,"box":{"x":685,"y":662,"width":74,"height":10}},{"id":"d29578e6-6adb-4d90-bf77-ea8b8cf3d0c4","block_type":"box","text":"Fiscal Year 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Trust","page_number":140,"box":{"x":88,"y":265,"width":750,"height":29}},{"id":"f3f458ae-9e87-4f6b-a5f4-5001e873023e","block_type":"box","text":"Shares.","page_number":140,"box":{"x":88,"y":306,"width":52,"height":10}},{"id":"930e5762-db42-4229-90e0-11babfb3aef5","block_type":"box","text":"The Trust issues shares of beneficial interests in the funds with no par value. The Board may designate additional","page_number":140,"box":{"x":149,"y":306,"width":789,"height":12}},{"id":"31b0284d-c01e-42f6-ad28-3ed770fbcfc7","block_type":"box","text":"iShares funds.","page_number":140,"box":{"x":89,"y":321,"width":97,"height":10}},{"id":"544414ac-054c-4a31-a59d-4674ef4de76b","block_type":"box","text":"Each share issued by a fund has a","page_number":140,"box":{"x":89,"y":348,"width":234,"height":12}},{"id":"0c0b446c-b693-4d02-bc22-6139b23d979a","block_type":"box","text":"pro rata","page_number":140,"box":{"x":327,"y":349,"width":56,"height":11}},{"id":"e5969e23-13df-4eff-a12b-cb3cb095ff28","block_type":"box","text":"interest in the assets of that fund. Shares have no preemptive, exchange,","page_number":140,"box":{"x":388,"y":348,"width":507,"height":12}},{"id":"5b5d2404-5214-46e0-9756-5ccc3e46da7b","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":140,"box":{"x":89,"y":363,"width":842,"height":12}},{"id":"d71281e5-1e8b-44da-82bf-64be36ef2479","block_type":"box","text":"distributions declared by the Board with respect to the relevant fund, and in the net distributable assets of such fund on","page_number":140,"box":{"x":89,"y":378,"width":835,"height":12}},{"id":"93d270d4-b990-48c9-9e19-0e01b38e7df5","block_type":"box","text":"liquidation.","page_number":140,"box":{"x":89,"y":393,"width":76,"height":12}},{"id":"4eb8f8ab-e6b0-4041-969a-14b5486f2b35","block_type":"box","text":"Each share has one vote with respect to matters upon which the shareholder is entitled to vote. In any matter submitted to","page_number":140,"box":{"x":89,"y":419,"width":858,"height":13}},{"id":"bde55e87-4eee-4af3-ae50-94783d663775","block_type":"box","text":"shareholders for a vote, each fund shall hold a separate vote, provided that shareholders of all affected funds will vote","page_number":140,"box":{"x":89,"y":434,"width":821,"height":13}},{"id":"08ae094c-0fa6-4a7d-a22f-dce07c8c2e38","block_type":"box","text":"together when: (i) required by the 1940 Act, or (ii) the Trustees determine that the matter affects the interests of more than","page_number":140,"box":{"x":88,"y":450,"width":864,"height":12}},{"id":"93c6ce12-51ea-49df-9af1-e4a3a67d5aa5","block_type":"box","text":"one fund.","page_number":140,"box":{"x":89,"y":465,"width":65,"height":9}},{"id":"b665213b-d229-4880-b446-b8fcef4a07b2","block_type":"box","text":"Under Delaware law, the Trust is not required to hold an annual meeting of shareholders unless required to do so under the","page_number":140,"box":{"x":89,"y":491,"width":861,"height":12}},{"id":"3941daac-185e-426b-905f-b2ce2df09892","block_type":"box","text":"1940 Act. The policy of the Trust is not to hold an annual meeting of shareholders unless required to do so under the 1940","page_number":140,"box":{"x":90,"y":506,"width":857,"height":13}},{"id":"289dd25d-5b3a-45db-a3e0-bff8c704e688","block_type":"box","text":"Act. All shares (regardless of the fund) have noncumulative voting rights in the election of members of the Board. Under","page_number":140,"box":{"x":88,"y":521,"width":842,"height":13}},{"id":"d6ae157b-f5ba-4fe3-aa2c-785bc4cdd382","block_type":"box","text":"Delaware law, Trustees of the Trust may be removed by vote of the shareholders.","page_number":140,"box":{"x":89,"y":536,"width":563,"height":13}},{"id":"291bcab9-9852-4bd0-a85a-7a9284eda8dd","block_type":"box","text":"Following the creation of the initial Creation Unit(s) of shares of a fund and immediately prior to the commencement of","page_number":140,"box":{"x":89,"y":563,"width":837,"height":12}},{"id":"49eff8db-70b9-4b24-82fe-6a2f96e9ce65","block_type":"box","text":"trading in such fund’s shares, a holder of shares may be a “control person” of the fund, as defined in Rule 0-1 under the 1940","page_number":140,"box":{"x":88,"y":578,"width":874,"height":12}},{"id":"89ac43e8-f209-41e1-ab77-4bc94deac8a6","block_type":"box","text":"Act. A fund cannot predict the length of time for which one or more shareholders may remain a control person of the fund.","page_number":140,"box":{"x":88,"y":593,"width":862,"height":13}},{"id":"cb6aecd9-0a62-4717-8367-f0093b84c90a","block_type":"box","text":"Shareholders may make inquiries by writing to iShares Trust, c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":140,"box":{"x":88,"y":620,"width":840,"height":12}},{"id":"9c33cb4a-0389-4f95-9dbd-d5b9b34f61ac","block_type":"box","text":"Princeton, NJ 08540.","page_number":140,"box":{"x":89,"y":635,"width":141,"height":11}},{"id":"467082cd-a71d-4cdc-ae45-36522f65fbfa","block_type":"box","text":"Absent an applicable exemption or other relief from the SEC or its staff, beneficial owners of more than 5% of the shares of a","page_number":140,"box":{"x":88,"y":661,"width":873,"height":13}},{"id":"c6d832f5-bc1e-4b5c-a572-b8cf56565bb5","block_type":"box","text":"fund may be subject to the reporting provisions of Section 13 of the 1934 Act and the SEC’s rules promulgated thereunder. In","page_number":140,"box":{"x":88,"y":676,"width":876,"height":13}},{"id":"5ec23fd6-958e-4be4-96f5-be62e67cdb3a","block_type":"box","text":"addition, absent an applicable exemption or other relief from the SEC or its staff, officers and trustees of a fund and beneficial","page_number":140,"box":{"x":89,"y":691,"width":875,"height":13}},{"id":"aa56d1bc-e602-4a78-b512-d7428ac5c812","block_type":"box","text":"owners of 10% of the shares of a fund (“Insiders”) may be subject to the insider reporting, short-swing profit and short sale","page_number":140,"box":{"x":89,"y":707,"width":865,"height":12}},{"id":"e21c2d4a-f461-4cd2-86ad-e18491971c18","block_type":"box","text":"provisions of Section 16 of the 1934 Act and the SEC’s rules promulgated thereunder. Beneficial owners and Insiders should","page_number":140,"box":{"x":89,"y":722,"width":864,"height":12}},{"id":"5b519d48-d9b4-4bcb-98d6-a4fabe62fea3","block_type":"box","text":"consult with their own legal counsel concerning their obligations under Sections 13 and 16 of the 1934 Act and existing","page_number":140,"box":{"x":89,"y":737,"width":838,"height":12}},{"id":"eb32b7f2-79bc-47f7-8298-be039c75de46","block_type":"box","text":"guidance provided by the SEC staff.","page_number":140,"box":{"x":89,"y":752,"width":245,"height":12}},{"id":"92ed321c-037d-4270-8677-44361a941cf9","block_type":"box","text":"In accordance with the Trust’s current Agreement and Declaration of Trust (the “Declaration of Trust”), the Board may,","page_number":140,"box":{"x":89,"y":778,"width":831,"height":13}},{"id":"07f2c338-b941-4d77-9c9c-d6bd6b1bafe7","block_type":"box","text":"without shareholder approval (unless such shareholder approval is required by the Declaration of Trust or applicable law,","page_number":140,"box":{"x":88,"y":793,"width":844,"height":13}},{"id":"96118121-257e-46b3-85dd-ebabec4e0a48","block_type":"box","text":"including the 1940 Act), authorize certain funds to merge, reorganize, consolidate, sell all or substantially all of their assets, or","page_number":140,"box":{"x":89,"y":809,"width":879,"height":12}},{"id":"04feef7f-5bf4-4e6c-86c5-5b84924cf48a","block_type":"box","text":"take other similar actions with, to or into another fund. The Trust or a fund may be terminated by a majority vote of the","page_number":140,"box":{"x":88,"y":824,"width":839,"height":12}},{"id":"9f0b5903-77e0-46cd-9e08-4fb45dec07d8","block_type":"box","text":"Board, subject to the affirmative vote of a majority of the shareholders of the Trust or such fund entitled to vote on","page_number":140,"box":{"x":89,"y":839,"width":800,"height":12}},{"id":"395ded64-105c-4967-a9a1-b09f71a01ff0","block_type":"box","text":"termination; however, in certain circumstances described in the Declaration of Trust, only a majority vote of the Board is","page_number":140,"box":{"x":88,"y":854,"width":839,"height":12}},{"id":"4ecfd6c6-df6a-4278-ad88-3fd1f01c654e","block_type":"box","text":"114","page_number":140,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"42e3925e-3a4e-4ac8-8d80-6468c3a227fb","block_type":"box","text":"required. Although the shares are not automatically redeemable upon the occurrence of any specific event, the Declaration of","page_number":141,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"4bdd30a3-c3c9-40e1-a2a1-584bec0d13fd","block_type":"box","text":"Trust provides that the Board will have the unrestricted power to alter the number of shares in a Creation Unit. Therefore, in","page_number":141,"box":{"x":88,"y":59,"width":863,"height":12}},{"id":"7db7b6a3-ecf0-4ff9-a6b2-63141fd92928","block_type":"box","text":"the event of a termination of the Trust or a fund, the Board, in its sole discretion, could determine to permit the shares to be","page_number":141,"box":{"x":88,"y":74,"width":866,"height":12}},{"id":"b6c2d2cf-bf3c-4001-8774-8b1a48579827","block_type":"box","text":"redeemable in aggregations smaller than Creation Units or to be individually redeemable. In such circumstance, the Trust or a","page_number":141,"box":{"x":89,"y":89,"width":878,"height":13}},{"id":"15a86333-74ca-4646-9c5e-3111d9315b4b","block_type":"box","text":"fund may make redemptions in-kind, for cash or for a combination of cash or securities. Further, in the event of a termination","page_number":141,"box":{"x":88,"y":104,"width":877,"height":13}},{"id":"6803ae1e-4412-465c-97cd-52fd3a6f2fa2","block_type":"box","text":"of the Trust or a fund, the Trust or a fund might elect to pay cash redemptions to all shareholders, with an in-kind election for","page_number":141,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"d764edc3-14a2-4748-8586-63f3eb0997dd","block_type":"box","text":"shareholders owning in excess of a certain stated minimum amount.","page_number":141,"box":{"x":89,"y":135,"width":480,"height":12}},{"id":"23477581-6909-4708-adaf-eea17e72ce71","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":141,"box":{"x":89,"y":161,"width":383,"height":12}},{"id":"ae5141d3-34d1-4321-bad3-efc7f4106af3","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":141,"box":{"x":481,"y":161,"width":465,"height":12}},{"id":"32a6b019-afe8-4113-a1af-67ee4a42d8a0","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":141,"box":{"x":89,"y":176,"width":486,"height":13}},{"id":"4310fa77-8447-4908-8c48-fc4cc07ee262","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":141,"box":{"x":89,"y":203,"width":836,"height":12}},{"id":"d03e467f-9628-4cee-be00-7cb28846d3a5","block_type":"box","text":"NSCC was established in 1976 to provide a single settlement system for securities clearing and to serve as central","page_number":141,"box":{"x":89,"y":218,"width":790,"height":12}},{"id":"1659c377-37ea-4183-a661-622eedb785e3","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":141,"box":{"x":89,"y":233,"width":872,"height":12}},{"id":"4a7e53ad-b412-4fe5-a1b9-d5cb22e16457","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":141,"box":{"x":88,"y":248,"width":837,"height":12}},{"id":"3e35cf96-90ad-4af8-b1eb-92c213ba068e","block_type":"box","text":"owned by the DTC Participants, but NYSE and FINRA, through subsidiaries, hold preferred shares in DTCC that provide them","page_number":141,"box":{"x":89,"y":263,"width":864,"height":12}},{"id":"93300cd1-95de-4b6d-bff0-44bc5b49e417","block_type":"box","text":"with the right to elect one member each to the DTCC board of directors. Access to the DTC system is available to entities,","page_number":141,"box":{"x":88,"y":278,"width":848,"height":13}},{"id":"00677799-2662-405b-b142-f30c3baf65cb","block_type":"box","text":"such as banks, brokers, dealers and trust companies, that clear through or maintain a custodial relationship with a DTC","page_number":141,"box":{"x":89,"y":293,"width":833,"height":13}},{"id":"0c43a419-9154-4595-938b-d9d037539789","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":141,"box":{"x":89,"y":308,"width":439,"height":13}},{"id":"24b9da7c-4c11-482b-a9e7-97430f73fd0a","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":141,"box":{"x":89,"y":335,"width":873,"height":12}},{"id":"3960707c-0b4d-41eb-a5b8-397d9e372619","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":141,"box":{"x":89,"y":350,"width":840,"height":12}},{"id":"e000b4bf-3cc3-4682-bb4e-73488384fd07","block_type":"box","text":"referred to herein as “Beneficial Owners”) is shown on, and the transfer of ownership is effected only through, records","page_number":141,"box":{"x":89,"y":365,"width":825,"height":12}},{"id":"a2f96abb-3c09-4195-b54a-d427a4fb7321","block_type":"box","text":"maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect","page_number":141,"box":{"x":89,"y":380,"width":822,"height":13}},{"id":"bca123fc-7cd4-49df-91ae-5b139e2ae0b8","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":141,"box":{"x":89,"y":395,"width":848,"height":13}},{"id":"ac8352b1-5f22-4d09-a596-e4b73e2f6f05","block_type":"box","text":"Participant a written confirmation relating to their purchase of shares. The laws of some jurisdictions may require that certain","page_number":141,"box":{"x":89,"y":410,"width":877,"height":13}},{"id":"be5cb538-15e1-40f6-a594-10de557df21c","block_type":"box","text":"purchasers of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain","page_number":141,"box":{"x":89,"y":426,"width":872,"height":12}},{"id":"b3bde68d-9e7a-4173-a1f6-45eb70b7d58c","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":141,"box":{"x":89,"y":441,"width":426,"height":12}},{"id":"207d75e0-8d64-4f40-a880-60d6ee012090","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":141,"box":{"x":89,"y":467,"width":873,"height":13}},{"id":"ed30a10e-8a48-403f-a341-8117675ae430","block_type":"box","text":"Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee","page_number":141,"box":{"x":89,"y":482,"width":869,"height":13}},{"id":"e44ce3cf-2a59-47b3-b6f1-db47715613e4","block_type":"box","text":"to be charged to the Trust a listing of the shares of each Fund held by each DTC Participant. The Trust shall inquire of each","page_number":141,"box":{"x":88,"y":497,"width":856,"height":13}},{"id":"b95dcf77-8e49-4db2-a90c-f84e79425e80","block_type":"box","text":"such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC","page_number":141,"box":{"x":89,"y":513,"width":807,"height":12}},{"id":"2d83391d-5538-4ecf-ab37-32b8c540fbfd","block_type":"box","text":"Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication,","page_number":141,"box":{"x":89,"y":528,"width":877,"height":12}},{"id":"d6206801-00ce-419b-ad5b-a78e6f516086","block_type":"box","text":"in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice,","page_number":141,"box":{"x":89,"y":543,"width":803,"height":12}},{"id":"f70d729c-0465-44e0-bc71-36b0badd349c","block_type":"box","text":"statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In","page_number":141,"box":{"x":89,"y":558,"width":874,"height":12}},{"id":"d48c2f18-5b0a-4e10-b789-824412619841","block_type":"box","text":"addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses","page_number":141,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"6a61c4dc-70f7-45e0-8312-3fe15c993cd4","block_type":"box","text":"attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":141,"box":{"x":89,"y":588,"width":652,"height":12}},{"id":"06d90b68-6241-4824-864a-ecda74368e7c","block_type":"box","text":"Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares of the Trust. DTC or","page_number":141,"box":{"x":88,"y":615,"width":878,"height":12}},{"id":"aa321123-c831-4cbf-9c2f-fd2ba0322fb4","block_type":"box","text":"its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with payments in","page_number":141,"box":{"x":89,"y":630,"width":847,"height":12}},{"id":"e9c86559-8bc7-4cd5-8272-cfd97856eb17","block_type":"box","text":"amounts proportionate to their respective beneficial interests in shares of each Fund as shown on the records of DTC or its","page_number":141,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"38a6d0f0-2ec6-4a78-8b43-ac7b95164fe3","block_type":"box","text":"nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC","page_number":141,"box":{"x":89,"y":660,"width":836,"height":12}},{"id":"0c2736da-1dfe-4943-8e3d-8e87b046fadc","block_type":"box","text":"Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the","page_number":141,"box":{"x":89,"y":675,"width":877,"height":12}},{"id":"d9e6de7b-64d8-4d94-bdde-c9d819586087","block_type":"box","text":"accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants.","page_number":141,"box":{"x":89,"y":690,"width":875,"height":13}},{"id":"f54c5ea0-df11-4be1-8c09-5dbe41a5beee","block_type":"box","text":"The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or","page_number":141,"box":{"x":88,"y":717,"width":813,"height":12}},{"id":"55530faf-a779-4a02-ae32-a411ed9073d0","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":141,"box":{"x":89,"y":732,"width":874,"height":12}},{"id":"25e48183-e621-4178-abad-bc06a778ef1b","block_type":"box","text":"records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC","page_number":141,"box":{"x":89,"y":747,"width":866,"height":12}},{"id":"349bdba7-953b-4aea-bc0c-03cba95fc215","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":141,"box":{"x":89,"y":762,"width":855,"height":12}},{"id":"35e5d24c-4b5e-4b2a-b678-8397974b866c","block_type":"box","text":"through such DTC Participants. DTC may decide to discontinue providing its service with respect to shares of the Trust at any","page_number":141,"box":{"x":88,"y":777,"width":876,"height":12}},{"id":"e2b11e0c-6f04-42e5-91b2-ea0d266aa1cf","block_type":"box","text":"time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law.","page_number":141,"box":{"x":88,"y":792,"width":855,"height":13}},{"id":"e737ec63-d06e-4be4-b87a-325276f17cf7","block_type":"box","text":"Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable","page_number":141,"box":{"x":89,"y":807,"width":873,"height":13}},{"id":"f5ee4b78-8113-4630-9688-d66b7ef80d90","block_type":"box","text":"cost.","page_number":141,"box":{"x":89,"y":824,"width":32,"height":8}},{"id":"8c3248bd-c56c-4473-b82a-7ac47eacf788","block_type":"box","text":"115","page_number":141,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"e166258d-f5c8-4026-842b-4b69b737e78a","block_type":"box","text":"Distribution of Shares.","page_number":142,"box":{"x":89,"y":44,"width":160,"height":10}},{"id":"2fa3ff95-bda5-4892-80cf-e3019a118d2f","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":142,"box":{"x":259,"y":44,"width":665,"height":12}},{"id":"453f64d4-8740-40d8-baf4-0036fea236e1","block_type":"box","text":"Creation Units by each Fund to one or more initial investors. Initial investors participating in the seeding may be Authorized","page_number":142,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"a83f9af6-d38c-4ed1-84e2-8e0121d5ea4e","block_type":"box","text":"Participants, a lead market maker or other third party investor or an affiliate of each Fund or each Fund’s adviser. Each such","page_number":142,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"4e0a7a87-aba4-497e-b4e7-9ee1a2db4c1b","block_type":"box","text":"initial investor may sell some or all of the shares underlying the Creation Unit(s) held by them pursuant to the registration","page_number":142,"box":{"x":89,"y":89,"width":848,"height":13}},{"id":"312f647f-6fca-468f-8a07-a3affe030ebf","block_type":"box","text":"statement for each Fund (each, a “Selling Shareholder”), which shares have been registered to permit the resale from time to","page_number":142,"box":{"x":89,"y":104,"width":873,"height":13}},{"id":"5b7f9ead-b4b6-46da-9886-546db93b7b57","block_type":"box","text":"time after purchase. Each Fund will not receive any of the proceeds from the resale by the Selling Shareholders of these","page_number":142,"box":{"x":88,"y":119,"width":833,"height":13}},{"id":"342c0233-35f1-4d4b-a1e2-53d352a2c5b3","block_type":"box","text":"shares.","page_number":142,"box":{"x":89,"y":135,"width":47,"height":9}},{"id":"5fd835be-1f9b-4541-92ac-8889244baa5c","block_type":"box","text":"Selling Shareholders may sell shares owned by them directly or through broker-dealers, in accordance with applicable law, on","page_number":142,"box":{"x":88,"y":161,"width":877,"height":12}},{"id":"03b88c31-931b-4b91-bd51-8a0b463b76ad","block_type":"box","text":"any national securities exchange on which the shares may be listed or quoted at the time of sale, through trading systems, in","page_number":142,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"cb7cfeb2-a12a-4445-82e0-35accc9ad2e6","block_type":"box","text":"the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the","page_number":142,"box":{"x":88,"y":191,"width":878,"height":13}},{"id":"dc0f9d17-3c50-4d98-909d-275b32962a63","block_type":"box","text":"time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through","page_number":142,"box":{"x":88,"y":206,"width":877,"height":13}},{"id":"49f75936-6a6c-415c-ac3a-f219b6dbaaf1","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":142,"box":{"x":89,"y":222,"width":822,"height":12}},{"id":"2ddeb2f6-ee32-4943-a345-192b003c5400","block_type":"box","text":"through any other means authorized by applicable law. Selling Shareholders may redeem the shares held in Creation Unit size","page_number":142,"box":{"x":88,"y":237,"width":875,"height":12}},{"id":"f7d6fa12-a046-45ea-932b-4b0372209c5b","block_type":"box","text":"by them through an Authorized Participant.","page_number":142,"box":{"x":89,"y":252,"width":302,"height":12}},{"id":"2355ee15-c638-44fe-9f3d-3396f6423ee1","block_type":"box","text":"Any Selling Shareholder and any broker-dealer or agents participating in the distribution of shares may be deemed to be","page_number":142,"box":{"x":88,"y":278,"width":840,"height":13}},{"id":"bd34feb9-60e5-438e-be59-f0c768889983","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":142,"box":{"x":89,"y":293,"width":712,"height":13}},{"id":"2d4fa0ba-6428-45da-a6a1-e0719f7d84c8","block_type":"box","text":"Any Selling Shareholder and any other person participating in such distribution will be subject to applicable provisions of the","page_number":142,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"3b2de42b-217d-478c-af09-b6c6afa10f06","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":142,"box":{"x":90,"y":335,"width":354,"height":12}},{"id":"8678a531-162f-4816-993c-e544e8febc64","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":142,"box":{"x":90,"y":366,"width":721,"height":29}},{"id":"685b71ca-98a2-4e8e-9f8d-b6e1cc4593a1","block_type":"box","text":"General.","page_number":142,"box":{"x":89,"y":407,"width":59,"height":10}},{"id":"bf1c8bf7-6080-4bad-96ed-947ef3d4c7f0","block_type":"box","text":"The Trust issues and sells shares of each Fund only in Creation Units on a continuous basis through the Distributor","page_number":142,"box":{"x":156,"y":407,"width":804,"height":12}},{"id":"a6ff9aaa-0069-49c1-ac43-e85e0fef300c","block_type":"box","text":"or its agent, without a sales load, at a price based on the Fund’s NAV next determined after receipt, on any Business Day (as","page_number":142,"box":{"x":89,"y":422,"width":864,"height":12}},{"id":"84cfd720-03f4-499a-8ac6-0694d1408d74","block_type":"box","text":"defined below), of an order received by the Distributor or its agent in proper form. On days when the applicable Listing","page_number":142,"box":{"x":89,"y":437,"width":828,"height":12}},{"id":"56c73ecc-6e21-4af0-b1f7-8ffaca8b8fe7","block_type":"box","text":"Exchange closes earlier than normal, the Funds may require orders to be placed earlier in the day. The following table sets","page_number":142,"box":{"x":89,"y":452,"width":850,"height":12}},{"id":"8ac3b75a-748e-4fe6-b0fa-12c9b45856e4","block_type":"box","text":"forth the number of shares of a Fund that constitute a Creation Unit for such Fund and the approximate value of such","page_number":142,"box":{"x":88,"y":467,"width":823,"height":13}},{"id":"b0d67162-e9ac-44c3-8abe-d90b324923c3","block_type":"box","text":"Creation Unit as of July 31, 2025:","page_number":142,"box":{"x":89,"y":482,"width":225,"height":13}},{"id":"97305e4a-60e6-49d4-999b-637cfd25b4c4","block_type":"box","text":"Fund","page_number":142,"box":{"x":89,"y":542,"width":27,"height":8}},{"id":"5b768dba-275e-4c6f-aff1-854b5870993d","block_type":"box","text":"Shares Per","page_number":142,"box":{"x":714,"y":532,"width":61,"height":8}},{"id":"6133f6a5-6d81-442f-93d3-14ca7418cb29","block_type":"box","text":"Creation Unit","page_number":142,"box":{"x":707,"y":543,"width":75,"height":7}},{"id":"61bdaa3c-1844-4ede-a4e3-5f808bd78575","block_type":"box","text":"Approximate","page_number":142,"box":{"x":876,"y":512,"width":75,"height":10}},{"id":"18e43c96-0747-40b8-a952-459b3b4f20bc","block_type":"box","text":"Value Per","page_number":142,"box":{"x":887,"y":522,"width":54,"height":8}},{"id":"9b5a609f-06b8-40f5-9d6f-59232d8f7acc","block_type":"box","text":"Creation","page_number":142,"box":{"x":890,"y":533,"width":48,"height":7}},{"id":"d5ba3417-5989-4db5-912b-0584f092da13","block_type":"box","text":"Unit (U.S.$)","page_number":142,"box":{"x":881,"y":542,"width":65,"height":10}},{"id":"dd2b5e5f-4903-4e80-9892-1343673641c0","block_type":"box","text":"iShares China Large-Cap ETF 150,000 $ 5,612,701.95","page_number":142,"box":{"x":89,"y":564,"width":878,"height":13}},{"id":"19069db6-792d-4b49-98e5-8a885205c41d","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF 50,000 $ 1,431,398.20","page_number":142,"box":{"x":89,"y":579,"width":879,"height":13}},{"id":"2b3eeeb0-8320-4772-b5f3-d6e0ee8259ff","block_type":"box","text":"iShares International Equity Factor ETF 100,000 $ 3,362,528.80","page_number":142,"box":{"x":89,"y":594,"width":879,"height":13}},{"id":"626788c0-3045-4df5-b35b-a3a6b33b5c80","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF 100,000 $ 3,841,254.40","page_number":142,"box":{"x":89,"y":610,"width":879,"height":12}},{"id":"96d367db-300a-4f5d-b9d9-7730f459c20f","block_type":"box","text":"iShares MSCI EAFE ETF 600,000 $52,312,334.40","page_number":142,"box":{"x":89,"y":625,"width":879,"height":11}},{"id":"0193444c-3104-41bc-acbb-cfeb847594f4","block_type":"box","text":"iShares MSCI EAFE Growth ETF 400,000 $42,876,868.80","page_number":142,"box":{"x":89,"y":640,"width":879,"height":11}},{"id":"7b3156ac-830d-457d-a6f2-41d392bc8724","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF 100,000 $ 8,168,748.70","page_number":142,"box":{"x":89,"y":655,"width":879,"height":11}},{"id":"2bbcd740-5ac3-49b4-8bad-8f35aa2d9406","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF 200,000 $14,398,790.40","page_number":142,"box":{"x":89,"y":670,"width":879,"height":12}},{"id":"4f809513-0877-41e7-aa27-3f4e04a0baa1","block_type":"box","text":"iShares MSCI EAFE Value ETF 400,000 $25,213,224.40","page_number":142,"box":{"x":89,"y":685,"width":879,"height":11}},{"id":"f55216e2-8862-42b7-b03b-354c0da4e5c4","block_type":"box","text":"iShares MSCI Europe Financials ETF 50,000 $ 1,601,068.80","page_number":142,"box":{"x":89,"y":700,"width":879,"height":13}},{"id":"81ce3f2d-b1cb-4001-9092-aabb84fc4027","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF 50,000 $ 3,266,994.75","page_number":142,"box":{"x":89,"y":715,"width":878,"height":13}},{"id":"9dd0886a-c46c-4355-b299-227d98bdf661","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF 100,000 $ 4,468,350.90","page_number":142,"box":{"x":89,"y":730,"width":879,"height":12}},{"id":"fc17114b-d359-4827-a053-ef85999612f4","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF 100,000 $ 4,144,425.10","page_number":142,"box":{"x":89,"y":746,"width":879,"height":12}},{"id":"601cd143-2bc5-4e61-8907-9744872cc122","block_type":"box","text":"iShares MSCI Intl Value Factor ETF 100,000 $ 3,272,947.50","page_number":142,"box":{"x":89,"y":761,"width":879,"height":11}},{"id":"138fe5fb-5e87-42b8-8d7b-512b0db1be70","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF 100,000 $ 9,262,649.90","page_number":142,"box":{"x":89,"y":776,"width":879,"height":11}},{"id":"7323c6e5-5616-41f1-9e89-9b54d0187ce1","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF 50,000 $12,063,326.50","page_number":142,"box":{"x":89,"y":791,"width":879,"height":11}},{"id":"ccdf3e60-7731-4b0b-bcc5-03650c5743d2","block_type":"box","text":"iShares MSCI USA Quality Factor ETF 50,000 $ 9,208,475.20","page_number":142,"box":{"x":89,"y":806,"width":879,"height":12}},{"id":"ee2d5acb-6f36-4001-b165-f118d90b8457","block_type":"box","text":"iShares MSCI USA Size Factor ETF 50,000 $ 7,810,905.70","page_number":142,"box":{"x":89,"y":821,"width":879,"height":12}},{"id":"a9c34e97-b949-4c6c-a922-1aad46218fb3","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF 50,000 $ 2,073,256.90","page_number":142,"box":{"x":89,"y":836,"width":879,"height":13}},{"id":"fcd8d98e-1bf3-491a-9864-f28ee58b8343","block_type":"box","text":"iShares MSCI USA Value Factor ETF 50,000 $ 5,647,495.30","page_number":142,"box":{"x":89,"y":851,"width":879,"height":12}},{"id":"48296668-572d-4cb9-baf5-3a9a71208c8d","block_type":"box","text":"116","page_number":142,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"9d4b721a-0ac5-47b8-b686-46c4e38ee13d","block_type":"box","text":"Fund","page_number":143,"box":{"x":89,"y":75,"width":27,"height":8}},{"id":"eec99e4f-6451-4d5b-a31f-910d6e12d5a1","block_type":"box","text":"Shares Per","page_number":143,"box":{"x":714,"y":65,"width":61,"height":7}},{"id":"7247a9f5-5c5d-4733-876c-47ed6e84aebe","block_type":"box","text":"Creation Unit","page_number":143,"box":{"x":707,"y":75,"width":75,"height":8}},{"id":"19773432-2cf5-4a6a-b2d4-1f0fd92329d5","block_type":"box","text":"Approximate","page_number":143,"box":{"x":876,"y":45,"width":75,"height":9}},{"id":"c8ff0ea6-76e0-4a5b-9909-b3900a3ae45a","block_type":"box","text":"Value Per","page_number":143,"box":{"x":887,"y":55,"width":54,"height":7}},{"id":"b53f0932-6965-488c-b475-d66f91ab32f7","block_type":"box","text":"Creation","page_number":143,"box":{"x":890,"y":65,"width":48,"height":7}},{"id":"156d493c-65c9-4778-840e-929b2c8bb4ee","block_type":"box","text":"Unit (U.S.$)","page_number":143,"box":{"x":881,"y":75,"width":65,"height":10}},{"id":"a3741ae6-7e5a-4fb9-89e7-09f27565124b","block_type":"box","text":"iShares U.S. Equity Factor ETF 50,000 $ 3,276,517.45","page_number":143,"box":{"x":89,"y":97,"width":878,"height":12}},{"id":"fc048d53-9310-4e13-bdeb-68142c64914e","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF 50,000 $ 3,463,291.70","page_number":143,"box":{"x":89,"y":112,"width":879,"height":12}},{"id":"b700f259-9094-452a-9ff1-d0402a5d32d3","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF 50,000 $ 2,889,210.10","page_number":143,"box":{"x":89,"y":127,"width":879,"height":12}},{"id":"70deb03f-12dd-452f-956a-f86155a1a81d","block_type":"box","text":"In its discretion, the Trust reserves the right to increase or decrease the number of a Fund’s shares that constitute a Creation","page_number":143,"box":{"x":89,"y":160,"width":869,"height":12}},{"id":"0ca6b75d-c93c-4ad5-83c8-6f5aa05c3d62","block_type":"box","text":"Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of any Fund, and","page_number":143,"box":{"x":89,"y":175,"width":864,"height":12}},{"id":"b36a1ea9-1430-4fbd-a614-4cdc5a348df3","block_type":"box","text":"to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in","page_number":143,"box":{"x":88,"y":190,"width":874,"height":12}},{"id":"2144a51c-23a4-49d9-8789-7a19cabd6403","block_type":"box","text":"the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.","page_number":143,"box":{"x":88,"y":205,"width":796,"height":12}},{"id":"955a1422-2e3c-4252-8db6-6bfdfdbe9e45","block_type":"box","text":"A “Business Day” with respect to each Fund is any day the Fund is open for business, including any day when it satisfies","page_number":143,"box":{"x":88,"y":232,"width":839,"height":12}},{"id":"05d96d08-c3bf-4b52-8450-c04fe9da5fef","block_type":"box","text":"redemption requests as required by Section 22(e) of the 1940 Act. Each Fund is open for business any day on which the","page_number":143,"box":{"x":89,"y":247,"width":837,"height":12}},{"id":"a887bae4-a2a9-44d0-ad57-f0b0be4dc43b","block_type":"box","text":"Listing Exchange on which the Fund is listed for trading is open for business. As of the date of this SAI, each Listing Exchange","page_number":143,"box":{"x":89,"y":262,"width":877,"height":12}},{"id":"953e3be4-0b3e-4b62-a47d-13c504540e8c","block_type":"box","text":"observes the following holidays, as observed: New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":143,"box":{"x":89,"y":277,"width":821,"height":12}},{"id":"971a1ac3-0fd0-4fb9-afef-fdd21e2cdc9d","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":143,"box":{"x":89,"y":292,"width":669,"height":12}},{"id":"8968e213-5822-4ba2-8c8f-36e82d3ce2d4","block_type":"box","text":"Fund Deposit.","page_number":143,"box":{"x":89,"y":319,"width":98,"height":12}},{"id":"49f0e70a-df62-4e95-bb00-298cc86e2cd2","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund generally consists of Deposit Securities and the","page_number":143,"box":{"x":196,"y":319,"width":747,"height":12}},{"id":"488b50d5-0f31-4519-bac0-b4fbd384a21b","block_type":"box","text":"Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the","page_number":143,"box":{"x":89,"y":334,"width":852,"height":12}},{"id":"00f9e612-b375-4290-92f8-c72bbb6026d1","block_type":"box","text":"“Fund Deposit,” which, when combined with a Fund’s portfolio securities, is designed to generate performance that has a","page_number":143,"box":{"x":89,"y":349,"width":851,"height":12}},{"id":"d16273db-240f-4389-a4b2-c5c5505e119b","block_type":"box","text":"collective investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and","page_number":143,"box":{"x":89,"y":364,"width":848,"height":12}},{"id":"9c85e1d6-df8c-482c-baae-1532e563a280","block_type":"box","text":"subsequent investment amount for a Creation Unit of any Fund. Such Fund Deposit is applicable, subject to any adjustments","page_number":143,"box":{"x":89,"y":379,"width":871,"height":12}},{"id":"db4f0fec-b645-4c8f-860d-2e870eaa2633","block_type":"box","text":"as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund","page_number":143,"box":{"x":89,"y":394,"width":848,"height":12}},{"id":"5d4e3be5-a2f3-4c2d-8373-ab5e6f271451","block_type":"box","text":"Deposit is made available.","page_number":143,"box":{"x":89,"y":409,"width":179,"height":13}},{"id":"4154b356-5df0-46d9-9f7f-f86fa852577a","block_type":"box","text":"The “Cash Component” is an amount equal to the difference between the NAV of the shares (per Creation Unit) and the","page_number":143,"box":{"x":88,"y":436,"width":839,"height":12}},{"id":"36a0b22b-49b2-43c9-8c56-cf4081edba71","block_type":"box","text":"“Deposit Amount,” which is an amount equal to the market value of the Deposit Securities, and serves to compensate for any","page_number":143,"box":{"x":89,"y":451,"width":879,"height":12}},{"id":"97e14d71-4259-4d93-ac9e-c97d3bc42f48","block_type":"box","text":"differences between the NAV per Creation Unit and the Deposit Amount. Payment of any stamp duty or other similar fees and","page_number":143,"box":{"x":89,"y":466,"width":878,"height":12}},{"id":"446922f4-50dd-4c5e-8953-8c6ebc28aed3","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":143,"box":{"x":89,"y":481,"width":872,"height":12}},{"id":"46fb7f2a-5e09-4cf5-b2e7-c9ff126863dd","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":143,"box":{"x":89,"y":496,"width":269,"height":13}},{"id":"668b62e6-1214-46e8-b553-96018c0922b4","block_type":"box","text":"The identity and number of shares of the Deposit Securities change pursuant to changes in the composition of a Fund’s","page_number":143,"box":{"x":88,"y":523,"width":840,"height":12}},{"id":"d0e66d10-d779-4fdc-aa76-64f5c81c0258","block_type":"box","text":"portfolio and as rebalancing adjustments and corporate action events are reflected from time to time by BFA with a view to","page_number":143,"box":{"x":89,"y":538,"width":860,"height":12}},{"id":"8b3e89e5-02d7-4dbf-aa36-0065596d7715","block_type":"box","text":"the investment objective of the Fund. The composition of the Deposit Securities may also change in response to adjustments","page_number":143,"box":{"x":88,"y":553,"width":876,"height":12}},{"id":"f1bc15ce-6289-41dd-b180-b0f6f2cd0756","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":143,"box":{"x":88,"y":568,"width":730,"height":12}},{"id":"19aee583-d725-4324-870c-41d3d88a731e","block_type":"box","text":"The Fund Deposit may also be modified to minimize the Cash Component by redistributing the cash to the Deposit Securities","page_number":143,"box":{"x":88,"y":594,"width":877,"height":13}},{"id":"a84c3c6b-b591-44c2-9282-e931c00378b1","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":143,"box":{"x":89,"y":610,"width":824,"height":12}},{"id":"e2b8d2aa-34f0-4f8e-a5e2-54fff6c6fdcb","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":143,"box":{"x":89,"y":625,"width":869,"height":12}},{"id":"43520604-6fc9-4242-84a3-566723b2bfda","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":143,"box":{"x":89,"y":640,"width":690,"height":12}},{"id":"cbdd2a6f-f466-432d-8427-3a263e983f66","block_type":"box","text":"Fund Deposits may also be modified to position a fund towards a forward index rebalance to reflect revisions that account for","page_number":143,"box":{"x":89,"y":666,"width":879,"height":13}},{"id":"f226ffcf-8fa5-4361-b5e8-bb1fd47d8c3f","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":143,"box":{"x":89,"y":681,"width":295,"height":13}},{"id":"3eb50b0e-6f3e-4641-9b53-5933b12a0d39","block_type":"box","text":"The Trust may, in its sole discretion, substitute a “cash in lieu” amount to be added to the Cash Component to replace any","page_number":143,"box":{"x":88,"y":708,"width":854,"height":12}},{"id":"c2837e52-c8ed-491e-b267-3bdb50a2ece5","block_type":"box","text":"Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for delivery;","page_number":143,"box":{"x":89,"y":723,"width":870,"height":12}},{"id":"a512e4a0-58ee-4b95-a596-d5efb0823e0b","block_type":"box","text":"(ii) when instruments are not eligible for transfer through DTC or the clearing process (as discussed below); (iii) when","page_number":143,"box":{"x":89,"y":738,"width":823,"height":12}},{"id":"0ec53e38-e184-400a-b532-c904855a8a5c","block_type":"box","text":"instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are not able","page_number":143,"box":{"x":89,"y":753,"width":873,"height":13}},{"id":"f1d90f47-8384-4687-8844-9be098587cc5","block_type":"box","text":"to be traded due to a trading restriction; (iv) when delivery of the Deposit Security by the Authorized Participant (or by an","page_number":143,"box":{"x":88,"y":768,"width":847,"height":13}},{"id":"ed4141e1-6168-4003-be54-a1c3d6a681fe","block_type":"box","text":"investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local","page_number":143,"box":{"x":89,"y":783,"width":859,"height":13}},{"id":"dc671666-f0b1-4223-99dc-efcb87b7387b","block_type":"box","text":"laws; (v) in connection with distribution payments to be made by a Fund; or (vi) in certain other situations.","page_number":143,"box":{"x":89,"y":799,"width":745,"height":12}},{"id":"227cef0f-7564-480c-958d-d7a0c89c8bb3","block_type":"box","text":"117","page_number":143,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"e889feed-90a1-4834-a663-371916bc6ea7","block_type":"box","text":"Cash Purchase Method.","page_number":144,"box":{"x":89,"y":44,"width":170,"height":10}},{"id":"37d27711-bdee-4fa0-bc87-d0794b684dbf","block_type":"box","text":"Although the Trust does not generally permit partial or full cash purchases of Creation Units of its","page_number":144,"box":{"x":268,"y":44,"width":682,"height":12}},{"id":"6c9b6764-3691-483c-ad51-3157e9c15a8e","block_type":"box","text":"funds, when partial or full cash purchases of Creation Units are available or specified for a Fund, they will be effected in","page_number":144,"box":{"x":88,"y":59,"width":830,"height":12}},{"id":"53fbf7d1-75b0-45fd-a78b-a29c6baca93c","block_type":"box","text":"essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash purchase, the Authorized","page_number":144,"box":{"x":89,"y":74,"width":826,"height":12}},{"id":"78cbf899-55a9-48a1-88b8-278d177565e8","block_type":"box","text":"Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in","page_number":144,"box":{"x":89,"y":89,"width":857,"height":13}},{"id":"9ce74f66-2d4c-416c-a0d3-a398735af6c8","block_type":"box","text":"kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":144,"box":{"x":89,"y":104,"width":639,"height":13}},{"id":"ca39eae8-b1d2-45c9-8473-7f12bf28440d","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":144,"box":{"x":89,"y":131,"width":301,"height":10}},{"id":"e2160822-8855-4a18-a65e-fa0025a07067","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":144,"box":{"x":398,"y":131,"width":568,"height":12}},{"id":"ddb2eb7c-e828-4561-9b16-8a5a40bc49f2","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":144,"box":{"x":88,"y":146,"width":385,"height":12}},{"id":"4470d191-b23f-4581-9717-8a7ee75df9cc","block_type":"box","text":"i.e","page_number":144,"box":{"x":478,"y":147,"width":15,"height":9}},{"id":"b14cd9c2-44f4-45cb-a5ba-a98d8ccf3025","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":144,"box":{"x":494,"y":146,"width":420,"height":12}},{"id":"a9ed9cf7-0ba4-44e3-af73-bd9f364809fd","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":144,"box":{"x":88,"y":161,"width":847,"height":12}},{"id":"5ef34ed0-6aec-4761-b1fb-5bedafe80278","block_type":"box","text":"with the SEC, or (ii) a DTC Participant, and must have executed an agreement with the Distributor, with respect to creations","page_number":144,"box":{"x":88,"y":176,"width":863,"height":13}},{"id":"26da08c3-d1e1-4370-9029-263b5e52235d","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":144,"box":{"x":89,"y":191,"width":851,"height":13}},{"id":"9e49a32e-2dda-4084-989e-c45d41d25a13","block_type":"box","text":"clearing agency registered with the SEC which has a written agreement with the Funds or one of their service providers that","page_number":144,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"cce81c5a-0b51-4845-880a-8428c70edd03","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units is referred to as an","page_number":144,"box":{"x":89,"y":222,"width":843,"height":12}},{"id":"eab89c78-dbdd-4f07-a6e1-03ce1615a1ad","block_type":"box","text":"“Authorized Participant.” All shares of the Funds, however created, will be entered on the records of DTC in the name of Cede","page_number":144,"box":{"x":89,"y":237,"width":873,"height":12}},{"id":"15327fd0-16dd-44be-9dfe-44329181a45c","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":144,"box":{"x":89,"y":252,"width":295,"height":12}},{"id":"f821ac0f-02b6-4f8c-a6f4-7aafbd6e6145","block_type":"box","text":"Role of the Authorized Participant.","page_number":144,"box":{"x":89,"y":278,"width":247,"height":13}},{"id":"7cafd6ad-6174-4d91-8531-301a1db3a444","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":144,"box":{"x":346,"y":278,"width":570,"height":13}},{"id":"5a488835-612a-42e8-9d0a-0017f89b7a1c","block_type":"box","text":"clearing agency registered with the SEC, which has a written agreement with the Funds or one of their service providers that","page_number":144,"box":{"x":89,"y":293,"width":870,"height":13}},{"id":"5168b8b5-e0d1-4a9f-89dc-2a62275c9023","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":144,"box":{"x":89,"y":308,"width":823,"height":13}},{"id":"107b6b46-4652-44ba-b9b3-8c740b652cc6","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":144,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"873c7dbe-4ef9-4656-90d8-6844017a62ce","block_type":"box","text":"behalf of itself or any investor on whose behalf it will act, to certain conditions, including that such Authorized Participant will","page_number":144,"box":{"x":89,"y":339,"width":877,"height":12}},{"id":"71fb33cc-902e-4a09-a049-b8ee1480271b","block_type":"box","text":"make available in advance of each purchase of shares an amount of cash sufficient to pay the Cash Component, once the","page_number":144,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"d4b67c67-df08-4220-b346-c088aa45392d","block_type":"box","text":"NAV of a Creation Unit is next determined after receipt of the purchase order in proper form, together with the transaction","page_number":144,"box":{"x":89,"y":369,"width":854,"height":12}},{"id":"3dfb9057-35e7-4b0e-937b-10b1d0e4e2db","block_type":"box","text":"fees described below. An Authorized Participant, acting on behalf of an investor, may require the investor to enter into an","page_number":144,"box":{"x":88,"y":384,"width":844,"height":12}},{"id":"752b0a0a-db91-44ca-b013-29392c116926","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":144,"box":{"x":89,"y":399,"width":842,"height":13}},{"id":"a4da903d-62e3-4b3d-9f07-89b2b000e4e4","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":144,"box":{"x":89,"y":414,"width":878,"height":13}},{"id":"a0bdca37-dbd9-4f20-a258-773b68242cf7","block_type":"box","text":"should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized","page_number":144,"box":{"x":89,"y":429,"width":800,"height":13}},{"id":"c80701de-9047-4a23-9f72-9843f18861ee","block_type":"box","text":"Participant Agreement and that orders to purchase Creation Units may have to be placed by the investor’s broker through an","page_number":144,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"4b944af8-e1f1-4905-891a-9b7896ad219b","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":144,"box":{"x":88,"y":460,"width":820,"height":12}},{"id":"c3dc0973-d438-4953-9b66-5e905eb5854b","block_type":"box","text":"charges to such investor. The Trust does not expect to enter into an Authorized Participant Agreement with more than a","page_number":144,"box":{"x":89,"y":475,"width":840,"height":12}},{"id":"81c7fade-166c-4b0c-8a30-fa6a44103b63","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":144,"box":{"x":89,"y":490,"width":818,"height":12}},{"id":"51d01788-b671-4994-b2eb-e0dba485ba96","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":144,"box":{"x":89,"y":505,"width":863,"height":12}},{"id":"03cb4c76-235d-4589-ba02-4a3ac2cc9df1","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":144,"box":{"x":88,"y":520,"width":867,"height":12}},{"id":"c38f18d8-2dc1-46db-b55a-376e9f0ef568","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":144,"box":{"x":88,"y":535,"width":872,"height":13}},{"id":"4b4a5aa5-d0f1-4ac7-9827-7b64314f23ea","block_type":"box","text":"be appointed as the proxy of the Authorized Participant and may be granted a power of attorney under its Authorized","page_number":144,"box":{"x":89,"y":550,"width":820,"height":13}},{"id":"8dabe5fb-8118-4d23-ac20-27b20e77c05b","block_type":"box","text":"Participant Agreement.","page_number":144,"box":{"x":89,"y":566,"width":160,"height":12}},{"id":"2df969dd-5171-4683-ad18-947c73ca242c","block_type":"box","text":"Purchase Orders.","page_number":144,"box":{"x":89,"y":592,"width":122,"height":10}},{"id":"f5153a50-b181-4dea-b5f4-70c9eeddb71f","block_type":"box","text":"To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its","page_number":144,"box":{"x":224,"y":592,"width":708,"height":12}},{"id":"123a5b74-a889-4091-8187-71b6727aa385","block_type":"box","text":"agent an irrevocable order to purchase shares of a Fund, in proper form, generally before 4:00 p.m., Eastern time on any","page_number":144,"box":{"x":89,"y":607,"width":837,"height":12}},{"id":"0941156a-e44a-4792-8e71-2a5d67bd40f5","block_type":"box","text":"Business Day to receive that day’s NAV. The Distributor or its agent will notify BFA and the custodian of such order. The","page_number":144,"box":{"x":89,"y":622,"width":832,"height":12}},{"id":"5b5361ed-dc8c-4dd4-80c4-afe249ad7f82","block_type":"box","text":"custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the","page_number":144,"box":{"x":89,"y":637,"width":868,"height":13}},{"id":"0d56b51d-7813-4de7-a588-7f1d88f8fdc5","block_type":"box","text":"delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants and may change from time","page_number":144,"box":{"x":89,"y":652,"width":873,"height":13}},{"id":"d14f280c-986d-4a5f-95a4-08c2ba81fafc","block_type":"box","text":"to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be","page_number":144,"box":{"x":88,"y":668,"width":862,"height":12}},{"id":"b28d092b-ad67-4070-8309-7a771ac9c589","block_type":"box","text":"made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants","page_number":144,"box":{"x":89,"y":683,"width":842,"height":12}},{"id":"aa873cc3-4ff0-43b9-b19e-f13c479ff010","block_type":"box","text":"upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time","page_number":144,"box":{"x":89,"y":698,"width":878,"height":12}},{"id":"ea019122-be72-4fcd-bdd5-780b7401fe1e","block_type":"box","text":"to permit proper submission of the purchase order to the Distributor or its agent by the Cutoff Time (as defined below) on","page_number":144,"box":{"x":88,"y":713,"width":854,"height":12}},{"id":"aa1065cf-c93c-4ef7-abc2-18ae4e34e34f","block_type":"box","text":"such Business Day.","page_number":144,"box":{"x":89,"y":728,"width":131,"height":12}},{"id":"749ea905-bc39-41f1-9652-753e5c5423b9","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":144,"box":{"x":88,"y":754,"width":861,"height":13}},{"id":"80debeff-04a9-45ed-8b9a-38519e12112a","block_type":"box","text":"the Funds, immediately available or same day funds estimated by the Funds to be sufficient to pay the Cash Component next","page_number":144,"box":{"x":88,"y":770,"width":875,"height":12}},{"id":"b5e8cca7-ce1f-40d2-ab7b-57f3d60c002d","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":144,"box":{"x":89,"y":785,"width":851,"height":12}},{"id":"948204f7-245a-4a37-bba8-1e524ed29fea","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":144,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"1c05512b-a504-4b87-ba22-7d7bbec0bd4d","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":144,"box":{"x":89,"y":815,"width":860,"height":12}},{"id":"f33be0fc-98df-4be2-a0e9-c766917d0290","block_type":"box","text":"the Cutoff Time of the Funds. Investors should be aware that an Authorized Participant may require orders for purchases of","page_number":144,"box":{"x":88,"y":830,"width":862,"height":12}},{"id":"0a63b978-7c07-4629-b893-b93e3469c196","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":144,"box":{"x":89,"y":845,"width":681,"height":12}},{"id":"8c6e60a4-46d2-4e6c-83f9-ba3706740bf6","block_type":"box","text":"118","page_number":144,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"4aaeee7a-dab3-4a5b-9abf-21ead32deed8","block_type":"box","text":"The Authorized Participant is responsible for any and all expenses and costs incurred by a Fund, including any applicable cash","page_number":145,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"fff31aeb-1759-4ca7-86ef-9e7a24fbe45d","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":145,"box":{"x":89,"y":59,"width":342,"height":12}},{"id":"7a6447f8-3086-4de6-ac7a-029f787a3423","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":145,"box":{"x":88,"y":85,"width":304,"height":13}},{"id":"efbf518c-ebaf-434c-a650-90c5bf164bf0","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":145,"box":{"x":401,"y":85,"width":554,"height":13}},{"id":"95077b0b-d70d-4c94-9038-b3878ff3638f","block_type":"box","text":"of a Fund generally before 4:00 p.m., Eastern time on any Business Day in order to receive that day’s NAV. Creation Orders","page_number":145,"box":{"x":89,"y":101,"width":850,"height":12}},{"id":"7394842f-29f4-4ea6-b99c-e78f5deba793","block_type":"box","text":"must be transmitted by an Authorized Participant in the form required by the Funds to the Distributor or its agent pursuant to","page_number":145,"box":{"x":89,"y":116,"width":878,"height":12}},{"id":"15292ae4-53c6-4c8e-8b60-0987255c958a","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":145,"box":{"x":89,"y":131,"width":859,"height":12}},{"id":"4d1ead47-bb95-43f3-8f0b-490228ddc554","block_type":"box","text":"other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. Orders","page_number":145,"box":{"x":89,"y":146,"width":875,"height":12}},{"id":"b68d8951-c934-4fa5-877a-d9cd37fe6ca9","block_type":"box","text":"to create shares of a Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a","page_number":145,"box":{"x":88,"y":161,"width":850,"height":12}},{"id":"b2b9810a-2b92-472a-9715-ae886359cae0","block_type":"box","text":"weekend) when the equity markets in the relevant non-U.S. market are closed may not be accepted. Each Fund’s deadline","page_number":145,"box":{"x":88,"y":176,"width":852,"height":13}},{"id":"06967699-1958-4f06-9a30-5eb46b4518d7","block_type":"box","text":"specified above for the submission of purchase orders is referred to as that Fund’s “Cutoff Time.” The Distributor or its agent,","page_number":145,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"7e80c8d3-d2c4-439c-b42a-5a7a86571516","block_type":"box","text":"in their discretion, may permit the submission of such orders and requests by or through an Authorized Participant at any","page_number":145,"box":{"x":89,"y":206,"width":849,"height":13}},{"id":"b3adc66f-57ef-4816-9653-99feabbb32bd","block_type":"box","text":"time (including on days on which the Listing Exchange is not open for business) via communication through the facilities of","page_number":145,"box":{"x":88,"y":222,"width":869,"height":12}},{"id":"4c340250-e757-4f54-9b4b-b9a6ecb220d7","block_type":"box","text":"the Distributor’s or its agent’s proprietary website maintained for this purpose. Purchase orders and redemption requests, if","page_number":145,"box":{"x":88,"y":237,"width":867,"height":12}},{"id":"51b69de8-5c71-4485-a9b9-f426d275511c","block_type":"box","text":"accepted by the Trust, will be processed based on the NAV next determined after such acceptance in accordance with a","page_number":145,"box":{"x":89,"y":252,"width":837,"height":12}},{"id":"736722f1-4727-4bd9-ace1-708fc08afbdd","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":145,"box":{"x":89,"y":267,"width":690,"height":12}},{"id":"957448ce-b718-459a-9272-bf42d8608dde","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":145,"box":{"x":88,"y":293,"width":293,"height":13}},{"id":"5fd6c979-1f46-4b07-93f0-9f2ec6b5373e","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":145,"box":{"x":394,"y":293,"width":507,"height":13}},{"id":"6681b6e5-e57f-4583-9a06-f839ab7bda76","block_type":"box","text":"submitted by the Authorized Participant (either on its own or another investor’s behalf ) and (ii) arrangements satisfactory to","page_number":145,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"ab5addf6-bf3d-4848-9b03-23ed9035ee4f","block_type":"box","text":"the Funds are in place for payment of the Cash Component and any other cash amounts which may be due, the Funds will","page_number":145,"box":{"x":88,"y":324,"width":858,"height":12}},{"id":"6cd31627-344e-4ec4-8911-28c8de895ec8","block_type":"box","text":"accept the order, subject to each Fund’s right (and the right of the Distributor and BFA) to reject any order until acceptance,","page_number":145,"box":{"x":89,"y":339,"width":865,"height":12}},{"id":"737dc7f2-c82a-4c49-bec5-118e1a58fcac","block_type":"box","text":"as set forth below.","page_number":145,"box":{"x":89,"y":354,"width":126,"height":10}},{"id":"54564e4f-824d-47a3-8e90-8b57772474a0","block_type":"box","text":"Once a Fund has accepted an order, upon the next determination of the NAV of the shares, the Fund will confirm the","page_number":145,"box":{"x":89,"y":380,"width":815,"height":13}},{"id":"7fa6daa1-1e73-4607-b40b-1b4073c5ee8c","block_type":"box","text":"issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor or its agent will then transmit a","page_number":145,"box":{"x":89,"y":395,"width":812,"height":13}},{"id":"f32403cd-d8ae-446c-af6c-5c49efe6c22d","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":145,"box":{"x":89,"y":410,"width":552,"height":13}},{"id":"37be8246-5a0b-484f-8b8a-7e64eb3421c4","block_type":"box","text":"Each Fund reserves the right to reject or revoke a creation order transmitted to it by the Distributor or its agent provided that","page_number":145,"box":{"x":89,"y":437,"width":870,"height":12}},{"id":"5ef19ca3-4be3-4a87-bf33-78083a0bd62a","block_type":"box","text":"a rejection or revocation of a creation order does not violate Rule 6c-11 under the Investment Company Act. For example, a","page_number":145,"box":{"x":89,"y":452,"width":860,"height":12}},{"id":"3426424d-d85a-446f-ac9b-d9420cefedb6","block_type":"box","text":"Fund may reject or revoke a creation order transmitted to it by the Distributor or its agent if (i) the order is not in proper form;","page_number":145,"box":{"x":89,"y":467,"width":877,"height":13}},{"id":"2245544e-6158-4073-a059-31ee13378a5a","block_type":"box","text":"(ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the","page_number":145,"box":{"x":89,"y":482,"width":853,"height":13}},{"id":"d611040e-40b3-4d55-a1e2-19c4ccc8c15d","block_type":"box","text":"Fund; (iii) the Deposit Securities delivered do not conform to the identity and number of shares specified, as described above;","page_number":145,"box":{"x":89,"y":497,"width":876,"height":13}},{"id":"729fcbb3-90a5-4985-97e1-45f857d79262","block_type":"box","text":"(iv) acceptance of the Deposit Securities is not legally required or would, in the opinion of counsel, be unlawful; or (v)","page_number":145,"box":{"x":89,"y":513,"width":820,"height":12}},{"id":"c61e969e-f821-45d0-89b5-83891bd944ca","block_type":"box","text":"circumstances outside the control of the Fund, the Distributor or its agent and BFA make it impracticable to process","page_number":145,"box":{"x":89,"y":528,"width":810,"height":12}},{"id":"1e7b7bcc-7f50-44b8-be59-dea6e57cd742","block_type":"box","text":"purchase orders. The Distributor or its agent shall notify a prospective purchaser of a Creation Unit and/or the Authorized","page_number":145,"box":{"x":89,"y":543,"width":852,"height":12}},{"id":"4733d1ec-6f95-48b0-b407-2a64098c7f37","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, State Street, Citibank or JPMorgan, as","page_number":145,"box":{"x":89,"y":558,"width":873,"height":12}},{"id":"4c6e350a-800a-4953-be83-a9d8fdeb054a","block_type":"box","text":"applicable, the sub-custodian and the Distributor or its agent are under no duty, however, to give notification of any defects","page_number":145,"box":{"x":89,"y":573,"width":862,"height":12}},{"id":"4eaacb35-d450-4f0e-ac1b-23ec20d8d2d2","block_type":"box","text":"or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.","page_number":145,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"6566a63f-43b9-415a-81ec-3819f7b885c4","block_type":"box","text":"Issuance of a Creation Unit.","page_number":145,"box":{"x":89,"y":615,"width":197,"height":9}},{"id":"c2eebc5b-9ea6-4192-a016-e89667354387","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":145,"box":{"x":300,"y":615,"width":645,"height":12}},{"id":"190e67d8-c3ec-4a54-9378-20199e7b278f","block_type":"box","text":"the applicable Fund of the Deposit Securities and the payment of the Cash Component have been completed. When the sub","page_number":145,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"0cd8f9b1-6d20-4d1b-8345-e008533bb267","block_type":"box","text":"custodian has confirmed to the custodian that the securities included in the Fund Deposit (or the cash value thereof ) have","page_number":145,"box":{"x":89,"y":645,"width":857,"height":12}},{"id":"238476d1-615e-4d15-aa31-050eeb636551","block_type":"box","text":"been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and BFA shall be","page_number":145,"box":{"x":89,"y":660,"width":862,"height":12}},{"id":"cde3e1a3-4f17-4b99-a531-85df9e4a87f6","block_type":"box","text":"notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":145,"box":{"x":89,"y":675,"width":712,"height":12}},{"id":"cd226008-3933-4e0d-9437-e5458c16bda5","block_type":"box","text":"For the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA","page_number":145,"box":{"x":89,"y":702,"width":826,"height":12}},{"id":"971e1c6c-5752-4c5a-b461-2835485e7a34","block_type":"box","text":"Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small","page_number":145,"box":{"x":89,"y":717,"width":852,"height":12}},{"id":"889e66e8-fbe8-401f-a5d6-5e0a1119eb9c","block_type":"box","text":"Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity","page_number":145,"box":{"x":89,"y":732,"width":843,"height":12}},{"id":"7052fe89-b43c-4a80-a90c-945b36bcdaf6","block_type":"box","text":"Factor ETF and iShares U.S. Tech Breakthrough Multisector ETF, Creation Units are generally issued on a “T+1 basis” (i.e., one","page_number":145,"box":{"x":89,"y":747,"width":873,"height":12}},{"id":"16c508e5-23cb-4fe2-82b3-cbc7a997d481","block_type":"box","text":"Business Day after trade date).","page_number":145,"box":{"x":89,"y":762,"width":213,"height":12}},{"id":"80dba1d0-e350-4f7f-8cf0-3d2128da5952","block_type":"box","text":"For the iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor","page_number":145,"box":{"x":89,"y":788,"width":856,"height":13}},{"id":"70f8fa1d-d0f3-473f-bfae-1f51d4f7498a","block_type":"box","text":"ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE","page_number":145,"box":{"x":89,"y":804,"width":834,"height":11}},{"id":"4c2a82c2-8353-471d-8dd3-b6ccb68a181c","block_type":"box","text":"Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF,","page_number":145,"box":{"x":88,"y":819,"width":832,"height":12}},{"id":"bd633e53-d901-4dc7-806a-03334fbc81a0","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF,","page_number":145,"box":{"x":89,"y":834,"width":820,"height":12}},{"id":"33959586-bfa0-41d8-bf52-36d3ac63edba","block_type":"box","text":"Creation Units are generally issued on a “T+2 basis” (i.e., two Business Days after trade date).","page_number":145,"box":{"x":89,"y":849,"width":649,"height":12}},{"id":"cbf6ae2c-152a-4100-b60e-d721e3071a88","block_type":"box","text":"119","page_number":145,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"c35bacd6-dc3f-4ed4-be93-5dbc9310b02b","block_type":"box","text":"However, each Fund reserves the right to settle Creation Unit transactions on a different basis, if necessary or appropriate","page_number":146,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"5b94298d-db29-4c53-b5fb-9c32e6c62872","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":146,"box":{"x":89,"y":59,"width":772,"height":12}},{"id":"3a6bc173-2fc6-4bf9-adba-81dcc5ae943d","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":146,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"c3891a18-eb15-4ab1-a229-1af7e2c6ec24","block_type":"box","text":"of dividend record dates and ex-dividend dates (i.e., the last day the holder of a security can sell the security and still receive","page_number":146,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"ffc4d228-ad45-4917-a59d-0dd4edeef142","block_type":"box","text":"dividends payable on the security).","page_number":146,"box":{"x":89,"y":104,"width":242,"height":13}},{"id":"a052fabe-1eb6-422d-bf00-d049016e25d5","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":146,"box":{"x":88,"y":131,"width":873,"height":12}},{"id":"15cccd63-2b80-4067-ae0d-7c3cead1fbb3","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":146,"box":{"x":88,"y":146,"width":847,"height":12}},{"id":"2051b807-f66a-4c63-a4aa-783d41c2f49d","block_type":"box","text":"part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon","page_number":146,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"4a29f4f8-57f1-417a-8eef-fd3414b2e9c1","block_type":"box","text":"as possible, which undertaking shall be secured by such Authorized Participant’s delivery and maintenance of collateral as set","page_number":146,"box":{"x":89,"y":176,"width":878,"height":13}},{"id":"0f539dda-7cd2-4e37-b43c-71b72f8539cd","block_type":"box","text":"forth in the handbook for Authorized Participants. The Trust may use such collateral at any time to buy Deposit Securities for","page_number":146,"box":{"x":88,"y":191,"width":874,"height":13}},{"id":"f46a4bc7-0528-4575-9172-7e7e58adac97","block_type":"box","text":"the Funds. Such collateral must be delivered no later than the time specified by a Fund or its custodian on the contractual","page_number":146,"box":{"x":88,"y":206,"width":850,"height":13}},{"id":"e2d665f2-9c6d-4b7c-a28e-4e82396cbcd4","block_type":"box","text":"settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit Securities is","page_number":146,"box":{"x":89,"y":222,"width":859,"height":12}},{"id":"249eca6f-a348-4e07-9765-02c4a0ceb763","block_type":"box","text":"available from the Distributor or its agent. The Authorized Participant Agreement will permit the Funds to buy the missing","page_number":146,"box":{"x":89,"y":237,"width":851,"height":12}},{"id":"f2ae9d90-b0f8-4d5c-934a-63145a98a8a3","block_type":"box","text":"Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the","page_number":146,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"9ac5f70e-0473-4648-9976-de98c9195b2e","block_type":"box","text":"Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings","page_number":146,"box":{"x":89,"y":267,"width":875,"height":12}},{"id":"563d5648-f9d0-453e-aecf-5c2c8bdd6c3c","block_type":"box","text":"and other charges.","page_number":146,"box":{"x":89,"y":282,"width":130,"height":12}},{"id":"d229d70c-217e-4bdb-8314-4e8de29dded1","block_type":"box","text":"In certain cases, Authorized Participants may create and redeem Creation Units on the same trade date and in these","page_number":146,"box":{"x":89,"y":308,"width":809,"height":13}},{"id":"cbfba558-a09e-4b63-841a-9be996ef8c37","block_type":"box","text":"instances, the Funds reserve the right to settle these transactions on a net basis or require a representation from the","page_number":146,"box":{"x":89,"y":324,"width":811,"height":12}},{"id":"64f29c79-4ae2-4840-b4a4-3c9d26835843","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":146,"box":{"x":88,"y":339,"width":869,"height":12}},{"id":"adad545d-0bd3-4d6c-a7ce-1d05069562f2","block_type":"box","text":"the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of","page_number":146,"box":{"x":88,"y":354,"width":876,"height":12}},{"id":"13558e8b-f01d-4a60-a76b-ada89f35aa09","block_type":"box","text":"any securities to be delivered shall be determined by each Fund and the Fund’s determination shall be final and binding.","page_number":146,"box":{"x":89,"y":369,"width":837,"height":12}},{"id":"4a8a5448-4e6c-445a-b83e-97027406107c","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":146,"box":{"x":89,"y":395,"width":325,"height":10}},{"id":"684f8ece-71a7-4cac-be4b-4537f63fae03","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and","page_number":146,"box":{"x":88,"y":422,"width":849,"height":12}},{"id":"93ae181b-7925-4dc6-a972-6cdfe3441916","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":146,"box":{"x":88,"y":437,"width":252,"height":10}},{"id":"05a11605-6258-45a6-8135-942240df60c0","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance","page_number":146,"box":{"x":88,"y":463,"width":876,"height":13}},{"id":"a8bdc053-d133-461e-b66b-5582026cd187","block_type":"box","text":"of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":146,"box":{"x":89,"y":479,"width":867,"height":12}},{"id":"504431a7-1709-4e39-be82-d7bfc6bcd17f","block_type":"box","text":"Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized","page_number":146,"box":{"x":89,"y":494,"width":869,"height":12}},{"id":"5aa587b6-67a2-4e55-b7e0-9f69ffbc0e4c","block_type":"box","text":"Participant on the applicable Business Day.","page_number":146,"box":{"x":89,"y":509,"width":297,"height":12}},{"id":"a7288fb5-4681-4d89-b3a6-3c8754eba9ed","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a creation transaction","page_number":146,"box":{"x":89,"y":535,"width":869,"height":13}},{"id":"c57422d3-604c-4bcd-8e71-6d30e3dbe4e3","block_type":"box","text":"consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount","page_number":146,"box":{"x":89,"y":550,"width":845,"height":13}},{"id":"4460b39f-3ac9-44e8-8584-4c7d940a05be","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":146,"box":{"x":89,"y":565,"width":864,"height":13}},{"id":"29244cce-e8e8-410c-ac4e-65e31557886d","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction","page_number":146,"box":{"x":88,"y":581,"width":845,"height":12}},{"id":"de9e4f98-f05e-4a2a-a251-88ca4a4e4607","block_type":"box","text":"costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread between","page_number":146,"box":{"x":89,"y":596,"width":853,"height":12}},{"id":"d99a497c-90a6-48b6-ae90-dac7aa541565","block_type":"box","text":"the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to trade","page_number":146,"box":{"x":88,"y":611,"width":836,"height":12}},{"id":"d77a1fbd-eaf1-4ce5-8c8d-49857048d30b","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":146,"box":{"x":89,"y":626,"width":866,"height":12}},{"id":"14b4faba-0951-45ce-aee2-c69cccf9466c","block_type":"box","text":"certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge, subject to the","page_number":146,"box":{"x":89,"y":641,"width":834,"height":12}},{"id":"9376654d-c74a-4187-a390-e7248f346f26","block_type":"box","text":"maximum amounts shown below.","page_number":146,"box":{"x":89,"y":656,"width":237,"height":10}},{"id":"48d91eb3-eb86-4e88-a764-8f8a5a12bdc0","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":146,"box":{"x":88,"y":683,"width":817,"height":12}},{"id":"853d0296-f658-4474-bb26-ad285ca8a1f0","block_type":"box","text":"associated with creation transactions may be waived in certain circumstances. Investors who use the services of a broker or","page_number":146,"box":{"x":89,"y":698,"width":866,"height":12}},{"id":"5ecf4987-46c7-48ab-9712-36ca64553962","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":146,"box":{"x":89,"y":713,"width":636,"height":12}},{"id":"c6351dd0-f4f4-46cd-9311-60d101011e71","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fees and maximum additional charge (as described","page_number":146,"box":{"x":88,"y":739,"width":867,"height":13}},{"id":"481bf6e7-fa54-4662-b976-fb6e922fd274","block_type":"box","text":"above):","page_number":146,"box":{"x":89,"y":754,"width":50,"height":13}},{"id":"ccc786ae-79bb-4872-9b9c-a13ebd6955a4","block_type":"box","text":"Fund","page_number":146,"box":{"x":89,"y":794,"width":27,"height":8}},{"id":"3150a317-f3b2-44d8-80ff-b5a410e4e780","block_type":"box","text":"Standard Creation","page_number":146,"box":{"x":665,"y":784,"width":103,"height":8}},{"id":"84762790-3440-4985-b50f-06496088f142","block_type":"box","text":"Transaction Fee","page_number":146,"box":{"x":671,"y":795,"width":91,"height":7}},{"id":"206fd751-ce53-45f5-9f53-028ce9756335","block_type":"box","text":"Maximum Additional","page_number":146,"box":{"x":847,"y":784,"width":120,"height":8}},{"id":"29356b9d-be28-40c7-a803-8dc0b27092d0","block_type":"box","text":"Charge*","page_number":146,"box":{"x":883,"y":794,"width":48,"height":10}},{"id":"3b82c291-5a9a-4808-8a76-5dd3799330a1","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $10,000 7.0%","page_number":146,"box":{"x":89,"y":816,"width":842,"height":13}},{"id":"a1638763-b361-407b-a957-0d0cbdd5b1bd","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF 4,400 7.0%","page_number":146,"box":{"x":89,"y":831,"width":842,"height":12}},{"id":"7cc1b7eb-cbc1-4ea6-aca0-6a2d7b3965f3","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF 4,800 7.0%","page_number":146,"box":{"x":89,"y":846,"width":842,"height":13}},{"id":"ed2afb69-02be-44bd-ae0c-59d6f3047894","block_type":"box","text":"120","page_number":146,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"cdf01b63-e7fc-4472-aced-3f5f82232104","block_type":"box","text":"Fund","page_number":147,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"1d5db850-842b-4dc5-86d4-63c61a069677","block_type":"box","text":"Standard Creation","page_number":147,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"d3561a54-edea-454e-ae15-5c1f47195987","block_type":"box","text":"Transaction Fee","page_number":147,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"2496c3e1-f84d-4da0-a027-cafd1f90bff3","block_type":"box","text":"Maximum Additional","page_number":147,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"ed0bda1c-deae-45a5-bcde-6056f10c11d2","block_type":"box","text":"Charge*","page_number":147,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"74d64459-f81b-4bc1-8be0-015704fedcdc","block_type":"box","text":"iShares MSCI Intl Value Factor ETF 5,000 7.0%","page_number":147,"box":{"x":89,"y":77,"width":842,"height":11}},{"id":"6a910bdb-749c-4788-99c0-afd3b02b0086","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":147,"box":{"x":118,"y":116,"width":329,"height":10}},{"id":"83e21189-970e-4ecd-9a15-88a06b64f8f5","block_type":"box","text":"iShares China Large-Cap ETF, iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor","page_number":147,"box":{"x":88,"y":140,"width":859,"height":12}},{"id":"b4e52693-4744-4cd7-8528-c8ef7059845d","block_type":"box","text":"ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares","page_number":147,"box":{"x":88,"y":155,"width":861,"height":12}},{"id":"1d68595a-ca2a-4983-adaa-187c809964fa","block_type":"box","text":"MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":147,"box":{"x":88,"y":170,"width":860,"height":12}},{"id":"4a6b3b41-6d21-43dc-ac75-d0517dbd8ea9","block_type":"box","text":"Small-Cap ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA","page_number":147,"box":{"x":88,"y":185,"width":829,"height":12}},{"id":"a92524e7-668a-4c85-8b3b-575c12bf3889","block_type":"box","text":"Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA","page_number":147,"box":{"x":89,"y":200,"width":878,"height":12}},{"id":"8c048195-fb9e-4d35-be47-0a889e2f7591","block_type":"box","text":"Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech","page_number":147,"box":{"x":89,"y":215,"width":802,"height":13}},{"id":"47a0272e-b361-4f86-b7fc-451ddcfdd8d6","block_type":"box","text":"Breakthrough Multisector ETF","page_number":147,"box":{"x":88,"y":230,"width":220,"height":13}},{"id":"486c095c-1d60-4249-9e52-9a2f24140356","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance","page_number":147,"box":{"x":88,"y":257,"width":876,"height":12}},{"id":"92a2660d-dcff-45fd-a74b-710817ca9ffb","block_type":"box","text":"of Creation Units. Under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF","page_number":147,"box":{"x":89,"y":272,"width":872,"height":12}},{"id":"a7f9cde3-8c86-4c93-97dc-67970dd005a2","block_type":"box","text":"Services. BRIL will receive from an Authorized Participant a standard transaction fee on each creation order, which consists of","page_number":147,"box":{"x":88,"y":287,"width":878,"height":12}},{"id":"159fcdc0-eac2-4dc3-8199-00470af71740","block_type":"box","text":"(1) a fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and other transaction costs","page_number":147,"box":{"x":89,"y":302,"width":842,"height":12}},{"id":"3e6514c8-ab29-41ad-bcc3-b3157feb81ff","block_type":"box","text":"charged by a Fund custodian in connection with the issuance of Creation Units for such creation order (“Custody Transaction","page_number":147,"box":{"x":89,"y":317,"width":877,"height":13}},{"id":"92d492de-1c08-42ae-b2b1-a67e23484946","block_type":"box","text":"Costs”). BRIL is entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":147,"box":{"x":89,"y":332,"width":865,"height":13}},{"id":"03adb69a-dbe0-4dd2-9679-f947b3c2ad00","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":147,"box":{"x":89,"y":348,"width":804,"height":12}},{"id":"50883b45-62ab-455a-9181-38f05bd10a85","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being purchased, which amount will","page_number":147,"box":{"x":88,"y":374,"width":862,"height":12}},{"id":"159366d8-d080-4d73-b092-63ef0bd5a747","block_type":"box","text":"vary among different Funds based on a number of factors, including the complexity of the order and the types of securities or","page_number":147,"box":{"x":88,"y":389,"width":879,"height":12}},{"id":"fb1f7c63-002b-4c44-a9d8-7c00f96fa827","block_type":"box","text":"instruments included in a Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":147,"box":{"x":89,"y":404,"width":834,"height":13}},{"id":"ad72c0b2-9d1d-4ea8-9adf-d755859954f7","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual Custody Transaction Costs vary per","page_number":147,"box":{"x":89,"y":419,"width":874,"height":13}},{"id":"782417fa-bb42-4a82-8d6f-06e7d241f81b","block_type":"box","text":"order based on the number of trades, underlying markets and settlement locations associated with the issuance of a Creation","page_number":147,"box":{"x":89,"y":434,"width":877,"height":13}},{"id":"cbcbd7f3-bcb2-4a8a-b793-d4bbeb376696","block_type":"box","text":"Unit. The following table sets forth, for each Fund, either the actual creation transaction fee that was charged on November","page_number":147,"box":{"x":89,"y":450,"width":863,"height":12}},{"id":"01131382-9079-49d8-889c-cfbee4b062b4","block_type":"box","text":"10, 2025 or an estimate of the creation transaction fee that would have been charged if the Fund had issued a Creation Unit","page_number":147,"box":{"x":90,"y":465,"width":863,"height":12}},{"id":"df46adb4-ae1b-4699-a99e-efc82fd5a7e0","block_type":"box","text":"on that date. The actual fee that was or would have been charged to an Authorized Participant in connection with a creation","page_number":147,"box":{"x":89,"y":480,"width":868,"height":12}},{"id":"e603227f-c55d-4632-9725-68cc1b059010","block_type":"box","text":"order will vary over time depending on the factors discussed above, and may be higher than the fee set forth below.","page_number":147,"box":{"x":89,"y":495,"width":807,"height":12}},{"id":"03d1b0ef-a762-4f43-bc8d-cac20cc487df","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a creation transaction","page_number":147,"box":{"x":89,"y":521,"width":869,"height":13}},{"id":"0f3eeaf8-c67d-4de3-9b90-70183ff530e3","block_type":"box","text":"consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount","page_number":147,"box":{"x":89,"y":536,"width":845,"height":13}},{"id":"1f657d1e-9679-4019-a4b1-f6a1b43623b1","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":147,"box":{"x":89,"y":552,"width":864,"height":12}},{"id":"4ee5df59-8648-46a2-859d-2eeb47efa8f8","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction","page_number":147,"box":{"x":88,"y":567,"width":845,"height":12}},{"id":"3695e3d4-e3c7-406e-bb78-23cfb30ceebf","block_type":"box","text":"costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread between","page_number":147,"box":{"x":89,"y":582,"width":853,"height":12}},{"id":"4ca4d5e1-ce6a-457b-b5d3-c641b26b3e94","block_type":"box","text":"the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to trade","page_number":147,"box":{"x":88,"y":597,"width":836,"height":12}},{"id":"39a6514f-cf5a-4d5d-ad1a-b065730d2a68","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":147,"box":{"x":89,"y":612,"width":866,"height":12}},{"id":"405d9726-8e26-4963-b330-a2c80c3fe07a","block_type":"box","text":"certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge, subject to the","page_number":147,"box":{"x":89,"y":627,"width":834,"height":13}},{"id":"e30858a8-4fb2-444a-b79c-2ebd26cf8a20","block_type":"box","text":"maximum amounts shown below.","page_number":147,"box":{"x":89,"y":642,"width":237,"height":10}},{"id":"9f9ab931-f011-4e1f-91ca-816a6a6fb9a7","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":147,"box":{"x":88,"y":669,"width":817,"height":12}},{"id":"9f3030ee-13aa-4c4c-9fb9-78459d14e65b","block_type":"box","text":"associated with creation transactions may be waived in certain circumstances. Investors who use the services of a broker or","page_number":147,"box":{"x":89,"y":684,"width":866,"height":12}},{"id":"e17c85b4-cd0a-411e-b64a-7c88cfbb8282","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":147,"box":{"x":89,"y":699,"width":636,"height":12}},{"id":"9b087778-fbc5-40e8-ad02-243b8cf25279","block_type":"box","text":"The following table sets forth each Fund’s actual or estimated creation transaction fee, as applicable, as of November 10,","page_number":147,"box":{"x":88,"y":725,"width":845,"height":13}},{"id":"517dd97a-078a-48f3-9718-73a837fd3c30","block_type":"box","text":"2025 and maximum additional charge (as described above):","page_number":147,"box":{"x":89,"y":741,"width":420,"height":12}},{"id":"45d246a1-a7f8-4a02-afd2-d2a4fc051667","block_type":"box","text":"Fund","page_number":147,"box":{"x":89,"y":780,"width":27,"height":8}},{"id":"2b93f057-99aa-4a2e-867a-f91455f3419d","block_type":"box","text":"Standard Creation","page_number":147,"box":{"x":665,"y":770,"width":103,"height":8}},{"id":"385266e4-3851-499e-a386-d724497f80c3","block_type":"box","text":"Transaction Fee","page_number":147,"box":{"x":671,"y":781,"width":91,"height":7}},{"id":"46ecd1e3-4570-4ddc-9d88-28bdf7d6f625","block_type":"box","text":"Maximum Additional","page_number":147,"box":{"x":847,"y":770,"width":120,"height":8}},{"id":"0bfdb08f-12fc-4526-acb8-6041b3d44281","block_type":"box","text":"Charge*","page_number":147,"box":{"x":883,"y":780,"width":48,"height":10}},{"id":"9abaaeb3-c01d-4db3-aec9-6505f9eade10","block_type":"box","text":"iShares China Large-Cap ETF $1,065.50** 3.0%","page_number":147,"box":{"x":89,"y":802,"width":843,"height":13}},{"id":"d8f7da88-8c90-4fb6-929f-c2d182b4d5b5","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF 338.75** 3.0%","page_number":147,"box":{"x":89,"y":817,"width":843,"height":13}},{"id":"fa372312-ed3d-4c73-aaf4-6646708bb3ca","block_type":"box","text":"iShares International Equity Factor ETF 1,750.50** 3.0%","page_number":147,"box":{"x":89,"y":833,"width":843,"height":12}},{"id":"bbb06f6f-81e0-4740-a21e-7989aede3f49","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF 4,301.25** 3.0%","page_number":147,"box":{"x":89,"y":848,"width":843,"height":12}},{"id":"e33edadf-3a56-42bd-9bc4-ffcba58ff52d","block_type":"box","text":"121","page_number":147,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"1e7f071e-9ffd-4c29-b032-b01de0ef1cfd","block_type":"box","text":"Fund","page_number":148,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"03215446-b7f2-4acd-b3fa-e82948e7cc06","block_type":"box","text":"Standard Creation","page_number":148,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"983b2baa-14cf-4239-bd34-932b99c9faca","block_type":"box","text":"Transaction Fee","page_number":148,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"ef990e54-78b4-48a5-acf4-b04956c2ee9e","block_type":"box","text":"Maximum Additional","page_number":148,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"f68d252e-50ae-42c1-aa10-c8caf6249448","block_type":"box","text":"Charge*","page_number":148,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"5f9c1c57-a782-41bb-b0bc-80562d3fa7f4","block_type":"box","text":"iShares MSCI EAFE ETF 2,929.50** 3.0%","page_number":148,"box":{"x":89,"y":77,"width":843,"height":11}},{"id":"c468cade-f70a-4a73-bd3f-5af7eb2b7a7f","block_type":"box","text":"iShares MSCI EAFE Growth ETF 1,638.50** 3.0%","page_number":148,"box":{"x":89,"y":92,"width":843,"height":11}},{"id":"5087d19a-8309-434d-9352-a252be55caea","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF 1,231.50** 3.0%","page_number":148,"box":{"x":89,"y":107,"width":843,"height":11}},{"id":"a0db5593-f126-4622-b7ac-9c4804847e57","block_type":"box","text":"iShares MSCI EAFE Value ETF 1,866.00** 3.0%","page_number":148,"box":{"x":89,"y":122,"width":843,"height":11}},{"id":"78bc64f2-e9bf-4cab-8202-8e891df40c62","block_type":"box","text":"iShares MSCI Europe Financials ETF 573.00** 3.0%","page_number":148,"box":{"x":89,"y":137,"width":843,"height":12}},{"id":"412592e5-b7dd-4388-9a3e-a8c57eecc2ec","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF 3,583.25** 3.0%","page_number":148,"box":{"x":89,"y":152,"width":843,"height":13}},{"id":"6b60f7c4-f039-4764-8848-8ac94119c66b","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF 362.50** 3.0%","page_number":148,"box":{"x":89,"y":167,"width":843,"height":10}},{"id":"0024c569-ed8a-470a-a6f8-db77b1d9e3c8","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF 302.50** 3.0%","page_number":148,"box":{"x":89,"y":182,"width":843,"height":10}},{"id":"ae6a70d8-8a79-4177-8cf2-f36fa4b2ce16","block_type":"box","text":"iShares MSCI USA Quality Factor ETF 305.00** 3.0%","page_number":148,"box":{"x":89,"y":198,"width":843,"height":12}},{"id":"1f9127a9-62e8-4d74-b7f7-829d7c04449f","block_type":"box","text":"iShares MSCI USA Size Factor ETF 887.50** 3.0%","page_number":148,"box":{"x":89,"y":213,"width":843,"height":9}},{"id":"58c4999c-46f5-49c9-896e-7d9247f81026","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF 500.00** 3.0%","page_number":148,"box":{"x":89,"y":228,"width":843,"height":12}},{"id":"e750fd95-2276-462c-a552-726968a2816b","block_type":"box","text":"iShares MSCI USA Value Factor ETF 332.50** 3.0%","page_number":148,"box":{"x":89,"y":243,"width":843,"height":10}},{"id":"1cf52fde-9292-4319-9508-c21050043bb1","block_type":"box","text":"iShares U.S. Equity Factor ETF 493.75** 3.0%","page_number":148,"box":{"x":89,"y":258,"width":843,"height":12}},{"id":"fed5e0c0-e7f0-4998-a356-69e95805a53f","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF 1,158.75** 3.0%","page_number":148,"box":{"x":89,"y":273,"width":843,"height":13}},{"id":"84890a0f-1afe-48aa-b44d-36a4eda343a0","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF 353.75** 3.0%","page_number":148,"box":{"x":89,"y":288,"width":843,"height":13}},{"id":"480bf5cf-09d5-41e4-a311-f4e597e74c6f","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":148,"box":{"x":118,"y":328,"width":329,"height":10}},{"id":"03ed9490-2751-4290-9f0c-6f38c80aaea9","block_type":"box","text":"** Estimated fees.","page_number":148,"box":{"x":118,"y":343,"width":98,"height":8}},{"id":"4711a592-878e-4e42-b994-a50688d2fc83","block_type":"box","text":"Redemption of Creation Units.","page_number":148,"box":{"x":89,"y":366,"width":216,"height":13}},{"id":"6b4efd19-dc95-4109-b238-bd2d1f2be070","block_type":"box","text":"Shares of a Fund may be redeemed by Authorized Participants only in Creation Units at their NAV next determined after","page_number":148,"box":{"x":88,"y":393,"width":836,"height":12}},{"id":"279e0249-a635-4b89-8add-06dc8023da96","block_type":"box","text":"receipt of a redemption request in proper form by the Distributor or its agent and only on a Business Day. The Funds will not","page_number":148,"box":{"x":89,"y":408,"width":869,"height":12}},{"id":"fe83d1e9-a379-47cb-ab39-a96670051aac","block_type":"box","text":"redeem shares in amounts less than Creation Units. There can be no assurance, however, that there will be sufficient liquidity","page_number":148,"box":{"x":89,"y":423,"width":873,"height":12}},{"id":"554d1730-cc1e-42a8-b3c1-2ecc2716b780","block_type":"box","text":"in the secondary market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and","page_number":148,"box":{"x":89,"y":438,"width":855,"height":13}},{"id":"45a03aed-0ca8-4c8c-8a55-0193b0ca8254","block_type":"box","text":"other costs in connection with assembling a sufficient number of shares to constitute a Creation Unit that could be redeemed","page_number":148,"box":{"x":89,"y":453,"width":878,"height":13}},{"id":"e1bac5c2-ebf3-41bc-84ca-46058bca18a1","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":148,"box":{"x":89,"y":468,"width":649,"height":13}},{"id":"c48b56ba-8d40-4f0f-b2d8-866a3ed058f6","block_type":"box","text":"Each Fund generally redeems Creation Units for Fund Securities (as defined below). Please see the","page_number":148,"box":{"x":89,"y":495,"width":686,"height":12}},{"id":"d8e866ea-9986-41f3-a0ad-ce8bf304317a","block_type":"box","text":"Cash Redemption Method","page_number":148,"box":{"x":780,"y":495,"width":183,"height":12}},{"id":"7cc6ad2a-2a2f-45b3-a018-dd1c546ffbad","block_type":"box","text":"section below and the following discussion summarizing the in-kind method for further information on redeeming Creation","page_number":148,"box":{"x":89,"y":510,"width":864,"height":12}},{"id":"d48d2754-ce93-470f-b82a-a17c5c82c629","block_type":"box","text":"Units of the Funds.","page_number":148,"box":{"x":89,"y":525,"width":130,"height":10}},{"id":"1af80012-9dc4-4007-88a4-c5a007d7c4f0","block_type":"box","text":"Each Fund publishes the designated portfolio of securities (including any portion of such securities for which cash may be","page_number":148,"box":{"x":89,"y":552,"width":853,"height":12}},{"id":"2bb8a512-e6ca-4919-b694-b476036dbb5d","block_type":"box","text":"substituted) that will be applicable to redemption requests received in proper form (as defined below) on that day (“Fund","page_number":148,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"8ee08f2c-2b72-4e6f-b610-6357523f2937","block_type":"box","text":"Securities” or “Redemption Basket”), and an amount of cash (the “Cash Amount,” as described below) in order to effect","page_number":148,"box":{"x":88,"y":582,"width":841,"height":12}},{"id":"03d0ccfc-3603-421c-91c0-0554c4baac23","block_type":"box","text":"redemptions of Creation Units of a Fund. Such Fund Securities and Cash Amount will remain in effect until such time as the","page_number":148,"box":{"x":89,"y":597,"width":863,"height":12}},{"id":"f06fe0ef-ffbe-453d-87e9-4d7aec55a8f8","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":148,"box":{"x":89,"y":612,"width":833,"height":12}},{"id":"0489b2bd-5168-4376-945b-a03c8f3c75c0","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":148,"box":{"x":88,"y":627,"width":855,"height":13}},{"id":"b331dd35-ca38-4efb-b61d-6d6584d29dc5","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":148,"box":{"x":89,"y":642,"width":843,"height":13}},{"id":"1ff75bb0-bc60-4e97-84a7-254f83f56bb6","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":148,"box":{"x":88,"y":657,"width":738,"height":13}},{"id":"40b6701b-3de5-4b41-a8d4-75ab853cdf40","block_type":"box","text":"Unless cash redemptions are available or specified for a Fund, the redemption proceeds for a Creation Unit generally consist","page_number":148,"box":{"x":89,"y":684,"width":866,"height":12}},{"id":"3ec9df75-3d6f-4587-8de6-7cf5cd3e9e87","block_type":"box","text":"of Fund Securities, plus the Cash Amount, which is an amount equal to the difference between the NAV of the shares being","page_number":148,"box":{"x":89,"y":699,"width":861,"height":12}},{"id":"b9811ce4-2327-4012-b5f5-d338e8b2c389","block_type":"box","text":"redeemed, as next determined after the receipt of a redemption request in proper form, and the value of Fund Securities, less","page_number":148,"box":{"x":89,"y":714,"width":873,"height":12}},{"id":"e9a42a0a-b412-437f-9cf3-7e7675838739","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":148,"box":{"x":89,"y":729,"width":355,"height":13}},{"id":"ff8a6dcb-476f-4b5f-8ce2-f17c961ebdf2","block_type":"box","text":"The Trust may, in its sole discretion, substitute a “cash in lieu” amount to replace any Fund Security in certain circumstances,","page_number":148,"box":{"x":88,"y":756,"width":874,"height":12}},{"id":"67ea4449-0a3f-4bc0-a16e-ac150fee8d72","block_type":"box","text":"including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose behalf the","page_number":148,"box":{"x":89,"y":771,"width":825,"height":12}},{"id":"6bc59ea8-6c2b-4597-ad26-3722c9abc43a","block_type":"box","text":"Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a trading","page_number":148,"box":{"x":88,"y":786,"width":823,"height":12}},{"id":"d076bb90-b0e7-41d3-9bbd-491724c0914a","block_type":"box","text":"restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of the Fund","page_number":148,"box":{"x":89,"y":801,"width":863,"height":12}},{"id":"66c76042-7edd-47ee-a1d8-5d90c39b4504","block_type":"box","text":"Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the delivery","page_number":148,"box":{"x":88,"y":816,"width":880,"height":13}},{"id":"6fd25dff-0c96-4085-b16a-cbceb3523f48","block_type":"box","text":"of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security cannot","page_number":148,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"64fdf3b2-ab13-47fa-a42b-609a64368a5d","block_type":"box","text":"be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The amount of","page_number":148,"box":{"x":89,"y":846,"width":867,"height":13}},{"id":"26b2a026-6db9-457d-b86b-67b042700bab","block_type":"box","text":"cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. In the event","page_number":148,"box":{"x":89,"y":862,"width":855,"height":12}},{"id":"3159a065-d37a-4be8-bbdb-444595911fd8","block_type":"box","text":"122","page_number":148,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"566238eb-4a66-4ae8-9a88-b3c1517f0f74","block_type":"box","text":"that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the","page_number":149,"box":{"x":88,"y":44,"width":815,"height":12}},{"id":"b91f7d48-d7af-4f0a-8dc5-add03e672853","block_type":"box","text":"difference is required to be made by or through an Authorized Participant by the redeeming shareholder. Each Fund generally","page_number":149,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"c2e3d46a-0d73-430e-b6b7-614c94cfe5ba","block_type":"box","text":"redeems Creation Units for Fund Securities, but each Fund reserves the right to utilize a cash option for redemption of","page_number":149,"box":{"x":89,"y":74,"width":825,"height":12}},{"id":"bd17c8ff-8a8a-432c-97a3-0352594f09e5","block_type":"box","text":"Creation Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities","page_number":149,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"ee861187-cdc2-4356-a735-d19d845e5676","block_type":"box","text":"that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also","page_number":149,"box":{"x":88,"y":104,"width":860,"height":13}},{"id":"63ae984d-0ef9-412d-826d-306af4418a28","block_type":"box","text":"be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption","page_number":149,"box":{"x":89,"y":119,"width":852,"height":13}},{"id":"d122b941-474e-4303-9581-1753ae7d302f","block_type":"box","text":"Basket through systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities","page_number":149,"box":{"x":89,"y":135,"width":869,"height":12}},{"id":"1c499f60-f57e-40ea-9907-7824e520ebf8","block_type":"box","text":"to be “rounded up,” while limiting the maximum allowed percentage change in weight and share quantity of any given","page_number":149,"box":{"x":88,"y":150,"width":830,"height":12}},{"id":"79d38479-9200-4dea-9791-add31fe69951","block_type":"box","text":"security in the Redemption Basket. Redemption Baskets may also be modified to position a fund towards a forward index","page_number":149,"box":{"x":89,"y":165,"width":846,"height":12}},{"id":"9eaff3b3-89c5-4671-9046-c6021d308cc6","block_type":"box","text":"rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":149,"box":{"x":89,"y":180,"width":617,"height":12}},{"id":"daa84b40-84cb-48d9-be18-7d71b3ee87d0","block_type":"box","text":"Cash Redemption Method.","page_number":149,"box":{"x":89,"y":206,"width":191,"height":13}},{"id":"7a95445c-ff64-4db0-a8a5-e74a9ac9523a","block_type":"box","text":"Although the Trust does not generally permit partial or full cash redemptions of Creation Units","page_number":149,"box":{"x":293,"y":206,"width":661,"height":13}},{"id":"11295342-efe6-4bac-bb79-0c5f664aeae2","block_type":"box","text":"of its funds, when partial or full cash redemptions of Creation Units are available or specified for a Fund, they will be effected","page_number":149,"box":{"x":89,"y":222,"width":869,"height":12}},{"id":"904457bf-99e8-4c04-a6fc-005167f56be7","block_type":"box","text":"in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized","page_number":149,"box":{"x":89,"y":237,"width":865,"height":12}},{"id":"64313fdd-5182-4f57-aba3-9d846475f8ef","block_type":"box","text":"Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus","page_number":149,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"40ef982d-8882-4d6c-a150-c33528ffdfcd","block_type":"box","text":"the same Cash Amount to be paid to an in-kind redeemer.","page_number":149,"box":{"x":88,"y":267,"width":406,"height":12}},{"id":"e025c311-a41d-4a34-9e30-cee6b2ae80f5","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":149,"box":{"x":89,"y":293,"width":351,"height":13}},{"id":"28359b76-93b6-4986-ab6c-cce64a52270d","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and","page_number":149,"box":{"x":88,"y":320,"width":849,"height":12}},{"id":"203c0628-99ff-42f7-b773-1d3d6d92a36f","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":149,"box":{"x":88,"y":335,"width":252,"height":10}},{"id":"bfdb5c8f-1abc-45b1-b0a2-f320a9b62217","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the","page_number":149,"box":{"x":88,"y":361,"width":866,"height":13}},{"id":"9dde591f-ba01-4989-b03d-b1416e9d602f","block_type":"box","text":"relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":149,"box":{"x":89,"y":376,"width":869,"height":13}},{"id":"d210a863-30dd-43e0-a94c-2d0b43244ac8","block_type":"box","text":"Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized","page_number":149,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"e08eddd3-5f40-45dd-b93c-f8d1e473fbe0","block_type":"box","text":"Participant on the applicable Business Day.","page_number":149,"box":{"x":89,"y":407,"width":297,"height":12}},{"id":"78e65a05-f398-49f1-9340-7ade6e53b80b","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":149,"box":{"x":89,"y":433,"width":810,"height":13}},{"id":"5b7b3c79-dba9-4015-acc0-507e56ed44d8","block_type":"box","text":"transaction consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum","page_number":149,"box":{"x":88,"y":448,"width":869,"height":13}},{"id":"4d8d1b26-36e1-4312-bd6e-6ff3dbbcf33c","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":149,"box":{"x":89,"y":463,"width":831,"height":13}},{"id":"14c102cd-3474-47cf-9d4f-6f0394dea685","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of","page_number":149,"box":{"x":89,"y":479,"width":853,"height":12}},{"id":"72d92878-1bad-4e26-a3e8-45dced0367ec","block_type":"box","text":"transaction costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread","page_number":149,"box":{"x":88,"y":494,"width":873,"height":12}},{"id":"47eb6081-4368-4125-8995-90250009a22e","block_type":"box","text":"between the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":149,"box":{"x":89,"y":509,"width":859,"height":12}},{"id":"81698fce-ce9d-441c-b7b4-24b8e807546c","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":149,"box":{"x":88,"y":524,"width":817,"height":12}},{"id":"86244655-4afc-4974-9087-08e959a86ce4","block_type":"box","text":"expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge,","page_number":149,"box":{"x":89,"y":539,"width":824,"height":12}},{"id":"de022e06-048c-43f0-bb8a-7a92a9f04c3d","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":149,"box":{"x":89,"y":554,"width":338,"height":12}},{"id":"a12f915b-80ae-4e7a-95ac-d79301ff5ad1","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund to their account on their order.","page_number":149,"box":{"x":88,"y":581,"width":879,"height":12}},{"id":"4fae38e6-ce92-44ca-9cf0-ff194abfed18","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":149,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"6cfa3bcb-b173-421f-ab8e-9d1a0b44c0a6","block_type":"box","text":"services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":149,"box":{"x":89,"y":611,"width":815,"height":12}},{"id":"a7422a5b-f08f-442d-b52c-0f943d31bb90","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fees and maximum additional charge (as","page_number":149,"box":{"x":88,"y":637,"width":819,"height":13}},{"id":"4cc7dfb2-f9f2-4382-b220-f8d02f2a88af","block_type":"box","text":"described above):","page_number":149,"box":{"x":89,"y":652,"width":122,"height":13}},{"id":"5dd25efb-ff66-4627-8dde-1fa8f67651b7","block_type":"box","text":"Fund","page_number":149,"box":{"x":89,"y":692,"width":27,"height":8}},{"id":"d766cab9-bfff-4371-b4fa-7326b3b78e29","block_type":"box","text":"Standard Redemption","page_number":149,"box":{"x":643,"y":682,"width":125,"height":10}},{"id":"38317d92-4272-42e8-9b17-ba00db32eedc","block_type":"box","text":"Transaction Fee","page_number":149,"box":{"x":660,"y":693,"width":91,"height":7}},{"id":"5523f8c5-87ef-4d8c-908d-d44ce37834d4","block_type":"box","text":"Maximum Additional","page_number":149,"box":{"x":847,"y":682,"width":120,"height":8}},{"id":"7312e805-641a-48c3-887d-df59f5e1d5b5","block_type":"box","text":"Charge*","page_number":149,"box":{"x":883,"y":692,"width":48,"height":10}},{"id":"92ec50c9-045a-475f-b935-d129b25cf947","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $10,000 2.0%","page_number":149,"box":{"x":89,"y":714,"width":843,"height":12}},{"id":"716d2561-0b4e-406a-a627-55f427d775b6","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF 4,400 2.0%","page_number":149,"box":{"x":89,"y":729,"width":843,"height":12}},{"id":"1430b27c-4999-4d97-bc08-c451ac8da88d","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF 4,800 2.0%","page_number":149,"box":{"x":89,"y":744,"width":843,"height":13}},{"id":"88536d15-0dea-4f0a-bcb0-84d7455ea580","block_type":"box","text":"iShares MSCI Intl Value Factor ETF 5,000 2.0%","page_number":149,"box":{"x":89,"y":759,"width":843,"height":12}},{"id":"f5e5e76f-8a7f-4528-8205-64676eb5c06f","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":149,"box":{"x":118,"y":799,"width":628,"height":10}},{"id":"48007259-3b4f-4f36-b6a8-a6cd8c9f8969","block_type":"box","text":"iShares China Large-Cap ETF, iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor","page_number":149,"box":{"x":88,"y":822,"width":859,"height":13}},{"id":"20213cd8-6c31-43f4-86d4-a0793e7a5cec","block_type":"box","text":"ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares","page_number":149,"box":{"x":88,"y":838,"width":861,"height":12}},{"id":"dbdb90b2-86a9-4f4c-8481-f8067a5b176a","block_type":"box","text":"MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":149,"box":{"x":88,"y":853,"width":860,"height":12}},{"id":"a0c044b3-e3ad-4450-ab7e-e0a86d04a739","block_type":"box","text":"123","page_number":149,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"2180e7fb-928a-438e-8dd9-c0330337fd75","block_type":"box","text":"Small-Cap ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA","page_number":150,"box":{"x":88,"y":44,"width":829,"height":12}},{"id":"cbd0b543-9b19-4a0d-b02a-0caf86e4c134","block_type":"box","text":"Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA","page_number":150,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"499c227b-9c15-46d4-a975-4570766d56c7","block_type":"box","text":"Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech","page_number":150,"box":{"x":89,"y":74,"width":802,"height":12}},{"id":"1298d73f-eea4-45a0-80b8-dbe110455d1c","block_type":"box","text":"Breakthrough Multisector ETF","page_number":150,"box":{"x":88,"y":89,"width":220,"height":13}},{"id":"6954802f-b1eb-4f38-a44c-57f082fd17c5","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the","page_number":150,"box":{"x":88,"y":116,"width":866,"height":12}},{"id":"7dd8b605-bc15-4320-aa08-7995fc242640","block_type":"box","text":"relevant Fund. As described above, under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to","page_number":150,"box":{"x":89,"y":131,"width":848,"height":12}},{"id":"ec3af636-0653-4978-9880-3ba3369b4d42","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":150,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"36146e64-b196-4cba-b213-0626dc8def3e","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is entitled to retain the ETF","page_number":150,"box":{"x":89,"y":161,"width":822,"height":12}},{"id":"c8bdca3a-34dc-4e36-bcbb-7b65333f71c0","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":150,"box":{"x":88,"y":176,"width":815,"height":13}},{"id":"cd7e058f-a47b-492a-9a8c-81013a485bc5","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":150,"box":{"x":89,"y":191,"width":567,"height":13}},{"id":"5c4d29f8-e734-4ef1-b999-1e3c114b6fc5","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being redeemed, which amount will","page_number":150,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"1cb64d48-108b-409d-8f1e-a36bc4f47ac3","block_type":"box","text":"vary among different Funds based on a number of factors, including the complexity of the order and the types of securities or","page_number":150,"box":{"x":88,"y":233,"width":879,"height":12}},{"id":"4891c8e3-59bf-4035-a58a-04708ca7a6f9","block_type":"box","text":"instruments included in a Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":150,"box":{"x":89,"y":248,"width":860,"height":12}},{"id":"62b54424-6b6a-40e5-9757-56ef14a632b2","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":150,"box":{"x":89,"y":263,"width":872,"height":12}},{"id":"169d2a6a-ab9d-4d25-b588-e9ddb66f5dcf","block_type":"box","text":"per order based on the number of trades, underlying markets, and settlement locations associated with the redemption of a","page_number":150,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"6285bfb3-e54d-455c-8154-c1d72a839f30","block_type":"box","text":"Creation Unit. The following table sets forth, for each Fund, either the actual standard redemption transaction fee that was","page_number":150,"box":{"x":89,"y":293,"width":856,"height":13}},{"id":"4864eece-28f1-4f69-8fac-c624cde0086d","block_type":"box","text":"charged on November 10, 2025 or an estimate of the standard redemption transaction fee that would have been charged if","page_number":150,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"498cd7a0-0686-4266-b469-74915e70c49c","block_type":"box","text":"the Fund had redeemed a Creation Unit on that date. The actual fee that was or would have been charged to an Authorized","page_number":150,"box":{"x":88,"y":324,"width":862,"height":12}},{"id":"061b2608-4bfb-4c3d-9c00-0a80a8ef4a19","block_type":"box","text":"Participant in connection with a redemption order will vary over time depending on the factors discussed above, and may be","page_number":150,"box":{"x":89,"y":339,"width":870,"height":12}},{"id":"cd54d0ed-1fca-4649-9060-d2d3346d431f","block_type":"box","text":"higher than the fee set forth below.","page_number":150,"box":{"x":89,"y":354,"width":244,"height":12}},{"id":"e9c8ae56-e40e-4cb0-b4b7-1becc2b550b7","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":150,"box":{"x":89,"y":380,"width":810,"height":13}},{"id":"97605389-3120-41d2-8f6b-b9272f4dc620","block_type":"box","text":"transaction consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum","page_number":150,"box":{"x":88,"y":395,"width":869,"height":13}},{"id":"16ef944e-265b-4612-ae50-07f74b4c9358","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":150,"box":{"x":89,"y":410,"width":831,"height":13}},{"id":"f3ca1031-31df-42a4-9782-c7c670e7d67b","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of","page_number":150,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"99e92915-7df6-4572-ac53-a28bf719fc10","block_type":"box","text":"transaction costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread","page_number":150,"box":{"x":88,"y":441,"width":873,"height":12}},{"id":"d762d548-716f-471b-b449-c7577f5b491d","block_type":"box","text":"between the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":150,"box":{"x":89,"y":456,"width":859,"height":12}},{"id":"c45044de-bce9-439c-aa07-1616ffa28083","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":150,"box":{"x":88,"y":471,"width":817,"height":12}},{"id":"5f1c3bde-0c17-447e-b3f8-ce00074d8b86","block_type":"box","text":"expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge,","page_number":150,"box":{"x":89,"y":486,"width":824,"height":12}},{"id":"b66811aa-08fd-469e-904c-6ca7f1326bec","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":150,"box":{"x":89,"y":501,"width":338,"height":13}},{"id":"eb689b7b-561a-4813-b169-97c6338260cf","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund to their account on their order.","page_number":150,"box":{"x":88,"y":528,"width":879,"height":12}},{"id":"873c21c2-2c69-4f4d-adb3-35ce88a23436","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":150,"box":{"x":89,"y":543,"width":863,"height":12}},{"id":"0cba7256-6716-4e02-aced-8ef58fc3816c","block_type":"box","text":"services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.The","page_number":150,"box":{"x":89,"y":558,"width":842,"height":12}},{"id":"5e697b51-8162-458f-8b71-47be64f09f5d","block_type":"box","text":"following table sets forth each Fund’s actual or estimated redemption transaction fee, as applicable, as of November 10, 2025","page_number":150,"box":{"x":88,"y":573,"width":877,"height":12}},{"id":"f6af8be3-9b8e-4a20-93cb-c12ab3599cce","block_type":"box","text":"and maximum additional charge (as described above):","page_number":150,"box":{"x":89,"y":588,"width":381,"height":12}},{"id":"899e3100-86d2-4e6f-870e-7a55ab89c9b1","block_type":"box","text":"Fund","page_number":150,"box":{"x":89,"y":628,"width":27,"height":8}},{"id":"80bd29c1-697a-4e37-81c9-fef0685ab3c0","block_type":"box","text":"Standard Redemption","page_number":150,"box":{"x":643,"y":618,"width":125,"height":10}},{"id":"bd1e7455-cecc-493d-a177-ee479f782056","block_type":"box","text":"Transaction Fee","page_number":150,"box":{"x":660,"y":628,"width":91,"height":8}},{"id":"4c622c63-b8f1-47a2-9701-2033ca62d96e","block_type":"box","text":"Maximum Additional","page_number":150,"box":{"x":847,"y":618,"width":120,"height":8}},{"id":"0f4c2253-d5c7-43c9-9cae-59892b094300","block_type":"box","text":"Charge*","page_number":150,"box":{"x":883,"y":628,"width":48,"height":10}},{"id":"95b58070-2526-47c1-80a3-1ba06dbb52d8","block_type":"box","text":"iShares China Large-Cap ETF $1,065.50** 2.0%","page_number":150,"box":{"x":89,"y":650,"width":843,"height":12}},{"id":"d166aeb4-b100-4efe-8f73-e973410357ed","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF 338.75** 2.0%","page_number":150,"box":{"x":89,"y":665,"width":843,"height":12}},{"id":"d7fd2ee3-565a-41c4-b91c-b928515f3a5c","block_type":"box","text":"iShares International Equity Factor ETF 1,750.50** 2.0%","page_number":150,"box":{"x":89,"y":680,"width":843,"height":12}},{"id":"2f0d91ef-572f-4593-8848-14888824e2ab","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF 4,301.25** 2.0%","page_number":150,"box":{"x":89,"y":695,"width":843,"height":13}},{"id":"18f23c71-ef7e-4b10-92ff-3488d83b5f2a","block_type":"box","text":"iShares MSCI EAFE ETF 2,929.50** 2.0%","page_number":150,"box":{"x":89,"y":710,"width":843,"height":12}},{"id":"fd76b51e-a3cd-4a44-aeee-772aab52a0c1","block_type":"box","text":"iShares MSCI EAFE Growth ETF 1,638.50** 2.0%","page_number":150,"box":{"x":89,"y":725,"width":843,"height":12}},{"id":"0efb4df8-bca2-408e-b048-992590dd8bb0","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF 1,231.50** 2.0%","page_number":150,"box":{"x":89,"y":741,"width":843,"height":11}},{"id":"c79acc8a-7fa4-42dd-aea0-d2fbdff54f2f","block_type":"box","text":"iShares MSCI EAFE Value ETF 1,866.00** 2.0%","page_number":150,"box":{"x":89,"y":756,"width":843,"height":11}},{"id":"a0213d41-83c8-4a02-9376-3c65e084f749","block_type":"box","text":"iShares MSCI Europe Financials ETF 573.00** 2.0%","page_number":150,"box":{"x":89,"y":771,"width":843,"height":12}},{"id":"9c7b07b1-9347-4b23-ab90-25401bf6847e","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF 3,583.25** 2.0%","page_number":150,"box":{"x":89,"y":786,"width":843,"height":12}},{"id":"eadcad4d-885b-4072-b414-ee61214bd158","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF 362.50** 2.0%","page_number":150,"box":{"x":89,"y":801,"width":843,"height":10}},{"id":"8cc18216-2801-4ab7-976d-7a889f8576bc","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF 302.50** 2.0%","page_number":150,"box":{"x":89,"y":816,"width":843,"height":10}},{"id":"8c945f61-3b0b-4fc6-b84b-d47e1b29511b","block_type":"box","text":"iShares MSCI USA Quality Factor ETF 305.00** 2.0%","page_number":150,"box":{"x":89,"y":831,"width":843,"height":13}},{"id":"1737c6a4-23da-44a3-8803-c5d2684d4f20","block_type":"box","text":"iShares MSCI USA Size Factor ETF 887.50** 2.0%","page_number":150,"box":{"x":89,"y":846,"width":843,"height":10}},{"id":"5f7da49c-2d7a-4477-8d3b-07bfffe79b61","block_type":"box","text":"124","page_number":150,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"d59a98e2-a2b1-4f64-b731-7ec88f1ed486","block_type":"box","text":"Fund","page_number":151,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"79836bcd-6d40-4f12-a8bb-69280bdf63cc","block_type":"box","text":"Standard Redemption","page_number":151,"box":{"x":643,"y":45,"width":125,"height":9}},{"id":"1fd012a9-36c8-4369-84c5-f44c8fb2d6fb","block_type":"box","text":"Transaction Fee","page_number":151,"box":{"x":660,"y":55,"width":91,"height":7}},{"id":"16697841-f536-46c5-8d5d-d0446d73fb0b","block_type":"box","text":"Maximum Additional","page_number":151,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"6f361837-efcc-424f-ad75-be86da6b4e41","block_type":"box","text":"Charge*","page_number":151,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"ed374f0f-3542-4c3e-b9ec-e532f53016be","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF 500.00** 2.0%","page_number":151,"box":{"x":89,"y":77,"width":843,"height":12}},{"id":"7e258c8e-053c-426d-9eba-0855e2d8196c","block_type":"box","text":"iShares MSCI USA Value Factor ETF 332.50** 2.0%","page_number":151,"box":{"x":89,"y":92,"width":843,"height":9}},{"id":"b879f9b8-d559-4b33-b71d-932f9d0d525d","block_type":"box","text":"iShares U.S. Equity Factor ETF 493.75** 2.0%","page_number":151,"box":{"x":89,"y":107,"width":843,"height":12}},{"id":"d3900a07-55db-46d0-a874-7aa79a8ed48a","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF 1,158.75** 2.0%","page_number":151,"box":{"x":89,"y":122,"width":843,"height":12}},{"id":"525c5b7e-5141-4e5e-bcc1-f514bfa41203","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF 353.75** 2.0%","page_number":151,"box":{"x":89,"y":137,"width":843,"height":12}},{"id":"b54cd7a4-4b23-4583-9a4c-bf5bd37d0841","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":151,"box":{"x":118,"y":177,"width":628,"height":10}},{"id":"c46c4558-590a-4404-a732-7ad6d09f5591","block_type":"box","text":"** Estimated fees.","page_number":151,"box":{"x":118,"y":192,"width":98,"height":8}},{"id":"a245907d-ba49-4689-8bff-5001d385b6e7","block_type":"box","text":"Placement of Redemption Orders.","page_number":151,"box":{"x":89,"y":215,"width":243,"height":13}},{"id":"c0887961-3e62-45d7-b474-26c3b6444b30","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":151,"box":{"x":342,"y":215,"width":550,"height":13}},{"id":"42954c24-1e6b-4ee9-92b4-814a178a8605","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":151,"box":{"x":89,"y":230,"width":825,"height":13}},{"id":"55adb3a6-2286-4dac-a0ec-241fe9e7f162","block_type":"box","text":"request to redeem shares of a Fund generally before 4:00 p.m., Eastern time on any Business Day in order to receive that","page_number":151,"box":{"x":89,"y":245,"width":840,"height":13}},{"id":"6002f0b9-5adb-4d46-8bb4-ce142176e760","block_type":"box","text":"day’s NAV. On days when the Listing Exchange closes earlier than normal, a Fund may require orders to redeem Creation","page_number":151,"box":{"x":89,"y":261,"width":843,"height":12}},{"id":"67bc2b69-3793-4deb-947a-c39444b7e94f","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":151,"box":{"x":89,"y":276,"width":875,"height":12}},{"id":"50ce9f62-4f63-4571-b18f-bcfa161265c5","block_type":"box","text":"a redemption request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current","page_number":151,"box":{"x":89,"y":291,"width":869,"height":12}},{"id":"50c040d5-077f-4a73-bec4-2a8056fd980e","block_type":"box","text":"Authorized Participants upon request.","page_number":151,"box":{"x":88,"y":306,"width":264,"height":12}},{"id":"86595602-fa4c-4dcf-9084-7e3d8f35864b","block_type":"box","text":"The Authorized Participant must transmit the request for redemption in the form required by the Funds to the Distributor or","page_number":151,"box":{"x":88,"y":332,"width":867,"height":13}},{"id":"c589be1e-5b1c-463d-8fa4-c380e5de34a0","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":151,"box":{"x":89,"y":348,"width":854,"height":12}},{"id":"3d18ca69-7a5b-4054-897b-adeb75cdc032","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":151,"box":{"x":88,"y":363,"width":862,"height":12}},{"id":"f1b9e146-8bd7-4a2f-96b2-3a497df6cf58","block_type":"box","text":"Creation Units may have to be placed by the investor’s broker through an Authorized Participant who has executed an","page_number":151,"box":{"x":89,"y":378,"width":823,"height":12}},{"id":"efa3a842-b012-41ba-be9e-0930126fdea3","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":151,"box":{"x":88,"y":393,"width":861,"height":12}},{"id":"9825e158-71dc-4d7d-a8cc-a5c3627ec5cf","block_type":"box","text":"Agreement in effect. Investors making a redemption request should be aware that such request must be in the form specified","page_number":151,"box":{"x":88,"y":408,"width":877,"height":12}},{"id":"2472d1bb-bdc1-4dc7-bb69-706650092ddd","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":151,"box":{"x":89,"y":423,"width":857,"height":12}},{"id":"cf03119e-a4f8-4a9f-bf87-ea171259fce8","block_type":"box","text":"proper submission of the request by an Authorized Participant and transfer of the shares to the Funds’ transfer agent; such","page_number":151,"box":{"x":89,"y":438,"width":857,"height":13}},{"id":"01855e3c-4145-41fe-8f13-10722cdd94c4","block_type":"box","text":"investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or","page_number":151,"box":{"x":89,"y":453,"width":842,"height":13}},{"id":"0dfc0a77-8b53-4d14-b717-fe9fbcc72794","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":151,"box":{"x":89,"y":468,"width":585,"height":13}},{"id":"bb756a76-29e7-4a41-a2af-9a3b0bcb47d8","block_type":"box","text":"A redemption request is considered to be in “proper form” if: (i) an Authorized Participant has transferred or caused to be","page_number":151,"box":{"x":88,"y":495,"width":850,"height":12}},{"id":"98b3c2f8-c34b-45b5-9e74-67518ac48581","block_type":"box","text":"transferred to the Funds’ transfer agent the Creation Unit redeemed through the book-entry system of DTC so as to be","page_number":151,"box":{"x":88,"y":510,"width":829,"height":12}},{"id":"d38c2dde-f581-48e1-a253-a707c4b56ff1","block_type":"box","text":"effective by the Listing Exchange closing time on any Business Day on which the redemption request is submitted; (ii) a","page_number":151,"box":{"x":89,"y":525,"width":833,"height":12}},{"id":"518204a3-24d8-4f35-ad8c-31a0039d9d2b","block_type":"box","text":"request in form satisfactory to the applicable Fund is received by the Distributor or its agent from the Authorized Participant","page_number":151,"box":{"x":89,"y":540,"width":866,"height":13}},{"id":"1fc3654d-7f30-4350-a6a6-87a17e93dfec","block_type":"box","text":"on behalf of itself or another redeeming investor within the time periods specified above; and (iii) all other procedures set","page_number":151,"box":{"x":89,"y":555,"width":848,"height":13}},{"id":"0dd9945f-876f-4de2-b48f-7c78fe78636e","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":151,"box":{"x":88,"y":570,"width":477,"height":13}},{"id":"5179132f-811e-4f7c-8840-35b445c6cff4","block_type":"box","text":"Upon receiving a redemption request, the Distributor or its agent shall notify the applicable Fund and the Fund’s transfer","page_number":151,"box":{"x":89,"y":597,"width":843,"height":12}},{"id":"fc5b8f26-7bf0-4362-8251-fea212f7388d","block_type":"box","text":"agent of such redemption request. The tender of an investor’s shares for redemption and the distribution of the securities","page_number":151,"box":{"x":89,"y":612,"width":850,"height":12}},{"id":"acb9cfb6-3d76-4e41-89e1-3edbd8cfa23c","block_type":"box","text":"and/or cash included in the redemption payment made in respect of Creation Units redeemed will be made through DTC and","page_number":151,"box":{"x":89,"y":627,"width":876,"height":13}},{"id":"4b4ffa5f-34a6-4b79-ad3b-3b065018f312","block_type":"box","text":"the relevant Authorized Participant to the Beneficial Owner thereof as recorded on the book-entry system of DTC or the DTC","page_number":151,"box":{"x":88,"y":642,"width":869,"height":13}},{"id":"4b3a6834-cbbc-42c8-b612-db700efeb38d","block_type":"box","text":"Participant through which such investor holds, as the case may be, or by such other means specified by the Authorized","page_number":151,"box":{"x":89,"y":657,"width":831,"height":13}},{"id":"a36c98f6-4114-4cd7-b583-7dd229fcace6","block_type":"box","text":"Participant submitting the redemption request.","page_number":151,"box":{"x":89,"y":673,"width":327,"height":12}},{"id":"893ce81b-9a29-45b0-86e1-ab37ba29ecc7","block_type":"box","text":"A redeeming Authorized Participant, whether on its own account or acting on behalf of a Beneficial Owner, must maintain","page_number":151,"box":{"x":88,"y":699,"width":854,"height":12}},{"id":"b270d82c-e700-4481-8f4f-d6ac7825594d","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":151,"box":{"x":89,"y":714,"width":837,"height":12}},{"id":"844cdbc5-85cd-4e70-9741-fa47bd5d1046","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":151,"box":{"x":88,"y":729,"width":836,"height":13}},{"id":"d947a3b6-36e6-4513-962e-1c1a89af8994","block_type":"box","text":"For the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA","page_number":151,"box":{"x":89,"y":756,"width":826,"height":12}},{"id":"c9b38ba6-1b26-4760-bc5e-774157defc54","block_type":"box","text":"Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small","page_number":151,"box":{"x":89,"y":771,"width":852,"height":12}},{"id":"5d0df6e2-9073-4a9e-96b4-b1cc928ccf8e","block_type":"box","text":"Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity","page_number":151,"box":{"x":89,"y":786,"width":843,"height":12}},{"id":"8def8cb5-8384-41c0-b412-22855bfd66dd","block_type":"box","text":"Factor ETF and iShares U.S. Tech Breakthrough Multisector ETF, deliveries of redemption proceeds are generally made within","page_number":151,"box":{"x":89,"y":801,"width":871,"height":12}},{"id":"b92f8ab7-59a9-4314-a462-b086f3fdbe8e","block_type":"box","text":"one Business Day (i.e., “T+1”).","page_number":151,"box":{"x":89,"y":816,"width":209,"height":13}},{"id":"00caac09-506d-4638-97b3-0677e5450441","block_type":"box","text":"For the iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor","page_number":151,"box":{"x":89,"y":843,"width":856,"height":12}},{"id":"14645ae1-9d00-4afb-a583-1d8bafec6bf2","block_type":"box","text":"ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE","page_number":151,"box":{"x":89,"y":858,"width":834,"height":11}},{"id":"fbb7f6e3-b2e5-4e44-9741-fef916e07676","block_type":"box","text":"125","page_number":151,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"c495ae17-e4fd-4a58-acdc-e4219a1ead6e","block_type":"box","text":"Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF,","page_number":152,"box":{"x":88,"y":44,"width":832,"height":12}},{"id":"60c24c94-0e75-43f8-a803-76700f029f7a","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF,","page_number":152,"box":{"x":89,"y":59,"width":820,"height":12}},{"id":"28a12072-42ac-4d15-8dec-da5735807bfb","block_type":"box","text":"deliveries of redemption proceeds are generally made within two Business Days (i.e., “T+2”).","page_number":152,"box":{"x":89,"y":74,"width":644,"height":12}},{"id":"a3af2b77-4c41-44c9-837b-2a39555d8657","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":152,"box":{"x":89,"y":101,"width":835,"height":12}},{"id":"f0d6e33f-4bb0-4590-8774-438ec3579e33","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":152,"box":{"x":89,"y":116,"width":772,"height":12}},{"id":"5cc00724-e43e-443a-9983-17e443cfe182","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":152,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"0de304e3-50bb-4e7d-b204-f15c13dcdeef","block_type":"box","text":"of dividend record dates and dividend ex-dates (i.e., the last date the holder of a security can sell the security and still receive","page_number":152,"box":{"x":89,"y":146,"width":872,"height":12}},{"id":"831f5597-c9e6-48e3-b1ef-07ca5ad4ff6b","block_type":"box","text":"dividends payable on the security).","page_number":152,"box":{"x":89,"y":161,"width":242,"height":12}},{"id":"22683e00-50f1-43b2-844a-1cc7d5ce51c3","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":152,"box":{"x":89,"y":188,"width":826,"height":12}},{"id":"d574bb0e-da41-49f7-8a42-718d93f70707","block_type":"box","text":"appropriate arrangements to take delivery of Fund Securities in the applicable non-U.S. jurisdiction and it is not possible to","page_number":152,"box":{"x":89,"y":203,"width":856,"height":12}},{"id":"f130b4a7-1aa7-4abe-aa27-22c6bc62fc7e","block_type":"box","text":"make other such arrangements, or if it is not possible to effect deliveries of Fund Securities in such jurisdiction, a Fund may in","page_number":152,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"0bc1ba70-6086-4257-96d7-cce2323a14db","block_type":"box","text":"its discretion exercise its option to redeem such shares in cash, and the Beneficial Owner will be required to receive its","page_number":152,"box":{"x":89,"y":233,"width":824,"height":12}},{"id":"28d6fc4b-0f1c-4ef2-99c1-6763470a594c","block_type":"box","text":"redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the net asset value of its shares","page_number":152,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"0a2ace6f-1c08-48c5-961b-9b1d2c898dfc","block_type":"box","text":"based on the NAV of the relevant Fund next determined after the redemption request is received in proper form (minus a","page_number":152,"box":{"x":89,"y":263,"width":844,"height":12}},{"id":"ac47d5f0-c7da-4d6f-afa7-0c3f27fef80b","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":152,"box":{"x":89,"y":278,"width":877,"height":13}},{"id":"7d60b579-0902-44a4-8e88-2edb854b0c88","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":152,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"99f803bd-ffb1-4e39-beda-ce1e59af1926","block_type":"box","text":"with applicable U.S. federal and state securities laws and each Fund (whether or not it otherwise permits cash redemptions)","page_number":152,"box":{"x":88,"y":308,"width":867,"height":13}},{"id":"f7adc315-8d0e-4368-9355-ee283815473f","block_type":"box","text":"reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully deliver specific Fund","page_number":152,"box":{"x":89,"y":324,"width":812,"height":12}},{"id":"2f785260-6f8a-4a9e-8c36-2ef26adfda56","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":152,"box":{"x":88,"y":339,"width":746,"height":12}},{"id":"a2c4ad6e-611e-4258-91f8-7cf076ec539a","block_type":"box","text":"Although the Trust does not ordinarily permit cash redemptions of Creation Units, in the event that cash redemptions are","page_number":152,"box":{"x":88,"y":365,"width":849,"height":12}},{"id":"d9d9abd0-c966-43bc-a7ba-b819d5fea7f1","block_type":"box","text":"permitted or required by the Trust, proceeds will be paid to the Authorized Participant redeeming shares as soon as","page_number":152,"box":{"x":89,"y":380,"width":804,"height":13}},{"id":"d731edb1-83db-4ff7-b495-f2e6f39bbeec","block_type":"box","text":"practicable after the date of redemption (within seven calendar days thereafter). If a Fund includes a foreign investment in its","page_number":152,"box":{"x":89,"y":395,"width":874,"height":13}},{"id":"ce6661cd-8412-4442-8bf3-a7426ec1c2e2","block_type":"box","text":"basket, and if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign","page_number":152,"box":{"x":89,"y":410,"width":870,"height":13}},{"id":"3e33d3f6-7c7b-49e4-a0be-8bf0d9281239","block_type":"box","text":"investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a","page_number":152,"box":{"x":89,"y":426,"width":816,"height":12}},{"id":"2dc9fe5a-7cf2-4a62-9e8b-0fc458cde542","block_type":"box","text":"redemption request, the Fund may delay delivery of the foreign investment more than seven days if the Fund delivers the","page_number":152,"box":{"x":89,"y":441,"width":843,"height":12}},{"id":"e5e9843f-43f9-4c9d-974d-5c378666d546","block_type":"box","text":"foreign investment as soon as practicable, but in no event later than 15 days.","page_number":152,"box":{"x":88,"y":456,"width":536,"height":12}},{"id":"c76a51a3-3040-4826-b0c3-70a70f0f10f2","block_type":"box","text":"To the extent contemplated by an Authorized Participant’s agreement with the Distributor or its agent, in the event an","page_number":152,"box":{"x":88,"y":482,"width":825,"height":13}},{"id":"c739a061-fe2f-480b-9fad-f03a294cbd6c","block_type":"box","text":"Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation","page_number":152,"box":{"x":88,"y":497,"width":872,"height":13}},{"id":"23dc51ff-d69c-4211-a9bb-902bfe2bafd8","block_type":"box","text":"Unit to be redeemed to a Fund, at or prior to the time specified by the Fund or its custodian on the Business Day after the","page_number":152,"box":{"x":89,"y":513,"width":847,"height":12}},{"id":"2aa33be8-7cc8-4dc3-a82b-3cc6e4a9421a","block_type":"box","text":"date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on","page_number":152,"box":{"x":89,"y":528,"width":870,"height":12}},{"id":"d95957ea-e0b9-4cd9-aeac-c669b8fef66f","block_type":"box","text":"the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":152,"box":{"x":88,"y":543,"width":853,"height":12}},{"id":"32dd5f7a-c142-4476-81d4-cb01468b8a22","block_type":"box","text":"secured by the Authorized Participant’s delivery and maintenance of collateral as set forth in the handbook for Authorized","page_number":152,"box":{"x":89,"y":558,"width":851,"height":12}},{"id":"c596599e-0d28-4a6f-94a3-736baa5981ea","block_type":"box","text":"Participants. Such collateral must be delivered no later than the time specified by a Fund or its custodian on the Business Day","page_number":152,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"bf34336b-81c2-4b24-aa8f-537bbfb3dfab","block_type":"box","text":"after the date of submission of such redemption request and shall be held by State Street, Citibank or JPMorgan, as","page_number":152,"box":{"x":89,"y":588,"width":802,"height":12}},{"id":"15df1c10-8306-4e94-9028-243d24c1d91a","block_type":"box","text":"applicable, and marked-to-market daily. The fees of State Street, Citibank or JPMorgan, as applicable, and any sub-custodians","page_number":152,"box":{"x":89,"y":603,"width":876,"height":13}},{"id":"75d85054-9ee6-455f-81a5-091e66934e5e","block_type":"box","text":"in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The","page_number":152,"box":{"x":89,"y":618,"width":842,"height":13}},{"id":"75a8e8d4-240e-4c01-a568-94017e416275","block_type":"box","text":"Authorized Participant Agreement permits the Funds to acquire shares of the Funds at any time and subjects the Authorized","page_number":152,"box":{"x":88,"y":633,"width":870,"height":13}},{"id":"1b387194-be24-470d-8ac5-3c8fbaaf6d43","block_type":"box","text":"Participant to liability for any shortfall between the aggregate of the cost to the Funds of purchasing such shares, plus the","page_number":152,"box":{"x":89,"y":649,"width":850,"height":12}},{"id":"1e35804d-fff2-4442-9158-dc4e63f615db","block_type":"box","text":"value of the Cash Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":152,"box":{"x":88,"y":664,"width":837,"height":12}},{"id":"69995b4d-0e19-49f2-b4f2-8f37f804e1e4","block_type":"box","text":"Because the portfolio securities of a Fund may trade on exchange(s) on days that the Listing Exchange is closed or are","page_number":152,"box":{"x":89,"y":690,"width":826,"height":13}},{"id":"5b55bb88-19b7-4408-90ad-ef4bc9cbe353","block_type":"box","text":"otherwise not Business Days for such Fund, shareholders may not be able to redeem their shares of such Fund or purchase","page_number":152,"box":{"x":89,"y":705,"width":861,"height":13}},{"id":"5d300200-c7a0-4c53-b3c9-bc0fd430671a","block_type":"box","text":"or sell shares of such Fund on the Listing Exchange on days when the NAV of such a Fund could be significantly affected by","page_number":152,"box":{"x":89,"y":720,"width":864,"height":13}},{"id":"3198bd57-6235-42f8-8b43-9a5f378f59f1","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":152,"box":{"x":89,"y":736,"width":277,"height":9}},{"id":"edf147be-3f33-45f3-9db9-cf59fa664af8","block_type":"box","text":"The right of redemption may be suspended or the date of payment postponed with respect to any Fund: (i) for any period","page_number":152,"box":{"x":88,"y":762,"width":852,"height":12}},{"id":"d68f9d6d-7ca0-43ea-b299-156bbef562e0","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":152,"box":{"x":89,"y":777,"width":844,"height":12}},{"id":"c305f194-a719-4ae0-b9ed-597b988d7c03","block_type":"box","text":"period during which trading on the applicable Listing Exchange is suspended or restricted; (iii) for any period during which an","page_number":152,"box":{"x":89,"y":792,"width":878,"height":13}},{"id":"3f9b4b9c-fd4e-4c3e-9342-e6c1dba86e09","block_type":"box","text":"emergency exists as a result of which disposal of the shares of the Fund’s portfolio securities or determination of its NAV is","page_number":152,"box":{"x":89,"y":807,"width":859,"height":13}},{"id":"acb1db61-d4d1-417d-bdd6-4f69db6270e8","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":152,"box":{"x":89,"y":822,"width":619,"height":13}},{"id":"1d26a933-a8a2-4126-b659-458750a33f74","block_type":"box","text":"126","page_number":152,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"bfe5ef40-926a-4505-bbcb-5e609e8784e4","block_type":"box","text":"Custom Baskets.","page_number":153,"box":{"x":89,"y":44,"width":118,"height":10}},{"id":"2233b0a5-aa9b-442e-983f-92c87ea8a33e","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":153,"box":{"x":216,"y":44,"width":706,"height":12}},{"id":"be3c6e62-116d-4f56-a13c-e77dfaf51afb","block_type":"box","text":"basket may include any of the following: (i) a basket that is composed of a non-representative selection of a Fund’s portfolio","page_number":153,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"d3cc2a6d-e25c-4850-90bc-fbbc4cc489e8","block_type":"box","text":"holdings; (ii) a representative basket that is different from the initial basket used in transactions on the same business day; or","page_number":153,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"4887821e-766f-40d7-9a51-76ba5154f6ab","block_type":"box","text":"(iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. Each Fund has adopted policies and","page_number":153,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"85f20c29-7ef1-44f2-a7cc-06a8d33a4daf","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":153,"box":{"x":89,"y":104,"width":865,"height":13}},{"id":"e0d6df52-c929-41c5-887c-38235902162d","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":153,"box":{"x":89,"y":119,"width":823,"height":13}},{"id":"4aacefc1-4bf0-4024-8626-fbfdbfa80f0d","block_type":"box","text":"baskets that are in the best interests of a Fund and its shareholders, establish processes for revisions to, or deviations from,","page_number":153,"box":{"x":89,"y":135,"width":859,"height":12}},{"id":"1b77264d-478c-4524-8d9b-9d73034f7cea","block_type":"box","text":"such parameters, and specify the titles and roles of the employees of BFA who are required to review each custom basket for","page_number":153,"box":{"x":89,"y":150,"width":871,"height":12}},{"id":"47f01e03-157a-45b1-a41b-201eaa5e8704","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":153,"box":{"x":89,"y":165,"width":854,"height":12}},{"id":"dc453670-0cb8-4466-92c1-f48926fadffd","block_type":"box","text":"Fund may be taken into account. The policies and procedures distinguish among different types of custom baskets that may","page_number":153,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"67bbe32f-e8a1-4e8f-9fec-d4bbfcc1cd85","block_type":"box","text":"be used for each Fund and impose different requirements for different types of custom baskets in order to seek to mitigate","page_number":153,"box":{"x":89,"y":195,"width":856,"height":12}},{"id":"43d8adfd-65ee-42f4-bd12-b367627775d2","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":153,"box":{"x":89,"y":210,"width":877,"height":13}},{"id":"164cbec7-a6d3-4a36-afcc-3f8847ba2f6c","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":153,"box":{"x":89,"y":225,"width":728,"height":13}},{"id":"0a128e84-7624-4faf-8095-3f6feddec32e","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":153,"box":{"x":88,"y":252,"width":418,"height":12}},{"id":"57560f83-72cf-4fdb-ae1a-70d0d10f58da","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":153,"box":{"x":519,"y":252,"width":445,"height":12}},{"id":"24c0db77-cb01-4b0c-a2d3-1dcc55e7aeaf","block_type":"box","text":"loss upon the exchange of Deposit Securities for Creation Units. This gain or loss is calculated by taking the market value of","page_number":153,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"aff7efc9-d43b-4653-ac65-765baf45f936","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":153,"box":{"x":88,"y":282,"width":869,"height":12}},{"id":"8ab0a0ee-1d9c-4f33-8ca2-b6e8a656bc59","block_type":"box","text":"However, the IRS may apply the wash sales rules to determine that any loss realized upon the exchange of Deposit Securities","page_number":153,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"47358d9e-eecf-4d8d-bb05-5563b733d97e","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":153,"box":{"x":88,"y":312,"width":753,"height":13}},{"id":"2adc577e-b99c-41f5-8466-458504118521","block_type":"box","text":"Current U.S. federal income tax laws dictate that capital gain or loss realized from the redemption of Creation Units will","page_number":153,"box":{"x":89,"y":339,"width":829,"height":12}},{"id":"cc1b575c-3778-4c9a-b25e-1cf8294be773","block_type":"box","text":"generally create long-term capital gain or loss if the Authorized Participant holds the Creation Units for more than one year,","page_number":153,"box":{"x":89,"y":354,"width":861,"height":12}},{"id":"a8ef20d6-4173-4d31-ae08-c9a47b48a20c","block_type":"box","text":"or short-term capital gain or loss if the Creation Units were held for one year or less, if the Creation Units are held as capital","page_number":153,"box":{"x":89,"y":369,"width":859,"height":12}},{"id":"ed32b5af-ed98-4f38-9b25-8624fbd8c425","block_type":"box","text":"assets.","page_number":153,"box":{"x":89,"y":385,"width":45,"height":9}},{"id":"9240172c-1e6a-4cad-a355-7a131da42ded","block_type":"box","text":"Taxes","page_number":153,"box":{"x":88,"y":416,"width":94,"height":22}},{"id":"012f3bfe-6a88-4747-be8b-a34201d517ba","block_type":"box","text":"The following is a summary of certain material U.S. federal income tax considerations regarding the purchase, ownership and","page_number":153,"box":{"x":88,"y":456,"width":878,"height":12}},{"id":"4e0433e2-eaa7-450b-b3f1-b334074d25b0","block_type":"box","text":"disposition of shares of a Fund. This summary does not address all of the potential U.S. federal income tax consequences","page_number":153,"box":{"x":89,"y":471,"width":847,"height":12}},{"id":"8e8f8175-8548-418e-ab78-675c92bd2251","block_type":"box","text":"that may be applicable to a Fund or to all categories of investors, some of which may be subject to special tax rules. Current","page_number":153,"box":{"x":88,"y":486,"width":867,"height":12}},{"id":"54bd65d5-92ea-4e87-8f2b-09caacccae8d","block_type":"box","text":"and prospective shareholders are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local","page_number":153,"box":{"x":89,"y":501,"width":868,"height":13}},{"id":"0dc29bea-9990-4e6f-87c4-5d10f85cc23f","block_type":"box","text":"and non-U.S. tax consequences of investing in a Fund. The summary is based on the laws and judicial and administrative","page_number":153,"box":{"x":89,"y":516,"width":845,"height":13}},{"id":"f4394d86-9960-4330-98dc-8baab2f2e42b","block_type":"box","text":"interpretations thereof in effect on the date of this SAI, all of which are subject to change, possibly with retroactive effect.","page_number":153,"box":{"x":89,"y":531,"width":846,"height":13}},{"id":"df8ced9c-36ec-4f04-9e6a-2145d0225d47","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":153,"box":{"x":89,"y":558,"width":338,"height":12}},{"id":"06b59452-1163-43ee-b02e-6e482d9faf8f","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":153,"box":{"x":437,"y":558,"width":465,"height":12}},{"id":"9a1f906d-34d6-42de-b5a7-10badf36cd34","block_type":"box","text":"Subchapter M of the Internal Revenue Code. To qualify for treatment as a RIC, each Fund must annually distribute at least","page_number":153,"box":{"x":88,"y":573,"width":852,"height":12}},{"id":"41711e9b-ac67-4cbe-a33e-318c17481e22","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) (and","page_number":153,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"2d0a3ff6-fcd0-492b-9ac0-bbf3e143289f","block_type":"box","text":"90% of net tax-exempt income for each of the iShares MSCI EAFE Min Vol Factor ETF and iShares MSCI USA Min Vol Factor","page_number":153,"box":{"x":89,"y":603,"width":864,"height":13}},{"id":"9ca533f8-c398-47f4-a92f-d1d46ac8fa26","block_type":"box","text":"ETF), and meet several other requirements. Among such other requirements are the following: (i) at least 90% of each Fund’s","page_number":153,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"bf9ac586-6f8b-473a-988e-21d1bb5111fa","block_type":"box","text":"annual gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale","page_number":153,"box":{"x":89,"y":633,"width":872,"height":13}},{"id":"d0ff6804-24ae-49a3-a9b8-e2079253ace9","block_type":"box","text":"or other disposition of stock or securities or non-U.S. currencies, other income (including, but not limited to, gains from","page_number":153,"box":{"x":89,"y":649,"width":836,"height":12}},{"id":"cd54ebfb-1222-4273-9611-4a9ed491933a","block_type":"box","text":"options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies,","page_number":153,"box":{"x":89,"y":664,"width":869,"height":12}},{"id":"5ecb1c2f-14e0-447f-9b17-43455a08944f","block_type":"box","text":"and net income derived from interests in qualified publicly-traded partnerships (","page_number":153,"box":{"x":89,"y":679,"width":560,"height":12}},{"id":"5e50763f-5276-4376-adcf-8e949670db05","block_type":"box","text":"i.e.,","page_number":153,"box":{"x":650,"y":680,"width":21,"height":10}},{"id":"4dac6a69-d0df-4ff9-b631-23782b6c1fa5","block_type":"box","text":"partnerships that are traded on an","page_number":153,"box":{"x":677,"y":679,"width":239,"height":12}},{"id":"31d8c030-839b-4fc0-8bac-8122c8ad090f","block_type":"box","text":"established securities market or tradable on a secondary market, other than partnerships that derive at least 90% of their","page_number":153,"box":{"x":89,"y":694,"width":847,"height":12}},{"id":"cce251ba-435a-4725-9466-48dd4103ca05","block_type":"box","text":"income from interest, dividends, capital gains and other traditionally permitted RIC income); and (ii) at the close of each","page_number":153,"box":{"x":89,"y":709,"width":839,"height":12}},{"id":"14e7d0e1-1f30-4043-abb0-5d7a1a7af923","block_type":"box","text":"quarter of each Fund’s taxable year, (a) at least 50% of the market value of each Fund’s total assets must be represented by","page_number":153,"box":{"x":89,"y":724,"width":864,"height":13}},{"id":"2f092085-34dd-4d81-a61e-3f3b79c7a760","block_type":"box","text":"cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities","page_number":153,"box":{"x":89,"y":739,"width":838,"height":13}},{"id":"f4ebca03-4d06-4bf7-9cb4-d376add8f633","block_type":"box","text":"limited for purposes of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the","page_number":153,"box":{"x":89,"y":754,"width":841,"height":13}},{"id":"4702ad21-0241-49b8-bce5-912223ce8b8f","block_type":"box","text":"Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the","page_number":153,"box":{"x":89,"y":770,"width":878,"height":12}},{"id":"b88b2542-990a-4be4-98fe-e0a4581f71a7","block_type":"box","text":"value of each Fund’s total assets may be invested in the securities (other than U.S. government securities or the securities of","page_number":153,"box":{"x":88,"y":785,"width":870,"height":12}},{"id":"0befcaae-29a5-4b3d-bce5-68db022fcf50","block_type":"box","text":"other RICs) of any one issuer, of two or more issuers of which 20% or more of the voting stock is held by the Fund and that","page_number":153,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"c4d8eb36-4cd6-42e6-a79e-1ac0d27c0023","block_type":"box","text":"are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more","page_number":153,"box":{"x":89,"y":815,"width":835,"height":12}},{"id":"5dde6f54-33ee-4627-8936-53c21240970a","block_type":"box","text":"qualified publicly-traded partnerships.","page_number":153,"box":{"x":89,"y":830,"width":265,"height":12}},{"id":"d3cee44b-0438-4be6-93b4-f972d1e6bc4a","block_type":"box","text":"127","page_number":153,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"5c8e87a0-d03f-4c90-8d49-313d71a75876","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a failure to","page_number":154,"box":{"x":88,"y":44,"width":836,"height":12}},{"id":"5aa469ed-fe47-4de8-9ee9-a8262e9ed081","block_type":"box","text":"diversify its holdings in the manner described above by paying a tax and/or by disposing of certain assets. If, in any taxable","page_number":154,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"0a5f2b32-cb54-48fa-9275-83139b6c6dbf","block_type":"box","text":"year, a Fund fails one of these tests and does not timely cure the failure, that Fund will be taxed in the same manner as an","page_number":154,"box":{"x":88,"y":74,"width":850,"height":12}},{"id":"80e96c31-9452-4dd0-b2ad-f4cc7acacc60","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":154,"box":{"x":89,"y":89,"width":821,"height":13}},{"id":"c97d896b-bbc0-468f-8693-f9d21fdf2109","block_type":"box","text":"income.","page_number":154,"box":{"x":89,"y":105,"width":54,"height":9}},{"id":"ed2f0180-df2d-45fa-a564-41d2c44e8a29","block_type":"box","text":"Although, in general, the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a RIC","page_number":154,"box":{"x":88,"y":131,"width":854,"height":12}},{"id":"27435e0f-2387-48cf-ad83-1849117fc265","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. A Fund’s investments in partnerships,","page_number":154,"box":{"x":88,"y":146,"width":871,"height":12}},{"id":"28a395f8-125a-4cd4-a15b-9e4b16640564","block_type":"box","text":"including in qualified publicly-traded partnerships, may result in the Fund being subject to state, local, or non-U.S. income,","page_number":154,"box":{"x":89,"y":161,"width":856,"height":12}},{"id":"190c955a-d726-4a13-9c1d-241e2d641c54","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":154,"box":{"x":88,"y":176,"width":265,"height":13}},{"id":"2fad6d1f-6f1c-414b-84f6-45c722d933e4","block_type":"box","text":"Taxation of RICs.","page_number":154,"box":{"x":88,"y":203,"width":121,"height":9}},{"id":"905fa741-b7ce-4fea-8f90-85bda45427d5","block_type":"box","text":"As a RIC, a Fund will not be subject to U.S. federal income tax on the portion of its taxable investment","page_number":154,"box":{"x":218,"y":203,"width":710,"height":12}},{"id":"c37f34ca-dd1e-4e50-ac3f-1a76f6a55f56","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":154,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"f787274a-e5f7-42f8-beff-20eb1c3c651d","block_type":"box","text":"To satisfy the minimum distribution requirement, a Fund must distribute to its shareholders at least the sum of (i) 90% of its","page_number":154,"box":{"x":88,"y":233,"width":871,"height":12}},{"id":"8eb40aef-1bbf-401f-a609-b8e43371287a","block_type":"box","text":"“investment company taxable income” (i.e., income other than the excess of its net realized long-term capital gain over its","page_number":154,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"3e1b8ba8-c61c-46c4-8856-26d69cec978c","block_type":"box","text":"net realized short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the","page_number":154,"box":{"x":89,"y":263,"width":847,"height":12}},{"id":"d3d0e9ae-4e20-4673-97fd-757ddf34d550","block_type":"box","text":"taxable year. A Fund will be subject to income tax at regular corporate rates on any taxable income or gains that it does not","page_number":154,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"1269da4d-50d6-4808-a419-86bf66c9a5ae","block_type":"box","text":"distribute to its shareholders. If a Fund fails to qualify for any taxable year as a RIC or fails to meet the distribution","page_number":154,"box":{"x":89,"y":293,"width":792,"height":13}},{"id":"83de6721-8074-4605-b81d-451c465abfc4","block_type":"box","text":"requirement, all of its taxable income will be subject to tax at regular corporate income tax rates without any deduction for","page_number":154,"box":{"x":89,"y":308,"width":859,"height":13}},{"id":"655f1975-41c2-4023-9fca-2e79d5358ceb","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":154,"box":{"x":89,"y":324,"width":849,"height":12}},{"id":"5c91426b-df4d-4368-9bd9-b95f040254ee","block_type":"box","text":"extent of the Fund’s current and accumulated earnings and profits. In such event, distributions to individuals should be","page_number":154,"box":{"x":89,"y":339,"width":833,"height":12}},{"id":"08700eff-da94-44f2-8abe-66f95539a0a3","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":154,"box":{"x":89,"y":354,"width":873,"height":12}},{"id":"305ede2a-6acf-4163-88b0-359ed73cd940","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":154,"box":{"x":88,"y":369,"width":875,"height":12}},{"id":"12509e68-d27f-4b75-b72a-0c2320b70160","block_type":"box","text":"its capital gains for each taxable year, a Fund may decide to retain a portion of its income or gains. Each Fund will be subject","page_number":154,"box":{"x":89,"y":384,"width":869,"height":12}},{"id":"be14a76d-1b0d-4a84-9124-a7f702dc48d8","block_type":"box","text":"to U.S. federal income taxation and excise taxation (as described below) to the extent it does not distribute all (or, in the case","page_number":154,"box":{"x":88,"y":399,"width":874,"height":13}},{"id":"dd8f6e28-24e1-4452-8f9c-db056a3c53bb","block_type":"box","text":"of the excise tax, substantially all) of such income or gains. In certain circumstances, including in instances where the","page_number":154,"box":{"x":89,"y":414,"width":822,"height":13}},{"id":"7c26aa42-39e4-4cfe-85ab-efa1c8e62b6f","block_type":"box","text":"operational cost of the distribution would exceed the amount of the income or excise tax, BFA or an affiliate may voluntarily","page_number":154,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"cde87c98-8e74-4e7f-bb4f-1dcc6accf978","block_type":"box","text":"pay the tax on behalf of a Fund or reimburse the Fund for the tax. If a Fund fails to qualify as a RIC in any year, it must pay out","page_number":154,"box":{"x":89,"y":445,"width":877,"height":12}},{"id":"23068782-7e25-44cd-af4f-ad38f1b6873a","block_type":"box","text":"its earnings and profits accumulated in that year in order to qualify again as a RIC. If a Fund fails to qualify as a RIC for a","page_number":154,"box":{"x":89,"y":460,"width":836,"height":12}},{"id":"a68bfb4d-362d-4355-ad36-3e5c26844b8f","block_type":"box","text":"period greater than two taxable years, the Fund may be required to recognize any net built-in gains with respect to certain of","page_number":154,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"9ab24c0c-7329-4c7f-8a3f-aa8de1a1d6ea","block_type":"box","text":"its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been","page_number":154,"box":{"x":89,"y":490,"width":840,"height":12}},{"id":"76c38e68-9c28-4e14-a865-3d78a6f059fb","block_type":"box","text":"realized with respect to such assets if the Fund had been liquidated) if it qualifies as a RIC in a subsequent year.","page_number":154,"box":{"x":89,"y":505,"width":774,"height":12}},{"id":"9929a0d7-0ef4-45fa-9042-fc5690b03c4b","block_type":"box","text":"Excise Tax.","page_number":154,"box":{"x":89,"y":532,"width":77,"height":9}},{"id":"aa40f5d0-05b0-423b-849c-0acd1f114f5d","block_type":"box","text":"A Fund will be subject to a 4% excise tax on certain undistributed income if it does not distribute to its","page_number":154,"box":{"x":175,"y":531,"width":716,"height":13}},{"id":"84f9468a-ec0d-48ca-a6de-dc6e9885b600","block_type":"box","text":"shareholders in each calendar year at least 98% of its ordinary income for the calendar year plus at least 98.2% of its capital","page_number":154,"box":{"x":89,"y":547,"width":867,"height":12}},{"id":"db9f5a9a-b98f-43b6-a2c9-4785f7db5f8f","block_type":"box","text":"gain net income for the 12 months ended October 31 of such year. For this purpose, however, any ordinary income or capital","page_number":154,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"e8dec51f-38f5-4e70-b2aa-d91dd8ce7c02","block_type":"box","text":"gain net income retained by a Fund that is subject to corporate income tax will be considered to have been distributed by","page_number":154,"box":{"x":89,"y":577,"width":847,"height":12}},{"id":"4e9d392d-3ed1-4a9b-8a0f-54059bf43dcb","block_type":"box","text":"year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or","page_number":154,"box":{"x":88,"y":592,"width":869,"height":12}},{"id":"ce33bc50-04cd-4923-94ac-7697ba63c4be","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":154,"box":{"x":89,"y":607,"width":735,"height":12}},{"id":"b872d6bd-1e3c-4fcc-8ac5-0b991199a687","block_type":"box","text":"Net Capital Loss Carryforwards.","page_number":154,"box":{"x":89,"y":633,"width":227,"height":13}},{"id":"a9da680f-529e-4d1d-930a-456dcb4edc21","block_type":"box","text":"Net capital loss carryforwards may be applied against any net realized capital gains in each","page_number":154,"box":{"x":326,"y":633,"width":632,"height":13}},{"id":"ec54eba4-aeca-4973-b637-7e4338fa25f2","block_type":"box","text":"succeeding year, until they have been reduced to zero.","page_number":154,"box":{"x":89,"y":649,"width":376,"height":12}},{"id":"d32bb303-9ac7-470b-8e33-e571d8b6160e","block_type":"box","text":"In the event that a Fund were to experience an ownership change as defined under the Internal Revenue Code, the loss","page_number":154,"box":{"x":89,"y":675,"width":831,"height":12}},{"id":"9afcbc5f-660d-4744-a619-35fb8fd6b5cc","block_type":"box","text":"carryforwards and other favorable tax attributes of a Fund, if any, may be subject to limitation.","page_number":154,"box":{"x":89,"y":690,"width":656,"height":13}},{"id":"b1bae646-dea5-44da-9f3b-2e2a8df99829","block_type":"box","text":"The following Funds had net capital loss carryforwards as set forth in the table below as of July 31, 2025, the tax year-end for","page_number":154,"box":{"x":88,"y":717,"width":873,"height":12}},{"id":"9c7a0cbf-7f23-4539-8eec-8204419643aa","block_type":"box","text":"the Funds 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Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":156,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"d571c568-cc7a-4ebb-98a1-e90977dfd73f","block_type":"box","text":"treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the","page_number":156,"box":{"x":88,"y":237,"width":867,"height":12}},{"id":"c072b799-f318-46ce-8594-7a83573d871b","block_type":"box","text":"shareholders receiving cash dividends or distributions will receive and should have a cost basis in the shares received equal to","page_number":156,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"be999f09-ae32-4215-af8f-7c5ede939792","block_type":"box","text":"such amount.","page_number":156,"box":{"x":89,"y":267,"width":95,"height":10}},{"id":"6d737786-efc5-4f9b-978e-581101e17c1b","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on net investment income, including, but not limited to, interest,","page_number":156,"box":{"x":88,"y":293,"width":854,"height":13}},{"id":"e23ad290-5d17-41da-a185-b8f7f0c7fc81","block_type":"box","text":"dividends, and net gain from investments, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and","page_number":156,"box":{"x":89,"y":308,"width":858,"height":13}},{"id":"12b22c5f-768c-4d2c-8a5d-144a1723bc29","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":156,"box":{"x":88,"y":324,"width":269,"height":12}},{"id":"1f32651c-03a0-41a4-ab03-88aa2e0649f3","block_type":"box","text":"Investors considering buying shares just prior to a dividend or capital gain distribution should be aware that, although the","page_number":156,"box":{"x":89,"y":350,"width":851,"height":12}},{"id":"8bbe2b0c-728f-4f2d-8cee-e6e1aa6258de","block_type":"box","text":"price of shares purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution","page_number":156,"box":{"x":89,"y":365,"width":864,"height":12}},{"id":"d3217bdf-fb18-4058-807a-9ab76a85e6cc","block_type":"box","text":"may nevertheless be taxable to them. If a Fund is the holder of record of any security on the record date for any dividends","page_number":156,"box":{"x":89,"y":380,"width":849,"height":13}},{"id":"dc52b692-9885-4902-8a34-4e7fad91b431","block_type":"box","text":"payable with respect to such security, such dividends will be included in the Fund’s gross income not as of the date received","page_number":156,"box":{"x":89,"y":395,"width":866,"height":13}},{"id":"9877cf2b-0d48-49ee-9952-aef3b9dd9bbd","block_type":"box","text":"but as of the later of (a) the date such security became ex-dividend with respect to such dividends (","page_number":156,"box":{"x":89,"y":410,"width":698,"height":13}},{"id":"2d5e1c7a-2281-4634-b40d-84fd230f1b6a","block_type":"box","text":"i.e.","page_number":156,"box":{"x":789,"y":411,"width":17,"height":9}},{"id":"e61e5069-5f56-4686-99fc-33152bc6cca8","block_type":"box","text":", the date on which a","page_number":156,"box":{"x":808,"y":410,"width":146,"height":12}},{"id":"c09354ec-c887-45ac-b934-a9fd400cc195","block_type":"box","text":"buyer of the security would not be entitled to receive the declared, but unpaid, dividends); or (b) the date the Fund acquired","page_number":156,"box":{"x":89,"y":426,"width":866,"height":12}},{"id":"bc4e4f8f-ebdb-448f-91f3-15cad5724e4b","block_type":"box","text":"such security. Accordingly, in order to satisfy its income distribution requirements, a Fund may be required to pay dividends","page_number":156,"box":{"x":89,"y":441,"width":863,"height":12}},{"id":"77aece27-7962-4e73-9498-2478b060613a","block_type":"box","text":"based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.","page_number":156,"box":{"x":89,"y":456,"width":862,"height":12}},{"id":"a318e018-2b6d-4244-a97c-0e1cc8e56932","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no net capital","page_number":156,"box":{"x":89,"y":482,"width":843,"height":13}},{"id":"1d4a901d-a9ed-4824-9740-ab953d86c5a4","block_type":"box","text":"loss, then any net long-term or short-term capital loss) realized after October and its late-year ordinary loss (defined as the","page_number":156,"box":{"x":89,"y":497,"width":859,"height":13}},{"id":"7180c5a5-6b74-4854-a95a-26203a0d49ab","block_type":"box","text":"sum of (i) the excess of post-October foreign currency and passive foreign investment company (“PFIC”) losses over post","page_number":156,"box":{"x":89,"y":513,"width":855,"height":12}},{"id":"b930b7cb-b7d5-4e13-816f-5569b608a4dc","block_type":"box","text":"October foreign currency and PFIC gains and (ii) the excess of post-December ordinary losses over post-December ordinary","page_number":156,"box":{"x":89,"y":528,"width":868,"height":12}},{"id":"4d25d4d5-0faa-48fa-86b6-6cef0ae09409","block_type":"box","text":"income) until the next taxable year in computing its investment company taxable income and net capital gain, which will","page_number":156,"box":{"x":89,"y":543,"width":845,"height":12}},{"id":"dfd76457-9fab-4c68-8940-66b889a24e98","block_type":"box","text":"defer the recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":156,"box":{"x":89,"y":558,"width":870,"height":12}},{"id":"7cce5be4-8980-4c03-ad16-dd47fb950fff","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":156,"box":{"x":89,"y":573,"width":504,"height":12}},{"id":"0e6708fc-3fa6-4556-8471-75ea795bfcbc","block_type":"box","text":"Sales of Shares.","page_number":156,"box":{"x":88,"y":599,"width":113,"height":10}},{"id":"004b6077-e23e-4c8e-b83e-7678cdedfc87","block_type":"box","text":"Upon the sale or exchange of shares of a Fund, a shareholder will realize a taxable gain or loss equal to the","page_number":156,"box":{"x":210,"y":599,"width":743,"height":13}},{"id":"ece4a276-1007-4c41-9395-3f8f44317d60","block_type":"box","text":"difference between the amount realized and the shareholder’s basis in shares of the Fund. A redemption of shares by a Fund","page_number":156,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"8df3cd6c-0850-4caa-aecb-58cd2eed3c5c","block_type":"box","text":"will be treated as a sale for this purpose. Such gain or loss will be treated as capital gain or loss if the shares are capital assets","page_number":156,"box":{"x":88,"y":630,"width":876,"height":12}},{"id":"e9ea3977-e3b9-4570-b174-58cf4924d649","block_type":"box","text":"in the shareholder’s hands and will be long-term capital gain or loss if the shares are held for more than one year and short","page_number":156,"box":{"x":89,"y":645,"width":866,"height":12}},{"id":"bd9b9fef-1eae-426f-8e87-0cff4e2a1f16","block_type":"box","text":"term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale or exchange will be disallowed","page_number":156,"box":{"x":88,"y":660,"width":863,"height":12}},{"id":"8442d0d7-2d51-45e9-8f9c-9a86405f5c38","block_type":"box","text":"to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends or capital gains","page_number":156,"box":{"x":88,"y":675,"width":875,"height":12}},{"id":"b4e67ce4-000b-424c-8df6-01e34fc22fcc","block_type":"box","text":"distributions, or by an option or contract to acquire substantially identical shares, within a 61-day period beginning 30 days","page_number":156,"box":{"x":89,"y":690,"width":860,"height":13}},{"id":"0f291b78-1e46-44f9-8161-b91fad6986a4","block_type":"box","text":"before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be","page_number":156,"box":{"x":89,"y":705,"width":810,"height":13}},{"id":"5fc6f020-a4e4-4446-a49b-ddab1ea56391","block_type":"box","text":"increased to reflect the disallowed loss. Any loss realized by a shareholder on the sale of Fund shares held by the shareholder","page_number":156,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"06fcbc05-fc61-4b2a-94a4-76ad97162d6d","block_type":"box","text":"for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any","page_number":156,"box":{"x":88,"y":736,"width":841,"height":12}},{"id":"00335cf0-e95e-4860-bca5-7198ad40d3d8","block_type":"box","text":"distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share. The","page_number":156,"box":{"x":89,"y":751,"width":865,"height":12}},{"id":"c14e71af-5a9b-44e0-a5ed-ec0bf966782a","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":156,"box":{"x":89,"y":766,"width":557,"height":12}},{"id":"41f41bfd-76b8-4051-ad3c-0522e3e0b1f7","block_type":"box","text":"If a shareholder incurs a sales charge in acquiring shares of a Fund, disposes of those shares within 90 days and then, on or","page_number":156,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"88082a93-bc38-468e-912d-b3f331a9356a","block_type":"box","text":"before January 31 of the following calendar year, acquires shares in a mutual fund for which the otherwise applicable sales","page_number":156,"box":{"x":89,"y":807,"width":854,"height":13}},{"id":"41ef6f2f-98b0-4c20-952e-469284d81387","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":156,"box":{"x":89,"y":822,"width":368,"height":13}},{"id":"f610779c-2f68-4031-94ec-011ce572fcc2","block_type":"box","text":"e.g.","page_number":156,"box":{"x":458,"y":826,"width":23,"height":9}},{"id":"ac08a563-f6ec-44cb-a1d9-fad74359e188","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":156,"box":{"x":483,"y":822,"width":463,"height":13}},{"id":"0155e53c-59ea-410d-8841-fdb59838638d","block_type":"box","text":"into account in computing gain/loss on the original shares to the extent the subsequent sales charge is reduced. Instead, the","page_number":156,"box":{"x":89,"y":838,"width":875,"height":12}},{"id":"2e961cdb-e13e-4ad6-ad78-1cc3b09a9f0b","block_type":"box","text":"disregarded portion of the original sales charge will be added to the tax basis of the newly acquired shares. Furthermore, the","page_number":156,"box":{"x":89,"y":853,"width":870,"height":12}},{"id":"794c991e-f7eb-4264-bfab-ed734cd26cb5","block_type":"box","text":"130","page_number":156,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"7d0a2cfb-e19e-499c-ac21-cad2eddc0438","block_type":"box","text":"same rule also applies to a disposition of the newly acquired shares made within 90 days of the second acquisition. This","page_number":157,"box":{"x":89,"y":44,"width":839,"height":12}},{"id":"fbc4d9a8-e4cf-4b10-8c3f-c658970f8de1","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":157,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"5ded1028-b525-4a2b-ba34-9946a43d9a6a","block_type":"box","text":"mutual funds.","page_number":157,"box":{"x":89,"y":74,"width":96,"height":10}},{"id":"37b835fa-3dad-419a-bc68-a05502d534ba","block_type":"box","text":"Backup Withholding.","page_number":157,"box":{"x":89,"y":101,"width":150,"height":12}},{"id":"401de0ce-2399-4bcd-9552-c5ef6c192170","block_type":"box","text":"In certain cases, a Fund will be required to withhold at a 24% rate and remit to the U.S. Treasury such","page_number":157,"box":{"x":249,"y":101,"width":707,"height":12}},{"id":"721be90a-8f7a-45d6-b38b-ba7b35d9af2e","block_type":"box","text":"amounts withheld from any distributions paid to a shareholder who: (i) has failed to provide a correct taxpayer identification","page_number":157,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"cabe8cb8-5b89-4bbe-ac66-7017cd41b394","block_type":"box","text":"number; (ii) is subject to backup withholding by the IRS; (iii) has failed to certify to a Fund that such shareholder is not","page_number":157,"box":{"x":89,"y":131,"width":828,"height":12}},{"id":"2905d490-45f8-4817-9559-38d3eb104892","block_type":"box","text":"subject to backup withholding; or (iv) has not certified that such shareholder is a U.S. person (including a U.S. resident alien).","page_number":157,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"84b7a6b8-7527-4fc5-ba7e-5a1d30b5e772","block_type":"box","text":"Backup withholding is not an additional tax and any amount withheld may be credited against a shareholder’s U.S. federal","page_number":157,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"9bb553e2-39af-4fea-adcb-96ea43e6ffaa","block_type":"box","text":"income tax liability.","page_number":157,"box":{"x":89,"y":176,"width":132,"height":13}},{"id":"388924d9-80c8-43e7-bbf2-bcdadeea1803","block_type":"box","text":"Sections 351 and 362.","page_number":157,"box":{"x":88,"y":203,"width":159,"height":9}},{"id":"b3a483ee-b2e7-4e8d-920a-58ab08ae7856","block_type":"box","text":"The Trust, on behalf of each Fund, has the right to reject an order for a purchase of shares of the","page_number":157,"box":{"x":256,"y":203,"width":675,"height":12}},{"id":"de74837f-88fb-4e73-9c49-0e532614088d","block_type":"box","text":"Fund if the purchaser (or group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the","page_number":157,"box":{"x":89,"y":218,"width":824,"height":12}},{"id":"034018c8-5893-4e78-896c-0251a7106e12","block_type":"box","text":"outstanding shares of a given Fund and if, pursuant to Sections 351 and 362 of the Internal Revenue Code, that Fund would","page_number":157,"box":{"x":89,"y":233,"width":864,"height":12}},{"id":"7d960eba-0375-4781-adf4-75e868d7ea3c","block_type":"box","text":"have a basis in the securities different from the market value of such securities on the date of deposit. If a Fund’s basis in","page_number":157,"box":{"x":89,"y":248,"width":841,"height":12}},{"id":"f6803b2c-e5f9-4340-b3ab-e5379c83a9d1","block_type":"box","text":"such securities on the date of deposit was less than market value on such date, the Fund, upon disposition of the securities,","page_number":157,"box":{"x":89,"y":263,"width":865,"height":12}},{"id":"c97c9e40-2174-49a7-a5b2-340dfdb238da","block_type":"box","text":"would recognize more taxable gain or less taxable loss than if its basis in the securities had been equal to market value. It is","page_number":157,"box":{"x":88,"y":278,"width":861,"height":13}},{"id":"6e17eb11-448e-4d6b-9824-de55a92125ea","block_type":"box","text":"not anticipated that the Trust will exercise the right of rejection except in a case where the Trust determines that accepting","page_number":157,"box":{"x":89,"y":293,"width":858,"height":13}},{"id":"6427c950-fe8e-4948-a06f-24a536c04179","block_type":"box","text":"the order could result in material adverse tax consequences to a Fund or its shareholders. The Trust also has the right to","page_number":157,"box":{"x":88,"y":308,"width":841,"height":13}},{"id":"0a1c6bb3-f32e-41ee-a2b8-ecf47af3eacc","block_type":"box","text":"require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":157,"box":{"x":89,"y":324,"width":776,"height":12}},{"id":"c4facad4-38e7-44d4-b3f5-7e91b6dd4b79","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":157,"box":{"x":88,"y":350,"width":225,"height":10}},{"id":"374b7f1b-510f-4956-9b55-fc48ee1848c5","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":157,"box":{"x":322,"y":350,"width":612,"height":12}},{"id":"2fab3d8c-e60d-4613-b1ad-352c9b8b1f74","block_type":"box","text":"options and futures contracts (including options and futures contracts on non-U.S. currencies), to the extent permitted, will","page_number":157,"box":{"x":89,"y":365,"width":865,"height":12}},{"id":"4a5b1482-b732-4b73-b15e-c51f3c059c97","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":157,"box":{"x":89,"y":380,"width":848,"height":13}},{"id":"c54b852f-68ca-4030-9527-5832b167b239","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":157,"box":{"x":89,"y":395,"width":789,"height":13}},{"id":"7ab67136-ecfc-48a8-8c46-a6dcf4dfa211","block_type":"box","text":"i.e.","page_number":157,"box":{"x":879,"y":396,"width":18,"height":9}},{"id":"1cc6ea0f-71c1-4868-9580-5e1413eadfb2","block_type":"box","text":", may","page_number":157,"box":{"x":899,"y":398,"width":37,"height":10}},{"id":"c1265f34-e73f-44fb-81b1-0406ae7d5f44","block_type":"box","text":"affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer Fund losses.","page_number":157,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"703b51fc-813b-44e7-8b45-23780f19e6ac","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":157,"box":{"x":88,"y":426,"width":856,"height":12}},{"id":"de174cde-2a9c-4c5b-afa6-f0cc13713521","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":157,"box":{"x":89,"y":441,"width":607,"height":12}},{"id":"303588d0-12f4-476a-b32f-6b53be55b08c","block_type":"box","text":"i.e.","page_number":157,"box":{"x":697,"y":442,"width":18,"height":8}},{"id":"f7df9a4d-7c0e-4ab8-a4d2-de2ec461bad5","block_type":"box","text":", treat them as if they were closed","page_number":157,"box":{"x":717,"y":441,"width":235,"height":12}},{"id":"bad59aff-6837-4216-9302-af272e497d6c","block_type":"box","text":"out at the end of each year) and (b) may cause a Fund to recognize income without receiving cash with which to pay","page_number":157,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"4f551b34-b181-4b9e-a7d4-98ef028b36a5","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":157,"box":{"x":89,"y":471,"width":876,"height":12}},{"id":"127f3522-534e-4ce6-9e0d-b2ee7d06e190","block_type":"box","text":"taxes. Each Fund will monitor its transactions, will make the appropriate tax elections and will make the appropriate entries in","page_number":157,"box":{"x":88,"y":486,"width":879,"height":12}},{"id":"fc752184-fd47-4a98-9b24-6fa80636b8b8","block_type":"box","text":"its books and records when it acquires any zero coupon security, non-U.S. currency, forward contract, option, futures","page_number":157,"box":{"x":89,"y":501,"width":816,"height":13}},{"id":"ab684c16-c904-46a4-a5d4-02e07ba5da74","block_type":"box","text":"contract or hedged investment in order to mitigate the effect of these rules and prevent disqualification of a Fund as a RIC.","page_number":157,"box":{"x":89,"y":516,"width":856,"height":13}},{"id":"5447c5c4-402d-40aa-a8be-cd3f48b37157","block_type":"box","text":"A Fund’s investments in so-called “Section 1256 contracts,” such as regulated futures contracts, most non-U.S. currency","page_number":157,"box":{"x":88,"y":543,"width":846,"height":12}},{"id":"f4084dd3-5a61-41da-957c-34d05b0f3088","block_type":"box","text":"forward contracts traded in the interbank market and options on most security indexes, are subject to special tax rules. All","page_number":157,"box":{"x":88,"y":558,"width":854,"height":12}},{"id":"134b2ca0-d412-44c9-99fa-5d46c367fc79","block_type":"box","text":"Section 1256 contracts held by a Fund at the end of its taxable year are required to be marked to their market value, and any","page_number":157,"box":{"x":88,"y":573,"width":870,"height":12}},{"id":"49574a5d-0151-460c-a664-115a70e0c0ae","block_type":"box","text":"unrealized gain or loss on those positions will be included in a Fund’s income as if each position had been sold for its fair","page_number":157,"box":{"x":89,"y":588,"width":843,"height":12}},{"id":"9dfde988-84f5-44c5-8094-76e08babfc9c","block_type":"box","text":"market value at the end of the taxable year. The resulting gain or loss will be combined with any gain or loss realized by a","page_number":157,"box":{"x":89,"y":603,"width":844,"height":13}},{"id":"f9b68068-2b35-4c4c-b4bb-7d16a8419f39","block_type":"box","text":"Fund from positions in Section 1256 contracts closed during the taxable year. Provided such positions were held as capital","page_number":157,"box":{"x":89,"y":618,"width":854,"height":13}},{"id":"f3f0d568-4a99-46f4-b74b-fad083e44fef","block_type":"box","text":"assets and were not part of a “hedging transaction” nor part of a “straddle,” 60% of the resulting net gain or loss will be","page_number":157,"box":{"x":89,"y":633,"width":838,"height":13}},{"id":"e60574f8-1eaf-4257-b875-b154e6931606","block_type":"box","text":"treated as long-term capital gain or loss, and 40% of such net gain or loss will be treated as short-term capital gain or loss,","page_number":157,"box":{"x":88,"y":649,"width":860,"height":12}},{"id":"8935930c-4ed4-446a-abb4-f5e24ce12398","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":157,"box":{"x":89,"y":664,"width":520,"height":12}},{"id":"83e55ae6-44cb-40c9-9266-5f1e9148c1e0","block_type":"box","text":"As a result of entering into swap contracts, a Fund may make or receive periodic net payments. A Fund may also make or","page_number":157,"box":{"x":88,"y":690,"width":849,"height":13}},{"id":"70bbdfba-a5c8-4c57-9bf2-9fc59acce9f1","block_type":"box","text":"receive a payment when a swap is terminated prior to maturity through an assignment of the swap or other closing","page_number":157,"box":{"x":89,"y":705,"width":808,"height":13}},{"id":"c627ca7b-1e58-42d1-8cf8-f0c980562975","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":157,"box":{"x":88,"y":720,"width":864,"height":13}},{"id":"decdc962-1511-4de8-b965-0b1d2fa44eef","block_type":"box","text":"generally result in capital gain or loss (which will be a long-term capital gain or loss if a Fund has been a party to the swap for","page_number":157,"box":{"x":89,"y":736,"width":878,"height":12}},{"id":"f7d20eb8-f624-4a4b-b0a6-4400585381ff","block_type":"box","text":"more than one year). With respect to certain types of swaps, a Fund may be required to currently recognize income or loss","page_number":157,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"bd646961-cdcb-40f4-a455-b75667b59c3d","block_type":"box","text":"with respect to future payments on such swaps or may elect under certain circumstances to mark such swaps to market","page_number":157,"box":{"x":88,"y":766,"width":845,"height":12}},{"id":"b54bf55b-b80e-4246-b080-280b480a5c93","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":157,"box":{"x":89,"y":781,"width":369,"height":12}},{"id":"02038b6c-08e8-4b4e-982f-5939ef1ec3cc","block_type":"box","text":"Qualified Dividend Income.","page_number":157,"box":{"x":89,"y":807,"width":196,"height":11}},{"id":"8c46fb3b-9b68-4288-a492-cb46154db424","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":157,"box":{"x":294,"y":807,"width":627,"height":13}},{"id":"2d655780-bcd5-4680-b835-d118a1a0d73d","block_type":"box","text":"capital gains), whether received in cash or shares, will be taxable either as ordinary income or as qualified dividend income,","page_number":157,"box":{"x":89,"y":822,"width":861,"height":13}},{"id":"db6c4278-213b-4819-9376-8faee87a415a","block_type":"box","text":"which is eligible to be taxed at long-term capital gain rates to the extent a Fund receives qualified dividend income on the","page_number":157,"box":{"x":88,"y":838,"width":850,"height":12}},{"id":"c0f9de05-888d-4d8d-ac45-4de73f4c5bf8","block_type":"box","text":"securities it holds and a Fund reports the distribution as qualified dividend income. Qualified dividend income is, in general,","page_number":157,"box":{"x":89,"y":853,"width":861,"height":12}},{"id":"9271fb37-c1f0-4b21-96f8-46b42f5ed3de","block_type":"box","text":"131","page_number":157,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"6ef9e9c1-b5b0-4bf4-a452-f5fc2aeeda15","block_type":"box","text":"dividend income from taxable U.S. corporations (but generally not from U.S. REITs) and certain non-U.S. corporations (","page_number":158,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"2de2e76f-eaed-413b-80de-4bdd3375ecec","block_type":"box","text":"e.g.","page_number":158,"box":{"x":921,"y":47,"width":23,"height":9}},{"id":"8f8791c8-925e-45ed-a489-963e3e1fa851","block_type":"box","text":",","page_number":158,"box":{"x":946,"y":52,"width":2,"height":3}},{"id":"dc63b381-6783-4ba0-9ab3-0b7aea0698d2","block_type":"box","text":"non-U.S. corporations that are not PFICs and which are incorporated in a possession of the U.S. or in certain countries with a","page_number":158,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"b04fc446-631c-44aa-a874-781d5d8ee516","block_type":"box","text":"comprehensive tax treaty with the U.S., or the stock of which is readily tradable on an established securities market in the","page_number":158,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"2ea71cc4-1e1b-44c8-be02-37d55e565b6b","block_type":"box","text":"U.S. (where the dividends are paid with respect to such stock)). Substitute payments received by a Fund for securities lent out","page_number":158,"box":{"x":89,"y":89,"width":879,"height":13}},{"id":"65ab9882-e85d-4a06-ac0a-1fcf9f2318b0","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":158,"box":{"x":89,"y":104,"width":332,"height":13}},{"id":"175c05b9-a34f-4908-9e23-e9c94cf702d6","block_type":"box","text":"A dividend from a Fund will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held","page_number":158,"box":{"x":88,"y":131,"width":855,"height":12}},{"id":"cc934b6c-2d95-479c-81e2-c3b1682f5225","block_type":"box","text":"the shares on which the dividend was paid for 61 days during the 121-day period that begins on the date that is 60 days","page_number":158,"box":{"x":88,"y":146,"width":838,"height":12}},{"id":"25317254-435c-4537-a50b-22c7951d30ac","block_type":"box","text":"before the date on which the shares become ex-dividend with respect to such dividend or a Fund fails to satisfy those","page_number":158,"box":{"x":89,"y":161,"width":823,"height":12}},{"id":"590afc3e-27b6-4503-b6dd-ab090b6d80b2","block_type":"box","text":"holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder (or,","page_number":158,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"3981208a-f1b2-4608-866e-542836aa2226","block_type":"box","text":"in the case of certain preferred stocks, the holding requirement of 91 days during the 181-day period beginning on the date","page_number":158,"box":{"x":89,"y":191,"width":860,"height":13}},{"id":"2b2730b7-7cc0-4d5a-b6ba-5f2311dc1db6","block_type":"box","text":"that is 90 days before the date on which the stock becomes ex-dividend with respect to such dividend); (ii) a Fund or the","page_number":158,"box":{"x":88,"y":206,"width":847,"height":13}},{"id":"a166cd5a-7e47-4b87-b5b4-f2402ef320ee","block_type":"box","text":"shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to","page_number":158,"box":{"x":89,"y":222,"width":872,"height":12}},{"id":"60a780d3-2734-4d7e-9bcc-02283e96c5d2","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":158,"box":{"x":89,"y":237,"width":843,"height":12}},{"id":"4917a04b-fdc8-4705-abd0-c990a330f0b0","block_type":"box","text":"Section 163(d)(4)(B) of the Internal Revenue Code. Dividends received by a Fund from a REIT or another RIC may be treated","page_number":158,"box":{"x":88,"y":252,"width":867,"height":12}},{"id":"5ea3b536-2b20-4609-884e-43a2b4d99dba","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":158,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"b0c7be00-6a21-4f0f-9785-385fdb38b3ca","block_type":"box","text":"received by such REIT or other RIC. It is expected that dividends received by a Fund from a REIT and distributed to a","page_number":158,"box":{"x":89,"y":282,"width":807,"height":12}},{"id":"0efd900d-b173-48bf-8809-e5aa6df56be9","block_type":"box","text":"shareholder generally will be taxable to the shareholder as ordinary income. However, a non-corporate taxpayer who is a","page_number":158,"box":{"x":89,"y":297,"width":843,"height":12}},{"id":"61b35fdf-be1d-4e67-b2a9-a4d4de23443c","block_type":"box","text":"direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a RIC may","page_number":158,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"78f52255-40bb-4958-8f2e-f4d4ae5efb05","block_type":"box","text":"report dividends as eligible for this deduction to the extent the RIC’s income is derived from ordinary REIT dividends (reduced","page_number":158,"box":{"x":89,"y":327,"width":877,"height":13}},{"id":"4a31f50c-ae5c-4bbc-8b8e-b96af5918b97","block_type":"box","text":"by allocable RIC expenses). A shareholder may treat the dividends as such provided the RIC and the shareholder satisfy","page_number":158,"box":{"x":89,"y":342,"width":832,"height":13}},{"id":"6cc62655-9702-4372-a6fc-ffef9eab0f2f","block_type":"box","text":"applicable holding period requirements. Distributions by a Fund of its net short-term capital gains will be taxable as ordinary","page_number":158,"box":{"x":89,"y":358,"width":870,"height":12}},{"id":"98c4b6d7-9715-445e-a738-0f1440b63345","block_type":"box","text":"income.","page_number":158,"box":{"x":89,"y":374,"width":54,"height":8}},{"id":"a2438fee-61b7-4742-a2d9-7ecbd14777e6","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":158,"box":{"x":89,"y":399,"width":300,"height":13}},{"id":"c6e9f92f-0a10-4e80-b79f-b885a6c9518e","block_type":"box","text":"Dividends paid by a Fund that are attributable to dividends received by the Fund","page_number":158,"box":{"x":399,"y":399,"width":557,"height":13}},{"id":"f73387cc-df68-493e-a7ec-a62833fe5fd9","block_type":"box","text":"from U.S. corporations may qualify for the U.S. federal dividends received deduction for corporations. A 46-day minimum","page_number":158,"box":{"x":88,"y":414,"width":847,"height":13}},{"id":"03cbf5d7-f320-4c7c-bee7-c508080d2137","block_type":"box","text":"holding period during the 90-day period that begins 45 days prior to ex-dividend date (or 91-day minimum holding period","page_number":158,"box":{"x":89,"y":429,"width":855,"height":13}},{"id":"5d30f558-a5e1-4dc9-beef-46b2372b5d26","block_type":"box","text":"during the 180 period beginning 90 days prior to ex-dividend date for certain preference dividends) during which risk of loss","page_number":158,"box":{"x":89,"y":445,"width":869,"height":12}},{"id":"7fc14abc-6e2d-4190-91e5-13ce30f97458","block_type":"box","text":"may not be diminished is required for the applicable shares, at both the Fund and shareholder level, for a dividend to be","page_number":158,"box":{"x":89,"y":460,"width":835,"height":12}},{"id":"cb03cb24-2415-4cd9-8e8f-1243022f315c","block_type":"box","text":"eligible for the dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to","page_number":158,"box":{"x":89,"y":475,"width":865,"height":12}},{"id":"87127b68-c900-4e52-a7c1-3d522f60e748","block_type":"box","text":"the investment.","page_number":158,"box":{"x":88,"y":490,"width":108,"height":10}},{"id":"06dc1649-718a-4416-b913-74750f70de6e","block_type":"box","text":"Excess Inclusion Income.","page_number":158,"box":{"x":89,"y":516,"width":180,"height":10}},{"id":"deb83b46-7716-44c2-acea-a9eaab6c21c1","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":158,"box":{"x":278,"y":516,"width":652,"height":13}},{"id":"251b198f-7f25-4bff-ae02-8a0cd528720f","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":158,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"c31fbd98-4e77-4abe-b778-ab25a26b22f3","block_type":"box","text":"by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt","page_number":158,"box":{"x":89,"y":547,"width":859,"height":12}},{"id":"480623d1-1e6d-4b6b-82aa-9c87e518b15a","block_type":"box","text":"shareholder within the meaning of Section 514(b) of the Internal Revenue Code. Certain types of income received by a Fund","page_number":158,"box":{"x":89,"y":562,"width":865,"height":12}},{"id":"7b2be7d4-f36a-4f72-bcbf-30fadee9c690","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":158,"box":{"x":88,"y":577,"width":864,"height":12}},{"id":"e99e2418-bd85-4f0f-8777-a44f1b97579a","block_type":"box","text":"report some or all of its distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":158,"box":{"x":89,"y":592,"width":873,"height":12}},{"id":"680dff37-5f97-4820-a140-87c8dd25d8e5","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":158,"box":{"x":89,"y":607,"width":814,"height":12}},{"id":"9a106c8a-7051-4640-94e2-6ecc18f3f8d2","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":158,"box":{"x":89,"y":622,"width":816,"height":12}},{"id":"948dd621-d7ce-4d95-9978-69b0379f17e0","block_type":"box","text":"otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders","page_number":158,"box":{"x":89,"y":637,"width":860,"height":13}},{"id":"f0d358e5-4a5a-437f-b34a-45b58ba49870","block_type":"box","text":"even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,” as defined","page_number":158,"box":{"x":89,"y":652,"width":864,"height":13}},{"id":"888eea04-c115-4f20-b5f8-99921128f9fb","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":158,"box":{"x":89,"y":668,"width":823,"height":12}},{"id":"31b03ff3-4327-4c4c-ba94-ab99936361f1","block_type":"box","text":"unitrust (each as defined in Section 664 of the Internal Revenue Code) has UBTI for a taxable year, a 100% excise tax on the","page_number":158,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"63108d3e-17a4-4e83-b677-50e71870dce3","block_type":"box","text":"UBTI is imposed on the trust.","page_number":158,"box":{"x":89,"y":698,"width":201,"height":12}},{"id":"49e03c6b-a00e-4d98-92fd-339cc0d82a63","block_type":"box","text":"A Fund tries to avoid investing in REITs that are expected to generate excess inclusion income, but a Fund may not always be","page_number":158,"box":{"x":88,"y":724,"width":874,"height":13}},{"id":"712b0984-5824-4eb4-b361-426be1f0deed","block_type":"box","text":"successful in doing so. Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":158,"box":{"x":89,"y":739,"width":868,"height":13}},{"id":"7bccac92-9246-4fb1-b5af-7715f46ecce6","block_type":"box","text":"may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":158,"box":{"x":89,"y":754,"width":802,"height":13}},{"id":"88edd343-8e83-4581-bea6-e041acc386a8","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":158,"box":{"x":88,"y":770,"width":863,"height":12}},{"id":"b6cf1ddd-54ae-4c00-bade-bac7a3dfc0ff","block_type":"box","text":"investment opportunities.","page_number":158,"box":{"x":89,"y":786,"width":179,"height":11}},{"id":"9414b0ef-2ca1-4f75-b7cf-36cf73e99fbd","block_type":"box","text":"Non-U.S. Investments.","page_number":158,"box":{"x":89,"y":812,"width":159,"height":9}},{"id":"6577256b-c7ce-48d3-b3ee-bbb03b371eb5","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":158,"box":{"x":257,"y":811,"width":656,"height":12}},{"id":"53ddbf78-3b92-482d-aa26-0d58cf9f0b72","block_type":"box","text":"exchange rates between the time a Fund accrues income or receivables or expenses or other liabilities denominated in a non","page_number":158,"box":{"x":89,"y":826,"width":877,"height":13}},{"id":"b588b3e8-99a0-4cb4-88c1-65bd024af1be","block_type":"box","text":"U.S. currency and the time a Fund actually collects such income or pays such liabilities are generally treated as ordinary","page_number":158,"box":{"x":89,"y":841,"width":834,"height":13}},{"id":"ada50303-babb-4907-ac10-8c14d2d92f4c","block_type":"box","text":"income or ordinary loss. In general, gains (and losses) realized on debt instruments will be treated as Section 988 gain (or","page_number":158,"box":{"x":89,"y":856,"width":850,"height":13}},{"id":"632bcb8c-eaf6-4481-861c-9a77e5af10b4","block_type":"box","text":"132","page_number":158,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"48be4f2b-28c9-4d3d-acc8-60fbe1b60808","block_type":"box","text":"loss) to the extent attributable to changes in exchange rates between the U.S. dollar and the currencies in which the","page_number":159,"box":{"x":89,"y":44,"width":811,"height":12}},{"id":"1a688600-10a3-4aef-af8c-9e276a76a9a9","block_type":"box","text":"instruments are denominated. Similarly, gains or losses on non-U.S. currency, non-U.S. currency forward contracts and","page_number":159,"box":{"x":89,"y":59,"width":830,"height":12}},{"id":"3ca15166-37e5-438c-817f-f8f07a5f491f","block_type":"box","text":"certain non-U.S. currency options or futures contracts denominated in non-U.S. currency, to the extent attributable to","page_number":159,"box":{"x":89,"y":74,"width":823,"height":12}},{"id":"aaa53281-2770-4a43-aba9-727ce0603da2","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":159,"box":{"x":88,"y":89,"width":842,"height":13}},{"id":"fcfc70a6-4b04-403c-bdf5-92622bf9fd8e","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":159,"box":{"x":89,"y":104,"width":260,"height":10}},{"id":"d1fb0426-ade0-49f7-9e3a-e5700c363b78","block_type":"box","text":"Each Fund may be subject to non-U.S. income taxes withheld at the source. Each Fund, if permitted to do so, may elect to","page_number":159,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"e5ebafdb-4a89-4c6a-a3bd-b6572f471669","block_type":"box","text":"“pass through” to its investors the amount of non-U.S. income taxes paid by the Fund provided that the Fund held the","page_number":159,"box":{"x":89,"y":146,"width":825,"height":12}},{"id":"3c02bebc-e2c6-40b4-8cbe-3d5f2bb21567","block_type":"box","text":"security on the dividend settlement date and for at least 15 additional days immediately before and/or thereafter, with the","page_number":159,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"e55cc13d-9464-465d-bc16-6cb35b302f3f","block_type":"box","text":"result that each investor with respect to shares of the Fund held for a minimum 16-day holding period at the time of deemed","page_number":159,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"fb690ead-1412-470e-97f6-643e5b77f88a","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":159,"box":{"x":89,"y":191,"width":644,"height":13}},{"id":"21487a52-91f8-4040-ae2d-0c7e6552f4d7","block_type":"box","text":"pro rata","page_number":159,"box":{"x":737,"y":193,"width":56,"height":11}},{"id":"a2937631-d8b3-41f1-9b8e-74694f3f0382","block_type":"box","text":"share of the Fund’s","page_number":159,"box":{"x":798,"y":191,"width":133,"height":10}},{"id":"b5af04d8-77a4-4ff1-9437-7823195aa068","block_type":"box","text":"non-U.S. income taxes, and (ii) either deduct (in calculating U.S. taxable income, but only for investors who itemize their","page_number":159,"box":{"x":89,"y":206,"width":840,"height":13}},{"id":"24cfc481-6f52-4781-aeb9-cec6b31c26b5","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":159,"box":{"x":89,"y":222,"width":722,"height":12}},{"id":"cd5dad59-10f8-4f9f-98bb-2ad6385540a6","block_type":"box","text":"pro rata","page_number":159,"box":{"x":815,"y":223,"width":56,"height":11}},{"id":"50a94960-88af-4368-8cb8-acecd5f9cfd4","block_type":"box","text":"share of the","page_number":159,"box":{"x":875,"y":222,"width":83,"height":9}},{"id":"b464150f-bfdf-46ee-9c40-296cf1dbe8b1","block_type":"box","text":"Fund’s non-U.S. income taxes. Withholding taxes on dividends on non-U.S. securities while such securities are lent out by a","page_number":159,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"c676aa53-1774-4ee4-86ad-1d7ab8bcc5bb","block_type":"box","text":"Fund are not eligible for non-U.S. tax credit pass through. Taxes not “passed through” for tax purposes will not be available to","page_number":159,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"eaccfb26-1091-4b38-a70b-71d9658e61d0","block_type":"box","text":"shareholders for foreign tax credit purposes. A non-U.S. person invested in a Fund in a year that the Fund elects to “pass","page_number":159,"box":{"x":89,"y":267,"width":841,"height":12}},{"id":"81a45efb-ed47-4808-b96c-6016bd415f17","block_type":"box","text":"through” its non-U.S. taxes may be treated as receiving additional dividend income subject to U.S. withholding tax. A non","page_number":159,"box":{"x":88,"y":282,"width":855,"height":12}},{"id":"fb03d144-80a1-43a6-8635-52a896171ade","block_type":"box","text":"U.S. tax credit may not exceed the investor’s U.S. federal income tax otherwise payable with respect to the investor’s non-U.S.","page_number":159,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"78e09448-9767-4ef6-bf0a-6c90b11bedb5","block_type":"box","text":"source income. For this purpose, shareholders must treat as non-U.S. source gross income (i) their proportionate shares of","page_number":159,"box":{"x":89,"y":312,"width":860,"height":13}},{"id":"64f57ea1-e8fe-4e6c-be08-f78cb13284e4","block_type":"box","text":"non-U.S. taxes paid by the Fund and (ii) the portion of any dividend paid by the Fund that represents income derived from","page_number":159,"box":{"x":89,"y":327,"width":850,"height":13}},{"id":"4ea7b8fb-7ef5-4a60-b794-6c13d8d109a7","block_type":"box","text":"non-U.S. sources; the Fund’s gain from the sale of securities will generally be treated as U.S.-source income. Certain","page_number":159,"box":{"x":89,"y":342,"width":808,"height":13}},{"id":"f84b291a-f029-442d-8f4c-a07c67927290","block_type":"box","text":"limitations will be imposed to the extent to which the non-U.S. tax credit may be claimed. If your Fund shares are loaned","page_number":159,"box":{"x":89,"y":358,"width":841,"height":12}},{"id":"57a1bb0a-8355-4612-8479-02b8cd9594e0","block_type":"box","text":"pursuant to securities lending arrangements, you may lose the ability to use any non-U.S. tax credits passed through by a","page_number":159,"box":{"x":89,"y":373,"width":847,"height":12}},{"id":"70573316-b16a-4693-a635-946021a05a76","block_type":"box","text":"Fund or to treat Fund dividends (paid while the shares are held by the borrower) as qualified dividends. Regarding a short sale","page_number":159,"box":{"x":89,"y":388,"width":879,"height":12}},{"id":"e24bd8a5-0086-4122-86a5-78f6b762fec8","block_type":"box","text":"with respect to shares of a Fund, substitute payments made to the lender of such shares may not be deductible under certain","page_number":159,"box":{"x":88,"y":403,"width":877,"height":12}},{"id":"2a794a1f-470f-41b2-93ec-ef9b022c5d72","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":159,"box":{"x":89,"y":418,"width":457,"height":12}},{"id":"77239055-1a14-4c87-84ad-02bc13e25fc8","block_type":"box","text":"Certain of the Funds have filed refund claims in various EU countries to recover taxes withheld on dividend income received","page_number":159,"box":{"x":89,"y":445,"width":862,"height":9}},{"id":"9f760706-1458-4e8a-a83f-d926dc153215","block_type":"box","text":"during past years based upon certain provisions in the Treaty on the Functioning of the EU. Whether or when a Fund will","page_number":159,"box":{"x":89,"y":460,"width":842,"height":12}},{"id":"cc143e64-c6f0-4302-bd48-ef56c9ba7359","block_type":"box","text":"receive a tax refund is within the control of the individual country. Pending confirmatory guidance from the IRS, the refunds","page_number":159,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"cd0740e1-d144-42e6-a471-d89c9d736446","block_type":"box","text":"received may reduce a Fund’s pass-through of foreign tax credits in such year and potentially future years or may result in the","page_number":159,"box":{"x":89,"y":490,"width":879,"height":12}},{"id":"3650ee68-c1f0-42a7-ac25-7e65b4517288","block_type":"box","text":"Funds paying an IRS compliance fee to cover the effect of the tax credits previously passed through to shareholders on","page_number":159,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"e938d7e0-1d92-41f6-89d8-7efec0fa1b41","block_type":"box","text":"refunded foreign taxes.","page_number":159,"box":{"x":89,"y":520,"width":160,"height":12}},{"id":"b0e3e2bc-07cd-4388-bf0c-4877e330dd65","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":159,"box":{"x":89,"y":547,"width":284,"height":12}},{"id":"2261463b-4084-4ad7-93c7-26085fcbcdf6","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":159,"box":{"x":383,"y":547,"width":577,"height":12}},{"id":"845c91f8-023f-498d-b9af-4465ea38d873","block_type":"box","text":"a portion of any “excess distribution” or gain from the disposition of such shares even if such income is distributed as a","page_number":159,"box":{"x":89,"y":562,"width":833,"height":12}},{"id":"75b78306-7985-460a-8588-407391e9f88d","block_type":"box","text":"taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in","page_number":159,"box":{"x":88,"y":577,"width":870,"height":12}},{"id":"768cc2e4-af0b-4623-b20d-37ee1470103c","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":159,"box":{"x":89,"y":592,"width":455,"height":12}},{"id":"99760c8b-e2f7-489c-a148-338be98fcda6","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Internal Revenue Code, in","page_number":159,"box":{"x":89,"y":618,"width":873,"height":13}},{"id":"8032b46d-5bd7-4abc-897b-310b6ac75be7","block_type":"box","text":"lieu of the foregoing requirements, a Fund might be required to include in income each year a portion of the ordinary","page_number":159,"box":{"x":89,"y":633,"width":818,"height":13}},{"id":"423c5e53-bc5f-4382-9447-63f328f2fd86","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to a Fund, and such amounts would be","page_number":159,"box":{"x":89,"y":649,"width":855,"height":12}},{"id":"aa2b881a-5054-45a3-a5b0-c1ac4c216059","block_type":"box","text":"subject to the 90% and excise tax distribution requirements described above. In order to make this election, a Fund would be","page_number":159,"box":{"x":89,"y":664,"width":874,"height":12}},{"id":"3488cfcf-9102-4f9c-aecc-3ea2af078cf8","block_type":"box","text":"required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to","page_number":159,"box":{"x":89,"y":679,"width":832,"height":12}},{"id":"58ba7c02-7dbe-477a-9977-cc2e6dec1d76","block_type":"box","text":"obtain.","page_number":159,"box":{"x":89,"y":694,"width":47,"height":10}},{"id":"ef283d58-40d7-4754-9240-9a405573a72a","block_type":"box","text":"Alternatively, a Fund may make a mark-to-market election that would result in a Fund being treated as if it had sold and","page_number":159,"box":{"x":88,"y":720,"width":838,"height":13}},{"id":"0ae99425-f536-4e5c-ba23-ab3d9a9e4076","block_type":"box","text":"repurchased its PFIC stock at the end of each year. In such case, a Fund would report any such gains as ordinary income and","page_number":159,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"831e6b68-c540-4a05-83ef-02ae19af8807","block_type":"box","text":"would deduct any such losses as ordinary losses to the extent of previously recognized gains. The election must be made","page_number":159,"box":{"x":88,"y":751,"width":848,"height":12}},{"id":"6e23e617-52e8-4e78-b863-9816de96a86b","block_type":"box","text":"separately for each PFIC owned by a Fund and, once made, would be effective for all subsequent taxable years, unless","page_number":159,"box":{"x":89,"y":766,"width":822,"height":12}},{"id":"0757c48c-ec30-412d-9294-ba58c4b6466e","block_type":"box","text":"revoked with the consent of the IRS. By making the election, a Fund could potentially ameliorate the adverse tax","page_number":159,"box":{"x":89,"y":781,"width":783,"height":12}},{"id":"a5be1656-dcf2-41c1-95f3-7fb9e280a938","block_type":"box","text":"consequences with respect to its ownership of shares in a PFIC, but in any particular year may be required to recognize","page_number":159,"box":{"x":89,"y":796,"width":830,"height":12}},{"id":"3e842b36-cdc8-4b05-8de8-f984e97fb179","block_type":"box","text":"income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock. A Fund may","page_number":159,"box":{"x":89,"y":811,"width":845,"height":12}},{"id":"8a0027bf-e48d-4f15-8bdd-6ded20dad91d","block_type":"box","text":"have to distribute this “phantom” income and gain to satisfy the 90% distribution requirement and to avoid imposition of the","page_number":159,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"2dac68b4-3309-4ed6-9a22-22bfca63b1a1","block_type":"box","text":"4% excise tax.","page_number":159,"box":{"x":88,"y":842,"width":99,"height":9}},{"id":"3af8366c-0606-4397-ab3b-d58c5ea4a9ba","block_type":"box","text":"133","page_number":159,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"48659458-4ca1-441d-a417-2dbaba9da1fd","block_type":"box","text":"A Fund will make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the","page_number":160,"box":{"x":88,"y":44,"width":856,"height":12}},{"id":"ac3793a7-8456-4100-adb3-5e8f71fa9cd0","block_type":"box","text":"effects of these rules.","page_number":160,"box":{"x":89,"y":59,"width":147,"height":10}},{"id":"4b2706e9-adc3-4d89-805e-a09d98ee1d99","block_type":"box","text":"Reporting.","page_number":160,"box":{"x":89,"y":86,"width":74,"height":12}},{"id":"6d4a83e7-ec1d-4534-8a98-a08b86cb612a","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":160,"box":{"x":173,"y":85,"width":720,"height":13}},{"id":"ae255906-5d7d-4584-9a95-e638d4bfacfa","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement","page_number":160,"box":{"x":89,"y":101,"width":871,"height":12}},{"id":"b6fcecf5-15a1-405e-b863-86e9487126f2","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":160,"box":{"x":89,"y":116,"width":855,"height":12}},{"id":"23f082cf-705d-4e65-9658-72f6271b9d72","block_type":"box","text":"but under current guidance, shareholders of a RIC are not exempted. The fact that a loss is reportable under these","page_number":160,"box":{"x":89,"y":131,"width":797,"height":12}},{"id":"c8932bd1-4cbb-4093-a057-01e65fc2afc9","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders","page_number":160,"box":{"x":89,"y":146,"width":851,"height":12}},{"id":"36ee1655-520b-4667-984a-9e2c1ea03df8","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":160,"box":{"x":89,"y":161,"width":868,"height":12}},{"id":"e5f69a17-629b-45ce-a8f6-ca7fdc3f1376","block_type":"box","text":"Other Taxes.","page_number":160,"box":{"x":89,"y":188,"width":89,"height":9}},{"id":"ea8797c2-2cd5-42f4-a48c-c5b06d2a61f4","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":160,"box":{"x":188,"y":188,"width":758,"height":12}},{"id":"17c43de7-5225-4abc-bb99-bdfc6ea77f1e","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":160,"box":{"x":88,"y":203,"width":414,"height":12}},{"id":"f8d64876-b4b1-4ad2-b23c-853a74e11a50","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":160,"box":{"x":88,"y":229,"width":252,"height":10}},{"id":"22e079ab-f8d3-4d56-b63d-5fe1319392f7","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":160,"box":{"x":350,"y":229,"width":608,"height":12}},{"id":"5fa3efc8-daa6-4dd2-89a0-bca644a6bd73","block_type":"box","text":"tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from investment income","page_number":160,"box":{"x":88,"y":244,"width":879,"height":13}},{"id":"17c25073-ee0b-41f7-be06-bd1915d650da","block_type":"box","text":"and short-term capital gains. Dividends paid by a Fund from net tax-exempt income or long-term capital gains are generally","page_number":160,"box":{"x":89,"y":259,"width":869,"height":13}},{"id":"a3f6a26a-5a1d-4f73-95de-18552ed2ffe4","block_type":"box","text":"not subject to such withholding tax. In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required","page_number":160,"box":{"x":89,"y":274,"width":869,"height":13}},{"id":"43b47e36-e7a8-4bd8-87df-3e09b56aa7ce","block_type":"box","text":"to provide an IRS Form W-8BEN or IRS Form W-8BEN-E certifying its entitlement to benefits under a treaty. The withholding","page_number":160,"box":{"x":88,"y":290,"width":864,"height":12}},{"id":"cbb1d1e6-6139-452d-ba3c-11cde385f945","block_type":"box","text":"tax does not apply to regular dividends paid to a non-U.S. shareholder who provides an IRS Form W-8ECI, certifying that the","page_number":160,"box":{"x":88,"y":305,"width":868,"height":12}},{"id":"f5258dd5-aed8-407a-9350-20231bd7d3cd","block_type":"box","text":"dividends are effectively connected with the non-U.S. shareholder’s conduct of a trade or business within the U.S. Instead,","page_number":160,"box":{"x":89,"y":320,"width":852,"height":12}},{"id":"545765cc-1db3-4533-9c48-f41a567407fc","block_type":"box","text":"the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S.","page_number":160,"box":{"x":88,"y":335,"width":828,"height":12}},{"id":"84631086-23a2-4d17-9206-d8ddb7c4e80b","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":160,"box":{"x":89,"y":350,"width":837,"height":12}},{"id":"5e0ed68a-9763-4760-99b7-6ac7a3c91e84","block_type":"box","text":"profits tax” imposed at a rate of 30% (or lower treaty rate). A non-U.S. shareholder who fails to provide an IRS Form W-8BEN,","page_number":160,"box":{"x":89,"y":365,"width":876,"height":12}},{"id":"12a872b3-4c26-4ef2-bd30-12eb7cb77696","block_type":"box","text":"IRS Form W-8BEN-E or other applicable form may be subject to backup withholding at the appropriate rate.","page_number":160,"box":{"x":89,"y":380,"width":751,"height":13}},{"id":"644cdf75-e899-46fe-958f-4578c79a5545","block_type":"box","text":"Properly-reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the","page_number":160,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"d1f57fc7-6ebe-4a18-aaa6-985f2ed30b31","block_type":"box","text":"Fund’s “qualified net interest income” (generally, the Fund’s U.S. source interest income, other than certain contingent","page_number":160,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"27eafe25-7b81-47fe-9f1f-4bd9c5451bee","block_type":"box","text":"interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder or","page_number":160,"box":{"x":89,"y":437,"width":835,"height":12}},{"id":"ae3269d3-c001-4ade-8f48-c969d79c34a4","block_type":"box","text":"partner, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the Fund’s “qualified short-term","page_number":160,"box":{"x":89,"y":452,"width":867,"height":12}},{"id":"e1fdfb51-a44a-4107-86dc-ba9232608568","block_type":"box","text":"capital gains” (generally, the excess of the Fund’s net short-term capital gain over the Fund’s long-term capital loss for such","page_number":160,"box":{"x":89,"y":467,"width":866,"height":13}},{"id":"9af5a88c-cdd5-4a0d-88f8-ce273ead4f3c","block_type":"box","text":"taxable year). However, depending on its circumstances, the Fund may report all, some or none of its potentially eligible","page_number":160,"box":{"x":88,"y":482,"width":837,"height":13}},{"id":"39f48126-9aa8-491f-a424-d2aab584187a","block_type":"box","text":"dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole","page_number":160,"box":{"x":89,"y":497,"width":870,"height":13}},{"id":"eb69e444-9b78-4c14-a647-fa456b968810","block_type":"box","text":"or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non","page_number":160,"box":{"x":89,"y":513,"width":856,"height":12}},{"id":"55bb8c1c-5ca0-426d-b34c-0c3d470cabdc","block_type":"box","text":"U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in","page_number":160,"box":{"x":89,"y":528,"width":853,"height":12}},{"id":"2933312a-f523-407a-999e-c25e3f41db51","block_type":"box","text":"general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute Form). In the case of shares held through an","page_number":160,"box":{"x":89,"y":543,"width":838,"height":12}},{"id":"48bbc676-d6ef-4520-ad58-1a8cb94d2db9","block_type":"box","text":"intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or","page_number":160,"box":{"x":89,"y":558,"width":818,"height":12}},{"id":"8b8b0565-7c01-4654-9bc8-ee8c28485491","block_type":"box","text":"qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of","page_number":160,"box":{"x":89,"y":573,"width":878,"height":12}},{"id":"53155f75-d46f-44c8-9160-aef1d5e8ee54","block_type":"box","text":"these rules to their accounts.","page_number":160,"box":{"x":88,"y":588,"width":203,"height":10}},{"id":"58b4e862-9328-4b36-a61c-6d1c7e7c78b2","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s assets consist of","page_number":160,"box":{"x":88,"y":615,"width":862,"height":12}},{"id":"6849a784-2cce-48db-9ae5-a09fb5ae1734","block_type":"box","text":"interests in U.S. real property interests, including certain REITs and U.S. real property holding corporations (as defined in the","page_number":160,"box":{"x":89,"y":630,"width":864,"height":12}},{"id":"25e362e9-99ca-412c-8e6f-1619fd38d738","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":160,"box":{"x":89,"y":645,"width":850,"height":12}},{"id":"d080f628-dccc-4cf8-b063-b5955bdb0017","block_type":"box","text":"U.S. real property interest will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate if the","page_number":160,"box":{"x":89,"y":660,"width":870,"height":12}},{"id":"e67c8d9d-8d30-482f-b573-98088fdcad3c","block_type":"box","text":"foreign shareholder held no more than 5% of the Fund’s shares at any time during the one-year period ending on the date of","page_number":160,"box":{"x":88,"y":675,"width":875,"height":12}},{"id":"2a9c6517-fa53-4558-bc46-7471aeb3f874","block_type":"box","text":"the distribution. If the foreign shareholder held at least 5% of the Fund’s shares, the distribution would be treated as income","page_number":160,"box":{"x":88,"y":690,"width":869,"height":13}},{"id":"1d7a9e62-dfa8-4cb0-aa10-01141779c611","block_type":"box","text":"effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to withholding","page_number":160,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"756f1cca-d930-45eb-8a29-5331ec23ec74","block_type":"box","text":"tax at a rate of 21% and would generally be required to file a U.S. federal income tax return.","page_number":160,"box":{"x":88,"y":720,"width":638,"height":13}},{"id":"9dd51fcb-9fc5-4da1-aee7-cea8e4226aa2","block_type":"box","text":"Similar consequences would generally apply to a foreign shareholder’s gain on the sale of Fund shares unless the Fund is","page_number":160,"box":{"x":88,"y":747,"width":846,"height":12}},{"id":"70a44e17-4bd9-412b-aa7f-5fdaf338fea9","block_type":"box","text":"domestically controlled (meaning that more than 50% of the value of the Fund’s shares is held by U.S. shareholders) or the","page_number":160,"box":{"x":89,"y":762,"width":860,"height":12}},{"id":"4c4cace2-e265-4c39-8210-bef754c45925","block_type":"box","text":"foreign shareholder owns no more than 5% of the Fund’s shares at any time during the five-year period ending on the date of","page_number":160,"box":{"x":88,"y":777,"width":881,"height":12}},{"id":"999c8483-56ea-4cc8-b3f6-c16dd9129513","block_type":"box","text":"sale. Finally, a domestically controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of","page_number":160,"box":{"x":89,"y":792,"width":857,"height":13}},{"id":"f38591d7-cd37-4e98-b591-5ea6bee12ec2","block_type":"box","text":"certain U.S. real property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own","page_number":160,"box":{"x":89,"y":807,"width":870,"height":13}},{"id":"19b3825d-2240-474a-87b1-ac1d007b01e8","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":160,"box":{"x":88,"y":822,"width":664,"height":13}},{"id":"db3f9988-270b-4368-a400-a08c7b2325ad","block_type":"box","text":"The rules laid out in the previous two paragraphs, other than the withholding rules, will apply notwithstanding a Fund’s","page_number":160,"box":{"x":88,"y":849,"width":836,"height":12}},{"id":"70a48762-b139-47c3-a91c-e998a857e14e","block_type":"box","text":"participation in a wash sale transaction or its payment of a substitute dividend.","page_number":160,"box":{"x":89,"y":864,"width":550,"height":12}},{"id":"d7528ff4-3301-48f5-bf72-9dcb05931768","block_type":"box","text":"134","page_number":160,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"ffb381d6-6aed-4afd-a473-64b01e2356a1","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":161,"box":{"x":88,"y":44,"width":825,"height":12}},{"id":"3bb2b48e-8a9f-4b49-b673-ee000f203bd9","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":161,"box":{"x":89,"y":59,"width":450,"height":12}},{"id":"d79e47d6-b3ce-4468-9be3-798dccf53b60","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid to: (i)","page_number":161,"box":{"x":88,"y":85,"width":871,"height":13}},{"id":"cfb028e7-4305-4892-84fb-20629718f3c6","block_type":"box","text":"foreign financial institutions, including non-U.S. investment funds, unless they agree to collect and disclose to the IRS","page_number":161,"box":{"x":88,"y":101,"width":822,"height":12}},{"id":"42938db5-42d1-4216-bc6c-1ade4529a3ee","block_type":"box","text":"information regarding their direct and indirect U.S. account holders; and (ii) certain other foreign entities, unless they certify","page_number":161,"box":{"x":89,"y":116,"width":866,"height":12}},{"id":"e88aa5c2-b76c-4922-b76c-534c44647a0f","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":161,"box":{"x":89,"y":131,"width":846,"height":12}},{"id":"80b0e6eb-4fc5-4e4a-bb0b-45c9791a4247","block_type":"box","text":"need to: (i) enter into agreements with the IRS that state that they will provide the IRS information, including the names,","page_number":161,"box":{"x":89,"y":146,"width":841,"height":12}},{"id":"8320ae53-23f3-41b0-9dab-b39068ac05e9","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":161,"box":{"x":89,"y":161,"width":817,"height":12}},{"id":"693f2b0d-5923-4d3d-a8f6-40f3569dee3b","block_type":"box","text":"procedures with respect to the identification of U.S. accounts; report to the IRS certain information with respect to U.S.","page_number":161,"box":{"x":89,"y":176,"width":830,"height":13}},{"id":"2416b313-67ec-4a8a-a516-acb18dfa67f7","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":161,"box":{"x":89,"y":191,"width":861,"height":13}},{"id":"4744c785-0380-4610-b924-41ed286488fa","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":161,"box":{"x":89,"y":206,"width":835,"height":13}},{"id":"61f75b1f-e039-4364-b485-3591cdc128b5","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":161,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"ea2c575e-8a24-40cd-885a-fc2aef107de3","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":161,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"a52a8798-1201-4aa1-9f3a-69682bd3686c","block_type":"box","text":"and taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial U.S. ownership","page_number":161,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"ed06c2c9-b619-4487-982a-ef753ce3268b","block_type":"box","text":"unless certain exceptions apply.","page_number":161,"box":{"x":89,"y":267,"width":220,"height":12}},{"id":"2b20901d-a05d-4c8a-92be-dec8bfa77efd","block_type":"box","text":"Shares of a Fund held by a non-U.S. shareholder at death will be considered situated within the U.S. and subject to the U.S.","page_number":161,"box":{"x":88,"y":293,"width":857,"height":13}},{"id":"560bcbf2-43aa-4d32-ba0d-3d9c4fb0f921","block_type":"box","text":"estate tax.","page_number":161,"box":{"x":89,"y":310,"width":70,"height":8}},{"id":"56dba29b-f04e-4d27-aded-964d73d63e82","block_type":"box","text":"The foregoing discussion is a summary of certain material U.S. federal income tax considerations only and is not intended as","page_number":161,"box":{"x":88,"y":335,"width":872,"height":12}},{"id":"7bcb47b1-ea93-4d41-8402-4b8a81b48ab8","block_type":"box","text":"a substitute for careful tax planning. Purchasers of shares should consult their own tax advisors as to the tax consequences","page_number":161,"box":{"x":89,"y":350,"width":864,"height":12}},{"id":"96465e3f-33be-481a-ba18-a911feca37d5","block_type":"box","text":"of investing in such shares, including consequences under state, local and non-U.S. tax laws. Finally, the foregoing discussion","page_number":161,"box":{"x":89,"y":365,"width":874,"height":12}},{"id":"873eaa3e-9b5a-45c3-a8ed-ed4a8cc1a1ba","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":161,"box":{"x":89,"y":380,"width":782,"height":13}},{"id":"ee406cc2-078f-4d26-80cf-d43cff1c76fc","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":161,"box":{"x":89,"y":395,"width":826,"height":13}},{"id":"ceef70d6-a28b-43b3-ae17-836eb168ec9f","block_type":"box","text":"discussed above, and such changes often occur.","page_number":161,"box":{"x":89,"y":410,"width":336,"height":13}},{"id":"6374f756-22d5-46d0-b3bd-38bd50a50b6d","block_type":"box","text":"Financial Statements","page_number":161,"box":{"x":91,"y":441,"width":348,"height":24}},{"id":"eb161b0a-8e3f-4a9b-a57b-c34cb0fec5d8","block_type":"box","text":"Each Fund’s audited Financial Statements, including the Financial Highlights, appearing in the applicable Annual Report to","page_number":161,"box":{"x":89,"y":482,"width":855,"height":13}},{"id":"5fb17469-1629-4a33-8c00-34755e09a520","block_type":"box","text":"Shareholders and the report therein of PricewaterhouseCoopers LLP, an independent registered public accounting firm, are","page_number":161,"box":{"x":88,"y":497,"width":861,"height":13}},{"id":"05851980-b9a4-4271-b4df-2bd229840e39","block_type":"box","text":"hereby incorporated by reference in this SAI. Each Fund’s Annual Report is located here","page_number":161,"box":{"x":89,"y":513,"width":609,"height":12}},{"id":"8265ea03-48f7-477c-a194-ace8d77c268e","block_type":"box","text":"1","page_number":161,"box":{"x":700,"y":511,"width":2,"height":6}},{"id":"d13b0fce-552c-4416-a470-66c592b75cc0","block_type":"box","text":", here","page_number":161,"box":{"x":706,"y":513,"width":37,"height":11}},{"id":"b98c073f-f0eb-4757-aa04-d840c0d17a99","block_type":"box","text":"2","page_number":161,"box":{"x":744,"y":511,"width":6,"height":6}},{"id":"f0b6f895-8855-4823-b3df-41a30ea86db1","block_type":"box","text":"or here","page_number":161,"box":{"x":755,"y":513,"width":49,"height":9}},{"id":"c705b624-bacf-4a23-9b4b-267fc0b1d1e9","block_type":"box","text":"3","page_number":161,"box":{"x":805,"y":511,"width":5,"height":6}},{"id":"f85660f6-8579-470f-8d85-bdb99876eb38","block_type":"box","text":". The applicable","page_number":161,"box":{"x":812,"y":513,"width":109,"height":12}},{"id":"0be7def3-8b7c-446a-a564-9763a5f4edcf","block_type":"box","text":"Annual Report to Shareholders, which contains the referenced audited financial statements, is available upon request and","page_number":161,"box":{"x":88,"y":528,"width":851,"height":12}},{"id":"f18eea4b-22ce-4bf1-9191-767cf6753f08","block_type":"box","text":"without charge.","page_number":161,"box":{"x":88,"y":543,"width":110,"height":12}},{"id":"c80b11a2-9b6b-4e7a-ac90-00280ed207a8","block_type":"box","text":"1","page_number":161,"box":{"x":118,"y":575,"width":3,"height":5}},{"id":"24672d96-1bee-4096-a9ad-c74ef1170371","block_type":"box","text":"Annual Report for each of the below funds:","page_number":161,"box":{"x":132,"y":576,"width":241,"height":10}},{"id":"6191ea3a-e4e0-4f04-81e4-27fb29fafb96","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares","page_number":161,"box":{"x":132,"y":600,"width":823,"height":10}},{"id":"935fe537-2c2d-45bf-b812-4bfd0c0b430c","block_type":"box","text":"MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF","page_number":161,"box":{"x":132,"y":613,"width":605,"height":10}},{"id":"06ba8266-ee1d-4b04-85d6-543399ae6065","block_type":"box","text":"2","page_number":161,"box":{"x":118,"y":627,"width":4,"height":4}},{"id":"d03e5ce1-830c-4386-96db-af888973b912","block_type":"box","text":"Annual Report for each of the below funds:","page_number":161,"box":{"x":132,"y":628,"width":241,"height":10}},{"id":"97b98ea0-c8f3-486d-a08d-92e4792e9161","block_type":"box","text":"iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF,","page_number":161,"box":{"x":132,"y":652,"width":836,"height":10}},{"id":"c4e29e13-143c-4267-9834-ded6900f9cfa","block_type":"box","text":"iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares","page_number":161,"box":{"x":132,"y":664,"width":833,"height":10}},{"id":"299c0c8b-fd5a-4477-9303-fe9ca9a3f980","block_type":"box","text":"MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF","page_number":161,"box":{"x":132,"y":677,"width":832,"height":10}},{"id":"4ffd4903-2538-4097-aa03-f4bd43f400ff","block_type":"box","text":"and iShares MSCI Intl Value Factor ETF","page_number":161,"box":{"x":132,"y":690,"width":227,"height":7}},{"id":"41ee64c2-d411-47d5-816e-5c72709c3ea1","block_type":"box","text":"3","page_number":161,"box":{"x":118,"y":704,"width":4,"height":4}},{"id":"8ce65ef3-b7a7-44ff-a209-88b7257a2f1f","block_type":"box","text":"Annual Report for each of the below funds:","page_number":161,"box":{"x":132,"y":705,"width":241,"height":10}},{"id":"e2f40d51-11ad-4965-95f2-587e32ce85ab","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech","page_number":161,"box":{"x":132,"y":729,"width":826,"height":10}},{"id":"21f14753-9470-41e4-925a-02571698c9bd","block_type":"box","text":"Breakthrough Multisector ETF","page_number":161,"box":{"x":132,"y":741,"width":176,"height":10}},{"id":"671276ca-76ea-448f-afae-0fb9722128b0","block_type":"box","text":"Miscellaneous Information","page_number":161,"box":{"x":90,"y":769,"width":446,"height":23}},{"id":"cc07f068-1a76-49a2-9674-d94bc4dff28f","block_type":"box","text":"Counsel.","page_number":161,"box":{"x":89,"y":810,"width":61,"height":10}},{"id":"3b863ab1-69b2-4fd8-884e-9ed8458fa55a","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Trust.","page_number":161,"box":{"x":159,"y":810,"width":733,"height":12}},{"id":"506592f3-b4bc-4521-99c6-7e0092cec410","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":161,"box":{"x":89,"y":836,"width":349,"height":13}},{"id":"25d3292d-3cde-47f2-8d52-b1a732223f93","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":161,"box":{"x":448,"y":836,"width":488,"height":13}},{"id":"a296cf95-d68e-46e3-a83e-32f28692ecbe","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Trust’s independent registered public accounting firm, audits the Funds’","page_number":161,"box":{"x":89,"y":851,"width":867,"height":13}},{"id":"b3067cf3-92fd-43a5-b093-0fc2bfdc60ea","block_type":"box","text":"financial statements, and may perform other services.","page_number":161,"box":{"x":88,"y":867,"width":377,"height":12}},{"id":"a1ca9e2e-ecae-4c08-be70-a03a2bb8e925","block_type":"box","text":"135","page_number":161,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"2dd754b9-4533-4887-8a18-28c482928e6a","block_type":"box","text":"Shareholder Communications to the Board.","page_number":162,"box":{"x":88,"y":44,"width":313,"height":10}},{"id":"b4fbdf3d-6ab3-41cf-a2c7-36c3bd7afe35","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":162,"box":{"x":409,"y":44,"width":555,"height":12}},{"id":"d5844322-b13a-4d4f-abf4-740cc7e132e3","block_type":"box","text":"Board. Shareholders may contact the Board by mail. Correspondence should be addressed to iShares Board of Trustees, c/o","page_number":162,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"099b6eba-87fa-4d8a-aa1f-b2112af1ce9b","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":162,"box":{"x":89,"y":74,"width":796,"height":11}},{"id":"ca1c73db-68e2-42fb-99d1-6cff3d05abf4","block_type":"box","text":"communications to the Board should include the following information: (i) the name and address of the shareholder; (ii) the","page_number":162,"box":{"x":89,"y":89,"width":868,"height":13}},{"id":"b9e9eee5-f994-4b1d-a1bb-6850391cfedc","block_type":"box","text":"number of shares owned by the shareholder; (iii) the Fund(s) of which the shareholder owns shares; and (iv) if these shares","page_number":162,"box":{"x":89,"y":104,"width":863,"height":13}},{"id":"bb12fc4f-c79b-4f9c-8ec0-84bf4862c2a2","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":162,"box":{"x":89,"y":119,"width":814,"height":13}},{"id":"48f1b70d-1097-45c3-a910-02a03f8d1d47","block_type":"box","text":"intermediary or other record owner. All correspondence received as set forth above shall be reviewed by the Secretary of the","page_number":162,"box":{"x":89,"y":135,"width":867,"height":12}},{"id":"e5dca861-29c4-49ea-be7c-d9b5cd88e949","block_type":"box","text":"Trust and reported to the Board.","page_number":162,"box":{"x":88,"y":150,"width":224,"height":12}},{"id":"4d832a9c-158a-4a4d-8bc7-5a92db409c6b","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":162,"box":{"x":89,"y":176,"width":509,"height":13}},{"id":"86cb9e81-84e2-44f9-aa05-ae66a67fa142","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":162,"box":{"x":607,"y":176,"width":303,"height":13}},{"id":"13f09875-e956-4a51-918e-32bf43a42fb5","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":162,"box":{"x":89,"y":191,"width":850,"height":13}},{"id":"dddddb0e-408f-4ea4-b8d4-8467507a8a52","block_type":"box","text":"Provisions”). These do not currently apply to managers established outside of the EU, such as BFA. Rather, non-EU managers","page_number":162,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"90e305cf-6cd5-46b2-b523-f854b1a809c5","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":162,"box":{"x":89,"y":222,"width":848,"height":12}},{"id":"57c8e94b-ae62-40c7-b31d-c607751b094e","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":162,"box":{"x":89,"y":237,"width":423,"height":12}},{"id":"5a536dc7-445b-4be2-9a71-34deac8e19b3","block_type":"box","text":"Where the AIFMD Disclosure Provisions relate to EU Operative Provisions that do not apply to BFA, no meaningful disclosure","page_number":162,"box":{"x":88,"y":263,"width":870,"height":12}},{"id":"322bfcb3-9dbe-49aa-b58d-746a4e175a62","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":162,"box":{"x":89,"y":278,"width":828,"height":13}},{"id":"e0d6a123-5f72-4869-857c-e997a888bdf8","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":162,"box":{"x":89,"y":293,"width":868,"height":13}},{"id":"66a144cb-bc88-4aa6-9e9e-b73b14ef92cc","block_type":"box","text":"AIFMD imposes certain conditions on the marketing of funds, such as the Funds, to EU investors. AIFMD requires that an","page_number":162,"box":{"x":88,"y":320,"width":848,"height":12}},{"id":"dc92aaff-908d-46dc-beee-5c0aa3267026","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":162,"box":{"x":89,"y":335,"width":857,"height":12}},{"id":"102fff0c-0c96-4d79-a70c-092620b9addc","block_type":"box","text":"these purposes BFA, as the legal entity responsible for performing the portfolio and risk management of the Funds, shall be","page_number":162,"box":{"x":88,"y":350,"width":862,"height":12}},{"id":"c06b07f4-4f0f-4422-8236-d15d2473a375","block_type":"box","text":"the AIFM.","page_number":162,"box":{"x":88,"y":365,"width":67,"height":10}},{"id":"5bb02cab-9eea-4749-8a2c-60695ab78819","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":162,"box":{"x":88,"y":392,"width":862,"height":12}},{"id":"a721fcab-78b2-4c6d-91d7-c23208a44786","block_type":"box","text":"rights of reuse of collateral, guarantees granted under leverage arrangements and the use of gates, side pockets and similar","page_number":162,"box":{"x":89,"y":407,"width":865,"height":12}},{"id":"a81e1206-ed6a-4869-82a0-224538e137e1","block_type":"box","text":"liquidity management tools. Given that the Funds do not use any special arrangements or allow for collateral reuse, it is not","page_number":162,"box":{"x":89,"y":422,"width":862,"height":12}},{"id":"43edce24-7c6d-45d0-9662-76acf09ab785","block_type":"box","text":"intended that such disclosures will need to be made by the Funds. Each Fund will, however, to the extent relevant and","page_number":162,"box":{"x":89,"y":437,"width":822,"height":12}},{"id":"cccb934a-68d8-4900-a767-2ec58c7fc131","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":162,"box":{"x":89,"y":452,"width":831,"height":12}},{"id":"bddfa727-3222-4ebf-bd42-94f29c6ab0f5","block_type":"box","text":"employed by BFA. Each Fund will also disclose material changes, if any, to the liquidity management systems and procedures","page_number":162,"box":{"x":89,"y":467,"width":872,"height":13}},{"id":"72cc5259-cf40-4e59-b7ea-ce6bd0f44b90","block_type":"box","text":"employed in respect of the Fund.","page_number":162,"box":{"x":89,"y":482,"width":228,"height":13}},{"id":"9a5aa8d9-fe66-4c68-b424-90ca3a6a28c6","block_type":"box","text":"BFA has registered the following Funds for marketing to investors in the respective countries listed below:","page_number":162,"box":{"x":89,"y":509,"width":737,"height":12}},{"id":"d393e4f5-14ee-4eeb-b141-544beea84624","block_type":"box","text":"iShares China Large-Cap ETF: Finland, the Netherlands, Sweden and the U.K.","page_number":162,"box":{"x":89,"y":535,"width":533,"height":13}},{"id":"65a6a388-436f-4cf1-b06f-4cb0913ab89a","block_type":"box","text":"iShares MSCI EAFE ETF: Finland, the Netherlands, Sweden and the U.K.","page_number":162,"box":{"x":89,"y":550,"width":493,"height":12}},{"id":"9934fbb4-41ab-40dc-8690-0116adfc8b7c","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF: Finland, Sweden, and the U.K.","page_number":162,"box":{"x":89,"y":565,"width":453,"height":13}},{"id":"faaca251-9477-4696-80bc-d47e792a1491","block_type":"box","text":"Investors’ Rights.","page_number":162,"box":{"x":89,"y":592,"width":122,"height":12}},{"id":"a8d093c2-f506-4fd4-a823-e7a68c4cb2f0","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":162,"box":{"x":221,"y":592,"width":668,"height":12}},{"id":"355085a1-cee8-486b-bad8-33031414806f","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":162,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"d9b3d9fe-76ad-4f10-8c6f-c33c01347439","block_type":"box","text":"out in this SAI. Investors who acquire shares of a Fund are not parties to the relevant agreement with these service providers","page_number":162,"box":{"x":89,"y":622,"width":869,"height":12}},{"id":"387cd57d-5aff-4eea-8c45-c42ed849ea42","block_type":"box","text":"and do not have express contractual rights against the Fund or its service providers, except certain institutional investors that","page_number":162,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"ce1cdbc7-489f-4d55-8b47-602dd2d9ee8a","block_type":"box","text":"are Authorized Participants may have certain express contractual rights with respect to the Distributor under the terms of the","page_number":162,"box":{"x":89,"y":652,"width":876,"height":13}},{"id":"9d4619f7-d619-4da5-8b2b-5b9508bb21b1","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":162,"box":{"x":89,"y":668,"width":865,"height":12}},{"id":"05fa446b-1e8c-4235-9a19-95f076a72019","block_type":"box","text":"or its service providers. In the event that an investor considers that it may have a claim against a Fund, or against any service","page_number":162,"box":{"x":89,"y":683,"width":870,"height":12}},{"id":"1e4822db-5782-4dc4-bad2-b3bd23ef47bc","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":162,"box":{"x":89,"y":698,"width":722,"height":12}},{"id":"d9927a61-9f52-4f3f-bf75-575a935bf116","block_type":"box","text":"By contract, Authorized Participants irrevocably submit to the non-exclusive jurisdiction of any New York State or U.S. federal","page_number":162,"box":{"x":89,"y":724,"width":872,"height":13}},{"id":"5af70956-959b-4b46-a425-0b9bb20ec30b","block_type":"box","text":"court sitting in New York City over any suit, action or proceeding arising out of or relating to the Authorized Participant","page_number":162,"box":{"x":89,"y":739,"width":829,"height":13}},{"id":"1a1230a4-7aec-4311-bc60-855fe46a1b99","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":162,"box":{"x":88,"y":754,"width":828,"height":13}},{"id":"23c7c670-e823-4fbc-a17c-86d3255cd4a6","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":162,"box":{"x":89,"y":770,"width":567,"height":12}},{"id":"2078f6af-1a1e-46a6-92a5-4ffbe152e103","block_type":"box","text":"136","page_number":162,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"f7c38a31-455e-4566-ae23-63f2f6408534","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":163,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"02f8e45f-e3dd-4d9c-be86-94d5d452ab06","block_type":"box","text":"A-1","page_number":163,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"9ea016a3-11cc-40f9-839a-57468a9077ce","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":164,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"0db4eb59-3bdf-4968-a311-3d85def31c19","block_type":"box","text":"Proxy Voting Policy","page_number":164,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"1a7d80b6-06a3-4b4e-9ce6-d444fa6175bd","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":164,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"bee7b42a-3bdf-4174-8a7d-ce1fd9cb808f","block_type":"box","text":"Effective Date: January 1, 2025","page_number":164,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"bd0019ff-030b-42cc-a7ae-b71fe4cb1b70","block_type":"box","text":"________________________________________","page_number":164,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"17075a1c-204b-4f8d-9532-ad5943976a4e","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":164,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"82436cef-ba6a-4752-89e0-15f8034a6fa7","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"3a847268-1e4d-482f-9172-0da2e660106c","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":164,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"b150aea5-9a8a-4c66-8d27-4178458d71cd","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":164,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"42e0f55e-3a36-4755-b2f1-25cdbe4691a6","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"b515038a-38f4-4d88-9ecc-09a46af94fd3","block_type":"box","text":"Money Market Funds","page_number":164,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"169cc6b6-07cb-4ee9-965c-a147dbbd503d","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"d3d80d31-166a-45b5-9c4f-f2241fe0c252","block_type":"box","text":"Closed-End Funds","page_number":164,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"e5af99ba-cf0c-4dc2-b31a-23d8e896b937","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"f9c69d90-7caf-4719-ab82-4c795b35e04b","block_type":"box","text":"Other","page_number":164,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"5a099202-e5a6-40fd-95cc-e93ca8f9087d","block_type":"box","text":"________________________________________","page_number":164,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"cbaccf51-4ac0-49fa-a001-97ce9b9183b2","block_type":"box","text":"Objective and Scope","page_number":164,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"3f3f9305-0c90-4b21-85ca-0451ba81823d","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":164,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"16a018e1-d3e5-4026-829b-64108059638c","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":164,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"2dfe35e3-f09c-4c9e-a803-c272e332bf43","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":164,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"8aba900f-f9f5-4236-bc75-df691e6fccb9","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":164,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"be4f48bd-794f-48e2-9cf3-cfe1cdde31d5","block_type":"box","text":"securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate","page_number":164,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"0821e258-1737-4e88-a1e9-a29e60c2e18b","block_type":"box","text":"the responsibility to vote proxies to BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority","page_number":164,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"8dc7d3c6-6550-4586-98b2-961a1596bc39","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":164,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"e82b7793-7937-4f8d-b9d6-c40e898fcf75","block_type":"box","text":"agreements.","page_number":164,"box":{"x":89,"y":542,"width":85,"height":11}},{"id":"0d8761e8-8b6a-44b9-b45b-c3c014f46ca0","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":164,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"72ef21a3-1946-4fd1-adff-116f47cac66c","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":164,"box":{"x":88,"y":582,"width":821,"height":12}},{"id":"5cfd568f-6a9c-4a9f-ad54-73139ccc1669","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":164,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"764e112c-3bed-4030-9a30-56b61d984408","block_type":"box","text":"any.","page_number":164,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"8019cc47-6f76-40ad-a366-2ebe17a8b857","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in respect of securities","page_number":164,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"322c203e-2277-4e83-8842-3b331f904459","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":164,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"44ece754-30ce-4fc8-8bd3-b94f75aae5b4","block_type":"box","text":"Conflicts Management","page_number":164,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"ce26a6cf-58a5-4643-82bf-193dbb0c3836","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":164,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"1f5eed8b-7f2f-42de-b2f0-33e819aa0636","block_type":"box","text":"on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of proxy voting","page_number":164,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"b4d9ae9a-a6dc-42b8-82ac-a07fb182509f","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":164,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"debb474e-64ba-4d6a-965d-f00ec7852226","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":164,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"f5d1aa7f-01cf-4ba9-8340-ddb1d4b8d12b","block_type":"box","text":"or employees, or a Fund or a Fund’s affiliates. BlackRock has taken certain steps to mitigate potential conflicts, which are","page_number":164,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"32150f11-4426-481b-bb0d-a2224acf6744","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":164,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"f5e33df8-64d1-4d35-b567-ff4808d84bf4","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":164,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"54cab135-a564-4c9f-b672-d531017b9ef6","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":164,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"f3b18d12-6f0e-42ec-a689-0e1bd4f78f2b","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":164,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"c56eca6b-5a49-414f-bd80-0aec5f87544f","block_type":"box","text":"A-2","page_number":164,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"b57ae251-25b8-40be-b8b5-ce55a19cbee3","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted and BlackRock","page_number":165,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"06eccde3-71ab-41d7-bd7e-1b61e1834c5f","block_type":"box","text":"may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act in clients’ financial interests.","page_number":165,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"76273dbb-7aa1-412c-a76f-996c2bbae39d","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":165,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"7bab2976-80ec-4893-817e-6d39698738bf","block_type":"box","text":"Reports to the Board","page_number":165,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"b9f0d57e-9ca1-4e95-848f-e90c7f659297","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the","page_number":165,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"e68ec467-33df-4f22-9cfc-e58dada3671e","block_type":"box","text":"Funds covered by this policy in the preceding year together with a representation that all votes were in accordance with the","page_number":165,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"2ba11e50-7ab0-4b87-8424-e4a1e67adf3e","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":165,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"5c0e0632-8960-416c-a4fe-cf885a853edd","block_type":"box","text":"that have not previously been reported.","page_number":165,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"d81abc0c-b0f5-4e5b-bb16-fda1401f2adf","block_type":"box","text":"Appendix A","page_number":165,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"abb75843-e905-4cd5-9446-b53142117149","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":165,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"83cc3a3d-502d-41c2-9594-5dab7c32b2c9","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":165,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"f26aa908-d4ed-4712-8c97-9afdd174a0b9","block_type":"box","text":"A-3","page_number":165,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"fc101efe-f265-4a97-b5f1-1433ec135461","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":166,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"da4abd11-7a8c-43cc-b498-23c1345a2ae9","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":166,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"cd16dea8-1e07-482f-9c17-97ba09b7594c","block_type":"box","text":"Effective as of January 2025","page_number":166,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"942df34a-3fc6-4878-a264-6e77e1a2b16a","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":166,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"97c52dd7-7ae7-4e7a-9f9c-01d2f0d0765f","block_type":"box","text":"Introduction to BlackRock","page_number":166,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"71b0f778-0fbf-4f9a-a89b-5e9bacc6371b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":166,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"abfe11bc-e567-4cfd-a515-09f4e9ff71dc","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":166,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"19262028-e82a-4704-9db4-cb8154ca475d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":166,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"7e034df9-b59b-45c1-aef8-e0c5bd6af3f6","block_type":"box","text":"Our approach to stewardship within active equities","page_number":166,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"de60c19d-3382-467e-8d63-2f27ade4c2cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":166,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"5102fbac-c382-4b7d-b07d-8fb761ced3a7","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":166,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"7f5f949a-720e-4ed2-9f20-f4999c1e74d7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":166,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"e75681b4-144f-4091-b21e-652a544ebc77","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":166,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"4637290e-c9de-4466-8508-96d38ebfbad6","block_type":"box","text":"Executive compensation","page_number":166,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"cc9cb5df-8dbf-4397-b8ec-708b06509b6b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":166,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"8fab2524-472a-4545-9252-efa6e3927297","block_type":"box","text":"Non-executive director compensation","page_number":166,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"c398446c-3ca4-4044-99fa-74bcbdf0e8ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":166,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"ea6464c3-38b9-40af-b8ea-c7cd6bb91564","block_type":"box","text":"Capital structure","page_number":166,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"a6eed5f6-2403-4316-bae9-4da5162676eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":166,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"4e93eaf8-1299-4a8e-a1ed-767fa39a4fc8","block_type":"box","text":"Transactions and special situations","page_number":166,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"1b6a8a33-ecd3-4f16-82bd-46852ce6648d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":166,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"1dca45b3-1cba-4921-99b2-794ce691e09a","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":166,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"04129cde-a929-4607-af98-4287ed1bc4f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":166,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"f6f585cf-2204-4fcd-9503-61402a508da4","block_type":"box","text":"Shareholder rights and protections","page_number":166,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"f670250a-5f8c-4e0f-b445-d6141bd67d19","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":166,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"162ef21a-d5b7-41fa-b2ff-a586d569190f","block_type":"box","text":"Shareholder proposals","page_number":166,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"bbbf8f60-f696-410c-ba88-19b6e32158fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":166,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"d833a93f-4ba7-464a-ac26-3db1b99678be","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":166,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"cfec286a-e8ce-4028-b056-597a6fdc7994","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":166,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"091a74b3-aee1-438b-b733-f9c637d3812f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":166,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"3292f051-9ddd-4e95-8d94-4b2713f77280","block_type":"box","text":"Key stakeholders","page_number":166,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"61b400e7-fa02-4dd5-80c6-69cf4c76a7ba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":166,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"f7e53ca9-829b-45df-a9d7-3a5584736e90","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":166,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"96768f10-d9a9-40ca-ac2b-866a897d16d8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":166,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"0a26d815-aacc-4208-ba3c-dbb756253916","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":166,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"4dd53dde-b6e5-496f-8c47-184956608e8c","block_type":"box","text":". . . . . . . . . .A-14","page_number":166,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"47a917e1-1082-45c5-9577-37ff71e4d723","block_type":"box","text":"Overview","page_number":166,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"d7c8fe00-a5b1-4251-b55b-71155997423b","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":166,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"88fef1ab-c143-41c2-9ea7-10b1c2d393f2","block_type":"box","text":"governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers. BAIS works in","page_number":166,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"52f4d267-1567-4096-9798-75a2058f6ba0","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":166,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"4a52b7c9-2b56-47b1-9487-0feee481568f","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":166,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"ff5fa7fa-4fbd-4199-9710-b31833c2a9ee","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":166,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"0b1ac901-c0de-4d1d-b030-a00acaca40a7","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":166,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"3368b4d0-22cc-4a34-990f-0e64c27c5401","block_type":"box","text":"strategies. It also may apply to holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies","page_number":166,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"5c3898f7-8d2a-4b31-98bd-8caa0f29a1f6","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":166,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"aab9758a-846e-430e-b599-a96f3c704a55","block_type":"box","text":"discretion as to how they integrate these guidelines within their investment processes in light of their clients’ or funds’","page_number":166,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"a06527ea-f601-45ba-a179-dbd8bc93c512","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":166,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"5be715b8-e111-462f-8bc9-6b5d52323772","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":166,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"6b8a09f3-fcf4-4995-a7d7-66587e5925b2","block_type":"box","text":"Introduction to BlackRock","page_number":166,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"8680e783-f09c-479c-85d4-a117ce55a884","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on behalf of","page_number":166,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"09b62b9e-4fdf-4070-b1e2-1246765724dc","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":166,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"9072ae62-a56a-49a2-86f3-2153ae1df854","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":166,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"63397c47-ad8b-4f00-929f-125e837b8c45","block_type":"box","text":"well as individuals around the world.","page_number":166,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"0b8af836-ccea-44cb-8197-39424b00fef9","block_type":"box","text":"A-4","page_number":166,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"92f363d9-c7b4-49cc-8ffa-795ae8395217","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":167,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"527ac77a-a396-4187-85ad-865d614bbf17","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":167,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"b35ddaee-6636-4c23-92f3-2ba8e0a10be5","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":167,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"8a981238-620d-4c33-9844-e0d37c194d5f","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":167,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"32ad445f-bad0-4952-8692-78b4900b2dfa","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":167,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"3bf96594-09f5-4fd3-8d8a-6efc40525095","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":167,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"bd7e0302-22cc-4007-8180-3af5776cabc0","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":167,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"598cf57e-60b4-433e-951d-27fcec9f8201","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":167,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"17f6d763-6923-45d9-9169-d59c4a677e7a","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":167,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"db3c5b34-4d93-4b89-af28-0601e83f4ff3","block_type":"box","text":"engage jointly on substantive matters. Our discussions focus on topics relevant to a company’s success over time including","page_number":167,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"498b20ed-3419-4711-945e-c3998165947b","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":167,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"62def6ce-8249-46ba-8fd4-cc5ccee73087","block_type":"box","text":"related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":167,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"d3ccedd4-5332-4942-a3a8-303b77d2d653","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":167,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"44e60f40-035f-4592-acc7-d7d9f18d11e9","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":167,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"43bcd9a9-f0d6-446c-b091-292f0727ada6","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":167,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"42aaee5c-755a-4f13-bc57-8f342cfb0849","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":167,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"36aca44a-e727-424e-a774-4554c55bc635","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":167,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"ce3e2299-53e7-4c0e-9221-8c3551cc2f3d","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":167,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"d600c25a-e90a-4fa4-afb9-009bcab7df59","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":167,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"cd997b66-a546-4099-af96-67ba8db030f8","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":167,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"abdbc47e-a4c9-445f-a7ee-386124fda41e","block_type":"box","text":"directors","page_number":167,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"5987e2cc-dfdb-459a-9f3d-315213142d37","block_type":"box","text":"(1)","page_number":167,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"d0bb2618-6b19-4200-a3b5-cfc28c9ebab1","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":167,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"7ab10af4-2876-45e6-8e95-b52c9ee58d65","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":167,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"9dc8e450-947a-4123-a85e-388b5ce59a64","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":167,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"05873541-81ac-4a66-a019-677a6013810f","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":167,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"1583cd04-7868-4a2c-82f4-152eb0667b01","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":167,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"8bc05921-f0e6-4b68-8cc8-31019f8ab0d4","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. We look to","page_number":167,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"26c9c888-c98f-4680-bdea-16f1c65ff338","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":167,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"df7a063c-4ca5-427e-abfb-4f1c1a63b023","block_type":"box","text":"interests of their investors.","page_number":167,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"2f6a4a0d-d49f-465f-829b-07fb95fbbab7","block_type":"box","text":"Our approach to stewardship within active equities","page_number":167,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"cbdc3c2b-3bc0-432c-9e9b-2da27ba16a31","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":167,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"52f3e962-e31a-4a91-86ec-5245db62e798","block_type":"box","text":"proposals put forth by a company’s management or its shareholders. The voting rights attached to these clients’ holdings are","page_number":167,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"4ef2e9c8-8f9c-4065-b75c-b4e942da571c","block_type":"box","text":"an important mechanism for investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":167,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"379b044d-8b46-496a-811e-20b82929b3bb","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":167,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"29a6026b-3daf-4b08-a266-f0af3ebf60bf","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":167,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"a808a28c-4fca-4c05-b367-6b85ea8c60df","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may","page_number":167,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"9766b864-bc20-47c4-bb5b-5d49c8146363","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":167,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"bc8d15d1-9d39-4c29-8897-ef8bed7ab8f9","block_type":"box","text":"interests of our clients as their shareholders. We take a globally consistent approach to voting but consider the different","page_number":167,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"8d598786-7cea-4ca3-ba7c-d2400a3c39e9","block_type":"box","text":"corporate governance regulations and norms in various markets. Votes are determined on a case-by-case basis, in the","page_number":167,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"7f6b8a24-b434-4f03-8cda-965bca884fe6","block_type":"box","text":"context of a company’s situation and the investment mandate we have from clients. Please see page 16 for more information","page_number":167,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"d9fe984c-e344-42b4-9243-1a47077cb381","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":167,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"7135821c-f386-4c4e-90c8-cf086b0ce3ab","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":167,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"a0002256-631a-4892-b7fd-1f0a5b51542b","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of","page_number":167,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"61183f9c-a0bb-4142-9f85-43461e4b1085","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":167,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"8d75a68c-6ba7-4f66-a659-04db20b5c0ea","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":167,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"2d31b7d4-90ff-4fd2-a91f-6cf3928e87a8","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":167,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"dd94767c-186c-41f3-af48-c43ad75805cc","block_type":"box","text":"(1) References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where","page_number":167,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"83cd9d41-3885-4f67-821d-851585d61426","block_type":"box","text":"relevant.","page_number":167,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"9fa41e8d-696a-4bb5-a588-c758ea97eecc","block_type":"box","text":"A-5","page_number":167,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"b77a77ee-7f34-4af2-adbd-0889cf9ae3a9","block_type":"box","text":"income investment teams can help inform an issuer’s approach to structuring specialist issuances, such as green bonds, and","page_number":168,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"296537a9-6495-428d-973f-1396e62ccff9","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":168,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"282234c7-cf8a-4413-88a3-868305618df2","block_type":"box","text":"Boards of Directors","page_number":168,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"3e0e885a-ab49-4213-8066-1994c0f0b910","block_type":"box","text":"Roles and responsibilities","page_number":168,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"4e6bb40b-7cc7-4e81-9003-cbde56c9264d","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is","page_number":168,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"ea3c18e1-30cc-4d97-bfa9-f489ae11aa94","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":168,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"f4fd1c35-b6e9-4eb3-af42-105488014659","block_type":"box","text":"(2)","page_number":168,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"97f852d1-7be2-4741-b106-6081b8415873","block_type":"box","text":".","page_number":168,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"0906abe3-cb70-47d9-8491-596cc067f8b4","block_type":"box","text":"We look to the board of directors (hereafter ‘the board’) to have an oversight role in the establishment and realization of a","page_number":168,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"e6a26e99-78d2-4682-aa89-c8e6902c58f7","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":168,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"d83a21cd-5124-407d-a7a6-0048bd24ef0f","block_type":"box","text":"company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee","page_number":168,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"f106ddf5-76aa-472a-844d-da57082b1f09","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":168,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"5ceab075-68b4-49f6-8795-83dc4ec99437","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures are in place to","page_number":168,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"da96ac25-3984-4ff5-9e49-1f411c28c4e6","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":168,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"bef20c70-580c-4e1b-836e-deb75f6da57b","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer","page_number":168,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"4bdeb146-79f3-4614-8dd1-d5272739dcc5","block_type":"box","text":"(CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives,","page_number":168,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"7f3fd28f-8dc4-4d2c-9035-3fac5898ca76","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":168,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"b5be3d80-84eb-4918-be69-48b7b5aa7c05","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":168,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"1b5ee6b8-ab88-4b8a-ac48-85912a731a61","block_type":"box","text":"Composition and effectiveness","page_number":168,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"6a3602f2-a123-48e5-8d8c-fbb28661ce04","block_type":"box","text":"Appointment process","page_number":168,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"8aa31eba-3772-4f9c-b62f-2f0a0966ec89","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":168,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"a961ea6c-ff15-4b41-b27e-b6e188a5615b","block_type":"box","text":"composed of directors with the appropriate mix of skills and experience. The board or a sub-committee should determine","page_number":168,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"3baa6646-6f8f-4400-8735-a5d6c944602a","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":168,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"639482d4-d09d-4e31-866f-9ce7da9d2e2f","block_type":"box","text":"criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage","page_number":168,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"94971aae-7683-47f7-9f09-c69c02792639","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether a director candidate’s","page_number":168,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"3605774d-4698-4f98-abe4-8706a43f8bcd","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":168,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"1f16d7a6-76e7-4d2a-b12a-24467ab0961b","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":168,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"2a7888f3-65f1-4d5a-9783-e46d70cd02f7","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":168,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"dd330d1c-4df0-4f1f-9ef8-bbd9e6cda1fc","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote against the","page_number":168,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"c159732e-44e1-4db7-a9a5-466243be16a5","block_type":"box","text":"election of the most senior independent director, or the chair of the relevant committee, where a company has not","page_number":168,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"23b739cf-cd44-4753-b34e-944f7f81b9f1","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":168,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"50cdd57d-18a5-4507-b39d-2eb83acfcf59","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":168,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"d6cae2ce-ffaa-4484-a429-95f5c8b3b6e1","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board’s","page_number":168,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"21ba1c44-eef5-4b31-8850-fa47a70baee9","block_type":"box","text":"effectiveness.","page_number":168,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"c57a0995-2862-4921-86cf-58d76942fd5c","block_type":"box","text":"Independence","page_number":168,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"b9e5319a-8a78-4b53-9610-7d57bf64eca3","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":168,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"c65e928a-67b7-4841-8108-89d886f95e51","block_type":"box","text":"of paramount importance to the protection of the interests of minority shareholders such as BlackRock’s clients. At least half","page_number":168,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"7e07e220-dc6b-464a-91c9-8d40e8cff13a","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":168,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"0c482f2d-039e-4412-bc88-2c446a8a4a95","block_type":"box","text":"(3)","page_number":168,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"b6672347-fac1-42cd-a7c2-704c8cf1a720","block_type":"box","text":". This ensures sufficient","page_number":168,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"fb8df230-3590-4534-b757-e4372289af47","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":168,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"85a51c04-b685-4ff3-b894-f31b5b85f7a0","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":168,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"54ed52a7-9a71-4725-837d-5bf06d3db8ce","block_type":"box","text":"(2) See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles of the US Business Roundtable as","page_number":168,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"1d8d6636-f6be-4304-9d17-a72eb8b181b4","block_type":"box","text":"examples.","page_number":168,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"0a0a0958-8f30-4b76-9ec9-2dc1a3aafb1b","block_type":"box","text":"(3) Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or","page_number":168,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"0a3abd25-baad-4f16-90cc-abee3aed9f42","block_type":"box","text":"representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other inte","page_number":168,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"4ac2c068-7ad0-4d0d-9ab3-29e6fa90b0d3","block_type":"box","text":"rest,","page_number":168,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"917202fb-e773-4f07-b0af-192a8132c46e","block_type":"box","text":"business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best in","page_number":168,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"fc6b5f7c-9038-464c-84fd-6975221b85b8","block_type":"box","text":"terests","page_number":168,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"da48da43-73ee-4bda-adf7-0e51c6568bfd","block_type":"box","text":"of the company and shareholders.","page_number":168,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"be31cecf-8a41-488b-8d56-b5dc29221b97","block_type":"box","text":"A-6","page_number":168,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"5086fd01-96d5-4b2a-bf1b-2a42f95e5940","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":169,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"3ff2b6c9-9696-473b-ac90-5d97c430b67f","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board composition if this","page_number":169,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"b88f0fe9-ef02-463f-902a-06127f3a48b0","block_type":"box","text":"is a perennial issue.","page_number":169,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"4c2fe935-12b9-4ddc-bdb1-3df21b3a3371","block_type":"box","text":"Independent board leadership","page_number":169,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"26865694-04a4-4a4b-ae41-808cbe226778","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":169,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"138af47a-424f-462e-b4bb-1b08ddeeb2aa","block_type":"box","text":"leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective","page_number":169,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"4118813c-37d7-4900-aabb-6378331bd843","block_type":"box","text":"exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other","page_number":169,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"3edbf7ef-6c84-4abf-9bc5-cc13e686cb62","block_type":"box","text":"non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In","page_number":169,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"8cd433fb-04e9-4b96-8040-c9d5a4629b2c","block_type":"box","text":"this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its","page_number":169,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"83cd0b8b-fa89-41ed-9fdd-846e169a7aff","block_type":"box","text":"responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be","page_number":169,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"ab452bf8-3cc5-4a1a-a7a2-9abbd4ad7d8c","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":169,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"ba4d2df6-0e8e-49f9-bfba-c708381dde1b","block_type":"box","text":"We look to boards to explain their independent board leadership model and how it serves the interests of shareholders.","page_number":169,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"a0033fc0-4a58-442d-940c-90d0a3404de4","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not an identified","page_number":169,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"dd37fa93-4163-4f8f-918c-064f95108936","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":169,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"1dfc1fae-0890-4049-881f-5434e28bde96","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":169,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"515f6edd-4bdf-458b-a975-7af687f6c2d3","block_type":"box","text":"Tenure and succession","page_number":169,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"49e22c52-9f10-4a54-98a7-fc050a5c09df","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market norms where","page_number":169,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"58dfab16-ce94-4d40-8cec-6685c1d3c245","block_type":"box","text":"those exist. In such markets, we find it helpful when companies disclose their approach to director tenure particularly around","page_number":169,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"9d13f98b-2d7f-4cab-8d32-146d0997dd5e","block_type":"box","text":"the contributions of directors who have served for longer periods than provided for in local practices. In our experience, long","page_number":169,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"8fbeccc1-7b7b-487e-9c3d-72a93ffa2ad1","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":169,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"8137b0c2-88b4-496a-a0cf-d1a9044cd206","block_type":"box","text":"decisions.","page_number":169,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"3ee879f8-0590-474d-93e7-3add721a7622","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":169,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"c49c8625-c4af-4f05-b756-9ec276ef1121","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":169,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"447f258a-23b3-4492-b22f-08ca55cfad93","block_type":"box","text":"long-term knowledge of the board and company.","page_number":169,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"69733283-8595-4694-bd34-ed8969189b82","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of the","page_number":169,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"3d832b7c-6293-4aff-9bbe-5fc01c257ada","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":169,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"d9ccafd1-864d-4459-aced-99a7b813f0bc","block_type":"box","text":"renewal. We may vote against the election of directors who have served for longer duration than typical in markets with","page_number":169,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"62a6a9d0-a1b6-4aac-a591-24b69dd4d41c","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":169,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"ac9a280c-4ba9-4104-acc2-5120ab324a43","block_type":"box","text":"Capacity","page_number":169,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"f8beec01-b41c-42cf-a461-733ad1fa0f69","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should assess the","page_number":169,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"68e36c2a-8ef2-4d6b-ac7f-bdbefa95b620","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":169,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"c534c280-b104-4f84-864c-26d40fdff71c","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":169,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"e82ad873-5d20-453d-bcb0-6179279dd460","block_type":"box","text":"commitment but note that they are generally more intensive than a standard directorship. We will take local norms and","page_number":169,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"605e9abc-e2be-436e-b6be-77da890dd594","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":169,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"c1beccc0-6c21-45d9-b322-1c6d0a8ad022","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to","page_number":169,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"ecf252a6-743d-4679-92c0-e1ea1a2f872e","block_type":"box","text":"the board and company.","page_number":169,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"e08466e9-5669-4015-93f6-567c28aa18f0","block_type":"box","text":"Director elections","page_number":169,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"4d28e84a-564d-40bf-9d69-58fa51d1e581","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis, ideally annually. A","page_number":169,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"13fbdef0-b0af-4929-8a34-dcca35199bf5","block_type":"box","text":"classified board structure may be justified by a company when it needs consistency and stability during a time of transition,","page_number":169,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"1184c124-8e97-4d86-b74a-52fa1fc0c139","block_type":"box","text":"or on the basis of its business model, e.g., a non-operating company such as closed-end funds.","page_number":169,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"81ea85c5-f112-415e-bbae-7757e89fb388","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":169,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"e9f2f836-13a2-41ba-beb6-3007de66d6db","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":169,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"cd6f56d7-69f3-4f75-b5b3-f544e2beb01f","block_type":"box","text":"capabilities and suitability. We will not support the election of directors whose names and biographical details have not been","page_number":169,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"3008c2fc-d9e0-43f9-8d4d-076e0d2be1af","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":169,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"c58db85f-4140-47aa-aeb8-c40e90541272","block_type":"box","text":"A-7","page_number":169,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"51ac2b82-cecf-43a0-a64d-08904fa06938","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the shareholder","page_number":170,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"458383dc-3a34-4832-bd87-84924017feb9","block_type":"box","text":"meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as to how its approach","page_number":170,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"44e54852-913e-47a3-9ca5-81cc52766a50","block_type":"box","text":"best serves investors’ interests.","page_number":170,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"15fae9fe-9882-4ed1-904a-a1d8204bd826","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple","page_number":170,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"7cc94f0d-e53c-4430-b7a8-7fcc44eb10ce","block_type":"box","text":"majority vote standard for director elections. We may vote against all the directors standing for election as part of a single","page_number":170,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"a4f44adc-d297-4814-8d1a-f47439b599b4","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":170,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"729c65a3-6af4-426a-b3a4-ea2baa71542a","block_type":"box","text":"Committees","page_number":170,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"f6a80a21-e15d-41e9-985d-5f73e91a7267","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and","page_number":170,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"4143c2b1-c13c-46e8-b988-12f0e8b5351c","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":170,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"f628fbce-14e3-4a66-9263-cc9f05319d7e","block_type":"box","text":"they should establish but we seek to understand the board’s rationale for the committee structure it determines is","page_number":170,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"a3dfbbaa-208f-4fc4-8b95-6b43614aa698","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":170,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"9b9cd2dd-0fa1-4224-abad-42f46a6e52eb","block_type":"box","text":"should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the","page_number":170,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"88a54960-164d-4df6-92a9-9229b24e0ffe","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":170,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"daba01a8-f941-43a9-953d-ff032f9ce61d","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":170,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"210f5bee-072c-4f68-bf8d-1534b645bb75","block_type":"box","text":"include:","page_number":170,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"f1004042-eda5-42b5-9d68-0bf6b80a2b08","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":170,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"bd71ee91-fcba-4bcb-9a22-35fb5ae92050","block_type":"box","text":"with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and","page_number":170,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"16634ded-3338-4d7f-a345-fdf17ee3dd86","block_type":"box","text":"whistleblowing mechanisms.","page_number":170,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"67e4a923-4c3d-4471-bc09-d5efe4203af3","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":170,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"6aed143e-71e7-410c-a1ed-832916c48a4e","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":170,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"7cde8abb-4242-464d-b8a4-d17c28af7a42","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":170,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"8a5a0b9c-6c0a-49f7-a036-ef30f832b4cd","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":170,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"34b2f926-407c-4d22-a176-bb9227841ad8","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":170,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"c1935eb9-e60c-4812-ab89-8e8c8d8fec36","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":170,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"a5b2b256-4ef9-4310-9596-8c7c17042361","block_type":"box","text":"wide compensation policies.","page_number":170,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"f89a9dfd-a656-4122-8d46-916d395876bb","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members to convey","page_number":170,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"5ffb963b-5954-4b01-84af-0a673323b115","block_type":"box","text":"our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote against the election","page_number":170,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"0e74f60b-4d97-4af9-85f6-d5ec7b1237cd","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":170,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"4c30b054-7020-4635-90cb-68b5f16aeefa","block_type":"box","text":"Board and director evaluation","page_number":170,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"cc282909-b0e7-4c6f-a58f-76eb21968baa","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the committees,","page_number":170,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"73f05dc2-c247-4d0a-ae61-d87aae68cc78","block_type":"box","text":"the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring","page_number":170,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"9ec3865b-5750-40f5-81ae-3fbef170d986","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":170,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"fef6c96b-dee3-48aa-b1d2-df4e0a56c742","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":170,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"093cbcc9-093a-443f-98d7-f98f07fe0edb","block_type":"box","text":"Access to independent advice","page_number":170,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"ab77548f-0795-4297-9e5b-bd55ed6f6656","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to","page_number":170,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"f3df04b4-ed7f-4363-8ff7-5091138cc2a4","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":170,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"df15e544-9329-43e7-a16c-265656033284","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":170,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"0d0c36da-f0df-4037-8b84-90ae90aa505b","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":170,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"bf16913e-3d06-4006-8956-86294c3a3425","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":170,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"612efefb-e8b9-41a5-a80e-9b1bbe7ca3e8","block_type":"box","text":"succession planning.","page_number":170,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"b9f63dbe-ee0b-4893-b550-f6355b0dfd9f","block_type":"box","text":"Executive compensation","page_number":170,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"81b9e57d-604e-4831-b045-63cd83dc8b40","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":170,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"3cac1489-8e3f-415e-b479-2cb8a16ca81d","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":170,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"6521e0f5-7f42-4270-95ed-ec26649a9ea2","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":170,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"6c9c7b97-1df8-470e-8ad0-c94dac362a39","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":170,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"4a605ba3-f080-4968-b6be-6ea6c7eade08","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":170,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"b8b2dc9f-219e-4431-8383-6f4340fe6562","block_type":"box","text":"A-8","page_number":170,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"65947565-92b5-406e-a17c-bb797346639f","block_type":"box","text":"pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and","page_number":171,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"df31209e-20fe-4d6d-8571-0c16cf8d1182","block_type":"box","text":"benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its","page_number":171,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"61570885-013c-4d82-8e06-ca52e33adcc1","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":171,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"11b63494-5224-49ce-b4c0-9842de3ce7bb","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":171,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"59c6c488-6dfa-46f4-bda5-9e6acdef8798","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":171,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"e70cdb61-1db3-4115-8697-bd7164d700a9","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":171,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"42afe319-8568-4880-abb6-8aef71f4e44f","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":171,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"184a3673-867c-42b3-a2d8-0eaf39812fbb","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":171,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"5343e70a-3b6b-4bfd-b439-3453888c1c9d","block_type":"box","text":"company’s size, sector and market.","page_number":171,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"4734ce15-4a8f-4041-b46d-95be977285d7","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":171,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"a9071c0f-f978-41a2-8e9c-c32993fabb7e","block_type":"box","text":"objectives.","page_number":171,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"28dc83bc-62b0-4cde-910e-e85d87997509","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":171,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"ee9ecb62-4572-496f-b2bc-5f0f2fa22287","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":171,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"69a3f46f-c3dc-4d50-b734-de804ed75068","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":171,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"5dbf6c5b-0e6f-419b-8c6a-6c390163133e","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":171,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"1e878205-fae6-444e-b732-194381af5f84","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":171,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"fb179f00-d8cb-499f-a6cf-1d6e99710e4f","block_type":"box","text":"transparently.","page_number":171,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"c080e6da-a0b9-41c2-a19d-e1ac87b3ec65","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":171,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"a5f360ba-86f3-46d9-9ca4-9df347c153fc","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":171,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"0d623912-bb3d-475f-9b79-d16431d38772","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":171,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"5d3ee1fb-e711-4637-8531-28970da52838","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":171,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"f8e4cded-ad80-432c-93bf-2b0cf911e9b7","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":171,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"468efb7e-121e-43af-8bd2-82486b113e3f","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":171,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"ead07ff3-98c7-4fbb-8658-7326c73475ab","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the","page_number":171,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"3fe63b25-de6e-496f-aa30-b1be506ba391","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":171,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"6d7e6165-ce1e-4272-9688-b1ba04f648df","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":171,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"3da9bdb7-c3d0-4e21-a94b-be5130e57be6","block_type":"box","text":"misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior","page_number":171,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"61a34bd2-3032-4de3-8502-38b35a413e5e","block_type":"box","text":"independent director.","page_number":171,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"97f49a3d-68d9-41bb-8b61-06c531c4de65","block_type":"box","text":"Non-executive director compensation","page_number":171,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"85a229dc-cd12-461f-b0f1-9fafae26697d","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some","page_number":171,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"7691ef63-9ace-4799-bd58-121f942cc2ef","block_type":"box","text":"companies also pay additional fees for service on board committees or in board leadership roles. We do not support non","page_number":171,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"2019ed6b-1dc8-43e1-b049-c19560573af1","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":171,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"eae09dc9-e6ea-465e-826c-120549c41b81","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":171,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"134f5ff5-011d-44d7-9379-cb27f0804897","block_type":"box","text":"Capital structure","page_number":171,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"26334285-f4b1-4d34-bdbe-20e5ace6151d","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":171,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"1e2f5f36-d832-4ece-a6b1-bbbd578ce0ab","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":171,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"e1214e0b-6979-41f1-a57a-2c9b025d893b","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view these practices","page_number":171,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"149ed761-b278-4372-8708-c2518fd65bca","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":171,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"730b2feb-fb37-484d-87c3-e7a81a7c33a7","block_type":"box","text":"the election of the most senior independent director if we have concerns about a company’s approach. We may also support","page_number":171,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"e69d77d2-971e-413f-b574-dc85e4510052","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":171,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"4336ac9e-ba22-420a-85e1-dc3d91119a75","block_type":"box","text":"Share issuance","page_number":171,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"a5ed28f0-3be1-4e5c-ad55-4d9fd7d369e4","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support","page_number":171,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"9c68e9ad-3256-48ce-9335-e43f8b4507cc","block_type":"box","text":"authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. Companies should","page_number":171,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"5515972c-6682-4130-adca-ac9b0efc1152","block_type":"box","text":"seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as","page_number":171,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"93208157-18f0-4f0a-8d9e-a32ab6212ed7","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":171,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"606ac28f-51d8-49b4-a403-e9221dfa927c","block_type":"box","text":"A-9","page_number":171,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"d98d9666-4c12-4025-8e9e-050ff7042c13","block_type":"box","text":"Share buybacks","page_number":172,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"1d5bd973-5e31-403a-ba04-b4b591ff366c","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":172,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"f6abbaa0-67f1-47d0-b587-516e05e069ea","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":172,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"3db491b2-b4bc-49b3-aaa4-1f9cd13a3c3d","block_type":"box","text":"company and returning cash to investors. We also take into consideration the effect of a buyback program on the company’s","page_number":172,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"b4052820-f863-4e88-8a24-5455aacf65ac","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":172,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"c4df8858-6514-4fc3-b68d-24c7deec5913","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":172,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"d0f24696-963b-496e-9ab0-5d7674f9cef8","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":172,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"86f5b59a-c7e4-4f84-a8d7-2f98b5403ec0","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as treasury shares,","page_number":172,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"782426ff-2fe2-4676-a0d3-83c6656b30c5","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":172,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"8eb19917-8bc7-4056-a0b2-58bb3d02aaac","block_type":"box","text":"Dividends","page_number":172,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"7f6372a2-e6d8-45ea-bde8-c0c516545fe9","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification where a","page_number":172,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"3e9ed2d3-2c5c-4a7d-a63d-a82ca85edbfe","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":172,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"0a2bb445-e724-4a00-bd36-51d47346e289","block_type":"box","text":"Differentiated voting rights","page_number":172,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"e52928e6-e31b-4aa5-a8bc-ba800e5cc37c","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain","page_number":172,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"fc6b8e5f-d389-46ab-ba57-ef156285846a","block_type":"box","text":"companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or","page_number":172,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"998ccf58-f099-443e-b359-7c9f381bc097","block_type":"box","text":"dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a","page_number":172,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"bce39c9e-b31a-4f9f-93b5-e0bdcab3f053","block_type":"box","text":"periodic basis.","page_number":172,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"bb2770dc-6519-48d5-a7b7-a7528cf8c015","block_type":"box","text":"Transactions and special situations","page_number":172,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"8fc60103-0229-4f32-b3c4-f007d1cae93a","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":172,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"99891401-5817-4d38-bbb6-e68e28083072","block_type":"box","text":"proposals.","page_number":172,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"aa5bd4e1-b38e-41aa-9cbd-96d109227d73","block_type":"box","text":"Mergers and acquisitions","page_number":172,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"e3c04052-be9c-47d4-8f77-4ddfb59a45ce","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":172,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"1dc1e67b-81ff-41f3-9d2a-178022cb4bfd","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":172,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"a232681a-f35b-472c-a77d-1ab9dc0b9f90","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":172,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"fba26c43-1778-4af3-b4f3-98c5756c9c47","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":172,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"dcb72893-3a3b-4e6a-b027-4bddb83919b6","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":172,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"d3a01f12-a037-4eab-b81a-6a40ae2399d5","block_type":"box","text":"shareholders.","page_number":172,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"2ca1835c-9508-4d72-96c7-bb0bd1581d82","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":172,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"305964f9-ccad-4b8c-a5db-84c2918bf137","block_type":"box","text":"Anti-takeover defenses","page_number":172,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"f7a0e4dc-cfff-4492-be14-eae14a2224d0","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights","page_number":172,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"1b0e6e1d-d797-4b49-b2ac-6834ddcd38f5","block_type":"box","text":"plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a","page_number":172,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"75fea46f-8d2d-4fe7-85a4-aa0e67fcce65","block_type":"box","text":"poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to","page_number":172,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"f5cff913-f58d-4623-8a63-a929176dac54","block_type":"box","text":"seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism","page_number":172,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"3aa99212-9989-4d90-a875-1cb164cc68b8","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":172,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"eb5a71ac-9b35-45c6-86d4-4a725eb9978f","block_type":"box","text":"should be limited in term and threshold, and also be closely monitored by the independent members of the board. We look","page_number":172,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"e2c127fc-9356-4e6e-8f59-549399db88a5","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":172,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"13d7e0d2-975c-49b3-9b60-f004c7386550","block_type":"box","text":"Shareholder activism","page_number":172,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"b8e13530-5988-43f4-91ae-e2cf657727a7","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their analysis and","page_number":172,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"d1de460b-0e05-4237-b4e1-cef0ab6ed232","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":172,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"d0e7000a-85be-4486-8500-bb07ef7b6cb7","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":172,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"b24e189f-285b-4ed4-9ed3-8853dc2ac34b","block_type":"box","text":"concerns raised by the activist and the case for change; the quality of both the activist’s and management’s plans; and the","page_number":172,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"3e698dd0-ec05-4d1e-ba69-5ad7ba54228a","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":172,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"83c4a131-cee5-487c-9126-80a9457da9ca","block_type":"box","text":"for our clients as minority shareholders.","page_number":172,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"d82958af-5380-48c8-a6a2-baf43bce2385","block_type":"box","text":"A-10","page_number":172,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b696b867-a304-4164-aaf6-2aa92a6545c6","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their case for","page_number":173,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"e48817b8-d20e-403a-8309-d55b0bb46222","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":173,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"65009543-43a6-4a33-bc56-a93fae5bd8ad","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":173,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"813dbdd3-24cf-4f03-8b4e-73d8d91001fc","block_type":"box","text":"Significant shareholders and related party transactions","page_number":173,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"6a87bbc9-7758-4eb2-9499-babbde59f882","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":173,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"d553b8e3-15f2-40ac-8bb0-0c234daefc08","block_type":"box","text":"shareholders are given equitable consideration.","page_number":173,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"ff1ae359-5c50-4867-8fb1-b48c7ac6f033","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":173,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"72ef2035-e320-4100-9ebd-ce9a58813f0a","block_type":"box","text":"be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party.","page_number":173,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"bac6bc7c-7eb0-4e73-83af-ca994d072ca7","block_type":"box","text":"Such transactions should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":173,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"d16f2f49-50d0-45dc-9159-817ac04999ae","block_type":"box","text":"disinterested shareholders should vote.","page_number":173,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"ff868d48-cbcd-418d-85fc-4e526fab5d29","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":173,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"9f850ddf-5a43-432e-8cec-2bbdd8ec56b8","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":173,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"97294076-248f-4c60-8594-e43c883f91cb","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":173,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"d1aa19f2-4e7b-4f32-a6e4-1aa24c90b790","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":173,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"daebf771-0928-4654-b07b-ae10bd945331","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":173,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"cfbb4f62-0422-4e3e-8c8d-e962860fcad1","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":173,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"29950e0b-e66f-407b-a6e3-7dcad6c5f0d9","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":173,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"99d6ce71-510e-4c1c-be62-eae51f3b0d1f","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":173,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"228d13a3-714e-4102-8a81-069b63a09ce7","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":173,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"c71fa8e0-8263-4d7d-bce1-52ec8310fd97","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":173,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"bff9a010-e379-4e5b-991b-65f9308f4e37","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":173,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"af59b5d1-f058-4044-9b71-752271e03584","block_type":"box","text":"and the implications of these, disclosed.","page_number":173,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"e126c275-b32c-4acc-a30e-aad1cdc40f13","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing independent","page_number":173,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"d7d937f6-fc9a-4e58-acdd-b6ab8045ef72","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":173,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"1afec9d1-09c7-4c56-ae4f-7247d2d23474","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":173,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"1b940b6c-a09e-4466-ab94-d67dd20c0931","block_type":"box","text":"the quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":173,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"516431ba-58b3-4490-a8a8-9870a5d419d6","block_type":"box","text":"Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the","page_number":173,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"880adc38-b634-496a-8cf5-d7cd9b672e27","block_type":"box","text":"external audit process annually.","page_number":173,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"ecbbc961-24ee-4bcc-a657-386fa3e6e549","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":173,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"c6f70f24-0b3f-4af4-9814-1598c9d8e926","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":173,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"4459bb02-743e-4126-96cc-50905621a107","block_type":"box","text":"to companies in preparing such reports","page_number":173,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"4824768f-1183-40d6-a1cd-ee75c321cded","block_type":"box","text":"(4)","page_number":173,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"a95beb88-7b87-4787-8e81-d9d525b78781","block_type":"box","text":".","page_number":173,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"57102938-5251-47eb-81a9-fabda1578709","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":173,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"ba260a1b-f871-479a-b4ae-fdf0073a8eb3","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":173,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"f473cf09-3809-40e9-902d-44fb40f6bc4c","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":173,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"17c7d705-43d5-4504-a958-aebe3cba22d2","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":173,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"578637a9-0fcc-4066-980d-5ebc565e4ca7","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":173,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"92eba549-f45e-40d3-9539-a7ee4e13c517","block_type":"box","text":"reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical","page_number":173,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"be95df4e-7eda-44e3-a743-2503d593a40d","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":173,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"bd4c69d8-b847-4aa0-afe5-4084888485bd","block_type":"box","text":"and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit","page_number":173,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"188f45cb-9fef-42c2-9f3e-cc4e85f66864","block_type":"box","text":"fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its","page_number":173,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"5ecb44ad-b239-4a97-a7ef-17531f44ba36","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":173,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"f3863de5-08ed-4ca9-9fd5-0f9599b42128","block_type":"box","text":"(4) The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclos","page_number":173,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"eaf113bc-9dd8-4434-839a-267324a67c03","block_type":"box","text":"e informa","page_number":173,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"9ce2affd-bb03-4208-812b-5986adc5873b","block_type":"box","text":"tion about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decis","page_number":173,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"246185b6-5dc0-41fa-964f-d00ed35af3a5","block_type":"box","text":"ions","page_number":173,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"cccc8b0a-a0d2-4fde-b13f-f6f57d47c14f","block_type":"box","text":"relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information a","page_number":173,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"7ee1271a-2df2-4620-9cee-5ad65d06c95a","block_type":"box","text":"bout its","page_number":173,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"1af28102-cc45-4712-841e-5e5c80045d45","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to provi","page_number":173,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"7c5be4fb-e40c-4832-86b1-cefb5fcbf0df","block_type":"box","text":"ding","page_number":173,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"475e26fb-1ee9-40ec-af5a-af4503be018f","block_type":"box","text":"resources to the entity.","page_number":173,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"009f41c2-b4a5-4750-9633-dbea597b3a82","block_type":"box","text":"A-11","page_number":173,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"1deaaee6-e084-4ed4-b82e-75ca2eb23e4a","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material","page_number":174,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"29c426cd-83cc-40b7-b069-918cf5bcd792","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":174,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"2762e68b-28da-45e2-9867-f2ea0ce444c4","block_type":"box","text":"statements or the discharge of the board when we are concerned about the quality of the reporting or the audit. We may","page_number":174,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"3c3ff0f1-4e38-4846-850f-e86163a2c00d","block_type":"box","text":"vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the","page_number":174,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"0af53076-c13e-4f6a-bcb1-b194465801ba","block_type":"box","text":"auditor’s independence, the quality of the audit, or there are material misstatements in financial reports and the board has","page_number":174,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"1ce7a847-d59f-4ec0-af1c-36e6f0625695","block_type":"box","text":"not established reasonable remediation plans.","page_number":174,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"dff93fb8-9d16-466a-8c88-52d656a3fd25","block_type":"box","text":"Shareholder rights and protections","page_number":174,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"9cca8e27-9642-491d-b245-ade5d8006817","block_type":"box","text":"General shareholder meetings","page_number":174,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"f4ac3ab1-4b58-403d-8efa-84ff28b7b5fc","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are","page_number":174,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"9c3c516a-621c-484c-a5ae-485b31e72ffe","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":174,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"85d4b5ee-e26d-42f9-969d-0b1b2d378c59","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":174,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"f8315d6d-3346-4e1f-aba2-7c292a1ba886","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":174,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"b30faa53-b682-4293-8358-844a71120bc8","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":174,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"023ffa1b-6a4c-4f2a-aa13-6726989bd660","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely","page_number":174,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"265d0913-605d-41f3-9450-138d416c414a","block_type":"box","text":"manner or do not provide sufficient information for us to take an informed voting decision. We may vote against directors if","page_number":174,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"5f164948-ed2b-4e6e-b445-6c759b8d803e","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":174,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"0ea1a95e-530a-484b-8257-6f22b27eb686","block_type":"box","text":"Bylaw amendments","page_number":174,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"6883c60a-eff1-47a2-8166-83c8751eed0c","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are","page_number":174,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"ba5a5609-cbdf-41dc-a4f0-e4553880511c","block_type":"box","text":"aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put","page_number":174,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"624ac095-2a3d-43ef-9eb5-7c74c00cee12","block_type":"box","text":"to a shareholder vote.","page_number":174,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"63b3996e-f8a5-4fc9-9e58-ce2ed9cb6cde","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":174,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"b631a70f-be6f-4600-9ede-518a5198a76e","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":174,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"75c9cbb5-41ad-4cf0-ac9c-efb177351890","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a","page_number":174,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"23964255-a02c-461b-99c7-df6f71571330","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":174,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"c954867d-5ab6-4d9f-afd3-47253c71d410","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":174,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"984dc728-0196-4d73-b2fc-00dba9c0f175","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a","page_number":174,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"66824bba-4351-4e6c-9088-69da944af169","block_type":"box","text":"meaningful shareholding the right to nominate directors to the company’s board. The threshold for this right should be set","page_number":174,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"213bfc95-1acd-4088-a146-a289fd9b7c6f","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":174,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"3323978f-8fa9-41fd-b790-bc70c9ec1b65","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote","page_number":174,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"92e2be20-54a4-4b03-a7fd-b6e1da867736","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":174,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"b55a1fd3-3c7d-45c2-8f68-67ded8651980","block_type":"box","text":"Change of domicile","page_number":174,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"4193d711-ad0a-4188-bb4e-6f374525be93","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for doing so is","page_number":174,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"c07ff65b-0682-4eed-94df-fd0b212668ce","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":174,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"6709f2fa-738a-43e7-b062-693db82f0990","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned with our clients’","page_number":174,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"dc2fcbaa-2ba8-4e5c-b9b9-03ba10a3123f","block_type":"box","text":"financial interests.","page_number":174,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"8771a32d-8756-4f92-9db8-c97893f3806c","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":174,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"17babf77-50e9-4a18-afda-aac4784ce19a","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained in the","page_number":174,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"80d1cce3-cc0f-4643-809f-5d9bce296feb","block_type":"box","text":"context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views on the","page_number":174,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"270b215b-90c3-4ff5-af29-4559c9888411","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":174,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"5171c2a0-21f9-4467-ae08-47eb5a58d731","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if the board has","page_number":174,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"55434735-d5af-425c-86ef-3d68bfbc33de","block_type":"box","text":"not provided a credible argument for change.","page_number":174,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"591c39fa-7177-4c26-8e21-0042c9842bf7","block_type":"box","text":"A-12","page_number":174,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"92645d0f-faa9-471e-8a32-82a05014d6d6","block_type":"box","text":"Shareholder proposals","page_number":175,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"d549700b-c061-4f90-80a7-8aaf2000c442","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":175,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"8301014f-0e8f-45e2-b674-90caee79891a","block_type":"box","text":"shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a","page_number":175,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"bf47c797-bbc8-4000-a718-3808e50dc95a","block_type":"box","text":"majority of votes cast at the meeting. The topics raised address a range of governance, social and environmental matters that","page_number":175,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"4be24040-73d5-4aa5-9603-51b951731a12","block_type":"box","text":"may be relevant to a company’s business. Shareholder proposals are considered by many investors to be an escalation tool","page_number":175,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"388a5090-4af1-4ce7-85b7-bda80c040bb8","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":175,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"e46112b2-0506-411c-9cdb-f18cd5f74fe0","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company’s business and","page_number":175,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"c784213b-4cd0-46e8-946b-0e6ecdac94c5","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":175,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"ec1bf63a-9fa3-4d27-9d6f-a6de967c4f94","block_type":"box","text":"being acted upon might have on financial performance.","page_number":175,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"572fd294-eb68-403f-b4ab-39a73a826cc8","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to engage to","page_number":175,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"70fb8a03-8083-43f5-a650-781d4466691a","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":175,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"7f07dcda-7356-41de-ae9e-a5e9fc0d07d2","block_type":"box","text":"financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so","page_number":175,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"a61470f4-d84c-4ce0-84d3-16577badffed","block_type":"box","text":"reinforces the points made in our engagement or is aligned with our clients’ financial interests. We generally do not support","page_number":175,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"db5aa8ca-8c96-42a8-a2eb-1ae39215f2cd","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its operations, or","page_number":175,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"004f1eb4-f71c-4dc1-be48-cc7938efcd89","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":175,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"e0ae8ee9-d696-4a52-99a2-e12a712498df","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how we can","page_number":175,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"0d2c6a88-ba39-4193-ae39-f095bc52bdfb","block_type":"box","text":"interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals.","page_number":175,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"6c6e26d2-0825-4edf-8db5-072d86e5e4e6","block_type":"box","text":"We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":175,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"37fe9ae4-71fb-4ab9-9d2a-2e180b172288","block_type":"box","text":"Corporate political activities","page_number":175,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"577f3f05-ca7b-4922-bd06-b3d3ac283364","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making process is","page_number":175,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"3309ff32-5c5d-4df1-b39c-aaf1b2b31cce","block_type":"box","text":"consistent with their public statements on policy matters important to the company’s long-term strategy. The board should","page_number":175,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"2f2eef0f-cdce-45fb-b039-74059086eb62","block_type":"box","text":"be aware of the approach taken to corporate political activities as there can be reputational risks arising from inconsistencies.","page_number":175,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"b048aaa1-6079-4754-b98f-1c4e1f6dc6b8","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":175,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"c0658134-b2c0-4add-ac17-57aa2b4d622a","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":175,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"0686034b-4d6e-48b7-90ae-0710d509a504","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":175,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"2646b88f-5c23-418a-ad5a-bfbe16e4f932","block_type":"box","text":"and the policy positions of the trade associations of which they are active members and any engagements undertaken by","page_number":175,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"a32f4339-6c33-4de1-a075-43298afb5421","block_type":"box","text":"trade associations on behalf of members.","page_number":175,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"7126b24a-3fa6-4ea5-ba4f-8f8e6820db40","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":175,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"c17490dc-a0a0-4644-bbf1-0837885b2fc8","block_type":"box","text":"where a company’s disclosures are insufficient, or it becomes public that there is a material contradiction in a company’s","page_number":175,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"374a2bec-58b2-432e-8395-721d2f76ddc4","block_type":"box","text":"public policy positions and its policy engagement.","page_number":175,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"dc9f97b8-3dec-4852-bded-301e96be8984","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":175,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"27fd15b3-02fa-4ecf-8e74-3bc799909e76","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":175,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"8a6ad64a-88d7-42ca-8e58-971a85c10b99","block_type":"box","text":"experience, sustainability-related factors","page_number":175,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"92c7c2b2-31cd-4e50-ab10-cab5adc33505","block_type":"box","text":"(5)","page_number":175,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"3f7cd170-9652-4ab4-9fb1-1d4c58d80514","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":175,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"bc576c28-a2ab-4bc0-80b0-4b14027edd1e","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":175,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"815dfc62-9a0f-4093-9c93-23c9b344f7e6","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":175,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"4fa53ccf-3521-4a7f-a841-d329daa19a5c","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":175,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"0f059aad-f578-44c0-ac36-00160cbe70b0","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by","page_number":175,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"d6da5fb6-673c-4ffc-a5f0-2034eda2e9c8","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":175,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"5418469a-63f1-46a2-b816-7c17e8d44237","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":175,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"f36d7344-2ad4-4c03-a668-1eaf43b4ca54","block_type":"box","text":"(5) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mod","page_number":175,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"7e1bdf06-a211-4aef-9061-081ea9a3b573","block_type":"box","text":"el that","page_number":175,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"df60315f-f017-447d-8434-cb3a54a24b39","block_type":"box","text":"have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste","page_number":175,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"9ac0a256-0578-489f-af7e-700931286e0d","block_type":"box","text":"management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in","page_number":175,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"8099af05-1389-4761-9808-1c100f6af6fa","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluat","page_number":175,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"8b5bfdf4-ebc0-4266-a0c9-c954028407d7","block_type":"box","text":"e","page_number":175,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"8642f75d-99a6-483a-b0a2-0c9688b7b1da","block_type":"box","text":"and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can","page_number":175,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"182962b6-06ff-4711-92e8-e6ff16097369","block_type":"box","text":"oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related c","page_number":175,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"dba71c2d-a153-4d6b-85c7-57dfde8295aa","block_type":"box","text":"onsider","page_number":175,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"4e017808-9572-4aaf-8ffe-a703bdf5aec0","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":175,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"776dfaa1-4e97-40a2-9066-1815db3866e4","block_type":"box","text":"A-13","page_number":175,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"4c577a5e-1080-4928-b512-580b4bb2c1f6","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":176,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"55eba26e-7a49-4c90-bcf3-bbe493f1bc47","block_type":"box","text":"a more holistic assessment of a company’s potential financial performance and the likely risk-adjusted returns of an","page_number":176,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"ed0ddf39-3b7d-422f-a897-92ad1b63a5be","block_type":"box","text":"investment.","page_number":176,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"423f3969-c874-475d-be4d-79f3025f8007","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is","page_number":176,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"29089590-a5cf-4d86-b291-87d474f73e12","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":176,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"c917a7a5-9909-4b9b-8baf-e49d71a106f1","block_type":"box","text":"Key stakeholders","page_number":176,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"c4b512ac-1f63-4305-9e31-276fa46b3b87","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on whom they","page_number":176,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"cc774797-c344-4ac7-b980-0befba9fa9ff","block_type":"box","text":"depend for their success over time. It is for each company to determine their key stakeholders based on what is material to","page_number":176,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"677b73f2-0c74-4cc6-b027-c5676344f1ad","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":176,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"4d271b54-6552-485c-9e01-1efa63dcfc56","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":176,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"520a8d08-9e58-44d8-b5a7-797ecac1956c","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":176,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"b6e35d83-c806-4c5d-93d6-64be96ea760d","block_type":"box","text":"be financially resilient over time.","page_number":176,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"5cb0a47d-a4a0-4ea3-a126-0e8631a0990f","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":176,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"f0bede21-b04c-4f3d-bd47-c6440a4174f8","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":176,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"520c0430-53da-40ed-a09f-8b7f076b3510","block_type":"box","text":"with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in","page_number":176,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"97fc3e30-2d04-455a-a7e6-41986f82c722","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":176,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"6acf8265-4c4b-41c7-9acc-0b1843b6f559","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":176,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"c3d97eb2-14ea-486c-be08-5a8d2e9c7f85","block_type":"box","text":"would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5C above pre-industrial","page_number":176,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"d11ccd02-5a21-48f3-842d-785f71d7ba2a","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":176,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"0dddc5ff-9626-4c82-8425-b351b2181972","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":176,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"16a293d8-8eb0-4654-8bbb-395eaf87aa8e","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":176,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"360a6d02-e141-48e7-acf9-79c9ca9b1e9a","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":176,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"8a6bad63-220f-489f-ba79-9935e793c34a","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":176,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"e610720b-9cf0-4872-ac8d-a2cec4e7384a","block_type":"box","text":"These disclosures should include an explanation of the decarbonization scenarios a company is using in its near- and long","page_number":176,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"038c250b-af4c-4abc-923b-ecf747ddd97a","block_type":"box","text":"term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets","page_number":176,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"844574bc-9022-4c1a-a203-bde5c53d1a92","block_type":"box","text":"for scope 1 and 2 emissions. As with the BAIS benchmark policies, we consider the climate-risk reporting standard issued by","page_number":176,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"2c04bab6-dee4-4492-a660-71a6716a533b","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":176,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"1aed1724-7119-4763-aa4a-50b05c4036f3","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":176,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"de389aa9-dfa9-4fae-8eef-47e3c6d8f530","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":176,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"8abe6883-102c-483a-8792-7e385a7975d7","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":176,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"ef8f0f3c-485c-4b3e-8e0e-ba5a856167a3","block_type":"box","text":"carbon transition strategy and targets that the company does not currently provide and that would be helpful to investment","page_number":176,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"79030707-e614-4ddb-9000-8b33981faff9","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":176,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"77bbca99-7aef-4713-ada8-c310a8f39c4b","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":176,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"d503b20b-ab89-49ee-85de-9c685c7d7fa1","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":176,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"a16410fa-348e-4892-8cb6-1427a1458e8a","block_type":"box","text":"Oversight","page_number":176,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"e4cc0228-dc2a-483a-a5bd-5972366dbcdf","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in accordance","page_number":176,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"28738525-8f62-4aea-932c-91b9fe90b75c","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":176,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"f807a04a-c82b-485e-a67a-5b4c89f4daba","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":176,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"7120ae19-d83f-4e67-9bfc-b80aa23af3b6","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":176,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"25b566a6-45fe-49fa-8e8b-9aeaba1eacb1","block_type":"box","text":"reporting lines, and oversight.","page_number":176,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"7b7337b9-8c34-4859-b76e-1d186c478345","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":176,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"994fbed9-dace-452d-b09b-937f481dce28","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":176,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"cf06bab4-8fd3-4b47-9e05-5b65d788be2d","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":176,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"2f748e4c-8320-4cd5-955d-028aeb97cea5","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":176,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"d79e355d-c38c-430f-acf3-e3335c20f78b","block_type":"box","text":"the relevant active equity investors.","page_number":176,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"240d5600-ae75-442c-a51a-24d27157be28","block_type":"box","text":"A-14","page_number":176,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"38c23fff-ead8-45b0-9296-82fad70ff403","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high-profile votes","page_number":177,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"5431b5fc-e032-4305-a2ce-6c2d13bb5f20","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":177,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"7db41155-d3ab-464a-896f-4fd2d8856faf","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":177,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"e040d476-e676-44e3-a686-ab0c6cd02c82","block_type":"box","text":"part of its annual review.","page_number":177,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"98804ee5-7286-4c7d-b463-04c279dec59c","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":177,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"60316e96-33b7-4cba-905e-88a91555deda","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":177,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"df009047-31e8-46a3-a998-4ba3e673acb7","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":177,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"7b25be1d-98ba-4202-bfdf-3697bdf87002","block_type":"box","text":"of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities","page_number":177,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"b757e80f-6893-47e7-9c21-05cf7a8ad8b9","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":177,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"b05c2460-8d17-4490-9b05-def349ffa5e4","block_type":"box","text":"Voting guidelines and vote execution","page_number":177,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"771bd93b-dcac-4206-9086-395ff9a1319f","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to","page_number":177,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"16589af9-5797-4c2c-ab7c-63e8b78b488c","block_type":"box","text":"funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from","page_number":177,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"b535da80-ba8e-49f4-8d08-42e9c7c4cffb","block_type":"box","text":"voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with","page_number":177,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"815728a9-d46c-4ee1-83b0-2ece374bb076","block_type":"box","text":"the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to","page_number":177,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"2e53d3ac-4976-414e-af2e-6c727224bc11","block_type":"box","text":"the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund’s affiliates (if","page_number":177,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"ba91f800-6c73-4991-a998-187507edca2e","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":177,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"048f7732-3673-42b8-8d98-3d8b3d9f3763","block_type":"box","text":"below).","page_number":177,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"ebd1012f-458b-4cdf-8706-dd09ee395423","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":177,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"5c9d5f7b-747a-44be-bead-157588e18985","block_type":"box","text":"portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the","page_number":177,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"1da81531-c5c5-4d79-8f2c-fd4589168317","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":177,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"7f817f5d-80f2-476c-9985-cf215de3043a","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the","page_number":177,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"574f5f4d-f8c3-4e05-a89f-e896b5d2d3e5","block_type":"box","text":"individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how","page_number":177,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"d1f387be-7fb7-4d2b-9b49-b7e72ee003fa","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":177,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"71fe6a16-da3c-4d9b-86e0-4ea2be0aa5f0","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":177,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"858ed929-2167-407a-b05d-b6af0e1aefd2","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":177,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"e5408259-873f-41ae-a48c-e0dce9286a80","block_type":"box","text":"feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance","page_number":177,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"c925f3f3-3922-4efb-885c-ad778366c322","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":177,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"be202773-3426-4e5f-aaef-9f7f875b1c66","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as well as the","page_number":177,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"8cb1178f-ea92-4aee-8895-d127f6a112eb","block_type":"box","text":"desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii)","page_number":177,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"29ced7f5-2f3b-4432-955c-5c04db7f3e96","block_type":"box","text":"restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in person; iv) “share-blocking”","page_number":177,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"fd2ee9a0-56d8-4c2c-ab2b-ca643dd9d049","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":177,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"139d9542-af9e-4206-a053-0e484414f85a","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":177,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"026e360a-cb11-4289-903c-9558c5a98523","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":177,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"48a44040-4254-4818-abc8-f3b2ba781728","block_type":"box","text":"instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly","page_number":177,"box":{"x":89,"y":611,"width":807,"height":12}},{"id":"58d6b127-d72b-42bb-a8be-b8625557d3e9","block_type":"box","text":"burdensome administrative requirements.","page_number":177,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"499dcd0e-ef25-4fda-a77c-954b5a3b733a","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is generally in the","page_number":177,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"f6f587a1-8ade-466b-b062-91b5e32b951b","block_type":"box","text":"interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to","page_number":177,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"0577d1c7-a600-495e-bea1-a0eba8ac2b59","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":177,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"9aceb542-0947-4377-a20f-0b39e947e106","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":177,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"d543ec0f-900b-46cf-9fbc-4e424d609825","block_type":"box","text":"Voting Choice","page_number":177,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"2ce3dbd0-d219-4a14-af38-005a54125bae","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":177,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"5f428cbb-7829-45c8-82a7-c4ac25ac98c3","block_type":"box","text":"voting process where legally and operationally viable.","page_number":177,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"b9ea9b5c-a9cc-4cb2-b269-c08fbcde95bc","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and","page_number":177,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"ec95e5df-775f-41f8-88d3-578683eca1e1","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":177,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"5baf9f20-6987-4ef1-9c83-213d529df7cb","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":177,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"1828fb66-8eaf-4936-8a6f-ea33949360ea","block_type":"box","text":"(6)","page_number":177,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"521d60b1-779d-4960-b820-d148c4874bdd","block_type":"box","text":".","page_number":177,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"1a76443b-8ece-4e99-86bc-ae6d72449dda","block_type":"box","text":"(6) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with th","page_number":177,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"04adf47b-3ae1-41bb-b57d-b2e5476ef32c","block_type":"box","text":"eir","page_number":177,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"99af138f-e3e2-4da3-b38c-a8e670aa87c7","block_type":"box","text":"views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client’s selected voting policy.","page_number":177,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"60e213ab-a624-4262-9c08-f839fb421285","block_type":"box","text":"A-15","page_number":177,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"f51ec8cd-e650-4277-a0a6-d930985c846f","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our","page_number":178,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"3771bdb0-bcbb-445a-8ff8-dd6441b39a34","block_type":"box","text":"clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party","page_number":178,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"941eec04-70c9-4763-93e5-57bdd91a0a5f","block_type":"box","text":"policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting","page_number":178,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"e7e66c67-9c28-49ea-81b1-aeccf50cbb28","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":178,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"eb23bc3d-8871-45a1-9a29-318745b7f68b","block_type":"box","text":"without client consent.","page_number":178,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"b48b75f2-c332-4153-82dd-09a8c2f9cd7a","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":178,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"0a8428c8-0cbd-47c3-9cb4-a59edef2e8b3","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":178,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"f5dfc2f0-b042-4f76-88e8-3ce45477c6d4","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":178,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"d15cff18-a157-40af-ba22-3452b98fd0d0","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":178,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"6bfcff7a-e052-4adb-9c44-c66841829103","block_type":"box","text":"Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although proxy research","page_number":178,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"08c1c6ce-c380-4e17-b41d-7e34bf36cd4c","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":178,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"e39e3557-d2ac-4259-b7cc-86c9b8bf3316","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":178,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"41078c12-d781-4200-ae6a-9f8944839f6a","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":178,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"628b1e53-7b88-465e-9842-2dbb0010de7c","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":178,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"81d091cf-e498-4e9a-a8e1-b9198e978501","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":178,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"e53b376c-5a77-4b70-9e82-ba4bc5158cb0","block_type":"box","text":"agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the","page_number":178,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"c5b845f9-8801-476d-8555-f9ab5c1724cc","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":178,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"04069e9d-4f52-42fb-ba95-8ef03f9121e7","block_type":"box","text":"any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research","page_number":178,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"3c46e322-4f8c-4ca0-9c68-2c1719aafd40","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":178,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"5d3fa4ea-f5c3-4d4c-8bda-f30dba39751c","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":178,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"f307867f-98c6-46b6-b374-6ade72e4be7d","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service","page_number":178,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"6b5b60bb-e2b8-417e-bccd-c552d4644f34","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":178,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"dfe1f875-e53a-44b9-a0a7-5e356bf39736","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":178,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"3c11075f-9132-45f0-9557-c52e4d8e9ac9","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":178,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"2ae5a6d2-63b6-42c0-8a02-16e16801b6f9","block_type":"box","text":"Conflicts management policies and procedures","page_number":178,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"d86721f3-27db-4558-92d5-99a89d364617","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":178,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"b771f7cb-d828-4b67-ace6-32fa842dd222","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":178,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"06376838-d278-4b6b-826c-4d47bc2bb3d7","block_type":"box","text":"shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees. The following are","page_number":178,"box":{"x":89,"y":520,"width":855,"height":12}},{"id":"7c4a0235-453b-4f3c-9b57-630fee8888c5","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":178,"box":{"x":89,"y":535,"width":459,"height":13}},{"id":"3a3bd4b2-029e-451b-8af4-bccd73a14c30","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":178,"box":{"x":121,"y":555,"width":676,"height":13}},{"id":"8da402a4-77cd-4c2c-8635-c2895db80d22","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":178,"box":{"x":121,"y":576,"width":781,"height":12}},{"id":"0ff48d1a-02ce-410c-8d0c-a099e57edb4a","block_type":"box","text":"resolutions","page_number":178,"box":{"x":154,"y":591,"width":76,"height":9}},{"id":"41f9bf8a-76eb-4605-99bd-d1913d206bf2","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":178,"box":{"x":121,"y":611,"width":785,"height":12}},{"id":"424acaf4-1de9-4899-be89-022aa2e885e4","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":178,"box":{"x":121,"y":631,"width":780,"height":12}},{"id":"157a35c3-edff-49e1-8e63-8e9b963899b3","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":178,"box":{"x":121,"y":651,"width":714,"height":12}},{"id":"ee20537f-2219-40e8-afd8-83f69a1d4ded","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":178,"box":{"x":121,"y":671,"width":801,"height":13}},{"id":"ea0b71e8-5b0e-48c8-9072-f678d37c7047","block_type":"box","text":"managed by BlackRock","page_number":178,"box":{"x":154,"y":686,"width":162,"height":13}},{"id":"42c5b256-faef-4517-a07d-e668031d5a67","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":178,"box":{"x":89,"y":713,"width":839,"height":12}},{"id":"c41a5b43-b922-4544-8f3c-0a8da9c5e420","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":178,"box":{"x":121,"y":733,"width":838,"height":12}},{"id":"f39bcdd5-95ba-4e0e-8bce-9db1ddea9ed6","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":178,"box":{"x":154,"y":748,"width":294,"height":10}},{"id":"3b4064df-9c5f-46af-b23f-ace347e1a150","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business","page_number":178,"box":{"x":121,"y":768,"width":835,"height":13}},{"id":"96a0f631-aab7-45ae-a261-7bf2a5743974","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":178,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"1ec66ab5-d92b-4304-9258-4901b72f3c71","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":178,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"c69a3837-fdc5-4e57-a324-e0587224f161","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":178,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"3cf0020b-09f3-41bd-b041-5c4c36009388","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":178,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"c107a5ef-9b7b-440d-bf18-2847f005e940","block_type":"box","text":"a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for","page_number":178,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"32ca74af-79a7-44cb-a4ef-5157b63ba418","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":178,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"86869df7-06f8-476f-84d4-9ea5c6cd3f15","block_type":"box","text":"A-16","page_number":178,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"c8535bab-13ea-4d5c-a89c-a09d0f2fb074","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":179,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"1908999e-620a-4e3e-9c08-8421dd022b96","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":179,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"55bd43eb-e3fd-481e-a1db-16e11c0547ee","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":179,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"a83c1141-4695-40ac-abba-d9834a37e553","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":179,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"89a4e10c-4743-4d99-a968-b52ce5450095","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":179,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"6af3887d-db77-485a-a6c8-a3acee1b3d6a","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":179,"box":{"x":154,"y":125,"width":780,"height":12}},{"id":"65c7dd98-1823-4488-86a5-425fb50e1e56","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":179,"box":{"x":154,"y":140,"width":793,"height":12}},{"id":"bb623157-4d3c-4f20-ae65-3907e06124fa","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":179,"box":{"x":154,"y":155,"width":799,"height":12}},{"id":"89d7c882-846c-429e-bf8c-dd825b884c98","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":179,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"7bf40360-0667-4ed5-9dcd-2a4717365934","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":179,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"15e0e221-2f54-4b05-ac98-51e3ff67ec0b","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":179,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"cddbea68-428c-4b40-bf01-30c1d72d609c","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":179,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"8d899912-bc83-4c37-b875-a4223caddc1f","block_type":"box","text":"the board of directors","page_number":179,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"ce505729-ecab-4b42-a53b-fca492debb84","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":179,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"8e8f7f8e-4bbc-4cd3-a636-c7cc9563ae03","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":179,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"1091d438-9e24-4af3-b599-f92ef9e305d2","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":179,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"17245b2b-0ee9-4f99-b5c9-fb90e423de0f","block_type":"box","text":"party voting service provider","page_number":179,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"c124887e-5199-4dac-997a-0b053e6dec4c","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":179,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"6546e524-bd9a-40d4-bfc0-6c8038819344","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":179,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"110c103f-8475-4606-a75f-e8e5227670f2","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":179,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"f8cb7683-3be0-4411-be8d-14956f1aa9ee","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":179,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"ee21eb45-2345-4222-b4f3-2e46dfcecf96","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Active","page_number":179,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"5cd01b89-d8c0-4eb6-b773-3dacd2e9e8a1","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":179,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"db2a9c92-5ba9-4993-a9a3-ca025e382c1d","block_type":"box","text":"service providers, generally on an annual basis.","page_number":179,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"79d3019d-3d7d-4fa6-9feb-582b2276d1be","block_type":"box","text":"Securities lending","page_number":179,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"0e965556-901a-4506-9a53-8878035b2fec","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated","page_number":179,"box":{"x":88,"y":486,"width":855,"height":12}},{"id":"fbbd822c-76a3-42bc-b2a7-bb24153c4b8e","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":179,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"2e2f7d86-b491-45b1-949e-6638af949f6a","block_type":"box","text":"providers to keep fund expenses lower.","page_number":179,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"7597271b-0980-4c4b-8f30-abbdf3446973","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may","page_number":179,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"f6e5a551-c8e6-4cda-8cac-18ba248a05b1","block_type":"box","text":"determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them","page_number":179,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"d3a45fba-788f-4a79-9906-621d70cab2da","block_type":"box","text":"achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan","page_number":179,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"c1dd7639-0bac-4c0c-9620-02c619f88f84","block_type":"box","text":"as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various factors that include,","page_number":179,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"6760d974-803a-4682-a895-417b5781041c","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":179,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"e4e5453f-4983-4c4d-9f46-cf4d3bd50471","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with","page_number":179,"box":{"x":89,"y":618,"width":844,"height":13}},{"id":"0e9ada11-debb-4e53-9d17-47b286aa5371","block_type":"box","text":"active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to","page_number":179,"box":{"x":89,"y":633,"width":825,"height":13}},{"id":"5ebaaeda-7002-47fc-9b5f-6654a5e10807","block_type":"box","text":"evaluate the costs and benefits to clients of recalling shares on loan.","page_number":179,"box":{"x":89,"y":649,"width":475,"height":12}},{"id":"137f8258-97f0-40d1-8560-9d9287d90e94","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would","page_number":179,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"f2ddf981-3487-4111-89ae-4207279146d9","block_type":"box","text":"not warrant recalling securities on loan. 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All other trademarks are those of their respective owners.","page_number":180,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"7f17b982-d03f-4896-bf21-b1f50b78a045","block_type":"box","text":"A-18","page_number":180,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"337905f5-2146-4a1a-9bc4-6bcf52f388ac","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":181,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"50f808cc-81bb-4733-a329-edac13bbfb3e","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":181,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"43546923-0bed-4a00-ba8b-68a3e2ab0f7e","block_type":"box","text":"Effective Date: January 1, 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to the principles outlined in this Policy, as part of BlackRock’s authority","page_number":181,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"7a92c5b5-9d1c-4ef6-9c2d-5dd1bfd4a8fc","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":181,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"52237174-4a04-4b29-934c-89dcf9e18a91","block_type":"box","text":"agreements.","page_number":181,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"82096c84-4dbd-48af-8704-2b680dc7b93c","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":181,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"2561e2dc-7820-4254-9b3b-8431246b8805","block_type":"box","text":"amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for the 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In addition, BlackRock has adopted guidelines and procedures (as from time to time amended, the","page_number":181,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"d7a7f12c-ec49-4f9a-b1a6-6220688d005f","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":181,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"e888be38-ebd1-4e39-b6ee-58360def4bea","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":181,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"da372d33-6993-4347-b70c-7de15f9e1cfc","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in respect of securities","page_number":181,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"8bb4638e-9102-41a8-960c-e64e861326eb","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines and the BlackRock Climate and","page_number":181,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"3d2e3215-70fc-4c8a-a31a-f44f6cae3265","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":181,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"119d24d0-dde5-424b-a771-3391ba14ae25","block_type":"box","text":"Conflicts Management","page_number":181,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"6e0b968e-e584-4a24-a7c6-7f4c69653baa","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":181,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"feb62e00-1b82-42cb-8c62-cb8922a42841","block_type":"box","text":"BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of proxy voting responsibilities.","page_number":181,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"dc14e8e9-b10b-4c34-a522-51e74d246f41","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":181,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"4891745f-a6cb-4c85-9049-099c77850c52","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":181,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"dcc0f81f-6b53-4aea-8804-39446a453bd2","block_type":"box","text":"employees, or a Fund or a Fund’s affiliates. BlackRock has taken certain steps to mitigate potential conflicts, which are","page_number":181,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"cdb10355-8b43-41d4-989f-943212dd17a5","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":181,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"f3ced3b2-c35e-4f4e-a220-6afbceadcfb2","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":181,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"b78faaa5-ac72-4d47-afee-c9e3fb3597ec","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":181,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"7e879882-5801-4855-b424-7ef2629debbc","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":181,"box":{"x":89,"y":836,"width":452,"height":13}},{"id":"db735d08-9f24-455e-a53b-b464ac43983e","block_type":"box","text":"A-19","page_number":181,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"a0972c5a-276a-4fed-b8f8-7837c807d89e","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted and BlackRock","page_number":182,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"14e5531f-9611-4822-819d-9f65a7460c16","block_type":"box","text":"may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act in clients’ financial interests.","page_number":182,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"ef5e04fb-e08a-4363-ab9e-2805ac69cd9e","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy 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.A-21","page_number":183,"box":{"x":531,"y":233,"width":353,"height":10}},{"id":"70b585ac-7b08-4d44-9aa5-6af897ef1f88","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":183,"box":{"x":170,"y":252,"width":717,"height":12}},{"id":"a8c53c26-95e8-425e-887b-38dcfc13dc79","block_type":"box","text":"Shareholder rights","page_number":183,"box":{"x":169,"y":271,"width":128,"height":12}},{"id":"cb970b30-11c3-4e16-95d6-3226f016958b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":183,"box":{"x":303,"y":271,"width":584,"height":9}},{"id":"69164aec-fbf0-44df-aa33-fa592066bbdb","block_type":"box","text":"Stewardship in practice. . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":183,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"3f212b90-211b-4aeb-a16d-b957c1725a6b","block_type":"box","text":"Conflicts management policies and procedures","page_number":183,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"9957728f-58cb-4e23-ac5d-6ee5d806e944","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":183,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"da339ee3-fb7c-40a7-b2ab-a1f88d188606","block_type":"box","text":"Securities lending","page_number":183,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"dc4362e9-4132-4e2a-b32e-53135ae825e3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":183,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"b8241e33-1e50-4db9-974d-58880383fc75","block_type":"box","text":"Reporting and vote transparency","page_number":183,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"b39bb3b0-ae4c-4d2b-bbb8-8ecc25fc5986","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":183,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"38af7ef0-82f4-4b5b-a9b7-dac9ef7f9ad6","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":183,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"227c6de4-03aa-4cb3-8401-bc489a43a5ed","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our responsibilities","page_number":183,"box":{"x":89,"y":613,"width":863,"height":13}},{"id":"ec100702-ce52-487e-814c-1c01c328b81c","block_type":"box","text":"to be an informed, engaged shareholder on their behalf, given the business decisions that companies make have a direct","page_number":183,"box":{"x":88,"y":628,"width":844,"height":13}},{"id":"f1528b0f-a8bd-45a2-b477-8adc1dac6845","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":183,"box":{"x":89,"y":644,"width":873,"height":12}},{"id":"b78a79da-bb02-4b38-86d7-ca181931805b","block_type":"box","text":"dedicated function within BlackRock, which is responsible for engaging with public companies on behalf of index strategies.","page_number":183,"box":{"x":89,"y":659,"width":867,"height":12}},{"id":"1dc4e48e-6e32-416e-8f57-69eb5e7ef7bd","block_type":"box","text":"Investment Stewardship is one of the ways we fulfill our fiduciary responsibilities as an asset manager to our clients. Our sole","page_number":183,"box":{"x":89,"y":674,"width":874,"height":12}},{"id":"4eeeb91a-9a08-4f53-b756-826021b92dbf","block_type":"box","text":"objective when conducting our stewardship program is to advance our clients’ long-term financial interests.","page_number":183,"box":{"x":89,"y":689,"width":755,"height":12}},{"id":"79baa402-c870-48cf-9f1c-5da840ed56be","block_type":"box","text":"(1)","page_number":183,"box":{"x":846,"y":687,"width":14,"height":8}},{"id":"93737a93-411d-43b0-9c2f-498aaddd9733","block_type":"box","text":"BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of our clients.","page_number":183,"box":{"x":89,"y":715,"width":856,"height":13}},{"id":"91dd9965-1a04-4939-83a9-6ab55303e432","block_type":"box","text":"BIS does this through:","page_number":183,"box":{"x":89,"y":730,"width":152,"height":13}},{"id":"644b9bbb-ecd1-4bb3-9c2a-ef3fac13622c","block_type":"box","text":"1. Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":183,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"ca3314bd-9d81-4a72-b7de-12cd712f2fab","block_type":"box","text":"voting decisions.","page_number":183,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"d71ec94a-d40c-4208-8911-0499bd193acd","block_type":"box","text":"(1) BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality-based approach and are focuse","page_number":183,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"b342a5a8-f38f-4243-b42e-b787544379aa","block_type":"box","text":"d solely","page_number":183,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"0a8b2907-8112-465d-a9ec-1152401803a4","block_type":"box","text":"on advancing clients’ financial interests. BIS’ Benchmark Policies– comprised of the BIS Global Principles, regional voting guidelines, and engag","page_number":183,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"25e13a2c-4dd8-4bff-b6f8-dcd81dd7531d","block_type":"box","text":"ement","page_number":183,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"b6ba88a2-8141-495a-863c-fe213b12e31f","block_type":"box","text":"priorities – apply to clients’ assets invested through index strategies and provide guidance on our position on common corporate governance matters","page_number":183,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"62d8ad5b-09f4-48e4-b4cc-7663e4fc2056","block_type":"box","text":".","page_number":183,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"2bbad2c2-25e1-4890-ab54-9f0022438e27","block_type":"box","text":"We take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate. BlackRock offers a wide range","page_number":183,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"f5991da8-2639-41b9-8616-74a981fcac8c","block_type":"box","text":"of investment products and funds to support our clients’ unique and varied investment objectives. Other materials on the BIS website might also pro","page_number":183,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"50614f2b-10a3-493e-9702-c8e30a659301","block_type":"box","text":"vide useful context.","page_number":183,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"00037765-da08-4161-a03c-4b31fdc3a8b7","block_type":"box","text":"A-21","page_number":183,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"3a1abbd0-4a18-4694-9d44-5449a292ede9","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated","page_number":184,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"731e54da-b787-4db3-8172-d251250843b7","block_type":"box","text":"voting authority to BlackRock.","page_number":184,"box":{"x":127,"y":59,"width":210,"height":12}},{"id":"93f15abf-c04f-45be-83d1-068b6e51118a","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients’","page_number":184,"box":{"x":89,"y":79,"width":845,"height":13}},{"id":"ab14208b-da85-4249-8cb0-167f34526c55","block_type":"box","text":"investments.","page_number":184,"box":{"x":128,"y":95,"width":87,"height":9}},{"id":"d5ddfe48-b212-4760-9a3b-7e3b8c3e84a7","block_type":"box","text":"4. Reporting on our activities to inform clients about our stewardship efforts on their behalf through a range of","page_number":184,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"a28efe79-7871-45e9-8999-89457bc64b55","block_type":"box","text":"publications and direct reporting.","page_number":184,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"61d2548a-1a1d-40c3-8a02-58d2bea3a9bd","block_type":"box","text":"Philosophy on investment stewardship","page_number":184,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"0e23742a-e8f8-4883-b3a8-41f3b1a94f71","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term financial value","page_number":184,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"756a79e5-b9fd-4d78-a409-e59a191eb82b","block_type":"box","text":"creation. Research indicates that high-performing companies will effectively evaluate and address risks and opportunities","page_number":184,"box":{"x":89,"y":198,"width":848,"height":12}},{"id":"cb8511ed-6f69-4422-b0d9-e34af16081eb","block_type":"box","text":"relevant to their businesses, which supports durable, long-term financial value creation.","page_number":184,"box":{"x":89,"y":213,"width":612,"height":12}},{"id":"2a5ed5bb-dff3-4443-a389-4fe55d973525","block_type":"box","text":"(2)","page_number":184,"box":{"x":703,"y":211,"width":14,"height":8}},{"id":"cc9a0355-4eb0-468c-b5b5-d1216780ce9b","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority","page_number":184,"box":{"x":88,"y":239,"width":851,"height":13}},{"id":"5d21f97f-4361-41fc-a488-155f8e3f2c43","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. Our role, on behalf","page_number":184,"box":{"x":89,"y":254,"width":877,"height":13}},{"id":"26db6ad6-43f6-4ad8-8814-aad9f216ff12","block_type":"box","text":"of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is managing material risks","page_number":184,"box":{"x":89,"y":269,"width":851,"height":13}},{"id":"b9b98b18-16dc-4472-960b-1a423dbd3f84","block_type":"box","text":"and capitalizing on opportunities to help protect and enhance the company’s ability to deliver long-term financial returns. We","page_number":184,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"661406ec-b91c-49db-81c2-e1e5eac00306","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":184,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"dfd4ef5c-b073-429a-b609-5fa44360be4d","block_type":"box","text":"Shareholder rights","page_number":184,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"93c11324-fbc9-4636-9892-a74d17e93080","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":184,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"682c3d40-3b4d-4d89-896a-34e2b1d57c00","block_type":"box","text":"Shareholders should have the right to:","page_number":184,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"1308d3e7-1b3c-4735-93ae-9500081f163f","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":184,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"4a4c31e2-ad31-439b-80b7-c959e4525a0d","block_type":"box","text":"laws.","page_number":184,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"0185c3b2-9115-4375-8c68-00de4add2ff3","block_type":"box","text":"• Vote on key board decisions that are material to the protection of their investment, including but not limited to, changes","page_number":184,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"f322a5de-51b8-4d4b-8588-301a0d885115","block_type":"box","text":"to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income and capital","page_number":184,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"f5a28838-e1b3-4865-bfe7-04bca837812d","block_type":"box","text":"structure.","page_number":184,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"b0242b82-e54f-4f4b-9c4a-2f6acdd80db0","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":184,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"227740fd-0adc-45bd-a864-1c28144014dd","block_type":"box","text":"decisions.","page_number":184,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"3131a350-6102-400a-ab7f-b77795aefb19","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder voting rights","page_number":184,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"3af2725f-f1a2-471c-aae0-e5481377de7e","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":184,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"6d2eeb82-e7b6-4817-8bc4-7c647877c1fb","block_type":"box","text":"Stewardship in practice","page_number":184,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"ae86eb94-9675-492e-8b88-75a4253bd1d2","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":184,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"855cec37-bd12-4873-9aab-0142c7853854","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":184,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"32d1140b-9dc6-456e-a167-1276e3e368d5","block_type":"box","text":"they serve. Through stewardship, we assess how companies are creating long-term financial value to serve our clients, many","page_number":184,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"ffa48ebb-f1fd-4ee1-a59c-2a9f53798742","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":184,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"5170ed65-32dd-41b5-b9a9-2bdbef7e7659","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s management or","page_number":184,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"d6a84320-607b-4f41-8729-e6345408ffec","block_type":"box","text":"its shareholders. Voting is an important mechanism for investors to express support for, or concern about, a company’s","page_number":184,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"bf13940d-8953-4cd1-b717-92d3e13a40a1","block_type":"box","text":"performance and most of our clients authorize BlackRock to exercise this right on their behalf. For those clients, and as a","page_number":184,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"bde89590-b9d3-44da-bc47-c9184380c970","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":184,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"c0e1454f-2ce2-4221-929c-601c2ed9959a","block_type":"box","text":"investment objectives. BIS does this by casting votes in favor of proposals that, in our assessment, will promote stronger","page_number":184,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"59285ebe-6517-4c97-977e-7f15bf4ad8c8","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":184,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"25aa3b26-6f33-451b-b060-bca51720fa28","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":184,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"0559516d-38a3-4502-8d12-b0b7406b52be","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":184,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"bff28dae-8295-4b97-8ddb-a59384fdeff7","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":184,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"38b8745e-30fc-43ad-9b6b-ef0c935b47c6","block_type":"box","text":"majority of our clients. An engagement is a meeting between BIS and a company’s board and management that helps","page_number":184,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"2b71a1f2-24a7-4845-95b3-f82062322769","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":184,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"3d121432-80f0-47be-8a1b-02f05e8b9351","block_type":"box","text":"(2) PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set High-Performing Companies Apart”","page_number":184,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"c385dffb-3cfe-4601-95cc-aeeb6c55f9a6","block_type":"box","text":",","page_number":184,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"a3e3f2d6-64c9-42ee-a5fb-eb755cfc0620","block_type":"box","text":"March 2024.","page_number":184,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"a92f2fc1-aada-4e0d-b52f-6a0e9d6e4689","block_type":"box","text":"A-22","page_number":184,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"c11f92ad-e8d6-44d9-81cc-3a8b6af7acdf","block_type":"box","text":"decisions on behalf of clients who authorize us to vote on their behalf. In these two-way conversations, we listen to and learn","page_number":185,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"d65971a9-32ca-440e-b514-254c27705c9b","block_type":"box","text":"directly from company directors and executives and ask questions relevant to their business. Either a company or BIS can","page_number":185,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"1a47a921-b575-4ad6-8d80-801a49482e04","block_type":"box","text":"request an engagement. Many of the engagements are initiated by companies to discuss their long-term strategy, risk and","page_number":185,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"4ca62d4f-beb6-4cc9-b3d5-ba03aa6d3363","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":185,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"4436e1fe-eeaa-4fa3-b887-7c1d6a9712b4","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":185,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"2cbc2ea0-c0e9-407d-8752-66dff345c906","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":185,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"4812a681-a95b-4608-a77d-1001f7a73ba0","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":185,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"7afb2099-e96f-4a7e-9399-4c11dd00ddb0","block_type":"box","text":"typically raise these through dialogue with board members and management teams first. When we determine it is in our","page_number":185,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"97ab26cf-4cb2-4486-b208-4976933eb577","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we do so in two forms: we might not support the","page_number":185,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"245024e0-291c-4ec0-867d-d375d351f92a","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":185,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"3bf3b851-5ba1-43ae-9688-43585f3e0aef","block_type":"box","text":"shareholder proposal.","page_number":185,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"c14fab92-a344-4e9f-8d31-f2c08f5160f9","block_type":"box","text":"Key themes","page_number":185,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"5be53f35-15a6-4ede-8c4e-e46ac5c0c399","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":185,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"f35d70d4-b3a0-4edf-9649-d5410325c644","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":185,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"261b7c9a-d70b-4c31-82bf-a08f3afee689","block_type":"box","text":"long-term financial value for shareholders. These global themes are set out in this overarching set of principles (the","page_number":185,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"76ed3cf6-4b86-47d4-87df-5700e93c6235","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":185,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"aeb015cd-571f-4d41-8527-387a26f0b720","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in their domestic","page_number":185,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"c2e7344c-5a09-44da-ba8c-b531beac12e9","block_type":"box","text":"market,","page_number":185,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"54e0071a-97c4-48f5-85bd-a04014674a6a","block_type":"box","text":"(3)","page_number":185,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"48c893c3-eb6b-41b7-8e0d-ed350d3496be","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long-term financial value","page_number":185,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"b05e7f36-9269-46ae-9958-9f1f6dbd4f09","block_type":"box","text":"creation.","page_number":185,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"73ba35a8-0b1e-40cf-b09a-a5aca0b094c4","block_type":"box","text":"These Principles cover seven key subjects:","page_number":185,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"25731a3e-20ae-4805-a85f-96f742665178","block_type":"box","text":"• Boards and directors","page_number":185,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"e56719b0-720c-44aa-8700-de6a2394850c","block_type":"box","text":"• Auditors and audit-related issues","page_number":185,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"eeb3bbc1-cefc-4acd-a0f9-c53b35785343","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":185,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"63bd19da-7f8e-4973-b954-7834ccab580b","block_type":"box","text":"• Executive compensation","page_number":185,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"d995b4db-9153-4aa5-bcbc-f7d951fc7f8b","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":185,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"0ee918db-3786-45dc-9fa5-db348a9d155c","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":185,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"91390467-d02f-4a41-a137-dd223f9f90cc","block_type":"box","text":"• Shareholder proposals","page_number":185,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"27a9b72e-cc9d-423f-93da-2ff82fb326c7","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":185,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"760cdc62-440f-4faa-bd0b-4a741c7cb31b","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":185,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"da2f53bd-833c-43e2-a8e7-bf31e7dce878","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":185,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"d3d7d912-e8e9-4eed-8a85-1205a7ed82d4","block_type":"box","text":"they are relevant, as these can be a source of material business risk or opportunity. Collectively, these BIS policies set out the","page_number":185,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"94c97f32-c2a8-4b22-9e13-1d2fa0241a55","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":185,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"5211a215-3dec-4107-94f7-eb566883c7b8","block_type":"box","text":"BIS policies are not prescriptive, applied on a pragmatic, case-by-case basis, taking into consideration a number of factors,","page_number":185,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"cdca8217-24f8-4d92-b9bc-8693b8ff69c1","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":185,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"d6ecb2a5-10b4-48aa-a626-dcfe85ae91c1","block_type":"box","text":"Boards and directors","page_number":185,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"82ee7ebf-ab33-48c4-8dc9-7d62fdd2183a","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":185,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"ea1dd5d9-5d64-4f7d-82b0-c5f35aee4914","block_type":"box","text":"relevant to a company’s business enhance the ability of the board to add value and be the voice of shareholders in board","page_number":185,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"bbca711b-50eb-452f-a4f9-bc8edb0b9578","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":185,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"e07815a0-0376-43df-8e36-40b8977ea9ec","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":185,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"26a94059-8efc-44ee-bf46-5432402c3130","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":185,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"222ae914-ce1b-403f-8690-4ae884454bb6","block_type":"box","text":"company. This is why our investment stewardship efforts have always started with the performance of the board of directors,","page_number":185,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"0f84d3d0-1de3-470e-993f-37a19f4a34ea","block_type":"box","text":"and why we see engagement with, and the election of, directors as one of our most important responsibilities. We engage, as","page_number":185,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"acbe9c9e-697b-4e0a-a504-3a707f882273","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":185,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"c9087d69-9746-4db9-86ec-4be5bab84693","block_type":"box","text":"(3) Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and norms. Depending on the market,","page_number":185,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"8295e75a-241a-4880-8074-e2df9976b315","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":185,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"42118515-f94b-44c0-9268-e43ea963176c","block_type":"box","text":"A-23","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"7514b175-f72e-48b9-a06b-abb2320363c5","block_type":"box","text":"and board composition are appropriate given a company’s business model and we take into consideration a number of","page_number":186,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"42b255c3-7ce3-4200-9887-abea8e094a17","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":186,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"ed46f188-0b94-412d-af22-2689b1c759ab","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective governance","page_number":186,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"6ca18500-933e-4ab2-8725-c2222d00e717","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":186,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"2c50b5b4-df24-49c3-a889-81a9f592fec4","block_type":"box","text":"interests of investors. There should be clear descriptions of the role of the board and the committees of the board and how","page_number":186,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"e8d7fc08-052a-4a66-9744-907e4db09aa6","block_type":"box","text":"directors engage with and oversee management. Disclosure of material risks that may affect a company’s long-term strategy","page_number":186,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"5519369c-e864-4b3c-bf85-f9e01c35d425","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":186,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"b38dd59b-34ac-40a0-8491-797c465c184f","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":186,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"459f2df5-2f98-4831-907a-6033fcb9aaf7","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":186,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"a9da3abb-d431-413f-806a-925baae7e0e6","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":186,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"eacb5478-ff09-431d-942e-c9f361df9ac5","block_type":"box","text":"disclosures provide a detailed explanation of the changes and an indication of the board’s role in reviewing the revised","page_number":186,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"c4367ce8-e9d6-4fe0-8c88-a82c63941d52","block_type":"box","text":"targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business","page_number":186,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"31f60cce-ad6e-466a-9d05-88383733760b","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":186,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"a5c37721-5496-4968-85d3-dd9e2b331926","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":186,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"e5666949-fb81-4baa-b99f-5bd9491597e9","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":186,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"de2a8447-fd1a-4cec-bd77-fdaeed0d3064","block_type":"box","text":"particular responsibility for the issues. We assess director performance on a case-by-case basis and in light of each","page_number":186,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"cba3f9cb-6ec8-4513-9ed4-0fc9b3e94b37","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":186,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"16c04ee1-e02a-486e-a1ef-d58869c0b5fc","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":186,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"849be2a7-fe03-4bd2-9a4a-10b194c250a4","block_type":"box","text":"Regular accountability through director elections","page_number":186,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"418f508f-eb8e-405d-bb6b-aa67a5b99819","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a regular basis,","page_number":186,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"b7a8d424-1472-4397-b039-7fc0f0aaf26f","block_type":"box","text":"ideally annually.","page_number":186,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"601b5077-5d45-4016-b8bb-78b2f66dc62f","block_type":"box","text":"(4)","page_number":186,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"93b85734-03c9-46b2-ac36-18fbd6315ed5","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":186,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"166a102b-620e-4e3d-b4e7-a80832de5bed","block_type":"box","text":"them accountable for their decisions in a timely manner. When board members are not elected annually, in our experience, it","page_number":186,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"b3168da3-12aa-40de-ae06-315748a1b007","block_type":"box","text":"is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their","page_number":186,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"40e11423-06a9-4fef-b821-a313c4c7b109","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":186,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"912266cb-ae89-4124-b427-fff9e63f36c7","block_type":"box","text":"Effective board composition","page_number":186,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"320ed614-1485-4e18-881f-e37388549d38","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":186,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"076a0b5c-ec71-487e-959e-17d488ac7ffd","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to be","page_number":186,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"0481544a-4e19-4616-8fe0-dfeb1e320e6f","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":186,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"b4eee976-f3e0-4f33-a732-0bf7abe249f5","block_type":"box","text":"succession planning. We consider the average overall tenure of the board and seek a balance between the knowledge and","page_number":186,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"632094a7-c39a-4978-a0a8-6137e1bc3d0c","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":186,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"e8d8b47e-4f23-4a60-905d-49920727bac3","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":186,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"f5e31e04-bae2-42f0-8f57-a3cbf2b558f5","block_type":"box","text":"nominated for election in the context of the composition of the board as a whole. In our view, the company’s assessment","page_number":186,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"aced9e6e-7b74-459d-906e-c560163f2d03","block_type":"box","text":"should consider a number of factors, including each director’s independence and time commitments, as well as the breadth","page_number":186,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"cbd2a4b5-9b3a-4076-9917-269c096eb6f0","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":186,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"c5188e03-970f-4964-bec2-b4526497f122","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":186,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"db18d6a9-f4af-4d34-a2ee-edcd15cb2ba4","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":186,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"31ae29fa-8ac5-46e3-a82d-486ba0e921f2","block_type":"box","text":"corporate governance across markets.","page_number":186,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"9f37874f-c30c-4d6c-b300-9973eeac7554","block_type":"box","text":"(5)","page_number":186,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"2a6c8d02-f728-4b7a-b425-19a3cd8002af","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":186,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"f2f00d51-ca78-4875-8216-218384918e99","block_type":"box","text":"from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board and its ability to","page_number":186,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"d11ae87f-151a-4008-a150-f101a62b1607","block_type":"box","text":"oversee management. We generally consider it good practice for independent directors to make a majority of the board, or in","page_number":186,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"0703251b-7aa9-4d3c-be2a-50b6ba85dc5b","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":186,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"8cdf3be5-e3fb-4f5c-a5c8-c85bb03c59f0","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":186,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"41531b00-1a4a-4818-8cb4-d1e9f4bf4cf7","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":186,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"8a0aa5ea-742f-4518-8710-ac43fb928e72","block_type":"box","text":"(4) In most markets directors stand for re-election on an annual or triennial basis, as determined by corporate law, market regulation or voluntary be","page_number":186,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"426b5b1b-efd6-459e-b072-5584c7b4519c","block_type":"box","text":"st","page_number":186,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"3dc18ef6-81f6-4bde-90f6-1b747b380448","block_type":"box","text":"practice.","page_number":186,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"a4d015de-3586-40c6-9c2d-fc06bb751a11","block_type":"box","text":"(5) Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting Council. “UK Corporate Governance","page_number":186,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"3ca188c6-7884-49cb-959b-8e1fa5f9e0b4","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":186,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"3f2fc10e-60e4-435c-9af8-2b66cbb1b8c3","block_type":"box","text":"A-24","page_number":186,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"a03bd30c-9642-4857-a9f7-e8b973cceba9","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":187,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"5d211077-6739-422c-a4d0-84c4d17f49be","block_type":"box","text":"• Interlocking directorships","page_number":187,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"6de9b3b0-10b0-494c-bb7e-c788f2065fb7","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":187,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"fdbbbf2f-97e7-42d3-9850-ce1472d292ac","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":187,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"43abc932-7f6a-4b1c-8c82-d9a69f7907fc","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":187,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"8aba7e6b-f107-4797-b359-39134a335f9c","block_type":"box","text":"board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not independent), be","page_number":187,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"9556bb9d-197d-4727-86b2-f1cc91712c9d","block_type":"box","text":"designated as a lead independent director. The role of this director is to enhance the effectiveness of the independent","page_number":187,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"f011a532-d067-4af9-956d-93566323a846","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":187,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"e8a991bc-0719-48ea-8d0b-c0decae02b95","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":187,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"6481bca9-ee75-4eea-9fc9-e4bdb482d454","block_type":"box","text":"director should be available to meet with shareholders in those situations where an independent director is best placed to","page_number":187,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"004d1730-b923-49ef-80f7-32cfc4cb42ba","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":187,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"f338d628-6805-4626-a993-8665541468e9","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated","page_number":187,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"ead7591d-2738-43bc-a66c-184855a9915b","block_type":"box","text":"directors or require additional focus. It is our view that objective oversight of such matters is best achieved when the board","page_number":187,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"85f5d817-b1f1-4608-b16e-c37836a9330a","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":187,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"dff85125-f2a9-4bef-9184-f54ac99bd314","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":187,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"55ee2c20-05ce-413a-a675-bbac31b95f67","block_type":"box","text":"matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":187,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"8169b22f-a04d-4a2c-b681-8f150d7fab20","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":187,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"0fa5e046-18d0-4430-b14e-8dfa797a6bf5","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":187,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"dfa993d7-657b-4c7e-a36b-be67a14e27eb","block_type":"box","text":"so that shareholders can assess the capabilities and suitability of each individual nominee and their fit within overall board","page_number":187,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"0a59a96b-dfd5-4a00-a876-0ac5cc114e74","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":187,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"56cb6295-b1d3-4bff-97de-2bb0a08ea692","block_type":"box","text":"well as the particular skill sets of individual directors, aligns with the company’s long-term strategy and business model.","page_number":187,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"74a51f2a-eb24-438b-bf9f-66fc3c7962ee","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":187,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"e233d27f-4ca8-4426-9b8a-a3f9a7c5b8b9","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":187,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"993079b7-22e6-43cf-92a7-b68dc8e3aac2","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board room. We see it","page_number":187,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"975cd6aa-60e7-434c-b111-e9e19467af12","block_type":"box","text":"as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its responsibilities to advise","page_number":187,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"875b7429-4695-4a4e-bdda-c03146a6f32e","block_type":"box","text":"and oversee management.","page_number":187,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"59aa9f3f-bc29-4906-bf5b-7cf6a0735cd1","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business model,","page_number":187,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"a30de433-291b-411c-87ef-85f20aec5f60","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":187,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"7ce1fd1b-af17-4d17-a4ee-1a3b28a1e921","block_type":"box","text":"supports the company’s governance practices.","page_number":187,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"276af49e-3e4c-4901-a430-7275c7c6cbd0","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies,","page_number":187,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"ec51b374-c40a-4cd5-bc64-69a82757ecaf","block_type":"box","text":"particularly if there is a risk their board composition may be misaligned. We ask boards to disclose, consistent with local laws,","page_number":187,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"cdb6a781-4d08-457c-9c76-0c57926d6ce6","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":187,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"d8710b4a-3ad4-470a-bba1-7a0b3d9aff30","block_type":"box","text":"long-term strategy and business model.","page_number":187,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"410e3e2b-25bf-4a10-8e7d-b871efde0e38","block_type":"box","text":"(6)","page_number":187,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"92861d49-dd5b-4f04-9992-072d4446fc68","block_type":"box","text":"Sufficient capacity","page_number":187,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"4aacbdec-47b8-4b1f-9479-627ed570983e","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an appropriate","page_number":187,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"7acfd3f0-fc03-47a7-a8fe-bdfca4b03fdb","block_type":"box","text":"amount of time to board and committee matters. It is important that directors have the capacity to meet all of their","page_number":187,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"7a408058-3dd7-4ac5-9b38-7f65c8b6a472","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":187,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"089863e7-25c2-406c-898d-cdbf970eea25","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":187,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"60a22b96-9de8-4545-a421-3cd8cde5cf79","block_type":"box","text":"Auditors and audit-related issues","page_number":187,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"42ae6737-4f7c-40df-a528-79dab902e640","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":187,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"a469aa24-d9ac-4cc3-bd6e-acf0f2672e0c","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":187,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"82d2464e-df2a-4082-922a-76da2aa7a65d","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":187,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"2b7e2a7f-c530-480d-af58-16fcf5f506e4","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":187,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"5603e3dd-94b0-4baa-9f1b-138329664521","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":187,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"ea88a621-34c5-4ee6-b333-610be5695840","block_type":"box","text":"(6) Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status; LGBTQ+; and national, Indig","page_number":187,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"6318e9a8-c78c-4cbb-9533-1627db36fca7","block_type":"box","text":"enous, reli","page_number":187,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"baf96f6a-1858-4c6d-9679-4af3dca50b91","block_type":"box","text":"gious, or cultural identity.","page_number":187,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"5dbad27d-db23-4c4f-998c-4a9f67e90cdd","block_type":"box","text":"A-25","page_number":187,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"dad121fe-a2de-4354-a73e-5032c3c1ac5a","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":188,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"9d0205fe-0555-4dc2-88b3-9e1cd710c00e","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":188,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"4e4274dd-4f25-412e-b0d2-6f6781728869","block_type":"box","text":"underlying financial statements, particularly those that pertain to the impact of the transition to a low-carbon economy on a","page_number":188,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"5aae0bf2-6752-4e75-b853-ce37a18011c8","block_type":"box","text":"company’s business model and asset mix. We recognize that this is an area of evolving practice and note that international","page_number":188,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"0a3c6c8a-3063-4d45-adb9-79bc898573b7","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":188,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"77e57033-ca8f-4855-b5d1-e5410bb607ce","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":188,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"0ba4b135-f396-48dd-87de-f808c03160cf","block_type":"box","text":"(7)","page_number":188,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"f85e6f7b-0337-4b08-b9e8-f34e660c6544","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by providing","page_number":188,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"311f22aa-2691-4ae0-b20a-98795e2da4a7","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":188,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"597a633d-35a5-4683-9e63-2963d1c65b80","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":188,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"81c909af-5dba-485a-bd15-62972f1b13a8","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":188,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"03af2f86-9bd0-4b48-80a8-34caedf809d6","block_type":"box","text":"(8)","page_number":188,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"44971930-3dba-4953-ac64-bae886a638c1","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":188,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"b83c6da3-9b11-4200-ae28-e639a80bd60e","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":188,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"baa18e68-f13a-4289-85c4-98c1440d04d7","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":188,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"729d8738-1161-4745-ba1b-aba41cd76b67","block_type":"box","text":"plan in place that allows for a periodic refreshment of the committee membership to introduce fresh perspectives to audit","page_number":188,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"3f3c0904-c7fa-4062-a382-d48c030538c0","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":188,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"f3e1801f-b5f2-49d9-b5e0-d60ca03a837e","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":188,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"bb59dbad-82d5-4582-9a56-5cdbe99fa824","block_type":"box","text":"oversee the audit process and related activities.","page_number":188,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"d610203d-9aed-4f47-a0fb-cfd59e5d516f","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":188,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"b3fab7db-a00c-4994-b02f-ae5af9336ba5","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":188,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"d24cb545-4edf-4d15-86d4-c5316b055088","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":188,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"e1b2355b-b602-4f66-a65d-51e37bf32015","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on","page_number":188,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"f0a04d70-e18e-4419-b552-368914630322","block_type":"box","text":"management. To that end, it is important that auditors are, and are seen to be, independent. Where an audit firm provides","page_number":188,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"a5f3d3cb-1f7d-4a9e-a066-64bdbd5b7fd6","block_type":"box","text":"services to the company in addition to the audit, we look for the fees earned to be disclosed and explained. We look for Audit","page_number":188,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"7d5b5112-7bdc-4039-8251-a81c9c9a2ae3","block_type":"box","text":"committees to have in place a procedure for assessing annually the independence of the auditor and the quality of the","page_number":188,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"fb75557c-1e70-44d6-ab92-e492f3f772ff","block_type":"box","text":"external audit process.","page_number":188,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"83a88ef2-6c1b-4050-aca9-a0faeb48f605","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":188,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"59039c3d-9eb7-4134-9e6c-5a9382964238","block_type":"box","text":"practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee to periodically review","page_number":188,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"263a8f29-1327-4cb4-a0be-fe79a8d425d4","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":188,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"00103d34-3bfc-4b1d-a399-64f26c814453","block_type":"box","text":"management, the internal auditors or the independent auditors and management’s steps to address them. In the absence of","page_number":188,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"02eecc5a-2246-4065-898a-fdecbfac6e04","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":188,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"0c19a8ca-6d0f-4067-821a-fc18cfe30d69","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":188,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"78818ba2-e672-4466-918f-8e827d2f5e60","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the priority of","page_number":188,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"513dc248-e522-4a78-9bd4-d3748c03c7c3","block_type":"box","text":"their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key protection for","page_number":188,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"e7ff6c64-a578-40fc-835f-90734cbda6cc","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":188,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"7e3e826b-5036-4b37-8756-f493c829d8aa","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance. Shareholders, as the","page_number":188,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"de684c67-493e-4ec0-bc12-218d16e5b041","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":188,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"35a99121-0396-4931-9e79-ce8be881cfb5","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":188,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"a5e677fe-251f-4543-8745-b2839856bac6","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":188,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"f9e529c2-975f-49a0-be86-efe91a57fcd1","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":188,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"e8282d49-70fa-458c-b5cb-eb38b02bd868","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":188,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"e5ce9241-45d5-4da2-8ae7-a511ea4692d1","block_type":"box","text":"amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time,","page_number":188,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"679f1e3f-a22e-4082-be3e-441cf9886915","block_type":"box","text":"companies may have a valid argument for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":188,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"3e114baa-6db7-468c-b9cd-917b487abc1a","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":188,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"78125f0b-b936-4ea0-9cd1-aaa2403fedbc","block_type":"box","text":"(7) IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and IAASB, “IAASB Launches Pu","page_number":188,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"8cf9be99-46ef-4ae9-a32a-619876076f0b","block_type":"box","text":"blic","page_number":188,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"c0166164-f806-4c39-9cb9-b91138ab8263","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":188,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"d457f7a9-c051-4894-b472-57a3f5b4ee5f","block_type":"box","text":"(8) Enterprise risk management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setti","page_number":188,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"bef300fd-ed55-4082-b7b4-747d62a39984","block_type":"box","text":"ng and","page_number":188,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"f3ee34c7-aafe-4320-b613-a057c67aa1a2","block_type":"box","text":"across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide rea","page_number":188,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"01f1b852-03cd-47f6-8333-890b1b3de129","block_type":"box","text":"son","page_number":188,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"b9a451ae-b4ac-4d08-90e2-fb4983ba0b70","block_type":"box","text":"able assurance regarding the achievement of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":188,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"7b7dba2d-6391-4bcc-991a-65f601383899","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":188,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"6c4c215c-70d6-4c27-bbc0-da0b5bcc1342","block_type":"box","text":"A-26","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"567a9f7e-dbc4-4177-b7d6-093d9b39ad2b","block_type":"box","text":"they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the","page_number":189,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"77e1ea06-d0ac-4bf8-ae4a-2e6ebc2b9680","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":189,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"1b03743d-2877-44d9-bb29-fa19643a1cee","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":189,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"4b3520ad-d5ce-4aca-8338-3716b44cda5e","block_type":"box","text":"to shareholders.","page_number":189,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"fd1be7f2-4b54-44cb-a6b0-39ecc1896a91","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":189,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"903ec1a4-62d0-414f-9a0d-13e7903f3b0f","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":189,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"c73bafb0-d97b-4e68-aece-a56d6a4927e5","block_type":"box","text":"rationale behind it. We will review a proposed transaction to determine the degree to which it can enhance long-term","page_number":189,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"6f367d4d-2ec5-4cbc-aa92-83814b37b879","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":189,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"199029c8-cdfc-4037-830c-20103768b1ec","block_type":"box","text":"unanimous support of the board and have been negotiated at arm’s length. We may seek reassurance from the board that","page_number":189,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"f65d97f9-d2f0-491f-96fd-20b7f6f74793","block_type":"box","text":"the financial interests of executives and/or board members in a given transaction have not adversely affected their ability to","page_number":189,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"1a7f6b37-0f3a-4789-971c-ef56a8d1b69f","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":189,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"699538ab-509a-48c1-b1b2-ddf6dbcc5a55","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should have","page_number":189,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"2852c685-74a2-4d80-b9af-0ade8e6c3b82","block_type":"box","text":"been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate","page_number":189,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"f88098c8-a265-4010-90f2-10abe5b6987e","block_type":"box","text":"vote of the non-conflicted parties.","page_number":189,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"70ac6490-4958-4687-8623-9e375e12e685","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the open","page_number":189,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"dfea7e0c-bf44-4f9d-a66f-8f0f7be6696c","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":189,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"afdb1f16-ccf8-43bd-9dfc-754c64b06765","block_type":"box","text":"shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those","page_number":189,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"3af02641-d5ba-4da8-a4de-0423f0e55b06","block_type":"box","text":"of the shareholders. In our view, shareholders are broadly capable of making decisions in their own best interests. We","page_number":189,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"56b4060a-f113-47b2-aecc-14cc38b2eb63","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":189,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"089c64b5-cb47-45c4-a2c1-8b1ab4c17173","block_type":"box","text":"introduction and periodically thereafter.","page_number":189,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"0446c371-2c35-48c0-9b1b-a1038c21f116","block_type":"box","text":"Executive compensation","page_number":189,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"0b051fd2-6087-4a71-996f-f2d03b7fcdd3","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a compensation","page_number":189,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"e5ae18d2-5ffc-4dd9-b41f-749a413b5cf9","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":189,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"5d0c6675-b2eb-4bcf-9bd1-dd190254107b","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":189,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"8df0917f-3c22-46e9-89fd-2ebebd4b46bf","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":189,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"f4dc43bb-0e33-4c0f-9853-0499bbb3023c","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":189,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"449210cb-84bb-4d2c-81f6-96554f5eb3da","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance. Performance metrics","page_number":189,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"ec3706f8-0cad-4568-b2d8-0afd97380636","block_type":"box","text":"should be stretching and aligned with a company’s strategy and business model. BIS does not have a position on whether","page_number":189,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"db30d6ec-1b25-4f3c-b035-f87777cbc104","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":189,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"2479c726-8374-4834-80cd-542e86ea1858","block_type":"box","text":"companies to be as rigorous as they would be in setting other financial or operational targets. Long-term incentive plans","page_number":189,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"a8d3eed0-725a-4cc4-8457-6df287f570d8","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":189,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"df776b23-7570-46ba-b100-820fc2f847f8","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":189,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"d866926d-ef0e-4d93-ad37-d3f22f994a28","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":189,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"ecd4499d-c172-449c-b1a0-6ca397c11475","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":189,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"230655d9-76f9-4bb9-8524-3dba55a7214f","block_type":"box","text":"such as its risk profile, the environment in which it operates, and the individuals the board is trying to attract, retain and","page_number":189,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"47344d90-ee10-4ce7-aba8-31334be1fb0d","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":189,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"d2cf4a98-5a75-4d03-a722-73fd7ad7cbaf","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":189,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"097db872-c8bf-4dd9-8140-49bee6912dda","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":189,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"88f23d57-4a9f-4c74-b7a3-700665c36527","block_type":"box","text":"executive compensation strategies.","page_number":189,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"d873d8c9-090b-440b-82a8-e4458dbf6406","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where discretion has","page_number":189,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"03df3519-bc03-4cf9-bac4-ac344a402034","block_type":"box","text":"been used by the compensation committee or its equivalent, we appreciate disclosure relating to how and why the discretion","page_number":189,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"00f327c7-9c2b-49b1-9d44-7cc3a63c449c","block_type":"box","text":"was used, and how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer","page_number":189,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"b5a1f17f-f422-422b-8dea-78f9d54b0dd7","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":189,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"7d0f74ca-3478-431a-85a6-ed237db14db5","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":189,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"6d7b175e-35e8-42b2-a6ab-da6b199857ad","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":189,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"5b9c51ec-2718-4567-a5a3-55b34459c30e","block_type":"box","text":"have rewarded performance.","page_number":189,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"e85ee5dd-a1e0-4807-8122-be5c88e03de5","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":189,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"6631afb0-a860-4444-93f7-c9129a81f1bc","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":189,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"0defa53c-23c0-49e2-888a-6ff8a08ae513","block_type":"box","text":"deceptive business practices. We also favor recoupment from or the foregoing of the grant of any awards by any senior","page_number":189,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"296e98cb-4714-4dc1-89ac-993848fe60e0","block_type":"box","text":"A-27","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"c36e5aff-62e8-4aa8-a094-4b75a6fabdf1","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":190,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"0700129c-79af-41ea-8592-e7f2d62d1bc5","block_type":"box","text":"resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results.","page_number":190,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"3cb432f9-586b-4f26-ac7a-7e7f14e413d2","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and effort","page_number":190,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"e29e4c38-3a00-4309-9407-3300f7414681","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":190,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"778dbea8-e9d5-467a-afd5-3ed4ddda4aff","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":190,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"0935bdae-4afb-4d78-8b2b-a74e4284550c","block_type":"box","text":"charged with overseeing.","page_number":190,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"5b067cb5-515b-4e60-8501-6aef65327b8c","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":190,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"6a81b0de-5f46-4db0-837c-f5e154e2189e","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":190,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"9f6dfc81-c801-45e1-a7be-294ce93cb13a","block_type":"box","text":"compensation practices or structures.","page_number":190,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"e7f28633-1303-41f8-af23-846bb39c4d3e","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":190,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"94479304-6248-41df-84ac-e1f50d4b471d","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":190,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"d8155583-ad02-465c-9a16-723cd443f46f","block_type":"box","text":"opportunities relevant to their businesses.","page_number":190,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"13945f3c-90a2-449c-b799-f1d424513729","block_type":"box","text":"(9)","page_number":190,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"7b9c2a81-411f-4a11-a782-85c20ad7eaea","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":190,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"ecc0c92e-470d-4688-b64b-b32321b980a3","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":190,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"aa8e437d-98c2-4067-afbd-5d844536cad2","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":190,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"b05ea50d-0ddf-491c-a58c-749b93d1229f","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":190,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"50eb4818-dba9-4547-b4a5-a818d57addb9","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":190,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"632c4cef-66fc-4402-9753-09301e1fabb9","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":190,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"afa3f59d-2bb9-4a44-b56c-546d1dd5a9ca","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":190,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"59b504d5-a155-4533-8291-2d8f956e8071","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":190,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"d90c0b87-3536-4dc3-9ade-a63bb8ed78c8","block_type":"box","text":"(10)","page_number":190,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"0f0028fd-2b5f-486a-b610-74b184051a61","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":190,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"0961dc73-d5dd-4f9e-9a6a-3e5d9dab45f8","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":190,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"4ff6f379-86af-4fed-9413-5169a6da8482","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":190,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"bfb15605-faa1-46a5-9040-9de51421b7dc","block_type":"box","text":"may phase in reporting aligned with the ISSB standards over several years. We also recognize that some companies may","page_number":190,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"afec3508-e0da-45a7-9b78-bab0990f7777","block_type":"box","text":"report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such","page_number":190,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"307d5d2b-4891-40bf-aab8-16f9f57e0dc6","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":190,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"57ab6587-aba8-4db4-905e-c74ee244c949","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":190,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"a8d1c36e-0448-42f3-a9bf-9ba7fe103f31","block_type":"box","text":"various internal and external sources. We recognize that the practical realities of data collection and reporting may not line up","page_number":190,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"3630e59c-a16f-4fb5-af3b-ac4a14f466b8","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":190,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"3b573241-4ac8-41ab-b7bd-e61b7ca20339","block_type":"box","text":"analyze, and report this data to investors. That said, while we do not prescribe timelines regarding when companies make","page_number":190,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"4fbbe04a-8f0f-4be0-9fe2-4cb0c0322f9a","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":190,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"53509ba0-25dc-45e0-b56f-1804670ae1ba","block_type":"box","text":"of their annual meeting, to the best of their abilities to provide investors with time to assess the data and make informed","page_number":190,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"e3368eaa-9c30-44ad-abf4-75386bb85a02","block_type":"box","text":"decisions.","page_number":190,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"836cd293-f20d-41c5-ac10-a71192d5b6cf","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":190,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"446185d0-df9a-400a-9e0e-e502ba85c60d","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":190,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"375199f0-9ebd-4f2f-a1e6-bc0e2bf9fd31","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":190,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"7de6a7e9-8b04-4c4e-a963-f9a7125e6854","block_type":"box","text":"practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk when companies","page_number":190,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"897b1789-b078-461a-a3cf-299425bad7f5","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":190,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"b3cb12d6-e141-4187-9970-b3baac0da6fa","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":190,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"8bb22acd-b788-4cf7-a227-03f428e160b7","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":190,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"3b5c82d6-78a5-4236-b29b-98ef7dffe60f","block_type":"box","text":"(9) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mod","page_number":190,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"3909b09e-485f-42b8-a20c-583faee79529","block_type":"box","text":"el that","page_number":190,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"ff26db68-94e7-4636-b35d-005c3da90ddb","block_type":"box","text":"have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste","page_number":190,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"06249f93-b5f6-49a4-be5c-d8d79802e77d","block_type":"box","text":"management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in","page_number":190,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"298bc247-ab42-47cf-b2e1-823588881eea","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":190,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"0dae7d08-df7b-4fd1-abb0-051fa5ef0003","block_type":"box","text":"(10) The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclo","page_number":190,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"35331d82-c893-4135-a98a-c44001c5e3e4","block_type":"box","text":"se informa","page_number":190,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"49d0e0f7-a2b9-4d3e-9922-2f6d145c3ddf","block_type":"box","text":"tion about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decis","page_number":190,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"a97b911c-a2da-4181-a11f-fea54107f6e7","block_type":"box","text":"ions","page_number":190,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"1cefda70-d8d0-4415-9345-daf58b306c4f","block_type":"box","text":"relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information a","page_number":190,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"15fa5b62-924d-4d36-9992-7ed4ea8f8053","block_type":"box","text":"bout its","page_number":190,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"68271755-c382-43a8-b056-3caf38cbb812","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to provi","page_number":190,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"359bf4e4-9edb-4edf-afdf-32a82df3ee55","block_type":"box","text":"ding","page_number":190,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"155ce8d0-70be-4ad5-92f4-e4f9b8b146bf","block_type":"box","text":"resources to the entity.","page_number":190,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"2d7b9ecb-a85d-474a-b03f-15cb02955a7e","block_type":"box","text":"A-28","page_number":190,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"effc4253-8f33-477f-a9e9-21623bc03704","block_type":"box","text":"Climate and nature-related risk","page_number":191,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"02b7b717-85c4-4ef3-b265-17a6d18bcb87","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":191,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"a22ba43b-b894-47eb-9283-3bb0ee8df032","block_type":"box","text":"(11)","page_number":191,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"07f4a492-ef91-4802-b1a7-6f53f4028963","block_type":"box","text":"Our research shows","page_number":191,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"4a4a47af-973e-4beb-985f-48ae5ca837f7","block_type":"box","text":"that the low-carbon transition is a structural shift in the global economy that will be shaped by changes in government","page_number":191,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"258e4ba6-72df-4fc0-8c74-a0d17f1c36da","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":191,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"cc91b677-ed7a-467d-8210-bad16fba1a2d","block_type":"box","text":"(12)","page_number":191,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"8c666e10-f886-4fa0-a995-be078537bdc8","block_type":"box","text":"Yet the path to","page_number":191,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"5e58034c-19a2-4c3e-88b2-e56199437986","block_type":"box","text":"a low-carbon economy is uncertain and uneven, with different parts of the economy moving at different speeds. BIS","page_number":191,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"1a46c8c0-b6d6-4905-88fd-7f26e45fedee","block_type":"box","text":"recognizes that it can be challenging for companies to predict the impact of climate-related risk and opportunity on their","page_number":191,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"4bcc91ce-f00e-47f6-96b9-6cb4050ba456","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":191,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"849aefb0-62aa-4b8e-8684-6a0fa1ad9d4f","block_type":"box","text":"delivering long-term financial value to investors. At companies where these climate-related risks are material, we find it","page_number":191,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"ba98b496-2a50-475e-9a4f-90ec8409d5d3","block_type":"box","text":"helpful when they publicly disclose, consistent with their business model and sector, how they intend to deliver long-term","page_number":191,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"2fc2e730-3beb-4dff-8f86-e26d858190b0","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":191,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"5fa4af77-fe1d-4f96-a20d-559ebed38a4e","block_type":"box","text":"(13)","page_number":191,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"351ab961-8541-4aee-9a74-9daf4c35132f","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":191,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"8ff8e11c-59df-433e-8e7e-657e03d92228","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":191,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"38bd0640-205a-42ae-899f-9db92e004cd1","block_type":"box","text":"(14)","page_number":191,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"fb4b6b18-55a7-41fc-b445-39c94ec1db51","block_type":"box","text":"Such disclosures also provide investors","page_number":191,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"a59ad9cd-35b1-421a-a474-3e8a38d507b6","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":191,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"981bc031-088f-4e8c-b8dd-44d23d1de029","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":191,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"76e1fd18-1ef1-4b63-bc6e-9c07ddb08259","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":191,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"0adaa98a-41d0-40ef-b99f-0f9aaedc2097","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":191,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"2725ae43-38ea-4ace-b610-63f59090b26c","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":191,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"60ab05ab-6c35-41df-abe8-04d67995f9d3","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":191,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"933d8a8e-3a9f-4681-be9c-1d7ba1437f8d","block_type":"box","text":"business model associated with a range of climate-related scenarios. This includes a scenario in which global warming is","page_number":191,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"83570bd2-d7ee-48ef-b965-1f0684802010","block_type":"box","text":"limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal recently reaffirmed by G20","page_number":191,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"02a27c35-d232-4885-a9b9-4d056b737926","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":191,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"46213e17-0c5e-4cde-9121-c3f36871599a","block_type":"box","text":"(15)","page_number":191,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"6946e0bd-62d4-429c-a612-b592848d4328","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":191,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"49c2f3b4-a5e4-4c71-b025-ec4f98d7a3f5","block_type":"box","text":"ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG)","page_number":191,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"e7baf73b-6353-48ea-8c1d-123d06614599","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":191,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"0e7b1ecf-3bd1-47ff-ba85-ff56609cd99a","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage, we view scope","page_number":191,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"3bae1af3-4296-468d-809a-13c24ed30f2a","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":191,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"9416b43f-bfc7-4f1e-8fef-3dde8025bc0b","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":191,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"13a83bd0-b320-49bf-a38f-416ecc2433f8","block_type":"box","text":"make regarding material scope 3 emissions and recognize these are provided on a good-faith basis as methodology develops.","page_number":191,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"9c5d4aff-0a78-4f74-9ae2-d5d72b08c106","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":191,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"ced7a8b6-3bb3-44c7-ae31-dee25db7f708","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":191,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"57bb048b-6219-403d-8840-828a5e3ac049","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":191,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"0b39ad9d-3e84-4200-bff4-4c5d3bef48e0","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":191,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"c7cb9287-d90f-48f6-93ef-830ad93e3ee9","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":191,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"6fabafc3-0f7d-4b99-b207-86ff3de88759","block_type":"box","text":"(13) We have observed that more companies are developing such plans, and public policymakers in a number of markets are signaling their intentions to","page_number":191,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"5ac7eb95-f384-4638-8dd1-51f6c048f309","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union. We view transition plans as a method for a com","page_number":191,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"f1562a17-5905-4f8b-949d-c045191b68db","block_type":"box","text":"pany to both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create financial value thro","page_number":191,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"6ac0edac-ac49-4a6c-8713-321c7fac80e5","block_type":"box","text":"ugh","page_number":191,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"a874677c-3eb8-4b49-996f-93bf8d815270","block_type":"box","text":"the global transition towards a low-carbon economy. Transition plans are building momentum internationally, with increased focus from policy make","page_number":191,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"e75a5ece-67d3-4d0d-9ff1-2bac38a867c4","block_type":"box","text":"rs","page_number":191,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"7382bbf1-b1b8-4893-ace9-8d599c070eba","block_type":"box","text":"and supervisors, including in the EU, UK, G7, G20, and from the financial industry. While many initiatives across jurisdictions outline a framework fo","page_number":191,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"1896c730-356a-4ec6-8dc1-6ddbebbb5755","block_type":"box","text":"for","page_number":191,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"321d212d-532d-4b21-8a11-d2eb079de687","block_type":"box","text":"transition plans, there is no consensus on the key elements these plans should contain. We view useful disclosure as one that communicates a compa","page_number":191,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"f62021bd-bf36-41c0-be7b-80492f4ababe","block_type":"box","text":"ny’s approach to managing financially material business relevant risks and opportunities – including climate-related risks – to deliver long-term","page_number":191,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"bacd3465-65bf-427e-9e24-efd176bdaaf5","block_type":"box","text":"finan","page_number":191,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"4959f517-8de1-42e9-b6f0-4590b07b9246","block_type":"box","text":"cial performance, which allows investors to make more informed decisions. While transition plans can be helpful disclosure, BIS does not make the","page_number":191,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"317d12c6-8f4b-49c5-93ca-40e6eb93e773","block_type":"box","text":"preparation and production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition plan to understand","page_number":191,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"3d276725-ea1b-42b1-a810-3927e16de4b5","block_type":"box","text":"their planned actions and resource implications.","page_number":191,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"b037cc51-a440-4ede-af1e-dc091484f316","block_type":"box","text":"(14) BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that companies may phase in reporting alig","page_number":191,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"733c1902-85be-42e0-854d-fe9011a6be76","block_type":"box","text":"ned","page_number":191,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"b2438197-0cfb-4ad4-9964-e107f0b60f6c","block_type":"box","text":"with the ISSB standards over several years, depending on local requirements. We also recognize and respect that some companies may report using","page_number":191,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"b0390d55-f879-46e3-9a5e-620e43b9f2fc","block_type":"box","text":"different local standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies dis","page_number":191,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"09586c3b-fb97-41d5-a430-bb6a14534bfb","block_type":"box","text":"close their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics that are industry- or company","page_number":191,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"5a1817f7-d672-4f8b-80ed-479f9c688a88","block_type":"box","text":"specific.","page_number":191,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"99b8b337-bde6-48e7-8665-9487bd2c43b6","block_type":"box","text":"(15) In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s Declaration. G20 members include the","page_number":191,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"830d98b8-ddbd-4a38-af11-db194d77b789","block_type":"box","text":"world’s major economies (19 countries and two regional bodies, the European Union and African Union), representing 85% of global Gross Domestic","page_number":191,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"39ddb0cd-ee5b-4618-83ad-a0c1a4925f4f","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":191,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"912ab568-0078-4b77-8d75-18d17248fe63","block_type":"box","text":"A-29","page_number":191,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"5680d57c-c05a-4fef-bfa9-498d955c2cd4","block_type":"box","text":"strategy is heavily reliant on the availability of natural capital, or whose supply chains are exposed to locations with nature","page_number":192,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"115bbed9-cc0b-42e7-84c5-db29e678e4c2","block_type":"box","text":"related risks. We look for such companies to disclose how they manage any reliance and impact on, as well as use of, natural","page_number":192,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"421bd19b-bb61-4ece-a138-bcfe4bf4f6fe","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":192,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"7115b667-f51b-4d51-8453-ea96f9d67317","block_type":"box","text":"into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related","page_number":192,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"5572788e-0169-4c05-ad33-98b3838fad68","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":192,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"3c33e779-a480-4fa0-9abc-5560fdf24ef5","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":192,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"a940fd89-c921-41c1-a29b-64613ddac526","block_type":"box","text":"(16)","page_number":192,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"5ddd5442-179d-46ae-8ffd-635fb8b8ada2","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":192,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"1dcfc4c8-deed-41a2-a3b2-3749e2e0c0f0","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":192,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"100b8092-3219-4570-8b32-e83f895f67f3","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is","page_number":192,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"399ece50-eba2-40e6-bb52-b271b02d91ae","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":192,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"328a0fc1-559e-45b3-918d-11701cccd9d3","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":192,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"d475ca64-747c-4519-a44e-da8f6fc51132","block_type":"box","text":"operate.","page_number":192,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"2ab9d917-fda1-4723-af7d-04bfb1b4c11f","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have identified","page_number":192,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"81ac77eb-dcc9-4ba5-8858-029e9f72f8b1","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":192,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"15c5b19c-f58c-41e3-b67a-cdc5625c634c","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":192,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"3dee1c37-dc53-462e-9706-77e0fad7874c","block_type":"box","text":"and the skills required for their future business strategy. We are also interested to understand how the board monitors and","page_number":192,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"3c0b94ef-891a-460b-92b1-03be1aa56cde","block_type":"box","text":"engages on these matters, given it is well positioned to ensure that the approach taken by management is informed by and","page_number":192,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"737411df-4d45-4c89-b26f-d9c267c859bb","block_type":"box","text":"aligns with the company’s strategy.","page_number":192,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"f8609bae-ca72-4d0c-826a-1ab86f0afa7f","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":192,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"d0288012-963e-4542-9bde-306793ff418d","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":192,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"2b44a9e1-5b05-4dc5-9363-8d2d12b62e14","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":192,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"a90a9d0e-c5cf-4914-a17b-be3d8794abb4","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":192,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"168aa4eb-1bb6-46a9-a9c0-40e1289388f6","block_type":"box","text":"contribute to a company’s long-term success.","page_number":192,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"2ef8b6ee-343a-4e61-87ef-ad2980ab9dde","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":192,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"83336618-f6bb-433d-a21d-43d6b306c1e0","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and viability of the","page_number":192,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"1f9a2abe-cb23-4e93-9f26-2f686a25d7dc","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":192,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"b06c919b-744b-4196-adb1-d8787421740b","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":192,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"453bcb53-8088-47e4-8187-0c0595846259","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":192,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"40bb24d8-477d-4123-a7a2-2b17a7b7631e","block_type":"box","text":"have been protected. As a general principle, we believe shareholders should have the right to vote on key corporate","page_number":192,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"d25877bf-69b5-44aa-bb85-063bb744b5ce","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":192,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"f51a0747-992c-4295-b0d2-1b4cb3097ec1","block_type":"box","text":"to call special meetings of shareholders.","page_number":192,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"4e2cc758-22de-404c-b6a3-9c2850992f77","block_type":"box","text":"Corporate form","page_number":192,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"49474bb7-5dbf-4006-aa31-e07b8d034791","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given the company’s","page_number":192,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"a963abd3-1095-421b-b80a-fdf098b00b95","block_type":"box","text":"purpose and business model.","page_number":192,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"87eb06fa-00a0-4b6f-a160-cd1d6f64baa4","block_type":"box","text":"(17)","page_number":192,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"1fee238c-c6a5-442d-8644-cd64816d5fd7","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":192,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"02d44a6e-c46d-4868-8cfb-96e4be36173f","block_type":"box","text":"similar entity should put it to a shareholder vote if not already required to do so under applicable law. We appreciate when","page_number":192,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"bbeeec77-8e2f-4f0d-877c-6d31f153ca1c","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":192,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"2b7a4508-f495-4da4-8bb4-039cc3046c07","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":192,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"71fe52e1-740b-41b1-8c09-9edeb46cc86f","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":192,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"65c82b38-2dba-423c-98f4-3abc9fae4701","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":192,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"7f26a6fb-420e-4752-80bd-593d3fa7fa36","block_type":"box","text":"case basis.","page_number":192,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"2cdffbd3-4070-4887-bb73-205bbed6fa14","block_type":"box","text":"(16) Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital depend","page_number":192,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"70a2b107-e0c0-4bbf-9a20-327fda6bc61f","block_type":"box","text":"en","page_number":192,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"9ca50117-bf47-43de-8946-a547fc5750dd","block_type":"box","text":"cies and impacts would aid investors’ understanding. In our view, the final recommendations of the Taskforce on Nature-related Financial Disclosur","page_number":192,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"3157cff2-58a3-4cbc-a3c3-7ba2a4365402","block_type":"box","text":"es","page_number":192,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"08f10d68-4733-44b2-82ad-3e183ba8830a","block_type":"box","text":"(TNFD) may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by","page_number":192,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"e3b5e470-13d0-4dfd-997b-c068dc3b9777","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":192,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"fc396ab2-7bfb-44de-9e40-dc9c9f021739","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":192,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"89426c05-7f96-4687-be2f-86c97ee58fbb","block_type":"box","text":"A-30","page_number":192,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"2934802b-8185-4530-b990-4c5e92d1f4a4","block_type":"box","text":"Shareholder proposals","page_number":193,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"cf1156c1-7f89-4d36-a7aa-1aaf426cb5e4","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted","page_number":193,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"538de48c-9c69-406a-88ab-6ab05aaa9c6d","block_type":"box","text":"on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters","page_number":193,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"5d2c2f6f-f5f8-4c1c-ba68-87d153749b83","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":193,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"de5e4f52-6a57-44b0-986a-b9212b628b5e","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":193,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"349a685d-0d9b-41a8-8d09-98c3791a428a","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how BlackRock","page_number":193,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"fc08b2a6-73aa-4a5d-8fcf-4271d83e6c49","block_type":"box","text":"can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder","page_number":193,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"ca900ec4-6b45-41b8-adb6-67349200698d","block_type":"box","text":"proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":193,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"7e14cd96-3a69-4dcf-84f8-b5f396416c8f","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":193,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"1ed0834a-b5df-42e3-b0cf-32bc44cf8f2e","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":193,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"de6093c3-de47-42dc-ae86-bf21d930716f","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":193,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"dc4e2634-fc45-42c0-8983-985b76210a0d","block_type":"box","text":"company’s long-term performance. We look for consistency between the specific request formally made in the proposal, the","page_number":193,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"cb30dcd0-7339-4ebf-bf8e-713a4449d205","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":193,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"822c7351-c154-4f83-b860-353febfd7b18","block_type":"box","text":"practices and disclosures and the costs and benefits to the company of meeting the request made in the proposal. We take","page_number":193,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"58519890-625e-4e21-b733-e6f2a4bc4e7b","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":193,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"0fcbf767-604d-48f1-9b95-f01de463096e","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has submitted or","page_number":193,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"12b3139e-1e79-48eb-9ee1-f2ed4fe70f40","block_type":"box","text":"advised on the proposal.","page_number":193,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"5b828924-dbb7-4a5c-b2a1-80fae4ddca14","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions of the","page_number":193,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"5179aec6-c0ea-4c65-a57d-b650dc5070a7","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":193,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"501b89a8-7421-4bdd-b9b4-990545f04fbc","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":193,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"2ed62ff3-9e45-4c9d-ae4a-f5758acf6c96","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":193,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"01b586ff-db41-4002-b4a7-6f6f1cd99739","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":193,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"8dde4389-df80-4d5c-b171-fefd9b408ab6","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":193,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"84054edf-3928-4356-80ee-17ddaf92a510","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":193,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"e3022a8b-91d2-4878-91d9-e402430b18a6","block_type":"box","text":"are focused on a material business risk that we agree needs to be addressed and the intended outcome is consistent with","page_number":193,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"7338ee90-5cb1-4714-be70-fa303280a047","block_type":"box","text":"long-term financial value creation.","page_number":193,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"0901bd7b-862d-4e04-a3d1-80d38f484f55","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":193,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"a1952354-677d-4abd-a954-5edc14f7c802","block_type":"box","text":"statement may refer to topics that are not directly related to the request made in the proposal. In voting on behalf of clients,","page_number":193,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"0683785b-ebb2-43dc-9310-048d7e918091","block_type":"box","text":"we do not submit or edit proposals or the supporting statements – we must vote yes or no on the proposal as phrased by the","page_number":193,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"814ae3cd-7325-4944-96aa-a2ad799ac5df","block_type":"box","text":"proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of the proposal","page_number":193,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"5ade5b27-22c5-4b7d-9f21-b365a1cb21f3","block_type":"box","text":"or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for different reasons from","page_number":193,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"f6ce85b7-796c-481d-b433-7b4006a66997","block_type":"box","text":"those put forth by the proponent, when we believe that, overall, it can advance our clients’ long-term financial interests. We","page_number":193,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"dc4a178b-593e-4960-8a3b-97641f2ff04c","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":193,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"26810414-68d8-42f0-b100-cdfa9639e47c","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the board has","page_number":193,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"e12b3e45-8568-4c3e-9463-909e21125129","block_type":"box","text":"not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support a proposal if","page_number":193,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"1930e750-a968-4fc2-96f8-f867d799c3ae","block_type":"box","text":"management is on track, but we believe that voting in favor might accelerate efforts to address a material risk.","page_number":193,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"b0a906c5-afda-4a7c-a0c8-69bc3a6a6149","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":193,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"f32f588a-e84d-4eba-948e-f78d5139a9ce","block_type":"box","text":"Oversight","page_number":193,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"dd6ef79d-8b9c-438a-bb0c-0ef45206056c","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":193,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"07470018-74c0-4e36-9898-fe145e63547c","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":193,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"77ac94a5-f149-4d34-a490-24275acd4faa","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":193,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"263fc4ce-bfd1-4a8c-9b4b-4a675dab3ed3","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":193,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"706280c9-356e-4641-83e5-3f2447889725","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":193,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"6e7f99e9-1b26-4c44-9363-565f2faef07a","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":193,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"c1aaccf5-7683-459b-b8ef-e7f6ade6f9ce","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":193,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"31ee71a0-3483-45f7-a67e-903ea3659803","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":193,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"5c177b9f-0d75-4e21-b636-ebe384e0e389","block_type":"box","text":"A-31","page_number":193,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"eb80f36e-dec6-42cd-891a-4967e034015a","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which","page_number":194,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"fc259d3d-2eaa-46b8-9f1e-4deeb6b92d70","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":194,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"f32a6add-4c01-4de4-bb10-6356d24e5bec","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":194,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"c14af81c-1277-423d-a8fc-dc9d2f1297bc","block_type":"box","text":"amendments to the regional Guidelines.","page_number":194,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"e80dbe7e-0618-45cb-87c1-7bba2a97d809","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on","page_number":194,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"2f07a9b9-3363-4065-b4dc-ee04fcd2ffd8","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":194,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"3c937513-0de3-4efc-af84-0db9d510ad6a","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":194,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"5f218b62-bb58-4c23-9b47-b70a94d4b9b0","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":194,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"47d6ce74-c077-4471-bd78-128f93feb92f","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":194,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"cfc91c83-455d-4fe9-88c1-6bfc0cd98217","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":194,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"de80e863-42dd-419d-86a3-f3da659eb76e","block_type":"box","text":"the corporate governance field. BIS may utilize third parties for certain of the foregoing activities and performs oversight of","page_number":194,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"ba6f1be5-b7d5-422f-a659-37b4d784cdb0","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":194,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"a8d1004b-47e9-4ce2-b5dc-982c179634b4","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":194,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"8b5203e4-3070-4ae8-ae48-d07f85a3a84e","block_type":"box","text":"Voting guidelines and vote execution","page_number":194,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"ea6907a6-f8ee-40fd-814d-16101f70db2d","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted to funds and","page_number":194,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"12fa07ff-6937-4edc-afb4-ad112941aa81","block_type":"box","text":"other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting)","page_number":194,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"7a34e8d1-d447-43c0-98b2-d19c89834837","block_type":"box","text":"proxies for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with","page_number":194,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"64033fe8-f245-43fc-b691-226b6089d408","block_type":"box","text":"the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to","page_number":194,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"a9f7ae4b-90bc-4379-aaee-5112f61ae474","block_type":"box","text":"the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund’s","page_number":194,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"1ba0bae9-e44f-48cf-b0fd-5590005b7a50","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":194,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"27688b21-3f2d-4f44-89c7-84dd4d59d17e","block_type":"box","text":"procedures,” below).","page_number":194,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"122f86cd-fc57-42eb-bdc7-1168eca20213","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines for the","page_number":194,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"a3b13855-8c32-4d75-bb85-0d65a40e2eee","block_type":"box","text":"relevant market, as well as the Principles. The voting guidelines published for each region/country in which we vote are","page_number":194,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"841d396f-7bae-4ddb-9d06-4371ce91bdb3","block_type":"box","text":"intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in the proxy voting","page_number":194,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"6a8ec6e8-5f05-4cde-858b-67e10f07dd65","block_type":"box","text":"context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a","page_number":194,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"643354bc-ffdb-4904-8e18-c345b42ed0ca","block_type":"box","text":"case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As","page_number":194,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"cccc0dcb-a98a-451e-81dc-c306a18c37cc","block_type":"box","text":"such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate","page_number":194,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"5098e19f-d870-449f-a66e-c1aa4f062afd","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":194,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"ef929327-598b-4362-85c5-99ec76353281","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":194,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"9ce36027-0dfd-41ff-ad9a-7b650f44a369","block_type":"box","text":"in corporate governance and feedback from companies and clients. In this way, BIS aims to maintain policies that explain our","page_number":194,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"0b246718-aacb-4135-a2cc-c78edfdbbfaa","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":194,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"ad671f01-3b88-460d-8340-182d30886ecb","block_type":"box","text":"professional judgment in determining how to vote if they conclude that the Guidelines do not cover the specific matter raised","page_number":194,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"3081091c-8dae-4ae0-9812-e071f0ea0dfb","block_type":"box","text":"by a ballot item or that an exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":194,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"e540dda0-fd9c-433a-ae85-62b4a84509b2","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as well as the","page_number":194,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"f34b89de-9f57-44e7-bf0c-c75123b02f55","block_type":"box","text":"desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii)","page_number":194,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"287b96ae-41e6-4b2a-954a-73e8d30e9a9b","block_type":"box","text":"restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in person; iv) “share-blocking”","page_number":194,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"6dfa0514-b3f5-4ef1-8f68-e954ac048246","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":194,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"c79a0868-2fca-4937-9dc8-bc85505a7e02","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":194,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"4c2bd9dc-91ad-4102-a959-f6c19f7809e0","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":194,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"0a54c3bd-df65-4371-ae81-dcf7c13308d2","block_type":"box","text":"instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly","page_number":194,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"47fb15de-5a76-4d85-b7fa-616afdbc6eb6","block_type":"box","text":"burdensome administrative requirements.","page_number":194,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"59437976-56cf-49fb-a2d6-f2c2dddf3864","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally in the","page_number":194,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"454bcfea-9580-462a-86b9-4aaf392d89c2","block_type":"box","text":"interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to","page_number":194,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"340b2536-3281-424d-be0d-e33c4ae0795e","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":194,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"7b7c1cff-a702-4872-9e99-a55bf5770091","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":194,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"a6d9a803-6715-4946-aa4e-b50bdab803c1","block_type":"box","text":"Voting Choice","page_number":194,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"0ce4f4b4-6188-4f27-b30f-b6380e4a2469","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":194,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"e4a54636-e086-4cfc-8de2-c863890f8086","block_type":"box","text":"voting process where legally and operationally viable.","page_number":194,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"a98b49fa-ecac-4e28-9d1b-9a59b756e4a1","block_type":"box","text":"A-32","page_number":194,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"76bd7b63-2052-4f1e-952b-42a0434dd4ae","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland, and","page_number":195,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"1b70b5eb-140a-4650-a1fa-54b2cb663178","block_type":"box","text":"Canada that utilize certain equity index investment strategies, as well as eligible clients in certain institutional pooled funds in","page_number":195,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"b7e53398-d8a9-4436-9ed2-6d694d4ab350","block_type":"box","text":"the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition, institutional clients in separately","page_number":195,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"a28fbac6-04e9-44eb-814e-1bf19868c0c6","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":195,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"a4c2b2c8-f1ec-4cbb-998d-fe108028f1ea","block_type":"box","text":"(18)","page_number":195,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"ffc719a5-b6ca-4874-a695-b069bcaa31a8","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible shareholder accounts in a U.S. Fund.","page_number":195,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"792db890-8737-4854-9381-52a711949c0a","block_type":"box","text":"(19)","page_number":195,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"9f3d8a68-a654-43a7-a46d-08f8f072f689","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our","page_number":195,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"922f3868-cb11-4cc3-98be-4712f6f910f7","block_type":"box","text":"clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third-party policy, or have","page_number":195,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"40023130-d7b2-4812-bf34-4adfd3878529","block_type":"box","text":"elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of","page_number":195,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"5ea94bef-32f3-461b-a6fd-830201b7732e","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":195,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"67517270-252d-4428-90a8-e16004941a14","block_type":"box","text":"consent.","page_number":195,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"7ccf6edc-447b-4b26-8a9e-9bb03beb8332","block_type":"box","text":"Conflicts management policies and procedures","page_number":195,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"f550b664-2f71-45d1-9c58-8cdb47a9d89d","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":195,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"3db2f868-23f9-4860-a39c-0294a1a8df0b","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":195,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"645abbe7-310c-4afa-8b09-1c95a986931a","block_type":"box","text":"shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees. The following are","page_number":195,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"56f5ab6c-9bfa-4912-8549-631da605a960","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":195,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"60a53e12-7ad9-4c95-9ef6-84e869c864fe","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":195,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"fd41d617-3f4b-4513-9a1f-023a6be11777","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":195,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"93a48132-6165-4fc0-98a7-dd9a581c010c","block_type":"box","text":"resolutions","page_number":195,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"9c756e74-e58b-4141-ba4c-77ce94de5fe9","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":195,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"b9ac3e94-fec3-4656-9d96-272fd132943e","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":195,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"8cff6a39-1f17-4092-a15b-3954c728a2c0","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":195,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"49459420-8c74-49ef-ac82-ed97e4eb590e","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":195,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"af8cfd7d-c4b9-4635-bde7-031d9b5dbcb8","block_type":"box","text":"managed by BlackRock","page_number":195,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"98bf3228-4f74-4df3-8ef2-17652fa84889","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":195,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"1ad48bb6-233e-4879-a4be-93afedcc773a","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":195,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"4faf2104-2988-436c-9476-290844dd0044","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":195,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"16595c9c-fee1-4b9a-a719-6f1356b41927","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":195,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"a04131fd-19e4-4eaa-abc1-3438151a8eef","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":195,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"e53aa908-1adc-406e-9bca-1fee5eceea01","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":195,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"dc9ee59a-5061-49f3-b5ad-69f64b9b0e05","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":195,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"8d85130d-a25d-4dcd-a4b6-2f399bf1946c","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":195,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"f54ef3f2-b5c2-48db-bb47-f4e7e1dcd548","block_type":"box","text":"a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for","page_number":195,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"06f390d2-cf57-4600-8762-dd54ec1edeba","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":195,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"bdb0f930-312f-45bd-9566-3b9fa0b9c12a","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":195,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"54ebfbe0-8482-40dc-b138-45f34e7db5d3","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":195,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"2186f46d-18dd-4b99-8038-3793203db6a4","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":195,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"af819619-6ec9-4b72-be05-14f91c1f628a","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":195,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"067df693-2129-4c01-9ac4-1a528e743e0d","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":195,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"2d9470e2-7f4a-45f6-8e3e-881a229aaa2e","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":195,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"bba61355-698b-4a6d-b8ad-096c2450201f","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":195,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"8ad36c2b-ea93-4544-915c-236c9b1d8156","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":195,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"9d73246a-5328-4bc0-9425-a06aefa26a33","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":195,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"d41f7efc-6f67-4928-a545-069d1953b3ed","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":195,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"153f53b9-369e-4195-a9c2-fb2607383188","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":195,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"4e6a2af0-512e-4594-b459-940e54a92155","block_type":"box","text":"(18) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with t","page_number":195,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"34012f97-c5fc-4f9e-bfc0-a4639d695c2c","block_type":"box","text":"heir","page_number":195,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"729f713b-2dc1-4649-ba66-db5402370162","block_type":"box","text":"views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client’s selected voting policy.","page_number":195,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"878e9f78-5ac5-443a-b4fb-1b943cf3924d","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":195,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"589d1d07-b672-41a0-9e7b-965588a1035f","block_type":"box","text":"A-33","page_number":195,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e6f14104-5001-42a7-8a8d-d343961b3dd3","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":196,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"07aecd16-5e1b-4a49-a26b-ba79b1f1c771","block_type":"box","text":"the board of directors","page_number":196,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"6826f84e-a61e-4482-8394-e21937b50a93","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":196,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"2e0dce79-4ddb-4678-9e0d-1b4f9f9ccfd8","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":196,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"f65fa634-b02b-4845-8944-a9d198682e12","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":196,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"015a8440-f382-4f8f-92c9-45ba6e3190ad","block_type":"box","text":"party voting service provider","page_number":196,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"44407866-3065-41e0-98e1-d6262ab96a33","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":196,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"a09e513e-71cc-4bb5-9c60-41f9a2ce375e","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":196,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"2790ccb6-dbd0-4465-83c9-01638217f3e9","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":196,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"c8859166-de28-4de9-90d7-cfdb807dccf6","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":196,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"b03a70e7-5613-4b35-9763-c45f816c1400","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Global","page_number":196,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"2c15a96d-9bc8-4c3e-967a-b9ceb235f7a1","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":196,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"e2d34006-fbac-4528-a9fd-f11e9521e4c1","block_type":"box","text":"annual basis.","page_number":196,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"211b55a9-989a-4e51-b7b4-90d399f92600","block_type":"box","text":"Securities lending","page_number":196,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"37450345-97ce-4d54-9337-d28204d5b049","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated","page_number":196,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"fcb96c07-dea3-4570-907f-36695b4b5bca","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":196,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"3f02da5d-e68e-472a-9c51-ac838bba84c3","block_type":"box","text":"providers to keep fund expenses lower.","page_number":196,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"7cca7966-8f6c-46cd-8f64-0a47554eb483","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may","page_number":196,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"cbe563a8-7595-4ba6-b6e1-3200768de3ce","block_type":"box","text":"determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them","page_number":196,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"213f1cd1-ea65-4a71-b459-ac5b8e74e951","block_type":"box","text":"achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan","page_number":196,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"f4af3c7f-f6af-4e45-b5cc-24e154a62423","block_type":"box","text":"as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various factors that include,","page_number":196,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"7cd08445-5e78-440e-b874-ac658eafa9e4","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":196,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"f1103a51-0455-40ca-a20d-138b0a39399a","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":196,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"ccae1f87-87c9-4a1a-9eae-e32e847515b4","block_type":"box","text":"(20)","page_number":196,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"6d112c9a-b633-42cd-a4a5-4daab8c78d9b","block_type":"box","text":"BIS works with","page_number":196,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"32a2b6c5-0880-4d89-af0f-c87ea15d16a2","block_type":"box","text":"colleagues in the Securities Lending and Risk and Quantitative Analysis teams to evaluate the costs and benefits to clients of","page_number":196,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"29e2a59c-8a85-4076-a837-fd0846462fe6","block_type":"box","text":"recalling shares on loan.","page_number":196,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"1824b267-43ca-4d10-bac6-033eeeb5405e","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting shares would","page_number":196,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"62bc667b-bf55-4848-ab80-06248826d4e8","block_type":"box","text":"be less than the potential revenue the loan may provide the Fund. However, in certain instances, BlackRock may determine, in","page_number":196,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"80af8c25-25ae-4c85-ae3c-f752619ea083","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to","page_number":196,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"10e0b38e-d2f1-4d60-9011-957206171410","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":196,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"b9ebf58a-0669-48fc-ba61-9f5fbcd3693b","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may","page_number":196,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"552fdc22-fb2e-4f36-995f-214a7acb4a4c","block_type":"box","text":"modify it as necessary.","page_number":196,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"ad6db02b-72e2-46d4-b52f-5addf3eb375a","block_type":"box","text":"Reporting and vote transparency","page_number":196,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"5d814b7a-5101-440b-9bda-e7fa5bc677bb","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our","page_number":196,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"5ecddfaf-7972-48a3-99b3-20f1c92f5a64","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":196,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"9ddcd785-03fa-43ba-b3d5-34e3ff6339f6","block_type":"box","text":"Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies in which we","page_number":196,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"76c3e01a-f996-4c56-a034-f40d7750e25d","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":196,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"300bd7b5-a937-47ac-8371-79ef3ea42244","block_type":"box","text":"themes.","page_number":196,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"483a1a78-0ea8-4a61-ab40-19ce94dbdb00","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a shareholder meeting","page_number":196,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"88854c9f-5df2-4eeb-b61b-60a0e8741a7f","block_type":"box","text":"during the period, showing how BIS voted on each proposal and providing our rationale for any votes against management","page_number":196,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"ddfe7215-007f-40d2-8b16-16a703c89e4e","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":196,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"1529580e-7517-4b65-a51d-7c1e3020835d","block_type":"box","text":"(20) Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record date of a shareholder meeting typic","page_number":196,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"17de9a08-79e1-48cf-a512-b52f9b7b370d","block_type":"box","text":"ally","page_number":196,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"41cfaf14-6d29-4998-8e38-d887b6e0473c","block_type":"box","text":"falls before the proxy statements are released. Accordingly, it is not practicable to evaluate a proxy statement, determine that a vote has a material","page_number":196,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"9faa6b17-c05d-4b80-a963-5bf44d888b3d","block_type":"box","text":"impact on a fund and recall any shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":196,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"a8b2ac7a-224c-4b11-971d-16441a632410","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an estimated record date without","page_number":196,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"12e80a13-3f31-4c03-9a3f-630180b5a598","block_type":"box","text":"knowing whether there will be a vote on matters which have a material impact on the fund (thereby forgoing potential securities lending revenue for","page_number":196,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"453352ea-a9be-4378-a8dc-f58744645ceb","block_type":"box","text":"the fund’s shareholders) or leaving shares on loan to potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":196,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"841c81c9-b4a6-4cad-b27b-0168060b4b62","block_type":"box","text":"A-34","page_number":196,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"bd5159f6-0e2f-4ab3-891d-55bdd4acb3d0","block_type":"box","text":"interest to clients, we may publish a vote bulletin after the meeting, disclosing and explaining our vote on key proposals. We","page_number":197,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"37d7074d-4d16-4ddd-a4e7-290ca5e8e9b2","block_type":"box","text":"also publish a quarterly list of all companies with which we engaged and the key topics addressed in the engagement","page_number":197,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"b59fbddf-9ca8-45b3-9252-2f623955b112","block_type":"box","text":"meeting.","page_number":197,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"2f6e9b37-d890-496a-8c82-9c5e2d762684","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business","page_number":197,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"bcadf02b-dc7e-45bc-9b46-8898e4e6eb5b","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":197,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"2d568a28-b347-4725-acf8-d5abae50cb17","block_type":"box","text":"Want to know more?","page_number":197,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"4fe2d55c-3e7d-4062-81b8-56c25da58ca6","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":197,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"269ab99b-39fd-4244-bd0b-c594a21cd193","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":197,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"051d0235-922f-4463-b913-4e5b0b291713","block_type":"box","text":"principal.","page_number":197,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"95fa7c65-04e0-4905-b6c0-f4a3d9c1cb36","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":197,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"1b931fe2-5608-4a90-817b-d3c212e5a803","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":197,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"a9625bc9-d312-40b1-bb41-74bf79c0f576","block_type":"box","text":"BLACKROCK","page_number":197,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"13eb4bff-3c35-4d11-b076-46e2448f2d7d","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":197,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"5e2484a9-788e-4d5c-899c-8630f0a743d2","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":197,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"708751af-5563-4619-bbbb-34acb5d894eb","block_type":"box","text":"A-35","page_number":197,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"2464318a-9513-4fef-abd7-b4020592a78f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":198,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"76359d5e-36e6-42d8-8faa-7729f194c287","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":198,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"581d260f-34a6-4913-b76c-bdc729fddc08","block_type":"box","text":"Published July 2024","page_number":198,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"febad43f-841a-4630-9037-23b9e1055788","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":198,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"a4159051-9e6f-491b-8a58-9d7f3a5d1f7f","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":198,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"0981e048-be0b-4112-9468-6c162366dfb6","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our responsibilities","page_number":198,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"f7d7ab34-c468-4b12-9494-c4d710b7f7fb","block_type":"box","text":"to be an informed, engaged shareholder on their behalf, given the business decisions that companies make have a direct","page_number":198,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"1a950422-f285-484a-a3d5-6008c2a0eb51","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":198,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"cfcf1f5f-686c-4bf2-89fe-2b0c79440614","block_type":"box","text":"dedicated function within BlackRock, which serves as a link between BlackRock’s clients and the companies we invest in on","page_number":198,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"7f499df8-7630-4ad7-b2ac-de829068f2e4","block_type":"box","text":"their behalf. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of","page_number":198,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"296b13bb-7210-4a32-aeea-794e85da6e30","block_type":"box","text":"our clients. BIS does this through:","page_number":198,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"0eca9325-0c23-4f5d-8cad-232127943056","block_type":"box","text":"1.","page_number":198,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"4922de2c-0f29-4e7f-a54c-4faf729a1dab","block_type":"box","text":"Engaging with companies","page_number":198,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"3d197804-5e06-4d06-a5d0-128b71855485","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":198,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"ca0684ab-f16e-4e98-9569-45c5667d6510","block_type":"box","text":"voting decisions.","page_number":198,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"e56d9465-2808-4113-be6d-d9d76b22ba37","block_type":"box","text":"2.","page_number":198,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"e4582c22-0f1c-46a6-9eeb-c022030f7627","block_type":"box","text":"Voting at shareholder meetings","page_number":198,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"360653da-0b19-4f64-b1cf-bcf1da4f7103","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":198,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"621d820a-3852-4705-9868-25222e96d407","block_type":"box","text":"voting authority to BlackRock.","page_number":198,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"3caf1e9a-728b-4880-9855-8bbde32d47ff","block_type":"box","text":"3.","page_number":198,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"cf061bfc-bbd8-4836-a1bd-1a2009b04037","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":198,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"ff915317-0216-463c-a307-0fc583c72467","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":198,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"cb578766-aeed-49a1-859b-7b2a12e9b330","block_type":"box","text":"investments.","page_number":198,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"189353e0-b8e4-41e2-a82f-adadafeca966","block_type":"box","text":"4.","page_number":198,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"73ea4d27-a57e-4655-a242-4b5c97f84812","block_type":"box","text":"Reporting on our activities","page_number":198,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"44b161de-6cbd-4934-8975-0b90a41c5a46","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":198,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"51b7ba19-f603-4107-9cdf-6eb16f53b5b2","block_type":"box","text":"publications and direct reporting.","page_number":198,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"26045abc-39dd-4ef9-8e7e-5028bcd620fb","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":198,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"97c59fe5-b0b8-4139-ac72-69ec525ba129","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":198,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"b651efee-9ba5-49ec-8a45-aa6034b3ab86","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":198,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"9ecbaafd-41af-44b6-a67f-f863d38a4797","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":198,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"4f167f30-e98c-4275-9f6d-8973f5d81159","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":198,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"27459640-ad77-4633-ba1b-1839d30446d1","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":198,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"5b096dae-ad36-4494-ad77-fbe99a3230fc","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":198,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"2c49daad-ba27-46ef-a186-85a50003dafb","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":198,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"a7a02d62-2572-4476-97cb-f84987ffca70","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":198,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"06c652ce-b166-48a5-9aea-ce1cd610c9f9","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":198,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"26077c6e-a4c2-4601-9ec3-82ebdab19532","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":198,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"987ccbe0-9141-4354-978a-3c5e8752a035","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":198,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"ccdc64cd-8c3c-48f1-b598-36fe93d697a4","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":198,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"55ffb717-3d1d-4edb-aae7-f3a00f92c1f0","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":198,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"a33d1cbd-4956-46e2-8d94-bb3eddc14c91","block_type":"box","text":"these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only","page_number":198,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"af031a2f-0842-4188-916a-178ce5ffc04d","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":198,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"81ff4dea-223a-4cb0-b0d6-2bde8a9d693b","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies and are focused on matters related to climate","page_number":198,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"3ffe8ad0-5a24-44f6-866c-7b87179c5066","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by funds and clients who have selected these","page_number":198,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"f3c1d3b4-cdfa-4315-b05d-f3833e71fcde","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":198,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"4d777851-eef0-4202-9109-374bf8cb4eca","block_type":"box","text":"and consistent with the investment objective of each fund or account that has selected these guidelines, the alignment of","page_number":198,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"e5719b61-c49c-4f04-bfe9-9a5e718e4010","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":198,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"d2c8eef8-879e-4b76-bd00-e06303849451","block_type":"box","text":"economy and the more ambitious goal of the Paris Agreement, namely to limit average temperature rise to 1.5°C above pre","page_number":198,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"206c1261-8fc8-4775-83e0-cb5065e7793f","block_type":"box","text":"industrial levels.","page_number":198,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"20514f67-facb-4a8d-8f31-e8f0f7edc399","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":198,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"4c698da1-856a-44e6-9775-b109fc2a8584","block_type":"box","text":"have a carbon intensive business model and face outsized impacts from the low-carbon transition, based on reported and","page_number":198,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"3b306845-746a-4e85-8781-83fafbb336a8","block_type":"box","text":"estimated scopes 1, 2, and 3 greenhouse gas emissions. We estimate these companies represent the vast majority of the","page_number":198,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"f5818793-ecae-471f-aafa-ad333bdda2d1","block_type":"box","text":"A-36","page_number":198,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"70bd6c28-9fb9-4d3e-9a1a-c69f272f6d4e","block_type":"box","text":"value chain emissions of the companies held by funds and clients that have selected these guidelines. For all other companies","page_number":199,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"8b6e74ab-029d-4052-9f6b-4f43081106a6","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":199,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"53539ead-ee2e-48c3-92bf-ad1a3ff4fda6","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our benchmark","page_number":199,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"08a744f7-1cfe-4fc5-b4e5-f8107aa60ecb","block_type":"box","text":"policies.","page_number":199,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"ae0e4837-800b-4863-a312-d163730e6911","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment objective, BIS will","page_number":199,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"2677ad12-e279-44d3-8546-1212105a5e7e","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":199,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"0aa317c6-acd1-400a-b4c3-afd587864c2b","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":199,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"7dc9e47a-93c4-4d33-8077-32d485227fcd","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":199,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"d88cc68d-b824-4e7b-96a4-7cbda4a1d41b","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization policies on items","page_number":199,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"7b927463-2b84-4085-9185-4f216bb06d51","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":199,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"484fa14f-2d51-420c-81b8-a830044aeee0","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":199,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"6dbec51d-b62e-4597-a3a5-1a08972e18d2","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":199,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"9d750e8f-5b54-4819-bdc7-322346616040","block_type":"box","text":"consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are moving at","page_number":199,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"4f2921ac-6de0-453d-ad67-0e6981d7a502","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":199,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"cd19552a-652f-47df-b725-6ad8bf7bcd54","block_type":"box","text":"deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon alternatives exist. We","page_number":199,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"c1221d8d-edfa-48fb-ae66-a43a7ffd0d6b","block_type":"box","text":"have heard from certain clients that they see the low-carbon transition as a series of shifts over decades that will reshape","page_number":199,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"0259294f-8f98-4456-83eb-3e3565266232","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":199,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"39e5e7c9-1621-4214-bb88-c433f9fa4aa2","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":199,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"d89d3686-e318-45c9-b591-bd0fe4fe06fa","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding risks and","page_number":199,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"c7e8f319-7a69-4188-a423-53931da39621","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":199,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"4dc496b8-3026-43ac-b6f2-c3ee6c420445","block_type":"box","text":"®","page_number":199,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"8b9dd89d-8f6b-4b35-9185-5f47c508f7ce","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to play out based on","page_number":199,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"948792c7-1ec3-4196-8bce-4837f4245a88","block_type":"box","text":"what we know and expect today. It can help inform a top-down assessment of a company’s business risk arising from the","page_number":199,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"5513aea5-c59a-479b-ad39-287edcab4e3a","block_type":"box","text":"transition. BII based its key assumptions on rigorous research, and the input of BlackRock’s portfolio managers and other","page_number":199,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"ccfe7ed5-6637-4d19-9982-8050e688b9b0","block_type":"box","text":"experts.","page_number":199,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"5309b687-3ac0-4c6b-917d-4a1bc406bc74","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will draw on the","page_number":199,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"00961314-4158-41d6-acc5-ec9f007d43f3","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":199,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"a96d1aef-d549-430c-a7e1-65b88809c4bb","block_type":"box","text":"®","page_number":199,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"c141ab05-d54a-49eb-b5c7-7a0b270eaa5b","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":199,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"ee48bf9b-e437-4ad7-8a07-c54fdd11f83c","block_type":"box","text":"In doing so, we will take into consideration the fact that the necessary data to assess individual companies currently has","page_number":199,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"fd887c17-4d1e-49ef-b94f-390c7ef1598b","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":199,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"e41674c9-6634-48d3-a042-05d31093cdcf","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":199,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"11fe3656-bee9-4163-9e7a-70f73f8b7c4c","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":199,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"1949259a-2a89-4a68-b67b-76eb747dedd7","block_type":"box","text":"•","page_number":199,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"13ba7e23-1ed6-431b-bffd-84f41da8aa4c","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":199,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"4f2acaf1-6f2b-4a3d-93e0-ba7195881c19","block_type":"box","text":"This includes companies","page_number":199,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"8ae8e81b-348d-4bbd-b477-5a53425b9c90","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":199,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"f66bdb1d-ccc1-4d41-8870-be1cf781b542","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":199,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"c7fb6e3a-3946-4e35-87d0-5178cc8f10ab","block_type":"box","text":"•","page_number":199,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"ea090544-5892-4f86-a311-39f59050e7fb","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":199,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"37bd2340-8cb8-43c7-ab6f-325ada3675a3","block_type":"box","text":"sectors and markets:","page_number":199,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"d946c581-24a3-4090-8463-3f96ff56eb62","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":199,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"7b0e4e88-d715-4990-9386-58f1eb7279d2","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":199,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"997aaa8d-7e1b-44e6-af8d-46582e44b13f","block_type":"box","text":"Further, we recognize that these factors are uncertain and dynamic, which will require that we evolve our approach as","page_number":199,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"d4a039ba-e7df-49db-9dab-92159ba3f962","block_type":"box","text":"necessary.","page_number":199,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"0d434714-c12b-4c8e-bd2c-d107bab54687","block_type":"box","text":"•","page_number":199,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"3f4b7c99-5ad5-437e-a7da-56daaf691075","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":199,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"4b44ee77-15d3-4f55-b469-b988ad45d355","block_type":"box","text":"stakeholders:","page_number":199,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"567cdbba-6469-4e02-9ff5-24f18de58f05","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":199,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"c0d69225-e36d-4a8b-b08b-1676c8947241","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":199,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"538768a3-2d60-4124-89b5-5960666f82a1","block_type":"box","text":"returns throughout, is a better long-term investment outcome for them, and less disruptive to a company’s other key","page_number":199,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"ed52ff97-62c6-4bef-86a8-94510a8f1373","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":199,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"daa486e9-6b0e-43f3-a03f-18ba9ecd9f78","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":199,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"8b8dd333-8c60-4dda-9982-761c57435ce9","block_type":"box","text":"•","page_number":199,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"4a7a54ae-2381-442a-bceb-8a7bd18c170e","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":199,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"be30017a-3413-42e9-a48d-fea2906dfc94","block_type":"box","text":"The","page_number":199,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"2b83eb59-ecda-41b6-9384-1561ce8a7ddb","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":199,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"63595f70-5a56-4abd-b103-d211ccbeb94a","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":199,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"b11da9e2-a5a1-4282-8408-964f0cb6d32e","block_type":"box","text":"A-37","page_number":199,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"0e975ad3-383e-42f0-8aa1-b48abd8e7d55","block_type":"box","text":"•","page_number":200,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"60ca1fc2-0fed-4a4d-97dc-6ebb0d58137d","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":200,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"82844c8b-5582-4dca-92b9-0dbd566a1b10","block_type":"box","text":"The boards and executive leadership of","page_number":200,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"edc3bf30-0354-45c6-8e94-e64a9aa4366d","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":200,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"178e35f6-b6d6-4474-945a-f9444c9a9570","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":200,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"b9fd1cd9-3de3-4e4d-9498-a1491515861c","block_type":"box","text":"clients’ investment objectives.","page_number":200,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"4f228ffe-5384-4aa6-8e39-1b9a7b11a646","block_type":"box","text":"Voting guidelines","page_number":200,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"351877ab-d319-4c6d-a7e4-066778485428","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look to companies","page_number":200,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"8a19ee6f-5753-4b57-8590-09783b4c3731","block_type":"box","text":"to demonstrate the following:","page_number":200,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"12aca245-8fad-4d60-986d-9cd551dff46e","block_type":"box","text":"Corporate Disclosures","page_number":200,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"2fadec0d-9ff6-495c-acb4-0bfeb1569268","block_type":"box","text":"In the context of these guidelines, we look for companies to provide sufficient corporate disclosure to allow us to determine","page_number":200,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"acf5de8b-92d7-4383-a7e0-cc74ce35def1","block_type":"box","text":"the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general point, we would","page_number":200,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"5d4d7746-e354-4bf7-b55c-53c974a55f3e","block_type":"box","text":"expect companies that have disclosed their aim to participate in the transition to a low-carbon economy to make disclosures","page_number":200,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"a602e7a0-22d9-4489-9191-a60d37447a20","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":200,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"c8eb828c-19bd-4ef7-9a82-56655c50b591","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":200,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"6e5d25ae-080c-45ae-9c95-bc0a56bb6c73","block_type":"box","text":"rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term strategy to achieve net","page_number":200,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"63f403d3-8d45-4786-8aa4-576a5634cdd3","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":200,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"8e491f27-ca48-4001-a7f1-21da4513ea28","block_type":"box","text":"progress.","page_number":200,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"d7e7e75a-1907-4959-b5f3-6aa8968fe200","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":200,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"76fc30b5-93b5-490c-b37a-35268d359061","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":200,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"6e69a8ad-a965-4181-bb17-f7bd9376cdd0","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":200,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"cc68dcc4-de5b-4ecb-b31d-c617225d3ce5","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":200,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"98324b17-9786-4c88-a1d5-069a49e57a7e","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":200,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"e9f1cc9d-336b-4573-a004-2fe489bd873e","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions. In addition, we look to companies to disclose their","page_number":200,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"041f6380-c23c-496e-85d4-81b17215528a","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":200,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"29a6bd85-433d-455b-a942-6c05f870c4bb","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":200,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"a0e14014-55da-4256-ad34-cc0e6978f557","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":200,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"3ea82bbc-34d4-426f-9640-550aac9f7c50","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":200,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"f942d194-aa59-410b-ac10-e2b86a858f0b","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":200,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"0c5dbe5c-0e08-4061-98d2-fe28230fdbae","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":200,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"b2f51f89-1133-4219-af9b-ac35f612650e","block_type":"box","text":"influence the emissions across the different parts of their value chain and it is helpful when disclosures explain the","page_number":200,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"3dcb2f5d-0970-480b-b42e-ebd9612e58b0","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":200,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"a01caa71-0646-4b6a-b284-d67fbec38624","block_type":"box","text":"Transition plans","page_number":200,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"0f16286a-cb5f-4a64-be84-6797a37b9788","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":200,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"c805b59b-4d03-4d6b-ae20-0c1d3af96701","block_type":"box","text":"transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its transition towards a","page_number":200,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"29661013-0253-4e1a-8c1d-8ee4bdad614e","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":200,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"0eb98781-2457-4716-a979-63c357743798","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market to","page_number":200,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"98c74b2b-947e-4511-a01c-4ec3fa177532","block_type":"box","text":"corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and production of","page_number":200,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"35f60bd6-144f-402b-9751-f11cd4aa06cd","block_type":"box","text":"transition plans a voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their","page_number":200,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"332a2733-40de-452f-91c3-0b986d5aa426","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":200,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"68eada4c-42f8-4f24-9b31-2f38e13ccef3","block_type":"box","text":"Boards and directors","page_number":200,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"679e0dde-b1da-440a-9c39-4d052bc14253","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":200,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"86b429f5-0ad4-4c64-8db6-25f0fc7a2e98","block_type":"box","text":"management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon transition strategy.","page_number":200,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"053878f2-e508-4749-9475-fde873f5cf76","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":200,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"6ce2086d-4977-4f64-8bcd-cd6b2a595373","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":200,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"1ce8c6c8-1eae-4c1a-88d4-1c283433a2c5","block_type":"box","text":"company’s business model. We consider the whole board to have responsibility for oversight of the company’s long","page_number":200,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"ea8d8487-bb4e-4d6b-8828-aa0d6eccf85f","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":200,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"a797e7d7-3811-4bfe-a075-0c7a9dec8f3a","block_type":"box","text":"A-38","page_number":200,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"d92f1729-f00b-4414-bd87-d79bc5f8939f","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":201,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"86a1583d-90ad-4a5f-925c-4c304922f76f","block_type":"box","text":"accountability for delivery by senior executives.","page_number":201,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"c5433e93-fffb-46aa-980e-7e77b6542955","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":201,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"b2dde8d4-4e40-4786-82a9-7cf8c43ab520","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":201,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"c10772a2-0b09-433d-b7b7-aadc77cfac35","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":201,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"31d0c08e-001d-4a0f-9796-e1d5c4ab01e1","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":201,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"25b2f980-4cab-44f7-981d-015de2b74c22","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":201,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"0e47d4d4-3ac3-4630-aac7-293cacc77003","block_type":"box","text":"possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no more than","page_number":201,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"778eb0b5-e971-482d-bafe-6f73bf620246","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":201,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"32b7760c-f0be-42b9-b6fb-ef1dcdaf3a24","block_type":"box","text":"• There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its long-term","page_number":201,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"be48631e-f5c7-4af4-b955-4be29cd9e263","block_type":"box","text":"low-carbon transition strategy.","page_number":201,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"7cbcc840-a94c-4f9b-8fa1-0ad80903aae5","block_type":"box","text":"• The company is monitoring its material scope 3 emissions and disclosing these where it is confident in the data. Given","page_number":201,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"38ecc077-3506-4063-b253-27777ebf746c","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":201,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"7128818b-5195-45e1-b036-c325becb16c9","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":201,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"d4594cf6-6e20-41b5-b3ff-02fd90287a84","block_type":"box","text":"constituents in their value chain.","page_number":201,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"9a6baf0b-e232-4808-8af0-bdca0277a556","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":201,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"93e0c8bf-2b12-4644-98ee-ec1a9b35de38","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":201,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"6e8df07a-6ee8-4795-bfc4-80db8b1a5b5b","block_type":"box","text":"including those related to the low-carbon transition.","page_number":201,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"4a917eb3-23d6-419b-a443-af42dd3f387a","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":201,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"886de97f-7598-4595-be9d-305eff032433","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":201,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"b87c8ac4-a0a6-4e0c-bb46-62c8e8a3dc8a","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":201,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"5f0b847f-f0d4-4479-a065-a5d61d60ba59","block_type":"box","text":"transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we may vote against the","page_number":201,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"5a3c4303-48f5-4a57-8691-7ed9e2d930af","block_type":"box","text":"election of one or more directors who have responsibility for the issue. The directors most likely to be in focus are the chair of","page_number":201,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"38a31d2b-f348-43cc-8e12-b706d019e70e","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":201,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"1f699935-fa9a-42aa-a60d-85cc401c3d7a","block_type":"box","text":"of the relevant committee, the lead independent director or the non-executive chair of the board. In certain markets, we may","page_number":201,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"db16904e-88c5-457c-9d0b-e671e555ebf6","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":201,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"c9b1c809-5d81-4318-9ba1-3707ca2a9d03","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not subsequently","page_number":201,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"bf61d4bf-d928-4cee-b18b-d493361904c2","block_type":"box","text":"made progress towards aligning with the transition to a low-carbon economy, we may escalate by voting against the re","page_number":201,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"4b92e4a1-d9e5-4a43-ab9e-1f33a4eb8cea","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":201,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"072a86a8-0120-41e3-b5e3-e6208f258f96","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":201,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"3fc3b50f-6f1f-4d84-a737-945ceea2b2d1","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":201,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"fd9a88fe-655c-4a43-a776-1ff2b59a26ec","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":201,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"5288dcc7-2939-43a3-b62c-ce679744aa44","block_type":"box","text":"proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon transition. Similarly, we","page_number":201,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"407987c6-3347-4733-8218-ef7a13fe67f0","block_type":"box","text":"will generally support management’s proposal on a progress report if the company has clearly explained its progress against,","page_number":201,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"410af727-1339-440a-8a46-64c2221df232","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":201,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"108734f2-b132-4e4f-886e-33e26318ad67","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":201,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"8d84fa23-bc23-4e8d-ba31-a03528326a05","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered on their","page_number":201,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"dcd67c00-966e-4640-823a-f2181c032d2d","block_type":"box","text":"merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s stated low","page_number":201,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"23e31732-86e7-4091-808f-d350ad374cce","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":201,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"a27abc8c-7863-4164-9644-f6ab32f2cd39","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":201,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"5cb842b6-4919-4c2b-bf3a-f38694a437c1","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":201,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"a1c575ab-5800-4c31-b05d-2ac51840534c","block_type":"box","text":"• Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with,","page_number":201,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"00101378-6773-45f3-8ef0-bcca53aef876","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":201,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"16df602a-c27e-48e2-bc89-d23cc04b5369","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":201,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"d12d7e91-8b0e-4982-9ac0-7b97caf86eca","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":201,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"44b39274-922d-4ad4-838f-9c626ef7808f","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":201,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"9262c42f-e3b4-412b-a21a-b124323bce2f","block_type":"box","text":"A-39","page_number":201,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e561460c-b767-4463-8dd5-8a83089d16e1","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":202,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"2890f5ae-d5f6-46a7-9789-baa480b1dd56","block_type":"box","text":"business or strategic decisions. This includes proposals that seek to change a company’s articles of association or charter to","page_number":202,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"83e60704-bc06-423f-bf31-4bfcfb418492","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":202,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"36e6a3c9-7ab2-440a-81e6-d4c1d1aa4959","block_type":"box","text":"Related matters","page_number":202,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"abd493f0-0976-4ced-8962-1332db7f56a6","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address matters relevant","page_number":202,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"597215e2-dec9-4f4c-b3b7-604114c23755","block_type":"box","text":"to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage, where appropriate, if we seek","page_number":202,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"9d20b943-48af-4adf-935b-8f8fdde23b47","block_type":"box","text":"to enhance our understanding of a company’s approach. Generally, our voting on these matters would be covered by BIS’","page_number":202,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"9e6ca584-50c3-4d73-8e48-922d9431f3d5","block_type":"box","text":"benchmark guidelines.","page_number":202,"box":{"x":89,"y":172,"width":157,"height":13}},{"id":"b729f816-e51d-4bde-852f-0530059f7276","block_type":"box","text":"Executive compensation","page_number":202,"box":{"x":106,"y":199,"width":173,"height":12}},{"id":"d6988da0-9b36-43ae-984f-0d40cfd3238c","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives appropriately.","page_number":202,"box":{"x":88,"y":225,"width":871,"height":13}},{"id":"d2404139-72d8-444f-8a7b-9e3ddf6e23fd","block_type":"box","text":"Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions reduction targets or low","page_number":202,"box":{"x":88,"y":240,"width":878,"height":13}},{"id":"3e284803-e6e0-47bf-8852-3a5294c342bc","block_type":"box","text":"carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to understand the alignment","page_number":202,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"e505dc74-92a5-4e00-95c8-0fd935eed72b","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":202,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"5f2d9a1c-8f66-46d5-b639-95e987f2d72c","block_type":"box","text":"Auditors and audit-related issues","page_number":202,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"33264579-d122-4653-8fac-d87ee64a7d79","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":202,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"42d27477-1412-445d-9cd5-edae4ba54446","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":202,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"1576aa75-b87a-4eb1-94b9-ee561fe46f8f","block_type":"box","text":"financial statements, including if the company explains such risks within the context of its audit report. We note that work is","page_number":202,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"eecb1d99-5565-4f84-af18-edb1a4a6dbc4","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":202,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"9c5acc90-235e-4c5a-bf62-c43629ee7ac9","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":202,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"99863014-ee9a-4024-965f-1c136b59eb67","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":202,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"96f23f62-183f-4b5a-92cd-0b8232ace8c8","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":202,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"33b1cfdf-68f1-4381-9906-9423bb20dacd","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors under these","page_number":202,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"9a36c0c4-b156-4d03-9165-200b2bd15078","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":202,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"03964649-cc14-4620-a86d-777ffc886ce7","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":202,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"0d26c908-e54f-4a18-858e-3de610bfdce2","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":202,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"1eadfdc2-b7b2-4238-b75f-f2b892f436be","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":202,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"1c48f28a-0a16-46a4-91a3-356c9273531f","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability-related","page_number":202,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"94879047-d78d-40bf-827b-cbd74a6a0e07","block_type":"box","text":"risks and opportunities that may be relevant to a company’s business model and long-term performance. These include a","page_number":202,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"feacda69-f059-4e8c-ae5e-d98eed399e7c","block_type":"box","text":"company’s impacts or dependencies on natural capital and key stakeholders. In the context of these guidelines, we may","page_number":202,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"cfe2d384-91bf-4e89-bbe8-ea510604e3ab","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":202,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"a48cf6ef-b9b5-4610-b675-4b5503d438d1","block_type":"box","text":"and communities) of any strategic or operational changes they are making in relation to their transition to a low-carbon","page_number":202,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"935b420b-0caa-43ac-80a4-2cb2ed60cbc6","block_type":"box","text":"economy. Similarly, we may engage companies that face risks and opportunities related to land use and deforestation, access","page_number":202,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"17d9819d-4bda-4acd-b5d3-01e8f6032076","block_type":"box","text":"to fresh water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":202,"box":{"x":88,"y":641,"width":735,"height":12}},{"id":"e29284b1-9aa1-4206-8baf-913e01588515","block_type":"box","text":"Appendix 1","page_number":202,"box":{"x":88,"y":668,"width":80,"height":12}},{"id":"e60debfd-e933-43ed-af90-3b25b62d688f","block_type":"box","text":"Terminology","page_number":202,"box":{"x":104,"y":694,"width":92,"height":12}},{"id":"9f36712f-7876-44ea-b706-c0752e25528f","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":202,"box":{"x":88,"y":720,"width":550,"height":13}},{"id":"175effc9-2842-4b59-afc2-f7626b80d80e","block_type":"box","text":"Climate risk:","page_number":202,"box":{"x":89,"y":747,"width":88,"height":10}},{"id":"f218d607-c3b3-4714-8183-c52523ee100b","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":202,"box":{"x":183,"y":747,"width":743,"height":12}},{"id":"57b0070e-5986-44d0-92c4-cccedc115d0f","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":202,"box":{"x":89,"y":762,"width":816,"height":12}},{"id":"2859b632-f1f8-4706-a6dc-a80d81234a4e","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":202,"box":{"x":89,"y":777,"width":340,"height":12}},{"id":"a32230ea-6538-4eaf-a15c-3d8b975b9319","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":202,"box":{"x":88,"y":804,"width":455,"height":12}},{"id":"c2dbf102-e8fc-4e33-9b3f-1dbb44c8d1dd","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":202,"box":{"x":547,"y":804,"width":401,"height":12}},{"id":"018ff13b-4ca0-465e-9a4e-09a5d0570911","block_type":"box","text":"many sectors and business models. The economic transformation is being driven by changes in government policy,","page_number":202,"box":{"x":89,"y":819,"width":806,"height":12}},{"id":"66b42122-d751-4901-ac0a-cbaedd903af1","block_type":"box","text":"technology, and consumer and investor preferences, as well as the physical effects of climate change (e.g., extreme weather),","page_number":202,"box":{"x":88,"y":834,"width":877,"height":12}},{"id":"ff974887-a144-4108-bbab-544b14b94b08","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":202,"box":{"x":89,"y":849,"width":567,"height":12}},{"id":"e59ff56f-e31e-4eae-af3c-3647383e1523","block_type":"box","text":"A-40","page_number":202,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b085910c-b8b1-4a8c-8592-652afcbd7a69","block_type":"box","text":"Decarbonization:","page_number":203,"box":{"x":89,"y":44,"width":121,"height":10}},{"id":"b86988e2-ed92-47d0-85b6-1e7b625edffe","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity and","page_number":203,"box":{"x":215,"y":44,"width":691,"height":12}},{"id":"a6f9c502-697c-47f7-9f21-3d2038305568","block_type":"box","text":"removing carbon currently in the atmosphere. This can be carried out by countries, companies and even individual","page_number":203,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"2dc052d0-bb71-47a8-a352-c619a72b1fed","block_type":"box","text":"consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG, e.g., methane.","page_number":203,"box":{"x":89,"y":74,"width":842,"height":12}},{"id":"8d1165c4-5c45-4b5d-9e99-dfeb32c338ba","block_type":"box","text":"Climate-related risks and opportunities:","page_number":203,"box":{"x":89,"y":101,"width":286,"height":12}},{"id":"1c496587-925a-4e49-98ca-b75214eb7c78","block_type":"box","text":"The investment opportunities and risks associated with the transition to a low","page_number":203,"box":{"x":380,"y":101,"width":551,"height":12}},{"id":"706b5706-5b8b-4b0b-91e6-a4f97622f077","block_type":"box","text":"carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting to physical","page_number":203,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"ef1f7584-f054-4c01-b67f-94645bf4da24","block_type":"box","text":"climate change.","page_number":203,"box":{"x":89,"y":131,"width":109,"height":12}},{"id":"87f0b871-840c-4e00-9578-a1fb25d81eec","block_type":"box","text":"Climate-related transition plan: “","page_number":203,"box":{"x":89,"y":157,"width":235,"height":13}},{"id":"bdc922eb-f5ff-4bcd-936f-27428e62f28b","block_type":"box","text":"An aspect of an entity’s overall strategy that lays out the entity’s targets, actions or","page_number":203,"box":{"x":325,"y":157,"width":580,"height":13}},{"id":"c70e7b40-3fff-41ce-ad84-ee810b46a0e8","block_type":"box","text":"resources for its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas","page_number":203,"box":{"x":89,"y":172,"width":808,"height":13}},{"id":"835cbebf-dcad-42bd-a51d-0cc31c502bb5","block_type":"box","text":"emissions.”","page_number":203,"box":{"x":89,"y":188,"width":79,"height":9}},{"id":"3dda2e5b-f7a9-4186-8da3-73d09f7375d6","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":203,"box":{"x":88,"y":214,"width":352,"height":12}},{"id":"0d93395a-53ca-416d-a713-120c277bf890","block_type":"box","text":"Targets that “","page_number":203,"box":{"x":445,"y":214,"width":94,"height":12}},{"id":"ad98bbe6-711a-4944-95c0-3aca7ad38c59","block_type":"box","text":"are in line with what the latest climate science deems","page_number":203,"box":{"x":549,"y":214,"width":373,"height":10}},{"id":"2cb97ba5-5947-4b4c-8280-101938d17a8e","block_type":"box","text":"necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels. Science","page_number":203,"box":{"x":89,"y":229,"width":859,"height":12}},{"id":"6a959f4d-e38b-47e7-80a9-ee3d98f8f778","block_type":"box","text":"based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with limiting global warming","page_number":203,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"767c13b0-cd8e-400c-b04f-e13fbdbba3b1","block_type":"box","text":"to 1.5°C. 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