{"annotation_id":"7ebcccef-e04f-4ce4-bbcc-ff75880f1581","file_hash":"238ff7e8c53f12679cc74794c47ae9d9dbe66f47e1f0f4e2dbf36f304175611c","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"cf576426-a6e8-4b7c-8e22-27523a2d6147","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"b53c417b-69a3-4295-9d21-e383d8020193","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"87770498-e231-4fa5-a545-b5ea67daf89e","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"48f4f565-12ad-4ff3-b93a-0160923f35a4","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"6f36a1bb-0dd6-4baa-9e03-7bc628d2ec78","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"bccf8f9a-1b2c-42f0-a703-fc454c2f738a","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"c545222a-30f0-4058-a468-13de7dac0b2d","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"af9a69cd-33aa-4737-9442-2826c84d83d4","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"dc2a91e3-e6ea-48ac-a601-a3f49a5cb084","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"c6ff67eb-2a27-4a01-8f2c-f98c867af397","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"68e55a17-7865-46f9-b948-40d8863b4ef5","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"1adb6d1d-d684-4ba5-99d0-eb197d373fa8","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"d0ba5242-8ea3-4734-b399-1cf2dd251bae","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"9cb6c5f5-4c54-47d9-a1db-4ff309bb2e5c","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"021250ec-2c00-4a7b-a716-14dc56336518","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"0ae9ed55-6897-4592-be69-725863103c2d","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"95b0a5c5-c9fe-4c5e-a59f-77e783c655ab","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"631db487-c1a3-474a-99bd-4b5a532c036f","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"9a9769ad-629d-4d92-807c-e2aaffa1e13d","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"3ee8f9db-e50a-408b-af6b-a7e788c5f817","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"f4f81a9a-bb0d-47a1-a6d6-f4e27cfda7e5","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"6f044a78-1b6c-4556-871c-fd7d1dbcf559","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"49f1824d-dd08-4cb8-8aef-897238745274","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"54b67535-4130-48cd-8d67-9ddcf6565bb3","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"b1cd0fb4-1b3f-4a9f-b6ad-eff4a83f7d33","block_type":"box","text":"iShares China Large-Cap 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Such agreements can include payments by BFA","page_number":5,"box":{"x":116,"y":224,"width":734,"height":13}},{"id":"27b35d60-a28f-443a-a54c-711f7070a7c6","block_type":"box","text":"Entities to such Intermediaries and third parties for data collection and provision, technology support,","page_number":5,"box":{"x":117,"y":240,"width":739,"height":12}},{"id":"2b29e152-3061-4297-a967-1612162255db","block_type":"box","text":"platform enhancement, or educational content, co-marketing and cross-promotional efforts. In certain","page_number":5,"box":{"x":116,"y":255,"width":749,"height":13}},{"id":"adf70a2f-b8fd-4a98-884b-0d49f277b3e2","block_type":"box","text":"cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered","page_number":5,"box":{"x":116,"y":271,"width":701,"height":12}},{"id":"b33e337c-7048-4443-bade-21d40cdf7972","block_type":"box","text":"payments. With respect to certain funds and Products, payments by the BFA Entities may take the form","page_number":5,"box":{"x":116,"y":286,"width":754,"height":13}},{"id":"c418871f-5258-46ac-b90e-2abade1d40a2","block_type":"box","text":"of, among other things, “due diligence” payments for an Intermediary’s review of such funds and","page_number":5,"box":{"x":116,"y":302,"width":708,"height":12}},{"id":"6eb4d1be-e624-49a0-a1ec-33786795f702","block_type":"box","text":"Products; payment for providing employee training and information relating to such funds and Products;","page_number":5,"box":{"x":117,"y":317,"width":763,"height":13}},{"id":"f4866f97-a4a6-4b63-8aea-871112b65ebf","block_type":"box","text":"fees for access (in some cases on a preferential basis) to an Intermediary’s registered representatives,","page_number":5,"box":{"x":116,"y":333,"width":739,"height":12}},{"id":"f2d88bdf-afb2-4eb2-9534-d65686f71994","block_type":"box","text":"salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf space”","page_number":5,"box":{"x":116,"y":348,"width":753,"height":13}},{"id":"523e2be6-50c2-47f3-928f-6abd4a802fbd","block_type":"box","text":"payments for making such funds and Products available on the Intermediary’s platform or fees for","page_number":5,"box":{"x":116,"y":364,"width":716,"height":12}},{"id":"b629b357-d1c2-46d9-b340-a33829aa6355","block_type":"box","text":"providing assistance in promoting the sale of such funds and Products. In such cases, the payments to","page_number":5,"box":{"x":116,"y":379,"width":747,"height":13}},{"id":"b7beb196-99cf-4c80-9d9d-11dd705bed49","block_type":"box","text":"Intermediaries may be tiered or based on a percentage of the value of the funds and Products held by","page_number":5,"box":{"x":117,"y":395,"width":738,"height":12}},{"id":"8cbdd355-2b3b-4291-96cd-39312e5caab7","block_type":"box","text":"customers of the applicable Intermediary and may also be subject to minimum payment levels. Payments","page_number":5,"box":{"x":116,"y":410,"width":769,"height":13}},{"id":"60a71d3f-a21e-4a2a-bae0-d75a1bed7ada","block_type":"box","text":"made pursuant to such arrangements may vary in any year and may be different for different","page_number":5,"box":{"x":117,"y":426,"width":677,"height":12}},{"id":"b1bed2c2-9ca2-465b-b392-2fa29e486b32","block_type":"box","text":"Intermediaries and third parties and may reflect different services provided. As of the date of this SAI, the","page_number":5,"box":{"x":117,"y":441,"width":764,"height":13}},{"id":"74f5129f-0717-4e52-9a52-659f75d9b3bc","block_type":"box","text":"Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the","page_number":5,"box":{"x":117,"y":457,"width":740,"height":12}},{"id":"60a89a36-82c4-4320-be6e-a024638c5132","block_type":"box","text":"contractual payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit","page_number":5,"box":{"x":116,"y":472,"width":743,"height":13}},{"id":"b36a7f08-2d18-477a-a5cf-e7a572891a1b","block_type":"box","text":"Exchange, AE Wealth Management, LLC, American Enterprise Investment Services, Inc., Avantax","page_number":5,"box":{"x":117,"y":488,"width":702,"height":12}},{"id":"6b024492-10e7-47f8-8a0b-47b7afeff0d4","block_type":"box","text":"Investment Services, Inc., BNY Mellon Capital Markets, LLC, BNY Mellon Performance & Risk Analytics,","page_number":5,"box":{"x":117,"y":503,"width":744,"height":13}},{"id":"bdf30a90-6137-41cb-a787-1a43da27fda1","block_type":"box","text":"LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc., Clearstream Fund Centre AG,","page_number":5,"box":{"x":117,"y":519,"width":660,"height":12}},{"id":"e79440f8-6e90-4aa4-a523-d7d08a003b52","block_type":"box","text":"Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial Partners LLC,","page_number":5,"box":{"x":116,"y":534,"width":769,"height":13}},{"id":"8679bc97-c013-4e68-81bd-cf5f123e3009","block_type":"box","text":"E*Trade Securities LLC, Envestnet Asset Management, Inc., Equitable Advisors, LLC, iCapital Markets LLC,","page_number":5,"box":{"x":117,"y":550,"width":767,"height":12}},{"id":"64c48179-3069-458a-8c1e-cf2abf2ff9ec","block_type":"box","text":"Interactive Brokers LLC, LPL Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML","page_number":5,"box":{"x":117,"y":565,"width":726,"height":13}},{"id":"561b9905-563e-40b6-aeab-8c766d9d6fed","block_type":"box","text":"Investors Services, LLC, Morgan Stanley Smith Barney LLC, Northwestern Mutual Investment Services,","page_number":5,"box":{"x":117,"y":581,"width":742,"height":12}},{"id":"14a514d2-16c7-489e-85db-f6fcefb5f3c9","block_type":"box","text":"LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial Services, Inc., Riskalyze, Inc.,","page_number":5,"box":{"x":117,"y":596,"width":760,"height":13}},{"id":"4dd09164-fe32-4ad2-8413-91e3123f8c22","block_type":"box","text":"Rockefeller Financial LLC, Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing","page_number":5,"box":{"x":117,"y":612,"width":763,"height":12}},{"id":"903adae9-7f24-410c-85da-9f07ddab965e","block_type":"box","text":"Services, LLC and Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions","page_number":5,"box":{"x":116,"y":627,"width":767,"height":13}},{"id":"04d3e524-2157-4c18-8dd0-4e592f773956","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":"a0930c6e-cbbc-4c63-8fa3-e91266720355","block_type":"box","text":"included in the list.","page_number":5,"box":{"x":117,"y":658,"width":139,"height":10}},{"id":"04f9d7ca-6be0-45cd-b50e-2367a439488c","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":"05da4120-88eb-4c3f-bfc8-0eab7c198505","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"72b90821-893f-431d-a6bf-8223bdfb7985","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"55da1f07-17df-4790-86b0-af5c4d02699f","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":"d360bf87-d8dd-44f7-9a77-df067cac6970","block_type":"box","text":"IS-A-IntermSAI-0926","page_number":5,"box":{"x":761,"y":887,"width":122,"height":8}},{"id":"f3079243-f384-49eb-b6fd-69685620dd93","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"2ccf6785-8ef8-41e2-89c2-b22546d0a035","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"894b2a0c-4f17-44bf-92c2-51e2eef86e88","block_type":"box","text":"iShares","page_number":6,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"964ad5c6-f1bb-48e8-b54e-81628ddb3771","block_type":"box","text":"®","page_number":6,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"066c4671-ef44-4d0e-809c-dc8698ac0b6f","block_type":"box","text":"iShares, Inc.","page_number":6,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"a1c2c197-6c51-498c-8f2c-a8696d419b83","block_type":"box","text":"iShares Trust","page_number":6,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"d9b221c8-e6a4-4e02-b948-470db5e76c35","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":6,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"7dd0f3c0-2925-42a4-9493-a786aaf0e349","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":6,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"e5dd9b90-8ffc-4f78-b8a2-1213b49ba6be","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":6,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"b3132091-bb33-4db6-89a1-74768695ee1c","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":6,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"eae47e5f-56b5-4c6f-95dc-d24387f7aef6","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":6,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"19ce22b5-52f3-40be-b050-0dcf353531b1","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":6,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"79f28382-e85e-484a-9429-efc372a7f6a1","block_type":"box","text":"is checked for the applicable Fund.","page_number":6,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"a86b0be0-3abb-41a2-a20d-399491064742","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":6,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"3fbf3730-e203-4271-8c4b-ea5dedbe97d7","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":6,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"9aec3384-f6c7-4e7c-9516-dbd87815de7a","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":6,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"b0d78304-2078-484f-ba46-fd933774fb46","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":6,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"eac44ca9-50b2-496f-9a00-9c97908d1f01","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":6,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"e37a1e09-1e33-4f50-b177-1d88cf91f453","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":6,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"d9e80e41-96b6-4585-a3e5-c6e59a448125","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":6,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"913e64bd-c45f-4100-8c80-bf6e7d27b933","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":6,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"908b668b-f86d-4594-b9f4-886f71674df9","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":6,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"f3ae574f-d38a-4602-bf11-add7d6ae451d","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":6,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"5ad2e17e-d51a-4bec-815d-c67d6f2d00c4","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":6,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"16e76780-91d5-4876-80b1-a9707256cbe9","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":6,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"f1d80244-09e7-465a-b6f8-2432fac44d1b","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":6,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"9299b288-4742-4480-9655-fa75f0cabc3d","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":6,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"f5807674-06cd-4a57-95ff-a4fe9f9f4a76","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":6,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"1a3757ae-a101-4e56-8b96-9c88a98109c5","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":6,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"a7157848-6424-4a12-b0fe-8049b6bd079c","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":6,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"62e6c539-87a8-4386-9178-46a7f1e273c3","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":6,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"ebbeb580-2a22-46ee-8857-971a71af3f31","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":6,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"1c49c974-e079-4855-bb77-887ee24524ef","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":6,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"7c77e65e-a180-4766-9d3c-f216ed2a5f1f","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":6,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"57e62819-f162-4572-a977-b32bce2bdb28","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":6,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"80552da2-9cde-4dd2-b9a7-bdf5c9c21a0c","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":6,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"78a6ce0c-f735-43d3-bc7f-c9307bd1c270","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":6,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"5f02f07a-d881-4e0d-9060-a6a336cc26ba","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":6,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"7604c387-2d2b-4f77-a41e-98b346eb8042","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":6,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"5b29fc53-fb5d-4cbb-a26d-2c3a7ecbd7ad","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":6,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"c4e5c3bf-ac43-44ab-ae91-44308be3bcdd","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":6,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"c21758de-5d6a-4b9f-af63-6e91fd57a701","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":6,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"6bb964e1-d810-4f26-9283-30cbf0debfce","block_type":"box","text":":","page_number":6,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"32f6dbdf-cf4a-46d8-b636-78c179176a1d","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":6,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"0cc56822-00ac-428b-a5d7-c423174347fe","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":6,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"fdd3e8c0-ac6e-4dd7-80e6-ad52c88096e5","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":6,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"4593898e-ef1f-4014-b019-b5ce10679245","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":6,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"e1ecf7f5-d695-4921-b96a-59bde024d99b","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":6,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"fd90554e-e9dc-418f-b5a7-29ba2202da9a","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":6,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"96dfbccb-9333-474c-a472-e030e0eb72e2","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":6,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"d5ff0c0c-639b-4a05-9513-4ad6d4ab581e","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":6,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"bdc635f2-011a-4437-831a-cce5c6d986ba","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":6,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"f2bd73bc-5b90-4e6a-a876-d404726befbc","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":6,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"d7d8f903-a342-43c9-83be-0f66a5f962ea","block_type":"box","text":"by such custodian.","page_number":6,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"c4170194-efc3-4538-a36e-1e17ee1cc292","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":7,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"1ce91e3c-2b16-464c-ac6a-7e8af9f8b8bd","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":7,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"5f8dc54d-b209-464d-af93-ab5b9025f66e","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":7,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"77f706a1-fa05-4a65-961c-024f3c9fcf83","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":7,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"8a9b31bb-139c-4ad5-a9f8-0161f96f5258","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":7,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"7b89d171-a435-4b3e-9c49-94d0b234460d","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":7,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"9538b9d8-e288-4baf-b4bb-03472e79d3a4","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":7,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"866a83b2-4d01-4351-8218-12632265b9a0","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":7,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"ea5bfc07-b656-47a9-8d42-4b5ef60fa034","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":7,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"83283510-f774-4df9-b541-618e317d82ed","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":7,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"1a94cd0c-de00-4eb1-96ae-3de5becc3375","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":7,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"7062609b-515a-41a9-b3b3-3ab3a757830e","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":7,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"b9ee4645-fb82-41a7-b776-dab6008998c8","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":7,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"f69dcb92-b452-444b-8b6d-8ad5d2f2b0c6","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":7,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"e57466d1-b4a2-401e-9838-7ec85d5c5cdf","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":7,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"139de12f-6dcb-4d8c-a5f7-da61034bd936","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":7,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"9a74bd97-0200-4ece-8939-1350aa0384a1","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":7,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"c0d7449b-29d4-426a-a218-b5081e3bab4a","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":7,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"f51352c9-7844-4b41-9b30-752ea357df46","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":7,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"b8c4e93e-33b7-4aaf-adbb-20313b56aec7","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":7,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"68110b97-a626-4d6b-9111-157818a765a0","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":7,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"b916c33b-4f2a-48c5-a09e-133b795e15e9","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":7,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"84a410af-9f77-4935-9752-793cfa5428de","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":7,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"f9c54db4-1725-4e9c-8043-d23c2d8e97fd","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":7,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"26198e07-1553-44d0-84ba-7b69dcd0275b","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":7,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"59ab6765-1236-49e8-95a8-0985f1d97628","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":7,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"4b180da4-2188-4608-8c6b-c64377343b38","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":7,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"f4032b5d-a7b1-46d1-940e-6e2408166631","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":7,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"5c14f94e-92eb-4286-876a-24e1758844fa","block_type":"box","text":"Fund","page_number":7,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"ee5c568f-a1c2-4d37-a25a-462639795e80","block_type":"box","text":"Standard Creation","page_number":7,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"d24c78bf-9618-48a5-9ddf-a46e78307ca7","block_type":"box","text":"Transaction Fee","page_number":7,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"7ca119ea-1cab-4989-9bbb-6311466ff479","block_type":"box","text":"Maximum Additional","page_number":7,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"b579876c-2385-49b5-9ca8-0f35807b4253","block_type":"box","text":"Charge*","page_number":7,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"cd2361fa-8d7b-49a1-95a1-c464257db76b","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 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The ETF Servicing Fee may be equal to zero","page_number":9,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"27d113a1-077d-41c4-9dcf-605abdc43a09","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":9,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"05197b5b-b4c4-4816-9f7e-937c79b783fc","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":9,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"2daaa941-7b58-4545-bdf4-799244e9b3d8","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":9,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"c7333d6b-6f45-4e41-adfd-2d80d146c0cb","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":9,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"d1e71782-9b15-48ec-8326-e308131f7cd2","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":9,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"8db4d4d9-19d6-48f2-9567-b59b5535d761","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":9,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"ec1a3f17-1008-47ae-ab4f-7dc3b39e962d","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":9,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"71ebb9ef-59d3-4281-8ad5-2dbd7b73b24f","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":9,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"0092cf1c-5526-4df0-91aa-6deeb9205f01","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":9,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"a5574fa9-f260-4681-af6e-a0bdfe2a08e6","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":9,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"3fc3bb69-3c6c-4cc5-aaa3-a78dc9c07e12","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":9,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"5d8bdf88-b3ce-4d8c-bfe7-7873c8545da8","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":9,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"545861d5-da49-4e97-8b26-2694be45907a","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":9,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"ad903443-488a-4284-a0fe-ed3086f6f28e","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":9,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"21591960-ba0d-49ad-93a1-38e0b97e21c5","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":9,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"15482277-49bd-482c-82d8-cdc5bb6c8a35","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":9,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"e91db048-4e00-4e10-95fa-65279d08136e","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":9,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"888771aa-618e-4bfc-8f5e-b436752aa9c6","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":9,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"67baceab-dddf-4f39-b81a-1212c12452fe","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":9,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"558fc89b-0b24-4f73-ae78-4d79efd16118","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":9,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"a4c03452-720b-476c-968b-4e2ff0121c98","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":9,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"c32ed0f9-7034-46a5-be92-f177f57098f3","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":9,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"4bdfe046-eb35-499c-b00a-e6f8d3e88393","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":10,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"688be4cd-e9cd-4b48-af02-b1ed4920e93e","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":10,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"abda80d1-f856-4fea-b89f-1b3dd06c8c6b","block_type":"box","text":"Fund","page_number":10,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"38bbf36c-4878-4336-8d4e-76aba7a91fb0","block_type":"box","text":"Standard Redemption","page_number":10,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"c15175e5-2bf5-47bc-9537-0f5c7401702a","block_type":"box","text":"Transaction Fee","page_number":10,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"3cad2a9a-921a-4eaf-9d5b-19aadbdb3dd4","block_type":"box","text":"Maximum Additional","page_number":10,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"2f29f484-6741-4973-81ab-aded75c07756","block_type":"box","text":"Charge*","page_number":10,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"7ef30a6f-584b-4fcf-a87d-9cba56cc7f09","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":10,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"6d0542ea-d86c-4254-a4e7-66a2d0e1f6f9","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":10,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"bc51f696-1e7c-4465-b8b5-9f4b83bceb32","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":10,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"503afc70-fe1f-4ec9-8d5b-94bd14e3864a","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":10,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"1d5e0e2c-cbfe-4474-869b-b1bccc4b2b82","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":10,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"a20f3802-3d09-4394-b646-daa852220098","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":10,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"dd9914bd-e1b8-4558-ba8a-93785239d003","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":10,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"cde2043b-db71-44e4-a38d-92e7fb3e3aa6","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":10,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"64640a2c-c0da-4163-a76e-e53f42bcc2ca","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":10,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"6ad7f5d1-1cf9-4014-b495-01281aed85cf","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":10,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"d088d70c-3d33-42e5-9489-8ffd7d82f895","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":10,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"b0ea560c-752d-44cd-87f3-4a0dcc2a1296","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":10,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"aa944e4c-7584-4320-8186-7343b815ab29","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":10,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"3cf3919b-b03d-496c-9c22-300fde5eef40","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":10,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"7e868493-182c-4f99-b8f3-bef7f3c21f16","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":10,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"e11159b3-b369-4a0b-bdc8-9fa517d60219","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":10,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"76c80bf3-4e7e-4fdd-8fe7-77abc02828b7","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":10,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"98202807-b44a-452a-9686-3bf523ff5002","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":10,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"5982be6f-15e3-46bf-9d88-ecc7ebc92f2c","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":10,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"5c0b9df9-1cef-44e7-aa28-b0e48a564de8","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":10,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"36a2fa28-a4ad-4b81-bdfd-4035913cc2b4","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":10,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"e4fd1a26-3090-45b3-a86a-9b2824bbf342","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":10,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"4f53f89f-5810-48b0-ba4e-497506eb8cbf","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":10,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"ff8227e2-a8fc-4103-96a0-ace5a09ab629","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":10,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"758d636c-0b03-455a-be2f-fc3e2fe4c7d7","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":10,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"51648cfb-9cc5-4707-9a56-5248483230f3","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":10,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"33b0e50a-4800-448b-a86d-45b35af93d57","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":10,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"1529db25-d91e-4a44-884f-c27f0db13c24","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":10,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"798e02f4-ddeb-4050-8cd6-f99bb7f2980e","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":10,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"b5943793-78ed-488b-9413-8df03381e4af","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":10,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"e4c763ff-fd46-456c-bc12-7f49d7a08d21","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":10,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"5a7bd610-7b87-460a-a334-9a8e30b1a6e9","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":10,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"83d612d7-6adc-4750-9db3-8f0dd9da3d92","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":10,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"c0484605-e127-4644-971c-c695939fb3d7","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":10,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"27302d07-9b7e-44c6-bc8c-a574f5aaa0ba","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":10,"box":{"x":184,"y":790,"width":379,"height":12}},{"id":"a7147322-951e-49cb-944a-f314f5cd3a01","block_type":"box","text":"ETF","page_number":10,"box":{"x":201,"y":806,"width":26,"height":9}},{"id":"f86a6ec5-a772-41d6-8cb0-8df7367e7aad","block_type":"box","text":"$1,420 2.0%","page_number":10,"box":{"x":627,"y":805,"width":220,"height":12}},{"id":"cd7f364b-c5fb-4688-81fa-12c55667c755","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 2.0%","page_number":10,"box":{"x":184,"y":824,"width":663,"height":13}},{"id":"a56e6449-dde1-437b-953c-cee013b5833f","block_type":"box","text":"iShares MSCI India ETF $1,230 2.0%","page_number":10,"box":{"x":184,"y":843,"width":668,"height":12}},{"id":"c42369c2-9a96-4590-826b-419600f88f6c","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 2.0%","page_number":10,"box":{"x":184,"y":863,"width":668,"height":12}},{"id":"c574b52a-ca35-4bdd-b66f-b1a83486d757","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 2.0%","page_number":10,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"016b96dc-da9b-45cc-b754-9fbbe0b9fdf5","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":10,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"82e37a45-c0f0-491c-937c-fff667ef0918","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":10,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"34be2bd7-2851-443c-aad8-80f3a382c946","block_type":"box","text":"Fund","page_number":11,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"043ee497-047e-420d-bba7-4ac788d3ae4c","block_type":"box","text":"Standard Redemption","page_number":11,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"a81e7931-45ff-42ef-bb3d-d5d77ee0a201","block_type":"box","text":"Transaction Fee","page_number":11,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"3316fe71-d2c0-4f80-b2ef-9d94993f3945","block_type":"box","text":"Maximum Additional","page_number":11,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"9337a732-441c-411c-bf36-fed23e4fb8da","block_type":"box","text":"Charge*","page_number":11,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"0495145c-e7a6-4498-85b1-8655107364f8","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 2.0%","page_number":11,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"6c26cced-8fd3-4809-9cb7-52bd4f8d2adb","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 2.0%","page_number":11,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"d7ea34a1-29d4-46ef-86be-ece40266d482","block_type":"box","text":"iShares MSCI Japan Value ETF $580 2.0%","page_number":11,"box":{"x":184,"y":138,"width":668,"height":12}},{"id":"e76130a3-97b9-42f4-8d9c-2c84d6d7155d","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 2.0%","page_number":11,"box":{"x":184,"y":157,"width":668,"height":12}},{"id":"ed341bcf-0086-41dd-84da-69d443c06c2e","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 2.0%","page_number":11,"box":{"x":184,"y":176,"width":668,"height":12}},{"id":"2451c47f-e8e3-40d6-b504-8ba6a04ebd7b","block_type":"box","text":"iShares MSCI Malaysia ETF $900 2.0%","page_number":11,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"1f6a323d-90a3-476a-b7ca-4748e33ee045","block_type":"box","text":"iShares MSCI New Zealand ETF $500 2.0%","page_number":11,"box":{"x":184,"y":215,"width":668,"height":11}},{"id":"3ea88509-ae93-463a-96bc-21a720682458","block_type":"box","text":"iShares MSCI Norway ETF $770 2.0%","page_number":11,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"19afddb7-df24-4f10-902c-5a46c71761d1","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 2.0%","page_number":11,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"22c5f515-ab57-4956-ab86-9892ffd771c1","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 2.0%","page_number":11,"box":{"x":184,"y":273,"width":668,"height":13}},{"id":"a03317e7-fe92-44d8-905c-08c66864f093","block_type":"box","text":"iShares MSCI Philippines ETF $800 2.0%","page_number":11,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"d34ffdad-b111-4c0f-ac97-4c4b46551a29","block_type":"box","text":"iShares MSCI Poland ETF $530 2.0%","page_number":11,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"27c67c46-977b-45fd-99d8-7eec95b04d08","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 2.0%","page_number":11,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"5ba3ac8e-42dc-4634-b18d-7ed40c3ac6f0","block_type":"box","text":"iShares MSCI Singapore ETF $480 2.0%","page_number":11,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"191ea904-f433-4e02-a753-57ee058efacb","block_type":"box","text":"iShares MSCI South Africa ETF $550 2.0%","page_number":11,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"93a9db6b-0b9b-44b5-a037-e57e168cd55a","block_type":"box","text":"iShares MSCI South Korea ETF $850 2.0%","page_number":11,"box":{"x":184,"y":390,"width":668,"height":10}},{"id":"3f57fcd3-dad8-471c-a25e-7c407ac4a34d","block_type":"box","text":"iShares MSCI Spain ETF $360 2.0%","page_number":11,"box":{"x":184,"y":409,"width":668,"height":13}},{"id":"da304131-fc67-4248-aa28-84bacae60a02","block_type":"box","text":"iShares MSCI Sweden ETF $480 2.0%","page_number":11,"box":{"x":184,"y":428,"width":668,"height":11}},{"id":"0c754e83-5364-4239-94c4-d61497a50a37","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 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Information","page_number":18,"box":{"x":89,"y":274,"width":185,"height":10}},{"id":"cc6f559d-c6af-4768-b793-d64450f03716","block_type":"box","text":"134","page_number":18,"box":{"x":944,"y":275,"width":24,"height":9}},{"id":"6d66a939-01dc-4f7e-8c97-dadf2137ef02","block_type":"box","text":"Counsel","page_number":18,"box":{"x":128,"y":296,"width":55,"height":10}},{"id":"32337940-79a5-4de0-84ef-896f7f176031","block_type":"box","text":"134","page_number":18,"box":{"x":944,"y":296,"width":24,"height":10}},{"id":"d29d3490-ca3a-4194-b184-c31e7d92f494","block_type":"box","text":"Independent Registered Public Accounting Firm 134","page_number":18,"box":{"x":128,"y":317,"width":840,"height":13}},{"id":"5e25ea00-6243-45bb-9449-7955cbd2bf5b","block_type":"box","text":"Shareholder Communications to the Board 134","page_number":18,"box":{"x":128,"y":339,"width":840,"height":9}},{"id":"a856a40a-635c-4f8b-a907-14d3e4aade41","block_type":"box","text":"Regulation Under the Alternative Investment Fund 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The Company was organized as a Maryland","page_number":19,"box":{"x":88,"y":85,"width":873,"height":13}},{"id":"f66c61ba-b2ec-445a-8b8b-426a3ce5a31f","block_type":"box","text":"corporation on September 1, 1994 and is authorized to have multiple series or portfolios. The Company is an open-end","page_number":19,"box":{"x":89,"y":101,"width":830,"height":12}},{"id":"a27e146b-a231-4f3c-82a3-813afe3aba56","block_type":"box","text":"management investment company registered with the SEC under the 1940 Act. The offering of the Company’s shares is","page_number":19,"box":{"x":89,"y":116,"width":837,"height":12}},{"id":"2c7a75d8-b1d6-4403-9230-3dcd3485cf7e","block_type":"box","text":"registered under the Securities Act of 1933, as amended (the “1933 Act”). This SAI relates to the following Funds:","page_number":19,"box":{"x":89,"y":131,"width":793,"height":12}},{"id":"d6649abe-cb29-40e6-b8c6-09689c2a9678","block_type":"box","text":"• iShares MSCI Australia ETF","page_number":19,"box":{"x":121,"y":151,"width":221,"height":10}},{"id":"06afdc6c-20f9-40ac-a382-8de6d377be4a","block_type":"box","text":"• iShares MSCI Austria ETF","page_number":19,"box":{"x":121,"y":171,"width":210,"height":10}},{"id":"bf7e2428-b5bd-45db-a577-6e978038ff03","block_type":"box","text":"• iShares MSCI Belgium ETF","page_number":19,"box":{"x":121,"y":191,"width":216,"height":13}},{"id":"31a3724f-e385-4115-acb9-60b582b19f49","block_type":"box","text":"• iShares MSCI Canada ETF","page_number":19,"box":{"x":121,"y":211,"width":212,"height":10}},{"id":"3f80a2e2-c88a-401c-940d-9af47eaa9379","block_type":"box","text":"• iShares MSCI Eurozone ETF","page_number":19,"box":{"x":121,"y":232,"width":224,"height":9}},{"id":"e50262b7-9672-47e0-9c45-9fd57a9b01e5","block_type":"box","text":"• iShares MSCI France ETF","page_number":19,"box":{"x":121,"y":252,"width":206,"height":9}},{"id":"3f89112f-706e-430d-ad44-1e3c7527e4e9","block_type":"box","text":"• iShares MSCI Germany ETF","page_number":19,"box":{"x":121,"y":272,"width":223,"height":12}},{"id":"89a84686-21cd-4880-8f98-54180bdcd0ff","block_type":"box","text":"• iShares MSCI Hong Kong ETF","page_number":19,"box":{"x":121,"y":292,"width":238,"height":12}},{"id":"d1022fa0-a2d5-4dab-86a2-2f11ba46a695","block_type":"box","text":"• iShares MSCI Israel ETF","page_number":19,"box":{"x":121,"y":312,"width":196,"height":10}},{"id":"bd012ff1-f3a6-48e6-83ab-646fe359b4d0","block_type":"box","text":"• iShares MSCI Italy ETF","page_number":19,"box":{"x":121,"y":332,"width":189,"height":13}},{"id":"cf6ddec3-75d5-4287-9a48-f4561a2f4ad2","block_type":"box","text":"• iShares MSCI Japan 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Creation Units typically are a specified number of shares,","page_number":20,"box":{"x":425,"y":44,"width":537,"height":12}},{"id":"bf1b92a5-0382-413c-ac2b-7411f10cd8fa","block_type":"box","text":"generally ranging from 50,000 to 300,000 shares or multiples thereof.","page_number":20,"box":{"x":89,"y":59,"width":487,"height":12}},{"id":"0265ed2a-1921-4474-b401-1b7cf8b8336b","block_type":"box","text":"The Company reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in","page_number":20,"box":{"x":88,"y":85,"width":873,"height":13}},{"id":"e643d5ff-3b06-4433-ae11-edd23b1109a3","block_type":"box","text":"cash and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in","page_number":20,"box":{"x":89,"y":101,"width":869,"height":12}},{"id":"1d323e30-ab6b-4227-b5c7-3f1901c35680","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":20,"box":{"x":89,"y":116,"width":802,"height":12}},{"id":"5fd226c1-67cc-4888-9707-31fe7d46d1a4","block_type":"box","text":"Participant maintain collateral with the Company as set forth in the handbook for Authorized Participants. The Company may","page_number":20,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"8acd589f-6615-43a3-a84c-d58dff4a05f4","block_type":"box","text":"use such collateral at any time to purchase Deposit Securities. See the","page_number":20,"box":{"x":89,"y":146,"width":488,"height":12}},{"id":"5371bb51-0767-4d91-8c4e-7a3e9b3c159a","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":20,"box":{"x":582,"y":146,"width":300,"height":12}},{"id":"c1f8b683-c443-489a-ba4b-f5249e962d5e","block_type":"box","text":"section of","page_number":20,"box":{"x":887,"y":146,"width":70,"height":10}},{"id":"54871869-4fd5-40af-ad53-bdaea4bd3ffc","block_type":"box","text":"this SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be","page_number":20,"box":{"x":88,"y":161,"width":831,"height":12}},{"id":"1e52ebde-0ac7-4cfe-a480-35a442efcb7f","block_type":"box","text":"higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions","page_number":20,"box":{"x":89,"y":176,"width":849,"height":13}},{"id":"93a53f98-2d78-4fb5-a0ac-0f730ec2b19e","block_type":"box","text":"with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules","page_number":20,"box":{"x":88,"y":191,"width":879,"height":13}},{"id":"95b69b01-e380-4710-bdcd-4abde0faf2b2","block_type":"box","text":"and regulations applicable to management investment companies offering redeemable securities.","page_number":20,"box":{"x":89,"y":206,"width":682,"height":13}},{"id":"c70b648f-a7d4-42ea-b04b-e307360c4332","block_type":"box","text":"Exchange Listing and Trading","page_number":20,"box":{"x":91,"y":237,"width":491,"height":30}},{"id":"3eb9122f-f2e3-4a67-9b4a-4ffe8d2bbe48","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":20,"box":{"x":88,"y":278,"width":813,"height":13}},{"id":"5033fd89-3387-4e1d-9b07-ca89baaa1066","block_type":"box","text":"Shareholder Information","page_number":20,"box":{"x":88,"y":293,"width":170,"height":12}},{"id":"6ed582c2-28e9-4f2d-99e1-79ce9f1e3f84","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":20,"box":{"x":264,"y":293,"width":651,"height":13}},{"id":"b0230706-bdbc-43ae-bc9e-726ca1f79c50","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":20,"box":{"x":89,"y":308,"width":415,"height":13}},{"id":"e6e1cc2b-2336-43cd-98df-5b074258b862","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":20,"box":{"x":88,"y":335,"width":843,"height":12}},{"id":"ce232a7d-4889-4aa6-be47-c424059df657","block_type":"box","text":"secondary markets. Shares of the Funds may also be listed on certain non-U.S. exchanges. There can be no assurance that","page_number":20,"box":{"x":89,"y":350,"width":857,"height":12}},{"id":"71f0963d-1299-4cc7-a83f-39f5c1d3b022","block_type":"box","text":"the requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met. 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The Listing Exchange will also remove shares of a Fund from listing and trading upon termination of the Fund.","page_number":20,"box":{"x":89,"y":456,"width":856,"height":12}},{"id":"ce720175-20e5-4be4-88dd-25157edd5848","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":20,"box":{"x":88,"y":482,"width":852,"height":13}},{"id":"0d55cdf8-44e3-45a5-b7c0-544bbdc919f1","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":20,"box":{"x":89,"y":497,"width":524,"height":13}},{"id":"d11d4f6b-4861-49a8-8494-0a502b4932d8","block_type":"box","text":"The Company reserves the right to adjust the share price of a Fund in the future to maintain convenient trading ranges for","page_number":20,"box":{"x":88,"y":524,"width":854,"height":12}},{"id":"f4aaf092-3407-4b5d-90c6-c2d131c480c5","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":20,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"4431564e-2224-450a-893d-a124c5af5cf4","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":20,"box":{"x":89,"y":554,"width":477,"height":12}},{"id":"17168787-60a8-4c09-a519-f343b59e874f","block_type":"box","text":"Investment Strategies and Risks","page_number":20,"box":{"x":91,"y":585,"width":531,"height":29}},{"id":"9ce5ac01-2cd8-4363-932c-856d54d09b7e","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":20,"box":{"x":89,"y":626,"width":824,"height":12}},{"id":"6ae6a923-4ce7-470c-bbc2-afc34a68ff79","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the Underlying Index. Each","page_number":20,"box":{"x":89,"y":641,"width":853,"height":12}},{"id":"2f433c66-e8c5-4f90-9d51-e2b23ea97521","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":20,"box":{"x":89,"y":656,"width":841,"height":13}},{"id":"c5b09b09-e389-40ad-a71f-9f4659b0d2f7","block_type":"box","text":"ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":20,"box":{"x":89,"y":671,"width":550,"height":13}},{"id":"5fed149f-744f-4c6c-9b55-a9ea2e3775cb","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":20,"box":{"x":89,"y":698,"width":812,"height":12}},{"id":"aaf6de63-f192-4f41-8200-76ed74d5c0a7","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":20,"box":{"x":89,"y":713,"width":848,"height":12}},{"id":"cb79e1cf-8fc6-4eb5-ab28-23b64932b88b","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":20,"box":{"x":89,"y":728,"width":819,"height":12}},{"id":"f15d5d1f-11e8-470f-9f03-a7fc54733ace","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":20,"box":{"x":88,"y":743,"width":859,"height":12}},{"id":"de339e67-f15a-4740-bf09-7d4b02c26a93","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":20,"box":{"x":89,"y":758,"width":727,"height":13}},{"id":"81388838-a8f8-4d0b-a642-c3fed453a1fd","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":20,"box":{"x":88,"y":785,"width":851,"height":12}},{"id":"dc583222-2b23-4a92-a0c7-b4f8989efe68","block_type":"box","text":"described below.","page_number":20,"box":{"x":89,"y":800,"width":116,"height":10}},{"id":"1a4a3176-fcb5-44b0-9ced-246e6e25e0c0","block_type":"box","text":"Borrowing.","page_number":20,"box":{"x":89,"y":827,"width":78,"height":12}},{"id":"17afa0b7-1a80-47cb-87c1-cd06695ac397","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":20,"box":{"x":176,"y":826,"width":777,"height":13}},{"id":"b053bc75-d5d9-4546-99a5-0c1f3ee0da3d","block_type":"box","text":"or to facilitate the settlement of securities or other transactions. The iShares MSCI Australia ETF, iShares MSCI Austria ETF,","page_number":20,"box":{"x":89,"y":841,"width":856,"height":12}},{"id":"df9165db-c847-4f42-8a5e-ce4897026558","block_type":"box","text":"iShares MSCI Belgium ETF, iShares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":20,"box":{"x":89,"y":856,"width":846,"height":13}},{"id":"93868e40-8c3f-4fa5-aeeb-01e7133faa5f","block_type":"box","text":"2","page_number":20,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"07415532-dce4-4a3e-8d43-c6bb95ee96de","block_type":"box","text":"Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF,","page_number":21,"box":{"x":89,"y":44,"width":864,"height":12}},{"id":"6c1cb69b-35f5-40b5-ba73-dfe9389879f8","block_type":"box","text":"iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares","page_number":21,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"fe118dc3-3b5e-43a2-9ec9-71e978f955cc","block_type":"box","text":"MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Thailand ETF and iShares MSCI","page_number":21,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"b0af8d9f-5eb6-423a-89ea-b9ca94057bcc","block_type":"box","text":"Turkey ETF, along with certain other iShares funds, have entered into a syndicated line of credit with the Bank of New York","page_number":21,"box":{"x":88,"y":89,"width":855,"height":13}},{"id":"02510e43-ea33-4803-a42e-71501645e596","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated line of credit may be used","page_number":21,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"18a0c539-e42b-4681-bb5a-77307a4d74ea","block_type":"box","text":"for temporary or emergency purposes, including redemption, settlement of trades and rebalancing of portfolio holdings.","page_number":21,"box":{"x":88,"y":119,"width":842,"height":13}},{"id":"3835ea62-7c4a-4965-bea4-b00236396082","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing Rate (“SOFR”) published","page_number":21,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"68c5d51d-9d70-4f58-b492-0c6c05f4023a","block_type":"box","text":"by the Federal Reserve Bank of New York plus a spread. Pursuant to the terms of the credit agreement, if SOFR were to cease","page_number":21,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"abc05e76-5230-4b6d-9840-743453f415bf","block_type":"box","text":"being published or representative, it would be replaced by a rate based on an alternate benchmark selected by BNY.","page_number":21,"box":{"x":89,"y":176,"width":806,"height":13}},{"id":"728339fb-3fde-42a9-bb12-da4fb0460f17","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":21,"box":{"x":88,"y":203,"width":846,"height":12}},{"id":"96a273fd-8eb5-45f1-8384-0415553d5a6a","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":21,"box":{"x":89,"y":218,"width":852,"height":12}},{"id":"e6fa2f3e-8003-4ecd-ac4e-169f0fea71ef","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":21,"box":{"x":89,"y":233,"width":870,"height":12}},{"id":"c7a3ce34-b944-47d6-8a3f-773688942771","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":21,"box":{"x":89,"y":248,"width":874,"height":12}},{"id":"df6076c0-ec65-41cf-b2fb-6ffb8ef1d7ca","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":21,"box":{"x":89,"y":263,"width":826,"height":12}},{"id":"fd702e9e-84d2-4c9c-af0f-34a04b943bf2","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":21,"box":{"x":89,"y":278,"width":871,"height":13}},{"id":"d5161b55-5da3-4393-afbb-3be8360d7129","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":21,"box":{"x":89,"y":293,"width":381,"height":13}},{"id":"0479af3a-5eba-40d5-bee5-ce686f19068c","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":21,"box":{"x":89,"y":320,"width":835,"height":12}},{"id":"b7c9a6e7-f470-452a-ad9e-e4c914985e3a","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":21,"box":{"x":89,"y":335,"width":873,"height":12}},{"id":"91e2d8b9-5bc6-47c7-8bfa-a3b4a921babe","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":21,"box":{"x":89,"y":350,"width":800,"height":12}},{"id":"9715f720-52dd-4126-b7bd-75c105b64d8c","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":21,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"b92dbd35-a95e-43b6-b5fe-fa39e7f2e004","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":21,"box":{"x":89,"y":380,"width":856,"height":13}},{"id":"d8c6b501-de5f-441c-9f75-395141e81ddf","block_type":"box","text":"may be disadvantageous to do so.","page_number":21,"box":{"x":89,"y":395,"width":237,"height":13}},{"id":"f7f6bc79-0388-4eae-8020-7d64482fd9b9","block_type":"box","text":"Currency Transactions.","page_number":21,"box":{"x":89,"y":422,"width":166,"height":12}},{"id":"a577c014-dda5-4bf1-858b-9306bb71b71a","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":21,"box":{"x":264,"y":422,"width":696,"height":12}},{"id":"d9d5d100-0f6f-439d-aa18-290ed0695523","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":21,"box":{"x":89,"y":437,"width":876,"height":12}},{"id":"518e3b64-bd68-49b3-865f-94ed920e5cab","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":21,"box":{"x":89,"y":452,"width":814,"height":12}},{"id":"21fa5992-589f-4ba4-a22f-04874d741a5f","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":21,"box":{"x":89,"y":467,"width":828,"height":13}},{"id":"8efceef3-3472-4544-9b01-067375174653","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":21,"box":{"x":89,"y":482,"width":854,"height":13}},{"id":"f0149fbb-7ce2-4cfb-afc9-b8f9f46b8d99","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":21,"box":{"x":89,"y":497,"width":863,"height":13}},{"id":"0984c613-3b2f-41df-81bb-cc364d96fc08","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":21,"box":{"x":89,"y":513,"width":840,"height":12}},{"id":"ebfb0636-5b10-48ca-a87e-3eeb2b6571fd","block_type":"box","text":"delivery of the underlying currency. The Funds do not expect to engage in currency transactions for the purpose of hedging","page_number":21,"box":{"x":89,"y":528,"width":864,"height":12}},{"id":"f3b601ef-632d-46cf-b225-19b0094dcefe","block_type":"box","text":"against declines in the value of the Funds’ assets that are denominated in a non-U.S. currency. A Fund may enter into non","page_number":21,"box":{"x":89,"y":543,"width":857,"height":12}},{"id":"37c33050-770e-4667-869a-4b7871eb2c39","block_type":"box","text":"U.S. currency forward and non-U.S. currency futures transactions to facilitate local securities settlements or to protect","page_number":21,"box":{"x":89,"y":558,"width":825,"height":12}},{"id":"70fdddb6-9aa7-4e48-9393-0b0361b39362","block_type":"box","text":"against currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for","page_number":21,"box":{"x":89,"y":573,"width":843,"height":12}},{"id":"2d23b033-57b5-449e-af97-67ee1fc775ce","block_type":"box","text":"speculative purposes.","page_number":21,"box":{"x":89,"y":588,"width":150,"height":12}},{"id":"53ec94a1-d312-48df-9a00-1cf9847a558e","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":21,"box":{"x":89,"y":615,"width":879,"height":12}},{"id":"7a481cb9-e490-49a8-bfb3-eabd0518cea7","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":21,"box":{"x":89,"y":630,"width":876,"height":12}},{"id":"5be0462e-ed39-4b95-97d2-dbd148cf295a","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":21,"box":{"x":89,"y":645,"width":842,"height":12}},{"id":"19fe7d08-85cf-4c93-86d9-a26d15203810","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":21,"box":{"x":89,"y":660,"width":877,"height":12}},{"id":"947fe2bd-7eb6-4707-839c-389d8a896e3c","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":21,"box":{"x":89,"y":675,"width":864,"height":12}},{"id":"b0e3f69e-50a7-4f3e-a24c-66968bee41e0","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":21,"box":{"x":89,"y":690,"width":853,"height":13}},{"id":"8d1d1595-8fdd-4c19-9f5c-5dfe65ee1662","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":21,"box":{"x":89,"y":705,"width":877,"height":13}},{"id":"572a825f-00c1-4797-965f-5730973f0f39","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":21,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"45411f54-b3d4-470b-bddd-e4aaee693ff6","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":21,"box":{"x":89,"y":736,"width":841,"height":12}},{"id":"12a59804-18bf-4fe3-a2c9-06d6df3336db","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":21,"box":{"x":89,"y":751,"width":870,"height":12}},{"id":"39ad906c-86d7-4658-8dd5-424a647c986f","block_type":"box","text":"including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":21,"box":{"x":89,"y":766,"width":632,"height":12}},{"id":"20f1312a-5153-49c6-9f18-0b5380cb659e","block_type":"box","text":"Diversification Status.","page_number":21,"box":{"x":89,"y":792,"width":156,"height":10}},{"id":"b9046dab-b12c-4dd3-a7c9-f45e62ecf871","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":21,"box":{"x":253,"y":792,"width":480,"height":13}},{"id":"6fa9854a-e131-4a85-a81b-54b369517235","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":21,"box":{"x":89,"y":822,"width":529,"height":8}},{"id":"953173c3-8071-47e5-9a80-e64ddb482747","block_type":"box","text":"iShares MSCI Canada ETF iShares MSCI Australia ETF","page_number":21,"box":{"x":89,"y":844,"width":582,"height":10}},{"id":"e6f08f9a-8467-438b-8d4b-2e6d6722879b","block_type":"box","text":"3","page_number":21,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"393774b4-078a-4cc0-aa01-257c2aee6676","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":22,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"95ed089b-5b2a-4cb6-ad05-3e0a284cdbb0","block_type":"box","text":"iShares MSCI Eu","page_number":22,"box":{"x":89,"y":67,"width":108,"height":9}},{"id":"27b6801f-2f59-4e8b-bf53-b942272f9342","block_type":"box","text":"rozone ETF iShares MSCI Austria ETF","page_number":22,"box":{"x":199,"y":67,"width":460,"height":9}},{"id":"15ec9343-c5c5-4f2a-9732-429f84f7cc92","block_type":"box","text":"iShares MSCI Japan ETF iShares MSCI Belgium ETF","page_number":22,"box":{"x":89,"y":87,"width":577,"height":12}},{"id":"609d9619-fd7b-49c0-8a96-2eaefb71230d","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF iShares MSCI France ETF","page_number":22,"box":{"x":89,"y":107,"width":567,"height":12}},{"id":"284a8142-4eae-4915-b46c-329a86cb0880","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF* iShares MSCI Germany ETF","page_number":22,"box":{"x":89,"y":127,"width":583,"height":12}},{"id":"48ca4ff9-dc9d-40bc-8aff-ea38043ab666","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF iShares MSCI Hong Kong ETF","page_number":22,"box":{"x":89,"y":147,"width":597,"height":13}},{"id":"6580fb56-0a69-4607-9d0f-3a64cb41d228","block_type":"box","text":"iShares MSCI World ETF iShares MSCI Israel ETF","page_number":22,"box":{"x":89,"y":167,"width":557,"height":10}},{"id":"1a7a238f-8681-4384-8d45-21c2ba84f341","block_type":"box","text":"iShares MSCI Italy ETF","page_number":22,"box":{"x":490,"y":188,"width":149,"height":12}},{"id":"7b1b0ddd-cb20-4ec5-b419-81f34fcd5ec2","block_type":"box","text":"iShares MSCI Mexico ETF","page_number":22,"box":{"x":490,"y":208,"width":170,"height":9}},{"id":"379d6d0a-56cc-4cc1-a3ed-9eccb62f692e","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":22,"box":{"x":490,"y":228,"width":203,"height":10}},{"id":"fcf73f04-9705-4bbb-85e1-1e1c9d690ff3","block_type":"box","text":"iShares MSCI Singapore ETF","page_number":22,"box":{"x":490,"y":248,"width":189,"height":12}},{"id":"b371319d-fe71-4b4c-935f-204f85436611","block_type":"box","text":"iShares MSCI South Africa ETF","page_number":22,"box":{"x":490,"y":268,"width":205,"height":10}},{"id":"c42e0f74-c802-4ab3-8276-9e5c5c2c2f75","block_type":"box","text":"iShares MSCI Spain ETF","page_number":22,"box":{"x":490,"y":288,"width":158,"height":13}},{"id":"e1b60657-0f04-4501-ab42-a9ad10505a7d","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":22,"box":{"x":490,"y":308,"width":174,"height":10}},{"id":"c3e4cab3-9cf0-4446-8e32-22947472222a","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":22,"box":{"x":490,"y":329,"width":199,"height":9}},{"id":"1e79fe8c-b74e-4279-96f7-0b6c2a31929f","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":22,"box":{"x":490,"y":349,"width":180,"height":9}},{"id":"41a58c87-75ad-4209-9e1f-8651dc7e8b34","block_type":"box","text":"iShares MSCI Turkey ETF","page_number":22,"box":{"x":490,"y":369,"width":166,"height":12}},{"id":"bb739355-ced3-4001-8a74-9166b6ce995c","block_type":"box","text":"* The iShares MSCI Pacific ex Japan ETF intends to be diversified in approximately the same proportion as its Underlying Index is diversified. The iSha","page_number":22,"box":{"x":118,"y":409,"width":832,"height":10}},{"id":"198cbfea-0e1b-489b-b089-c594f983a54f","block_type":"box","text":"res","page_number":22,"box":{"x":952,"y":411,"width":15,"height":5}},{"id":"2619bde4-924f-4c3a-aabb-536959318285","block_type":"box","text":"MSCI Pacific ex Japan ETF may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":22,"box":{"x":118,"y":421,"width":821,"height":10}},{"id":"0fd282f7-ee2c-404d-aa93-129071a284d0","block_type":"box","text":"index weighting of one or more constituents of its Underlying Index. Shareholder approval will not be sought if the iShares MSCI Pacific ex Japan ETF","page_number":22,"box":{"x":118,"y":434,"width":832,"height":10}},{"id":"1766ffec-bb97-4965-a275-d93e826af1a4","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more","page_number":22,"box":{"x":118,"y":446,"width":790,"height":10}},{"id":"3c71e332-3e12-4675-8d8a-076917031497","block_type":"box","text":"constituents of its Underlying Index. The Fund discloses its portfolio holdings and weightings at www.iShares.com.","page_number":22,"box":{"x":118,"y":459,"width":643,"height":10}},{"id":"7586f7ab-2d5f-497f-a1db-5b39fd60f164","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":22,"box":{"x":88,"y":482,"width":835,"height":13}},{"id":"73347ed9-5eba-4fab-9ed1-cda5a1589838","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":22,"box":{"x":89,"y":497,"width":813,"height":13}},{"id":"da3a2e24-8919-42d3-8140-136ddcb86af9","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":22,"box":{"x":89,"y":513,"width":823,"height":12}},{"id":"ac458f4f-2e37-476c-b68b-1d469f17be9e","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":22,"box":{"x":89,"y":528,"width":854,"height":12}},{"id":"46d04c53-4c06-4f2d-8707-6c59e36ff9bc","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":22,"box":{"x":89,"y":543,"width":876,"height":12}},{"id":"96a7897b-621d-4771-950c-3ba236573c96","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval. However, while","page_number":22,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"61399e7a-fc5b-4ada-839f-427a38a4b7ef","block_type":"box","text":"the iShares MSCI Pacific ex Japan ETF is classified as “diversified,” under applicable no-action relief from the SEC staff, the","page_number":22,"box":{"x":88,"y":573,"width":849,"height":12}},{"id":"29614c48-a64e-4bc9-af58-6584502c261b","block_type":"box","text":"fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":22,"box":{"x":88,"y":588,"width":879,"height":12}},{"id":"24a0aa6b-01d5-4580-b50f-c95e448a05e7","block_type":"box","text":"index weighting of one or more constituents of its Underlying Index and such a change does not require shareholder","page_number":22,"box":{"x":89,"y":603,"width":816,"height":13}},{"id":"e218016b-930d-42ec-b053-afc1a11f1058","block_type":"box","text":"approval.","page_number":22,"box":{"x":89,"y":618,"width":62,"height":13}},{"id":"4d27f4c8-6281-4b20-8da3-330103ae4e85","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":22,"box":{"x":92,"y":645,"width":864,"height":12}},{"id":"33cabdc6-74b3-451c-9b9b-fcef12ac6d51","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":22,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"0f6319f8-879e-4298-ac7a-b0b8a45303b7","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":22,"box":{"x":89,"y":675,"width":840,"height":12}},{"id":"6385a93e-cf7d-4ce0-a3d3-d59da50f0d82","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":22,"box":{"x":89,"y":690,"width":839,"height":13}},{"id":"e7359a0e-5c28-40f2-83e0-5ea99d411e94","block_type":"box","text":"experienced by more diversified investment companies.","page_number":22,"box":{"x":89,"y":705,"width":387,"height":13}},{"id":"4c1ba357-835f-4bf4-8006-e18c2b79e37c","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":22,"box":{"x":89,"y":732,"width":841,"height":12}},{"id":"98f12c99-7a60-4594-8345-51023e912465","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":22,"box":{"x":89,"y":747,"width":865,"height":12}},{"id":"91d4513e-356c-43f1-a04e-529b563de7c0","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":22,"box":{"x":89,"y":762,"width":878,"height":12}},{"id":"9a0bd8e9-fac2-4ccb-b3fd-6256a076c258","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":22,"box":{"x":88,"y":777,"width":806,"height":12}},{"id":"3263e6fa-5ba0-4d12-8aaf-2b8e01744d43","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":22,"box":{"x":89,"y":792,"width":824,"height":13}},{"id":"e3e0d1ac-794a-4eda-8ca3-4bb883347dec","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":22,"box":{"x":88,"y":807,"width":790,"height":13}},{"id":"1c454af1-2ef6-4bcd-9c13-e5f7f81b969c","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":22,"box":{"x":89,"y":834,"width":371,"height":12}},{"id":"c2a9b907-b012-43a5-b18d-1eec7a574d8b","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":22,"box":{"x":470,"y":834,"width":473,"height":12}},{"id":"51b0ee50-32d8-4ce3-9310-6513ee661756","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":22,"box":{"x":89,"y":849,"width":866,"height":12}},{"id":"e711fdf0-b109-4a26-8d0a-9b12014243d7","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":22,"box":{"x":89,"y":864,"width":853,"height":12}},{"id":"adefe3a8-71b7-4d31-9b7e-c11f1e1c08f3","block_type":"box","text":"4","page_number":22,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"e8ab5421-8e54-4344-8309-306e61d9a331","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":23,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"17105e75-bbcf-4efc-a710-0c6334a88547","block_type":"box","text":"options on futures in accordance with Rule 4.5 of the Commodity Futures Trading Commission (the “CFTC”) promulgated","page_number":23,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"f1318a3a-62d8-4c5b-b631-6d4a58ba6262","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":23,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"d9fa35b6-725e-4dde-9908-3b10439b01d4","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":23,"box":{"x":89,"y":89,"width":875,"height":13}},{"id":"1509deff-cc21-4ddd-bc35-c3914e9c4794","block_type":"box","text":"registration or regulation as a commodity pool operator under the CEA. See the","page_number":23,"box":{"x":89,"y":104,"width":555,"height":13}},{"id":"e16f4542-87bf-4639-96ba-1fa61db9136e","block_type":"box","text":"Regulation Regarding Derivatives","page_number":23,"box":{"x":649,"y":104,"width":230,"height":13}},{"id":"4e48f164-6dae-4323-b78c-8acc8d08b2d4","block_type":"box","text":"section of","page_number":23,"box":{"x":884,"y":104,"width":70,"height":10}},{"id":"60d7fd8e-9c9a-4096-a2f5-1f621ef49bb9","block_type":"box","text":"this SAI for more information.","page_number":23,"box":{"x":88,"y":119,"width":208,"height":10}},{"id":"05d9754a-d827-4dca-91f1-dd26c3d9d54b","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":23,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"1c780781-4c3b-43c7-b9f4-e3e6de6195b5","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":23,"box":{"x":89,"y":161,"width":858,"height":12}},{"id":"9ca78fb5-8212-4c54-9a36-c24e81528a80","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":23,"box":{"x":89,"y":176,"width":817,"height":13}},{"id":"7315c32e-e32a-4c85-834d-7b6b67e9214c","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":23,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"c1fe7dbf-0ee8-44db-89da-9db6635ca1a8","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":23,"box":{"x":89,"y":206,"width":834,"height":13}},{"id":"a9282740-bf7b-488b-8d31-c1564cb8b804","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":23,"box":{"x":89,"y":222,"width":878,"height":12}},{"id":"0e1c6bce-290f-48e0-9be9-c3a7454894b0","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":23,"box":{"x":89,"y":237,"width":846,"height":12}},{"id":"02400015-0806-4856-8646-82c110859f2f","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":23,"box":{"x":89,"y":252,"width":849,"height":12}},{"id":"7175f25c-157b-4d81-aaef-f38ef0f27082","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":23,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"c898e1e8-2905-4192-950f-a91e1a38851d","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":23,"box":{"x":89,"y":282,"width":839,"height":12}},{"id":"a6facd98-b187-48d7-aef9-bc40ef5af7a8","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":23,"box":{"x":89,"y":297,"width":878,"height":12}},{"id":"525cf119-fba5-4816-9775-939da47b1b64","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":23,"box":{"x":89,"y":312,"width":859,"height":13}},{"id":"3f88a266-45e1-44ab-82cd-6daf028e202d","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":23,"box":{"x":89,"y":327,"width":825,"height":13}},{"id":"1f76c1a4-6a5a-46d6-bb10-0889a6733263","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":23,"box":{"x":88,"y":342,"width":877,"height":13}},{"id":"bd3c5339-8930-4a51-bb83-4c39c0c193de","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":23,"box":{"x":88,"y":358,"width":864,"height":12}},{"id":"ae4432b4-dbed-42ce-ad3b-af3cef438929","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":23,"box":{"x":88,"y":373,"width":874,"height":12}},{"id":"6ef47963-3945-46f8-8678-02f88af83069","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":23,"box":{"x":88,"y":388,"width":843,"height":12}},{"id":"190dc063-0a61-456c-9634-d056b736626b","block_type":"box","text":"futures contract.","page_number":23,"box":{"x":88,"y":403,"width":116,"height":10}},{"id":"22493001-8e54-4504-91f4-6cd458e3eebb","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":23,"box":{"x":88,"y":429,"width":870,"height":13}},{"id":"4e44519c-1322-42c1-9588-7037f730d2c9","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":23,"box":{"x":89,"y":445,"width":855,"height":12}},{"id":"ebaa7e56-bee1-48d2-8ada-94ec0467083e","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":23,"box":{"x":89,"y":460,"width":867,"height":12}},{"id":"da07e9b5-ef1b-4c78-a668-c932c6aa37ba","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":23,"box":{"x":89,"y":475,"width":845,"height":12}},{"id":"0e1666a8-9f0e-4b46-bddb-0047cd307231","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":23,"box":{"x":89,"y":490,"width":875,"height":12}},{"id":"42e339a6-9b8d-430c-880e-e0af53e1cdf9","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":23,"box":{"x":89,"y":505,"width":872,"height":12}},{"id":"f81e61fb-fbbc-4dfb-87b2-d4c39cf1f495","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":23,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"097459ff-e0a5-4053-9942-ac5b4fdb5872","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":23,"box":{"x":88,"y":535,"width":819,"height":13}},{"id":"3a545518-1e44-41bb-8c52-91b6d453cfae","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":23,"box":{"x":89,"y":550,"width":553,"height":13}},{"id":"4a5e26db-275a-4897-b018-b55dca4699f7","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":23,"box":{"x":88,"y":577,"width":859,"height":12}},{"id":"f2d05e80-dccc-4fe2-941e-977316c21068","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":23,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"8b8d7a3f-66b4-446e-9308-6c5c46cf38fc","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":23,"box":{"x":89,"y":607,"width":878,"height":12}},{"id":"a85dce58-2efd-44a7-b5a1-cce20123c3bb","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":23,"box":{"x":89,"y":622,"width":873,"height":12}},{"id":"d24465e6-c3ac-42bb-9739-0020b93b5eff","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":23,"box":{"x":89,"y":637,"width":871,"height":13}},{"id":"0e62454c-5037-4451-ab0c-9530d2df38ed","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":23,"box":{"x":89,"y":652,"width":860,"height":13}},{"id":"8b0ba3e3-d0f5-4832-a39e-7899debc5dba","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":23,"box":{"x":89,"y":668,"width":843,"height":12}},{"id":"562bdb16-c969-4162-b5b1-25f8950e2072","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":23,"box":{"x":88,"y":683,"width":864,"height":12}},{"id":"295c8a5b-112f-4414-9df8-71f4a8e9d14c","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":23,"box":{"x":88,"y":698,"width":856,"height":12}},{"id":"edefc61a-0d70-4165-b118-0c12576637a2","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":23,"box":{"x":89,"y":713,"width":860,"height":12}},{"id":"7a9c4efd-30b3-48e8-84fc-984dd43c6239","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":23,"box":{"x":89,"y":728,"width":878,"height":12}},{"id":"8507301b-b71f-4645-92ea-cd19701ae9e3","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":23,"box":{"x":89,"y":743,"width":863,"height":12}},{"id":"d4a538f7-7f03-437b-a51c-776facf273d0","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":23,"box":{"x":89,"y":758,"width":868,"height":13}},{"id":"54b2363f-3e98-40b8-91c2-8dc338e8d6c9","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":23,"box":{"x":89,"y":773,"width":860,"height":13}},{"id":"8702f585-7ee6-4651-86ed-26a9231da92a","block_type":"box","text":"structured to have conditions to exercise (","page_number":23,"box":{"x":89,"y":788,"width":294,"height":13}},{"id":"bea33d62-1459-4162-b75f-634077cb7a48","block_type":"box","text":"i.e.","page_number":23,"box":{"x":384,"y":789,"width":18,"height":9}},{"id":"8068994d-2ec8-45d5-86dd-87f31f0dcc15","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":23,"box":{"x":404,"y":788,"width":416,"height":13}},{"id":"7e3e2662-9662-4627-a033-2f822e71b663","block_type":"box","text":"i.e.","page_number":23,"box":{"x":821,"y":789,"width":18,"height":9}},{"id":"ca51d82c-5816-4e5e-ad36-1cbda210be19","block_type":"box","text":", “Knock-out","page_number":23,"box":{"x":841,"y":788,"width":88,"height":12}},{"id":"ba1b93b6-d3e3-4b43-a78e-a49b4229f5f7","block_type":"box","text":"Events”).","page_number":23,"box":{"x":89,"y":804,"width":61,"height":12}},{"id":"5dbd22f2-3480-4099-a5f6-b53f3fd740ef","block_type":"box","text":"Lending Portfolio Securities.","page_number":23,"box":{"x":89,"y":830,"width":202,"height":12}},{"id":"f5b943af-ec83-480b-94a6-afded9eb1d88","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":23,"box":{"x":301,"y":830,"width":609,"height":12}},{"id":"c2a388ce-4d36-4f87-b486-4b8cdd7ffd4a","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":23,"box":{"x":89,"y":845,"width":848,"height":12}},{"id":"5948972c-e918-427a-86ee-ad63e018b3a0","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":23,"box":{"x":89,"y":860,"width":858,"height":13}},{"id":"34ad9966-2e46-427c-9179-e090a7ee85ec","block_type":"box","text":"5","page_number":23,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"46afa1a9-375a-4da0-b7a5-9e8066f64215","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":24,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"9c4f441a-496a-4f5d-b7b4-0a2b8b1e4deb","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":24,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"9ae9efcd-854e-42f8-a20d-c41da8ddde65","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":24,"box":{"x":89,"y":74,"width":794,"height":12}},{"id":"5a75546f-892f-408f-9c32-ddaa1542b3eb","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":24,"box":{"x":89,"y":89,"width":794,"height":13}},{"id":"dbe4d50f-d6b9-446f-aca4-9938b3688511","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":24,"box":{"x":88,"y":116,"width":854,"height":12}},{"id":"eef74faa-2370-42f1-9399-b928e6d42055","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":24,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"3a9d11a2-5949-4ed1-a37b-794a8e3ff836","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":24,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"bfdfe439-e09d-4a70-a960-697cd38c12de","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":24,"box":{"x":89,"y":161,"width":863,"height":12}},{"id":"f8f8d79b-d275-4a85-9800-cc680c61b58c","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":24,"box":{"x":88,"y":176,"width":850,"height":13}},{"id":"e8c7d50a-e26f-4ea1-b2dc-dd7ec6f497ff","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":24,"box":{"x":89,"y":191,"width":855,"height":13}},{"id":"bb635836-18f6-4d7d-9d8e-ccb351efe2e0","block_type":"box","text":"are subject to investment risk.","page_number":24,"box":{"x":89,"y":206,"width":208,"height":13}},{"id":"70515086-45cd-4126-905c-1310b69cf18e","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":24,"box":{"x":89,"y":233,"width":818,"height":12}},{"id":"3d7bf313-a03d-4995-aaa7-99b9da35070c","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":24,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"de705b55-950b-4691-b944-304d47d3ac48","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":24,"box":{"x":89,"y":263,"width":832,"height":12}},{"id":"042673e3-8c75-4274-9df6-090621f8023d","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":24,"box":{"x":89,"y":278,"width":846,"height":13}},{"id":"76481266-afeb-4e89-afb0-c45b4ebf329d","block_type":"box","text":"with guidelines approved by the Company’s Board of Directors (the “Board,” the directors of which are the “Directors”).","page_number":24,"box":{"x":88,"y":293,"width":835,"height":13}},{"id":"ec515260-6ef7-431c-885b-314c1a165b07","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as custodian for the Funds in connection with certain securities lending","page_number":24,"box":{"x":88,"y":308,"width":843,"height":13}},{"id":"90106109-dfb0-4d79-8cfe-5924b7767dae","block_type":"box","text":"activities.","page_number":24,"box":{"x":89,"y":325,"width":63,"height":8}},{"id":"c89ea6c3-41fa-4c26-a5cd-8b560a76f97f","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":24,"box":{"x":88,"y":350,"width":873,"height":12}},{"id":"bbc6b62b-19ee-4467-9b9d-d6d7f09b6679","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":24,"box":{"x":89,"y":365,"width":830,"height":12}},{"id":"5801a6e7-d98f-4c51-b428-957b87fd760c","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":24,"box":{"x":89,"y":380,"width":865,"height":13}},{"id":"467d9e9d-e453-4c41-9cc7-a50b28acae02","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":24,"box":{"x":88,"y":395,"width":852,"height":13}},{"id":"71d323e4-e39d-4639-8767-4f876c3c7938","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":24,"box":{"x":89,"y":410,"width":878,"height":13}},{"id":"5d918488-b8ac-4180-a9ce-768825416c40","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":24,"box":{"x":89,"y":426,"width":848,"height":12}},{"id":"1ff0fc28-8411-4a35-a868-c0c041d7609b","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":24,"box":{"x":89,"y":441,"width":852,"height":12}},{"id":"60141993-62c2-42c3-9921-96ef4edc7c65","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":24,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"e98660fe-b29a-426a-ae05-d6c42697df63","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":24,"box":{"x":89,"y":471,"width":875,"height":12}},{"id":"eae331a0-3235-4803-8b95-b28fbe97e255","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":24,"box":{"x":89,"y":486,"width":834,"height":12}},{"id":"52bc49fd-0c9d-4821-8b98-7672f550e9e6","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":24,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"127049c6-cffd-4b68-ae9d-d61d16c4f902","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":24,"box":{"x":89,"y":516,"width":833,"height":13}},{"id":"323077e0-b96d-4fe2-9f24-13746a64715d","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":24,"box":{"x":89,"y":531,"width":853,"height":13}},{"id":"50fe8865-6850-4066-bbba-34e0fd287c8e","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":24,"box":{"x":89,"y":547,"width":871,"height":12}},{"id":"4d5b4e33-10e3-43c1-8030-ecc8c5d1cad4","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":24,"box":{"x":88,"y":562,"width":806,"height":12}},{"id":"fffd0ce2-3690-4698-8bce-fa8162d15b31","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":24,"box":{"x":89,"y":577,"width":857,"height":12}},{"id":"f191e759-db7b-4443-9f6d-b0817551826a","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":24,"box":{"x":89,"y":592,"width":866,"height":12}},{"id":"f1ae9fdf-560c-4e06-9440-5e316a590de5","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":24,"box":{"x":89,"y":607,"width":858,"height":12}},{"id":"1bb4ca96-f310-4f65-9e8d-a7e19f8c1be3","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":24,"box":{"x":88,"y":622,"width":844,"height":12}},{"id":"83735b40-5f33-402d-b61f-833f1d529f31","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":24,"box":{"x":89,"y":637,"width":873,"height":13}},{"id":"887a200c-6f14-418b-996e-167fdbe81088","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":24,"box":{"x":89,"y":652,"width":841,"height":13}},{"id":"595ca294-fc80-447b-ae2e-460f5d541e59","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":24,"box":{"x":89,"y":668,"width":804,"height":12}},{"id":"cff7cd30-09ab-4a3d-87fd-cb2bffb8f5ae","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":24,"box":{"x":89,"y":683,"width":490,"height":12}},{"id":"c6077de6-158e-4339-943a-7e12306e05bc","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":24,"box":{"x":89,"y":709,"width":824,"height":12}},{"id":"7310df0c-e0f5-4bc9-9999-0389c905935c","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":24,"box":{"x":89,"y":724,"width":859,"height":13}},{"id":"d97771ce-4884-441b-a312-b3d76fa9fe7f","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":24,"box":{"x":88,"y":739,"width":879,"height":13}},{"id":"851e7111-9e0e-48c9-911e-46faf1405a75","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":24,"box":{"x":89,"y":754,"width":869,"height":13}},{"id":"2e02dbd3-404d-4cfb-b9b2-d4bc1a1e9b5e","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":24,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"53ea10d2-04c9-4b58-ad50-5dda01f9f75f","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":24,"box":{"x":89,"y":785,"width":847,"height":12}},{"id":"1cbc17b4-05af-46b2-8982-980e01d40b73","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":24,"box":{"x":89,"y":800,"width":825,"height":12}},{"id":"282b2b80-e885-42fa-9884-d18d977ebb1d","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":24,"box":{"x":89,"y":815,"width":834,"height":12}},{"id":"3374fee7-fdc9-43ef-82f6-b8cba427f450","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":24,"box":{"x":89,"y":830,"width":831,"height":12}},{"id":"96aae147-83a2-4e5a-8b45-31fee70edd60","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":24,"box":{"x":89,"y":845,"width":571,"height":12}},{"id":"37a27271-1283-4c9a-81e2-3eae1e90b654","block_type":"box","text":"6","page_number":24,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"09e2413b-1d2a-4aae-82c0-64baea762fd3","block_type":"box","text":"Liquidity Risk Management.","page_number":25,"box":{"x":89,"y":44,"width":200,"height":12}},{"id":"6ad7317a-0dc7-431f-ba1d-05aee10d670a","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":25,"box":{"x":299,"y":44,"width":662,"height":12}},{"id":"24b72102-a4a9-4077-8a86-2c0aa3da1c4a","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":25,"box":{"x":89,"y":59,"width":811,"height":12}},{"id":"313f18be-cabb-4363-ba1d-1d673925cabd","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":25,"box":{"x":89,"y":74,"width":837,"height":12}},{"id":"c5e9f028-7773-4536-9c7f-cb0f8746528e","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Directors of the Company, has","page_number":25,"box":{"x":89,"y":89,"width":841,"height":13}},{"id":"de3024fe-df70-4188-9569-d040e49c5db5","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":25,"box":{"x":89,"y":104,"width":834,"height":13}},{"id":"90d32d19-1a98-49a1-8b91-49644e270772","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":25,"box":{"x":89,"y":119,"width":859,"height":13}},{"id":"df7b7504-aaa8-495e-a836-c86dae4eb306","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":25,"box":{"x":89,"y":135,"width":866,"height":12}},{"id":"3127281d-aac1-4178-9176-775230092a85","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":25,"box":{"x":88,"y":150,"width":871,"height":12}},{"id":"e4c4294c-a4c7-448a-94f6-bddd4463a1f1","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":25,"box":{"x":89,"y":165,"width":860,"height":12}},{"id":"ff523edf-ca1b-492d-ab22-0140891cf825","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":25,"box":{"x":89,"y":180,"width":825,"height":12}},{"id":"9771373e-fe4b-497a-b031-bcce7865f0bd","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":25,"box":{"x":89,"y":195,"width":850,"height":12}},{"id":"23a3b69b-3a17-4f9f-9d45-23e385482d1f","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":25,"box":{"x":89,"y":210,"width":845,"height":13}},{"id":"5faf1b9a-0b20-4710-bf4a-1dcf11dba851","block_type":"box","text":"liquidity risk.","page_number":25,"box":{"x":89,"y":225,"width":87,"height":13}},{"id":"f7e14144-b94a-411b-9090-7a23c010818b","block_type":"box","text":"Non-U.S. Securities.","page_number":25,"box":{"x":89,"y":252,"width":141,"height":10}},{"id":"d4fd3c2e-c677-4000-bc46-0afe1dd3d9e6","block_type":"box","text":"Certain Funds intend to purchase publicly traded common stocks of non-U.S. issuers. To the extent a","page_number":25,"box":{"x":240,"y":252,"width":706,"height":12}},{"id":"df3c6d0b-a726-409b-8b14-d65fe632c0ea","block_type":"box","text":"Fund 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":25,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"6f6a94c8-ad3e-4a24-9f15-b3b3ecabd37c","block_type":"box","text":"Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”) and","page_number":25,"box":{"x":89,"y":282,"width":813,"height":12}},{"id":"bbf7bd4c-f2be-44ca-9960-6d26bf5cbdde","block_type":"box","text":"European Depositary Receipts (“EDRs”) (collectively, “depositary receipts”). Depositary receipts are receipts, typically issued","page_number":25,"box":{"x":89,"y":297,"width":864,"height":12}},{"id":"068803f6-825d-4a6f-96cd-15e49368c08e","block_type":"box","text":"by a bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Depositary receipts","page_number":25,"box":{"x":89,"y":312,"width":862,"height":13}},{"id":"e4414058-1d14-4d14-9c02-6843c34ae591","block_type":"box","text":"may not necessarily be denominated in the same currency as their underlying securities. ADRs typically are issued by a U.S.","page_number":25,"box":{"x":89,"y":327,"width":861,"height":13}},{"id":"59a75be1-db06-4956-9f82-bd412f845a6e","block_type":"box","text":"bank or trust company and evidence ownership of underlying securities issued by a non-U.S. issuer. EDRs, which are","page_number":25,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"4ef44f3b-fe42-4f5c-9c83-75fed08a7c3d","block_type":"box","text":"sometimes referred to as continental depositary receipts, are receipts issued in Europe, typically by foreign banks and trust","page_number":25,"box":{"x":89,"y":358,"width":856,"height":12}},{"id":"a42d4ef7-80bb-4a8a-8c7a-35fd03903a3b","block_type":"box","text":"companies, that evidence ownership of either foreign or domestic underlying securities. GDRs are depositary receipts","page_number":25,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"375d2a08-3fc3-49e0-9c5b-c363ffcba4fa","block_type":"box","text":"structured like global debt issues to facilitate trading on an international basis. Generally, ADRs, issued in registered form, are","page_number":25,"box":{"x":89,"y":388,"width":872,"height":12}},{"id":"34374416-1bb4-42ba-ad80-8e0c33c6341a","block_type":"box","text":"designed for use in the U.S. securities markets, and EDRs, issued in bearer form, are designed for use in European securities","page_number":25,"box":{"x":89,"y":403,"width":861,"height":12}},{"id":"fe06237f-d2da-41d4-8de1-55f896e1e504","block_type":"box","text":"markets. NVDRs are designed for use in the Thai securities market. GDRs are tradable both in the U.S. and in Europe and are","page_number":25,"box":{"x":89,"y":418,"width":866,"height":12}},{"id":"bd5e4b22-1cb5-4fa8-ad04-9371a73ad21d","block_type":"box","text":"designed for use throughout the world.","page_number":25,"box":{"x":89,"y":433,"width":274,"height":13}},{"id":"0b682b6d-89d0-4ae5-96d1-bb04c1423ab5","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":25,"box":{"x":89,"y":460,"width":877,"height":12}},{"id":"d61afa47-c14e-4dd3-b382-fa52abc8c1a8","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":25,"box":{"x":89,"y":475,"width":839,"height":12}},{"id":"63cc7927-5834-4b01-904d-13d9f4abb642","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":25,"box":{"x":89,"y":490,"width":841,"height":12}},{"id":"d7b94066-814e-4c27-9c69-b4b0e27566be","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":25,"box":{"x":89,"y":505,"width":859,"height":12}},{"id":"9cd7883c-0fc2-4008-ba97-f66ca6adf7c3","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":25,"box":{"x":89,"y":520,"width":833,"height":12}},{"id":"ff3e168b-1dbc-43fe-9a80-81f1a2628430","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":25,"box":{"x":89,"y":535,"width":795,"height":13}},{"id":"5d3f34db-b9a3-4a16-baba-fc10f8968130","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":25,"box":{"x":89,"y":550,"width":571,"height":13}},{"id":"fa3d5392-6b56-4017-a12f-3eb9d6ef59e8","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":25,"box":{"x":89,"y":577,"width":868,"height":12}},{"id":"87203fb6-12ad-4042-a9c4-a923a36b67d1","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":25,"box":{"x":89,"y":592,"width":808,"height":12}},{"id":"a3e39921-ee84-4433-941a-2beb5a99f445","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":25,"box":{"x":89,"y":607,"width":853,"height":12}},{"id":"2f398837-e97a-4ebf-a489-2c9c226b44f3","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":25,"box":{"x":88,"y":622,"width":873,"height":12}},{"id":"4398c8c3-d37c-4bbf-b9b5-9215ddbe6309","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":25,"box":{"x":89,"y":637,"width":864,"height":13}},{"id":"4def7b28-7c5d-4448-9669-26a840e69fe3","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":25,"box":{"x":89,"y":652,"width":870,"height":13}},{"id":"b4df7eac-0d93-403f-836c-234c6b31958c","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":25,"box":{"x":89,"y":668,"width":629,"height":12}},{"id":"fe8f1b0d-0836-4c34-bd38-4a839e693625","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":25,"box":{"x":89,"y":694,"width":242,"height":12}},{"id":"7861af88-c228-4058-86bf-a818bc88506e","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":25,"box":{"x":340,"y":694,"width":588,"height":12}},{"id":"ab1d5291-3f67-4f09-8280-330c86ff4b76","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":25,"box":{"x":89,"y":709,"width":812,"height":12}},{"id":"d40772d7-ef19-4365-a32f-a05d5e161d13","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":25,"box":{"x":89,"y":724,"width":819,"height":13}},{"id":"3e8ac24e-9b67-478b-9bb4-0632a5ad9587","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":25,"box":{"x":89,"y":739,"width":872,"height":13}},{"id":"cdaba6dd-044d-4e01-a6a1-7773b9981e11","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":25,"box":{"x":89,"y":754,"width":866,"height":13}},{"id":"53c65459-6aa7-4e47-83f2-10cde2dcb6ff","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":25,"box":{"x":89,"y":770,"width":834,"height":12}},{"id":"0d1ca3ce-76da-468f-a136-4695beda778a","block_type":"box","text":"vehicle for trading such instruments.","page_number":25,"box":{"x":88,"y":785,"width":256,"height":12}},{"id":"2803896b-56d0-4b97-813b-4abe9449ec48","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":25,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"270266c3-6e95-48da-bbac-cec14c380df1","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":25,"box":{"x":89,"y":826,"width":868,"height":13}},{"id":"e000c396-511f-4474-ae4d-10fc54e4f4b6","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":25,"box":{"x":89,"y":841,"width":393,"height":13}},{"id":"02026107-6c78-4ad3-be07-140a8905bbfb","block_type":"box","text":"7","page_number":25,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"a0f84d20-4b63-4956-be23-2cdfdce2b80c","block_type":"box","text":"The iShares MSCI Australia ETF, iShares MSCI Belgium ETF, iShares MSCI Canada ETF, iShares MSCI Eurozone ETF, iShares","page_number":26,"box":{"x":88,"y":44,"width":853,"height":12}},{"id":"b2daaadf-1d79-4624-a4b7-de190cf287e3","block_type":"box","text":"MSCI France ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF,","page_number":26,"box":{"x":89,"y":59,"width":838,"height":12}},{"id":"e561bf2b-9892-4018-95d3-28c267214f15","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan","page_number":26,"box":{"x":89,"y":74,"width":856,"height":12}},{"id":"698e088f-bd93-40c5-b29d-642e06e0ef9f","block_type":"box","text":"ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Thailand ETF, iShares","page_number":26,"box":{"x":89,"y":89,"width":874,"height":13}},{"id":"08e0bb77-20a5-4f99-8e85-b80c93522569","block_type":"box","text":"MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF (the “No-Action Letter Funds”) may","page_number":26,"box":{"x":89,"y":104,"width":856,"height":13}},{"id":"4355bb3b-9e64-4fd3-bd2d-4d7a98bf9a2d","block_type":"box","text":"also have investments in “underlying funds” (and such underlying funds themselves may invest in underlying funds) not","page_number":26,"box":{"x":89,"y":119,"width":842,"height":13}},{"id":"d6a8d076-9b7e-404e-a5e1-a8a0321ff9b8","block_type":"box","text":"advised by BFA (the term “underlying fund” for purposes of the no-action letter referenced below may include, but is not","page_number":26,"box":{"x":89,"y":135,"width":844,"height":12}},{"id":"fed33c83-8e8b-4c93-98eb-aba509729381","block_type":"box","text":"limited to, certain securitized vehicles, mortgage or international real estate investment trusts (“REITs”), business","page_number":26,"box":{"x":89,"y":150,"width":789,"height":12}},{"id":"dd25ea65-1e90-48f0-adb7-dfb35e658e2b","block_type":"box","text":"development companies and investment companies that may invest in CFTC Derivatives or in any of the foregoing), and","page_number":26,"box":{"x":89,"y":165,"width":839,"height":12}},{"id":"9d4205b5-e25e-4e54-8ed5-b4ac5d732fa1","block_type":"box","text":"therefore may be viewed by the CFTC as commodity pools. BFA may not have transparency into the holdings of these","page_number":26,"box":{"x":88,"y":180,"width":821,"height":12}},{"id":"035241c3-4cf6-4e48-8bf8-85aa5b21e9cb","block_type":"box","text":"underlying funds because they are not advised by BFA. To address this issue of lack of transparency, the CFTC staff issued a","page_number":26,"box":{"x":89,"y":195,"width":862,"height":12}},{"id":"36facc43-4ff3-4392-919f-f95c0fba18ea","block_type":"box","text":"no-action letter on November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and that would","page_number":26,"box":{"x":89,"y":210,"width":870,"height":13}},{"id":"39e13b8b-d947-4976-b8ca-3759eb309ca2","block_type":"box","text":"otherwise have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay registration as a “commodity pool operator” until","page_number":26,"box":{"x":89,"y":225,"width":878,"height":13}},{"id":"fca5fcb0-ade3-4bb6-be37-7f93bcde3d69","block_type":"box","text":"six months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives held by","page_number":26,"box":{"x":89,"y":240,"width":823,"height":13}},{"id":"f4d9a5ac-c184-455c-afb8-174e68930cef","block_type":"box","text":"underlying funds. BFA, the adviser of the No-Action Letter Funds, has filed a claim with the CFTC for such funds to rely on","page_number":26,"box":{"x":89,"y":256,"width":851,"height":12}},{"id":"616a99bb-7001-43a5-a00d-e782b348e38e","block_type":"box","text":"this no-action relief. Accordingly, BFA is not currently subject to registration or regulation as a “commodity pool operator”","page_number":26,"box":{"x":88,"y":271,"width":852,"height":12}},{"id":"9ff8feed-9cac-425d-82ab-e39b50728d63","block_type":"box","text":"under the CEA in respect of such funds.","page_number":26,"box":{"x":89,"y":286,"width":276,"height":12}},{"id":"c93eb973-9084-4b61-b0ba-30c9683ccfd9","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":26,"box":{"x":89,"y":312,"width":849,"height":13}},{"id":"a47e37f8-9a94-41a3-ab70-57a188e7fd12","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":26,"box":{"x":89,"y":327,"width":873,"height":13}},{"id":"81e5931c-182d-40ac-86d1-e73117b42166","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":26,"box":{"x":89,"y":342,"width":838,"height":13}},{"id":"4f40f6c9-0193-4330-8bad-5d3109ca60da","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":26,"box":{"x":89,"y":358,"width":863,"height":12}},{"id":"b0d279fc-00c9-49a5-a9d5-7fee7c743682","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":26,"box":{"x":89,"y":373,"width":867,"height":12}},{"id":"7fccf7a8-eeb1-4c3e-9faa-f71168e9750e","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":26,"box":{"x":89,"y":388,"width":863,"height":12}},{"id":"3836c066-39b3-488f-b43c-25604063ff3e","block_type":"box","text":"and, as a result, may affect returns to investors in such Fund.","page_number":26,"box":{"x":89,"y":403,"width":423,"height":12}},{"id":"c24345ce-b3c7-4cb7-9ec8-8b8f4f6a8519","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":26,"box":{"x":89,"y":429,"width":866,"height":13}},{"id":"4e68ec63-9c2e-49b7-8ed1-23ce9a43164c","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":26,"box":{"x":89,"y":445,"width":842,"height":12}},{"id":"49683233-9d2b-44be-a2d5-83c8143bc766","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":26,"box":{"x":89,"y":460,"width":823,"height":12}},{"id":"7cf9aa67-9b74-47d6-bf8c-d735a5e94abe","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":26,"box":{"x":89,"y":475,"width":879,"height":12}},{"id":"6db4f02b-1f0b-4c69-93e8-35b93ce50ff1","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":26,"box":{"x":88,"y":490,"width":257,"height":12}},{"id":"765d1d6c-6c37-45ab-b3ed-76e9e1dee0a1","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":26,"box":{"x":89,"y":516,"width":862,"height":13}},{"id":"8caecf5b-1960-41ea-aa19-e764fba76d99","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":26,"box":{"x":88,"y":531,"width":871,"height":13}},{"id":"8b680065-5e3a-42ea-bd29-c8157e5a4ee6","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":26,"box":{"x":89,"y":547,"width":871,"height":12}},{"id":"ba4c7073-0689-4763-b6bc-b4d5439f4224","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":26,"box":{"x":89,"y":562,"width":867,"height":12}},{"id":"e60c5e6e-1ffd-46df-83cc-b947463545bb","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":26,"box":{"x":89,"y":577,"width":864,"height":12}},{"id":"8c9c33ba-1191-4a1b-a693-1181ff08b29c","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":26,"box":{"x":89,"y":592,"width":863,"height":12}},{"id":"0b412394-9887-4cab-b04b-c736c664d0be","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":26,"box":{"x":89,"y":607,"width":863,"height":12}},{"id":"911fd6d8-2455-48d1-a423-6dac3498f52b","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":26,"box":{"x":89,"y":622,"width":870,"height":12}},{"id":"b46fd414-e99a-432a-8a79-50f407f76888","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":26,"box":{"x":89,"y":637,"width":834,"height":13}},{"id":"8228a66c-a0e5-414f-b93c-8b0d533abb85","block_type":"box","text":"Securities Provision”).","page_number":26,"box":{"x":88,"y":652,"width":152,"height":13}},{"id":"34ee26c8-f6c6-4495-8a9b-f2d5026d07b1","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":26,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"faa8672d-32f2-4bd4-a03f-d8f245beb528","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":26,"box":{"x":88,"y":694,"width":830,"height":12}},{"id":"a323d28e-cf79-4c85-b7af-42b58fff137f","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":26,"box":{"x":89,"y":709,"width":875,"height":12}},{"id":"493065e2-1cb8-4c63-b1cb-96a55497d3aa","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":26,"box":{"x":89,"y":724,"width":846,"height":13}},{"id":"e46423c0-faba-42f7-bb58-9c60f220069e","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":26,"box":{"x":89,"y":739,"width":839,"height":13}},{"id":"0677031d-86ec-4244-878e-c265c6a34ce1","block_type":"box","text":"reports to the Board.","page_number":26,"box":{"x":89,"y":754,"width":142,"height":13}},{"id":"c76c79ab-d98e-4a53-ab4c-055a6bd8c233","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":26,"box":{"x":89,"y":781,"width":868,"height":12}},{"id":"62d50677-6617-425c-a9d5-9696f22d9934","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":26,"box":{"x":89,"y":796,"width":830,"height":12}},{"id":"81260437-bebd-42fd-af21-345e61b6eb89","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":26,"box":{"x":89,"y":811,"width":850,"height":12}},{"id":"6affb22d-713a-4d12-a077-6750fce426cc","block_type":"box","text":"Derivatives User Exception”).","page_number":26,"box":{"x":89,"y":826,"width":201,"height":13}},{"id":"f18c79c3-8f1d-4a22-a830-d43ebe1dce5e","block_type":"box","text":"8","page_number":26,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"edc3b2de-2226-4883-a7a2-b7729c38be9a","block_type":"box","text":"Repurchase Agreements.","page_number":27,"box":{"x":89,"y":44,"width":180,"height":12}},{"id":"4c690b36-1429-4368-b8e8-baf5ba9d5323","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":27,"box":{"x":278,"y":44,"width":494,"height":12}},{"id":"f371cbf4-41b9-4173-b2cc-b4192dc15939","block_type":"box","text":"i.e.","page_number":27,"box":{"x":773,"y":45,"width":18,"height":9}},{"id":"0eef1978-d2f7-4552-a71e-1b269e9925e1","block_type":"box","text":", a Fund) acquires a","page_number":27,"box":{"x":793,"y":44,"width":136,"height":12}},{"id":"182b28d1-8d7d-4c65-8e2e-ecbf12edde3e","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":27,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"74bd6180-80ab-42f0-93c7-42e691d5435c","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":27,"box":{"x":88,"y":74,"width":822,"height":12}},{"id":"a49d4e5d-0c62-4b44-b29a-16760ea9b08e","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":27,"box":{"x":89,"y":89,"width":828,"height":13}},{"id":"54762f64-3f22-46bc-add1-3dece31c7944","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":27,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"ef355071-8f57-41e3-baef-a892ee4a83ee","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":27,"box":{"x":89,"y":119,"width":860,"height":13}},{"id":"0c50c0b2-9ae5-4eb1-91a7-798eb27eb30d","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":27,"box":{"x":88,"y":135,"width":761,"height":12}},{"id":"39916262-329d-40aa-8dfa-aa0190528646","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":27,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"5b451550-c224-45a8-b83e-05fc5d1fcced","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":27,"box":{"x":88,"y":176,"width":841,"height":13}},{"id":"da429bec-1223-49ed-a716-274089e23aa8","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":27,"box":{"x":89,"y":191,"width":811,"height":13}},{"id":"cfd2dfe0-1583-4e73-b92e-491ac6e7d2c2","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":27,"box":{"x":89,"y":206,"width":856,"height":13}},{"id":"03a185cf-d715-4a00-8d6f-11217ad3124f","block_type":"box","text":"seven days.","page_number":27,"box":{"x":89,"y":222,"width":78,"height":12}},{"id":"a0827601-ca03-4c1a-9c46-9e06dfadb4b9","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":27,"box":{"x":89,"y":248,"width":831,"height":12}},{"id":"8a958303-7dd2-4b3b-89bd-de6a2ffaa900","block_type":"box","text":"inherent in repurchase agreements. The Funds seek to minimize such risks, but because of the inherent legal uncertainties","page_number":27,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"9f2f3f88-feb1-4534-8b54-aa66cf3607d2","block_type":"box","text":"involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with a longer","page_number":27,"box":{"x":89,"y":278,"width":839,"height":13}},{"id":"233c0681-db3f-49a0-8e94-06418b109064","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":27,"box":{"x":89,"y":293,"width":855,"height":13}},{"id":"a399f4f3-0eac-4f34-90b1-55fc9ce56439","block_type":"box","text":"the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher","page_number":27,"box":{"x":88,"y":308,"width":878,"height":13}},{"id":"2f1937ee-4c07-457b-92fe-5cb567901348","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":27,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"5bf2d194-e1ad-407e-90c1-c470e551e985","block_type":"box","text":"repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":27,"box":{"x":89,"y":339,"width":739,"height":12}},{"id":"f3e93bb1-d2fb-49f5-bd7c-caa62f1f9e5e","block_type":"box","text":"i.e.","page_number":27,"box":{"x":829,"y":340,"width":17,"height":8}},{"id":"0b660c4c-31ac-450d-808a-4976c7b04627","block_type":"box","text":", the position a","page_number":27,"box":{"x":849,"y":339,"width":102,"height":12}},{"id":"1d0b37bf-80ee-49e4-81a2-59bfe590a2ef","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":27,"box":{"x":89,"y":354,"width":828,"height":12}},{"id":"3cf00dcf-9842-4c06-9c56-0189fa62cc8e","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":27,"box":{"x":89,"y":369,"width":847,"height":12}},{"id":"a07ff665-e994-49b3-a728-cbda0f074d39","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":27,"box":{"x":89,"y":384,"width":511,"height":12}},{"id":"350c0b53-a28c-4656-8e61-027cd56acb8f","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":27,"box":{"x":89,"y":410,"width":240,"height":13}},{"id":"f4edd8d8-1fcc-4627-b0da-b311539e3f38","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":27,"box":{"x":339,"y":410,"width":577,"height":13}},{"id":"a1fe0b77-cc14-4541-9a03-c4c21607ebe4","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":27,"box":{"x":89,"y":426,"width":839,"height":12}},{"id":"7204d5a9-79f0-4547-bf9e-e3460498822c","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":27,"box":{"x":89,"y":441,"width":869,"height":12}},{"id":"2a41cbed-c328-4131-91ca-584b455b2fd7","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":27,"box":{"x":89,"y":456,"width":840,"height":12}},{"id":"e623c7d9-b4ed-4c5e-abea-27784e27a05d","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":27,"box":{"x":89,"y":471,"width":853,"height":12}},{"id":"6952b8b4-6d68-4df0-a49d-c13cc2d84431","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":27,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"7e64e3bf-5a49-4c64-8920-5e89c5fa9e88","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":27,"box":{"x":89,"y":501,"width":868,"height":13}},{"id":"2cd6d587-3bfd-40cf-b4b0-d3ddfc8d5e79","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":27,"box":{"x":88,"y":516,"width":878,"height":13}},{"id":"bbe0723e-5aa5-4b4e-80f6-55456c48d708","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":27,"box":{"x":88,"y":531,"width":875,"height":13}},{"id":"4281c196-7184-4b8c-8575-540b6ceefdfb","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":27,"box":{"x":88,"y":547,"width":846,"height":12}},{"id":"6621b991-effd-40e3-8389-46b64496a66b","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":27,"box":{"x":89,"y":562,"width":602,"height":12}},{"id":"63564842-a2e7-4427-94b8-2fc45a465eb6","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":27,"box":{"x":89,"y":588,"width":832,"height":12}},{"id":"8d065e2b-b55e-47df-a9b0-9e7c9bd83a0b","block_type":"box","text":"financing transactions (","page_number":27,"box":{"x":88,"y":603,"width":166,"height":13}},{"id":"c970732e-ec0e-485d-a0cc-837a6cd2238d","block_type":"box","text":"e.g.,","page_number":27,"box":{"x":255,"y":606,"width":26,"height":10}},{"id":"c8caad41-9582-4405-8f94-ca5a798f9121","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":27,"box":{"x":288,"y":603,"width":613,"height":13}},{"id":"1bfee94c-91b2-43cd-bff5-417b40d8e230","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":27,"box":{"x":89,"y":618,"width":855,"height":13}},{"id":"3332e8b9-2203-4ace-aa43-63babdcf2bef","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":27,"box":{"x":89,"y":633,"width":878,"height":13}},{"id":"0f40ed9e-6dd5-47dc-b392-655a6df054ea","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":27,"box":{"x":89,"y":649,"width":556,"height":12}},{"id":"8fd0e5ec-7983-4bd2-811a-5d312b44760a","block_type":"box","text":"Regulation Regarding Derivatives","page_number":27,"box":{"x":647,"y":649,"width":230,"height":12}},{"id":"c02a02d2-282c-4de1-ae6b-f2ac7b9ba577","block_type":"box","text":"” above.)","page_number":27,"box":{"x":878,"y":649,"width":61,"height":12}},{"id":"174c3ca9-6c54-42d5-bf94-87f85a3dbcd5","block_type":"box","text":"Securities of Investment Companies.","page_number":27,"box":{"x":88,"y":675,"width":263,"height":12}},{"id":"3fc6d8c2-aaf8-479e-b812-0e42264c0d40","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":27,"box":{"x":361,"y":675,"width":563,"height":12}},{"id":"6569156e-9d14-469d-a63d-4651c06a7a31","block_type":"box","text":"money market funds) to the extent permitted by law. Pursuant to the 1940 Act, a Fund’s investment in registered investment","page_number":27,"box":{"x":89,"y":690,"width":873,"height":13}},{"id":"f1b8a52b-9cc1-418f-a074-e3ff3f4301cf","block_type":"box","text":"companies is generally limited to, subject to certain exceptions: (i) 3% of the total outstanding voting stock of any one","page_number":27,"box":{"x":89,"y":705,"width":828,"height":13}},{"id":"531ac758-811c-4d42-9094-9d2d119aef67","block_type":"box","text":"investment company; (ii) 5% of a Fund’s total assets with respect to any one investment company; and (iii) 10% of a Fund’s","page_number":27,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"b197e79b-968b-434b-9340-6a6a8993e9cf","block_type":"box","text":"total assets with respect to investment companies in the aggregate. Other investment companies in which a Fund may invest","page_number":27,"box":{"x":88,"y":736,"width":877,"height":12}},{"id":"146ddfcd-4ab4-4519-b692-56af3121e8f5","block_type":"box","text":"can be expected to incur fees and expenses for operations, such as investment advisory and administration fees, which","page_number":27,"box":{"x":89,"y":751,"width":833,"height":12}},{"id":"3e585644-e272-4b30-a545-e8b4093537f1","block_type":"box","text":"would be in addition to those incurred by the Fund. Pursuant to guidance issued by the SEC staff, fees and expenses of","page_number":27,"box":{"x":88,"y":766,"width":831,"height":12}},{"id":"5ff60aaf-9e47-44e0-95fd-2791143616b6","block_type":"box","text":"money market funds used for cash collateral received in connection with loans of securities are not treated as Acquired Fund","page_number":27,"box":{"x":89,"y":781,"width":873,"height":12}},{"id":"bdb15150-6d6d-4a69-9b43-3afa82ade2a2","block_type":"box","text":"Fees and Expenses, which reflect a Fund’s","page_number":27,"box":{"x":89,"y":796,"width":291,"height":12}},{"id":"895e5d0e-ba62-4209-ab9b-2f92d0df3411","block_type":"box","text":"pro rata","page_number":27,"box":{"x":385,"y":797,"width":55,"height":11}},{"id":"52abd95b-4516-468a-bd8a-1ae8eb13397f","block_type":"box","text":"share of the fees and expenses incurred by investing in other investment","page_number":27,"box":{"x":445,"y":796,"width":506,"height":12}},{"id":"23e0a279-dc27-45fc-9c0b-31c515d81ba3","block_type":"box","text":"companies (as disclosed in the Prospectus, as applicable).","page_number":27,"box":{"x":89,"y":811,"width":404,"height":12}},{"id":"c70354e0-33dd-499b-a755-08dee8973d11","block_type":"box","text":"9","page_number":27,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"6c1fe021-8670-46fe-851f-d39a2ef25d33","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":28,"box":{"x":88,"y":44,"width":386,"height":12}},{"id":"617ba43b-5708-4797-890e-a20dfe0bca00","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":28,"box":{"x":484,"y":44,"width":464,"height":12}},{"id":"af61b4c4-2705-4add-b8f3-24bb251fd86a","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":28,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"5284a2ff-f6fe-485c-8036-9f4e6b5ef3a7","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":28,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"cc1c1abd-e1e1-40c4-ae2c-938de6ae6774","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":28,"box":{"x":89,"y":89,"width":814,"height":13}},{"id":"45fa7ab4-8752-40e1-bd7f-18eb65cc9959","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit, bankers’ acceptances,","page_number":28,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"2af59906-aa86-4fd3-b707-cae3ef14af24","block_type":"box","text":"fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar institutions;","page_number":28,"box":{"x":88,"y":119,"width":862,"height":13}},{"id":"76c85c49-17de-4635-bafc-498e812318d2","block_type":"box","text":"(iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":28,"box":{"x":89,"y":135,"width":526,"height":12}},{"id":"f148cb8c-48b3-4ca4-8670-cbf8c9777456","block_type":"box","text":"®","page_number":28,"box":{"x":616,"y":133,"width":9,"height":6}},{"id":"8a907e36-5bca-482c-8f5d-7264790cdbcf","block_type":"box","text":"Investors Service, Inc., “F-1” by Fitch Ratings,","page_number":28,"box":{"x":631,"y":135,"width":312,"height":12}},{"id":"06f5ca0b-7926-4288-add6-bb826ec74603","block_type":"box","text":"Inc., or “A-1” by Standard & Poor’s","page_number":28,"box":{"x":89,"y":150,"width":237,"height":12}},{"id":"c19c337b-c9ee-46f7-9fc0-7937acb77e1b","block_type":"box","text":"®","page_number":28,"box":{"x":327,"y":148,"width":9,"height":6}},{"id":"11bbdfb4-f744-481c-9626-cb91cd1047bd","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc., or if unrated, of comparable","page_number":28,"box":{"x":342,"y":150,"width":580,"height":12}},{"id":"0bf46506-2bf7-490d-a628-bef9014fcf49","block_type":"box","text":"quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":28,"box":{"x":89,"y":165,"width":534,"height":12}},{"id":"374b3556-289d-4cf6-a5a9-67a4b4220ea8","block_type":"box","text":"e.g.","page_number":28,"box":{"x":624,"y":168,"width":23,"height":9}},{"id":"82b8384a-a955-4eaf-8409-b57070224c44","block_type":"box","text":", bonds and debentures) with remaining","page_number":28,"box":{"x":649,"y":165,"width":280,"height":12}},{"id":"abc08297-f79d-4b55-8b84-a50eb42c2ffe","block_type":"box","text":"maturities at the date of purchase of not more than 397 days and that have been determined to present minimal credit risks,","page_number":28,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"2e8f6816-b528-4c41-aa71-d2883df926cb","block_type":"box","text":"in accordance with the requirements set forth in Rule 2a-7 under the 1940 Act; (vi) repurchase agreements; and (vii) short","page_number":28,"box":{"x":89,"y":195,"width":861,"height":12}},{"id":"de0bbf80-7d9f-4c3f-8fc4-107bd8d3c0af","block_type":"box","text":"term U.S. dollar-denominated obligations of non-U.S. banks (including U.S. branches) that, in the opinion of BFA, are of","page_number":28,"box":{"x":88,"y":210,"width":836,"height":13}},{"id":"f028e604-9089-4032-9a6a-c7404ed5695c","block_type":"box","text":"comparable quality to obligations of U.S. banks that may be purchased by a Fund. Any of these instruments may be","page_number":28,"box":{"x":89,"y":225,"width":807,"height":13}},{"id":"2e22d691-4254-49d0-921d-2e3cb8fe6895","block_type":"box","text":"purchased on a current or forward-settled basis. Time deposits are non-negotiable deposits maintained in banking","page_number":28,"box":{"x":89,"y":240,"width":801,"height":13}},{"id":"f6970051-8564-448c-b844-a492e8a5541a","block_type":"box","text":"institutions for specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial","page_number":28,"box":{"x":89,"y":256,"width":861,"height":12}},{"id":"ebaea4a2-d9fc-43f3-b4a2-c6f990defe87","block_type":"box","text":"banks by borrowers, usually in connection with international transactions.","page_number":28,"box":{"x":89,"y":271,"width":516,"height":12}},{"id":"f44e7898-1281-4e62-b379-4d846ba8e24b","block_type":"box","text":"Swap Agreements.","page_number":28,"box":{"x":88,"y":298,"width":134,"height":11}},{"id":"3b2d6fc0-ebf9-429d-a4cf-ec9f5dbf2b4b","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":28,"box":{"x":231,"y":297,"width":735,"height":12}},{"id":"08b65531-5d32-49bd-a0dc-786cc1ff8d58","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":28,"box":{"x":88,"y":312,"width":850,"height":13}},{"id":"4aa20c5f-1e73-4d1b-a47a-03935f170b79","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":28,"box":{"x":89,"y":327,"width":843,"height":13}},{"id":"72bb0c67-2788-42a9-96ad-e2e3b87f6f8d","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":28,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"a283910e-2970-4dfd-8883-5ae6fcdbde77","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":28,"box":{"x":89,"y":358,"width":843,"height":12}},{"id":"f84c324a-0963-47c9-9b13-4acc21cbbd1f","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":28,"box":{"x":89,"y":373,"width":464,"height":12}},{"id":"12bec338-26a6-4bc1-8ce4-f12e70d134f5","block_type":"box","text":"The Funds may enter into swap agreements, including currency swaps, interest rate swaps and index swaps, or total return","page_number":28,"box":{"x":88,"y":399,"width":862,"height":13}},{"id":"da011e2e-b5b7-4bc1-8e88-57801fe094d8","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":28,"box":{"x":89,"y":414,"width":853,"height":13}},{"id":"56d256e6-07be-46d9-8cd6-76d56671f490","block_type":"box","text":"activity that involves investment techniques and risks different from those associated with ordinary portfolio security","page_number":28,"box":{"x":89,"y":429,"width":816,"height":13}},{"id":"4d6da5be-401c-4c7b-9d80-eabc75efe850","block_type":"box","text":"transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":28,"box":{"x":88,"y":445,"width":762,"height":12}},{"id":"43d461d0-adc9-49b9-8809-b190103a6b44","block_type":"box","text":"Tracking Stocks.","page_number":28,"box":{"x":88,"y":471,"width":119,"height":12}},{"id":"34dcfdf6-37d4-49aa-9c9d-96b20ac5cd3f","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":28,"box":{"x":215,"y":471,"width":728,"height":12}},{"id":"1d25f063-8540-41d7-be98-d1e24d30f8be","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":28,"box":{"x":89,"y":486,"width":869,"height":12}},{"id":"70455a79-1dd5-4948-b9c5-ea394084625a","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":28,"box":{"x":88,"y":501,"width":867,"height":13}},{"id":"e15605f0-9fe5-4a36-992e-4ff683445fbc","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":28,"box":{"x":89,"y":516,"width":851,"height":13}},{"id":"ea95d68f-4d01-4165-a0c6-c45d8becd104","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":28,"box":{"x":89,"y":531,"width":395,"height":13}},{"id":"0d674bbc-77e0-4103-8828-07cbc29b5965","block_type":"box","text":"Future Developments.","page_number":28,"box":{"x":89,"y":558,"width":157,"height":12}},{"id":"45999edc-1831-4acb-8f10-0fb01991ddf5","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":28,"box":{"x":255,"y":558,"width":694,"height":12}},{"id":"dfc56893-6bd5-4234-bfe1-f174f1070b48","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":28,"box":{"x":89,"y":573,"width":809,"height":12}},{"id":"3a3cc9af-4524-4553-9e0f-8f692ae2ae55","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":28,"box":{"x":89,"y":588,"width":586,"height":12}},{"id":"849993d1-e279-4554-87a9-dc9ba3400979","block_type":"box","text":"General Considerations and Risks","page_number":28,"box":{"x":90,"y":619,"width":559,"height":23}},{"id":"50b034ad-232f-446c-ba38-89f001dfa66b","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":28,"box":{"x":88,"y":660,"width":876,"height":12}},{"id":"92e05c19-a1e0-4c15-b37a-c03497e249e4","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":28,"box":{"x":88,"y":686,"width":817,"height":13}},{"id":"5e625c48-042a-4327-89c8-7f1e7153b7da","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":28,"box":{"x":88,"y":702,"width":874,"height":12}},{"id":"40cad9a9-4214-4e75-bd49-9e9b9678a91e","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":28,"box":{"x":89,"y":717,"width":873,"height":12}},{"id":"1edfa0f1-ef7c-4a76-8251-b069183a9e6a","block_type":"box","text":"particular risk factor.","page_number":28,"box":{"x":89,"y":732,"width":142,"height":12}},{"id":"8b7422d2-16c2-4738-a47c-c6c506d95086","block_type":"box","text":"Borrowing Risk.","page_number":28,"box":{"x":89,"y":758,"width":112,"height":13}},{"id":"51baac9f-8206-4ace-8633-76daaf084d43","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":28,"box":{"x":211,"y":758,"width":712,"height":13}},{"id":"56f1f91f-09b0-4b4f-899f-43477419cfd7","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":28,"box":{"x":89,"y":773,"width":850,"height":13}},{"id":"1ef54f80-8c4f-4ab5-b6fc-ec1db95d3fe0","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":28,"box":{"x":89,"y":788,"width":831,"height":13}},{"id":"afe91dca-d578-4f95-81ec-6a51b8a06f7d","block_type":"box","text":"Commodities Investment Risk.","page_number":28,"box":{"x":89,"y":815,"width":218,"height":10}},{"id":"27bae6ea-d953-4948-a58b-2e678b64159d","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":28,"box":{"x":317,"y":815,"width":641,"height":12}},{"id":"b74495fc-2572-455b-b005-baee849211c0","block_type":"box","text":"in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market","page_number":28,"box":{"x":89,"y":830,"width":830,"height":12}},{"id":"7663e461-36a1-42fe-90b8-c47478a5e38f","block_type":"box","text":"conditions may result in rapid and substantial valuation increases or decreases in a Fund’s holdings.","page_number":28,"box":{"x":89,"y":845,"width":697,"height":12}},{"id":"d5920cfa-f4a5-4421-a0f3-d5fb5941e599","block_type":"box","text":"10","page_number":28,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"1f57bbc5-6505-4168-8275-05e7b9051bee","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices","page_number":29,"box":{"x":88,"y":44,"width":857,"height":12}},{"id":"f8e784b3-5579-42f5-8683-05824885c9f6","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":29,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"de5820bf-f165-46af-936b-d63e6a04791d","block_type":"box","text":"things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and","page_number":29,"box":{"x":88,"y":74,"width":875,"height":12}},{"id":"4b2ded69-bbf9-4ee0-a6d0-cf5303aa334c","block_type":"box","text":"economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease;","page_number":29,"box":{"x":89,"y":89,"width":841,"height":13}},{"id":"19e0f090-eb34-4bf5-a119-531b293c2823","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; changes in","page_number":29,"box":{"x":89,"y":104,"width":823,"height":13}},{"id":"5dca2894-7ef8-4eb1-9b9e-d50d368a2e2c","block_type":"box","text":"storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":29,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"8789a142-c98c-4d7b-9c4e-19e670bf4ef9","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation;","page_number":29,"box":{"x":89,"y":135,"width":823,"height":12}},{"id":"e5474f68-0e17-4a76-9f9b-225d3532e5f5","block_type":"box","text":"currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest","page_number":29,"box":{"x":89,"y":150,"width":858,"height":12}},{"id":"5fb88f38-0115-4ea1-9d89-1c6663d5c2d4","block_type":"box","text":"rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign","page_number":29,"box":{"x":89,"y":165,"width":814,"height":12}},{"id":"0f4c726a-8144-4109-80b7-cb699d244730","block_type":"box","text":"governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental","page_number":29,"box":{"x":89,"y":180,"width":818,"height":12}},{"id":"985c5f2c-8dc0-4ff8-8594-91e6547770ce","block_type":"box","text":"expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; and changes in","page_number":29,"box":{"x":89,"y":195,"width":827,"height":12}},{"id":"9dbea0be-cbfe-4813-91dd-d950c52826db","block_type":"box","text":"philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":29,"box":{"x":89,"y":210,"width":835,"height":13}},{"id":"df94147b-cea0-43e8-94ef-725bb462e992","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":29,"box":{"x":88,"y":237,"width":798,"height":12}},{"id":"05172d72-c81f-4121-8c2d-540c766661ec","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":29,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"6c77da84-9e5b-406a-9875-f57e2b3e76f4","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":29,"box":{"x":89,"y":267,"width":851,"height":12}},{"id":"16aa91f2-5519-4a20-92ad-c74dfffd8e10","block_type":"box","text":"related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":29,"box":{"x":89,"y":282,"width":738,"height":12}},{"id":"22f82697-b690-4a6f-885c-dfcef62a57a3","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":29,"box":{"x":88,"y":308,"width":806,"height":13}},{"id":"0233ffd4-b3a4-4c27-9d5c-5725981a7ca5","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a commodity","page_number":29,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"ef84a503-6c59-405e-a42d-4df6b20518d1","block_type":"box","text":"or commodity-related company that devotes a portion of its business to that commodity. Production declines and volume","page_number":29,"box":{"x":89,"y":339,"width":853,"height":12}},{"id":"356ee5cd-ced3-448a-901a-0ca666cd36ee","block_type":"box","text":"decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources,","page_number":29,"box":{"x":89,"y":354,"width":843,"height":12}},{"id":"a019b938-7193-4b2c-ad10-477e417c6878","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":29,"box":{"x":89,"y":369,"width":820,"height":12}},{"id":"d4722d64-8eb8-4ac1-b02f-21113608901b","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":29,"box":{"x":89,"y":384,"width":842,"height":12}},{"id":"7f3abea7-1b96-4917-819c-d677b75f3f13","block_type":"box","text":"from alternative energy sources or commodity prices. Agricultural commodities may be adversely affected by weather or","page_number":29,"box":{"x":88,"y":399,"width":845,"height":13}},{"id":"94bed2cb-cf4c-4329-8d0f-3681fd98c57e","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":29,"box":{"x":89,"y":414,"width":427,"height":13}},{"id":"5fa644ff-42f1-437e-8712-7680ab024e4e","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity","page_number":29,"box":{"x":88,"y":441,"width":856,"height":12}},{"id":"9c8c9593-3f48-47da-9e87-93f8d546c40a","block_type":"box","text":"related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic","page_number":29,"box":{"x":89,"y":456,"width":851,"height":12}},{"id":"ed25a1b7-2627-4142-ba8e-5c87d702a72e","block_type":"box","text":"conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts","page_number":29,"box":{"x":89,"y":471,"width":868,"height":12}},{"id":"139b00a0-ec9d-45f4-b8ad-d77fcd0eac86","block_type":"box","text":"to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.","page_number":29,"box":{"x":88,"y":486,"width":670,"height":12}},{"id":"946cd12d-2ab0-479e-adba-64be48cd8ffb","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of","page_number":29,"box":{"x":88,"y":513,"width":841,"height":12}},{"id":"eab5144c-c8a7-4011-b3aa-82551b8e1add","block_type":"box","text":"liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some","page_number":29,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"d8ab46da-4195-4f5d-80a4-72cad7f9b547","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":29,"box":{"x":88,"y":543,"width":822,"height":12}},{"id":"279f7969-7cf0-4061-92e0-c805bd924ca0","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":29,"box":{"x":89,"y":558,"width":853,"height":12}},{"id":"bc0c7106-25c9-48ad-9702-473de262988d","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":29,"box":{"x":89,"y":573,"width":831,"height":12}},{"id":"3317ab7f-3539-41a9-acc5-85a9587ff9ce","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":29,"box":{"x":89,"y":588,"width":860,"height":12}},{"id":"756e5422-ecff-4a5b-a28e-9ffa10ee808e","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":29,"box":{"x":89,"y":603,"width":317,"height":13}},{"id":"2ade8579-4423-45ac-b34a-e5241a56b238","block_type":"box","text":"Custody Risk.","page_number":29,"box":{"x":89,"y":630,"width":96,"height":12}},{"id":"df6702f5-c0d0-4c4b-889b-3bed21d1aa36","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":29,"box":{"x":195,"y":630,"width":741,"height":12}},{"id":"47e5aad9-5732-4c79-a180-a3cfadb911b0","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":29,"box":{"x":89,"y":645,"width":838,"height":12}},{"id":"b8f97746-2bf8-4e97-9ac7-00ab8b35d209","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":29,"box":{"x":89,"y":660,"width":875,"height":12}},{"id":"c61c11f1-557d-4699-b04d-1805838a7cb1","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":29,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"e4ffb6f0-cadd-47f0-b9c7-fadf1b4d0841","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":29,"box":{"x":88,"y":690,"width":880,"height":13}},{"id":"06d2430f-b5e6-4773-9d79-6dec6369e507","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":29,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"1c47194e-9a15-4f70-a050-989fcfe68f61","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":29,"box":{"x":89,"y":720,"width":833,"height":13}},{"id":"0e7a5300-b9be-4cfb-8aaa-f5f0cedd955a","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":29,"box":{"x":89,"y":736,"width":837,"height":12}},{"id":"3c92c468-8e05-4888-8589-586f5b41e77d","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":29,"box":{"x":88,"y":751,"width":868,"height":12}},{"id":"cc067483-50d2-4c44-a580-f395b8e58164","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":29,"box":{"x":89,"y":766,"width":814,"height":12}},{"id":"1e07dfd1-8066-4e9e-91ae-cfc6e78cde65","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":29,"box":{"x":89,"y":781,"width":845,"height":12}},{"id":"5cb4ce9a-c68b-4e9d-96a3-7890c7c5e9a3","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":29,"box":{"x":89,"y":796,"width":860,"height":12}},{"id":"7cc627c5-4f24-4d70-9b38-abe8301cee34","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":29,"box":{"x":89,"y":811,"width":851,"height":12}},{"id":"51fff832-22e7-4e86-83f4-52c2ae1c04e3","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":29,"box":{"x":89,"y":826,"width":858,"height":13}},{"id":"1b0e1a4e-4462-492f-9790-a14dccfaeeb5","block_type":"box","text":"compensation.","page_number":29,"box":{"x":89,"y":842,"width":103,"height":12}},{"id":"b572133c-6864-4a56-9914-e0f0db83b1d8","block_type":"box","text":"11","page_number":29,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"f96512ed-ff95-4265-b520-c7735d92d72b","block_type":"box","text":"Illiquid Investments Risk.","page_number":30,"box":{"x":89,"y":44,"width":178,"height":12}},{"id":"1e674d16-1f1e-43e0-8c4a-163444ffce39","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":30,"box":{"x":277,"y":44,"width":673,"height":12}},{"id":"4092854c-04e4-47f1-9f81-dcea323266f0","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":30,"box":{"x":88,"y":59,"width":856,"height":12}},{"id":"96f87c7b-4417-4980-9c57-bf69852868d6","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":30,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"17bbfb07-1b64-42c7-8191-689ba3eecd91","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":30,"box":{"x":89,"y":89,"width":820,"height":13}},{"id":"02b731e2-f10c-445f-a638-a61548ac18e9","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":30,"box":{"x":89,"y":104,"width":818,"height":13}},{"id":"e813fd47-2df7-4aef-8258-6cc1a6259d49","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":30,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"fc88c51f-ea16-40d7-8888-58159f09333d","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":30,"box":{"x":89,"y":135,"width":858,"height":12}},{"id":"fe8a9224-3ec4-48bf-ac51-41f910550b41","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":30,"box":{"x":89,"y":150,"width":790,"height":12}},{"id":"4d3f2a44-0772-492b-8fb5-e1b85bd3c9fa","block_type":"box","text":"Infectious Illness Risk.","page_number":30,"box":{"x":89,"y":176,"width":159,"height":10}},{"id":"fc5b4c0e-bd33-4c2f-86c1-12cca32f392e","block_type":"box","text":"A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely affect","page_number":30,"box":{"x":257,"y":176,"width":708,"height":13}},{"id":"8442d013-5641-4099-b1b7-94e7faa27169","block_type":"box","text":"the economies of many nations and the global economy and may impact individual issuers and capital markets in ways that","page_number":30,"box":{"x":88,"y":191,"width":868,"height":13}},{"id":"d020721f-1fdb-4e99-8854-5380d8c11969","block_type":"box","text":"cannot be foreseen. An infectious illness outbreak may result in travel restrictions, closed international borders, disruption of","page_number":30,"box":{"x":89,"y":206,"width":871,"height":13}},{"id":"1ccd7421-4d50-4b66-9b2d-1afc9024204b","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":30,"box":{"x":89,"y":222,"width":838,"height":12}},{"id":"e2104895-d5d2-4d5e-a6a5-96a522ddad73","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":30,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"8381ddfd-d1a8-42d1-9f51-cec34b87dd73","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":30,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"53032ce2-b4e8-499d-baea-1d7c7bd5d8b5","block_type":"box","text":"and economic risks in certain countries or globally. These impacts, which could adversely affect a Fund and its investments,","page_number":30,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"75c1c587-9e62-4755-90ca-6ef634250923","block_type":"box","text":"could be present for an extended period of time.","page_number":30,"box":{"x":89,"y":282,"width":337,"height":12}},{"id":"7c7be232-b5d0-4260-b50d-daff3f028ca8","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":30,"box":{"x":89,"y":308,"width":845,"height":13}},{"id":"6a15a898-f32c-476e-8d0a-13f5366c6d2f","block_type":"box","text":"trading costs. Such events may adversely affect a Fund and its investments and may impact a Fund’s ability to purchase or","page_number":30,"box":{"x":88,"y":324,"width":857,"height":12}},{"id":"cc37b302-9dc4-443f-abf0-db8fc32362ec","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":30,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"6a776ffc-2fe3-48ca-bbae-53b84ebb4386","block_type":"box","text":"or discounts to a Fund’s NAV. Additionally, a Fund could be adversely impacted if an outbreak impairs the operations of its","page_number":30,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"afeedea4-96f0-40b9-ac87-7c87593baf55","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":30,"box":{"x":89,"y":369,"width":832,"height":12}},{"id":"576df20b-ca39-45f8-a5be-8f3e5ffd5752","block_type":"box","text":"disruptions with a variety of fiscal and monetary policy changes, such as changes in interest rates. A reversal of these","page_number":30,"box":{"x":89,"y":384,"width":820,"height":12}},{"id":"439365bd-92ad-40e1-a3dd-e8d591bf26ec","block_type":"box","text":"policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect a Fund’s","page_number":30,"box":{"x":89,"y":399,"width":845,"height":13}},{"id":"a161c8d2-3bc3-4458-87c2-176379386987","block_type":"box","text":"investments.","page_number":30,"box":{"x":89,"y":415,"width":87,"height":9}},{"id":"56e363ea-9a07-4b0c-91fd-6a3e5d0c7be0","block_type":"box","text":"Money Market Instruments Risk.","page_number":30,"box":{"x":89,"y":441,"width":234,"height":12}},{"id":"0eaa9f08-6062-47c5-bb6d-2f571cb5caf9","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":30,"box":{"x":332,"y":441,"width":628,"height":12}},{"id":"945a9797-db7a-4057-a3c4-ea8c755b8d15","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":30,"box":{"x":88,"y":456,"width":843,"height":12}},{"id":"df0deaf2-7607-4fd1-9cfb-f733052a963e","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":30,"box":{"x":89,"y":471,"width":835,"height":12}},{"id":"dd62dd51-8d8f-4533-8216-4f0559559f6d","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":30,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"f858f015-6f8d-45e4-b8af-c44bacaf8262","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":30,"box":{"x":89,"y":501,"width":879,"height":13}},{"id":"086ad7af-2c31-4bce-babd-6f67aec7ed80","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":30,"box":{"x":88,"y":516,"width":709,"height":13}},{"id":"85074436-c2c4-49ab-bd03-73fc9eddb70a","block_type":"box","text":"Operational and Technology Risks.","page_number":30,"box":{"x":89,"y":543,"width":250,"height":12}},{"id":"3210a97f-60de-4ee7-9f9c-59a644cc6faf","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":30,"box":{"x":348,"y":543,"width":593,"height":12}},{"id":"3472ba59-d1e9-46cb-bd19-f009680e8842","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":30,"box":{"x":89,"y":558,"width":874,"height":12}},{"id":"98325d95-9dac-4e70-85b9-1f3733276b70","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":30,"box":{"x":88,"y":573,"width":864,"height":12}},{"id":"fe740c68-8b0a-4ed2-9451-fd4a332c0c02","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":30,"box":{"x":88,"y":588,"width":839,"height":12}},{"id":"7160004f-d458-4e57-90df-4b14440ec1e4","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":30,"box":{"x":89,"y":603,"width":876,"height":13}},{"id":"6e37b164-98ab-4a04-9013-3659f227e5f6","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":30,"box":{"x":88,"y":618,"width":853,"height":13}},{"id":"3e0d1ed1-b0a1-4aa1-be84-20d8afde4ea3","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":30,"box":{"x":88,"y":633,"width":859,"height":13}},{"id":"e5115b13-e181-4a5d-9eb0-9941c74fe4ec","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":30,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"911f8c2d-b17e-43fe-a170-3239e5b21ede","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":30,"box":{"x":89,"y":664,"width":770,"height":12}},{"id":"6c349ef5-778b-4f77-9bc1-067ae7e3f91b","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":30,"box":{"x":89,"y":690,"width":862,"height":13}},{"id":"3f97cc58-461e-4896-80c0-6ce95b2f9021","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":30,"box":{"x":88,"y":705,"width":816,"height":13}},{"id":"53c10293-534a-4290-8323-dc809a1bd3dc","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":30,"box":{"x":89,"y":720,"width":808,"height":13}},{"id":"7afc55ff-2765-4df3-9eb8-6a01262809d5","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":30,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"0a5435e9-ceb2-45f6-aed7-19badb756e29","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":30,"box":{"x":88,"y":751,"width":798,"height":12}},{"id":"bf50125e-f01d-4359-b6f3-2bd28b1ee521","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":30,"box":{"x":89,"y":766,"width":815,"height":12}},{"id":"d8f5ecd6-88d6-4374-a684-f0bf7ffd50b0","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":30,"box":{"x":89,"y":781,"width":831,"height":12}},{"id":"65b51760-cceb-4b3d-95b9-65bee8086541","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":30,"box":{"x":89,"y":796,"width":874,"height":12}},{"id":"de0fbbeb-6559-4b89-ac89-2c6e93e07e97","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":30,"box":{"x":89,"y":811,"width":876,"height":12}},{"id":"1140222a-30e2-4ace-9e61-b523dda09a00","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":30,"box":{"x":89,"y":826,"width":857,"height":13}},{"id":"09af0a4f-fce3-48d9-87f2-7368d26f0119","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":30,"box":{"x":89,"y":841,"width":864,"height":13}},{"id":"9bb593fd-f3ca-4448-a7e1-990a92e0b194","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":30,"box":{"x":89,"y":856,"width":871,"height":13}},{"id":"94170609-2814-430a-87f5-93dacf55e2fd","block_type":"box","text":"12","page_number":30,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"6f100ab6-4686-4776-8b7a-95c7055d6fd3","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":31,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"0c5772a6-ab1b-4132-93db-810069f212d8","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":31,"box":{"x":89,"y":59,"width":821,"height":12}},{"id":"4fedae35-4fa8-47d8-a019-3e1f904ed403","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":31,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"9a14dc26-3005-459c-8dbf-04072b06459f","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":31,"box":{"x":88,"y":89,"width":838,"height":13}},{"id":"55adb931-fbf2-45f5-8d0c-3ca9237697dd","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":31,"box":{"x":89,"y":104,"width":847,"height":13}},{"id":"2c366d3f-1e18-4d58-89ce-66eef4b1581f","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":31,"box":{"x":88,"y":119,"width":875,"height":13}},{"id":"03cc4377-8d84-4eea-942f-c6be03ae2def","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":31,"box":{"x":89,"y":135,"width":798,"height":12}},{"id":"2d69dad4-7a7a-4662-ac82-a4e52d5fb960","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":31,"box":{"x":89,"y":150,"width":807,"height":12}},{"id":"8336312e-2add-4d88-b586-86dcb91517d1","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":31,"box":{"x":89,"y":165,"width":832,"height":12}},{"id":"0f19b659-1334-4021-a65c-32ef98afda2b","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":31,"box":{"x":88,"y":180,"width":877,"height":12}},{"id":"4dcc5f30-98dd-4c31-936e-060bbfc1a093","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":31,"box":{"x":89,"y":195,"width":380,"height":12}},{"id":"2d55790f-031e-4c42-bd6c-bc61537e8884","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":31,"box":{"x":88,"y":222,"width":846,"height":12}},{"id":"2c535355-5d57-4ccc-9fae-d91632983658","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":31,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"f1a17e39-7b37-469c-974c-18319dec2bcb","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":31,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"b1273281-d577-4870-aad5-fc7e83732079","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":31,"box":{"x":89,"y":267,"width":837,"height":12}},{"id":"f3835d3a-27f4-4aab-a7ef-b29d362c3b3c","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":31,"box":{"x":89,"y":282,"width":828,"height":12}},{"id":"69faceba-eabf-4df2-b25c-c86fac9d354a","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":31,"box":{"x":89,"y":297,"width":861,"height":12}},{"id":"b6b65490-0742-4838-bc03-c5df7c2ad8a0","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":31,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"fa3eaf31-852f-4532-a7ad-e99415a6db6b","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":31,"box":{"x":89,"y":327,"width":824,"height":13}},{"id":"4b378011-029b-4f75-aa36-0dc847270491","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":31,"box":{"x":89,"y":342,"width":868,"height":13}},{"id":"88f45ac4-7327-4db8-91d8-5931ef919206","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":31,"box":{"x":89,"y":358,"width":660,"height":12}},{"id":"aa44141c-4480-44e0-b2ab-c939f51333e6","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":31,"box":{"x":89,"y":384,"width":858,"height":12}},{"id":"89699201-e1d8-411e-9581-82fbb59141ea","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":31,"box":{"x":89,"y":399,"width":852,"height":13}},{"id":"a54d1aab-5172-463c-ae85-3a2633b8da20","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":31,"box":{"x":89,"y":414,"width":806,"height":13}},{"id":"3c5d9522-d687-4cc5-a952-89f741c93d6c","block_type":"box","text":"implement required changes.","page_number":31,"box":{"x":89,"y":429,"width":204,"height":13}},{"id":"38aabdf5-7896-4bf3-a94b-86cdaca48869","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":31,"box":{"x":89,"y":456,"width":244,"height":12}},{"id":"15056f0a-6161-4ea7-a67b-94886930979d","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":31,"box":{"x":342,"y":456,"width":581,"height":12}},{"id":"d39cf936-e0fa-4977-b626-7fd9d8ffb75e","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":31,"box":{"x":89,"y":471,"width":839,"height":12}},{"id":"984869bb-ae45-48c3-9241-bf25b6c465a4","block_type":"box","text":"hedging strategies or investment value. The FCA, which regulates LIBOR, has ceased publishing all LIBOR settings. In April","page_number":31,"box":{"x":89,"y":486,"width":852,"height":12}},{"id":"b638d2cf-3eeb-4cc4-b45e-262868212807","block_type":"box","text":"2023, however, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic","page_number":31,"box":{"x":89,"y":501,"width":796,"height":13}},{"id":"5a5258dc-4979-4798-906d-b5d15a739a74","block_type":"box","text":"methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”), which","page_number":31,"box":{"x":89,"y":516,"width":866,"height":13}},{"id":"5ac9ba98-9b8a-41b1-a7cc-ed96ca46f645","block_type":"box","text":"is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase","page_number":31,"box":{"x":89,"y":531,"width":821,"height":13}},{"id":"2272c733-8a39-4a91-947d-d77ba7b274f5","block_type":"box","text":"agreement market, has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.","page_number":31,"box":{"x":89,"y":547,"width":812,"height":12}},{"id":"956996af-1415-4dac-a5a4-a6cbb2dd4835","block_type":"box","text":"regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced","page_number":31,"box":{"x":89,"y":562,"width":873,"height":12}},{"id":"310f8f12-bc32-4dc9-9e8e-cbfdcfd151f0","block_type":"box","text":"LIBOR in different categories of financial contracts.","page_number":31,"box":{"x":89,"y":577,"width":354,"height":12}},{"id":"683781ac-93d3-48c4-9715-163337e1c4a3","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":31,"box":{"x":89,"y":603,"width":842,"height":13}},{"id":"d83990fd-325f-47bf-a3a3-c5226036710a","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":31,"box":{"x":89,"y":618,"width":877,"height":13}},{"id":"cdd1a3ee-734c-46ab-acd4-f343802a155e","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":31,"box":{"x":89,"y":633,"width":836,"height":13}},{"id":"dc46bf41-f70f-4626-ab58-0b75ee8ec743","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":31,"box":{"x":89,"y":649,"width":844,"height":12}},{"id":"280e2026-23af-4143-974c-8dfb5f4b8cdd","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":31,"box":{"x":89,"y":664,"width":823,"height":12}},{"id":"08f28d81-881a-4e41-a156-55f6cc3f00c8","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":31,"box":{"x":89,"y":679,"width":820,"height":12}},{"id":"ded3c176-faf6-4d77-8217-1eb68baf1ba6","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":31,"box":{"x":89,"y":694,"width":877,"height":12}},{"id":"7e7cb219-d13f-4906-bb01-0fb60b2811ba","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":31,"box":{"x":89,"y":709,"width":773,"height":12}},{"id":"f0cca5e4-da3c-4e9f-ad61-4271106f9860","block_type":"box","text":"Risk of Derivatives.","page_number":31,"box":{"x":89,"y":736,"width":135,"height":9}},{"id":"c1082ac9-40b4-4f45-8ab5-2d1d03eb1f47","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":31,"box":{"x":233,"y":736,"width":701,"height":12}},{"id":"4b4bb5ca-3ab3-413b-8040-c042cbfb4ad4","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":31,"box":{"x":89,"y":751,"width":877,"height":12}},{"id":"254e638e-c33b-4695-b235-e1b70f09f1bb","block_type":"box","text":"such as the S&P 500","page_number":31,"box":{"x":89,"y":766,"width":142,"height":10}},{"id":"5d6929e7-31f5-41be-ab33-a70e9bf5fc53","block_type":"box","text":"®","page_number":31,"box":{"x":232,"y":764,"width":9,"height":6}},{"id":"bd2efb2e-6fdf-4588-8f74-6a088db91446","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs and other","page_number":31,"box":{"x":247,"y":766,"width":707,"height":12}},{"id":"3f63e470-0dc7-429b-b4fa-f3d0a3ba30ac","block_type":"box","text":"derivatives. Compared to securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in","page_number":31,"box":{"x":89,"y":781,"width":874,"height":12}},{"id":"8ab84c9f-0ed5-485a-8a58-61c0c641506b","block_type":"box","text":"market prices and thus a Fund’s losses may be greater if it invests in derivatives than if it invests only in conventional","page_number":31,"box":{"x":89,"y":796,"width":813,"height":12}},{"id":"8b7ac997-0901-45b8-bcfb-d8d36897f9ea","block_type":"box","text":"securities. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not","page_number":31,"box":{"x":89,"y":811,"width":852,"height":12}},{"id":"a7a86d62-1d68-497c-aace-ab8fbcf9f4a9","block_type":"box","text":"fulfill its contractual obligations. Derivatives generally involve the incurrence of leverage.","page_number":31,"box":{"x":88,"y":826,"width":616,"height":13}},{"id":"1c3cae9b-05e8-4739-ba42-dbd8cb6cbebf","block_type":"box","text":"13","page_number":31,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"779b3a93-98f8-4750-accd-7c034401fa24","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":32,"box":{"x":88,"y":44,"width":875,"height":12}},{"id":"dd940195-7005-4170-99e5-86ea7d9f1efb","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":32,"box":{"x":88,"y":59,"width":867,"height":12}},{"id":"2b754a1b-cdbf-4630-99e5-3512e7fd72a5","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":32,"box":{"x":89,"y":74,"width":851,"height":12}},{"id":"ccb5bc46-ba32-4c1c-ae55-137f5068882e","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":32,"box":{"x":89,"y":89,"width":848,"height":13}},{"id":"2588cc21-4cbe-4bbd-8bbd-322cb946ea11","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":32,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"a0ecc45f-d7c1-4b23-be51-5f3c28b84b3d","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":32,"box":{"x":88,"y":119,"width":497,"height":12}},{"id":"89ae8db9-01f6-4111-88f5-3e6da6c9b606","block_type":"box","text":"Risk of Equity Securities.","page_number":32,"box":{"x":89,"y":146,"width":176,"height":12}},{"id":"aa4959ad-5ae0-41b1-8a3e-ed8593f50ce3","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":32,"box":{"x":274,"y":146,"width":633,"height":12}},{"id":"2a79474c-ec5d-443f-ada1-f0a7f77d2f8c","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":32,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"f8414e94-686a-4d66-bb2d-6d8e9ad7d05c","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":32,"box":{"x":89,"y":176,"width":825,"height":13}},{"id":"71359229-41a6-4381-b3ce-56133f50298f","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":32,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"86bae679-07e3-4886-a269-a549c157c11d","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":32,"box":{"x":89,"y":206,"width":822,"height":13}},{"id":"d4637077-89d9-4737-8f93-5f0b598daa8a","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":32,"box":{"x":89,"y":222,"width":823,"height":12}},{"id":"577895e7-4aba-4be4-b920-65618c3ae63a","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":32,"box":{"x":89,"y":237,"width":866,"height":12}},{"id":"dd65f0ce-adf0-4829-8abb-05a13ed71788","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":32,"box":{"x":89,"y":252,"width":831,"height":12}},{"id":"b361c051-ef48-489e-872b-61c2f1907c2d","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":32,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"f7a68952-0130-4d71-93a9-686f6c5ede78","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":32,"box":{"x":89,"y":282,"width":422,"height":12}},{"id":"e62cf291-5c31-47a8-9d94-992056f89d73","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":32,"box":{"x":89,"y":308,"width":812,"height":13}},{"id":"d6c516aa-97d1-4cbb-858f-2bb9329b6c1d","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":32,"box":{"x":89,"y":324,"width":825,"height":12}},{"id":"9bbe40a3-c57a-4fe2-8457-17a28f0bf6e8","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":32,"box":{"x":89,"y":339,"width":871,"height":12}},{"id":"47f993fa-732a-46b0-a1a9-4e7aa61e186e","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":32,"box":{"x":89,"y":354,"width":843,"height":12}},{"id":"c5c8618d-0cfe-4e28-94e7-7dd3fde9fd3a","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":32,"box":{"x":88,"y":369,"width":834,"height":12}},{"id":"66316799-830d-4562-bf3a-6f9d75957d27","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":32,"box":{"x":89,"y":384,"width":865,"height":12}},{"id":"286114bd-142a-4962-ae88-09b097a5fe00","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":32,"box":{"x":88,"y":399,"width":779,"height":13}},{"id":"f042b4c4-e646-4bba-86dd-66df466f2d6d","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":32,"box":{"x":88,"y":426,"width":871,"height":12}},{"id":"ff39b278-b9e7-45c3-914e-24710db24831","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":32,"box":{"x":89,"y":441,"width":864,"height":12}},{"id":"bf06bae7-144c-4e8f-8ca0-70eaf7e7a406","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":32,"box":{"x":89,"y":456,"width":803,"height":10}},{"id":"545e0a95-90ca-4b51-a4de-dc1855dc4959","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":32,"box":{"x":89,"y":471,"width":840,"height":12}},{"id":"a3463b15-c445-4528-b9f5-88fe4b30f9a9","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":32,"box":{"x":89,"y":486,"width":824,"height":12}},{"id":"a8869def-686f-4064-8be0-599a94b336c8","block_type":"box","text":"bid/ask spreads are wide.","page_number":32,"box":{"x":89,"y":501,"width":178,"height":13}},{"id":"787f60d1-ace1-4bae-a039-b73825825077","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":32,"box":{"x":89,"y":528,"width":381,"height":12}},{"id":"683d095b-d98b-4a87-828f-cb08d4489b16","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":32,"box":{"x":479,"y":528,"width":434,"height":12}},{"id":"eed76723-b287-447f-b32b-f4eb9e2046e5","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":32,"box":{"x":89,"y":543,"width":858,"height":12}},{"id":"a9d390bf-b224-41a6-aaad-a8ad1caf1975","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":32,"box":{"x":89,"y":558,"width":829,"height":12}},{"id":"a8c6ad37-25cd-4e44-a6a8-7da8b0eeb349","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":32,"box":{"x":89,"y":573,"width":820,"height":12}},{"id":"d7d578ef-6989-496c-a7b7-db1747749b3e","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":32,"box":{"x":89,"y":588,"width":820,"height":12}},{"id":"b439bee5-104a-4f2d-8fc6-616cf8aef26b","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":32,"box":{"x":88,"y":603,"width":870,"height":13}},{"id":"07ebcc3f-a36b-4a4d-8cde-8bb588933294","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":32,"box":{"x":89,"y":618,"width":845,"height":13}},{"id":"fa52407c-4c50-457e-9139-155571b67d2c","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":32,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"27ac669d-b951-4f61-ab66-eb4ea2cdfe03","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":32,"box":{"x":89,"y":649,"width":868,"height":12}},{"id":"d09285b3-20c7-4e31-bfdf-89b47e230ea4","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":32,"box":{"x":89,"y":664,"width":550,"height":12}},{"id":"670ee674-08d3-4d03-b37d-3791ee310b14","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":32,"box":{"x":88,"y":690,"width":623,"height":13}},{"id":"7ba0ad1b-0e09-446b-b319-9d3265a19101","block_type":"box","text":"e.g.","page_number":32,"box":{"x":713,"y":693,"width":22,"height":10}},{"id":"a0716c5d-6b65-4280-81c8-e4a1baab0de3","block_type":"box","text":", selling uncovered stock index","page_number":32,"box":{"x":738,"y":690,"width":214,"height":13}},{"id":"7ab46e63-f7d2-4b95-8d08-4cd93e8318e1","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":32,"box":{"x":88,"y":705,"width":876,"height":13}},{"id":"4f63e25e-56b2-47c1-b67e-20df33020de1","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":32,"box":{"x":89,"y":720,"width":832,"height":13}},{"id":"0aa46392-b529-4a53-ac21-5b83817b0041","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":32,"box":{"x":89,"y":736,"width":842,"height":12}},{"id":"22a3bffa-9e21-4b21-a47e-50a29b294b4d","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":32,"box":{"x":89,"y":751,"width":832,"height":12}},{"id":"1814fe58-7936-4979-a5f5-5cf6b012bba6","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":32,"box":{"x":89,"y":766,"width":866,"height":12}},{"id":"55483c27-7413-4c66-8748-bb2ff27390ab","block_type":"box","text":"invest.","page_number":32,"box":{"x":89,"y":782,"width":43,"height":9}},{"id":"9863f313-2c43-4c46-8160-203ad45cdf14","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":32,"box":{"x":89,"y":807,"width":821,"height":13}},{"id":"f75c38f7-e241-4dff-8d03-9be461a339cb","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":32,"box":{"x":89,"y":822,"width":879,"height":13}},{"id":"44ede951-2fe6-40ad-99eb-5bde6d7afd48","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":32,"box":{"x":89,"y":838,"width":848,"height":12}},{"id":"4e81fa71-7089-4051-91e4-510a0ba7fcaa","block_type":"box","text":"14","page_number":32,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"f77381b4-963f-42a8-9e74-80ef4d2f2391","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":33,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"4d74dd9c-af30-4bea-9b8a-10ea25f2cfb8","block_type":"box","text":"could prove to be incorrect.","page_number":33,"box":{"x":89,"y":59,"width":191,"height":12}},{"id":"f151e956-17b0-47ec-8851-047da2cf3d1a","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":33,"box":{"x":89,"y":85,"width":809,"height":13}},{"id":"99f4856a-fd86-4e75-9a31-17d8ec0cf4a3","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":33,"box":{"x":89,"y":101,"width":845,"height":12}},{"id":"93155568-887b-4e98-9b5c-c38806ce4314","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":33,"box":{"x":88,"y":116,"width":864,"height":12}},{"id":"6fa55422-2c21-4851-a402-dd51112a11cb","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":33,"box":{"x":89,"y":131,"width":816,"height":12}},{"id":"5d85d08e-b1bd-436c-8877-afa3623b7700","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":33,"box":{"x":89,"y":146,"width":859,"height":12}},{"id":"447b1d54-79b7-49e7-9760-4d0a1787e3db","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":33,"box":{"x":89,"y":161,"width":839,"height":12}},{"id":"943f32ca-b56d-4b32-905e-b88dda0b0803","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":33,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"0ed35eb6-86fe-420e-8280-68c069316f03","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":33,"box":{"x":88,"y":191,"width":871,"height":13}},{"id":"9f29251a-bb4d-43d9-a189-fbf2701eaeec","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":33,"box":{"x":89,"y":206,"width":427,"height":13}},{"id":"f114ac00-e886-4548-927d-21f690bdd7a9","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":33,"box":{"x":89,"y":233,"width":332,"height":12}},{"id":"636e0da5-ddc3-43f4-b7e2-bed04354dfd7","block_type":"box","text":"An investment in a Fund involves risks similar to those of investing in","page_number":33,"box":{"x":430,"y":233,"width":481,"height":12}},{"id":"6af07bd4-68af-4130-8775-b02c8844c4b3","block_type":"box","text":"portfolios of equity securities traded on non-U.S. exchanges. These risks include market fluctuations caused by such factors","page_number":33,"box":{"x":89,"y":248,"width":866,"height":12}},{"id":"6552d950-fafd-4737-909a-841499530a5f","block_type":"box","text":"as economic and political developments in those foreign countries, changes in interest rates and perceived trends in stock","page_number":33,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"03b8985d-8ec7-4716-9298-ae0b2f849bbf","block_type":"box","text":"prices. Investing in securities issued by issuers domiciled in countries other than the domicile of the investor and","page_number":33,"box":{"x":89,"y":278,"width":785,"height":13}},{"id":"2186ba2c-3369-458d-a8be-0134d3398cc6","block_type":"box","text":"denominated in currencies other than an investor’s local currency entails certain considerations and risks not typically","page_number":33,"box":{"x":89,"y":293,"width":826,"height":13}},{"id":"4e4d51c4-2b8c-4025-a4a3-ab95a4c007da","block_type":"box","text":"encountered by the investor in making investments in its home country and in that country’s currency. These considerations","page_number":33,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"7f4b3904-2bfd-4631-8140-7c27b84b3159","block_type":"box","text":"include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the","page_number":33,"box":{"x":89,"y":324,"width":849,"height":12}},{"id":"371dd56b-7796-45fd-bdea-e04ca04c09e5","block_type":"box","text":"costs that may be incurred in connection with conversions between various currencies. Investing in any of the Funds also","page_number":33,"box":{"x":89,"y":339,"width":847,"height":12}},{"id":"04616d59-7910-47c5-9c98-499d2e85b37b","block_type":"box","text":"involves certain risks and considerations not typically associated with investing in a fund whose portfolio contains exclusively","page_number":33,"box":{"x":89,"y":354,"width":876,"height":12}},{"id":"9629db5c-a553-4a33-8ec2-988d8f2b32d4","block_type":"box","text":"securities of U.S. issuers. These risks include generally less liquid and less efficient securities markets; generally greater price","page_number":33,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"7bb0c509-d425-47bc-ac3e-ea622477e835","block_type":"box","text":"volatility; less publicly available information about issuers; the imposition of withholding or other taxes; the imposition of","page_number":33,"box":{"x":88,"y":384,"width":847,"height":12}},{"id":"9e3d07a8-1104-40a9-acf8-6b75baeb6976","block_type":"box","text":"restrictions on the expatriation of funds or other assets of the Funds; higher transaction and custody costs; delays and risks","page_number":33,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"f6e3ecf5-e7ce-42df-a985-824568fead51","block_type":"box","text":"attendant in settlement procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly smaller","page_number":33,"box":{"x":89,"y":414,"width":861,"height":13}},{"id":"8ae8f4f6-a3a2-4646-97b9-2de706fc4a50","block_type":"box","text":"market capitalization; different accounting and disclosure standards; lower levels of regulation of the securities markets; more","page_number":33,"box":{"x":89,"y":429,"width":879,"height":13}},{"id":"890377bc-da36-4e2c-8d78-e009aed81544","block_type":"box","text":"substantial government interference with the economy and businesses; higher rates of inflation; greater social, economic,","page_number":33,"box":{"x":89,"y":445,"width":850,"height":12}},{"id":"5eb7e8a9-c8d6-41ff-80f6-e59004f2e777","block_type":"box","text":"and political uncertainty; the risk of nationalization or expropriation of assets; and the risk of war.","page_number":33,"box":{"x":89,"y":460,"width":678,"height":12}},{"id":"c9ed8e42-8c4d-42eb-b266-4a8d8b72b34e","block_type":"box","text":"Risk of Swap Agreements.","page_number":33,"box":{"x":89,"y":486,"width":187,"height":12}},{"id":"2bf13e10-52d3-4a8d-b2fd-1247231b5863","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":33,"box":{"x":284,"y":486,"width":666,"height":12}},{"id":"444f65fb-5143-4894-a540-bdd0855ec61f","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":33,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"3c89db37-1a08-4bca-8187-74a813bdcf78","block_type":"box","text":"its obligations. If such a default occurs, a Fund will have contractual remedies pursuant to the agreements related to the","page_number":33,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"da7fc6b0-7729-4d5c-beaf-76f74e823e9d","block_type":"box","text":"transaction. However, such remedies may be subject to bankruptcy and insolvency laws, which could affect a Fund’s rights as","page_number":33,"box":{"x":88,"y":531,"width":878,"height":13}},{"id":"d9b627ad-75c8-4109-a955-f185a49d9669","block_type":"box","text":"a creditor (","page_number":33,"box":{"x":89,"y":547,"width":75,"height":12}},{"id":"8960736b-59c3-48d7-89a0-06be60976355","block_type":"box","text":"e.g.","page_number":33,"box":{"x":165,"y":550,"width":23,"height":9}},{"id":"bb6675e2-ef23-4a96-940a-8b647a082d9b","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive).","page_number":33,"box":{"x":190,"y":547,"width":670,"height":12}},{"id":"df6eee22-6093-4990-90d7-576083ab0ea8","block_type":"box","text":"A Fund is required to post and collect variation margin and initial margin (composed of specified liquid securities subject to","page_number":33,"box":{"x":88,"y":573,"width":863,"height":12}},{"id":"093dc1b3-a255-48e6-ac9d-87cc4d0a0407","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":33,"box":{"x":89,"y":588,"width":876,"height":12}},{"id":"b8492709-9f2d-4cfa-8fad-4bbaf67ab215","block_type":"box","text":"Securities Lending Risk.","page_number":33,"box":{"x":88,"y":615,"width":171,"height":12}},{"id":"d9de164a-4f45-4977-8a00-15c97e51eba7","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose","page_number":33,"box":{"x":268,"y":615,"width":683,"height":12}},{"id":"173dbc7d-b2e3-49fd-b578-b9719b17b053","block_type":"box","text":"money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could","page_number":33,"box":{"x":89,"y":630,"width":860,"height":12}},{"id":"48d2ab42-23e6-4c78-b22b-f89da604a3e0","block_type":"box","text":"also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of","page_number":33,"box":{"x":89,"y":645,"width":855,"height":12}},{"id":"2db6561b-2f16-42c4-86d2-f97b8e97da3d","block_type":"box","text":"any investments made with cash collateral. These events could also trigger adverse tax consequences for a Fund.","page_number":33,"box":{"x":89,"y":660,"width":791,"height":12}},{"id":"8c4c14bc-e4a3-4df7-9e28-78665dcd36d6","block_type":"box","text":"Tracking Error Risk.","page_number":33,"box":{"x":88,"y":686,"width":141,"height":13}},{"id":"6a731360-f174-450b-91f5-3ca981366207","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":33,"box":{"x":238,"y":686,"width":716,"height":13}},{"id":"74141904-fd9b-486b-9c0c-754ca0dc35f2","block_type":"box","text":"the applicable underlying index. Tracking error may occur because of differences between the securities and other","page_number":33,"box":{"x":88,"y":702,"width":800,"height":12}},{"id":"2d6fee43-1e58-4a47-af87-7fe2be36314f","block_type":"box","text":"instruments held in a Fund’s portfolio and those included in its applicable underlying index, pricing differences, transaction","page_number":33,"box":{"x":89,"y":717,"width":858,"height":12}},{"id":"50d964d4-656f-43d5-89ec-c9ddcf8bf8f0","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":33,"box":{"x":89,"y":732,"width":834,"height":12}},{"id":"2b679338-03fe-4f98-97f8-66738542eb83","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":33,"box":{"x":89,"y":747,"width":853,"height":12}},{"id":"9fd24619-8813-4334-9df3-c007a1bda5ce","block_type":"box","text":"through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders,","page_number":33,"box":{"x":88,"y":762,"width":820,"height":12}},{"id":"db65fda2-4f03-4463-ad6d-980d1d6cb3f2","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":33,"box":{"x":89,"y":777,"width":865,"height":12}},{"id":"72318fd4-111a-4604-99e8-1802b4f89ee9","block_type":"box","text":"new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other","page_number":33,"box":{"x":89,"y":792,"width":845,"height":13}},{"id":"ff102980-5ac0-40c7-b0b9-035daafbb105","block_type":"box","text":"unusual market conditions. Tracking error also may result because a Fund incurs fees and expenses, while its applicable","page_number":33,"box":{"x":89,"y":807,"width":838,"height":13}},{"id":"b8245822-d2f3-410f-966e-1d9fd652c72b","block_type":"box","text":"underlying index does not. Tracking error may occur due to differences between the methodologies used in calculating the","page_number":33,"box":{"x":89,"y":822,"width":859,"height":13}},{"id":"83687907-79e3-48b3-9753-cfd6e1ae1851","block_type":"box","text":"value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":33,"box":{"x":88,"y":838,"width":501,"height":12}},{"id":"b84dec21-86d0-4297-9f9b-9fafc316945c","block_type":"box","text":"15","page_number":33,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"a36d4efe-2bda-4e31-b69b-8749ef9f0e11","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":34,"box":{"x":88,"y":44,"width":846,"height":12}},{"id":"391c6176-44e6-4ba7-8403-dd88a2215dac","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":34,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"d8f3c5df-ede0-49c6-ac0c-a25006174fdd","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":34,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"06ce5116-56bb-4d37-ae81-59c3a60d2328","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":34,"box":{"x":89,"y":89,"width":818,"height":13}},{"id":"a932429f-0a24-4e2d-8fcf-c6a1b0252b45","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":34,"box":{"x":89,"y":104,"width":867,"height":13}},{"id":"8c1fda73-9d93-43a1-b992-94c09e58762e","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":34,"box":{"x":89,"y":119,"width":867,"height":13}},{"id":"4854edb3-bf17-4767-81d6-59f3b54c143c","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":34,"box":{"x":89,"y":135,"width":873,"height":12}},{"id":"7a922d9f-3ac4-4727-85ad-68348feecba1","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":34,"box":{"x":89,"y":150,"width":835,"height":12}},{"id":"74b543ba-feb2-40aa-a293-1826530fdbff","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":34,"box":{"x":89,"y":165,"width":817,"height":12}},{"id":"87f62e24-1089-462c-abf7-c3ad37421466","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":34,"box":{"x":89,"y":180,"width":866,"height":12}},{"id":"ff3a18cb-6ad0-459b-92cc-b82269c47a40","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":34,"box":{"x":89,"y":195,"width":869,"height":12}},{"id":"b49f243f-e0d3-41d5-a50a-c521a842ad97","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":34,"box":{"x":89,"y":210,"width":848,"height":13}},{"id":"91a672a3-4bde-4faa-8216-9b910c08b51a","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":34,"box":{"x":89,"y":225,"width":410,"height":10}},{"id":"3823a8a3-8be8-434e-9362-ee0ec7311e09","block_type":"box","text":"Risk of Investing in Africa.","page_number":34,"box":{"x":89,"y":252,"width":187,"height":12}},{"id":"3f651f55-940e-4a9f-8807-6a797f590590","block_type":"box","text":"Investments in securities of issuers in certain African countries involve heightened risks","page_number":34,"box":{"x":286,"y":252,"width":609,"height":12}},{"id":"3156fa9c-9b22-47f9-9b1e-b1ae77b09eb6","block_type":"box","text":"including, among others, expropriation and/or nationalization of assets, confiscatory taxation, political instability, including","page_number":34,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"5f3da862-1be5-431d-b6b2-f0708d7c69ee","block_type":"box","text":"authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, and social instability as","page_number":34,"box":{"x":89,"y":282,"width":874,"height":12}},{"id":"cf822124-dcf5-41c3-83f7-5c1acc94ea87","block_type":"box","text":"a result of religious, ethnic and/or socio-economic unrest or widespread outbreaks of disease and, in certain countries,","page_number":34,"box":{"x":89,"y":297,"width":833,"height":12}},{"id":"8cc470c1-38e8-4e0c-a141-41f19bb55a9c","block_type":"box","text":"genocidal warfare.","page_number":34,"box":{"x":89,"y":312,"width":128,"height":13}},{"id":"dd42cfb2-1a30-47f8-996f-433bfc2e5571","block_type":"box","text":"Certain countries in Africa generally have less developed capital markets than traditional emerging market countries, and,","page_number":34,"box":{"x":89,"y":339,"width":849,"height":12}},{"id":"4db93a73-f5d7-4894-b235-c687d8f8fe3d","block_type":"box","text":"consequently, the risks of investing in foreign securities are magnified in such countries. Because securities markets of","page_number":34,"box":{"x":89,"y":354,"width":828,"height":12}},{"id":"740fc77a-64bc-41e6-a4f3-33e7062b299b","block_type":"box","text":"countries in Africa are generally underdeveloped and are generally less correlated to global economic cycles than those","page_number":34,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"252aefd7-5219-4d5d-904d-47d5d6a5c665","block_type":"box","text":"markets located in more developed countries, securities markets in African countries are subject to greater risks associated","page_number":34,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"18781a68-e763-4831-a781-2f71b49d43a9","block_type":"box","text":"with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations and","page_number":34,"box":{"x":88,"y":399,"width":851,"height":13}},{"id":"2cd4c78b-b731-473c-b70e-e7f00850bc41","block_type":"box","text":"uncertainty regarding the existence of trading markets. Moreover, trading on African securities markets may be suspended","page_number":34,"box":{"x":89,"y":414,"width":858,"height":13}},{"id":"12824507-6366-4f3f-a604-b20e6bcbd5bd","block_type":"box","text":"altogether.","page_number":34,"box":{"x":89,"y":429,"width":73,"height":13}},{"id":"337586dd-2aef-40e6-8ba0-b3d6e10c27d7","block_type":"box","text":"Market volatility may also be heightened by the actions of a small number of investors. Brokerage firms in certain countries in","page_number":34,"box":{"x":89,"y":456,"width":876,"height":12}},{"id":"4dc747b4-f95b-450d-8f03-aad8c1728ffe","block_type":"box","text":"Africa may be fewer in number and less established than brokerage firms in more developed markets. Since a Fund may need","page_number":34,"box":{"x":88,"y":471,"width":878,"height":12}},{"id":"6194c4ab-b7d9-4a5f-944a-f2414dd1c50d","block_type":"box","text":"to effect securities transactions through these brokerage firms, the Fund is subject to the risk that these brokerage firms will","page_number":34,"box":{"x":88,"y":486,"width":867,"height":12}},{"id":"9777aeda-9f0c-479d-83da-9b6f9bd8be98","block_type":"box","text":"not be able to fulfill their obligations to the Fund (","page_number":34,"box":{"x":89,"y":501,"width":347,"height":13}},{"id":"d168db4e-3ae3-4410-bfb5-284dda96ea7f","block_type":"box","text":"i.e.,","page_number":34,"box":{"x":437,"y":502,"width":21,"height":11}},{"id":"8c4237b3-6c25-43a1-8758-60439a213e28","block_type":"box","text":"counterparty risk). This risk is magnified to the extent that a Fund","page_number":34,"box":{"x":465,"y":501,"width":459,"height":13}},{"id":"7f94e157-cfd4-4597-a595-f1acaf46ae07","block_type":"box","text":"effects securities transactions through a single brokerage firm or a small number of brokerage firms.","page_number":34,"box":{"x":89,"y":516,"width":700,"height":13}},{"id":"cb3b0c76-01ff-4769-8112-751ca7240a4d","block_type":"box","text":"Certain governments in African countries restrict or control to varying degrees the ability of foreign investors to invest in","page_number":34,"box":{"x":89,"y":543,"width":839,"height":12}},{"id":"b973f0f7-5645-4545-b28d-40855c986f2c","block_type":"box","text":"securities of issuers located or operating in those countries. Moreover, certain countries in Africa require governmental","page_number":34,"box":{"x":89,"y":558,"width":829,"height":12}},{"id":"91ea79f6-1d80-4cdc-ad0f-06e1d6c999b3","block_type":"box","text":"approval or special licenses prior to investment by foreign investors and may limit the amount of investment by foreign","page_number":34,"box":{"x":89,"y":573,"width":829,"height":12}},{"id":"8c694d13-2ff7-4177-adaf-4d0d1948311e","block_type":"box","text":"investors in a particular industry and/or issuer, and may limit such foreign investment to a certain class of securities of an","page_number":34,"box":{"x":89,"y":588,"width":848,"height":12}},{"id":"41ab5722-f8bf-4178-92f3-0bb146d962a2","block_type":"box","text":"issuer that may have less advantageous rights than the classes available for purchase by domestic investors of the countries","page_number":34,"box":{"x":89,"y":603,"width":867,"height":13}},{"id":"c56e4cde-dc35-4d47-be77-3ceedbf11c18","block_type":"box","text":"and/or impose additional taxes on foreign investors. A delay in obtaining a government approval or a license would delay","page_number":34,"box":{"x":89,"y":618,"width":848,"height":13}},{"id":"6d030a6f-70a5-4223-ab39-6c07e8a80089","block_type":"box","text":"investments in a particular country, and, as a result, a Fund may not be able to invest in certain securities while approval is","page_number":34,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"230c05ad-f692-4564-8f34-f677f75b35bb","block_type":"box","text":"pending. The government of a particular country may also withdraw or decline to renew a license that enables a Fund to","page_number":34,"box":{"x":89,"y":649,"width":842,"height":12}},{"id":"e575575f-229d-4962-877d-22db24e28257","block_type":"box","text":"invest in such country. These factors make investing in issuers located or operating in countries in Africa significantly riskier","page_number":34,"box":{"x":89,"y":664,"width":865,"height":12}},{"id":"46ed99e2-703f-491c-afef-4dbce1a047a4","block_type":"box","text":"than investing in issuers located or operating in more developed countries, and any one of these factors could cause a","page_number":34,"box":{"x":88,"y":679,"width":826,"height":12}},{"id":"469d02a3-7628-44ab-ad88-1b10e670d629","block_type":"box","text":"decline in the value of a Fund’s investments. Issuers located or operating in countries in Africa are generally not subject to the","page_number":34,"box":{"x":89,"y":694,"width":879,"height":12}},{"id":"0868d3d7-40b9-45db-9160-3ff8188a66d9","block_type":"box","text":"same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less","page_number":34,"box":{"x":89,"y":709,"width":816,"height":12}},{"id":"a943f84b-175d-4c28-be57-b723869e9d22","block_type":"box","text":"financial and other information publicly available with regard to issuers located or operating in countries in Africa and such","page_number":34,"box":{"x":88,"y":724,"width":861,"height":13}},{"id":"0d6b0d7d-319f-4d7c-b9a8-73b744fbebd3","block_type":"box","text":"issuers are generally not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers","page_number":34,"box":{"x":89,"y":739,"width":861,"height":13}},{"id":"2cc76734-a1b9-4be3-b726-463f63339677","block_type":"box","text":"located or operating in more developed countries.","page_number":34,"box":{"x":89,"y":754,"width":348,"height":13}},{"id":"1c034b75-d8d5-4f2a-9b33-65718c10dba2","block_type":"box","text":"In addition, governments of certain countries in Africa in which a Fund may invest may levy withholding or other taxes on","page_number":34,"box":{"x":89,"y":781,"width":851,"height":12}},{"id":"fd46edb2-86bd-4cf4-93dc-c9257682b832","block_type":"box","text":"income such as dividends, interest and realized capital gains. Although in certain countries in Africa a portion of these taxes","page_number":34,"box":{"x":89,"y":796,"width":865,"height":12}},{"id":"6ce9e87b-a626-4c46-9d0a-60181053c117","block_type":"box","text":"are recoverable, the non-recovered portion of foreign withholding taxes will reduce the income received from investments in","page_number":34,"box":{"x":89,"y":811,"width":868,"height":12}},{"id":"2edd3534-e666-44ed-a22a-48d77278f55a","block_type":"box","text":"such countries.","page_number":34,"box":{"x":89,"y":826,"width":105,"height":10}},{"id":"30ee39c3-d42e-4119-84c8-52ceaf01b05b","block_type":"box","text":"16","page_number":34,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"f7cbe004-c30e-491e-8a8d-03a0bb0751e0","block_type":"box","text":"Investment in countries in Africa may be subject to a greater degree of risk associated with governmental approval in","page_number":35,"box":{"x":89,"y":44,"width":818,"height":12}},{"id":"9337250f-3918-437a-a8a1-d84972dd3f95","block_type":"box","text":"connection with the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In","page_number":35,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"eccc3194-85db-4eb4-9c02-1c426420733b","block_type":"box","text":"addition, there is the risk that if an African country’s balance of payments declines, such African country may impose","page_number":35,"box":{"x":89,"y":74,"width":819,"height":12}},{"id":"b892af87-0721-4778-81db-b18704cebb1f","block_type":"box","text":"temporary restrictions on foreign capital remittances. Consequently, a Fund could be adversely affected by delays in, or a","page_number":35,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"24875014-5731-48f4-b037-d04319c3eba4","block_type":"box","text":"refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any","page_number":35,"box":{"x":89,"y":104,"width":853,"height":13}},{"id":"c3a21404-37d2-46b3-8044-4d19fb04f125","block_type":"box","text":"restrictions on investments. Additionally, investments in countries in Africa may require a Fund to adopt special procedures,","page_number":35,"box":{"x":89,"y":119,"width":864,"height":13}},{"id":"2b162c6b-88fb-435a-afcb-52f0877fe0c7","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs to a Fund.","page_number":35,"box":{"x":89,"y":135,"width":760,"height":12}},{"id":"488b648e-fffd-45ab-acf9-7af7b05197b7","block_type":"box","text":"Securities laws in many countries in Africa are relatively new and unsettled and, consequently, there is a risk of rapid and","page_number":35,"box":{"x":88,"y":161,"width":843,"height":12}},{"id":"5b5a2c7c-19e0-4307-8667-8e591f329367","block_type":"box","text":"unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights.","page_number":35,"box":{"x":89,"y":176,"width":851,"height":13}},{"id":"280c0071-d58a-4923-86be-b6d5ddf53b18","block_type":"box","text":"Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. In addition, there may be","page_number":35,"box":{"x":88,"y":191,"width":868,"height":13}},{"id":"4df5eba2-cf3a-4712-a1e7-5b88109902b9","block_type":"box","text":"no single centralized securities exchange on which securities are traded in certain countries in Africa and the systems of","page_number":35,"box":{"x":89,"y":206,"width":840,"height":13}},{"id":"f003d2b6-ee73-4076-b4bc-f21bfa5b6c4d","block_type":"box","text":"corporate governance to which issuers located in countries in Africa are subject may be less advanced than those systems to","page_number":35,"box":{"x":89,"y":222,"width":874,"height":12}},{"id":"eb30d19c-94a1-470b-b9a3-8af7086de8b6","block_type":"box","text":"which issuers located in more developed countries are subject, and, therefore, shareholders of issuers located in such","page_number":35,"box":{"x":88,"y":237,"width":821,"height":12}},{"id":"8bd95c84-a711-4c07-aa05-0000115ec9e1","block_type":"box","text":"countries may not receive many of the protections available to shareholders of issuers located in more developed countries.","page_number":35,"box":{"x":89,"y":252,"width":864,"height":12}},{"id":"21d5e946-3a30-4f5e-b1b2-66f43e4aaf85","block_type":"box","text":"Even in circumstances where adequate laws and shareholder rights exist, it may not be possible to obtain swift and equitable","page_number":35,"box":{"x":89,"y":267,"width":874,"height":12}},{"id":"3840736f-5100-4750-b431-0c35c88fce9c","block_type":"box","text":"enforcement of the law. In addition, the enforcement of systems of taxation at federal, regional and local levels in countries in","page_number":35,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"a4871867-8cdc-4b13-9a57-39d37fb95fe2","block_type":"box","text":"Africa may be inconsistent and subject to sudden change.","page_number":35,"box":{"x":88,"y":297,"width":406,"height":12}},{"id":"4b4cb8c0-5e92-48cf-a81a-656ba453eefc","block_type":"box","text":"Certain countries in Africa may be heavily dependent upon international trade and, consequently, have been and may","page_number":35,"box":{"x":89,"y":324,"width":821,"height":12}},{"id":"9e20274e-b047-4ad6-ae4e-514f95f7b933","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":35,"box":{"x":89,"y":339,"width":873,"height":12}},{"id":"91b10e9e-98a3-403a-86a4-db9789d439c5","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":35,"box":{"x":89,"y":354,"width":866,"height":12}},{"id":"02164ffa-72c4-4747-89ee-6d5f1897b640","block_type":"box","text":"and may continue to be adversely affected by economic conditions in the countries with which they trade. Certain countries","page_number":35,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"709a2159-1feb-4123-b2ee-5f700443b126","block_type":"box","text":"in Africa depend to a significant extent upon exports of primary commodities such as gold, silver, copper and diamonds.","page_number":35,"box":{"x":89,"y":384,"width":842,"height":12}},{"id":"8fb9bb20-0556-4cff-9e36-016188de748a","block_type":"box","text":"These countries therefore are vulnerable to changes in commodity prices, which may be affected by a variety of factors. In","page_number":35,"box":{"x":88,"y":399,"width":854,"height":13}},{"id":"168f6e99-2c64-4546-8c72-544baff0e762","block_type":"box","text":"addition, certain issuers located in countries in Africa in which a Fund invests may operate in, or have dealings with, countries","page_number":35,"box":{"x":89,"y":414,"width":879,"height":13}},{"id":"98083c4c-d79f-40d3-a308-d66ce78018c1","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":35,"box":{"x":89,"y":429,"width":871,"height":13}},{"id":"e2f7ea01-0215-4f95-a527-bba56dbfc6e5","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":35,"box":{"x":89,"y":445,"width":835,"height":12}},{"id":"ebb6ff62-994e-4875-bb69-2ac264f1c756","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":35,"box":{"x":89,"y":460,"width":863,"height":12}},{"id":"7a9ad188-0431-4b1b-af0a-8251afd97d42","block_type":"box","text":"indirectly subject to those risks.","page_number":35,"box":{"x":89,"y":475,"width":219,"height":12}},{"id":"728392b5-0c56-4e7b-8d04-3329c9770201","block_type":"box","text":"The governments of certain countries in Africa may exercise substantial influence over many aspects of the private sector","page_number":35,"box":{"x":88,"y":501,"width":851,"height":13}},{"id":"315ccd15-6f48-42fd-99ad-b34949638024","block_type":"box","text":"and may own or control many companies. Future government actions could have a significant effect on the economic","page_number":35,"box":{"x":89,"y":516,"width":824,"height":13}},{"id":"e50a3c8a-2ac1-4afe-b48b-60cee0a5908a","block_type":"box","text":"conditions in such countries, which could have a negative impact on private sector companies. There is also the possibility of","page_number":35,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"34295e59-70ef-46f7-9cdd-4d567985bfb1","block_type":"box","text":"diplomatic developments that could adversely affect investments in certain countries in Africa. Some countries in Africa may","page_number":35,"box":{"x":89,"y":547,"width":872,"height":12}},{"id":"2b5fca0f-8668-443a-85e0-b8c24e546587","block_type":"box","text":"be affected by a greater degree of public corruption and crime, including organized crime.","page_number":35,"box":{"x":89,"y":562,"width":626,"height":12}},{"id":"73e8ad2c-5cbd-4c38-8516-6101ded391ee","block_type":"box","text":"Political instability and protests in North Africa and the Middle East have caused and may in the future cause significant","page_number":35,"box":{"x":89,"y":588,"width":835,"height":12}},{"id":"f692a068-cbe0-4eb5-8e95-c42d2fa1d94f","block_type":"box","text":"disruptions to many industries. In addition, the outbreak of Ebola in Western Africa severely challenged health care industries","page_number":35,"box":{"x":89,"y":603,"width":875,"height":13}},{"id":"2cd7d790-874a-4274-aa9c-7d552043f280","block_type":"box","text":"in those countries and adversely impacted the region’s economy due to quarantines and disruptions of trade, which has","page_number":35,"box":{"x":89,"y":618,"width":839,"height":13}},{"id":"5201b076-9d13-4a50-8d40-f6e2d37c222c","block_type":"box","text":"further increased instability in the region. This instability has demonstrated that political and social unrest can spread quickly","page_number":35,"box":{"x":88,"y":633,"width":875,"height":13}},{"id":"d8f3fa39-6eaa-47e1-bce1-1d7c1da9fa4f","block_type":"box","text":"through the region, and that developments in one country can influence the political events in neighboring countries. Some","page_number":35,"box":{"x":88,"y":649,"width":866,"height":12}},{"id":"d9524181-ef4e-4af4-b97b-aae419f708e9","block_type":"box","text":"protests have turned violent, and civil war and political reconstruction in certain countries such as Libya, Iraq and Syria pose a","page_number":35,"box":{"x":89,"y":664,"width":878,"height":12}},{"id":"4f32bbe2-273f-48db-9108-36642895efa6","block_type":"box","text":"risk to investments in the region. Continued political and social unrest in these regions, including the ongoing warfare and","page_number":35,"box":{"x":89,"y":679,"width":853,"height":12}},{"id":"5e02a02c-f9ec-4bbd-b991-7440d08deee3","block_type":"box","text":"terrorist activities in the Middle East and Africa, may negatively affect the value of an investment in a Fund.","page_number":35,"box":{"x":88,"y":694,"width":746,"height":12}},{"id":"7e7bcfa5-21fd-4faa-a9cf-81b6674885e5","block_type":"box","text":"Risk of Investing in Asia.","page_number":35,"box":{"x":89,"y":720,"width":175,"height":13}},{"id":"74ca3346-c7fb-4d58-a551-6a4c9c5c5f8f","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":35,"box":{"x":278,"y":720,"width":682,"height":13}},{"id":"d8b7fc53-625e-411e-88b2-123bc9510a1c","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":35,"box":{"x":88,"y":736,"width":874,"height":12}},{"id":"e99e59e1-1b8e-49a5-a603-f97dc5c7d2fe","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":35,"box":{"x":89,"y":751,"width":873,"height":12}},{"id":"974546bb-598d-4a0b-98cf-8a589ca4e6a6","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":35,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"95daac96-763f-4f36-8f1c-665f8986faac","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":35,"box":{"x":89,"y":781,"width":837,"height":12}},{"id":"e3963d4d-0fcf-4096-ab99-a9974aac5013","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":35,"box":{"x":89,"y":796,"width":867,"height":12}},{"id":"2780de88-e1f6-43be-9e4a-ece537661d1b","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":35,"box":{"x":88,"y":811,"width":538,"height":12}},{"id":"de7ce315-67b6-4610-9bf5-baa4925bdfba","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":35,"box":{"x":89,"y":838,"width":852,"height":12}},{"id":"1b2b6b2a-de59-490d-8a74-205aed5a0ad8","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":35,"box":{"x":88,"y":853,"width":867,"height":12}},{"id":"bfa78cc6-fd5a-4de8-b517-9edab161182a","block_type":"box","text":"17","page_number":35,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"470c413c-a6e9-4ead-8652-62e145647db9","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":36,"box":{"x":89,"y":44,"width":821,"height":12}},{"id":"a2c490da-93ad-401a-b4f4-6a76f1837c9b","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":36,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"550b70a8-7246-4d47-916e-e25551c599f5","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":36,"box":{"x":89,"y":74,"width":825,"height":12}},{"id":"ba4ea812-67b3-48d9-828a-f3c9bfee03e6","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":36,"box":{"x":89,"y":89,"width":854,"height":12}},{"id":"21247f79-6915-4da5-8e1d-4a001a4f03d2","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":36,"box":{"x":88,"y":104,"width":860,"height":13}},{"id":"41ec56b5-afb3-4373-8141-ef2da351b0e5","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":36,"box":{"x":88,"y":119,"width":875,"height":13}},{"id":"4b4831fb-aa6f-4579-9e08-bb74bf2f30e7","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":36,"box":{"x":89,"y":135,"width":847,"height":12}},{"id":"185da7d7-fb41-485f-929a-357c6d6413f6","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":36,"box":{"x":88,"y":150,"width":880,"height":12}},{"id":"2f79337d-6dc2-4508-b59a-738d4f4d51ef","block_type":"box","text":"the performance of investments in this region.","page_number":36,"box":{"x":88,"y":165,"width":323,"height":12}},{"id":"07723984-edb6-478f-b068-6286a33484f1","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":36,"box":{"x":89,"y":191,"width":822,"height":13}},{"id":"077b38de-dc0d-41d5-950e-de167070d46c","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":36,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"3503144d-ae0a-431e-b33a-f77e76e5ab1a","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":36,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"56bc48d5-877e-4ec3-aab8-c85788ed81be","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":36,"box":{"x":88,"y":237,"width":878,"height":12}},{"id":"22ccac57-e074-4ce2-aa25-aa6557bfa9cb","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":36,"box":{"x":88,"y":252,"width":617,"height":12}},{"id":"ea68ee9c-74c8-4197-9eae-98e1e1dec4bc","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":36,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"764c342b-60fd-4f0e-befc-c89c77f81188","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":36,"box":{"x":89,"y":293,"width":838,"height":13}},{"id":"642c375b-8c7b-4392-988f-6d8db522799e","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":36,"box":{"x":89,"y":308,"width":830,"height":13}},{"id":"68d8bd1a-f79a-4583-b29e-1a1700778d54","block_type":"box","text":"sectors.","page_number":36,"box":{"x":89,"y":325,"width":53,"height":8}},{"id":"be16069b-19f7-4387-bb2a-e9c2aadcfa82","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":36,"box":{"x":88,"y":350,"width":852,"height":12}},{"id":"d4a06181-0601-4091-9862-b5f4fcd20367","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":36,"box":{"x":88,"y":365,"width":867,"height":12}},{"id":"cce2898d-340b-4514-acc9-52b268bfbd43","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":36,"box":{"x":88,"y":380,"width":875,"height":13}},{"id":"f48c5aa4-452f-4996-8141-59facf5e1753","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":36,"box":{"x":89,"y":395,"width":874,"height":13}},{"id":"5fab2ddc-b041-4bdb-b0db-9a9abafb04de","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":36,"box":{"x":89,"y":410,"width":874,"height":13}},{"id":"6e753dd9-c8a8-4562-839c-e701127b70ea","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":36,"box":{"x":89,"y":426,"width":867,"height":12}},{"id":"926599a0-1f52-456b-911d-53d8bfdba674","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":36,"box":{"x":88,"y":441,"width":840,"height":12}},{"id":"7fdbd98d-ee22-48f1-9f19-e014b0a9b7a6","block_type":"box","text":"Risk of Investing in Australasia.","page_number":36,"box":{"x":89,"y":467,"width":224,"height":13}},{"id":"6be9c43f-c7a9-4eba-9338-4debbbe157fc","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":36,"box":{"x":322,"y":467,"width":637,"height":13}},{"id":"b1eb9b19-4d3e-48f5-99ba-14bd596b9eeb","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":36,"box":{"x":89,"y":482,"width":832,"height":13}},{"id":"54bc1bc1-1b26-48f6-b9b4-dc9849ac3bad","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":36,"box":{"x":89,"y":497,"width":805,"height":13}},{"id":"3f9bffd6-f76c-4e74-bf2d-d2d37e025098","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":36,"box":{"x":89,"y":513,"width":863,"height":12}},{"id":"25d71fa3-94a5-4513-b106-0936050e068a","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":36,"box":{"x":89,"y":528,"width":841,"height":12}},{"id":"2bf21f58-d800-4d84-9127-b4334bae2baa","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":36,"box":{"x":88,"y":543,"width":853,"height":12}},{"id":"cf8a42f0-2ac6-4963-85ee-4a9fbea0a953","block_type":"box","text":"Zealand are dependent on trading with certain key trading partners, including Asia and the U.S. The economies of Australia","page_number":36,"box":{"x":89,"y":558,"width":861,"height":12}},{"id":"183c28c1-e9ef-4122-8899-c70f0e0e0bf6","block_type":"box","text":"and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign ownership of","page_number":36,"box":{"x":89,"y":573,"width":836,"height":12}},{"id":"6a456d0e-beba-4c28-99de-9d685b60c3a7","block_type":"box","text":"companies in the mining sector or imposition of new taxes on profits of mining companies may dissuade foreign investment,","page_number":36,"box":{"x":89,"y":588,"width":875,"height":12}},{"id":"c74dac7c-4f58-48ff-ad38-cb8feef6203e","block_type":"box","text":"and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":36,"box":{"x":89,"y":603,"width":591,"height":13}},{"id":"af601daa-7299-4f1b-bc7b-2985ff1e4ec8","block_type":"box","text":"Risk of Investing in Australia.","page_number":36,"box":{"x":89,"y":630,"width":208,"height":12}},{"id":"0fdb451f-fb6e-4f5e-b4c0-b5f56daf7108","block_type":"box","text":"A Fund’s investment in Australian issuers will subject the Fund to loss in the event of adverse","page_number":36,"box":{"x":306,"y":630,"width":651,"height":12}},{"id":"c2741b07-bddf-4ed4-a99b-ec0ed6ca7449","block_type":"box","text":"political, economic, regulatory and other developments that affect Australia, including fluctuations of Australian currency","page_number":36,"box":{"x":89,"y":645,"width":849,"height":12}},{"id":"1005d1e5-aae4-4420-8283-40bbfd362c4a","block_type":"box","text":"versus the U.S. dollar. Also, Australia is located in a part of the world that has historically been prone to natural disasters, such","page_number":36,"box":{"x":88,"y":660,"width":879,"height":12}},{"id":"4e406dcb-f395-4f2a-add3-6a17b13e6bb7","block_type":"box","text":"as drought and flooding. Any such event in the future could have a significant adverse impact on the Australian economy.","page_number":36,"box":{"x":89,"y":675,"width":850,"height":12}},{"id":"813b9a78-4b5c-4e65-997e-1dc77d6e86e1","block_type":"box","text":"The Australian economy is dependent on trading with certain key trading partners. The Australia–U.S. Free Trade Agreement","page_number":36,"box":{"x":88,"y":690,"width":873,"height":13}},{"id":"263b9f25-008b-4757-ba5b-0a80921254ef","block_type":"box","text":"has significantly expanded the trading relationship between the U.S. and Australia. Economic events in the U.S., Asia, or in","page_number":36,"box":{"x":89,"y":705,"width":851,"height":13}},{"id":"fa36492f-d41f-4cf4-9cb2-b2c9a162d2dc","block_type":"box","text":"other key trading countries can have a significant economic effect on the Australian economy and companies to which the","page_number":36,"box":{"x":89,"y":720,"width":858,"height":13}},{"id":"d1d2e05a-7499-4fb4-8171-1c53afb9c6c8","block_type":"box","text":"Fund has exposure.","page_number":36,"box":{"x":89,"y":736,"width":135,"height":12}},{"id":"4adbd6d1-b20d-429e-a1dd-b6158e3e6c93","block_type":"box","text":"Risk of Investing in Belgium.","page_number":36,"box":{"x":89,"y":762,"width":203,"height":12}},{"id":"9a05c81f-5a50-41a2-9f99-eed95969667e","block_type":"box","text":"Investment in Belgian issuers will subject a Fund to legal, regulatory, political, currency,","page_number":36,"box":{"x":302,"y":762,"width":605,"height":12}},{"id":"ba10a7d4-c5cf-4efa-b17e-9d292b0e9af6","block_type":"box","text":"security, and economic risk specific to Belgium. Although Belgium has few natural resources and imports substantial","page_number":36,"box":{"x":89,"y":777,"width":816,"height":12}},{"id":"435ff7b5-ee3d-468c-9bdc-afe4cbeb5e82","block_type":"box","text":"amounts of raw materials, it has an established industrial sector, which is responsible for exporting large volume of finished","page_number":36,"box":{"x":89,"y":792,"width":863,"height":13}},{"id":"05aa8a99-4d01-41a9-af2f-3ae93a16784b","block_type":"box","text":"goods to other European countries. Belgium relies heavily on trade with key trading partners. Most of Belgium’s trade is with","page_number":36,"box":{"x":89,"y":807,"width":869,"height":13}},{"id":"0afa5abb-d5c2-41d3-bd61-48852874399d","block_type":"box","text":"fellow EU members.","page_number":36,"box":{"x":88,"y":822,"width":139,"height":10}},{"id":"08d151cd-a0f8-4740-917c-751a75503273","block_type":"box","text":"18","page_number":36,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"5408f35c-7002-4c0d-824d-2dbe84b715cb","block_type":"box","text":"Risk of Investing in China.","page_number":37,"box":{"x":89,"y":44,"width":185,"height":12}},{"id":"1050dd87-f287-4b46-b056-71ddb563c8d2","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":37,"box":{"x":284,"y":44,"width":636,"height":12}},{"id":"1e8cf2e9-c9a3-4d24-9580-fad8b95ea053","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":37,"box":{"x":89,"y":59,"width":852,"height":12}},{"id":"baca2626-4374-40c8-88e0-1cc37a4b2105","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":37,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"df6c8d7f-a8a9-48d2-b978-f06e4c77c5c4","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":37,"box":{"x":89,"y":89,"width":750,"height":13}},{"id":"32f44adb-a582-4f62-81a0-876a1e8aa5be","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":37,"box":{"x":89,"y":116,"width":820,"height":12}},{"id":"e37c8cf7-2e8c-42d6-badd-eab9e4817d50","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":37,"box":{"x":89,"y":131,"width":862,"height":12}},{"id":"f8b63d6b-7579-4f4b-8faf-60cb038723a6","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":37,"box":{"x":88,"y":146,"width":870,"height":12}},{"id":"62de7fcc-e62d-4fc8-a8d3-7c6ce1f96b35","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":37,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"b0db436c-1ff1-4834-a28b-16e4ae5511fe","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":37,"box":{"x":89,"y":176,"width":842,"height":10}},{"id":"c180cdf5-f6e8-4d34-a00c-1606b6b3e54d","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":37,"box":{"x":89,"y":191,"width":835,"height":13}},{"id":"0509b5bb-3326-4fc6-9655-1d583dc71516","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":37,"box":{"x":89,"y":206,"width":830,"height":13}},{"id":"0f271047-13d7-4437-ac55-6fc2ade8c12a","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":37,"box":{"x":88,"y":222,"width":834,"height":12}},{"id":"feb47835-402c-49c0-87e6-6bdef018de0d","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":37,"box":{"x":88,"y":237,"width":845,"height":12}},{"id":"bbb825e3-6d93-48de-94c6-b2e146a23b9a","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":37,"box":{"x":89,"y":252,"width":811,"height":12}},{"id":"6d4c7e21-069d-494c-88b3-c4dc6deadcca","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":37,"box":{"x":89,"y":267,"width":846,"height":12}},{"id":"a829e861-0802-40c3-8938-1be11798dfca","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":37,"box":{"x":89,"y":282,"width":866,"height":12}},{"id":"ecc2109f-068e-4dfc-8382-b2c3aecf3885","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":37,"box":{"x":89,"y":297,"width":848,"height":12}},{"id":"f0eae768-96bd-4a38-ae5c-347881d1bd93","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":37,"box":{"x":89,"y":312,"width":851,"height":13}},{"id":"84b1a588-a767-4362-aa26-4e3f14b3558a","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":37,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"06f6cb0b-cad7-42a1-9696-91d4381bf721","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":37,"box":{"x":89,"y":342,"width":860,"height":13}},{"id":"23e44599-d920-44bc-926c-e354144c3386","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":37,"box":{"x":89,"y":358,"width":861,"height":12}},{"id":"9525bcb3-06b8-4b0e-83ef-110f7d2426c5","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":37,"box":{"x":89,"y":373,"width":873,"height":12}},{"id":"f5bfd0f1-ca84-4a31-a241-5fc46d0eb03e","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":37,"box":{"x":89,"y":388,"width":843,"height":12}},{"id":"c7efb204-4f48-46e8-8667-fc994996d7fb","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":37,"box":{"x":89,"y":403,"width":524,"height":12}},{"id":"7e75d959-c90d-4206-a998-e5679139711b","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":37,"box":{"x":88,"y":429,"width":866,"height":13}},{"id":"124e8fbb-7d72-4b06-a611-e95254d74977","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":37,"box":{"x":89,"y":445,"width":816,"height":12}},{"id":"8f6c49f1-51a0-479d-9434-0261e6fc6b05","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":37,"box":{"x":89,"y":460,"width":826,"height":12}},{"id":"434a7773-b376-4cf9-8d71-e3e8ea1a16a7","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":37,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"4975fff9-bd9f-43fe-9296-61bc34663085","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":37,"box":{"x":88,"y":490,"width":824,"height":12}},{"id":"1dd5aab5-67f9-40a8-8dea-9db12cfcbda7","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":37,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"48b1975a-98e8-40df-9b2a-7465c96a47d9","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":37,"box":{"x":89,"y":520,"width":849,"height":12}},{"id":"18ea7dcd-2683-4ff9-a524-6b6dfd994980","block_type":"box","text":"and on repatriation of capital invested.","page_number":37,"box":{"x":89,"y":535,"width":268,"height":13}},{"id":"cbb5fb96-ee82-477f-b5a1-6d5a899b7960","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":37,"box":{"x":89,"y":562,"width":861,"height":12}},{"id":"cbd3a90e-3c7c-436c-a42e-b891087d1224","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":37,"box":{"x":89,"y":577,"width":863,"height":12}},{"id":"eede4fb3-7453-4555-8951-8994bc2de996","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":37,"box":{"x":89,"y":592,"width":855,"height":12}},{"id":"7602c5e9-8fd7-49cf-a662-f2e40efa1c66","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":37,"box":{"x":88,"y":607,"width":846,"height":12}},{"id":"1882ff7d-b117-4c00-a017-6279d94c8a77","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":37,"box":{"x":89,"y":622,"width":842,"height":12}},{"id":"f8a3da92-9481-4d98-aca3-b45df52cadcf","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":37,"box":{"x":89,"y":637,"width":872,"height":13}},{"id":"de67c0b4-3f25-4580-a92e-22836b260359","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":37,"box":{"x":89,"y":652,"width":454,"height":13}},{"id":"3c94811e-5a96-43d4-bba4-4deb0260f6d1","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":37,"box":{"x":88,"y":679,"width":849,"height":12}},{"id":"c32bf6d1-bdc6-462d-ad28-bb5369490c43","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":37,"box":{"x":89,"y":694,"width":827,"height":12}},{"id":"f373ea22-4e31-46e4-9679-bd5a2f3392cb","block_type":"box","text":"protection considerations.","page_number":37,"box":{"x":89,"y":709,"width":182,"height":12}},{"id":"523d48eb-85fa-4cf9-a789-f114c99b104b","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":37,"box":{"x":89,"y":736,"width":835,"height":12}},{"id":"b0bd2b02-9c50-4d9a-b3ba-9bfdf5851c85","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":37,"box":{"x":88,"y":751,"width":830,"height":12}},{"id":"5fbf4fc6-faf3-4d02-8764-5ed6d7d0f166","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":37,"box":{"x":88,"y":766,"width":858,"height":12}},{"id":"0077737e-b9f4-4b80-82bf-885545719fb0","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":37,"box":{"x":89,"y":781,"width":879,"height":12}},{"id":"807a5c89-f5c7-4635-a750-a71ecf16b15a","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":37,"box":{"x":89,"y":796,"width":875,"height":12}},{"id":"541e9353-d1ea-4dd2-9e86-37b9523c1722","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":37,"box":{"x":88,"y":811,"width":845,"height":12}},{"id":"0bca0212-62bc-439b-b7d3-6e8691dbcf95","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":37,"box":{"x":88,"y":838,"width":846,"height":12}},{"id":"71f7868b-0875-405d-bd93-65dc0d613993","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":37,"box":{"x":89,"y":853,"width":867,"height":12}},{"id":"239c924b-5a8c-4ce4-9379-52f314e2f983","block_type":"box","text":"19","page_number":37,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"1a2c4af8-cac7-4e5f-8497-36547e16fdce","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":38,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"ec91e90d-9655-40a9-bab8-f704b95f8cf6","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":38,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"5f0df774-8b50-48ff-8755-fa8b3ede43b0","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":38,"box":{"x":89,"y":74,"width":838,"height":12}},{"id":"a286efe8-f25a-4343-9d48-885f2805ba38","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":38,"box":{"x":89,"y":89,"width":847,"height":13}},{"id":"09c48a14-64d2-4dd2-af26-2ae1e3dbaddd","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":38,"box":{"x":89,"y":104,"width":853,"height":13}},{"id":"4943cc65-b205-4dd4-a8bd-b20b3c503d93","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":38,"box":{"x":89,"y":119,"width":865,"height":13}},{"id":"0d54139b-41a2-426f-bc91-8a17926eb9c2","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":38,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"8d3e2b8d-bf47-4e51-a1dc-92b4ccfcda66","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":38,"box":{"x":89,"y":150,"width":875,"height":12}},{"id":"1df112ef-8855-4f0c-940f-61c186061079","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":38,"box":{"x":89,"y":165,"width":875,"height":12}},{"id":"8d1d89a2-52de-4687-bffc-a2b524863bfa","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":38,"box":{"x":89,"y":180,"width":851,"height":12}},{"id":"ed201956-4470-4498-ad77-fcad18fb164e","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":38,"box":{"x":89,"y":195,"width":827,"height":12}},{"id":"ad0b3c25-6498-4de7-837e-740d7ee90986","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":38,"box":{"x":89,"y":210,"width":872,"height":13}},{"id":"540c27ef-ce47-4a9e-af53-a21d04b854f1","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":38,"box":{"x":89,"y":225,"width":838,"height":13}},{"id":"c68a2da6-35c8-43b1-9ef3-f7ddb1ce76f3","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":38,"box":{"x":89,"y":240,"width":853,"height":13}},{"id":"bc694ddc-1b25-47cc-8ce1-ca9f0ccece41","block_type":"box","text":"Fund.","page_number":38,"box":{"x":89,"y":256,"width":38,"height":9}},{"id":"02e050cb-223d-4210-b391-82c8e48b5016","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":38,"box":{"x":88,"y":282,"width":864,"height":12}},{"id":"24b3d3f4-fab1-4050-9594-7d9a0c83f28e","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":38,"box":{"x":89,"y":297,"width":819,"height":12}},{"id":"4a511a21-372d-4c05-9c82-a74fbaebecd0","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":38,"box":{"x":89,"y":312,"width":873,"height":13}},{"id":"b92e4682-191e-471c-ad7f-b75d4f394569","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":38,"box":{"x":89,"y":327,"width":854,"height":13}},{"id":"6b4f712b-8992-4c6a-b82d-7121a17ff7dd","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":38,"box":{"x":88,"y":342,"width":835,"height":13}},{"id":"16833b18-3b3f-4777-982e-fc32dfe5fb03","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":38,"box":{"x":89,"y":358,"width":858,"height":12}},{"id":"d48c6d97-2bfa-4a28-8ac1-31e754f3b7a4","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":38,"box":{"x":89,"y":373,"width":874,"height":12}},{"id":"a9a31e43-9f2b-4ab5-b2b7-f020d0ea76c0","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":38,"box":{"x":88,"y":388,"width":791,"height":12}},{"id":"0832f5f0-ab3c-46f0-be76-a9fd93899a61","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":38,"box":{"x":89,"y":403,"width":840,"height":12}},{"id":"c47ba8e0-72e5-4af1-afbd-bb770e7288ca","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":38,"box":{"x":88,"y":418,"width":877,"height":12}},{"id":"f9e32740-96eb-42f8-b77a-7a379a1cd037","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":38,"box":{"x":89,"y":433,"width":876,"height":13}},{"id":"df88ed3b-479d-45fd-89f9-4bf4cbefd2c2","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":38,"box":{"x":88,"y":448,"width":845,"height":13}},{"id":"38d610de-f254-448d-8b60-c065323a6752","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":38,"box":{"x":89,"y":463,"width":873,"height":13}},{"id":"bbd972d0-5298-4aa3-a440-7272206764ae","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":38,"box":{"x":89,"y":479,"width":840,"height":12}},{"id":"762e5340-8c77-403d-ac2a-5e3f92283f11","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":38,"box":{"x":89,"y":494,"width":865,"height":12}},{"id":"77228e0a-3599-42a2-9f6e-4fe41c7faa8d","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":38,"box":{"x":89,"y":509,"width":867,"height":12}},{"id":"15183e26-ecec-45dc-888b-7c4c39db5eed","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":38,"box":{"x":88,"y":524,"width":340,"height":12}},{"id":"78046753-4271-4a36-80d9-34c26533e236","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":38,"box":{"x":88,"y":550,"width":833,"height":13}},{"id":"7fe961dc-6330-4021-90c7-a97bc1fa7b4a","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":38,"box":{"x":89,"y":565,"width":863,"height":13}},{"id":"93a9718f-1aaa-426e-87f9-d6415fc381d7","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":38,"box":{"x":89,"y":581,"width":849,"height":12}},{"id":"1ce96983-d8a4-4c7d-bb0d-589b9b4e37d6","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":38,"box":{"x":89,"y":596,"width":876,"height":12}},{"id":"d8e4d25b-f32e-42bd-a75b-2b7980bef375","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":38,"box":{"x":89,"y":611,"width":867,"height":12}},{"id":"36ff4d26-c6b2-4e22-9418-b2b7400a6309","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":38,"box":{"x":88,"y":626,"width":826,"height":12}},{"id":"8e6e31df-f055-4dda-9637-ad9c8597743e","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":38,"box":{"x":89,"y":641,"width":874,"height":12}},{"id":"dd6cbf8a-39a0-408c-8357-a4db4c9fde51","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":38,"box":{"x":89,"y":656,"width":691,"height":13}},{"id":"2d1cbbeb-91fb-4b82-8641-3dd831906892","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":38,"box":{"x":89,"y":683,"width":313,"height":12}},{"id":"855f53c9-6249-4285-9479-3985e4ee0b4f","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":38,"box":{"x":411,"y":683,"width":360,"height":12}},{"id":"f68a86aa-e274-4810-9f7d-bc3763982dd8","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":38,"box":{"x":121,"y":703,"width":819,"height":12}},{"id":"030bfe4f-7c72-42e2-8126-c9cb468f3620","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":38,"box":{"x":154,"y":718,"width":404,"height":12}},{"id":"87ad4220-717c-418b-8c01-3ae202dddf52","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":38,"box":{"x":121,"y":738,"width":846,"height":12}},{"id":"3eeddd88-965e-4d8d-8ffb-b3e35e68a4dc","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":38,"box":{"x":153,"y":753,"width":579,"height":13}},{"id":"3f93b4a2-76bd-4150-a758-05c1ea273a7d","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":38,"box":{"x":121,"y":773,"width":815,"height":13}},{"id":"b2139532-5603-41e5-96a2-a7fcead1b231","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":38,"box":{"x":154,"y":788,"width":692,"height":13}},{"id":"251b1075-a152-4b42-a1d1-9efe854bc262","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":38,"box":{"x":121,"y":809,"width":803,"height":12}},{"id":"0cf30433-b406-4115-a45f-9afe547ff56f","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":38,"box":{"x":153,"y":824,"width":779,"height":12}},{"id":"33d153c9-75fb-4ab2-8a61-f8d9e5a1e960","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":38,"box":{"x":154,"y":839,"width":748,"height":12}},{"id":"be0c0389-6281-4861-8e7e-847261ab0b68","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":38,"box":{"x":121,"y":859,"width":786,"height":12}},{"id":"7c730dd9-4162-4452-95f0-19a4ed18c30c","block_type":"box","text":"20","page_number":38,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3dad76d4-539f-4a32-9568-1b66962c512e","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":39,"box":{"x":153,"y":44,"width":800,"height":12}},{"id":"2068e78f-6a62-4a94-a06e-13c965706afd","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":39,"box":{"x":153,"y":59,"width":320,"height":10}},{"id":"b94330d0-cbbd-49ae-b331-ae0d98ef9f98","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":39,"box":{"x":88,"y":85,"width":880,"height":13}},{"id":"583238ff-ca6c-421f-9df5-1722daf734bb","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":39,"box":{"x":89,"y":101,"width":867,"height":12}},{"id":"b615d49c-904a-4c7f-b521-cecb3509f7de","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":39,"box":{"x":89,"y":116,"width":843,"height":12}},{"id":"37cd3a3e-879b-4eda-9057-afae3815c483","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":39,"box":{"x":89,"y":131,"width":819,"height":12}},{"id":"8f2d996e-b41b-48ac-bdb2-0385af883fdc","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":39,"box":{"x":89,"y":146,"width":804,"height":12}},{"id":"d8a1eff1-2347-4374-88c9-3f1c0531d6cc","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":39,"box":{"x":89,"y":161,"width":860,"height":12}},{"id":"428afcbd-94aa-4548-aacb-171f4d7ec099","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":39,"box":{"x":89,"y":176,"width":809,"height":13}},{"id":"5e5f3e0d-7ef6-4f05-936c-18ae7cc41682","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":39,"box":{"x":89,"y":191,"width":861,"height":13}},{"id":"84fcfe5c-7bad-4703-899f-ff927152d520","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":39,"box":{"x":89,"y":206,"width":859,"height":13}},{"id":"e7c09fea-c4b8-4c80-ae62-c86eec9f80ad","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":39,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"6b9353c1-69dd-484a-a093-95f97fdb7b4c","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":39,"box":{"x":89,"y":237,"width":867,"height":12}},{"id":"c2f6a9fe-d61b-482f-9bbe-251cec43df28","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":39,"box":{"x":89,"y":252,"width":785,"height":12}},{"id":"c542318e-3b3e-4047-9dc8-f79898bc1cb9","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":39,"box":{"x":88,"y":278,"width":362,"height":13}},{"id":"7d19ada0-cfc6-4b2c-b607-15e154678689","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":39,"box":{"x":451,"y":278,"width":486,"height":13}},{"id":"9a6d55fd-e160-4123-9009-4be91e0ed902","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":39,"box":{"x":89,"y":293,"width":826,"height":13}},{"id":"8d074f68-9267-40c7-abb3-eaf73bf6b1f9","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":39,"box":{"x":89,"y":308,"width":815,"height":13}},{"id":"ce85742b-3606-4d92-9703-aaf470baf286","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":39,"box":{"x":89,"y":324,"width":879,"height":12}},{"id":"5ea1d1db-39ce-4e1a-86d8-3e1ead4cbf65","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":39,"box":{"x":89,"y":339,"width":820,"height":12}},{"id":"002c7ebf-ca2b-4fbd-8160-b10834e0d42f","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":39,"box":{"x":88,"y":354,"width":862,"height":12}},{"id":"0d227418-900f-4fa0-9dcd-959ef68f405b","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":39,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"cd067f44-70e7-427f-9f34-d04fb09c3f0c","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":39,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"28bda0af-f332-4eab-b517-cd27dbb31f86","block_type":"box","text":"which could pose risks to a Fund.","page_number":39,"box":{"x":88,"y":399,"width":233,"height":13}},{"id":"7e252cd0-cd22-4466-a91a-c5af31329f01","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":39,"box":{"x":88,"y":426,"width":847,"height":12}},{"id":"a85ef6eb-e5a0-475f-919e-081cc5fdb35f","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":39,"box":{"x":88,"y":441,"width":876,"height":12}},{"id":"89350b7b-7a44-419c-8831-1e179c32229e","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":39,"box":{"x":89,"y":456,"width":868,"height":12}},{"id":"79679b8b-f5c9-4bf0-b894-5dbd590c8e37","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":39,"box":{"x":88,"y":471,"width":865,"height":12}},{"id":"05302c99-176d-404c-a279-86a9bd12c932","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":39,"box":{"x":89,"y":486,"width":859,"height":12}},{"id":"0ba2d637-5d31-44d0-b5f4-f8479732a5fb","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":39,"box":{"x":88,"y":501,"width":875,"height":13}},{"id":"eff9a276-43dc-445a-92c3-39d11ec88b24","block_type":"box","text":"to change.","page_number":39,"box":{"x":88,"y":516,"width":73,"height":13}},{"id":"c714695a-e323-43c6-946d-799a450163d7","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":39,"box":{"x":88,"y":543,"width":869,"height":12}},{"id":"8033c26e-658f-4b3c-9ba7-04a405231686","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":39,"box":{"x":89,"y":558,"width":867,"height":12}},{"id":"d99d2a36-d886-46f3-95b1-b0b77648a29b","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":39,"box":{"x":89,"y":573,"width":816,"height":12}},{"id":"18ecb026-ad25-4323-8e9b-368235537c60","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":39,"box":{"x":89,"y":588,"width":870,"height":12}},{"id":"df8dee3d-02d7-4ecd-8ba2-2c9ac5269a15","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":39,"box":{"x":89,"y":603,"width":860,"height":13}},{"id":"98729ab9-f24c-4bc1-bdaf-5af3e86382b3","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":39,"box":{"x":88,"y":618,"width":879,"height":13}},{"id":"6928cb0c-929b-4d0c-a0af-9fcbc196b888","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":39,"box":{"x":89,"y":633,"width":869,"height":13}},{"id":"665b804c-df5c-4252-b037-1184a30385d7","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":39,"box":{"x":89,"y":649,"width":448,"height":12}},{"id":"550092e1-dc2e-4242-8a77-3ae3e773506b","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":39,"box":{"x":88,"y":675,"width":867,"height":12}},{"id":"ceb35063-b89b-4c60-95a7-2ea0ffe44376","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":39,"box":{"x":88,"y":690,"width":873,"height":13}},{"id":"4c2554e6-7ef5-4c98-b673-9f814863f821","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":39,"box":{"x":89,"y":705,"width":856,"height":13}},{"id":"0b1fe1fb-cbf5-4e87-840b-a0f4ab7b4e46","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":39,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"0c69a595-b187-4cdb-aec6-054bd21e6143","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":39,"box":{"x":89,"y":736,"width":810,"height":12}},{"id":"8235b3c6-1997-4127-a1e3-d3014898527d","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":39,"box":{"x":89,"y":751,"width":862,"height":12}},{"id":"5d6be9b2-0af4-4629-ad4f-57c9c2cc74b6","block_type":"box","text":"Fund’s performance.","page_number":39,"box":{"x":89,"y":766,"width":143,"height":12}},{"id":"3dd151fb-7ee8-46fa-beb6-438ea5090711","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":39,"box":{"x":89,"y":792,"width":853,"height":13}},{"id":"50d3f599-34b2-4dc5-b8d7-0b1efc3d3793","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":39,"box":{"x":89,"y":807,"width":865,"height":13}},{"id":"2127e55b-50d7-4ff4-8605-6933fd3edd75","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":39,"box":{"x":88,"y":822,"width":866,"height":13}},{"id":"8058552b-8cbe-462b-9fb9-287e1f8f3a56","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":39,"box":{"x":89,"y":838,"width":869,"height":12}},{"id":"ae62ac7f-25c5-47fe-9be0-02dfaae182aa","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":39,"box":{"x":89,"y":853,"width":846,"height":12}},{"id":"6e9712cf-7a8b-4b60-a023-97d987864685","block_type":"box","text":"21","page_number":39,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"473d53b3-03e3-4200-b51e-046c09ee8a49","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":40,"box":{"x":88,"y":44,"width":834,"height":12}},{"id":"bacbe6a2-2a01-4f81-87e0-3cc5b881f247","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":40,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"408a0a4d-556c-48e8-9d6f-07150bfc8b04","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":40,"box":{"x":89,"y":74,"width":435,"height":12}},{"id":"6a2f4cda-afe8-45d8-b14d-f01aa70e4c71","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":40,"box":{"x":88,"y":101,"width":853,"height":12}},{"id":"004cd257-052c-4ea1-899e-bea6b8d583c9","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":40,"box":{"x":88,"y":116,"width":867,"height":12}},{"id":"4a643281-1159-4abb-88b0-eadfa59ac872","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":40,"box":{"x":89,"y":131,"width":853,"height":12}},{"id":"3918d605-5748-447a-82ab-3413d0419283","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":40,"box":{"x":88,"y":157,"width":853,"height":13}},{"id":"04f5ef05-b4f8-4498-9b49-805b639f990d","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":40,"box":{"x":89,"y":172,"width":857,"height":13}},{"id":"d2272a5d-2200-435c-8c11-8b9138df709b","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":40,"box":{"x":89,"y":188,"width":850,"height":12}},{"id":"d4a2649d-1991-4502-a3e9-43f78dc8a45c","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":40,"box":{"x":89,"y":203,"width":862,"height":12}},{"id":"9723dc84-c3ee-42fb-8422-0cb6e52c25e1","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":40,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"2e32791f-3887-4c3d-877c-f9bc4af59174","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":40,"box":{"x":88,"y":244,"width":843,"height":13}},{"id":"c452f99b-0573-4552-a756-06fd3e44d9f3","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":40,"box":{"x":89,"y":259,"width":452,"height":13}},{"id":"f00e4c17-7089-4fdb-be37-3b943782e21e","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":40,"box":{"x":89,"y":286,"width":861,"height":12}},{"id":"be4d1291-d052-48bf-b720-5f453ee35832","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":40,"box":{"x":89,"y":301,"width":834,"height":12}},{"id":"51b16a39-30b0-495c-bf8e-7a3f4b54ada2","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":40,"box":{"x":89,"y":316,"width":845,"height":12}},{"id":"43ee3912-d452-4db5-ab68-05b4d21d898b","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":40,"box":{"x":89,"y":342,"width":812,"height":13}},{"id":"c584f527-144d-4149-8a87-ec41b47af2f4","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":40,"box":{"x":89,"y":358,"width":857,"height":12}},{"id":"f3682549-58a5-4d50-9ec7-7e0624455cc1","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":40,"box":{"x":88,"y":373,"width":775,"height":12}},{"id":"0d6627a9-70cb-46f4-9d57-cfdae9d4dd44","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":40,"box":{"x":88,"y":399,"width":866,"height":13}},{"id":"7152422c-5499-4771-9088-8fb0d5d58105","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":40,"box":{"x":88,"y":414,"width":860,"height":13}},{"id":"6ae1a2d7-143d-4d05-ab68-9578b1ded681","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":40,"box":{"x":88,"y":429,"width":833,"height":13}},{"id":"24d02e03-3476-4576-9f58-a37085e3b51e","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":40,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"eaf66e87-6aed-4555-aca8-8dd20c2f85cc","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":40,"box":{"x":89,"y":460,"width":875,"height":11}},{"id":"56a00a22-958b-4c6d-8493-056c91a0ad0d","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":40,"box":{"x":89,"y":475,"width":857,"height":12}},{"id":"a713656d-6f76-4855-bb62-2bf6d69396c0","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":40,"box":{"x":88,"y":490,"width":869,"height":12}},{"id":"97881270-4672-48ec-b11c-724f13e3c12a","block_type":"box","text":"the CSDCC.","page_number":40,"box":{"x":88,"y":505,"width":80,"height":10}},{"id":"bbee095c-3ca5-4deb-8f33-a1328aebc908","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":40,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"16fb8211-7e80-4768-b7b7-e2b31a5b105b","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":40,"box":{"x":89,"y":547,"width":833,"height":12}},{"id":"95f9d6d5-2fa3-4177-9967-3c8729fd4d50","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":40,"box":{"x":89,"y":562,"width":853,"height":12}},{"id":"4b4b0629-3311-4869-92ac-dff9ba2ffbe3","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":40,"box":{"x":88,"y":577,"width":845,"height":12}},{"id":"3c62b8da-4a91-49d1-ac1f-86db9615647a","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":40,"box":{"x":89,"y":592,"width":842,"height":12}},{"id":"ee65f6bb-0640-429a-a875-a0d9f96df8a4","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":40,"box":{"x":89,"y":607,"width":868,"height":12}},{"id":"6188f654-5d83-46c5-be53-19026732acc1","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":40,"box":{"x":89,"y":622,"width":644,"height":12}},{"id":"c2421719-dab2-422c-af99-9d896680a2d2","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":40,"box":{"x":88,"y":649,"width":857,"height":12}},{"id":"1490ee24-d420-4c23-bafa-8a5ee391070d","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":40,"box":{"x":89,"y":664,"width":812,"height":12}},{"id":"5c5962b2-77e6-4af6-ab00-ea4137346f14","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":40,"box":{"x":89,"y":679,"width":850,"height":12}},{"id":"9251fc7f-08a6-4dd5-87bc-e847d402f727","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":40,"box":{"x":89,"y":694,"width":868,"height":12}},{"id":"316a9575-591d-49a5-8409-ff8f47e76c92","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":40,"box":{"x":88,"y":709,"width":789,"height":12}},{"id":"4e56e353-bcbd-442c-baae-9af339586986","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":40,"box":{"x":89,"y":724,"width":855,"height":12}},{"id":"7a924269-bc3a-460a-a1a6-3445efbfc058","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":40,"box":{"x":89,"y":739,"width":866,"height":13}},{"id":"5ccc8323-046c-477e-9943-1e424e14a52f","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":40,"box":{"x":89,"y":754,"width":863,"height":13}},{"id":"b975d442-d712-4165-992e-a5c5575dd8ab","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":40,"box":{"x":88,"y":770,"width":866,"height":12}},{"id":"b260fbce-9c11-422e-b5fc-581c1f989d53","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":40,"box":{"x":88,"y":785,"width":868,"height":12}},{"id":"bf62ed31-c344-4d5b-b315-193f4a09fce4","block_type":"box","text":"investment exposure.","page_number":40,"box":{"x":89,"y":801,"width":148,"height":11}},{"id":"9f77fb16-f2af-48ff-a96e-8ac86a21241c","block_type":"box","text":"A-Share Market Suspension Risk","page_number":40,"box":{"x":87,"y":826,"width":229,"height":13}},{"id":"c72776bf-69a0-429e-8250-c14ddaca2d8d","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":40,"box":{"x":317,"y":826,"width":639,"height":13}},{"id":"b3513d47-0b73-4db6-9ba6-8b69441d0bea","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":40,"box":{"x":89,"y":841,"width":848,"height":13}},{"id":"048624e9-9560-4dca-a317-5c8ff7ec9dde","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":40,"box":{"x":88,"y":856,"width":838,"height":13}},{"id":"5c165532-5a10-454c-b9de-09a0d73775f6","block_type":"box","text":"22","page_number":40,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a5466b1d-7f36-4439-b982-cf3c316e33a8","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":41,"box":{"x":89,"y":44,"width":832,"height":12}},{"id":"e86a8d73-fc41-4824-b3b3-0b839a989e52","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":41,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"6ccee044-7e88-43d4-86e6-f552f0f39617","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":41,"box":{"x":88,"y":74,"width":873,"height":12}},{"id":"20e29b3b-b12f-4ed6-8606-59ebdeb1ef94","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":41,"box":{"x":89,"y":89,"width":879,"height":13}},{"id":"762fbde6-5ee3-49f1-80d0-f60b639424bf","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":41,"box":{"x":89,"y":104,"width":864,"height":13}},{"id":"e4e42a1d-e62c-49a2-b4a8-02f14762a981","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":41,"box":{"x":88,"y":119,"width":875,"height":13}},{"id":"4a436fc2-092a-415e-b25e-c7394e72542f","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":41,"box":{"x":89,"y":135,"width":865,"height":12}},{"id":"3c02656d-ddc8-4e33-931a-3a21e69185d4","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":41,"box":{"x":89,"y":150,"width":395,"height":12}},{"id":"6e90c756-b6ce-4fea-a319-a9070b50a416","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":41,"box":{"x":89,"y":176,"width":295,"height":13}},{"id":"2b71c40a-596a-4404-90ee-dcad1eee996c","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":41,"box":{"x":393,"y":176,"width":544,"height":13}},{"id":"2b5ac8d4-b8c0-4374-8142-d3d0397d1bf1","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":41,"box":{"x":89,"y":191,"width":585,"height":13}},{"id":"6534dc6e-b5e7-4a91-b3c6-60e34425401f","block_type":"box","text":"e.g.","page_number":41,"box":{"x":675,"y":194,"width":23,"height":10}},{"id":"46430cd7-24b8-4846-ad5b-8617b8a18950","block_type":"box","text":", the financial services sector) as the","page_number":41,"box":{"x":700,"y":191,"width":253,"height":13}},{"id":"6b1c2185-700a-4808-b788-7e3e1bf3d2f8","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":41,"box":{"x":89,"y":206,"width":878,"height":13}},{"id":"bad822b1-bc64-44d3-97d1-499d0f2ecd47","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":41,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"71cdb1a6-b0b1-4659-8e9c-8235d7d2b15f","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":41,"box":{"x":89,"y":237,"width":797,"height":12}},{"id":"f0e6a1d9-c789-4029-9fb2-ce75408970f8","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":41,"box":{"x":89,"y":252,"width":876,"height":12}},{"id":"0ac66090-1922-4023-9789-077d710d9895","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":41,"box":{"x":88,"y":267,"width":848,"height":12}},{"id":"bc0a1b56-12c2-46c2-8c23-7bdb2423dbc0","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":41,"box":{"x":89,"y":282,"width":832,"height":12}},{"id":"857d6d29-55b8-4f76-bebb-26d79fc918a8","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":41,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"56f673ee-a530-436c-b586-0b1325d68f0c","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":41,"box":{"x":89,"y":312,"width":876,"height":13}},{"id":"e2a2a984-7290-4b57-a6de-78422e4e230b","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":41,"box":{"x":89,"y":327,"width":870,"height":13}},{"id":"b1e5e0a9-24dd-40bc-aaea-e2f54b3e73c8","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":41,"box":{"x":89,"y":342,"width":854,"height":13}},{"id":"e2af462f-c377-4a25-9227-8e2580cda1da","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":41,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"08afe14c-d790-4fe8-87ae-35d238115a67","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":41,"box":{"x":89,"y":373,"width":833,"height":12}},{"id":"f425821a-a6b1-447a-873a-66691c53cdcf","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":41,"box":{"x":89,"y":388,"width":867,"height":12}},{"id":"62850fb8-6f2c-4c3d-9b95-c7c4247a6be4","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":41,"box":{"x":89,"y":403,"width":835,"height":12}},{"id":"7a03da2f-34c3-4966-bab2-2249124f04df","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":41,"box":{"x":89,"y":418,"width":848,"height":12}},{"id":"24279cd2-869d-4e3c-9a74-4d3133907a33","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":41,"box":{"x":89,"y":433,"width":811,"height":13}},{"id":"192c12ac-f8a6-4b7c-86ee-959a5b6194d6","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":41,"box":{"x":89,"y":448,"width":861,"height":13}},{"id":"0e9d0aa0-3edf-4dac-a261-149f480d2044","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":41,"box":{"x":88,"y":463,"width":820,"height":13}},{"id":"97b035f0-adc3-475b-b1b6-c7ead6d382b3","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":41,"box":{"x":89,"y":479,"width":862,"height":12}},{"id":"af4f6977-7b2d-42a2-8d37-3c787b3fa91b","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":41,"box":{"x":89,"y":494,"width":856,"height":12}},{"id":"28e5ada6-5992-4f75-a921-a1fd1934781b","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":41,"box":{"x":89,"y":509,"width":531,"height":12}},{"id":"35e3ec17-04bf-42e0-9df9-513fcf1edc66","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":41,"box":{"x":89,"y":535,"width":276,"height":13}},{"id":"0ebd2dea-decc-4782-b861-145500bac9d7","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":41,"box":{"x":375,"y":535,"width":550,"height":13}},{"id":"ca7b658c-0de4-457b-9325-93d551e0755c","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":41,"box":{"x":89,"y":550,"width":865,"height":13}},{"id":"bdcfff4e-4f07-465d-a9e5-3893fff3b35c","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":41,"box":{"x":89,"y":565,"width":868,"height":13}},{"id":"26d4c678-32e4-45e0-aa9b-c597cf29f15a","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":41,"box":{"x":89,"y":581,"width":824,"height":12}},{"id":"b2ca964f-d55b-441d-a965-13a26d29af10","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":41,"box":{"x":89,"y":596,"width":854,"height":12}},{"id":"0e735bef-cd1d-42e5-8068-1d09754d8a70","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":41,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"fb765a42-27df-4234-849d-259dbe79975b","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":41,"box":{"x":89,"y":626,"width":843,"height":12}},{"id":"81d23486-fc55-4e98-8c2b-bf7cd196774b","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":41,"box":{"x":89,"y":641,"width":857,"height":12}},{"id":"f1139f2f-505a-44de-919d-dc58e6d4d612","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":41,"box":{"x":89,"y":656,"width":862,"height":13}},{"id":"e843af5f-c17e-4717-bdb9-2b198ef4e65c","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":41,"box":{"x":89,"y":671,"width":855,"height":13}},{"id":"61ee3b5a-586a-4dec-89e7-03c8c46abc7b","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":41,"box":{"x":89,"y":686,"width":825,"height":13}},{"id":"7b83ae47-dbf5-4700-ae47-43a190e70613","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":41,"box":{"x":89,"y":702,"width":861,"height":12}},{"id":"6e3f87e1-6562-48ad-92ce-a5c9ca087471","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":41,"box":{"x":89,"y":717,"width":868,"height":12}},{"id":"08b0232c-4adb-4011-945e-0339e186f5f5","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":41,"box":{"x":89,"y":732,"width":865,"height":12}},{"id":"478e3038-9a13-425b-813b-a08deec25780","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":41,"box":{"x":89,"y":747,"width":868,"height":12}},{"id":"c05b120c-f6f1-4fa0-b0ed-dc3685f31b89","block_type":"box","text":"select investments based on investor protection considerations.","page_number":41,"box":{"x":89,"y":762,"width":444,"height":12}},{"id":"8e69d035-eb95-4620-bfe9-0a850190af61","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":41,"box":{"x":89,"y":788,"width":877,"height":13}},{"id":"c8a2b53c-ecc8-4541-b511-77e9274ece7b","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":41,"box":{"x":89,"y":804,"width":844,"height":12}},{"id":"5b60dc63-c0d4-433a-8cdc-2c713fad0093","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":41,"box":{"x":89,"y":819,"width":829,"height":12}},{"id":"2c693940-e176-4fff-817f-f60431583eb6","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":41,"box":{"x":89,"y":834,"width":820,"height":12}},{"id":"2d348541-1f33-42d1-9677-90aae67e96f6","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":41,"box":{"x":89,"y":849,"width":875,"height":12}},{"id":"6e62110c-46ce-4ed2-b577-0b2fd9882ba1","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":41,"box":{"x":89,"y":864,"width":856,"height":12}},{"id":"d3fd8e10-685e-40bd-960f-d7e0978645e6","block_type":"box","text":"23","page_number":41,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5dcc0538-14ca-46a2-95dd-39eef46d6018","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":42,"box":{"x":89,"y":44,"width":844,"height":12}},{"id":"6cbfdb5d-d5b0-434f-bc2e-a96aae6e19d0","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":42,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"5e6e7a0d-cce0-468a-b7cd-41dfd4460878","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":42,"box":{"x":88,"y":74,"width":876,"height":12}},{"id":"2fa62363-e70e-4b2b-95b5-73f4ea9cc0e0","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":42,"box":{"x":89,"y":89,"width":803,"height":13}},{"id":"0a50f3ab-90cc-44b6-80c3-77d4166cb7f5","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":42,"box":{"x":89,"y":104,"width":830,"height":13}},{"id":"03c3686a-d726-4743-8f79-f470fdb0a655","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":42,"box":{"x":89,"y":119,"width":854,"height":13}},{"id":"b7d2fa1c-5a69-4756-923d-432ea9c99f70","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":42,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"0acd9efe-daf9-4d9d-8775-4800e3316d88","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":42,"box":{"x":89,"y":150,"width":871,"height":12}},{"id":"4c45e86f-3e2b-422a-b1a5-ab26c70f3c52","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":42,"box":{"x":89,"y":165,"width":707,"height":12}},{"id":"1c1437f8-231f-4d19-9f32-24a8fd9ab7d6","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":42,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"7be5db90-e578-4d02-b9ba-5ef28c63d11e","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":42,"box":{"x":89,"y":206,"width":835,"height":13}},{"id":"20310f18-8bab-464b-9c63-ae4124d35628","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":42,"box":{"x":89,"y":222,"width":812,"height":12}},{"id":"ae2cd486-92fd-44e0-8dc2-3fff24e4b31e","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":42,"box":{"x":88,"y":237,"width":849,"height":12}},{"id":"8c824c9e-22de-4c4a-8386-87cc6c379d14","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":42,"box":{"x":89,"y":252,"width":868,"height":12}},{"id":"a5ecd51a-6616-495d-86a9-baf2aa41a37a","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":42,"box":{"x":88,"y":267,"width":546,"height":12}},{"id":"8bedb5ea-7ff4-493e-a932-5bdf60c7d2fc","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":42,"box":{"x":89,"y":293,"width":834,"height":13}},{"id":"e9fe7e6f-b7ad-4049-91aa-1b5c801d125d","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":42,"box":{"x":88,"y":308,"width":871,"height":13}},{"id":"329b6392-9956-4a95-b725-aba93041114e","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":42,"box":{"x":89,"y":324,"width":841,"height":12}},{"id":"763d92c0-7a07-44d1-8f2f-81c3d149c3ae","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":42,"box":{"x":89,"y":339,"width":827,"height":12}},{"id":"3de0c51f-2bcf-484f-9819-27342d438f81","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":42,"box":{"x":89,"y":354,"width":859,"height":12}},{"id":"064f3e29-fb40-46a5-a75f-e79631ad7a6f","block_type":"box","text":"by nationals.","page_number":42,"box":{"x":89,"y":369,"width":87,"height":12}},{"id":"1ee71141-6f63-4411-9a10-e825b31549e6","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":42,"box":{"x":89,"y":395,"width":870,"height":13}},{"id":"42fe5991-aa5b-4324-a697-520a52f4fc5a","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":42,"box":{"x":89,"y":410,"width":854,"height":13}},{"id":"11dcce8c-25ac-445a-be90-5af2e4f659cf","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":42,"box":{"x":89,"y":426,"width":870,"height":12}},{"id":"418be2ed-6b24-43f8-a07f-8a604e39b38a","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":42,"box":{"x":89,"y":441,"width":743,"height":12}},{"id":"af37098c-4ab8-4ca5-889b-8d8a6b91d463","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":42,"box":{"x":89,"y":456,"width":800,"height":12}},{"id":"22ac65d2-85e2-426f-8de2-c1969769daaf","block_type":"box","text":"imposition of trade barriers.","page_number":42,"box":{"x":89,"y":471,"width":193,"height":12}},{"id":"969eea1c-398a-4c1e-b28f-55f8ebef01f5","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":42,"box":{"x":88,"y":497,"width":862,"height":13}},{"id":"d1d3150a-3377-4aac-8b02-397cbf815d5c","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":42,"box":{"x":88,"y":513,"width":861,"height":12}},{"id":"2bb7c6d7-22cc-49e8-9c4a-8bdf4243a2b9","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":42,"box":{"x":89,"y":528,"width":394,"height":12}},{"id":"ee4b3791-6462-4424-9457-a601bd7165bc","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":42,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"9e087f69-c00b-48fc-a2cf-3b3683358b12","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":42,"box":{"x":89,"y":569,"width":834,"height":13}},{"id":"5909848e-ec76-4916-8e2c-e34374fef5c9","block_type":"box","text":"difficult to conduct such transactions.","page_number":42,"box":{"x":89,"y":584,"width":264,"height":10}},{"id":"f73500c1-c7c4-4d2a-bd7b-6673d45954e4","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":42,"box":{"x":89,"y":611,"width":822,"height":12}},{"id":"ed4567d7-9e3c-4e24-bbbb-1b43bc7f729b","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":42,"box":{"x":89,"y":626,"width":849,"height":12}},{"id":"c464090c-83d8-47c1-8490-c49c262680ae","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":42,"box":{"x":89,"y":641,"width":846,"height":12}},{"id":"92bf25ca-28c3-42d1-8430-f560f5219c47","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":42,"box":{"x":89,"y":656,"width":872,"height":13}},{"id":"abb2ec85-ff56-43e4-a68c-5aa1e5f1a2e9","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":42,"box":{"x":89,"y":671,"width":878,"height":13}},{"id":"8a0bb1b1-1a74-4890-93f3-571465f959f0","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":42,"box":{"x":88,"y":686,"width":856,"height":13}},{"id":"3411f5eb-0a30-40e0-88f8-a8e70c94e8f1","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":42,"box":{"x":89,"y":702,"width":838,"height":12}},{"id":"a8c48a96-42c5-48f7-9ddb-d49ed1f0716a","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":42,"box":{"x":89,"y":717,"width":853,"height":12}},{"id":"a559fe60-0388-4c86-8549-0232a7d0332d","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":42,"box":{"x":88,"y":732,"width":829,"height":12}},{"id":"d661aa72-ce32-4b05-944e-a7305f369b82","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":42,"box":{"x":89,"y":747,"width":404,"height":12}},{"id":"518d5bbd-c35f-4916-92d6-da47164084e9","block_type":"box","text":"Risk of Investing in Europe.","page_number":42,"box":{"x":89,"y":773,"width":194,"height":13}},{"id":"5c3ab510-c1ff-45b9-be6e-f4078c4c4491","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":42,"box":{"x":293,"y":773,"width":656,"height":13}},{"id":"6dc51296-8c15-419e-9fc7-0652ef12fed7","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":42,"box":{"x":88,"y":788,"width":838,"height":13}},{"id":"1a9c34c1-cef7-46d4-8a88-ce73808bedaf","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":42,"box":{"x":89,"y":804,"width":865,"height":12}},{"id":"6f9bcd5c-29b8-4934-ab8a-c7439a5f4123","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":42,"box":{"x":89,"y":819,"width":822,"height":12}},{"id":"d2094683-b231-471b-bf8c-f043294555ec","block_type":"box","text":"operations in, or that are listed on at least one securities exchange within member states of the EU. A number of countries","page_number":42,"box":{"x":89,"y":834,"width":855,"height":12}},{"id":"e425d862-3565-497c-ba5a-4c34167a5465","block_type":"box","text":"within the EU are also members of the Economic and Monetary Union (the “EMU”) (the “eurozone”) and have adopted the","page_number":42,"box":{"x":88,"y":849,"width":858,"height":12}},{"id":"f74874cc-3452-4469-a544-253262b8cd03","block_type":"box","text":"euro as their currency. Eurozone membership requires member states to comply with restrictions on inflation rates, deficits,","page_number":42,"box":{"x":89,"y":864,"width":863,"height":12}},{"id":"03fa1af8-fc8d-42fd-ab3d-52399670f81f","block_type":"box","text":"24","page_number":42,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b71847eb-6faa-452c-bd99-50636591ff01","block_type":"box","text":"interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe.","page_number":43,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"7a17ae38-302c-4412-9db2-3b4976656d1e","block_type":"box","text":"Changes in import or export tariffs, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":43,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"fedc3c16-6e0d-4ef4-b7d4-fcd259af746a","block_type":"box","text":"euro and other currencies of certain EU countries which are not in the eurozone, the default or threat of default by an EU","page_number":43,"box":{"x":89,"y":74,"width":841,"height":12}},{"id":"3005cab4-b463-409e-9bc1-56ce776368e9","block_type":"box","text":"member state on its sovereign debt, and/or an economic recession in an EU member state may have a significant adverse","page_number":43,"box":{"x":89,"y":89,"width":852,"height":13}},{"id":"75ea5f93-4a25-41a5-aced-6359e0acd9fe","block_type":"box","text":"effect on the economies of other EU member states and their trading partners. Although certain European countries are not","page_number":43,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"2c465d36-3227-45a7-b50c-49b19cfe2c39","block_type":"box","text":"in the eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":43,"box":{"x":89,"y":119,"width":679,"height":13}},{"id":"27bd0a51-158f-41c6-a0cb-c47c11790bfb","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":43,"box":{"x":89,"y":146,"width":870,"height":12}},{"id":"a131e594-0892-4a74-bcfe-ec1f32597d5a","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":43,"box":{"x":89,"y":161,"width":831,"height":12}},{"id":"3d790a19-a17d-4192-82f2-1dc3bce5e0e0","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":43,"box":{"x":89,"y":176,"width":850,"height":13}},{"id":"abc02680-b0db-4e6b-8272-4d51525a3272","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":43,"box":{"x":89,"y":191,"width":812,"height":13}},{"id":"90c2e865-6e48-402f-b15d-c1c651b7496d","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":43,"box":{"x":89,"y":206,"width":814,"height":13}},{"id":"bf04a340-ac76-46b9-b7f6-bee287a8c363","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":43,"box":{"x":89,"y":222,"width":871,"height":12}},{"id":"bc2e9c8b-696d-4ec8-b013-df0c913d44d3","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":43,"box":{"x":89,"y":237,"width":848,"height":12}},{"id":"cfd30fc9-444a-4053-8271-97ae32752cb9","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":43,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"b7ca8e9f-515b-48b0-a975-547a053d4c2d","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":43,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"7d0d6754-92f2-486a-9040-024be62badc4","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":43,"box":{"x":88,"y":282,"width":860,"height":12}},{"id":"9cdc8fff-3fc8-41b3-8bf4-481e9015d683","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":43,"box":{"x":89,"y":297,"width":857,"height":12}},{"id":"0680bcb1-49af-4c89-86bd-fbdef71fdc62","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":43,"box":{"x":89,"y":312,"width":871,"height":13}},{"id":"46cdd676-09d5-441a-ad0a-12baaabb2ef9","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":43,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"9c6f93d5-6ebe-4be7-8206-a0b9b008ae3e","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":43,"box":{"x":89,"y":342,"width":796,"height":13}},{"id":"16d9c3a5-b535-4d1b-88c5-b75c83333092","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":43,"box":{"x":89,"y":358,"width":850,"height":12}},{"id":"d43bbe7a-62f8-4a56-9418-0f5a17970a58","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":43,"box":{"x":89,"y":373,"width":856,"height":12}},{"id":"75a01b98-297e-42ab-981b-2f94b9dc34af","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":43,"box":{"x":89,"y":388,"width":816,"height":12}},{"id":"f5bcac1c-5e52-48f8-a876-58d9e18aaec3","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":43,"box":{"x":88,"y":414,"width":813,"height":13}},{"id":"ce5b80c3-cb3e-4562-a920-d1e9ab86e23e","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":43,"box":{"x":88,"y":429,"width":802,"height":13}},{"id":"2ac11cc5-0682-4923-8f41-7b5a7ff9369c","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":43,"box":{"x":89,"y":445,"width":382,"height":12}},{"id":"68b35e5b-dc5c-4a95-a190-69d18790fe1b","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":43,"box":{"x":89,"y":471,"width":863,"height":12}},{"id":"64c97c2a-1a43-44ef-989c-53e4f3e70382","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":43,"box":{"x":88,"y":486,"width":849,"height":12}},{"id":"6fb19dcd-e38e-4a17-8f8c-c56323e4019b","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":43,"box":{"x":89,"y":501,"width":872,"height":13}},{"id":"11fcb6ce-06b6-4c36-8be7-c46b94e05e97","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":43,"box":{"x":89,"y":516,"width":818,"height":13}},{"id":"1e6a0047-b726-4eb3-ad55-6936c4eae709","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":43,"box":{"x":89,"y":531,"width":845,"height":13}},{"id":"c08ec219-6c49-469f-9730-54f434a95620","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":43,"box":{"x":89,"y":547,"width":873,"height":12}},{"id":"52853d92-7ac7-4d38-9e0c-b68bed497473","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":43,"box":{"x":88,"y":562,"width":876,"height":12}},{"id":"c1d73f2a-ef12-467b-a24f-f8579c1c5fd2","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":43,"box":{"x":88,"y":577,"width":328,"height":12}},{"id":"4a450cd4-225f-45a1-bb7d-20bc8a1f6bc9","block_type":"box","text":"Russian Invasion of Ukraine","page_number":43,"box":{"x":88,"y":603,"width":192,"height":12}},{"id":"d0459f3b-ac1f-4f4c-a590-2de8514e918c","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":43,"box":{"x":281,"y":603,"width":680,"height":13}},{"id":"254e37be-698d-416e-9ead-32889bb74da3","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":43,"box":{"x":89,"y":618,"width":870,"height":13}},{"id":"cfe5da4c-6df6-42d9-9e28-a779bcaf9636","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":43,"box":{"x":88,"y":633,"width":879,"height":13}},{"id":"c1c64a9b-fe99-46af-af0c-4ec09ba477c1","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":43,"box":{"x":89,"y":649,"width":869,"height":12}},{"id":"ba9a338d-9f41-4f71-b4e5-404a376026a0","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":43,"box":{"x":89,"y":664,"width":811,"height":12}},{"id":"469f791c-a2fe-4723-8d92-79f6c2e7364a","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":43,"box":{"x":89,"y":679,"width":862,"height":12}},{"id":"106ba74d-9404-45fc-9797-fa1c1faeaaf3","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":43,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"a43645c0-2898-44a7-84d2-b48f21e79426","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":43,"box":{"x":89,"y":709,"width":879,"height":12}},{"id":"86982467-25cb-4937-b258-9ffc2540523c","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":43,"box":{"x":89,"y":724,"width":858,"height":13}},{"id":"c9482d71-77a6-4fc8-bc05-c05decc4c94e","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":43,"box":{"x":89,"y":739,"width":468,"height":13}},{"id":"150cd95f-f22f-4324-a943-b06ac6cd223e","block_type":"box","text":"Risk of Investing in France.","page_number":43,"box":{"x":89,"y":766,"width":192,"height":12}},{"id":"d6309d35-242f-4892-8ed2-95cb106a713f","block_type":"box","text":"Investment in French issuers will subject a Fund to legal, regulatory, political, currency, security,","page_number":43,"box":{"x":291,"y":766,"width":664,"height":12}},{"id":"bcc977bd-e802-412e-ac74-b800e6ddc28f","block_type":"box","text":"and economic risks specific to France. Recently, new concerns emerged in relation to the economic health of the EU. These","page_number":43,"box":{"x":89,"y":781,"width":860,"height":12}},{"id":"b6ae4bae-6f95-4bb5-bacb-2f9e78048e38","block_type":"box","text":"concerns have led to tremendous downward pressure on certain EU member states, including France. Interest rates on","page_number":43,"box":{"x":89,"y":796,"width":829,"height":12}},{"id":"4a057fae-94dd-4c0c-a28a-88ecbd6d3746","block_type":"box","text":"France’s debt may rise to levels that make it difficult for it to service high debt levels without significant financial help from,","page_number":43,"box":{"x":89,"y":811,"width":859,"height":12}},{"id":"e0239325-76b0-41cd-acc5-d4a3ca97b660","block_type":"box","text":"among others, the European Central Bank and could potentially result in default. In addition, the French economy is","page_number":43,"box":{"x":89,"y":826,"width":808,"height":13}},{"id":"ebbaae1b-8c96-4d9a-a6e3-5750f4f5dc59","block_type":"box","text":"dependent to a significant extent on the economies of certain key trading partners, including Germany and other Western","page_number":43,"box":{"x":89,"y":841,"width":852,"height":13}},{"id":"01f218d1-fcba-4292-8ee8-ee0a1de7bcc8","block_type":"box","text":"European countries. Reduction in spending on French products and services, or changes in any of the economies may cause","page_number":43,"box":{"x":89,"y":856,"width":869,"height":13}},{"id":"675841e8-32d3-459a-a525-63922ec0fd42","block_type":"box","text":"25","page_number":43,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7e352f04-e218-43b8-8c2a-383598900823","block_type":"box","text":"an adverse impact on the French economy. In addition, France may be subject to acts of terrorism. The French economy is","page_number":44,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"8b234e79-da04-4bb4-a6d0-e3f45b56ccc8","block_type":"box","text":"dependent on exports from the agricultural sector. Leading agricultural exports include dairy products, meat, wine, fruit and","page_number":44,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"b3b8de32-bb3c-4d22-94fc-b2664fca6163","block_type":"box","text":"vegetables, and fish. As a result, the French economy is susceptible to fluctuations in demand for agricultural products.","page_number":44,"box":{"x":88,"y":74,"width":834,"height":12}},{"id":"1e7ceaf4-d1d6-4753-99a7-1fabe98e6acb","block_type":"box","text":"Risk of Investing in Germany.","page_number":44,"box":{"x":89,"y":101,"width":208,"height":12}},{"id":"3598665b-83bc-44d2-a2c8-8175c6458fd8","block_type":"box","text":"Investment in German issuers will subject a Fund to legal, regulatory, political, currency,","page_number":44,"box":{"x":307,"y":101,"width":611,"height":12}},{"id":"e0686d55-f5af-4d46-97f2-572e02a5a906","block_type":"box","text":"security, and economic risks specific to Germany. Ongoing concerns in relation to the economic health of the EU continue to","page_number":44,"box":{"x":89,"y":116,"width":871,"height":12}},{"id":"4f21f4d2-3714-4435-ad8e-03bc646e63ef","block_type":"box","text":"constrain the economic resilience of certain EU member states, including Germany. Germany has a large export-reliant","page_number":44,"box":{"x":89,"y":131,"width":829,"height":12}},{"id":"c79777c2-b139-4162-92f9-e6e124350dd5","block_type":"box","text":"manufacturing and industrials sector and the German economy is dependent to a significant extent on the economies of","page_number":44,"box":{"x":89,"y":146,"width":847,"height":12}},{"id":"ea0f4196-6f8e-4980-b0b1-2ed14c1141c5","block_type":"box","text":"certain key trading partners, including the U.S., France, Italy and other European countries. Reduction in spending on German","page_number":44,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"bef8eb79-77a0-445d-adb7-18224cef17e0","block_type":"box","text":"products and services, or changes in any of the economies may have an adverse impact on the German economy. In addition,","page_number":44,"box":{"x":89,"y":176,"width":878,"height":13}},{"id":"f1232967-1ef5-46f6-b513-de206b32abb5","block_type":"box","text":"heavy regulation of labor and product markets in Germany may have an adverse effect on German issuers. Such regulations","page_number":44,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"e7d23ce5-b3bd-4749-af68-56578047d435","block_type":"box","text":"may negatively impact economic growth or cause prolonged periods of recession.","page_number":44,"box":{"x":89,"y":206,"width":573,"height":13}},{"id":"6703fa25-02f3-483b-84cf-102ee3dda500","block_type":"box","text":"Risk of Investing in Italy.","page_number":44,"box":{"x":89,"y":233,"width":173,"height":12}},{"id":"05c54184-3e07-4ef7-b528-213fb113ccdb","block_type":"box","text":"Investment in Italian issuers involves risks that are specific to Italy, including, regulatory, political,","page_number":44,"box":{"x":272,"y":233,"width":674,"height":12}},{"id":"a2b94493-a3ef-48be-affd-16d3366d4e9d","block_type":"box","text":"currency and economic risks. Italy’s economy is dependent upon external trade with other economies—specifically Germany,","page_number":44,"box":{"x":89,"y":248,"width":876,"height":12}},{"id":"5b31c248-72ad-412e-b3a4-8cc63837eb53","block_type":"box","text":"France and other Western European developed countries. As a result, Italy is dependent on the economies of these other","page_number":44,"box":{"x":89,"y":263,"width":844,"height":12}},{"id":"8b7d7160-1bcd-49f9-9e17-66bd53b59442","block_type":"box","text":"countries and any change in the price or demand for Italy’s exports may have an adverse impact on its economy. Interest","page_number":44,"box":{"x":89,"y":278,"width":844,"height":13}},{"id":"12931e0a-a307-4c8e-a9e8-ffff8b7a1e6f","block_type":"box","text":"rates on Italy’s sovereign debt may rise to levels that may make it difficult for it to service high debt levels without significant","page_number":44,"box":{"x":89,"y":293,"width":869,"height":13}},{"id":"632a0f27-acc1-416a-a603-177104c7d0b4","block_type":"box","text":"financial help from the EU and could potentially lead to default. These events have adversely impacted the Italian economy,","page_number":44,"box":{"x":88,"y":308,"width":860,"height":13}},{"id":"b8d65ec6-0007-4a85-9000-bc81a3a80756","block_type":"box","text":"causing credit agencies to lower Italy’s sovereign debt rating and could decrease outside investment in Italian companies.","page_number":44,"box":{"x":89,"y":324,"width":848,"height":12}},{"id":"99a0ec8a-a4c8-4ec9-8a4a-96c26dacfa95","block_type":"box","text":"Risk of Investing in Japan.","page_number":44,"box":{"x":89,"y":350,"width":184,"height":12}},{"id":"1f605010-2b25-412c-921e-29ea9eaf4003","block_type":"box","text":"Japan may be subject to political, economic, labor and other risks. Any of these risks, individually","page_number":44,"box":{"x":281,"y":350,"width":676,"height":12}},{"id":"e5be3c57-7f7a-4941-bc91-1553b067cf24","block_type":"box","text":"or in the aggregate, can impact an investment made in Japan.","page_number":44,"box":{"x":89,"y":365,"width":429,"height":12}},{"id":"c990dbe5-31ad-472e-9ee6-169d1956879d","block_type":"box","text":"Currency Risk","page_number":44,"box":{"x":89,"y":392,"width":95,"height":12}},{"id":"7f5bdb5f-25b5-4963-923d-b7557fef263a","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":44,"box":{"x":184,"y":392,"width":763,"height":12}},{"id":"ff5f02e2-5dc3-4997-8eec-baa0423e4cf7","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":44,"box":{"x":88,"y":407,"width":863,"height":12}},{"id":"1e6597a8-2992-4d13-8275-f59f4fcc7692","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":44,"box":{"x":89,"y":422,"width":852,"height":12}},{"id":"89a9f9e0-b0f1-4670-9e46-c75c8e3be88c","block_type":"box","text":"sharply and unpredictably and could cause losses to investors.","page_number":44,"box":{"x":89,"y":437,"width":436,"height":12}},{"id":"5e3cc53a-c939-4e94-b139-08ee82824793","block_type":"box","text":"Economic Risk","page_number":44,"box":{"x":88,"y":463,"width":101,"height":10}},{"id":"28aa6e4f-e55d-4971-99d7-25dc1e9fe17e","block_type":"box","text":". The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed","page_number":44,"box":{"x":190,"y":463,"width":752,"height":13}},{"id":"b215b58a-bce0-4bbd-8223-be7b052b1c42","block_type":"box","text":"economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":44,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"4d798c7b-a481-427c-aad2-b86474fffb25","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":44,"box":{"x":89,"y":494,"width":857,"height":12}},{"id":"4bf0e01c-c229-490f-ba46-0853b7a81616","block_type":"box","text":"affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions","page_number":44,"box":{"x":89,"y":509,"width":863,"height":12}},{"id":"bddd5c05-7539-4e12-89b8-9099d3c22fcd","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":44,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"96cfcc32-52e6-408e-af8d-0a86fc41920a","block_type":"box","text":"negative impact on the Japanese economy.","page_number":44,"box":{"x":89,"y":539,"width":298,"height":12}},{"id":"85ed3ae3-3d58-4fd6-88e6-fe0b84413096","block_type":"box","text":"Geographic Risk","page_number":44,"box":{"x":89,"y":565,"width":113,"height":13}},{"id":"7cfcd663-bb0d-4e63-ac4b-c32cac13cae4","block_type":"box","text":". Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or","page_number":44,"box":{"x":202,"y":565,"width":756,"height":13}},{"id":"baba5305-71a1-4751-92db-aaf9dab9af6a","block_type":"box","text":"surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect a Fund.","page_number":44,"box":{"x":89,"y":581,"width":790,"height":12}},{"id":"f715fa33-7029-4ff0-a7f7-f25b51eef257","block_type":"box","text":"Labor Risk","page_number":44,"box":{"x":88,"y":607,"width":74,"height":10}},{"id":"d459ff48-cd6d-48e1-a02f-2ca62725ec66","block_type":"box","text":". Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor","page_number":44,"box":{"x":162,"y":607,"width":791,"height":12}},{"id":"4172b436-3b95-45be-bd61-a188a6c8d7be","block_type":"box","text":"market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime","page_number":44,"box":{"x":89,"y":622,"width":845,"height":12}},{"id":"55afd6ff-e659-4376-b1e3-a142b1bd816f","block_type":"box","text":"employment adjusts to meet the need for increased labor mobility, which may adversely affect Japan’s economic","page_number":44,"box":{"x":89,"y":637,"width":786,"height":13}},{"id":"d6e87a96-adfc-418e-b31e-a8fdff046147","block_type":"box","text":"competitiveness.","page_number":44,"box":{"x":89,"y":653,"width":116,"height":12}},{"id":"ddf05f20-7fa7-4a8f-899e-132832213696","block_type":"box","text":"Large Government and Corporate Debt Risk","page_number":44,"box":{"x":88,"y":679,"width":306,"height":12}},{"id":"3c4fb041-0fa2-47e9-82d7-c6287d118d05","block_type":"box","text":". The Japanese economy faces several concerns, including a financial system with","page_number":44,"box":{"x":394,"y":679,"width":568,"height":12}},{"id":"6c8cad53-f594-44ac-bd86-8c472c1e28b3","block_type":"box","text":"large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major","page_number":44,"box":{"x":89,"y":694,"width":799,"height":12}},{"id":"3dd68aa2-8f36-4c98-812e-484e19bbfc30","block_type":"box","text":"corporations, a changing corporate governance structure, and large government deficits. These issues may cause a","page_number":44,"box":{"x":89,"y":709,"width":806,"height":12}},{"id":"d5978f3f-1526-4373-80a2-b62de498cdfc","block_type":"box","text":"slowdown of the Japanese economy.","page_number":44,"box":{"x":89,"y":724,"width":253,"height":13}},{"id":"3f6269b0-cff3-46b0-95dd-58eab598c3cb","block_type":"box","text":"Political Risk","page_number":44,"box":{"x":88,"y":751,"width":88,"height":9}},{"id":"c5ef5b33-9356-4d3d-9de8-285ed5d424ae","block_type":"box","text":". Historically, Japan has had unpredictable national politics and may experience frequent political turnover. Future","page_number":44,"box":{"x":176,"y":751,"width":790,"height":12}},{"id":"a5e0fafd-7271-480b-85e3-a3299b92fc50","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":44,"box":{"x":89,"y":766,"width":873,"height":12}},{"id":"21337ad1-35fb-437f-a7d8-8a9b39ea16d1","block_type":"box","text":"become an important trading partner with Japan. Japan’s political relationship with China, however, has been strained. Should","page_number":44,"box":{"x":89,"y":781,"width":877,"height":12}},{"id":"18059fc0-67e0-44a9-9b72-3f092419bad6","block_type":"box","text":"political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.","page_number":44,"box":{"x":89,"y":796,"width":773,"height":12}},{"id":"a562cc69-022c-45b0-ab34-5b442d95be09","block_type":"box","text":"Risk of Investing in Mexico.","page_number":44,"box":{"x":89,"y":822,"width":196,"height":13}},{"id":"7d5dd41a-5985-44ee-bee4-e14563143864","block_type":"box","text":"Investment in Mexican issuers involves risks that are specific to Mexico, including regulatory,","page_number":44,"box":{"x":295,"y":822,"width":647,"height":13}},{"id":"6161266e-bf18-40dd-b3b9-89a1dbffd646","block_type":"box","text":"political, currency and economic risks. In the past, Mexico has experienced high interest rates, economic volatility, significant","page_number":44,"box":{"x":89,"y":838,"width":873,"height":12}},{"id":"1fd7b0fe-b01a-47a5-a246-e0abb66890a8","block_type":"box","text":"devaluation of its currency (the peso), and high unemployment rates. The Mexican economy, among other things, is","page_number":44,"box":{"x":89,"y":853,"width":814,"height":12}},{"id":"1c81df13-a43c-48ea-946c-1bfe2d16652c","block_type":"box","text":"26","page_number":44,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b66c2b10-e1d5-48b6-adb0-227087e3744b","block_type":"box","text":"dependent upon external trade with other economies, specifically with the U.S. and certain Latin American countries.","page_number":45,"box":{"x":89,"y":44,"width":823,"height":12}},{"id":"784c17e0-5769-4965-97cb-cdb891c3cb96","block_type":"box","text":"Political developments in the U.S. could have implications for trade arrangements between the U.S. and Mexico, which could","page_number":45,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"ed198361-ecf9-4209-bb4e-59a889e86246","block_type":"box","text":"negatively affect the value of securities held by a Fund.","page_number":45,"box":{"x":89,"y":74,"width":380,"height":12}},{"id":"20cc1ad1-9938-4df4-a0e5-c9ce0d92153d","block_type":"box","text":"As a result, Mexico is dependent on, among other things, the U.S. economy and the economies of other Central and South","page_number":45,"box":{"x":88,"y":101,"width":856,"height":12}},{"id":"f4254eae-9729-4836-a9d9-f4d9b23d3068","block_type":"box","text":"American countries, and any change in the price or demand for Mexican exports may have an adverse impact on the","page_number":45,"box":{"x":88,"y":116,"width":818,"height":12}},{"id":"56c7cfc5-fc36-4509-851b-8889b98a0506","block_type":"box","text":"Mexican economy. Because commodities such as oil and gas, minerals and metals represent a large portion of the region’s","page_number":45,"box":{"x":89,"y":131,"width":857,"height":12}},{"id":"b788e624-be83-45c1-b527-d2b53664de13","block_type":"box","text":"exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. For example, lower","page_number":45,"box":{"x":89,"y":146,"width":862,"height":12}},{"id":"c6d743d1-fabf-4c6d-9168-30cd6db459b1","block_type":"box","text":"prices have negatively impacted Petróleos Mexicanos, the Mexican state-owned petroleum company, which accounts for","page_number":45,"box":{"x":89,"y":161,"width":847,"height":12}},{"id":"bda96170-ef07-4f74-8f5c-1f18e612375f","block_type":"box","text":"approximately 30% of the Mexican government’s revenue.","page_number":45,"box":{"x":89,"y":176,"width":408,"height":13}},{"id":"b4a70d81-09dc-4afb-8bd3-e954314278b3","block_type":"box","text":"Mexico’s economy has become increasingly oriented toward manufacturing, including electronic equipment and machinery,","page_number":45,"box":{"x":89,"y":203,"width":869,"height":12}},{"id":"c204550c-2bea-4497-a71a-49b112272030","block_type":"box","text":"in the years since the North American Free Trade Agreement (“NAFTA”) entered into force. As Mexico’s top export is","page_number":45,"box":{"x":89,"y":218,"width":813,"height":12}},{"id":"03b5f25e-2484-4cd3-858b-d9b240c3e6df","block_type":"box","text":"automotive vehicles, its economy is strongly tied to the U.S. automotive market, and changes to certain segments in the U.S.","page_number":45,"box":{"x":89,"y":233,"width":869,"height":12}},{"id":"6743afd3-0b43-4fa3-b672-ff56dade7525","block_type":"box","text":"market could have an impact on the Mexican economy. In addition, political developments, including the implementation of","page_number":45,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"8c75adfa-f2da-46b7-b596-c813b7a73b41","block_type":"box","text":"tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement (“USMCA”),","page_number":45,"box":{"x":88,"y":263,"width":856,"height":12}},{"id":"bc9b2c26-e9c2-4742-96ce-92d96e5ab069","block_type":"box","text":"which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value","page_number":45,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"1b2789d3-be39-486f-860f-165f37a58ee4","block_type":"box","text":"of securities held by the Fund. The automotive industry and other industrial products can be highly cyclical, and companies","page_number":45,"box":{"x":89,"y":293,"width":862,"height":13}},{"id":"9a185ec5-69ea-4fd8-86d7-0dec4813a85f","block_type":"box","text":"in these industries may suffer periodic operating losses. These industries can be significantly affected by labor relations and","page_number":45,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"50ab41b5-d545-4d91-8291-2f45ae7ece19","block_type":"box","text":"fluctuating component prices.","page_number":45,"box":{"x":88,"y":324,"width":211,"height":12}},{"id":"9d9eb88b-2a97-4d6f-bc7f-fad36388feba","block_type":"box","text":"The agricultural and mining sectors of Mexico’s economy also account for a large portion of its exports; Mexico is therefore","page_number":45,"box":{"x":88,"y":350,"width":864,"height":12}},{"id":"49c1cd32-8e07-4a02-b210-45623d20ea70","block_type":"box","text":"susceptible to fluctuations in the price and demand for agricultural products and natural resources. In addition, Mexico has","page_number":45,"box":{"x":89,"y":365,"width":861,"height":12}},{"id":"6eb96e3d-37d0-4826-8fc4-9f4cdb1e24fe","block_type":"box","text":"privatized or has begun the process of privatization of certain entities and industries, and some investors have suffered losses","page_number":45,"box":{"x":89,"y":380,"width":874,"height":13}},{"id":"5822b88b-a192-4513-a8d8-58c314272a81","block_type":"box","text":"due to the inability of the newly privatized entities to adjust to a competitive environment and changing regulatory standards.","page_number":45,"box":{"x":89,"y":395,"width":877,"height":13}},{"id":"16f804c6-322b-4c1c-b62a-546fddb30320","block_type":"box","text":"Recently, Mexico has experienced an outbreak of violence related to criminal gang activity, drug trafficking and terrorist","page_number":45,"box":{"x":89,"y":422,"width":835,"height":12}},{"id":"d966ed1f-62e6-4036-8cb2-34058d5ab63d","block_type":"box","text":"actions. Violence near border areas, border-related political disputes, and other social upheaval may lead to strained","page_number":45,"box":{"x":89,"y":437,"width":811,"height":12}},{"id":"97d81f75-ba16-484e-a10b-55a369fde451","block_type":"box","text":"international relations. Incidents involving Mexico’s security may have an adverse effect on the Mexican economy and cause","page_number":45,"box":{"x":89,"y":452,"width":868,"height":12}},{"id":"4fa2e576-4d3f-4d8e-853f-7e3190db0f5c","block_type":"box","text":"uncertainty in its financial markets. Mexico has also experienced contentious and very closely decided elections. Changes in","page_number":45,"box":{"x":89,"y":467,"width":866,"height":13}},{"id":"5ded0933-8a2d-4a70-8fc2-4fbf2a3d24f0","block_type":"box","text":"political parties and other political events may affect the economy and contribute to additional instability. Mexico has been","page_number":45,"box":{"x":89,"y":482,"width":856,"height":13}},{"id":"2f8dd7bf-fe7d-4f51-acda-86a970c61b12","block_type":"box","text":"destabilized by local insurrections, social upheavals, drug related violence, and the public health crisis related to the H1N1","page_number":45,"box":{"x":89,"y":497,"width":847,"height":13}},{"id":"6ca143f0-fa70-4291-b521-5a51952237b2","block_type":"box","text":"influenza outbreak. Recurrence of these or similar conditions may adversely impact the Mexican economy. Recently, Mexican","page_number":45,"box":{"x":89,"y":513,"width":873,"height":12}},{"id":"e324b85b-1a5e-405c-9105-6b64abf37a41","block_type":"box","text":"elections have been contentious and have been very closely decided. Changes in political parties or other Mexican political","page_number":45,"box":{"x":89,"y":528,"width":855,"height":12}},{"id":"b44d551c-db09-45e5-a001-8c343261a59d","block_type":"box","text":"events may affect the economy and cause instability.","page_number":45,"box":{"x":89,"y":543,"width":367,"height":12}},{"id":"8debdcb4-1806-4e28-8f51-f03f1624474d","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":45,"box":{"x":89,"y":569,"width":255,"height":13}},{"id":"3bc57958-d621-48d4-95b4-2272b38c4cca","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":45,"box":{"x":353,"y":569,"width":596,"height":13}},{"id":"f1b96f76-54e0-4789-8281-f7450af8fa97","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":45,"box":{"x":89,"y":584,"width":857,"height":13}},{"id":"2f2e4f8c-2e37-472e-885a-3baf8b585d1a","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":45,"box":{"x":89,"y":599,"width":857,"height":13}},{"id":"a853386d-b5c7-4bbf-9932-d72d9d8f7e17","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":45,"box":{"x":88,"y":615,"width":844,"height":12}},{"id":"ca55c622-2a0e-4314-9960-b2756133aa4b","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":45,"box":{"x":89,"y":630,"width":789,"height":12}},{"id":"0a437848-183d-4d49-9aab-1a89890d591c","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":45,"box":{"x":89,"y":656,"width":837,"height":13}},{"id":"425eb6f3-8a37-4691-9d1a-7b8178a848e7","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":45,"box":{"x":89,"y":671,"width":866,"height":13}},{"id":"315a2068-80bd-4250-bd1c-56f59a7372c6","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":45,"box":{"x":89,"y":686,"width":819,"height":13}},{"id":"9263af47-5d52-4020-8015-267b3f9f49b1","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":45,"box":{"x":89,"y":702,"width":875,"height":12}},{"id":"2e860bb3-3ef3-4817-9058-7515df7cccfe","block_type":"box","text":"as well as the value of securities in the Fund’s portfolio.","page_number":45,"box":{"x":89,"y":717,"width":384,"height":12}},{"id":"264e34e5-4506-4320-965a-37925ef228ab","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":45,"box":{"x":89,"y":743,"width":858,"height":12}},{"id":"8903aca6-bed8-4c60-9e44-0d96d29f4f93","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":45,"box":{"x":89,"y":758,"width":870,"height":13}},{"id":"44a6f7f4-fe44-4320-88a3-cdcd0e718f1b","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":45,"box":{"x":89,"y":773,"width":832,"height":13}},{"id":"8398695e-f6af-4618-b8c9-3957dd3fdf50","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":45,"box":{"x":89,"y":788,"width":361,"height":13}},{"id":"84be0a00-1103-4252-aaf6-db2f3091d350","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":45,"box":{"x":88,"y":815,"width":874,"height":12}},{"id":"fd626fe9-05ae-4858-ab83-0582e714e6f5","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":45,"box":{"x":89,"y":830,"width":871,"height":12}},{"id":"95882bdb-6a55-4c36-902a-24ef5f60fdb1","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":45,"box":{"x":89,"y":845,"width":838,"height":12}},{"id":"7ef68a85-599f-4139-a8b2-ac462e438a90","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":45,"box":{"x":88,"y":860,"width":843,"height":13}},{"id":"ca92439f-93d4-4739-92a9-419ff751d95b","block_type":"box","text":"27","page_number":45,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ee04dd8d-6cd6-4ba8-8df5-776e6ca3c2fe","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":46,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"b42dba28-8c0d-4ab6-9b26-bb4501f184b3","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":46,"box":{"x":89,"y":59,"width":807,"height":12}},{"id":"a4f2a783-7449-4fb7-92c5-d42bdbddf2db","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":46,"box":{"x":88,"y":74,"width":809,"height":12}},{"id":"6a4d99bc-d9bf-4b6e-aefa-dc52b3d2dddc","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":46,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"b54af875-19ea-4ddc-ab27-9b05c2c1d3ae","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":46,"box":{"x":89,"y":104,"width":852,"height":13}},{"id":"e6be87a6-f472-4951-8295-2f1e8356e56a","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":46,"box":{"x":88,"y":119,"width":873,"height":13}},{"id":"6964260d-ae1e-4d14-812f-7ef4ef4a4c15","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":46,"box":{"x":89,"y":135,"width":863,"height":12}},{"id":"539e1687-9bae-4ae2-bbe0-e783ca7d3fc8","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":46,"box":{"x":89,"y":150,"width":515,"height":12}},{"id":"33dbbeec-4c54-44c4-99aa-b4148c8451a5","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":46,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"4f4939ef-8f57-4cee-b374-5a90d0aabaf6","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":46,"box":{"x":88,"y":191,"width":847,"height":13}},{"id":"7454e01f-2e58-4b73-a5df-657839d87746","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":46,"box":{"x":89,"y":206,"width":861,"height":13}},{"id":"1a19d0ce-9ff6-491e-999c-72824f215aaf","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":46,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"799534cd-2d6d-437a-9f07-c2542ed68f5f","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":46,"box":{"x":89,"y":237,"width":842,"height":12}},{"id":"a6aac32c-52eb-42cf-b15d-6cfede2edbb4","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":46,"box":{"x":89,"y":252,"width":803,"height":12}},{"id":"ec6d3600-f6a7-4547-ad9d-cc92fb9924c3","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":46,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"290094d1-4d4a-4d2d-b8fa-669c39cb3ecb","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":46,"box":{"x":89,"y":282,"width":697,"height":12}},{"id":"f880d160-abd4-46bc-986b-98b8fd3adcc3","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":46,"box":{"x":88,"y":308,"width":866,"height":13}},{"id":"c5b2ee21-67d1-4579-a0f1-4e5691caeff5","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":46,"box":{"x":89,"y":324,"width":844,"height":12}},{"id":"6a3ef1d6-98b2-4b27-8051-b090dd41f1cf","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":46,"box":{"x":89,"y":339,"width":750,"height":12}},{"id":"90910171-c075-4094-b347-5691fb2e9ec0","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":46,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"c1fbebd4-d2fb-4cf1-99a0-76877dad6da5","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":46,"box":{"x":89,"y":380,"width":873,"height":13}},{"id":"8e268d2a-4c89-4b66-8afc-9de48cbb1b12","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":46,"box":{"x":89,"y":395,"width":866,"height":13}},{"id":"270f79c3-1f84-471f-b119-32c3f4a87f8d","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":46,"box":{"x":89,"y":410,"width":835,"height":13}},{"id":"929dc1df-f7f9-4e15-b240-66a396614e8f","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":46,"box":{"x":89,"y":426,"width":859,"height":12}},{"id":"14a7450f-baef-4790-9267-28ca477e0323","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":46,"box":{"x":89,"y":441,"width":871,"height":12}},{"id":"4cc1afc3-0e90-4b9a-801f-819e2f6d3e30","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":46,"box":{"x":89,"y":456,"width":835,"height":12}},{"id":"08cc2229-0704-4eb8-bc63-bcf047c631c7","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":46,"box":{"x":89,"y":471,"width":863,"height":12}},{"id":"0bca572a-0c6e-4d91-acc1-f1c487de1d1d","block_type":"box","text":"indirectly subject to those risks.","page_number":46,"box":{"x":89,"y":486,"width":219,"height":12}},{"id":"fb3bfabd-c587-4aa3-a88a-55225da0bd45","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":46,"box":{"x":89,"y":513,"width":830,"height":12}},{"id":"a2533324-a91f-47be-8eb8-d46ab1598448","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":46,"box":{"x":89,"y":528,"width":865,"height":12}},{"id":"2ee4b32d-fac0-4148-bcb3-9d8bed736f9a","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":46,"box":{"x":89,"y":543,"width":814,"height":12}},{"id":"de82c8de-862c-4750-b123-5269e1594932","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":46,"box":{"x":88,"y":558,"width":832,"height":12}},{"id":"52e214fc-9741-4e99-b142-3912d4c5242c","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":46,"box":{"x":88,"y":573,"width":880,"height":12}},{"id":"b8f749c4-4827-45e6-89ac-735cc46372be","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":46,"box":{"x":89,"y":588,"width":878,"height":12}},{"id":"bd362ae6-f449-4481-ab84-01d752fc1f88","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":46,"box":{"x":89,"y":603,"width":855,"height":13}},{"id":"88931eaa-7037-413a-8f7e-a8a6ec642913","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":46,"box":{"x":89,"y":618,"width":397,"height":13}},{"id":"177f00e0-0b27-4bd3-9d7a-ae8d714a4143","block_type":"box","text":"Risk of Investing in the Netherlands.","page_number":46,"box":{"x":89,"y":645,"width":259,"height":12}},{"id":"c83f3f38-ff7c-4e62-876d-1b9806beae4e","block_type":"box","text":"Investment in Dutch issuers will subject a Fund to regulatory, political, currency,","page_number":46,"box":{"x":358,"y":645,"width":556,"height":12}},{"id":"93142283-df6a-4c3b-a1d3-2ebc05702d40","block_type":"box","text":"security, and economic risk specific to the Netherlands and the countries that use the euro. Among other things, the","page_number":46,"box":{"x":89,"y":660,"width":813,"height":12}},{"id":"76776f29-3652-428e-9833-418c91dbc245","block_type":"box","text":"Netherlands’ economy is heavily dependent on trading relationships with certain key trading partners, including the U.S., U.K.,","page_number":46,"box":{"x":89,"y":675,"width":877,"height":12}},{"id":"c8130bc9-060c-4064-9790-40483cb7b8d4","block_type":"box","text":"France and Germany. Future changes in the price or the demand for Dutch products or services by the U.S., U.K., France and","page_number":46,"box":{"x":89,"y":690,"width":866,"height":13}},{"id":"60cb9497-0975-46ce-b71d-8fc5e453687e","block_type":"box","text":"Germany or changes in these countries’ economies, trade regulations or currency exchange rates could adversely impact the","page_number":46,"box":{"x":89,"y":705,"width":873,"height":13}},{"id":"936f2378-62b9-4783-b669-a0bd2e5a9e20","block_type":"box","text":"Dutch economy and the issuers to which a Fund has exposure. The Dutch economy relies on export of financial services to","page_number":46,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"1c723c72-3958-449e-836c-74d5f075b229","block_type":"box","text":"other European countries. A prolonged slowdown in the financial services sector will have a negative impact on the Dutch","page_number":46,"box":{"x":89,"y":736,"width":852,"height":12}},{"id":"9714937e-7c05-4ae2-a752-98230231761c","block_type":"box","text":"economy. The Dutch economy, along with the U.S. and certain other European economies, experienced a significant","page_number":46,"box":{"x":89,"y":751,"width":812,"height":12}},{"id":"5787f118-885c-4a07-ad15-5bc5df17290d","block_type":"box","text":"economic slowdown during the recent financial crisis. European financial markets have since been adversely affected by the","page_number":46,"box":{"x":89,"y":766,"width":865,"height":12}},{"id":"3e5b32c3-a2d5-4b17-a9c9-2c67c6ff6675","block_type":"box","text":"resulting fiscal crises in Greece, Ireland, Italy, Portugal and Spain. As a result, the Netherlands may have trouble accessing","page_number":46,"box":{"x":89,"y":781,"width":845,"height":12}},{"id":"8f952bc5-f006-46c4-9fa3-7ae9a9042935","block_type":"box","text":"capital markets and may be forced to pay higher interest rates on its debt than if it did not use the euro as its currency. In","page_number":46,"box":{"x":89,"y":796,"width":844,"height":12}},{"id":"8db99043-a39b-4a48-a5de-bbcb373f1078","block_type":"box","text":"addition, the Netherlands may be indirectly exposed to the debt of the aforementioned countries through its banking sector.","page_number":46,"box":{"x":89,"y":811,"width":867,"height":12}},{"id":"53332a2d-082e-483e-b39c-7880394abc8e","block_type":"box","text":"Any default by a country that uses the euro may therefore have a material adverse effect on the Dutch economy.","page_number":46,"box":{"x":88,"y":826,"width":785,"height":13}},{"id":"ae77127d-46c7-476e-ab36-ed756b89b7c5","block_type":"box","text":"28","page_number":46,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"299eba9f-decd-4df8-b41b-8e4bc571df3b","block_type":"box","text":"Risk of Investing in North America.","page_number":47,"box":{"x":89,"y":44,"width":250,"height":12}},{"id":"d8ee441b-8103-474e-92e5-15609750ec7f","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":47,"box":{"x":348,"y":44,"width":619,"height":12}},{"id":"bb21baf6-08a7-474f-9fc6-208e51c31f28","block_type":"box","text":"in any North American country can have a significant economic effect on the entire North American region and on some or","page_number":47,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"b12c0141-c429-4e55-9bfb-59c9ec148d21","block_type":"box","text":"all of the North American countries in which a Fund invests.","page_number":47,"box":{"x":89,"y":74,"width":418,"height":10}},{"id":"5e698e97-77f9-4fef-8598-80914c406939","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are","page_number":47,"box":{"x":88,"y":101,"width":817,"height":12}},{"id":"137f0d49-d3b9-4ce2-8814-bcef01140303","block_type":"box","text":"significantly affected by developments in the U.S. economy. Since the implementation of NAFTA in 1994 among Canada, the","page_number":47,"box":{"x":89,"y":116,"width":869,"height":12}},{"id":"420b8678-a95f-4df3-aaca-75405f89008c","block_type":"box","text":"U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments","page_number":47,"box":{"x":89,"y":131,"width":812,"height":12}},{"id":"49e464b8-8c1b-47f1-be76-17dde1fcc4ba","block_type":"box","text":"including the implementation of tariffs by the U.S., and the renegotiation of NAFTA in the form of the United States-Mexico","page_number":47,"box":{"x":89,"y":146,"width":867,"height":12}},{"id":"0d5e5577-2f79-447b-82e2-ca520da66fe2","block_type":"box","text":"Canada Agreement (“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic","page_number":47,"box":{"x":89,"y":161,"width":850,"height":12}},{"id":"01ef2f46-2aa5-451f-a929-b30b2ab89412","block_type":"box","text":"outlook and, as a result, the value of securities held by a Fund. Policy and legislative changes in one country may have a","page_number":47,"box":{"x":89,"y":176,"width":834,"height":13}},{"id":"e166fc9b-cf1e-4618-a1d3-ed0fc69f5179","block_type":"box","text":"significant effect on North American markets generally, as well as on the value of certain securities held by a Fund.","page_number":47,"box":{"x":89,"y":191,"width":798,"height":13}},{"id":"a551f3fb-5715-4991-b133-824c957d37b0","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":47,"box":{"x":89,"y":218,"width":236,"height":12}},{"id":"6555256a-3c07-4606-a77a-adf5a2f7e017","block_type":"box","text":"Certain of the Funds’ Underlying Indexes include Saudi Arabian equity securities. The","page_number":47,"box":{"x":334,"y":218,"width":595,"height":12}},{"id":"ac8efbca-490f-4528-9ed2-ffd00f94eab7","block_type":"box","text":"ability of foreign investors (such as the Funds) to invest in the securities of Saudi Arabian issuers is relatively new. Such ability","page_number":47,"box":{"x":89,"y":233,"width":877,"height":12}},{"id":"47f5df6e-8553-4b62-9e4b-05c4a2caf8ef","block_type":"box","text":"could be restricted by the Saudi Arabian government at any time, and unforeseen risks could materialize with respect to","page_number":47,"box":{"x":89,"y":248,"width":836,"height":12}},{"id":"a1e16939-116f-41b4-9f6f-977124341213","block_type":"box","text":"foreign ownership in such securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":47,"box":{"x":88,"y":263,"width":865,"height":12}},{"id":"da4cffb5-36b7-4f24-83d8-535e8b2e198a","block_type":"box","text":"ownership of the securities of Saudi Arabian issuers by foreign investors, including a limitation on a Fund’s ownership of the","page_number":47,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"14d506b9-d97f-4f7e-8f66-33fd0f3a2866","block_type":"box","text":"securities of any single issuer listed on the Saudi Arabian Stock Exchange, which may prevent a Fund from investing in","page_number":47,"box":{"x":89,"y":293,"width":827,"height":13}},{"id":"5020100c-fa65-4963-a673-3d217a32caac","block_type":"box","text":"accordance with its strategy and contribute to tracking error against the Underlying Index. These restrictions may be","page_number":47,"box":{"x":89,"y":308,"width":816,"height":13}},{"id":"5feb487f-0c72-4a0e-9fdf-f65f890efec3","block_type":"box","text":"changed or new restrictions, such as licensing requirements, special approvals or additional foreign taxes, may be instituted","page_number":47,"box":{"x":89,"y":324,"width":865,"height":12}},{"id":"f995bfbc-e942-4041-b093-0fbb288947e6","block_type":"box","text":"at any time. A Fund may not be able to obtain or maintain any such licenses or approvals and may not be able to buy and sell","page_number":47,"box":{"x":89,"y":339,"width":874,"height":12}},{"id":"3fea8596-7d06-4bd0-b062-d12025cddeef","block_type":"box","text":"securities at full value. Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could","page_number":47,"box":{"x":89,"y":354,"width":868,"height":12}},{"id":"e9de8be4-fff0-4481-ba20-ffd6a4e99f1f","block_type":"box","text":"negatively impact a Fund. These risks may be exacerbated, compared to more developed markets, given the limited history of","page_number":47,"box":{"x":89,"y":369,"width":879,"height":12}},{"id":"e2ab9341-bbe0-4c5f-9be6-5d60a4b84e15","block_type":"box","text":"foreign investment in the Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation","page_number":47,"box":{"x":88,"y":384,"width":874,"height":12}},{"id":"3e13b539-a306-4836-92cb-81c3441be448","block_type":"box","text":"or nationalization of assets and property or the imposition of restrictions on additional foreign investments and repatriation","page_number":47,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"c2873e6d-e305-48e1-9f8a-584b2be1cea5","block_type":"box","text":"of capital. Such heightened risks may include, among others, restrictions on and government intervention in international","page_number":47,"box":{"x":89,"y":414,"width":850,"height":13}},{"id":"8382aeaf-9e05-4c59-835f-f32ed1ba118c","block_type":"box","text":"trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":47,"box":{"x":88,"y":429,"width":875,"height":13}},{"id":"ff1b2f69-d390-4321-a899-003c07037989","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi Arabia has","page_number":47,"box":{"x":89,"y":445,"width":858,"height":12}},{"id":"5df1b4bb-c873-4d9c-8c29-f2d0df8cfbba","block_type":"box","text":"privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized companies may face","page_number":47,"box":{"x":89,"y":460,"width":832,"height":12}},{"id":"1248796e-dc61-41af-827e-8e41dd28dede","block_type":"box","text":"strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":47,"box":{"x":89,"y":475,"width":860,"height":12}},{"id":"08486b3b-5ea7-4999-aabf-2fbc981ea21b","block_type":"box","text":"newly privatized entities have suffered losses due to the inability of the newly privatized entities to adjust quickly to a","page_number":47,"box":{"x":89,"y":490,"width":814,"height":12}},{"id":"94c35560-22ad-47d5-be65-874175eb9944","block_type":"box","text":"competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such","page_number":47,"box":{"x":89,"y":505,"width":840,"height":12}},{"id":"e64bdb18-e065-40b0-b9b0-2b68d51f4de9","block_type":"box","text":"privatized entities. There is no assurance that similar losses will not recur. Further, under income tax laws imposed by the","page_number":47,"box":{"x":89,"y":520,"width":844,"height":12}},{"id":"be0eab59-3d46-4905-9d49-9b2e75e32bbd","block_type":"box","text":"General Authority of Zakat and Tax, dividends paid by a Saudi Arabian company to foreign stockholders are generally subject","page_number":47,"box":{"x":89,"y":535,"width":874,"height":13}},{"id":"e803f7ee-7bad-43af-8ff8-e8fcbd22080b","block_type":"box","text":"to a 5% withholding tax (different tax rates may apply pursuant to an applicable treaty). Saudi Arabia is highly reliant on","page_number":47,"box":{"x":88,"y":550,"width":840,"height":13}},{"id":"96628607-79a6-4eab-b802-74057c31f404","block_type":"box","text":"income from the sale of petroleum and trade with other countries involved in the sale of petroleum, and its economy is","page_number":47,"box":{"x":89,"y":565,"width":831,"height":13}},{"id":"366fef22-816d-4be6-a89a-25a4d061a1fe","block_type":"box","text":"therefore vulnerable to changes in foreign currency values and the market for petroleum, as well as acts targeting petroleum","page_number":47,"box":{"x":88,"y":581,"width":870,"height":12}},{"id":"078aefad-5f5e-468f-af65-c16eedb0c20d","block_type":"box","text":"production or processing facilities in Saudi Arabia. As global demand for petroleum fluctuates, Saudi Arabia may be","page_number":47,"box":{"x":89,"y":596,"width":807,"height":12}},{"id":"d45261be-ff93-4ebe-9323-c13ad430c210","block_type":"box","text":"significantly impacted. In the recent past, the Saudi Arabian government has explored privatization and diversification of the","page_number":47,"box":{"x":89,"y":611,"width":868,"height":12}},{"id":"96a3b27d-ba48-4ebb-b3bc-2e825b102991","block_type":"box","text":"economy in the wake of a diminished petroleum market.","page_number":47,"box":{"x":89,"y":626,"width":394,"height":12}},{"id":"5b0a4e7c-b0a6-45ea-850f-e27fd1fe41bc","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over many aspects of","page_number":47,"box":{"x":89,"y":652,"width":876,"height":13}},{"id":"7c41440d-712c-4da7-a12d-f33fa00f9b40","block_type":"box","text":"the private sector. Although liberalization in the wider economy is underway, in many areas it has lagged significantly:","page_number":47,"box":{"x":88,"y":668,"width":822,"height":12}},{"id":"8dd7d6aa-60a0-4103-8149-1a350353ac63","block_type":"box","text":"restrictions on foreign ownership persist, and the government has an ownership stake in many key industries. The situation is","page_number":47,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"7e5ed539-2392-45e5-b124-42ebfff78d3e","block_type":"box","text":"exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":47,"box":{"x":89,"y":698,"width":847,"height":12}},{"id":"8689421f-af5b-4043-a0fc-30309ad29d5c","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East, due to geopolitical events.","page_number":47,"box":{"x":89,"y":713,"width":874,"height":12}},{"id":"5b76d3ec-6b38-4612-a645-de42e86230bb","block_type":"box","text":"Incidents involving a Middle Eastern country’s or the region’s security, including terrorism, may cause uncertainty in their","page_number":47,"box":{"x":89,"y":728,"width":847,"height":12}},{"id":"588f880e-e9a2-4794-b360-c93b66b89e34","block_type":"box","text":"markets and may adversely affect its economy and a Fund’s investments.","page_number":47,"box":{"x":89,"y":743,"width":510,"height":12}},{"id":"a9941bdf-5ab6-40b7-87da-c4b9612e6ae2","block_type":"box","text":"Governmental actions in the future could have a significant effect on economic conditions in Saudi Arabia, which could affect","page_number":47,"box":{"x":89,"y":770,"width":877,"height":12}},{"id":"314c99b0-1be6-4d62-899e-c4d99e422f51","block_type":"box","text":"private sector companies and a Fund, as well as the value of securities in a Fund’s portfolio. Any economic sanctions on","page_number":47,"box":{"x":89,"y":785,"width":836,"height":12}},{"id":"7b3fac5d-0f23-47e8-af17-77248949eb56","block_type":"box","text":"Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat of sanctions, may result in the decline of the","page_number":47,"box":{"x":88,"y":800,"width":872,"height":12}},{"id":"31088329-f3c8-46fc-afdf-2f31af71ba73","block_type":"box","text":"value and liquidity of Saudi Arabian securities, a weakening of the Saudi riyal or other adverse consequences to the Saudi","page_number":47,"box":{"x":88,"y":815,"width":847,"height":12}},{"id":"0eebf8cb-8eda-4ac1-adfd-be0ae81deba0","block_type":"box","text":"Arabian economy. Any sanctions could also result in the immediate freeze of Saudi Arabian securities and/or funds investing","page_number":47,"box":{"x":88,"y":830,"width":872,"height":12}},{"id":"404799b9-170d-4502-abf8-5cc7aa3fc4ff","block_type":"box","text":"in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. In addition,","page_number":47,"box":{"x":89,"y":845,"width":859,"height":12}},{"id":"ed4a4c6e-1ee6-46eb-9e4d-2e1ec5f26fce","block_type":"box","text":"29","page_number":47,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"26cb8c56-700e-4077-89ba-c2f7b63aad26","block_type":"box","text":"Saudi Arabia’s economy relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have","page_number":48,"box":{"x":88,"y":44,"width":864,"height":12}},{"id":"e4b0e926-ad57-4d44-ad58-3b3a819a4451","block_type":"box","text":"an adverse effect on the economy.","page_number":48,"box":{"x":89,"y":59,"width":238,"height":12}},{"id":"808eb119-2ad4-4543-9087-bbf85846b90d","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result, securities markets in","page_number":48,"box":{"x":88,"y":85,"width":871,"height":13}},{"id":"17158281-35bf-45dd-b086-110d1e649770","block_type":"box","text":"Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume,","page_number":48,"box":{"x":88,"y":101,"width":865,"height":12}},{"id":"27acac33-6ffb-4fbf-a84e-83970b6cde2e","block_type":"box","text":"illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control","page_number":48,"box":{"x":89,"y":116,"width":860,"height":12}},{"id":"d4c1673e-cc75-43dd-992e-577506f1c31e","block_type":"box","text":"and heavy regulation of labor and industry. Shares of certain Saudi Arabian companies tend to trade less frequently than","page_number":48,"box":{"x":89,"y":131,"width":840,"height":12}},{"id":"41059d18-4594-46c4-bd27-2a3509cc15e5","block_type":"box","text":"those of companies on exchanges in more developed markets. Such infrequent trading may adversely affect the pricing of","page_number":48,"box":{"x":88,"y":146,"width":855,"height":12}},{"id":"7b6db4f7-ce6c-444e-8000-d99ac4fc6f7c","block_type":"box","text":"these securities and a Fund’s ability to sell these securities in the future.","page_number":48,"box":{"x":88,"y":161,"width":500,"height":12}},{"id":"fa31a634-1c02-46f2-a77c-0aa7a788cb45","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political instability,","page_number":48,"box":{"x":88,"y":188,"width":866,"height":12}},{"id":"ef2e43bb-31a5-4ed8-8ee2-816ca1aec40d","block_type":"box","text":"and there remains the possibility that the stability will not hold in the future or that instability in the larger Middle East region","page_number":48,"box":{"x":89,"y":203,"width":872,"height":12}},{"id":"2e5aacba-3651-4016-aad6-abaed2cf753c","block_type":"box","text":"could adversely impact the economy of Saudi Arabia. Instability may be caused by military developments, government","page_number":48,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"b5d07dd0-a6d4-4c79-88b2-adeab1cd388f","block_type":"box","text":"interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or","page_number":48,"box":{"x":89,"y":233,"width":870,"height":12}},{"id":"737910e3-3b34-4c58-83c0-080d483e1c43","block_type":"box","text":"other factors. Additionally, anti-Western views held by certain groups in the Middle East may influence government policies","page_number":48,"box":{"x":89,"y":248,"width":861,"height":12}},{"id":"ae9db6de-75e8-4852-85cb-2712b45eb450","block_type":"box","text":"regarding foreign investment. Further developments in U.S. relations with Saudi Arabia and other Middle-Eastern countries","page_number":48,"box":{"x":89,"y":263,"width":858,"height":12}},{"id":"2ccee2b7-b362-424a-83c0-01c5b432b21c","block_type":"box","text":"may affect these attitudes and policies. The U.S. is a significant trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":48,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"9e3d89b2-0a3e-491a-ac65-80f00f9e96cf","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease in U.S.","page_number":48,"box":{"x":89,"y":293,"width":862,"height":13}},{"id":"7e8045fa-c6ae-44af-a822-d65205cfaa6d","block_type":"box","text":"imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":48,"box":{"x":89,"y":308,"width":849,"height":13}},{"id":"b8fd8bce-af37-4a3e-be58-859de1d3355c","block_type":"box","text":"slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia and, as a result,","page_number":48,"box":{"x":89,"y":324,"width":817,"height":12}},{"id":"50525166-25ce-461c-aab9-718bf52e0e54","block_type":"box","text":"securities to which a Fund has exposure. Political instability in North Africa and the larger Middle East region has caused","page_number":48,"box":{"x":89,"y":339,"width":840,"height":12}},{"id":"a7f8fa81-26e3-4e79-817b-d930d1e637c8","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may negatively affect the value","page_number":48,"box":{"x":89,"y":354,"width":874,"height":12}},{"id":"d5e8629c-0e09-4c1f-92b1-61d1beeb225d","block_type":"box","text":"of securities in a Fund’s portfolio.","page_number":48,"box":{"x":89,"y":369,"width":231,"height":12}},{"id":"2b610876-dcd0-45c6-804f-59c17d383591","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions and/or","page_number":48,"box":{"x":89,"y":395,"width":806,"height":13}},{"id":"17cb84ec-2948-4882-924f-68f8b510770b","block_type":"box","text":"embargoes imposed by the U.S. government and the United Nations and/or countries identified by the U.S. government as","page_number":48,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"e6f0a9cd-9f0e-4076-b4f2-a3175989ea34","block_type":"box","text":"state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which","page_number":48,"box":{"x":89,"y":426,"width":850,"height":12}},{"id":"4e6c3a0a-5ebc-4143-9f5f-2ea8d3a61ffc","block_type":"box","text":"operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be indirectly subject to those","page_number":48,"box":{"x":89,"y":441,"width":845,"height":12}},{"id":"61a7eeac-89ff-483f-b20f-06e525355bb9","block_type":"box","text":"risks.","page_number":48,"box":{"x":89,"y":456,"width":34,"height":10}},{"id":"a50105b7-047d-409c-ac06-5682fb89742c","block_type":"box","text":"Risk of Investing in Switzerland.","page_number":48,"box":{"x":89,"y":482,"width":227,"height":13}},{"id":"95906f44-1452-4c87-b65f-cba46a93843e","block_type":"box","text":"Investment in Swiss issuers will subject a Fund to legal, regulatory, political, currency,","page_number":48,"box":{"x":326,"y":482,"width":593,"height":13}},{"id":"22f75d58-f07b-4019-9437-63f5264fedfd","block_type":"box","text":"security, and economic risks specific to Switzerland. Among other things, Switzerland’s economy is heavily dependent on","page_number":48,"box":{"x":89,"y":497,"width":846,"height":13}},{"id":"3b2ba1c2-cc49-499e-81af-c4ab53e456c3","block_type":"box","text":"trading relationships with certain key trading partners, including the U.S., U.K., China, France and Germany. Future changes in","page_number":48,"box":{"x":88,"y":513,"width":877,"height":12}},{"id":"9798cfe3-04da-403f-af3a-915e9558dffa","block_type":"box","text":"the price or the demand for Swiss products or services by the U.S., U.K., China, France and Germany or changes in these","page_number":48,"box":{"x":88,"y":528,"width":839,"height":12}},{"id":"3ea31ba1-2374-42a9-a96a-f15e776a5900","block_type":"box","text":"countries’ economies, trade regulations or currency exchange rates could adversely impact the Swiss economy and the","page_number":48,"box":{"x":89,"y":543,"width":834,"height":12}},{"id":"eb4a4359-b7de-47bb-b8ee-8bbdde900556","block_type":"box","text":"issuers to which a Fund has exposure. Switzerland’s economy relies heavily on the banking sector, and in recent years,","page_number":48,"box":{"x":89,"y":558,"width":824,"height":12}},{"id":"84a5524c-e778-4074-8906-10ce62d1e485","block_type":"box","text":"Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking","page_number":48,"box":{"x":88,"y":573,"width":842,"height":12}},{"id":"0076751f-b7cc-4b63-ac08-5771a7e9a522","block_type":"box","text":"secrecy laws. Recently, allegations have surfaced that certain Swiss banking institutions marketed and sold offshore tax","page_number":48,"box":{"x":89,"y":588,"width":834,"height":12}},{"id":"cfee4beb-8d96-45d2-b0a8-51d3e375344e","block_type":"box","text":"evasion services to U.S. citizens. Future litigation or settlements arising from these accusations may have a negative impact","page_number":48,"box":{"x":89,"y":603,"width":861,"height":13}},{"id":"a9239d3f-7d81-4036-8613-b8e738a32327","block_type":"box","text":"on certain companies to which a Fund has exposure. Due to the lack of natural resources, Switzerland is dependent upon","page_number":48,"box":{"x":89,"y":618,"width":847,"height":13}},{"id":"35d2a5be-d336-4cbf-aea2-87c44601efa5","block_type":"box","text":"imports for raw materials. As a result, any drastic price fluctuations in the price of certain raw materials will likely have a","page_number":48,"box":{"x":89,"y":633,"width":836,"height":13}},{"id":"4ea4b8f1-fb69-4078-8459-494bbb9536fe","block_type":"box","text":"significant impact on the Swiss economy.","page_number":48,"box":{"x":89,"y":649,"width":288,"height":12}},{"id":"d9f2788b-02de-4d43-9597-65f8a357e200","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":48,"box":{"x":89,"y":675,"width":264,"height":12}},{"id":"bd724e86-43b0-4372-b24c-138435f2b1cf","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":48,"box":{"x":362,"y":675,"width":597,"height":12}},{"id":"72a6b293-39dc-4012-ab7d-423395e746bc","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":48,"box":{"x":88,"y":690,"width":838,"height":13}},{"id":"138ab688-3379-4182-8a11-4f05a7848629","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":48,"box":{"x":89,"y":705,"width":803,"height":13}},{"id":"e53947ff-e6ff-4bc0-96e3-360e514b3c03","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":48,"box":{"x":89,"y":720,"width":838,"height":13}},{"id":"79d114d3-d0d8-4828-a186-de22940751ab","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":48,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"1e0a1996-ebee-4eb9-9745-778ab5bbeedc","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":48,"box":{"x":89,"y":751,"width":838,"height":12}},{"id":"2a49ab63-0e57-4f8d-a594-3bf269277b3e","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":48,"box":{"x":89,"y":766,"width":874,"height":12}},{"id":"df3b0edd-2396-47d1-bec8-16235a1508a0","block_type":"box","text":"global financial system.","page_number":48,"box":{"x":89,"y":781,"width":162,"height":12}},{"id":"3d7c495d-2381-4c2c-856c-79251ac0f3c5","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":48,"box":{"x":88,"y":807,"width":854,"height":13}},{"id":"3fb13f7e-b353-4a6c-8c54-80d0969766cb","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":48,"box":{"x":89,"y":822,"width":873,"height":13}},{"id":"aceabfba-7719-4984-a298-313b3562302e","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":48,"box":{"x":89,"y":838,"width":862,"height":12}},{"id":"f50bc893-48ca-451a-bb57-41afece41eb4","block_type":"box","text":"the issuers in which a Fund invests.","page_number":48,"box":{"x":88,"y":853,"width":247,"height":9}},{"id":"21fbe7cb-963a-46b7-b95d-ba26694ed71d","block_type":"box","text":"30","page_number":48,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ede9a9ea-ea48-4975-ba8f-6e0753b6612f","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":49,"box":{"x":89,"y":44,"width":401,"height":12}},{"id":"35c8ed30-de71-4238-9ee5-d5d787739e87","block_type":"box","text":"The communication services sector consists of both companies in","page_number":49,"box":{"x":498,"y":44,"width":464,"height":12}},{"id":"533f8746-79ad-4224-992e-b4c0812836b5","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":49,"box":{"x":88,"y":59,"width":877,"height":12}},{"id":"06cbfbe5-d04d-47da-8620-40b03d70a4a6","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":49,"box":{"x":88,"y":74,"width":774,"height":12}},{"id":"4c3da974-f8eb-4f2e-81f9-3313334383f4","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":49,"box":{"x":88,"y":89,"width":860,"height":13}},{"id":"6d110d43-863f-4bd8-9dd8-f497180c09c8","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":49,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"b9955e4a-3ddf-4d40-b97d-7a109c2870b9","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":49,"box":{"x":89,"y":119,"width":851,"height":13}},{"id":"8d0a73b2-dce4-4d6e-b23b-fbc02bc770bb","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":49,"box":{"x":89,"y":135,"width":822,"height":12}},{"id":"017e8919-6a60-4667-bb7a-99e0a9b59f2f","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":49,"box":{"x":89,"y":150,"width":803,"height":12}},{"id":"97672929-6b68-4c31-9699-b5c2bd55da65","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":49,"box":{"x":89,"y":165,"width":808,"height":12}},{"id":"b06dee8b-304e-4635-8f6c-8deea788dac3","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":49,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"c8d668c3-8eb8-47b5-8188-dc1716b557d0","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":49,"box":{"x":89,"y":195,"width":848,"height":12}},{"id":"2679e1a0-4101-45fb-bd3e-5e5a86e7e2f4","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":49,"box":{"x":89,"y":210,"width":702,"height":13}},{"id":"cb41c253-e2cd-401b-88fa-06925d86f1b8","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":49,"box":{"x":88,"y":237,"width":879,"height":12}},{"id":"50c8df15-a6a8-4b6d-9de3-6d9e18fefb88","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":49,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"c55fa3bb-acff-4e47-8e1f-b0db5c8a4d70","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":49,"box":{"x":89,"y":267,"width":867,"height":12}},{"id":"7e597e14-013a-40af-84b7-90cd0a9104e4","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":49,"box":{"x":88,"y":282,"width":843,"height":12}},{"id":"4337e7f1-98f4-408b-8229-e2916b3a7d2c","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":49,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"de3665d7-a148-4986-ac4c-43cf218318a0","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":49,"box":{"x":89,"y":312,"width":837,"height":13}},{"id":"8b0941d1-eaeb-412f-8fe6-ca533b50617e","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":49,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"797cc760-7015-472f-b617-d9474e564f94","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":49,"box":{"x":89,"y":342,"width":803,"height":13}},{"id":"5cf17cc8-770f-44c9-a45d-f224d82ed967","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":49,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"248b7f44-8899-4404-b9d4-24c638e9e140","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":49,"box":{"x":89,"y":373,"width":799,"height":12}},{"id":"3b549b83-0fd7-47fa-a8f5-cd14afd3a154","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":49,"box":{"x":89,"y":388,"width":683,"height":12}},{"id":"550c8355-eaca-4aed-8816-0ea29948b4d9","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":49,"box":{"x":88,"y":414,"width":850,"height":13}},{"id":"a85e1257-692a-4f1b-a181-98fb00e3086d","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":49,"box":{"x":89,"y":429,"width":864,"height":13}},{"id":"52551e5e-5bc6-4ae6-8fab-75d863e18fc4","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":49,"box":{"x":89,"y":445,"width":863,"height":12}},{"id":"15c73a53-65da-4f0d-8335-cfb04a66cfcf","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":49,"box":{"x":89,"y":460,"width":818,"height":12}},{"id":"f23215be-3918-4cc1-9900-a96295e9e35b","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":49,"box":{"x":89,"y":475,"width":826,"height":12}},{"id":"7ff94847-c3fd-4863-b3c5-b2e7b4bd563c","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":49,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"33ee702c-7cd5-40bc-a4f0-10c22772b629","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":49,"box":{"x":89,"y":505,"width":856,"height":12}},{"id":"5a8c8b10-9eb6-490d-bb43-742b9bbcdf2a","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":49,"box":{"x":89,"y":531,"width":868,"height":13}},{"id":"68e7f366-591c-48d6-af91-d4a36fb950b1","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":49,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"49d6a527-a2e9-4a51-837a-683d0cc15728","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":49,"box":{"x":89,"y":562,"width":833,"height":12}},{"id":"9ad395a0-3400-4fc1-87b2-55707efd6ce6","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":49,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"7ce5c46c-5248-4220-9068-c7474eabae98","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":49,"box":{"x":88,"y":592,"width":823,"height":12}},{"id":"724f3e89-6334-48c0-a055-8c1290ef4d25","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":49,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"892751a6-48f6-4a89-a29d-c2414218554d","block_type":"box","text":"less revenue.","page_number":49,"box":{"x":89,"y":622,"width":88,"height":10}},{"id":"81410500-934c-4dd5-9fca-74995f965509","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":49,"box":{"x":89,"y":649,"width":397,"height":12}},{"id":"9d3ca230-7825-4226-b293-5e3be9c918ef","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":49,"box":{"x":495,"y":649,"width":446,"height":12}},{"id":"cb74a0f2-0bda-4200-aad3-f79f58be5db6","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":49,"box":{"x":89,"y":664,"width":861,"height":12}},{"id":"3ca1ea16-9554-46ea-b0e3-bc80f14cce4f","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":49,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"dcd2c205-f20e-4633-b085-7ec60e80bbf5","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":49,"box":{"x":89,"y":694,"width":850,"height":12}},{"id":"2a275720-4bdd-47b8-a42e-c4bfffcbfcc5","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":49,"box":{"x":89,"y":709,"width":822,"height":12}},{"id":"0361fdc7-5ea6-48eb-9a9f-51024a721bd5","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":49,"box":{"x":89,"y":724,"width":827,"height":13}},{"id":"da3dac32-ebe3-4c3c-8f63-32724dd9cc6d","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":49,"box":{"x":89,"y":739,"width":850,"height":13}},{"id":"6a5a9211-2855-432d-86cd-da5c1c651d98","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":49,"box":{"x":89,"y":754,"width":838,"height":13}},{"id":"8ae7251a-0a83-401b-80a5-40bc4c281bde","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":49,"box":{"x":89,"y":770,"width":870,"height":12}},{"id":"85f0aa18-8cfd-4cb7-9f4b-09fb6f678ff9","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":49,"box":{"x":89,"y":785,"width":823,"height":12}},{"id":"c3f11bb3-4d48-4146-af08-c1ac38dedffe","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":49,"box":{"x":89,"y":800,"width":834,"height":12}},{"id":"23261450-757e-4dfa-8aa5-152217c1bc27","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":49,"box":{"x":89,"y":815,"width":741,"height":12}},{"id":"5fd3371e-b633-47a0-8f6a-d2e42841f062","block_type":"box","text":"31","page_number":49,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"618d2331-f3fb-4852-bffc-330782da3079","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":50,"box":{"x":89,"y":44,"width":352,"height":12}},{"id":"94a8cda4-3d97-4add-ab02-074efd3f08b8","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":50,"box":{"x":450,"y":44,"width":504,"height":12}},{"id":"a0388f6c-20db-4d5f-bc6c-b0faf54f4647","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":50,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"4fc464ed-f2ce-4edc-9fb3-718a90aae928","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":50,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"c9a06525-4beb-4366-abef-b627b08428e1","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":50,"box":{"x":89,"y":89,"width":867,"height":13}},{"id":"5c984887-8eb4-40c8-a2be-0415c94c8e6c","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":50,"box":{"x":89,"y":104,"width":850,"height":13}},{"id":"8ca44611-47ed-4cd8-99a4-25aeee046080","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":50,"box":{"x":88,"y":119,"width":849,"height":13}},{"id":"e460f454-5219-4096-9d4a-7c61c567054b","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":50,"box":{"x":89,"y":135,"width":869,"height":12}},{"id":"0645a2cb-e4ad-4968-922a-823d36947209","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":50,"box":{"x":89,"y":150,"width":847,"height":12}},{"id":"e9be0588-06db-4ea4-9423-09d6925f1de9","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":50,"box":{"x":89,"y":165,"width":838,"height":12}},{"id":"328b8caf-4d8e-4a43-be2e-771ada515539","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":50,"box":{"x":89,"y":180,"width":864,"height":12}},{"id":"e89a6d79-d2c4-4647-a8d3-37d83b67ea09","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":50,"box":{"x":89,"y":195,"width":872,"height":12}},{"id":"db14b593-dec9-4ef0-b61d-9e42da0a2e45","block_type":"box","text":"their profitability.","page_number":50,"box":{"x":88,"y":210,"width":118,"height":13}},{"id":"d27b967e-f4d9-43c3-b94a-2b87433a4bf3","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":50,"box":{"x":89,"y":237,"width":270,"height":12}},{"id":"55ad7d19-68b8-40ce-a553-fe7036b1900b","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":50,"box":{"x":369,"y":237,"width":590,"height":12}},{"id":"e0a58340-ba76-4b9b-8a6e-970b2574bb5f","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":50,"box":{"x":89,"y":252,"width":788,"height":12}},{"id":"8087725a-15ba-44aa-9d1f-3a0b3827805a","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":50,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"fba88233-6a0d-4df0-b737-f78798d2dc75","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":50,"box":{"x":89,"y":282,"width":852,"height":12}},{"id":"016f064a-a053-4562-8907-97ec13dae8da","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":50,"box":{"x":88,"y":297,"width":822,"height":12}},{"id":"049dd61d-3731-460b-adc8-3bc66692e01e","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":50,"box":{"x":89,"y":312,"width":807,"height":13}},{"id":"7cc3beba-4bfe-4437-947b-fdc5a2dade11","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":50,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"2488b250-c21a-413b-b71c-a496ea362979","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":50,"box":{"x":88,"y":342,"width":874,"height":13}},{"id":"6884e0a8-4eb8-412b-95e2-20e8c9a2e096","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":50,"box":{"x":89,"y":358,"width":820,"height":12}},{"id":"e8868f1d-77c6-4079-8a12-e1dd5a7b4a3e","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":50,"box":{"x":89,"y":373,"width":864,"height":12}},{"id":"04e51724-2346-4f47-8eed-7d4c449e6efc","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":50,"box":{"x":89,"y":388,"width":823,"height":12}},{"id":"a757093b-bf62-4576-8cc0-3af900ce56b7","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":50,"box":{"x":88,"y":403,"width":870,"height":12}},{"id":"e366a1f0-f8a8-4c5d-872b-f827c222d173","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":50,"box":{"x":89,"y":418,"width":859,"height":12}},{"id":"a6b3191b-889e-435c-a680-ff252d4e7cfc","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":50,"box":{"x":89,"y":433,"width":860,"height":13}},{"id":"2acab477-7187-460c-8f3d-eea897627526","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":50,"box":{"x":88,"y":448,"width":861,"height":13}},{"id":"24469c9a-d075-4266-bf7b-df879237dd18","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":50,"box":{"x":89,"y":463,"width":876,"height":13}},{"id":"a5e9326d-fc61-4c10-8d4c-3975c450df49","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":50,"box":{"x":89,"y":479,"width":836,"height":12}},{"id":"d6b433c8-1edf-456e-8ee2-d38f9b9396a7","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":50,"box":{"x":89,"y":494,"width":755,"height":12}},{"id":"82e141ee-91c1-4e90-aca0-15ade0a6be54","block_type":"box","text":"e.g","page_number":50,"box":{"x":845,"y":497,"width":20,"height":9}},{"id":"7b6df0b5-75df-483b-8895-e6a2cbc7ca6a","block_type":"box","text":".,","page_number":50,"box":{"x":866,"y":502,"width":6,"height":3}},{"id":"dfd64b6e-b86a-408a-8995-ac6e757a27ca","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":50,"box":{"x":89,"y":509,"width":849,"height":12}},{"id":"eec0e4b4-51ef-4cec-9772-437c50aa14a2","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":50,"box":{"x":89,"y":524,"width":879,"height":12}},{"id":"8238faa4-df31-4f30-a3d7-069bdccd8301","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":50,"box":{"x":89,"y":539,"width":860,"height":12}},{"id":"a10d68af-d8c4-4043-913a-f1c669be22bb","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":50,"box":{"x":89,"y":554,"width":873,"height":12}},{"id":"a11f6e56-ebb9-4141-b21c-aca079938b14","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":50,"box":{"x":89,"y":569,"width":878,"height":13}},{"id":"ee0365da-3457-4463-b519-c26d1b2c25b8","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":50,"box":{"x":88,"y":584,"width":839,"height":13}},{"id":"9ca27f07-0070-4835-8941-6913a50ef718","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":50,"box":{"x":88,"y":599,"width":858,"height":13}},{"id":"a5891b0d-9ee5-4dab-826b-c88f8f9ff2b0","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":50,"box":{"x":89,"y":615,"width":611,"height":12}},{"id":"e236337f-b680-41df-8233-cef6f811535a","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":50,"box":{"x":88,"y":641,"width":831,"height":12}},{"id":"3b911956-d11e-4d20-8e22-23ec88e52b4c","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":50,"box":{"x":89,"y":656,"width":843,"height":13}},{"id":"60688c9d-60eb-492e-889b-0a5055518ce9","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":50,"box":{"x":89,"y":671,"width":853,"height":13}},{"id":"3393fc81-6216-4fb7-b30f-54ecb9e659f5","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":50,"box":{"x":89,"y":686,"width":875,"height":13}},{"id":"50474544-40af-49a8-9eca-8acb2db340ad","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":50,"box":{"x":89,"y":702,"width":871,"height":12}},{"id":"bba845ab-5397-4055-b028-067f4f5221da","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":50,"box":{"x":89,"y":717,"width":873,"height":12}},{"id":"4890b635-d4ed-4c84-9beb-239b12914d2f","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":50,"box":{"x":89,"y":732,"width":864,"height":12}},{"id":"5ec37785-3acb-4d14-9f58-aa2ff32cc57d","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":50,"box":{"x":89,"y":747,"width":445,"height":12}},{"id":"0defda89-977d-4eac-a42f-36ee43783f94","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":50,"box":{"x":89,"y":773,"width":292,"height":13}},{"id":"2be1979e-8981-4eeb-a52e-43bc0a7b2e23","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":50,"box":{"x":391,"y":773,"width":533,"height":13}},{"id":"f18ee047-5d62-450f-ab59-6a2446f7bb30","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":50,"box":{"x":89,"y":788,"width":836,"height":13}},{"id":"5a35d8f0-1e3a-4310-9e4c-d791b1f676e4","block_type":"box","text":"companies (","page_number":50,"box":{"x":89,"y":804,"width":85,"height":12}},{"id":"34419c62-1df3-4557-852d-77f21a07eb8b","block_type":"box","text":"e.g.","page_number":50,"box":{"x":175,"y":807,"width":23,"height":9}},{"id":"299a0926-7da6-4b19-a302-edb2d66020b0","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":50,"box":{"x":200,"y":804,"width":706,"height":12}},{"id":"1b672be0-8080-43ea-9338-48a4ce471313","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":50,"box":{"x":88,"y":819,"width":491,"height":12}},{"id":"16ce4411-2c0c-461e-ab35-657b98b69db3","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":50,"box":{"x":89,"y":845,"width":865,"height":12}},{"id":"398c5cd6-68fd-4146-a698-f2b774940f7a","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":50,"box":{"x":89,"y":860,"width":869,"height":13}},{"id":"999c98d0-6483-4511-8030-454c225042eb","block_type":"box","text":"32","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7b09a2a1-2303-44eb-9395-56629bacc716","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":51,"box":{"x":89,"y":44,"width":813,"height":12}},{"id":"96da0443-6d10-4d9b-b7e6-bbdd027e4c36","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":51,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"13aa2d2c-14ab-4eec-94be-5ba1e0dabc68","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":51,"box":{"x":88,"y":74,"width":848,"height":12}},{"id":"1956555e-0b47-4ab7-8219-d6ebd18ecaff","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":51,"box":{"x":89,"y":89,"width":827,"height":13}},{"id":"706dd26a-23f6-4753-83c9-4e80a602a946","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":51,"box":{"x":88,"y":104,"width":871,"height":13}},{"id":"3f5f41ee-e491-4cb4-905a-4604d5ef7db7","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":51,"box":{"x":89,"y":119,"width":853,"height":13}},{"id":"c6c4cdd6-be0a-4c83-ae17-8cc8730fc06c","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":51,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"c52a23ba-6fae-472a-96d7-9ba39046897d","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":51,"box":{"x":89,"y":150,"width":839,"height":12}},{"id":"528fe9fc-88a7-4046-8b48-64eb591f4dab","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":51,"box":{"x":89,"y":165,"width":872,"height":12}},{"id":"bdc1dbf2-7619-40ab-8707-b2a187ce5d77","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":51,"box":{"x":89,"y":180,"width":810,"height":12}},{"id":"ec455393-5873-4cbb-9ab5-cb17e99819b9","block_type":"box","text":"restrictions on currency transfers. In addition, companies in the financials sector may be the targets of hacking and potential","page_number":51,"box":{"x":89,"y":195,"width":870,"height":12}},{"id":"8880dd62-452a-4fd9-bb5c-3786915f673b","block_type":"box","text":"theft of proprietary or customer information or disruptions in service, which could have a material adverse effect on their","page_number":51,"box":{"x":88,"y":210,"width":847,"height":13}},{"id":"517fbe5d-4a3a-499a-b12d-2c6d54a7dca3","block_type":"box","text":"businesses.","page_number":51,"box":{"x":89,"y":225,"width":78,"height":10}},{"id":"6f81107b-e306-4a4f-8315-71df72c606d1","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":51,"box":{"x":88,"y":252,"width":879,"height":12}},{"id":"b2df910b-d3eb-490c-92fc-39da52417c80","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":51,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"fabf8d51-bb0f-4c8a-90eb-d68d470f8a4b","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":51,"box":{"x":88,"y":282,"width":831,"height":12}},{"id":"13688223-c255-46e7-a613-d60a28d4dcc5","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":51,"box":{"x":88,"y":297,"width":873,"height":12}},{"id":"631c6e5b-ee4e-45ad-9718-3ec6a479220b","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":51,"box":{"x":89,"y":312,"width":855,"height":13}},{"id":"ec5fb0a7-8e9c-4cd5-9ec1-020273f82fca","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":51,"box":{"x":89,"y":327,"width":730,"height":13}},{"id":"8b8d10ae-8f64-4b5e-a001-f2ff4c136241","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":51,"box":{"x":89,"y":354,"width":845,"height":12}},{"id":"0843c2e5-5647-4c8b-9320-dbe65cb62d68","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":51,"box":{"x":89,"y":369,"width":835,"height":12}},{"id":"efdbbce8-5671-4c05-af29-bbb9041cf715","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":51,"box":{"x":89,"y":384,"width":831,"height":12}},{"id":"f0bbccb7-0629-4d3e-a683-5f8b7bd7992b","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":51,"box":{"x":89,"y":399,"width":850,"height":13}},{"id":"a9aa3dae-d105-4cd0-abe4-c8dd7c07ccbf","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":51,"box":{"x":88,"y":414,"width":821,"height":13}},{"id":"b4409394-a550-45f4-b236-fba80999eded","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":51,"box":{"x":89,"y":429,"width":875,"height":13}},{"id":"54f17595-5e71-41e3-8dd5-cc9def2e3b46","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":51,"box":{"x":89,"y":445,"width":836,"height":12}},{"id":"fab125ab-825e-4a44-b520-9a25c6b47fc6","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":51,"box":{"x":89,"y":460,"width":841,"height":12}},{"id":"22195d1d-ce28-423c-8baf-bef6d17dfffe","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":51,"box":{"x":89,"y":475,"width":814,"height":12}},{"id":"5579862c-d9a7-4516-8a39-5eea27d20555","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":51,"box":{"x":89,"y":490,"width":827,"height":12}},{"id":"00d7b9cf-c3bf-4ce1-bccc-bc04981d5874","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":51,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"7a360eec-0799-48b6-9069-fb9b8580fde7","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":51,"box":{"x":88,"y":520,"width":837,"height":12}},{"id":"53273bdb-531d-4825-97ab-9408a5c2dde3","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":51,"box":{"x":89,"y":535,"width":862,"height":13}},{"id":"26d2249e-e628-4b47-9929-6e46c4e8e4c4","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":51,"box":{"x":89,"y":550,"width":853,"height":13}},{"id":"d5b1a39e-07c4-48d0-b56d-712815d8e6e7","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":51,"box":{"x":89,"y":565,"width":865,"height":13}},{"id":"6bd8ee1c-dcce-4f08-b110-c53b88fa9a91","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":51,"box":{"x":89,"y":581,"width":863,"height":12}},{"id":"39a02798-4b61-4cbe-b0c2-598100bdee36","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":51,"box":{"x":89,"y":596,"width":872,"height":12}},{"id":"c98d67c1-34ac-460f-9515-3605791d9022","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":51,"box":{"x":89,"y":611,"width":665,"height":12}},{"id":"78a40e5a-6aa4-40b7-ae3a-9f43cc033d14","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":51,"box":{"x":89,"y":637,"width":299,"height":13}},{"id":"1e675647-d976-49a5-ae5f-50348599ee7b","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":51,"box":{"x":397,"y":637,"width":557,"height":13}},{"id":"bb80a77c-df39-4af9-bc3a-cbfedb432faf","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":51,"box":{"x":89,"y":652,"width":839,"height":13}},{"id":"551ad6bf-55d5-431a-9060-288cf1d6ade6","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":51,"box":{"x":88,"y":668,"width":834,"height":12}},{"id":"d8cc4f68-55db-462c-83b0-df894a3abb7e","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":51,"box":{"x":89,"y":683,"width":816,"height":12}},{"id":"1f39f731-d8cf-45d5-897c-ff9629622e30","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":51,"box":{"x":89,"y":698,"width":849,"height":12}},{"id":"433b845f-ad88-4bec-95ca-b156a40dccfb","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":51,"box":{"x":89,"y":724,"width":863,"height":13}},{"id":"b1eb3e97-2c27-4749-b1c4-ef5cbc6f8b12","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":51,"box":{"x":88,"y":739,"width":854,"height":13}},{"id":"9565d316-c7ba-454f-99fb-19dd73e126ba","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":51,"box":{"x":89,"y":754,"width":860,"height":13}},{"id":"9a436a61-fb83-4cf5-a457-fc8c6ebf6f48","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":51,"box":{"x":89,"y":770,"width":621,"height":12}},{"id":"786ef1e6-d275-4d87-a538-fd6f5f14191f","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":51,"box":{"x":89,"y":796,"width":862,"height":12}},{"id":"a3c44d88-e23d-474a-80c6-6821edd183bf","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":51,"box":{"x":89,"y":811,"width":860,"height":12}},{"id":"d0cffafe-fc6e-4e51-b047-56054dbac2af","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":51,"box":{"x":89,"y":826,"width":842,"height":13}},{"id":"4e5ae962-0dc5-4b85-bb11-43b4a90e08ea","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":51,"box":{"x":89,"y":841,"width":868,"height":13}},{"id":"de220f9d-b766-4551-a73f-8236306d420b","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":51,"box":{"x":89,"y":856,"width":867,"height":13}},{"id":"cfec8092-d381-4f29-a57a-b5c04aeb2d79","block_type":"box","text":"33","page_number":51,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5cb3280d-29ea-4f4e-be22-88449e6dd179","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":52,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"986ce2ec-2027-450d-9b3e-68dc8eeb0a19","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":52,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"c181fc18-5e40-4f95-a1ce-596595ed5083","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":52,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"1855118a-ff17-4970-8bb6-60f51913745f","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":52,"box":{"x":89,"y":89,"width":811,"height":13}},{"id":"cc818d34-c928-471f-aae6-37facd7e6794","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":52,"box":{"x":89,"y":104,"width":834,"height":13}},{"id":"115176fd-2a73-4e67-8752-2e7051fc33b1","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":52,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"b5c9394b-3834-4ac5-9421-454d201c09eb","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":52,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"85125289-3251-48e9-b844-230d2722a64e","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":52,"box":{"x":89,"y":150,"width":844,"height":12}},{"id":"63032a93-f608-48c0-89e3-a334cb27d48e","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":52,"box":{"x":89,"y":165,"width":845,"height":12}},{"id":"8730bacd-e4a4-4eea-8c15-61cb10480a69","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":52,"box":{"x":89,"y":180,"width":841,"height":12}},{"id":"908b302a-3125-422d-b015-5964002ac4d6","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":52,"box":{"x":89,"y":195,"width":793,"height":12}},{"id":"2105175a-06f4-4edc-a86a-5e380edd59c9","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":52,"box":{"x":88,"y":222,"width":872,"height":12}},{"id":"e95a8c70-e771-48da-bad9-c5e237254582","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":52,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"c2314cee-a17b-42b4-b1d7-fac900445826","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":52,"box":{"x":89,"y":252,"width":828,"height":12}},{"id":"bfcbe539-02e8-4694-9a4e-9d255777affd","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":52,"box":{"x":89,"y":267,"width":788,"height":12}},{"id":"da317efb-c381-4887-8d4c-809df0450473","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":52,"box":{"x":89,"y":282,"width":821,"height":12}},{"id":"8c96259e-6260-46a3-90b9-7fe4346f63ff","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":52,"box":{"x":89,"y":297,"width":786,"height":12}},{"id":"54eaf03b-4278-46af-86bc-67be70f68745","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":52,"box":{"x":89,"y":324,"width":297,"height":12}},{"id":"bd244a77-dbb9-4420-86e1-e22ac722f3c6","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":52,"box":{"x":395,"y":324,"width":530,"height":12}},{"id":"3c052ca4-c180-4b9d-82be-a6cb20fa2cef","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":52,"box":{"x":89,"y":339,"width":869,"height":12}},{"id":"d2f99e80-186b-4812-b731-c601d361d5dc","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":52,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"49b73c74-2270-4cea-855f-0b1aa4cc141e","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":52,"box":{"x":88,"y":369,"width":844,"height":12}},{"id":"4ab89541-fa03-411d-a83a-53c94cea80ca","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":52,"box":{"x":89,"y":384,"width":824,"height":12}},{"id":"9bb3653b-e0c7-4fc0-b0bd-03e41d4f0f19","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":52,"box":{"x":89,"y":399,"width":852,"height":13}},{"id":"acf5b367-def2-4ad5-932e-dd60c9c787c4","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":52,"box":{"x":89,"y":414,"width":858,"height":13}},{"id":"50b64ca9-b8a3-4fb5-9f13-1455a0404729","block_type":"box","text":"affect the sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage,","page_number":52,"box":{"x":89,"y":429,"width":837,"height":13}},{"id":"510764fe-446e-4d75-aa72-95751a42ba6e","block_type":"box","text":"product liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":52,"box":{"x":89,"y":445,"width":751,"height":12}},{"id":"b36ca898-611d-4c48-8e4f-d88a21f6faeb","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":52,"box":{"x":89,"y":471,"width":288,"height":12}},{"id":"9174fd2f-1761-4701-8b17-5f52aad8e735","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":52,"box":{"x":386,"y":471,"width":568,"height":12}},{"id":"8e8879f0-6145-4c18-9b87-e19322d13715","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":52,"box":{"x":88,"y":486,"width":824,"height":12}},{"id":"5414b987-0b4e-4299-832f-8e3683bc423e","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":52,"box":{"x":89,"y":501,"width":878,"height":13}},{"id":"efd24ef6-2932-4326-968f-d566650548ca","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":52,"box":{"x":89,"y":516,"width":822,"height":13}},{"id":"36a0838c-a7a8-44c0-9e20-62488ec4deb0","block_type":"box","text":"Companies in the materials sector are also at risk of liability for environmental damage and product liability claims.","page_number":52,"box":{"x":89,"y":531,"width":801,"height":13}},{"id":"e827f045-b65f-4063-bbcc-d41b574a0f2f","block_type":"box","text":"Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor","page_number":52,"box":{"x":89,"y":547,"width":832,"height":12}},{"id":"11ee4064-38b7-4ddb-890e-e6b2dd90501d","block_type":"box","text":"investment returns. These risks are heightened for companies in the materials sector located in foreign markets.","page_number":52,"box":{"x":89,"y":562,"width":783,"height":12}},{"id":"3fd2dc41-97d7-4df7-9dde-25d9c948e329","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":52,"box":{"x":89,"y":588,"width":313,"height":12}},{"id":"dee09149-8e7f-422c-a8c0-c5d89ed6f576","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":52,"box":{"x":411,"y":588,"width":520,"height":12}},{"id":"eca2389a-0e21-4307-bfb1-e01b92025964","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":52,"box":{"x":89,"y":603,"width":867,"height":13}},{"id":"1092d9f2-1695-4171-875a-2fc81d5c2cae","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":52,"box":{"x":89,"y":618,"width":859,"height":13}},{"id":"1675889b-acd9-4625-8e45-48923b79c4f8","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":52,"box":{"x":89,"y":633,"width":837,"height":13}},{"id":"bd21d359-6026-4bda-b573-37df3ac23832","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":52,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"8090da77-f020-4c99-9661-d3c2d2d27b99","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":52,"box":{"x":89,"y":664,"width":869,"height":12}},{"id":"8f04e56c-7d0b-472b-8319-208fefe0a6b5","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":52,"box":{"x":88,"y":679,"width":439,"height":12}},{"id":"e25d1779-b210-4d35-bae1-e4f9bcddcd01","block_type":"box","text":"Concentration Risk.","page_number":52,"box":{"x":89,"y":705,"width":134,"height":10}},{"id":"e8707cfc-33de-4a5e-940c-c3d88c5cac6a","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":52,"box":{"x":230,"y":705,"width":718,"height":13}},{"id":"cb4ae6c4-ae55-4afd-893e-25e279709c9b","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":52,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"187fb45c-72ca-4387-8df2-45677e295d2d","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":52,"box":{"x":89,"y":736,"width":416,"height":12}},{"id":"f6a4d550-84b5-4196-af9b-540c91dedc34","block_type":"box","text":"Distressed Investment Risk.","page_number":52,"box":{"x":88,"y":762,"width":189,"height":10}},{"id":"2548ce21-829a-485c-bb14-fbd76eb93e42","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":52,"box":{"x":284,"y":762,"width":595,"height":12}},{"id":"a05b1734-01c5-486b-9ee1-8d9b8f53be5f","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":52,"box":{"x":89,"y":777,"width":859,"height":12}},{"id":"64fe3abe-28e3-4bcd-a0bf-164721ad17b9","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":52,"box":{"x":89,"y":792,"width":806,"height":13}},{"id":"7467636a-832d-4962-b9a7-4daebb00e139","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":52,"box":{"x":89,"y":807,"width":856,"height":13}},{"id":"965af954-2de5-4923-842c-bcae43fea6b2","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":52,"box":{"x":88,"y":822,"width":879,"height":13}},{"id":"314dea90-8814-473a-b40f-5e454cf44eff","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":52,"box":{"x":89,"y":838,"width":587,"height":12}},{"id":"1d4c1a54-bec3-4901-b1f4-ab617fbe2b9e","block_type":"box","text":"34","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f01be8aa-74a6-4f28-9fbf-f58cd9296b43","block_type":"box","text":"Illiquidity Risk.","page_number":53,"box":{"x":88,"y":44,"width":98,"height":12}},{"id":"57c369e5-6c20-4ac5-bbf2-b169929d563d","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":53,"box":{"x":193,"y":44,"width":722,"height":12}},{"id":"2b2d13bb-665f-4262-90f4-047a9115994c","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":53,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"bbb7e8bd-6d6b-4860-9735-c6bbbb216a27","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":53,"box":{"x":88,"y":74,"width":870,"height":12}},{"id":"4306d6ae-3ce1-4a7a-9cf9-d97863e62801","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":53,"box":{"x":89,"y":89,"width":865,"height":13}},{"id":"d4ebf659-31bb-421c-99d5-79d670180134","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":53,"box":{"x":89,"y":104,"width":819,"height":13}},{"id":"8fa8bd96-6048-4b76-ad45-76f66739a16d","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":53,"box":{"x":89,"y":119,"width":857,"height":13}},{"id":"9af39c9a-725d-493c-bd91-fb1e95577e7d","block_type":"box","text":"Interest Rate Risk.","page_number":53,"box":{"x":88,"y":146,"width":124,"height":10}},{"id":"b6450ae9-3af7-4841-8500-66f8d2561460","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":53,"box":{"x":218,"y":146,"width":680,"height":12}},{"id":"5f915a63-e4fb-4a6c-b13a-50e198f9febe","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":53,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"2afae9e4-0360-4b51-a6be-d4b6d710fbdc","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":53,"box":{"x":89,"y":176,"width":679,"height":13}},{"id":"9c29c43d-581e-4023-adec-c02e1765067b","block_type":"box","text":"Leverage Risk.","page_number":53,"box":{"x":88,"y":203,"width":98,"height":12}},{"id":"758ec935-6e36-46b8-9cb0-fc90aea297a0","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":53,"box":{"x":192,"y":203,"width":774,"height":12}},{"id":"5cf37189-26ae-46b5-9418-221471a69572","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":53,"box":{"x":89,"y":218,"width":875,"height":12}},{"id":"07ee000f-19ce-44ad-bc6e-f7efe74ed3da","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":53,"box":{"x":89,"y":233,"width":875,"height":12}},{"id":"7a444547-5550-46ee-82fe-b8d2bfbd333f","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":53,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"a49c5b6e-02dc-4d1e-a737-5d24e47d6289","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":53,"box":{"x":89,"y":263,"width":857,"height":12}},{"id":"1f8272b5-bfda-4e40-aea0-12fd05f02fa4","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":53,"box":{"x":89,"y":278,"width":877,"height":13}},{"id":"fb3fd7e4-c2fe-48d1-bb5e-f5783b8ceba8","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":53,"box":{"x":88,"y":293,"width":851,"height":13}},{"id":"bc0f1ec2-3931-4594-91c2-7cba7773fb0b","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":53,"box":{"x":89,"y":308,"width":599,"height":13}},{"id":"c84af4a3-9c46-49ec-a841-dd7e6e48d281","block_type":"box","text":"Loan Foreclosure Risk.","page_number":53,"box":{"x":88,"y":335,"width":154,"height":10}},{"id":"673bccdd-9628-469e-86c7-a65dc40361a9","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":53,"box":{"x":249,"y":335,"width":664,"height":12}},{"id":"c93c1fa0-e806-4bae-b477-68be681c7407","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":53,"box":{"x":89,"y":350,"width":870,"height":12}},{"id":"6a4bd9b2-28b6-48ee-af1e-1f04bd87d947","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":53,"box":{"x":88,"y":365,"width":819,"height":12}},{"id":"6564459b-d92b-4796-9f3c-a05b7c1b4943","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":53,"box":{"x":88,"y":380,"width":868,"height":13}},{"id":"60cb2b76-da68-4dc9-83b2-f26508d505d3","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":53,"box":{"x":89,"y":395,"width":872,"height":13}},{"id":"f0cabefe-4375-4d9b-88a0-9a84f7afd1f8","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":53,"box":{"x":89,"y":410,"width":796,"height":13}},{"id":"f49f5191-eb1c-4447-b662-fb2093b0852c","block_type":"box","text":"Management Risk.","page_number":53,"box":{"x":88,"y":437,"width":130,"height":12}},{"id":"49d05b9b-096e-461f-a023-09fd90ee8283","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":53,"box":{"x":225,"y":437,"width":733,"height":12}},{"id":"3d00abff-bd0b-4ed4-a64e-dde124ed1e6b","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":53,"box":{"x":89,"y":452,"width":872,"height":12}},{"id":"e2db98d2-fe8c-4031-b259-b8886ae47a1f","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":53,"box":{"x":89,"y":467,"width":838,"height":13}},{"id":"30ddaa42-c4ff-4b3b-b658-a595f7b7942a","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":53,"box":{"x":89,"y":482,"width":875,"height":13}},{"id":"a3cfc5da-ab56-4ae2-ade2-84f1be45628a","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":53,"box":{"x":88,"y":497,"width":822,"height":13}},{"id":"027b5469-013f-40ae-9279-5439550c91c4","block_type":"box","text":"properties may be limited.","page_number":53,"box":{"x":89,"y":513,"width":181,"height":12}},{"id":"2ea4021a-b628-4087-aeb7-88defe94967d","block_type":"box","text":"Property Risk.","page_number":53,"box":{"x":88,"y":539,"width":94,"height":12}},{"id":"8da2eef8-3b87-4c1a-8d85-4a7ddfd3eb2d","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":53,"box":{"x":189,"y":539,"width":752,"height":12}},{"id":"8b28958b-7a1c-4417-9eb2-7e1694eeb8ef","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":53,"box":{"x":89,"y":554,"width":794,"height":12}},{"id":"f5b03c98-7a93-4ec1-bb06-c078c06539d6","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":53,"box":{"x":89,"y":569,"width":867,"height":13}},{"id":"9e72a862-1d93-4193-95d3-143111c9cc04","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":53,"box":{"x":89,"y":584,"width":819,"height":13}},{"id":"4a684eb9-887d-40a9-bada-c3d90b65f402","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":53,"box":{"x":89,"y":599,"width":860,"height":13}},{"id":"909aafdf-f768-48e6-84c7-69da31bb4275","block_type":"box","text":"Regulatory Risk.","page_number":53,"box":{"x":88,"y":626,"width":110,"height":12}},{"id":"3059a7ea-bb61-4278-ad86-cb800d85bb53","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":53,"box":{"x":205,"y":626,"width":754,"height":12}},{"id":"3581d24f-1d94-49c4-a70d-83b54865dc7b","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":53,"box":{"x":89,"y":641,"width":828,"height":12}},{"id":"15283441-ff10-4cc0-82fe-6fca89755f96","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":53,"box":{"x":89,"y":656,"width":843,"height":13}},{"id":"432e9f5c-ba5a-44ef-bf61-63b6974836da","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":53,"box":{"x":89,"y":671,"width":854,"height":13}},{"id":"39ac2476-79f6-4915-a26f-5e2b22f14b13","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":53,"box":{"x":89,"y":686,"width":867,"height":13}},{"id":"cd01143b-0473-4821-b9d7-a43e94c97d20","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":53,"box":{"x":89,"y":702,"width":432,"height":12}},{"id":"3ccd3c0f-e529-41ea-864a-a3990940dce2","block_type":"box","text":"Underlying Investment Risk.","page_number":53,"box":{"x":89,"y":728,"width":192,"height":12}},{"id":"e35d83de-1647-481e-a861-6530d5eb1183","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":53,"box":{"x":287,"y":728,"width":626,"height":12}},{"id":"748bd4f3-404d-4c19-b852-ab5569fd7626","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":53,"box":{"x":88,"y":743,"width":849,"height":12}},{"id":"eb72d0b5-6557-41d3-9d03-30bb90f87651","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":53,"box":{"x":88,"y":758,"width":877,"height":13}},{"id":"e0d0259b-1165-4bed-9588-61378666fd90","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":53,"box":{"x":88,"y":773,"width":877,"height":13}},{"id":"757e94f7-4af5-495c-b611-4a7802824dcf","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":53,"box":{"x":89,"y":788,"width":871,"height":13}},{"id":"5b7a6775-1d63-47bf-91bb-2dd7293a8c62","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":53,"box":{"x":88,"y":804,"width":868,"height":12}},{"id":"ca5229d3-9b40-44c2-aecd-148bd2fef45e","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":53,"box":{"x":89,"y":819,"width":867,"height":12}},{"id":"caeb477b-d831-4db2-8bac-be8c258baeac","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":53,"box":{"x":89,"y":834,"width":821,"height":12}},{"id":"364c513a-d8c3-44cf-b442-67207ac55811","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":53,"box":{"x":89,"y":849,"width":862,"height":12}},{"id":"d743dadf-2fcc-4ac1-8f80-1a1278294f52","block_type":"box","text":"similar proceedings. 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A REIT that","page_number":54,"box":{"x":89,"y":131,"width":811,"height":12}},{"id":"fc2a2590-7b27-42fe-8b68-c6d3e86329d9","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":54,"box":{"x":89,"y":146,"width":821,"height":12}},{"id":"a46684e0-3f71-4ae0-86ec-dfbe61dc523d","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":54,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"272f1b58-8d07-43cb-9b1c-d15d78496977","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":54,"box":{"x":89,"y":176,"width":867,"height":13}},{"id":"8ea9c6e7-25b6-4f13-852b-7fdddaf56e95","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":54,"box":{"x":89,"y":191,"width":871,"height":13}},{"id":"aeb45c62-e86d-42a8-bd1a-ee024c4efbdf","block_type":"box","text":"provided to you.","page_number":54,"box":{"x":89,"y":206,"width":112,"height":13}},{"id":"53d4b7a2-0f29-4a01-8800-52b6a686c031","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":54,"box":{"x":89,"y":233,"width":313,"height":12}},{"id":"d0884040-f454-458d-bb62-4856cfcc283b","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":54,"box":{"x":411,"y":233,"width":509,"height":12}},{"id":"4092e246-1e09-44cf-a64e-ff223e27eb42","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. 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Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end","page_number":57,"box":{"x":122,"y":185,"width":828,"height":12}},{"id":"e5774685-4d88-4662-b3e7-b2bc57b1bdbd","block_type":"box","text":"requires a non-disclosure or confidentiality agreement and approval of the Company’s Chief Compliance Officer.","page_number":57,"box":{"x":122,"y":200,"width":783,"height":12}},{"id":"a3aa3b4a-dde6-4e69-8c8e-27d8efd4cb1b","block_type":"box","text":"Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the","page_number":57,"box":{"x":122,"y":215,"width":791,"height":13}},{"id":"2a9c672c-f068-4594-8e5c-5eb15169f408","block_type":"box","text":"approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any","page_number":57,"box":{"x":121,"y":230,"width":815,"height":13}},{"id":"7d0c481a-5fc9-4410-b83c-155729d55d7e","block_type":"box","text":"party.","page_number":57,"box":{"x":121,"y":247,"width":37,"height":11}},{"id":"663896c4-1b9c-4be8-b828-ec2aa74f8789","block_type":"box","text":"The Company’s Chief Compliance Officer or his delegate may authorize disclosure of portfolio holdings information pursuant","page_number":57,"box":{"x":88,"y":272,"width":876,"height":12}},{"id":"4e172972-bbe3-4c61-9386-9ac3623a2e0e","block_type":"box","text":"to the above policy and procedures, subject to restrictions on selective disclosure imposed by applicable law. The Board","page_number":57,"box":{"x":88,"y":287,"width":834,"height":12}},{"id":"87a7de98-4c0b-4b6b-b9ac-1f2161064e90","block_type":"box","text":"reviews the policy and procedures for disclosure of portfolio holdings information at least annually.","page_number":57,"box":{"x":89,"y":302,"width":691,"height":12}},{"id":"3c7e6548-c1f0-4cb0-9137-887162153bf4","block_type":"box","text":"Construction and Maintenance of the Underlying","page_number":57,"box":{"x":90,"y":333,"width":822,"height":29}},{"id":"20de6b19-47d0-45b2-b625-7fa899e3c219","block_type":"box","text":"Indexes","page_number":57,"box":{"x":91,"y":363,"width":125,"height":23}},{"id":"589dddab-0299-47a4-9bdd-81d04b047d5a","block_type":"box","text":"Descriptions of the Underlying Indexes are provided below.","page_number":57,"box":{"x":89,"y":404,"width":410,"height":13}},{"id":"afcc57f8-746f-470c-ae34-c87f1d9c53db","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":57,"box":{"x":88,"y":431,"width":870,"height":12}},{"id":"892a8b4c-af68-47a0-99c6-15507c7b1dea","block_type":"box","text":"index provider regarding their business interest in licensing an index to track a particular market segment and conveyed","page_number":57,"box":{"x":89,"y":446,"width":837,"height":12}},{"id":"3e3ceb75-bb84-4aff-b7db-ae17662e35d4","block_type":"box","text":"investment concepts and strategies that could be considered for the index. The index provider designed and constituted such","page_number":57,"box":{"x":89,"y":461,"width":878,"height":12}},{"id":"7095b63d-dccf-4fa5-8c8f-35bbbab1a780","block_type":"box","text":"indices using concepts conveyed by BFA or its affiliates. For certain of these indices, the relevant fund may be the first or sole","page_number":57,"box":{"x":89,"y":476,"width":871,"height":12}},{"id":"c7a03074-709c-452f-ba5a-539b2212a42c","block_type":"box","text":"user of the underlying index. In its sole discretion, the index provider determines the composition of the securities and other","page_number":57,"box":{"x":89,"y":491,"width":868,"height":12}},{"id":"5b56c838-d41c-48b9-b7cf-943c5a7bb6b3","block_type":"box","text":"instruments in such underlying index, the rebalance protocols of the underlying index, the weightings of the securities and","page_number":57,"box":{"x":89,"y":506,"width":857,"height":13}},{"id":"ac4ad858-3420-426f-be79-362249622121","block_type":"box","text":"other instruments in the underlying index, and any updates to the methodology. From time to time, BFA or its affiliates may","page_number":57,"box":{"x":89,"y":521,"width":863,"height":13}},{"id":"a4090c54-ee74-4e07-9a7e-b4cf95f8fc4c","block_type":"box","text":"also provide input relating to possible methodology changes of such underlying index pursuant to the index provider’s","page_number":57,"box":{"x":89,"y":536,"width":828,"height":13}},{"id":"65c2bb04-3afe-48c6-8249-b3e62108e611","block_type":"box","text":"consultation process or pursuant to other communications with the index provider.","page_number":57,"box":{"x":89,"y":552,"width":583,"height":12}},{"id":"222e0d37-da67-4c66-9b43-1670834fc5eb","block_type":"box","text":"The MSCI Indexes","page_number":57,"box":{"x":88,"y":579,"width":227,"height":18}},{"id":"4b04c7a6-a7e7-48e8-adc2-11b7569c6319","block_type":"box","text":"The MSCI indexes were founded in 1969 by Capital International S.A. as international performance benchmarks constructed","page_number":57,"box":{"x":88,"y":613,"width":869,"height":13}},{"id":"2c80747c-a322-48c1-8de4-b813d3d53c39","block_type":"box","text":"to facilitate comparison of world markets. The MSCI single country standard equity indexes have covered the world’s","page_number":57,"box":{"x":88,"y":628,"width":819,"height":13}},{"id":"1879e984-79cc-443c-b3b1-1e9f74541c25","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":57,"box":{"x":89,"y":644,"width":654,"height":12}},{"id":"6fb70364-21f4-4a8f-9a79-b636de845383","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":57,"box":{"x":89,"y":670,"width":875,"height":12}},{"id":"1d0df72c-54eb-4819-93aa-cd6ec192b3cf","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":57,"box":{"x":88,"y":685,"width":843,"height":12}},{"id":"2b76fdda-c95d-4cb0-b1c1-ee17a1ceb7b1","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":57,"box":{"x":89,"y":700,"width":838,"height":13}},{"id":"0eb29f8f-2193-434e-ae61-21a98d8c8daa","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":57,"box":{"x":89,"y":715,"width":322,"height":13}},{"id":"08472c0c-d19f-4429-bac1-1f1823203c4a","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":57,"box":{"x":89,"y":742,"width":281,"height":10}},{"id":"c84fe551-d8c1-4b84-918e-d28072c01834","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":57,"box":{"x":89,"y":768,"width":867,"height":13}},{"id":"abdf7057-31df-44dc-9d24-e1281cec62cc","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":57,"box":{"x":89,"y":783,"width":877,"height":13}},{"id":"7217d233-39a5-4c27-85c7-3c65303eef0e","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":57,"box":{"x":89,"y":799,"width":842,"height":12}},{"id":"86a3c7ad-47b0-46ab-829d-1144fb2134df","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":57,"box":{"x":89,"y":814,"width":854,"height":12}},{"id":"ef6b3cf3-2400-43b4-8b39-66d93cfe378b","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":57,"box":{"x":89,"y":829,"width":868,"height":12}},{"id":"d74b5dae-e08f-451d-87f4-d46bab9ba0b1","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":57,"box":{"x":89,"y":844,"width":871,"height":12}},{"id":"7f5fe25b-5d3d-4938-af73-33bdaa29f048","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":57,"box":{"x":88,"y":859,"width":348,"height":12}},{"id":"a06a451a-964b-40bb-b1a6-40148f007b6a","block_type":"box","text":"39","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e168bacd-8409-4bb3-bf33-f0ddb6c82519","block_type":"box","text":"Selection Criteria.","page_number":58,"box":{"x":88,"y":44,"width":127,"height":10}},{"id":"2372a831-fd2d-4a6e-8ba7-579f6c7992c9","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":58,"box":{"x":221,"y":44,"width":723,"height":12}},{"id":"d4f92167-1231-420e-adc1-ea546b946a1b","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":58,"box":{"x":89,"y":59,"width":814,"height":12}},{"id":"ef8c4c12-87a9-4bca-b1ff-3670296da485","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":58,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"7b34ae0b-1cd6-482c-9889-b920c4846b9e","block_type":"box","text":"Index.","page_number":58,"box":{"x":89,"y":89,"width":41,"height":10}},{"id":"878df394-97d0-4b48-84b1-ac66cc090750","block_type":"box","text":"Defining the Equity Universe","page_number":58,"box":{"x":89,"y":116,"width":204,"height":12}},{"id":"9c291a9f-ecc7-4deb-9003-d5b8c8ab5e42","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":58,"box":{"x":294,"y":116,"width":643,"height":12}},{"id":"705cb5d4-575d-44b1-9bb5-456f8914bcfd","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":58,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"575070fb-423b-488c-972c-1f473402723f","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":58,"box":{"x":89,"y":146,"width":863,"height":12}},{"id":"1c33e97f-6c15-4a14-80a1-e7ecce7ed0dc","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":58,"box":{"x":89,"y":161,"width":835,"height":12}},{"id":"9934efdc-37ad-4e57-9cb8-aa0fd62a0787","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":58,"box":{"x":88,"y":176,"width":559,"height":13}},{"id":"05a923ba-f8d0-4cdc-9241-9bf4387b92e9","block_type":"box","text":"i.e","page_number":58,"box":{"x":648,"y":177,"width":15,"height":9}},{"id":"b83368b0-58e7-4f73-aaaf-28b43776604f","block_type":"box","text":"., share classes) are classified in only one","page_number":58,"box":{"x":665,"y":176,"width":284,"height":13}},{"id":"5e223279-2f7b-4073-bed5-eb9f7e42de76","block_type":"box","text":"country.","page_number":58,"box":{"x":89,"y":193,"width":55,"height":11}},{"id":"8ba40b40-076d-4d75-8f05-5773f56575d2","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":58,"box":{"x":89,"y":218,"width":489,"height":12}},{"id":"fcdeafa4-9319-43cd-aa51-d65213185916","block_type":"box","text":"The equity universe in any market is derived by","page_number":58,"box":{"x":583,"y":218,"width":328,"height":12}},{"id":"e323a704-d6d0-499b-bfe0-81a3bbd1af6b","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":58,"box":{"x":89,"y":233,"width":838,"height":12}},{"id":"d125ca20-b85d-4ac4-be7d-503a3703b76f","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":58,"box":{"x":89,"y":248,"width":851,"height":12}},{"id":"72871e8a-8296-49f2-872b-09ac23cfd9cc","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":58,"box":{"x":89,"y":263,"width":852,"height":12}},{"id":"1a33eec3-5d45-4cb4-b6ec-9fcc0e42ecd7","block_type":"box","text":"exclusion of other securities of the same company.","page_number":58,"box":{"x":89,"y":278,"width":353,"height":13}},{"id":"7e84fc0a-173c-4da3-a1d8-fb5e1a6b72aa","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":58,"box":{"x":89,"y":305,"width":479,"height":12}},{"id":"d0ecf0c0-0517-4cd9-b128-d70089f4a923","block_type":"box","text":"In order to create size components that can be","page_number":58,"box":{"x":574,"y":305,"width":325,"height":12}},{"id":"4a83aa83-a49d-46fa-9614-ddc347cb5221","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":58,"box":{"x":89,"y":320,"width":786,"height":12}},{"id":"bb676688-46f0-4a81-870e-130e72018ccb","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":58,"box":{"x":89,"y":340,"width":863,"height":12}},{"id":"acbbcf4e-7360-445e-8e95-c5f35eca1895","block_type":"box","text":"segment across all markets in a composite index; and","page_number":58,"box":{"x":121,"y":355,"width":375,"height":12}},{"id":"4170c709-a9f6-4535-acf7-d68e55e74016","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":58,"box":{"x":89,"y":375,"width":846,"height":13}},{"id":"1f7e7678-92d8-4300-a60d-2f3583276472","block_type":"box","text":"weight in the composite universe.","page_number":58,"box":{"x":121,"y":390,"width":236,"height":13}},{"id":"00108c52-ab45-4667-9aa6-bb8f95074b19","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":58,"box":{"x":88,"y":417,"width":787,"height":12}},{"id":"237cf652-7a6d-4d05-ab06-2163aef06491","block_type":"box","text":"capitalization size segments:","page_number":58,"box":{"x":89,"y":432,"width":197,"height":12}},{"id":"14ac5ee4-4ac7-4961-abcb-2539cb7a6c13","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":58,"box":{"x":89,"y":452,"width":809,"height":12}},{"id":"757f0143-f4b9-4b87-a5c9-0add7f7fd256","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":58,"box":{"x":121,"y":467,"width":627,"height":13}},{"id":"6f2db808-10ba-4d1b-a5eb-14a5b403842b","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":58,"box":{"x":89,"y":487,"width":848,"height":13}},{"id":"3442cf1a-e171-4ead-800e-152e3a33ff97","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":58,"box":{"x":121,"y":502,"width":627,"height":13}},{"id":"dcd9c4f9-0159-4546-942f-82997b753d93","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":58,"box":{"x":89,"y":523,"width":865,"height":12}},{"id":"417f31a7-2a73-41c9-acc3-c0aa29b37486","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":58,"box":{"x":121,"y":538,"width":614,"height":12}},{"id":"e472c0cd-f58c-4781-a3f2-b59ca2ebd682","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":58,"box":{"x":89,"y":558,"width":876,"height":12}},{"id":"f23dbb72-15ed-4d5d-846a-f73a107847d3","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":58,"box":{"x":121,"y":573,"width":577,"height":10}},{"id":"98fb0e27-bb04-481a-964e-d30e5d069c1f","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":58,"box":{"x":88,"y":599,"width":404,"height":13}},{"id":"154b6a09-8fc6-45e3-ab47-e4345b800662","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":58,"box":{"x":498,"y":599,"width":430,"height":13}},{"id":"9dd7e39c-4504-4ce8-9a0d-8101f60d66bc","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":58,"box":{"x":89,"y":615,"width":796,"height":12}},{"id":"6aa9608a-bdb5-4871-879a-0c59674ba89c","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":58,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"f005a8b6-fe7e-481e-9b14-ea5210c48d19","block_type":"box","text":"minimum length of trading.","page_number":58,"box":{"x":89,"y":645,"width":192,"height":12}},{"id":"dbca7164-39d4-4693-b3c4-badede3dd868","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":58,"box":{"x":88,"y":671,"width":403,"height":13}},{"id":"f9aa1bed-86ee-4b1d-a9f0-5d04458f915b","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":58,"box":{"x":498,"y":671,"width":456,"height":13}},{"id":"ed0f73bb-17c9-444f-8750-3b8d6d037131","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":58,"box":{"x":89,"y":686,"width":873,"height":13}},{"id":"08cfe7f9-1668-4f66-a687-8e641eae018f","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":58,"box":{"x":89,"y":702,"width":870,"height":12}},{"id":"0282312d-23dc-49d5-acbd-2d61d9e6f5b2","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":58,"box":{"x":88,"y":717,"width":544,"height":12}},{"id":"a8ed164d-ac94-467e-8c7d-033b23077fdb","block_type":"box","text":"Weighting.","page_number":58,"box":{"x":88,"y":743,"width":77,"height":12}},{"id":"63ef1ef5-e25a-4c0a-b0d5-10b58ed68ac8","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":58,"box":{"x":171,"y":743,"width":365,"height":12}},{"id":"c608b152-6ca4-4eae-ac91-e53fed5d2fbb","block_type":"box","text":"i.e.,","page_number":58,"box":{"x":541,"y":744,"width":21,"height":10}},{"id":"e2f38d93-e618-44bf-9bcb-c573a4c9def8","block_type":"box","text":"companies are included in the indexes at the value of","page_number":58,"box":{"x":568,"y":743,"width":373,"height":12}},{"id":"b2b8f80d-5c1b-4a74-afbe-6683803bcdf0","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":58,"box":{"x":88,"y":758,"width":420,"height":13}},{"id":"e2ecc334-9089-4ced-a146-36b6c52604fc","block_type":"box","text":"Regional Weights.","page_number":58,"box":{"x":89,"y":785,"width":128,"height":12}},{"id":"f1c2d90a-66da-4d31-9ae8-3cb732e9e82f","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":58,"box":{"x":223,"y":785,"width":720,"height":12}},{"id":"5113db22-2e52-480c-a6a7-86b2a55c4323","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":58,"box":{"x":89,"y":800,"width":878,"height":12}},{"id":"420c3b4e-741c-4d65-bcdd-6f5dce93313e","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":58,"box":{"x":88,"y":815,"width":826,"height":12}},{"id":"cc48b966-5964-4134-87da-f46c4be8d51d","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":58,"box":{"x":89,"y":830,"width":873,"height":12}},{"id":"ccdec7dc-9e69-46db-ab56-750652dc7011","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":58,"box":{"x":89,"y":845,"width":768,"height":12}},{"id":"4bcd5091-84d2-4365-b873-b9773c6293dc","block_type":"box","text":"40","page_number":58,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"fe62d4df-ea0a-41f7-b260-63e0d4179a9b","block_type":"box","text":"Free Float.","page_number":59,"box":{"x":89,"y":44,"width":73,"height":10}},{"id":"22552d84-d33a-4456-b5a5-b0f3fd92fe55","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":59,"box":{"x":167,"y":44,"width":781,"height":12}},{"id":"c2e3ce76-9534-43d0-92ca-bc773541b0c8","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":59,"box":{"x":88,"y":59,"width":803,"height":12}},{"id":"5c618de4-3888-4bf4-a72e-3ca9b6257a55","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":59,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"fe82c987-cea4-4eac-a677-6e07a8504642","block_type":"box","text":"on share ownership for foreigners.","page_number":59,"box":{"x":89,"y":89,"width":239,"height":13}},{"id":"67072ac5-9da3-4849-a1fb-e5c3e532a7e1","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":59,"box":{"x":89,"y":116,"width":865,"height":12}},{"id":"d40c5f79-88d6-4e19-a55e-0c9753cafb05","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":59,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"e730fedc-6af8-440c-8d89-42e11f72f278","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":59,"box":{"x":89,"y":146,"width":503,"height":12}},{"id":"d01f9583-5cdb-41fa-bad9-c6dfc7738762","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":59,"box":{"x":89,"y":172,"width":872,"height":13}},{"id":"e6b8be45-ba82-4425-ab56-131f8ad4e038","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":59,"box":{"x":89,"y":188,"width":852,"height":12}},{"id":"4ab45f16-210a-447e-bf91-010636c5601e","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":59,"box":{"x":88,"y":203,"width":872,"height":12}},{"id":"62529d8d-340c-4aef-82cf-8a4216db3ec9","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":59,"box":{"x":90,"y":218,"width":412,"height":12}},{"id":"9251a7a2-ef77-4d1b-ae12-3a20dba70b4f","block_type":"box","text":"Price and Exchange Rates","page_number":59,"box":{"x":89,"y":244,"width":184,"height":13}},{"id":"02ca57c1-5670-43f2-8d9f-feca3acbe2e7","block_type":"box","text":"Prices.","page_number":59,"box":{"x":89,"y":271,"width":46,"height":9}},{"id":"4745d32e-ea6b-4889-884f-994921d29207","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":59,"box":{"x":140,"y":271,"width":791,"height":12}},{"id":"6d5e8783-ee68-4c31-8e4b-35315cd8a7fe","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":59,"box":{"x":89,"y":286,"width":578,"height":12}},{"id":"10a99cfb-a081-49a0-8302-b6f58dd06db1","block_type":"box","text":"Exchange Rates.","page_number":59,"box":{"x":89,"y":312,"width":116,"height":13}},{"id":"9eda4333-37d3-4294-95ac-7e9bb68d4dec","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":59,"box":{"x":211,"y":312,"width":730,"height":13}},{"id":"1cc1b7db-973c-470e-85b6-3624cd36d8ea","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":59,"box":{"x":89,"y":327,"width":876,"height":13}},{"id":"2814a6ba-e665-4510-8486-da85e28128b5","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":59,"box":{"x":88,"y":342,"width":839,"height":13}},{"id":"a15f8074-7f50-482a-8818-69996fd39cbd","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":59,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"d415cff0-65b6-456d-a822-d213af01da81","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":59,"box":{"x":89,"y":373,"width":877,"height":11}},{"id":"6ed89419-9aa2-4ed2-b913-da5fb466e252","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":59,"box":{"x":88,"y":388,"width":859,"height":12}},{"id":"f09e47a5-79e1-487b-85e0-a37601ba51b4","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":59,"box":{"x":89,"y":403,"width":845,"height":12}},{"id":"45b3e17e-8878-4bad-9b0a-201edcf462c0","block_type":"box","text":"most relevant exchange rate.","page_number":59,"box":{"x":89,"y":418,"width":201,"height":12}},{"id":"4bb5b076-c225-4c2b-863a-7c5784d48f29","block_type":"box","text":"Changes to the Indexes.","page_number":59,"box":{"x":89,"y":445,"width":172,"height":12}},{"id":"c73cca42-343f-4845-98ea-519d1d38162e","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":59,"box":{"x":266,"y":445,"width":678,"height":12}},{"id":"ee38b3e2-8fd4-4428-8a60-5212da4d9889","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":59,"box":{"x":88,"y":460,"width":833,"height":12}},{"id":"6df816b3-2799-47e5-8036-2050eb68939e","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":59,"box":{"x":89,"y":475,"width":839,"height":12}},{"id":"4778bbdc-f896-428a-9ead-7095d8c13ddb","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":59,"box":{"x":89,"y":490,"width":872,"height":12}},{"id":"7563ef6b-6391-4dfb-80e0-7aed256380e9","block_type":"box","text":"float estimates.","page_number":59,"box":{"x":88,"y":505,"width":106,"height":10}},{"id":"c4a5923a-8edf-4dec-b949-e2b4ee62150f","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":59,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"319445c2-62a9-4a19-963c-fac4928e0a36","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":59,"box":{"x":89,"y":552,"width":841,"height":12}},{"id":"c2fec96c-83ad-4ddb-b247-bc2275689cdf","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":59,"box":{"x":121,"y":567,"width":399,"height":12}},{"id":"c2330644-29c2-4593-a5d8-94c561e51c41","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":59,"box":{"x":89,"y":587,"width":728,"height":12}},{"id":"05a29deb-a7b8-42ed-95d5-70c33a974498","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":59,"box":{"x":89,"y":607,"width":876,"height":12}},{"id":"eef18678-aef7-45e1-8460-bc6204f3b50e","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":59,"box":{"x":121,"y":622,"width":560,"height":12}},{"id":"1aa65ba1-fa8c-455f-9dd8-4f92ea2bd203","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":59,"box":{"x":89,"y":649,"width":876,"height":12}},{"id":"896db227-fbe6-4954-bfd1-6b48289f6f1c","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":59,"box":{"x":88,"y":664,"width":839,"height":12}},{"id":"a5952ebe-134f-42e3-8f0e-eba85492bd30","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":59,"box":{"x":89,"y":679,"width":387,"height":12}},{"id":"a05a1516-0ac4-4b87-bf63-311d41e83bd9","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":59,"box":{"x":89,"y":705,"width":823,"height":13}},{"id":"61f99cc2-7cc3-4e32-9d7c-db1e0091ba6f","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":59,"box":{"x":89,"y":720,"width":876,"height":13}},{"id":"ffcc5996-2a28-4b31-8e37-69331617327b","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":59,"box":{"x":89,"y":736,"width":876,"height":12}},{"id":"240746df-70eb-4585-a0ea-0763d9019fd7","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":59,"box":{"x":88,"y":751,"width":873,"height":12}},{"id":"cbf6f338-48e3-432a-9c10-1cc7b92435d4","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":59,"box":{"x":88,"y":766,"width":798,"height":12}},{"id":"7b891cb8-ca8f-43a3-a969-e298397d5ab1","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":59,"box":{"x":89,"y":792,"width":689,"height":13}},{"id":"5c6fcf47-b206-47d6-9b74-db4d5f15fb2e","block_type":"box","text":"®","page_number":59,"box":{"x":779,"y":791,"width":9,"height":6}},{"id":"35c26fc3-abf1-426f-b98b-734ead9a68eb","block_type":"box","text":")","page_number":59,"box":{"x":789,"y":792,"width":5,"height":13}},{"id":"f3cee99f-397c-4291-ad9d-ad509846741a","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":59,"box":{"x":88,"y":819,"width":871,"height":12}},{"id":"9b0ed478-6380-402c-a764-deb6de3dca17","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":59,"box":{"x":89,"y":834,"width":867,"height":12}},{"id":"344ee036-7139-47ca-b8a8-fd32e78daf21","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":59,"box":{"x":89,"y":849,"width":865,"height":12}},{"id":"15649811-a252-446b-b72b-fe51c98874f2","block_type":"box","text":"41","page_number":59,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"0d685db4-5ec9-4e18-bf94-d8d505de8801","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":60,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"c2c71558-ed98-40c4-888d-82f75c7748b5","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":60,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"bfc8396a-9c4e-4192-9442-ffbe7b717626","block_type":"box","text":"MSCI 25/50 Indexes","page_number":60,"box":{"x":89,"y":85,"width":147,"height":10}},{"id":"0e18d6fc-e3fe-49d4-8b04-9d95a7ca93d8","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":60,"box":{"x":89,"y":112,"width":854,"height":12}},{"id":"d09e98f4-6698-40f3-973a-3e04dbb0824d","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":60,"box":{"x":89,"y":127,"width":873,"height":12}},{"id":"b70ef2c0-f43d-41ed-92bd-36110b66f710","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":60,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"ee73b864-1efa-4726-be97-164adcdc1480","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":60,"box":{"x":89,"y":157,"width":873,"height":13}},{"id":"a370f0cf-67a4-4486-a415-54dc829053d3","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":60,"box":{"x":89,"y":172,"width":863,"height":13}},{"id":"a12e5952-d61c-469d-81d2-be6772f8d9fa","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":60,"box":{"x":89,"y":188,"width":857,"height":12}},{"id":"29f820f7-5235-412c-af6d-b21bb7a372c8","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":60,"box":{"x":89,"y":203,"width":845,"height":12}},{"id":"e1dd186f-a33b-4474-a7b9-079e74ab5662","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":60,"box":{"x":88,"y":218,"width":821,"height":12}},{"id":"9b6d3a44-897a-4eb2-9d0f-0463b0777211","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":60,"box":{"x":89,"y":233,"width":861,"height":12}},{"id":"afe61fa5-bbd1-4572-a6e5-a98c6412e69f","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":60,"box":{"x":89,"y":248,"width":854,"height":12}},{"id":"eb29650f-d090-4fea-aa79-113f15c845eb","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":60,"box":{"x":88,"y":263,"width":865,"height":12}},{"id":"79d2e08f-5ee5-4860-ace7-5378e6535c9b","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":60,"box":{"x":88,"y":278,"width":869,"height":13}},{"id":"4f39531f-71c1-4248-b87c-3ebcfde45383","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":60,"box":{"x":88,"y":293,"width":851,"height":13}},{"id":"8da86ee8-fee2-469d-804e-c093177e0686","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":60,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"b9b53b14-15ec-492c-ad53-dc8fc446f9e8","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":60,"box":{"x":89,"y":324,"width":843,"height":12}},{"id":"7753a9ac-9457-4230-897e-75ed5b7025a4","block_type":"box","text":"deviation from the uncapped index.","page_number":60,"box":{"x":89,"y":339,"width":248,"height":12}},{"id":"c1371283-0d0b-4893-a668-d14032a1e515","block_type":"box","text":"MSCI Australia Index","page_number":60,"box":{"x":89,"y":365,"width":151,"height":10}},{"id":"571b8db7-3a17-4ccc-ab7d-a8001207f5d9","block_type":"box","text":"Number of Components: approximately 47","page_number":60,"box":{"x":89,"y":384,"width":308,"height":12}},{"id":"943e330f-17f1-49cd-92a1-4ac609686a60","block_type":"box","text":"Index Description.","page_number":60,"box":{"x":89,"y":407,"width":131,"height":12}},{"id":"c287615a-faf6-4505-a8c3-52b1a447edd6","block_type":"box","text":"The MSCI Australia Index is designed to measure the performance of large- and mid-capitalization","page_number":60,"box":{"x":225,"y":407,"width":689,"height":12}},{"id":"afccdb28-e425-41b6-a633-799fb52dab94","block_type":"box","text":"segments of the equity market in Australia.","page_number":60,"box":{"x":89,"y":422,"width":300,"height":12}},{"id":"53d235f0-aca7-48dc-a872-26412c8483d1","block_type":"box","text":"Calculation Methodology.","page_number":60,"box":{"x":89,"y":448,"width":184,"height":13}},{"id":"2088e0cc-e973-4a4f-acde-f9f1979f08ea","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":60,"box":{"x":278,"y":448,"width":662,"height":13}},{"id":"1f8eedf3-39ef-43e8-963e-aed268e4460b","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":60,"box":{"x":89,"y":463,"width":878,"height":13}},{"id":"4204a92d-409e-48d0-89d6-4f80659d28e0","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":60,"box":{"x":88,"y":479,"width":864,"height":12}},{"id":"7be8a340-ae9c-4ba3-ad66-87c75538e3d8","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":60,"box":{"x":89,"y":494,"width":849,"height":12}},{"id":"e4a2ce34-4765-469c-af3c-330a970c5e53","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":60,"box":{"x":88,"y":509,"width":868,"height":12}},{"id":"9f0dcbd7-101d-49d5-8ccb-aae490d5f0b5","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":60,"box":{"x":88,"y":524,"width":474,"height":12}},{"id":"572ac6c9-6289-4770-8de1-c8a40cf6dfc9","block_type":"box","text":"MSCI Austria IMI 25/50 Index","page_number":60,"box":{"x":89,"y":550,"width":216,"height":10}},{"id":"12fc9e63-5443-4f4e-ab7e-c3a8f8e356d9","block_type":"box","text":"Number of Components: approximately 20","page_number":60,"box":{"x":89,"y":569,"width":308,"height":13}},{"id":"08808865-fb8c-4c3d-a75a-523d1071029c","block_type":"box","text":"Index Description.","page_number":60,"box":{"x":89,"y":592,"width":131,"height":12}},{"id":"c0b255fa-1fc3-4388-b46b-1f736337b2b6","block_type":"box","text":"The MSCI Austria IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":60,"box":{"x":225,"y":592,"width":713,"height":12}},{"id":"3b6da817-3310-44b3-aa78-d060a730003c","block_type":"box","text":"designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Austria.","page_number":60,"box":{"x":89,"y":607,"width":864,"height":12}},{"id":"240b8936-41f3-4368-9b67-fd65da5065f5","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":60,"box":{"x":88,"y":622,"width":848,"height":12}},{"id":"29ec6832-95bb-440d-952a-9d9efa2d2dfe","block_type":"box","text":"differences between the Underlying Index and the MSCI Austria Index. The Underlying Index uses a capping methodology","page_number":60,"box":{"x":89,"y":637,"width":853,"height":13}},{"id":"6a0b232e-c59b-40d1-a69f-f0f6a2a85531","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":60,"box":{"x":88,"y":652,"width":826,"height":13}},{"id":"2fbed8c0-f9d6-4f48-aae3-6853b2fa03b3","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":60,"box":{"x":89,"y":668,"width":870,"height":12}},{"id":"4853ad33-0c80-461b-94cf-a8a8c4df0bcd","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":60,"box":{"x":89,"y":683,"width":865,"height":12}},{"id":"984f897f-4850-44c6-9275-ac794185515b","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":60,"box":{"x":89,"y":698,"width":799,"height":12}},{"id":"99d4daf8-6b3b-4a0f-8be5-0e28687f81c4","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":60,"box":{"x":89,"y":713,"width":846,"height":12}},{"id":"f81167b7-f906-4666-9bfc-65db7a483c96","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":60,"box":{"x":89,"y":728,"width":871,"height":12}},{"id":"526a04f3-1d91-4268-aadf-510869ca5d25","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":60,"box":{"x":88,"y":743,"width":845,"height":12}},{"id":"cd980dcb-e1c2-48d4-9883-3c8598d4ef08","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Austria IMI Index, designed to take into account","page_number":60,"box":{"x":89,"y":758,"width":876,"height":13}},{"id":"d04ce873-3b3b-4128-be77-c1db01b7e58e","block_type":"box","text":"the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":60,"box":{"x":88,"y":773,"width":834,"height":13}},{"id":"15326b40-4b5c-49b7-a61e-c40ed15f5ea3","block_type":"box","text":"Calculation Methodology.","page_number":60,"box":{"x":89,"y":800,"width":184,"height":12}},{"id":"40d5c0fc-d5e5-422a-9f0a-b75710261fc2","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":60,"box":{"x":278,"y":800,"width":662,"height":12}},{"id":"dd13523d-c85a-4bee-80bb-e705ac293285","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":60,"box":{"x":89,"y":815,"width":878,"height":12}},{"id":"c7ee54b0-b775-46d7-8750-105132d65eba","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":60,"box":{"x":88,"y":830,"width":864,"height":12}},{"id":"29819eed-3fa6-4f8b-aa90-c8114312a630","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":60,"box":{"x":89,"y":845,"width":849,"height":12}},{"id":"171463e9-3fe6-4e0f-890b-074c7eb899b3","block_type":"box","text":"42","page_number":60,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"36c4f889-32f4-4ddb-acd0-578065e2c2ad","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":61,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"a5373970-045d-4e58-b95d-eafabb83ee97","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":61,"box":{"x":88,"y":59,"width":474,"height":12}},{"id":"d1b8dae0-9be0-4420-9ae1-20f7c69a033e","block_type":"box","text":"MSCI Belgium IMI 25/50 Index","page_number":61,"box":{"x":89,"y":85,"width":223,"height":13}},{"id":"14f62e38-9145-4397-bc16-7b3626595535","block_type":"box","text":"Number of Components: approximately 39","page_number":61,"box":{"x":89,"y":104,"width":308,"height":13}},{"id":"208ac8d3-dde9-4d6b-bc02-2f167fac2664","block_type":"box","text":"Index Description.","page_number":61,"box":{"x":89,"y":127,"width":131,"height":12}},{"id":"e608fe45-0fb6-43d4-822e-6fbc086f433e","block_type":"box","text":"The MSCI Belgium IMI 25/50 Index is designed to measure the performance of the large-, mid- and","page_number":61,"box":{"x":225,"y":127,"width":697,"height":12}},{"id":"f6d0201b-e904-40d3-ad15-4af72d5f5ff7","block_type":"box","text":"small-capitalization segments of the equity market in Belgium. The Underlying Index is rebalanced quarterly using an","page_number":61,"box":{"x":89,"y":142,"width":818,"height":12}},{"id":"448b8ea6-0787-46ca-bc39-4ba64333aeae","block_type":"box","text":"optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":61,"box":{"x":89,"y":157,"width":858,"height":13}},{"id":"b24c25db-061d-4dcc-a112-316f234cf4a5","block_type":"box","text":"Belgium Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":61,"box":{"x":89,"y":172,"width":812,"height":13}},{"id":"aa17f6b0-a939-4d0b-a6aa-214865d4f3fd","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and","page_number":61,"box":{"x":89,"y":188,"width":862,"height":12}},{"id":"31965568-4108-4ac1-9704-691724b262db","block_type":"box","text":"the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity","page_number":61,"box":{"x":88,"y":203,"width":869,"height":12}},{"id":"c76fb219-970e-4e5f-a694-d096e9ef84a5","block_type":"box","text":"is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":61,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"e0c0bd96-390a-40e9-a1b8-bf731ca43508","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":61,"box":{"x":89,"y":233,"width":810,"height":12}},{"id":"3b705563-33a4-4654-8bf9-cdb8b0a36a8c","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated","page_number":61,"box":{"x":89,"y":248,"width":871,"height":12}},{"id":"f328f983-38fc-4441-81d5-2028a98ddfaa","block_type":"box","text":"accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence","page_number":61,"box":{"x":89,"y":263,"width":873,"height":12}},{"id":"3ff7e1aa-1be6-4517-9bf8-5cfbc82759aa","block_type":"box","text":"of control based on other information. All group entities are reviewed on an annual basis. The Underlying Index is a variation","page_number":61,"box":{"x":89,"y":278,"width":869,"height":13}},{"id":"9c42fefd-8574-44ee-984a-995e0a6e3953","block_type":"box","text":"of the MSCI Belgium IMI Index, designed to take into account the investment diversification requirements applicable to RICs","page_number":61,"box":{"x":89,"y":293,"width":867,"height":13}},{"id":"f22a7b37-0611-494a-afdd-660b3e662f76","block_type":"box","text":"pursuant to Subchapter M of the Internal Revenue Code.","page_number":61,"box":{"x":89,"y":308,"width":395,"height":13}},{"id":"e8b427d6-ca66-441b-88e7-43a666300899","block_type":"box","text":"Calculation Methodology.","page_number":61,"box":{"x":89,"y":335,"width":184,"height":12}},{"id":"3b15ca19-c0ce-4008-b22d-b75c1b00f954","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":61,"box":{"x":278,"y":335,"width":662,"height":12}},{"id":"15886b85-ddd6-48c5-8c0a-218927cd824c","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":61,"box":{"x":89,"y":350,"width":878,"height":12}},{"id":"913524cc-ea2f-4ecd-97be-c0f0a3eb82e1","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":61,"box":{"x":88,"y":365,"width":864,"height":12}},{"id":"150cf3bc-62ed-45c3-8e21-f2bae34371e1","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":61,"box":{"x":89,"y":380,"width":849,"height":13}},{"id":"f4c6c885-6a06-4d1b-83d8-4b3659fc52eb","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":61,"box":{"x":88,"y":395,"width":868,"height":13}},{"id":"a286dc19-f6b8-4908-935c-e8d2bb192845","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":61,"box":{"x":88,"y":410,"width":474,"height":13}},{"id":"82cb37b6-a843-4e4c-81ae-e0edd6373210","block_type":"box","text":"MSCI Canada Custom Capped Index","page_number":61,"box":{"x":89,"y":437,"width":261,"height":12}},{"id":"3606b28d-684c-405d-a919-5adcdd5b3245","block_type":"box","text":"Number of Components: approximately 83","page_number":61,"box":{"x":89,"y":456,"width":308,"height":12}},{"id":"25474f77-de45-4b29-a62f-4418bdff5e35","block_type":"box","text":"Index Description.","page_number":61,"box":{"x":89,"y":479,"width":131,"height":12}},{"id":"85ce3104-963a-4e16-8ae4-53f678f2e81a","block_type":"box","text":"The MSCI Canada Custom Capped Index is designed to measure broad-based equity performance in","page_number":61,"box":{"x":225,"y":479,"width":703,"height":12}},{"id":"80e7a061-efec-463f-b90d-c1e7f8ed49d6","block_type":"box","text":"Canada. The Underlying Index is a free float-adjusted market capitalization-weighted index. The Underlying Index constrains","page_number":61,"box":{"x":89,"y":494,"width":870,"height":12}},{"id":"bea2b9ce-d408-49d3-92fa-49ca77deec92","block_type":"box","text":"at quarterly rebalance the weight of any single issuer to a maximum of 22.5% of the Underlying Index. Additionally, the sum","page_number":61,"box":{"x":89,"y":509,"width":867,"height":12}},{"id":"8b19c12e-4da7-42c0-a4c5-00548302596f","block_type":"box","text":"of the issuers that individually constitute more than 4.75% of the weight of the Underlying Index will not exceed a maximum","page_number":61,"box":{"x":89,"y":524,"width":872,"height":12}},{"id":"731c0db6-e457-423f-b894-ea6d0dff6a27","block_type":"box","text":"of 22.5% of the weight of the Underlying Index in the aggregate. Between quarterly rebalances, the Underlying Index","page_number":61,"box":{"x":89,"y":539,"width":817,"height":12}},{"id":"acd80e32-efd3-4142-9f0a-c018b31f7b2e","block_type":"box","text":"constrains weight of any single issuer to a maximum of 22.5% of the Underlying Index and constrains the sum of the issuers","page_number":61,"box":{"x":89,"y":554,"width":871,"height":12}},{"id":"926dde66-c65d-48df-8aca-1ae6d20a6f3d","block_type":"box","text":"that individually constitute more than 5% of the weight of the Underlying Index to maximum of 24% of the weight of the","page_number":61,"box":{"x":88,"y":569,"width":849,"height":13}},{"id":"4c4aab6d-3c15-47ea-855b-4d945a2b4af1","block_type":"box","text":"Underlying Index in the aggregate. The Underlying Index is a variation of the MSCI Canada Index, designed to take into","page_number":61,"box":{"x":89,"y":584,"width":830,"height":13}},{"id":"ff02ed4b-5fca-4614-8b40-920755adbd48","block_type":"box","text":"account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue","page_number":61,"box":{"x":89,"y":599,"width":850,"height":13}},{"id":"4c67f613-30a4-43a5-a7a1-97d40dc3d8a0","block_type":"box","text":"Code.","page_number":61,"box":{"x":89,"y":615,"width":38,"height":9}},{"id":"cdaf7f9d-66a1-4e70-a224-f21726534fb2","block_type":"box","text":"Calculation Methodology.","page_number":61,"box":{"x":89,"y":641,"width":184,"height":12}},{"id":"82bc4a84-796a-4ae6-b462-9319137a62e1","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":61,"box":{"x":278,"y":641,"width":662,"height":12}},{"id":"1738cf06-9fd1-4462-a1e1-fc14ed7325aa","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":61,"box":{"x":89,"y":656,"width":878,"height":13}},{"id":"d77c2777-e71c-40f7-8ca1-cdab6f9a52a0","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":61,"box":{"x":88,"y":671,"width":864,"height":13}},{"id":"5f115560-4547-4687-b229-b771df956a81","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":61,"box":{"x":89,"y":686,"width":849,"height":13}},{"id":"701fc8fa-4646-4a66-b8a5-78cd79c83102","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":61,"box":{"x":88,"y":702,"width":868,"height":12}},{"id":"b4a8cf8d-e261-45e8-b10e-65699aa4b980","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":61,"box":{"x":88,"y":717,"width":474,"height":12}},{"id":"731b6953-1c4b-4deb-b771-aa3072e9d971","block_type":"box","text":"MSCI EMU Index","page_number":61,"box":{"x":89,"y":743,"width":120,"height":10}},{"id":"4867d48f-dd0d-4885-ad09-f93ada8db76f","block_type":"box","text":"Number of Components: approximately 219","page_number":61,"box":{"x":89,"y":762,"width":316,"height":12}},{"id":"21d9b096-6c39-46a2-90c3-6c8390a03b2d","block_type":"box","text":"Index Description.","page_number":61,"box":{"x":89,"y":785,"width":131,"height":12}},{"id":"cfcbf762-3605-4abf-8654-c403c1ec672d","block_type":"box","text":"The MSCI EMU Index consists of stocks from the following 10 markets: Austria, Belgium, Finland, France,","page_number":61,"box":{"x":225,"y":785,"width":735,"height":12}},{"id":"6eb4ed13-3a1e-4002-aa39-3235218a2b7d","block_type":"box","text":"Germany, Ireland, Italy, the Netherlands, Portugal and Spain.","page_number":61,"box":{"x":89,"y":800,"width":417,"height":12}},{"id":"0d87ffa3-b184-4e74-8b9b-63207d4692fe","block_type":"box","text":"Calculation Methodology.","page_number":61,"box":{"x":89,"y":826,"width":184,"height":13}},{"id":"d9138f20-214f-4b4f-bf42-188946220aa1","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":61,"box":{"x":278,"y":826,"width":662,"height":13}},{"id":"0ebb7de4-777d-40a2-b194-d815f7052145","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":61,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"a1d46cf2-44ae-4d4e-aa65-918264390bf9","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":61,"box":{"x":88,"y":856,"width":864,"height":13}},{"id":"c04f9390-6411-419c-ac1e-aab82d9ca389","block_type":"box","text":"43","page_number":61,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d021dfc8-e9f6-4df0-af0e-98bd08b9312d","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":62,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"b077302a-9a09-47ae-a6d9-259627c7d494","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":62,"box":{"x":88,"y":59,"width":868,"height":12}},{"id":"7e7fe620-aa99-46b5-88fc-e4b0476b6b00","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":62,"box":{"x":88,"y":74,"width":474,"height":12}},{"id":"ffc8f2d1-61ae-47ed-948b-10c9fb29c885","block_type":"box","text":"MSCI France Index","page_number":62,"box":{"x":89,"y":101,"width":135,"height":9}},{"id":"2f68b6ee-b609-4f1e-b57f-3950c55da65b","block_type":"box","text":"Number of Components: approximately 57","page_number":62,"box":{"x":89,"y":119,"width":308,"height":13}},{"id":"a4e8b3bc-304f-4605-8221-4c8a6ef998d7","block_type":"box","text":"Index Description.","page_number":62,"box":{"x":89,"y":142,"width":131,"height":12}},{"id":"5835c94c-4c70-4bad-a151-8d4e268def72","block_type":"box","text":"The MSCI France Index is designed to measure the performance of the large- and mid-capitalization","page_number":62,"box":{"x":225,"y":142,"width":701,"height":12}},{"id":"77117d2f-8aa2-4656-84ef-e5e6f23845aa","block_type":"box","text":"segments of the equity market in France.","page_number":62,"box":{"x":89,"y":157,"width":285,"height":13}},{"id":"43973655-19ae-4454-906e-e57684464aa7","block_type":"box","text":"Calculation Methodology.","page_number":62,"box":{"x":89,"y":184,"width":184,"height":12}},{"id":"1703d1c3-0032-4fd1-9135-85a348917376","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":62,"box":{"x":278,"y":184,"width":662,"height":12}},{"id":"f915f38a-42bc-463f-b5d0-bb968c22980b","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":62,"box":{"x":89,"y":199,"width":878,"height":12}},{"id":"17f6b6af-f2a9-47c5-a90d-4ad7cbb2e093","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":62,"box":{"x":88,"y":214,"width":864,"height":12}},{"id":"de8e7d9e-8e73-4add-a4df-b5c4d876400d","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":62,"box":{"x":89,"y":229,"width":849,"height":12}},{"id":"ab4981e5-9df0-4a00-a2ca-9e5bf562bafc","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":62,"box":{"x":88,"y":244,"width":868,"height":13}},{"id":"97f21965-87c4-4039-8758-0e90ea294d9d","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":62,"box":{"x":88,"y":259,"width":474,"height":13}},{"id":"02c30afe-3ad9-4f20-b92b-8bd752e494ae","block_type":"box","text":"MSCI Germany Index","page_number":62,"box":{"x":89,"y":286,"width":152,"height":12}},{"id":"08a3c06f-dd24-4c36-a73e-17beac746d27","block_type":"box","text":"Number of Components: approximately 54","page_number":62,"box":{"x":89,"y":305,"width":308,"height":12}},{"id":"bece85cf-9057-4aa2-bb3b-257ef942369d","block_type":"box","text":"Index Description.","page_number":62,"box":{"x":89,"y":327,"width":131,"height":13}},{"id":"965a215f-bbe8-491c-8311-33f79d0bed0d","block_type":"box","text":"The MSCI Germany Index is designed to measure the performance of the large- and mid-capitalization","page_number":62,"box":{"x":225,"y":327,"width":718,"height":13}},{"id":"b63fc645-8fad-45fb-85b0-1ace9a4827e3","block_type":"box","text":"segments of the equity market in Germany.","page_number":62,"box":{"x":89,"y":342,"width":301,"height":13}},{"id":"3d6fc8c7-674a-407b-8f66-d3d0557fd169","block_type":"box","text":"Calculation Methodology.","page_number":62,"box":{"x":89,"y":369,"width":184,"height":12}},{"id":"0e2f35e7-2fff-4fda-b8d5-99f319efe92d","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":62,"box":{"x":278,"y":369,"width":662,"height":12}},{"id":"2ce5aae1-f1a4-453f-ac0e-996a30473ee2","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":62,"box":{"x":89,"y":384,"width":878,"height":12}},{"id":"c34c2b8a-8068-4fb6-875b-a56966ba9df2","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":62,"box":{"x":88,"y":399,"width":864,"height":13}},{"id":"58423f80-fd63-47f2-b79a-326ef6ad1c6d","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":62,"box":{"x":89,"y":414,"width":849,"height":13}},{"id":"8d0be04b-fd5f-4c51-a8a6-efc3416882a5","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":62,"box":{"x":88,"y":429,"width":868,"height":13}},{"id":"7bfa1ea3-aa91-4300-9764-cf7aaf9a81ce","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":62,"box":{"x":88,"y":445,"width":474,"height":12}},{"id":"5a4d8302-3f2e-4e02-be68-3f26450c01be","block_type":"box","text":"MSCI Hong Kong 25/50 Index","page_number":62,"box":{"x":89,"y":471,"width":217,"height":12}},{"id":"bd89f083-a469-4d4f-a7f9-65500841eb67","block_type":"box","text":"Number of Components: approximately 27","page_number":62,"box":{"x":89,"y":490,"width":308,"height":12}},{"id":"4e9f31f3-a182-453b-ab46-8fc46104bacb","block_type":"box","text":"Index Description.","page_number":62,"box":{"x":89,"y":513,"width":131,"height":12}},{"id":"4fdffbbb-b22d-4707-baac-182217c4c7d1","block_type":"box","text":"The MSCI Hong Kong 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":62,"box":{"x":225,"y":513,"width":715,"height":12}},{"id":"04939d89-0fb9-4ee3-9195-5925afa18b8f","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity market in Hong Kong. The","page_number":62,"box":{"x":89,"y":528,"width":872,"height":12}},{"id":"ad1906ab-9154-4ed2-b5dc-30efc03733f5","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":62,"box":{"x":89,"y":543,"width":816,"height":12}},{"id":"f8f06370-9259-40b7-a042-25eee49250ed","block_type":"box","text":"differences between the Underlying Index and the MSCI Hong Kong Index. The Underlying Index uses a capping","page_number":62,"box":{"x":89,"y":558,"width":782,"height":12}},{"id":"fb3910fd-b16f-4bcb-bdb1-e49fecf0b44a","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":62,"box":{"x":89,"y":573,"width":799,"height":12}},{"id":"46c2d52b-216e-46a2-ad43-5cabedb5f3aa","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":62,"box":{"x":89,"y":588,"width":878,"height":12}},{"id":"1e1481e6-cc82-43e8-b62f-47daf99f4f1d","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":62,"box":{"x":88,"y":603,"width":863,"height":13}},{"id":"28aeb11f-47f6-462f-a4ab-424b7619081a","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":62,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"4e097321-5a40-4671-8e92-9c8bdb7d1552","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":62,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"bfeccf3f-1a81-4f4d-bebd-95cb1c2158b1","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":62,"box":{"x":89,"y":649,"width":814,"height":12}},{"id":"0ceb409d-11fa-41fd-b19b-695293fcdba7","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":62,"box":{"x":89,"y":664,"width":837,"height":12}},{"id":"97992178-758a-4534-b44d-bb7a79ad6588","block_type":"box","text":"entities are reviewed on an annual basis. The Underlying Index is a variation of the MSCI Hong Kong Index, designed to take","page_number":62,"box":{"x":89,"y":679,"width":865,"height":12}},{"id":"457d860f-c652-4fc9-b979-820806d65682","block_type":"box","text":"into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":62,"box":{"x":89,"y":694,"width":817,"height":12}},{"id":"92842a37-9ccc-4a97-86f3-edff48112364","block_type":"box","text":"Revenue Code.","page_number":62,"box":{"x":89,"y":709,"width":102,"height":10}},{"id":"7f5a9343-388c-452d-bf44-1f2a42268470","block_type":"box","text":"Calculation Methodology.","page_number":62,"box":{"x":89,"y":736,"width":184,"height":12}},{"id":"a114d530-2017-4d2e-a6bc-86b7779a6110","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":62,"box":{"x":278,"y":736,"width":662,"height":12}},{"id":"715d36c4-dca6-4e06-b15d-9f6cef91337a","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":62,"box":{"x":89,"y":751,"width":878,"height":12}},{"id":"66d6e8e1-e232-46b9-b4ed-42ec08d74e22","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":62,"box":{"x":88,"y":766,"width":864,"height":12}},{"id":"89f29424-3f7a-4960-bed4-88ca68661b0c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":62,"box":{"x":89,"y":781,"width":849,"height":12}},{"id":"076f9775-a51c-4f58-9867-581ab57e7ada","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":62,"box":{"x":88,"y":796,"width":868,"height":12}},{"id":"52f95fd5-a20b-4d6c-89ef-8bad36d58738","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":62,"box":{"x":88,"y":811,"width":474,"height":12}},{"id":"554b7372-4ee9-4185-9d96-783cb4ea3987","block_type":"box","text":"MSCI Israel Capped Investable Market Index (IMI)","page_number":62,"box":{"x":89,"y":838,"width":358,"height":12}},{"id":"7d4cba78-06bd-4e0a-a2be-4cf46fb99b0b","block_type":"box","text":"Number of Components: approximately 104","page_number":62,"box":{"x":89,"y":856,"width":317,"height":13}},{"id":"d50aea25-6090-4d73-952d-ae9fcb02da3d","block_type":"box","text":"44","page_number":62,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"6bc6b323-4611-4628-a2ff-190270a5b60d","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"8ff9fd31-6adc-46df-b4d9-c04dc5bfe5ab","block_type":"box","text":"The MSCI Israel Capped IMI is a free float-adjusted market capitalization-weighted index that is designed","page_number":63,"box":{"x":225,"y":44,"width":734,"height":12}},{"id":"5b92bedb-5dfa-405d-8180-0357a873beb7","block_type":"box","text":"to measure the performance of the large-, mid- and small capitalization segments of the equity market in Israel. The","page_number":63,"box":{"x":88,"y":59,"width":813,"height":12}},{"id":"fde09e1d-1c92-4456-8bd8-2c15fee51452","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":63,"box":{"x":89,"y":74,"width":816,"height":12}},{"id":"000dbe04-45f6-4993-96d7-e283302ffbd5","block_type":"box","text":"differences between the Underlying Index and the MSCI Israel Index. The Underlying Index uses a capping methodology that","page_number":63,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"2c11eba7-adb4-48cd-9051-cc8e4bb3a297","block_type":"box","text":"limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum","page_number":63,"box":{"x":89,"y":104,"width":868,"height":13}},{"id":"ebcf857f-19a6-4ee5-83ba-e49a49f4f763","block_type":"box","text":"of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of","page_number":63,"box":{"x":89,"y":119,"width":869,"height":13}},{"id":"a498a478-da04-4505-ac8f-9ab11ec92eb9","block_type":"box","text":"the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may","page_number":63,"box":{"x":88,"y":135,"width":855,"height":12}},{"id":"1af7fcf4-e1ca-4600-9c0b-e2cee8c922f0","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":63,"box":{"x":89,"y":150,"width":875,"height":12}},{"id":"fa15f05a-f6e5-4e10-9d15-21331c44e739","block_type":"box","text":"stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases,","page_number":63,"box":{"x":89,"y":165,"width":878,"height":12}},{"id":"7b3679a3-673b-4713-9033-b6257dfb9e8d","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":63,"box":{"x":89,"y":180,"width":879,"height":12}},{"id":"00479b49-1b26-4bd4-8a5b-b2ee59d19602","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":63,"box":{"x":88,"y":195,"width":873,"height":12}},{"id":"524f0121-71c0-426c-a006-0f0ee1f8a994","block_type":"box","text":"The Underlying Index is a variation of the MSCI Israel IMI Index, designed to take into account the investment diversification","page_number":63,"box":{"x":88,"y":210,"width":867,"height":13}},{"id":"29758c0e-d829-487d-b0c3-612289cfd6b4","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":63,"box":{"x":89,"y":225,"width":622,"height":13}},{"id":"fe038c71-5ca6-4ef7-ab34-f52f61f76124","block_type":"box","text":"Calculation Methodology.","page_number":63,"box":{"x":89,"y":252,"width":184,"height":12}},{"id":"82d98676-7bb4-40d2-9279-f0e85165117f","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":63,"box":{"x":278,"y":252,"width":662,"height":12}},{"id":"546cf5bf-71d3-4f89-847b-cc78b5b40d88","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":63,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"91913fe9-fc25-4c86-8f3c-99eae3f5b030","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":63,"box":{"x":88,"y":282,"width":864,"height":12}},{"id":"d62d200b-4df2-4e7f-94a4-6f34d52ab4b0","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":63,"box":{"x":89,"y":297,"width":849,"height":12}},{"id":"b6ddc865-7ffd-4203-8eef-8ed566c37776","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":63,"box":{"x":88,"y":312,"width":868,"height":13}},{"id":"ff7e286c-f8c1-4bde-9d13-856e808d9f25","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":63,"box":{"x":88,"y":327,"width":474,"height":13}},{"id":"9710b677-4935-4c95-9e5b-1d00eccc29db","block_type":"box","text":"MSCI Italy 25/50 Index","page_number":63,"box":{"x":89,"y":354,"width":167,"height":12}},{"id":"2f092722-79b9-4b90-aea2-ca8c427d54bb","block_type":"box","text":"Number of Components: approximately 25","page_number":63,"box":{"x":89,"y":373,"width":308,"height":12}},{"id":"965910b4-1d7f-4dc7-b0f1-910da937e5f8","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":89,"y":395,"width":131,"height":13}},{"id":"fd480717-144d-4b2c-97b8-b0649b1710e1","block_type":"box","text":"The MSCI Italy 25/50 Index is a free float-adjusted market capitalization-weighted index that is designed","page_number":63,"box":{"x":225,"y":395,"width":733,"height":13}},{"id":"32037f67-0769-4578-9415-8a36e5621895","block_type":"box","text":"to measure the performance of the large- and mid-capitalization segments of the equity market in Italy. The Underlying Index","page_number":63,"box":{"x":88,"y":410,"width":879,"height":13}},{"id":"cc008da2-6ad6-4f07-9b0f-729284ade395","block_type":"box","text":"is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the","page_number":63,"box":{"x":89,"y":426,"width":864,"height":12}},{"id":"3f765d15-8d1d-44a7-ba3d-34ed97763208","block_type":"box","text":"Underlying Index and the MSCI Italy Index. The Underlying Index uses a capping methodology that limits the weight of any","page_number":63,"box":{"x":89,"y":441,"width":861,"height":12}},{"id":"567114df-c9a7-4b6e-87c5-1b7b3cbc665a","block_type":"box","text":"single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":63,"box":{"x":89,"y":456,"width":801,"height":12}},{"id":"30e02291-5b32-4f28-aeac-cc05446f0922","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying","page_number":63,"box":{"x":89,"y":471,"width":874,"height":12}},{"id":"4776a4e1-82ac-4a04-a89c-42615038bdce","block_type":"box","text":"Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue","page_number":63,"box":{"x":89,"y":486,"width":861,"height":12}},{"id":"da9eee6b-205a-459f-b258-2ed4212898cd","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":63,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"7ae2ef5b-0198-4e9a-824a-a4778dfb72ad","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":63,"box":{"x":89,"y":516,"width":857,"height":13}},{"id":"f7178e24-60b8-401d-980c-133f16ad219f","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":63,"box":{"x":89,"y":531,"width":845,"height":13}},{"id":"d7e0a90e-4f42-429c-9773-716b39eede7b","block_type":"box","text":"there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis. The","page_number":63,"box":{"x":88,"y":547,"width":857,"height":12}},{"id":"51424264-6f2f-406a-b59a-d29ec565be06","block_type":"box","text":"Underlying Index is a variation of the MSCI Italy Index, designed to take into account the investment diversification","page_number":63,"box":{"x":89,"y":562,"width":801,"height":12}},{"id":"84721445-1e77-4115-8275-e3ccea27e9df","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":63,"box":{"x":89,"y":577,"width":622,"height":12}},{"id":"11980f4c-6cf1-4fac-bf9a-332cc08c2c95","block_type":"box","text":"Calculation Methodology.","page_number":63,"box":{"x":89,"y":603,"width":184,"height":13}},{"id":"372a0728-bb0a-4696-ac98-6ab95db6aba9","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":63,"box":{"x":278,"y":603,"width":662,"height":13}},{"id":"4750c4cb-e958-4907-8c79-2c2ec6bad71e","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":63,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"2dfe90bb-b81d-407d-9139-12dfc34a80d3","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":63,"box":{"x":88,"y":633,"width":864,"height":13}},{"id":"8a0111fe-b042-43a2-a431-f3ebaf9b0063","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":63,"box":{"x":89,"y":649,"width":849,"height":12}},{"id":"5a6eee5b-3bf4-4e82-b2bf-ac0c772cf23a","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":63,"box":{"x":88,"y":664,"width":868,"height":12}},{"id":"e59a2b88-edb1-4b41-978b-520e0f495be2","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":63,"box":{"x":88,"y":679,"width":474,"height":12}},{"id":"8e3f3bbe-ede4-4613-acf1-90723967852d","block_type":"box","text":"MSCI Japan Index","page_number":63,"box":{"x":89,"y":705,"width":127,"height":13}},{"id":"83a25284-16cd-4c40-866b-6784373f7732","block_type":"box","text":"Number of Components: approximately 180","page_number":63,"box":{"x":89,"y":724,"width":317,"height":13}},{"id":"e3dc6bb4-fc2f-4529-adb7-cba33b9dda5a","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":89,"y":747,"width":131,"height":12}},{"id":"b01ae7e6-5d1a-40d8-8e0e-5f3e02d62715","block_type":"box","text":"The MSCI Japan Index is designed to measure the performance of the large- and mid-capitalization","page_number":63,"box":{"x":225,"y":747,"width":692,"height":12}},{"id":"008a950d-d0b5-4275-a16e-23f2ca06dd1a","block_type":"box","text":"segments of the equity market in Japan. The index covers approximately 85% of the free float-adjusted market capitalization","page_number":63,"box":{"x":89,"y":762,"width":869,"height":12}},{"id":"bfb9be75-de9e-475d-a4b3-ef749ff2b496","block_type":"box","text":"in Japan.","page_number":63,"box":{"x":89,"y":778,"width":58,"height":11}},{"id":"56201c71-ea22-4591-9061-52e6950f2b9d","block_type":"box","text":"Calculation Methodology.","page_number":63,"box":{"x":89,"y":804,"width":184,"height":12}},{"id":"67b68672-e425-4e90-b86d-00cb4c7c9513","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":63,"box":{"x":278,"y":804,"width":662,"height":12}},{"id":"7082f733-6701-4ad9-9710-a3465630f045","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":63,"box":{"x":89,"y":819,"width":878,"height":12}},{"id":"12e212a4-cd3f-4476-bec9-47237b32534d","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":63,"box":{"x":88,"y":834,"width":864,"height":12}},{"id":"6c2afabb-7328-4b12-a30f-3af87e9facd9","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":63,"box":{"x":89,"y":849,"width":849,"height":12}},{"id":"4fc5a3c3-07bd-4b21-b9cb-9827ec79db60","block_type":"box","text":"45","page_number":63,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"da6352aa-cff1-4907-9c9a-66db997125b4","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":64,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"56cda6bd-b51a-44b3-b537-2569767dcb31","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":59,"width":474,"height":12}},{"id":"dfbcf34b-9ee8-4d02-9b0b-05458f77568d","block_type":"box","text":"MSCI Japan Small Cap Index","page_number":64,"box":{"x":89,"y":85,"width":203,"height":13}},{"id":"a1103633-3958-460a-b5cd-df7f14ce78e8","block_type":"box","text":"Number of Components: approximately 802","page_number":64,"box":{"x":89,"y":104,"width":317,"height":13}},{"id":"234004e5-6107-4b85-90d4-deccf9cb5580","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":89,"y":127,"width":131,"height":12}},{"id":"275a4db5-9cfc-4517-af76-05cbe3604499","block_type":"box","text":"The MSCI Japan Small Cap Index is designed to measure the performance of equity securities of small","page_number":64,"box":{"x":225,"y":127,"width":718,"height":12}},{"id":"d8045a2f-02f7-4ffd-90d0-a3fc0564b066","block_type":"box","text":"capitalization companies in Japan and represents approximately 14% of the free float-adjusted market capitalization of the","page_number":64,"box":{"x":89,"y":142,"width":855,"height":12}},{"id":"71b4dd69-e8bc-4da9-9064-e6f7f7d43828","block_type":"box","text":"Japan equity universe.","page_number":64,"box":{"x":88,"y":158,"width":152,"height":12}},{"id":"4ee017cc-a198-48fe-a2d8-b0591138eb61","block_type":"box","text":"Calculation Methodology.","page_number":64,"box":{"x":89,"y":184,"width":184,"height":12}},{"id":"67f7cac8-cc33-4c14-bad0-192cc62e6fc3","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":64,"box":{"x":278,"y":184,"width":662,"height":12}},{"id":"7c2bd0c0-639c-46c2-a09e-9291ef78b7e0","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":64,"box":{"x":89,"y":199,"width":878,"height":12}},{"id":"e02d58ec-7252-40be-8ec3-1d8a20f73f22","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":64,"box":{"x":88,"y":214,"width":864,"height":12}},{"id":"f3dc1189-1a91-4196-b0d3-3568d2f4def0","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":64,"box":{"x":89,"y":229,"width":849,"height":12}},{"id":"4a9b21d9-cad7-4fe5-b351-afb705043964","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":64,"box":{"x":88,"y":244,"width":868,"height":13}},{"id":"ed1bfc44-6931-4248-8e25-b90ef675f887","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":259,"width":474,"height":13}},{"id":"ec7ecc5d-9a5f-4a35-b667-452cee298dbe","block_type":"box","text":"MSCI Mexico IMI 25/50 Index","page_number":64,"box":{"x":89,"y":286,"width":217,"height":9}},{"id":"402289fc-2df4-4dfc-a3f8-257616710b99","block_type":"box","text":"Number of Components: approximately 41","page_number":64,"box":{"x":89,"y":305,"width":305,"height":12}},{"id":"a171a4eb-ff61-4096-b5f8-35a64c6fa383","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":89,"y":327,"width":131,"height":13}},{"id":"d8611ca9-5ca5-4c35-9a10-69ad92078f1e","block_type":"box","text":"The MSCI Mexico IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":64,"box":{"x":225,"y":327,"width":714,"height":13}},{"id":"07284fe4-e0e5-4f0e-8c10-51e9d34468ca","block_type":"box","text":"designed to measure the performance of the large-, mid- and small- capitalization segments of the equity market Mexico.","page_number":64,"box":{"x":89,"y":342,"width":851,"height":13}},{"id":"6f3c5194-a80a-435a-a93f-36987161e3cf","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":64,"box":{"x":88,"y":358,"width":848,"height":12}},{"id":"a1d890fa-f54e-4f41-98c5-603b4cb0a066","block_type":"box","text":"differences between the Underlying Index and the MSCI Mexico Index. The Underlying Index uses a capping methodology","page_number":64,"box":{"x":89,"y":373,"width":854,"height":12}},{"id":"99083a6e-29f6-4f87-b12f-73ea241c4918","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":64,"box":{"x":88,"y":388,"width":826,"height":12}},{"id":"114d8887-c84f-422d-89c6-fb993e0f0cce","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":64,"box":{"x":89,"y":403,"width":870,"height":12}},{"id":"db11fcb0-a090-4f77-bc55-9ef6fe38526d","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":64,"box":{"x":89,"y":418,"width":865,"height":12}},{"id":"503bd059-e032-4b39-97c0-7e9495ce1a3e","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":64,"box":{"x":89,"y":433,"width":799,"height":13}},{"id":"600517c4-d9be-4ab9-8f03-6ab9a3750203","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":64,"box":{"x":89,"y":448,"width":846,"height":13}},{"id":"bd30893e-cb64-4db3-a2a1-50ab921a79b2","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":64,"box":{"x":89,"y":463,"width":871,"height":13}},{"id":"69675ff9-83af-48f8-bbbc-e2af26ae76b6","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":64,"box":{"x":88,"y":479,"width":845,"height":12}},{"id":"a9832125-a1ad-47a9-93d4-1a52270ae742","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Mexico IMI Index, designed to take into account","page_number":64,"box":{"x":89,"y":494,"width":877,"height":12}},{"id":"0bbe2c4c-cb0c-414a-bb05-2249cb853e69","block_type":"box","text":"the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":64,"box":{"x":88,"y":509,"width":834,"height":12}},{"id":"32b5a908-bfcc-4ce1-867d-39a17d2b4012","block_type":"box","text":"Calculation Methodology.","page_number":64,"box":{"x":89,"y":535,"width":184,"height":13}},{"id":"4061b45e-50be-47c5-9993-468564e58aa1","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":64,"box":{"x":278,"y":535,"width":662,"height":13}},{"id":"e52b1786-115f-419f-a9d7-72c2ee338acc","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":64,"box":{"x":89,"y":550,"width":878,"height":13}},{"id":"8f5d3874-b990-4ee3-8550-2bf6415b1268","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":64,"box":{"x":88,"y":565,"width":864,"height":13}},{"id":"a3d67e5c-70ac-44d5-b52d-5b00d398b7e7","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":64,"box":{"x":89,"y":581,"width":849,"height":12}},{"id":"7156ea28-c264-4168-a9e6-388d8fc3895c","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":64,"box":{"x":88,"y":596,"width":868,"height":12}},{"id":"6862fde4-8256-4335-a644-a7fe3f9e675a","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":611,"width":474,"height":12}},{"id":"7594b90f-0184-4d29-a554-6d30df669c5a","block_type":"box","text":"MSCI Netherlands IMI 25/50 Index","page_number":64,"box":{"x":89,"y":637,"width":252,"height":10}},{"id":"de3c1f84-bf41-439f-ba24-1e946cbb6293","block_type":"box","text":"Number of Components: approximately 54","page_number":64,"box":{"x":89,"y":656,"width":308,"height":13}},{"id":"f4ab9f79-2a11-4164-8f39-d15c2a79b784","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":89,"y":679,"width":131,"height":12}},{"id":"56679cfa-ac6a-430f-beb9-b357b395377e","block_type":"box","text":"The MSCI Netherlands IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that","page_number":64,"box":{"x":225,"y":679,"width":734,"height":12}},{"id":"b73151df-65bc-44b3-b799-0175fce0926a","block_type":"box","text":"is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in the","page_number":64,"box":{"x":89,"y":694,"width":848,"height":12}},{"id":"94a0a3ca-b696-417f-8c52-71e2782cb985","block_type":"box","text":"Netherlands. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the","page_number":64,"box":{"x":89,"y":709,"width":803,"height":12}},{"id":"6cbfd84a-e783-4aa1-9e5c-29e6de180c98","block_type":"box","text":"constituent weight differences between the Underlying Index and the MSCI Netherlands Index. The Underlying Index uses a","page_number":64,"box":{"x":89,"y":724,"width":864,"height":13}},{"id":"13efd6fc-d04b-403d-b208-a07c43d7d3be","block_type":"box","text":"capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":64,"box":{"x":89,"y":739,"width":860,"height":13}},{"id":"cbb62d0d-92f7-4a2a-ab4d-875d5981ce0a","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":64,"box":{"x":89,"y":754,"width":878,"height":13}},{"id":"07b9fff5-0693-4fd0-af4f-27269f634999","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":64,"box":{"x":88,"y":770,"width":863,"height":12}},{"id":"e1229435-0041-4523-ab1e-1c48bf140914","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":64,"box":{"x":89,"y":785,"width":878,"height":12}},{"id":"24584c11-8382-4d07-a1ad-5763e7e2a15a","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":64,"box":{"x":89,"y":800,"width":871,"height":12}},{"id":"aa0096de-1bfb-4934-85ac-7c4c00f779a1","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":64,"box":{"x":89,"y":815,"width":814,"height":12}},{"id":"9f04cd86-d1d1-41c3-9076-c427b8563dc6","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":64,"box":{"x":89,"y":830,"width":837,"height":12}},{"id":"425185e4-c7d8-471a-89d9-8421cd5d3098","block_type":"box","text":"46","page_number":64,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"34656e7d-f593-4b2a-803f-1614960d978c","block_type":"box","text":"entities are reviewed on an annual basis. The Underlying Index is a variation of the MSCI Netherlands IMI Index, designed to","page_number":65,"box":{"x":89,"y":44,"width":865,"height":12}},{"id":"d74f3a92-2e68-4aa6-9dcf-9869caa126eb","block_type":"box","text":"take into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":65,"box":{"x":88,"y":59,"width":852,"height":12}},{"id":"f83417a4-79c4-4bad-be47-c8f0eee0eb8a","block_type":"box","text":"Revenue Code.","page_number":65,"box":{"x":89,"y":74,"width":102,"height":10}},{"id":"d4a38392-941a-47b2-9b9d-73e106430b9c","block_type":"box","text":"Calculation Methodology.","page_number":65,"box":{"x":89,"y":101,"width":184,"height":12}},{"id":"ef4e9592-7172-499f-b21c-3a13ea7f4988","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":65,"box":{"x":278,"y":101,"width":662,"height":12}},{"id":"96be940e-f520-4165-a6bb-92f654fa13cb","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":65,"box":{"x":89,"y":116,"width":878,"height":12}},{"id":"2fee2bda-28b4-408c-859f-04976dcafc53","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":65,"box":{"x":88,"y":131,"width":864,"height":12}},{"id":"4ce9baa1-f4d3-434d-8068-488839d13245","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":65,"box":{"x":89,"y":146,"width":849,"height":12}},{"id":"f6222dac-814c-4bf0-a160-8c1549797c59","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":65,"box":{"x":88,"y":161,"width":868,"height":12}},{"id":"805ce45a-91ee-4c50-8728-8a631d4b01aa","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":65,"box":{"x":88,"y":176,"width":474,"height":13}},{"id":"93869a35-928b-4c98-bfc9-8005e73209cc","block_type":"box","text":"MSCI Pacific ex Japan Index","page_number":65,"box":{"x":89,"y":203,"width":200,"height":12}},{"id":"d72494c0-9383-4678-ba20-0d3becaff5d2","block_type":"box","text":"Number of Components: approximately 96","page_number":65,"box":{"x":89,"y":222,"width":308,"height":12}},{"id":"ac9fc5aa-35c1-4437-a166-01e5fb935049","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":244,"width":131,"height":13}},{"id":"6aa02f16-e679-4a49-8def-6a60ae8722b8","block_type":"box","text":"The MSCI Pacific ex Japan Index consists of stocks from the following four countries or regions: Australia,","page_number":65,"box":{"x":225,"y":244,"width":737,"height":13}},{"id":"be3a60a9-d441-4be6-bd3f-92ed530b2a0d","block_type":"box","text":"Hong Kong, New Zealand and Singapore and covers approximately 85% of the free float-adjusted market capitalization in","page_number":65,"box":{"x":89,"y":259,"width":849,"height":13}},{"id":"b21eae46-2387-4d5b-91c0-cda92a16ed30","block_type":"box","text":"each country.","page_number":65,"box":{"x":89,"y":274,"width":93,"height":13}},{"id":"ec28d5bb-ba84-479d-bc6d-2d3c598f565b","block_type":"box","text":"Calculation Methodology.","page_number":65,"box":{"x":89,"y":301,"width":184,"height":12}},{"id":"7990db44-da49-4cb9-bed7-8f51be73cd88","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":65,"box":{"x":278,"y":301,"width":662,"height":12}},{"id":"22d7235e-0d52-4cbe-a8aa-84b6dfc35dab","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":65,"box":{"x":89,"y":316,"width":878,"height":12}},{"id":"1726f6d7-41be-449a-bb65-318c4e0bac07","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":65,"box":{"x":88,"y":331,"width":864,"height":12}},{"id":"5c49b401-46c8-4473-be69-254da420649e","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":65,"box":{"x":89,"y":346,"width":849,"height":13}},{"id":"17a93d7f-c535-4a87-ab3a-83065a213676","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":65,"box":{"x":88,"y":361,"width":868,"height":13}},{"id":"0354fb9f-562f-4edd-bb38-d4d791babf87","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":65,"box":{"x":88,"y":376,"width":474,"height":13}},{"id":"d37d17f8-1d92-478d-b551-ad8b390b569f","block_type":"box","text":"MSCI Singapore 25/50 Index","page_number":65,"box":{"x":89,"y":403,"width":209,"height":12}},{"id":"33def8a2-095f-4982-b8f4-d614562d4ce0","block_type":"box","text":"Number of Components: approximately 17","page_number":65,"box":{"x":89,"y":422,"width":307,"height":12}},{"id":"9867e4b1-2beb-47e4-89b7-8a6d3145fc50","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":445,"width":131,"height":12}},{"id":"d5175aea-ef51-408d-8bbc-4b82c178374a","block_type":"box","text":"The MSCI Singapore 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":65,"box":{"x":225,"y":445,"width":707,"height":12}},{"id":"88bb6d53-7363-409a-8991-47e1ad320947","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity market in Singapore. The","page_number":65,"box":{"x":89,"y":460,"width":864,"height":12}},{"id":"1e0c5a8c-1dff-40b5-9f1d-8fbb13f3d0ce","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":65,"box":{"x":89,"y":475,"width":816,"height":12}},{"id":"615f33e2-d569-4ade-958e-451f54e49092","block_type":"box","text":"differences between the Underlying Index and the MSCI Singapore Index. The Underlying Index uses a capping methodology","page_number":65,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"3d67b911-cd6c-446e-a92c-4cd0876dc014","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":65,"box":{"x":88,"y":505,"width":826,"height":12}},{"id":"7fb46e84-a64b-436d-ab1f-347c47716d24","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":65,"box":{"x":89,"y":520,"width":870,"height":12}},{"id":"126f88d5-04ad-4508-a1fc-5db66a2c7f32","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":65,"box":{"x":89,"y":535,"width":865,"height":13}},{"id":"b5017261-e929-45c7-aa7d-da957e88a2f6","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":65,"box":{"x":89,"y":550,"width":799,"height":13}},{"id":"a58743d6-7660-4545-be90-1ed252d3f28b","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":65,"box":{"x":89,"y":565,"width":846,"height":13}},{"id":"3744a6af-dd90-4d92-b240-10d8ea73cbf8","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":65,"box":{"x":89,"y":581,"width":871,"height":12}},{"id":"2651a318-0b70-41db-b4cb-9cb5c64ba824","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":65,"box":{"x":88,"y":596,"width":845,"height":12}},{"id":"5befbbcd-a0c8-42a7-b219-cc82888a6695","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Singapore Index, designed to take into account","page_number":65,"box":{"x":89,"y":611,"width":869,"height":12}},{"id":"cb10d628-cece-433e-a0b3-ae07b317ad6f","block_type":"box","text":"the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":65,"box":{"x":88,"y":626,"width":834,"height":12}},{"id":"7646afde-b8a7-4955-81b1-b3bbc0a6a732","block_type":"box","text":"Calculation Methodology.","page_number":65,"box":{"x":89,"y":652,"width":184,"height":13}},{"id":"d7d4307f-b173-427a-a4d4-3ee57d71377e","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":65,"box":{"x":278,"y":652,"width":662,"height":13}},{"id":"379010f3-76d2-4834-908c-2e1a4110c360","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":65,"box":{"x":89,"y":668,"width":878,"height":12}},{"id":"7a417350-f81d-48d7-957a-899d692378b9","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":65,"box":{"x":88,"y":683,"width":864,"height":12}},{"id":"008b2086-c0e2-4c8a-935b-889b38c2c9a2","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":65,"box":{"x":89,"y":698,"width":849,"height":12}},{"id":"a102a723-ac9b-42d8-b480-3b3b87c8e912","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":65,"box":{"x":88,"y":713,"width":868,"height":12}},{"id":"de6f2273-123d-42b1-913e-8c57cf17289f","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":65,"box":{"x":88,"y":728,"width":474,"height":12}},{"id":"7869a810-55d8-4765-ba9a-d09ada139fb0","block_type":"box","text":"MSCI South Africa 25/50 Index","page_number":65,"box":{"x":89,"y":754,"width":226,"height":10}},{"id":"5a423217-ee43-4e49-b69b-bc635372a9ac","block_type":"box","text":"Number of Components: approximately 27","page_number":65,"box":{"x":89,"y":773,"width":308,"height":13}},{"id":"94346763-7794-4dcc-b433-e0328441688b","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":796,"width":131,"height":12}},{"id":"1c7a023e-d840-4e50-8267-b239455d7d6e","block_type":"box","text":"The MSCI South Africa 25/50 Index is designed to measure the performance of the large- and mid","page_number":65,"box":{"x":225,"y":796,"width":696,"height":12}},{"id":"acbb5d5b-c1b1-4ffe-b73c-a2f7f8db4dfc","block_type":"box","text":"capitalization segments of the equity market in South Africa. The Underlying Index is rebalanced quarterly using an","page_number":65,"box":{"x":89,"y":811,"width":805,"height":12}},{"id":"3ea7f893-ddf2-4c68-9d74-7b850e4a24de","block_type":"box","text":"optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":65,"box":{"x":89,"y":826,"width":858,"height":13}},{"id":"1f8bfce9-9c4e-4386-8291-74afee34f7f5","block_type":"box","text":"South Africa Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":65,"box":{"x":88,"y":841,"width":843,"height":13}},{"id":"d4e1c660-d9e0-431c-b07f-b05e4019f2bf","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and","page_number":65,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"980fbafe-16ca-495f-ad52-10eabb4d8605","block_type":"box","text":"47","page_number":65,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"420ac7c0-f951-4fb6-a62f-5caa3397089c","block_type":"box","text":"the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity","page_number":66,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"af8125c0-51cb-45f0-9441-ff78d7ecf7df","block_type":"box","text":"is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":66,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"9ea005a4-efd2-4a33-8247-4c8387a8f463","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":66,"box":{"x":89,"y":74,"width":810,"height":12}},{"id":"f6a4674c-f9d1-4ce1-aad5-c87019bb03a7","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated","page_number":66,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"4ec32012-5dc0-4a88-9ec5-790bc5190da4","block_type":"box","text":"accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence","page_number":66,"box":{"x":89,"y":104,"width":873,"height":13}},{"id":"2d9eed94-399e-4e2a-8790-7018a3514c07","block_type":"box","text":"of control based on other information. All group entities are reviewed on an annual basis. The Underlying Index is a variation","page_number":66,"box":{"x":89,"y":119,"width":869,"height":13}},{"id":"977f9899-c3dc-44e3-aecc-25021e5a6efe","block_type":"box","text":"of the MSCI South Africa Index, designed to take into account the investment diversification requirements applicable to RICs","page_number":66,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"0b80112e-68d2-4096-bee9-10f566479bf5","block_type":"box","text":"pursuant to Subchapter M of the Internal Revenue Code.","page_number":66,"box":{"x":89,"y":150,"width":395,"height":12}},{"id":"d7f974ea-2d07-4244-879e-23cc35c3ffb3","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":176,"width":184,"height":13}},{"id":"b25f42ea-a6e9-4567-8c24-db35aa4351b9","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":176,"width":662,"height":13}},{"id":"4cbc94d0-3e41-48d2-a7a4-aa923a277603","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":191,"width":878,"height":13}},{"id":"3ef42b64-eee0-46e2-9bf6-8da8f353b401","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":206,"width":864,"height":13}},{"id":"e630a7b9-3570-4de1-8958-1416fc56873d","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":222,"width":849,"height":12}},{"id":"ffdea2f7-0710-46b8-8caa-9cfb56c792b0","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":237,"width":868,"height":12}},{"id":"86130389-e004-4d3d-bd1a-f1b83eeb037d","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":252,"width":474,"height":12}},{"id":"05ca2f71-0ac8-45dc-8fe5-afc659761667","block_type":"box","text":"MSCI Spain 25/50 Index","page_number":66,"box":{"x":89,"y":278,"width":176,"height":13}},{"id":"7316f0e7-900c-4dc3-b313-35d17508a36f","block_type":"box","text":"Number of Components: approximately 19","page_number":66,"box":{"x":89,"y":297,"width":308,"height":12}},{"id":"5bb793fa-1d43-4bde-866d-deeb3f224ec9","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":320,"width":131,"height":12}},{"id":"2105b226-fee2-4d82-8c94-7447f1ffed9b","block_type":"box","text":"The MSCI Spain 25/50 Index is a free float-adjusted market capitalization-weighted index that is designed","page_number":66,"box":{"x":225,"y":320,"width":742,"height":12}},{"id":"fb50880d-f9e7-41c8-b051-f680257b200a","block_type":"box","text":"to measure the performance of the large- and mid-capitalization segments of the equity market in Spain. The Underlying","page_number":66,"box":{"x":88,"y":335,"width":845,"height":12}},{"id":"806f3bb6-e8ec-4d49-9d22-16a528780bac","block_type":"box","text":"Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":66,"box":{"x":89,"y":350,"width":815,"height":12}},{"id":"c47ffc04-9754-43b9-ac0e-f6e1bfa5fe8a","block_type":"box","text":"between the Underlying Index and the MSCI Spain Index. The Underlying Index uses a capping methodology that limits the","page_number":66,"box":{"x":89,"y":365,"width":861,"height":12}},{"id":"5cc9ad82-d26d-4bc3-80d8-12ef0cbd6424","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of","page_number":66,"box":{"x":88,"y":380,"width":875,"height":13}},{"id":"22d03677-502f-4756-8292-918c647297c5","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the","page_number":66,"box":{"x":88,"y":395,"width":822,"height":13}},{"id":"a2626929-1eab-4871-a2aa-05dcb6fa04dc","block_type":"box","text":"Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may","page_number":66,"box":{"x":89,"y":410,"width":828,"height":13}},{"id":"5fbccb41-c910-4282-bf21-b11759fda742","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":66,"box":{"x":89,"y":426,"width":875,"height":12}},{"id":"7fa65093-0cc2-4b97-9f57-35432310ae12","block_type":"box","text":"stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases,","page_number":66,"box":{"x":89,"y":441,"width":878,"height":12}},{"id":"ea435af7-9a69-49be-bf28-abc91af1e2bb","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":66,"box":{"x":89,"y":456,"width":879,"height":12}},{"id":"db97bbb7-fe99-4f5b-a891-9cecace88f8c","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":66,"box":{"x":88,"y":471,"width":873,"height":12}},{"id":"01db6018-8a8d-41ed-9514-6d3f08c2c388","block_type":"box","text":"The Underlying Index is a variation of the MSCI Spain Index, designed to take into account the investment diversification","page_number":66,"box":{"x":88,"y":486,"width":842,"height":12}},{"id":"ce275a08-1143-460e-8bc2-359229b01526","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":66,"box":{"x":89,"y":501,"width":622,"height":13}},{"id":"144c2483-5846-4a42-bf2c-80ee5c907ad9","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":528,"width":184,"height":12}},{"id":"3b548dd9-1e72-4e19-816a-1f6051d4f620","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":528,"width":662,"height":12}},{"id":"103b270e-efb5-49c1-9ce4-299944585f88","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":543,"width":878,"height":12}},{"id":"ab6d7246-26c2-424c-afd7-d5276cb72b9f","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":558,"width":864,"height":12}},{"id":"5fe4252b-73e0-4d9f-a5a7-5135e444027d","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":573,"width":849,"height":12}},{"id":"9c107223-0288-4b91-a316-bb8c6cb64129","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":588,"width":868,"height":12}},{"id":"35211758-ba9f-411f-9344-75d94b14e908","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":603,"width":474,"height":13}},{"id":"85effb8d-7b2a-4fe0-b70c-6bbc39b8053d","block_type":"box","text":"MSCI Sweden 25/50 Index","page_number":66,"box":{"x":89,"y":630,"width":192,"height":9}},{"id":"4ef24f9e-54be-45ab-bd5d-ed20677b1e8d","block_type":"box","text":"Number of Components: approximately 41","page_number":66,"box":{"x":89,"y":649,"width":305,"height":12}},{"id":"5174bff3-843e-4afc-8de4-547c0b16f2bd","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":671,"width":131,"height":13}},{"id":"d917ac88-9f94-46ab-ac03-f0ed4cfa296a","block_type":"box","text":"The MSCI Sweden 25/50 Index is designed to measure the performance of the large- and mid","page_number":66,"box":{"x":225,"y":671,"width":664,"height":13}},{"id":"8471130e-ad38-41c2-93a7-f0bd8c3db906","block_type":"box","text":"capitalization segments of the equity market in Sweden. The Underlying Index is rebalanced quarterly using an optimization","page_number":66,"box":{"x":89,"y":686,"width":865,"height":13}},{"id":"2ed3880c-1d9b-4288-8d5d-01ddfd67eb72","block_type":"box","text":"process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Sweden Index.","page_number":66,"box":{"x":89,"y":702,"width":873,"height":12}},{"id":"7bca95f7-54e5-4604-b405-f771b64a4476","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI","page_number":66,"box":{"x":88,"y":717,"width":877,"height":12}},{"id":"df33e5e2-3930-402a-b2a5-70df72c57a82","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group","page_number":66,"box":{"x":89,"y":732,"width":836,"height":12}},{"id":"c5eb2afe-2f58-4f78-a066-35270d3030f3","block_type":"box","text":"entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of","page_number":66,"box":{"x":89,"y":747,"width":815,"height":12}},{"id":"9c7bdd7a-24f6-4e85-9cf5-dbd865b19c3e","block_type":"box","text":"companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group","page_number":66,"box":{"x":89,"y":762,"width":831,"height":12}},{"id":"326c4cd6-0552-492f-a299-f179893ca377","block_type":"box","text":"entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to","page_number":66,"box":{"x":89,"y":777,"width":858,"height":12}},{"id":"d18a2819-671a-46ec-be1e-30e1db286979","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":66,"box":{"x":89,"y":792,"width":844,"height":13}},{"id":"f5fda397-8370-4b6c-8992-b4d36d9ef107","block_type":"box","text":"MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control","page_number":66,"box":{"x":89,"y":807,"width":872,"height":13}},{"id":"29c628d5-1035-46bd-ad00-4c717952fe73","block_type":"box","text":"based on other information. All group entities are reviewed on an annual basis. The Underlying Index is a variation of the","page_number":66,"box":{"x":89,"y":822,"width":842,"height":13}},{"id":"eba59b0f-5ce7-47df-b179-354da9596bc4","block_type":"box","text":"MSCI Sweden Index, designed to take into account the investment diversification requirements applicable to RICs pursuant","page_number":66,"box":{"x":89,"y":838,"width":861,"height":12}},{"id":"e5af4937-396c-4f97-96cc-cb9e3363537a","block_type":"box","text":"to Subchapter M of the Internal Revenue Code.","page_number":66,"box":{"x":88,"y":853,"width":328,"height":12}},{"id":"3f29b5a5-ace1-4839-a78b-eeee00d764b4","block_type":"box","text":"48","page_number":66,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"b93eff81-c0ea-4074-80e6-6bc27cfbbcbc","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"3c3738ac-2a7d-4bb5-bf1b-31a26a6df2ba","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":44,"width":662,"height":12}},{"id":"23e3aec6-d6eb-4ce6-b37a-862dbe1355f0","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":59,"width":878,"height":12}},{"id":"cc3011f1-af9c-4f0f-92fc-e640f7803521","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":74,"width":864,"height":12}},{"id":"9d2ef326-f6c1-478e-ae6b-56aeb4266c0a","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":89,"width":849,"height":13}},{"id":"d37f5c5a-d200-4633-9901-28345479eb55","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":104,"width":868,"height":13}},{"id":"34f307de-e7d7-44d9-bcbe-2b54481f7fbe","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"bda44b7c-9aa2-4830-a36c-d78cf5c110f7","block_type":"box","text":"MSCI Switzerland 25/50 Index","page_number":67,"box":{"x":89,"y":146,"width":220,"height":10}},{"id":"7bd134ee-b2e8-4fd5-89d2-b541a835f7c6","block_type":"box","text":"Number of Components: approximately 43","page_number":67,"box":{"x":89,"y":165,"width":308,"height":12}},{"id":"44d49296-e596-47b5-bc6a-8ce01c6ec5dd","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":188,"width":131,"height":12}},{"id":"c7f0bb5f-245f-405b-a7a0-72ad052a5ac8","block_type":"box","text":"The MSCI Switzerland 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":67,"box":{"x":225,"y":188,"width":717,"height":12}},{"id":"e87e4949-e6d5-4879-9475-6fd88085fe42","block_type":"box","text":"designed to measure the performance of the large- and mid- capitalization segments of the equity market in Switzerland. The","page_number":67,"box":{"x":89,"y":203,"width":878,"height":12}},{"id":"551b0caa-3cd9-4222-a0fb-4005b81356ba","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":67,"box":{"x":89,"y":218,"width":816,"height":12}},{"id":"b4f29d64-2c06-44a2-beea-add5081182bb","block_type":"box","text":"differences between the Underlying Index and the MSCI Switzerland Index. The Underlying Index uses a capping","page_number":67,"box":{"x":89,"y":233,"width":784,"height":12}},{"id":"bc4470df-f0ab-43ab-b217-e430c66ae4bc","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":67,"box":{"x":89,"y":248,"width":799,"height":12}},{"id":"e83ae9a1-1c41-436a-8780-01cafad232a1","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":67,"box":{"x":89,"y":263,"width":878,"height":12}},{"id":"a32ebe1a-a9ac-40e8-8755-ed0dc9247e9d","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":67,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"8447ccb4-8b1d-480d-989d-c8c54693a5a1","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":67,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"b3314294-38ef-4c99-bcf8-018aa8777e1e","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":67,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"ca608f64-fb31-4a56-a610-67bc6f4de016","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":67,"box":{"x":89,"y":324,"width":814,"height":12}},{"id":"f05d4431-0117-496d-a011-d0afb4e23d9c","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":67,"box":{"x":89,"y":339,"width":837,"height":12}},{"id":"65c7cae4-ca8a-4efc-a992-dd71ee2ce67d","block_type":"box","text":"entities are reviewed on an annual basis. The Underlying Index is a variation of the MSCI Switzerland Index, designed to take","page_number":67,"box":{"x":89,"y":354,"width":867,"height":12}},{"id":"f5e8adba-3ce3-4b0a-9cde-ef27f045b4f0","block_type":"box","text":"into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":67,"box":{"x":89,"y":369,"width":817,"height":12}},{"id":"950a19bb-1703-439d-b640-990c454292ea","block_type":"box","text":"Revenue Code.","page_number":67,"box":{"x":89,"y":384,"width":102,"height":10}},{"id":"16a5bc5a-8f29-4e64-9475-2ed2e8e78c0d","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":410,"width":184,"height":13}},{"id":"4374c3f2-c892-4763-aa54-d15665e8ca2f","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":410,"width":662,"height":13}},{"id":"7aa8e5d1-af52-43aa-a5aa-29769bb6410f","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":426,"width":878,"height":12}},{"id":"5d5f18e0-8e9d-492b-a739-3f68ad227f9a","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":441,"width":864,"height":12}},{"id":"18014f73-b9d1-42bd-8b6d-6f78bb146284","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":456,"width":849,"height":12}},{"id":"f7f031b2-cf85-4c9a-a477-b55922cb6ce2","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":471,"width":868,"height":12}},{"id":"6f1994f3-ed8c-4917-a8d0-361b7e49889c","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":486,"width":474,"height":12}},{"id":"414f372f-a118-446e-ab6e-d0744d69848c","block_type":"box","text":"MSCI Thailand IMI 25/50 Index","page_number":67,"box":{"x":89,"y":513,"width":227,"height":9}},{"id":"b340c944-0134-4d4d-bf57-1acd439eea66","block_type":"box","text":"Number of Components: approximately 87","page_number":67,"box":{"x":89,"y":531,"width":308,"height":13}},{"id":"33a106ee-5f92-4468-844a-9c654f8b04a6","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":554,"width":131,"height":12}},{"id":"1a2f35a1-a359-4e14-92a6-739c796d4934","block_type":"box","text":"The MSCI Thailand IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":67,"box":{"x":225,"y":554,"width":724,"height":12}},{"id":"263f71f6-bdd6-4d59-8a0b-d8c03e2ae2ec","block_type":"box","text":"designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Thailand.","page_number":67,"box":{"x":89,"y":569,"width":875,"height":13}},{"id":"e51f3f48-876e-408e-bed9-1170970b2929","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":67,"box":{"x":88,"y":584,"width":848,"height":13}},{"id":"e0803b69-c83f-4a90-9856-396fa236bd4a","block_type":"box","text":"differences between the Underlying Index and the MSCI Thailand Index. The Underlying Index uses a capping methodology","page_number":67,"box":{"x":89,"y":599,"width":863,"height":13}},{"id":"d31f4062-c614-47d4-84ad-4277d5019c48","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":67,"box":{"x":88,"y":615,"width":826,"height":12}},{"id":"0cf8aa09-e1a6-4746-9a09-38bdc37ed502","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":67,"box":{"x":89,"y":630,"width":870,"height":12}},{"id":"2f617f2c-6de7-484d-bac6-97fbe3f4f123","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":67,"box":{"x":89,"y":645,"width":865,"height":12}},{"id":"51baff7d-e428-49e0-a840-b160af5bf0cb","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":67,"box":{"x":89,"y":660,"width":799,"height":12}},{"id":"6fb07c08-3f31-42a5-a7ae-14da3c75380e","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":67,"box":{"x":89,"y":675,"width":846,"height":12}},{"id":"1aa136a5-c0ff-4f9d-85ad-557b2fff17ca","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":67,"box":{"x":89,"y":690,"width":871,"height":13}},{"id":"1b0fdd80-12b9-443c-9806-c0a9eb721793","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":67,"box":{"x":88,"y":705,"width":845,"height":13}},{"id":"df074199-2e16-45b2-bac7-df59715f3122","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Thailand IMI Index, designed to take into","page_number":67,"box":{"x":89,"y":720,"width":825,"height":13}},{"id":"d0271de0-4088-43c5-9da9-4e9a227fb4a6","block_type":"box","text":"account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue","page_number":67,"box":{"x":89,"y":736,"width":850,"height":12}},{"id":"ece51789-01e4-43ce-824b-7b4ada80a910","block_type":"box","text":"Code.","page_number":67,"box":{"x":89,"y":751,"width":38,"height":9}},{"id":"09905808-d043-409d-9f18-4c32d2164a36","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":777,"width":184,"height":12}},{"id":"ba69685a-4a0e-4192-87d3-973446eff2e3","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":777,"width":662,"height":12}},{"id":"ce802983-2fa3-47e4-961a-d05aab11a152","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":792,"width":878,"height":13}},{"id":"448f8872-70d0-40bf-afd6-00a5540414e2","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":807,"width":864,"height":13}},{"id":"9d1992a0-d4c5-42c7-87e0-0bdcc31a7de8","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":822,"width":849,"height":13}},{"id":"86c8432e-108e-40c2-b6f8-3286777f3910","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":838,"width":868,"height":12}},{"id":"92efeb11-f919-4170-b243-9941b8d8b4fa","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":853,"width":474,"height":12}},{"id":"1aed71f5-ffbf-4621-9984-fc7dff879976","block_type":"box","text":"49","page_number":67,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1f080118-43c0-4e80-add9-64e1954dda5f","block_type":"box","text":"MSCI Turkey IMI 25/50 Index","page_number":68,"box":{"x":89,"y":44,"width":213,"height":12}},{"id":"02b11828-a0ab-4eb9-b58e-43cd34f9cb19","block_type":"box","text":"Number of Components: approximately 81","page_number":68,"box":{"x":89,"y":63,"width":305,"height":12}},{"id":"8fc2cfc1-d950-49e8-ad67-b725a7dcea57","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":85,"width":131,"height":13}},{"id":"69aa87a0-1ed3-4d18-ac96-5b5f459af2c0","block_type":"box","text":"The MSCI Turkey IMI 25/50 Index is designed to measure the performance of the large-, mid- and small","page_number":68,"box":{"x":225,"y":85,"width":735,"height":13}},{"id":"d5045b84-3c9f-4126-b96e-17484d0bb7dc","block_type":"box","text":"capitalization segments of the equity market in Turkey. MSCI, Inc. classifies Turkey as an emerging market. The Underlying","page_number":68,"box":{"x":89,"y":101,"width":855,"height":12}},{"id":"b322e15e-7b63-48a7-8c7b-42777543e7e9","block_type":"box","text":"Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":68,"box":{"x":89,"y":116,"width":815,"height":12}},{"id":"ede60e6f-3b62-4afc-b0b8-2f574f7fc717","block_type":"box","text":"between the Underlying Index and the MSCI Turkey Index. The Underlying Index uses a capping methodology that limits the","page_number":68,"box":{"x":89,"y":131,"width":870,"height":12}},{"id":"2f56445c-2c14-499d-8a07-23b8f72de9e5","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of","page_number":68,"box":{"x":88,"y":146,"width":875,"height":12}},{"id":"58a3fe1b-e312-481e-ae1f-fb593e8d9a85","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the","page_number":68,"box":{"x":88,"y":161,"width":822,"height":12}},{"id":"cde17733-0603-4af8-a09c-3a880ea33997","block_type":"box","text":"Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may","page_number":68,"box":{"x":89,"y":176,"width":828,"height":13}},{"id":"f78550c1-2210-4813-9671-8c598d88cc3d","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":68,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"8dd17c08-f435-4008-a712-4a8961b7558b","block_type":"box","text":"stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases,","page_number":68,"box":{"x":89,"y":206,"width":878,"height":13}},{"id":"bce59681-9b86-47e9-ad89-864445327c29","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":68,"box":{"x":89,"y":222,"width":879,"height":12}},{"id":"dd56e965-e0b3-4701-b947-2c1ed8c84b6d","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":68,"box":{"x":88,"y":237,"width":873,"height":12}},{"id":"7ed81303-893b-4957-a69d-fa2049115cc3","block_type":"box","text":"The Underlying Index is a variation of the MSCI Turkey IMI Index, designed to take into account the investment diversification","page_number":68,"box":{"x":88,"y":252,"width":878,"height":12}},{"id":"2e33d99c-900b-46c9-a7a4-f19584540ea3","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":68,"box":{"x":89,"y":267,"width":622,"height":12}},{"id":"f92c3d09-4b87-4dbc-a3bc-7ab1ec26d718","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":293,"width":184,"height":13}},{"id":"a44bfcaf-0f1a-4c47-9860-e1e36d6b197c","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":68,"box":{"x":278,"y":293,"width":662,"height":13}},{"id":"fa24eb37-3e1a-49ff-9702-1b1602c7af25","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":68,"box":{"x":89,"y":308,"width":878,"height":13}},{"id":"6596b51e-38ef-4961-9914-40a566470586","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":68,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"5d0e4425-fb82-4eda-a022-69c73fd1250a","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":68,"box":{"x":89,"y":339,"width":849,"height":12}},{"id":"685c47c1-a87f-476d-93ab-efe58d316271","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":68,"box":{"x":88,"y":354,"width":868,"height":12}},{"id":"cf28e63e-1415-442b-8af5-85c756133f2c","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":68,"box":{"x":88,"y":369,"width":474,"height":12}},{"id":"c44bdb76-564e-4e2c-99fe-8dc0f8031c33","block_type":"box","text":"MSCI USA Equal Weighted Index","page_number":68,"box":{"x":89,"y":395,"width":234,"height":13}},{"id":"f476ea0a-4f01-4d37-9de7-5185565d7c94","block_type":"box","text":"Number of Components: approximately 544","page_number":68,"box":{"x":89,"y":422,"width":318,"height":12}},{"id":"739a5203-d58a-4ce6-b957-830fd084cb2d","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":448,"width":131,"height":13}},{"id":"b469eb8f-2ae0-4035-b97e-9cc8859b456b","block_type":"box","text":"The MSCI USA Equal Weighted Index is an equally-weighted securities index that measures the","page_number":68,"box":{"x":225,"y":448,"width":665,"height":13}},{"id":"c95bacc2-a167-454d-a7f5-dbee99424321","block_type":"box","text":"performance of the large and mid-capitalization segments of U.S equity securities and represents an alternative weighting","page_number":68,"box":{"x":89,"y":463,"width":852,"height":13}},{"id":"8a9be8e5-fa7e-4613-9a7a-41ebf3913f19","block_type":"box","text":"scheme to its market capitalization-weighted parent index, the MSCI USA Index. The Underlying Index is rebalanced","page_number":68,"box":{"x":89,"y":479,"width":810,"height":12}},{"id":"42d2a792-0fa7-47de-836b-5cb6f30c789b","block_type":"box","text":"quarterly, at which time all securities in the Underlying Index are weighted equally. Between rebalances, the weightings of the","page_number":68,"box":{"x":89,"y":494,"width":875,"height":12}},{"id":"9352f446-3cf3-48a2-b21f-0356194c5c41","block_type":"box","text":"securities in the Underlying Index will fluctuate due to price performance.","page_number":68,"box":{"x":89,"y":509,"width":513,"height":12}},{"id":"3613d41c-2a9c-4c69-8bc1-4164681cca95","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":535,"width":184,"height":13}},{"id":"0b85cd59-3a71-49a1-8f65-02395bf9a5b6","block_type":"box","text":"The Underlying Index is rebalanced in February, May, August and November. On each rebalance","page_number":68,"box":{"x":278,"y":535,"width":668,"height":13}},{"id":"9c6e8635-30e2-464b-a219-68a02d6353c5","block_type":"box","text":"date, the Underlying Index applies equal weights to the securities in the Index. Between each rebalance date, the weight of","page_number":68,"box":{"x":89,"y":550,"width":857,"height":13}},{"id":"22fdd341-19d0-4c06-9458-154223934440","block_type":"box","text":"the securities in the Underlying Index may deviate from the equal weighting applied on the prior rebalance date depending","page_number":68,"box":{"x":88,"y":565,"width":858,"height":13}},{"id":"9fe70095-205d-4ecf-b77d-0b7effbf4415","block_type":"box","text":"on the performance of each security. The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI","page_number":68,"box":{"x":89,"y":581,"width":859,"height":12}},{"id":"802fb780-9d8c-45b9-84dd-52e272e04e9e","block_type":"box","text":"uses the relevant U.S. dividend withholding tax rates in calculating the net dividends. The regular cash dividend is reinvested","page_number":68,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"5aae3182-8d84-49e0-b80a-e5bd3a3919b9","block_type":"box","text":"after deduction of withholding tax by applying the maximum U.S. rate applicable to institutional investors. Net dividends","page_number":68,"box":{"x":89,"y":611,"width":841,"height":12}},{"id":"cc297a06-ba92-4633-9d5f-da0eb870ee41","block_type":"box","text":"means dividends after taxes withheld at the rate applicable to U.S. resident institutional investors.","page_number":68,"box":{"x":89,"y":626,"width":680,"height":12}},{"id":"2423ea12-abdb-483e-84aa-d723ea2839ca","block_type":"box","text":"MSCI World Index","page_number":68,"box":{"x":89,"y":652,"width":129,"height":10}},{"id":"9bd173dc-7b96-443a-a4e7-a655caeba33a","block_type":"box","text":"Number of Components: approximately 1,320","page_number":68,"box":{"x":89,"y":671,"width":330,"height":13}},{"id":"d939d63e-d94d-4630-b1f3-38c7b3c79dee","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":694,"width":131,"height":12}},{"id":"a2152e86-0172-4dd9-a5a7-a0cb4f0cbdda","block_type":"box","text":"The MSCI World Index is designed to measure the performance of equity securities in the large and mid","page_number":68,"box":{"x":225,"y":694,"width":731,"height":12}},{"id":"62fe0db2-0396-4875-acef-1d0c05ba75d3","block_type":"box","text":"capitalization segments of developed market countries.","page_number":68,"box":{"x":89,"y":709,"width":386,"height":12}},{"id":"554dcac3-dbaa-4777-a250-e004e4c45af9","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":736,"width":184,"height":12}},{"id":"58309877-f495-4eeb-a1e9-dbec90fb8fc3","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":68,"box":{"x":278,"y":736,"width":662,"height":12}},{"id":"04567f4a-15c9-486f-bd13-d13c1efe2906","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":68,"box":{"x":89,"y":751,"width":878,"height":12}},{"id":"882fae4f-b2a6-4668-8c7c-9e86eac5733c","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":68,"box":{"x":88,"y":766,"width":864,"height":12}},{"id":"1651f42c-2a7e-446e-bf65-81fef1d2aedc","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":68,"box":{"x":89,"y":781,"width":849,"height":12}},{"id":"60e90296-473b-44c3-8025-b97af7023273","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":68,"box":{"x":88,"y":796,"width":868,"height":12}},{"id":"7964318c-243c-47c1-a360-7caca4fbfb23","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":68,"box":{"x":88,"y":811,"width":474,"height":12}},{"id":"7e5987b1-5887-470b-b837-e00dd98a7a0e","block_type":"box","text":"Additional Information","page_number":68,"box":{"x":88,"y":838,"width":164,"height":9}},{"id":"d1865fc1-f6ff-4a34-8f95-fc2b84ace6cc","block_type":"box","text":". “MSCI,” MSCI Australia Index, MSCI Austria IMI 25/50 Index, MSCI Belgium IMI 25/50 Index, MSCI","page_number":68,"box":{"x":254,"y":838,"width":702,"height":12}},{"id":"a0f7f850-2015-4b21-8594-a842dee98a86","block_type":"box","text":"Canada Custom Capped Index, MSCI EMU Index, MSCI France Index, MSCI Germany Index, MSCI Hong Kong 25/50 Index,","page_number":68,"box":{"x":89,"y":853,"width":858,"height":12}},{"id":"b3571faa-3397-462f-a4c7-ae8c4be666cc","block_type":"box","text":"50","page_number":68,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a00fc4ea-9035-4bb8-bfc5-2b5c05a66922","block_type":"box","text":"MSCI Israel Capped IMI, MSCI Italy 25/50 Index, MSCI Japan Index, MSCI Japan Small Cap Index, MSCI Mexico IMI 25/50","page_number":69,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"53fe8688-05ee-48a2-8d35-0818158cd66f","block_type":"box","text":"Index, MSCI Netherlands IMI 25/50 Index, MSCI Pacific ex Japan Index, MSCI Singapore 25/50 Index, MSCI South Africa","page_number":69,"box":{"x":89,"y":59,"width":841,"height":12}},{"id":"c0559135-97e4-4a64-aa8c-18affc954366","block_type":"box","text":"25/50 Index, MSCI Spain 25/50 Index, MSCI Sweden 25/50 Index, MSCI Switzerland 25/50 Index, MSCI Thailand IMI 25/50","page_number":69,"box":{"x":89,"y":74,"width":871,"height":12}},{"id":"acbea990-57f5-4bf3-ab18-c277699eb23a","block_type":"box","text":"Index, MSCI Turkey IMI 25/50 Index, MSCI USA Equal Weighted Index and MSCI World Index are servicemarks of MSCI Inc.","page_number":69,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"4200abb5-0830-47e5-9d6c-5e410ba2f34d","block_type":"box","text":"and have been licensed for use by BFA or its affiliates. The Funds are neither sponsored, endorsed, sold nor promoted by","page_number":69,"box":{"x":89,"y":104,"width":840,"height":13}},{"id":"2020cd6f-4b9a-47e9-abd2-54e87d3f4c8c","block_type":"box","text":"MSCI Inc., and MSCI Inc. makes no representation regarding the advisability of investing in any of the Funds.","page_number":69,"box":{"x":89,"y":119,"width":757,"height":13}},{"id":"646bd819-1372-4249-a0be-5f212c636142","block_type":"box","text":"Investment Policies","page_number":69,"box":{"x":91,"y":150,"width":318,"height":23}},{"id":"3119b579-aa50-4fb7-86cd-67faea3b9c2a","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":69,"box":{"x":88,"y":191,"width":835,"height":13}},{"id":"b3744c4b-7ad2-4acf-bb1f-30d4edde11c8","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":69,"box":{"x":88,"y":206,"width":866,"height":13}},{"id":"fdcae967-d04e-4937-8330-425010565e98","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":69,"box":{"x":89,"y":222,"width":819,"height":12}},{"id":"108aedf0-1dcc-4749-844a-4d9d73d4818e","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":69,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"6c57f70d-7479-42c4-bca4-53ffe90a7d34","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":69,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"1bd84573-4b79-49d6-bb86-bbe9b8c2624f","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":69,"box":{"x":89,"y":267,"width":835,"height":12}},{"id":"69545968-3798-45d7-9247-da7a4090e985","block_type":"box","text":"policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its investment","page_number":69,"box":{"x":89,"y":282,"width":825,"height":12}},{"id":"e0f3d9de-d2c4-4ab4-8a6d-db8e563be53f","block_type":"box","text":"objective and its Underlying Index without shareholder approval.","page_number":69,"box":{"x":89,"y":297,"width":450,"height":12}},{"id":"263dd5d1-bb72-4ff7-8406-575ec9144587","block_type":"box","text":"Fundamental Investment Policies","page_number":69,"box":{"x":89,"y":324,"width":237,"height":9}},{"id":"9c4c0647-8ed0-41b1-8a0c-f9076c7012c0","block_type":"box","text":"Each of the iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Germany ETF, iShares MSCI Hong Kong","page_number":69,"box":{"x":89,"y":350,"width":860,"height":12}},{"id":"8a588d3d-8f75-4498-8c5a-dccca67a6d56","block_type":"box","text":"ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI South","page_number":69,"box":{"x":89,"y":365,"width":860,"height":12}},{"id":"b2e11f2e-a985-46d3-a763-69fc41526cf9","block_type":"box","text":"Africa ETF and iShares Switzerland ETF will not:","page_number":69,"box":{"x":88,"y":380,"width":343,"height":10}},{"id":"13245eaf-b8a5-4490-b5d6-5aeeb2a4f8f8","block_type":"box","text":"1. Lend any funds or other assets except through the purchase of all or a portion of an issue of securities or obligations of","page_number":69,"box":{"x":90,"y":407,"width":873,"height":12}},{"id":"ff35b7b6-fcbf-4977-93f3-490146367c97","block_type":"box","text":"the type in which it is permitted to invest (including participation interests in such securities or obligations) and except","page_number":69,"box":{"x":127,"y":422,"width":831,"height":12}},{"id":"1fbf5d9b-98a1-4cf7-ac70-7e310c1c39b1","block_type":"box","text":"that a Fund may lend its portfolio securities in an amount not to exceed 33 1/3% of the value of its total assets;","page_number":69,"box":{"x":127,"y":437,"width":780,"height":12}},{"id":"2e1bff86-5a2c-46b6-82c8-5102ecde63f6","block_type":"box","text":"2. Issue senior securities or borrow money, except borrowings from banks for temporary or emergency purposes in an","page_number":69,"box":{"x":89,"y":463,"width":848,"height":13}},{"id":"8b1ecacc-b704-421b-95a2-2dde2abfec09","block_type":"box","text":"amount up to 33 1/3% of the value of the Fund’s total assets (including the amount borrowed), valued at the lesser of","page_number":69,"box":{"x":128,"y":479,"width":830,"height":12}},{"id":"3a16e977-dd59-4441-baa5-01fde30adec3","block_type":"box","text":"cost or market, less liabilities (not including the amount borrowed) valued at the time the borrowing is made, and the","page_number":69,"box":{"x":128,"y":494,"width":821,"height":12}},{"id":"cd9e97da-3aaa-4879-84ff-b8db3584c5a2","block_type":"box","text":"Fund will not purchase securities while borrowings in excess of 5% of the Fund’s total assets are outstanding, provided,","page_number":69,"box":{"x":128,"y":509,"width":836,"height":12}},{"id":"36abf300-2d4f-47c6-b0c1-bfdacae3c2c5","block_type":"box","text":"that for purposes of this restriction, short-term credits necessary for the clearance of transactions are not considered","page_number":69,"box":{"x":127,"y":524,"width":819,"height":12}},{"id":"210ea7f0-373b-48eb-a477-3ab344655372","block_type":"box","text":"borrowings;","page_number":69,"box":{"x":128,"y":539,"width":82,"height":12}},{"id":"8e4d478d-b071-4f74-a9c2-83578d9fc477","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":69,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"6d0a7d71-7a00-4ffe-9ee7-e2761bc00e62","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":69,"box":{"x":128,"y":581,"width":790,"height":12}},{"id":"9b5e1c38-aa39-4914-be33-01582f9cf479","block_type":"box","text":"margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets);","page_number":69,"box":{"x":128,"y":596,"width":773,"height":12}},{"id":"6aec19ed-0e64-4a3c-9ee7-31e44b2d775f","block_type":"box","text":"4. Purchase a security (other than obligations of the U.S. government, its agencies or instrumentalities) if as a result 25%","page_number":69,"box":{"x":88,"y":622,"width":868,"height":12}},{"id":"50b4ed8c-586c-4415-ba26-bfd5614cbad3","block_type":"box","text":"or more of its total assets would be invested in a single issuer. (This restriction applies to the iShares MSCI Singapore","page_number":69,"box":{"x":128,"y":637,"width":816,"height":13}},{"id":"846b478d-2ac9-4582-8a99-e27c03105fbc","block_type":"box","text":"ETF only);","page_number":69,"box":{"x":128,"y":652,"width":69,"height":13}},{"id":"dfa76c32-b319-473e-ba04-c08d29d062a6","block_type":"box","text":"5. Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell","page_number":69,"box":{"x":89,"y":679,"width":811,"height":12}},{"id":"0eb56816-8a45-4bee-b292-66cc07104a50","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":69,"box":{"x":128,"y":694,"width":509,"height":12}},{"id":"a804e609-0609-4c68-93de-f783dff688d4","block_type":"box","text":"6. Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in","page_number":69,"box":{"x":89,"y":720,"width":848,"height":13}},{"id":"e4b02984-e8ed-40de-b9f5-45b0915a4391","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":69,"box":{"x":128,"y":736,"width":365,"height":12}},{"id":"04d2bf30-8051-4acf-bdbb-845154c9de77","block_type":"box","text":"7. Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions,","page_number":69,"box":{"x":89,"y":762,"width":850,"height":12}},{"id":"f56c27d1-7325-4ebc-a647-4cf621295f68","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":69,"box":{"x":128,"y":777,"width":793,"height":12}},{"id":"24223431-bceb-41e2-83b5-c6620556b105","block_type":"box","text":"options on futures;","page_number":69,"box":{"x":128,"y":792,"width":132,"height":13}},{"id":"836304ea-a7f3-463c-9b07-07c20ee8c9bf","block_type":"box","text":"8. Sell securities short; or","page_number":69,"box":{"x":89,"y":819,"width":196,"height":11}},{"id":"b6fd6140-9fb1-4b03-bf32-a710d7d79fc8","block_type":"box","text":"9. Invest in commodities or commodity contracts, except that a Fund may buy and sell currencies and forward contracts","page_number":69,"box":{"x":89,"y":845,"width":864,"height":12}},{"id":"0d0f112c-a6f5-4a4e-9394-c4745e20ed7c","block_type":"box","text":"51","page_number":69,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"3e528679-841b-4604-8c3d-d6df999ffd8d","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":70,"box":{"x":127,"y":44,"width":821,"height":12}},{"id":"d9207880-8867-41c9-9864-5810ace61c55","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":70,"box":{"x":128,"y":59,"width":593,"height":12}},{"id":"d27dfbf8-a5cf-4dc5-b33d-d6596df53967","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities and borrowing money set forth in (2) above, the","page_number":70,"box":{"x":88,"y":85,"width":863,"height":13}},{"id":"d7890090-fb06-4976-82b4-abcd6067ca29","block_type":"box","text":"Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from issuing senior","page_number":70,"box":{"x":89,"y":101,"width":852,"height":12}},{"id":"87967c51-06f4-4c28-80a8-988548f19bcc","block_type":"box","text":"securities or borrowing money (other than certain temporary borrowings) unless immediately after the issuance or","page_number":70,"box":{"x":89,"y":116,"width":805,"height":12}},{"id":"8f89ca45-30fd-4428-956a-4c7da725b62b","block_type":"box","text":"borrowing the Fund has satisfied an asset coverage requirement with respect to senior securities representing indebtedness","page_number":70,"box":{"x":89,"y":131,"width":866,"height":12}},{"id":"c2954954-7491-4530-a3f8-553787814486","block_type":"box","text":"prescribed by the Investment Company Act. Certain trading practices and investments, such as derivatives transactions, may","page_number":70,"box":{"x":89,"y":146,"width":871,"height":12}},{"id":"bb7a420a-8047-490c-918e-c09a63f5e3ba","block_type":"box","text":"be treated as senior securities. Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act,","page_number":70,"box":{"x":89,"y":161,"width":861,"height":12}},{"id":"d73e26e2-7b74-4d87-b89a-be0a24fb9da7","block_type":"box","text":"when the Fund engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff","page_number":70,"box":{"x":88,"y":176,"width":827,"height":13}},{"id":"6f287c41-c454-49ba-b922-dcad0d99d4c8","block_type":"box","text":"guidance and interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting","page_number":70,"box":{"x":89,"y":191,"width":827,"height":13}},{"id":"39224525-a284-4621-afda-cf74ad6282a7","block_type":"box","text":"position, in an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the transaction, instead of","page_number":70,"box":{"x":89,"y":206,"width":826,"height":13}},{"id":"4d6c7459-7b34-46c1-8f66-58eec82cbfd9","block_type":"box","text":"meeting the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The","page_number":70,"box":{"x":89,"y":222,"width":850,"height":12}},{"id":"0d55ce40-81da-46c6-93dd-9315a049edfc","block_type":"box","text":"SEC staff guidance and interpretations were rescinded in connection with the adoption of Rule 18f-4, and the Fund now","page_number":70,"box":{"x":88,"y":237,"width":838,"height":12}},{"id":"3275c885-b36d-41a7-955c-d66efdee3985","block_type":"box","text":"complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing senior","page_number":70,"box":{"x":89,"y":252,"width":863,"height":12}},{"id":"021c4a31-58e2-4808-b955-c5bc4f80a5c3","block_type":"box","text":"securities and borrowing money set forth in (2) above will not restrict the Fund from entering into derivatives transactions","page_number":70,"box":{"x":89,"y":267,"width":854,"height":12}},{"id":"c9cc8a90-3da9-46ba-a492-dfdf99769d8f","block_type":"box","text":"that are treated as senior securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives","page_number":70,"box":{"x":88,"y":282,"width":792,"height":12}},{"id":"fe1a699f-bcd5-479b-8348-4c10773f3f0b","block_type":"box","text":"transactions.","page_number":70,"box":{"x":88,"y":298,"width":90,"height":9}},{"id":"0682f98f-58cd-4bdc-9f4b-cfaecbe26c7d","block_type":"box","text":"Each of the iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF,","page_number":70,"box":{"x":89,"y":324,"width":855,"height":12}},{"id":"614c3dfd-6243-428c-aeec-36ed0962f0d8","block_type":"box","text":"iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Spain ETF and iShares MSCI","page_number":70,"box":{"x":89,"y":339,"width":835,"height":12}},{"id":"dd30ac3b-0c56-4937-9a03-52802336694a","block_type":"box","text":"Sweden ETF will not:","page_number":70,"box":{"x":88,"y":354,"width":148,"height":10}},{"id":"fcaa6c63-f9a0-4aac-b975-31979e80b9a1","block_type":"box","text":"1. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":70,"box":{"x":90,"y":380,"width":842,"height":13}},{"id":"6f0f2f60-4a9d-47df-899f-d35eccd3c5fa","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":70,"box":{"x":128,"y":395,"width":331,"height":13}},{"id":"1e4c31bd-8b29-440e-829e-2f228fda3b41","block_type":"box","text":"2. Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by","page_number":70,"box":{"x":89,"y":422,"width":857,"height":12}},{"id":"36ca6c31-6e55-4f16-a4fb-012d65ddf885","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":70,"box":{"x":128,"y":437,"width":407,"height":12}},{"id":"4a1d1199-0c80-4682-ad60-dbe053a08264","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":70,"box":{"x":89,"y":463,"width":871,"height":13}},{"id":"818a166f-2284-4f51-a770-311a3ed8fc9a","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":70,"box":{"x":128,"y":479,"width":790,"height":12}},{"id":"30c19a44-8a92-4b94-a5f6-adab06d54921","block_type":"box","text":"margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets);","page_number":70,"box":{"x":128,"y":494,"width":773,"height":12}},{"id":"994130da-6a30-48b0-b79b-9809b482c338","block_type":"box","text":"4. Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell","page_number":70,"box":{"x":88,"y":520,"width":812,"height":12}},{"id":"09666bd0-444b-4a7d-9ad2-c14a4dee401c","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":70,"box":{"x":128,"y":535,"width":509,"height":13}},{"id":"e36a4604-d4fd-430d-8aee-1932076f19b3","block_type":"box","text":"5. Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in","page_number":70,"box":{"x":89,"y":562,"width":848,"height":12}},{"id":"38399764-473a-4993-857c-6d1f4e77b717","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":70,"box":{"x":128,"y":577,"width":365,"height":12}},{"id":"9cee0bfa-76fc-49ae-ab74-90e55749a5d6","block_type":"box","text":"6. Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions,","page_number":70,"box":{"x":89,"y":603,"width":850,"height":13}},{"id":"822bf87a-44ea-473c-92e4-fdd44c50ffe9","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":70,"box":{"x":128,"y":618,"width":793,"height":13}},{"id":"2c20eba2-7bb0-42e9-b8a5-15fcb49b6ee9","block_type":"box","text":"options on futures;","page_number":70,"box":{"x":128,"y":633,"width":132,"height":13}},{"id":"d57a0932-7ef5-4f82-96b0-be13c9d9a531","block_type":"box","text":"7. Sell securities short; or","page_number":70,"box":{"x":89,"y":660,"width":196,"height":11}},{"id":"9c35ab8a-0022-451b-b5ee-72e18f671cc0","block_type":"box","text":"8. Invest in commodities or commodity contracts, except that a Fund may buy and sell currencies and forward contracts","page_number":70,"box":{"x":89,"y":686,"width":864,"height":13}},{"id":"78236cb8-9d84-4652-bee6-aeb81be5b969","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":70,"box":{"x":127,"y":702,"width":821,"height":12}},{"id":"52360bb9-a884-4a09-b315-2562526bc26f","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":70,"box":{"x":128,"y":717,"width":593,"height":12}},{"id":"5307e556-e993-4b62-b430-07f81eeb2853","block_type":"box","text":"Each of the iShares MSCI Israel ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Thailand ETF, iShares MSCI Turkey","page_number":70,"box":{"x":89,"y":743,"width":866,"height":12}},{"id":"830297c8-4c99-42e2-967a-7941ff7bb7e9","block_type":"box","text":"ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF will not:","page_number":70,"box":{"x":89,"y":758,"width":580,"height":13}},{"id":"158e0ca4-7bf5-4314-b132-e49174b909a4","block_type":"box","text":"1. Concentrate its investments (","page_number":70,"box":{"x":90,"y":785,"width":243,"height":12}},{"id":"ace11f50-761a-4493-8d05-18f1faf14b76","block_type":"box","text":"i.e.,","page_number":70,"box":{"x":334,"y":786,"width":21,"height":10}},{"id":"8d596233-3bff-429f-bbb7-30d991657828","block_type":"box","text":"invest 25% or more of its total assets in the securities of a particular industry or group","page_number":70,"box":{"x":362,"y":785,"width":601,"height":12}},{"id":"d6ba0e50-89ea-413d-8bbd-972f9bfe4a2a","block_type":"box","text":"of industries), except that a Fund will concentrate to approximately the same extent that its Underlying Index","page_number":70,"box":{"x":128,"y":800,"width":764,"height":12}},{"id":"77cbb5cd-8084-447f-8cd1-a7d3b3585b66","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":70,"box":{"x":128,"y":815,"width":771,"height":12}},{"id":"9956384b-4392-4d27-b02b-18911e14b281","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":70,"box":{"x":128,"y":830,"width":820,"height":12}},{"id":"fed6c9e3-5fc6-473d-8625-a9ee81dc0f46","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":70,"box":{"x":128,"y":845,"width":828,"height":12}},{"id":"d0367f6d-5e1a-4e90-888c-594b2f2b9f7c","block_type":"box","text":"considered to be issued by members of any industry;","page_number":70,"box":{"x":128,"y":860,"width":368,"height":13}},{"id":"4144793a-b604-4084-b44c-087b6ff54a7e","block_type":"box","text":"52","page_number":70,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"0c201132-d3bf-4481-b593-4367e90d012c","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":71,"box":{"x":89,"y":44,"width":815,"height":12}},{"id":"0e13405b-5ee4-460d-b670-979045282bf0","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":71,"box":{"x":128,"y":59,"width":806,"height":12}},{"id":"e8c0c2da-c1a0-4502-84e5-1ee722fa23c7","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":71,"box":{"x":128,"y":74,"width":761,"height":12}},{"id":"63cd546d-6527-4797-ba91-6f50327c6171","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":71,"box":{"x":128,"y":89,"width":756,"height":13}},{"id":"fa263888-3eb2-47b4-a588-d9433dda8328","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":71,"box":{"x":127,"y":104,"width":815,"height":13}},{"id":"770e6117-f23a-44d8-9f48-cbbbfa4ccd68","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":71,"box":{"x":128,"y":119,"width":827,"height":13}},{"id":"4384c56f-894b-4981-8102-c05a58706c96","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law;","page_number":71,"box":{"x":127,"y":135,"width":718,"height":12}},{"id":"82874efc-5a35-4a4a-babe-a76849bea82f","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":71,"box":{"x":89,"y":161,"width":857,"height":12}},{"id":"d94f1f7d-8f16-4342-bf88-eee0cdfa3563","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":71,"box":{"x":128,"y":176,"width":407,"height":13}},{"id":"57be90eb-bd17-4b41-a592-59f3ac08f73e","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":71,"box":{"x":88,"y":203,"width":844,"height":12}},{"id":"f05254dd-ad7c-4c05-bb0e-60f313d17db1","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":71,"box":{"x":128,"y":218,"width":331,"height":12}},{"id":"25b4bf5a-83ff-4e14-a088-78c181701700","block_type":"box","text":"5. Purchase or sell real estate unless acquired as a result of ownership of securities or other investments (but this","page_number":71,"box":{"x":89,"y":244,"width":812,"height":13}},{"id":"0f143366-7663-46d6-8133-00e66a3f4161","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":71,"box":{"x":128,"y":259,"width":830,"height":13}},{"id":"a361f791-6dd4-4cd7-a321-8d2b120f19e9","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":71,"box":{"x":128,"y":274,"width":827,"height":13}},{"id":"f2519a89-2402-45ec-b9e6-47f773cd4968","block_type":"box","text":"restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including","page_number":71,"box":{"x":128,"y":290,"width":809,"height":12}},{"id":"7b73bfdf-b3de-4717-bbd7-2c58b204ae6b","block_type":"box","text":"options on currencies to the extent consistent with each Fund’s investment objectives and policies); or","page_number":71,"box":{"x":128,"y":305,"width":718,"height":12}},{"id":"379acba6-7219-401a-b9e8-7343f65647c5","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":71,"box":{"x":89,"y":331,"width":846,"height":12}},{"id":"b04444ec-0883-47ef-8ec2-7c90549fdc2c","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, the disposing of portfolio securities.","page_number":71,"box":{"x":127,"y":346,"width":704,"height":13}},{"id":"72660a9a-8ebb-4af1-845b-64ff7eb34fec","block_type":"box","text":"Industry concentration.","page_number":71,"box":{"x":89,"y":373,"width":169,"height":12}},{"id":"9f44db55-7558-4824-a12d-65a53645cf16","block_type":"box","text":"Each Fund (except the iShares MSCI Singapore ETF) will not concentrate its investments (","page_number":71,"box":{"x":264,"y":373,"width":627,"height":12}},{"id":"1d0c0ae5-3e32-4e46-a998-9830955dbb83","block_type":"box","text":"i.e.","page_number":71,"box":{"x":892,"y":374,"width":18,"height":8}},{"id":"e8a8f5b9-5a40-4f7b-a694-c131baa63574","block_type":"box","text":", hold","page_number":71,"box":{"x":912,"y":373,"width":38,"height":11}},{"id":"bae0a7fc-81a0-45dc-9339-824a3d2938a7","block_type":"box","text":"25% or more of its total assets in the stocks of a particular industry or group of industries), except that, to the extent","page_number":71,"box":{"x":89,"y":388,"width":817,"height":12}},{"id":"02458ab6-5395-484d-ac4a-c2ef799bf4c7","block_type":"box","text":"practicable, the Fund will concentrate to approximately the same extent that its benchmark MSCI Index concentrates in the","page_number":71,"box":{"x":89,"y":403,"width":864,"height":12}},{"id":"044991fb-c858-4b17-a2f3-477a2b08ba7f","block_type":"box","text":"stocks of such particular industry or group of industries, provided that the Fund will comply with the diversification","page_number":71,"box":{"x":89,"y":418,"width":805,"height":12}},{"id":"8f49ed41-33ad-4457-9d73-022b6f1c5c60","block_type":"box","text":"requirements of the Internal Revenue Code applicable to RICs, any underlying Treasury regulations or any successor","page_number":71,"box":{"x":89,"y":433,"width":810,"height":13}},{"id":"40a0590e-b206-45af-9658-ee74994f814c","block_type":"box","text":"provisions.","page_number":71,"box":{"x":89,"y":449,"width":73,"height":12}},{"id":"524334a7-a315-405d-a4e4-d2785b6dfcd6","block_type":"box","text":"The iShares MSCI Singapore ETF has the following concentration policy: With respect to the two most heavily weighted","page_number":71,"box":{"x":88,"y":475,"width":836,"height":12}},{"id":"cea788e9-1c05-4259-be29-6af71406af0b","block_type":"box","text":"industries or groups of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its","page_number":71,"box":{"x":89,"y":490,"width":806,"height":12}},{"id":"a4515a6c-b84f-4035-ab3f-5a599b095e32","block_type":"box","text":"investment objective and other investment policies) so that the weighting of each such industry or group of industries in the","page_number":71,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"4fcc130c-55f0-4251-8adc-f3cd9541c31b","block_type":"box","text":"Fund does not diverge by more than 10% from the respective weighting of such industry or group of industries in its","page_number":71,"box":{"x":89,"y":520,"width":814,"height":12}},{"id":"0e094eab-5d4c-490a-b754-f9dcd22eb641","block_type":"box","text":"benchmark MSCI Index. An exception to this policy is that if investment in the stock of a single issuer would account for","page_number":71,"box":{"x":89,"y":535,"width":840,"height":13}},{"id":"6cb58cf4-afbb-4ee2-9e77-746d8d13519f","block_type":"box","text":"more than 25% of the Fund, the Fund will invest less than 25% of its net assets in such stock and will reallocate the excess to","page_number":71,"box":{"x":89,"y":550,"width":877,"height":12}},{"id":"7d4f35c6-36ce-4064-910f-1b7ac728ece0","block_type":"box","text":"stock(s) in the same industry or group of industries, and/or to stock(s) in another industry or group of industries, in its","page_number":71,"box":{"x":89,"y":565,"width":832,"height":13}},{"id":"482d7a0e-901c-4ca5-8d06-a1fe67be6448","block_type":"box","text":"benchmark MSCI Index. The Fund will evaluate these industry weightings at least weekly, and at the time of evaluation will","page_number":71,"box":{"x":89,"y":581,"width":857,"height":12}},{"id":"3460a0dc-5850-43d3-b835-7d653dce5ecb","block_type":"box","text":"adjust its portfolio composition to the extent necessary to maintain compliance with the above policy. The Fund may not","page_number":71,"box":{"x":89,"y":596,"width":846,"height":12}},{"id":"b17b2aa9-9eb6-42ed-9195-8d90766a19ca","block_type":"box","text":"concentrate its investments except as discussed above. The Board has adopted this policy as fundamental, which means that","page_number":71,"box":{"x":89,"y":611,"width":876,"height":12}},{"id":"884413ae-ffc7-404c-b2f5-484000d5974b","block_type":"box","text":"it may not be changed with respect to a Fund without the approval of the holders of a majority of the Fund’s outstanding","page_number":71,"box":{"x":89,"y":626,"width":847,"height":12}},{"id":"a2ffd2da-ab2b-4c21-9b70-2fc9a49f8ad8","block_type":"box","text":"voting securities.","page_number":71,"box":{"x":88,"y":642,"width":118,"height":11}},{"id":"7eebeb5f-92d7-4aae-b905-ef7f21e8cce2","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds","page_number":71,"box":{"x":89,"y":668,"width":368,"height":9}},{"id":"a883722f-e054-4088-8fa4-58dd9de4a281","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":71,"box":{"x":89,"y":694,"width":870,"height":12}},{"id":"113ad008-c22f-4693-abca-2c96a557ecd7","block_type":"box","text":"Fund may not:","page_number":71,"box":{"x":89,"y":709,"width":100,"height":12}},{"id":"f08c00d2-7a0a-467c-a40b-bea95f4c54c4","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":71,"box":{"x":90,"y":729,"width":841,"height":13}},{"id":"530183dd-f5ac-4a66-8f72-911f68b76fae","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":71,"box":{"x":128,"y":744,"width":800,"height":13}},{"id":"1334ff7b-32d8-42b3-ae4f-0f87ab91f195","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":71,"box":{"x":128,"y":759,"width":785,"height":13}},{"id":"cbf184f9-49ed-4435-a3a3-ead9896544ed","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":71,"box":{"x":129,"y":775,"width":773,"height":12}},{"id":"bc7177b6-bc1d-4034-a503-da5870b4569e","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":71,"box":{"x":128,"y":790,"width":793,"height":12}},{"id":"0b79676a-93b0-431e-b0ab-5bb5c9ef3347","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":71,"box":{"x":128,"y":805,"width":659,"height":12}},{"id":"46770695-664b-4701-a44b-8b08bbbf9f10","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":71,"box":{"x":89,"y":825,"width":878,"height":11}},{"id":"929e741b-4078-4793-8180-0f1a82dfb2b0","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in component securities, and in ADRs based on","page_number":71,"box":{"x":128,"y":840,"width":838,"height":12}},{"id":"1e6f0e31-6b17-475c-bfef-ae9a1303f26f","block_type":"box","text":"securities, in its Underlying Index.","page_number":71,"box":{"x":128,"y":855,"width":233,"height":13}},{"id":"b2830024-6d7a-4d9f-9513-e454c00a016d","block_type":"box","text":"53","page_number":71,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d34e6d6f-f604-4886-a885-49450f0d40ca","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":72,"box":{"x":88,"y":44,"width":764,"height":12}},{"id":"86fb4e1b-8c43-42e9-979e-afe9ceacdca9","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":72,"box":{"x":88,"y":70,"width":656,"height":13}},{"id":"7c4c1324-c79a-4a93-b9a3-24381bede5f2","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment restrictions apply","page_number":72,"box":{"x":89,"y":97,"width":846,"height":12}},{"id":"0cb1a741-7ac9-4240-a2df-9340676ea011","block_type":"box","text":"only at the time that a transaction is undertaken. Any change in the percentage of a Fund’s assets invested in certain","page_number":72,"box":{"x":89,"y":112,"width":815,"height":12}},{"id":"e14949e6-4860-4be4-99ad-43f8a88a8e0b","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in a Fund’s total assets will not require","page_number":72,"box":{"x":89,"y":127,"width":856,"height":12}},{"id":"1c1af6cd-28e3-47d1-a7e5-5b2b21808ea2","block_type":"box","text":"the Fund to dispose of an investment.","page_number":72,"box":{"x":88,"y":142,"width":264,"height":12}},{"id":"ff06be43-4b97-4085-a00d-52687265a880","block_type":"box","text":"Continuous Offering","page_number":72,"box":{"x":90,"y":173,"width":338,"height":29}},{"id":"7acead3e-9228-456a-b52f-46bf68e8f197","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":72,"box":{"x":88,"y":214,"width":821,"height":12}},{"id":"3eeb2ca9-f601-4267-8507-a28c2dc7235c","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":72,"box":{"x":89,"y":229,"width":873,"height":12}},{"id":"89822618-343c-496a-85c1-ff73dd2f386e","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":72,"box":{"x":89,"y":244,"width":849,"height":13}},{"id":"a7b26c58-6fa0-4f43-bf4c-417804fc9b20","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":72,"box":{"x":89,"y":259,"width":849,"height":13}},{"id":"60066df7-53ea-41cd-9d3b-5d457e69736f","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":72,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"56c7860b-b0c6-459a-b6f6-9659e1adafac","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":72,"box":{"x":89,"y":301,"width":860,"height":12}},{"id":"c564ca7f-77f0-415b-812a-568eca18cb5c","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":72,"box":{"x":89,"y":316,"width":853,"height":12}},{"id":"2bc9c74c-fbb7-4eb7-b9dc-37fdae40b434","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":72,"box":{"x":89,"y":331,"width":868,"height":12}},{"id":"a53ab426-fd03-42de-bad1-5f83b2fbd8dc","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":72,"box":{"x":88,"y":346,"width":863,"height":13}},{"id":"6ae11fda-6beb-41a7-bb8b-f93eac15dbcf","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":72,"box":{"x":88,"y":361,"width":861,"height":13}},{"id":"c22d25da-aa12-4f68-a104-4fdbbdfc2a34","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":72,"box":{"x":89,"y":376,"width":862,"height":13}},{"id":"7b585b6b-afb5-4ed0-a152-8eb9a353811e","block_type":"box","text":"an underwriter.","page_number":72,"box":{"x":89,"y":392,"width":105,"height":9}},{"id":"aad5fd33-1fae-4254-aeb8-2c3e76702579","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":72,"box":{"x":89,"y":418,"width":817,"height":12}},{"id":"7894a4aa-a434-4a0b-9977-80fff44da625","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":72,"box":{"x":88,"y":433,"width":858,"height":13}},{"id":"2d438eca-54d3-4aa2-8d3b-8f3dde2be11d","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":72,"box":{"x":89,"y":448,"width":875,"height":13}},{"id":"f635efae-a4f3-4272-8019-50aed1c41b9a","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":72,"box":{"x":88,"y":463,"width":831,"height":13}},{"id":"1cd07eaa-9fc1-4a30-a5de-5bbea16d08ab","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":72,"box":{"x":89,"y":479,"width":864,"height":12}},{"id":"aa951860-9d10-40f7-88e6-5b4d94ffb307","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":72,"box":{"x":88,"y":494,"width":875,"height":12}},{"id":"30256ff5-a1f0-4e5a-823f-0bdde0f9aea8","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":72,"box":{"x":89,"y":509,"width":845,"height":12}},{"id":"8b5a0ce9-a3c7-4f1d-9ecd-556d5e50ccb4","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":72,"box":{"x":89,"y":524,"width":412,"height":12}},{"id":"be3d437c-451f-43be-8f73-db7d5c4089d1","block_type":"box","text":"Management","page_number":72,"box":{"x":90,"y":556,"width":225,"height":28}},{"id":"f2d5676d-36d3-43e7-90ec-90937aefd853","block_type":"box","text":"Directors and Officers.","page_number":72,"box":{"x":89,"y":596,"width":161,"height":10}},{"id":"9389204b-eaf0-423f-a480-21ee5915e65a","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":72,"box":{"x":259,"y":596,"width":670,"height":12}},{"id":"70e05103-7fe0-4abf-80fe-3b1ab486526c","block_type":"box","text":"general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns,","page_number":72,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"10bfa0fc-9f79-4f6c-ba8b-f3a460e0bf0d","block_type":"box","text":"is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and","page_number":72,"box":{"x":89,"y":626,"width":832,"height":12}},{"id":"65c7e43f-8f81-469d-bc41-e79849075c4a","block_type":"box","text":"qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940","page_number":72,"box":{"x":89,"y":641,"width":866,"height":12}},{"id":"16276d76-aa55-4e4f-a4d2-12a89963549f","block_type":"box","text":"Act) of the Company are referred to as independent directors (“Independent Directors”).","page_number":72,"box":{"x":88,"y":656,"width":619,"height":13}},{"id":"d454deee-f9ea-4c07-86ef-da1814d5fad4","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":72,"box":{"x":88,"y":683,"width":867,"height":12}},{"id":"a56af900-671a-4094-909e-ba8a97a1fd89","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":72,"box":{"x":89,"y":698,"width":857,"height":12}},{"id":"2eda6eff-b486-4151-beba-9c3d43a5f0f5","block_type":"box","text":"Complex”). Each Fund is included in the iShares Complex, which includes iShares Trust, iShares U.S. ETF Trust, and iShares,","page_number":72,"box":{"x":89,"y":713,"width":861,"height":12}},{"id":"a24645b9-e30c-43e4-ada6-360df0a0a28a","block_type":"box","text":"Inc. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all","page_number":72,"box":{"x":89,"y":728,"width":876,"height":11}},{"id":"f90f18ad-6d69-411c-bd56-0ed3852d88fb","block_type":"box","text":"of the funds within the iShares Complex, which consists of 421 funds as of December 30, 2025. With the exception of","page_number":72,"box":{"x":89,"y":743,"width":823,"height":12}},{"id":"1320697b-79b8-49cf-ad54-da1cb18011e0","block_type":"box","text":"Stephen Cohen, Robert S. 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(since","page_number":76,"box":{"x":705,"y":610,"width":216,"height":12}},{"id":"932d50ca-6f38-409c-b10d-eab71fe8ef0c","block_type":"box","text":"2022).","page_number":76,"box":{"x":705,"y":625,"width":43,"height":12}},{"id":"590370d7-2945-4948-8a12-7728d3865b78","block_type":"box","text":"James Mauro","page_number":76,"box":{"x":88,"y":645,"width":92,"height":11}},{"id":"683529c0-83f0-4267-9658-db90bb55351d","block_type":"box","text":"(1970)","page_number":76,"box":{"x":89,"y":660,"width":45,"height":12}},{"id":"1675fd88-00ce-41da-8755-bcbdc82e1f50","block_type":"box","text":"Executive Vice","page_number":76,"box":{"x":397,"y":646,"width":99,"height":9}},{"id":"89f82220-eadb-45b0-99f0-50fc1c6507a0","block_type":"box","text":"President (since","page_number":76,"box":{"x":397,"y":660,"width":111,"height":12}},{"id":"7b4d7992-fa7d-44cb-8ede-d00440c4f810","block_type":"box","text":"2021).","page_number":76,"box":{"x":397,"y":675,"width":43,"height":12}},{"id":"0081fcb0-6299-4993-a2cf-168e70b80f18","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":76,"box":{"x":705,"y":645,"width":258,"height":12}},{"id":"318945a9-c569-4fac-8469-4dbffabfe0dc","block_type":"box","text":"(since 2010); Head of Fixed Income","page_number":76,"box":{"x":705,"y":660,"width":247,"height":12}},{"id":"6c18b154-794c-46ac-8673-ac441222e731","block_type":"box","text":"Index Investments in the Americas","page_number":76,"box":{"x":706,"y":675,"width":240,"height":10}},{"id":"f1e94e96-a774-43f4-b88a-06752e58ddff","block_type":"box","text":"and Head of San Francisco Core","page_number":76,"box":{"x":705,"y":690,"width":223,"height":10}},{"id":"336cd5f1-14df-43a3-80a2-64337cfa39a9","block_type":"box","text":"Portfolio Management of BlackRock,","page_number":76,"box":{"x":705,"y":705,"width":254,"height":13}},{"id":"7b5b9d20-3be7-481b-9363-03f77c0c5c8c","block_type":"box","text":"Inc. (since 2020).","page_number":76,"box":{"x":706,"y":720,"width":118,"height":13}},{"id":"eab313ac-05f5-4b9d-820a-07c08b395ea7","block_type":"box","text":"Elise Terry","page_number":76,"box":{"x":89,"y":741,"width":70,"height":12}},{"id":"6169f9f0-1950-4d4e-ba1c-c493917691e1","block_type":"box","text":"(1977)","page_number":76,"box":{"x":89,"y":756,"width":45,"height":12}},{"id":"bb83521b-3e1b-4d71-8abd-43da69551ce8","block_type":"box","text":"Executive Vice","page_number":76,"box":{"x":397,"y":741,"width":99,"height":9}},{"id":"a6415623-1e15-41c3-a7f6-f4f97a0ee990","block_type":"box","text":"President (since","page_number":76,"box":{"x":397,"y":756,"width":111,"height":12}},{"id":"5cf3d5b0-3c15-4b15-8504-1cd1b8760d4d","block_type":"box","text":"2025).","page_number":76,"box":{"x":397,"y":771,"width":43,"height":12}},{"id":"b4ae5f35-7566-471d-8ba1-64c20b038845","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":76,"box":{"x":705,"y":741,"width":258,"height":12}},{"id":"18932f84-f016-40e0-8e03-f1960952874f","block_type":"box","text":"(since 2016); Head of U.S. iShares","page_number":76,"box":{"x":705,"y":756,"width":234,"height":12}},{"id":"b14555a2-da02-4d74-a17f-d7586e0d73da","block_type":"box","text":"(since 2024); Co-Head of Distribution","page_number":76,"box":{"x":705,"y":771,"width":261,"height":12}},{"id":"6b7ecace-229e-4cb9-915d-473238859c02","block_type":"box","text":"for U.S. Wealth Advisory (2023-2024);","page_number":76,"box":{"x":704,"y":786,"width":264,"height":12}},{"id":"746cc3fe-2d9f-4da3-be6a-a366994af819","block_type":"box","text":"National Sales Manager, Wirehouse","page_number":76,"box":{"x":705,"y":801,"width":247,"height":12}},{"id":"67e38079-ce80-4fd4-a4d8-55928b10535a","block_type":"box","text":"Channel (2020-2023).","page_number":76,"box":{"x":705,"y":816,"width":151,"height":13}},{"id":"0c070c76-f8b0-4ef1-8586-9c9012dc0172","block_type":"box","text":"58","page_number":76,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8fff6904-dd87-4abe-a94d-3ac0d00a6555","block_type":"box","text":"Name (Year of Birth) Position","page_number":77,"box":{"x":103,"y":55,"width":389,"height":9}},{"id":"5b16810d-b98d-4440-a6c8-d75e29953e89","block_type":"box","text":"Principal Occupation(s)","page_number":77,"box":{"x":769,"y":45,"width":135,"height":9}},{"id":"73b8a48a-a27b-48e8-8b67-528c46da3210","block_type":"box","text":"During the Past 5 Years","page_number":77,"box":{"x":770,"y":55,"width":133,"height":9}},{"id":"a933c8a5-4d52-4641-ae50-7e03412cde15","block_type":"box","text":"Daniel Prince","page_number":77,"box":{"x":89,"y":77,"width":91,"height":9}},{"id":"d45d7bfa-cf23-4697-84db-097094107f39","block_type":"box","text":"(1981)","page_number":77,"box":{"x":89,"y":92,"width":44,"height":12}},{"id":"ec87777a-0064-477f-ba3f-ad3e462141ea","block_type":"box","text":"Executive Vice","page_number":77,"box":{"x":397,"y":77,"width":99,"height":9}},{"id":"93303e0b-7bc1-40d5-90b6-b92115b22510","block_type":"box","text":"President (since","page_number":77,"box":{"x":397,"y":92,"width":111,"height":12}},{"id":"72049568-b1b3-4397-9c59-c04c294274e5","block_type":"box","text":"2025).","page_number":77,"box":{"x":397,"y":107,"width":43,"height":12}},{"id":"18c3a107-2a08-4ba3-806d-8d84ad6faebb","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":77,"box":{"x":705,"y":77,"width":258,"height":12}},{"id":"618f93fd-a3a3-41b5-9161-f413ffe7c203","block_type":"box","text":"(since 2023); Director of BlackRock,","page_number":77,"box":{"x":705,"y":92,"width":249,"height":12}},{"id":"6ed9c84d-6464-4187-ad11-3b87be279a05","block_type":"box","text":"Inc. (2015-2022); Head of U.S.","page_number":77,"box":{"x":706,"y":107,"width":207,"height":12}},{"id":"1d377870-1557-4e6d-a799-e63ed080a956","block_type":"box","text":"iShares Product (since 2025); Head","page_number":77,"box":{"x":705,"y":122,"width":245,"height":12}},{"id":"cc456804-043e-4cfe-a7b9-655735d07b5a","block_type":"box","text":"of iShares Product Consulting","page_number":77,"box":{"x":705,"y":137,"width":207,"height":12}},{"id":"a3f3b193-cd5b-458d-a28b-b29620f296c9","block_type":"box","text":"(2015-2025).","page_number":77,"box":{"x":705,"y":152,"width":89,"height":13}},{"id":"1cc613ad-f936-4e70-a38c-011a97faaf28","block_type":"box","text":"The Board has concluded that, based on each Director’s experience, qualifications, attributes or skills on an individual basis","page_number":77,"box":{"x":88,"y":185,"width":861,"height":12}},{"id":"c295dd31-6d2c-4bdd-949f-45a87cea61e3","block_type":"box","text":"and in combination with those of the other Directors, each Director should serve as a Director of the Board. Among the","page_number":77,"box":{"x":89,"y":200,"width":833,"height":12}},{"id":"b8b8deaa-b584-43b8-8680-0fb3251a2cd4","block_type":"box","text":"attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to","page_number":77,"box":{"x":89,"y":215,"width":871,"height":13}},{"id":"86a99397-c66c-417e-855d-7e261d5bf38b","block_type":"box","text":"them, to interact effectively with the Funds’ investment adviser, other service providers, counsel and the independent","page_number":77,"box":{"x":88,"y":230,"width":819,"height":13}},{"id":"9461e384-c24a-4c7d-a6a6-bd4d3c95b6e4","block_type":"box","text":"registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors.","page_number":77,"box":{"x":89,"y":245,"width":876,"height":13}},{"id":"ff8ba048-4590-4715-91ab-7473635805b2","block_type":"box","text":"A Director’s ability to perform his or her duties effectively may have been attained through the Director’s educational","page_number":77,"box":{"x":88,"y":261,"width":816,"height":12}},{"id":"2f23972d-c364-4760-beac-8a47888e15d0","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":77,"box":{"x":89,"y":276,"width":869,"height":12}},{"id":"7bb147c1-c557-421a-9bcc-2e3eeab57171","block_type":"box","text":"Board member of the Funds and the other funds in the Company (and any predecessor funds), other investment funds,","page_number":77,"box":{"x":89,"y":291,"width":834,"height":12}},{"id":"9c590c7e-6e08-41b6-82a4-4b8f02d48990","block_type":"box","text":"public companies, or non-profit entities or other organizations; and/or other life experiences. Also, set forth below is a brief","page_number":77,"box":{"x":89,"y":306,"width":863,"height":12}},{"id":"670194d1-c806-47fd-83b3-70e2989e1115","block_type":"box","text":"discussion of the specific experience, qualifications, attributes or skills of each Director that led the Board to conclude that he","page_number":77,"box":{"x":89,"y":321,"width":876,"height":12}},{"id":"22ccb11c-3ede-47ee-b4ef-7b2c476635ba","block_type":"box","text":"or she should serve (or continue to serve) as a Director.","page_number":77,"box":{"x":89,"y":336,"width":386,"height":13}},{"id":"c9ba04be-f4d8-4c0f-b50c-489462d80004","block_type":"box","text":"Robert S. Kapito has been a Director of the Company since 2009. Mr. Kapito has also served as a Trustee of iShares Trust","page_number":77,"box":{"x":89,"y":363,"width":841,"height":12}},{"id":"f517531f-e6a2-4952-a36d-28b16bf5d863","block_type":"box","text":"since 2009, a Trustee of iShares U.S. ETF Trust since 2011 and a Director of BlackRock, Inc. since 2006. Mr. Kapito served as a","page_number":77,"box":{"x":89,"y":378,"width":872,"height":12}},{"id":"6b7349cc-4e86-427c-9d52-3c126a2e90a3","block_type":"box","text":"Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. In addition, he has over 20 years of experience as part of","page_number":77,"box":{"x":89,"y":393,"width":877,"height":12}},{"id":"c256964f-a74c-486e-b769-a33d8c66b320","block_type":"box","text":"BlackRock, Inc. and BlackRock’s predecessor entities. Mr. Kapito serves as President of BlackRock, Inc., and is a member of","page_number":77,"box":{"x":89,"y":408,"width":855,"height":12}},{"id":"cd9fcd10-234c-445b-bbe9-513562141d01","block_type":"box","text":"the Global Executive Committee and Chairman of the Global Operating Committee. He is responsible for day-to-day oversight","page_number":77,"box":{"x":88,"y":423,"width":880,"height":12}},{"id":"00fa222e-7030-4487-b614-442cf28610da","block_type":"box","text":"of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk &","page_number":77,"box":{"x":89,"y":438,"width":865,"height":13}},{"id":"a5a1f1f2-50c2-47fa-b6ae-ba4e1180ca38","block_type":"box","text":"Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock,","page_number":77,"box":{"x":89,"y":453,"width":876,"height":13}},{"id":"0f577312-f406-46ce-b197-700ad97b882e","block_type":"box","text":"Inc. and Head of BlackRock’s Portfolio Management Group. In that role, he was responsible for overseeing all portfolio","page_number":77,"box":{"x":89,"y":468,"width":823,"height":13}},{"id":"635dc591-7849-43f3-80cd-b31d5cb5c962","block_type":"box","text":"management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito","page_number":77,"box":{"x":89,"y":484,"width":864,"height":12}},{"id":"64c02d3e-f2e2-458e-b4dc-b463d6ddd7a2","block_type":"box","text":"serves as a member of the Board of Trustees of the University of Pennsylvania and the Harvard Business School Board of","page_number":77,"box":{"x":89,"y":499,"width":841,"height":12}},{"id":"e009d718-2c08-492b-81ff-b5b4780dd0ea","block_type":"box","text":"Dean’s Advisors. He has also been President of the Board of Directors for the Hope & Heroes Children’s Cancer Fund since","page_number":77,"box":{"x":89,"y":514,"width":853,"height":12}},{"id":"dae6b58e-1029-4d36-b06d-ae4a4af5c40c","block_type":"box","text":"2002. Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in 1979, and an","page_number":77,"box":{"x":89,"y":529,"width":876,"height":12}},{"id":"5473e4a3-5dae-4b0d-be2e-aae14dba395f","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":77,"box":{"x":89,"y":544,"width":360,"height":12}},{"id":"0a3acaa8-7c5a-4111-836d-1c1517dd2770","block_type":"box","text":"Stephen Cohen has been a Director of the Company since 2024. Mr. Cohen has also served as a Trustee of iShares Trust and a","page_number":77,"box":{"x":88,"y":570,"width":879,"height":13}},{"id":"ee00478f-157b-406c-bcf5-df9342df4a11","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":77,"box":{"x":88,"y":586,"width":865,"height":12}},{"id":"01b83389-013b-4576-af9d-460b6a2bde0f","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":77,"box":{"x":89,"y":601,"width":854,"height":12}},{"id":"074dace9-1012-4b44-9f9d-b1a24775844e","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":77,"box":{"x":88,"y":616,"width":869,"height":12}},{"id":"537aed5c-37fc-4c48-b6be-3d1d7e6062c2","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":77,"box":{"x":89,"y":631,"width":856,"height":12}},{"id":"601b0223-67ab-4030-a25b-6f4471a544a2","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":77,"box":{"x":89,"y":646,"width":846,"height":12}},{"id":"1c4955a8-53fe-49e9-bdd9-9d2a9dc9204b","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":77,"box":{"x":88,"y":661,"width":830,"height":13}},{"id":"054d15d3-8554-4e73-8bf1-4a6ce0706ba1","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":77,"box":{"x":89,"y":676,"width":866,"height":13}},{"id":"64e8298d-7093-4980-bde7-2b8ca98661fb","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":77,"box":{"x":89,"y":691,"width":857,"height":13}},{"id":"df819562-5745-4c56-b88d-64e995ac7c48","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":77,"box":{"x":89,"y":707,"width":861,"height":12}},{"id":"8ac38925-8f62-435f-b081-089aabc9d0e2","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":77,"box":{"x":89,"y":722,"width":865,"height":12}},{"id":"34697632-e998-4a57-944b-7d7fd9a1a2f8","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":77,"box":{"x":89,"y":737,"width":861,"height":12}},{"id":"1e5274f0-e7ce-45f5-9156-34df9a942cb7","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":77,"box":{"x":89,"y":752,"width":845,"height":12}},{"id":"d575dfe5-399c-4ddd-9809-5d8db65e06d9","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":77,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"750df7e5-9400-4b55-8c77-6945e36fce3e","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":77,"box":{"x":88,"y":782,"width":862,"height":12}},{"id":"b4abc65b-6f61-47ca-9b64-d62e2b020cf7","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":77,"box":{"x":89,"y":797,"width":410,"height":13}},{"id":"0112a8d5-3f3d-44e0-a813-e28b4a542739","block_type":"box","text":"John E. Kerrigan has been a Director of the Company since 2005 and Chair of the Company’s Board since 2022. Mr. Kerrigan","page_number":77,"box":{"x":88,"y":824,"width":863,"height":12}},{"id":"147e7645-4147-4331-9e6d-23a41e261cc3","block_type":"box","text":"has also served as a Trustee of iShares Trust since 2005, a Trustee of iShares U.S. ETF Trust since 2011, Chair of the Equity","page_number":77,"box":{"x":89,"y":839,"width":850,"height":12}},{"id":"9e9d80ce-1781-4f28-8c4d-ac264632878e","block_type":"box","text":"Plus and Nominating and Governance Committees of each Board from 2019 to 2021, and as Chair of each Board since 2022.","page_number":77,"box":{"x":89,"y":854,"width":868,"height":12}},{"id":"9374c80d-050a-4dfd-b14e-c784da1e9dc0","block_type":"box","text":"59","page_number":77,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9c816b28-5855-4820-b558-5c0da143279c","block_type":"box","text":"Mr. Kerrigan served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Mr. Kerrigan served as Chief","page_number":78,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"e994ad44-9592-41fd-a55a-fd66b1f6d84a","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":78,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"a31a5c41-5c49-4bf9-87aa-29efacf7a9d1","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":78,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"c8bf3c9c-fe85-4c8f-ae61-924d7a0d3c3c","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":78,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"48bf54d9-9037-4803-97ea-df83587a8d40","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":78,"box":{"x":89,"y":104,"width":618,"height":13}},{"id":"cd49984e-e92f-4418-9dc6-7c88fa939726","block_type":"box","text":"Jane D. Carlin has been a Director of the Company since 2015 and Chair of the Securities Lending Committee since 2025. Ms.","page_number":78,"box":{"x":88,"y":131,"width":873,"height":12}},{"id":"9f329af8-896d-4a1a-99a0-71eb2ea3e301","block_type":"box","text":"Carlin has also served as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust since 2015 and Chair of the","page_number":78,"box":{"x":89,"y":146,"width":822,"height":10}},{"id":"80282756-0124-4ac6-aa80-76bcbab9d7ce","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":78,"box":{"x":88,"y":161,"width":832,"height":12}},{"id":"9d6f75b6-1c36-46ef-8604-63113c15539a","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":78,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"834960f9-91e6-4f80-9e6c-60c54f7b6908","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":78,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"e7dd796e-9fe1-45d4-802b-dd557d42a169","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":78,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"edb3cf6d-a74c-4c02-aaa1-686cfc2b7dda","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":78,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"c6d9ebcf-8b6a-4aee-a102-6a47ab8b1746","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":78,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"3793224e-18d8-401b-94f0-50a93b9875e4","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":78,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"31dd7b59-ac2f-4ee4-9e22-ec381801fe7d","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":78,"box":{"x":89,"y":267,"width":865,"height":11}},{"id":"964eca04-bd97-4301-b96c-3fd70c9094b4","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":78,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"6e34fef5-22fa-49eb-9bf9-4d381949d310","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":78,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"07038425-d78f-4fcf-a3c6-ae85c3fa8e01","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":78,"box":{"x":88,"y":312,"width":859,"height":13}},{"id":"949743c4-d85b-4054-8634-3dd4409a25c6","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":78,"box":{"x":88,"y":327,"width":854,"height":13}},{"id":"f6ae898b-a149-4b4e-90d8-feda8be85b81","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":78,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"f9b2fd3a-8f69-4108-9a17-c1c6656e8c6a","block_type":"box","text":"State University of New York at Stony Brook and a JD degree from Benjamin N. 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Mr. Fagnani served as a Senior Audit Partner at KPMG LLP from 2002 to","page_number":78,"box":{"x":89,"y":429,"width":862,"height":13}},{"id":"dea8509f-9a0f-45d0-a88c-d4e812939d34","block_type":"box","text":"2016, most recently as the U.S. asset management audit practice leader responsible for setting strategic direction and","page_number":78,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"72c3dbb1-f0f0-465a-866a-ca2442365151","block_type":"box","text":"execution of the operating plan for the asset management audit practice. In addition, from 1977 to 2002, Mr. Fagnani served","page_number":78,"box":{"x":89,"y":460,"width":869,"height":12}},{"id":"8665d2c7-16af-415f-b146-b0a48f0063d2","block_type":"box","text":"as an Audit Partner at Andersen LLP, where he developed and managed the asset management audit practice in the","page_number":78,"box":{"x":89,"y":475,"width":810,"height":12}},{"id":"c35ee7d4-5cc4-4abe-b35d-7fb3d05ff07d","block_type":"box","text":"Philadelphia office. Mr. Fagnani served as a Trustee on the Board of the Walnut Street Theater in Philadelphia from 2009 to","page_number":78,"box":{"x":89,"y":490,"width":855,"height":12}},{"id":"68bc3332-c0b7-4e43-915b-87a421757aaa","block_type":"box","text":"2014 and as a member of the School of Business Advisory Board at LaSalle University from 2006 to 2014. Mr. Fagnani has","page_number":78,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"ec7a0047-1033-4e89-823a-6b98b1ba7e11","block_type":"box","text":"also served as a Director of One Generation Away, a non-profit which works to bring healthy food directly to people in need,","page_number":78,"box":{"x":89,"y":520,"width":866,"height":12}},{"id":"4ee16918-e709-4b55-a12b-d9d542e9bf46","block_type":"box","text":"since 2021. Mr. Fagnani has a BS degree in Accounting from LaSalle University.","page_number":78,"box":{"x":89,"y":535,"width":548,"height":13}},{"id":"4a754933-02d8-4af1-be34-a25f951c2468","block_type":"box","text":"Laura F. Fergerson has been a Director of the Company since 2024 and Chair of the Audit Committee of the Company since","page_number":78,"box":{"x":89,"y":562,"width":861,"height":12}},{"id":"d99a2e31-b41b-4ee4-8c9f-fa3c90237119","block_type":"box","text":"2025. Ms. Fergerson has also served as a Trustee of iShares Trust, a Trustee of iShares U.S. ETF Trust since 2024, and Chair of","page_number":78,"box":{"x":89,"y":577,"width":873,"height":12}},{"id":"2da90868-231f-4be2-909e-dd4f20e64e08","block_type":"box","text":"the Audit Committee of each Board since 2025. From 2017 to 2024, Ms. Fergerson was the President of Franklin Templeton","page_number":78,"box":{"x":88,"y":592,"width":859,"height":12}},{"id":"7621912f-b474-441e-92ed-697df9df33a1","block_type":"box","text":"Services, LLC where she led the global fund administration division. Prior to that, she held various roles at Franklin Templeton","page_number":78,"box":{"x":88,"y":607,"width":875,"height":12}},{"id":"bf39f2b7-640c-4e71-8560-75b2072da59b","block_type":"box","text":"since 1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a","page_number":78,"box":{"x":89,"y":622,"width":830,"height":12}},{"id":"9d579ce3-6e3d-4245-ba8b-d056e8a1c8f6","block_type":"box","text":"Director, since 2019, of the Crocker Art Museum Association and was the President, from 2022 to 2023, of the Crocker Art","page_number":78,"box":{"x":89,"y":637,"width":854,"height":12}},{"id":"89afdbc5-d797-4c71-a9ad-ce2017fa5495","block_type":"box","text":"Museum Foundation. Ms. Fergerson has a BA degree in Economics from the University of California, Berkeley and is a","page_number":78,"box":{"x":89,"y":652,"width":819,"height":13}},{"id":"719cf91c-f973-481e-81bb-6613dbf5e83a","block_type":"box","text":"Certified Public Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":78,"box":{"x":89,"y":668,"width":774,"height":12}},{"id":"5b96f812-2c01-4c14-a62a-138563f38f7e","block_type":"box","text":"Cecilia H. Herbert has been a Director of the Company since 2005. Ms. Herbert has also served as a Trustee of iShares Trust","page_number":78,"box":{"x":89,"y":694,"width":862,"height":12}},{"id":"a0b0c2e0-5a69-4a52-9c8e-c3493891c17e","block_type":"box","text":"since 2005, a Trustee of iShares U.S. ETF Trust since 2011 and Chair of the Company’s Board from 2016 to 2021. Ms. Herbert","page_number":78,"box":{"x":89,"y":709,"width":868,"height":12}},{"id":"c34d44a6-7997-4b28-a9f1-81ebddea1272","block_type":"box","text":"served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Previously, Ms. Herbert served as Trustee of","page_number":78,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"d7dae37b-ad59-49f5-968c-ba5b7ba5a94a","block_type":"box","text":"the Montgomery Funds from 1992 to 2003, the Pacific Select Funds from 2004 to 2005, the Forward Funds from 2009 to","page_number":78,"box":{"x":88,"y":739,"width":845,"height":13}},{"id":"18b37ae5-4f7e-4cd6-8ea7-c781c0b0a628","block_type":"box","text":"2018, the Salient Funds from 2015 to 2018 and the Thrivent Church Loan and Income Fund from 2019 to 2022. She has","page_number":78,"box":{"x":89,"y":754,"width":834,"height":12}},{"id":"c9b5332d-c239-46bc-86a8-68313a1545d3","block_type":"box","text":"served as a member of the Finance, Audit and Quality Committees and Trustee of Stanford Health Care since 2016 and","page_number":78,"box":{"x":89,"y":770,"width":830,"height":12}},{"id":"b900c7e6-bd17-4248-9d2e-e094bb3f3e29","block_type":"box","text":"became Chair of the Finance Committee of Stanford Health Care in 2019. She has served as a Trustee of WNET, New York’s","page_number":78,"box":{"x":89,"y":785,"width":858,"height":11}},{"id":"34082d63-e520-4c83-a535-6849d5ed9499","block_type":"box","text":"public media station, since 2011 and a Member of its Audit Committee since 2018. She was appointed to the Wyoming State","page_number":78,"box":{"x":89,"y":800,"width":871,"height":12}},{"id":"6041a3a4-4508-46d2-9b5c-4e11b5a59af9","block_type":"box","text":"Investment Funds Committee in 2022. She became a member of the Governing Council of the Independent Directors Council","page_number":78,"box":{"x":89,"y":815,"width":875,"height":12}},{"id":"0518a0cd-12db-40b0-b3e9-08dfa0271db0","block_type":"box","text":"in 2018. She served as a Director of the Senior Center of Jackson Hole from 2020 to 2023 and of the Jackson Hole Center for","page_number":78,"box":{"x":89,"y":830,"width":863,"height":11}},{"id":"1f640bc2-cf25-46d6-ae4a-15572c17e1af","block_type":"box","text":"the Arts since 2021. She was President of the Board of Catholic Charities CYO, the largest social services agency in the San","page_number":78,"box":{"x":88,"y":845,"width":853,"height":12}},{"id":"715e0492-21ef-4cea-8a15-788e10f7f75e","block_type":"box","text":"Francisco 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":78,"box":{"x":89,"y":860,"width":872,"height":13}},{"id":"ce8f3d0e-6859-4d73-90f7-1fa3c9a9469d","block_type":"box","text":"60","page_number":78,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1a870f21-d84c-4136-b4ec-e06e984aa86c","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":79,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"154ff31c-ffd4-44bf-aa89-c3a73ddd69cc","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":79,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"7a32cc32-06db-4019-b9e0-bf2b65109505","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":79,"box":{"x":89,"y":74,"width":824,"height":12}},{"id":"c8b934fa-c259-4a58-8291-1d18afc6a846","block_type":"box","text":"Harvard Business School.","page_number":79,"box":{"x":89,"y":89,"width":175,"height":10}},{"id":"355a0fe5-a71c-419c-a8bd-8b72e706368b","block_type":"box","text":"James Lam has been a Director of the Company since 2024 and Chair of the Risk Committee of the Company since 2025. Mr.","page_number":79,"box":{"x":88,"y":116,"width":870,"height":12}},{"id":"dd9fa6f7-8d08-4b07-a227-431efdfcf024","block_type":"box","text":"Lam has also served as a Trustee of iShares Trust, a Trustee of iShares U.S. ETF Trust since 2024, and Chair of the Risk","page_number":79,"box":{"x":89,"y":131,"width":821,"height":11}},{"id":"759945f3-845b-4575-a994-143b471f9118","block_type":"box","text":"Committee of each Board since 2025. Mr. Lam has over 40 years of experience in corporate governance and risk","page_number":79,"box":{"x":89,"y":146,"width":783,"height":12}},{"id":"18a82ac3-eba2-478b-b6a7-af0b39b1b726","block_type":"box","text":"management as a board director, management consultant, and chief risk officer. He has previously served as a director on","page_number":79,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"1dd67336-d5a9-4208-a60e-f6abc34d440b","block_type":"box","text":"public, private, and fund boards, including leadership roles as the chair of the risk, audit, and compliance committees. From","page_number":79,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"bf55857b-bcc3-4cb2-bec5-77f772550e2e","block_type":"box","text":"2012 to 2020, Mr. Lam was a Director of E*TRADE Financial and E*TRADE Bank, where he served as Risk Oversight","page_number":79,"box":{"x":89,"y":191,"width":803,"height":13}},{"id":"6201b3b6-a945-4e9a-95ea-57d42cae262d","block_type":"box","text":"Committee Chair and Audit Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk","page_number":79,"box":{"x":89,"y":206,"width":810,"height":12}},{"id":"22d214c1-432b-4f6b-9fde-304624af4a94","block_type":"box","text":"management consulting firm serving global clients across all major industry sectors, since 2002. Previously, Mr. Lam served","page_number":79,"box":{"x":89,"y":222,"width":862,"height":12}},{"id":"8084acb6-12c1-4598-a783-72fbab29b278","block_type":"box","text":"as Founder and President of ERisk, a Partner of Oliver Wyman, and the Chief Risk Officer of Fidelity Investments. Mr. Lam has","page_number":79,"box":{"x":89,"y":237,"width":871,"height":12}},{"id":"ad70d025-2cf3-4beb-9d1e-5dfbe6590b44","block_type":"box","text":"served as a Director of the FAIR Institute, a not-for-profit organization dedicated to advancing the discipline of cyber risk","page_number":79,"box":{"x":89,"y":252,"width":842,"height":12}},{"id":"36b9dc6f-1483-44bc-bb22-5193fca47699","block_type":"box","text":"quantification, since 2020. Mr. Lam is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk","page_number":79,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"5f53bf74-d69d-4156-96a2-6a6c0c830d02","block_type":"box","text":"Management,” leading risk management books. He holds the NACD Directorship Certification and the NACD CERT","page_number":79,"box":{"x":89,"y":282,"width":804,"height":12}},{"id":"1ee51aaf-4a67-4c93-ac06-ecb084ac7f50","block_type":"box","text":"Certificate in Cyber-Risk Oversight. Mr. Lam has been an adjunct professor at Carnegie Mellon University since 2018 and a","page_number":79,"box":{"x":89,"y":297,"width":853,"height":12}},{"id":"77e6c374-d9b1-49d1-bad6-b37069ffe871","block_type":"box","text":"member of the Zicklin School of Business Dean’s Council of Baruch College since 2017. Mr. Lam has a BBA from Baruch","page_number":79,"box":{"x":89,"y":312,"width":833,"height":13}},{"id":"2cd260cd-e328-4231-882b-9d51c94e81ed","block_type":"box","text":"College and an MBA from the University of California, Los Angeles.","page_number":79,"box":{"x":89,"y":327,"width":465,"height":13}},{"id":"ea996fbe-b3b8-4f69-a30a-2523d142ab05","block_type":"box","text":"Drew E. Lawton has been a Director of the Company since 2017 and Chair of the Fixed Income Plus Committee of the","page_number":79,"box":{"x":89,"y":354,"width":820,"height":12}},{"id":"61907ef5-c99b-4b37-9dc1-b953ef03730e","block_type":"box","text":"Company since 2025. Mr. Lawton has also served as a Trustee of iShares Trust, a Trustee of iShares U.S. ETF Trust, and Chair","page_number":79,"box":{"x":89,"y":369,"width":868,"height":12}},{"id":"07a60e4c-5a29-4859-bcf9-a43450122af8","block_type":"box","text":"of the Fixed Income Plus Committee of each Board since 2025. Mr. Lawton also served as an Advisory Board Member of the","page_number":79,"box":{"x":89,"y":384,"width":863,"height":12}},{"id":"5c52c0a9-f5a5-490d-8e33-f529bbe2a8be","block_type":"box","text":"Company, iShares Trust and iShares U.S. ETF Trust from 2016 to 2017. Mr. Lawton served as Director of Principal Funds, Inc.,","page_number":79,"box":{"x":89,"y":399,"width":865,"height":13}},{"id":"3d56c412-ee41-4b57-a777-01004db8353d","block_type":"box","text":"Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 to October 2016. Mr. Lawton","page_number":79,"box":{"x":89,"y":414,"width":872,"height":13}},{"id":"30898b61-9afc-44f6-84b2-0ffa12e12b39","block_type":"box","text":"has also served as a member of the Compensation and Finance and Risk Committees and Director of Jackson Financial Inc.","page_number":79,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"f3cab19d-8c82-44be-9a60-e3c6d5ecd3f0","block_type":"box","text":"since 2021. Mr. Lawton served in various capacities at New York Life Insurance Company from 2010 to 2015, most recently as","page_number":79,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"620dbb96-e14a-4b93-b923-7f07261c6882","block_type":"box","text":"a Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":79,"box":{"x":89,"y":460,"width":855,"height":12}},{"id":"1b2b6846-5707-400b-bcd7-867624de257d","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":79,"box":{"x":89,"y":475,"width":804,"height":12}},{"id":"90ff5cf6-48eb-43d7-9333-c587e9a2fb42","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":79,"box":{"x":89,"y":490,"width":859,"height":12}},{"id":"fa42528a-8bef-419d-be95-f2428cfdd12f","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":79,"box":{"x":89,"y":505,"width":806,"height":12}},{"id":"aea3fb1b-d4b0-4431-9729-ccbbd8f73598","block_type":"box","text":"John E. Martinez has been a Director of the Company since 2003 and Chair of the Equity Plus Committee of the Company","page_number":79,"box":{"x":88,"y":531,"width":847,"height":13}},{"id":"6760ba45-8aca-4615-b9f1-9b97b919aa4d","block_type":"box","text":"since 2025. Mr. Martinez has also served as a Trustee of iShares Trust since 2003, a Trustee of iShares U.S. ETF Trust since","page_number":79,"box":{"x":89,"y":547,"width":849,"height":11}},{"id":"cf07f22b-2a96-48c2-94c3-1c1a9e9e69f0","block_type":"box","text":"2011, and Chair of the Equity Plus Committee of each Board since 2025. Mr. Martinez served as a Director of iShares MSCI","page_number":79,"box":{"x":89,"y":562,"width":849,"height":12}},{"id":"646ecb0b-742a-4052-aff9-9538b2ab312d","block_type":"box","text":"Russia Capped ETF, Inc. from 2010 to 2015. Mr. Martinez is a Director of Real Estate Equity Exchange, Inc., providing","page_number":79,"box":{"x":89,"y":577,"width":806,"height":12}},{"id":"43aca9a6-2289-4c85-9454-0d2f0139c698","block_type":"box","text":"governance oversight and consulting services to this privately held firm that develops products and strategies for","page_number":79,"box":{"x":89,"y":592,"width":790,"height":12}},{"id":"198d62c9-1204-4a99-bdd4-123bd6ec1a0e","block_type":"box","text":"homeowners in managing the equity in their homes. From 2017 to 2020, Mr. Martinez served as a Board member for the","page_number":79,"box":{"x":89,"y":607,"width":840,"height":12}},{"id":"617910e7-bc74-46e5-b1d9-4b47f74657fb","block_type":"box","text":"Cloudera Foundation. Mr. Martinez previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he","page_number":79,"box":{"x":89,"y":622,"width":863,"height":12}},{"id":"25001858-049c-477b-b230-3042e676b7f9","block_type":"box","text":"provided governance oversight representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through","page_number":79,"box":{"x":89,"y":637,"width":833,"height":13}},{"id":"eca470e4-1dd9-476c-8a11-596d1dd521f2","block_type":"box","text":"oversight of BGI’s worldwide activities. Mr. Martinez also previously served as Co-Chief Executive Officer of the Global Index","page_number":79,"box":{"x":89,"y":652,"width":863,"height":13}},{"id":"29673735-650c-4379-af44-b578988aa6d5","block_type":"box","text":"and Markets Group of BGI, Chairman of Barclays Global Investor Services and Chief Executive Officer of the Capital Markets","page_number":79,"box":{"x":89,"y":668,"width":860,"height":12}},{"id":"daa8d729-7723-4d3f-a7d5-e1299dacd4ee","block_type":"box","text":"Group of BGI. From 2003 to 2012, he was a Director and Executive Committee Member for Larkin Street Youth Services. He","page_number":79,"box":{"x":89,"y":683,"width":858,"height":12}},{"id":"664a815d-c44a-46f0-95b4-fc7617587b6f","block_type":"box","text":"now serves on the Larkin Street Honorary Board. From 2012 to 2016, Mr. Martinez served as a Director for Reading Partners.","page_number":79,"box":{"x":89,"y":698,"width":865,"height":12}},{"id":"e6c31ef3-bdc2-44c7-a0dd-9a80fe3b41d8","block_type":"box","text":"Mr. Martinez has an AB degree in economics from The University of California, Berkeley and holds an MBA degree in finance","page_number":79,"box":{"x":89,"y":713,"width":867,"height":12}},{"id":"f23f7f98-5806-4ce2-bef1-b33b04e23a8c","block_type":"box","text":"and statistics from The University of Chicago Booth School of Business.","page_number":79,"box":{"x":89,"y":728,"width":498,"height":12}},{"id":"beb66688-57ea-4b7a-88a4-329eecb3d1d7","block_type":"box","text":"Madhav V. Rajan has been a Director of the Company since 2011 and Chair of the Nominating and Governance Committee of","page_number":79,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"b1cc5eec-81d9-4afe-8b38-cab3d8d7a37c","block_type":"box","text":"the Company since 2025. Mr. Rajan has also served as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust since","page_number":79,"box":{"x":88,"y":770,"width":874,"height":12}},{"id":"c1d2ae7b-06c1-4dae-8732-96912295f710","block_type":"box","text":"2011, and Chair of the Nominating and Governance Committee of each Board since 2025. Mr. Rajan served as a Director of","page_number":79,"box":{"x":89,"y":785,"width":857,"height":12}},{"id":"98b83ec9-f43a-4dcc-b726-97e41d701386","block_type":"box","text":"iShares MSCI Russia Capped ETF, Inc. from 2011 to 2015. Mr. Rajan is the Dean and George Pratt Shultz Professor of","page_number":79,"box":{"x":89,"y":800,"width":810,"height":12}},{"id":"75cabb23-edba-49c8-9ce5-c164a7dc9a5f","block_type":"box","text":"Accounting at the University of Chicago Booth School of Business and also serves as Chair of the Board for the Center for","page_number":79,"box":{"x":88,"y":815,"width":848,"height":12}},{"id":"86e04d47-af34-4d34-987b-d37d0a5d3548","block_type":"box","text":"Research in Security Prices, LLC, an affiliate of the University of Chicago Booth School of Business, since 2020. He has served","page_number":79,"box":{"x":89,"y":830,"width":869,"height":12}},{"id":"de87bf41-d67a-45b9-9d00-aa075621d184","block_type":"box","text":"on the Advisory Board of C.M. Capital Corporation since 2016 and as a Director of C.M. Capital Corporation since 2020. Mr.","page_number":79,"box":{"x":89,"y":845,"width":857,"height":12}},{"id":"185f9c49-224b-45f9-bbf4-553fd2e022e1","block_type":"box","text":"Rajan has served as a director of WellBe Senior Medical since 2023. From 2001 to 2017, Mr. Rajan was the Robert K. Jaedicke","page_number":79,"box":{"x":89,"y":860,"width":864,"height":13}},{"id":"ad99cca4-21c2-4a26-bf26-d20a81225112","block_type":"box","text":"61","page_number":79,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"e8294b41-b79d-4a37-9c1f-f4813d508f10","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":80,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"478e0d3a-92ed-4c1b-a1df-716449eb2610","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":80,"box":{"x":88,"y":59,"width":850,"height":12}},{"id":"c3cee3d8-a1f6-4571-b587-6deb2c88ca41","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":80,"box":{"x":89,"y":74,"width":833,"height":12}},{"id":"f7cebc3f-1501-48a9-bd42-a9830cbe4e95","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":80,"box":{"x":88,"y":89,"width":867,"height":13}},{"id":"51e6b45e-bf30-4e63-b3e1-8b694b4afcba","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":80,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"6dc59a27-605d-422d-98f0-45d733ee383b","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":80,"box":{"x":89,"y":119,"width":798,"height":13}},{"id":"e759b066-da8c-4f6b-a75f-131a3bda8d01","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":80,"box":{"x":89,"y":135,"width":775,"height":12}},{"id":"4999d0f2-464e-4adf-ab1b-b759ca15fa20","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":80,"box":{"x":89,"y":161,"width":417,"height":12}},{"id":"60fa957c-c5c0-46b6-af7d-cb8f3c5c3d50","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":80,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"638b8294-c65b-481a-8269-0eb51ae70da6","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":80,"box":{"x":89,"y":203,"width":855,"height":12}},{"id":"d08fedb6-9f39-48e1-8f34-c823660ecd4b","block_type":"box","text":"accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Company’s charter. The","page_number":80,"box":{"x":89,"y":218,"width":878,"height":12}},{"id":"88acaf05-98d8-40b2-acfd-5a3462674ffb","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Directors. The Board currently conducts","page_number":80,"box":{"x":89,"y":233,"width":846,"height":12}},{"id":"e518265b-d4ce-4d62-b50f-fce8d39b4167","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":80,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"5bc6e285-d726-4256-9527-f39226b589fe","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":80,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"e4878b8f-d515-42d3-bd32-33cbd30bdddd","block_type":"box","text":"Independent Directors meet regularly outside the presence of management, in executive session or with other service","page_number":80,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"d0ff9255-873b-41e5-b6b4-32f6120746eb","block_type":"box","text":"providers to the Company.","page_number":80,"box":{"x":89,"y":293,"width":183,"height":13}},{"id":"dd7c9fe8-0b6e-487e-af67-cafa2cd2c163","block_type":"box","text":"The Board has appointed an Independent Director to serve in the role of Board Chair. The Board Chair’s role is to preside at all","page_number":80,"box":{"x":88,"y":320,"width":876,"height":12}},{"id":"f5fb59b5-9ca3-4aa0-b1f0-eab2e0978b7d","block_type":"box","text":"meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Directors generally between","page_number":80,"box":{"x":89,"y":335,"width":877,"height":12}},{"id":"a2c103f3-1260-4c5b-80e9-adabd21ac2c3","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":80,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"1deeeef4-2db4-4cf0-af21-d38919052331","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":80,"box":{"x":89,"y":365,"width":863,"height":12}},{"id":"e700409e-6150-4865-992a-f0b7cd7a161f","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":80,"box":{"x":89,"y":380,"width":803,"height":13}},{"id":"05367486-cca3-4bc4-a955-80afc88db469","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":80,"box":{"x":89,"y":395,"width":862,"height":13}},{"id":"ae863ad2-e10b-4a82-9753-4e3d0b640614","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":80,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"bae13060-bc21-44ce-a3ff-c0354dd991e0","block_type":"box","text":"the Funds with respect to certain specified matters. The Chair of each standing Committee is an Independent Director. The","page_number":80,"box":{"x":88,"y":426,"width":860,"height":12}},{"id":"14c9b60b-241f-4b05-982f-d397e1b3d740","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":80,"box":{"x":89,"y":441,"width":816,"height":12}},{"id":"b1828517-a6f6-4c01-b94d-43cfce425745","block_type":"box","text":"providers, officers, attorneys and other Directors between meetings. Each standing Committee meets regularly to conduct","page_number":80,"box":{"x":89,"y":456,"width":855,"height":12}},{"id":"f910be79-b8e1-445b-b442-386a97964c49","block_type":"box","text":"the oversight functions delegated to the Committee by the Board and reports its finding to the Board. The Board and each","page_number":80,"box":{"x":88,"y":471,"width":852,"height":12}},{"id":"7b7bef85-4ff3-4f7f-a144-7f03162a0de1","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":80,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"89e76bd9-99b1-4cb1-95b4-790ee6dcd9eb","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":80,"box":{"x":88,"y":501,"width":798,"height":13}},{"id":"134e72f8-11ff-4e28-a458-5ffccb4d7fcc","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Directors and the full Board to","page_number":80,"box":{"x":89,"y":516,"width":828,"height":13}},{"id":"ea1771c4-2343-4e6c-b0ae-2f77d70e2126","block_type":"box","text":"enhance effective oversight.","page_number":80,"box":{"x":89,"y":531,"width":194,"height":13}},{"id":"a1c1d018-f6bb-4f49-8724-aae9406f0997","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":80,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"66519a7d-1225-47cf-b453-8159cc508ee1","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":80,"box":{"x":88,"y":573,"width":845,"height":12}},{"id":"df7472c1-d655-4c7f-8866-a81aac4bd819","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":80,"box":{"x":89,"y":588,"width":836,"height":12}},{"id":"52942f2d-5e6c-4663-9ef5-3b9509e5b7c0","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":80,"box":{"x":89,"y":603,"width":813,"height":13}},{"id":"10c55fb6-58f0-4c6e-ba0f-3b05e4d6a982","block_type":"box","text":"eliminate all of the risks applicable to the Funds. The Directors have an oversight role in this area, satisfying themselves that","page_number":80,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"a57cac6c-d20a-482d-a9f0-dac1d54ca92a","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":80,"box":{"x":89,"y":633,"width":831,"height":13}},{"id":"6af2812f-1a95-44a8-9b30-ff64d3240c64","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":80,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"d22df532-e3d6-4349-a708-fc229f863783","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":80,"box":{"x":89,"y":664,"width":828,"height":12}},{"id":"f78dc973-9e7b-4244-aa40-a0784a371990","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":80,"box":{"x":89,"y":679,"width":874,"height":12}},{"id":"2dbebec6-1131-42cc-ad77-07eb2a4ec4d1","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":80,"box":{"x":89,"y":694,"width":871,"height":12}},{"id":"fa66c653-db98-41af-b602-865a5be2a907","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":80,"box":{"x":89,"y":709,"width":858,"height":12}},{"id":"3a9917b4-6fe7-4f4c-b8aa-415596bba772","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":80,"box":{"x":88,"y":724,"width":848,"height":13}},{"id":"9b1f6d43-3ce9-42a1-955e-c4ac00b14c7b","block_type":"box","text":"registered public accounting firm for the Company, as appropriate, regarding risks faced by each Fund and management’s","page_number":80,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"1a693189-bd86-4eb6-965e-9b80baf9cab9","block_type":"box","text":"risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the","page_number":80,"box":{"x":89,"y":754,"width":840,"height":13}},{"id":"468449cc-19ca-4100-8f8f-62602115740d","block_type":"box","text":"Company’s compliance program, including assessments by independent third parties, and reports to the Board regarding","page_number":80,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"9eca4099-6f29-4e9a-b4e3-88e4f0d17b15","block_type":"box","text":"compliance matters for the Company and its principal service providers. In testing and maintaining the compliance program,","page_number":80,"box":{"x":89,"y":785,"width":871,"height":12}},{"id":"f8dea053-f19c-4125-a5e6-f0b947f8b22a","block_type":"box","text":"the Chief Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses","page_number":80,"box":{"x":88,"y":800,"width":852,"height":12}},{"id":"dece0a3c-babe-44e8-994f-b951cab1e0a4","block_type":"box","text":"them in periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered","page_number":80,"box":{"x":88,"y":815,"width":861,"height":12}},{"id":"9abab6cf-7a07-470e-91c4-9ab096c0e1d1","block_type":"box","text":"public accounting firm and BFA’s internal audit group to review risk controls in place that support each Fund as well as test","page_number":80,"box":{"x":89,"y":830,"width":860,"height":12}},{"id":"8fcd5f4f-315d-452a-8c0f-87befe6a5568","block_type":"box","text":"results. Board oversight of risk is also performed as needed between meetings through communications between BFA and","page_number":80,"box":{"x":89,"y":845,"width":855,"height":12}},{"id":"8bdd3d13-c950-454d-b36a-f29933fde2c9","block_type":"box","text":"the Board. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight","page_number":80,"box":{"x":88,"y":860,"width":863,"height":13}},{"id":"c8922475-d526-4a1a-95ea-7025397f8df9","block_type":"box","text":"62","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4ed4c627-38a1-40fd-9474-047f2bd20553","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":81,"box":{"x":89,"y":44,"width":821,"height":12}},{"id":"b8391f9d-a0de-401b-928f-36245f6ffb42","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":81,"box":{"x":89,"y":59,"width":704,"height":12}},{"id":"5677724c-c689-4970-8673-a507335a6106","block_type":"box","text":"Committees of the Board of Directors.","page_number":81,"box":{"x":89,"y":85,"width":273,"height":10}},{"id":"07ad0e55-5ae2-4d15-9314-a645f7e22325","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":81,"box":{"x":370,"y":85,"width":556,"height":13}},{"id":"5c5e5a59-26e9-4cfe-ae4f-18ec5e4bf6ea","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":81,"box":{"x":89,"y":101,"width":825,"height":12}},{"id":"e16b1358-3bb3-49af-a223-cd7ef1248b8c","block_type":"box","text":"Independent Director. The purposes of the Audit Committee are to assist the Board (i) in its oversight of the Company’s","page_number":81,"box":{"x":89,"y":116,"width":834,"height":12}},{"id":"c2443bea-6f9d-4328-b010-767a602dad52","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":81,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"61746b5e-caeb-4dd4-a6b9-9761711712c6","block_type":"box","text":"the Company; (ii) in its oversight of the Company’s financial statements and the independent audit thereof; (iii) in selecting,","page_number":81,"box":{"x":88,"y":146,"width":864,"height":12}},{"id":"c39d9193-4420-4d39-a4b9-d95a25e6b7f9","block_type":"box","text":"evaluating and, where deemed appropriate, replacing the independent accountants (or nominating the independent","page_number":81,"box":{"x":89,"y":161,"width":814,"height":12}},{"id":"6cd5fe60-6bf6-4aff-8cd2-40e5b7033f36","block_type":"box","text":"accountants to be proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the","page_number":81,"box":{"x":89,"y":176,"width":843,"height":13}},{"id":"7b21e798-5f30-41c8-9aa2-7c13f1f0ec90","block_type":"box","text":"independent accountants; (v) in complying with legal and regulatory requirements that relate to the Company’s accounting","page_number":81,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"f9c17cc9-8bb0-4cf2-9bca-d0b1f330a9af","block_type":"box","text":"and financial reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other","page_number":81,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"e62fd6a4-0231-4f37-ab82-30278787eb14","block_type":"box","text":"responsibilities as may be delegated by the Board. The Audit Committee met five times during the fiscal year ended August","page_number":81,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"1d457cd4-3f46-4b22-9c9b-7bdd566b46f7","block_type":"box","text":"31, 2025.","page_number":81,"box":{"x":89,"y":237,"width":61,"height":11}},{"id":"4230c469-58cb-4ddd-9307-9e06d959daf9","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":81,"box":{"x":88,"y":263,"width":830,"height":12}},{"id":"0a4a4395-68ed-4939-a425-190d3fa95ab8","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Director. The Nominating and Governance Committee","page_number":81,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"4aedf71c-368b-469e-84b0-8d24cea051d0","block_type":"box","text":"nominates individuals for Independent Director membership on the Board and recommends appointments to the Advisory","page_number":81,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"9f85b618-51fb-4fcd-b236-58e12f399190","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":81,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"9209685e-5d0b-46f2-9f31-0579d9c4caa9","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Director; (ii) recommending to the","page_number":81,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"8a4ec5e9-7e76-45f5-a62b-083580347976","block_type":"box","text":"Board and current Independent Directors the nominee(s) for appointment as an Independent Director by the Board and","page_number":81,"box":{"x":89,"y":339,"width":836,"height":12}},{"id":"ee433df0-6b99-44b2-a4c4-673ae5da42e9","block_type":"box","text":"current Independent Directors and/or for election as Independent Directors by shareholders to fill any vacancy for a position","page_number":81,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"624eb263-0f20-4baf-8714-6caf0f8dbf35","block_type":"box","text":"of Independent Director(s) on the Board; (iii) recommending to the Board and current Independent Directors the size and","page_number":81,"box":{"x":89,"y":369,"width":848,"height":12}},{"id":"bf90e39f-e129-492a-865f-3db32a5ad92a","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":81,"box":{"x":89,"y":384,"width":814,"height":12}},{"id":"c756c28e-d4cb-461a-bb2a-6e03dfd63b95","block_type":"box","text":"recommending a current Independent Director to the Board and current Independent Directors to serve as Board Chair; (v)","page_number":81,"box":{"x":89,"y":399,"width":858,"height":13}},{"id":"479500da-ac9c-4723-b5f3-cfdd4b07d3f8","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":81,"box":{"x":89,"y":414,"width":820,"height":13}},{"id":"8ada28f4-64ac-45aa-9ad8-10ca32b7f590","block_type":"box","text":"Independent Directors for their services as Directors, members or chairpersons of committees of the Board, Board Chair and","page_number":81,"box":{"x":89,"y":429,"width":868,"height":13}},{"id":"5740cb60-57ab-4100-803a-70659e910c72","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":81,"box":{"x":89,"y":445,"width":867,"height":12}},{"id":"317416a1-c226-41ed-8a33-a3e05cbaa35b","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":81,"box":{"x":89,"y":460,"width":812,"height":12}},{"id":"28e1d965-e9f5-401f-aa03-f03c2cde22e8","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":81,"box":{"x":89,"y":475,"width":852,"height":12}},{"id":"5887b39e-9cb5-4339-9151-dc7f41a9e108","block_type":"box","text":"year ended August 31, 2025.","page_number":81,"box":{"x":88,"y":490,"width":199,"height":12}},{"id":"50972638-8572-42fa-811d-4337052735a1","block_type":"box","text":"Each Independent Director serves on the 15(c) Committee. The Chair of the 15(c) Committee is Richard L. Fagnani. The","page_number":81,"box":{"x":89,"y":516,"width":835,"height":13}},{"id":"ced5b9dd-2ac4-4957-acf8-3cf15b27b4a6","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":81,"box":{"x":89,"y":531,"width":865,"height":13}},{"id":"320deb7e-518c-4f4f-8dae-b7a8b975f468","block_type":"box","text":"the annual review and renewal of the Company’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":81,"box":{"x":88,"y":547,"width":854,"height":12}},{"id":"c9db49c4-74db-422e-b18a-a3caa76d70b0","block_type":"box","text":"meeting with BlackRock, Inc. in advance of the Board meeting at which the Company’s advisory and sub-advisory","page_number":81,"box":{"x":89,"y":562,"width":795,"height":12}},{"id":"f76cc054-1843-4725-9d95-0e2c22292308","block_type":"box","text":"agreements are to be considered to discuss generally the process for providing requested information to the Board and the","page_number":81,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"ba13e6da-fc2a-4d2a-838e-03a9cd08abc3","block_type":"box","text":"format in which information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and","page_number":81,"box":{"x":88,"y":592,"width":878,"height":12}},{"id":"adcbc380-0ab6-4315-bc13-d0667e549afa","block_type":"box","text":"information as may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory","page_number":81,"box":{"x":89,"y":607,"width":822,"height":12}},{"id":"c5146afe-e7c9-47ec-af60-0449d31b91c9","block_type":"box","text":"agreements of the Company. The 15(c) Committee met two times during the fiscal year ended August 31, 2025.","page_number":81,"box":{"x":89,"y":622,"width":782,"height":12}},{"id":"e7871101-864f-4a62-bb94-49fc9020eea7","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":81,"box":{"x":88,"y":649,"width":837,"height":12}},{"id":"338b381c-bdf2-464c-a0cc-55a36b2a393e","block_type":"box","text":"Martinez, each of whom is an Independent Director. The principal responsibilities of the Securities Lending Committee are to","page_number":81,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"3b2236b9-1c2f-4a23-9c1d-b9e0bc87d1eb","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of the Company’s securities lending activities.","page_number":81,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"b76a2c13-173a-4494-9fa0-3155852a8773","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":81,"box":{"x":88,"y":694,"width":819,"height":12}},{"id":"e6aab70f-7a68-4a1f-9b97-22a9cee22f27","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":81,"box":{"x":89,"y":709,"width":877,"height":12}},{"id":"1012b434-f9ad-4b2c-8edc-6eb0b3a14c61","block_type":"box","text":"other matters and information as may be necessary and appropriate for the Board to oversee the Company’s securities","page_number":81,"box":{"x":89,"y":724,"width":829,"height":13}},{"id":"5f572358-263f-465b-9d77-a4366b0e4b07","block_type":"box","text":"lending activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the","page_number":81,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"97324f21-bcc3-4565-aa15-74f28015e969","block_type":"box","text":"annual approval of the Company’s Securities Lending Guidelines and the required findings with respect to, and annual","page_number":81,"box":{"x":89,"y":754,"width":824,"height":13}},{"id":"90df42a2-696e-4bd3-b418-3bd627e9cc32","block_type":"box","text":"approval of, the Company’s agreement with the securities lending agent. The Securities Lending Committee met five times","page_number":81,"box":{"x":89,"y":770,"width":856,"height":12}},{"id":"76c3124b-3f80-4cd2-83a7-ef39108a64f1","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":81,"box":{"x":89,"y":785,"width":315,"height":12}},{"id":"63773b20-4ff2-4e37-9fb0-fac63cffbeac","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":81,"box":{"x":88,"y":811,"width":843,"height":12}},{"id":"5517f8d8-eab4-4da5-933b-25bfc5329a0b","block_type":"box","text":"Herbert, each of whom is an Independent Director. The principal responsibilities of the Equity Plus Committee are to support,","page_number":81,"box":{"x":89,"y":826,"width":873,"height":13}},{"id":"bb4e2f22-397e-4c03-a064-8d89b237b6c7","block_type":"box","text":"oversee and organize on behalf of the Board the process for oversight of Company performance and related matters for","page_number":81,"box":{"x":89,"y":841,"width":834,"height":13}},{"id":"4e1b75b2-45df-483b-a34c-c340b6b5ed29","block_type":"box","text":"equity funds. These responsibilities include: (i) reviewing quarterly reports regarding Company performance, secondary","page_number":81,"box":{"x":89,"y":856,"width":836,"height":13}},{"id":"09f3057d-8de6-4168-8e0e-653acecb5512","block_type":"box","text":"63","page_number":81,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a9bd5291-e9f9-4d1b-9138-b17473d54393","block_type":"box","text":"market trading and changes in net assets to identify any matters that should be brought to the attention of the Board; and (ii)","page_number":82,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"c2340688-b148-424c-b14b-2f57e5b1a487","block_type":"box","text":"considering any performance or investment related matters as may be delegated to the Committee by the Board from time to","page_number":82,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"173dc4e5-0d0f-4ee7-99bf-3eca0031c064","block_type":"box","text":"time and providing a report or recommendation to the Board as appropriate. The Equity Plus Committee met four times","page_number":82,"box":{"x":88,"y":74,"width":837,"height":12}},{"id":"6c29bbdc-614f-4ebe-bff6-81898921437a","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":82,"box":{"x":89,"y":89,"width":315,"height":13}},{"id":"e2b825a6-1cd9-4006-8fc4-9bae33b47182","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":82,"box":{"x":88,"y":116,"width":880,"height":12}},{"id":"5e730327-cc28-4678-b190-d3b721203b69","block_type":"box","text":"V. Rajan, each of whom is an Independent Director. The principal responsibilities of the Fixed Income Plus Committee are to","page_number":82,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"5cb0c8cc-1ea9-4656-80b3-9f1806048b9a","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of Company performance and related matters","page_number":82,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"9fa431c5-2326-4d21-a408-ee4f0281f1bc","block_type":"box","text":"for fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Company","page_number":82,"box":{"x":88,"y":161,"width":836,"height":12}},{"id":"1531c8a4-a6e9-4814-941e-dd51bf7fefc8","block_type":"box","text":"performance, secondary market trading and changes in net assets to identify any matters that should be brought to the","page_number":82,"box":{"x":89,"y":176,"width":837,"height":13}},{"id":"6faf8df7-812b-4f1b-95c8-fa9204e907a7","block_type":"box","text":"attention of the Board; and (ii) considering any performance or investment related matters as may be delegated to the","page_number":82,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"ac439e44-6b59-4f6a-9ba0-d0bda9d14a98","block_type":"box","text":"Committee by the Board from time to time and providing a report or recommendation to the Board as appropriate. The Fixed","page_number":82,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"82b357fd-74ce-4e50-a7de-3992bf9be471","block_type":"box","text":"Income Plus Committee met four times during the fiscal year ended August 31, 2025.","page_number":82,"box":{"x":89,"y":222,"width":596,"height":12}},{"id":"7f98d985-70f9-4b41-8cf6-5c9d76dad3fc","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":82,"box":{"x":88,"y":248,"width":838,"height":12}},{"id":"30d30051-32f1-4cec-98f3-7389431a4e89","block_type":"box","text":"2025), Cecilia H. Herbert, Drew E. Lawton and Madhav V. Rajan, each of whom is an Independent Director. The principal","page_number":82,"box":{"x":89,"y":263,"width":837,"height":12}},{"id":"9ca10a32-b3e6-4abc-a89b-80a2de41e7b0","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":82,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"6f5fdc5a-8ba8-4ba3-8230-97435718ca59","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":82,"box":{"x":88,"y":293,"width":850,"height":13}},{"id":"2449a6c6-654f-4c20-8ed4-d48bd47fdb8f","block_type":"box","text":"Risk Committee met five times during the fiscal year ended August 31, 2025.","page_number":82,"box":{"x":89,"y":308,"width":534,"height":13}},{"id":"aad50cb7-5366-446c-9a5c-11b585bad842","block_type":"box","text":"As the Chair of the Board, John E. 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If a fund is not listed below, the Director did not own any securities in that fund as of","page_number":82,"box":{"x":89,"y":392,"width":875,"height":12}},{"id":"5c3e30e4-e276-4d62-a225-f3b8f7d7a6c8","block_type":"box","text":"the date indicated above:","page_number":82,"box":{"x":88,"y":407,"width":176,"height":9}},{"id":"d38969e7-3993-41fb-b7d7-6ba0cd28c48f","block_type":"box","text":"Name Fund","page_number":82,"box":{"x":145,"y":497,"width":302,"height":8}},{"id":"4ca6d6de-3512-4d31-ac64-73df122b4ea4","block_type":"box","text":"Dollar Range of Equity","page_number":82,"box":{"x":647,"y":487,"width":128,"height":10}},{"id":"d5bdd99a-b108-4ceb-b44e-911c93754a8c","block_type":"box","text":"Securities in Named Fund","page_number":82,"box":{"x":637,"y":497,"width":147,"height":8}},{"id":"d2422cc3-b4ed-468f-a722-37791a6cc7c7","block_type":"box","text":"Aggregate Dollar Range","page_number":82,"box":{"x":821,"y":436,"width":138,"height":10}},{"id":"0a405646-4c3c-40c6-98af-00e3f71caea3","block_type":"box","text":"of Equity Securities in all","page_number":82,"box":{"x":820,"y":446,"width":140,"height":10}},{"id":"f2e7cf76-5369-4d99-9aa3-cf88197152a4","block_type":"box","text":"Registered Investment","page_number":82,"box":{"x":826,"y":457,"width":129,"height":9}},{"id":"eb68922d-d504-4783-851f-e8620fb9179a","block_type":"box","text":"Companies Overseen by","page_number":82,"box":{"x":821,"y":467,"width":139,"height":9}},{"id":"44b35131-9fb1-4617-917c-7bb87bd81ccc","block_type":"box","text":"Director","page_number":82,"box":{"x":867,"y":477,"width":47,"height":7}},{"id":"3f59de0d-ce02-4eed-9b26-9bd8b6034f73","block_type":"box","text":"in Family of","page_number":82,"box":{"x":857,"y":487,"width":67,"height":10}},{"id":"ebbad5c3-3392-4455-8bf9-fe8f5f8bf5e9","block_type":"box","text":"Investment Companies","page_number":82,"box":{"x":825,"y":497,"width":131,"height":10}},{"id":"f77dd91c-b2f1-495d-9ce1-e712cf410746","block_type":"box","text":"Robert S. 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The annual retainer for services as an Advisory Board Member is the same as the annual","page_number":85,"box":{"x":89,"y":756,"width":866,"height":12}},{"id":"73e0b74a-0962-44b9-8f4a-c4b1fa7c736d","block_type":"box","text":"retainer for services as a Board member. The Independent Chair of the Board is paid an additional annual retainer of","page_number":85,"box":{"x":89,"y":771,"width":809,"height":12}},{"id":"12abf48a-7b4a-4bf8-8067-2d2f2ddace67","block_type":"box","text":"$125,000. The Chair of each of the Audit Committee, Risk Committee, Equity Plus Committee, Fixed Income Plus Committee,","page_number":85,"box":{"x":89,"y":786,"width":873,"height":12}},{"id":"05fe7ee9-6810-41d5-8d0f-e63fbf47e0d8","block_type":"box","text":"Securities Lending Committee, Nominating and Governance Committee and 15(c) Committee is paid an additional annual","page_number":85,"box":{"x":88,"y":801,"width":854,"height":12}},{"id":"e965ff8b-d4e8-4f68-8b9c-e28810e4c87e","block_type":"box","text":"retainer of $50,000. The Co-Chair of each of the Audit Committee and Risk Committee was paid an additional retainer of","page_number":85,"box":{"x":89,"y":816,"width":846,"height":13}},{"id":"b72d86c4-456b-4e6a-8dc1-27087d6665e9","block_type":"box","text":"$25,000. 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BlackRock may, in certain cases, elect to","page_number":97,"box":{"x":89,"y":649,"width":821,"height":12}},{"id":"a94ca920-6cd6-4001-8d4b-deba55721ef4","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":97,"box":{"x":89,"y":664,"width":858,"height":12}},{"id":"2b3e8129-b5d2-4fcd-b1f5-d6590f391ea0","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":97,"box":{"x":89,"y":679,"width":866,"height":12}},{"id":"331f1849-b822-4c6b-8d46-0f998597c9f2","block_type":"box","text":"so.","page_number":97,"box":{"x":89,"y":697,"width":18,"height":7}},{"id":"1abd45aa-2167-4c3f-bc27-103592909f5a","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by BlackRock. For","page_number":97,"box":{"x":89,"y":720,"width":878,"height":13}},{"id":"7db39fcc-fc4b-427d-9411-c4d5b528c384","block_type":"box","text":"example, the sale of a long position or establishment of a short position by a Fund may impair the price of the same security","page_number":97,"box":{"x":89,"y":736,"width":869,"height":12}},{"id":"fb307682-f26d-49bc-ab3f-183c38f33dc8","block_type":"box","text":"sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the purchase of a security or covering of a","page_number":97,"box":{"x":89,"y":751,"width":874,"height":12}},{"id":"8df6229f-62ab-49f6-b0fc-34e916ffa14d","block_type":"box","text":"short position in a security by a Fund may increase the price of the same security held by (and therefore benefit) BlackRock or","page_number":97,"box":{"x":89,"y":766,"width":879,"height":12}},{"id":"1444d384-bc12-4dcf-8eb7-5e78d6b89da1","block_type":"box","text":"its other accounts or funds.","page_number":97,"box":{"x":89,"y":781,"width":191,"height":10}},{"id":"fadde7d5-f371-41f2-93c0-b6683ea90668","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or extend credit","page_number":97,"box":{"x":89,"y":807,"width":875,"height":13}},{"id":"04d9c556-8be0-472c-81de-b2692b1a0ae8","block_type":"box","text":"to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide advice or engage in other","page_number":97,"box":{"x":88,"y":822,"width":854,"height":13}},{"id":"20554dac-93b4-4cb2-ac67-f5c4dd1dc444","block_type":"box","text":"activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of other clients with","page_number":97,"box":{"x":89,"y":838,"width":835,"height":12}},{"id":"b228cbb7-866a-4796-9ff3-d5e4cf3bf65f","block_type":"box","text":"respect to an issuer in which a Fund has invested, and such actions (or refraining from action) may have a material adverse","page_number":97,"box":{"x":89,"y":853,"width":861,"height":12}},{"id":"35032099-c7dd-4a57-8f0b-d638c55d934f","block_type":"box","text":"79","page_number":97,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a806729e-1033-4121-9593-5b893d679b87","block_type":"box","text":"effect on the Fund. 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For example, BlackRock may determine to rely on information","page_number":98,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"0301bd6f-623e-434d-9f80-b01cda5d1735","block_type":"box","text":"barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":98,"box":{"x":89,"y":104,"width":831,"height":13}},{"id":"88d0f4b7-5c99-4318-88d2-2ed80ddf5dd5","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":98,"box":{"x":89,"y":119,"width":841,"height":13}},{"id":"41bedf70-64aa-4a07-a989-3676f21686b7","block_type":"box","text":"behalf of the Funds.","page_number":98,"box":{"x":89,"y":135,"width":138,"height":9}},{"id":"d20a0fd1-617f-4f19-a368-f693635be2b4","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":98,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"d5a4ce87-1eb0-4785-a7a6-947bd5dd41cb","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":98,"box":{"x":89,"y":176,"width":870,"height":13}},{"id":"8aead25a-683b-4a5e-8c19-05cdda4d6916","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":98,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"e926dbd3-8eb5-4e62-9859-a2500883ac7e","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":98,"box":{"x":89,"y":206,"width":541,"height":13}},{"id":"a2638a2c-6525-4620-93f4-8f9d7035114e","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":98,"box":{"x":89,"y":233,"width":827,"height":12}},{"id":"eeddb97f-023e-4ed6-8635-31e319537ad7","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":98,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"d47fb9e5-6bd8-47a0-a495-a9d2eb8dcca7","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":98,"box":{"x":89,"y":263,"width":804,"height":12}},{"id":"f1549b5b-095a-4d01-94ea-cd4bac331314","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":98,"box":{"x":89,"y":278,"width":872,"height":13}},{"id":"8edd3ad3-7332-4da4-a8a7-51256e61a38f","block_type":"box","text":"regulatory issues relating to these transactions which could limit BlackRock’s decision to engage in these transactions for the","page_number":98,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"519fb45b-b442-40ab-bc62-e352ecbe126d","block_type":"box","text":"Funds. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":98,"box":{"x":89,"y":308,"width":788,"height":13}},{"id":"b194dfdb-2197-42a7-8926-2b3043bdf86b","block_type":"box","text":"transactions.","page_number":98,"box":{"x":88,"y":325,"width":90,"height":8}},{"id":"c9ae6e45-cf1e-4cc6-ad3f-db4110f27560","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":98,"box":{"x":89,"y":350,"width":839,"height":12}},{"id":"1d460962-9883-415a-b884-51a15f8685c4","block_type":"box","text":"activities may have an adverse effect on the Fund. 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It","page_number":98,"box":{"x":89,"y":437,"width":873,"height":12}},{"id":"aac7c366-7711-41ac-858e-4d1efbe78a04","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":98,"box":{"x":89,"y":452,"width":851,"height":12}},{"id":"7420e3d7-d4e0-4e7b-83a4-eb03dd56f783","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":98,"box":{"x":89,"y":467,"width":859,"height":13}},{"id":"e1257f5e-801e-43bc-9d85-817d440e7a3d","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":98,"box":{"x":88,"y":482,"width":840,"height":13}},{"id":"8cab7345-84fd-466d-9a40-a33039b9ccc0","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":98,"box":{"x":89,"y":497,"width":433,"height":13}},{"id":"9dc5256c-c94f-4e53-a8a8-b96fd0c4d63e","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":98,"box":{"x":89,"y":524,"width":838,"height":12}},{"id":"c090dbb1-3f2c-4c84-b8f3-434e063dfd83","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":98,"box":{"x":89,"y":539,"width":845,"height":12}},{"id":"30088957-3e05-49a9-b35c-6b530d8c8fd6","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":98,"box":{"x":89,"y":554,"width":839,"height":12}},{"id":"8ee645be-6007-46b3-9c09-79908e0f7ddc","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":98,"box":{"x":88,"y":569,"width":850,"height":13}},{"id":"5787bae1-591f-4a7b-a0e9-9a50fcf737a2","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":98,"box":{"x":89,"y":584,"width":867,"height":13}},{"id":"9a21265c-0685-493b-8dac-56ee501844ff","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":98,"box":{"x":89,"y":599,"width":850,"height":13}},{"id":"51a34d50-8306-41d8-bfe7-732de86b92e3","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":98,"box":{"x":89,"y":615,"width":860,"height":12}},{"id":"1ef8974c-d53e-4338-8079-25b2737031fa","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":98,"box":{"x":88,"y":630,"width":678,"height":12}},{"id":"d9dc7e51-1b36-4992-9bbc-408883e6d09c","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":98,"box":{"x":89,"y":656,"width":859,"height":13}},{"id":"7781b8b6-b9d6-4ce3-afb5-480d9367ab8b","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":98,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"81344db8-2def-44f4-af94-2b23f9f0ce0f","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":98,"box":{"x":89,"y":686,"width":854,"height":13}},{"id":"2500463d-8bad-4b63-89e6-f1015b8d30b8","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":98,"box":{"x":89,"y":702,"width":815,"height":12}},{"id":"e99bc50a-1936-4e43-acde-7608b0288603","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":98,"box":{"x":89,"y":717,"width":858,"height":12}},{"id":"cefc1146-731b-4a32-8a8e-96b580f73f37","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":98,"box":{"x":89,"y":732,"width":818,"height":12}},{"id":"ea15bbca-f1ce-4176-b238-afcf62ba40bd","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":98,"box":{"x":89,"y":747,"width":845,"height":12}},{"id":"658a44af-d7df-41a3-b705-f5051e5fd31a","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":98,"box":{"x":88,"y":762,"width":568,"height":12}},{"id":"ab65f71d-6fb4-4a51-b417-fd8c1e474fc8","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":98,"box":{"x":88,"y":788,"width":852,"height":13}},{"id":"28fc7c0e-4c85-4d66-8202-455e4a82ae6c","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":98,"box":{"x":89,"y":804,"width":851,"height":12}},{"id":"9a994af4-8465-4d53-a36c-956a5c921c47","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":98,"box":{"x":89,"y":819,"width":875,"height":12}},{"id":"46282c06-745d-4b3c-87ba-2e503c47e382","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":98,"box":{"x":89,"y":834,"width":869,"height":12}},{"id":"0f6c45e6-9926-4842-bcc7-5d42241665c8","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":98,"box":{"x":89,"y":849,"width":868,"height":12}},{"id":"192c1e74-bd48-4d9f-91bd-c490b48c2b5c","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":98,"box":{"x":89,"y":864,"width":815,"height":12}},{"id":"b1150ba7-1546-4ee2-a72e-370916f7aa98","block_type":"box","text":"80","page_number":98,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a6407e54-35d9-44a9-aab0-01ee736155a6","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":99,"box":{"x":89,"y":44,"width":865,"height":12}},{"id":"dfa9a92e-ee3a-458d-bb71-d1b32d71fcd9","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":99,"box":{"x":88,"y":59,"width":573,"height":12}},{"id":"16e1c241-dd69-4a94-868c-69a4b45b315d","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":99,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"483fe073-5886-4051-b218-c79cad2b786c","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":99,"box":{"x":89,"y":101,"width":817,"height":12}},{"id":"e8304889-8254-4279-8b97-3f4bac059b11","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":99,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"7daf706b-f550-4c96-9763-c99dd5e62b05","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":99,"box":{"x":89,"y":131,"width":851,"height":12}},{"id":"5c61bc3e-d1a1-4847-82b6-2810cb460169","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":99,"box":{"x":88,"y":146,"width":839,"height":12}},{"id":"ad7a075d-1e1d-4e3f-9218-c2a3618876be","block_type":"box","text":"BlackRock.","page_number":99,"box":{"x":89,"y":161,"width":74,"height":10}},{"id":"5870cc31-7ed5-4c84-993f-99f77d103c92","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":99,"box":{"x":89,"y":188,"width":872,"height":12}},{"id":"b3c07bc4-08c2-4e13-b25b-233d3c55bc46","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":99,"box":{"x":89,"y":203,"width":848,"height":12}},{"id":"e6ff3733-99bf-464b-a596-d0268b532b17","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":99,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"8517dcae-4e1d-4c08-802e-bcd7d95deaaa","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":99,"box":{"x":89,"y":233,"width":847,"height":12}},{"id":"f51ed779-3597-4d47-ab2b-6a38960f379b","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":99,"box":{"x":89,"y":248,"width":837,"height":12}},{"id":"43ab06ef-ce87-461b-8bdd-0e3582c70a10","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":99,"box":{"x":88,"y":263,"width":857,"height":12}},{"id":"34ca8616-40a5-4885-8a18-1d20be227f84","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":99,"box":{"x":89,"y":278,"width":870,"height":13}},{"id":"746878f7-543a-41f7-990e-4defbed2cfba","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":99,"box":{"x":89,"y":293,"width":839,"height":13}},{"id":"846a5087-cf7c-4c6a-91c8-71afb1be498b","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":99,"box":{"x":88,"y":308,"width":859,"height":12}},{"id":"201120cf-93c4-4c29-8c85-417073394374","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":99,"box":{"x":88,"y":324,"width":875,"height":12}},{"id":"2a1424ee-77b6-4756-89ca-285bf533965a","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":99,"box":{"x":88,"y":339,"width":817,"height":12}},{"id":"0e8f98b3-26b2-463e-bb51-6650da547826","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":99,"box":{"x":89,"y":354,"width":248,"height":12}},{"id":"2b569e69-b28f-44d0-b987-80d21f42446c","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":99,"box":{"x":88,"y":380,"width":801,"height":13}},{"id":"8905630c-ff49-47b6-bfc8-7793df7b279d","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":99,"box":{"x":89,"y":395,"width":836,"height":13}},{"id":"a92bf70e-4df6-4fec-a870-28fed193d915","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":99,"box":{"x":89,"y":410,"width":855,"height":13}},{"id":"9c23ee86-81f4-4caa-ad0a-7a6796d7a368","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":99,"box":{"x":89,"y":426,"width":854,"height":12}},{"id":"224efce2-8c30-417f-ac41-3e2d70fd080a","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":99,"box":{"x":89,"y":441,"width":855,"height":12}},{"id":"c74ac121-4f27-42c0-a325-00799947d67e","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":99,"box":{"x":89,"y":456,"width":858,"height":12}},{"id":"229015fb-fafc-49b5-a473-802203f12142","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":99,"box":{"x":89,"y":471,"width":820,"height":12}},{"id":"1dd2d4dd-e30e-4408-b040-5f1b7688322a","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":99,"box":{"x":89,"y":486,"width":329,"height":12}},{"id":"2ec0735b-4290-4482-a7f5-06cdecc2aeb8","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":99,"box":{"x":88,"y":513,"width":821,"height":12}},{"id":"bc2efbb0-8dbe-40ce-8a6d-aa52af4d00aa","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":99,"box":{"x":89,"y":528,"width":850,"height":12}},{"id":"d6e4a5ca-4f6b-4405-881d-d9461f824b07","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":99,"box":{"x":89,"y":543,"width":874,"height":12}},{"id":"f2dc55a8-7898-4e6e-9b1c-a0d33f0ec18e","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":99,"box":{"x":89,"y":558,"width":824,"height":12}},{"id":"9e7a8155-0a86-4800-9465-c5025f7f303c","block_type":"box","text":"amounts.","page_number":99,"box":{"x":89,"y":574,"width":65,"height":9}},{"id":"5da98187-e1f8-40e4-933a-fe8f53f21cea","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":99,"box":{"x":88,"y":599,"width":858,"height":13}},{"id":"df17aa96-f9ed-4afe-91e4-3491c73762dc","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":99,"box":{"x":89,"y":615,"width":856,"height":12}},{"id":"5de83b6e-62bc-4517-969a-5799d82562cc","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":99,"box":{"x":89,"y":630,"width":873,"height":12}},{"id":"4b18600a-cb84-44a0-baef-ad8e1a90a15d","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":99,"box":{"x":89,"y":645,"width":831,"height":12}},{"id":"3f658548-699a-499e-8631-250830274e4b","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":99,"box":{"x":89,"y":660,"width":820,"height":12}},{"id":"740bdb0d-3202-4d61-9209-4c4ecf1ff80e","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":99,"box":{"x":89,"y":686,"width":851,"height":13}},{"id":"22d94d1e-5cf9-4cd7-84e1-16a050c018b7","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":99,"box":{"x":89,"y":702,"width":869,"height":12}},{"id":"da492c64-64b2-492c-b667-f3f904413d5f","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":99,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"2d5a7085-debd-447c-9aff-325b9eef93ff","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":99,"box":{"x":89,"y":732,"width":872,"height":12}},{"id":"4f855681-c404-49a8-9e0a-a2611a2c3289","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":99,"box":{"x":89,"y":747,"width":837,"height":12}},{"id":"eb254831-5be5-4031-a6be-b651c447d2c0","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":99,"box":{"x":89,"y":762,"width":871,"height":12}},{"id":"5b1cbbfd-78df-4fbd-b94b-9131a6fc21f3","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":99,"box":{"x":88,"y":777,"width":825,"height":12}},{"id":"7b235f28-7b63-4cb9-830a-ad4f02b0908b","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":99,"box":{"x":89,"y":792,"width":870,"height":13}},{"id":"80625ad4-273f-40cb-a96a-57a55c148035","block_type":"box","text":"allocation.","page_number":99,"box":{"x":89,"y":807,"width":71,"height":10}},{"id":"b02ec16d-1e34-4f9b-879d-63fc98ce9918","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":99,"box":{"x":88,"y":834,"width":864,"height":12}},{"id":"2a13e4d6-4bbd-4d49-be33-cfb504dc3ab1","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":99,"box":{"x":89,"y":849,"width":880,"height":12}},{"id":"a0b1adc7-a044-4b1f-aabf-ef3442417b8f","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":99,"box":{"x":89,"y":864,"width":874,"height":12}},{"id":"c940a18d-2c8b-4e12-acf8-f4f512630445","block_type":"box","text":"81","page_number":99,"box":{"x":521,"y":894,"width":12,"height":9}},{"id":"3df04b8e-9444-483a-b69f-a35f92debd9c","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":100,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"c545af78-04e8-4eb1-b8e1-322c80811f4a","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":100,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"d850b6a1-5175-4573-a1ff-5d61fdcfebd6","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":100,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"57b633d2-5863-4b47-9740-b6f1863094ce","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":100,"box":{"x":89,"y":89,"width":818,"height":13}},{"id":"8b372439-d4ce-4d3c-84c6-908d7fd77d43","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":100,"box":{"x":89,"y":104,"width":865,"height":13}},{"id":"06246d8e-75b0-4a3c-9068-0b497870ac48","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":100,"box":{"x":89,"y":119,"width":863,"height":13}},{"id":"68e14558-0d44-4c5b-a74e-2e993035e747","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":100,"box":{"x":89,"y":135,"width":443,"height":12}},{"id":"eda883bb-958e-4f50-a119-731bc07019e1","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":100,"box":{"x":89,"y":161,"width":868,"height":12}},{"id":"2b7c4b82-295e-449e-a6b8-454a344c2466","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":100,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"80900927-9457-46f4-8b77-f5e6924b4222","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":100,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"99e27482-0b52-413f-9c6f-4f5d19c3ba2e","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":100,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"e49a259b-b7d1-410f-808c-dc91990f54c1","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":100,"box":{"x":89,"y":222,"width":857,"height":12}},{"id":"d56bd602-8e20-4ce4-b689-f79561299bd9","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":100,"box":{"x":89,"y":237,"width":422,"height":12}},{"id":"439c738f-2314-4bc6-abde-0ac0ed21277a","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":100,"box":{"x":89,"y":263,"width":876,"height":12}},{"id":"880c4319-a725-475e-8c9d-d97f41c8f967","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":100,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"e75836d3-4824-4b4b-a316-1f1a133c2c45","block_type":"box","text":"(","page_number":100,"box":{"x":89,"y":293,"width":4,"height":13}},{"id":"addd920b-f91d-41bd-9700-71acac9048e5","block_type":"box","text":"i.e","page_number":100,"box":{"x":94,"y":294,"width":15,"height":9}},{"id":"67e9b1c9-f5b0-473c-8353-9bb367db245e","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":100,"box":{"x":110,"y":293,"width":825,"height":13}},{"id":"109060f1-e3d6-42e2-a13b-7c3df86f6139","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":100,"box":{"x":89,"y":308,"width":799,"height":13}},{"id":"5263dcc7-cb32-49e1-bbfd-18a42f2bc043","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":100,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"5204714c-9f8f-4c1c-9717-15efa800840c","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":100,"box":{"x":89,"y":339,"width":838,"height":12}},{"id":"d68f84f7-b021-4bf4-ad34-5d8d5886e716","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":100,"box":{"x":89,"y":354,"width":836,"height":12}},{"id":"8cfe20af-85b0-41f7-b2bd-028533f7e383","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":100,"box":{"x":89,"y":369,"width":858,"height":12}},{"id":"e506b60b-14d4-4623-af59-beb3301d9e85","block_type":"box","text":"the firm.","page_number":100,"box":{"x":88,"y":384,"width":59,"height":10}},{"id":"924d2938-aece-4281-9b9a-9bec52260962","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":100,"box":{"x":89,"y":410,"width":875,"height":13}},{"id":"69c2d188-85ab-495c-a2ac-bc28ed55d6b7","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":100,"box":{"x":89,"y":426,"width":848,"height":12}},{"id":"fd4cbd23-ff5f-431b-a063-064dcb0c588f","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":100,"box":{"x":89,"y":441,"width":868,"height":12}},{"id":"41e0b575-4846-43af-8829-8dcfbca47159","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":100,"box":{"x":89,"y":456,"width":864,"height":12}},{"id":"7a55aae2-862a-4faa-a4ee-f77eef7c6a99","block_type":"box","text":"required, or in cases involving client direction.","page_number":100,"box":{"x":89,"y":471,"width":318,"height":12}},{"id":"fe73a0dc-d273-4e5b-ade9-8d7e0efdf21b","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":100,"box":{"x":89,"y":497,"width":873,"height":13}},{"id":"5852c8de-412f-42f9-912d-97e1d382d096","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":100,"box":{"x":89,"y":513,"width":818,"height":12}},{"id":"bfe174ae-4cae-46ce-b72f-547446eb4da6","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":100,"box":{"x":89,"y":528,"width":860,"height":12}},{"id":"18c6dce7-ac08-46f6-97a9-87f089a3b6d1","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":100,"box":{"x":88,"y":543,"width":844,"height":12}},{"id":"72f372b2-139c-4a43-aebb-c78823481c57","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":100,"box":{"x":89,"y":558,"width":470,"height":12}},{"id":"c87212d8-0413-4f7b-9bf2-3e38ab80f9ff","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":100,"box":{"x":89,"y":584,"width":847,"height":13}},{"id":"c6e3914d-5b50-4d56-8835-6c1a0a05cc52","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":100,"box":{"x":89,"y":599,"width":864,"height":13}},{"id":"1b10495b-72d1-47ff-9f84-8e835bb3c698","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":100,"box":{"x":89,"y":615,"width":856,"height":12}},{"id":"3588516f-3ff5-449b-9f6a-36e412b22e27","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":100,"box":{"x":88,"y":630,"width":844,"height":12}},{"id":"ba274a09-f7f9-4fe7-8654-5d08e3e25ca4","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":100,"box":{"x":89,"y":645,"width":814,"height":12}},{"id":"213ba98b-0406-4aed-90a2-4480d1d9b3fa","block_type":"box","text":"BlackRock.","page_number":100,"box":{"x":89,"y":660,"width":74,"height":10}},{"id":"9e9563d8-7676-4026-9481-041caf22d1ec","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":100,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"56dea261-b51c-4bb3-bd0a-314a5714d770","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":100,"box":{"x":89,"y":702,"width":841,"height":12}},{"id":"a49cd4d7-a01e-4649-9e3b-1f17fce95f80","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":100,"box":{"x":89,"y":717,"width":868,"height":12}},{"id":"02925bbb-21de-400e-9b72-3453d99c5b5b","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":100,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"c98f6a65-cf79-43e7-9010-ea0b037f1dfa","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":100,"box":{"x":89,"y":747,"width":836,"height":12}},{"id":"7e486ff1-0810-477c-ac15-d3e1e034c7d6","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":100,"box":{"x":89,"y":762,"width":815,"height":12}},{"id":"119f6857-fa57-4f19-aa94-3df53929d69f","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":100,"box":{"x":89,"y":788,"width":840,"height":13}},{"id":"ca93225d-4483-4d8e-b871-801d67cfd8d5","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":100,"box":{"x":89,"y":804,"width":875,"height":12}},{"id":"9c5ae73a-a310-4674-bf14-4154bc4851a4","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":100,"box":{"x":89,"y":819,"width":839,"height":12}},{"id":"07e881ae-24a9-4b7e-aa8e-c75196e19f15","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":100,"box":{"x":89,"y":834,"width":869,"height":12}},{"id":"7445d7b9-735c-44b7-bd43-69768aa05b63","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":100,"box":{"x":89,"y":849,"width":863,"height":12}},{"id":"faf6ef86-2197-46fe-a010-326a1a888760","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":100,"box":{"x":89,"y":864,"width":841,"height":12}},{"id":"e6a21e90-3892-4fe9-9f9d-dfd57e234cd5","block_type":"box","text":"82","page_number":100,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8ce7c4ac-f6c4-4476-8c2c-8a5fc9091960","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":101,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"517c306d-6a88-4144-8216-3a8739884fd0","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":101,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"e585e96b-c52e-4b61-b4c7-0c6b035dc4d0","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":101,"box":{"x":88,"y":74,"width":400,"height":12}},{"id":"b8946bd8-0378-4711-9a45-2151a9a71837","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":101,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"81333376-40bb-49ff-9a29-c6de830db3d0","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":101,"box":{"x":89,"y":116,"width":827,"height":12}},{"id":"85b54469-74eb-40ef-89d8-31f120d6b95c","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":101,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"1f6d17b8-c0e8-4cb5-9fa4-005c27984240","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":101,"box":{"x":89,"y":146,"width":850,"height":12}},{"id":"dd4a6532-2736-42a7-8a8f-ee949e8f8cd4","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":101,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"e9bcb203-ed04-43d0-9c06-bd6d5a0ba770","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":101,"box":{"x":89,"y":176,"width":845,"height":13}},{"id":"ba29aea6-f5e5-4224-9593-dabb6d166678","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":101,"box":{"x":89,"y":191,"width":825,"height":13}},{"id":"1ea26b48-50f4-41cf-804a-7c1d84b54a0c","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":101,"box":{"x":89,"y":206,"width":361,"height":13}},{"id":"69e9a5bc-4325-43a6-b576-3b55ad3b7039","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":101,"box":{"x":89,"y":233,"width":869,"height":12}},{"id":"6faa368f-4f24-418d-a3f3-4e7a2b647ecd","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":101,"box":{"x":89,"y":248,"width":862,"height":12}},{"id":"aee07a8e-1d48-4b46-b9e7-4cb475bcab33","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":101,"box":{"x":89,"y":263,"width":845,"height":12}},{"id":"2995356b-a391-4c01-a568-f009ac591e9e","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":101,"box":{"x":88,"y":278,"width":843,"height":13}},{"id":"439ae509-4516-4148-aec7-1bc94a487161","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":101,"box":{"x":89,"y":293,"width":845,"height":13}},{"id":"6cae30a1-f43d-479e-a428-2e61c91065ab","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":101,"box":{"x":89,"y":308,"width":872,"height":13}},{"id":"be731ad7-983b-4530-9ef7-bd57cf4bf554","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":101,"box":{"x":89,"y":324,"width":805,"height":12}},{"id":"f41b3655-01bc-4347-b323-a5630d716a82","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":101,"box":{"x":89,"y":339,"width":793,"height":12}},{"id":"ae882bc4-dccd-4c1a-a7f4-c2171c47d243","block_type":"box","text":"transactions.","page_number":101,"box":{"x":88,"y":355,"width":90,"height":9}},{"id":"5a7aade5-2165-4814-880b-2d4320a85349","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":101,"box":{"x":89,"y":380,"width":821,"height":13}},{"id":"b67c557d-9388-48d4-92e6-e734d2396eae","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":101,"box":{"x":89,"y":395,"width":859,"height":13}},{"id":"5ccc4c7a-870a-4df5-8744-517852c36b22","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":101,"box":{"x":88,"y":410,"width":870,"height":13}},{"id":"ed41a5da-789d-4ba2-ba0b-ee51fadb9708","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":101,"box":{"x":89,"y":426,"width":810,"height":12}},{"id":"b7be782d-ff52-40a1-a9db-a7fa43b309b6","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting","page_number":101,"box":{"x":89,"y":452,"width":826,"height":12}},{"id":"e41f4d15-cc10-40e0-af82-ba7087bec7ee","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":101,"box":{"x":89,"y":467,"width":872,"height":13}},{"id":"f9b070bc-ee9b-4d23-aaa0-69f4ee7ec7da","block_type":"box","text":"accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and","page_number":101,"box":{"x":89,"y":482,"width":876,"height":13}},{"id":"821ed68a-92af-45de-9e79-4e0d4bac943c","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":101,"box":{"x":89,"y":497,"width":824,"height":13}},{"id":"3845114c-5950-4c16-ba13-5058acedf7bf","block_type":"box","text":"businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":101,"box":{"x":89,"y":513,"width":801,"height":12}},{"id":"77dd1df8-b85a-4443-9d9b-35e3ee45c550","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see “Proxy Voting","page_number":101,"box":{"x":89,"y":528,"width":865,"height":12}},{"id":"b4c246f7-b8e4-4f48-8f8b-5f07511cf3b6","block_type":"box","text":"Policies.”","page_number":101,"box":{"x":89,"y":543,"width":61,"height":10}},{"id":"5e8910cd-a18e-4d48-91ff-b3ee8da1ade5","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":101,"box":{"x":89,"y":569,"width":819,"height":13}},{"id":"4febef36-f623-473e-be0c-6fa50d750e8a","block_type":"box","text":"managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund. 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A large sale or redemption of shares of the Fund by BlackRock itself or a BlackRock","page_number":101,"box":{"x":89,"y":671,"width":855,"height":13}},{"id":"6a0e47b8-f0af-4401-a3b9-82b0ae156487","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":101,"box":{"x":89,"y":686,"width":822,"height":13}},{"id":"650432ab-c458-4613-b56d-5ca7452e4b2c","block_type":"box","text":"liquidity, investment flexibility, portfolio diversification, expense ratio or ability to comply with the listing requirements for the","page_number":101,"box":{"x":89,"y":702,"width":872,"height":12}},{"id":"fe43e262-edb0-4dca-ba40-c27d6b6390bc","block_type":"box","text":"Fund.","page_number":101,"box":{"x":89,"y":717,"width":38,"height":9}},{"id":"b864abad-f9a1-48f8-bae1-7b5862e1a7c8","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":101,"box":{"x":89,"y":743,"width":828,"height":12}},{"id":"4ff5b297-5767-4bd4-908e-3832559b2bbd","block_type":"box","text":"significant debt or equity investments or other interests. 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In addition, from time to time, the","page_number":101,"box":{"x":89,"y":804,"width":839,"height":12}},{"id":"9293ec7b-3104-4674-8a67-31b6a4d55c18","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":101,"box":{"x":89,"y":819,"width":859,"height":12}},{"id":"68a5d501-da97-42f9-8531-d0dfdd81c792","block_type":"box","text":"engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":101,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"8b181129-45ab-43c1-8796-1bb31261c368","block_type":"box","text":"83","page_number":101,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3bcbf140-dbde-4a58-b643-5d5f73365910","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":102,"box":{"x":89,"y":44,"width":856,"height":12}},{"id":"5f41d2d0-ccba-40da-887b-861ca5427246","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":102,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"c8432100-974c-4b3f-ba68-002dcdc14cc1","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":102,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"6a02e12b-b4e1-4007-ad38-298eac11a7ec","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":102,"box":{"x":89,"y":89,"width":860,"height":13}},{"id":"94a48e76-18c9-49c3-b19b-4ce7d2671a4a","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":102,"box":{"x":88,"y":104,"width":849,"height":13}},{"id":"0570fc7d-f2f6-4f35-8b65-7fb1a4db2a76","block_type":"box","text":"also benefit from increased amounts of assets under management. Fees and commissions may also be higher than for other","page_number":102,"box":{"x":89,"y":119,"width":871,"height":13}},{"id":"d92b3e24-d89c-4ce9-96a5-2d40af4044ef","block_type":"box","text":"products or services, and the remuneration and profitability to BlackRock and such personnel resulting from transactions on","page_number":102,"box":{"x":89,"y":135,"width":868,"height":12}},{"id":"73f8f9d9-432d-4da4-9365-509547b7a018","block_type":"box","text":"behalf of or management of the Funds may be greater than the remuneration and profitability resulting from other funds or","page_number":102,"box":{"x":89,"y":150,"width":865,"height":12}},{"id":"c735f813-cbd8-4792-a96b-d1884145cdbf","block_type":"box","text":"products.","page_number":102,"box":{"x":89,"y":165,"width":65,"height":12}},{"id":"542a3b97-7ca2-4fb8-9c16-edc99f609590","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not limited to,","page_number":102,"box":{"x":88,"y":191,"width":820,"height":13}},{"id":"482e53e2-0c22-4df9-a01b-398af74caaa6","block_type":"box","text":"marketing and promotional activities and presentations, educational training programs and conferences) for registered","page_number":102,"box":{"x":89,"y":206,"width":832,"height":13}},{"id":"053428d3-0fb4-4600-9697-033a93431774","block_type":"box","text":"representatives, other professionals and individual investors. There is a potential conflict of interest as such sponsorships","page_number":102,"box":{"x":89,"y":222,"width":845,"height":12}},{"id":"d09a0c4a-11a8-4295-8cb4-f5ac3204e1a2","block_type":"box","text":"may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock to retain such third parties to","page_number":102,"box":{"x":89,"y":237,"width":876,"height":12}},{"id":"49149428-663a-4443-958d-7db5a7502a20","block_type":"box","text":"provide services to the Fund.","page_number":102,"box":{"x":89,"y":252,"width":200,"height":12}},{"id":"c0a6a365-04db-4a0e-bb8c-b56af2cca385","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the","page_number":102,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"39a8b306-b4d2-49c4-add9-1d51ca59cbcf","block_type":"box","text":"valuation recommendations made for such clients’ accounts may differ from the valuations for the same securities or","page_number":102,"box":{"x":88,"y":293,"width":821,"height":13}},{"id":"5eff356d-31ae-4ca8-8cf7-90a36ace4198","block_type":"box","text":"investments assigned by a Fund’s pricing vendors, especially if such valuations are based on broker-dealer quotes or other","page_number":102,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"cfa68e82-f2fd-46a1-ac56-7fc265853798","block_type":"box","text":"data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally communicate its valuation information","page_number":102,"box":{"x":89,"y":324,"width":877,"height":12}},{"id":"af8aae85-540f-4ba8-b968-669d22fe6f1a","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":102,"box":{"x":89,"y":339,"width":848,"height":12}},{"id":"2162ec2c-8820-42ea-b2de-1e46ce28ec29","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":102,"box":{"x":88,"y":354,"width":821,"height":12}},{"id":"64dcd792-214b-4d39-ab7e-c896dd768aca","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":102,"box":{"x":89,"y":369,"width":466,"height":12}},{"id":"8a342b3f-0040-4ccc-9c59-f4d87263bbd4","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":102,"box":{"x":88,"y":395,"width":817,"height":13}},{"id":"5e31a91b-3c23-4f92-935d-8ca5859dc04a","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":102,"box":{"x":89,"y":410,"width":869,"height":13}},{"id":"a7dea8bd-c847-4a8f-a81f-a80c07af978f","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":102,"box":{"x":89,"y":426,"width":851,"height":12}},{"id":"1f318900-c6ba-4de7-8d70-4f233db0ca56","block_type":"box","text":"through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock pricing committees","page_number":102,"box":{"x":88,"y":441,"width":879,"height":12}},{"id":"0853bbb5-4901-4824-9f8a-4e6a10817a1e","block_type":"box","text":"and in accordance with BlackRock’s policies and procedures (the “Valuation Procedures”). When determining a “fair value","page_number":102,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"a620535e-8d29-4d4c-ad05-df08f1cf8999","block_type":"box","text":"price,” the 2a-5 Committee seeks to determine the price that a Fund might reasonably expect to receive from the current sale","page_number":102,"box":{"x":89,"y":471,"width":877,"height":12}},{"id":"6649a91d-2d33-4ae8-acf1-251d2f9f49c3","block_type":"box","text":"of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what a Fund","page_number":102,"box":{"x":89,"y":486,"width":844,"height":12}},{"id":"54b4ce44-b08e-4a97-8ee9-30513e133d56","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":102,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"cb64cbdd-7fc4-4548-a49d-74d3979e57ef","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":102,"box":{"x":88,"y":516,"width":835,"height":13}},{"id":"a48b1874-4344-42b3-9c48-66b8bce6ba8d","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":102,"box":{"x":89,"y":531,"width":845,"height":13}},{"id":"810777be-94c5-4933-ba98-46abed6331f9","block_type":"box","text":"models, fair value represents only a good faith approximation of the value of an asset or liability. The fair value of one or more","page_number":102,"box":{"x":89,"y":547,"width":876,"height":12}},{"id":"30fb82e1-c6db-4b77-b97c-e33efee40abc","block_type":"box","text":"assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":102,"box":{"x":89,"y":562,"width":842,"height":12}},{"id":"e0041408-5876-40c7-b614-8db9723ca173","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of","page_number":102,"box":{"x":89,"y":577,"width":864,"height":12}},{"id":"1d8548c3-bb19-4de9-81cf-97fce73194f2","block_type":"box","text":"its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value, may have the effect of","page_number":102,"box":{"x":89,"y":592,"width":873,"height":12}},{"id":"f001b8e6-8118-4604-8750-0509be02e2ab","block_type":"box","text":"diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by","page_number":102,"box":{"x":89,"y":607,"width":832,"height":12}},{"id":"d6fc1edc-9211-497e-9f97-3acabb144809","block_type":"box","text":"BlackRock with respect to services for which it receives an asset-based fee.","page_number":102,"box":{"x":89,"y":622,"width":522,"height":12}},{"id":"22032b48-5870-4abd-bc3a-5e53484f8eae","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in any money","page_number":102,"box":{"x":88,"y":649,"width":847,"height":12}},{"id":"a88d9c31-7076-4c01-b915-46cb4d014274","block_type":"box","text":"market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments,","page_number":102,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"68e6ff1e-5e50-4f9c-8acc-5acef4f57508","block_type":"box","text":"a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of a money market fund or","page_number":102,"box":{"x":89,"y":679,"width":857,"height":12}},{"id":"83ad89e6-0d87-4949-8fef-cf0c46f69680","block_type":"box","text":"other similarly managed private fund in which it invests, which may result in a Fund bearing some additional expenses.","page_number":102,"box":{"x":89,"y":694,"width":831,"height":12}},{"id":"31bef819-c375-4fb6-8642-8faf41ec61e5","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their own accounts","page_number":102,"box":{"x":89,"y":720,"width":866,"height":13}},{"id":"3e56b3b8-1477-4299-a5b9-b1ff23b9d13c","block_type":"box","text":"and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of differing trading and","page_number":102,"box":{"x":89,"y":736,"width":865,"height":12}},{"id":"65a28f74-5bbf-4f2b-a192-71c5d31731d2","block_type":"box","text":"investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the","page_number":102,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"8ae53344-084c-400e-822b-166be6e22813","block_type":"box","text":"same, different from or made at different times than positions taken for the Fund. To lessen the possibility that a Fund will be","page_number":102,"box":{"x":89,"y":766,"width":872,"height":12}},{"id":"96ef2a09-ae3b-41f8-aa00-4780d206f04b","block_type":"box","text":"adversely affected by this personal trading, the Fund, BRIL and BlackRock each have adopted a Code of Ethics in compliance","page_number":102,"box":{"x":89,"y":781,"width":867,"height":12}},{"id":"14966772-08e8-4fb2-ae3d-ebde0540f3ae","block_type":"box","text":"with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment","page_number":102,"box":{"x":88,"y":796,"width":847,"height":12}},{"id":"7c0f8668-b13f-40d8-85fc-ddd3afc897a0","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":102,"box":{"x":89,"y":811,"width":841,"height":12}},{"id":"c04a2096-6bb7-414f-b2dd-fbd4971f7e3d","block_type":"box","text":"Each Code of Ethics is also available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, and copies","page_number":102,"box":{"x":89,"y":826,"width":851,"height":13}},{"id":"e5189847-9e42-4e7a-995d-8c7b809012ed","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":102,"box":{"x":89,"y":841,"width":562,"height":13}},{"id":"891358e7-237a-4168-9a6b-5dd69058b81a","block_type":"box","text":"84","page_number":102,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"94ebc864-a5ac-4f7f-88ac-401f64dd0a90","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund, except that the","page_number":103,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"606dc61b-19c2-4395-9f1c-32416cd0397a","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":103,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"f7f2f1bf-c732-4958-bb31-f0f2ab13528f","block_type":"box","text":"another Fund or accounts that are affiliated with the Fund as a result of common officers, directors, or investment advisers or","page_number":103,"box":{"x":89,"y":74,"width":877,"height":11}},{"id":"cc92ba09-c393-4ece-9680-20eaa155da34","block_type":"box","text":"pursuant to exemptive orders granted to the Funds and/or BlackRock by the SEC. These transactions would be effected in","page_number":103,"box":{"x":89,"y":89,"width":852,"height":13}},{"id":"b8559ee8-21ed-4b05-9455-2c9e630c5e22","block_type":"box","text":"circumstances in which BlackRock determined that it would be appropriate for the Fund to purchase and another client of","page_number":103,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"5a4f54c3-6e90-4c29-9e6e-6777c46b5cac","block_type":"box","text":"BlackRock to sell, or the Fund to sell and another client of BlackRock to purchase, the same security or instrument on the","page_number":103,"box":{"x":89,"y":119,"width":846,"height":13}},{"id":"bcc89c93-aecb-424a-ba8b-f2acf9f9f29b","block_type":"box","text":"same day. From time to time, the activities of a Fund may be restricted because of regulatory requirements applicable to","page_number":103,"box":{"x":89,"y":135,"width":839,"height":12}},{"id":"a0a405bb-bba8-479c-9f04-720b88021639","block_type":"box","text":"BlackRock and/or BlackRock’s internal policies designed to comply with, limit the applicability of, or otherwise relate to such","page_number":103,"box":{"x":89,"y":150,"width":870,"height":12}},{"id":"3bebbfc8-5c49-4521-8d29-75ab73058cbe","block_type":"box","text":"requirements. A client not advised by BlackRock would not be subject to some of those considerations. There may be periods","page_number":103,"box":{"x":89,"y":165,"width":876,"height":12}},{"id":"422f4b99-b2dc-4df5-95af-7d3b21166567","block_type":"box","text":"when BlackRock may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice in","page_number":103,"box":{"x":88,"y":180,"width":864,"height":12}},{"id":"e151d4eb-9be1-42c6-9954-24e928599c93","block_type":"box","text":"certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":103,"box":{"x":89,"y":195,"width":834,"height":12}},{"id":"d67b47e1-3dcf-40b9-a8d2-773f2a66d764","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management","page_number":103,"box":{"x":89,"y":210,"width":834,"height":13}},{"id":"62ff7279-9db6-4b2d-a9ab-e35ba356d4f9","block_type":"box","text":"services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on","page_number":103,"box":{"x":89,"y":225,"width":859,"height":13}},{"id":"7e652dd0-f477-43ce-895a-e9febef28d3c","block_type":"box","text":"behalf of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":103,"box":{"x":89,"y":240,"width":853,"height":13}},{"id":"25111997-e037-4f67-a94e-ead57c4cf866","block_type":"box","text":"company (","page_number":103,"box":{"x":89,"y":256,"width":73,"height":12}},{"id":"6a541690-7fb9-4e84-940c-8520a9b01d0f","block_type":"box","text":"e.g","page_number":103,"box":{"x":164,"y":259,"width":20,"height":9}},{"id":"f658a166-60b4-4e78-ae1d-b1c81a9239b5","block_type":"box","text":"., in connection with participation in a creditors’ committee). Similar situations could arise if personnel of","page_number":103,"box":{"x":185,"y":256,"width":735,"height":12}},{"id":"223a79c5-bb14-4b17-b8d1-883b756d93d6","block_type":"box","text":"BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if permitted","page_number":103,"box":{"x":89,"y":271,"width":860,"height":12}},{"id":"33a83497-6701-4473-ae53-052dc4ea4a98","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":103,"box":{"x":89,"y":286,"width":860,"height":12}},{"id":"9d21033e-dae1-40da-a8e5-91cd905593b0","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":103,"box":{"x":89,"y":301,"width":857,"height":12}},{"id":"73625768-0c28-4c27-b7d6-b4b94d221783","block_type":"box","text":"are the subject of an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors","page_number":103,"box":{"x":89,"y":316,"width":863,"height":12}},{"id":"0ae25e48-0bea-42c8-92d1-c68fd07732ff","block_type":"box","text":"or officers of the issuer.","page_number":103,"box":{"x":89,"y":331,"width":161,"height":10}},{"id":"9281400a-22b3-40ea-86e7-cbf8cf7d8cc4","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":103,"box":{"x":89,"y":358,"width":863,"height":12}},{"id":"3fbf7a4e-32d6-4103-8e2c-22d2fe6b5438","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":103,"box":{"x":89,"y":373,"width":878,"height":12}},{"id":"ece826ce-2c8f-4bd8-ac4c-d9f4faeef6b6","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":103,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"be09e87f-5d2c-4f05-970e-fcf5becb84a8","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":103,"box":{"x":89,"y":403,"width":834,"height":12}},{"id":"8db20b13-60cc-4c45-9298-ca1c39a00c03","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":103,"box":{"x":88,"y":418,"width":870,"height":12}},{"id":"95a70e5e-8d51-4a7b-8c2a-07746d497e08","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":103,"box":{"x":88,"y":433,"width":852,"height":13}},{"id":"b7a2bb0e-1256-4b3d-b452-e9546f6b3b68","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":103,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"3bed1fed-0bb7-4c0a-828a-7b8b28244494","block_type":"box","text":"obligation or other duty to do so.","page_number":103,"box":{"x":89,"y":463,"width":230,"height":13}},{"id":"900dc128-5e28-4003-afe7-c1ddf390fc7b","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":103,"box":{"x":89,"y":490,"width":838,"height":12}},{"id":"e07e8890-2606-4314-b8dc-be66c9a0f395","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":103,"box":{"x":89,"y":505,"width":879,"height":12}},{"id":"304ecc3d-80b8-4c03-937b-7d40ea057e46","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":103,"box":{"x":88,"y":520,"width":834,"height":12}},{"id":"a8575389-2103-406f-bbcb-64db41aff3fe","block_type":"box","text":"managing portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":103,"box":{"x":89,"y":535,"width":875,"height":13}},{"id":"0eb8a043-80a6-47b5-af02-2f02c6c9cbac","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":103,"box":{"x":89,"y":550,"width":859,"height":13}},{"id":"c5219511-b9fa-4be0-a7e1-c832c378d194","block_type":"box","text":"personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information possessed by","page_number":103,"box":{"x":89,"y":565,"width":875,"height":13}},{"id":"40667d76-96e0-4bf5-9c1e-e920796ba114","block_type":"box","text":"such other units. Therefore, BlackRock may not be able to review potential investments for the Funds with the benefit of","page_number":103,"box":{"x":89,"y":581,"width":841,"height":12}},{"id":"be87ffaf-8c02-4cfe-b836-9011a7d987b2","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":103,"box":{"x":89,"y":596,"width":328,"height":12}},{"id":"3bb4c0ee-9cfb-40d5-a13b-561f93c040ce","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an information barrier to","page_number":103,"box":{"x":89,"y":622,"width":875,"height":12}},{"id":"23abe058-08a2-4c28-8f83-7df02074eefd","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":103,"box":{"x":88,"y":637,"width":862,"height":13}},{"id":"4d0d275a-0427-454a-b1ac-e71cc25b0c71","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":103,"box":{"x":88,"y":652,"width":873,"height":13}},{"id":"1ac6b619-88f5-4c6b-a66a-1d4bc4b552a1","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":103,"box":{"x":88,"y":668,"width":845,"height":12}},{"id":"5e62cd08-b796-4e1a-bb45-fa3f707adfac","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":103,"box":{"x":89,"y":683,"width":840,"height":12}},{"id":"b4e522ba-de9d-43f3-ad73-a9f63cecbaaa","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":103,"box":{"x":89,"y":698,"width":845,"height":12}},{"id":"2f5f773d-ac71-4292-97c3-ce0445029f45","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":103,"box":{"x":89,"y":713,"width":800,"height":12}},{"id":"5b69cf0a-43b4-45f0-9ef1-896b4935621c","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":103,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"30011836-08ee-46fc-8a1f-f62c8b507e51","block_type":"box","text":"personnel on the other side of a barrier.","page_number":103,"box":{"x":89,"y":743,"width":274,"height":12}},{"id":"77ea9bf2-d3d6-4a36-ab3e-8149efe93ba9","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":103,"box":{"x":88,"y":770,"width":861,"height":12}},{"id":"acc289d0-6bbb-4feb-be71-d7912cf9905c","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":103,"box":{"x":88,"y":785,"width":803,"height":12}},{"id":"0e489a34-b088-4fcd-9bfc-2936ce775c2a","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":103,"box":{"x":89,"y":800,"width":862,"height":12}},{"id":"6ae03527-0dd9-43a5-aa9a-393660ef6471","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":103,"box":{"x":89,"y":815,"width":845,"height":12}},{"id":"95d86f8c-3847-416a-aae1-6a13550dbf5f","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":103,"box":{"x":89,"y":830,"width":834,"height":12}},{"id":"49cf7868-5437-493d-af1d-34ece46562ff","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":103,"box":{"x":89,"y":845,"width":811,"height":12}},{"id":"5fb691fd-69bd-462c-84ea-6c2440a96198","block_type":"box","text":"e.g","page_number":103,"box":{"x":901,"y":848,"width":21,"height":9}},{"id":"7fa1bb79-ba34-47c7-a7fa-6852155f63ad","block_type":"box","text":".,","page_number":103,"box":{"x":923,"y":853,"width":6,"height":3}},{"id":"fda3f461-dda2-4626-b5ad-d71fe27a7401","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":103,"box":{"x":89,"y":860,"width":849,"height":13}},{"id":"6c5c4d6b-aab3-49f6-b6ad-132b16552767","block_type":"box","text":"85","page_number":103,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7e01ee18-3a2e-4291-afc8-c29a77c6b6d5","block_type":"box","text":"ownership restrictions (","page_number":104,"box":{"x":89,"y":44,"width":165,"height":12}},{"id":"498aa62f-7277-481f-bfe1-bdd841e25db8","block_type":"box","text":"e.g","page_number":104,"box":{"x":255,"y":47,"width":20,"height":9}},{"id":"ce73e2c2-2025-4c73-a08f-53a97728ab09","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":104,"box":{"x":276,"y":44,"width":688,"height":12}},{"id":"d72c2513-3e84-4556-a1ec-9f8efb24752e","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":104,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"6de6d1d4-a7d5-4f0d-a8f0-d751ecde174d","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":104,"box":{"x":89,"y":74,"width":815,"height":12}},{"id":"bb2b79d1-5c30-477b-a14f-d5b7e3128450","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":104,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"15c4a850-b045-408e-ada5-7bd64bbb832a","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":104,"box":{"x":89,"y":104,"width":846,"height":13}},{"id":"bcad2801-03e3-4312-a22b-e3709dd96436","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":104,"box":{"x":89,"y":119,"width":813,"height":13}},{"id":"a81db3d3-cd6e-4922-bd5f-7db8d4734d92","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":104,"box":{"x":89,"y":135,"width":390,"height":12}},{"id":"94deb4ec-0c9c-4d4e-b00c-862b380c7727","block_type":"box","text":"e.g","page_number":104,"box":{"x":480,"y":138,"width":20,"height":9}},{"id":"83081fac-0835-45f6-9499-fdf3ef8e0f64","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":104,"box":{"x":501,"y":135,"width":451,"height":12}},{"id":"33d18998-b832-47e3-8687-8c093ed15040","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":104,"box":{"x":89,"y":150,"width":854,"height":12}},{"id":"99c9a22a-1de0-4178-b7f3-877c608ec371","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":104,"box":{"x":89,"y":165,"width":874,"height":12}},{"id":"dd158642-c3c7-4b92-923e-06a6a890cd5e","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":104,"box":{"x":89,"y":180,"width":866,"height":12}},{"id":"0e3238bf-b2fa-42a5-a960-14f2a5d16ba3","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":104,"box":{"x":89,"y":195,"width":831,"height":12}},{"id":"cdf90d3a-5082-4968-97a6-8a20ea74408d","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":104,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"3d5789a9-40eb-4f11-99e4-8f7f2de505e2","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":104,"box":{"x":89,"y":225,"width":547,"height":13}},{"id":"e600bf64-a6a0-48b5-ae9d-2df7e98ba147","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":104,"box":{"x":89,"y":252,"width":859,"height":12}},{"id":"c106470b-0bfd-4c1d-8659-d1e65aa869cc","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":104,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"f9ad8ecc-ced5-4030-a6ae-89a7d0f08aae","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":104,"box":{"x":89,"y":282,"width":793,"height":12}},{"id":"8e4849f4-e5c2-484d-bca1-e7c8e7c3d58a","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":104,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"1299273a-b098-4488-8f6f-af3ae8e66863","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":104,"box":{"x":89,"y":312,"width":852,"height":13}},{"id":"18a181a1-73e4-435a-a197-7818b9404dae","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":104,"box":{"x":89,"y":327,"width":877,"height":13}},{"id":"1525eb71-c766-4695-bd04-e36054c887d2","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":104,"box":{"x":89,"y":342,"width":810,"height":13}},{"id":"7ae4c8a3-05c2-4c25-8e85-f0f24f4ccc79","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":104,"box":{"x":89,"y":358,"width":835,"height":12}},{"id":"ea28073a-0712-4879-93bd-40938ec7bc2f","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":104,"box":{"x":89,"y":373,"width":841,"height":12}},{"id":"7c6d88cb-4799-40f0-a80d-38853223e334","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":104,"box":{"x":89,"y":388,"width":874,"height":12}},{"id":"22f18d5b-6a12-493e-af8c-ea77700df19d","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":104,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"95a83939-c56e-4cf0-9c98-544f311728e5","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":104,"box":{"x":89,"y":418,"width":878,"height":12}},{"id":"aeee9757-fe0f-40d2-addb-e3bca0b760f7","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":104,"box":{"x":88,"y":433,"width":812,"height":13}},{"id":"91027c9f-2110-4d67-b506-28a9408c1e93","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":104,"box":{"x":88,"y":460,"width":867,"height":12}},{"id":"5393789e-fbf3-4692-adaa-c42a20b3efce","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":104,"box":{"x":88,"y":475,"width":840,"height":12}},{"id":"28f07741-7c94-4a9f-8b78-128b902810f8","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":104,"box":{"x":89,"y":490,"width":868,"height":12}},{"id":"5da7462b-72b5-4fd3-9ad5-5df8aac9337c","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":104,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"8029b689-0c28-462e-856a-2a67808f4dc4","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":104,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"b2276e7c-30c6-41cf-b601-b29ae22c4913","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":104,"box":{"x":89,"y":535,"width":868,"height":13}},{"id":"b9704a10-4bd5-4236-9dcf-48fcb2faf707","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":104,"box":{"x":89,"y":550,"width":879,"height":13}},{"id":"6c288ba4-bae3-4072-b283-97074d5545ea","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":104,"box":{"x":89,"y":565,"width":863,"height":13}},{"id":"7289c4a1-ebaa-4e29-a771-0277a9a2cea7","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":104,"box":{"x":89,"y":581,"width":874,"height":12}},{"id":"8a9df0fb-f552-4aac-ba63-76fe4c25be0c","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":104,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"72887361-36de-4856-b45a-42da73afdec8","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":104,"box":{"x":88,"y":611,"width":875,"height":12}},{"id":"8ebc341a-daaf-4c08-a628-6d99e7f29e33","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":104,"box":{"x":89,"y":626,"width":840,"height":12}},{"id":"d40b74b4-7406-4cf9-a58c-80c34a571ae3","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":104,"box":{"x":89,"y":641,"width":872,"height":12}},{"id":"995b9d1b-f8e4-4490-9602-aa880833aa59","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":104,"box":{"x":89,"y":656,"width":817,"height":13}},{"id":"edc09787-37ad-4eb1-928b-b304155e5bcf","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":104,"box":{"x":89,"y":671,"width":613,"height":13}},{"id":"9b1878e5-1035-4b03-993c-ce44febfb437","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":104,"box":{"x":89,"y":698,"width":861,"height":12}},{"id":"0cb8612e-69bd-4553-9730-95c6d50e8b4e","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":104,"box":{"x":89,"y":713,"width":814,"height":12}},{"id":"bdc571a7-2e3e-4b05-aa42-14a20b8d750c","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":104,"box":{"x":89,"y":728,"width":481,"height":12}},{"id":"7b0b49b7-b946-4c33-83e2-f38b6783b4d9","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":104,"box":{"x":89,"y":754,"width":872,"height":13}},{"id":"3e062be4-b5ce-459e-af19-c40e6dadd66b","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":104,"box":{"x":89,"y":770,"width":878,"height":12}},{"id":"862ac398-8db0-49e9-8de8-3fe55b68a78b","block_type":"box","text":"to such security or asset.","page_number":104,"box":{"x":88,"y":785,"width":174,"height":12}},{"id":"72f9ab3f-5482-4681-9866-70fd36da070a","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":104,"box":{"x":89,"y":811,"width":710,"height":12}},{"id":"93c9f0ab-8329-4f3e-b13f-54a8a39414d1","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have, when applicable, retained BRIL, an affiliate of BFA, to perform certain","page_number":104,"box":{"x":89,"y":838,"width":866,"height":12}},{"id":"a373f0a2-8b98-4f2d-a6a0-e60582a18ea4","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":104,"box":{"x":89,"y":853,"width":808,"height":12}},{"id":"844e1f38-dd2c-403d-8771-8ee50a7a385d","block_type":"box","text":"86","page_number":104,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"80f82bff-6fb8-4c3c-b22a-970be54010c2","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor","page_number":105,"box":{"x":89,"y":44,"width":868,"height":12}},{"id":"6f238ac0-b7aa-4d92-8fb6-7e259b5e0398","block_type":"box","text":"to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants","page_number":105,"box":{"x":88,"y":59,"width":861,"height":12}},{"id":"9daacc21-98d9-407e-ac10-3406baafc58f","block_type":"box","text":"on each creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated","page_number":105,"box":{"x":89,"y":74,"width":866,"height":12}},{"id":"db828395-f85e-4ea8-b575-39b7936e8579","block_type":"box","text":"with, and received payment from, Citibank on the design and development of the ETF Services platform. 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Any Fund that enters into a license for a BlackRock index cannot be assured","page_number":105,"box":{"x":89,"y":354,"width":852,"height":12}},{"id":"703185e9-ad43-4d9e-a59d-f4055a4ff7d7","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":105,"box":{"x":88,"y":369,"width":876,"height":12}},{"id":"68d64fd0-f5ef-430b-af89-69048e45ba34","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":105,"box":{"x":89,"y":395,"width":681,"height":13}},{"id":"891e4829-2ff4-4b42-abab-1d59ba966cc0","block_type":"box","text":"e.g","page_number":105,"box":{"x":771,"y":398,"width":20,"height":10}},{"id":"50d31315-c152-47b9-a568-677b8a3133c9","block_type":"box","text":"., custodians,","page_number":105,"box":{"x":793,"y":395,"width":90,"height":12}},{"id":"f9651ca2-1037-4327-aa53-31434cca6c55","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":105,"box":{"x":89,"y":410,"width":846,"height":13}},{"id":"fc1e49c0-6c2b-4842-ae4f-b9548633a01d","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":105,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"28aca38e-0645-429c-802c-826b3fc7ca69","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":105,"box":{"x":89,"y":441,"width":858,"height":12}},{"id":"63734fe6-a253-43c8-b94f-0865c83acafa","block_type":"box","text":"with respect to a Fund. 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A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":105,"box":{"x":89,"y":705,"width":808,"height":13}},{"id":"1d8ecdb9-3d4f-4ce8-9f62-6a6d6ae0ff2f","block_type":"box","text":"profitability of BlackRock.","page_number":105,"box":{"x":89,"y":720,"width":176,"height":13}},{"id":"5cf85548-aad2-425e-b52a-dd09d33ca753","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock may create","page_number":105,"box":{"x":89,"y":747,"width":863,"height":12}},{"id":"ad530faf-dd0a-433e-8326-44db084b1a39","block_type":"box","text":"an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service provider.","page_number":105,"box":{"x":89,"y":762,"width":810,"height":12}},{"id":"9ae1ec1f-1a3c-4733-adfa-4c84fc8ce698","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":105,"box":{"x":89,"y":788,"width":861,"height":13}},{"id":"bbbf9a1c-45e6-49d2-8129-65c047a2e795","block_type":"box","text":"for certain services provided by BlackRock. 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BFA is responsible for placing purchase","page_number":106,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"2d238cfd-f999-4de2-9a6c-ca2a5778d9f1","block_type":"box","text":"and sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":106,"box":{"x":89,"y":191,"width":665,"height":13}},{"id":"24d71478-6296-4454-b7a3-630c82ac09c1","block_type":"box","text":"Pursuant to the investment advisory agreement, BFA may, from time to time, in its sole discretion and to the extent permitted","page_number":106,"box":{"x":89,"y":218,"width":876,"height":12}},{"id":"59e02abe-3904-4a53-b543-12ebf1bbcfa5","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":106,"box":{"x":89,"y":233,"width":851,"height":12}},{"id":"79550fa9-2fdb-48a9-ab03-4277d9169607","block_type":"box","text":"advisory or other services with respect to the Funds. In addition, BFA may delegate certain of its investment advisory","page_number":106,"box":{"x":89,"y":248,"width":815,"height":12}},{"id":"542ac738-6f16-475f-b965-a28782a19d21","block_type":"box","text":"functions under the investment advisory agreement to one or more of its affiliates to the extent permitted by applicable law.","page_number":106,"box":{"x":88,"y":263,"width":867,"height":12}},{"id":"e565c3c1-0161-4a32-a2ed-1747f30aa3a9","block_type":"box","text":"BFA may terminate any or all sub-advisers or such delegation arrangements in its sole discretion upon appropriate notice at","page_number":106,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"1bcbd36f-0e5a-41c0-aa94-ccadf5e79d0c","block_type":"box","text":"any time to the extent permitted by applicable law.","page_number":106,"box":{"x":89,"y":293,"width":352,"height":13}},{"id":"f5b8a049-436c-449c-9b85-8838fef82e6d","block_type":"box","text":"BFA is responsible, under the investment advisory agreement, for substantially all expenses of the Funds, including the cost","page_number":106,"box":{"x":89,"y":320,"width":862,"height":12}},{"id":"296c7da5-021e-49f6-8f30-f75e026eb505","block_type":"box","text":"of transfer agency, custody, fund administration, legal, audit and other services. BFA is not responsible for, and the Funds will","page_number":106,"box":{"x":89,"y":335,"width":871,"height":12}},{"id":"57f46d72-827b-485e-82ad-b554c98d89d8","block_type":"box","text":"bear, the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of","page_number":106,"box":{"x":89,"y":350,"width":848,"height":12}},{"id":"0ffb1f34-3868-42f3-91f1-b3fa064253a3","block_type":"box","text":"portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or","page_number":106,"box":{"x":89,"y":365,"width":817,"height":12}},{"id":"03c5e063-8a20-4b84-8fc5-e83b2b7862d0","block_type":"box","text":"expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Independent","page_number":106,"box":{"x":89,"y":380,"width":805,"height":13}},{"id":"74aa1702-1aa5-44c3-b830-a1408bf01b83","block_type":"box","text":"Directors).","page_number":106,"box":{"x":89,"y":395,"width":72,"height":13}},{"id":"abbfd005-79e5-4f39-ba14-01308083052b","block_type":"box","text":"For its investment advisory services to each Fund in the table below, BFA is entitled to an annual investment advisory fee","page_number":106,"box":{"x":89,"y":422,"width":840,"height":12}},{"id":"fc796211-aa61-4a65-a2e9-bf4003fef1e8","block_type":"box","text":"equal to the rate indicated below of the average daily value of each Fund’s net assets. The fees are accrued daily and typically","page_number":106,"box":{"x":89,"y":437,"width":875,"height":12}},{"id":"0f908fa9-edbc-4d16-a25d-04896fa7db40","block_type":"box","text":"paid monthly by the Fund.","page_number":106,"box":{"x":89,"y":452,"width":182,"height":12}},{"id":"ff01378e-ba40-4a0d-b15b-33c786bc16a3","block_type":"box","text":"Fund","page_number":106,"box":{"x":89,"y":482,"width":27,"height":7}},{"id":"746fe1e8-9cbd-42ae-aabb-351fd2895e43","block_type":"box","text":"Annual Rate","page_number":106,"box":{"x":897,"y":482,"width":71,"height":7}},{"id":"ea4ffac1-bfad-45dc-ae47-b0a6a9ba4f89","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":106,"box":{"x":89,"y":504,"width":270,"height":12}},{"id":"40937c13-4e9e-4d95-b6ec-97d98e777707","block_type":"box","text":"0.09%","page_number":106,"box":{"x":918,"y":504,"width":44,"height":9}},{"id":"edd588c7-e2d5-4b73-8bf1-f5e732fd0492","block_type":"box","text":"iShares MSCI World ETF","page_number":106,"box":{"x":89,"y":519,"width":168,"height":10}},{"id":"8e484a3c-ec41-418a-a5bf-484cea22ad83","block_type":"box","text":"0.24%","page_number":106,"box":{"x":919,"y":519,"width":43,"height":10}},{"id":"74044c7e-12f0-4518-8e39-954dfbc5853e","block_type":"box","text":"For its investment advisory services to each Fund in the tables below, BFA is entitled to an annual investment advisory fee,","page_number":106,"box":{"x":89,"y":552,"width":851,"height":12}},{"id":"5ce4ffb7-8b56-427a-84f4-42bef79e69a1","block_type":"box","text":"accrued daily and typically paid monthly by the Fund. 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As a consequence, from time to","page_number":109,"box":{"x":88,"y":410,"width":855,"height":13}},{"id":"e42e1119-c970-47b4-a139-82b8af517eb4","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":109,"box":{"x":88,"y":426,"width":857,"height":12}},{"id":"7d9cae47-4dfc-4077-824d-1956131ed5d8","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":109,"box":{"x":89,"y":441,"width":489,"height":12}},{"id":"a718767b-987a-4ce0-9cbe-17efb23c604b","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":109,"box":{"x":89,"y":467,"width":875,"height":13}},{"id":"0e501b65-e9da-488b-a52d-7956fbe5c9c1","block_type":"box","text":"portfolio management generally pay an asset-based fee to BFA or its affiliates, as applicable, for its advisory services. 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Performance-based","page_number":109,"box":{"x":88,"y":543,"width":879,"height":12}},{"id":"1f8c9574-5e97-4cbe-8802-655803c6c3b1","block_type":"box","text":"fee arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more","page_number":109,"box":{"x":88,"y":558,"width":799,"height":12}},{"id":"b9f09835-2bed-4b39-ae73-a973c1960660","block_type":"box","text":"investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or","page_number":109,"box":{"x":89,"y":573,"width":832,"height":12}},{"id":"e434f193-ee7d-4a35-bc9f-30b79f6795d0","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":109,"box":{"x":89,"y":588,"width":843,"height":12}},{"id":"c6e9a000-07f3-4bad-9c6d-8c565f60d250","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":109,"box":{"x":89,"y":603,"width":872,"height":13}},{"id":"1f35b5a8-65e0-4fb6-bbf3-e3ca9ac7ffa2","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":109,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"a3431707-0099-495b-9606-cc147b5f69bf","block_type":"box","text":"arrangements, including performance-based fee arrangements, there is the potential for a conflict of interest, which may","page_number":109,"box":{"x":89,"y":633,"width":845,"height":13}},{"id":"176c0092-4de7-4a9e-83a2-ba3ff5cc53a0","block_type":"box","text":"result in the Portfolio Managers favoring those portfolios or accounts with performance-based fee arrangements.","page_number":109,"box":{"x":89,"y":649,"width":791,"height":12}},{"id":"431f60fa-a618-4443-86bd-a3bf347db458","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":109,"box":{"x":88,"y":675,"width":861,"height":12}},{"id":"5b80da76-3b67-42a7-9b35-20fe6a4ab262","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":109,"box":{"x":88,"y":690,"width":858,"height":13}},{"id":"501ed98e-2289-4a44-8c7f-77f3b0ade0f0","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of August 31, 2025:","page_number":109,"box":{"x":88,"y":705,"width":623,"height":13}},{"id":"92a24de2-79f1-40c1-bfe0-892bbfad7ead","block_type":"box","text":"Jennifer Hsui","page_number":109,"box":{"x":88,"y":734,"width":92,"height":11}},{"id":"ec26bff0-598b-426e-a612-8784b5b298c3","block_type":"box","text":"Types of Accounts","page_number":109,"box":{"x":88,"y":782,"width":107,"height":9}},{"id":"649da88e-527b-4c7d-a52a-c1622085af70","block_type":"box","text":"Number of Other","page_number":109,"box":{"x":672,"y":751,"width":98,"height":8}},{"id":"7509668f-bac2-4b2e-a5a9-f7fd99555892","block_type":"box","text":"Accounts with","page_number":109,"box":{"x":679,"y":761,"width":82,"height":8}},{"id":"2a961acd-54c0-4672-aa2b-84748ab3e148","block_type":"box","text":"Performance Fees","page_number":109,"box":{"x":670,"y":771,"width":101,"height":8}},{"id":"16ebb429-b6cd-4904-9053-5e62aa4bbfa7","block_type":"box","text":"Managed by Portfolio 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Assets","page_number":110,"box":{"x":884,"y":205,"width":84,"height":7}},{"id":"60611983-baf6-45ca-b27c-246607c943c9","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":110,"box":{"x":89,"y":225,"width":851,"height":13}},{"id":"22955856-125c-414f-8b8a-1c429a16e017","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":110,"box":{"x":89,"y":240,"width":851,"height":10}},{"id":"7de267c9-1154-4652-9317-861e6adee852","block_type":"box","text":"Other Accounts 0 N/A","page_number":110,"box":{"x":89,"y":256,"width":851,"height":9}},{"id":"7bd90de8-df94-4134-95d6-3b255743bf23","block_type":"box","text":"Steven White","page_number":110,"box":{"x":88,"y":291,"width":94,"height":10}},{"id":"a47f2553-c116-4a29-bb1a-32a868a9104f","block_type":"box","text":"Types of Accounts","page_number":110,"box":{"x":88,"y":328,"width":107,"height":10}},{"id":"912d5edb-2b2d-4672-91c9-c115983cf167","block_type":"box","text":"Number of Other Accounts","page_number":110,"box":{"x":643,"y":308,"width":155,"height":8}},{"id":"f724671a-aa9d-4561-839d-4f37f9cbf039","block_type":"box","text":"with Performance Fees","page_number":110,"box":{"x":654,"y":318,"width":132,"height":8}},{"id":"7592a189-abc4-4ed8-99f8-6c0c049ad356","block_type":"box","text":"Managed by Portfolio Manager","page_number":110,"box":{"x":631,"y":328,"width":179,"height":10}},{"id":"27dcbac5-28ff-4404-8a14-85e044742a30","block_type":"box","text":"Aggregate","page_number":110,"box":{"x":896,"y":318,"width":59,"height":10}},{"id":"c2f232ea-e664-46b1-b56e-b7f1dd455bbb","block_type":"box","text":"of Total Assets","page_number":110,"box":{"x":884,"y":328,"width":84,"height":8}},{"id":"be38e003-e920-44da-9699-df39bdd7704c","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":110,"box":{"x":89,"y":349,"width":851,"height":12}},{"id":"6d517b4e-d5a7-455b-bce3-168539c4f353","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":110,"box":{"x":89,"y":364,"width":851,"height":10}},{"id":"5b299e59-f349-4e97-a9e0-a95554b2ac22","block_type":"box","text":"Other Accounts 0 N/A","page_number":110,"box":{"x":89,"y":379,"width":851,"height":10}},{"id":"536e842b-8366-4e29-be81-5c68beefe2ce","block_type":"box","text":"Portfolio Manager Compensation Overview","page_number":110,"box":{"x":88,"y":412,"width":303,"height":12}},{"id":"54d63439-fd4f-44cd-ba20-bf973f47c672","block_type":"box","text":"The discussion below describes the Portfolio Managers’ compensation as of August 31, 2025.","page_number":110,"box":{"x":88,"y":438,"width":654,"height":13}},{"id":"be224986-88c5-48fb-aa9d-8462f07fde20","block_type":"box","text":"BlackRock, Inc.’s financial arrangements with its portfolio managers, its competitive compensation and its career path","page_number":110,"box":{"x":89,"y":465,"width":824,"height":12}},{"id":"33317972-d11a-43a9-b143-51200efa1bca","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":110,"box":{"x":89,"y":480,"width":861,"height":12}},{"id":"a20a8a81-b6b0-4ac5-b0ec-995ffd765ba6","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":110,"box":{"x":89,"y":495,"width":836,"height":12}},{"id":"39516e94-94f9-4fd0-98ff-369484366db2","block_type":"box","text":"include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more","page_number":110,"box":{"x":89,"y":510,"width":865,"height":12}},{"id":"d439c025-a1f6-45c8-9bfb-51923f61c59a","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":110,"box":{"x":89,"y":525,"width":496,"height":12}},{"id":"71fa4e5a-aa7e-46f2-aa2d-4715f89c4e83","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":110,"box":{"x":89,"y":552,"width":850,"height":12}},{"id":"676eb7ce-4988-48e5-87f8-1b8c65841039","block_type":"box","text":"benefits offered to all BlackRock employees. Additionally, each portfolio manager receives discretionary incentive","page_number":110,"box":{"x":89,"y":567,"width":787,"height":12}},{"id":"35a32b54-80fd-462e-b6fe-7ab1ed1a2c30","block_type":"box","text":"compensation, determined based on several components, including: the performance of BlackRock, Inc., the performance of","page_number":110,"box":{"x":89,"y":582,"width":872,"height":12}},{"id":"e7857c5e-3503-4651-80ac-a4b0bd3e9787","block_type":"box","text":"the portfolio manager’s group within BlackRock, the performance of portfolios managed by the portfolio manager and the","page_number":110,"box":{"x":88,"y":597,"width":856,"height":12}},{"id":"cb7efde3-32c1-4e36-900c-8ad504d2eff0","block_type":"box","text":"team relative to the portfolios’ investment objectives (which in the case of index ETFs would be how closely the ETF tracks its","page_number":110,"box":{"x":88,"y":612,"width":876,"height":12}},{"id":"98f0b048-4698-4fc7-ab84-39ee61a640f0","block_type":"box","text":"underlying index), and the individual’s performance and contribution to the overall performance of these portfolios and","page_number":110,"box":{"x":89,"y":627,"width":835,"height":13}},{"id":"7a17ee75-7d50-41e9-ba4c-09177be56381","block_type":"box","text":"BlackRock. Discretionary incentive compensation is paid in cash up to a certain threshold with the remaining portion","page_number":110,"box":{"x":89,"y":642,"width":815,"height":13}},{"id":"aff9711a-be58-44dd-823d-40917f1c0662","block_type":"box","text":"represented by deferred BlackRock, Inc. stock awards. In some cases, additional deferred BlackRock, Inc. stock may be","page_number":110,"box":{"x":89,"y":657,"width":824,"height":13}},{"id":"a0eb8612-4029-4fba-8353-5bceebc73e7b","block_type":"box","text":"granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term","page_number":110,"box":{"x":89,"y":673,"width":847,"height":12}},{"id":"e1e395b4-0a68-44c0-a27e-39a48c1ee34c","block_type":"box","text":"shareholders and motivate performance.","page_number":110,"box":{"x":89,"y":688,"width":284,"height":12}},{"id":"a802f586-b148-4a25-bd4b-a53447b98b20","block_type":"box","text":"As of November 30, 2025, the Portfolio Managers beneficially owned shares of the Funds, for which they are primarily","page_number":110,"box":{"x":88,"y":714,"width":824,"height":12}},{"id":"7fb6cd61-3c98-4252-b561-c71b97c1986e","block_type":"box","text":"responsible for the day-to-day management, in the amounts reflected in the following tables:","page_number":110,"box":{"x":89,"y":729,"width":651,"height":13}},{"id":"d30c9ad3-d010-43d0-931d-3cc52d16abc3","block_type":"box","text":"Jennifer Hsui","page_number":110,"box":{"x":88,"y":759,"width":92,"height":12}},{"id":"429722f4-9e8b-49dc-8ab2-bdb759c0bf47","block_type":"box","text":"Dollar Range","page_number":110,"box":{"x":682,"y":777,"width":74,"height":9}},{"id":"63de859b-8711-4ccd-b715-c9e134060004","block_type":"box","text":"Fund None $1 to $10k","page_number":110,"box":{"x":89,"y":809,"width":501,"height":9}},{"id":"633a9c40-eb60-46ef-a40f-d83df6f42652","block_type":"box","text":"$10,001","page_number":110,"box":{"x":620,"y":799,"width":43,"height":9}},{"id":"8d832b9a-7081-4d21-adba-a4047b3bef59","block_type":"box","text":"to $50k","page_number":110,"box":{"x":620,"y":809,"width":45,"height":9}},{"id":"fe7e6808-5592-4ad8-b047-2b8d6cfe4a38","block_type":"box","text":"$50,001","page_number":110,"box":{"x":697,"y":799,"width":45,"height":9}},{"id":"ab4175cc-614c-40ac-90de-332f8d82cad2","block_type":"box","text":"to $100k","page_number":110,"box":{"x":695,"y":809,"width":51,"height":9}},{"id":"f7238ac7-fb5d-4f32-b293-3f5979f1fa53","block_type":"box","text":"$100,001","page_number":110,"box":{"x":776,"y":799,"width":50,"height":9}},{"id":"96d21d5c-4cd4-45a2-9c14-3efa393f42dc","block_type":"box","text":"to $500k","page_number":110,"box":{"x":776,"y":809,"width":52,"height":9}},{"id":"1a79abf5-137b-4360-986a-e4f5eefc1c26","block_type":"box","text":"$500,001","page_number":110,"box":{"x":859,"y":799,"width":52,"height":9}},{"id":"47388cfc-edcb-42e3-9f29-310bc22bc78e","block_type":"box","text":"to $1m","page_number":110,"box":{"x":865,"y":809,"width":40,"height":9}},{"id":"d7d30eed-571a-4a2a-8873-f8c526593aa3","block_type":"box","text":"over","page_number":110,"box":{"x":943,"y":802,"width":25,"height":5}},{"id":"e429a90b-d422-4c33-9f38-21ea7d1b931c","block_type":"box","text":"$1m","page_number":110,"box":{"x":943,"y":809,"width":24,"height":9}},{"id":"372713d4-251c-4cec-b449-33cad93255e4","block_type":"box","text":"iShares MSCI Australia ETF X","page_number":110,"box":{"x":89,"y":831,"width":401,"height":10}},{"id":"5e001037-06b9-4cec-890e-59bc59f94dc0","block_type":"box","text":"iShares MSCI Austria ETF X","page_number":110,"box":{"x":89,"y":848,"width":401,"height":9}},{"id":"29bedc78-ad3d-4be0-b8d1-1667ff6d4f25","block_type":"box","text":"92","page_number":110,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5effcc3f-27fc-41d8-8967-a4922a2652da","block_type":"box","text":"Jennifer Hsui","page_number":111,"box":{"x":88,"y":43,"width":92,"height":11}},{"id":"4fc485dd-e4b4-42a3-bf02-bbd417763b1d","block_type":"box","text":"Dollar Range","page_number":111,"box":{"x":682,"y":60,"width":74,"height":10}},{"id":"b7fa4e9f-624a-41b9-b559-7450d5b5f346","block_type":"box","text":"Fund None $1 to $10k","page_number":111,"box":{"x":89,"y":92,"width":501,"height":9}},{"id":"bd6f7bcb-4459-40d1-9fd7-3896fb1eac6c","block_type":"box","text":"$10,001","page_number":111,"box":{"x":620,"y":82,"width":43,"height":10}},{"id":"e280736a-ab11-4b7b-9590-efcd84b38556","block_type":"box","text":"to $50k","page_number":111,"box":{"x":620,"y":92,"width":45,"height":9}},{"id":"c2b63bf6-8f8f-4f24-aa6f-d1eed89ab2f7","block_type":"box","text":"$50,001","page_number":111,"box":{"x":697,"y":82,"width":45,"height":10}},{"id":"1ceda1f1-9072-4f3a-bdfe-884995eb1c55","block_type":"box","text":"to $100k","page_number":111,"box":{"x":695,"y":92,"width":51,"height":9}},{"id":"77946384-1d53-4b63-bc40-30041e6c4118","block_type":"box","text":"$100,001","page_number":111,"box":{"x":776,"y":82,"width":50,"height":10}},{"id":"5674db43-ef0b-4a6a-978d-e7dd2699e390","block_type":"box","text":"to $500k","page_number":111,"box":{"x":776,"y":92,"width":52,"height":9}},{"id":"ee2b0146-5cfc-4835-91fe-aa28b8a74d71","block_type":"box","text":"$500,001","page_number":111,"box":{"x":859,"y":82,"width":52,"height":10}},{"id":"4ec8b966-805f-40ca-b0db-c39dcbf56407","block_type":"box","text":"to 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This information will be used to verify","page_number":113,"box":{"x":88,"y":606,"width":860,"height":12}},{"id":"cfa144be-9eab-4a1d-b2e9-e86dda3a5377","block_type":"box","text":"the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for","page_number":113,"box":{"x":88,"y":621,"width":807,"height":12}},{"id":"8979989f-8b32-419f-896f-edc3a9c1daa4","block_type":"box","text":"compliance with the requirements of the Patriot Act.","page_number":113,"box":{"x":89,"y":636,"width":367,"height":12}},{"id":"80343360-4d53-4faf-98cf-f5a5e644b1e9","block_type":"box","text":"The Funds reserve the right to reject purchase orders from persons who have not submitted information sufficient to allow a","page_number":113,"box":{"x":88,"y":662,"width":871,"height":13}},{"id":"bf2d4fef-e567-4a65-ab93-c01a387bd83c","block_type":"box","text":"Fund to verify their identity. Each Fund also reserves the right to redeem any amounts in a Fund from persons whose identity","page_number":113,"box":{"x":89,"y":678,"width":873,"height":12}},{"id":"2bad2c0b-2928-45b1-ac17-96842fa3756e","block_type":"box","text":"it is unable to verify on a timely basis. 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State Street’s","page_number":113,"box":{"x":89,"y":848,"width":824,"height":12}},{"id":"1273d047-66ce-43eb-b3ab-0fc1630f6ed6","block_type":"box","text":"principal address is One Congress Street, Suite 1, Boston, MA 02114-2016. Pursuant to the Service Module for Fund","page_number":113,"box":{"x":89,"y":863,"width":805,"height":12}},{"id":"1fcae5d9-c7b1-4e62-9187-3bc003553c95","block_type":"box","text":"95","page_number":113,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ae71c3b2-bed8-4627-b774-d4e256ee7b97","block_type":"box","text":"Administration and Accounting Services with the Company, State Street provides necessary administrative, legal, tax and","page_number":114,"box":{"x":88,"y":44,"width":846,"height":12}},{"id":"3e241c18-2d5d-4d21-8fa6-463f7549de70","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Company and each Fund. In addition,","page_number":114,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"0136aea2-27c0-4c32-b011-9fc41f18145d","block_type":"box","text":"State Street makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant","page_number":114,"box":{"x":88,"y":74,"width":869,"height":12}},{"id":"557c4331-424f-45f7-b47d-1d62f4f97037","block_type":"box","text":"to the Service Module for Custodial Services with the Company, State Street maintains, in separate accounts, cash, securities","page_number":114,"box":{"x":88,"y":89,"width":871,"height":13}},{"id":"00ca483b-e171-4ab5-9141-c19a93f30e5c","block_type":"box","text":"and other assets of the Company and each Fund, keeps all necessary accounts and records and provides other services. State","page_number":114,"box":{"x":89,"y":104,"width":877,"height":13}},{"id":"4aba7d7d-9ed3-47ef-99de-9f16ab9645d1","block_type":"box","text":"Street is required, upon the order of the Company, to deliver securities held by State Street and to make payments for","page_number":114,"box":{"x":88,"y":119,"width":818,"height":13}},{"id":"905485b0-5c6d-4628-8bfe-83e1116977b5","block_type":"box","text":"securities purchased by the Company for each Fund. State Street is authorized to appoint certain foreign custodians or","page_number":114,"box":{"x":89,"y":135,"width":828,"height":12}},{"id":"192495c6-31df-432d-b072-2afffc5140aa","block_type":"box","text":"foreign custody managers for Fund investments outside the U.S. Pursuant to the Service Module for Transfer Agency Services","page_number":114,"box":{"x":88,"y":150,"width":879,"height":12}},{"id":"d18697fa-04b4-4765-987a-40ac3b0ca810","block_type":"box","text":"with the Company, State Street acts as a transfer agent for each Fund’s authorized and issued shares of beneficial interest,","page_number":114,"box":{"x":88,"y":165,"width":854,"height":12}},{"id":"ba630717-be5d-46b5-8a44-976cbda822c9","block_type":"box","text":"and as dividend disbursing agent of the Company. 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BFA pays the","page_number":114,"box":{"x":89,"y":195,"width":805,"height":12}},{"id":"05596365-9e6d-44a5-a1b6-c33c7746517f","block_type":"box","text":"compensation because it has agreed to pay these operating expenses under the Investment Advisory Agreement as","page_number":114,"box":{"x":89,"y":210,"width":809,"height":13}},{"id":"f8d3c75d-9a99-4502-afd1-2202ea9bb7a5","block_type":"box","text":"described therein.","page_number":114,"box":{"x":89,"y":225,"width":124,"height":10}},{"id":"0cef4479-0415-4a92-8bc6-512c17e517af","block_type":"box","text":"iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Eurozone ETF, iShares MSCI Israel ETF, iShares MSCI","page_number":114,"box":{"x":88,"y":252,"width":870,"height":11}},{"id":"f2241986-108a-4169-90b2-3146ab9f0dab","block_type":"box","text":"Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Switzerland","page_number":114,"box":{"x":88,"y":267,"width":850,"height":12}},{"id":"63189891-674f-4ff6-b1eb-817e39344a61","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF","page_number":114,"box":{"x":88,"y":282,"width":529,"height":12}},{"id":"4b963518-5da9-4f3d-a657-18e0deeedaf2","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":114,"box":{"x":89,"y":308,"width":806,"height":13}},{"id":"212422d6-1457-4527-91cb-602287970fa4","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":114,"box":{"x":88,"y":324,"width":853,"height":12}},{"id":"b13e9d5a-bad6-4b0c-8764-ebe31280ea0b","block_type":"box","text":"Pursuant to the Master Services Agreement with the Company, Citibank provides necessary administrative, tax and","page_number":114,"box":{"x":89,"y":339,"width":804,"height":12}},{"id":"0d525f09-1c73-449a-ab3a-79b3f4123f95","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Company and each Fund. In addition,","page_number":114,"box":{"x":89,"y":354,"width":869,"height":12}},{"id":"211c4582-15da-4ccd-86d3-4eab790cbcf6","block_type":"box","text":"Citibank makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to","page_number":114,"box":{"x":89,"y":369,"width":863,"height":12}},{"id":"9233dc78-ce73-4419-939e-306ac2bb1501","block_type":"box","text":"the Master Services Agreement with the Company, Citibank maintains, in separate accounts, cash, securities and other assets","page_number":114,"box":{"x":88,"y":384,"width":879,"height":12}},{"id":"8205aabd-d14d-4306-9256-fccfa41e1716","block_type":"box","text":"of the Company and each Fund, keeps all necessary accounts and records and provides other services. Citibank is required,","page_number":114,"box":{"x":89,"y":399,"width":859,"height":13}},{"id":"29982374-0384-41f3-9905-017d993bb28d","block_type":"box","text":"upon the order of the Company, to deliver securities held by Citibank and to make payments for securities purchased by the","page_number":114,"box":{"x":89,"y":414,"width":863,"height":13}},{"id":"d779ab6a-973b-4f78-99ff-d4c83821e60c","block_type":"box","text":"Company for each Fund. Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund","page_number":114,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"f8337b8e-f337-41b5-bfb4-e22863bcc34f","block_type":"box","text":"investments outside the U.S. Pursuant to the Master Services Agreement with the Company, Citibank acts as a transfer agent","page_number":114,"box":{"x":89,"y":445,"width":873,"height":12}},{"id":"c97dd81b-8886-4821-90e3-6c5d90d600b8","block_type":"box","text":"for each Fund’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Company. As","page_number":114,"box":{"x":88,"y":460,"width":842,"height":12}},{"id":"ae11c348-5613-44a8-9e84-717264f92c58","block_type":"box","text":"compensation for these services, Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which","page_number":114,"box":{"x":89,"y":475,"width":864,"height":12}},{"id":"716aa1a1-e925-4708-b1c3-aa5f42024e85","block_type":"box","text":"are accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to pay these operating","page_number":114,"box":{"x":89,"y":490,"width":817,"height":12}},{"id":"cdbc2813-5203-4aba-ba79-779dad4c90e5","block_type":"box","text":"expenses under the Investment Advisory Agreement as described therein.","page_number":114,"box":{"x":89,"y":505,"width":516,"height":12}},{"id":"058fbe59-0d4d-4463-a2f5-b63dedd00972","block_type":"box","text":"Prior to August 11, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Australia","page_number":114,"box":{"x":89,"y":531,"width":849,"height":13}},{"id":"1fbf186d-c066-43c6-a014-a1d749772d01","block_type":"box","text":"ETF, iShares MSCI Austria ETF, iShares MSCI Italy ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF and iShares","page_number":114,"box":{"x":89,"y":547,"width":861,"height":12}},{"id":"c696293f-8fec-49e0-a7d7-5aaf8e5ab570","block_type":"box","text":"MSCI Turkey ETF.","page_number":114,"box":{"x":89,"y":562,"width":120,"height":12}},{"id":"5ed43f6e-049a-47b5-a78c-a54ad10c2305","block_type":"box","text":"Prior to September 8, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Israel ETF","page_number":114,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"973b33fc-09e0-4598-902e-c7824105a650","block_type":"box","text":"and iShares MSCI Switzerland ETF.","page_number":114,"box":{"x":89,"y":603,"width":239,"height":10}},{"id":"6e18b43c-17c8-49e6-98c7-336a0af01dc3","block_type":"box","text":"Prior to November 10, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Eurozone","page_number":114,"box":{"x":89,"y":630,"width":875,"height":12}},{"id":"fde9cc8d-73f2-4816-833d-1cec31aad2d3","block_type":"box","text":"ETF and iShares MSCI Japan ETF.","page_number":114,"box":{"x":89,"y":645,"width":227,"height":12}},{"id":"a7bf9045-b3ef-41bb-81f6-b3bd3c8f0eaf","block_type":"box","text":"JPMorgan serves as custodian for the Funds in connection with certain securities lending activities under a Custody Services","page_number":114,"box":{"x":88,"y":671,"width":869,"height":13}},{"id":"1c798110-8309-44b1-89bc-471b1e9db066","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":114,"box":{"x":88,"y":686,"width":479,"height":13}},{"id":"862c95a8-3961-4b00-81ec-ba5cfdc93134","block_type":"box","text":"th","page_number":114,"box":{"x":570,"y":684,"width":10,"height":7}},{"id":"99f5fdc3-784c-42f6-b944-19e6a5e43d6d","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Custody","page_number":114,"box":{"x":586,"y":686,"width":362,"height":13}},{"id":"da45c9ea-101b-439b-bf7f-84f897035cbc","block_type":"box","text":"Services Agreement with BTC and the Company, JPMorgan provides custody and related services required to facilitate","page_number":114,"box":{"x":88,"y":702,"width":822,"height":12}},{"id":"e066cc4e-1ab3-4d15-a04c-52127d4ddae2","block_type":"box","text":"securities lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending","page_number":114,"box":{"x":89,"y":717,"width":827,"height":12}},{"id":"1212a600-1047-4b2c-867b-09046e8c81e3","block_type":"box","text":"activity in coordination with other funds, maintains custodial records and provides other services. As compensation for these","page_number":114,"box":{"x":89,"y":732,"width":875,"height":12}},{"id":"637b32da-343f-4371-97b4-0994e6b4250c","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":114,"box":{"x":89,"y":747,"width":876,"height":12}},{"id":"4ddf5725-d097-4d02-95e0-b22c5129837b","block_type":"box","text":"agent.","page_number":114,"box":{"x":89,"y":763,"width":42,"height":11}},{"id":"74d4c58d-5999-4f85-ad4c-50e61adef18b","block_type":"box","text":"Distributor.","page_number":114,"box":{"x":89,"y":788,"width":80,"height":10}},{"id":"9452bd3c-6bc9-4a6a-84b4-9ee6ff707b83","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":114,"box":{"x":178,"y":788,"width":783,"height":13}},{"id":"2230c6ad-f41e-4227-9114-358eeb521873","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":114,"box":{"x":89,"y":804,"width":854,"height":12}},{"id":"a7ad19f6-27d8-428c-8641-bab62fb23c15","block_type":"box","text":"below in the","page_number":114,"box":{"x":89,"y":819,"width":85,"height":9}},{"id":"a427b4d2-323c-448b-8c03-253c2d1bcf4a","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":114,"box":{"x":179,"y":819,"width":300,"height":12}},{"id":"339b3ba7-23e3-4413-8e2d-d90eb6169007","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":114,"box":{"x":484,"y":819,"width":473,"height":9}},{"id":"cb7d6e40-e022-41ff-8d64-2c111a70a219","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":114,"box":{"x":89,"y":834,"width":845,"height":12}},{"id":"cfacec7d-c0b7-4566-ac07-683c648e96de","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":114,"box":{"x":89,"y":849,"width":846,"height":12}},{"id":"c4861e73-e67a-49f0-83d3-fe27c700e1b7","block_type":"box","text":"96","page_number":114,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ed1afb67-277c-42ee-a6cc-b2debabb9d30","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":115,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"f44a8d06-c31a-4f4e-9a09-5825b479607e","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":115,"box":{"x":89,"y":59,"width":852,"height":12}},{"id":"9ba5c3c4-0134-4dec-8ea5-10400c40d35a","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":115,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"e37a02d1-10b4-4820-a06a-44827a51bfa0","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":115,"box":{"x":89,"y":89,"width":462,"height":13}},{"id":"312153bb-4d74-4552-9044-f3582c8eadef","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":115,"box":{"x":88,"y":116,"width":829,"height":12}},{"id":"0d0bf072-338e-43a8-874c-d0670e6e9deb","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":115,"box":{"x":89,"y":131,"width":840,"height":12}},{"id":"c43e45a2-1921-41ba-9c32-f106c09166aa","block_type":"box","text":"Directors, or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the relevant Fund.","page_number":115,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"55b9ac0e-cae5-4291-970b-7f76d56904aa","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":115,"box":{"x":88,"y":161,"width":811,"height":12}},{"id":"30c8e384-6fe2-44bc-b497-09948973d43c","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":115,"box":{"x":88,"y":188,"width":848,"height":12}},{"id":"1d474d88-533b-4518-bbc2-92ee6a547f2b","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":115,"box":{"x":89,"y":203,"width":818,"height":12}},{"id":"c51f395e-d8c8-4d52-b1fc-12b7d576e4a6","block_type":"box","text":"participants and/or investor services organizations.","page_number":115,"box":{"x":89,"y":218,"width":357,"height":12}},{"id":"27fb565e-3a89-465d-81aa-3d735dec791d","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":115,"box":{"x":89,"y":244,"width":847,"height":13}},{"id":"1274b7cc-b456-432d-861e-636745f0087e","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":115,"box":{"x":89,"y":259,"width":743,"height":13}},{"id":"b2688e5c-103f-45ed-9cbb-990d830edb03","block_type":"box","text":"Securities Lending.","page_number":115,"box":{"x":88,"y":286,"width":137,"height":12}},{"id":"047cc158-025a-4e27-ab35-5e1a0901c090","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":115,"box":{"x":234,"y":286,"width":681,"height":12}},{"id":"f4ecc9c3-46f4-4cdb-b5c1-6976417deeeb","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":115,"box":{"x":89,"y":301,"width":872,"height":12}},{"id":"235d64c7-4199-4228-befb-2e33c971e2f3","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":115,"box":{"x":89,"y":316,"width":592,"height":12}},{"id":"a342b48b-82de-4411-b224-645e18c0a029","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":115,"box":{"x":89,"y":342,"width":876,"height":13}},{"id":"f3a19986-a57c-4819-b31a-a02468da31b1","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":115,"box":{"x":89,"y":358,"width":833,"height":12}},{"id":"c8d3dfd6-37c6-4b84-9810-0ce29e8b581c","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":115,"box":{"x":89,"y":373,"width":874,"height":12}},{"id":"9af73409-ab2f-4b4d-bba4-17733dcda41a","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":115,"box":{"x":89,"y":388,"width":844,"height":12}},{"id":"c5fc2c9a-0d9c-4624-96e2-8f3dc9c32e66","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":115,"box":{"x":89,"y":403,"width":859,"height":12}},{"id":"6addad35-35c9-40d4-a867-d28c99b3fbc3","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":115,"box":{"x":89,"y":418,"width":874,"height":12}},{"id":"0b44b978-54b6-4ba0-9b73-9d4f893465bc","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":115,"box":{"x":89,"y":433,"width":820,"height":13}},{"id":"2b47d3c2-3c20-48cf-8c72-efbfb50d3553","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales","page_number":115,"box":{"x":89,"y":448,"width":846,"height":13}},{"id":"1c42afc9-f937-46b4-8bb3-67dca3bb73ca","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":115,"box":{"x":89,"y":463,"width":357,"height":13}},{"id":"bf3fe3d7-87cf-4e9a-a608-82359b1c3aa8","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":115,"box":{"x":88,"y":490,"width":841,"height":12}},{"id":"972fd2c7-2dc4-458c-952a-19c231ebdb0a","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":115,"box":{"x":89,"y":505,"width":858,"height":12}},{"id":"7bc071d1-f512-43fd-98be-60a61e27748b","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":115,"box":{"x":88,"y":520,"width":844,"height":12}},{"id":"dd7d8eaf-a3d6-45a1-8099-55213172762f","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":115,"box":{"x":88,"y":535,"width":868,"height":13}},{"id":"ec387e93-bb5b-4674-9b5a-814be2e318be","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":115,"box":{"x":89,"y":550,"width":865,"height":13}},{"id":"b8eb5056-ac6c-416a-a078-3f02afe74a47","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":115,"box":{"x":88,"y":565,"width":415,"height":13}},{"id":"e4d96b95-5c68-4e30-b083-6d94aede0c3e","block_type":"box","text":"i.e","page_number":115,"box":{"x":504,"y":566,"width":15,"height":9}},{"id":"96b37903-7d8f-4f06-9d66-fe1f00362048","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":115,"box":{"x":520,"y":565,"width":429,"height":13}},{"id":"99710383-a00d-4a79-903a-8bb06b76076d","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":115,"box":{"x":88,"y":581,"width":879,"height":12}},{"id":"9afbe596-3e4e-40dc-af1d-a8ea44334c53","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":115,"box":{"x":88,"y":596,"width":861,"height":12}},{"id":"05d8066a-529d-49c1-bdb4-79318db72072","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":115,"box":{"x":88,"y":611,"width":841,"height":12}},{"id":"272d6c5f-0de5-4583-89c5-c0033b00f0ee","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":115,"box":{"x":89,"y":626,"width":831,"height":12}},{"id":"847dade6-e77d-44b4-97a6-3b8bd642e202","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":115,"box":{"x":89,"y":641,"width":835,"height":12}},{"id":"18ae6cf4-ebbc-4a89-85a7-fec480f5fbe7","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":115,"box":{"x":89,"y":656,"width":464,"height":13}},{"id":"8159d62d-0d11-4229-a944-2bd8df783a45","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":115,"box":{"x":89,"y":683,"width":871,"height":12}},{"id":"d8d289a1-893c-4466-8a4a-faf81aa8d9b3","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":115,"box":{"x":89,"y":698,"width":877,"height":12}},{"id":"9d9913f4-f29d-47be-91f6-97569afbc93f","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Company and BTC.","page_number":115,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"d78d4047-34af-4b45-af10-5ee9b2193f5e","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":115,"box":{"x":89,"y":739,"width":439,"height":13}},{"id":"7140dccd-3c76-43b5-8cf3-62d7a34514d7","block_type":"box","text":"(i) domestic equity funds, such as the iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF (the “Domestic","page_number":115,"box":{"x":89,"y":766,"width":852,"height":12}},{"id":"ebfa4014-ba2d-4aee-b384-fd6136b1e504","block_type":"box","text":"Equity Funds”), retain 81% of securities lending income (which excludes collateral investment fees) and (ii) this amount","page_number":115,"box":{"x":89,"y":781,"width":838,"height":12}},{"id":"80a78027-97be-4a81-985e-e2cd2060d4aa","block_type":"box","text":"could never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":115,"box":{"x":89,"y":796,"width":706,"height":12}},{"id":"89baeb9a-20bd-49e9-9c07-f53e1871be9d","block_type":"box","text":"(i) international equity funds, such as all Funds except for the iShares MSCI USA Equal Weighted ETF and iShares MSCI World","page_number":115,"box":{"x":89,"y":822,"width":876,"height":13}},{"id":"bd045dc3-16ca-488f-86ff-7db99a72f147","block_type":"box","text":"ETF (the “International Equity Funds”), retain 82% of securities lending income (which excludes collateral investment fees)","page_number":115,"box":{"x":89,"y":838,"width":859,"height":12}},{"id":"b802d362-b90f-4b35-b6d5-1e4e86406886","block_type":"box","text":"and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":115,"box":{"x":89,"y":853,"width":836,"height":12}},{"id":"6dbaca24-d36c-41e7-bd5b-cf20a435ba73","block_type":"box","text":"97","page_number":115,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d68b9775-4936-4dbf-908b-9aa49a0900e1","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":116,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"f35c2700-8de3-48b6-8b1e-f561db919f2c","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in 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income as follows:","page_number":116,"box":{"x":88,"y":104,"width":387,"height":13}},{"id":"4bfd0399-5311-4faf-bec1-61c9abd726f6","block_type":"box","text":"Domestic Equity Funds","page_number":116,"box":{"x":88,"y":131,"width":159,"height":12}},{"id":"001e758b-f073-4e20-9b0a-40cff8ffe074","block_type":"box","text":"Effective January 1, 2025: (i) 84% of securities lending income (which excludes collateral investment fees); and (ii) this","page_number":116,"box":{"x":89,"y":157,"width":826,"height":13}},{"id":"ff7c7d8c-3092-47a3-a66c-7aafaae1f7dd","block_type":"box","text":"amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":116,"box":{"x":89,"y":172,"width":752,"height":13}},{"id":"a12bc5e7-d0fe-46ad-bbda-b40f7ee1630f","block_type":"box","text":"International Equity Funds","page_number":116,"box":{"x":88,"y":199,"width":183,"height":12}},{"id":"921ea636-19ab-418b-a89f-14b77836280f","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":116,"box":{"x":89,"y":225,"width":866,"height":13}},{"id":"4c359274-da5e-4b39-b9f8-ca1e917f832b","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":116,"box":{"x":89,"y":240,"width":532,"height":13}},{"id":"3776e8ab-1bd6-46a7-a218-82c538fcfc9b","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended August 31, 2025 primarily included the","page_number":116,"box":{"x":88,"y":267,"width":827,"height":12}},{"id":"842a4567-677c-4440-96f8-7a47acc276d4","block_type":"box","text":"following:","page_number":116,"box":{"x":88,"y":282,"width":68,"height":12}},{"id":"9459b0a4-7732-4efd-833d-8c40655ebf66","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":116,"box":{"x":109,"y":308,"width":817,"height":13}},{"id":"a35c3eac-99ab-40d6-834d-771913bbb15f","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":116,"box":{"x":109,"y":324,"width":316,"height":11}},{"id":"e7864a0b-03f1-496b-b4dc-5e82e8c793d9","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":116,"box":{"x":109,"y":350,"width":519,"height":12}},{"id":"51780a41-818e-4cb1-b516-6b83942083ff","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":116,"box":{"x":109,"y":376,"width":314,"height":13}},{"id":"044632d9-bda6-4544-b475-6a91e49d3b65","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":116,"box":{"x":109,"y":403,"width":836,"height":12}},{"id":"79c02ab2-5b4c-4e3f-8dcf-0b817f03c20b","block_type":"box","text":"excess collateral, as necessary;","page_number":116,"box":{"x":108,"y":418,"width":214,"height":12}},{"id":"2ef73ca1-6033-4a5f-9685-71bd8c842f60","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":116,"box":{"x":109,"y":445,"width":543,"height":12}},{"id":"e7f70bd8-6cf5-48a0-bb7a-b027f19c5719","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":116,"box":{"x":109,"y":471,"width":652,"height":12}},{"id":"f84162f3-c183-4033-ab8f-6abf907c9732","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":116,"box":{"x":109,"y":497,"width":821,"height":13}},{"id":"5b095052-7922-48c3-988c-73b9330c15a9","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":116,"box":{"x":109,"y":513,"width":839,"height":12}},{"id":"22f70f7e-2952-4d33-b5d8-ccc73a26f988","block_type":"box","text":"securities; and","page_number":116,"box":{"x":108,"y":528,"width":100,"height":11}},{"id":"4422d129-2dbe-4989-9225-29495db4330c","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":116,"box":{"x":109,"y":554,"width":793,"height":12}},{"id":"23423f2d-269d-4e57-b0d5-281cfb711258","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":116,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"de494bcc-d42f-421a-a0e2-872c8de3736d","block_type":"box","text":"each Fund during its most recent fiscal year ended August 31, 2025.","page_number":116,"box":{"x":89,"y":596,"width":475,"height":12}},{"id":"ce4dbabb-1f02-48d6-a779-e208e3d91a40","block_type":"box","text":"Fund","page_number":116,"box":{"x":89,"y":635,"width":27,"height":8}},{"id":"ea63d74b-825b-4b8f-8f53-5216aa6afb25","block_type":"box","text":"iShares MSCI","page_number":116,"box":{"x":517,"y":625,"width":74,"height":8}},{"id":"e530261d-f276-478b-a181-98221c7bae72","block_type":"box","text":"Australia ETF","page_number":116,"box":{"x":516,"y":635,"width":76,"height":8}},{"id":"8edbe300-7c79-40fa-a71d-bb713c53598d","block_type":"box","text":"iShares MSCI","page_number":116,"box":{"x":642,"y":625,"width":75,"height":8}},{"id":"d666f783-cd35-40ee-a0b8-b21c9dda6af0","block_type":"box","text":"Austria ETF","page_number":116,"box":{"x":647,"y":636,"width":66,"height":7}},{"id":"30453b62-761b-4aaf-b6ab-3860af389a99","block_type":"box","text":"iShares MSCI","page_number":116,"box":{"x":767,"y":625,"width":75,"height":8}},{"id":"9b1664bd-c823-4940-857b-cdfbf9443a3c","block_type":"box","text":"Belgium ETF","page_number":116,"box":{"x":770,"y":635,"width":71,"height":10}},{"id":"0e679978-a1a3-4a98-b8c8-d79523d83dd4","block_type":"box","text":"iShares MSCI","page_number":116,"box":{"x":893,"y":625,"width":74,"height":8}},{"id":"0c41cfba-e15d-409c-8b79-8793fa9e8d1f","block_type":"box","text":"Canada ETF","page_number":116,"box":{"x":896,"y":635,"width":68,"height":8}},{"id":"6d9bcf52-af33-43c2-84a8-c7d918c2bcbc","block_type":"box","text":"Gross income from securities","page_number":116,"box":{"x":89,"y":653,"width":210,"height":10}},{"id":"e5f900f3-e3ac-4113-9b73-ae333c56c0c9","block_type":"box","text":"lending activities","page_number":116,"box":{"x":105,"y":668,"width":121,"height":12}},{"id":"095534ae-e989-4efb-8854-4164f3b93f71","block_type":"box","text":"$108,046 $142,669 $8,085 $618,332","page_number":116,"box":{"x":521,"y":653,"width":442,"height":11}},{"id":"d3c3ee0b-5b2c-4752-bca6-1f1372667867","block_type":"box","text":"Fees and/or compensation for","page_number":116,"box":{"x":88,"y":703,"width":213,"height":12}},{"id":"34f0790a-de21-41e9-bead-6d6dc9d48097","block_type":"box","text":"securities lending activities and","page_number":116,"box":{"x":104,"y":718,"width":219,"height":12}},{"id":"ad63e9a2-38ca-4dde-82d1-35553adf0134","block_type":"box","text":"related services","page_number":116,"box":{"x":104,"y":733,"width":108,"height":10}},{"id":"b8bfe32b-d0dc-42a6-ae0f-7c8636ef41e1","block_type":"box","text":"Securities lending income paid to","page_number":116,"box":{"x":118,"y":766,"width":232,"height":12}},{"id":"a727c86b-eef8-41c2-8100-e3e0afdaa901","block_type":"box","text":"BTC for services as securities","page_number":116,"box":{"x":119,"y":781,"width":199,"height":10}},{"id":"321de893-2f62-42fd-b310-1293a0304577","block_type":"box","text":"lending agent","page_number":116,"box":{"x":118,"y":796,"width":96,"height":12}},{"id":"5271e6e4-a0d2-4865-bd72-c251b917df3a","block_type":"box","text":"2,822 12,096 264 5,684","page_number":116,"box":{"x":550,"y":764,"width":414,"height":11}},{"id":"bcf13a83-ef51-4175-a124-5fd5fd6eb246","block_type":"box","text":"98","page_number":116,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"66445e9a-e005-46e6-bcfb-01437e6b4a3b","block_type":"box","text":"Fund","page_number":117,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"84aedced-1159-45de-b796-bf714a57624a","block_type":"box","text":"iShares MSCI","page_number":117,"box":{"x":517,"y":45,"width":74,"height":7}},{"id":"63d7845a-1437-4b40-b545-b21164136b41","block_type":"box","text":"Australia ETF","page_number":117,"box":{"x":516,"y":55,"width":76,"height":7}},{"id":"86211e95-5698-4a23-b59c-435b35a3f2b9","block_type":"box","text":"iShares MSCI","page_number":117,"box":{"x":642,"y":45,"width":75,"height":7}},{"id":"41a52ed5-af55-4ffa-b4a2-88c7b00a25b7","block_type":"box","text":"Austria ETF","page_number":117,"box":{"x":647,"y":55,"width":66,"height":7}},{"id":"9e3a153e-089d-4118-a116-dc5eefb9c47e","block_type":"box","text":"iShares MSCI","page_number":117,"box":{"x":767,"y":45,"width":75,"height":7}},{"id":"7a8f1ffe-4131-46f4-b520-d8077e11eb04","block_type":"box","text":"Belgium ETF","page_number":117,"box":{"x":770,"y":55,"width":71,"height":9}},{"id":"3320bea1-4576-47e3-ba41-1c41fd044bca","block_type":"box","text":"iShares 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5,275","page_number":117,"box":{"x":558,"y":73,"width":405,"height":11}},{"id":"49237a4b-aa0c-4f7e-94bd-d3d86ae4079b","block_type":"box","text":"Administrative fees not included","page_number":117,"box":{"x":117,"y":153,"width":226,"height":10}},{"id":"90d06d5b-39ef-4369-bdd1-5cfb294de05f","block_type":"box","text":"in securities lending income paid","page_number":117,"box":{"x":118,"y":168,"width":229,"height":12}},{"id":"a15a88bc-b467-4131-b589-46ccc6c581df","block_type":"box","text":"to BTC","page_number":117,"box":{"x":117,"y":184,"width":46,"height":9}},{"id":"a45f64f3-b374-4479-93d2-d5150f66deb9","block_type":"box","text":"0 00 0","page_number":117,"box":{"x":575,"y":151,"width":389,"height":9}},{"id":"e1968965-02fe-45c8-bf4f-3b9e2275d564","block_type":"box","text":"Indemnification fees not included","page_number":117,"box":{"x":119,"y":216,"width":233,"height":10}},{"id":"a352ed3b-1540-4166-91e4-a31e3a0bf059","block_type":"box","text":"in securities lending income 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BFA Entities also make payments to Intermediaries for","page_number":121,"box":{"x":88,"y":638,"width":841,"height":12}},{"id":"d610276f-a9f0-48a6-995c-e6148729a39a","block_type":"box","text":"certain printing, publishing and mailing costs or materials relating to the Fund or other Products (“Publishing Costs”). In","page_number":121,"box":{"x":89,"y":653,"width":841,"height":12}},{"id":"cec0bf9f-d475-4fb0-9fe4-bc3633b4464b","block_type":"box","text":"addition, BFA Entities make payments to Intermediaries that make shares of the Fund or other Products available to their","page_number":121,"box":{"x":89,"y":668,"width":843,"height":12}},{"id":"4724ecb2-e70b-4662-a2f0-117867fb4a98","block_type":"box","text":"clients, in some cases at a waived or reduced commission rate or ticket charge, develop new products that feature iShares,","page_number":121,"box":{"x":89,"y":683,"width":856,"height":13}},{"id":"0af2b6f0-8619-4317-b52d-a2edaf3bc99b","block_type":"box","text":"create educational content about the Fund or other Products that is featured on an Intermediary’s platform, or otherwise","page_number":121,"box":{"x":89,"y":698,"width":846,"height":13}},{"id":"32b2bf75-8712-4b92-bbd0-e7a3dc280e69","block_type":"box","text":"promote the Fund or other Products. 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The same conflicts of interest and financial incentives exist with","page_number":122,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"7273427a-c5b8-4bd7-b2d6-5f93beba5891","block_type":"box","text":"respect to your salesperson or other investment professional if he or she receives similar payments from his or her","page_number":122,"box":{"x":89,"y":59,"width":798,"height":12}},{"id":"38d2b0ad-8789-46cf-8e1e-8cc0d36e5ce5","block_type":"box","text":"Intermediary firm.","page_number":122,"box":{"x":89,"y":74,"width":125,"height":12}},{"id":"38cdc43f-d714-4656-9112-0dabc613440e","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":122,"box":{"x":89,"y":101,"width":802,"height":12}},{"id":"602c6a07-0558-4aec-9ea1-9f10784ee2b9","block_type":"box","text":"interactive or digital content that is made available through the www.blackrock.com website at no additional cost to","page_number":122,"box":{"x":89,"y":116,"width":812,"height":12}},{"id":"f1dc3cff-78e3-43c8-934f-e804aa96878f","block_type":"box","text":"Intermediaries. BlackRock may configure these tools and calculators and localize the content for Intermediaries as part of its","page_number":122,"box":{"x":89,"y":131,"width":868,"height":12}},{"id":"1230e98e-796d-45a5-9b5e-2724b2cf0af0","block_type":"box","text":"customary digital marketing support and promotion of the Fund or other Products.","page_number":122,"box":{"x":89,"y":146,"width":581,"height":12}},{"id":"304d4ac1-abb5-494e-a771-970021d90de1","block_type":"box","text":"As of March 1, 2013, BFA Entities have contractual arrangements to make payments (in addition to payments for Education","page_number":122,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"c161af15-0aaf-470e-b5a8-670495e32240","block_type":"box","text":"Costs or Publishing Costs) to one Intermediary, Fidelity Brokerage Services LLC (“FBS”). Effective June 4, 2016, this","page_number":122,"box":{"x":89,"y":188,"width":795,"height":12}},{"id":"113aacd1-def2-42da-a0b2-3fe057e6ed68","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":122,"box":{"x":89,"y":203,"width":847,"height":12}},{"id":"c8ba829c-fa03-4055-ae03-43a26fb57868","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":122,"box":{"x":89,"y":218,"width":824,"height":12}},{"id":"51ee82f3-d606-471c-860f-6ad51fc96f55","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":122,"box":{"x":89,"y":233,"width":826,"height":12}},{"id":"a17ecceb-ab30-4413-9b10-64f415ab641a","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":122,"box":{"x":89,"y":248,"width":835,"height":12}},{"id":"05272d35-9c31-492a-8afd-afcedce15e4e","block_type":"box","text":"certain funds and Products in certain Fidelity platforms and investment programs, in some cases at a waived or reduced","page_number":122,"box":{"x":89,"y":263,"width":838,"height":12}},{"id":"4eead85f-ce9c-4102-bbb6-ba69e119958d","block_type":"box","text":"commission rate or ticket charge, and to provide marketing data to BFA Entities. BFA Entities have agreed to facilitate the","page_number":122,"box":{"x":89,"y":278,"width":844,"height":13}},{"id":"75395390-da71-4ff0-8c6f-ec98f069d5d0","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":122,"box":{"x":89,"y":293,"width":831,"height":13}},{"id":"9bc2da93-caa0-457b-a14f-497c21e95f3a","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":122,"box":{"x":89,"y":308,"width":840,"height":13}},{"id":"25525d02-01b3-4af4-866c-ea4103048539","block_type":"box","text":"payments to FBS and/or NFS based upon a number of criteria, including the overall success of the Marketing Program and","page_number":122,"box":{"x":89,"y":324,"width":856,"height":12}},{"id":"983218b7-7ee2-4614-a1da-aa019b45dc82","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":122,"box":{"x":88,"y":339,"width":529,"height":12}},{"id":"ea77aced-b20d-499f-acb7-972258f9f1f6","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":122,"box":{"x":89,"y":365,"width":873,"height":12}},{"id":"4ca79c02-c5a0-4f23-b5d1-cb685d444628","block_type":"box","text":"that the BFA Entities believe may benefit the business of the BFA Entities or facilitate investment in the Fund or certain","page_number":122,"box":{"x":88,"y":380,"width":824,"height":13}},{"id":"9210ef2f-2573-4d6a-a43e-e09cb3a37504","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":122,"box":{"x":89,"y":395,"width":868,"height":13}},{"id":"2d86a06b-44b9-48b0-82dd-14ee4dae8a8b","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":122,"box":{"x":89,"y":410,"width":844,"height":13}},{"id":"959ea3fb-120b-4cd3-97ea-5c38cf8e8c4b","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":122,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"5c9c0aff-c4af-4457-96ef-a17cb012e8ee","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":122,"box":{"x":88,"y":441,"width":850,"height":12}},{"id":"d138b1c3-2493-4fea-945f-8e01bedf4610","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":122,"box":{"x":89,"y":456,"width":863,"height":12}},{"id":"e9672076-8e5a-4fb7-bc89-42c0fa7c34fc","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":122,"box":{"x":89,"y":471,"width":864,"height":12}},{"id":"ee42abf8-4f89-428a-91dc-974a08a1d1c3","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":122,"box":{"x":89,"y":486,"width":861,"height":12}},{"id":"32faa6e8-1526-484f-8977-9bfa88688cb8","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":122,"box":{"x":89,"y":501,"width":807,"height":13}},{"id":"b9fd2445-6cb6-4a02-aa6b-b34f9062e090","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":122,"box":{"x":89,"y":516,"width":871,"height":13}},{"id":"838fdf0c-dd37-421e-9c87-c68517290e6a","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":122,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"f0c64838-eaa5-4e4e-9693-4f309e25aaca","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":122,"box":{"x":89,"y":547,"width":851,"height":12}},{"id":"8d6479a8-3ffa-44cf-a03f-7a7ef9313fcd","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":122,"box":{"x":89,"y":562,"width":855,"height":12}},{"id":"8a551aaf-8e12-41fa-976e-e50b559661d4","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":122,"box":{"x":88,"y":577,"width":821,"height":12}},{"id":"bc23546e-ba12-4601-b108-5221680d71cb","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":122,"box":{"x":89,"y":592,"width":780,"height":12}},{"id":"acac97b3-604d-442b-8f91-118b2f45f07f","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":122,"box":{"x":89,"y":607,"width":839,"height":12}},{"id":"47e729c9-ca14-472b-b8d6-4f1bbe16814b","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":122,"box":{"x":89,"y":622,"width":821,"height":12}},{"id":"44f67a3e-a9ea-4cdd-82b6-c90feaf60a0d","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":122,"box":{"x":89,"y":637,"width":847,"height":13}},{"id":"3aa4a80b-dfb6-4d38-97b8-3b89541fe01f","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":122,"box":{"x":89,"y":652,"width":858,"height":13}},{"id":"8d675335-c93b-424b-a634-f9b1f0ba43dd","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":122,"box":{"x":89,"y":668,"width":877,"height":12}},{"id":"42af596d-3a9f-4226-9b60-f10a3a5e8b05","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":122,"box":{"x":89,"y":683,"width":862,"height":12}},{"id":"489387ed-cdc5-4636-831a-8c048ee9c448","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":122,"box":{"x":88,"y":698,"width":878,"height":12}},{"id":"a167229e-d758-4a4e-b265-d7ca192336ea","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":122,"box":{"x":88,"y":713,"width":842,"height":12}},{"id":"d4d8d69d-9ce1-478e-848e-6f4fd090d25c","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":122,"box":{"x":89,"y":728,"width":637,"height":12}},{"id":"991ca5f8-5ab6-4951-abfe-48d662d1437a","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":122,"box":{"x":89,"y":754,"width":861,"height":13}},{"id":"c05468a6-b637-4c83-aa8e-acaa3602765a","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":122,"box":{"x":89,"y":770,"width":870,"height":12}},{"id":"e3fba155-80fd-43f6-a11e-8fe0fe9c2099","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":122,"box":{"x":89,"y":785,"width":826,"height":12}},{"id":"fb9c1dcd-1be3-43ae-b802-779b5e7c2ec0","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":122,"box":{"x":89,"y":800,"width":821,"height":12}},{"id":"6f05c15c-c881-4112-aefb-ee1b2649b2d4","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":122,"box":{"x":89,"y":815,"width":805,"height":12}},{"id":"f650d7c1-5090-4593-adfd-0c781349bac3","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":122,"box":{"x":89,"y":830,"width":862,"height":12}},{"id":"359d3971-fae5-44b5-9600-480a41309f37","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":122,"box":{"x":88,"y":845,"width":835,"height":12}},{"id":"5aeaccd0-35db-4a55-8a38-262d304cdb49","block_type":"box","text":"104","page_number":122,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"5160210e-0e72-4d89-a928-bf0f0778439f","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":123,"box":{"x":89,"y":44,"width":823,"height":12}},{"id":"a51662fa-c29d-4040-910a-05b0da60df36","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":123,"box":{"x":89,"y":59,"width":578,"height":12}},{"id":"3974aae0-c518-4a1d-8d81-70ef25a6f9f7","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":123,"box":{"x":88,"y":85,"width":864,"height":13}},{"id":"8c7661bf-6871-46f5-a258-d193d42ce4d0","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":123,"box":{"x":89,"y":101,"width":814,"height":12}},{"id":"512a7d9a-52c8-4ac2-855d-f822b9d2f6f0","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":123,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"8a05182e-2514-40cd-810c-c30985d43301","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":123,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"d2e0fa91-9fba-42ab-abcb-27b5e43b93f1","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":123,"box":{"x":88,"y":146,"width":847,"height":12}},{"id":"d6770785-2cb3-483d-9f11-38eeb65b615e","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":123,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"3fdc2e44-a92e-476a-a5f5-b7c8fd574e01","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":123,"box":{"x":89,"y":176,"width":722,"height":13}},{"id":"1c0761a4-4a61-4229-a443-530e4dcf53b9","block_type":"box","text":"Determination of Net Asset Value","page_number":123,"box":{"x":91,"y":207,"width":558,"height":23}},{"id":"e9509234-5dd4-47c1-a9d3-914d82e1c6d9","block_type":"box","text":"Valuation of Shares.","page_number":123,"box":{"x":88,"y":248,"width":144,"height":10}},{"id":"f7093223-1d34-4c37-9904-b5fb8678396d","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":123,"box":{"x":237,"y":248,"width":717,"height":12}},{"id":"d9429b5c-59db-4e72-afc7-0ba4cd0d87ef","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":123,"box":{"x":88,"y":263,"width":877,"height":12}},{"id":"afa79e4b-451c-4ac8-b172-f7a49cab3d9b","block_type":"box","text":"by a Fund is as follows:","page_number":123,"box":{"x":89,"y":278,"width":159,"height":13}},{"id":"67e44539-3d0e-483c-aeb5-0193337e7dcd","block_type":"box","text":"Equity Investments.","page_number":123,"box":{"x":89,"y":305,"width":139,"height":12}},{"id":"fdbe1877-8bc6-46f8-8672-df780bda0673","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":123,"box":{"x":235,"y":305,"width":429,"height":12}},{"id":"aba75af2-25c7-423a-9519-380096214665","block_type":"box","text":"e.g.","page_number":123,"box":{"x":665,"y":308,"width":23,"height":9}},{"id":"ba7647cb-593e-47fa-871c-d11575166bc2","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":123,"box":{"x":690,"y":305,"width":277,"height":12}},{"id":"c24dba85-61e4-49f8-960a-13c655a736c4","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":123,"box":{"x":89,"y":320,"width":853,"height":12}},{"id":"dc15ad92-da27-4369-a47a-40a5f4dc57ab","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":123,"box":{"x":89,"y":335,"width":869,"height":12}},{"id":"fc9ec49a-731c-4810-8126-fc4fff67c804","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":123,"box":{"x":89,"y":350,"width":874,"height":12}},{"id":"53bf3eb2-489e-4fa6-a73e-0a76afae18b2","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":123,"box":{"x":89,"y":365,"width":841,"height":12}},{"id":"f5a128c2-13c0-43dd-b60c-ef93596cd118","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":123,"box":{"x":89,"y":380,"width":872,"height":13}},{"id":"737334bb-dfb9-4015-a02c-749776049dc4","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":123,"box":{"x":88,"y":395,"width":838,"height":13}},{"id":"ba81aae3-2d68-448d-888c-2f96ad619bb3","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":123,"box":{"x":88,"y":410,"width":848,"height":13}},{"id":"660b3f7e-c5ad-4a35-92f8-9ef05b23c5d0","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":123,"box":{"x":89,"y":426,"width":829,"height":12}},{"id":"b6d89acf-c559-4005-9639-362a5c7432f6","block_type":"box","text":"below).","page_number":123,"box":{"x":89,"y":441,"width":50,"height":12}},{"id":"ba649212-30d5-4239-85bb-f95d4bd22a9d","block_type":"box","text":"Fixed-Income Investments.","page_number":123,"box":{"x":89,"y":467,"width":194,"height":10}},{"id":"6bf43a0e-02fe-42e6-a1a3-6a365f26cb99","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":123,"box":{"x":289,"y":467,"width":603,"height":13}},{"id":"daa81f35-5f40-49a9-972c-ed42009e87e1","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third","page_number":123,"box":{"x":89,"y":482,"width":846,"height":13}},{"id":"f67c5e04-e422-4b3f-bf92-1de7dbd9d544","block_type":"box","text":"party pricing services, each in accordance with BFA’s Valuation Procedures. The pricing services may use matrix pricing or","page_number":123,"box":{"x":89,"y":497,"width":854,"height":13}},{"id":"eadda54e-5c06-4340-8c60-09660388d77d","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":123,"box":{"x":88,"y":513,"width":737,"height":12}},{"id":"d27663b4-b2e9-4c07-bfe5-b501e21a80c9","block_type":"box","text":"e.g.","page_number":123,"box":{"x":826,"y":516,"width":23,"height":9}},{"id":"656a5d78-cb84-4e4b-a580-078f85d94ff5","block_type":"box","text":", recent","page_number":123,"box":{"x":851,"y":514,"width":52,"height":10}},{"id":"f9970413-02dc-47c5-9ce6-1226f7be9be4","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":123,"box":{"x":89,"y":528,"width":795,"height":12}},{"id":"26f08842-926a-4816-8f39-822ad2e23da7","block_type":"box","text":"information. Pricing services also may consider yields or prices of securities of comparable quality, coupon, maturity and","page_number":123,"box":{"x":89,"y":543,"width":842,"height":12}},{"id":"0af8cd54-c538-4804-bd34-93b579867e8e","block_type":"box","text":"type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services","page_number":123,"box":{"x":88,"y":558,"width":878,"height":12}},{"id":"d6d86440-ede8-46b2-8d4b-3791ae3bc6bc","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold","page_number":123,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"212aa194-5739-4d97-a5f4-6ef88b3559fe","block_type":"box","text":"or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices","page_number":123,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"445cafcc-8b0c-45cd-bb96-ff0ba1236696","block_type":"box","text":"than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used","page_number":123,"box":{"x":88,"y":603,"width":860,"height":13}},{"id":"6de456d7-fdcc-499d-ab2c-63784e006207","block_type":"box","text":"by a Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less","page_number":123,"box":{"x":89,"y":618,"width":819,"height":13}},{"id":"f15fc948-5eb3-480a-a8e6-5c3ba212633c","block_type":"box","text":"remaining to maturity unless BFA determines in good faith that such method does not represent fair value. Certain fixed","page_number":123,"box":{"x":89,"y":633,"width":844,"height":13}},{"id":"15b4b9fd-bd26-45ff-9b42-5441488423bb","block_type":"box","text":"income investments, including asset-backed and mortgage-related securities, may be valued based on valuation models that","page_number":123,"box":{"x":89,"y":649,"width":874,"height":12}},{"id":"23fb114e-733d-4963-b5e9-0ede9c0c6fa0","block_type":"box","text":"consider the estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an estimated","page_number":123,"box":{"x":89,"y":664,"width":829,"height":12}},{"id":"e6ee50b6-0c1c-47c6-b36c-f5239ecd5912","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":123,"box":{"x":88,"y":679,"width":656,"height":12}},{"id":"991ba7ba-7014-4e00-967d-48c0e135c12d","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":123,"box":{"x":89,"y":705,"width":337,"height":13}},{"id":"bdca6249-6ed0-48eb-8492-76a2743b6e38","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":123,"box":{"x":432,"y":705,"width":518,"height":13}},{"id":"18ef8db3-4df7-4748-b813-91e7f4216f0d","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":123,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"b200d535-a08a-478c-b9cf-3e765dd28cff","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":123,"box":{"x":89,"y":736,"width":868,"height":12}},{"id":"f1c97130-3784-4bb2-be79-2e38f127fd73","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":123,"box":{"x":89,"y":751,"width":868,"height":12}},{"id":"f952c386-9d5c-45f7-bf4f-b5350369c3f1","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":123,"box":{"x":89,"y":766,"width":873,"height":12}},{"id":"1759d19e-65b7-4880-8123-1069ead3fd9c","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":123,"box":{"x":89,"y":781,"width":850,"height":12}},{"id":"a8505f33-c6ed-4199-aade-4896660eb384","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":123,"box":{"x":89,"y":796,"width":871,"height":12}},{"id":"3fa6ef68-83af-4bad-918d-ee5e1025c3a3","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued using a","page_number":123,"box":{"x":89,"y":811,"width":856,"height":12}},{"id":"7b0a58d9-23a8-4a08-ab9c-50a627a2b61b","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":123,"box":{"x":89,"y":826,"width":824,"height":13}},{"id":"a15a7975-033e-4832-b251-47dab915cbe6","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":123,"box":{"x":88,"y":841,"width":857,"height":13}},{"id":"9b985199-12ba-44a4-9bf5-8621527e0b60","block_type":"box","text":"105","page_number":123,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"301b5328-775c-400e-96c2-bc2bf81fdfa1","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":124,"box":{"x":88,"y":44,"width":874,"height":12}},{"id":"505bf0fc-70f5-424e-828d-680eb8e014d3","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":124,"box":{"x":89,"y":59,"width":368,"height":10}},{"id":"89fd03cf-6723-4a4d-a6d3-07566f273a64","block_type":"box","text":"Underlying Funds.","page_number":124,"box":{"x":89,"y":85,"width":130,"height":13}},{"id":"470323f2-9b38-421f-aa2e-f2575102fbcb","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":124,"box":{"x":224,"y":85,"width":694,"height":13}},{"id":"da037923-56c2-46de-ad65-889b38b98740","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":124,"box":{"x":89,"y":101,"width":759,"height":12}},{"id":"6054cf17-5150-4a2c-8a2c-02c3725a618d","block_type":"box","text":"General Valuation Information.","page_number":124,"box":{"x":89,"y":127,"width":222,"height":10}},{"id":"8d53ed9b-e765-47d0-9209-8fbf86271ed4","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":124,"box":{"x":317,"y":127,"width":612,"height":12}},{"id":"ae28723c-d08b-4147-b4d9-3e1a9e9ba148","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":124,"box":{"x":89,"y":142,"width":836,"height":10}},{"id":"da813296-c92d-4183-beac-cc8890f8219f","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":124,"box":{"x":88,"y":157,"width":853,"height":13}},{"id":"48259afc-bfce-4e9e-8103-2d3d3b1e087b","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":124,"box":{"x":88,"y":172,"width":813,"height":13}},{"id":"5112760c-309d-44c5-b709-8e505b21b8df","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":124,"box":{"x":89,"y":188,"width":700,"height":12}},{"id":"33ba3217-2c49-4b99-979f-36b3bec6332f","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":124,"box":{"x":88,"y":214,"width":867,"height":12}},{"id":"d182688f-4a53-4ffa-982c-106db9484b49","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":124,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"4e7d561e-fbc4-48b8-8d23-7d46ebd2a7d9","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":124,"box":{"x":89,"y":244,"width":859,"height":13}},{"id":"d41f6227-9326-48c4-8d30-113796f6e928","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":124,"box":{"x":89,"y":259,"width":846,"height":13}},{"id":"b7e70114-4b50-43f7-9d17-85288fffa923","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":124,"box":{"x":89,"y":274,"width":876,"height":13}},{"id":"c1e5910f-c837-4298-aed1-9cfcb3d6d832","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":124,"box":{"x":89,"y":290,"width":439,"height":12}},{"id":"531a2112-8372-4ae5-a727-afd2bfa9eda6","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":124,"box":{"x":88,"y":316,"width":627,"height":12}},{"id":"65860336-d37c-4a62-a1f5-e8e0c59ac051","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":124,"box":{"x":89,"y":342,"width":871,"height":13}},{"id":"f57b9c8a-ae86-46bc-a002-9a8dcc1d7407","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":124,"box":{"x":88,"y":358,"width":823,"height":12}},{"id":"35f2a5b7-fe35-4362-ae8a-1e1545222ea5","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":124,"box":{"x":89,"y":373,"width":843,"height":12}},{"id":"d65a71ef-e833-4aad-9720-37901529fe5e","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":124,"box":{"x":89,"y":388,"width":836,"height":12}},{"id":"28be91fb-bbe0-42f3-9e2f-8534bf135611","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":124,"box":{"x":89,"y":403,"width":862,"height":12}},{"id":"9de9dd5b-17ca-42e7-bd21-1fab2273ef90","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":124,"box":{"x":89,"y":418,"width":805,"height":12}},{"id":"b299a05e-6eff-4afd-a749-a06553f0c69b","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":124,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"b9d2994e-88b7-4bf5-91fb-382a3d0ae47c","block_type":"box","text":"a Fund’s NAV and the prices used in its Underlying Index, which, in turn, could result in a difference between a Fund’s","page_number":124,"box":{"x":89,"y":460,"width":820,"height":12}},{"id":"7755dfe9-bb7e-405c-ada5-17488cfa269f","block_type":"box","text":"performance and the performance of its Underlying Index.","page_number":124,"box":{"x":89,"y":475,"width":407,"height":12}},{"id":"d6e23a18-92b4-41bf-a18e-56d345c9e235","block_type":"box","text":"Fair Value.","page_number":124,"box":{"x":89,"y":501,"width":73,"height":10}},{"id":"900111d8-c2ab-4a4e-a46f-b39d3bdac780","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":124,"box":{"x":167,"y":501,"width":796,"height":13}},{"id":"b6c06572-b35c-4f3c-830d-db15ba66968f","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":124,"box":{"x":88,"y":516,"width":854,"height":13}},{"id":"e87035f0-ffcb-4d1c-9928-00288416a315","block_type":"box","text":"Pursuant to Rule 2a-5 under the Investment Company Act, the Board of Directors has designated BFA as the valuation","page_number":124,"box":{"x":89,"y":531,"width":824,"height":13}},{"id":"f794f17e-be3d-4491-b4b1-f70a20b6b682","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":124,"box":{"x":89,"y":547,"width":837,"height":12}},{"id":"03b2ce05-f304-4419-8d52-6740604aabcc","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":124,"box":{"x":89,"y":562,"width":855,"height":12}},{"id":"b790b7ba-ec6c-4e0c-b0cc-259a14e75b4e","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":124,"box":{"x":89,"y":577,"width":851,"height":12}},{"id":"24e0db34-b6b0-4ba0-a7ad-0c38cf62550f","block_type":"box","text":"unreliable (","page_number":124,"box":{"x":89,"y":592,"width":77,"height":12}},{"id":"7ecefcb6-b940-4e48-a7db-5f9b8c338b6d","block_type":"box","text":"e.g.","page_number":124,"box":{"x":167,"y":595,"width":23,"height":9}},{"id":"d368b8f4-16f2-48a1-b629-597596e8dfd0","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":124,"box":{"x":192,"y":592,"width":745,"height":12}},{"id":"fc419381-cde1-4b0a-adea-c0acb83560be","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":124,"box":{"x":89,"y":607,"width":839,"height":12}},{"id":"35de6396-d95f-40a7-911d-8e0da4a6201d","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":124,"box":{"x":88,"y":622,"width":822,"height":12}},{"id":"a0690e43-4b84-4858-99a5-6dcd442b9bfe","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":124,"box":{"x":89,"y":637,"width":860,"height":13}},{"id":"ee5d92b2-b269-4cff-8748-7516822cc6a3","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":124,"box":{"x":89,"y":652,"width":862,"height":13}},{"id":"a715f2e4-da4b-4ccc-92f9-a14c10ea6c55","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":124,"box":{"x":89,"y":668,"width":864,"height":12}},{"id":"f6157603-a16e-40da-85e2-61a1b595c71f","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":124,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"cd634329-6882-45d6-8ec6-bf0fb0c4f574","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":124,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"bc3c0a94-5364-4f14-94a4-ddd56836b27a","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":124,"box":{"x":89,"y":713,"width":829,"height":12}},{"id":"e0438d5e-cc8e-4809-b85d-522104440934","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":124,"box":{"x":89,"y":728,"width":573,"height":12}},{"id":"4c85fdaa-ef2d-49fa-b2aa-3b505fa76903","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":124,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"d055c50c-0bb7-4eb1-98d0-70054013f89e","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":124,"box":{"x":89,"y":770,"width":787,"height":12}},{"id":"d0330c86-6d68-4768-92ca-92f7756652e0","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":124,"box":{"x":89,"y":785,"width":867,"height":12}},{"id":"bfb31ee6-32e6-44ad-8174-6c12c4b1b4fc","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":124,"box":{"x":89,"y":800,"width":559,"height":12}},{"id":"19a929a2-a725-4994-8d01-67b081d83a87","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":124,"box":{"x":89,"y":826,"width":843,"height":13}},{"id":"f5c4308c-95be-484e-9883-ab9360074bbd","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":124,"box":{"x":89,"y":841,"width":874,"height":13}},{"id":"adea8af8-2eda-48b0-90a0-59c42a30f281","block_type":"box","text":"106","page_number":124,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"3b8f521d-22f3-413c-ac1a-2a5e415d2c4d","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":125,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"b67b3dba-7bfa-4238-a729-e260e183632b","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":125,"box":{"x":89,"y":59,"width":676,"height":12}},{"id":"6f22915c-3b8c-44f0-a005-d86c08e7f712","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":125,"box":{"x":88,"y":85,"width":868,"height":13}},{"id":"e8ded9bb-bbed-4f13-8055-7821c83f32ac","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":125,"box":{"x":88,"y":101,"width":838,"height":12}},{"id":"2d81eab5-2e9b-4d52-be50-69a21d45b524","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":125,"box":{"x":89,"y":116,"width":847,"height":12}},{"id":"fa3b087e-5d8e-476c-8462-84cf167872e5","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":125,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"a3926021-1c5f-43fd-9dc7-ec1b4d77760c","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":125,"box":{"x":89,"y":146,"width":877,"height":12}},{"id":"21a450fd-518e-4c3f-ba33-6155bebdb94d","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":125,"box":{"x":89,"y":161,"width":397,"height":12}},{"id":"41e19ce6-329e-4cfb-a939-2b2deb2b714d","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":125,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"c50f606f-2923-4266-ab74-6654876e4be1","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":125,"box":{"x":89,"y":203,"width":865,"height":12}},{"id":"40ff18b3-94ce-4770-b41d-3b4dfb6dca46","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":125,"box":{"x":89,"y":218,"width":878,"height":12}},{"id":"4003b956-3318-43f8-9199-212653b39861","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":125,"box":{"x":89,"y":233,"width":795,"height":12}},{"id":"03298c44-4355-4712-8f83-a06d9270e767","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":125,"box":{"x":88,"y":248,"width":839,"height":12}},{"id":"fa881322-b8a2-44c1-9700-489ae804b938","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":125,"box":{"x":89,"y":263,"width":801,"height":12}},{"id":"0383d21d-ae93-4c92-8490-9130f7cf2cde","block_type":"box","text":"investment.","page_number":125,"box":{"x":89,"y":279,"width":80,"height":9}},{"id":"c5137626-0817-448f-b6e3-f42c0a95dde8","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":125,"box":{"x":88,"y":305,"width":865,"height":12}},{"id":"9d6a71a5-0e8e-4bc9-8fe2-c44d2705d361","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":125,"box":{"x":89,"y":320,"width":843,"height":12}},{"id":"62e7aaed-7479-492f-a917-f5aebd0c8296","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":125,"box":{"x":89,"y":335,"width":850,"height":12}},{"id":"bbbaf713-cfe8-45eb-9547-3b0428abc5c6","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":125,"box":{"x":89,"y":350,"width":540,"height":12}},{"id":"33951181-0ff3-44da-b91c-e2e9cab048a1","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":125,"box":{"x":89,"y":376,"width":843,"height":13}},{"id":"e06304fc-24f5-4f03-a25a-6d9992714dfd","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":125,"box":{"x":89,"y":392,"width":795,"height":12}},{"id":"b3796347-f7c1-46f0-95b0-188253b21fcf","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":125,"box":{"x":88,"y":407,"width":838,"height":12}},{"id":"5c0b9b4f-68b9-410d-8afb-0229d79ad5b6","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":125,"box":{"x":89,"y":422,"width":835,"height":12}},{"id":"f38f1f71-cdd6-4c1e-92d5-1d9d85356ef4","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":125,"box":{"x":89,"y":437,"width":499,"height":12}},{"id":"65b5548b-3bfe-4e44-ac5e-f00bdddfc044","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":125,"box":{"x":89,"y":463,"width":870,"height":13}},{"id":"b3752175-5e1b-4784-b259-0be7a25ec774","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":125,"box":{"x":89,"y":479,"width":839,"height":12}},{"id":"0b3f84ed-f92b-4489-97fd-8ad0598b52f1","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":125,"box":{"x":88,"y":494,"width":863,"height":12}},{"id":"14b89af5-abe0-4158-b1d0-ae8060348ca7","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":125,"box":{"x":88,"y":509,"width":863,"height":12}},{"id":"e146067e-28dc-47e5-b679-cc5eced09845","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":125,"box":{"x":89,"y":524,"width":778,"height":12}},{"id":"158ae238-17ab-4255-9ef4-0d0ed96a986f","block_type":"box","text":"Brokerage Transactions","page_number":125,"box":{"x":91,"y":555,"width":390,"height":29}},{"id":"d1c991ee-a5dd-4fa6-91e6-94c6a20a3a99","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":125,"box":{"x":88,"y":596,"width":863,"height":12}},{"id":"0ba3efce-3691-47ae-9e9d-a37d52753404","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":125,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"52927d99-361c-4427-b235-812ab4c22b68","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":125,"box":{"x":89,"y":626,"width":824,"height":12}},{"id":"bc5e89d8-600f-4b4e-aaef-a9972ce6dcc5","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":125,"box":{"x":89,"y":641,"width":877,"height":12}},{"id":"0b4ba36c-9e81-4089-95af-307d37db5362","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":125,"box":{"x":89,"y":656,"width":861,"height":13}},{"id":"046ea883-1e44-4f39-9353-3ef1ce3edc6c","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":125,"box":{"x":89,"y":671,"width":805,"height":13}},{"id":"11574edb-8a37-4c5f-9ab0-a13b633842a4","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":125,"box":{"x":89,"y":686,"width":851,"height":13}},{"id":"b142d13d-6a8c-4dab-b1c6-f18b254d400a","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":125,"box":{"x":89,"y":702,"width":876,"height":12}},{"id":"38a5f3f2-c884-460c-8d61-770742e9b2f1","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":125,"box":{"x":89,"y":717,"width":807,"height":12}},{"id":"d73fa249-8ea4-4014-b99a-0ffb15d1c0e3","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":125,"box":{"x":89,"y":732,"width":664,"height":12}},{"id":"b20e3438-f59a-4e85-894c-b61355e17b4a","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":125,"box":{"x":89,"y":758,"width":825,"height":13}},{"id":"845615b4-3f22-4207-a711-4981201eefb1","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":125,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"f3270ab2-6257-44d6-bac3-f06e3849316d","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":125,"box":{"x":89,"y":788,"width":846,"height":13}},{"id":"8ced6691-ae78-487d-980b-fb61c4e3734e","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":125,"box":{"x":89,"y":804,"width":865,"height":12}},{"id":"9ff9fbe8-04aa-434b-be03-88f9423e62e0","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":125,"box":{"x":88,"y":819,"width":835,"height":12}},{"id":"b39cf56d-c8fc-431e-9392-5cfd93ced65f","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":125,"box":{"x":89,"y":834,"width":860,"height":12}},{"id":"0a247f38-cd5d-4fdf-be8b-6345f51792e7","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":125,"box":{"x":89,"y":849,"width":816,"height":12}},{"id":"0232d65f-bc8c-48b8-942c-6ff1308da3ab","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":125,"box":{"x":89,"y":864,"width":846,"height":12}},{"id":"e87f7804-a2e7-474c-bba6-22cb541991be","block_type":"box","text":"107","page_number":125,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"57b4b94e-7859-4e24-a993-115d07d98574","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":126,"box":{"x":88,"y":44,"width":870,"height":12}},{"id":"af0ff8d0-620f-4b96-8c66-a6f3da7ebbcb","block_type":"box","text":"other circumstances.","page_number":126,"box":{"x":89,"y":59,"width":146,"height":10}},{"id":"460cc615-25a4-4d18-a404-df049632f962","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":126,"box":{"x":88,"y":85,"width":863,"height":13}},{"id":"d21be871-e184-4fb3-beb0-5ea3120dd239","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":126,"box":{"x":89,"y":101,"width":844,"height":12}},{"id":"e7aff2d2-0da3-436f-9a45-cc0907568dd0","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":126,"box":{"x":89,"y":116,"width":871,"height":12}},{"id":"12a51d21-8ded-4878-9b2a-c14ef2b01ae7","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":126,"box":{"x":89,"y":131,"width":839,"height":12}},{"id":"72a7e19c-6ed7-4934-b115-5db59b827ee9","block_type":"box","text":"under certain conditions.","page_number":126,"box":{"x":89,"y":146,"width":174,"height":10}},{"id":"00365ced-6cb5-4077-87cb-fc81aa95e369","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":126,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"99e80a36-1381-45a4-a29f-470fcc010978","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":126,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"ec612e96-5e21-431e-9089-dce1aa213b7c","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":126,"box":{"x":89,"y":203,"width":831,"height":12}},{"id":"32e00e7c-b4b0-43e0-b87b-55d3efc79c24","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":126,"box":{"x":89,"y":218,"width":807,"height":12}},{"id":"16d822d6-76db-4e11-a063-963935cc8020","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":126,"box":{"x":88,"y":233,"width":605,"height":12}},{"id":"2d4cfd6c-a106-4a87-b10a-ed2b2c037b0a","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":126,"box":{"x":88,"y":259,"width":868,"height":13}},{"id":"b455600a-c6d6-44e3-b9c5-6afe017587c5","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":126,"box":{"x":88,"y":274,"width":849,"height":13}},{"id":"e87376ec-4084-44f4-ad29-9492069c5738","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":126,"box":{"x":89,"y":290,"width":857,"height":12}},{"id":"79a2877e-4666-42d4-9097-ddb4aeea0395","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":126,"box":{"x":89,"y":305,"width":865,"height":12}},{"id":"07a7c0e6-fb1f-487d-9bbc-bb1acc4d6d3f","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":126,"box":{"x":88,"y":320,"width":330,"height":12}},{"id":"a352c9ae-5a4b-4293-9e5e-861ccc0b7a34","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":126,"box":{"x":89,"y":346,"width":842,"height":13}},{"id":"ab80646b-4176-4038-b1d1-b941511318ac","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":126,"box":{"x":88,"y":361,"width":861,"height":13}},{"id":"5a5defc8-796f-452f-a938-55dec5369feb","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":126,"box":{"x":89,"y":376,"width":811,"height":13}},{"id":"fe1df032-d2c3-41ef-98da-d95951117be9","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":126,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"430c703e-9228-42e9-ae6d-e6c28ba1d64c","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":126,"box":{"x":88,"y":407,"width":875,"height":12}},{"id":"087d0fb1-f271-45f7-8915-bb2a84732b44","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":126,"box":{"x":88,"y":422,"width":501,"height":12}},{"id":"abb4ec8e-70b0-4d13-90ff-4216f9e7552a","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":126,"box":{"x":89,"y":448,"width":866,"height":13}},{"id":"409c1681-a98d-421c-b7b8-5ea30f6a9e75","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":126,"box":{"x":88,"y":463,"width":820,"height":13}},{"id":"8abefe6c-d568-471a-b1da-7b3cfeca8057","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":126,"box":{"x":88,"y":479,"width":845,"height":12}},{"id":"457389e7-b4b6-48a9-8eb2-be2ab836f99d","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":126,"box":{"x":89,"y":494,"width":826,"height":12}},{"id":"e0b2a017-c16c-413e-bf14-66de06091db3","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":126,"box":{"x":89,"y":509,"width":854,"height":12}},{"id":"d1c6c3ca-44c2-42e1-96a6-e63ad82ca76b","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":126,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"d99c5899-8942-4bd0-8e91-12f6702f17e7","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":126,"box":{"x":88,"y":539,"width":875,"height":12}},{"id":"781c1383-0b7c-4798-b010-89c711078f00","block_type":"box","text":"Act.","page_number":126,"box":{"x":88,"y":555,"width":27,"height":9}},{"id":"49a02e97-8cb8-4c7f-bb7e-139b3cb59948","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":126,"box":{"x":89,"y":581,"width":854,"height":12}},{"id":"10390a98-2c2d-4ee2-be86-6f6c4894791b","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":126,"box":{"x":89,"y":596,"width":860,"height":12}},{"id":"86d15e50-e467-4a02-844b-93dc978e70bf","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":126,"box":{"x":89,"y":611,"width":855,"height":12}},{"id":"5c0c86a6-71d4-4203-8002-044acf7b9951","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":126,"box":{"x":89,"y":626,"width":472,"height":12}},{"id":"6102cd63-16a7-43de-b686-5b6a436492d2","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":126,"box":{"x":89,"y":652,"width":831,"height":13}},{"id":"6299dac9-ade8-49d1-b5df-325d631ed9c6","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":126,"box":{"x":89,"y":668,"width":865,"height":12}},{"id":"41b2d0de-bc0b-435d-85a6-b9f1c1515588","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":126,"box":{"x":89,"y":683,"width":867,"height":12}},{"id":"ac1e3e2e-2637-46c4-bdb6-419ea3b767f2","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":126,"box":{"x":89,"y":698,"width":364,"height":12}},{"id":"9fcf1d1c-e075-462f-a29c-371e9ed9f35e","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":126,"box":{"x":88,"y":724,"width":874,"height":13}},{"id":"c914e70a-8a9c-4ed3-bb97-61a23f06d8b6","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":126,"box":{"x":88,"y":739,"width":824,"height":13}},{"id":"73b1d708-cb2d-4f52-8f88-190ae4ada3c4","block_type":"box","text":"commissions or discounts are paid.","page_number":126,"box":{"x":89,"y":754,"width":246,"height":13}},{"id":"e45c77f8-4cb3-4bd9-9d6c-faf29a86004e","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":126,"box":{"x":89,"y":781,"width":847,"height":12}},{"id":"7b2a0ae0-64bd-4f00-91db-9261dd908872","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":126,"box":{"x":89,"y":796,"width":835,"height":12}},{"id":"9c35f9f2-9fa2-489f-a771-87629fcd76aa","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":126,"box":{"x":89,"y":811,"width":854,"height":12}},{"id":"27649f87-afb2-4979-b574-8d40464bf661","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":126,"box":{"x":89,"y":826,"width":854,"height":13}},{"id":"2e78225e-e5a3-4304-8da0-faf54326b1ed","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":126,"box":{"x":89,"y":841,"width":842,"height":13}},{"id":"d5171038-5172-4f80-8b61-79605bd17cf0","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":126,"box":{"x":89,"y":856,"width":845,"height":13}},{"id":"d356ca72-4e66-4329-8861-dc2ed415919b","block_type":"box","text":"108","page_number":126,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"5019a22e-7473-4ef8-92e7-985d587b5ca9","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":127,"box":{"x":89,"y":44,"width":812,"height":12}},{"id":"0e34c945-2f90-4823-9353-095ad5106b10","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":127,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"a7a062cc-d3c4-4d49-b305-d32fbc5fe952","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":127,"box":{"x":89,"y":74,"width":866,"height":12}},{"id":"73589247-13f4-47a8-a1d3-4fe2cba80cdc","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":127,"box":{"x":89,"y":89,"width":842,"height":13}},{"id":"eb1e2cf2-4a02-40ae-ae5a-6981c2386612","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":127,"box":{"x":89,"y":104,"width":871,"height":13}},{"id":"9da2f776-db18-4514-bd30-eb3ab5dd322d","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":127,"box":{"x":89,"y":119,"width":817,"height":13}},{"id":"3f90f84d-6533-4e44-816a-e2f3857a14df","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":127,"box":{"x":89,"y":135,"width":862,"height":12}},{"id":"d4c89546-35fd-42af-876c-d79aac4cb508","block_type":"box","text":"in which the Funds may invest.","page_number":127,"box":{"x":89,"y":150,"width":215,"height":12}},{"id":"a2c79fa1-59b3-43a5-a8c5-80fbb30e2536","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":127,"box":{"x":89,"y":176,"width":862,"height":13}},{"id":"7610ef59-32c6-4c44-93ab-f589658d5213","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":127,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"c394c707-dfb7-4303-88a7-5f1839b1daea","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":127,"box":{"x":89,"y":206,"width":823,"height":10}},{"id":"111a773a-027b-4de7-9ff0-c13fe48f9581","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":127,"box":{"x":89,"y":222,"width":867,"height":12}},{"id":"bb56f34f-f4f3-449b-a3b5-2638339e8025","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":127,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"a7823cf1-92cb-40a8-9912-3ee5549fd6c0","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":127,"box":{"x":88,"y":252,"width":855,"height":12}},{"id":"1b6a5969-6a2e-4eb8-b986-1cc54a6d6326","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":127,"box":{"x":89,"y":267,"width":859,"height":12}},{"id":"5ae309a9-fded-4edc-aa39-217b80d13231","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":127,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"ef960ea5-9abf-4c53-bed1-1134ab6a9426","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":127,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"61bd73c8-7a7d-4d66-89a1-abf0d9faf651","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":127,"box":{"x":89,"y":312,"width":856,"height":13}},{"id":"5b2155ae-711e-486c-b3a5-1ca87e0d2dbd","block_type":"box","text":"pro rata","page_number":127,"box":{"x":87,"y":329,"width":56,"height":11}},{"id":"3d70a75a-276c-4b1d-b112-f84637114160","block_type":"box","text":"basis. This","page_number":127,"box":{"x":149,"y":327,"width":71,"height":10}},{"id":"ea991e6a-c2a8-4e49-9b45-40207195e30d","block_type":"box","text":"pro rata","page_number":127,"box":{"x":224,"y":329,"width":56,"height":11}},{"id":"0d05ef0f-5920-4b9d-9989-92a57fe7a847","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":127,"box":{"x":285,"y":327,"width":656,"height":13}},{"id":"478d34b2-6860-4828-828c-920dbd95d9f4","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":127,"box":{"x":89,"y":342,"width":822,"height":13}},{"id":"a661b1d5-acf5-4f5e-8582-1b6562fcdf05","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":127,"box":{"x":89,"y":358,"width":797,"height":12}},{"id":"1f7ba2eb-0a57-409a-843d-14b829ef6803","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":127,"box":{"x":89,"y":373,"width":873,"height":12}},{"id":"31ba78bf-86a2-4f4b-bb53-c9fa87d29407","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":127,"box":{"x":88,"y":388,"width":814,"height":12}},{"id":"0c65fc41-bed8-4e2f-86a5-d24acd900eaf","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":127,"box":{"x":89,"y":403,"width":510,"height":12}},{"id":"67642a75-0551-4da1-8397-074fd6e73ad1","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":127,"box":{"x":89,"y":429,"width":861,"height":13}},{"id":"3ba4dcd6-ef7f-498b-80c7-b6bd69799711","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":127,"box":{"x":89,"y":445,"width":811,"height":12}},{"id":"384c9d94-fd84-44fd-99f9-b4e3c6ecac8d","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":127,"box":{"x":89,"y":460,"width":850,"height":12}},{"id":"0354a81d-13ed-40b1-b708-d8e89ce78c8b","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":127,"box":{"x":88,"y":475,"width":878,"height":12}},{"id":"0fb475ac-2aa7-4a04-9836-6033ef18abb5","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":127,"box":{"x":88,"y":490,"width":860,"height":12}},{"id":"f8872207-49a3-4228-bd2b-239bee3e559f","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":127,"box":{"x":88,"y":505,"width":865,"height":12}},{"id":"7c37c881-9440-47ad-ac53-6257e82c1426","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":127,"box":{"x":89,"y":520,"width":843,"height":12}},{"id":"2d79f5e3-9638-4d30-b704-91d40e71aba8","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":127,"box":{"x":89,"y":535,"width":831,"height":13}},{"id":"44b99f99-acdc-4c41-84e6-410127e0a726","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":127,"box":{"x":89,"y":550,"width":854,"height":13}},{"id":"7b4be106-5285-4f19-b1e7-b90c18165d6d","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":127,"box":{"x":89,"y":565,"width":637,"height":13}},{"id":"015304bb-1ff7-4ca9-9804-9f94fd4bce45","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":127,"box":{"x":89,"y":592,"width":831,"height":12}},{"id":"52dde810-467e-40d9-8352-19aea7cc4e14","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":127,"box":{"x":89,"y":607,"width":869,"height":12}},{"id":"df73141f-e787-4e6b-b700-3d42660ee48e","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":127,"box":{"x":89,"y":622,"width":864,"height":12}},{"id":"1a2a0185-f79e-400e-ad06-84b37c520351","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":127,"box":{"x":89,"y":637,"width":871,"height":13}},{"id":"e686cc7e-d495-4916-9ea7-1d94cacdf7dc","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":127,"box":{"x":89,"y":652,"width":844,"height":13}},{"id":"630451f5-5f08-4fcb-ad2b-b093ae8380b8","block_type":"box","text":"pro","page_number":127,"box":{"x":937,"y":655,"width":23,"height":10}},{"id":"173cdbd1-55ac-4596-8d9b-c99170f932b2","block_type":"box","text":"rata","page_number":127,"box":{"x":88,"y":669,"width":28,"height":8}},{"id":"b3b49aa4-5ba9-4100-8fda-2cfc733df390","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":127,"box":{"x":121,"y":668,"width":838,"height":12}},{"id":"e817821a-6c3a-462b-ac95-751f324444b6","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":127,"box":{"x":88,"y":683,"width":857,"height":12}},{"id":"5dbd2496-169b-4c68-bc89-1ebe64bc75a1","block_type":"box","text":"(except in the case of certain international markets where average pricing is not permitted). While in some cases this practice","page_number":127,"box":{"x":89,"y":698,"width":877,"height":12}},{"id":"7b6d073a-dd0f-46d5-b141-5a5e0f04ca99","block_type":"box","text":"could have a detrimental effect upon the price or value of the security as far as the Funds are concerned, in other cases it","page_number":127,"box":{"x":89,"y":713,"width":845,"height":12}},{"id":"0a786810-86a7-42b0-9002-a081aa9e5d1e","block_type":"box","text":"could be beneficial to the Funds. Transactions effected by BFA or the other Affiliates on behalf of more than one of its clients","page_number":127,"box":{"x":89,"y":728,"width":869,"height":12}},{"id":"362145bb-a652-4f4b-8199-16e22a842c97","block_type":"box","text":"during the same period may increase the demand for securities being purchased or the supply of securities being sold,","page_number":127,"box":{"x":89,"y":743,"width":828,"height":12}},{"id":"33d003c1-0426-430f-9d3d-3fa57a087c6a","block_type":"box","text":"causing an adverse effect on price. The trader will give the bunched order to the broker-dealer that the trader has identified","page_number":127,"box":{"x":89,"y":758,"width":861,"height":13}},{"id":"5fa6f6ad-b9b6-4f11-8ecd-5f2329b333c0","block_type":"box","text":"as being able to provide the best execution of the order. Orders for purchase or sale of securities will be placed within a","page_number":127,"box":{"x":89,"y":773,"width":831,"height":13}},{"id":"ba0957b6-dc4f-46c4-977a-99b6dc6cd647","block_type":"box","text":"reasonable amount of time of the order receipt and bunched orders will be kept bunched only long enough to execute the","page_number":127,"box":{"x":89,"y":788,"width":854,"height":13}},{"id":"effc14e9-7d74-41d1-a493-c251a7d6edd8","block_type":"box","text":"order.","page_number":127,"box":{"x":89,"y":804,"width":38,"height":9}},{"id":"f12c9cae-9f10-4ba5-adb6-9258dfd720fe","block_type":"box","text":"The table below sets forth the brokerage commissions paid by each Fund for the fiscal years noted. Any differences in","page_number":127,"box":{"x":88,"y":830,"width":822,"height":12}},{"id":"2d6a3138-0918-42a7-9737-d2f2bb98ff73","block_type":"box","text":"brokerage commissions paid by a Fund from year to year are principally due to increases or decreases in that Fund’s assets","page_number":127,"box":{"x":89,"y":845,"width":858,"height":12}},{"id":"5d2c8ce6-ae5a-49cf-b7e8-e6131cff09ed","block_type":"box","text":"over those periods or the magnitude of changes to the components of a Fund’s Underlying Index:","page_number":127,"box":{"x":89,"y":860,"width":682,"height":13}},{"id":"2137566b-5e7f-45a3-aba3-7b2578fb2f67","block_type":"box","text":"109","page_number":127,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"2122b6a7-f981-41af-9c3d-da1081bfa1e5","block_type":"box","text":"Fund","page_number":128,"box":{"x":89,"y":101,"width":27,"height":8}},{"id":"baea4c05-0631-46bc-a891-e1ebfff60145","block_type":"box","text":"Brokerage","page_number":128,"box":{"x":508,"y":61,"width":57,"height":10}},{"id":"f85b20e6-e83e-4152-85fe-000e80c661a8","block_type":"box","text":"Commissions","page_number":128,"box":{"x":498,"y":71,"width":77,"height":8}},{"id":"33add332-ac1d-41a5-a141-01f23e8dbd03","block_type":"box","text":"Paid During","page_number":128,"box":{"x":503,"y":81,"width":67,"height":10}},{"id":"3f2835a7-484d-49a1-9601-c4be6b4f07cf","block_type":"box","text":"Fiscal Year","page_number":128,"box":{"x":507,"y":91,"width":60,"height":8}},{"id":"d364580c-c3b6-4ca3-b383-2b3b010025b3","block_type":"box","text":"Ended August 31, 2025","page_number":128,"box":{"x":470,"y":101,"width":132,"height":10}},{"id":"77886b17-f1bb-4c8c-8c88-86e29765bcae","block_type":"box","text":"Brokerage","page_number":128,"box":{"x":690,"y":61,"width":58,"height":10}},{"id":"e2ee3f81-95ec-4bdd-beee-ae92e72715a5","block_type":"box","text":"Commissions","page_number":128,"box":{"x":680,"y":71,"width":77,"height":8}},{"id":"7a3049cc-77c5-47ed-8b6c-3e2a96709523","block_type":"box","text":"Paid During","page_number":128,"box":{"x":686,"y":81,"width":66,"height":10}},{"id":"9b829d17-49c3-4100-90f2-76a873a50ad3","block_type":"box","text":"Fiscal Year","page_number":128,"box":{"x":689,"y":91,"width":60,"height":8}},{"id":"f7f39318-bd4c-4ea5-b85d-77653a02b041","block_type":"box","text":"Ended August 31, 2024","page_number":128,"box":{"x":653,"y":101,"width":132,"height":10}},{"id":"b9ea2ccd-adcf-4c79-994f-5253597b979e","block_type":"box","text":"Brokerage","page_number":128,"box":{"x":873,"y":61,"width":57,"height":10}},{"id":"e5e6103a-3e4d-427e-a94f-b93c8b532111","block_type":"box","text":"Commissions","page_number":128,"box":{"x":863,"y":71,"width":77,"height":8}},{"id":"93d3453b-62a6-444c-a2f8-6aa3a80425f1","block_type":"box","text":"Paid During","page_number":128,"box":{"x":868,"y":81,"width":67,"height":10}},{"id":"f0ee1710-6745-4e68-b96a-640f28892015","block_type":"box","text":"Fiscal Year","page_number":128,"box":{"x":872,"y":91,"width":60,"height":8}},{"id":"4437dae9-e267-49de-91b7-f71919990f1c","block_type":"box","text":"Ended August 31, 2023","page_number":128,"box":{"x":835,"y":101,"width":132,"height":10}},{"id":"efa20232-4a93-4f58-8ff9-9a3f7f3534d8","block_type":"box","text":"iShares MSCI Australia ETF $ 47,895 $ 47,234 $ 41,159","page_number":128,"box":{"x":89,"y":123,"width":844,"height":12}},{"id":"0673cb15-a0a1-4ff6-b502-c7a94cbb60b9","block_type":"box","text":"iShares MSCI Austria ETF 5,756 6,236 5,196","page_number":128,"box":{"x":89,"y":138,"width":844,"height":12}},{"id":"c61535ef-bcdd-4642-b99a-360f5f8210d8","block_type":"box","text":"iShares MSCI Belgium ETF 1,762 1,158 875","page_number":128,"box":{"x":89,"y":153,"width":844,"height":13}},{"id":"b5702182-2de2-4588-9977-9fb95e3b9795","block_type":"box","text":"iShares MSCI Canada ETF 31,170 34,818 74,167","page_number":128,"box":{"x":89,"y":169,"width":844,"height":11}},{"id":"5d00e691-02f5-4b89-80a0-e581f0de15bd","block_type":"box","text":"iShares MSCI Eurozone ETF 130,902 169,955 119,441","page_number":128,"box":{"x":89,"y":184,"width":841,"height":11}},{"id":"b8bef6f5-dcc8-44f0-ad7c-2d7d80568f86","block_type":"box","text":"iShares MSCI France ETF 7,780 10,446 14,557","page_number":128,"box":{"x":89,"y":199,"width":844,"height":11}},{"id":"8aa37db9-221b-4a1c-a90c-3926c07258ff","block_type":"box","text":"iShares MSCI Germany ETF 20,095 15,147 37,368","page_number":128,"box":{"x":89,"y":214,"width":844,"height":12}},{"id":"efb4ba12-993b-4b83-b9dd-0fdbe74b0b45","block_type":"box","text":"iShares MSCI Hong Kong ETF 55,144 43,190 83,491","page_number":128,"box":{"x":89,"y":229,"width":841,"height":12}},{"id":"0f25fb22-fce4-4809-9abf-fda36d8da6e1","block_type":"box","text":"iShares MSCI Israel ETF 9,451 7,913 10,786","page_number":128,"box":{"x":89,"y":244,"width":844,"height":12}},{"id":"a9f22c07-a00f-4c40-894a-38c316e9fae2","block_type":"box","text":"iShares MSCI Italy ETF 22,403 20,260 20,942","page_number":128,"box":{"x":89,"y":259,"width":844,"height":13}},{"id":"d4460a83-b716-4a01-baac-8d9dea724cf1","block_type":"box","text":"iShares MSCI Japan ETF 294,687 317,308 164,093","page_number":128,"box":{"x":89,"y":274,"width":844,"height":13}},{"id":"50ca0a5e-47d3-40b3-96d3-cf948916972f","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 7,468 9,421 3,697","page_number":128,"box":{"x":89,"y":290,"width":844,"height":12}},{"id":"89bdc68a-da61-4069-bf16-b6a1040c717b","block_type":"box","text":"iShares MSCI Mexico ETF 160,392 252,116 187,633","page_number":128,"box":{"x":89,"y":305,"width":844,"height":11}},{"id":"8e22f371-8dc9-4eff-ba45-6b106f5c08cc","block_type":"box","text":"iShares MSCI Netherlands ETF 11,484 10,152 9,771","page_number":128,"box":{"x":89,"y":320,"width":841,"height":11}},{"id":"4bc5b08a-1ecc-4975-925b-d9959baa9d61","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 86,530 78,306 86,347","page_number":128,"box":{"x":89,"y":335,"width":844,"height":12}},{"id":"468bfd25-9f87-462e-946e-cd933d2fde0a","block_type":"box","text":"iShares MSCI Singapore ETF 86,489 77,319 112,207","page_number":128,"box":{"x":89,"y":350,"width":844,"height":12}},{"id":"e86919ec-410b-4bcf-9523-3461d22c7441","block_type":"box","text":"iShares MSCI South Africa ETF 58,638 13,406 17,932","page_number":128,"box":{"x":89,"y":365,"width":844,"height":11}},{"id":"73e86e01-b36c-4613-bff8-8c4dc3e5b29e","block_type":"box","text":"iShares MSCI Spain ETF 107,615 48,906 29,255","page_number":128,"box":{"x":89,"y":380,"width":844,"height":13}},{"id":"7604fdef-a1a3-4d1e-ab5a-512a67194053","block_type":"box","text":"iShares MSCI Sweden ETF 41,007 36,372 30,702","page_number":128,"box":{"x":89,"y":395,"width":844,"height":12}},{"id":"cdda2a77-a844-468a-9089-4b8ba0f4d48e","block_type":"box","text":"iShares MSCI Switzerland ETF 30,991 23,969 45,883","page_number":128,"box":{"x":89,"y":410,"width":844,"height":12}},{"id":"7495ee0c-b170-4ed1-9bf9-bb3ea995c276","block_type":"box","text":"iShares MSCI Thailand ETF 23,447 22,452 36,676","page_number":128,"box":{"x":89,"y":426,"width":844,"height":11}},{"id":"1d5aa4c3-f553-442a-9ae3-a7c5a0824559","block_type":"box","text":"iShares MSCI Turkey ETF 35,432 39,678 112,485","page_number":128,"box":{"x":89,"y":441,"width":844,"height":12}},{"id":"02c8c21a-f34f-4cfc-91b4-e0756def3c8d","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 48,254 30,354 26,263","page_number":128,"box":{"x":89,"y":456,"width":844,"height":12}},{"id":"ed4c8c05-c963-4d50-b324-a843bc9f6bb9","block_type":"box","text":"iShares MSCI World ETF 30,122 18,712 23,390","page_number":128,"box":{"x":89,"y":471,"width":844,"height":11}},{"id":"5cabc45a-34e4-46e8-8487-d01eea5a5eb6","block_type":"box","text":"The following table sets forth the names of the Funds’ “regular” broker-dealers, as defined under Rule 10b-1 of the 1940 Act,","page_number":128,"box":{"x":88,"y":504,"width":873,"height":12}},{"id":"182a8224-7427-47f3-bd16-a6c7559fc8a4","block_type":"box","text":"which derive more than 15% of their gross revenues from securities-related activities and in which the Funds invest, together","page_number":128,"box":{"x":88,"y":519,"width":877,"height":12}},{"id":"8cca9a41-a3de-4e98-9206-5f4263ee4e29","block_type":"box","text":"with the market value of each investment as of the fiscal year ended August 31, 2025:","page_number":128,"box":{"x":88,"y":534,"width":599,"height":12}},{"id":"324e8001-9d4c-4e18-9713-f32cf1550476","block_type":"box","text":"Fund","page_number":128,"box":{"x":89,"y":574,"width":27,"height":7}},{"id":"34eed5d3-54a4-4c17-b86b-2c98a376b861","block_type":"box","text":"Issuer","page_number":128,"box":{"x":561,"y":574,"width":34,"height":7}},{"id":"52094e48-48a1-44c5-ad00-4c9457036593","block_type":"box","text":"Market Value of","page_number":128,"box":{"x":877,"y":564,"width":92,"height":7}},{"id":"675645c7-404e-4c1a-a4e8-9ff7647622cb","block_type":"box","text":"Investment","page_number":128,"box":{"x":891,"y":574,"width":63,"height":7}},{"id":"b717c464-a042-416b-a6ac-edd785d349b0","block_type":"box","text":"iShares MSCI Australia ETF Macquire Group Ltd. $ 60,644,094","page_number":128,"box":{"x":89,"y":596,"width":879,"height":12}},{"id":"acaba30a-5570-4e9c-93ff-309c1215e37b","block_type":"box","text":"iShares MSCI Canada ETF Royal Bank of Canada $257,982,018","page_number":128,"box":{"x":89,"y":628,"width":879,"height":13}},{"id":"51b96f33-5e2c-4999-9e6b-c35ed7d253e2","block_type":"box","text":"Toronto-Dominion Bank (The) 165,013,325","page_number":128,"box":{"x":560,"y":645,"width":407,"height":12}},{"id":"d7db6a2e-1b06-4f7f-849a-1fedf30ee150","block_type":"box","text":"Bank of Montreal 109,955,738","page_number":128,"box":{"x":562,"y":661,"width":406,"height":12}},{"id":"932a96ea-8f8f-4890-bd86-8d3e6f37cad2","block_type":"box","text":"Bank of Nova Scotia (The) 97,639,154","page_number":128,"box":{"x":562,"y":678,"width":406,"height":12}},{"id":"24e60687-9cc6-4e12-9f36-8f77eb08ade1","block_type":"box","text":"Canadian Imperial Bank of Commerce 91,050,226","page_number":128,"box":{"x":561,"y":694,"width":407,"height":12}},{"id":"627e47ae-face-4666-9fdb-029eecf83c51","block_type":"box","text":"National Bank of Canada 51,618,410","page_number":128,"box":{"x":562,"y":710,"width":406,"height":12}},{"id":"7c2318d1-6f3f-422a-9238-c2bcff63faf7","block_type":"box","text":"iShares MSCI Eu","page_number":128,"box":{"x":89,"y":743,"width":108,"height":10}},{"id":"8bd95d60-b757-4d6e-87f4-97c249b4d684","block_type":"box","text":"rozone ETF BNP Paribas SA $106,553,487","page_number":128,"box":{"x":199,"y":743,"width":769,"height":11}},{"id":"bd14b9c8-a9d0-4812-8d85-c977519bf3db","block_type":"box","text":"Societe Generale SA 51,784,255","page_number":128,"box":{"x":561,"y":759,"width":406,"height":12}},{"id":"6d6ef900-f29c-44e1-9ce1-a4779c718fc9","block_type":"box","text":"iShares MSCI France ETF BNP Paribas SA $ 16,823,662","page_number":128,"box":{"x":89,"y":792,"width":878,"height":12}},{"id":"77d9d733-bcf2-4045-b2a8-4a0192da86d9","block_type":"box","text":"Societe Generale SA 8,176,172","page_number":128,"box":{"x":561,"y":809,"width":406,"height":11}},{"id":"13b286f9-4dd1-44dd-884e-07ba7e7b049b","block_type":"box","text":"iShares MSCI Japan ETF Nomura Holdings Inc. $ 76,142,623","page_number":128,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"53ed4fd0-b2e2-49dd-928c-933d68f88a39","block_type":"box","text":"110","page_number":128,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"44e21251-8195-41fb-a45a-6c768dd90f21","block_type":"box","text":"Fund","page_number":129,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"723f21d0-1aac-4c1d-ab2c-0c0e61214c56","block_type":"box","text":"Issuer","page_number":129,"box":{"x":561,"y":55,"width":34,"height":7}},{"id":"9de680ab-bb77-4680-b390-65e47b74287b","block_type":"box","text":"Market Value of","page_number":129,"box":{"x":877,"y":45,"width":92,"height":7}},{"id":"65f99444-ea20-47ba-83c3-cc0b9f79e8a2","block_type":"box","text":"Investment","page_number":129,"box":{"x":891,"y":55,"width":63,"height":7}},{"id":"c70c98ff-ab69-4d72-9977-c4ef783bdfb1","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF Macquarie Group Ltd. $45,715,868","page_number":129,"box":{"x":89,"y":93,"width":875,"height":12}},{"id":"5be16974-04cd-4333-be02-f74af782d859","block_type":"box","text":"iShares MSCI Switzerland ETF UBS Group AG $86,729,973","page_number":129,"box":{"x":89,"y":126,"width":874,"height":12}},{"id":"4c0fe7fd-0573-4426-8ded-4cbf16ff5c53","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF Bank of America Corp. $ 3,029,330","page_number":129,"box":{"x":89,"y":159,"width":875,"height":12}},{"id":"f34172c4-39e2-4dfc-b405-f72c06d568f1","block_type":"box","text":"Citigroup Inc. 2,925,492","page_number":129,"box":{"x":561,"y":175,"width":402,"height":12}},{"id":"def0e43a-0e68-4250-961c-0bd6b2d91e32","block_type":"box","text":"JPMorgan Chase & Co. 2,937,941","page_number":129,"box":{"x":560,"y":191,"width":401,"height":13}},{"id":"7929afe7-b88e-4f4d-881f-d38e36b27011","block_type":"box","text":"Morgan Stanley 2,984,771","page_number":129,"box":{"x":561,"y":208,"width":400,"height":12}},{"id":"6da367ea-862d-4912-8e76-5cf1660f5445","block_type":"box","text":"The Goldman Sachs Group, Inc. 2,954,916","page_number":129,"box":{"x":560,"y":224,"width":404,"height":12}},{"id":"ccba7522-96c2-469b-9c68-a891bd10e8ea","block_type":"box","text":"iShares MSCI World ETF JPMorgan Chase & Co. $59,959,974","page_number":129,"box":{"x":89,"y":257,"width":875,"height":12}},{"id":"66af28fb-7f45-447f-8fcf-4370b435483a","block_type":"box","text":"Bank of America Corp. 26,158,550","page_number":129,"box":{"x":562,"y":273,"width":402,"height":13}},{"id":"2810f377-e950-47bb-87f1-ad7168cf0102","block_type":"box","text":"Goldman Sachs Group Inc. 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If purchases or sales of portfolio securities of the Funds and one or more other","page_number":129,"box":{"x":89,"y":510,"width":873,"height":12}},{"id":"ced05073-b77b-41b5-9ab8-4b9d55d40ea2","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":129,"box":{"x":89,"y":525,"width":845,"height":12}},{"id":"5f1e0998-e42c-4200-a777-4a4b966e3fdb","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":129,"box":{"x":89,"y":540,"width":851,"height":13}},{"id":"e409bca1-cf2b-41a7-ae7e-9acc2a8ef45e","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":129,"box":{"x":89,"y":555,"width":871,"height":13}},{"id":"3dfdd501-0888-4bce-94fd-5e62ef598df0","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":129,"box":{"x":89,"y":570,"width":870,"height":13}},{"id":"0c7adbaa-0c6c-44ed-bfc2-a8f60622b465","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":129,"box":{"x":89,"y":586,"width":852,"height":12}},{"id":"35d3fc5b-aab1-434c-9c06-b230f859706e","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":129,"box":{"x":89,"y":601,"width":874,"height":12}},{"id":"5b43f1fa-bc14-464c-9126-16a250b93bf3","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":129,"box":{"x":89,"y":616,"width":874,"height":12}},{"id":"f5335bc1-6d97-4568-aef2-122b25c5fed0","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":129,"box":{"x":89,"y":631,"width":867,"height":12}},{"id":"091bc1b6-4708-4e97-9033-70726f61ad19","block_type":"box","text":"other brokers or dealers in comparable transactions. The Funds will not deal with affiliates in principal transactions unless","page_number":129,"box":{"x":89,"y":646,"width":850,"height":12}},{"id":"9a56fe16-d584-485b-b439-1b699ab2e65b","block_type":"box","text":"permitted by applicable SEC rules or regulations, or by SEC exemptive order.","page_number":129,"box":{"x":89,"y":661,"width":528,"height":13}},{"id":"8df69b04-1a42-482a-b48a-2dfbee49af28","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":129,"box":{"x":89,"y":688,"width":876,"height":12}},{"id":"12981cc3-ca73-46cc-b663-f23df2431585","block_type":"box","text":"brokerage expenses.","page_number":129,"box":{"x":89,"y":703,"width":142,"height":12}},{"id":"08e7b5a8-957c-4266-a486-c7c8f35a05e4","block_type":"box","text":"The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":129,"box":{"x":88,"y":729,"width":651,"height":13}},{"id":"d847a723-9d98-4cea-bb41-c9d1605e5c05","block_type":"box","text":"Fund","page_number":129,"box":{"x":89,"y":769,"width":27,"height":8}},{"id":"97f4b7e1-ab0a-47d2-bd85-f43244e0f07a","block_type":"box","text":"Fiscal Year Ended","page_number":129,"box":{"x":673,"y":759,"width":99,"height":8}},{"id":"996756b1-6ba2-4ba2-aaa3-e59a764da445","block_type":"box","text":"August 31, 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13% 18%","page_number":130,"box":{"x":89,"y":137,"width":845,"height":12}},{"id":"a5f22d1d-9b1f-4925-8396-4554ba7abe31","block_type":"box","text":"iShares MSCI Japan ETF 6% 6%","page_number":130,"box":{"x":89,"y":152,"width":845,"height":13}},{"id":"3dbf2cd9-755c-4917-9437-8ce2d0a2c277","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 17% 21%","page_number":130,"box":{"x":89,"y":167,"width":845,"height":13}},{"id":"6f7f11c9-7ebd-482d-ba5a-b60ff63c5787","block_type":"box","text":"iShares MSCI Mexico ETF 7% 10%","page_number":130,"box":{"x":89,"y":182,"width":845,"height":10}},{"id":"f4071838-50d8-4dec-9763-aab976b4fd24","block_type":"box","text":"iShares MSCI Netherlands ETF 12% 13%","page_number":130,"box":{"x":89,"y":198,"width":845,"height":9}},{"id":"bb8461fc-730d-483c-8370-0fbdb854bdcc","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 10% 8%","page_number":130,"box":{"x":89,"y":213,"width":845,"height":12}},{"id":"2971ca42-a83d-44ec-aa2c-3d409ab1f540","block_type":"box","text":"iShares MSCI Singapore ETF 21% 26%","page_number":130,"box":{"x":89,"y":228,"width":845,"height":12}},{"id":"b6dd2b56-21f3-4fc1-96c1-a85c0cddaa80","block_type":"box","text":"iShares MSCI South Africa ETF 19% 4%","page_number":130,"box":{"x":89,"y":243,"width":845,"height":10}},{"id":"398e9e11-d6a7-4cbe-b737-92ce00ebb019","block_type":"box","text":"iShares MSCI Spain ETF 29% 15%","page_number":130,"box":{"x":89,"y":258,"width":845,"height":12}},{"id":"5bd0daca-70f2-47e0-86f8-e1cf7c10b567","block_type":"box","text":"iShares MSCI Sweden ETF 20% 16%","page_number":130,"box":{"x":89,"y":273,"width":845,"height":10}},{"id":"8ec95ebd-6a8f-4fab-9984-affc703e5e2e","block_type":"box","text":"iShares MSCI Switzerland ETF 9% 6%","page_number":130,"box":{"x":89,"y":288,"width":845,"height":10}},{"id":"18b71e5e-386d-4e01-a2f2-622de728bacb","block_type":"box","text":"iShares MSCI Thailand ETF 12% 8%","page_number":130,"box":{"x":89,"y":303,"width":845,"height":10}},{"id":"6b8d0a62-3c1f-44a2-ac96-5632fe2f99ff","block_type":"box","text":"iShares MSCI Turkey ETF 15% 14%","page_number":130,"box":{"x":89,"y":319,"width":845,"height":12}},{"id":"beb46f8a-8c02-4862-99ff-9a0f48c0a9a1","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 31% 26%","page_number":130,"box":{"x":89,"y":334,"width":845,"height":12}},{"id":"aead5ce2-9515-4ce4-9327-47046eb400f0","block_type":"box","text":"iShares MSCI World ETF 2% 2%","page_number":130,"box":{"x":89,"y":349,"width":845,"height":9}},{"id":"d041f269-fbd6-4cb7-9435-d93fe1d99f6b","block_type":"box","text":"Additional Information Concerning the 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The Company has authorized and","page_number":130,"box":{"x":200,"y":427,"width":739,"height":12}},{"id":"4f1f96c6-f0d1-4a9c-a818-fa554d1a165d","block_type":"box","text":"issued the following funds as separate series of capital stock: iShares Asia/Pacific Dividend ETF, iShares Core MSCI Emerging","page_number":130,"box":{"x":89,"y":442,"width":871,"height":12}},{"id":"6f2b78f7-08cd-476e-bba5-09f9ceca8e1c","block_type":"box","text":"Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Emerging Markets Dividend ETF, iShares","page_number":130,"box":{"x":89,"y":457,"width":818,"height":12}},{"id":"6cef6e48-96b8-43a7-9e0f-81be6daf69bd","block_type":"box","text":"Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares Euro High Yield Corporate Bond USD Hedged","page_number":130,"box":{"x":89,"y":472,"width":868,"height":13}},{"id":"0a6886a7-9037-417e-89f1-a484bb65a1aa","block_type":"box","text":"ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local","page_number":130,"box":{"x":89,"y":487,"width":856,"height":13}},{"id":"30e38a3a-ad09-4cb2-be19-da58a3555cfa","block_type":"box","text":"Currency Bond ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares","page_number":130,"box":{"x":89,"y":502,"width":857,"height":13}},{"id":"46857614-95af-4787-9cb4-76d06b6ca470","block_type":"box","text":"MSCI Belgium ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares","page_number":130,"box":{"x":89,"y":518,"width":868,"height":12}},{"id":"b8dbc0d6-1728-4aec-bd00-9f8614cfd218","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF,","page_number":130,"box":{"x":89,"y":533,"width":824,"height":12}},{"id":"3fe4d56e-c85c-4414-83b1-3afc62a7e748","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone","page_number":130,"box":{"x":89,"y":548,"width":866,"height":12}},{"id":"5eef5521-9a54-46eb-86c8-97be0d1ad24f","block_type":"box","text":"ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals","page_number":130,"box":{"x":89,"y":563,"width":870,"height":12}},{"id":"4387d504-5462-4cd8-adeb-ef897ea96e00","block_type":"box","text":"& Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares","page_number":130,"box":{"x":89,"y":578,"width":864,"height":12}},{"id":"1e070076-ad37-4081-89c7-c6c19b0e6104","block_type":"box","text":"MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap","page_number":130,"box":{"x":89,"y":593,"width":874,"height":13}},{"id":"63d2d587-4936-46b5-a98b-87a764af2687","block_type":"box","text":"ETF, iShares MSCI Malaysia ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF,","page_number":130,"box":{"x":89,"y":608,"width":868,"height":13}},{"id":"1c135c68-3ca5-4ddb-9251-347cc8013889","block_type":"box","text":"iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares","page_number":130,"box":{"x":89,"y":623,"width":872,"height":13}},{"id":"7ca5008a-60dc-4bfd-9dac-6ab1a5686a6a","block_type":"box","text":"MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand","page_number":130,"box":{"x":89,"y":639,"width":861,"height":12}},{"id":"f7a94d88-9379-43a2-b47e-bb5f288c3caf","block_type":"box","text":"ETF, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF, iShares MSCI World ETF, iShares US & Intl High Yield","page_number":130,"box":{"x":89,"y":654,"width":855,"height":12}},{"id":"99c4cafa-e211-4dc3-be57-ccc0a6b47dae","block_type":"box","text":"Corp Bond ETF and iShares U.S. Power Infrastructure ETF. The Company has authorized for issuance, but is not currently","page_number":130,"box":{"x":89,"y":669,"width":840,"height":12}},{"id":"74e9b71c-c992-4a71-a1ad-237013a69ed6","block_type":"box","text":"offering for sale to the public, nine additional series of shares of common stock. The Board may designate additional series of","page_number":130,"box":{"x":89,"y":684,"width":877,"height":12}},{"id":"55946972-300b-4fc0-8132-b3c9cbc1b41b","block_type":"box","text":"common stock and classify shares of a particular series into one or more classes of that series. The Amended and Restated","page_number":130,"box":{"x":89,"y":699,"width":860,"height":12}},{"id":"3ed4f3a7-7170-46c9-a269-a96c89778160","block_type":"box","text":"Articles of Incorporation confers upon the Board the power to establish the number of shares which constitute a Creation","page_number":130,"box":{"x":88,"y":714,"width":851,"height":12}},{"id":"82870eb2-7df7-409a-a74e-153b9375bc6b","block_type":"box","text":"Unit or by resolution, restrict the redemption right to Creation Units.","page_number":130,"box":{"x":89,"y":729,"width":474,"height":13}},{"id":"4418f6bb-4723-4ea1-ad57-68f06fe31542","block_type":"box","text":"Each share issued by a fund has a","page_number":130,"box":{"x":89,"y":756,"width":234,"height":12}},{"id":"aa4a52bf-b035-468d-81f7-571bb540852d","block_type":"box","text":"pro rata","page_number":130,"box":{"x":327,"y":757,"width":56,"height":11}},{"id":"258ff268-783a-476b-8fd9-791ae1085eb9","block_type":"box","text":"interest in the assets of that fund. The Company is currently authorized to issue","page_number":130,"box":{"x":388,"y":756,"width":555,"height":12}},{"id":"35882def-ea78-4b97-a9a3-d37d9b14917c","block_type":"box","text":"51.86 billion shares of common stock. The following number of shares is currently authorized for each of the funds: iShares","page_number":130,"box":{"x":89,"y":771,"width":862,"height":12}},{"id":"b3a21002-79c4-4e91-a599-0adad87e49d4","block_type":"box","text":"Asia/Pacific Dividend ETF, 500 million shares; iShares Core MSCI Emerging Markets ETF, 15 billion shares; iShares Currency","page_number":130,"box":{"x":88,"y":786,"width":862,"height":12}},{"id":"72452f80-39d4-447b-ad5e-b41b5907850c","block_type":"box","text":"Hedged MSCI Emerging Markets ETF, 250 million shares; iShares Emerging Markets Dividend ETF, 500 million shares; iShares","page_number":130,"box":{"x":89,"y":801,"width":874,"height":12}},{"id":"e2c41379-90b9-4718-bd88-0837d9bf4d46","block_type":"box","text":"Emerging Markets Equity Factor ETF, 525 million shares; iShares ESG Aware MSCI EM ETF, 1.5 billion shares; iShares Euro","page_number":130,"box":{"x":89,"y":816,"width":844,"height":13}},{"id":"03156a7c-88b9-45e5-aee4-05a7b94ca17b","block_type":"box","text":"High Yield Corporate Bond USD Hedged ETF, 500 million shares; iShares J.P. Morgan EM Corporate Bond ETF, 500 million","page_number":130,"box":{"x":89,"y":831,"width":842,"height":13}},{"id":"6e2804ca-eecd-4969-a932-6b4f2ee547d9","block_type":"box","text":"shares; iShares J.P. Morgan EM High Yield Bond ETF, 500 million shares; iShares J.P. Morgan EM Local Currency Bond ETF, 500","page_number":130,"box":{"x":89,"y":846,"width":874,"height":13}},{"id":"61b26f9b-ee0f-43cb-8431-49bc5c11be1f","block_type":"box","text":"million shares; iShares MSCI Agriculture Producers ETF, 500 million shares; iShares MSCI Australia ETF, 1 billion shares;","page_number":130,"box":{"x":89,"y":862,"width":832,"height":12}},{"id":"7975a0b2-3488-4db1-8993-be254ea24cbd","block_type":"box","text":"112","page_number":130,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"a03f2174-d7de-4bb5-894d-4365b608313c","block_type":"box","text":"iShares MSCI Austria ETF, 100 million shares; iShares MSCI Belgium ETF, 136.2 million shares; iShares MSCI BIC ETF, 500","page_number":131,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"7afb3f42-287b-4225-914c-21f57a30667f","block_type":"box","text":"million shares; iShares MSCI Brazil ETF, 2 billion shares; iShares MSCI Canada ETF, 1 billion shares; iShares MSCI Chile ETF,","page_number":131,"box":{"x":89,"y":59,"width":851,"height":11}},{"id":"0f7303b3-3df8-4435-bb80-3d8df1bf8e02","block_type":"box","text":"300 million shares; iShares MSCI Emerging Markets Asia ETF, 500 million shares; iShares MSCI Emerging Markets ETF, 5","page_number":131,"box":{"x":89,"y":74,"width":837,"height":12}},{"id":"c82cb878-4ad0-46af-93f6-2ce101c06e45","block_type":"box","text":"billion shares; iShares MSCI Emerging Markets ex China ETF, 2 billion shares; iShares MSCI Emerging Markets Min Vol Factor","page_number":131,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"854ddb3e-fe81-498a-abd1-dd57249cfabf","block_type":"box","text":"ETF, 800 million shares; iShares MSCI Emerging Markets Small-Cap ETF, 500 million shares; iShares MSCI Eurozone ETF, 1.5","page_number":131,"box":{"x":89,"y":104,"width":861,"height":13}},{"id":"5b7fe73c-6a01-4a66-8291-4e3a90726faa","block_type":"box","text":"billion shares; iShares MSCI France ETF, 340.2 million shares; iShares MSCI Germany ETF, 482.2 million shares; iShares MSCI","page_number":131,"box":{"x":89,"y":119,"width":866,"height":13}},{"id":"c2d39a09-1b8a-472d-a101-471065e859fa","block_type":"box","text":"Global Gold Miners ETF, 500 million shares; iShares MSCI Global Metals & Mining Producers ETF, 500 million shares; iShares","page_number":131,"box":{"x":89,"y":135,"width":866,"height":12}},{"id":"cf2fb4ca-6d63-4a2e-bae6-c679a7744a18","block_type":"box","text":"MSCI Global Min Vol Factor ETF, 500 million shares; iShares MSCI Global Silver and Metals Miners ETF, 500 million shares;","page_number":131,"box":{"x":89,"y":150,"width":850,"height":11}},{"id":"7bc997e1-3bd0-443b-b91c-da643e48561a","block_type":"box","text":"iShares MSCI Hong Kong ETF, 375 million shares; iShares MSCI Israel ETF, 500 million shares; iShares MSCI Italy ETF, 295.4","page_number":131,"box":{"x":89,"y":165,"width":853,"height":12}},{"id":"51584da6-e088-46f8-b27a-6b5ed1db1424","block_type":"box","text":"million shares; iShares MSCI Japan ETF, 2.5246 billion shares; iShares MSCI Japan Small-Cap ETF, 500 million shares; iShares","page_number":131,"box":{"x":89,"y":180,"width":863,"height":12}},{"id":"11f82a5b-bfcd-47d6-828c-e84c18d30d9e","block_type":"box","text":"MSCI Malaysia ETF, 300 million shares; iShares MSCI Mexico ETF, 255 million shares; iShares MSCI Netherlands ETF, 255","page_number":131,"box":{"x":89,"y":195,"width":840,"height":12}},{"id":"bf12e639-fe7f-4afb-9831-146cf2a13a36","block_type":"box","text":"million shares; iShares MSCI Pacific ex Japan ETF, 1 billion shares; iShares MSCI Russia ETF, 1 billion shares; iShares MSCI","page_number":131,"box":{"x":89,"y":210,"width":842,"height":13}},{"id":"d273d89c-9268-4b6e-8ee7-e6b57bd89092","block_type":"box","text":"Singapore ETF, 300 million shares; iShares MSCI South Africa ETF, 400 million shares; iShares MSCI South Korea ETF, 700","page_number":131,"box":{"x":88,"y":225,"width":846,"height":13}},{"id":"bb37599b-6888-4e7f-ae8a-8bf9bc7e480e","block_type":"box","text":"million shares; iShares MSCI Spain ETF, 300 million shares; iShares MSCI Sweden ETF, 100 million shares; iShares MSCI","page_number":131,"box":{"x":89,"y":240,"width":828,"height":13}},{"id":"335463db-f524-43d0-bd54-98ad8c4b648d","block_type":"box","text":"Switzerland ETF, 318.625 million shares; iShares MSCI Taiwan ETF, 900 million shares; iShares MSCI Thailand ETF, 200 million","page_number":131,"box":{"x":88,"y":256,"width":875,"height":11}},{"id":"37735861-d8cc-4317-bd69-60a0b00fae73","block_type":"box","text":"shares; iShares MSCI Turkey ETF, 200 million shares; iShares MSCI USA Equal Weighted ETF, 500 million shares; iShares MSCI","page_number":131,"box":{"x":89,"y":271,"width":874,"height":12}},{"id":"9277689d-68e0-4c7c-8c93-8e710e7a23bd","block_type":"box","text":"World ETF, 500 million shares; iShares US & Intl High Yield Corp Bond ETF, 500 million shares; and iShares U.S. Power","page_number":131,"box":{"x":88,"y":286,"width":817,"height":12}},{"id":"455e1bdf-b54e-42b6-a2fd-c4131852c15a","block_type":"box","text":"Infrastructure ETF, 500 million shares. Fractional shares will not be issued. Shares have no preemptive, exchange,","page_number":131,"box":{"x":89,"y":301,"width":789,"height":12}},{"id":"43cc4a44-7857-4818-bf29-8712902d6e6f","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":131,"box":{"x":89,"y":316,"width":842,"height":12}},{"id":"189341bf-6a33-4934-a2eb-da363264bc48","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":131,"box":{"x":89,"y":331,"width":835,"height":12}},{"id":"a230871a-c388-4dab-bf8f-942f5c91d820","block_type":"box","text":"liquidation. Shareholders are entitled to require the Company to redeem Creation Units of their shares.","page_number":131,"box":{"x":89,"y":346,"width":713,"height":13}},{"id":"53610f36-ee2d-4d48-a222-8c617889aa93","block_type":"box","text":"Each share has one vote with respect to matters upon which a stockholder vote is required consistent with the requirements","page_number":131,"box":{"x":89,"y":373,"width":871,"height":12}},{"id":"6d3d63d0-337d-4f96-96b4-0e1b4879ba41","block_type":"box","text":"of the 1940 Act and the rules promulgated thereunder and the Maryland General Corporation Law. Stockholders have no","page_number":131,"box":{"x":89,"y":388,"width":846,"height":12}},{"id":"79da02bf-fd52-4346-9781-0ee76fab72bf","block_type":"box","text":"cumulative voting rights with respect to their shares. Shares of all funds vote together as a single class except that, if the","page_number":131,"box":{"x":89,"y":403,"width":841,"height":12}},{"id":"066bd96b-b50a-4697-bf1d-a145325fb93a","block_type":"box","text":"matter being voted on affects only a particular fund or, if a matter affects a particular fund differently from other funds, that","page_number":131,"box":{"x":89,"y":418,"width":862,"height":12}},{"id":"d5abd67f-90a3-4faf-9efa-e155ed5a864a","block_type":"box","text":"fund will vote separately on such matter.","page_number":131,"box":{"x":88,"y":433,"width":283,"height":13}},{"id":"2f0b8aff-9abd-4d4e-b965-9aadcc7b3fd6","block_type":"box","text":"Under Maryland law, the Company is not required to hold an annual meeting of stockholders unless required to do so under","page_number":131,"box":{"x":89,"y":460,"width":867,"height":12}},{"id":"a468fda6-5af4-4bcc-8499-2e0c5aaa8fff","block_type":"box","text":"the 1940 Act. The policy of the Company is not to hold an annual meeting of stockholders unless required to do so under the","page_number":131,"box":{"x":88,"y":475,"width":877,"height":12}},{"id":"2063f4e3-510f-4bdb-afed-d3758ef7e48f","block_type":"box","text":"1940 Act. Under Maryland law, Directors of the Company may be removed by vote of the stockholders.","page_number":131,"box":{"x":90,"y":490,"width":717,"height":12}},{"id":"ddb73732-fbb9-45a8-a272-1c3da1a70e2e","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":131,"box":{"x":89,"y":516,"width":837,"height":13}},{"id":"fba1d1e9-4d54-4557-8d72-719c562a9c10","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":131,"box":{"x":88,"y":531,"width":874,"height":13}},{"id":"2908483d-0b91-462e-84df-c560d2513ebe","block_type":"box","text":"Act. A fund cannot predict the length of time for which one or more stockholders may remain a control person of the fund.","page_number":131,"box":{"x":88,"y":547,"width":862,"height":12}},{"id":"c13f1bca-0abe-4c73-bff6-50146218e889","block_type":"box","text":"Stockholders may make inquiries by writing to iShares, Inc., c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":131,"box":{"x":88,"y":573,"width":832,"height":12}},{"id":"226bd670-3665-4a85-b837-899bf5df1ac4","block_type":"box","text":"Princeton, NJ 08540.","page_number":131,"box":{"x":89,"y":589,"width":141,"height":10}},{"id":"6326aee0-9136-459a-9598-13491e360911","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":131,"box":{"x":88,"y":615,"width":873,"height":12}},{"id":"26197e27-4c5b-4539-b049-f21051dcf4ae","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":131,"box":{"x":88,"y":630,"width":876,"height":12}},{"id":"5bf33414-555d-424a-b2b4-c6fa85258434","block_type":"box","text":"addition, absent an applicable exemption or other relief from the SEC or its staff, officers and directors of a fund and","page_number":131,"box":{"x":89,"y":645,"width":810,"height":12}},{"id":"82daef15-63ba-4bff-8381-fa142320b087","block_type":"box","text":"beneficial owners of 10% of the shares of a fund (“Insiders”) may be subject to the insider reporting, short-swing profit and","page_number":131,"box":{"x":89,"y":660,"width":864,"height":12}},{"id":"69c2c3b8-5170-4451-bef8-24f398f39369","block_type":"box","text":"short sale provisions of Section 16 of the 1934 Act and the SEC’s rules promulgated thereunder. Beneficial owners and","page_number":131,"box":{"x":89,"y":675,"width":826,"height":12}},{"id":"a549fda6-b8e3-4da1-81ab-b6eaaa89a78a","block_type":"box","text":"Insiders should consult with their own legal counsel concerning their obligations under Sections 13 and 16 of the 1934 Act","page_number":131,"box":{"x":89,"y":690,"width":860,"height":13}},{"id":"daf93ab2-d7b8-4a66-8165-0183f2102c4e","block_type":"box","text":"and existing guidance provided by the SEC staff.","page_number":131,"box":{"x":89,"y":705,"width":334,"height":13}},{"id":"14eb9efc-985c-4d6f-944c-f69edf8da9dd","block_type":"box","text":"Termination of the Company or a Fund.","page_number":131,"box":{"x":88,"y":732,"width":284,"height":12}},{"id":"88037096-f13e-4359-aa8c-cce2d7466df4","block_type":"box","text":"The Company or a fund may be terminated by a majority vote of the Board, or the","page_number":131,"box":{"x":380,"y":732,"width":572,"height":12}},{"id":"39f63cce-6c3a-4884-80d7-24a382294e16","block_type":"box","text":"affirmative vote of a supermajority of the stockholders of the Company or such fund entitled to vote on termination.","page_number":131,"box":{"x":89,"y":747,"width":811,"height":12}},{"id":"42ba2f02-206d-4f0f-8100-b808ba790f37","block_type":"box","text":"Although the shares are not automatically redeemable upon the occurrence of any specific event, the Company’s","page_number":131,"box":{"x":88,"y":762,"width":792,"height":12}},{"id":"20e7c743-25da-4f38-920f-7c4c7bcb878b","block_type":"box","text":"organizational documents provide that the Board will have the unrestricted power to alter the number of shares in a Creation","page_number":131,"box":{"x":89,"y":777,"width":872,"height":12}},{"id":"8a9e5e8d-1c9a-453b-9596-27c4bea7a441","block_type":"box","text":"Unit. Therefore, in the event of a termination of the Company or a fund, the Board, in its sole discretion, could determine to","page_number":131,"box":{"x":89,"y":792,"width":859,"height":13}},{"id":"a433efbe-a670-47be-b84c-4761d99833db","block_type":"box","text":"permit the shares to be redeemable in aggregations smaller than Creation Units or to be individually redeemable. In such","page_number":131,"box":{"x":89,"y":807,"width":843,"height":13}},{"id":"7ba4c155-14b4-4156-b4da-54dd8817452d","block_type":"box","text":"circumstance, the Company or a fund may make redemptions in-kind, for cash or for a combination of cash or securities.","page_number":131,"box":{"x":89,"y":822,"width":847,"height":13}},{"id":"fe8b07ae-e2b8-4615-9c76-76270d697eb0","block_type":"box","text":"Further, in the event of a termination of the Company or a fund, the Company or a fund might elect to pay cash redemptions","page_number":131,"box":{"x":89,"y":838,"width":871,"height":12}},{"id":"ac20e139-56be-4465-abfd-cd397776a579","block_type":"box","text":"to all shareholders, with an in-kind election for shareholders owning in excess of a certain stated minimum amount.","page_number":131,"box":{"x":88,"y":853,"width":811,"height":12}},{"id":"6f795452-aa5f-4077-a3c6-53ef51a1dcf6","block_type":"box","text":"113","page_number":131,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"f60fc834-d103-4278-af12-389af3544986","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":132,"box":{"x":89,"y":44,"width":383,"height":12}},{"id":"7c8d2c10-ea70-48fc-8cc6-6b1f9d63826c","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":132,"box":{"x":481,"y":44,"width":465,"height":12}},{"id":"9ef6413c-82a6-44ec-a60f-1ed560621af2","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":132,"box":{"x":89,"y":59,"width":486,"height":12}},{"id":"4661efda-cd52-4b6e-875e-686cb2034b62","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":132,"box":{"x":89,"y":85,"width":836,"height":13}},{"id":"67a8f96f-5739-4907-aac6-435e079c56cb","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":132,"box":{"x":89,"y":101,"width":790,"height":12}},{"id":"1ce5ab0f-a6bb-4721-8fea-491a1652e920","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":132,"box":{"x":89,"y":116,"width":872,"height":12}},{"id":"a61aeb9d-2ad0-4a3d-bad8-489b8d1325f0","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":132,"box":{"x":88,"y":131,"width":837,"height":12}},{"id":"82c1dbeb-0d05-44af-ae32-fddcd0f90e61","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":132,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"0256b8f0-1bbc-4111-864d-9e69cb2108e6","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":132,"box":{"x":88,"y":161,"width":848,"height":12}},{"id":"3fefd5da-ae9d-488b-bef1-d12279446448","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":132,"box":{"x":89,"y":176,"width":833,"height":13}},{"id":"16b56fa8-e521-4a0f-88f9-1155118e2883","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":132,"box":{"x":89,"y":191,"width":439,"height":13}},{"id":"5a41b956-0f71-491f-bfce-db6470e8358e","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":132,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"75c16ce8-0769-488b-b5f9-ade28f5afd2d","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":132,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"020c063d-c187-48fb-a515-49143888bf3d","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":132,"box":{"x":89,"y":248,"width":825,"height":12}},{"id":"69393bce-161e-49eb-b785-b9632bf6f523","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":132,"box":{"x":89,"y":263,"width":822,"height":12}},{"id":"ab376ced-1a89-4684-9a98-6b538a00e3c7","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":132,"box":{"x":89,"y":278,"width":848,"height":13}},{"id":"73b1ca84-e6e6-478d-94d9-221ca5b88aa8","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":132,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"530a5427-8462-4807-a9e6-0db39b7d2f12","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":132,"box":{"x":89,"y":308,"width":872,"height":13}},{"id":"b940cb91-d597-46e0-a0c9-0c673f08bf77","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":132,"box":{"x":89,"y":324,"width":426,"height":12}},{"id":"706cb97f-b987-46df-8cb4-184ea94deb22","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":132,"box":{"x":89,"y":350,"width":873,"height":12}},{"id":"b211e856-5717-4594-abc4-3910b5638ec1","block_type":"box","text":"Depositary Agreement between the Company and DTC, DTC is required to make available to the Company upon request and","page_number":132,"box":{"x":89,"y":365,"width":870,"height":12}},{"id":"c6e5ca7a-c30c-4046-be15-8442a6c1ef93","block_type":"box","text":"for a fee to be charged to the Company a listing of the shares of each Fund held by each DTC Participant. The Company shall","page_number":132,"box":{"x":88,"y":380,"width":871,"height":13}},{"id":"23250816-4539-4c56-bf9c-f80460f6a3be","block_type":"box","text":"inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through","page_number":132,"box":{"x":89,"y":395,"width":843,"height":13}},{"id":"8f3b7af5-95d7-4ce8-9a30-7003ac8fd838","block_type":"box","text":"such DTC Participant. The Company shall provide each such DTC Participant with copies of such notice, statement or other","page_number":132,"box":{"x":89,"y":410,"width":861,"height":13}},{"id":"340bc2a3-b99f-41ee-a28d-f10c340c5456","block_type":"box","text":"communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such","page_number":132,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"8118989f-8798-44e8-8ac4-e16d756437f6","block_type":"box","text":"notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial","page_number":132,"box":{"x":89,"y":441,"width":845,"height":12}},{"id":"056182fd-046e-46ae-90cb-be763c1c8ae6","block_type":"box","text":"Owners. In addition, the Company shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for","page_number":132,"box":{"x":89,"y":456,"width":877,"height":12}},{"id":"89d3767b-6c20-45be-9853-b9477a99857c","block_type":"box","text":"the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":132,"box":{"x":88,"y":471,"width":749,"height":12}},{"id":"a0a3ead2-5a72-4153-8776-b4ef23df6740","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 Company.","page_number":132,"box":{"x":88,"y":497,"width":854,"height":13}},{"id":"92a1a085-146a-4c50-a87a-c194bfbf5987","block_type":"box","text":"DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with","page_number":132,"box":{"x":89,"y":513,"width":809,"height":12}},{"id":"6688f9cf-8d81-46cb-b8ef-fb14698142de","block_type":"box","text":"payments in amounts proportionate to their respective beneficial interests in shares of each Fund as shown on the records of","page_number":132,"box":{"x":89,"y":528,"width":876,"height":12}},{"id":"8b89535d-29c9-456c-89a1-d529edce02ba","block_type":"box","text":"DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such","page_number":132,"box":{"x":89,"y":543,"width":875,"height":12}},{"id":"455469d2-7772-44aa-a96a-312c8dc528db","block_type":"box","text":"DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held","page_number":132,"box":{"x":89,"y":558,"width":860,"height":12}},{"id":"deb26306-c3e1-4d6e-adde-e3939d5f8c53","block_type":"box","text":"for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC","page_number":132,"box":{"x":88,"y":573,"width":836,"height":12}},{"id":"53d55cb5-6a43-42f6-9549-f490bf54bbc0","block_type":"box","text":"Participants.","page_number":132,"box":{"x":89,"y":589,"width":85,"height":11}},{"id":"c86c7f87-8059-437b-956a-220203d308d8","block_type":"box","text":"The Company has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or","page_number":132,"box":{"x":88,"y":615,"width":844,"height":12}},{"id":"a131f09a-65ed-45f0-845f-0f22e7ced0dd","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":132,"box":{"x":89,"y":630,"width":874,"height":12}},{"id":"c3e9ad02-bef3-449a-aa74-c40057e8e1bc","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":132,"box":{"x":89,"y":645,"width":866,"height":12}},{"id":"2dbd8bb0-acc1-424a-a000-19e40fd6fbad","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":132,"box":{"x":89,"y":660,"width":855,"height":12}},{"id":"e8f84cc1-2d51-4640-9d3e-324620e34a35","block_type":"box","text":"through such DTC Participants. DTC may decide to discontinue providing its service with respect to shares of the Company at","page_number":132,"box":{"x":88,"y":675,"width":878,"height":12}},{"id":"9c13545b-1b04-4a79-9cbe-197924dda40f","block_type":"box","text":"any time by giving reasonable notice to the Company and discharging its responsibilities with respect thereto under","page_number":132,"box":{"x":89,"y":690,"width":808,"height":13}},{"id":"094db551-a750-4223-926f-8e2e0f940f23","block_type":"box","text":"applicable law. Under such circumstances, the Company shall take action to find a replacement for DTC to perform its","page_number":132,"box":{"x":89,"y":705,"width":823,"height":13}},{"id":"70d3456f-6ab7-4bbd-abc9-02bb17a974f2","block_type":"box","text":"functions at a comparable cost.","page_number":132,"box":{"x":88,"y":720,"width":220,"height":13}},{"id":"fe8b29e9-16a8-4482-acdf-f145ecaf65b7","block_type":"box","text":"Distribution of Shares.","page_number":132,"box":{"x":89,"y":747,"width":160,"height":10}},{"id":"b341c7f5-c436-42dd-b5a8-6b1626937eec","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":132,"box":{"x":259,"y":747,"width":665,"height":12}},{"id":"112d9465-5c6b-40fe-85da-548fbd23e143","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":132,"box":{"x":89,"y":762,"width":859,"height":12}},{"id":"4b67bbaa-a00a-496c-b94c-754414b681c3","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":132,"box":{"x":89,"y":777,"width":861,"height":12}},{"id":"18b49a28-2ba6-4e13-8185-de0b67a387c0","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":132,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"a4fae8cb-a26f-4cc7-9704-bea7023a813f","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":132,"box":{"x":89,"y":807,"width":873,"height":13}},{"id":"e99430c9-8eda-41a8-80da-3151d0adabe8","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":132,"box":{"x":88,"y":822,"width":833,"height":13}},{"id":"fac275a5-0ee8-405d-9a9c-6b2bd28cd32c","block_type":"box","text":"shares.","page_number":132,"box":{"x":89,"y":838,"width":47,"height":9}},{"id":"7e0e373d-a1e7-484c-a539-0fe40162e26c","block_type":"box","text":"114","page_number":132,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"528aa122-a9d3-4e3d-a7ff-c28e32f6b2fb","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":133,"box":{"x":88,"y":44,"width":877,"height":12}},{"id":"25cf006b-9ff5-4ab1-a8b3-b3bac0f98215","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":133,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"2674c62d-867a-4bd0-b4ba-693d8c92b510","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":133,"box":{"x":88,"y":74,"width":878,"height":12}},{"id":"159a0b4e-9291-4ead-9e31-ba0b17a3365d","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":133,"box":{"x":88,"y":89,"width":877,"height":13}},{"id":"9ceb6722-79d6-41f3-8b8a-565f081497aa","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":133,"box":{"x":89,"y":104,"width":822,"height":13}},{"id":"1d7ebbc1-b5c0-466c-9908-888e313836b5","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":133,"box":{"x":88,"y":119,"width":875,"height":13}},{"id":"5e3ed742-0898-4c2e-a459-a19555702361","block_type":"box","text":"by them through an Authorized Participant.","page_number":133,"box":{"x":89,"y":135,"width":302,"height":12}},{"id":"418c312f-ae1b-48ab-a309-93501295b24b","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":133,"box":{"x":88,"y":161,"width":840,"height":12}},{"id":"7a2a2189-0d89-481b-bbfe-1e7a444804f5","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":133,"box":{"x":89,"y":176,"width":712,"height":13}},{"id":"acb5f019-38be-46be-aae2-492353be518a","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":133,"box":{"x":88,"y":203,"width":871,"height":12}},{"id":"f749b12a-da67-431d-afca-f4b6af1bcd9b","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":133,"box":{"x":90,"y":218,"width":354,"height":12}},{"id":"2ec4ac56-00b6-4c3c-93b4-22d65169c5cd","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":133,"box":{"x":90,"y":248,"width":721,"height":30}},{"id":"ba41230a-150c-45ae-aa43-d0ab0138e4a7","block_type":"box","text":"General.","page_number":133,"box":{"x":89,"y":290,"width":59,"height":9}},{"id":"36a55e2e-84da-4d0b-87cc-fb27a568a28f","block_type":"box","text":"The Company issues and sells shares of each Fund only in Creation Units on a continuous basis through the","page_number":133,"box":{"x":156,"y":290,"width":755,"height":12}},{"id":"0e97a394-c82e-4f36-b244-ffb6d49951c1","block_type":"box","text":"Distributor or its agent, without a sales load, at a price based on each Fund’s NAV next determined after receipt, on any","page_number":133,"box":{"x":89,"y":305,"width":834,"height":12}},{"id":"b8352fe3-b0ea-4295-bc86-d83d9946423e","block_type":"box","text":"Business Day (as defined below), of an order received by the Distributor or its agent in proper form. On days when","page_number":133,"box":{"x":89,"y":320,"width":797,"height":12}},{"id":"b67755d1-02f2-403f-b211-a72d14929abf","block_type":"box","text":"the applicable Listing Exchange closes earlier than normal, a Fund may require orders to be placed earlier in the day. The","page_number":133,"box":{"x":88,"y":335,"width":842,"height":12}},{"id":"09348923-2147-4adc-882f-b0984c2926a1","block_type":"box","text":"following table sets forth the number of shares of a Fund that constitute a Creation Unit for such Fund and the approximate","page_number":133,"box":{"x":88,"y":350,"width":866,"height":12}},{"id":"8c339e2f-092b-453b-9934-130ca5eb4ac3","block_type":"box","text":"value of such Creation Unit as of August 31, 2025:","page_number":133,"box":{"x":88,"y":365,"width":349,"height":12}},{"id":"624f0b96-1245-4b7b-9eaf-577765ea3402","block_type":"box","text":"Fund","page_number":133,"box":{"x":89,"y":425,"width":27,"height":8}},{"id":"8747b082-2c5b-459a-add4-8608c3c8f9e0","block_type":"box","text":"Shares Per","page_number":133,"box":{"x":715,"y":415,"width":60,"height":8}},{"id":"05f882e1-e47c-4c6b-a680-b2b8113243bc","block_type":"box","text":"Creation Unit","page_number":133,"box":{"x":707,"y":425,"width":76,"height":8}},{"id":"c82648ed-3d13-47b5-b030-3fa4d2e520ee","block_type":"box","text":"Approximate","page_number":133,"box":{"x":876,"y":395,"width":75,"height":10}},{"id":"e96b9ed5-d8ab-408a-82f9-31602769bab5","block_type":"box","text":"Value Per","page_number":133,"box":{"x":887,"y":405,"width":54,"height":8}},{"id":"762da4c6-3bb5-4c09-909e-59bb1104d86c","block_type":"box","text":"Creation","page_number":133,"box":{"x":890,"y":415,"width":48,"height":8}},{"id":"4faa167a-6d21-47cb-aa05-08e9cc3dfe5f","block_type":"box","text":"Unit (U.S.$)","page_number":133,"box":{"x":881,"y":425,"width":66,"height":10}},{"id":"14a90655-86d2-465c-8ed7-5815d107bcb0","block_type":"box","text":"iShares MSCI Australia ETF 200,000 $ 5,416,561.00","page_number":133,"box":{"x":89,"y":447,"width":879,"height":11}},{"id":"35c12fd4-0b16-4633-8bd1-6357e0376296","block_type":"box","text":"iShares MSCI Austria ETF 50,000 $ 1,535,846.55","page_number":133,"box":{"x":89,"y":462,"width":878,"height":11}},{"id":"58696ddf-9aae-40dd-9539-bf6bb9b9cb06","block_type":"box","text":"iShares MSCI Belgium ETF 80,000 $ 1,853,909.84","page_number":133,"box":{"x":89,"y":477,"width":879,"height":13}},{"id":"f4e5cddf-31e0-43eb-a1a0-86376f650f79","block_type":"box","text":"iShares MSCI Canada ETF 100,000 $ 4,875,516.10","page_number":133,"box":{"x":89,"y":492,"width":879,"height":12}},{"id":"e74dcf2d-7076-4e10-90db-682474595ddf","block_type":"box","text":"iShares MSCI Eurozone ETF 100,000 $ 5,985,211.30","page_number":133,"box":{"x":89,"y":508,"width":879,"height":11}},{"id":"8559066e-557a-4d7e-8f1a-a6f25c808a31","block_type":"box","text":"iShares MSCI France ETF 200,000 $ 8,526,431.40","page_number":133,"box":{"x":89,"y":523,"width":879,"height":11}},{"id":"9a69f2a2-08db-4c84-bc87-a7b65cdc9eed","block_type":"box","text":"iShares MSCI Germany ETF 300,000 $12,550,926.90","page_number":133,"box":{"x":89,"y":538,"width":879,"height":12}},{"id":"c6595e2d-bd35-49a3-aecd-9b8c480c781a","block_type":"box","text":"iShares MSCI Hong Kong ETF 75,000 $ 1,606,049.25","page_number":133,"box":{"x":89,"y":553,"width":878,"height":12}},{"id":"4ec7477d-8dc3-43a8-bc9b-30cd4a5af5e0","block_type":"box","text":"iShares MSCI Israel ETF 50,000 $ 4,744,903.00","page_number":133,"box":{"x":89,"y":568,"width":879,"height":11}},{"id":"5a7c2cb1-a5a2-4980-b51b-7e5a0c3d2d7c","block_type":"box","text":"iShares MSCI Italy ETF 75,000 $ 3,825,522.75","page_number":133,"box":{"x":89,"y":583,"width":878,"height":12}},{"id":"75c0107d-de66-41c3-be0c-cd8e04430efb","block_type":"box","text":"iShares MSCI Japan ETF 150,000 $ 11,712,063.15","page_number":133,"box":{"x":89,"y":598,"width":878,"height":13}},{"id":"abd650f4-415e-4488-8798-647a0520db96","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 100,000 $ 9,040,899.10","page_number":133,"box":{"x":89,"y":613,"width":879,"height":13}},{"id":"d763499b-bbce-4da7-844b-266c1cfb0e1e","block_type":"box","text":"iShares MSCI Mexico ETF 100,000 $ 6,195,216.00","page_number":133,"box":{"x":89,"y":628,"width":879,"height":12}},{"id":"8a8104a4-ab96-4e61-a40b-31ce49733c99","block_type":"box","text":"iShares MSCI Netherlands ETF 50,000 $ 2,651,016.00","page_number":133,"box":{"x":89,"y":644,"width":879,"height":11}},{"id":"370a6c76-493c-4452-9da8-345847ed3e72","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 300,000 $15,500,903.10","page_number":133,"box":{"x":89,"y":659,"width":879,"height":12}},{"id":"731ffafc-554d-4ddf-8d8a-e9f2bbcc535c","block_type":"box","text":"iShares MSCI Singapore ETF 50,000 $ 1,402,730.75","page_number":133,"box":{"x":89,"y":674,"width":878,"height":12}},{"id":"3aa1d9ab-aa4c-47b0-9292-2aeb22e20973","block_type":"box","text":"iShares MSCI South Africa ETF 100,000 $ 5,718,010.50","page_number":133,"box":{"x":89,"y":689,"width":879,"height":11}},{"id":"246d262b-4945-4e87-a477-8d28d4fdac01","block_type":"box","text":"iShares MSCI Spain ETF 75,000 $ 3,578,807.33","page_number":133,"box":{"x":89,"y":704,"width":878,"height":12}},{"id":"19ad7d75-e3f6-4c68-8f5b-c00a0c387d49","block_type":"box","text":"iShares MSCI Sweden ETF 75,000 $ 3,478,902.30","page_number":133,"box":{"x":89,"y":719,"width":879,"height":11}},{"id":"df5fef9a-5387-4cff-8459-1c3b6b584cd3","block_type":"box","text":"iShares MSCI Switzerland ETF 125,000 $ 6,916,080.00","page_number":133,"box":{"x":89,"y":734,"width":879,"height":12}},{"id":"0fef3f52-766f-49cb-a945-96a6bfa5b793","block_type":"box","text":"iShares MSCI Thailand ETF 50,000 $ 2,867,489.35","page_number":133,"box":{"x":89,"y":749,"width":878,"height":12}},{"id":"bd7adf26-939a-4f0f-941f-304d3ecc5c68","block_type":"box","text":"iShares MSCI Turkey ETF 50,000 $ 1,762,382.60","page_number":133,"box":{"x":89,"y":765,"width":879,"height":12}},{"id":"06e97c25-a6ab-4774-b207-84a36320a29b","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 50,000 $ 5,132,186.20","page_number":133,"box":{"x":89,"y":780,"width":879,"height":12}},{"id":"8f5dd03c-8358-4970-855f-3acd27537c04","block_type":"box","text":"iShares MSCI World ETF 100,000 $ 17,568,971.30","page_number":133,"box":{"x":89,"y":795,"width":879,"height":11}},{"id":"a6de9042-070f-4dd0-833d-903fa75156a8","block_type":"box","text":"In its discretion, the Company reserves the right to increase or decrease the number of a Fund’s shares that constitute a","page_number":133,"box":{"x":89,"y":828,"width":837,"height":12}},{"id":"c3428109-de84-45be-b8db-04194897751c","block_type":"box","text":"Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of any","page_number":133,"box":{"x":89,"y":843,"width":854,"height":12}},{"id":"bedab89c-2abf-480e-93c3-3b7d4013291d","block_type":"box","text":"115","page_number":133,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"6f7e460b-4eac-4e07-ab30-35b4487a4c50","block_type":"box","text":"Fund, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per","page_number":134,"box":{"x":89,"y":44,"width":851,"height":12}},{"id":"4ed7e92d-5d4f-494c-ba43-121a62d3d082","block_type":"box","text":"share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the","page_number":134,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"c4ce42b6-dd67-459e-815f-462dfb8d849f","block_type":"box","text":"Board.","page_number":134,"box":{"x":89,"y":74,"width":43,"height":10}},{"id":"8f50842b-9d4e-45ea-8c1b-c4c5af54ff70","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":134,"box":{"x":88,"y":101,"width":839,"height":12}},{"id":"94fefb11-b5da-459e-bbf4-990de3004c96","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":134,"box":{"x":89,"y":116,"width":837,"height":12}},{"id":"01941a74-1f62-4ea9-a243-09d7b1ed6a3d","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":134,"box":{"x":89,"y":131,"width":877,"height":12}},{"id":"2152e5d6-9b4c-4f8e-840f-9754cae8771d","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":134,"box":{"x":89,"y":146,"width":821,"height":12}},{"id":"652228c7-6e31-4093-8f75-28628b73fb15","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":134,"box":{"x":89,"y":161,"width":669,"height":12}},{"id":"2e1530b8-8149-4148-ba8c-5072a10a9d53","block_type":"box","text":"Fund Deposit.","page_number":134,"box":{"x":89,"y":188,"width":98,"height":12}},{"id":"faf027d7-ff03-40cf-895a-5366b0aaf1c9","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund generally consists of Deposit Securities and the","page_number":134,"box":{"x":196,"y":188,"width":747,"height":12}},{"id":"3d1f34bf-2308-4a74-bf34-2a689acee920","block_type":"box","text":"Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the","page_number":134,"box":{"x":89,"y":203,"width":852,"height":12}},{"id":"cb043622-76d7-48b4-ad94-348d3c39165d","block_type":"box","text":"“Fund Deposit,” which when combined with each Fund’s portfolio securities, is designed to generate performance that has a","page_number":134,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"d9b9e779-c233-4594-8541-ef48f936c6e8","block_type":"box","text":"collective investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and","page_number":134,"box":{"x":89,"y":233,"width":848,"height":12}},{"id":"42444bc9-cce7-4673-bf3d-614b40aeaf62","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":134,"box":{"x":89,"y":248,"width":871,"height":12}},{"id":"30df70f6-89f9-4667-aee7-a910afc84da6","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":134,"box":{"x":89,"y":263,"width":848,"height":12}},{"id":"2e623a64-f4c6-4ed7-a321-ec2089d6dfd1","block_type":"box","text":"Deposit is made available.","page_number":134,"box":{"x":89,"y":278,"width":179,"height":13}},{"id":"a7a7b136-5359-4ee6-b02b-94c466794c30","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":134,"box":{"x":88,"y":305,"width":824,"height":12}},{"id":"b8b500b0-38a7-4557-8389-228b06c7a797","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":134,"box":{"x":89,"y":320,"width":879,"height":12}},{"id":"cf23feab-6156-466e-bc1e-743e390cd8b9","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":134,"box":{"x":89,"y":335,"width":878,"height":12}},{"id":"3b8877f1-b1d9-420a-9c63-d5e87ede6308","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":134,"box":{"x":89,"y":350,"width":872,"height":12}},{"id":"66f3577f-eebb-46be-aeda-ea840e5419ba","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":134,"box":{"x":89,"y":365,"width":269,"height":12}},{"id":"b29596b5-b184-4374-a346-690681ca2c62","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":134,"box":{"x":88,"y":392,"width":840,"height":12}},{"id":"4066be5f-1f7d-4c72-b4a5-e9477d8a00d0","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":134,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"935f7b39-3de3-4697-8f25-7b98ce2464eb","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":134,"box":{"x":88,"y":422,"width":876,"height":12}},{"id":"e128cae0-11c7-4f5d-9e70-099704741ae7","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":134,"box":{"x":88,"y":437,"width":730,"height":12}},{"id":"682900ee-8520-49aa-a245-28deb9577d04","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":134,"box":{"x":88,"y":463,"width":877,"height":13}},{"id":"bfbc87d9-c98d-4393-a649-644d2990c363","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":134,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"97949702-9015-4927-845e-270fae7e32c7","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":134,"box":{"x":89,"y":494,"width":869,"height":12}},{"id":"53b7f61e-ae79-411d-ae44-886ab7482d79","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":134,"box":{"x":89,"y":509,"width":690,"height":12}},{"id":"450bfcf6-2c7f-4da0-9514-508536ce8953","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":134,"box":{"x":89,"y":535,"width":879,"height":13}},{"id":"b38513de-e28d-4e48-a248-056ed64d3a49","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":134,"box":{"x":89,"y":550,"width":295,"height":13}},{"id":"af367287-148c-4999-8cbe-610eae32a90f","block_type":"box","text":"The Company may, in its sole discretion, substitute a “cash in lieu” amount to be added to the Cash Component to replace","page_number":134,"box":{"x":88,"y":577,"width":856,"height":12}},{"id":"3248fbcd-a1fa-45f6-acce-593d2835bb8b","block_type":"box","text":"any Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for","page_number":134,"box":{"x":89,"y":592,"width":837,"height":12}},{"id":"a4a5b4e0-96a5-468c-b78c-8a9982377b62","block_type":"box","text":"delivery; (ii) when instruments are not eligible for transfer through DTC or the clearing process (as discussed below); (iii)","page_number":134,"box":{"x":89,"y":607,"width":841,"height":12}},{"id":"640a0cf0-6fa1-4daf-99c1-e2b36db96814","block_type":"box","text":"when instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are","page_number":134,"box":{"x":88,"y":622,"width":857,"height":12}},{"id":"1305711d-7d91-47ed-9551-2daac3b91357","block_type":"box","text":"not able to be traded due to a trading restriction; (iv) when delivery of the Deposit Security by the Authorized Participant (or","page_number":134,"box":{"x":89,"y":637,"width":866,"height":13}},{"id":"359e5042-f96d-4bc7-ace1-6b81a00f4dff","block_type":"box","text":"by an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other","page_number":134,"box":{"x":89,"y":652,"width":865,"height":13}},{"id":"0ae4ecaa-fd34-41bb-a68d-3b3a0064cd8b","block_type":"box","text":"local laws; (v) in connection with distribution payments to be made by a Fund; or (vi) in certain other situations.","page_number":134,"box":{"x":89,"y":668,"width":782,"height":12}},{"id":"ca429555-7001-45c6-9c61-4a897765a3f9","block_type":"box","text":"Cash Purchase Method.","page_number":134,"box":{"x":89,"y":694,"width":170,"height":10}},{"id":"090784a7-2105-4f52-a446-9e6b78adf9f0","block_type":"box","text":"Although the Company does not generally permit partial or full cash purchases of Creation Units of","page_number":134,"box":{"x":268,"y":694,"width":694,"height":12}},{"id":"557db3a9-8a58-4337-bbef-46e9e6007522","block_type":"box","text":"its funds, when partial or full cash purchases of Creation Units are available or specified for a Fund, they will be effected in","page_number":134,"box":{"x":89,"y":709,"width":850,"height":12}},{"id":"91214282-5e5e-4d9f-a06a-6d67429b603c","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":134,"box":{"x":89,"y":724,"width":826,"height":13}},{"id":"5a2204d5-9a0e-40a4-a77c-144c8b80a775","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":134,"box":{"x":89,"y":739,"width":857,"height":13}},{"id":"48333f48-c4cd-4fa5-a0a9-86563c67b040","block_type":"box","text":"kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":134,"box":{"x":89,"y":754,"width":639,"height":13}},{"id":"072a65c6-4bcb-459b-9cd6-b978962c8e73","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":134,"box":{"x":89,"y":781,"width":301,"height":10}},{"id":"5ddee363-665f-4cf8-835f-b929d5e27b7f","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":134,"box":{"x":398,"y":781,"width":568,"height":12}},{"id":"458b5f49-6794-4344-a76a-35f13af0bfb3","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":134,"box":{"x":88,"y":796,"width":385,"height":12}},{"id":"06c4ec00-c1d2-4e94-8de6-92089697d932","block_type":"box","text":"i.e","page_number":134,"box":{"x":478,"y":797,"width":15,"height":9}},{"id":"2fda72df-db35-4042-965e-3b44f4556bb5","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":134,"box":{"x":494,"y":796,"width":420,"height":12}},{"id":"75a8f010-ac8c-4b04-a38e-65afffcd6366","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":134,"box":{"x":88,"y":811,"width":847,"height":12}},{"id":"3a0783a8-b35b-469e-a533-1245c36a095f","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":134,"box":{"x":88,"y":826,"width":863,"height":13}},{"id":"49645c92-5c19-4bff-be8b-f1e43a9d62b8","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":134,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"f873ab18-bcfc-4fd7-a07f-d38e7f7cb555","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":134,"box":{"x":89,"y":856,"width":866,"height":13}},{"id":"08c535a0-fb0b-4303-be42-327612f56a6b","block_type":"box","text":"116","page_number":134,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"1e7b5e31-110a-4f0f-9638-7f4d2c213e0a","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":135,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"ea39f3f7-1061-4620-9a9b-f76770fffc71","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":135,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"af00b5f2-1efc-46b5-ac33-cd770af68684","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":135,"box":{"x":89,"y":74,"width":295,"height":12}},{"id":"43e2e740-9d32-4221-bee6-97aafe6dc3e9","block_type":"box","text":"Role of the Authorized Participant.","page_number":135,"box":{"x":89,"y":101,"width":247,"height":12}},{"id":"8ca017f3-73f8-4565-9840-a9b586b0bc64","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":135,"box":{"x":346,"y":101,"width":570,"height":12}},{"id":"3ec11c2a-d350-4827-b020-8f3964984b46","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":135,"box":{"x":89,"y":116,"width":870,"height":12}},{"id":"8536164e-f1c9-48cb-8909-9c5a3959a7d2","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":135,"box":{"x":89,"y":131,"width":823,"height":12}},{"id":"85de0500-cbaf-47af-ad3b-29a85780f083","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":135,"box":{"x":89,"y":146,"width":875,"height":12}},{"id":"bff1ba19-3fd0-4a0a-b0d9-c5e3c8bec4e2","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":135,"box":{"x":89,"y":161,"width":877,"height":12}},{"id":"379a736f-33ae-4ade-91c5-a022288da51e","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":135,"box":{"x":89,"y":176,"width":848,"height":13}},{"id":"f42a4461-65f7-4dc8-ae73-e0169785a7f8","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":135,"box":{"x":89,"y":191,"width":854,"height":13}},{"id":"344235cb-9a2b-43ab-8e9c-1d15466a7775","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":135,"box":{"x":88,"y":206,"width":844,"height":13}},{"id":"81d0dae2-4594-4419-8504-e5b82f406ab2","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":135,"box":{"x":89,"y":222,"width":842,"height":12}},{"id":"d3170905-618e-46ae-a46b-fee851c36fef","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":135,"box":{"x":89,"y":237,"width":878,"height":12}},{"id":"aa3a2f67-fee8-4a7d-8017-1743df62b8d3","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":135,"box":{"x":89,"y":252,"width":800,"height":12}},{"id":"20745792-2c78-456f-8a7e-6285d1fc98de","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":135,"box":{"x":89,"y":267,"width":870,"height":12}},{"id":"388f5c43-13d1-4d9f-b28b-0d4c654d29bf","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":135,"box":{"x":88,"y":282,"width":820,"height":12}},{"id":"4bd1138a-c251-46e6-98a2-f66d9e68d4ca","block_type":"box","text":"charges to such investor. The Company does not expect to enter into an Authorized Participant Agreement with more than a","page_number":135,"box":{"x":89,"y":297,"width":871,"height":12}},{"id":"b623889e-52da-4ce0-9760-336612b7034b","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":135,"box":{"x":89,"y":312,"width":818,"height":13}},{"id":"402ab880-7a4b-465e-8314-3a1f422513bb","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":135,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"f05442de-25c8-4439-8a24-178f648887e7","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":135,"box":{"x":88,"y":342,"width":867,"height":13}},{"id":"01e0f2dc-f5fd-4678-b97b-b16d0b99975d","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":135,"box":{"x":88,"y":358,"width":872,"height":12}},{"id":"dfe41a68-afb0-4e59-8ed1-7e0c997b7e36","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":135,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"5eba14c4-8a3f-454d-9022-99ef63f5a1c2","block_type":"box","text":"Participant Agreement.","page_number":135,"box":{"x":89,"y":388,"width":160,"height":12}},{"id":"ccd1c23a-6eaa-4273-956c-0c715a45e4e0","block_type":"box","text":"Purchase Orders.","page_number":135,"box":{"x":89,"y":414,"width":122,"height":10}},{"id":"710dbd44-ed77-436b-9ea3-5d6c4fd0c87e","block_type":"box","text":"Unless otherwise described below, to initiate an order for a Creation Unit, an Authorized Participant must","page_number":135,"box":{"x":225,"y":414,"width":733,"height":13}},{"id":"0853565b-e71a-43cd-9a82-680df46f37d8","block_type":"box","text":"submit to the Distributor or its agent an irrevocable order to purchase shares of a Fund, in proper form, generally before 4:00","page_number":135,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"ef57fb24-aaae-403b-818c-51e66ddbf616","block_type":"box","text":"p.m., Eastern time on any Business Day to receive that day’s NAV. The Distributor or its agent will notify BFA and the","page_number":135,"box":{"x":89,"y":445,"width":810,"height":12}},{"id":"085ea44a-26e0-4a0e-9d6e-9d843b812606","block_type":"box","text":"custodian of such order. The custodian will then provide such information to any appropriate sub-custodian. Procedures and","page_number":135,"box":{"x":89,"y":460,"width":873,"height":12}},{"id":"3fe8599a-5f2d-4d78-83d7-7a1ecf527691","block_type":"box","text":"requirements governing the delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants","page_number":135,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"1ea16b85-9c20-464e-98d5-43dd60a234a3","block_type":"box","text":"and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements","page_number":135,"box":{"x":89,"y":490,"width":861,"height":12}},{"id":"b9500553-a809-4b81-b571-b9e09a6c319a","block_type":"box","text":"for a creation request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current","page_number":135,"box":{"x":88,"y":505,"width":869,"height":12}},{"id":"c9df8154-a087-416b-a677-d028985da450","block_type":"box","text":"Authorized Participants upon request. Those placing orders to purchase Creation Units through an Authorized Participant","page_number":135,"box":{"x":88,"y":520,"width":851,"height":12}},{"id":"b90a922a-04ac-4de2-8e15-5138bbfedf65","block_type":"box","text":"should allow sufficient time to permit proper submission of the purchase order to the Distributor or its agent by the Cutoff","page_number":135,"box":{"x":89,"y":535,"width":856,"height":13}},{"id":"7656289b-fc93-4706-b7dd-4740854e87cb","block_type":"box","text":"Time (as defined below) on such Business Day.","page_number":135,"box":{"x":88,"y":550,"width":328,"height":13}},{"id":"922fb796-e99b-42ee-a1c6-f5c38368e8bb","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":135,"box":{"x":88,"y":577,"width":861,"height":12}},{"id":"d41b4878-07e0-49b9-a59b-1a878480a3be","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":135,"box":{"x":88,"y":592,"width":875,"height":12}},{"id":"91d60cb7-e9b4-48ce-a04c-0d6b7d9f2a67","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":135,"box":{"x":89,"y":607,"width":851,"height":12}},{"id":"fe6899bf-3220-40ff-90f6-b950052654ef","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":135,"box":{"x":89,"y":622,"width":861,"height":12}},{"id":"b04e16d2-de5a-4ec5-8707-1bbc0432944c","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":135,"box":{"x":89,"y":637,"width":860,"height":13}},{"id":"dedfc640-0780-42f9-8cf2-141d0ee07081","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":135,"box":{"x":88,"y":652,"width":862,"height":13}},{"id":"73336750-bd48-414d-8a17-761eea52a3a2","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":135,"box":{"x":89,"y":668,"width":681,"height":12}},{"id":"edd24698-2f29-4828-9f37-f1612c8f20e6","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":135,"box":{"x":88,"y":694,"width":879,"height":12}},{"id":"4cb93e67-b046-4bc6-a465-79cc89d7fcd1","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":135,"box":{"x":89,"y":709,"width":342,"height":12}},{"id":"fd5b6b78-ddd3-4ba8-85c3-a4ec1b9a3a24","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":135,"box":{"x":88,"y":736,"width":304,"height":12}},{"id":"dc04bbb4-1720-456d-89f8-508905ae6600","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":135,"box":{"x":401,"y":736,"width":554,"height":12}},{"id":"ebf182f2-ba1e-494f-a3bf-55a851984bf1","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":135,"box":{"x":89,"y":751,"width":850,"height":12}},{"id":"45bd59ca-263d-494c-b120-ac1c324cd004","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":135,"box":{"x":89,"y":766,"width":878,"height":12}},{"id":"67d84dc1-2b1e-45fc-b70d-9062da0592ba","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":135,"box":{"x":89,"y":781,"width":859,"height":12}},{"id":"ecc2cb8a-1fd6-4559-9bb0-52c4877e143a","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":135,"box":{"x":89,"y":796,"width":875,"height":12}},{"id":"1c99e24c-4438-4499-a7f6-a89a85c13095","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":135,"box":{"x":88,"y":811,"width":850,"height":12}},{"id":"8d0c9ecc-8a3a-4ba2-ab38-cdac2bf6ed84","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":135,"box":{"x":88,"y":826,"width":852,"height":13}},{"id":"b223c196-7612-47c7-8b16-9bca2fea63a4","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":135,"box":{"x":89,"y":841,"width":875,"height":13}},{"id":"daf47321-454a-4e6e-a5ae-8f189a9b8d6e","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":135,"box":{"x":89,"y":856,"width":849,"height":13}},{"id":"b916149d-e400-4a95-a373-12050704b269","block_type":"box","text":"117","page_number":135,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"d47f3789-e4c1-47c7-8828-2b7a7b69ad08","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":136,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"2be04678-1da8-43d1-b361-d53fde2615f7","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":136,"box":{"x":88,"y":59,"width":867,"height":12}},{"id":"417e3ffd-2351-4ef4-a1f6-6081ba1de955","block_type":"box","text":"accepted by the Company, will be processed based on the NAV next determined after such acceptance in accordance with a","page_number":136,"box":{"x":89,"y":74,"width":867,"height":12}},{"id":"387275ef-4770-45fb-a02e-a991ea1e70ea","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":136,"box":{"x":89,"y":89,"width":690,"height":13}},{"id":"1460d324-6167-47be-a22e-d1a82f580a80","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":136,"box":{"x":88,"y":116,"width":293,"height":12}},{"id":"2e5b4e60-dd70-4049-b6ce-74a1551754da","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":136,"box":{"x":394,"y":116,"width":507,"height":12}},{"id":"2b27b8b4-a72e-4db4-a07f-7e7bd8e3df8a","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":136,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"1f777ff8-bb8f-4655-a933-f2a8d2c5e88f","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":136,"box":{"x":88,"y":146,"width":858,"height":12}},{"id":"8996c483-8f54-4df6-8ddf-8067e861726b","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":136,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"a8d46529-b83a-4c84-a0dd-6433ec3a2971","block_type":"box","text":"as set forth below.","page_number":136,"box":{"x":89,"y":176,"width":126,"height":10}},{"id":"e8e2202a-88a3-4086-86f9-8bd7b2ff1c32","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":136,"box":{"x":89,"y":203,"width":815,"height":12}},{"id":"1a714a0c-87d7-4cb1-9581-ced42f3ab6ad","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":136,"box":{"x":89,"y":218,"width":812,"height":12}},{"id":"258d4eef-5e24-45a9-8f8b-8dd81d533342","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":136,"box":{"x":89,"y":233,"width":552,"height":12}},{"id":"5386259b-9ce8-407e-8563-fc417b7709a0","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":136,"box":{"x":89,"y":259,"width":870,"height":13}},{"id":"79b87e71-390a-4ff4-ba8d-825ded9aef08","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":136,"box":{"x":89,"y":274,"width":860,"height":13}},{"id":"c53c1dea-16fd-4bbe-b357-cce3e8b9c32c","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":136,"box":{"x":89,"y":290,"width":877,"height":12}},{"id":"035f1a29-61c3-497a-8d82-e8530e9865d9","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":136,"box":{"x":89,"y":305,"width":853,"height":12}},{"id":"b1148a8a-1c05-4df8-9f39-ab8ffe144a61","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":136,"box":{"x":89,"y":320,"width":876,"height":12}},{"id":"bae39f55-cc88-4c54-a3d5-e09c9f111cb0","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":136,"box":{"x":89,"y":335,"width":820,"height":12}},{"id":"4032f354-6aef-4a22-86cf-19b8e6a78137","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":136,"box":{"x":89,"y":350,"width":810,"height":12}},{"id":"a2874f7a-b097-4cff-9525-13408940bb0a","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":136,"box":{"x":89,"y":365,"width":852,"height":12}},{"id":"0d409a27-20da-4e23-aefa-9699b9d4ca02","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, State Street or Citibank, as applicable,","page_number":136,"box":{"x":89,"y":380,"width":876,"height":13}},{"id":"e415e3c5-89e0-4826-8a6f-6300c5aa4b9a","block_type":"box","text":"the sub-custodian and the Distributor or its agent are under no duty, however, to give notification of any defects or","page_number":136,"box":{"x":88,"y":395,"width":804,"height":13}},{"id":"1e859723-56e2-4d7a-8d6d-6ec8223698da","block_type":"box","text":"irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.","page_number":136,"box":{"x":89,"y":410,"width":834,"height":13}},{"id":"1601bdf8-5000-43dc-9877-7bc514e4099b","block_type":"box","text":"Issuance of a Creation Unit.","page_number":136,"box":{"x":89,"y":437,"width":197,"height":10}},{"id":"f92d6a4e-20cf-4dd6-92b6-a531817b948c","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":136,"box":{"x":300,"y":437,"width":645,"height":12}},{"id":"28d334db-1b3b-40b3-9a7c-3dc8168fe73d","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":136,"box":{"x":88,"y":452,"width":874,"height":12}},{"id":"af34735a-1292-4ef1-ba66-5e11bf49b0d5","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":136,"box":{"x":89,"y":467,"width":857,"height":13}},{"id":"28d20486-9c75-47bb-8a50-7f8373e08675","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":136,"box":{"x":89,"y":482,"width":862,"height":13}},{"id":"6f73fde3-0352-44ea-81ff-af4f274fc898","block_type":"box","text":"notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":136,"box":{"x":89,"y":497,"width":712,"height":13}},{"id":"d818a1f1-0ae5-4e96-8b42-4585f58f510f","block_type":"box","text":"For the iShares MSCI Canada ETF, iShares MSCI Mexico ETF and iShares MSCI USA Equal Weighted ETF, Creation Units are","page_number":136,"box":{"x":89,"y":524,"width":855,"height":12}},{"id":"6cb40a81-5ef3-4574-b943-463bf5dd2853","block_type":"box","text":"generally issued on a “T+1 basis” (","page_number":136,"box":{"x":89,"y":539,"width":239,"height":12}},{"id":"09f53898-41a4-431d-93bf-54ce42e73187","block_type":"box","text":"i.e.","page_number":136,"box":{"x":329,"y":540,"width":18,"height":9}},{"id":"a4e7bca2-1941-4cc6-897d-b80a76e25f15","block_type":"box","text":", one Business Day after trade date).","page_number":136,"box":{"x":349,"y":539,"width":251,"height":12}},{"id":"66c5acfb-b7ea-4bb2-b5b8-8c9ef1fe3a4e","block_type":"box","text":"For the iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Eurozone ETF, iShares","page_number":136,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"6c0744d2-9c64-47dc-aed1-647a1cb309ad","block_type":"box","text":"MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Hong Kong ETF, iShares MSCI Italy ETF, iShares MSCI Israel ETF,","page_number":136,"box":{"x":89,"y":581,"width":864,"height":12}},{"id":"09697162-1822-4dc5-9584-c5591a990582","block_type":"box","text":"iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF,","page_number":136,"box":{"x":89,"y":596,"width":876,"height":12}},{"id":"67ecced0-6b03-43a4-b246-832951f14390","block_type":"box","text":"iShares MSCI Singapore ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI","page_number":136,"box":{"x":89,"y":611,"width":870,"height":12}},{"id":"6680bfc4-d339-4c91-a7c2-88b0c082a90b","block_type":"box","text":"Thailand ETF, iShares MSCI Turkey ETF and iShares MSCI World ETF, Creation Units are generally issued on a “T+2 basis” (","page_number":136,"box":{"x":88,"y":626,"width":852,"height":12}},{"id":"f66a225c-4c35-4c56-bd7e-e5a5c9db9372","block_type":"box","text":"i.e.","page_number":136,"box":{"x":942,"y":627,"width":17,"height":9}},{"id":"a0aa58f0-6803-4751-84fd-f72c421c0398","block_type":"box","text":",","page_number":136,"box":{"x":961,"y":634,"width":3,"height":3}},{"id":"d74cc03b-e8a5-48ab-815c-af1ee002e048","block_type":"box","text":"two Business Days after trade date).","page_number":136,"box":{"x":88,"y":641,"width":252,"height":12}},{"id":"2535d13f-a4d8-4a24-8d61-7ce150ffa5b3","block_type":"box","text":"For the iShares MSCI South Africa ETF, Creation Units are generally issued on a “T+3 basis” (","page_number":136,"box":{"x":89,"y":668,"width":643,"height":12}},{"id":"d3693564-9cdf-4603-996f-9a63e2b63795","block_type":"box","text":"i.e.","page_number":136,"box":{"x":733,"y":668,"width":18,"height":9}},{"id":"49598136-0b71-4c4c-8318-a88955f70692","block_type":"box","text":", three Business Days after","page_number":136,"box":{"x":753,"y":668,"width":184,"height":12}},{"id":"b00a855e-2054-4970-be98-6ecea4dd3dae","block_type":"box","text":"trade date).","page_number":136,"box":{"x":88,"y":683,"width":80,"height":12}},{"id":"a0d1841e-a236-4310-9008-46b1ac4c3050","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":136,"box":{"x":89,"y":709,"width":846,"height":12}},{"id":"8ffc102c-55c1-4cfd-aa19-af596d7bca98","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":136,"box":{"x":89,"y":724,"width":772,"height":13}},{"id":"81f348ed-d576-477d-b475-4893eec1b1df","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":136,"box":{"x":89,"y":739,"width":878,"height":13}},{"id":"f2843ea4-c697-43dc-add6-47050ca48c06","block_type":"box","text":"of dividend record dates and ex-dividend dates (","page_number":136,"box":{"x":89,"y":754,"width":338,"height":13}},{"id":"74385389-ade6-4462-be43-3708c0931758","block_type":"box","text":"i.e.","page_number":136,"box":{"x":428,"y":755,"width":18,"height":9}},{"id":"f6e4894d-07a9-4862-80b6-4c3e6ff83335","block_type":"box","text":", the last day the holder of a security can sell the security and still receive","page_number":136,"box":{"x":448,"y":754,"width":507,"height":13}},{"id":"6242a16d-07a0-48ec-b1fc-55b48524c696","block_type":"box","text":"dividends payable on the security).","page_number":136,"box":{"x":89,"y":770,"width":242,"height":12}},{"id":"4aeff5ea-acb7-4589-bb8e-a9a0983828a3","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":136,"box":{"x":88,"y":796,"width":873,"height":12}},{"id":"02f0e063-44c7-46fc-bbb5-b6b08fe46c33","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":136,"box":{"x":88,"y":811,"width":847,"height":12}},{"id":"753dcaca-73b8-40d1-8fbd-3b846676574d","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":136,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"a6537004-02dd-4c83-8db5-07677f9d189c","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":136,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"042d141a-c520-45f1-9513-9ad34e2f1131","block_type":"box","text":"forth in the handbook for Authorized Participants. The Company may use such collateral at any time to buy Deposit","page_number":136,"box":{"x":88,"y":856,"width":809,"height":13}},{"id":"3f274678-547b-415c-9b19-2cb5973a8e41","block_type":"box","text":"118","page_number":136,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"24091cf2-1327-4cbe-beba-39982f39d4f6","block_type":"box","text":"Securities for the Funds. Such collateral must be delivered no later than the time specified by a Fund or its custodian on the","page_number":137,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"80a24c92-d5d8-437c-87af-51d72457fc6f","block_type":"box","text":"contractual settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit","page_number":137,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"b0a418e1-b669-4456-8d63-ca11621ab1e2","block_type":"box","text":"Securities is available from the Distributor or its agent. The Authorized Participant Agreement will permit the Funds to buy","page_number":137,"box":{"x":88,"y":74,"width":855,"height":12}},{"id":"50bb0d71-dca2-4621-9ed9-218579a8650b","block_type":"box","text":"the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the","page_number":137,"box":{"x":88,"y":89,"width":872,"height":13}},{"id":"16319d1e-d771-4fa0-bc5d-f5a44137c35b","block_type":"box","text":"cost to the Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage,","page_number":137,"box":{"x":89,"y":104,"width":870,"height":13}},{"id":"6e629ae9-feb3-4976-99ae-0dd18fd085b3","block_type":"box","text":"borrowings and other charges.","page_number":137,"box":{"x":89,"y":119,"width":214,"height":13}},{"id":"97975d0e-c52f-48e6-bac6-1feaa1b010b5","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":137,"box":{"x":89,"y":146,"width":809,"height":12}},{"id":"07b0f547-07a3-4c88-a01f-37efa56dbf0c","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":137,"box":{"x":89,"y":161,"width":811,"height":12}},{"id":"e7708eb8-ae9b-4436-a3ff-994ebb7b02b4","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":137,"box":{"x":88,"y":176,"width":869,"height":13}},{"id":"c2d1d81f-37f0-457b-b1d0-813f4fc546f2","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":137,"box":{"x":88,"y":191,"width":876,"height":13}},{"id":"7b48b4fa-a6b6-4676-9810-e0dc37a59640","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":137,"box":{"x":89,"y":206,"width":837,"height":13}},{"id":"e93a717c-374e-4190-a15f-8a0b4546ec5f","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":137,"box":{"x":89,"y":233,"width":325,"height":10}},{"id":"ae386b29-0d59-4d7e-ae99-978573180f02","block_type":"box","text":"iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":137,"box":{"x":88,"y":259,"width":870,"height":13}},{"id":"a2e787b2-b50e-49df-b53e-3d71bdae518c","block_type":"box","text":"Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,","page_number":137,"box":{"x":88,"y":274,"width":832,"height":13}},{"id":"95995f7a-5763-4bd0-89d9-fdb6837180bf","block_type":"box","text":"iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Thailand ETF and","page_number":137,"box":{"x":88,"y":290,"width":825,"height":12}},{"id":"28d3221f-91e7-42df-b574-47178e5c4dcd","block_type":"box","text":"iShares MSCI World ETF","page_number":137,"box":{"x":88,"y":305,"width":176,"height":9}},{"id":"f4924213-0a07-4752-8818-42a2f45946cf","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":137,"box":{"x":88,"y":331,"width":876,"height":12}},{"id":"48894e88-b618-4816-be09-fc20823cc76c","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":137,"box":{"x":89,"y":346,"width":867,"height":13}},{"id":"1086005e-2d35-4ee9-9d52-2ca224676967","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":137,"box":{"x":89,"y":361,"width":869,"height":13}},{"id":"8b1f4508-5ae5-4d31-8b57-cf4201ef99cb","block_type":"box","text":"Participant on the applicable Business Day.","page_number":137,"box":{"x":89,"y":376,"width":297,"height":13}},{"id":"9834d387-8881-49c1-8212-557276de0af6","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":137,"box":{"x":89,"y":403,"width":869,"height":12}},{"id":"e42bab8d-d36c-4f7f-a3b7-4b3f80ef0d6e","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":137,"box":{"x":89,"y":418,"width":845,"height":12}},{"id":"f6795794-d2ef-4d0b-a05f-ab8914c60343","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":137,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"f3fca4d1-8599-4aa2-aaef-4475d5cf004d","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":137,"box":{"x":88,"y":448,"width":845,"height":13}},{"id":"85e402a1-f9a9-4618-b915-a1dd709f8323","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":137,"box":{"x":89,"y":463,"width":853,"height":13}},{"id":"90110d79-8cdc-415e-9723-fab0037da1c1","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":137,"box":{"x":88,"y":479,"width":836,"height":12}},{"id":"bdf54f59-58ec-41ad-b5cb-fc2ecd658794","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":137,"box":{"x":89,"y":494,"width":866,"height":12}},{"id":"e4c7314e-ffe1-4701-90a4-29743c924782","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":137,"box":{"x":89,"y":509,"width":834,"height":12}},{"id":"1d84bdd8-be63-4165-9d5c-5f1a9bacad52","block_type":"box","text":"maximum amounts shown below.","page_number":137,"box":{"x":89,"y":524,"width":237,"height":10}},{"id":"aae5d888-278a-4d4f-87e3-489c084c0355","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":137,"box":{"x":88,"y":550,"width":817,"height":13}},{"id":"9c0c33ca-fca6-493b-8dc5-7aca682c0bc8","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":137,"box":{"x":89,"y":565,"width":866,"height":13}},{"id":"5f07e669-8b97-4780-895f-28d3cf14e5e3","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":137,"box":{"x":89,"y":581,"width":636,"height":12}},{"id":"054cd7de-af64-4d24-b56b-464ef398f45c","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fee and maximum additional charge (as described","page_number":137,"box":{"x":88,"y":607,"width":860,"height":12}},{"id":"2b83e770-b7f9-4db5-8375-f0f10254fbc0","block_type":"box","text":"above):","page_number":137,"box":{"x":89,"y":622,"width":50,"height":12}},{"id":"ec5cd991-b32c-4704-9b39-00c4a930b70f","block_type":"box","text":"Fund","page_number":137,"box":{"x":89,"y":662,"width":27,"height":8}},{"id":"78ad05e5-694c-4d2c-acce-4547ba50c4da","block_type":"box","text":"Standard Creation","page_number":137,"box":{"x":665,"y":652,"width":103,"height":8}},{"id":"36292f28-034e-4313-8e94-1c00283583e1","block_type":"box","text":"Transaction Fee","page_number":137,"box":{"x":671,"y":662,"width":91,"height":8}},{"id":"9b9c33a3-b814-40d1-9a68-b9957773f667","block_type":"box","text":"Maximum Additional","page_number":137,"box":{"x":847,"y":652,"width":120,"height":8}},{"id":"27b2378d-9453-45fd-8e0d-b85a06edecba","block_type":"box","text":"Charge*","page_number":137,"box":{"x":883,"y":662,"width":48,"height":10}},{"id":"6c3ebef2-8c2a-4431-9aac-4dedaf6ef305","block_type":"box","text":"iShares MSCI Belgium ETF $ 700 3.0%","page_number":137,"box":{"x":89,"y":684,"width":843,"height":12}},{"id":"0ad82674-578f-4595-9ac0-01a2a8037794","block_type":"box","text":"iShares MSCI Canada ETF 1,900 3.0%","page_number":137,"box":{"x":89,"y":699,"width":843,"height":11}},{"id":"ac62af84-f987-4119-a963-b6448bc41679","block_type":"box","text":"iShares MSCI France ETF 2,900 3.0%","page_number":137,"box":{"x":89,"y":714,"width":843,"height":11}},{"id":"d84bd81c-bb47-488c-a0be-35a46ede8baf","block_type":"box","text":"iShares MSCI Germany ETF 1,500 3.0%","page_number":137,"box":{"x":89,"y":729,"width":843,"height":13}},{"id":"4baf6657-888a-43fa-9d81-7f9ef897113d","block_type":"box","text":"iShares MSCI Hong Kong ETF 2,000 7.0%","page_number":137,"box":{"x":89,"y":744,"width":843,"height":13}},{"id":"688e9afc-5f11-407c-aac9-6bc4c45d36c7","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 6,000 3.0%","page_number":137,"box":{"x":89,"y":759,"width":843,"height":13}},{"id":"8de28899-0e2a-4f20-87d5-a02edba6865f","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 6,000 7.0%","page_number":137,"box":{"x":89,"y":775,"width":843,"height":12}},{"id":"f3059f35-f8d5-4870-b0af-84319ba856ff","block_type":"box","text":"iShares MSCI Singapore ETF 2,000 3.0%","page_number":137,"box":{"x":89,"y":790,"width":843,"height":12}},{"id":"8087314a-04e6-42a5-a42a-a4c3e90b09da","block_type":"box","text":"iShares MSCI South Africa ETF 1,200 3.0%","page_number":137,"box":{"x":89,"y":805,"width":843,"height":11}},{"id":"809bcab1-3989-4179-923d-d1fd5ec99792","block_type":"box","text":"iShares MSCI Spain ETF 1,500 3.0%","page_number":137,"box":{"x":89,"y":820,"width":843,"height":12}},{"id":"15cfba46-188e-4ad3-9ebe-7bb486095029","block_type":"box","text":"iShares MSCI Sweden ETF 1,300 3.0%","page_number":137,"box":{"x":89,"y":835,"width":843,"height":11}},{"id":"9687858a-d982-4f64-838e-b1c5f2827c74","block_type":"box","text":"iShares MSCI Thailand ETF 1,700 3.0%","page_number":137,"box":{"x":89,"y":850,"width":843,"height":12}},{"id":"2b0e90d4-f0e5-4f3b-8cfa-c81ea878d9b1","block_type":"box","text":"119","page_number":137,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"e04db2da-6825-478d-a4d9-59affe5cd0e7","block_type":"box","text":"Fund","page_number":138,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"3ee6ee04-be9c-4da5-9de4-1ca03ef0532a","block_type":"box","text":"Standard Creation","page_number":138,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"4fcf18fc-c0af-4583-a4e5-6642ec62e99f","block_type":"box","text":"Transaction Fee","page_number":138,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"9404b908-0183-41a8-9ba7-2ffa9045489e","block_type":"box","text":"Maximum Additional","page_number":138,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"69c7a775-0d57-4d6a-9287-f000d56e62b8","block_type":"box","text":"Charge*","page_number":138,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"b78b6c4e-08fc-492a-8d3d-405f666b86d4","block_type":"box","text":"iShares MSCI World ETF 15,000 7.0%","page_number":138,"box":{"x":89,"y":77,"width":843,"height":11}},{"id":"93194c81-d507-4fdc-b124-918a09d5bef3","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":138,"box":{"x":118,"y":116,"width":329,"height":10}},{"id":"c5e92ea6-104b-466b-a00a-a589e1ec506b","block_type":"box","text":"iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Eurozone ETF, iShares MSCI Israel ETF, iShares MSCI","page_number":138,"box":{"x":88,"y":140,"width":870,"height":11}},{"id":"33a72040-94ff-485b-aaef-1bf4d9e8d661","block_type":"box","text":"Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Switzerland","page_number":138,"box":{"x":88,"y":155,"width":850,"height":12}},{"id":"57c7357a-95de-4b50-a890-9d49cb92c50b","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF","page_number":138,"box":{"x":88,"y":170,"width":529,"height":12}},{"id":"2880c6c8-72cf-475d-be79-da6314c25c10","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":138,"box":{"x":88,"y":196,"width":876,"height":13}},{"id":"4538fe5b-a1f5-4be1-88a0-95ed9f00f866","block_type":"box","text":"of Creation Units. Under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain","page_number":138,"box":{"x":89,"y":211,"width":840,"height":13}},{"id":"8edf32c0-8f41-4446-879a-a00d71e727cb","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":138,"box":{"x":89,"y":227,"width":808,"height":12}},{"id":"851c92fc-8048-4bd6-b96b-1a88804c48ba","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL will receive from an Authorized Participant a standard","page_number":138,"box":{"x":89,"y":242,"width":831,"height":12}},{"id":"71ea4601-0738-4b9b-b982-0fca47369220","block_type":"box","text":"transaction fee on each creation order, which consists of (1) a fee for providing the ETF Services (the “ETF Servicing Fee”)","page_number":138,"box":{"x":88,"y":257,"width":849,"height":12}},{"id":"4086982c-0410-4d13-bb5b-b8b741fc9150","block_type":"box","text":"and (2) transfer, processing and other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":138,"box":{"x":89,"y":272,"width":843,"height":12}},{"id":"167d4db5-3f31-401f-a168-ef2f6ae2fa31","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain the ETF Servicing Fee pursuant","page_number":138,"box":{"x":89,"y":287,"width":876,"height":12}},{"id":"04c05188-718b-4bd5-bb03-d949bbb35ffc","block_type":"box","text":"to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian","page_number":138,"box":{"x":88,"y":302,"width":840,"height":12}},{"id":"fce5a061-4192-4db2-ba29-7d2c26181664","block_type":"box","text":"according to the amounts invoiced by such custodian.","page_number":138,"box":{"x":89,"y":317,"width":378,"height":13}},{"id":"58534087-5b0c-486e-8495-d53ea214346c","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":138,"box":{"x":88,"y":344,"width":862,"height":12}},{"id":"80c7ce07-38c8-4077-b289-da6641c66fe1","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":138,"box":{"x":88,"y":359,"width":879,"height":12}},{"id":"59317eaf-145c-4b31-b1c6-3f1d8c7f7e70","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":138,"box":{"x":89,"y":374,"width":834,"height":12}},{"id":"20d0ee37-0ada-43ae-9383-f90101f623e7","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":138,"box":{"x":89,"y":389,"width":874,"height":12}},{"id":"9eb0371f-8cf8-4b1d-b3a0-f0d23e03fc8f","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":138,"box":{"x":89,"y":404,"width":877,"height":13}},{"id":"3cc1cb46-05a8-443e-a1f5-8b6b90255b96","block_type":"box","text":"Unit. The following table sets forth, for the Fund, either the actual creation transaction fee that was charged on December 1,","page_number":138,"box":{"x":89,"y":419,"width":868,"height":13}},{"id":"01c927fb-147e-4301-bcb3-abaf84a4441d","block_type":"box","text":"2025 or an estimate of the creation transaction fee that would have been charged if the Fund had issued a Creation Unit on","page_number":138,"box":{"x":89,"y":434,"width":861,"height":13}},{"id":"6cb79a96-7c17-49ec-92a7-e7d28d86c22f","block_type":"box","text":"that date. The actual fee that was or would have been charged to an Authorized Participant in connection with a creation","page_number":138,"box":{"x":88,"y":450,"width":847,"height":12}},{"id":"603b146d-6a36-4bee-a785-b890864f96af","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":138,"box":{"x":89,"y":465,"width":807,"height":12}},{"id":"ca571d87-6cc4-4ff6-a9b7-e98b8be0f8f5","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":138,"box":{"x":89,"y":491,"width":869,"height":12}},{"id":"630298df-72bc-489f-a97f-8b88e3f0a906","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":138,"box":{"x":89,"y":506,"width":845,"height":13}},{"id":"7114b7ca-6afc-43e7-b35a-493bfda141a9","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":138,"box":{"x":89,"y":521,"width":864,"height":13}},{"id":"a2b5f7b7-a3e0-451b-b3d4-d15d2831377c","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":138,"box":{"x":88,"y":536,"width":845,"height":13}},{"id":"03341151-5df7-4cb8-b56c-26be8648ffc7","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":138,"box":{"x":89,"y":552,"width":853,"height":12}},{"id":"825c2596-2c51-4642-a998-5563d78ad440","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":138,"box":{"x":88,"y":567,"width":836,"height":12}},{"id":"69bc0e22-8037-4bb3-bcda-ad7318599864","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":138,"box":{"x":89,"y":582,"width":866,"height":12}},{"id":"c02d8f9c-112f-411f-946a-72c5951253a6","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":138,"box":{"x":89,"y":597,"width":834,"height":12}},{"id":"cca452b0-3d69-44e7-b537-55ac85498855","block_type":"box","text":"maximum amounts shown below. Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":138,"box":{"x":89,"y":612,"width":876,"height":12}},{"id":"e81adc58-6b16-40f1-b222-edccd902ac84","block_type":"box","text":"Fund. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use","page_number":138,"box":{"x":89,"y":627,"width":856,"height":13}},{"id":"1f73aeb1-4fb0-4fb7-8322-07c29a9a1448","block_type":"box","text":"the services of a broker or other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":138,"box":{"x":88,"y":642,"width":823,"height":13}},{"id":"40294215-7c2f-4239-b38f-21e6a053911c","block_type":"box","text":"The following table sets forth the Fund’s actual or estimated creation transaction fee as applicable as of December 1, 2025","page_number":138,"box":{"x":88,"y":669,"width":857,"height":12}},{"id":"7c10f1d3-9b4f-4998-bff8-f640843e02cb","block_type":"box","text":"and maximum additional charge (as described above):","page_number":138,"box":{"x":89,"y":684,"width":381,"height":12}},{"id":"f6bbfc2a-350a-49a9-abdc-6c678e98b36f","block_type":"box","text":"Fund","page_number":138,"box":{"x":89,"y":724,"width":27,"height":7}},{"id":"ceb711da-8b81-47c0-8edd-0b80c4c1195b","block_type":"box","text":"Standard Creation","page_number":138,"box":{"x":665,"y":714,"width":103,"height":7}},{"id":"377e3841-0e27-4ac2-9045-6b3203454427","block_type":"box","text":"Transaction Fee","page_number":138,"box":{"x":671,"y":724,"width":91,"height":7}},{"id":"3ef82318-5e4d-4d3f-a5f5-cb8184c4d268","block_type":"box","text":"Maximum Additional","page_number":138,"box":{"x":847,"y":714,"width":120,"height":7}},{"id":"592f0a30-a8ba-4c65-946d-e457831f365a","block_type":"box","text":"Charge*","page_number":138,"box":{"x":883,"y":724,"width":48,"height":9}},{"id":"dc1795f7-1259-48c9-bd14-097470c47a3d","block_type":"box","text":"iShares MSCI Australia ETF $ 500.00** 3.0%","page_number":138,"box":{"x":89,"y":746,"width":843,"height":10}},{"id":"99898824-b385-4ae6-b6a8-044aa205cc5c","block_type":"box","text":"iShares MSCI Austria ETF 430.00** 3.0%","page_number":138,"box":{"x":89,"y":761,"width":843,"height":9}},{"id":"e4afefc0-9b74-47e2-ae2a-e9c2c1b6e2b2","block_type":"box","text":"iShares MSCI Eurozone ETF 1,100.00** 3.0%","page_number":138,"box":{"x":89,"y":776,"width":843,"height":11}},{"id":"16618399-9a80-412b-82c1-1bf0a15894f9","block_type":"box","text":"iShares MSCI Israel ETF 1,868.25 3.0%","page_number":138,"box":{"x":89,"y":791,"width":843,"height":11}},{"id":"a6c744e5-17e6-43f4-87a9-17e9db326688","block_type":"box","text":"iShares MSCI Italy ETF 420.00** 3.0%","page_number":138,"box":{"x":89,"y":806,"width":843,"height":12}},{"id":"a87daed6-4a40-4c45-beee-7f8acd1ad688","block_type":"box","text":"iShares MSCI Japan ETF 760.00** 3.0%","page_number":138,"box":{"x":89,"y":821,"width":843,"height":13}},{"id":"22a0d731-21d1-4ae1-8ab8-0d60b2aafb12","block_type":"box","text":"iShares MSCI Mexico ETF 500.00 3.0%","page_number":138,"box":{"x":89,"y":836,"width":843,"height":10}},{"id":"743b3210-b533-4775-8d55-9e7eb7a4cee7","block_type":"box","text":"iShares MSCI Netherlands ETF 510.00** 3.0%","page_number":138,"box":{"x":89,"y":851,"width":843,"height":10}},{"id":"3d73ae34-a90c-4b63-bf42-52689fbc2c76","block_type":"box","text":"120","page_number":138,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"13e21d0c-e0ab-4ddf-bd5c-21831e7c6836","block_type":"box","text":"Fund","page_number":139,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"00952d41-7496-4d3e-af53-6eb08d0a27a5","block_type":"box","text":"Standard Creation","page_number":139,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"2e958173-7707-40ab-9fad-3fa90b70ccfc","block_type":"box","text":"Transaction Fee","page_number":139,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"4dc53b15-a18a-4e17-8a3c-695adf9618cd","block_type":"box","text":"Maximum Additional","page_number":139,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"a72d1ac5-80a3-40a8-8075-fb2047d69619","block_type":"box","text":"Charge*","page_number":139,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"e164e7b7-75cb-4b88-8fc6-3ad68152621c","block_type":"box","text":"iShares MSCI Switzerland ETF 470.00** 3.0%","page_number":139,"box":{"x":89,"y":77,"width":843,"height":9}},{"id":"ac41ee37-a5a2-43fa-aa4d-64f4594fcee0","block_type":"box","text":"iShares MSCI Turkey ETF 665.00 3.0%","page_number":139,"box":{"x":89,"y":92,"width":843,"height":12}},{"id":"ab4efe6e-6a5b-4bca-9ae1-edce995a6c59","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 823.75** 3.0%","page_number":139,"box":{"x":89,"y":107,"width":843,"height":12}},{"id":"d92d9b9a-9610-422c-a394-143519b7155e","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":139,"box":{"x":118,"y":147,"width":329,"height":9}},{"id":"a80accf2-1c59-44e9-9e11-39acbad672eb","block_type":"box","text":"** Estimated fee.","page_number":139,"box":{"x":118,"y":162,"width":92,"height":7}},{"id":"45d4e006-9f5c-4645-94db-a50045292864","block_type":"box","text":"Redemption of Creation Units.","page_number":139,"box":{"x":89,"y":185,"width":216,"height":12}},{"id":"56784bf7-e9f2-4995-9d20-2e48b4aace6e","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":139,"box":{"x":88,"y":211,"width":836,"height":13}},{"id":"a31cfa83-cb3f-4ee2-9ad5-995ca2a874f2","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":139,"box":{"x":89,"y":227,"width":869,"height":12}},{"id":"946c52b0-d400-4cf8-b90e-e4e77b0fc941","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":139,"box":{"x":89,"y":242,"width":873,"height":12}},{"id":"a84f41f8-0e8b-4ea2-87b4-779c7a105256","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":139,"box":{"x":89,"y":257,"width":855,"height":12}},{"id":"d88934e6-58a2-479b-8bc9-8a316b608919","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":139,"box":{"x":89,"y":272,"width":878,"height":12}},{"id":"4087e3cb-a7f7-405c-a699-ce49ebc22bb3","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":139,"box":{"x":89,"y":287,"width":649,"height":12}},{"id":"4e0a67b1-f9f8-4673-873b-69c9f7b592e9","block_type":"box","text":"Each Fund generally redeems Creation Units for Fund Securities (as defined below). Please see the","page_number":139,"box":{"x":89,"y":313,"width":686,"height":13}},{"id":"1f774131-ae27-4df7-8106-a2cd1351a654","block_type":"box","text":"Cash Redemption Method","page_number":139,"box":{"x":780,"y":313,"width":183,"height":13}},{"id":"cbfa556f-6b41-4269-a100-c17179568591","block_type":"box","text":"section below and the following discussion summarizing the in-kind method for further information on redeeming Creation","page_number":139,"box":{"x":89,"y":329,"width":864,"height":12}},{"id":"4f04698c-3a97-4967-8a7e-498bb391a6dc","block_type":"box","text":"Units of the Funds.","page_number":139,"box":{"x":89,"y":344,"width":130,"height":9}},{"id":"b96ea4e8-cc80-494d-b961-330be3f5a62a","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":139,"box":{"x":89,"y":370,"width":853,"height":13}},{"id":"e50a874c-6483-4905-9b03-32bfb2956f00","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":139,"box":{"x":89,"y":385,"width":849,"height":13}},{"id":"188dd2e6-ece9-42ee-bc00-bf2ba3e4df43","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":139,"box":{"x":88,"y":400,"width":841,"height":13}},{"id":"4082a358-5979-42bb-8ed1-d37abded235f","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":139,"box":{"x":89,"y":416,"width":863,"height":12}},{"id":"0e7d7047-402e-4c43-9b03-18f3df4eeb3d","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":139,"box":{"x":89,"y":431,"width":833,"height":12}},{"id":"8884ab8a-1f7f-473c-8765-491677d76316","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":139,"box":{"x":88,"y":446,"width":855,"height":12}},{"id":"55f4a9a2-1cde-40af-9b07-53c164bcabf7","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":139,"box":{"x":89,"y":461,"width":843,"height":12}},{"id":"5cd98e47-6e81-4719-a60c-3903ec7c3c1c","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":139,"box":{"x":88,"y":476,"width":738,"height":12}},{"id":"e830d928-b6c8-47ca-a02b-e72efd4a3bac","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":139,"box":{"x":89,"y":502,"width":866,"height":13}},{"id":"e8a91607-9c32-4e31-a0dc-fa972bcc1074","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":139,"box":{"x":89,"y":518,"width":861,"height":12}},{"id":"a04a5170-7c1c-472e-a277-792bb48fa2e8","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":139,"box":{"x":89,"y":533,"width":873,"height":12}},{"id":"bf8222ef-fdc3-4c9a-a209-a376c7163754","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":139,"box":{"x":89,"y":548,"width":355,"height":12}},{"id":"98b8f690-0c10-4f16-919d-33b718a4634b","block_type":"box","text":"The Company may, in its sole discretion, substitute a “cash in lieu” amount to replace any Fund Security in certain","page_number":139,"box":{"x":88,"y":574,"width":795,"height":13}},{"id":"6ad6b3ae-abeb-4434-9122-51b36018f937","block_type":"box","text":"circumstances, including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose","page_number":139,"box":{"x":89,"y":589,"width":860,"height":13}},{"id":"d42d1b8e-3f80-4a7d-8ee7-58bfe3c8d47e","block_type":"box","text":"behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a","page_number":139,"box":{"x":89,"y":605,"width":842,"height":12}},{"id":"7f96de09-d4a5-4304-ba83-d53732847daf","block_type":"box","text":"trading restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of the","page_number":139,"box":{"x":88,"y":620,"width":879,"height":12}},{"id":"4b44add5-fe86-4f3d-af6f-423dd8897816","block_type":"box","text":"Fund Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the","page_number":139,"box":{"x":89,"y":635,"width":860,"height":12}},{"id":"306a588a-56d5-4ddd-9a88-8d1c0435ce12","block_type":"box","text":"delivery of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security","page_number":139,"box":{"x":89,"y":650,"width":873,"height":12}},{"id":"787f235c-72ab-473b-b612-706a7d77c551","block_type":"box","text":"cannot be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The","page_number":139,"box":{"x":89,"y":665,"width":841,"height":12}},{"id":"3de3393a-26db-4291-a33f-59471475e333","block_type":"box","text":"amount of cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. In","page_number":139,"box":{"x":89,"y":680,"width":862,"height":12}},{"id":"d1daa332-40a2-4937-8ace-7d3adeb33037","block_type":"box","text":"the event that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to","page_number":139,"box":{"x":88,"y":695,"width":857,"height":13}},{"id":"ec7e2ea5-5b28-46fb-98c8-75dbf53aa53a","block_type":"box","text":"the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. Each Fund","page_number":139,"box":{"x":88,"y":710,"width":833,"height":13}},{"id":"5949f645-787d-4d27-af88-b3dceb1c9006","block_type":"box","text":"generally redeems Creation Units for Fund Securities, but each Fund reserves the right to utilize a cash option for redemption","page_number":139,"box":{"x":89,"y":725,"width":872,"height":13}},{"id":"155efcf2-ebda-4e23-857e-4c6cc75edbec","block_type":"box","text":"of Creation Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of","page_number":139,"box":{"x":89,"y":741,"width":812,"height":12}},{"id":"11fc015e-7b29-49ca-921b-eb3653d12dbb","block_type":"box","text":"securities that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket","page_number":139,"box":{"x":89,"y":756,"width":863,"height":12}},{"id":"f95d0340-7451-41b6-b8e1-fd0697dbfa2b","block_type":"box","text":"may also be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the","page_number":139,"box":{"x":89,"y":771,"width":829,"height":12}},{"id":"ee1c751f-7d87-4070-8de8-825c93ef1889","block_type":"box","text":"Redemption Basket through systematically rounding. The rounding methodology allows position sizes of securities in the","page_number":139,"box":{"x":89,"y":786,"width":847,"height":12}},{"id":"7b5495cc-faf9-402a-b692-cc3ec7a509e1","block_type":"box","text":"Fund Securities to be “rounded up,” while limiting the maximum allowed percentage change in weight and share quantity of","page_number":139,"box":{"x":89,"y":801,"width":873,"height":12}},{"id":"4f838666-e9c3-4ab6-b87f-2efc9e9d3cf6","block_type":"box","text":"any given security in the Redemption Basket. Redemption Baskets may also be modified to position a fund towards a forward","page_number":139,"box":{"x":89,"y":816,"width":874,"height":13}},{"id":"c59e5753-bbad-417c-b863-21a0000a282d","block_type":"box","text":"index rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":139,"box":{"x":89,"y":831,"width":659,"height":13}},{"id":"a42b1f7d-3c55-4754-b49d-0806e62f383e","block_type":"box","text":"121","page_number":139,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"609806b0-c24c-4f3b-ba3a-1cc4e5deabcd","block_type":"box","text":"Cash Redemption Method.","page_number":140,"box":{"x":89,"y":44,"width":191,"height":12}},{"id":"fd41bab7-6943-4b38-8146-fef71c39f6f9","block_type":"box","text":"Although the Company does not generally permit partial or full cash redemptions of Creation","page_number":140,"box":{"x":293,"y":44,"width":651,"height":12}},{"id":"d4204084-4122-4b87-ac8b-0f803a600d42","block_type":"box","text":"Units of its funds, when partial or full cash redemptions of Creation Units are available or specified for a Fund, they will be","page_number":140,"box":{"x":89,"y":59,"width":849,"height":12}},{"id":"56c2defc-e725-4759-905b-c6591c625205","block_type":"box","text":"effected in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the","page_number":140,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"4710c767-6305-481b-b5a2-c08e72ce7586","block_type":"box","text":"Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind","page_number":140,"box":{"x":88,"y":89,"width":837,"height":13}},{"id":"98b7b859-b09e-417e-b8d2-b93aeb3b0a14","block_type":"box","text":"redemption, plus the same Cash Amount to be paid to an in-kind redeemer.","page_number":140,"box":{"x":89,"y":104,"width":528,"height":13}},{"id":"42cf3971-c328-4ef4-8e2a-210bb9330027","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":140,"box":{"x":89,"y":131,"width":351,"height":12}},{"id":"f6cdc2ed-3fbc-4d69-bd9b-9984170eaf59","block_type":"box","text":"iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":140,"box":{"x":88,"y":157,"width":870,"height":13}},{"id":"55ea502f-422f-4d8b-99a0-8de58c8bb343","block_type":"box","text":"Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,","page_number":140,"box":{"x":88,"y":172,"width":832,"height":13}},{"id":"8d487691-f108-45c9-85aa-4d942dfb0290","block_type":"box","text":"iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Thailand ETF and","page_number":140,"box":{"x":88,"y":188,"width":825,"height":12}},{"id":"b91237eb-5dad-4415-a790-49523381cff3","block_type":"box","text":"iShares MSCI World ETF","page_number":140,"box":{"x":88,"y":203,"width":176,"height":9}},{"id":"56a31f98-448e-4e1e-b196-9c6c61a79d68","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":140,"box":{"x":88,"y":229,"width":866,"height":12}},{"id":"a9dcaaf1-4785-4c1b-9287-a874f8d60a1c","block_type":"box","text":"relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":140,"box":{"x":89,"y":244,"width":869,"height":13}},{"id":"58e1c621-5288-42d7-9147-5823a5a5339a","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":140,"box":{"x":89,"y":259,"width":866,"height":13}},{"id":"d0b19ed7-12b5-4368-bf60-dcb34bc55f12","block_type":"box","text":"Participant on the applicable Business Day.","page_number":140,"box":{"x":89,"y":274,"width":297,"height":13}},{"id":"e3ac1ec2-6797-4ad3-a7f3-f55914b94867","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":140,"box":{"x":89,"y":301,"width":810,"height":12}},{"id":"4d50e7ab-20d3-43e3-9f0c-3e916f71cba0","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":140,"box":{"x":88,"y":316,"width":869,"height":12}},{"id":"16ceb1b2-e246-4405-8563-397f0c7d5a63","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":140,"box":{"x":89,"y":331,"width":831,"height":12}},{"id":"8d154121-7681-4549-b827-e34fd9589eb5","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":140,"box":{"x":89,"y":346,"width":853,"height":13}},{"id":"bddcc01f-8c9d-483b-a899-097e2e57cdbe","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":140,"box":{"x":88,"y":361,"width":873,"height":13}},{"id":"2e9fd039-4e30-409b-aebc-ed9a60a356e0","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":140,"box":{"x":89,"y":376,"width":859,"height":13}},{"id":"bd671e38-1e02-47ac-93cf-d4503ee4114e","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":140,"box":{"x":88,"y":392,"width":817,"height":12}},{"id":"ed545c7e-3700-4810-804d-aabe574e5dd4","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":140,"box":{"x":89,"y":407,"width":824,"height":12}},{"id":"dc5d2635-bff9-47c0-8764-aae18221631e","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":140,"box":{"x":89,"y":422,"width":338,"height":12}},{"id":"c2060f62-d361-4538-9f33-f246cc6590bd","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":140,"box":{"x":88,"y":448,"width":879,"height":13}},{"id":"db181c6a-a2cd-4563-abf8-01aef1b8ce6f","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":140,"box":{"x":89,"y":463,"width":863,"height":13}},{"id":"20aed1b6-0419-4ee9-b9ac-626a79f3da18","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":140,"box":{"x":89,"y":479,"width":815,"height":12}},{"id":"e8263a82-1f88-45cb-9eb5-b749f245e5b3","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fee and maximum additional charge (as","page_number":140,"box":{"x":88,"y":505,"width":812,"height":12}},{"id":"6dbcd965-2a95-413f-a55c-6d974dbfc204","block_type":"box","text":"described above):","page_number":140,"box":{"x":89,"y":520,"width":122,"height":12}},{"id":"644b8b8b-c19d-482a-9f4a-3628df841d85","block_type":"box","text":"Fund","page_number":140,"box":{"x":89,"y":560,"width":27,"height":8}},{"id":"8c997c60-d581-41b6-a240-361af2029ed0","block_type":"box","text":"Standard Redemption","page_number":140,"box":{"x":643,"y":550,"width":125,"height":10}},{"id":"8a7da79c-7e72-4e0a-903b-c37b5cc87498","block_type":"box","text":"Transaction Fee","page_number":140,"box":{"x":660,"y":560,"width":91,"height":8}},{"id":"b6c5d11d-16bb-486b-b598-5a2bb7c2c3e4","block_type":"box","text":"Maximum Additional","page_number":140,"box":{"x":847,"y":550,"width":120,"height":8}},{"id":"31a31b9e-39fe-48f5-bc20-b7eea6666513","block_type":"box","text":"Charge*","page_number":140,"box":{"x":883,"y":560,"width":48,"height":10}},{"id":"72ea6de9-7500-4fe5-aa86-26978a3f5af9","block_type":"box","text":"iShares MSCI Belgium ETF $ 700 2.0%","page_number":140,"box":{"x":89,"y":582,"width":843,"height":12}},{"id":"5e45aa82-5771-4473-abd6-da74e83e3fd9","block_type":"box","text":"iShares MSCI Canada ETF 1,900 2.0%","page_number":140,"box":{"x":89,"y":597,"width":843,"height":11}},{"id":"41c0ba52-c575-4200-bec6-1d0d91977988","block_type":"box","text":"iShares MSCI France ETF 2,900 2.0%","page_number":140,"box":{"x":89,"y":612,"width":843,"height":11}},{"id":"ea2c13ad-40c5-4a82-9907-92d130e0925f","block_type":"box","text":"iShares MSCI Germany ETF 1,500 2.0%","page_number":140,"box":{"x":89,"y":627,"width":843,"height":13}},{"id":"d26d32f7-3f83-4d6c-b75c-f5da97b0bf5d","block_type":"box","text":"iShares MSCI Hong Kong ETF 2,000 2.0%","page_number":140,"box":{"x":89,"y":642,"width":843,"height":13}},{"id":"4e4806b8-5ba4-475c-9567-72e2c5fc367b","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 6,000 2.0%","page_number":140,"box":{"x":89,"y":657,"width":843,"height":13}},{"id":"cefa3dbe-5fca-49c0-b915-aff26b377bab","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 6,000 2.0%","page_number":140,"box":{"x":89,"y":673,"width":843,"height":12}},{"id":"587442a2-5d02-4f28-9a6b-714b65621026","block_type":"box","text":"iShares MSCI Singapore ETF 2,000 2.0%","page_number":140,"box":{"x":89,"y":688,"width":843,"height":12}},{"id":"c4c82075-2678-4182-b2c0-8ddad002154e","block_type":"box","text":"iShares MSCI South Africa ETF 1,200 2.0%","page_number":140,"box":{"x":89,"y":703,"width":843,"height":11}},{"id":"a1fb5dc5-760f-4880-9688-a1d2bd216cf3","block_type":"box","text":"iShares MSCI Spain ETF 1,500 2.0%","page_number":140,"box":{"x":89,"y":718,"width":843,"height":12}},{"id":"e45548b3-de2e-4626-9d5f-39b597120c10","block_type":"box","text":"iShares MSCI Sweden ETF 1,300 2.0%","page_number":140,"box":{"x":89,"y":733,"width":843,"height":11}},{"id":"4d15d559-6c57-4a3e-b1d3-580ad4be4f24","block_type":"box","text":"iShares MSCI Thailand ETF 1,700 2.0%","page_number":140,"box":{"x":89,"y":748,"width":843,"height":11}},{"id":"2d119e5c-b994-433d-b68b-de238c26c9bd","block_type":"box","text":"iShares MSCI World ETF 15,000 2.0%","page_number":140,"box":{"x":89,"y":763,"width":843,"height":12}},{"id":"6d2b5ff0-2886-4aab-975e-b4b892036e38","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":140,"box":{"x":118,"y":803,"width":628,"height":10}},{"id":"66b0dd12-f618-4b63-910a-45472025dd7a","block_type":"box","text":"iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Eurozone ETF, iShares MSCI Israel ETF, iShares MSCI","page_number":140,"box":{"x":88,"y":826,"width":870,"height":12}},{"id":"d005c21d-9535-4181-b1cf-4d3925572302","block_type":"box","text":"Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Switzerland","page_number":140,"box":{"x":88,"y":841,"width":850,"height":13}},{"id":"125100f6-3263-4622-b4cc-0224dbd6a667","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF","page_number":140,"box":{"x":88,"y":856,"width":529,"height":13}},{"id":"c05aaa77-1a0c-46f4-a7f1-526818c52dbf","block_type":"box","text":"122","page_number":140,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"804fdded-7cbc-4c09-ae04-4cca7fbbda71","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":141,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"6603dd39-0b5b-4850-a369-1b947c8903da","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":141,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"70d61996-ae55-4dd6-b5ae-89a324ee50a2","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":141,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"9e8deab9-a750-4df1-85e4-d626a10fb4c5","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":141,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"1ee0a789-1cdb-4896-baf1-232490394291","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":141,"box":{"x":88,"y":104,"width":815,"height":13}},{"id":"6a484fea-802b-427d-a697-857d5c193563","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":141,"box":{"x":89,"y":119,"width":567,"height":13}},{"id":"306e2fd0-abf3-4d08-947e-4154d40edb6e","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":141,"box":{"x":88,"y":146,"width":859,"height":12}},{"id":"92a4ba57-c049-4dc4-8411-4a3504397b0d","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":141,"box":{"x":88,"y":161,"width":879,"height":12}},{"id":"eb912330-52a5-41d9-b28e-612edbe259ec","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":141,"box":{"x":89,"y":176,"width":860,"height":13}},{"id":"0a753b98-a1e9-4dfa-8976-f6284e502a8d","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":141,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"147449dd-4c60-4152-9c8c-e96d7adec833","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":141,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"c1650764-8b6c-4214-aedc-3d7449c39a2c","block_type":"box","text":"Creation Unit. The following table sets forth, for the Fund, either the actual redemption transaction fee that was charged on","page_number":141,"box":{"x":89,"y":222,"width":862,"height":12}},{"id":"bf111b11-a888-43e0-b1c9-3e97c8537ad4","block_type":"box","text":"December 1, 2025 or an estimate of the redemption transaction fee that would have been charged if the Fund had redeemed","page_number":141,"box":{"x":89,"y":237,"width":873,"height":12}},{"id":"f558aed5-38e6-4721-9d2a-e84866cba397","block_type":"box","text":"a Creation Unit on that date. The actual fee that was or would have been charged to an Authorized Participant in connection","page_number":141,"box":{"x":89,"y":252,"width":868,"height":12}},{"id":"571dc18f-4af2-49d8-a04c-10dcafac38d5","block_type":"box","text":"with a redemption order will vary over time depending on the factors discussed above, and may be higher than the fee set","page_number":141,"box":{"x":88,"y":267,"width":854,"height":12}},{"id":"9e5ec28d-b9b7-4f3c-8c37-abe0c1bfe668","block_type":"box","text":"forth below.","page_number":141,"box":{"x":88,"y":282,"width":83,"height":10}},{"id":"c1fa58cd-f523-4f90-9672-ba3b3c92dced","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":141,"box":{"x":89,"y":308,"width":810,"height":13}},{"id":"03355969-af0e-4b85-b9e7-17cfe48b076b","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":141,"box":{"x":88,"y":324,"width":869,"height":12}},{"id":"d5f27df6-3bdb-479f-a562-8798d0002b02","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":141,"box":{"x":89,"y":339,"width":831,"height":12}},{"id":"8a1d3ecf-fb80-4f1d-a81b-e5c66e28883c","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":141,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"d79323dc-f002-4e85-869a-bdb667bffe80","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":141,"box":{"x":88,"y":369,"width":873,"height":12}},{"id":"ede6f593-ef40-4f67-8c1e-77d6c04889ed","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":141,"box":{"x":89,"y":384,"width":859,"height":12}},{"id":"0710f346-7117-426a-96c9-86025db29bed","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":141,"box":{"x":88,"y":399,"width":817,"height":13}},{"id":"f75ac8cc-4b6a-491c-be2b-810aafc2c59e","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":141,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"0bd54c52-23ce-4b9d-8870-81fdb56f12b4","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":141,"box":{"x":89,"y":429,"width":338,"height":13}},{"id":"9f95f248-7648-4b48-b977-5e0f991a20ee","block_type":"box","text":"The following table sets forth the Fund’s actual or estimated redemption transaction fee as applicable as of December 1,","page_number":141,"box":{"x":88,"y":456,"width":842,"height":12}},{"id":"e13b4b1a-7137-4849-a207-945439fe5eb3","block_type":"box","text":"2025 and maximum additional charge (as described above):","page_number":141,"box":{"x":89,"y":471,"width":420,"height":12}},{"id":"91a761ff-d75e-40d5-83df-c0d70f90055e","block_type":"box","text":"Fund","page_number":141,"box":{"x":89,"y":511,"width":27,"height":7}},{"id":"3fe1785d-4cc3-4d43-b93e-5867ff86a764","block_type":"box","text":"Standard Redemption","page_number":141,"box":{"x":643,"y":501,"width":125,"height":9}},{"id":"6ce010e5-0a7a-4197-a4a3-ddf3de821110","block_type":"box","text":"Transaction Fee","page_number":141,"box":{"x":660,"y":511,"width":91,"height":7}},{"id":"cc1d3015-7ffc-447f-b532-06c6ef786ef1","block_type":"box","text":"Maximum Additional","page_number":141,"box":{"x":847,"y":501,"width":120,"height":7}},{"id":"bcbbe15a-1371-430e-a091-0a2a6ed28942","block_type":"box","text":"Charge*","page_number":141,"box":{"x":883,"y":511,"width":48,"height":10}},{"id":"5b48c820-21f5-40f6-bead-f408eaca767a","block_type":"box","text":"iShares MSCI Australia ETF $ 500.00** 2.0%","page_number":141,"box":{"x":89,"y":533,"width":843,"height":10}},{"id":"e2b16205-9d0b-4e5d-804c-adbf7c3cad8e","block_type":"box","text":"iShares MSCI Austria ETF 430.00** 2.0%","page_number":141,"box":{"x":89,"y":548,"width":843,"height":10}},{"id":"60e7d6ae-68fa-4fe0-8b08-430e545f9261","block_type":"box","text":"iShares MSCI Eurozone ETF 1,100.00** 2.0%","page_number":141,"box":{"x":89,"y":563,"width":843,"height":11}},{"id":"c3970bac-ef0c-4d34-927c-29511e47bd7d","block_type":"box","text":"iShares MSCI Israel ETF 1,868.25 2.0%","page_number":141,"box":{"x":89,"y":578,"width":843,"height":11}},{"id":"f616207c-986b-4bc4-a23d-94d98d1e6a63","block_type":"box","text":"iShares MSCI Italy ETF 420.00** 2.0%","page_number":141,"box":{"x":89,"y":593,"width":843,"height":13}},{"id":"0833a5c2-b0df-4adb-895c-ef7b5a204cbe","block_type":"box","text":"iShares MSCI Japan ETF 760.00** 2.0%","page_number":141,"box":{"x":89,"y":608,"width":843,"height":13}},{"id":"d5d59e74-9127-482f-9871-9e4b4be691e8","block_type":"box","text":"iShares MSCI Mexico ETF 500.00 2.0%","page_number":141,"box":{"x":89,"y":623,"width":843,"height":10}},{"id":"b9032f3d-f061-4c22-a1df-5da53cadc339","block_type":"box","text":"iShares MSCI Netherlands ETF 510.00** 2.0%","page_number":141,"box":{"x":89,"y":639,"width":843,"height":9}},{"id":"4fe4eacc-25f5-4b35-a512-081ea6acb5ec","block_type":"box","text":"iShares MSCI Switzerland ETF 470.00** 2.0%","page_number":141,"box":{"x":89,"y":654,"width":843,"height":9}},{"id":"6fafc559-0468-4c1d-a45c-8ba88ebd98e7","block_type":"box","text":"iShares MSCI Turkey ETF 665.00 2.0%","page_number":141,"box":{"x":89,"y":669,"width":843,"height":12}},{"id":"ad6d03a5-19da-44b3-8e75-1536db4ddb19","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 823.75** 2.0%","page_number":141,"box":{"x":89,"y":684,"width":843,"height":12}},{"id":"c6566889-c577-4418-b624-8e70e7e3c6e2","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":141,"box":{"x":118,"y":724,"width":628,"height":9}},{"id":"d64ba5c2-de73-4d9f-a503-930ecb97ad7f","block_type":"box","text":"** Estimated Fee.","page_number":141,"box":{"x":118,"y":739,"width":95,"height":7}},{"id":"fca966b5-fcc4-4e10-a183-cf9ed31f2687","block_type":"box","text":"Placement of Redemption Orders.","page_number":141,"box":{"x":89,"y":762,"width":243,"height":12}},{"id":"0b45ddef-c145-47aa-8168-52e8c925e142","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":141,"box":{"x":342,"y":762,"width":550,"height":12}},{"id":"4492f6d2-f435-4f83-995a-1115188b1236","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":141,"box":{"x":89,"y":777,"width":825,"height":12}},{"id":"6349ff56-4483-4697-a9c5-9f77d9f30ee0","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":141,"box":{"x":89,"y":792,"width":840,"height":13}},{"id":"9cf155a2-614f-47ba-8797-abf09aef62d2","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":141,"box":{"x":89,"y":807,"width":843,"height":13}},{"id":"eec64aee-cd2b-4ed1-85f1-d2e07095629c","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":141,"box":{"x":89,"y":822,"width":875,"height":13}},{"id":"7c696077-fb4b-44e7-bea5-50c0dfd1cc5a","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":141,"box":{"x":89,"y":838,"width":869,"height":12}},{"id":"d09b72c4-1ebf-4982-a2fe-9ebb84912e4c","block_type":"box","text":"Authorized Participants upon request.","page_number":141,"box":{"x":88,"y":853,"width":264,"height":12}},{"id":"9f0d339e-0654-464f-af3b-cab0e6de41ed","block_type":"box","text":"123","page_number":141,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"500989d8-ea37-4ad1-88a9-4bdae80b656c","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":142,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"8466501a-6b0a-4496-95cb-d84f32f11aef","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":142,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"596531cd-c0ae-4ef4-96e8-f35842be9e02","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":142,"box":{"x":88,"y":74,"width":862,"height":12}},{"id":"d1803a68-1c42-450b-8759-6fe470c3b053","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":142,"box":{"x":89,"y":89,"width":823,"height":13}},{"id":"cf5f0a8e-ccc3-482b-9d18-d82eecb466cb","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":142,"box":{"x":88,"y":104,"width":861,"height":13}},{"id":"c269acd4-d16b-474a-af51-1d9448c5dec1","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":142,"box":{"x":88,"y":119,"width":877,"height":13}},{"id":"980236f4-1ea4-482f-97e1-9ea48f4a3948","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":142,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"d8445445-85a2-4aa0-a445-01c89580cbf1","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":142,"box":{"x":89,"y":150,"width":857,"height":12}},{"id":"31aa4e90-24ab-4cfd-b54f-9c28a3aaa5f5","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":142,"box":{"x":89,"y":165,"width":842,"height":12}},{"id":"61cf5fc0-f137-4f54-9cba-9b1cbc1693ee","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":142,"box":{"x":89,"y":180,"width":585,"height":12}},{"id":"c704bf2f-2c36-403e-9024-84946b9c0001","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":142,"box":{"x":88,"y":206,"width":850,"height":13}},{"id":"6d39587a-746b-4ed6-ae5a-622120c70388","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":142,"box":{"x":88,"y":222,"width":829,"height":12}},{"id":"b9eac671-5fff-4476-9686-3b99e1ac6d4f","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":142,"box":{"x":89,"y":237,"width":833,"height":12}},{"id":"9fcec250-8665-43c6-b7d7-2cf1056fd0a0","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":142,"box":{"x":89,"y":252,"width":866,"height":12}},{"id":"c4ec0f00-38ad-458d-9600-e91a6bc77856","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":142,"box":{"x":89,"y":267,"width":848,"height":12}},{"id":"ff651b49-4c0c-4f25-9e41-304de8a76a38","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":142,"box":{"x":88,"y":282,"width":477,"height":12}},{"id":"3613eb2d-5240-41ed-b0b3-814721717b2d","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":142,"box":{"x":89,"y":308,"width":843,"height":13}},{"id":"088188c6-d79f-49f0-980e-0430886e1afa","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":142,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"f90c33e9-a1a2-4fec-a25b-f0fce8a4b752","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":142,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"1cbc3932-f1c3-461c-8b18-2d66a8958fb4","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":142,"box":{"x":88,"y":354,"width":869,"height":12}},{"id":"d002bbc9-369b-4eff-935a-e70a86c93a84","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":142,"box":{"x":89,"y":369,"width":831,"height":12}},{"id":"45fc6b2e-ae25-4bf8-a6a0-1802fc92c785","block_type":"box","text":"Participant submitting the redemption request.","page_number":142,"box":{"x":89,"y":384,"width":327,"height":12}},{"id":"7dabdfcb-29d0-444f-9cb7-004805a1314d","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":142,"box":{"x":88,"y":410,"width":854,"height":13}},{"id":"1964a97b-e933-4c37-bff8-7ac0aa4bbd7c","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":142,"box":{"x":89,"y":426,"width":837,"height":12}},{"id":"97d7013e-8885-4c92-b33c-e5e38dafe77c","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":142,"box":{"x":88,"y":441,"width":836,"height":12}},{"id":"7625c83d-0db9-4713-81b5-77bec549a853","block_type":"box","text":"For the iShares MSCI Canada ETF, iShares MSCI Mexico ETF and iShares MSCI USA Equal Weighted ETF, deliveries of","page_number":142,"box":{"x":89,"y":467,"width":814,"height":13}},{"id":"366f764a-1971-4b92-b1aa-56fa62de6770","block_type":"box","text":"redemption proceeds are generally made within one Business Day (","page_number":142,"box":{"x":89,"y":482,"width":471,"height":13}},{"id":"88f8827f-1520-437d-bd51-8c9693382b01","block_type":"box","text":"i.e.","page_number":142,"box":{"x":561,"y":483,"width":18,"height":9}},{"id":"afcf2e6c-e547-4e6e-979e-b84206c15094","block_type":"box","text":", “T+1”).","page_number":142,"box":{"x":581,"y":482,"width":56,"height":13}},{"id":"57d56b7b-d9e2-4341-88be-46153eb1978f","block_type":"box","text":"For the iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Eurozone ETF, iShares","page_number":142,"box":{"x":89,"y":509,"width":871,"height":12}},{"id":"e79247fa-1f84-4900-b6e6-039150e4048c","block_type":"box","text":"MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Hong Kong ETF, iShares MSCI Italy ETF, iShares MSCI Israel ETF,","page_number":142,"box":{"x":89,"y":524,"width":864,"height":12}},{"id":"929ad4b5-cdf5-4f8d-be0b-c2f45dc94a3e","block_type":"box","text":"iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF,","page_number":142,"box":{"x":89,"y":539,"width":876,"height":12}},{"id":"7739acf2-3ec4-4abd-b780-2a4a91c344c8","block_type":"box","text":"iShares MSCI Singapore ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI","page_number":142,"box":{"x":89,"y":554,"width":870,"height":12}},{"id":"0482783e-ebe1-4213-8b95-db4895665e3e","block_type":"box","text":"Thailand ETF, iShares MSCI Turkey ETF and iShares MSCI World ETF, deliveries of redemption proceeds are generally made","page_number":142,"box":{"x":88,"y":569,"width":857,"height":13}},{"id":"ef5198d0-c33b-49fc-8b83-049db419385d","block_type":"box","text":"within two Business Days (","page_number":142,"box":{"x":88,"y":584,"width":188,"height":13}},{"id":"016e1967-0b57-4437-83c7-04a3e1e4da92","block_type":"box","text":"i.e.","page_number":142,"box":{"x":277,"y":585,"width":18,"height":9}},{"id":"f2ad0232-f091-4976-b0ad-bc3d9010348a","block_type":"box","text":", “T+2”).","page_number":142,"box":{"x":297,"y":584,"width":56,"height":13}},{"id":"d3f99d2b-deb3-4d12-b71e-d7dc4cc1defd","block_type":"box","text":"For the iShares MSCI South Africa ETF, deliveries of redemption proceeds are generally made within three Business Days (","page_number":142,"box":{"x":89,"y":611,"width":850,"height":12}},{"id":"ac2ae33f-5e25-4bca-9756-d5317062c82f","block_type":"box","text":"i.e.","page_number":142,"box":{"x":940,"y":612,"width":18,"height":9}},{"id":"53513b36-b3d7-4523-bf37-d298bf4aec47","block_type":"box","text":",","page_number":142,"box":{"x":960,"y":619,"width":2,"height":3}},{"id":"c76df357-84c7-4c32-bcd1-81743e1b52dc","block_type":"box","text":"“T+3”).","page_number":142,"box":{"x":89,"y":626,"width":48,"height":12}},{"id":"a01aa1af-080a-4870-977e-519c8aab5be5","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":142,"box":{"x":89,"y":652,"width":835,"height":13}},{"id":"65f5d90a-cf10-4d50-a1a1-316b52b3adbd","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":142,"box":{"x":89,"y":668,"width":772,"height":12}},{"id":"063b206b-435a-4234-90e5-944d43a75160","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":142,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"03ffbb38-a068-47b5-96db-5d3a5922dc60","block_type":"box","text":"of dividend record dates and dividend ex-dates (","page_number":142,"box":{"x":89,"y":698,"width":338,"height":12}},{"id":"780817d1-27e2-4a2c-a023-b1a338f7dea2","block_type":"box","text":"i.e.","page_number":142,"box":{"x":428,"y":699,"width":18,"height":8}},{"id":"f1c75803-035e-46e1-8813-ab675db06cc4","block_type":"box","text":", the last date the holder of a security can sell the security and still receive","page_number":142,"box":{"x":448,"y":698,"width":513,"height":12}},{"id":"483c4240-12a0-490b-b0a8-fcca2749912a","block_type":"box","text":"dividends payable on the security).","page_number":142,"box":{"x":89,"y":713,"width":242,"height":12}},{"id":"1c859cdd-0b3a-4e5d-8f79-7875209581f7","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":142,"box":{"x":89,"y":739,"width":826,"height":13}},{"id":"c4cb82b6-b1ab-4e30-90ff-b4bd15069475","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":142,"box":{"x":89,"y":754,"width":856,"height":13}},{"id":"8993fbb3-d4b5-4e50-86ca-8fac436805e3","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":142,"box":{"x":89,"y":770,"width":877,"height":12}},{"id":"fb1c813d-d659-460b-a1a5-66802c50f28e","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":142,"box":{"x":89,"y":785,"width":824,"height":12}},{"id":"a0667b47-0f4d-444f-9e58-60691c9c98d8","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":142,"box":{"x":89,"y":800,"width":868,"height":12}},{"id":"492566ab-a1c2-4fdd-85a2-eaa2efe0533c","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":142,"box":{"x":89,"y":815,"width":844,"height":12}},{"id":"50a33e21-922e-4d2f-b98b-bb431153ceca","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":142,"box":{"x":89,"y":830,"width":877,"height":12}},{"id":"04ddef62-313f-4d27-820d-86b660452787","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":142,"box":{"x":89,"y":845,"width":865,"height":12}},{"id":"9e5b8fa5-57dd-4eed-a221-18850a5611bb","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":142,"box":{"x":88,"y":860,"width":867,"height":13}},{"id":"003bffa4-16c7-4154-bf7c-707166f9bf98","block_type":"box","text":"124","page_number":142,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"d4573c0f-ad9f-4204-85f6-2115ffe448dd","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":143,"box":{"x":89,"y":44,"width":812,"height":12}},{"id":"48095cc8-9aa7-4fd1-b8c0-4f98309bfa12","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":143,"box":{"x":88,"y":59,"width":746,"height":12}},{"id":"e5b762a6-ef29-4dba-bd29-14dcf2c093aa","block_type":"box","text":"Although the Company does not ordinarily permit cash redemptions of Creation Units, in the event that cash redemptions","page_number":143,"box":{"x":88,"y":85,"width":854,"height":13}},{"id":"d324b91e-a9cc-44f7-930c-dee4972c462e","block_type":"box","text":"are permitted or required by the Company proceeds will be paid to the Authorized Participant redeeming shares as soon as","page_number":143,"box":{"x":89,"y":101,"width":857,"height":12}},{"id":"ffe4d9e2-ef16-4abd-8510-1b0444cba667","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":143,"box":{"x":89,"y":116,"width":874,"height":12}},{"id":"cc1e6d97-1c9e-4a62-a8d1-1e16bf9f8779","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":143,"box":{"x":89,"y":131,"width":870,"height":12}},{"id":"357a2753-614f-4c95-b5f0-a0939c18757a","block_type":"box","text":"investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a","page_number":143,"box":{"x":89,"y":146,"width":816,"height":12}},{"id":"0e3d4651-e23b-44d6-b2f1-16e1bc80348b","block_type":"box","text":"redemption request, a Fund may delay delivery of the foreign investment more than seven days if a Fund delivers the foreign","page_number":143,"box":{"x":89,"y":161,"width":867,"height":12}},{"id":"dfa7bbad-dc61-4686-8dc9-10d692e1c105","block_type":"box","text":"investment as soon as practicable, but in no event later than 15 days.","page_number":143,"box":{"x":89,"y":176,"width":482,"height":13}},{"id":"b578d023-2fa4-4661-9498-9a3bfc440342","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":143,"box":{"x":88,"y":203,"width":825,"height":12}},{"id":"2cfd2879-731d-4cdd-9500-80f18dd4b630","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":143,"box":{"x":88,"y":218,"width":872,"height":12}},{"id":"d9c4a05d-0d62-4fe6-af2d-ad6ff78c806a","block_type":"box","text":"Unit to be redeemed to a Fund, at or prior to the time specified by a Fund or its custodian on the Business Day after the date","page_number":143,"box":{"x":89,"y":233,"width":868,"height":12}},{"id":"83e585d0-b08c-4f6a-a042-14c02ddb8b7a","block_type":"box","text":"of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the","page_number":143,"box":{"x":89,"y":248,"width":863,"height":12}},{"id":"3a85a031-11e0-4d4c-ac20-753189110e19","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":143,"box":{"x":89,"y":263,"width":825,"height":12}},{"id":"c6b4dba1-2675-4507-9be9-a7e26a221d85","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":143,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"86a7105e-5080-4ab8-bfe9-20be6b5180b4","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":143,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"26967eaa-3d30-49e2-84e5-c9f2fbdbc65b","block_type":"box","text":"after the date of submission of such redemption request and shall be held by State Street or Citibank, as applicable, and","page_number":143,"box":{"x":89,"y":308,"width":836,"height":13}},{"id":"096fb0e0-0537-43af-baec-d924d46fd67d","block_type":"box","text":"marked-to-market daily. The fees of State Street or Citibank, as applicable, and any sub-custodians in respect of the delivery,","page_number":143,"box":{"x":89,"y":324,"width":868,"height":12}},{"id":"710ddf92-98b9-48e3-9fa7-3b3e3bd11839","block_type":"box","text":"maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant","page_number":143,"box":{"x":89,"y":339,"width":825,"height":12}},{"id":"bd13f0d1-aced-4c8e-bb86-538d2d526d7c","block_type":"box","text":"Agreement permits the Funds to acquire shares of the Funds at any time and subjects the Authorized Participant to liability","page_number":143,"box":{"x":88,"y":354,"width":861,"height":12}},{"id":"e9928c67-ff43-4b36-a985-dfd865c08b2c","block_type":"box","text":"for any shortfall between the aggregate of the cost to the Funds of purchasing such shares, plus the value of the Cash","page_number":143,"box":{"x":88,"y":369,"width":824,"height":12}},{"id":"09f4fad6-b8a3-477d-b2c7-d0e1d28770ec","block_type":"box","text":"Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":143,"box":{"x":88,"y":384,"width":712,"height":12}},{"id":"709030d5-18ee-44fa-a033-81b033386f28","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":143,"box":{"x":89,"y":410,"width":826,"height":13}},{"id":"40c1c1f2-dd4d-43cf-adec-15db9cd65701","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":143,"box":{"x":89,"y":426,"width":861,"height":12}},{"id":"0e69336a-0235-4331-a154-1187fce3d667","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":143,"box":{"x":89,"y":441,"width":864,"height":12}},{"id":"9405e65d-1db8-4ad2-8426-f5de5f7225b3","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":143,"box":{"x":89,"y":456,"width":277,"height":10}},{"id":"55255926-888c-4f98-994e-7e89c1219f07","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":143,"box":{"x":88,"y":482,"width":852,"height":13}},{"id":"ab0e7e3a-edd0-452c-b3fb-2eea13a2c52f","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":143,"box":{"x":89,"y":497,"width":844,"height":13}},{"id":"9020e94b-7ba3-4005-af54-42d92f32d0cd","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":143,"box":{"x":89,"y":513,"width":878,"height":12}},{"id":"22228471-6a6f-4932-9f53-ed99ba977ee5","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":143,"box":{"x":89,"y":528,"width":859,"height":12}},{"id":"a8e77f23-b8f4-4421-b0bf-47118f007ce1","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":143,"box":{"x":89,"y":543,"width":619,"height":12}},{"id":"d6beab44-6495-4093-85aa-3a7307ed05e7","block_type":"box","text":"Custom Baskets.","page_number":143,"box":{"x":89,"y":569,"width":118,"height":10}},{"id":"07e528eb-b60b-4926-97a8-848883bcf8e0","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":143,"box":{"x":216,"y":569,"width":706,"height":13}},{"id":"f19abb12-828c-49ad-a415-0af1fee9802e","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":143,"box":{"x":89,"y":584,"width":868,"height":13}},{"id":"473e47c4-3eba-44d1-9b74-4ecae9e600a2","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":143,"box":{"x":89,"y":599,"width":873,"height":13}},{"id":"01803cdc-c6b3-4a14-9601-972f0faf05fb","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":143,"box":{"x":89,"y":615,"width":877,"height":12}},{"id":"5199f464-0e61-41ca-8ea9-59c85f7dd9d2","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":143,"box":{"x":89,"y":630,"width":865,"height":12}},{"id":"9e4b9503-c2c0-4961-bab5-c50475007bd5","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":143,"box":{"x":89,"y":645,"width":823,"height":12}},{"id":"d127e12b-a4a0-43f6-ae57-7a35ffea3fc0","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":143,"box":{"x":89,"y":660,"width":859,"height":12}},{"id":"6148c21c-d9b5-4a87-8a9d-900788bc9199","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":143,"box":{"x":89,"y":675,"width":871,"height":12}},{"id":"1078d327-795c-4b49-9f7b-90e4dc8e810b","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":143,"box":{"x":89,"y":690,"width":854,"height":13}},{"id":"6854019c-ba06-4766-8f10-aaa28a31605f","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":143,"box":{"x":89,"y":705,"width":870,"height":13}},{"id":"dd449f14-0fac-46be-a368-658f15bb1106","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":143,"box":{"x":89,"y":720,"width":856,"height":13}},{"id":"bbe898e8-9c4b-4d79-b696-34f676fac85f","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":143,"box":{"x":89,"y":736,"width":877,"height":12}},{"id":"30225999-1b15-4774-b2be-94096eb64352","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":143,"box":{"x":89,"y":751,"width":728,"height":12}},{"id":"0fd10035-3038-44ec-99ba-37a15d7ba4ec","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":143,"box":{"x":88,"y":777,"width":418,"height":12}},{"id":"2035bd23-0aed-4b06-a574-747f8e5acb58","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":143,"box":{"x":519,"y":777,"width":445,"height":12}},{"id":"b682255c-98f3-4976-ba45-87cbe33a56c6","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":143,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"e1d657df-3dc9-4fae-bc36-f524595c092f","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":143,"box":{"x":88,"y":807,"width":869,"height":13}},{"id":"390d1758-8dd6-4298-bb84-318ace5c0b92","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":143,"box":{"x":89,"y":822,"width":870,"height":13}},{"id":"d9942232-6011-4e31-bdd0-8bf32af6273e","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":143,"box":{"x":88,"y":838,"width":753,"height":12}},{"id":"3287e3a0-2e4a-464c-bfe1-e518d95b121c","block_type":"box","text":"125","page_number":143,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"4fe1de27-7320-4176-8d5c-7ba345872d18","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":144,"box":{"x":89,"y":44,"width":829,"height":12}},{"id":"7c5e7fbd-39e6-4fa4-ade0-97397815533a","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":144,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"732c0221-6e0f-44da-a5aa-868d02a6630a","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":144,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"e3444774-8f26-4891-9fd1-a1df6b7de6a2","block_type":"box","text":"assets.","page_number":144,"box":{"x":89,"y":91,"width":45,"height":8}},{"id":"3d2ea161-0725-4646-8bfa-3b2efd8eed78","block_type":"box","text":"Taxes","page_number":144,"box":{"x":88,"y":122,"width":94,"height":21}},{"id":"2c2d7dd9-ff2c-4ca3-b1a7-820f42053b68","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":144,"box":{"x":88,"y":161,"width":878,"height":12}},{"id":"e84dfc3a-3859-4d32-b529-18e3b2ac6831","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":144,"box":{"x":89,"y":176,"width":847,"height":13}},{"id":"48b73318-a181-4bc1-ae08-8763e9d0e225","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":144,"box":{"x":88,"y":191,"width":867,"height":13}},{"id":"33880177-c03e-416f-839b-35d22b69ecb0","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":144,"box":{"x":89,"y":206,"width":868,"height":13}},{"id":"17b083fc-fde7-443e-b941-fec9c8765e8c","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":144,"box":{"x":89,"y":222,"width":845,"height":12}},{"id":"a6050a91-46e0-467f-b927-2fa957343a34","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":144,"box":{"x":89,"y":237,"width":846,"height":12}},{"id":"9e32da4f-8f2b-489e-85a7-4fb4c92a7086","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":144,"box":{"x":89,"y":263,"width":338,"height":12}},{"id":"c1b19f52-7a9c-47bc-9dcd-0aed061abebe","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":144,"box":{"x":437,"y":263,"width":465,"height":12}},{"id":"c1c0e31d-9a82-4856-a001-00e5fb15efa3","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":144,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"722a93b7-097e-4ab5-8399-706317581cec","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":144,"box":{"x":89,"y":293,"width":847,"height":13}},{"id":"7ee242b9-f1d7-4a81-b499-762ab47d2dd0","block_type":"box","text":"meet several other requirements. Among such other requirements are the following: (i) at least 90% of each Fund’s annual","page_number":144,"box":{"x":89,"y":308,"width":858,"height":13}},{"id":"67d41f55-3aa8-4a5d-b4fb-6fe2cc30ce56","block_type":"box","text":"gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale or","page_number":144,"box":{"x":89,"y":324,"width":839,"height":12}},{"id":"86dc829f-fa89-4265-b0f8-f9e624e967e8","block_type":"box","text":"other disposition of stock or securities or non-U.S. currencies, other income (including, but not limited to, gains from options,","page_number":144,"box":{"x":89,"y":339,"width":878,"height":12}},{"id":"8966015c-56eb-4a0b-b8a2-cc393a640b72","block_type":"box","text":"futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net","page_number":144,"box":{"x":88,"y":354,"width":868,"height":12}},{"id":"110887a8-4ced-4fd6-8de2-30823e1fecfe","block_type":"box","text":"income derived from interests in qualified publicly-traded partnerships (","page_number":144,"box":{"x":89,"y":369,"width":502,"height":12}},{"id":"73364571-e7cf-4545-8714-1ded52c0b818","block_type":"box","text":"i.e.,","page_number":144,"box":{"x":592,"y":370,"width":22,"height":10}},{"id":"116d844e-85c9-4a4e-9e3f-cb6276a23c39","block_type":"box","text":"partnerships that are traded on an established","page_number":144,"box":{"x":620,"y":369,"width":322,"height":12}},{"id":"e7babceb-dc95-4f19-bb6f-4514fd1e196a","block_type":"box","text":"securities market or tradable on a secondary market, other than partnerships that derive at least 90% of their income from","page_number":144,"box":{"x":89,"y":384,"width":857,"height":12}},{"id":"7fbbe537-0627-482a-a46a-33551d33f310","block_type":"box","text":"interest, dividends, capital gains and other traditionally permitted RIC income); and (ii) at the close of each quarter of each","page_number":144,"box":{"x":89,"y":399,"width":856,"height":13}},{"id":"b4529584-ae10-44cc-a2b8-722018fe3bcf","block_type":"box","text":"Fund’s taxable year, (a) at least 50% of the market value of each Fund’s total assets must be represented by cash and cash","page_number":144,"box":{"x":89,"y":414,"width":856,"height":13}},{"id":"cffa3595-c68c-4d52-920d-9b87a0b14dd6","block_type":"box","text":"items, U.S. government securities, securities of other RICs and other securities, with such other securities limited for purposes","page_number":144,"box":{"x":89,"y":429,"width":879,"height":13}},{"id":"be4d5a21-4d69-4a34-b42e-ea681606537f","block_type":"box","text":"of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the Fund’s assets and not","page_number":144,"box":{"x":89,"y":445,"width":853,"height":12}},{"id":"b6b8a849-0593-459d-8e8f-c212b6223c08","block_type":"box","text":"greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of each Fund’s","page_number":144,"box":{"x":89,"y":460,"width":868,"height":12}},{"id":"5ce51e4e-9b9c-4537-95dd-048bb67ba2e5","block_type":"box","text":"total assets may be invested in the securities (other than U.S. government securities or the securities of other RICs) of any","page_number":144,"box":{"x":88,"y":475,"width":852,"height":12}},{"id":"33039065-bbbd-41f7-b97c-c3e027d70e69","block_type":"box","text":"one issuer, of two or more issuers of which 20% or more of the voting stock is held by the Fund and that are engaged in the","page_number":144,"box":{"x":89,"y":490,"width":865,"height":12}},{"id":"53bcf7e0-42ab-46ab-b8ee-8e830c75e11a","block_type":"box","text":"same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly-traded","page_number":144,"box":{"x":89,"y":505,"width":875,"height":12}},{"id":"ef6d2a0a-6d67-4426-b31d-375400227a4d","block_type":"box","text":"partnerships.","page_number":144,"box":{"x":89,"y":520,"width":90,"height":12}},{"id":"8dc502b9-3da7-40ab-8bf9-f4ad6b1e005b","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":144,"box":{"x":88,"y":547,"width":836,"height":12}},{"id":"77b75ef5-ac7c-498a-8572-235240feca01","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":144,"box":{"x":89,"y":562,"width":858,"height":12}},{"id":"4411f1be-8146-42de-ba3d-47c18091af43","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":144,"box":{"x":88,"y":577,"width":850,"height":12}},{"id":"f6cb66c0-5017-412f-a3e9-3e7de7cf7453","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":144,"box":{"x":89,"y":592,"width":821,"height":12}},{"id":"8f063d8d-3a02-4aba-8b0e-50d8652cb8f4","block_type":"box","text":"income.","page_number":144,"box":{"x":89,"y":608,"width":54,"height":9}},{"id":"81e53fa2-f0b2-4944-a70b-8bfb7436acf2","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":144,"box":{"x":88,"y":633,"width":854,"height":13}},{"id":"a2b8a6e8-d993-45c4-8ba4-f4dc2a161942","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. A Fund’s investments in partnerships,","page_number":144,"box":{"x":88,"y":649,"width":871,"height":12}},{"id":"9c9d947e-0802-48fa-ac97-15af2af559f0","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":144,"box":{"x":89,"y":664,"width":856,"height":12}},{"id":"2430d33e-2f3e-4a85-a625-353818a0402f","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":144,"box":{"x":88,"y":679,"width":265,"height":12}},{"id":"2076c40a-b33c-4446-b944-5cb8438c5873","block_type":"box","text":"Taxation of RICs.","page_number":144,"box":{"x":88,"y":705,"width":121,"height":10}},{"id":"5577a9eb-1b8b-4210-80b6-32c36ac8a997","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":144,"box":{"x":218,"y":705,"width":710,"height":13}},{"id":"c2c271c0-3187-4f14-b5e1-aa4574323b9b","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":144,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"a2f7ac6c-1b7e-4028-bd98-f2a4817d84ec","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":144,"box":{"x":88,"y":736,"width":871,"height":12}},{"id":"1e7c156f-8126-4124-a01f-2ca177d02129","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":144,"box":{"x":89,"y":751,"width":853,"height":12}},{"id":"d3833656-14e3-44eb-b202-ce594680b38f","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":144,"box":{"x":89,"y":766,"width":847,"height":12}},{"id":"f80a1088-0976-4419-9a34-cb842a4cbaa1","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":144,"box":{"x":88,"y":781,"width":863,"height":12}},{"id":"0d09bc95-05a1-44de-bd71-d81ce8de8a7a","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":144,"box":{"x":89,"y":796,"width":792,"height":12}},{"id":"7a44c52a-2a11-4585-b521-3378150a9b2b","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":144,"box":{"x":89,"y":811,"width":859,"height":12}},{"id":"fe1e0cd0-740f-4b2d-8842-9689b79902da","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":144,"box":{"x":89,"y":826,"width":849,"height":13}},{"id":"513d676b-29c0-4f41-8a9c-ed44ab131f81","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":144,"box":{"x":89,"y":841,"width":833,"height":13}},{"id":"25babcd8-d786-4f34-bc49-02fcd8117347","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":144,"box":{"x":89,"y":856,"width":873,"height":13}},{"id":"15b40ede-996c-40e3-a181-5258f5766ec0","block_type":"box","text":"126","page_number":144,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"2bf4b3b9-eeab-43f0-a597-f1adf1154b43","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":145,"box":{"x":88,"y":44,"width":875,"height":12}},{"id":"39f663d9-cebe-417d-8e9b-2f01bc80c4e8","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":145,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"02f343eb-322f-45d5-9046-762fdd48169e","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":145,"box":{"x":88,"y":74,"width":874,"height":12}},{"id":"e20f58c5-5f10-403c-897a-3abe603d19e3","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":145,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"37f89cdf-14a9-4d23-9c83-b69717b72238","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":145,"box":{"x":89,"y":104,"width":865,"height":13}},{"id":"7ecf3cf2-392a-467a-860f-25dbdfc83f0d","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":145,"box":{"x":89,"y":119,"width":877,"height":13}},{"id":"091ff56c-1e7d-4585-bd61-ac69b2718386","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":145,"box":{"x":89,"y":135,"width":836,"height":12}},{"id":"d8fd7a95-a465-4b55-9e03-1642d7cab81a","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":145,"box":{"x":89,"y":150,"width":873,"height":12}},{"id":"25360962-d542-47bd-9114-4a41b555d081","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":145,"box":{"x":89,"y":165,"width":840,"height":12}},{"id":"da9e51d3-ef4d-443f-9ee3-3e9e37446f56","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":145,"box":{"x":89,"y":180,"width":774,"height":12}},{"id":"3bc52089-756d-408a-837a-556bedce2653","block_type":"box","text":"Excise Tax.","page_number":145,"box":{"x":89,"y":207,"width":77,"height":9}},{"id":"c07f593c-87cd-4b72-9198-7fa1efc29ef4","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":145,"box":{"x":175,"y":206,"width":716,"height":13}},{"id":"04b10eaf-5b6c-4ad7-bbe0-966a292c4838","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":145,"box":{"x":89,"y":222,"width":867,"height":12}},{"id":"031e6e56-4f92-4696-bc6c-89f3dee302ab","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":145,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"3556d55e-d9b8-45cb-923d-301923133c7a","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":145,"box":{"x":89,"y":252,"width":847,"height":12}},{"id":"8ebe9b4b-4d05-4cf4-863e-1eca2b6e0483","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":145,"box":{"x":88,"y":267,"width":869,"height":12}},{"id":"da12a913-ca28-448f-a828-534bbc651208","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":145,"box":{"x":89,"y":282,"width":735,"height":12}},{"id":"56e3b566-41a8-4684-8a41-ed32b1176aeb","block_type":"box","text":"Net Capital Loss Carryforwards.","page_number":145,"box":{"x":89,"y":308,"width":227,"height":13}},{"id":"9d516f94-7e93-48de-b1ea-25b6b77a1da8","block_type":"box","text":"Net capital loss carryforwards may be applied against any net realized capital gains in each","page_number":145,"box":{"x":326,"y":308,"width":632,"height":13}},{"id":"62387b30-0238-4252-8c45-bec4bcedd6ba","block_type":"box","text":"succeeding year, until they have been reduced to zero.","page_number":145,"box":{"x":89,"y":324,"width":376,"height":12}},{"id":"cae1ef80-fb65-44dc-bb28-8b763eb59972","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":145,"box":{"x":89,"y":350,"width":831,"height":12}},{"id":"730e5560-086c-4729-9641-e684eeba0d7f","block_type":"box","text":"carryforwards and other favorable tax attributes of a Fund, if any, may be subject to limitation.","page_number":145,"box":{"x":89,"y":365,"width":656,"height":12}},{"id":"c95ba576-4291-4635-9945-840d29b9e79f","block_type":"box","text":"The following Funds had net capital loss carryforwards as set forth in the table below as of August 31, 2025, the tax year-end","page_number":145,"box":{"x":88,"y":392,"width":875,"height":12}},{"id":"8249752c-e336-48a4-bf25-25f71ebf6aef","block_type":"box","text":"for the Funds listed:","page_number":145,"box":{"x":88,"y":407,"width":138,"height":9}},{"id":"bb84cedf-903d-4142-85bc-a055f4b79304","block_type":"box","text":"Fund","page_number":145,"box":{"x":312,"y":457,"width":28,"height":7}},{"id":"05d8e1de-80d3-42ba-8e7e-007d52b0229e","block_type":"box","text":"Non-Expiring","page_number":145,"box":{"x":667,"y":437,"width":75,"height":9}},{"id":"8516ae85-da80-4598-9a39-0b1101f51570","block_type":"box","text":"Capital Loss","page_number":145,"box":{"x":670,"y":446,"width":69,"height":10}},{"id":"6e40849b-f2e5-4cb1-ad2d-2491c68ddff6","block_type":"box","text":"Carryforward","page_number":145,"box":{"x":666,"y":457,"width":76,"height":9}},{"id":"c2258a7a-e4cf-4e27-a50c-2d608a3291c8","block_type":"box","text":"iShares MSCI Australia ETF $ 480,572,998","page_number":145,"box":{"x":312,"y":479,"width":432,"height":11}},{"id":"ba786e24-c84c-429b-aad3-11cb3bffb05c","block_type":"box","text":"iShares MSCI Austria ETF 52,384,691","page_number":145,"box":{"x":312,"y":494,"width":430,"height":11}},{"id":"f40ed013-470b-4856-80df-7d26258e243d","block_type":"box","text":"iShares MSCI Belgium ETF 21,565,362","page_number":145,"box":{"x":312,"y":509,"width":432,"height":12}},{"id":"612c25bc-abec-463c-a461-c2adb0b93b48","block_type":"box","text":"iShares MSCI Canada ETF 1,033,355,395","page_number":145,"box":{"x":312,"y":524,"width":432,"height":11}},{"id":"0c9b37eb-d3ac-40ec-9475-a493b0bc0a35","block_type":"box","text":"iShares MSCI Eu","page_number":145,"box":{"x":312,"y":539,"width":108,"height":10}},{"id":"5b6fd1b0-a4c1-4f71-96ba-8e645f0da9b0","block_type":"box","text":"rozone ETF 1,171,165,263","page_number":145,"box":{"x":422,"y":540,"width":322,"height":10}},{"id":"532ed0fb-ceb1-4ab4-abee-c3e491fc889a","block_type":"box","text":"iShares MSCI France ETF 106,616,643","page_number":145,"box":{"x":312,"y":554,"width":432,"height":11}},{"id":"d1e7a1a3-f09c-4651-8606-cbab77c328e8","block_type":"box","text":"iShares MSCI Germany ETF 475,072,714","page_number":145,"box":{"x":312,"y":569,"width":432,"height":13}},{"id":"916a8b00-5019-436e-9386-757657749253","block_type":"box","text":"iShares MSCI Hong Kong ETF 637,529,715","page_number":145,"box":{"x":312,"y":584,"width":432,"height":13}},{"id":"98a0e68b-0297-4b41-86ad-d448bfd42ee0","block_type":"box","text":"iShares MSCI Israel ETF 75,087,308","page_number":145,"box":{"x":312,"y":599,"width":432,"height":12}},{"id":"26efd715-533d-4cd8-8929-6c647ffac7da","block_type":"box","text":"iShares MSCI Italy ETF 269,162,822","page_number":145,"box":{"x":312,"y":615,"width":432,"height":12}},{"id":"6d767be0-e74c-4790-bd7a-49a8c6efccae","block_type":"box","text":"iShares MSCI Japan ETF 2,469,745,684","page_number":145,"box":{"x":312,"y":630,"width":432,"height":12}},{"id":"44c78442-149f-4a85-8984-826fc5d27b36","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 20,936,414","page_number":145,"box":{"x":312,"y":645,"width":432,"height":12}},{"id":"e95db4af-d5cb-4ca1-bdb2-03dc4ab3fb77","block_type":"box","text":"iShares MSCI Mexico ETF 555,817,667","page_number":145,"box":{"x":312,"y":660,"width":432,"height":11}},{"id":"679b79fa-4dad-4af4-92f6-80f48d617cb8","block_type":"box","text":"iShares MSCI Netherlands ETF 44,187,043","page_number":145,"box":{"x":312,"y":675,"width":432,"height":11}},{"id":"97bee062-86b8-4193-abcf-af663d7c9bce","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 759,674,667","page_number":145,"box":{"x":312,"y":690,"width":432,"height":13}},{"id":"b7f58e65-f1b4-4a12-bcab-c71968fb4279","block_type":"box","text":"iShares MSCI Singapore ETF 360,328,048","page_number":145,"box":{"x":312,"y":705,"width":432,"height":13}},{"id":"640e986a-2bc3-4c91-acfa-a4826614ac52","block_type":"box","text":"iShares MSCI South Africa ETF 326,093,160","page_number":145,"box":{"x":312,"y":720,"width":432,"height":12}},{"id":"29b86df4-0982-4d30-bd26-2a1771851e32","block_type":"box","text":"iShares MSCI Spain ETF 442,505,239","page_number":145,"box":{"x":312,"y":736,"width":432,"height":12}},{"id":"849eff92-d3f6-4573-bdeb-1e466cec523e","block_type":"box","text":"iShares MSCI Sweden ETF 99,861,151","page_number":145,"box":{"x":312,"y":751,"width":430,"height":11}},{"id":"2ceb67f6-88f9-479a-a335-ec93870385b2","block_type":"box","text":"iShares MSCI Switzerland ETF 146,038,820","page_number":145,"box":{"x":312,"y":766,"width":432,"height":11}},{"id":"da014be7-43f5-4192-961d-8e4d80d913a1","block_type":"box","text":"iShares MSCI Thailand ETF 180,652,538","page_number":145,"box":{"x":312,"y":781,"width":432,"height":11}},{"id":"cf8e5c48-e34a-40bf-8b80-4f76d9243797","block_type":"box","text":"iShares MSCI Turkey ETF 324,229,305","page_number":145,"box":{"x":312,"y":796,"width":432,"height":12}},{"id":"7f2958b9-c02b-41dc-80e8-dbe93f55e423","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 68,984,682","page_number":145,"box":{"x":312,"y":811,"width":432,"height":12}},{"id":"7faf089b-f75c-420c-81a4-44ff944bd1e8","block_type":"box","text":"iShares MSCI World ETF 118,888,002","page_number":145,"box":{"x":312,"y":826,"width":432,"height":12}},{"id":"fbf226f6-f72b-415f-aebc-372511a2376f","block_type":"box","text":"127","page_number":145,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"c5285f05-61d7-4ade-8251-5438d4ba4fd5","block_type":"box","text":"Taxation of U.S. Shareholders.","page_number":146,"box":{"x":88,"y":44,"width":216,"height":10}},{"id":"5ea2202e-0954-4c87-8f58-b46d833da1c4","block_type":"box","text":"Dividends and other distributions by a Fund are generally treated under the Internal Revenue","page_number":146,"box":{"x":318,"y":44,"width":647,"height":12}},{"id":"35495b0e-4954-42cf-83d5-01857b124a35","block_type":"box","text":"Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend or distribution","page_number":146,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"b97629c4-5ff8-4966-9306-1c3f40bcd992","block_type":"box","text":"declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a","page_number":146,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"2313540c-de67-473d-bdab-8200ccbe5b85","block_type":"box","text":"specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar","page_number":146,"box":{"x":89,"y":89,"width":876,"height":13}},{"id":"eb658162-28ab-48da-937b-ef01e1700857","block_type":"box","text":"year and to have been paid by the Fund not later than such December 31, provided such dividend is actually paid by the Fund","page_number":146,"box":{"x":88,"y":104,"width":876,"height":13}},{"id":"e9c48f82-dcba-4a8c-a0e4-4b12ff3267d2","block_type":"box","text":"during January of the following calendar year.","page_number":146,"box":{"x":89,"y":119,"width":316,"height":13}},{"id":"8480ed39-f79d-42a7-bd10-8caf11c8a436","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and","page_number":146,"box":{"x":89,"y":146,"width":860,"height":12}},{"id":"75ba7414-8d69-4930-b0fd-26177ff4a190","block_type":"box","text":"any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss","page_number":146,"box":{"x":89,"y":161,"width":808,"height":12}},{"id":"a1483959-d8eb-4718-986e-dca288dcc0bb","block_type":"box","text":"carryovers). However, if a Fund retains for investment an amount equal to all or a portion of its net long-term capital gains in","page_number":146,"box":{"x":89,"y":176,"width":870,"height":13}},{"id":"f929df2e-4e45-44c0-876f-8be3cf64113d","block_type":"box","text":"excess of its net short-term capital losses (including any capital loss carryovers), it will be subject to a corporate tax (at a flat","page_number":146,"box":{"x":89,"y":191,"width":871,"height":13}},{"id":"6d6bc987-58c4-442b-ab7a-91dfd007ee0a","block_type":"box","text":"rate of 21%) on the amount retained. In that event, unless the retained amount is deemed to be de minimis or the applicable","page_number":146,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"bcbb966a-2315-4b23-b259-fa41966a52e9","block_type":"box","text":"tax is otherwise reimbursed by BFA or an affiliate, the Fund will generally designate such retained amounts as undistributed","page_number":146,"box":{"x":88,"y":222,"width":864,"height":12}},{"id":"5eac75d2-9005-4474-b0a5-81c07a1f3688","block_type":"box","text":"capital gains in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes,","page_number":146,"box":{"x":89,"y":237,"width":877,"height":12}},{"id":"4704e1a2-78c5-4f14-b71c-3ecf59ea2493","block_type":"box","text":"as long-term capital gains, their proportionate shares of the undistributed amount, (b) will be entitled to credit their","page_number":146,"box":{"x":89,"y":252,"width":810,"height":12}},{"id":"36be28f8-d4be-4517-a4ff-3e8fdce29dce","block_type":"box","text":"proportionate shares of the tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities,","page_number":146,"box":{"x":89,"y":267,"width":870,"height":12}},{"id":"2ba79c90-75bd-4534-a643-413abe527d30","block_type":"box","text":"if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be entitled to increase their tax","page_number":146,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"9a6844fb-88b6-4648-b205-c83824878e21","block_type":"box","text":"basis, for U.S. federal income tax purposes, in their shares by an amount equal to the excess of the amount in clause (a) over","page_number":146,"box":{"x":89,"y":297,"width":871,"height":12}},{"id":"5ec39541-12c0-4f1d-b73e-e958d8aabb0f","block_type":"box","text":"the amount in clause (b). Organizations or persons not subject to U.S. federal income tax on such capital gains will be","page_number":146,"box":{"x":88,"y":312,"width":824,"height":13}},{"id":"7051a2fa-c345-4896-9b6c-036812f2ae0d","block_type":"box","text":"entitled to a refund of their","page_number":146,"box":{"x":89,"y":327,"width":188,"height":10}},{"id":"232043cc-c3ca-4f58-84f2-4db3b94638bd","block_type":"box","text":"pro rata","page_number":146,"box":{"x":280,"y":329,"width":56,"height":11}},{"id":"a0e3a28f-0567-4429-8063-62abda0be3c0","block_type":"box","text":"share of such taxes paid by the Fund upon filing appropriate returns or claims for refund","page_number":146,"box":{"x":341,"y":327,"width":617,"height":13}},{"id":"cda76d22-9916-4359-a88e-5461501d3603","block_type":"box","text":"with the IRS.","page_number":146,"box":{"x":88,"y":342,"width":87,"height":10}},{"id":"8d7cd97e-5aa7-4cf3-8822-974ebc877510","block_type":"box","text":"Distributions of net realized long-term capital gains, if any, that a Fund reports as capital gains dividends are taxable as long","page_number":146,"box":{"x":89,"y":369,"width":870,"height":12}},{"id":"bcbb50ec-58bc-430c-b4b9-ffeb4dd955aa","block_type":"box","text":"term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the Fund.","page_number":146,"box":{"x":88,"y":384,"width":861,"height":12}},{"id":"316ed448-fee7-4498-9e2f-0dccd2150b93","block_type":"box","text":"All other dividends of a Fund (including dividends from short-term capital gains) from its current and accumulated earnings","page_number":146,"box":{"x":88,"y":399,"width":870,"height":13}},{"id":"5a8d118a-1507-475b-bd6a-afcd05bad174","block_type":"box","text":"and profits (“regular dividends”) are generally subject to tax as ordinary income, subject to the discussion of qualified","page_number":146,"box":{"x":89,"y":414,"width":821,"height":13}},{"id":"77640638-f2c9-435c-9102-8dd1bd6ca374","block_type":"box","text":"dividend income below. Long-term capital gains are eligible for taxation at a maximum rate of 15% or 20% for non-corporate","page_number":146,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"fce411b7-22ca-4387-b5fc-f710b896a023","block_type":"box","text":"shareholders, depending on whether their income exceeds certain threshold amounts.","page_number":146,"box":{"x":89,"y":445,"width":604,"height":12}},{"id":"a89c018d-acee-47e1-8368-b7e259552715","block_type":"box","text":"If an individual receives a regular dividend qualifying for the long-term capital gains rates and such dividend constitutes an","page_number":146,"box":{"x":89,"y":471,"width":857,"height":12}},{"id":"7adb3ec1-59cf-4b99-8a0a-0bd2a60f9789","block_type":"box","text":"“extraordinary dividend,” and the individual subsequently recognizes a loss on the sale or exchange of stock in respect of","page_number":146,"box":{"x":89,"y":486,"width":846,"height":12}},{"id":"ab5e4f97-5a95-4665-bd81-daf73887b799","block_type":"box","text":"which the extraordinary dividend was paid, then the loss will be long-term capital loss to the extent of such extraordinary","page_number":146,"box":{"x":88,"y":501,"width":850,"height":13}},{"id":"80e154f5-a8b6-4554-9d62-e1b5556b990c","block_type":"box","text":"dividend. An “extraordinary dividend” on common stock for this purpose is generally a dividend (i) in an amount greater than","page_number":146,"box":{"x":89,"y":516,"width":876,"height":13}},{"id":"fd105804-8ebd-4cb9-b603-5cbbd24a7cb9","block_type":"box","text":"or equal to 10% of the taxpayer’s tax basis (or trading value) in a share of stock, aggregating dividends with ex-dividend","page_number":146,"box":{"x":89,"y":531,"width":840,"height":13}},{"id":"4226f357-0d08-4b71-a0e4-3dc7ce66b1a4","block_type":"box","text":"dates within an 85-day period, or (ii) in an amount greater than 20% of the taxpayer’s tax basis (or trading value) in a share","page_number":146,"box":{"x":89,"y":547,"width":863,"height":12}},{"id":"5cf2a31c-21c7-4040-85cb-eded7841fe5d","block_type":"box","text":"of stock, aggregating dividends with ex-dividend dates within a 365-day period.","page_number":146,"box":{"x":89,"y":562,"width":558,"height":12}},{"id":"f8362247-a624-40e8-9216-d10520ddb52d","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will, as to each shareholder, be treated as a","page_number":146,"box":{"x":89,"y":588,"width":868,"height":12}},{"id":"b2a9b0a9-1849-4fc5-a049-4ff8510c918a","block_type":"box","text":"tax-free return of capital to the extent of a shareholder’s basis in shares of the Fund, and as a capital gain thereafter (if the","page_number":146,"box":{"x":88,"y":603,"width":855,"height":13}},{"id":"00ab5b67-c8c6-4d2c-8a57-5924462edd63","block_type":"box","text":"shareholder holds shares of the Fund as capital assets). Distributions in excess of a Fund’s minimum distribution","page_number":146,"box":{"x":89,"y":618,"width":787,"height":13}},{"id":"6236d45e-0c82-42c3-bf5e-0c1bbb887440","block_type":"box","text":"requirements, but not in excess of a Fund’s earnings and profits, will be taxable to shareholders and will not constitute","page_number":146,"box":{"x":89,"y":633,"width":828,"height":13}},{"id":"7c737d8d-d323-48d9-8177-4571af9eb42a","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":146,"box":{"x":89,"y":649,"width":847,"height":12}},{"id":"aea86cc7-2484-4f20-a329-7a979ccd944f","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":146,"box":{"x":88,"y":664,"width":867,"height":12}},{"id":"24f4f569-483e-4585-a59d-c4c2ea31c445","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":146,"box":{"x":89,"y":679,"width":878,"height":12}},{"id":"181b0dfb-0c10-4741-962e-7a71fe570fc6","block_type":"box","text":"such amount.","page_number":146,"box":{"x":89,"y":694,"width":95,"height":10}},{"id":"37255070-41eb-4ced-bf8d-bd3fcf2eb632","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":146,"box":{"x":88,"y":720,"width":854,"height":13}},{"id":"2c31b513-b2bd-4639-8486-71972ef6395b","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":146,"box":{"x":89,"y":736,"width":858,"height":12}},{"id":"bea5d871-2336-4af9-aa8e-0256e8f01166","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":146,"box":{"x":88,"y":751,"width":269,"height":12}},{"id":"58be75f5-90b9-4dde-8f60-621bc50ee1a1","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":146,"box":{"x":89,"y":777,"width":851,"height":12}},{"id":"af80d831-92a8-4604-84a2-250e11467bd8","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":146,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"d69aafd4-ae91-4689-8376-b54f30109106","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":146,"box":{"x":89,"y":807,"width":849,"height":13}},{"id":"bb55f067-032c-4518-9f0a-e924cf68844c","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":146,"box":{"x":89,"y":822,"width":866,"height":13}},{"id":"71d46bcf-31f4-47f3-8f0c-0287c8ed97b2","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":146,"box":{"x":89,"y":838,"width":698,"height":12}},{"id":"e0ad9603-232a-41dc-b318-f3f703489848","block_type":"box","text":"i.e.","page_number":146,"box":{"x":789,"y":839,"width":17,"height":8}},{"id":"a2ff0d7e-d8ef-47a4-8b42-046f799b6b63","block_type":"box","text":", the date on which a","page_number":146,"box":{"x":808,"y":838,"width":146,"height":11}},{"id":"1d79daac-dc33-4efb-b698-9c67f6dc9c8e","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":146,"box":{"x":89,"y":853,"width":866,"height":12}},{"id":"36a3d7bc-4c61-4391-8405-ecd55a651728","block_type":"box","text":"128","page_number":146,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"85819e0e-f4ae-4b62-8c11-710d887218f1","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":147,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"98d1ae5f-f45c-4925-8dc2-b537c27d9d27","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":147,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"a14b9c34-525f-45e0-8917-53d02e6746c1","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":147,"box":{"x":89,"y":85,"width":843,"height":13}},{"id":"9bdc402d-1a1c-4f83-bdc9-f57bb271d3a9","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":147,"box":{"x":89,"y":101,"width":859,"height":12}},{"id":"b6294146-56c9-43c6-9742-8b0dfc07f10f","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":147,"box":{"x":89,"y":116,"width":855,"height":12}},{"id":"a05f29dd-1e29-4448-bcff-103fcce761b3","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":147,"box":{"x":89,"y":131,"width":868,"height":12}},{"id":"af7f38ca-8a2c-4c67-bdab-0c404862f4ae","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":147,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"4ea9b07b-7b13-4d82-bbda-3af0fcf69624","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":147,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"2c00b454-d107-4d81-b936-4063efebe23a","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":147,"box":{"x":89,"y":176,"width":504,"height":13}},{"id":"a1386bb2-6faf-4456-a16e-4ab9f30913c2","block_type":"box","text":"Sales of Shares.","page_number":147,"box":{"x":88,"y":203,"width":113,"height":9}},{"id":"650bbf18-75a8-4fec-9577-4e2d2653da84","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":147,"box":{"x":210,"y":203,"width":743,"height":12}},{"id":"93e278af-5472-4f06-8af6-e902efe3c376","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":147,"box":{"x":89,"y":218,"width":868,"height":12}},{"id":"14fa634c-9996-4ea7-b048-f8df43bd3587","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":147,"box":{"x":88,"y":233,"width":876,"height":12}},{"id":"3f932a9e-be10-4187-812f-aa1aae095fd3","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":147,"box":{"x":89,"y":248,"width":866,"height":12}},{"id":"6d0b4184-1e68-4719-a91d-fc4c94051047","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":147,"box":{"x":88,"y":263,"width":863,"height":12}},{"id":"f034a57b-dced-45af-bbee-ec7c3bba841e","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":147,"box":{"x":88,"y":278,"width":875,"height":13}},{"id":"3ec5b365-9b7e-4d4e-b9a7-9a9dc5476905","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":147,"box":{"x":89,"y":293,"width":860,"height":13}},{"id":"9a5bdd27-a742-4e39-865e-437a32dfd2ea","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":147,"box":{"x":89,"y":308,"width":810,"height":13}},{"id":"fc57bb0c-48aa-4b0f-9b79-8455e0b3a5bc","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":147,"box":{"x":89,"y":324,"width":871,"height":12}},{"id":"61fb5bd1-ecba-4610-9e90-52f42b6e9741","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":147,"box":{"x":88,"y":339,"width":841,"height":12}},{"id":"ec3c21e0-ac35-43e1-adff-5d8b695e8464","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":147,"box":{"x":89,"y":354,"width":865,"height":12}},{"id":"4f6a57eb-a57d-40f2-86d1-dc93f657c6ce","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":147,"box":{"x":89,"y":369,"width":557,"height":12}},{"id":"cd3323ff-041f-4985-a6bc-cd08fef52d77","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":147,"box":{"x":89,"y":395,"width":864,"height":13}},{"id":"ea652e07-ae3d-4ca3-bb29-d2d340d6adfb","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":147,"box":{"x":89,"y":410,"width":854,"height":13}},{"id":"f6585339-15f8-45cc-a4fa-33fabe907a5c","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":147,"box":{"x":89,"y":426,"width":368,"height":12}},{"id":"63982adc-2800-438a-bccf-5eed2d29870b","block_type":"box","text":"e.g.","page_number":147,"box":{"x":458,"y":429,"width":23,"height":9}},{"id":"9b2f0b3c-0efe-4f79-908a-b4b595694a56","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":147,"box":{"x":483,"y":426,"width":463,"height":12}},{"id":"5e6a9eda-f17a-4414-a232-a51a32ccc47f","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":147,"box":{"x":89,"y":441,"width":875,"height":12}},{"id":"7bf23fde-e128-47d6-9962-1bd869855656","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":147,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"14eb0726-8b96-4b47-9e49-464585dcc142","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":147,"box":{"x":89,"y":471,"width":839,"height":12}},{"id":"3dbce644-a9db-4b8a-893c-33d677e9315d","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":147,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"52ad5bbb-8a1d-4c59-bd41-ff583e0432f5","block_type":"box","text":"mutual funds.","page_number":147,"box":{"x":89,"y":501,"width":96,"height":10}},{"id":"3dc97658-7fb0-42b4-adf9-4294242b3ccc","block_type":"box","text":"Backup Withholding.","page_number":147,"box":{"x":89,"y":528,"width":150,"height":12}},{"id":"9c00e64b-d290-47ff-b065-9aee7efb44a3","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":147,"box":{"x":249,"y":528,"width":707,"height":12}},{"id":"7bbb240d-6b4d-49de-964f-45c075d4eae8","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":147,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"e56ff737-a5c9-4d74-a5ca-bdcd81e98514","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":147,"box":{"x":89,"y":558,"width":828,"height":12}},{"id":"34aa860d-17fc-4f56-96ae-7a2ad3f5e93c","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":147,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"b89ebd34-7667-4141-af63-4a31a3e1fcfe","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":147,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"9d2de22c-7439-4f56-9765-8f7edc4bd7d5","block_type":"box","text":"income tax liability.","page_number":147,"box":{"x":89,"y":603,"width":132,"height":13}},{"id":"d8d0b693-562e-4e26-8703-62a0fd16bfb5","block_type":"box","text":"Sections 351 and 362.","page_number":147,"box":{"x":88,"y":630,"width":159,"height":10}},{"id":"8a9c99c0-87b7-4917-8273-699f1b047ab4","block_type":"box","text":"The Company, on behalf of each Fund, has the right to reject an order for a purchase of shares of the","page_number":147,"box":{"x":256,"y":630,"width":705,"height":12}},{"id":"36a9dccc-4e5e-493c-9b38-a6b2d1b781f5","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":147,"box":{"x":89,"y":645,"width":824,"height":12}},{"id":"58375e24-b181-497d-9f6f-4b8415b99bcd","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":147,"box":{"x":89,"y":660,"width":864,"height":12}},{"id":"f7c85cde-d0ea-45b2-bf6f-44fbab47627b","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":147,"box":{"x":89,"y":675,"width":841,"height":12}},{"id":"bfdcaf9a-45b9-49cb-ba79-42b1e38262b3","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":147,"box":{"x":89,"y":690,"width":865,"height":13}},{"id":"1593530b-c1c8-4b22-9064-086390db75d1","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":147,"box":{"x":88,"y":705,"width":861,"height":13}},{"id":"3a574cd0-79b5-4c66-b3c8-9bcecea55e6b","block_type":"box","text":"not anticipated that the Company will exercise the right of rejection except in a case where the Company determines that","page_number":147,"box":{"x":89,"y":720,"width":848,"height":13}},{"id":"fa10c059-4f33-4189-a8c0-5221a1ffa04a","block_type":"box","text":"accepting the order could result in material adverse tax consequences to a Fund or its shareholders. The Company also has","page_number":147,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"02204b90-b6a9-4991-94ef-8ec379a32c6c","block_type":"box","text":"the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":147,"box":{"x":88,"y":751,"width":860,"height":12}},{"id":"da5c76ef-383b-4574-895c-6ee8e38dea21","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":147,"box":{"x":88,"y":777,"width":225,"height":10}},{"id":"3b2229fa-1327-4879-80d1-e4f430043b69","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":147,"box":{"x":322,"y":777,"width":612,"height":12}},{"id":"94ff970c-6d12-4b1f-9bc5-70586ace9ff1","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":147,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"5a10fc7d-381c-4ae3-856b-85e326b7670d","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":147,"box":{"x":89,"y":807,"width":848,"height":13}},{"id":"91ff7f72-f213-4b60-b372-80cb33b3fd37","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":147,"box":{"x":89,"y":822,"width":789,"height":13}},{"id":"b08d7c9a-c87d-44f7-9abb-4b4a9a27d73c","block_type":"box","text":"i.e.","page_number":147,"box":{"x":879,"y":823,"width":18,"height":9}},{"id":"1f5284c2-fea3-489d-bc80-29f814ddb3b2","block_type":"box","text":", may","page_number":147,"box":{"x":899,"y":826,"width":37,"height":9}},{"id":"fd89b3ad-bb92-42d0-86a2-77c760783cec","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":147,"box":{"x":89,"y":838,"width":856,"height":12}},{"id":"e06c7db5-e88e-4a9e-8a1e-dd4753599cd4","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":147,"box":{"x":88,"y":853,"width":856,"height":12}},{"id":"9a5d0c76-2895-4dbb-84e7-8bb50c9b3188","block_type":"box","text":"129","page_number":147,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"cbfe83a5-6d98-4193-9008-f2df4565517f","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":148,"box":{"x":89,"y":44,"width":607,"height":12}},{"id":"3a852234-d81d-46bb-9f06-3abf835efc63","block_type":"box","text":"i.e.","page_number":148,"box":{"x":697,"y":45,"width":18,"height":9}},{"id":"03440da9-f8ba-4be8-a7ae-23bc2894130e","block_type":"box","text":", treat them as if they were closed","page_number":148,"box":{"x":717,"y":44,"width":235,"height":12}},{"id":"e8bc63d9-08e8-472a-b3a2-f73120927af7","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":148,"box":{"x":89,"y":59,"width":819,"height":12}},{"id":"b39edcbc-183c-4e75-9f59-5aa8ecf511a2","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":148,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"81191a2e-7dc0-4dfe-bd6d-c7b1ce3a6612","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":148,"box":{"x":88,"y":89,"width":879,"height":13}},{"id":"37f779d9-d851-4e28-9eca-7a521e8ece8d","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":148,"box":{"x":89,"y":104,"width":816,"height":13}},{"id":"548dd562-1af0-42eb-8821-82fe80a63b9e","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":148,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"03391c68-a83a-4d2f-9793-3961ec394edc","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":148,"box":{"x":88,"y":146,"width":846,"height":12}},{"id":"d9928f97-dcf3-4af0-8c27-c9d391179a2a","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":148,"box":{"x":88,"y":161,"width":854,"height":12}},{"id":"4e53afdd-dc98-4898-b7db-9bc10793c7ac","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":148,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"afdabd3a-ad31-4101-8b29-d91cdf8ac35a","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":148,"box":{"x":89,"y":191,"width":843,"height":13}},{"id":"1a391938-65a5-4f69-86d1-7fefe65d82cf","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":148,"box":{"x":89,"y":206,"width":844,"height":13}},{"id":"803469db-7afc-432f-9c38-341fc0d76190","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":148,"box":{"x":89,"y":222,"width":854,"height":12}},{"id":"0a0c05a1-0813-405b-a5ad-97c7e7d9174a","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":148,"box":{"x":89,"y":237,"width":838,"height":12}},{"id":"6f6990c0-816c-4500-a331-efe092e390a5","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":148,"box":{"x":88,"y":252,"width":860,"height":12}},{"id":"4d952112-c085-48ff-b647-4d9bae215d55","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":148,"box":{"x":89,"y":267,"width":520,"height":12}},{"id":"832d1d87-1caa-4fba-835d-8e5bede5d143","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":148,"box":{"x":88,"y":293,"width":849,"height":13}},{"id":"dc435647-5d6d-4c71-ae51-26a53914ef02","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":148,"box":{"x":89,"y":308,"width":808,"height":13}},{"id":"a01feb98-7a76-4e6b-824b-d31d2660ba11","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":148,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"f03a2716-53b0-48bf-b86b-f962cb78e360","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":148,"box":{"x":89,"y":339,"width":878,"height":12}},{"id":"23b4ed14-b50f-43f1-8516-0cdbd5feffea","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":148,"box":{"x":89,"y":354,"width":855,"height":12}},{"id":"425859f1-0504-401d-8c14-088f6dd83a12","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":148,"box":{"x":88,"y":369,"width":845,"height":12}},{"id":"37ccf2f7-9735-4372-9d04-cfaec5ce1f81","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":148,"box":{"x":89,"y":384,"width":369,"height":12}},{"id":"3cd59c25-a4c6-4b31-ba25-44d6198d1eb0","block_type":"box","text":"Qualified Dividend Income.","page_number":148,"box":{"x":89,"y":410,"width":196,"height":12}},{"id":"9dbf7321-156d-4a65-81cc-7d2f38198374","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":148,"box":{"x":294,"y":410,"width":627,"height":13}},{"id":"fd1b1692-f224-439a-9cdf-fddb21ed987d","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":148,"box":{"x":89,"y":426,"width":861,"height":12}},{"id":"74a1de5f-e677-4920-b354-9f46413d2def","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":148,"box":{"x":88,"y":441,"width":850,"height":12}},{"id":"b8458cce-90b7-43fc-a108-5a9ca39bbf74","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":148,"box":{"x":89,"y":456,"width":861,"height":12}},{"id":"8951bc33-b99d-4b94-8fe1-322e50769598","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":148,"box":{"x":89,"y":471,"width":831,"height":12}},{"id":"bbfe3beb-4045-4eed-b5e8-6d5447ad3fca","block_type":"box","text":"e.g.","page_number":148,"box":{"x":921,"y":474,"width":23,"height":9}},{"id":"9c21bbaf-a726-467d-9a94-923f8d14d9ef","block_type":"box","text":",","page_number":148,"box":{"x":946,"y":479,"width":2,"height":3}},{"id":"b654ad27-933d-4cb0-8980-29f2d74a54ea","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":148,"box":{"x":89,"y":486,"width":872,"height":12}},{"id":"60128d95-8467-4a21-89e6-71ac607a6f41","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":148,"box":{"x":89,"y":501,"width":848,"height":13}},{"id":"9c013046-cce6-4144-9baf-deb8c9fe3f24","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":148,"box":{"x":89,"y":516,"width":879,"height":13}},{"id":"2ec564fd-cbce-4c94-b6be-32ef856d2f4e","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":148,"box":{"x":89,"y":531,"width":332,"height":13}},{"id":"4e817bf6-c93e-4a89-b0d6-592177ec4a3d","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":148,"box":{"x":88,"y":558,"width":855,"height":12}},{"id":"ca32feb7-ad0b-49a6-9b0b-a84b807da2e3","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":148,"box":{"x":88,"y":573,"width":838,"height":12}},{"id":"3c05bbf6-6d0b-4cf3-bac3-c85cebab04b3","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":148,"box":{"x":89,"y":588,"width":823,"height":12}},{"id":"dc0f69cf-c425-4cb1-9cc0-d9c35f576deb","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":148,"box":{"x":89,"y":603,"width":866,"height":13}},{"id":"45f0ff3f-34a3-45e1-b68b-8cdf533ec1d8","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":148,"box":{"x":89,"y":618,"width":860,"height":13}},{"id":"99291f17-1850-4644-9b3a-48b8c802992b","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":148,"box":{"x":88,"y":633,"width":847,"height":13}},{"id":"1510b56e-965f-405e-9be4-07800c95565b","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":148,"box":{"x":89,"y":649,"width":872,"height":12}},{"id":"f7a1ecb4-f2ce-48cf-8df6-14f8257e8f3f","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":148,"box":{"x":89,"y":664,"width":843,"height":12}},{"id":"218ee811-0276-40c5-aba2-c27ad7ce7456","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":148,"box":{"x":88,"y":679,"width":867,"height":12}},{"id":"c4f605b1-c2d7-488a-8692-83ebb2265ce8","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":148,"box":{"x":89,"y":694,"width":825,"height":12}},{"id":"3d1feb37-6d6c-4683-b6da-6a57319da7f3","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":148,"box":{"x":89,"y":709,"width":807,"height":12}},{"id":"9ba03dcf-1ecc-4ce3-b6bd-80a5bfbb4530","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":148,"box":{"x":89,"y":724,"width":843,"height":13}},{"id":"a6c46cbe-e011-43e8-abce-65f04eb3d614","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":148,"box":{"x":89,"y":739,"width":864,"height":13}},{"id":"dad79319-4c62-49da-8e97-c2634e514634","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":148,"box":{"x":89,"y":754,"width":877,"height":13}},{"id":"7b907d91-55f0-4674-bf85-7af5cbd5dc9e","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":148,"box":{"x":89,"y":770,"width":832,"height":12}},{"id":"87b5ee8b-c4e8-4b98-83b1-79b877cac480","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":148,"box":{"x":89,"y":785,"width":870,"height":12}},{"id":"4da1304e-3b49-43e4-9709-32f64709f967","block_type":"box","text":"income.","page_number":148,"box":{"x":89,"y":801,"width":54,"height":9}},{"id":"bba2a6b5-01f8-4d7a-aedd-a5d59bd29e85","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":148,"box":{"x":89,"y":826,"width":300,"height":13}},{"id":"ecbf5390-54c5-48a9-98c3-3197c63ae44b","block_type":"box","text":"Each Fund (with the exception of the iShares MSCI USA Equal Weighted ETF)","page_number":148,"box":{"x":399,"y":826,"width":538,"height":13}},{"id":"e353953c-565a-4833-9875-ba80e0996501","block_type":"box","text":"does not expect dividends that are paid to its corporate shareholders to be eligible, in the hands of such shareholders, for the","page_number":148,"box":{"x":89,"y":841,"width":874,"height":13}},{"id":"4996aa33-85c8-4499-b4de-97ab2529f078","block_type":"box","text":"corporate dividends received deduction.","page_number":148,"box":{"x":89,"y":856,"width":279,"height":13}},{"id":"f94d74cb-0a45-4f14-9ef6-baee2608c529","block_type":"box","text":"130","page_number":148,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"99f9f6eb-8a03-458b-9cb7-c1627efc1c4b","block_type":"box","text":"Dividends paid by the iShares MSCI USA Equal Weighted ETF that are attributable to dividends received by the Fund from U.S.","page_number":149,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"7099aeda-474a-4d5f-a146-5fac2c154b21","block_type":"box","text":"corporations may qualify for the U.S. federal dividends received deduction for corporations. A 46-day minimum holding","page_number":149,"box":{"x":89,"y":59,"width":835,"height":12}},{"id":"e20a4b58-4a95-4656-9917-1d8bcb2c9ccd","block_type":"box","text":"period during the 90-day period that begins 45 days prior to ex-dividend date (or 91-day minimum holding period during the","page_number":149,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"f6746655-a94d-4a4a-9b84-e412ecbcfb8c","block_type":"box","text":"180 period beginning 90 days prior to ex-dividend date for certain preference dividends) during which risk of loss may not be","page_number":149,"box":{"x":90,"y":89,"width":875,"height":13}},{"id":"d7402a5e-a6cf-4ed8-a3e6-65e336ca8316","block_type":"box","text":"diminished is required for the applicable shares, at both the Fund and shareholder level, for a dividend to be eligible for the","page_number":149,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"27f4e275-745e-4561-80b0-8c76cfc9d334","block_type":"box","text":"dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to the investment.","page_number":149,"box":{"x":89,"y":119,"width":874,"height":13}},{"id":"07901b24-1e55-468c-a60f-75571e619ec3","block_type":"box","text":"Excess Inclusion Income.","page_number":149,"box":{"x":89,"y":146,"width":180,"height":10}},{"id":"5bf557c9-b0d8-4ca5-858c-40b3c9180b58","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":149,"box":{"x":278,"y":146,"width":652,"height":12}},{"id":"9a5a92c6-8870-45c4-b5bb-b95636eba1dd","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":149,"box":{"x":89,"y":161,"width":872,"height":12}},{"id":"f2cae075-6c68-4096-aca1-d3156678a0ff","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":149,"box":{"x":89,"y":176,"width":859,"height":13}},{"id":"0ea200a4-fe3f-49f8-b8ec-b6b569b0de53","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":149,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"40835acd-d5de-4d0f-a32e-977c4936049f","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":149,"box":{"x":88,"y":206,"width":864,"height":13}},{"id":"790ae4a2-9264-4e2f-a11b-bd07599509ee","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":149,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"541b7d4a-7fb9-4e08-83e2-b30522f62d48","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":149,"box":{"x":89,"y":237,"width":814,"height":12}},{"id":"b5d073ee-8b9d-4553-b0fc-5503cd0dd3a9","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":149,"box":{"x":89,"y":252,"width":816,"height":12}},{"id":"d57e158d-1b27-4bde-8f4f-e4795847375e","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":149,"box":{"x":89,"y":267,"width":860,"height":12}},{"id":"0f6b3a6e-28a2-4c54-a5ac-56cc00817389","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":149,"box":{"x":89,"y":282,"width":864,"height":12}},{"id":"00b86793-a3f2-4768-8f61-fb3da7c7b5c7","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":149,"box":{"x":89,"y":297,"width":823,"height":12}},{"id":"dc6c1442-57c1-4067-84b7-d5be141d00fd","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":149,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"c4e90337-697a-4184-a843-a1f95017ba80","block_type":"box","text":"UBTI is imposed on the trust.","page_number":149,"box":{"x":89,"y":327,"width":201,"height":13}},{"id":"091246f0-6d16-4662-8670-0eee29471bdd","block_type":"box","text":"Each Fund tries to avoid investing in REITs that are expected to generate excess inclusion income, but a Fund may not always","page_number":149,"box":{"x":89,"y":354,"width":875,"height":12}},{"id":"26ab4c00-9a65-4d02-a68e-f3df3b15dd43","block_type":"box","text":"be successful in doing so. Because information about a REIT’s investments may be inadequate or inaccurate, or because a","page_number":149,"box":{"x":89,"y":369,"width":852,"height":12}},{"id":"21ffdbe7-a32a-49df-97c8-575156be5f66","block_type":"box","text":"REIT may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":149,"box":{"x":89,"y":384,"width":838,"height":12}},{"id":"c885caa1-c1dc-480c-91da-276f6d75a5e0","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":149,"box":{"x":88,"y":399,"width":863,"height":13}},{"id":"c642c68a-0327-47fe-b4a3-25453c9c7cd4","block_type":"box","text":"investment opportunities.","page_number":149,"box":{"x":89,"y":415,"width":179,"height":12}},{"id":"3ab76173-753e-4a87-a93a-87682894891f","block_type":"box","text":"Non-U.S. Investments.","page_number":149,"box":{"x":89,"y":441,"width":159,"height":10}},{"id":"148982aa-267e-4bcd-b068-8fd6661f2f50","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":149,"box":{"x":257,"y":441,"width":656,"height":12}},{"id":"ef0cfb07-cca1-45dd-af7c-1152ccae2281","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":149,"box":{"x":89,"y":456,"width":877,"height":12}},{"id":"c55eecbd-4061-4bcb-bd22-01c464353d57","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":149,"box":{"x":89,"y":471,"width":834,"height":12}},{"id":"a4f147e0-7f38-41ef-9278-51436a5b5049","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":149,"box":{"x":89,"y":486,"width":850,"height":12}},{"id":"71ea464f-80f5-4010-84f3-a350f5e90f35","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":149,"box":{"x":89,"y":501,"width":811,"height":13}},{"id":"4f80773d-db5e-4c83-bbd6-8d9477f712d4","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":149,"box":{"x":89,"y":516,"width":830,"height":13}},{"id":"41c10249-3a98-4979-83f2-87cc47ed1027","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":149,"box":{"x":89,"y":531,"width":823,"height":13}},{"id":"98113631-65dc-498a-b519-272e584d2599","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":149,"box":{"x":88,"y":547,"width":842,"height":12}},{"id":"b65abe61-fe88-4700-a8aa-8c712f5bc1ba","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":149,"box":{"x":89,"y":562,"width":260,"height":9}},{"id":"dbdba092-c6d8-4cb8-9463-3feb641f4f9a","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":149,"box":{"x":89,"y":588,"width":850,"height":12}},{"id":"31fe7e7f-ee9f-4008-ae44-9a4905fa402c","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":149,"box":{"x":89,"y":603,"width":825,"height":13}},{"id":"0167ae27-18e8-4003-b586-966bbad628ea","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":149,"box":{"x":89,"y":618,"width":853,"height":13}},{"id":"d453caf3-14c5-4de9-8ef9-1940fe095403","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":149,"box":{"x":89,"y":633,"width":873,"height":13}},{"id":"e674be5b-f749-4669-99d9-5ff1c986e9f8","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":149,"box":{"x":89,"y":649,"width":644,"height":12}},{"id":"7ab30f3e-11ed-47c6-acef-e30414b21dfd","block_type":"box","text":"pro rata","page_number":149,"box":{"x":737,"y":650,"width":56,"height":11}},{"id":"807029f3-dfab-43fd-942e-5836cebd2693","block_type":"box","text":"share of the Fund’s","page_number":149,"box":{"x":798,"y":649,"width":133,"height":9}},{"id":"d0d5ba6d-7433-4fb4-9758-4918846aacc4","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":149,"box":{"x":89,"y":664,"width":843,"height":12}},{"id":"92a7fc40-98bb-4398-b04d-0f50537e8899","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":149,"box":{"x":89,"y":679,"width":722,"height":12}},{"id":"8d6ca55e-1aa1-4c8f-816b-b4af14c4237b","block_type":"box","text":"pro rata","page_number":149,"box":{"x":815,"y":680,"width":56,"height":11}},{"id":"6d7c6b75-3665-4998-a856-c1293baf8beb","block_type":"box","text":"share of the","page_number":149,"box":{"x":875,"y":679,"width":83,"height":10}},{"id":"215d5682-3bc2-4512-b911-62f86cf1abe4","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":149,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"a2aa8ae5-fc8c-4f7d-ac8c-9b3aada40cf9","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":149,"box":{"x":89,"y":709,"width":878,"height":12}},{"id":"7dd13d14-7a8d-449b-a030-17322a1070da","block_type":"box","text":"shareholders for foreign tax credit purposes. A non-U.S. person invested in the Fund in a year that the Fund elects to “pass","page_number":149,"box":{"x":89,"y":724,"width":855,"height":13}},{"id":"0e100b88-a520-4db6-8b3f-cf853181a499","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":149,"box":{"x":88,"y":739,"width":855,"height":13}},{"id":"86f4ae3f-44b6-43f2-9212-ab07839b09ee","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":149,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"31574bc8-7a77-41c4-9784-fccc4e5c94dc","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":149,"box":{"x":89,"y":770,"width":860,"height":12}},{"id":"bf41abdf-0c98-4650-9024-55bd914727d9","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":149,"box":{"x":89,"y":785,"width":850,"height":12}},{"id":"36ba840d-c0c6-4066-b9d3-fe42adb0fade","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":149,"box":{"x":89,"y":800,"width":808,"height":12}},{"id":"b906188a-2dd5-430d-b2e1-fcd9c6b90609","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":149,"box":{"x":89,"y":815,"width":841,"height":12}},{"id":"b6a66920-4de3-4cb1-a53a-b53927a857b5","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":149,"box":{"x":89,"y":830,"width":847,"height":12}},{"id":"6db7501e-1bb8-4c69-83e5-76f61e781bd3","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":149,"box":{"x":89,"y":845,"width":879,"height":12}},{"id":"54716931-2edb-47fa-87e5-f22c5da7d3a8","block_type":"box","text":"131","page_number":149,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"0f998a8b-7ac0-40c0-8607-d6b3449cf8bc","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":150,"box":{"x":88,"y":44,"width":877,"height":12}},{"id":"43bf9454-d208-4d48-92e8-d0ac16330174","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":150,"box":{"x":89,"y":59,"width":457,"height":12}},{"id":"5d0dd9bc-d329-4ae9-a76a-31b3d508fde7","block_type":"box","text":"Certain of the Funds have filed refund claims in various European Union countries to recover taxes withheld on dividend","page_number":150,"box":{"x":89,"y":85,"width":838,"height":13}},{"id":"d54703cc-eec6-4de6-bf8e-5bb08fc29408","block_type":"box","text":"income received during past years based upon certain provisions in the Treaty on the Functioning of the European Union.","page_number":150,"box":{"x":89,"y":101,"width":848,"height":12}},{"id":"2dfa8839-6f95-4614-843c-5327af46404a","block_type":"box","text":"Whether or when a Fund will receive a tax refund is within the control of the individual country. Pending confirmatory","page_number":150,"box":{"x":88,"y":116,"width":824,"height":12}},{"id":"2985f04d-10bf-42ed-bad6-98700b087d3f","block_type":"box","text":"guidance from the IRS, the refunds received may reduce a Fund’s pass-through of foreign tax credits in such year and","page_number":150,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"67eef137-b20e-4eed-81fa-2808cade53d2","block_type":"box","text":"potentially future years or may result in the Funds paying an IRS compliance fee to cover the effect of the tax credits","page_number":150,"box":{"x":89,"y":146,"width":810,"height":12}},{"id":"ba7ccb74-223e-49dc-8624-8ecf066e9e27","block_type":"box","text":"previously passed through to shareholders on refunded foreign taxes.","page_number":150,"box":{"x":89,"y":161,"width":485,"height":12}},{"id":"6fbc47ed-b101-4d87-963b-dfdd8964dcd3","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":150,"box":{"x":89,"y":188,"width":284,"height":12}},{"id":"b16a2842-5413-4472-8902-a83d0c2d1cd7","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":150,"box":{"x":383,"y":188,"width":577,"height":12}},{"id":"f4a1c4fa-21b2-439e-a318-99281352f6e5","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":150,"box":{"x":89,"y":203,"width":833,"height":12}},{"id":"be102afd-5aeb-4287-ad6c-ccfc4422e5f7","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":150,"box":{"x":88,"y":218,"width":870,"height":12}},{"id":"f244d41b-5119-4b8b-a507-730d85189a0b","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":150,"box":{"x":89,"y":233,"width":455,"height":12}},{"id":"dddcddf0-76a8-4d30-b442-d874854f1e52","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":150,"box":{"x":89,"y":259,"width":873,"height":13}},{"id":"278f261d-8769-43a6-9958-48a8596c95dc","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":150,"box":{"x":89,"y":274,"width":818,"height":13}},{"id":"b841611a-bc07-4b13-8566-a219cb01ce6b","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":150,"box":{"x":89,"y":290,"width":855,"height":12}},{"id":"8c57bf97-5dab-4e1d-9f29-ff1a6865aa1c","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":150,"box":{"x":89,"y":305,"width":874,"height":12}},{"id":"c186e02c-9a63-4cd4-8b58-58d180326465","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":150,"box":{"x":89,"y":320,"width":832,"height":12}},{"id":"ed99cc2a-26c2-4788-96fd-af83318315eb","block_type":"box","text":"obtain.","page_number":150,"box":{"x":89,"y":335,"width":47,"height":10}},{"id":"c072a0cc-fd5a-48f7-b3d3-b905b8186d95","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":150,"box":{"x":88,"y":361,"width":838,"height":13}},{"id":"9fb2d98e-075f-4fa5-8c41-922132f3c32b","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":150,"box":{"x":89,"y":376,"width":870,"height":13}},{"id":"e6ffa7d1-56d3-405f-8238-50a140cb699c","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":150,"box":{"x":88,"y":392,"width":848,"height":12}},{"id":"82b2880c-c210-44b2-8a3e-7c581ac6522e","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":150,"box":{"x":89,"y":407,"width":822,"height":12}},{"id":"ac1e8751-a621-42a3-b96b-608121d80e0a","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":150,"box":{"x":89,"y":422,"width":783,"height":12}},{"id":"11f0734b-426a-425a-a9ee-5169bc25feff","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":150,"box":{"x":89,"y":437,"width":830,"height":12}},{"id":"6935942e-971e-4ad7-9ed4-217b866728cf","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":150,"box":{"x":89,"y":452,"width":845,"height":12}},{"id":"e45c1935-0faf-490f-8e41-af12a22b8841","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":150,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"916a39ee-85bf-4f13-9e81-e694f8723f73","block_type":"box","text":"4% excise tax.","page_number":150,"box":{"x":88,"y":483,"width":99,"height":9}},{"id":"3bf96948-b77b-4687-a8ce-5843891c9f04","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":150,"box":{"x":88,"y":509,"width":856,"height":12}},{"id":"17244df5-2b5b-4a6c-91e3-2788b2944295","block_type":"box","text":"effects of these rules.","page_number":150,"box":{"x":89,"y":524,"width":147,"height":10}},{"id":"61a9e1ef-16af-4bf5-bdec-7d461c57b581","block_type":"box","text":"Reporting.","page_number":150,"box":{"x":89,"y":551,"width":74,"height":12}},{"id":"0e4824bb-1b11-4108-99c0-48b91f14a1d8","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":150,"box":{"x":173,"y":550,"width":720,"height":13}},{"id":"56da79e4-6b4a-4777-a53e-879c84c5b20d","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":150,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"4e899145-b059-4791-95ad-2ec429d3bbf8","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":150,"box":{"x":89,"y":581,"width":855,"height":12}},{"id":"65c6d495-6e88-4fad-8112-c77d742d6873","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":150,"box":{"x":89,"y":596,"width":797,"height":12}},{"id":"6d3a5e5c-7d1f-4154-bf14-1c908f8dea48","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":150,"box":{"x":89,"y":611,"width":851,"height":12}},{"id":"4714c4c6-c3f8-4627-bb09-f0073620cd25","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":150,"box":{"x":89,"y":626,"width":868,"height":12}},{"id":"c58d8b3a-a04b-49a3-8cc4-5ba8daba9908","block_type":"box","text":"Other Taxes.","page_number":150,"box":{"x":89,"y":652,"width":89,"height":10}},{"id":"f88767a0-9c88-4a87-bb01-74ed37f89f2c","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":150,"box":{"x":188,"y":652,"width":758,"height":13}},{"id":"9453aca7-b7bc-4575-a72d-e78cfdb9f492","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":150,"box":{"x":88,"y":668,"width":414,"height":12}},{"id":"599b2a04-9ba6-44b5-8e54-690c1d232f9e","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":150,"box":{"x":88,"y":694,"width":252,"height":10}},{"id":"1395ae1e-854a-4d1c-badc-4379f072e2d3","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":150,"box":{"x":350,"y":694,"width":608,"height":12}},{"id":"bbd09004-6b33-45be-bc00-abcf93395291","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":150,"box":{"x":88,"y":709,"width":879,"height":12}},{"id":"9570fbad-1c6a-4517-90dd-3da3c67661fd","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":150,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"b94621c7-67bb-428b-ba7a-51a0c8a6f81e","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":150,"box":{"x":89,"y":739,"width":869,"height":13}},{"id":"de1d6597-621a-4ae9-b68f-492fb0880ad3","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":150,"box":{"x":88,"y":754,"width":864,"height":13}},{"id":"8728f509-b5fe-4107-81bd-c6fdbd5a2a8a","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":150,"box":{"x":88,"y":770,"width":868,"height":12}},{"id":"78a59013-c0a2-400e-8f06-2382f0c983c1","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":150,"box":{"x":89,"y":785,"width":852,"height":12}},{"id":"a9df45f9-392a-4ed3-886b-161d62c0beae","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":150,"box":{"x":88,"y":800,"width":828,"height":12}},{"id":"b1f762c3-e863-4444-8116-434b74130a38","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":150,"box":{"x":89,"y":815,"width":837,"height":12}},{"id":"972da757-8edd-45a4-9fa3-211c8d68359e","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":150,"box":{"x":89,"y":830,"width":876,"height":12}},{"id":"eea7873f-68f3-46de-8652-5d290579dcef","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":150,"box":{"x":89,"y":845,"width":751,"height":12}},{"id":"ed7f6de4-1d03-4b0f-9c0d-c2f8ea77b27a","block_type":"box","text":"132","page_number":150,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"1dd977a9-c307-4f83-bf92-81e807bce3c5","block_type":"box","text":"Properly-reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of a","page_number":151,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"56c54fbc-dbf1-47c1-8478-9f51c4960839","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":151,"box":{"x":89,"y":59,"width":827,"height":12}},{"id":"c07640b1-a87c-41a8-8d53-0690fc975a1d","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":151,"box":{"x":89,"y":74,"width":835,"height":12}},{"id":"7299ac05-ba44-4d0a-a62f-943d545d88a1","block_type":"box","text":"partner, reduced by expenses that are allocable to such income) or (ii) are paid in respect of a Fund’s “qualified short-term","page_number":151,"box":{"x":89,"y":89,"width":853,"height":13}},{"id":"2b475681-724f-416a-9443-fe929b46a00b","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":151,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"290b88f4-fe74-47a9-812f-d9a851d6c719","block_type":"box","text":"taxable year). However, depending on its circumstances, a Fund may report all, some or none of its potentially eligible","page_number":151,"box":{"x":88,"y":119,"width":823,"height":13}},{"id":"3d8e5175-07df-46a6-9995-4b74bcd7132d","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":151,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"75c7f927-ce68-4fb4-bf87-bc471785758e","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":151,"box":{"x":89,"y":150,"width":856,"height":12}},{"id":"0f0f05b2-d0af-49ab-b362-f6e30001e3c6","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":151,"box":{"x":89,"y":165,"width":853,"height":12}},{"id":"c4ef67fb-9e94-4ce1-a459-b930ee0bf13c","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":151,"box":{"x":89,"y":180,"width":838,"height":12}},{"id":"0080695c-e014-46b6-bc59-c1a100f59cbf","block_type":"box","text":"intermediary, the intermediary may withhold even if a Fund reports the payment as qualified net interest income or qualified","page_number":151,"box":{"x":89,"y":195,"width":868,"height":12}},{"id":"83b19b02-c965-4bf4-ad43-dad5cb842a45","block_type":"box","text":"short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these","page_number":151,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"a35b95ca-e93c-4f96-883e-dc4fd1089240","block_type":"box","text":"rules to their accounts.","page_number":151,"box":{"x":89,"y":225,"width":159,"height":10}},{"id":"b9c8cb50-df59-4fe9-89a7-8c20475a89d3","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":151,"box":{"x":88,"y":252,"width":862,"height":12}},{"id":"333256c8-cb59-42b4-baa6-ed075fc70a9b","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":151,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"681a4d8c-2f7a-4735-afc2-b7e6085134cf","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":151,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"5189d9c5-2abf-4c62-8271-1369e60c307a","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":151,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"0dc0efb5-33b3-4cb9-8905-c87c80819c53","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":151,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"d495308e-34b5-40d0-8bc3-d6731fd33861","block_type":"box","text":"the distribution. If the foreign shareholder held more than 5% of the Fund’s shares, the distribution would be treated as","page_number":151,"box":{"x":88,"y":327,"width":835,"height":13}},{"id":"a149aec0-f1d1-4f0c-a66e-1c486ec75c21","block_type":"box","text":"income effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to","page_number":151,"box":{"x":89,"y":342,"width":822,"height":13}},{"id":"922670ea-3c5e-44d4-9c99-fac610b04935","block_type":"box","text":"withholding tax at a rate of 21% and would generally be required to file a U.S. federal income tax return.","page_number":151,"box":{"x":88,"y":358,"width":726,"height":12}},{"id":"de0b21ca-df21-48c1-8e9a-a0a137b4b652","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":151,"box":{"x":88,"y":384,"width":846,"height":12}},{"id":"3f8e41d2-0257-42b5-9e9e-f22cd9cb36c6","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":151,"box":{"x":89,"y":399,"width":860,"height":13}},{"id":"4884f507-8344-4b16-a5f4-eecc63982bb1","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":151,"box":{"x":88,"y":414,"width":881,"height":13}},{"id":"f4a92d00-e2c4-40f9-b104-6e4b23e8e500","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":151,"box":{"x":89,"y":429,"width":857,"height":13}},{"id":"131a0960-171c-4069-b3ac-0de11a1308e0","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":151,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"fd30546b-9020-43f5-86ba-0972ca755373","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":151,"box":{"x":88,"y":460,"width":664,"height":12}},{"id":"cbeeb6e7-161d-43fe-94ff-827cc83ff0be","block_type":"box","text":"A foreign shareholder also may be subject to certain “wash sale” rules to prevent the avoidance of the tax filing and payment","page_number":151,"box":{"x":88,"y":486,"width":874,"height":12}},{"id":"738ddb7f-7c6d-4ccc-958b-973deae3bd17","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":151,"box":{"x":89,"y":501,"width":539,"height":13}},{"id":"6967fef1-6914-45ea-8293-c26368140e66","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":151,"box":{"x":88,"y":528,"width":825,"height":12}},{"id":"7b9bc7e8-5e1f-4aa3-b44b-8784149dad32","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":151,"box":{"x":89,"y":543,"width":450,"height":12}},{"id":"2607227b-9bb5-4238-85f0-8f42742a7443","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":151,"box":{"x":88,"y":569,"width":871,"height":13}},{"id":"89f75850-7584-416b-ad26-da6c04bf7747","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":151,"box":{"x":88,"y":584,"width":822,"height":13}},{"id":"7c227cec-9d09-4d9c-b4f1-e44591a8f2de","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":151,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"decd3248-be48-438c-8ba8-1036ad520042","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":151,"box":{"x":89,"y":615,"width":846,"height":12}},{"id":"28a76f4c-15b6-42da-afe1-641daae429ec","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":151,"box":{"x":89,"y":630,"width":841,"height":12}},{"id":"776691a9-16b6-490e-93fc-0a45e91816e3","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":151,"box":{"x":89,"y":645,"width":817,"height":12}},{"id":"d2924837-d163-48b5-8f78-174de6a175f3","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":151,"box":{"x":89,"y":660,"width":830,"height":12}},{"id":"c8c0b8d7-ae1d-4636-a658-a2f030852832","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":151,"box":{"x":89,"y":675,"width":861,"height":12}},{"id":"0f535840-dc61-43db-b800-d4cab086c4e3","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":151,"box":{"x":89,"y":690,"width":835,"height":13}},{"id":"0ccf7ab5-3050-4ffc-9932-b87191d71856","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":151,"box":{"x":89,"y":705,"width":873,"height":13}},{"id":"df047535-0638-4e3e-be9f-bd509ff0e4dd","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":151,"box":{"x":89,"y":720,"width":849,"height":13}},{"id":"cbac3e28-34a5-465d-964a-3b7871dfe9b3","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":151,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"73a85df4-c06d-4513-acc6-938d8381552a","block_type":"box","text":"unless certain exceptions apply.","page_number":151,"box":{"x":89,"y":751,"width":220,"height":12}},{"id":"017ee56d-a5f6-4aad-92c7-9f09a850a07c","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":151,"box":{"x":88,"y":777,"width":857,"height":12}},{"id":"da4f4a16-483a-4875-bffc-52ae66f59838","block_type":"box","text":"estate tax.","page_number":151,"box":{"x":89,"y":794,"width":70,"height":8}},{"id":"63adb879-71a8-4d03-bfac-56de4b5e2256","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":151,"box":{"x":88,"y":819,"width":872,"height":12}},{"id":"96d512ee-f157-47f6-87a7-7f1ec6e7cf08","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":151,"box":{"x":89,"y":834,"width":864,"height":12}},{"id":"f9fa65c6-7dac-4c85-ab1e-026c7868fc3c","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":151,"box":{"x":89,"y":849,"width":874,"height":12}},{"id":"1fe892ab-ef8a-4968-93cf-0d3f9b423526","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":151,"box":{"x":89,"y":864,"width":782,"height":12}},{"id":"2e8761d6-c937-48fe-a6a8-dc3e15efdc20","block_type":"box","text":"133","page_number":151,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"1b3fee39-2a2e-47ba-8b94-d1430ec624fb","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":152,"box":{"x":89,"y":44,"width":826,"height":12}},{"id":"1bf1b9f8-66e4-4f46-8ac1-7367c2f2fbe6","block_type":"box","text":"discussed above, and such changes often occur.","page_number":152,"box":{"x":89,"y":59,"width":336,"height":12}},{"id":"c1a46a64-e011-4c3e-8e4b-36153f917ec3","block_type":"box","text":"Financial Statements","page_number":152,"box":{"x":91,"y":90,"width":348,"height":23}},{"id":"1b0142b3-9fd8-431d-aedf-628a2f83981e","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":152,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"6b508699-5659-47dd-80cb-133b5a31f2d3","block_type":"box","text":"LLP, an independent registered public accounting firm, appearing in the Fund’s Form N-CSR are incorporated in this SAI by","page_number":152,"box":{"x":89,"y":146,"width":857,"height":12}},{"id":"c34416df-5555-4be6-ab8a-bdbf24e5ed0f","block_type":"box","text":"reference. No other portions of a Fund’s Form N-CSR are incorporated by reference herein. Each Fund’s Form N-CSR is","page_number":152,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"f9ac21c2-93a9-4af3-b394-c3af4a61b64f","block_type":"box","text":"located here","page_number":152,"box":{"x":89,"y":176,"width":85,"height":10}},{"id":"2e3c5ab4-d77b-4776-824c-024f2bac9271","block_type":"box","text":"1","page_number":152,"box":{"x":176,"y":175,"width":3,"height":5}},{"id":"2adbbcc7-4131-4fcd-a91b-f72a6e3fc251","block_type":"box","text":"and here","page_number":152,"box":{"x":186,"y":176,"width":61,"height":10}},{"id":"b67cc043-ae4f-48dd-bbc5-d5018cb94d71","block_type":"box","text":"2","page_number":152,"box":{"x":248,"y":175,"width":5,"height":5}},{"id":"da0aa82b-88c4-45d1-ae77-e33e5a71355e","block_type":"box","text":". A copy of each Fund’s Annual and Semi-Annual Reports and Annual and Semi-Annual Financial","page_number":152,"box":{"x":255,"y":176,"width":678,"height":13}},{"id":"6ea29a6f-a108-4bc5-ab7c-e4eefd80d6c5","block_type":"box","text":"Statements may be obtained without charge as described on the cover page of this SAI.","page_number":152,"box":{"x":88,"y":191,"width":613,"height":13}},{"id":"ac3cf1ab-7cc8-40ce-9e78-330bd6e16e3a","block_type":"box","text":"1","page_number":152,"box":{"x":118,"y":224,"width":3,"height":4}},{"id":"d732b3f6-b251-44be-879b-c374ccea7221","block_type":"box","text":"Form N-CSR for iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Italy ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands","page_number":152,"box":{"x":133,"y":225,"width":818,"height":10}},{"id":"de35328d-b366-4b62-b6bc-245f7b961ff1","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF.","page_number":152,"box":{"x":133,"y":237,"width":410,"height":10}},{"id":"2f9e29c0-807e-463f-81c1-9a104cb24d13","block_type":"box","text":"2","page_number":152,"box":{"x":118,"y":251,"width":4,"height":5}},{"id":"cbd09d9f-1574-440a-8c5d-a095343455ce","block_type":"box","text":"Form N-CSR for iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Germany","page_number":152,"box":{"x":133,"y":252,"width":822,"height":10}},{"id":"92ebf306-733b-4354-965f-47adb662071a","block_type":"box","text":"ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan","page_number":152,"box":{"x":133,"y":265,"width":832,"height":10}},{"id":"3120e73a-e6d6-49ce-b00c-012e1f379e68","block_type":"box","text":"ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF,","page_number":152,"box":{"x":133,"y":278,"width":822,"height":9}},{"id":"8ce869f4-85c8-4e5d-b843-5736f25908fb","block_type":"box","text":"iShares MSCI Thailand ETF and iShares MSCI World ETF.","page_number":152,"box":{"x":133,"y":290,"width":314,"height":8}},{"id":"b49f5e7c-8aa1-4b8d-8394-637a07301053","block_type":"box","text":"Miscellaneous Information","page_number":152,"box":{"x":90,"y":318,"width":446,"height":23}},{"id":"5a88354b-8e1e-43f0-8f65-323ffd25e238","block_type":"box","text":"Counsel.","page_number":152,"box":{"x":89,"y":359,"width":61,"height":10}},{"id":"27b04cb5-ffeb-49b6-8f56-507658392177","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Company.","page_number":152,"box":{"x":159,"y":359,"width":762,"height":12}},{"id":"1dc05037-1559-48ea-bc3d-9eed9f1fca2d","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":152,"box":{"x":89,"y":385,"width":349,"height":13}},{"id":"3b4047fe-de59-495d-a4eb-9f346f2c943c","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":152,"box":{"x":448,"y":385,"width":488,"height":13}},{"id":"66fbafc2-b12e-4e1d-8b5c-f786a05b2482","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Company’s independent registered public accounting firm, audits the","page_number":152,"box":{"x":89,"y":400,"width":848,"height":13}},{"id":"495c4a8f-acc0-41e5-981b-2d97c0489084","block_type":"box","text":"Funds’ financial statements, and may perform other services.","page_number":152,"box":{"x":89,"y":416,"width":427,"height":12}},{"id":"294464eb-67a4-4271-9a0b-69024c54df15","block_type":"box","text":"Shareholder Communications to the Board.","page_number":152,"box":{"x":88,"y":442,"width":313,"height":10}},{"id":"68b2a3bf-6d86-4183-a6ee-a8ec604f42da","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":152,"box":{"x":409,"y":442,"width":555,"height":12}},{"id":"6cf39beb-72d2-42db-bd6f-c84b545f3ff1","block_type":"box","text":"Board. Shareholders may contact the Board by mail. Correspondence should be addressed to iShares Board of Directors, c/o","page_number":152,"box":{"x":89,"y":457,"width":867,"height":12}},{"id":"8088d486-f135-448e-a202-f510b079ce08","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":152,"box":{"x":89,"y":472,"width":796,"height":12}},{"id":"2b115533-37b4-4d76-ab20-65a11fb7a3ed","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":152,"box":{"x":89,"y":487,"width":868,"height":13}},{"id":"1f6ae0af-2857-493e-95ca-2d67476173a3","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":152,"box":{"x":89,"y":502,"width":863,"height":13}},{"id":"92d6dc13-1b47-4f23-b333-531ad99a18f0","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":152,"box":{"x":89,"y":518,"width":814,"height":12}},{"id":"73d0aa99-ceba-45e3-8b75-b1c9077af0c9","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":152,"box":{"x":89,"y":533,"width":867,"height":12}},{"id":"3726c05a-5bb7-4cfb-b83d-ad988c4ce6dc","block_type":"box","text":"Company and reported to the Board.","page_number":152,"box":{"x":89,"y":548,"width":255,"height":12}},{"id":"ef9293bb-3bd6-472a-a4ed-2143d3c3a88f","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":152,"box":{"x":89,"y":574,"width":509,"height":13}},{"id":"35c16ce7-99b9-4f5f-95a7-c79e44de99ea","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":152,"box":{"x":607,"y":574,"width":303,"height":13}},{"id":"fb462912-29f4-4776-bd89-042fefee891a","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":152,"box":{"x":89,"y":589,"width":850,"height":13}},{"id":"2f05eeb3-dcdd-499c-95c0-2524141cc89d","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":152,"box":{"x":89,"y":605,"width":873,"height":12}},{"id":"084243e2-5576-4fc0-b19c-913e36b7058e","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":152,"box":{"x":89,"y":620,"width":848,"height":12}},{"id":"47d02f2e-a28e-40a9-9961-1b90438e2f19","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":152,"box":{"x":89,"y":635,"width":423,"height":12}},{"id":"999777af-7cfa-47e6-bf07-4482b37428f6","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":152,"box":{"x":88,"y":661,"width":870,"height":13}},{"id":"8c3beea1-be91-4ae3-946f-a79302e9f9ec","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":152,"box":{"x":89,"y":676,"width":828,"height":13}},{"id":"24726300-5d65-4d75-bdb2-3f7ccb564d2f","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":152,"box":{"x":89,"y":691,"width":868,"height":13}},{"id":"7a8d6a78-efd9-4d2d-bd5e-23561cfe7841","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":152,"box":{"x":88,"y":718,"width":848,"height":12}},{"id":"c71d4155-ea84-49e1-b31a-66180c60bee9","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":152,"box":{"x":89,"y":733,"width":857,"height":12}},{"id":"0265ec53-943b-4d3b-9436-8abe746a1b19","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":152,"box":{"x":88,"y":748,"width":862,"height":12}},{"id":"b5f99dd9-80f1-4874-9837-8691a23e2e75","block_type":"box","text":"the AIFM.","page_number":152,"box":{"x":88,"y":763,"width":67,"height":10}},{"id":"112be457-7630-4737-9775-4aade85a6b7d","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":152,"box":{"x":88,"y":790,"width":862,"height":12}},{"id":"40004ffd-b7d2-4bfc-91b4-d4292b9a82bf","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":152,"box":{"x":89,"y":805,"width":865,"height":12}},{"id":"5a6680b8-53ee-4167-a192-23d1bf4c6890","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":152,"box":{"x":89,"y":820,"width":862,"height":12}},{"id":"d7cb7111-cb1f-4f47-b336-912c1606d301","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":152,"box":{"x":89,"y":835,"width":822,"height":12}},{"id":"d9c0a9c3-9845-4aaf-9e9f-b319502b0c54","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":152,"box":{"x":89,"y":850,"width":831,"height":13}},{"id":"4747a825-1a3f-45ea-8a37-9ff9e496a0f5","block_type":"box","text":"134","page_number":152,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"36c35e87-77ca-425c-8cee-6b1555d1ffdf","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":153,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"5000036a-9938-41ea-b620-a51b9473f240","block_type":"box","text":"employed in respect of the Fund.","page_number":153,"box":{"x":89,"y":59,"width":228,"height":12}},{"id":"e117a372-de0c-42ce-b404-597b8cb3d624","block_type":"box","text":"BFA has registered the following Funds for marketing to investors in Finland, the Netherlands, Sweden, and the U.K.:","page_number":153,"box":{"x":89,"y":85,"width":809,"height":13}},{"id":"db40891d-4586-4717-9e3e-2a0db299b7a9","block_type":"box","text":"iShares MSCI Canada ETF","page_number":153,"box":{"x":89,"y":112,"width":179,"height":10}},{"id":"3ec34b12-5751-459e-8f5f-a46257a618bf","block_type":"box","text":"iShares MSCI Hong Kong ETF","page_number":153,"box":{"x":89,"y":127,"width":205,"height":12}},{"id":"3d0ee046-3c03-4741-be5d-1730d18f1886","block_type":"box","text":"iShares MSCI Japan ETF","page_number":153,"box":{"x":89,"y":142,"width":165,"height":12}},{"id":"1759cdad-ee03-4b6d-acca-b1ae515f9b0a","block_type":"box","text":"iShares MSCI Mexico ETF","page_number":153,"box":{"x":89,"y":157,"width":177,"height":10}},{"id":"b0a047d8-3b66-4a70-b3ea-abdf576c80a1","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":153,"box":{"x":89,"y":172,"width":187,"height":10}},{"id":"bce5ca12-bcc8-4386-a1bb-19542e3d686b","block_type":"box","text":"BFA has registered the iShares MSCI Germany ETF for marketing to investors in Finland, Sweden, and the U.K.","page_number":153,"box":{"x":89,"y":199,"width":764,"height":12}},{"id":"0a06edba-9745-4b26-8e88-724959792446","block_type":"box","text":"BFA has registered the iShares MSCI Japan Small-Cap ETF for marketing to investors in the U.K.","page_number":153,"box":{"x":89,"y":225,"width":662,"height":13}},{"id":"d364a7d0-c99c-4c8d-9068-5bf820ff60b9","block_type":"box","text":"Investors’ Rights.","page_number":153,"box":{"x":89,"y":252,"width":122,"height":12}},{"id":"dda4c898-ada7-4a22-9ace-2093bf52d048","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":153,"box":{"x":221,"y":252,"width":668,"height":12}},{"id":"cb74e563-fc5f-46b5-9ccf-b8b2fcc5a543","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":153,"box":{"x":89,"y":267,"width":859,"height":12}},{"id":"d2a9d06b-d050-4f65-9e9d-78f6f7c06019","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":153,"box":{"x":89,"y":282,"width":869,"height":12}},{"id":"7947ac6b-9507-438a-87f5-81be0443e11d","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":153,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"19a129fa-d93f-46e3-8754-65bf4afd3829","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":153,"box":{"x":89,"y":312,"width":876,"height":13}},{"id":"ca555803-69f6-467d-8535-32fbe101666e","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":153,"box":{"x":89,"y":327,"width":865,"height":13}},{"id":"a0894016-3831-4eaa-83fe-8bce546ab4bc","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":153,"box":{"x":89,"y":342,"width":870,"height":13}},{"id":"971dd363-67b3-4974-8538-f7180f1eee25","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":153,"box":{"x":89,"y":358,"width":722,"height":12}},{"id":"16bd223c-e349-42b8-b9f6-70cfc3b092ab","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":153,"box":{"x":89,"y":384,"width":872,"height":12}},{"id":"a925325a-7b50-469e-8be2-2e8ffad70ac5","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":153,"box":{"x":89,"y":399,"width":829,"height":13}},{"id":"5872af6f-6f54-49af-8426-94025979ff8a","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":153,"box":{"x":88,"y":414,"width":828,"height":13}},{"id":"306f92e1-5f14-4607-b8c7-b725193ce9c8","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":153,"box":{"x":89,"y":429,"width":567,"height":13}},{"id":"7cfa2993-0dbb-4838-b9c4-35406b58a263","block_type":"box","text":"135","page_number":153,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"ee6980b7-873f-4a36-89d6-5615dcbad887","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":154,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"323f71bd-bb3c-4735-a964-96815ce18c4d","block_type":"box","text":"A-1","page_number":154,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"340b0976-47ac-4971-b36f-60415aa4fdc4","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":155,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"0987c983-38d0-4889-9f1e-2af361a6029c","block_type":"box","text":"Proxy Voting Policy","page_number":155,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"d9cf49f6-e9e2-4577-8885-e8f37b1dfe0c","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":155,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"531de4e5-ca2e-4221-b1cb-a271f73663bf","block_type":"box","text":"Effective Date: January 1, 2025","page_number":155,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"38b88892-46c3-45f5-92b0-f944d1627359","block_type":"box","text":"________________________________________","page_number":155,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"92fc9cc3-2c3c-464d-bc61-28184a24f759","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":155,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"0ecf5a95-fd31-41ef-b1ef-4820ae8c1870","block_type":"box","text":"□","page_number":155,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"e47788e0-8206-4f0a-bedc-6ed0e236cbef","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":155,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"d7053123-c79a-431b-b1af-d01db6dbef0d","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":155,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"0ce1fd12-30c1-4b31-a99d-0710642878ba","block_type":"box","text":"□","page_number":155,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"4cfd54e1-99a0-4f03-b5cf-2f4d11fbcc9e","block_type":"box","text":"Money Market Funds","page_number":155,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"15adf7cc-78bc-48ce-a554-ae0606e08c6c","block_type":"box","text":"□","page_number":155,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"bb5f9e51-43db-4eb0-a750-65fb63cab19e","block_type":"box","text":"Closed-End Funds","page_number":155,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"09de344f-3302-44c7-b017-3e8d7799a7a8","block_type":"box","text":"□","page_number":155,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"3658e365-04bc-45f2-980c-19040f076712","block_type":"box","text":"Other","page_number":155,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"0a0a3bbd-dbac-4b24-a687-de45bf78f82b","block_type":"box","text":"________________________________________","page_number":155,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"9a4d53eb-e4fa-4b5b-b90d-f275bd246fee","block_type":"box","text":"Objective and Scope","page_number":155,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"deabe582-0770-4258-959f-c826f6cd1b65","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":155,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"d1c267c8-8c64-4753-8e10-621934239e2f","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":155,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"69205c7a-d897-4b45-a1e7-ac14909404b0","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":155,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"e67b9521-16b9-4b13-ba9f-3e9b377e8f2a","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":155,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"694e9d16-820c-45d0-910c-61851873daa1","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":155,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"71c5fb91-92bd-4ad2-aae5-0ff9ca26569b","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":155,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"bd7b1144-b593-4881-8b8c-b06820bb3df6","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment 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The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":155,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"7bf3677f-9028-4220-9671-55c0a05dc850","block_type":"box","text":"any.","page_number":155,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"c0a01acd-c3fb-40d2-9d7d-8ddd5f2c8838","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":155,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"e251d93e-9fd3-4bf9-bc96-5e4d54264533","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":155,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"5f3fbdf4-f5a2-4211-8a6a-60514bda64d5","block_type":"box","text":"Conflicts Management","page_number":155,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"35b1d41d-1b7e-4336-b339-fedbf239d490","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":155,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"65bf6032-114c-4625-b4ae-70f56fbfc284","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":155,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"0d6f9650-87b2-4c10-922c-c9b8f40bc322","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":155,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"c1447a2a-a011-400e-b148-c68b283fb588","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":155,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"fc367be7-1d41-41a0-81cd-8e8ab0443976","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":155,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"c56c06e0-c558-42fd-b92e-8821a25b3a9a","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":155,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"0f522053-07e6-4d52-b663-55ea267a6ec1","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":155,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"621f6a82-3ded-454b-9c6b-eca0a3cccde3","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":155,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"b09d758c-e999-4bad-8892-36e4067f46f4","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":155,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"cec8d8dc-d34a-46ca-80c3-69c5d39f87d6","block_type":"box","text":"A-2","page_number":155,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"29564a95-a0ab-4330-b1a4-92d58e64d0d2","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":156,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"5ae2a522-065c-4e01-9699-fcaaf1758d8d","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":156,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"c40370ed-fbcf-4886-afe2-9a78975a16c8","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":156,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"6b0d5522-94cb-404d-bee6-4d34a387638f","block_type":"box","text":"Reports to the Board","page_number":156,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"dca4eed1-0711-4530-bffe-3b420d6ca37d","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":156,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"bef03310-0b3b-486b-b66b-a1436d218ce2","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":156,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"20d06a79-7df9-4501-b489-c1517cab8f1f","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":156,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"88151980-ea78-40d8-bbde-cc6e3d5d7e7a","block_type":"box","text":"that have not previously been reported.","page_number":156,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"f2f41f86-aac1-4087-9184-36a6caeb2dd3","block_type":"box","text":"Appendix A","page_number":156,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"6e86808a-7784-4c8b-bcf4-e43f88269d34","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":156,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"7fb50b43-a9f0-47f3-9c79-a9c3c0b2dec6","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":156,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"b18147d9-4c27-4744-89ef-a3a6f2b92775","block_type":"box","text":"A-3","page_number":156,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"16667928-aa50-4979-a173-8c3badca7904","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":157,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"2e313077-d2a4-427b-b40a-eb563d4adc5c","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":157,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"b087ba92-017d-4363-8a1a-d30cee87abd6","block_type":"box","text":"Effective as of January 2025","page_number":157,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"04e192ba-7744-4cc4-8538-d7290555a7eb","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":157,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"adf919dd-4934-4f7f-84be-6a2b0b606d39","block_type":"box","text":"Introduction to BlackRock","page_number":157,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"26509eff-6ac2-47ba-acca-bf0aa35453a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":157,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"54d5ebe4-cd9e-4b4b-a83f-2c8582ba6e6e","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":157,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"39d0046d-9b90-43e8-b4de-0beabd78c6ec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":157,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"89b24c6b-bbea-4957-bd87-34a1d5d545f9","block_type":"box","text":"Our approach to stewardship within active equities","page_number":157,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"63564ed1-35e2-4fe4-958f-fb437e0185eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":157,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"c76c5287-02c6-418d-b34c-5fe1b1002c80","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":157,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"baea3a71-a53a-4334-ba1b-74fb6d364fb6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":157,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"1e21d9dd-eefa-4c53-b7ea-36413b88fa26","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":157,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"8bde38b3-ca76-44f2-837c-12d0b27f1067","block_type":"box","text":"Executive compensation","page_number":157,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"79f69372-705a-45d8-b14e-ee8f258a0c92","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":157,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"a6055ac3-8e95-4c9e-a870-c06063848696","block_type":"box","text":"Non-executive director compensation","page_number":157,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"f89179c3-cb84-4185-8b52-7b51c458d342","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":157,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"15a107db-87c7-4a57-82b7-511cb2946115","block_type":"box","text":"Capital structure","page_number":157,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"e907010d-8f57-4f92-b0af-1d81e66a8781","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":157,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"1e460da5-dfab-418f-ba38-4887516c36a4","block_type":"box","text":"Transactions and special situations","page_number":157,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"363ce7e2-bfce-4cf5-a6f9-3daa3f50c41a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":157,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"a08566eb-096e-4df8-bac5-d51dccdf34d5","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":157,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"301968ec-620b-431b-be2c-6255da200fd2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":157,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"f2392916-9ee6-41cd-afc3-a3e89ebb6749","block_type":"box","text":"Shareholder rights and protections","page_number":157,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"a7568f38-8431-4224-b246-295fbb066336","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":157,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"a22d0147-d6ee-44e7-bed4-f8ef551b13d6","block_type":"box","text":"Shareholder proposals","page_number":157,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"0ef10f23-dc89-47ab-bcd5-e69fa3837c08","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":157,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"38198178-eeca-4179-a1e6-257a697da1e0","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":157,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"a1acc65c-e7ad-468c-9410-33ff190f3672","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":157,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"c3bd500f-58e1-40e3-83d7-c223120a20f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":157,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"a54c4e7c-44f7-4813-b401-163a990ce85c","block_type":"box","text":"Key stakeholders","page_number":157,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"fd41d329-4b68-4cd9-9e40-f1e74f8479a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":157,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"524fbaa4-754a-4ef8-9085-0d337587173b","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":157,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"73c2d034-13c2-47b8-8c06-6025b7f81842","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":157,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"83bdd41f-a32d-4659-a7e3-b745a74cd028","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":157,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"44612702-3733-43bc-84b7-5e254ba9b88c","block_type":"box","text":". . . . . . . . . .A-14","page_number":157,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"ae708c5a-fe24-44ed-b516-9080368ef1b0","block_type":"box","text":"Overview","page_number":157,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"ff3b4dbb-bbce-4303-8e06-8b13e61dbc9b","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":157,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"0277be65-d448-4d6c-9e8c-793cfc4ea930","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":157,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"2e97a84c-54f5-4c1f-832c-a40b32c154c2","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":157,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"47c2bff9-223f-4f79-b42b-c67e9a272f8f","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":157,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"7f122a54-b889-41b7-9e0f-f685f6038e13","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":157,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"26262890-4834-49a7-aac3-533cad6ef0ec","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":157,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"03301c12-6eeb-45f4-8847-d8d6a8ecb094","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":157,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"68263362-ea48-45e1-a6e1-9080ce38baaa","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":157,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"e019ff45-9cd9-43f9-96c7-bdb745ae4258","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":157,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"87526565-0d95-4774-8275-e66b16c34abf","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":157,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"c2090607-6160-4868-be54-9bb9284ce7b0","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":157,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"2c96d9eb-3bce-41e0-948a-b3e6f5445148","block_type":"box","text":"Introduction to BlackRock","page_number":157,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"d9d02d96-7da0-4306-9d89-d992f308470c","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":157,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"0ae48a67-8ac7-4c3f-a114-11c9b7766c00","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":157,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"6d3cd93c-56d5-4e85-92be-50b414c1491e","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":157,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"a4826246-8de1-4f67-9f84-5035e3098af1","block_type":"box","text":"well as individuals around the world.","page_number":157,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"6f432735-4978-49a4-9e55-dc881162cc22","block_type":"box","text":"A-4","page_number":157,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"bb69b619-dc46-44af-816f-36d6dca8edf5","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":158,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"af6fce00-b358-46f4-88eb-d0a7d9c9e8ec","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":158,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"02122aa4-5741-4633-8b7c-4b49a519d5d7","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":158,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"afa47e10-2b46-49f1-ba32-cb38545bd4d1","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":158,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"f5975cf1-fcbc-4811-ae8f-263b7712dd9b","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":158,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"ab434cea-9fe5-40dc-bc0c-b05ecae737a9","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":158,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"b4cfd195-3194-4907-a4e6-1dfcdb32d7ee","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":158,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"42ec050e-50e4-4593-b0bf-54ef2c2d35ae","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":158,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"c8f91b09-83c4-4725-bcc4-8e7865ab9c4f","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":158,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"04f61def-7e72-40d1-bc16-48f2d0903a70","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":158,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"736ece33-857c-4356-9707-e318d4e2ab22","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":158,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"963cc4af-3241-465a-a662-3328b881a808","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":158,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"e89eb707-2432-4222-bd3d-579c3edffe24","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":158,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"3914ae21-c2f2-4875-9627-178950ba6e7a","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":158,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"a08655d4-2636-46c2-bee3-cd57064f7c14","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":158,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"6c31dfa7-0977-4cc4-894a-fab89f9f31e0","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":158,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"32443cac-9b32-4474-94b5-fa33f15f1a67","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":158,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"f4974976-3d8a-4feb-8084-2050239546b7","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":158,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"3c337dc5-8ec6-44aa-9efc-4cabe2271fc2","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":158,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"cb7405ce-10e0-4cde-beae-4770c376063e","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":158,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"6e8312f3-4f57-44fc-9376-538e5e11b334","block_type":"box","text":"directors","page_number":158,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"5c74d812-6d4f-4a18-b540-fa68233687e9","block_type":"box","text":"(1)","page_number":158,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"e7ee8749-8cd4-442c-8032-5781b3825957","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":158,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"77b65bf1-31e0-4fff-b526-79fc04eaa0e6","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":158,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"add8b7ac-d8ff-4ea8-a3fd-68e28edde5d4","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":158,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"715c7e9a-1adc-40f5-8984-36997a38c84c","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":158,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"8c949013-8c8c-491f-b898-66095d9c2e6b","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":158,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"5339b85e-cb15-46f1-b602-ccabd0e8406e","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":158,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"5201913f-cac9-48dc-92c1-5de647316f8c","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":158,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"1846f7c5-bcb5-470a-a5ec-694842478338","block_type":"box","text":"interests of their investors.","page_number":158,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"97324947-7eda-4a6f-96e3-8059b4fe22b1","block_type":"box","text":"Our approach to stewardship within active equities","page_number":158,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"5d27375c-401d-4e06-b096-260452ca3d57","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":158,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"b6547998-f27c-4626-bddf-14d219f54d19","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":158,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"3cfce9b2-31ed-4a74-9e52-e03f00e18fbe","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":158,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"0cd9f873-a8e7-4ca3-9ec1-dc79411b36f3","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":158,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"abf25205-db6b-4c68-9792-7a90cd0bc3dd","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":158,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"43537dfc-291e-492e-848f-294853c12462","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":158,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"59506875-9c8e-44a8-bfec-7fd8b01173be","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":158,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"7607858c-f65c-45c8-a5b4-7b50ac80540b","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":158,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"d50d0227-e582-4e49-aedd-5847851ad71f","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":158,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"daecd2fb-e93b-4efb-9d24-96e4a8a21a63","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":158,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"01ce276f-a34f-4b6e-9055-312ecac813cd","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":158,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"07a6cb59-3d16-495b-b55d-97c09b1edee8","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":158,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"cfdfe53b-9495-443b-a27d-3f7bdca8fe58","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":158,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"a35596a3-5b4b-4003-aa20-96a03b4da71b","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":158,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"47fec7a1-1d66-4d4d-99f8-92c720b43a35","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":158,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"1b4fbe77-6d23-45f5-9d4c-b7fee54feb7a","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":158,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"abc030b2-3883-456a-8b12-5dd8b44e4ce5","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":158,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"8fbc9f61-63d0-44bb-adad-c3ee4677def3","block_type":"box","text":"relevant.","page_number":158,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"c70970f1-bff3-425a-b72b-c2056656e2bd","block_type":"box","text":"A-5","page_number":158,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"4c798a11-1906-41d7-aca4-5d85e9e41f1e","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":159,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"b69f2cd5-6e9e-455e-9840-c54ff993c0b9","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":159,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"e1b42ef7-ce9b-4bbe-b0f0-0f5e6a464f87","block_type":"box","text":"Boards of Directors","page_number":159,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"ac0fe3ea-bf18-4478-bd2f-4d3a29f43457","block_type":"box","text":"Roles and responsibilities","page_number":159,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"d8bb31a8-befc-4ca4-b8f4-ad53eb106f8a","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":159,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"fc7f3eac-5518-4487-9375-0ce4314c74ec","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":159,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"e7367bf0-3a62-46fd-aa50-5d27619de7b1","block_type":"box","text":"(2)","page_number":159,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"aab9c403-ad1e-4027-b5c3-347b155548f6","block_type":"box","text":".","page_number":159,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"a2c5b9df-c768-411d-aab0-b0c12fcf08d9","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":159,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"1e966e73-03c9-4c7c-a5e9-2aa2d990b29c","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":159,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"4e93af81-146c-4f0b-8363-526773b0df0c","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":159,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"cac341a3-5960-437c-b707-64fa915989df","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":159,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"b3662a62-5aee-448a-a0b5-189b6dc5bf1d","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":159,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"33bb3513-69aa-4bab-94b4-a5d08d3ae058","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":159,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"ea16dcdd-9ebe-439a-bc77-1853dc836b55","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":159,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"5edce204-e510-48db-8a43-2b14976620e1","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":159,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"587285c5-0a96-4840-918f-0fd43a0c85c0","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":159,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"b7fbec17-2b10-430f-a490-63b60450ee92","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":159,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"c61d8f92-6b57-4ca9-9e13-2bd41b937fc6","block_type":"box","text":"Composition and effectiveness","page_number":159,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"cb56cc92-00ad-472d-8664-9d8c5eef5cb9","block_type":"box","text":"Appointment process","page_number":159,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"e5cfb400-3d67-4b9a-914d-8b8fef9fa2f6","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":159,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"4de45f9e-1e8b-47fd-bd39-eba5d991c9bb","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":159,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"becd41ef-48a8-4811-9bd5-fa59d0ab8c88","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":159,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"e8da5c97-ab45-4e0c-9111-258f081ed617","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":159,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"9a9918fb-6f1f-4ec1-ba8f-0fa4019881c3","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":159,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"a6fe2f9e-bf30-4c70-976f-d142713b20eb","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":159,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"fd1beceb-107f-4523-bfa3-5d6f90d766af","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":159,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"8aaadb95-06ac-4b56-8bfc-dd5c87d0011e","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":159,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"fd5427f2-20e6-43d5-ab12-a0d9933bc215","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":159,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"22a3f703-5fa7-4387-95f3-6ac41221e0ad","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":159,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"84685634-077f-41dc-ae04-90eb6b7a4acc","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":159,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"938e1f3b-fa58-4b43-8007-660d3c35d4d3","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":159,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"51cdcb9e-10c5-416f-89c4-a7e28a02d868","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":159,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"d1f5c35b-e1ee-4d5e-8a72-2dfa814d6e84","block_type":"box","text":"effectiveness.","page_number":159,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"cd94db4f-93ad-437a-82fa-7fddcee45e21","block_type":"box","text":"Independence","page_number":159,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"fcae172f-627a-4ce2-bee5-bade22d650a0","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":159,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"4f096659-0ad7-4271-8eb5-2d6fca1433b5","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":159,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"793885bd-754e-4471-bf67-aba6d7e078a2","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":159,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"53200df7-754b-4e44-8b59-85adcd6f5f33","block_type":"box","text":"(3)","page_number":159,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"59f558da-6684-4074-8705-523dc8285207","block_type":"box","text":". This ensures sufficient","page_number":159,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"0e6908be-8644-4a7f-8f45-505296550647","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":159,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"fd5286fa-7c35-4a32-a3a2-a1740432abbf","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":159,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"34f382eb-3df7-4031-b797-eff223a390ff","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":159,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"80c8e34d-4086-4861-8ef3-b91e4ea6a451","block_type":"box","text":"examples.","page_number":159,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"fb545817-1f99-4b98-b973-d3eaad486d1f","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":159,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"7864841f-57ee-4351-a8d0-46d39a520c39","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":159,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"58d5a08e-33b5-4c12-b3c4-dc5d1076ae57","block_type":"box","text":"rest,","page_number":159,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"45763e22-7b96-466d-9715-fd58eed47a4b","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":159,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"725b50f9-93d2-4560-9641-ccf935c967f0","block_type":"box","text":"terests","page_number":159,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"9c80ef4d-521b-4376-ba0a-c09958893dcd","block_type":"box","text":"of the company and shareholders.","page_number":159,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"67213e18-93a9-452f-8703-82bd0dd9e88d","block_type":"box","text":"A-6","page_number":159,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"852bc796-b6d6-48e5-a3b0-46a8f39684ca","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":160,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"2c93c3e2-56e6-4b1f-8ddc-f5cd558aea4a","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":160,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"acac32e9-547d-4671-bade-cbe3b52ab9b1","block_type":"box","text":"is a perennial issue.","page_number":160,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"7cb8e8b0-aa08-469d-89b4-276686fadfc7","block_type":"box","text":"Independent board leadership","page_number":160,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"ac395fa4-6007-42e4-a946-4fb85a07e6c1","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":160,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"38c0c8e4-bcb5-42d5-85f7-83c9466475ae","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":160,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"2521eb66-da59-470d-a2b8-857d05714b0f","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":160,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"67372a40-69d5-44f7-9750-77b191ae4654","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":160,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"015e0277-78d5-4e5a-a05f-deec9f753567","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":160,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"d98239e9-3438-423f-be26-35f26b1c3e41","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":160,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"9f572f96-0566-4a73-a41a-c69173759290","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":160,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"c86a094a-6abb-4126-afad-6f9953b9d57b","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":160,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"7ea33faa-d018-494a-95ca-3072c025a084","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":160,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"d506cd14-7452-4b46-b17f-d8329eaa6de6","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":160,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"cca58763-f788-4c75-bf7a-b9acf7e6c89c","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":160,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"27b02a44-8734-444a-b2a9-5d4e6246cffb","block_type":"box","text":"Tenure and succession","page_number":160,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"7ae94e60-4fb8-456e-8704-61e835dbc04a","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":160,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"68b5ba75-48ed-43c9-a7af-3fd40ad3ced9","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":160,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"9b50c522-9331-43b5-9a19-db44e86cee33","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":160,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"c746e363-365c-4cff-af54-42cfe4527bcd","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":160,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"5e4e9055-201f-41b5-9eb5-0c05a35fb295","block_type":"box","text":"decisions.","page_number":160,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"95e249ec-b76c-4f1a-bb9c-d234ea459bab","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":160,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"7f74e248-8895-468b-a5c5-9a1affa9a377","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":160,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"e5417aeb-73dc-45c4-a23d-a9b5092ed0b0","block_type":"box","text":"long-term knowledge of the board and company.","page_number":160,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"e7337d51-80e7-4972-9965-daa937f9f83f","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":160,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"5ab97689-e52b-4894-9228-ed73cac888e6","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":160,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"2e51bf5a-9216-4b49-b92b-ee33349817da","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":160,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"0f781c8c-b8d4-4eaf-adac-1d1eb2e96abb","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":160,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"ff86460b-2879-487a-a93e-8e0862b240d3","block_type":"box","text":"Capacity","page_number":160,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"ea62a4b3-df33-43c3-b880-36af4e4fc789","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":160,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"2ca59c24-aa8a-49a5-abbb-75daeff14be4","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":160,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"f50d9872-5ad4-40d7-a825-588a639f6d48","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":160,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"1f357fa3-fc89-48d0-a6a8-f5179f0e6595","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":160,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"389cb402-4013-4596-abe2-c1f24fc0d036","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":160,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"c3fd6670-6ced-444d-9be4-078350943675","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":160,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"a6249db4-1667-4e02-8faa-5c3ad92bcb76","block_type":"box","text":"the board and company.","page_number":160,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"32bb4df4-2083-49a1-9dff-87b827a372a3","block_type":"box","text":"Director elections","page_number":160,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"21eb1eea-09e2-45ac-91f3-9ba9b6b5729b","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":160,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"eb2da000-ba61-4da3-b4fe-b12589b5faa8","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":160,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"2f907666-5753-4b3d-9f0b-dfc8f8d8136b","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":160,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"7504affe-7e7b-47b9-a90a-b6182ed6a289","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":160,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"d4cd089d-f202-4d9f-a931-049a77932f35","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":160,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"e37d7587-4dcf-4dcd-aa24-8c3b8744f1f9","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":160,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"21ddb65d-2489-4dde-8c0c-528171aa36c1","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":160,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"faf86594-9834-47f6-b0d4-3e55b840d1c3","block_type":"box","text":"A-7","page_number":160,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"d66e5eca-effe-44af-9524-6b3ee345d27b","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":161,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"f7ab2c25-7121-43d5-8eb4-dc900a1fd3bc","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":161,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"6cda5cca-b100-49e3-8d43-8c7139ec7ccb","block_type":"box","text":"best serves investors’ interests.","page_number":161,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"30bf7337-8208-4549-a2f1-aba1a3afce95","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":161,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"3df3c2fa-eca6-457f-a25b-433d71b45514","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":161,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"f3eb7b08-dca3-49fa-bfbd-a1443cecefb8","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":161,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"ed1985b2-94af-4d2a-8d90-c21f11c65e9a","block_type":"box","text":"Committees","page_number":161,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"16d0969c-9777-4bdb-9036-7a2c327ea8ab","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":161,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"c691fa72-35c2-4926-906f-10dee47fc7d9","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":161,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"9d6c6df5-cd7c-449c-8437-7234b7a983d1","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":161,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"e8810f8a-ab8e-4e7f-906c-e0a3702c7075","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":161,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"59becddf-b848-4121-9ec9-75847f9f6a15","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":161,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"4905566e-01a4-4f71-8fb0-8d48793d65b1","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":161,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"5b4dd0a5-7ff3-4032-bfff-ded49aff1e69","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":161,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"16792ea1-0c0d-49b0-9e00-107e132f4adf","block_type":"box","text":"include:","page_number":161,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"27345814-2f4b-44b8-b658-9b46b827927d","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":161,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"d533711b-13d6-4ca7-bdcd-c324abc5e495","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":161,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"f0b080af-cc67-4588-9c5a-6ae7aadaf004","block_type":"box","text":"whistleblowing mechanisms.","page_number":161,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"ee5aed96-f900-457c-aa28-821a2bf7e518","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":161,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"28e5e650-2508-4b67-a9d9-9a5a49a5278f","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":161,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"1f4b3b35-05c7-41ac-9959-a1ced52e1b44","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":161,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"a03e5f77-ddd2-4623-91e8-d2d89797a072","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":161,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"21b68b19-b528-47ff-9fca-b638f39edef1","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":161,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"a9d8b706-ff99-4682-a0bc-72bb496aec5c","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":161,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"669c32bf-c2d1-4797-8536-4d793a053663","block_type":"box","text":"wide compensation policies.","page_number":161,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"3ea45379-03b8-4247-9cfc-ec9bae43179f","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":161,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"66cac3df-2bfb-4ec2-bb3f-e16120c6a6f2","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":161,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"eb95891e-f403-4d80-a1af-90e987778caf","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":161,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"391478d8-bb2a-4cf1-a2fd-cec06e649632","block_type":"box","text":"Board and director evaluation","page_number":161,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"b7ddcf7b-f94c-4a61-bc59-4b975fd76903","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":161,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"8b40cd87-daff-41a4-8dbb-873d07d3d4a1","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":161,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"5cc1020c-556f-4795-8b41-7e2912e224ba","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":161,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"fcde2fc2-411b-4ba3-bf12-c987c8924eeb","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":161,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"267cb43a-d0db-4fec-8c53-7df0e0a6ee8b","block_type":"box","text":"Access to independent advice","page_number":161,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"b72322d1-49e8-4ad4-8860-a5e6b57f6965","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":161,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"b480b25e-8ea6-4571-97fa-e35d374bac7d","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":161,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"ace80049-a7bc-4053-8e27-d95006dcfeba","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":161,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"3e3006ab-7d85-485d-8990-f11a6c8eee0c","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":161,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"a3d55474-7706-43de-9d7b-ab20f3e1c3eb","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":161,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"57a59eec-cd8c-4afd-9238-45f3be33dec5","block_type":"box","text":"succession planning.","page_number":161,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"5debd8fb-6d05-4331-b89e-1671cbfe7949","block_type":"box","text":"Executive compensation","page_number":161,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"f4393c1e-59df-4f30-bd3e-17fa01d574b2","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":161,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"b94b2bbd-b087-45c7-8044-ef12b7510d20","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":161,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"6f186b7e-9be4-4bd3-b159-16ee0036953b","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":161,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"014b49ce-44a4-4c30-9e94-9115914fd136","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":161,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"4275037f-994d-4d27-826d-c129c0abb333","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":161,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"0ce40ab8-bf29-4ab5-a32b-981cbc0a1ee4","block_type":"box","text":"A-8","page_number":161,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"a9fc5694-2914-48fb-9fb9-ba94d3143c7e","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":162,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"0f405843-cdc0-432c-8a20-861f6b548b74","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":162,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"24955f56-4e85-4649-b2d4-781b26ef4c70","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":162,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"ffe161c8-ef50-4341-98f5-3db90c54e1aa","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":162,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"dd9db4f8-22d5-48c8-a3a7-898028ec56f4","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":162,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"f2280bd0-70f1-4837-b416-769fd3550b34","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":162,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"7392d12c-6742-41a9-9b21-82b28396444a","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":162,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"d83011e5-35be-45a3-916e-86396d71c81a","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":162,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"d75ea8b4-9ca1-4450-bddc-37834958a96f","block_type":"box","text":"company’s size, sector and market.","page_number":162,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"415b676a-9165-4903-9800-160d4d9fc112","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":162,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"035d72ba-5ea0-47d8-a4a9-18a6f51e2f75","block_type":"box","text":"objectives.","page_number":162,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"c76607a4-45c3-4d9e-9c08-95912cd338c0","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":162,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"740ebada-316d-40c6-8ef2-066787fb8896","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":162,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"79ffff9e-1fd7-450a-81e1-0f6f2a4b9875","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":162,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"e9b0209d-ee62-4392-a46f-c1f9e84e6310","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":162,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"1dfd03e9-620c-4b9f-b7e8-b2257b4fb3bb","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":162,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"a4ee4eb2-b8d9-4b69-aef1-a88f9029d78e","block_type":"box","text":"transparently.","page_number":162,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"34f7c668-8228-4327-a16d-af5c336cd3b9","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":162,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"59aa2c10-a5da-410d-b9e0-5d434c87f1e5","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":162,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"3f19b163-0e78-410d-88ab-44a1457fd463","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":162,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"2ff97f77-88ac-49b2-afd6-3cfb9a48e54f","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":162,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"2dd149c2-8503-48dd-8d47-7b2fb89e6db7","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":162,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"47cb3c4d-7209-4650-8ba9-c9bd5deedae7","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":162,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"48c6194c-728b-431c-951c-dc8c97b77e9b","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":162,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"72b9b278-8a22-4188-9be4-38ae13a80e79","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":162,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"988d1c79-ea27-4213-972a-7d978e133967","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":162,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"eb084a49-b679-4b8b-9c3c-3719b93b8189","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":162,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"1023478f-6cba-4ecb-85bd-aa69517c6f32","block_type":"box","text":"independent director.","page_number":162,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"88c2e6c5-4cf9-4ea9-b07c-f13fb9a29c5b","block_type":"box","text":"Non-executive director compensation","page_number":162,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"97708950-cfaa-4c1b-ba74-486558da210f","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":162,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"bad3a2af-350c-48a3-9078-9772d7072deb","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":162,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"ecb093a9-78bf-43d5-abbf-df4848c91a9e","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":162,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"268e0270-842d-4b3a-99f6-711da269e1ab","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":162,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"d09f84d2-56a7-4026-a251-1a5802606fd4","block_type":"box","text":"Capital structure","page_number":162,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"545ae896-737a-43fc-b85c-55e527a7f9ed","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":162,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"9e2b2d79-628b-4d05-aa01-9770090e74a0","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":162,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"6e4002ed-72fa-47ce-bd2e-a21226d5fe34","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":162,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"a57f472c-6650-4b60-b84e-5f71468d36de","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":162,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"e1d7e752-543e-44e0-b7b5-da80f0a917b9","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":162,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"d58300cd-4601-4be5-8e0b-9e20a25516b5","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":162,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"53515bcf-8697-44e3-9b5a-704c3c15f0a1","block_type":"box","text":"Share issuance","page_number":162,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"4faf0c95-26ff-47c1-810c-e3fdfe45fdab","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":162,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"36592812-58c0-4be7-b22d-686c658f6d8a","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":162,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"a47e9952-263c-4817-8570-b60e337e89b3","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":162,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"70ef6954-e083-41cb-9bab-d3cab44428fd","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":162,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"f9e039ca-9536-416d-852d-42ae6dec1c48","block_type":"box","text":"A-9","page_number":162,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"bec5fd7c-8a19-4be9-8801-996bf86e41c7","block_type":"box","text":"Share buybacks","page_number":163,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"b27ac7b6-efe7-4dfd-8c39-a2900bf36a42","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":163,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"18f0f458-6ec3-420d-bdb7-57689dd3df82","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":163,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"221a2b86-a3b6-402f-b8d9-652fa79dd534","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":163,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"b70ab4f9-fbe9-41fc-bce1-f13611549851","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":163,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"443ca730-1451-4673-a6ad-3807df9de8fd","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":163,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"82ecfb5e-1e23-4b63-81e1-0c2ec182d4e7","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":163,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"af890605-873c-42b9-8fae-8a628b6b17fd","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":163,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"1d4da2d2-29b4-472f-b9a1-ad18c22956bb","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":163,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"ee78a1f6-bab6-49aa-86a2-52e9e19aa680","block_type":"box","text":"Dividends","page_number":163,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"7d0a3be9-6d5c-4e39-aaa0-65400b224e22","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":163,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"891a164e-b07b-4fc8-bd7d-10e2926ea335","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":163,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"4717b172-e2f8-4156-85ed-a45d8b5b05cb","block_type":"box","text":"Differentiated voting rights","page_number":163,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"910f3e79-44ad-4eeb-8ec8-b71f7baedb40","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":163,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"6ed9d504-11ef-4d1e-989f-f19a7f2eb316","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":163,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"d7596956-999a-4001-9926-7ed7181fa310","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":163,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"0878ce99-edd8-4f97-9bdb-5b9e9a0d68e6","block_type":"box","text":"periodic basis.","page_number":163,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"ce4e9339-eac5-46f4-9604-119e31ef3603","block_type":"box","text":"Transactions and special situations","page_number":163,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"97a3b527-24c2-4595-b119-fa5809f764a6","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":163,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"1f3c98de-cc0d-4730-bb94-cb45b569f969","block_type":"box","text":"proposals.","page_number":163,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"c132e324-ecb4-4f7d-bbcf-df0875b75f3d","block_type":"box","text":"Mergers and acquisitions","page_number":163,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"8637a14e-25e6-4a9b-8d27-dbb49746a0c5","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":163,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"abb650a5-df2a-49d5-baeb-b05ac63fdd31","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":163,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"31983c86-d6dd-41a6-98a1-62c208409b2a","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":163,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"98019809-3b60-4d6d-98ad-2bfa6bdef43f","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":163,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"92eb9e27-9020-4863-a38e-1a6cd9c77b49","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":163,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"f2b1be66-2bac-493f-80d0-5b0998f0f636","block_type":"box","text":"shareholders.","page_number":163,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"0df9c8e2-6dd5-4837-81a8-79268ea15021","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":163,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"addd8a96-a2ec-4eeb-a44b-22597b7c3232","block_type":"box","text":"Anti-takeover defenses","page_number":163,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"2efb8647-3927-4cac-b5e3-1268591fd7af","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":163,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"39a94617-7659-4da5-9b5f-c112854107ea","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":163,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"524ac0e9-63c1-4dd8-9163-858901cf7b9f","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":163,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"33df9a2f-1f4f-480e-8d5c-9cdff4224ce8","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":163,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"c6a9b20a-d634-4481-a1f8-f554dc9ac24d","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":163,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"c4aaeba1-c667-41e1-997a-ebd98c5edd41","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":163,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"22636b7b-2bc9-445f-aca4-2beb6abca9c1","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":163,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"5570e3ae-735f-4a1c-bbdb-70c76e63e4ad","block_type":"box","text":"Shareholder activism","page_number":163,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"76a82ba4-9710-491e-befb-aa8c72e38c6c","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":163,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"097d3af6-d454-403c-bf0a-a86cb740abbd","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":163,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"14556abc-004c-4fda-8a52-1a2f8f5bdcb9","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":163,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"bd3f8ced-3bed-430b-b955-f66a0f2ec2da","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":163,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"e277affd-c868-4ff1-a088-7e18f524214a","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":163,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"5362e4ef-5e12-4489-af35-2a6e56b3b3a8","block_type":"box","text":"for our clients as minority shareholders.","page_number":163,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"11bba276-91af-4c14-ac0f-f26e026aa8a6","block_type":"box","text":"A-10","page_number":163,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"6b594eb3-baee-4cbb-8697-5cc914b622f2","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":164,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"375612a0-b9f9-4ce9-b31c-ca64b9b0ffc8","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":164,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"667a2d8e-83fd-42a5-ad39-42ebc7eac90a","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":164,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"5247d73a-56db-42f2-b734-8f243addbb7f","block_type":"box","text":"Significant shareholders and related party transactions","page_number":164,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"d347099d-ce38-4dcf-b247-d23f2ceba96e","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":164,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"6a31369d-fc5d-4ca6-a918-bd78bac420c9","block_type":"box","text":"shareholders are given equitable consideration.","page_number":164,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"9507c253-c90b-4116-9248-4d0883045171","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":164,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"6f783fe6-47cb-4e0f-b969-46b38d6247d3","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":164,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"3cf540c5-8713-4bc1-8c52-b6d5a3fb4557","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":164,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"ca0ae6ec-05af-4de5-97a9-a07bf0de672e","block_type":"box","text":"disinterested shareholders should vote.","page_number":164,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"6f9b03fb-9ee7-4486-931f-280d1293a200","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":164,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"61cb7d91-abb7-423d-9f6f-ef9dc481b3e6","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":164,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"15ca5d33-f0e7-4315-969f-562d09338a08","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":164,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"93d4f4f4-9424-439c-85bf-322eccdabfa9","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":164,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"78469e3b-3487-4c5c-88fa-9f764c4c398c","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":164,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"b2f6d563-24f3-4957-87a9-fb52535f6fe7","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":164,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"2250dfe8-12a7-4ebf-9eb6-d9661ac509cc","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":164,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"01504245-1e94-4c6c-9451-2992770186bd","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":164,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"1eeb28e5-c3df-4d16-897f-794b0fdcf352","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":164,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"a75cc0c4-a1b1-4921-a38d-4875047ab84b","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":164,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"038fd0f5-a26e-4cb5-930a-8c56ed60444b","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":164,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"df53e2eb-a78b-4a64-8167-337c72faad44","block_type":"box","text":"and the implications of these, disclosed.","page_number":164,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"252cce1b-cf7d-4de5-96bf-10c4552a2e65","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":164,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"d4d48b8c-3b2d-4628-9b34-987c83c307d0","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":164,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"6bee0a7a-d8b2-450e-9e53-a0c941df168d","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":164,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"cdb932fd-821f-4b1d-9004-2880c061938e","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":164,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"09c0101e-cd6d-4691-aa54-4771e95b7c28","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":164,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"22126e9c-8cba-4fb8-9ea0-eafb8588fe4b","block_type":"box","text":"external audit process annually.","page_number":164,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"5565c7e1-ed7c-4312-95fd-37ba949532f3","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":164,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"daef99de-e067-4ae3-b34f-27b531176a2d","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":164,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"d52cf6ef-90a1-4310-87e7-1f3a4080e34f","block_type":"box","text":"to companies in preparing such reports","page_number":164,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"5b0222c9-2af2-4e73-aa78-3aefcb97c12b","block_type":"box","text":"(4)","page_number":164,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"74ff9c9c-64b7-4082-bf7b-a554ec4eadc0","block_type":"box","text":".","page_number":164,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"b396a8c2-dbdb-4fb3-ba14-fb11f88dbc63","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":164,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"5b3ce8b4-9634-49f5-981f-e5461f2331ee","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":164,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"2517d90c-8ab9-45be-a912-03ae7ac48c18","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":164,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"974ace26-287d-4732-9377-915b710a23eb","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":164,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"00dab8a6-1c8c-4cf0-81d4-ee28bf0c39c6","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":164,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"8bb265d8-d3c3-4375-aaa8-2d06a8434980","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":164,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"2f2666e7-659c-42af-9697-deed3c578f9a","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":164,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"b6c9cf3f-3bce-425f-813f-b857fd99f520","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":164,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"ead34054-10e5-4c5d-9d2a-ca98ff076d44","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":164,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"d38df49b-9d87-439c-b1d4-b8d4a1cbaf76","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":164,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"4cc138a8-77e6-413e-81dd-6aa96f404fcb","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":164,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"055a9dcf-631a-48bb-b837-6c1a25f7b80d","block_type":"box","text":"e informa","page_number":164,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"86563231-b5e2-4b4d-be50-684407b5faee","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":164,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"1654e1ab-822d-41b0-bdb8-0c1cafca45c6","block_type":"box","text":"ions","page_number":164,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"04eb6a7c-41e6-4852-8b9d-2999301ec529","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":164,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"37ea2aaa-324a-48c7-8570-e1029e4e3393","block_type":"box","text":"bout its","page_number":164,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"77c71d09-7716-44d3-9f94-ab74b2b8ac75","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":164,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"4fc809e8-9468-434a-9eec-f2f638d226be","block_type":"box","text":"ding","page_number":164,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"b7abe975-8e1d-4193-b16b-69f0e04470ae","block_type":"box","text":"resources to the entity.","page_number":164,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"ec2404a3-ca02-4760-a758-750bf2eaa156","block_type":"box","text":"A-11","page_number":164,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"6a0d1f80-cf3d-432f-b5df-49bce667dd40","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":165,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"4550ac21-87ab-46fa-bbc0-2df4803f1faf","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":165,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"65983bb6-8f22-41ac-a1dd-0a06f5e7576d","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":165,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"e89bcbfe-a325-4b47-a39b-70c998e5296d","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":165,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"ef0f2ab0-e2e4-43be-b01e-bd7db5593a9a","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":165,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"b4b9261a-c99b-419e-830c-58a4e32fe985","block_type":"box","text":"not established reasonable remediation plans.","page_number":165,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"935778e7-5f6c-4256-afc0-7e5f21f2be46","block_type":"box","text":"Shareholder rights and protections","page_number":165,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"cfd75f76-1f07-449a-a821-b5551113e698","block_type":"box","text":"General shareholder meetings","page_number":165,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"8532d4b3-770b-45f4-b8db-aa098ba8704b","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":165,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"fa0f278e-058b-46cc-9b81-25a0ea0364a5","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":165,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"8ec81a68-76a2-4dbf-b453-9ff131469856","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":165,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"459be322-acea-4416-a02e-20c406b77233","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":165,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"f7412239-2ae1-4763-a723-681f57b2ad4f","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":165,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"f11c8c77-cb66-4f2a-bf67-0c351568247f","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":165,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"9f1e3c23-5d89-4224-a30e-cc9dafdbe32d","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":165,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"2635c5e0-5338-4451-a4c0-5bc4fee1d1d4","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":165,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"f0f6b871-03b4-4dfc-9261-9df43da40cf0","block_type":"box","text":"Bylaw amendments","page_number":165,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"f42bf603-139e-4d62-a72f-f20f31014b94","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":165,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"d40ae752-7a8b-47e2-88ef-74e4b7744822","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":165,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"663e8c42-4988-42a1-94f6-af5200d0f1a0","block_type":"box","text":"to a shareholder vote.","page_number":165,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"1da5cd5d-2750-46e3-a603-5c619ec164a0","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":165,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"f62501e4-8089-476c-ba96-568de0a3932f","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":165,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"2d006db1-fc53-46bd-94a1-6555cf176c04","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":165,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"0895a024-dede-46c1-a1d4-62e3b56903e3","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":165,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"1da12421-3c65-48ac-bd1c-eb0b6cc7cb2b","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":165,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"368f641f-a54f-4808-a861-41863bd2370c","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":165,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"7c40d976-fd9a-4290-9f11-e5c028317079","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":165,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"21d82e32-ee91-4c3e-a7de-b2f82226ef39","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":165,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"33d5a32a-eff1-471b-87a8-aeb10e5d6b5c","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":165,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"010bbf93-7833-4a73-a146-363ce695c7cd","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":165,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"beab14fc-0d42-4944-9f25-d1d49135aa23","block_type":"box","text":"Change of domicile","page_number":165,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"5645a60d-38e0-4b5e-8f38-8f825913fb44","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":165,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"4bfd4ee1-827c-4076-97cd-6e5d62a14b19","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":165,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"21c3af47-c11a-4724-913b-e8b12c11e725","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":165,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"3cd470b9-fe69-4ab0-b271-cd6e4a09a7a9","block_type":"box","text":"financial interests.","page_number":165,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"6e5d0257-e00a-4a28-83af-93e867478f52","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":165,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"340f30a3-a177-442b-b634-e38e13d772f6","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":165,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"036e9ede-361f-495b-9e85-fd77fe7f5811","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":165,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"19400768-4e0a-49c6-8315-18de8c434d36","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":165,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"f8baacf9-18a5-48f8-bead-ed2956fa5624","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":165,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"e3966f03-6e86-4e71-8ddb-342e448b3a50","block_type":"box","text":"not provided a credible argument for change.","page_number":165,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"f6fa0cd4-e3d3-436d-84a6-08e2ca283d37","block_type":"box","text":"A-12","page_number":165,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"138612ac-dacc-4a1a-8272-27351a8d8f47","block_type":"box","text":"Shareholder proposals","page_number":166,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"27a8bcfe-4487-4956-bca1-093e75673704","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":166,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"195e6cf6-730c-448b-87d2-ef237cf5505d","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":166,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"e6414f63-0d49-4bf1-b9e8-bc64b459a680","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":166,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"59e723d8-91d5-4dfd-b418-c9262f18026d","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":166,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"f8890be4-cdbc-455d-8ce4-e822ae2e8ecd","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":166,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"155d1525-7129-48d3-a5d7-a43803f26dd8","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":166,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"67d77dc8-94d7-4841-be05-6615c04a051b","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":166,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"e6978cf7-7dfc-42b7-a575-186ab1805b23","block_type":"box","text":"being acted upon might have on financial performance.","page_number":166,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"afa9c82a-fe1f-45d0-b8f8-efe1a6279140","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":166,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"6d7d6e48-4591-4c04-887a-f6509c066401","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":166,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"11ff854a-d3ec-425c-b88d-511874e8f07a","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":166,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"ab18a567-1ac3-4c03-982c-dbdaed45ab51","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":166,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"7a9921f1-225f-4178-87a2-967595c55e23","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":166,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"e25d9e23-adff-4c4f-bb4e-d1809124aa02","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":166,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"adec62ce-89e8-498b-bd2d-3d07a1778b03","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":166,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"e9362d44-6848-4df0-954a-6f8e8db32724","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":166,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"f89f288e-e343-4e72-9e0a-39a2e1b10adc","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":166,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"58ef13b4-eb78-47a9-91c0-5f86d02d69ff","block_type":"box","text":"Corporate political activities","page_number":166,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"a7e1f389-4ed6-4906-907e-b04a33152f52","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":166,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"403db733-57cd-461b-977b-f6893fe4078a","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":166,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"daaa6749-283f-4eeb-bccd-4f6fdc7ed1e4","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":166,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"e0bc8e8a-6f0c-48af-bece-86e36400a02d","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":166,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"00c5e9e3-fe37-482e-ae1f-efc5e934dc20","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":166,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"fb2f377a-be18-4547-8392-56110bccf58e","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":166,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"36a7f6ff-4632-48b0-af2b-0a85dd764559","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":166,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"dfbc2077-79d8-4610-94f6-8bcd07fdecd7","block_type":"box","text":"trade associations on behalf of members.","page_number":166,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"9cc4519c-b643-47d0-bcb9-d7014e15ed09","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":166,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"5807bba0-cbc9-4afb-9665-16f486068976","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":166,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"be5641ad-c0c7-4d1d-bcf1-e6281fab63f7","block_type":"box","text":"public policy positions and its policy engagement.","page_number":166,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"d2156d94-8cc0-46e3-9da1-de1de880cd1a","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":166,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"1f780d0a-05bc-49ea-a6c0-b24e2603487c","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":166,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"5e387b08-5dc0-4f8f-a701-d676f1992af9","block_type":"box","text":"experience, sustainability-related factors","page_number":166,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"4b8ccccc-40e6-4956-bab6-460348335f4a","block_type":"box","text":"(5)","page_number":166,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"9959beb4-de7d-41db-959c-3a542cf1c7b8","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":166,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"a55e8849-9307-4a74-8734-403fba199fe4","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":166,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"a2214add-7f21-45ed-8b16-3372e9a8e55e","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":166,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"3c8f5176-00b7-4964-88c6-de0fd97c54e4","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":166,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"e289aa95-6736-46ad-a58a-ceed19fd3489","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":166,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"3922d876-e707-4275-ad7a-51cabd91e4d6","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":166,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"105d42bb-542c-4ae2-99eb-95397b40a568","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":166,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"2cf1869a-6ec0-4597-8756-19d437ea839d","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":166,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"be6ba782-e5e9-4f25-b634-8fdaa5f5ebc3","block_type":"box","text":"el that","page_number":166,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"b20acb0c-73bf-49ef-afab-1d7dd8e11ce5","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":166,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"660c9e5b-ed37-4c73-92e7-101c7c95e56d","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":166,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"08b805e0-9474-4557-a79e-0bb16a47e352","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":166,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"12d50581-64aa-4455-aea5-844dce17648d","block_type":"box","text":"e","page_number":166,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"9eaba774-3892-49ad-991e-7a2ad2ed87fa","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":166,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"6cd559b9-6b5c-49be-aa1c-e74538a6662b","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":166,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"2f75f5f1-08e8-4a06-a845-0829c3570419","block_type":"box","text":"onsider","page_number":166,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"ef2d6983-47b5-4698-8133-da048343de46","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":166,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"3ce4e491-e24f-467b-aaaa-86e0665e4faf","block_type":"box","text":"A-13","page_number":166,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"5080ccf0-c3d2-4396-a384-c77d1383611a","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":167,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"71b34a71-000f-4010-8209-f1bbaf861a95","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":167,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"e4bc5d62-df7e-4f9a-98b3-5a54f072a210","block_type":"box","text":"investment.","page_number":167,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"29191901-ab57-4026-b864-d6a34887772b","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":167,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"bed767e2-efe6-46cb-a3b3-127693519cf0","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":167,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"d15baefe-d2a7-4a1b-945c-6f20bc14ec94","block_type":"box","text":"Key stakeholders","page_number":167,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"c5c190cb-32f0-419b-9145-25fa2e20a3bb","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":167,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"5dc4a452-680c-4245-b674-7a0847e4a674","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":167,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"faba345d-691c-4574-9952-a5c12571765e","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":167,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"78feaf4b-d8bb-4839-b7d1-1fcb0e7046c3","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":167,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"2859194f-d3ca-449f-b43a-f492a9370378","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":167,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"65e6b176-8968-42fb-9ced-dbdfe14946c5","block_type":"box","text":"be financially resilient over time.","page_number":167,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"d4b4618d-3cfd-4427-aaf8-4195f53fe0f0","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":167,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"15e0cbbf-a4ea-4e5e-9e89-c27622437d19","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":167,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"7dc45401-8543-419c-8f88-14ccf96b348a","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":167,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"03be0ff1-f22a-45a5-a625-cfd9e469afb5","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":167,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"54796bd0-0f6a-473f-8ca0-5bde9c5a9794","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":167,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"9f3f2a8a-5d20-4345-96f6-ce623fc7fb48","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":167,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"3c5fd752-6ff9-4552-a1da-2da3ae3c1096","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":167,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"48b8f74f-6165-4d1e-b654-37a357481c9a","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":167,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"429d6637-547e-4be3-9dc1-f4608165df54","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":167,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"9b5af249-7bc3-40ed-950b-4bbf3e50414b","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":167,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"3dc9966d-ce0c-4eee-b0f6-dc7b63aceaa0","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":167,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"1b8cd356-1208-4918-8900-44174b48b3c0","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":167,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"a827e6b3-720d-496e-a370-67dc22dc8196","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":167,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"11de161f-50b4-4cae-a906-b0efca1ba39d","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":167,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"b5defdf4-76e5-443a-a6ba-311bda0d1718","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":167,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"b8335538-3617-4422-b015-610375b57d08","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":167,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"d91e44c4-a0a0-4b2c-8efd-157f6ade0e6e","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":167,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"625349c6-9a76-4d70-bab7-8ec27be08b4f","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":167,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"cf20bdb3-2cb7-416c-b509-ba580f2f06d9","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":167,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"c3a68f74-470f-45ec-b901-1fe044c0527e","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":167,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"316c88f7-a02b-4c11-a7b4-734757ee6785","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":167,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"c266a216-6ca7-41bd-9662-da354d47ffa6","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":167,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"1a0bface-45f6-4db2-8262-9044dc634ffe","block_type":"box","text":"Oversight","page_number":167,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"c1bdc45c-31fa-4a12-a6bb-460ff48903af","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":167,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"358ea2e0-acf5-4a75-8db8-08ac73902cb2","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":167,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"35eb692f-ca84-4113-9ab9-0f6381cca470","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":167,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"d51ccd8c-967b-44ab-8b41-6a0a89d672a5","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":167,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"7e94df6b-ba21-47e1-bd86-470a1c935116","block_type":"box","text":"reporting lines, and oversight.","page_number":167,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"a580f0a9-4c7d-4ab6-818a-15ee3a100401","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":167,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"c740df07-a227-4d70-8606-3f49c1e836be","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":167,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"45543e94-ce33-4efb-9fa4-e291c10cbbfc","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":167,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"15c60d0c-a9bc-41af-a1ca-be31d6e39d34","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":167,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"de2178fa-2ecd-484d-89a6-91374ae28c8d","block_type":"box","text":"the relevant active equity investors.","page_number":167,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"b1e4bf1e-ea0a-452b-8479-f2eea971287f","block_type":"box","text":"A-14","page_number":167,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"a27b3057-5997-451e-a254-d13f7b7b0d8c","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":168,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"934c44f0-b9d2-4065-a8f3-5b11a87b8b78","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":168,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"3623f017-98d3-4789-9a55-9504218a2539","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":168,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"bd95c5bd-035b-4a4a-8497-4a6fec55a39c","block_type":"box","text":"part of its annual review.","page_number":168,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"ca24d320-85ab-49d8-bc0b-ace2cb3746da","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":168,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"4b9a7cb3-7887-4d52-b83e-1abbc3aa1667","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":168,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"03a225de-2cab-462e-b268-ad0f6122ee77","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":168,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"cb363792-c0d6-4dc8-b9b4-3eef1285226b","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":168,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"101ecb6f-45df-4576-88aa-b7626c8e5605","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":168,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"b3fbcc96-3cd9-4a96-b62c-dd5c86c895ef","block_type":"box","text":"Voting guidelines and vote execution","page_number":168,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"70defcae-6cef-4f14-8e65-4b315f6c2187","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":168,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"35fa4526-8eea-45c1-859a-17e401aae923","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":168,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"8ad329c5-74e8-4384-831b-6d7669bb3946","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":168,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"7ff2a4eb-9f89-481a-b975-3cc4b78692b5","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":168,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"29703579-068d-42f6-a049-2b3488ed9fe1","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":168,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"3dd81591-2cb0-4234-8e96-47db65a0656f","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":168,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"56f433ba-a10d-418f-bacd-9c2265217b82","block_type":"box","text":"below).","page_number":168,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"76eee6d0-05e0-4568-a21c-a99e0d008acf","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":168,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"d885c241-350d-4d40-8621-9195667f0514","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":168,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"56734f39-8731-475b-840a-2bbf7f491ed0","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":168,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"c0a1175c-8f23-4a0b-a033-3e6cbb136ba5","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":168,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"d0b55b0a-7977-4cb0-ad34-abf4841cd948","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":168,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"900e79b0-9504-41b7-aacd-e5ae433a9f45","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":168,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"6441eaed-0e13-4270-a3c9-69ee9280a8cb","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":168,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"3addf6f0-2ef8-45bd-8ee1-9eba208846b9","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":168,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"6d1cbc91-06d8-4bd3-8d1e-f4d2a0f644c7","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":168,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"28a67e18-ea77-4629-95c8-ecacf90f0771","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":168,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"a73546d2-3684-44f9-9d28-273bb21c773d","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":168,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"e00068f1-1c2c-42df-98a7-c4e0061af786","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":168,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"7c827e8d-e5cf-491c-bccb-3784b6aacc86","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":168,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"f3293dd9-e4af-4fc9-80c6-3fb35a8b836e","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":168,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"cec866cf-19f5-480a-9522-edf994d01bb8","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":168,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"87551805-b2e2-4aab-932c-4db7547a4353","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":168,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"bce297f1-5dc3-4059-bb17-5d3726f5d131","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":168,"box":{"x":89,"y":611,"width":807,"height":12}},{"id":"52d44582-78ab-49a5-8fa4-de44c16a5844","block_type":"box","text":"burdensome administrative requirements.","page_number":168,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"2f4c21b1-93b4-4844-abe4-1cd5eb839ee1","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":168,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"c9274d19-baaf-4858-b108-af8ec5b5452e","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":168,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"977ca6f7-989a-4f89-a579-22913c5df9ae","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":168,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"b5f5e7fe-cd40-492d-9e0e-ba5320617081","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":168,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"68a080ff-1314-4cae-87f9-db881c41598e","block_type":"box","text":"Voting Choice","page_number":168,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"40dfaa3f-71e5-43b2-8639-a1205a05287c","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":168,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"f98c2e92-27bc-4e3a-96cd-a19e4d2b9113","block_type":"box","text":"voting process where legally and operationally viable.","page_number":168,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"1e3c46a0-e61c-49d3-976c-2de64eaccba2","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":168,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"eed6a5db-4bb6-4945-a11b-6b5c259cf717","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":168,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"7872d381-f675-4fb8-9e50-6b1a7991a888","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":168,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"12eab764-b375-4596-bd54-79aaa0557d75","block_type":"box","text":"(6)","page_number":168,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"57ea7d45-e210-4676-9434-9c82a8643dcd","block_type":"box","text":".","page_number":168,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"4c4fa393-5c50-462f-a410-f102036a5666","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":168,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"16424fad-37fd-472b-827c-24590c6f73b7","block_type":"box","text":"eir","page_number":168,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"0aa7aa77-97e5-4b11-a121-3d438ecc213f","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":168,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"0eb9b14b-171f-4f86-8bff-40f7c24d337f","block_type":"box","text":"A-15","page_number":168,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"a58e607a-ec5a-4d76-8c90-c0309db91f93","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":169,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"7affd2ee-a840-4977-a13b-42536e50b3e5","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":169,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"be964e9a-eb83-49df-bf1e-95328a4e81fb","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":169,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"8c5b72a0-e506-4baf-9d19-0d3a49d9b407","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":169,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"55bed14c-cae7-4612-b4c7-23edc9c6a905","block_type":"box","text":"without client consent.","page_number":169,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"ffce01cb-0985-49a3-abfa-8a525de4e4c0","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":169,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"18c07a75-f71b-46d2-a1d7-8a86cb3482e7","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":169,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"a4bd49ab-ed7a-4c1c-88ae-fd6302d8b529","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":169,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"ea620a18-94cc-4a30-acf3-b03c585ba4a6","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":169,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"3f73efca-adeb-48c5-93f1-127e2f786671","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":169,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"766d92f2-68b1-45e6-8b69-fc838a52fa0c","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":169,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"2f619100-8369-4472-86d3-e67d1c05c398","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":169,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"7016f145-ecdf-4a51-83d7-96adf609b5de","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":169,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"cba007a5-3129-4fed-8737-9e72b13afc7d","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":169,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"c2c07721-7042-47fd-8a50-3acd1fa8c7c5","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":169,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"85d75fcb-7020-4fdb-ae51-87dbfa82813a","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":169,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"f3aa5a1a-8ef0-4466-908c-7ff73b6c9106","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":169,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"21686f1b-f2ee-4242-870a-e85d465bbe3e","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":169,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"e871260c-e1f9-4457-beaa-bc2bc02a163b","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":169,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"01addf78-40a6-4bf6-aa79-6300e76939e2","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":169,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"18238d2d-bb2a-43fa-a69d-971f487b7351","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":169,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"ef33bbfc-477c-45ce-a7fa-3273c2f2004f","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":169,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"ffa6994e-073e-4b23-ac50-5d4ce357b49c","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":169,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"5f907f4d-8c1a-433a-9882-3a23ebff48b4","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":169,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"aee5edca-b4f1-45fc-97e9-0ae59d61a0a1","block_type":"box","text":"Conflicts management policies and procedures","page_number":169,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"af16e5f1-22ae-4982-b236-5f3452f1998c","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":169,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"5e0fcaee-eb72-4e7a-962f-581dfdd4a014","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":169,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"ef638564-a9a2-4cf7-bd6d-d1aee2efc156","block_type":"box","text":"shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees. 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In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":169,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"e8338b74-f233-41be-ba11-a94338406c59","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":169,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"42bbaa87-610c-49e7-ba47-f6349cda0023","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":169,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"78f12577-1fa9-4a38-8a65-fcd30950c8aa","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":169,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"ce4d8738-ffb0-4127-a0a8-eec2f5f0ba11","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":169,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"35ef1497-3d52-41f0-8d27-85baed1701f3","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":169,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"c3029248-82d0-4d46-9698-b44c34d4e633","block_type":"box","text":"A-16","page_number":169,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"97369af0-8a95-4fbe-aba3-7cf6793cb6c4","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":170,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"2bef0354-ae3f-42a5-9631-58d58d8167a6","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":170,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"4a57288a-bd63-422a-b32d-c21d748ac665","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":170,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"0ec1b307-4b36-40d6-b6ae-f7cedd52dc30","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":170,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"6168024f-5467-4ec1-afdd-1f473862cceb","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":170,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"6f028290-8601-49ba-8725-f8e6dedb6c7a","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":170,"box":{"x":154,"y":125,"width":780,"height":12}},{"id":"60a76076-8bac-4d9e-8ff2-719d30250b05","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":170,"box":{"x":154,"y":140,"width":793,"height":12}},{"id":"4382a66c-05d6-427d-aaf3-a490ded7040f","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":170,"box":{"x":154,"y":155,"width":799,"height":12}},{"id":"132a4bf0-1c07-452d-a9fd-cbb8b87558f5","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":170,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"0e14b1c5-95ea-441d-8686-9d1870d52d62","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":170,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"8f8fe615-c863-48c8-a0b5-75e06b626776","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":170,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"7d5db134-4412-4cf5-8661-54192abf9588","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":170,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"fb97920b-70d1-4fcf-b280-ecf7ba82cdb9","block_type":"box","text":"the board of directors","page_number":170,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"f41d15ee-779e-4ac7-a600-f85f89020587","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":170,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"91dab2a6-0fde-4fea-bbb3-1f512458d241","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":170,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"8f4fe927-ce15-4386-8da4-99d6c43e2da1","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":170,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"9f11e18e-0bd0-4437-a858-1b4fecf5ba84","block_type":"box","text":"party voting service provider","page_number":170,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"e924f875-95f8-4f2b-a700-ebdf01ba499b","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":170,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"3289cf06-8be7-4199-b1e0-809861374dcf","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":170,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"51917b99-10a8-4bba-9174-5bc80a4b2952","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":170,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"42792778-3fc1-492a-9585-ba0a7f3c0940","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":170,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"8d605555-4fa7-4c1d-a142-03228758a17b","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":170,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"d816ca69-4978-4523-85a4-422a0de96b2e","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":170,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"df84e373-3914-4d68-a766-2db7dc569aff","block_type":"box","text":"service providers, generally on an annual basis.","page_number":170,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"07eacd0e-48b6-4959-a62c-074e9226adc3","block_type":"box","text":"Securities lending","page_number":170,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"ad5f6e7b-46db-4719-b317-7fab08a0b6ca","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":170,"box":{"x":88,"y":486,"width":855,"height":12}},{"id":"ab36891b-7711-4deb-8717-241192711dd0","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":170,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"5d7d047c-c347-432e-a594-6f3a11ec0596","block_type":"box","text":"providers to keep fund expenses lower.","page_number":170,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"7ad334f6-58cc-4d03-8d80-f79e8c78381e","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":170,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"37ba0da0-c824-4518-abe3-d34e80b12e6c","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":170,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"ea4d167f-35c0-47e0-bfff-9b6c52aa6554","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":170,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"ef743dd6-cb0d-4c14-9d65-829a947e4f20","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":170,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"48035424-aadf-4dce-bc76-60a7d3f6bd23","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":170,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"f53283f0-6b5c-4157-9d77-aa0abe724d03","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":170,"box":{"x":89,"y":618,"width":844,"height":13}},{"id":"02a094a0-d2d0-41dc-a78a-d893f1e924b2","block_type":"box","text":"active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to","page_number":170,"box":{"x":89,"y":633,"width":825,"height":13}},{"id":"391c31c7-aa2c-4c98-99cb-2a7550f204cd","block_type":"box","text":"evaluate the costs and benefits to clients of recalling shares on loan.","page_number":170,"box":{"x":89,"y":649,"width":475,"height":12}},{"id":"90c3d2ba-1141-4f8b-b38c-62f2969f5710","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":170,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"633fe693-eaf8-4d5a-92dd-68254aeb159d","block_type":"box","text":"not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent","page_number":170,"box":{"x":89,"y":690,"width":816,"height":13}},{"id":"ffbaad5d-0f9d-474c-9405-3045db929270","block_type":"box","text":"business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would","page_number":170,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"8e53959a-7992-4c20-a8fa-a5e055d23742","block_type":"box","text":"therefore recall shares to be voted in those instances.","page_number":170,"box":{"x":88,"y":720,"width":372,"height":10}},{"id":"b948a852-7dd3-4639-9fc7-f9d39c42e9e6","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":170,"box":{"x":89,"y":747,"width":840,"height":12}},{"id":"17572679-06b2-4b74-87ab-d151c8809238","block_type":"box","text":"modify it as necessary.","page_number":170,"box":{"x":89,"y":762,"width":156,"height":12}},{"id":"8339a89b-f016-4857-907e-4d51281566c2","block_type":"box","text":"Reporting and vote transparency","page_number":170,"box":{"x":106,"y":788,"width":236,"height":13}},{"id":"8fcc0687-e58b-49a2-88d1-8a84ec809912","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. 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Reliance upon this information is at the","page_number":171,"box":{"x":88,"y":97,"width":855,"height":12}},{"id":"8bdc4ba3-00b6-414c-8f2f-20bcf7f50184","block_type":"box","text":"sole discretion of the reader.","page_number":171,"box":{"x":89,"y":112,"width":196,"height":10}},{"id":"77ae032a-00a3-4574-8f17-f60873c90ed1","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":171,"box":{"x":89,"y":138,"width":190,"height":13}},{"id":"a52a447f-8d09-4829-9496-ac8d20c5024b","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":171,"box":{"x":89,"y":165,"width":289,"height":12}},{"id":"936ab1fa-fc34-4e81-a32f-102215f863d5","block_type":"box","text":"BLACKROCK","page_number":171,"box":{"x":384,"y":165,"width":89,"height":10}},{"id":"af442eba-f3af-482d-a494-aac6601de47c","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":171,"box":{"x":478,"y":165,"width":450,"height":11}},{"id":"75232754-eee9-46b7-b94e-987bb502ac92","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":171,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"87463158-bd8b-4ef4-befb-00e61ce053ed","block_type":"box","text":"A-18","page_number":171,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"b52542e0-81a4-4b22-a35a-51610fd432d5","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":172,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"93ba8a29-bb92-4dfe-8120-5b979d35c033","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":172,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"43eacf0c-23b4-4e4d-a857-4cba1d49cb4e","block_type":"box","text":"Effective Date: January 1, 2025","page_number":172,"box":{"x":106,"y":114,"width":217,"height":13}},{"id":"c90e2e60-28d2-4622-919b-9ddfd33248c4","block_type":"box","text":"________________________________________","page_number":172,"box":{"x":88,"y":151,"width":326,"height":1}},{"id":"3a976453-9d51-47da-b0cd-45f6d3623bec","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":172,"box":{"x":88,"y":167,"width":507,"height":13}},{"id":"e14fad8f-69c6-42cf-867d-236692c8f82c","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":172,"box":{"x":110,"y":194,"width":391,"height":12}},{"id":"5075bb85-a1c6-4f5c-b237-80a668c52024","block_type":"box","text":"□","page_number":172,"box":{"x":89,"y":221,"width":14,"height":11}},{"id":"fdeda555-3c2a-4cfc-80b9-1aea61085e6d","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":172,"box":{"x":109,"y":220,"width":596,"height":13}},{"id":"4dc4d7f5-1fef-44dc-8fc6-1a8cb2ce8bd3","block_type":"box","text":"□","page_number":172,"box":{"x":89,"y":247,"width":14,"height":12}},{"id":"e7f2745f-e100-43b7-9f09-15b4da16402f","block_type":"box","text":"Money Market Funds","page_number":172,"box":{"x":109,"y":247,"width":148,"height":12}},{"id":"a30555ce-b192-49c7-92a7-9e548afd8f98","block_type":"box","text":"□","page_number":172,"box":{"x":89,"y":274,"width":14,"height":11}},{"id":"d7e7ae14-a3c9-4c85-abac-eaa1040e4654","block_type":"box","text":"Closed-End 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to the principles outlined in this Policy, as part of BlackRock’s authority","page_number":172,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"5a7befc7-39d2-4b86-8f02-c0e75d2ce07a","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":172,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"5a4fc956-a7c0-4f7f-8215-c0dc7cd02911","block_type":"box","text":"agreements.","page_number":172,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"fe19f99d-f7d3-4886-97cf-c53951026faf","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":172,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"48d34a6a-f586-41fb-97d7-0a8c1e7fba28","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":172,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"2ef7252b-48c4-4ed6-a41d-97fab688d7de","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":172,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"cce82b76-751d-43a2-b854-015e61b62c10","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":172,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"ea4e56c0-7311-4437-9dd1-6512660571fe","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":172,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"6685f697-e113-43e8-baca-795a653801c7","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":172,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"8ffa9b57-0d8d-4623-accd-5fac0d3388f5","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":172,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"6dddf62d-87dc-481f-98e6-d89c3ceb0fb7","block_type":"box","text":"Conflicts Management","page_number":172,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"8c289683-8ed5-471e-a077-2991c1f007bc","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":172,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"076f14b7-7559-41f2-987e-010959cc888c","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":172,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"e65fb220-e824-4729-aaeb-cef50a27d14c","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":172,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"9fb4d26d-210a-4fc4-996b-94646e63d45c","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":172,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"813a6984-6ed0-45bc-ba37-a2772a66351b","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":172,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"2e248177-8d8d-46c4-84e5-c1ea3de675ec","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":172,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"b3122797-477f-4be8-a5a6-655e62edc729","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":172,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"9fc15765-cf2e-43d3-a4c5-b6eceed05c60","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":172,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"c1b7867f-ff39-4598-9376-b3d530fabcef","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":172,"box":{"x":89,"y":836,"width":452,"height":13}},{"id":"ccad295f-e4de-464f-b01c-0885f6354bac","block_type":"box","text":"A-19","page_number":172,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"04f50e01-364b-4bb7-9358-ef900e3fce3c","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":173,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"c0fcd0fe-c3e3-49e2-803d-a7a953b2192e","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":173,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"94890cc0-de13-49aa-9037-7d29cb07cdfd","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy 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to","page_number":173,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"645949f6-82e2-4bb3-9e86-fd0410dadd16","block_type":"box","text":"the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, including material changes to","page_number":173,"box":{"x":88,"y":172,"width":826,"height":13}},{"id":"fffb2751-4c6b-4883-82d1-3179c38f0c26","block_type":"box","text":"conflicts management practices, that have not previously been reported.","page_number":173,"box":{"x":89,"y":188,"width":507,"height":12}},{"id":"fa8506c8-5af6-4f1d-bcb5-c43da3c0be23","block_type":"box","text":"Appendix A","page_number":173,"box":{"x":88,"y":214,"width":85,"height":12}},{"id":"e5b4a2f7-5918-421d-b9ea-f32b59f0c15a","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":173,"box":{"x":89,"y":240,"width":380,"height":10}},{"id":"8944b5d6-4e01-4df8-a687-d8bc25f432f0","block_type":"box","text":"iShares ESG Advanced MSCI EAFE 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.A-21","page_number":174,"box":{"x":531,"y":233,"width":353,"height":10}},{"id":"c2b0d10e-5c75-4b2b-b684-a63e088a13dc","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":174,"box":{"x":170,"y":252,"width":717,"height":12}},{"id":"4d5128cf-b4c2-4298-88f3-831061d7fa66","block_type":"box","text":"Shareholder rights","page_number":174,"box":{"x":169,"y":271,"width":128,"height":12}},{"id":"d9cb567b-cfee-4924-a1c4-4e9bbc3a5c50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":174,"box":{"x":303,"y":271,"width":584,"height":9}},{"id":"8331eb6d-6215-4283-a24f-21d9a0082d14","block_type":"box","text":"Stewardship in practice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":174,"box":{"x":169,"y":290,"width":718,"height":12}},{"id":"5db3a7b2-b922-4628-b1f0-89619cffd204","block_type":"box","text":"Key themes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":174,"box":{"x":170,"y":308,"width":717,"height":13}},{"id":"91234854-1516-4c55-bf15-27470e26ea46","block_type":"box","text":"Boards and directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":174,"box":{"x":170,"y":327,"width":717,"height":10}},{"id":"997929ec-cab5-4ba9-b8d2-d74b1c9dd4d6","block_type":"box","text":"Auditors and audit-related 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":174,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"4e3c20e0-af11-4033-81b5-327bf01c2da0","block_type":"box","text":"Conflicts management policies and procedures","page_number":174,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"ff7b9c18-59f2-4184-8562-8fab665c6238","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":174,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"27e4ecb0-5ee4-47f4-9623-15e5fa07f337","block_type":"box","text":"Securities lending","page_number":174,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"c4ab29d8-2619-4f31-8e9e-6ced328e0259","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":174,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"ec8f1eb4-43da-41cb-868d-8b1f1a5b2caa","block_type":"box","text":"Reporting and vote transparency","page_number":174,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"f3ef2974-3502-4f05-b835-41ea81e26355","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":174,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"b27a5af7-ba79-4c58-a9af-244473dc7a4b","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":174,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"f94c18fb-f509-4ba2-8787-745ee639b5a1","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":174,"box":{"x":89,"y":613,"width":863,"height":13}},{"id":"a5585fbb-6a3d-4e4f-9662-db7ae94d8f1a","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":174,"box":{"x":88,"y":628,"width":844,"height":13}},{"id":"5ba46404-bcc8-4aee-adc0-5436d5d6b539","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. 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Our sole","page_number":174,"box":{"x":89,"y":674,"width":874,"height":12}},{"id":"2e8d52d3-4b69-4d75-8aa6-734ba9468da1","block_type":"box","text":"objective when conducting our stewardship program is to advance our clients’ long-term financial interests.","page_number":174,"box":{"x":89,"y":689,"width":755,"height":12}},{"id":"db972a3f-2452-48fa-b0a3-f464061b7365","block_type":"box","text":"(1)","page_number":174,"box":{"x":846,"y":687,"width":14,"height":8}},{"id":"6929546e-f1b0-4aad-83e4-da7969c7669e","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":174,"box":{"x":89,"y":715,"width":856,"height":13}},{"id":"3c5ff435-d26d-4153-906a-7236711e81c8","block_type":"box","text":"BIS does this through:","page_number":174,"box":{"x":89,"y":730,"width":152,"height":13}},{"id":"21012eb3-3f33-4cd1-b0b1-81e7010e4131","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":174,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"d702aeae-96a3-4674-b896-0d8408829592","block_type":"box","text":"voting decisions.","page_number":174,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"9482985b-535e-4a24-af45-5b92faf42217","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":174,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"ffe4fd5e-5cb3-43b3-a449-129bae4cd83f","block_type":"box","text":"d solely","page_number":174,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"7de5b6d6-29ab-42db-acc8-95258e6c1fff","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":174,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"f04d097e-8ab0-44be-824d-b9c6f8d066ac","block_type":"box","text":"ement","page_number":174,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"539c7359-8a0a-471c-a7e8-f24ee6b37160","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":174,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"9475dcb0-8680-4839-bc0e-e7d052959e1f","block_type":"box","text":".","page_number":174,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"7930e3ea-bf1f-4371-9706-41cebf653ff7","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":174,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"20000134-1e25-4ab0-ad7a-6ed9890abad4","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":174,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"489681f4-0561-4bbb-add6-e1d0fae8c398","block_type":"box","text":"vide useful context.","page_number":174,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"1d501167-6fd5-447a-9ee7-85d76a1020de","block_type":"box","text":"A-21","page_number":174,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"31470a7d-4ac1-4704-9202-e6de770fe0ee","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated","page_number":175,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"33d13d6c-c425-4f07-89b1-54c6197a3cf2","block_type":"box","text":"voting authority to BlackRock.","page_number":175,"box":{"x":127,"y":59,"width":210,"height":12}},{"id":"981f73e5-4acb-443d-b4c7-ff4c38be6a92","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients’","page_number":175,"box":{"x":89,"y":79,"width":845,"height":13}},{"id":"caea88b6-3bf7-4774-bb2e-c32d2c08b73c","block_type":"box","text":"investments.","page_number":175,"box":{"x":128,"y":95,"width":87,"height":9}},{"id":"9a468544-e45f-471e-8f15-c7765b6eba59","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":175,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"ba67da03-1c27-41d9-8018-6a307e2c5463","block_type":"box","text":"publications and direct reporting.","page_number":175,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"3ded30b6-e65d-4176-b338-eef0775ff722","block_type":"box","text":"Philosophy on investment stewardship","page_number":175,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"4563edb3-57fd-40df-b860-08d3cecf1272","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":175,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"17c3f0ec-fd5e-4527-a515-fb79a8d1d633","block_type":"box","text":"creation. Research indicates that high-performing companies will effectively evaluate and address risks and opportunities","page_number":175,"box":{"x":89,"y":198,"width":848,"height":12}},{"id":"5e29e05d-21dd-44bc-bd89-8498a371ffe3","block_type":"box","text":"relevant to their businesses, which supports durable, long-term financial value creation.","page_number":175,"box":{"x":89,"y":213,"width":612,"height":12}},{"id":"645b60a7-9e25-405e-b33a-08b6b27f6ba6","block_type":"box","text":"(2)","page_number":175,"box":{"x":703,"y":211,"width":14,"height":8}},{"id":"81e823d8-f736-4177-87b9-9dfea56bfd0d","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority","page_number":175,"box":{"x":88,"y":239,"width":851,"height":13}},{"id":"e354f277-2d3a-4a45-a35e-2003cb4b9a92","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":175,"box":{"x":89,"y":254,"width":877,"height":13}},{"id":"83bd8a0e-9cc6-4516-a681-51887e6ba07a","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":175,"box":{"x":89,"y":269,"width":851,"height":13}},{"id":"d16bd098-0eaa-4f2e-9e75-5e9f406cf1b6","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":175,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"460abc5a-7648-4d88-9761-407858900ccb","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":175,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"ce60a685-7023-4be3-b3be-e3d0fc01bd8f","block_type":"box","text":"Shareholder rights","page_number":175,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"89583c62-bd9d-48d9-b909-5a450bd71ec6","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":175,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"2e2d9578-699b-4119-a71a-b9f21c78f03a","block_type":"box","text":"Shareholders should have the right to:","page_number":175,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"1f13b8a2-7a6c-480d-9063-d40192f989bc","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":175,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"7b816923-236b-4a4e-864d-4ad968c01a52","block_type":"box","text":"laws.","page_number":175,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"61ff88fa-2eb9-4bbf-939a-fb6531072a9f","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":175,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"c6466dd1-a5e7-4b0c-b6ab-32f17416a5df","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":175,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"15f183dd-7b95-4096-a894-7f56fb206864","block_type":"box","text":"structure.","page_number":175,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"9ae4e272-8ac2-4a65-82b1-eb757f3f56f1","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":175,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"45f73946-d688-4dae-b2c7-2fd9974d134b","block_type":"box","text":"decisions.","page_number":175,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"daea4867-c316-492e-9b19-ff84e53c3e34","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":175,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"88da723f-8257-4576-95e5-34c23e51ccaf","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":175,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"ce14e3e4-3e9e-4c8a-83f2-ba5e4576df2f","block_type":"box","text":"Stewardship in practice","page_number":175,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"eaf7bf3c-8a5d-4304-99da-9b2b67754422","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":175,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"6b99b9d1-2adc-4b03-8183-f6de204b07c6","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":175,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"efcf068c-380f-4e4f-bf33-9b57f6764555","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":175,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"c355c086-fb00-4412-b58f-69c8b6206aa3","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":175,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"51e5e0f5-4b1d-479c-a073-00271ac3f7fd","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":175,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"a0bbff9a-6c7f-4817-ad5f-da3850652704","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":175,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"455cfe0e-4d1a-4582-b767-2d85a9c59cdc","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":175,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"71a150a3-a53b-423b-94cd-9a4cf4b276a5","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":175,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"4ce4abb4-284e-4c87-8543-11b08b393f42","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":175,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"07219ec2-a0c6-4868-81b9-3d1231ed286d","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":175,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"962f3f8e-52b2-42dc-86ec-8c29e1e0f18c","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":175,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"99276110-fc93-454a-af44-1c3325c27acf","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":175,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"3fbb626b-417d-4c31-8c5b-7cfbefe2380e","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":175,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"ec41f529-148c-4c43-9258-12352a78bbed","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":175,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"80044ea9-f931-427d-b298-52db926be30e","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":175,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"835a3972-2017-43c2-8e6e-242e9ff55c0c","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":175,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"603e4136-169d-4b18-9527-d59333cddd73","block_type":"box","text":",","page_number":175,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"a5427e39-bde9-4ef2-8d07-fbb9a85315f7","block_type":"box","text":"March 2024.","page_number":175,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"a0b90389-ffb1-4aaa-8bbb-8b169ed82267","block_type":"box","text":"A-22","page_number":175,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1cda3c9d-00df-4d99-b031-83401a41d386","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":176,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"c69222c1-c781-4bd6-a92f-b907bed12c60","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":176,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"101bf305-95dd-4c16-9156-b74f96fe46f5","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":176,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"c9591dfa-5f52-4aa5-a6ca-eecb5edce9c4","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":176,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"f530e826-89c8-4d70-b139-1a3583096ade","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":176,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"e540cf0b-9240-4c65-9620-d01e0eaefd5b","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":176,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"b6c22b01-ec3e-4b71-9758-bdec341a5d00","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":176,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"040e6ec2-65d9-4c6a-bf0d-1dcedae12320","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":176,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"881415ff-2fa7-41d7-a334-7cac46fbdbbc","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":176,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"4029ef60-3b37-4ab7-9646-70587f268359","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":176,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"54a15a09-b731-4e51-a94a-1c80b15daaad","block_type":"box","text":"shareholder proposal.","page_number":176,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"aa12a4c6-e51e-4ad5-b602-b98f75b2f150","block_type":"box","text":"Key themes","page_number":176,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"787ce72d-5987-44c7-9abe-935d9850fe6a","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":176,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"a8519cd3-37dc-415e-a4c8-3dab9e76616a","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":176,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"6026161a-ca0c-4634-a1ae-11bc7f51e27f","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":176,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"3e92d670-265d-4c74-9ee2-fc42540e9fea","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":176,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"5ef2c8e4-06ee-4e48-8808-b3c0380aa1dc","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":176,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"a2fb3ffd-c21e-4c70-90b6-432ec838d0de","block_type":"box","text":"market,","page_number":176,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"603b93b8-2563-4054-9890-f3f65271d9e3","block_type":"box","text":"(3)","page_number":176,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"9a2c05c1-6c0f-45a7-b365-1cd09bc33f07","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":176,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"1145f66f-efe1-480c-9102-983c7a2e493c","block_type":"box","text":"creation.","page_number":176,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"d09e31cc-a489-41c8-9b41-8024049dbc99","block_type":"box","text":"These Principles cover seven key subjects:","page_number":176,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"0297ae75-b669-47e3-81f7-082ee6e1a94f","block_type":"box","text":"• Boards and directors","page_number":176,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"a0faa8a7-fcb9-4419-b510-5f233cb4b05e","block_type":"box","text":"• Auditors and audit-related issues","page_number":176,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"e5174bc3-519c-4129-929c-95b4321cb1d6","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":176,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"645098c7-163c-4493-a130-cf6d5f7cb56f","block_type":"box","text":"• Executive compensation","page_number":176,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"8d2c187a-489c-482d-ac74-d0a210edf539","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":176,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"539186fc-42ee-4bfe-b44b-4d87d09be731","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":176,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"6b8c1577-6b1e-4bfb-83f8-52b2d35f6f0a","block_type":"box","text":"• Shareholder proposals","page_number":176,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"e3bb696f-7920-459c-8175-fa8320caa564","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":176,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"07d2e3a2-7608-401a-bf51-d2d3a6063503","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":176,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"8b3ed120-2d38-480a-bc11-a2b7a40cf0c1","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":176,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"0533946f-3d3a-48ae-8227-f0a85a9b54d1","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":176,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"7ed022ea-c50a-4609-9d82-14466105d5ca","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":176,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"4b697e47-7b51-4b5d-b327-4ee772bdb1dd","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":176,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"ebfe40db-c88e-4d1e-855d-9ba760d33948","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":176,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"a084ae34-2fd2-4526-80fb-5a8e81791a17","block_type":"box","text":"Boards and directors","page_number":176,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"693dd3c4-8236-44fe-9bd8-d216c12b23b7","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":176,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"a27d857f-d46c-477c-bb07-e7ad44c363c2","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":176,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"df451f95-35eb-4104-ba00-3219846024d3","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":176,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"d32fc532-7bb0-4f11-8ca3-3bd51e71add1","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":176,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"7aa917c3-8f98-4704-9764-1b9af627dc39","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":176,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"c4426146-f458-4a36-b93d-d5fb8a2c0abd","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":176,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"1e50af12-5624-4e8e-83b8-bc86e8862e69","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":176,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"1c79482a-5703-47c8-847d-a2afe72e7182","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":176,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"3fe56c14-bbec-4b9d-821c-bc670089d0af","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":176,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"c0de9d30-b5c8-4e8d-bc4c-2b3c21c2a95c","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":176,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"0c2d7d56-a21f-4fa1-a0ab-5ad2574113c9","block_type":"box","text":"A-23","page_number":176,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"31793adc-20f0-4160-9d39-34a845796de6","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":177,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"35df486a-673c-42c5-9c39-40fab84aacc8","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":177,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"fd363fba-cb4d-43e5-8e87-11c4613ff85f","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":177,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"65beee2f-6ac4-4257-8363-e2c22369bc18","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":177,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"14ae1801-0681-4e9b-a29b-5744b089a72a","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":177,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"0c3454e1-963b-4f75-9433-57954e9c1c30","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":177,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"2d0fa277-cf2f-4309-9175-fda579d299fd","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":177,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"f847ecc0-1f71-4ff5-a7e5-fdf5cf3a405a","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":177,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"f2c86c0d-e537-44aa-b5d2-94a909aa37c9","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":177,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"58dc6139-b3a5-4b22-a40a-27508f53a1e8","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":177,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"8176f8ce-4952-479c-81ce-4705df18da5c","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":177,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"477d9450-8f25-4598-bf1e-538687bf44cc","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":177,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"96e4569e-5332-4f9b-8407-2183079d1dfb","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":177,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"f3ad0add-14d8-4e60-a1e5-dc65b932e72c","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":177,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"d3193c37-92bf-4f41-b88a-d80d1858df5a","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":177,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"eb10c292-0c0f-4a8d-a964-532c9c6b6c0f","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":177,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"18426070-ba72-4251-bc7f-991b98f35fec","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":177,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"14b52e8b-8e45-4a35-aeae-b3d847e0a5c9","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":177,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"8f951934-d238-46a6-846c-1abc1bbe9f0f","block_type":"box","text":"Regular accountability through director elections","page_number":177,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"dca12ce8-acb3-4379-9d29-9812a7085db1","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":177,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"d135d4a9-0ca3-4248-81ec-34a4ef478ad8","block_type":"box","text":"ideally annually.","page_number":177,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"1f1b935a-0936-4283-a1c9-3b229bc0e6c8","block_type":"box","text":"(4)","page_number":177,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"92668a69-c1b9-4ab9-ae3f-b68bf54e7973","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":177,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"51f4b7f5-c37b-427d-b3ee-0b8b9dbc610b","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":177,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"b26026cb-ca87-4bf8-b947-ce318e3ad5dc","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":177,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"41d589f5-fdcd-495b-b9c8-d3cc8154d8d4","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":177,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"800cd961-654f-4c97-ab30-575c1ec82865","block_type":"box","text":"Effective board composition","page_number":177,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"2f1c2027-4dc1-4eb7-9927-33034442a6c8","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":177,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"3bc8925e-7409-464e-b52d-9b8bbfde5696","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":177,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"2e5d7ac5-c397-48e1-8bab-5ef828b0911f","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":177,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"6875d7e8-99b4-49ac-a2c2-bcca950d5f53","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":177,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"6a1ce79b-e1bf-4bdc-bcb4-b01b4f9b6f9b","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":177,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"2e7773ae-f71b-4bc4-9529-18389b9949e3","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":177,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"63dd152c-fac0-473c-ad99-448589067bd0","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":177,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"1fbecd16-cf62-4a66-be53-6b1e236b27b1","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":177,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"53ed1912-adc5-4849-bcd9-529635fe5934","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":177,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"6b2ec32c-71dc-4c31-afb9-6ef9c5adc056","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":177,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"732dadcc-5283-48e0-afd1-d97db3032d5c","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":177,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"2bbda15a-2eb4-425c-a8c1-b05b518da101","block_type":"box","text":"corporate governance across markets.","page_number":177,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"c4ad45dd-bdb4-4c78-aa2e-ee0485074105","block_type":"box","text":"(5)","page_number":177,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"3cb3bb5b-4a8d-4334-ac8e-93c3f2b46b2f","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":177,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"2f7959bd-7473-4988-81a4-c6bd6fb80be9","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":177,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"288006ea-32a7-4f85-a387-b58b8309fdc9","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":177,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"f6375fec-8638-4c06-b608-fe5c61e68c6b","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":177,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"aa3cf47b-f826-424b-b4bc-5cee9de91893","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":177,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"e42331a3-f43b-4c91-9714-2844b0442424","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":177,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"2a8a8f43-415f-4d50-9c6d-f6a7c478dbd9","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":177,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"7147410c-a89c-41bb-bf22-c242678e01d8","block_type":"box","text":"st","page_number":177,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"ee90f989-4ed1-4581-8d07-ab630cf3e014","block_type":"box","text":"practice.","page_number":177,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"86a5bfb4-dafe-4cc3-b6c6-189f803e06a9","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":177,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"6f34bbd8-e2c5-47a6-a5ee-46f0af25fe28","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":177,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"22cb3be5-286f-4d7b-b7c7-d6aa2432d43e","block_type":"box","text":"A-24","page_number":177,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ed378ea5-fcea-48d3-a04a-f7172613dd6c","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":178,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"8ce4734e-8cb4-4a76-a94f-091db37317bf","block_type":"box","text":"• Interlocking directorships","page_number":178,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"b092607f-dbe5-40ec-a412-dff919e6fb2e","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":178,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"365bda37-713b-417e-9e14-ee10c5440d8d","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":178,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"bd88a701-cc4a-4d4e-a233-0ea6a45b5e1c","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":178,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"0f1f4c0a-4908-4bb6-9f75-7750a2a7d320","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":178,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"8ea66695-6b11-4a17-8fb2-21deb7b8a11d","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":178,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"bc92bee1-4e42-4938-a00e-1575187542e5","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":178,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"ff4b3067-b2c4-4bb4-a9f2-52151fb4da0c","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":178,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"fa7f325b-4334-418a-9a9b-241569018696","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":178,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"27844ef0-5772-4e96-b84d-798b571ba905","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":178,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"0b32dba4-3fdd-4562-9715-c1058f3ee441","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":178,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"00616924-f5a9-4936-8248-762239bbb3ad","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":178,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"4400f0b5-734a-4b3d-9656-26652524fedc","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":178,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"a19d8b00-285b-41b8-b6ab-f115722c92d8","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":178,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"036f57ff-33c7-4583-983b-07d8d57d673b","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":178,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"2caa2828-63bc-444a-a00a-2ab63769e77b","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":178,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"6c3ffff7-f849-443e-83e8-81473bbad2f1","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":178,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"4b7e29bf-3540-4e8b-995b-6978351211d9","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":178,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"8a605fad-6a8e-4bf7-a9e8-0935d291436f","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":178,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"d38f47cc-9a8f-4425-bca5-744a7612e106","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":178,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"ba7a2b3d-bf05-49d8-8dcb-3885e0a400f3","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":178,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"4604bc24-115c-4624-815f-e0fdc5ac8974","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":178,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"e00a4922-8f7f-4a8f-96e4-3d2d928df3e3","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":178,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"d260a7eb-e9da-4a70-ab16-3f81e38f8432","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":178,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"35aa422d-e3b1-4f95-acae-385a48737dfe","block_type":"box","text":"and oversee management.","page_number":178,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"5c441d6b-7413-42ba-8dae-ab1ef8b616a1","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":178,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"99568767-134e-4452-b7f1-952195c01b7b","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":178,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"28d6b0dc-b7a2-4a97-97d5-090bf3a6b4bb","block_type":"box","text":"supports the company’s governance practices.","page_number":178,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"3d4e1357-11b3-4c3d-83b1-d9753232fcca","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":178,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"894d4e6b-035b-4262-812e-e7ce4732e8a6","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":178,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"ddd20351-0e62-4cbd-9d2e-743a17490219","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":178,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"97b5755b-5cfe-44e5-a66b-01c04b360a3e","block_type":"box","text":"long-term strategy and business model.","page_number":178,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"78720ed7-bf69-45be-ac20-9b0c44a812d8","block_type":"box","text":"(6)","page_number":178,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"4bc5e1c5-bc29-4ed6-ab43-330ad20c737c","block_type":"box","text":"Sufficient capacity","page_number":178,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"249c7b7f-9e65-49ff-b2c2-11895c61c313","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":178,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"3ee0353f-57cd-4c63-992d-71d4c6d9d452","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":178,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"07b7ff64-af96-43c2-b7ed-2fd0c9ac6ebe","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":178,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"8f9c0ca8-69c6-494d-b0ca-a3555c8c71b9","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":178,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"584d737a-18f1-49cb-976d-c0a66cabd517","block_type":"box","text":"Auditors and audit-related issues","page_number":178,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"9463f439-cec5-4f0b-b438-b352441a6b17","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":178,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"792c7cc9-4a2d-480e-ac71-c82f2d6c20f3","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":178,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"32352bf0-2b79-4013-9080-5845230b3d92","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":178,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"40eec8a5-769a-42f0-a01d-41b9dc7d8a8c","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":178,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"a90c1ace-d582-4ad3-bea5-39bb37eed868","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":178,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"e42e38f0-a33c-4b7e-8be4-040a5a708931","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":178,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"43c1467b-afcd-439b-b73a-438776e35f47","block_type":"box","text":"enous, reli","page_number":178,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"2953db32-d4aa-4d27-9066-b8db59c0441f","block_type":"box","text":"gious, or cultural identity.","page_number":178,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"dd994ad0-54a7-4ebc-9316-eb8680dbe469","block_type":"box","text":"A-25","page_number":178,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"f75b936b-f46e-40f7-8a62-7ae34f8f4fcb","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":179,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"2a80439e-34d4-45e7-9e18-f5141c31045d","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":179,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"1e94788e-aa05-4a9d-929b-b68e986f3dd2","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":179,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"bd020239-7cd0-4d32-9164-02a7501b3260","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":179,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"c23e134c-60a4-45df-ad55-f2e93ec5395a","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":179,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"ee012c95-05e0-4edf-ad5f-9af5d46815f3","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":179,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"590054d1-2f14-41a1-85ce-f232bf821f27","block_type":"box","text":"(7)","page_number":179,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"a781efda-646c-4168-ac32-c5f84a64a490","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":179,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"bbfd2e59-7017-40fa-be34-84b743d247c9","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":179,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"0095878f-1d74-411a-a21f-22cb162dc39d","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":179,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"910d7656-8740-477d-9382-fa28c2eb06eb","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":179,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"f3d446ef-b81a-4d09-93c4-496de0956870","block_type":"box","text":"(8)","page_number":179,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"3bbf034e-a95c-4b5d-a50a-fa207aed3b90","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":179,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"018d2688-0c93-48d3-89ff-9c88ee8fbe28","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":179,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"513d9c3d-19c1-4171-bcbd-c4a34c60ce40","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":179,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"684dc5c3-0c1c-4a3a-bd77-65c60ef9c0c3","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":179,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"17c51e3d-6e6c-46fb-99d1-ff14479cf56d","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":179,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"4d854a69-e501-4e88-9bf9-b5768a683140","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":179,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"a362460f-1199-44d9-9df7-01442daa4389","block_type":"box","text":"oversee the audit process and related activities.","page_number":179,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"a68c800c-fd92-4fab-b013-eec9b77b2045","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":179,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"f011c390-83fc-4613-be1e-a0e88f0e495b","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":179,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"95f37803-d7ed-42c0-a8ba-2f3dcd621e15","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":179,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"16d80ba3-ed9e-43a7-a747-e9c1a4a643bc","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":179,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"b5f16d34-40e1-48e6-abfc-1ef2fc59fd52","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":179,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"aeb26fc8-e340-4e7d-a826-1d93722238ae","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":179,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"8dc6aec6-6009-491c-b6b9-d49999ff48bd","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":179,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"f18531ba-7281-45a3-b2e4-69cd5b9983d9","block_type":"box","text":"external audit process.","page_number":179,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"f3ed2e41-60e2-42f7-94a6-4943250956d0","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":179,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"b0333e49-008e-4513-927a-367bf1d0f641","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":179,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"89b762d3-355d-45c9-90ad-cc1b6b5d5c10","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":179,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"960bf179-188d-4dd6-ad97-6c7e90d5de19","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":179,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"db31f336-8b27-4079-b82f-f4a82aaa1deb","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":179,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"40b74049-db25-4839-bfd9-cf4fa9654a09","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":179,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"5c3a3a4d-3168-4e5b-b19a-5180943703f9","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":179,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"6b97859f-ed45-4051-9ab1-fba0b802c713","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":179,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"cde2ad2e-17de-4442-a88b-094df7df5406","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":179,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"a9ce9178-eddb-484e-830a-583f6e630be4","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":179,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"d5ab5cd5-7c9d-4dad-97b0-4a2ab680eb8b","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":179,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"fd479d67-3646-41cb-9b00-ab400a400b3a","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":179,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"ec6e9d6a-2728-4724-92ad-9eb309c0d73b","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":179,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"42ba1414-4a86-47ea-bb36-63bb330e1cdc","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":179,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"08a17114-4c87-4447-a3ca-185f3949db69","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":179,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"24b0e123-d65e-49fd-b04c-3735c66aa351","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":179,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"8e7d1202-18e3-4558-b1a3-7fc17ef882ee","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":179,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"54ccc671-d7c8-4097-ab76-ce09102e239d","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":179,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"bdaa7794-731d-43e9-8809-9bde00232ad5","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":179,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"e450be82-8b6a-4f29-9dcc-222de980288e","block_type":"box","text":"blic","page_number":179,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"06a21bd0-d4c0-49ac-b20c-3e83211fe70f","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":179,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"10ca8250-4ba9-4d86-a7e9-906bf34a07b9","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":179,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"c856742b-27e3-46b5-8016-c4a88b184df7","block_type":"box","text":"ng and","page_number":179,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"12ca4cc6-eb81-4469-821f-ea7bb8bf993f","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":179,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"7d74127a-1627-4028-abfa-3f232ced9c2e","block_type":"box","text":"son","page_number":179,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"72c4b7d9-ade4-409b-9310-36b1cc194f95","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":179,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"02628ece-7b52-4da2-8009-c06782b18577","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":179,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"180f2961-2e62-4793-af8f-d1f0ab815dd8","block_type":"box","text":"A-26","page_number":179,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"18e5a12e-1a3d-4775-a3b2-fc7ac9107228","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":180,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"dd593a6f-3738-4672-b3a0-986b62b1c75b","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":180,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"02f85d33-10b5-413b-8895-4abc22b9fcaf","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":180,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"6cc1c545-a27e-4451-b906-5568ab8e3ea4","block_type":"box","text":"to shareholders.","page_number":180,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"47b32ccf-1185-4c4a-983a-b99e6f7fb3fe","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":180,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"4e340ec9-9be3-4cf1-8b49-df6c905a6432","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":180,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"50d0cc26-cd9d-4035-8dea-6ebfb1e317e5","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":180,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"e40cf419-b1f0-4961-a3a5-5c9e939aedc5","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":180,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"93911f69-5e87-4d80-8715-4d2209cb2df1","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":180,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"23fd9c52-8304-41f9-af91-6d159936604b","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":180,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"6c26a504-939f-4349-b15b-c29a90e480de","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":180,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"2686127b-eacf-4824-a2fd-5679dacbbb2a","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":180,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"6401c116-f98e-4957-96bd-af04d6fd5206","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":180,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"3390364f-29da-4fba-922c-866f434c3abc","block_type":"box","text":"vote of the non-conflicted parties.","page_number":180,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"009f4e71-d1e9-44fc-a13c-4b043c1bd69b","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":180,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"50adccdb-12ca-425a-9394-cfd657fe6a53","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":180,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"24f7b2b2-124f-49c1-be7a-fad29a65ac9d","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":180,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"013b78d7-7bee-4fd9-8ee2-774aff860875","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":180,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"e54df181-01e8-4a0d-bf93-6573397499d3","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":180,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"fc0a96d6-52ff-49fb-a354-232897d19caa","block_type":"box","text":"introduction and periodically thereafter.","page_number":180,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"566d5455-3152-4773-a540-db54ad0ecb5e","block_type":"box","text":"Executive compensation","page_number":180,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"65e8e55a-fdb5-4b1f-bf4b-1d2933681a03","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":180,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"47024b2c-573a-4b67-8371-6058ed143daa","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":180,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"39194135-3b46-4c55-a30d-464edc462a55","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":180,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"073dfb0b-dc56-4f7f-aa65-f0a60190d2a2","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":180,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"895eb056-6c8e-4cf4-9054-2f33832edca5","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":180,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"893e89d6-49e4-4f24-9e7a-dd5926ac8a5e","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":180,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"9e0aa505-d36d-4451-9f9f-273f952c6461","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":180,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"57785358-42be-467c-853c-6910b50b9ee8","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":180,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"f0790bab-99cb-40c3-8967-91a958ae88c0","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":180,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"ee79543e-3d9e-4e97-9726-b8dd6aa1514d","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":180,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"997a3619-0fe4-42cb-8359-17f798c4c21d","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":180,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"dcb6f67a-7fca-4b48-9379-f457d7c2594a","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":180,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"d9eb2610-153a-4565-999c-8b1faa18f0cf","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":180,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"54f8ae5a-e770-4dd1-9e10-8efc9faf15af","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":180,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"319590f0-56e2-4ad3-99a8-4be0f415a724","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":180,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"39ba43df-1a3f-41da-bc45-96018dbed61f","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":180,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"299203c8-82d0-43f8-a19b-41ce67bd4e9f","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":180,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"3b51a24b-5755-4037-9a38-488c77edef98","block_type":"box","text":"executive compensation strategies.","page_number":180,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"7c4daf3d-37bc-4fc3-927d-00ea08626a30","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":180,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"16f2baa1-b164-45f2-a4ea-b96a639d418d","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":180,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"55ed117e-f720-4e35-8353-d16fff76f206","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":180,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"ce1b0d13-0107-4926-ba7f-6e2a49471088","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":180,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"a20d1f94-36d8-4cb2-82e3-76cb5f33921a","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":180,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"8fb92083-72ac-42a9-a82c-9edd5cbebd01","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":180,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"3a1453c9-1ccc-4999-acd2-81a4c9d490d3","block_type":"box","text":"have rewarded performance.","page_number":180,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"e7247172-2907-4127-a244-028b0f8bd015","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":180,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"6d26025a-5fee-42c5-a9a5-b54c542d8f3a","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":180,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"efdb6fb1-1602-4f3a-9275-a35c96eaccf5","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":180,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"673caa3d-3e0e-440d-add0-5718c7456ad7","block_type":"box","text":"A-27","page_number":180,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"cf8780d0-eaf8-49b8-a34e-7b5b312a0ea2","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":181,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"e19a708c-08d7-45fd-aac7-61e5aa348c04","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":181,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"012b5b30-3872-4090-81b1-0029de802c56","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":181,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"18859a1a-3441-4bbf-9fda-e87ff851bf29","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":181,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"af0b43e9-47fe-4c6c-b154-83bbde7d5a94","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":181,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"0b0fb5ca-fd94-43fe-93b6-17531726c57b","block_type":"box","text":"charged with overseeing.","page_number":181,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"7d7a1888-313e-432d-adfd-c62a1dda81d7","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":181,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"a6146744-6684-4219-bbca-81789215c53d","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":181,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"0efe60ee-14b2-466a-abe5-6b5ffd34ba6d","block_type":"box","text":"compensation practices or structures.","page_number":181,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"b5624853-91e7-4869-acb3-2bd9b94cddae","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":181,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"5d30af3f-8cc4-4131-9460-880945e91abb","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":181,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"924a11ee-2870-492d-8775-7de88de946a0","block_type":"box","text":"opportunities relevant to their businesses.","page_number":181,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"b9845e82-b802-499d-9e11-b03fa7735bcb","block_type":"box","text":"(9)","page_number":181,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"8789bc3c-098e-44b6-aaed-c7c20037c1f7","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":181,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"81368367-1cdc-4bf8-bed9-efd2ccaeb36e","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":181,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"a5048139-abbf-4e3f-a51c-756d5d016a1e","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":181,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"0e1ac9eb-d7c9-4c9f-8cb2-5bb7d2045e1f","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":181,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"c210be1b-1f57-4f10-bde2-f1fc5cb9f2da","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":181,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"3cb2ba6b-a828-4128-9533-833925f01bf6","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":181,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"be0220ec-62cc-4c3b-ae6b-8aab2edbd03e","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":181,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"42b46e3f-c965-4b87-8080-aa27a223e404","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":181,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"2c3b2d59-9b4d-4967-a3d0-dc34203a14d9","block_type":"box","text":"(10)","page_number":181,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"4ebeeac8-edcf-4a4d-897c-882eea2f0911","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":181,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"12258b41-0fc0-4cdb-a535-1cc2121ca7b8","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":181,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"0632cb50-8945-47bf-9032-ab40926fe030","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":181,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"cf5c8a42-4223-4ee6-9e79-7a551c765dd1","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":181,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"beba7d14-8ff3-4039-b1ab-b9f56eb5e332","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":181,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"ff3fcfb0-b432-4e11-84c4-35039980026c","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":181,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"acb4d68a-f993-4243-8791-05972485868d","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":181,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"68db9614-671b-443b-9092-115d34a87488","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":181,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"730ccac2-c29c-4064-b037-1fd6b09a1363","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":181,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"493d53d5-957d-483d-b25e-0d34f64b96ce","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":181,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"20c95674-f2dc-4c1c-a3a6-de99b69174db","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":181,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"0562bd75-b3bd-47b5-887d-7dc7fde9046d","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":181,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"9d2ff771-6648-4f19-8729-acdabee50583","block_type":"box","text":"decisions.","page_number":181,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"d8daf23f-d9fe-4e1f-a803-80eaa5b76b91","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":181,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"4145e15d-d29d-449c-9aad-e02256887f8b","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":181,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"f616bd87-0c81-4c07-b9b5-ba11ef60fcd5","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":181,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"ceeb55de-efe1-4aee-9fbe-74800c166f7f","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":181,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"ec771947-c654-448e-9714-f839047ca908","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":181,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"1e0dc974-dee0-4fb8-8bbb-7f5fae2e25f9","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":181,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"7713c3c0-e387-42dc-b35f-8df08108b580","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":181,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"d02b0d31-81e4-4d12-9db3-01e2382e5a36","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":181,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"90ab5a9d-772c-4026-a6a0-cec7e90e3d45","block_type":"box","text":"el that","page_number":181,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"e019f292-12e2-43e1-a6c0-0f7ef68bd059","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":181,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"271b256a-7295-4f56-a3cb-d00ccdd4eaed","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":181,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"c0dc17be-d87c-4c7a-ad1b-c2e8f0398a09","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":181,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"5a573df3-b55d-499f-a7a6-eda5ea1f562c","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":181,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"dda39460-ac2b-4457-ac7b-694bcf33b217","block_type":"box","text":"se informa","page_number":181,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"e6fe33b8-5bcb-4a03-b7c3-ae0cbc28cf95","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":181,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"a7538b3d-7b69-4cdc-8db2-9ad7bc87c3ca","block_type":"box","text":"ions","page_number":181,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"efa54e56-d9f6-4538-b579-30c5b0f80741","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":181,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"9c700adc-a14a-44bd-8dd0-fdd882db7a8e","block_type":"box","text":"bout its","page_number":181,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"eeb2b33f-bcc8-4ddb-8105-4972e89dd12f","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":181,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"9e10e221-f5b0-4d13-8544-c3b97c33459c","block_type":"box","text":"ding","page_number":181,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"35052fee-8861-4a53-9e32-136bfa89c091","block_type":"box","text":"resources to the entity.","page_number":181,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"6dbf2c9d-5618-4a26-9f81-c11128b2a035","block_type":"box","text":"A-28","page_number":181,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"f4cd9a99-eb2a-4d90-8dd1-d3de4e5981bf","block_type":"box","text":"Climate and nature-related risk","page_number":182,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"d137d3e7-2e71-472b-847c-5aad3aca0aa0","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":182,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"813abd16-eebf-43e6-8c95-cd046d4561de","block_type":"box","text":"(11)","page_number":182,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"fe8a2f37-19ea-4a7a-98a8-8b36c71088ad","block_type":"box","text":"Our research shows","page_number":182,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"7f0a7bd8-761a-473d-83b5-14d684fec78e","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":182,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"26a5eea8-a550-4bc9-8cfc-d672237a620d","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":182,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"c9d4f4a6-6665-4f02-87fa-5cd321358428","block_type":"box","text":"(12)","page_number":182,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"d02dc083-2180-4b41-9dca-36344e4bf5b2","block_type":"box","text":"Yet the path to","page_number":182,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"94c4b59c-0653-4eb4-acf2-bd21e2720536","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":182,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"b58b21bc-69f5-4ae7-a5dc-326be3daa459","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":182,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"90fe2f79-8825-43cd-a91b-0887f680e86a","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":182,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"fb476cef-85ab-4fc8-b5d0-f74f15fc7c00","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":182,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"8c8178c4-3353-4deb-9777-7da91e4eacb5","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":182,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"ceca85f7-a5d0-48e5-b151-8fb9e3948c8e","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":182,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"147b0e46-c127-4d03-b5b2-d2af12520988","block_type":"box","text":"(13)","page_number":182,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"ea507831-eace-4141-a5c4-0a9a58a8187b","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":182,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"f351a692-16e7-4b4f-bec6-4a94f4b2a541","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":182,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"3a058001-fd93-494f-848c-29c65dd8d708","block_type":"box","text":"(14)","page_number":182,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"ed9e3050-a5e9-450f-902e-afd1dc1b5378","block_type":"box","text":"Such disclosures also provide investors","page_number":182,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"ce9b5321-8eec-4fa5-bd00-487896496538","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":182,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"d36e488f-1294-41f1-a098-b2b08e94b8cc","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":182,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"1807d641-a3ef-4757-931d-3e08f5da717d","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":182,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"29a13e5c-c532-489c-9503-8f2945232b42","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":182,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"2168e1db-073d-4236-b5c3-6ca332c6ba20","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":182,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"c40a5ae1-0137-4ef8-8df0-1c982e6a75d3","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":182,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"75e10fbb-2762-41da-925c-1075a7f2c7cf","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":182,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"018d073a-9911-4a57-b3ba-42ca152c5b7d","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":182,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"614bf116-4a35-45de-9836-d8328b979290","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":182,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"f7b9cd86-c027-4c19-a2be-fa6559c3935e","block_type":"box","text":"(15)","page_number":182,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"46783c97-1bde-42a9-983c-9f6b1b3d72e7","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":182,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"db4ff217-7435-4c68-b311-d89d7e1631d0","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":182,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"fb067144-10a1-4b39-b959-424daa434e06","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":182,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"614d9721-5558-46d7-9233-ecc94a400aab","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":182,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"67403d1b-ddf7-4bb2-b671-cc5ba61b0903","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":182,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"4568cae2-58b9-43fd-8142-be9092b39326","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":182,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"0cabf27a-4a23-402d-ab33-893af6522a92","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":182,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"0057bbc1-1ada-41b3-899e-c0f46a96189a","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":182,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"2c3c8d1d-b703-483b-861f-a04cef53a016","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":182,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"131ca24e-f78f-4eaa-98cc-53a09f52a595","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":182,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"23d25990-d915-4795-9f13-7531b31ec7d1","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":182,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"05c18b0a-a30d-4957-97c9-89bd76311cc3","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":182,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"3b4a1cd7-0094-4960-b10a-682e51a8949e","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":182,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"c4fac04f-035a-4e16-ae8a-98303c6260d7","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":182,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"6436f12d-89f8-40a6-853a-15ffc4383d7e","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":182,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"7be484a7-4085-48a1-957b-561b9d74d1a7","block_type":"box","text":"ugh","page_number":182,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"44c98733-0a35-4734-a8e2-2d64e58b41a4","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":182,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"1f2e9db1-2508-46e5-a2f0-2f4007c36c9b","block_type":"box","text":"rs","page_number":182,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"bcc0f856-e763-41aa-ac85-12f5779f4a99","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":182,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"83b44bb1-2376-465d-8f89-5ccad16f30f2","block_type":"box","text":"for","page_number":182,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"73675061-d7c0-46f0-a993-7cb3797bb5a6","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":182,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"c8065e41-5a87-4f44-972d-aedb9edcba0d","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":182,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"3de7d844-083a-4221-b0e2-c432b3ea5c46","block_type":"box","text":"finan","page_number":182,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"5865e771-5547-44ed-acb6-704d5f69478d","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":182,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"79d0b90b-55ba-403a-b81f-c12513fca6a2","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":182,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"59fac4a4-1fbf-42d9-98a9-da8ed0d5d540","block_type":"box","text":"their planned actions and resource implications.","page_number":182,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"390ad873-d8ce-4e88-b749-effd4507ed60","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":182,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"03fc7955-8626-4dde-af28-ba91546b2704","block_type":"box","text":"ned","page_number":182,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"af497906-e37c-45c3-8414-ce50a03d4625","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":182,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"90c8ce39-0c20-4777-837c-3b26eea69d49","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":182,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"1c95f970-c3ea-4c81-b708-9c8be3f7cb9a","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":182,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"08ef1055-856c-4b14-a981-b070ba95091d","block_type":"box","text":"specific.","page_number":182,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"74e4da87-0335-42f4-9190-c6fe07e548c0","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":182,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"0a3b1efb-b494-4c9f-b8c1-05effef07881","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":182,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"33d32289-63b3-4108-9965-10be08fea6c2","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":182,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"e6ddf346-0340-4e0d-a5a0-d6deb3a794e7","block_type":"box","text":"A-29","page_number":182,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"14f17748-679a-4084-a0ad-e93cb6752e23","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":183,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"6e51bfc0-cbd0-41a9-b412-5f6f49a4d8f1","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":183,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"f9fb835a-c7d6-4ce2-ab0d-c11892eb7284","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":183,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"264a811a-38e9-4815-b07d-cbbc437e2314","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":183,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"55c10581-efff-4634-84d6-0d4839aa04dd","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":183,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"a9f09c39-c91e-4b89-8dd4-4bea382837ac","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":183,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"eb3ace1c-04ce-460a-b2c0-46e6d2d216b5","block_type":"box","text":"(16)","page_number":183,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"3599dab3-f09e-4e29-bda7-1645205cad9a","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":183,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"668312a6-18c1-40af-b45e-7bdcf4fd1436","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":183,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"f3d16958-4601-4fee-ad64-dc214dd288ca","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":183,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"7f1c0611-d526-43b1-9657-eb970e5b9eac","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":183,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"926021d4-9e3e-4d5a-8747-c03fefcb56e3","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":183,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"15b9efe6-eac0-4bf9-832e-2283b21e56f1","block_type":"box","text":"operate.","page_number":183,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"14fe0b7c-d5ca-4b7f-a2dd-69e571a012b4","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":183,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"a3af3c70-a6b5-4e8a-ab8e-c6735384715a","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":183,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"3429bc47-a172-42b0-8c46-90a7f08a63f4","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":183,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"cf5c56bb-4454-43f7-a472-09ce9bb20baf","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":183,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"3c29e227-7998-4ffb-88eb-36e35bfe0644","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":183,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"a3e8a01d-7449-4d1f-bd3c-acbb5d11270d","block_type":"box","text":"aligns with the company’s strategy.","page_number":183,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"97312cac-60d5-474d-a6a6-cf23284493ea","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":183,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"baade488-5f78-43af-addf-c8df8b8bae68","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":183,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"564a7357-e981-40b4-9474-5a4beb2d0ddd","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":183,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"27b29b4a-0034-4383-a736-0eaadb55dba3","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":183,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"58f21ba4-8b2e-48cd-a7ac-98dc63f92bff","block_type":"box","text":"contribute to a company’s long-term success.","page_number":183,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"5a878bd3-ec1f-4e68-9129-75fb2e12934c","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":183,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"e41aec49-51c4-4b0c-a269-efc7bb6a590e","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":183,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"c8c5d8f8-50de-4c8c-a1ff-27e94bba8356","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":183,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"fd47d78b-2d07-4836-93ab-18cecdcd7d40","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":183,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"d8cfe71f-7c07-4faf-8f23-95a971c3b4ab","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":183,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"cc87f7f8-a6df-4f67-b03f-801da8485a3f","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":183,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"a6441e11-793e-4a3d-89e3-aab74a2519ba","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":183,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"6ae89309-db02-4e76-aeaa-cdf7e3a4b0b4","block_type":"box","text":"to call special meetings of shareholders.","page_number":183,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"996a9efd-60a8-44c9-bda4-242c5c8407cb","block_type":"box","text":"Corporate form","page_number":183,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"280bc4da-d6e7-47d7-b470-7d7d08f8fdd7","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":183,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"2c59aa39-da7b-42b8-b23f-1870a44e76a0","block_type":"box","text":"purpose and business model.","page_number":183,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"f39efac1-2719-41fe-8580-2cc8f5362041","block_type":"box","text":"(17)","page_number":183,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"57b8c64b-09bf-4a48-b500-ab1655140fc5","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":183,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"f909b1b9-94fd-4bc3-a758-8b0a454c4674","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":183,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"d7df43ff-3da3-4372-a9f6-8cd8c29dd507","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":183,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"0e65ad9a-fb94-4c44-87c1-d87f84438584","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":183,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"16b6c8d6-b7f0-45f3-b743-7126c96a9e4d","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":183,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"05dd578d-f9c4-4c1d-9222-c01a153c951c","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":183,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"4bf5426f-940c-4458-b657-a8517779520d","block_type":"box","text":"case basis.","page_number":183,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"7b5a2ee4-8ddf-47e0-b7a9-a58e928ae19a","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":183,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"9fb9929f-3f6a-4317-89e2-66606c40ddcd","block_type":"box","text":"en","page_number":183,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"c8903a0f-58aa-4e55-8e66-fb605483223a","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":183,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"ffd3854c-39d2-4ab4-8b91-15e5b65ebc61","block_type":"box","text":"es","page_number":183,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"9e7c5bb3-a1ab-4b26-98a1-7ebbbe7c66b5","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":183,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"1501b6b0-671e-4108-9922-4d25c342ef1f","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":183,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"fe0190b8-ee78-403d-801b-1f56ffc03f54","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":183,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"f0139122-c62a-46bf-a1b7-0527eb7265fb","block_type":"box","text":"A-30","page_number":183,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b68a57ab-de11-4beb-b3af-359145c4c6b8","block_type":"box","text":"Shareholder proposals","page_number":184,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"1e7902b2-1099-4646-9e34-526d0f1fcf1c","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":184,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"8e8c90ff-e5a9-4491-acc5-b89203806e58","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":184,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"74041a70-7dd6-4cc3-9296-a8fd502dea58","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":184,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"bdc37d9c-eb81-42c6-a024-1aa7dfd847f5","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":184,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"1b1ee30c-e531-400f-9933-c4e9f4b7e684","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":184,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"d925f815-2e5b-48fd-9d9f-ce04c5c1568d","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":184,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"369de70e-6ef8-4866-9a77-51b29eba8ea8","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":184,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"e66e4a3c-ed93-426f-b5ac-a6d2fc2ac94e","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":184,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"4eec0177-eb76-4ee8-9001-b0439f37996f","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":184,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"fc44de6d-4db0-4c3e-8392-2016c544babd","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":184,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"10c44c84-617a-4d70-a1f4-66a1fd18ae8b","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":184,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"f18ec434-8d6e-4895-a7b0-f1bbd3ea00cc","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":184,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"2acb0e7a-4ef4-4259-8bce-937d86d23b9d","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":184,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"492a2ad6-6a06-4b01-b2b8-b858f1479207","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":184,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"7761c4f8-785f-4da1-9b3c-049ae9a1d1a4","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":184,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"01c0f35f-0e93-4182-b543-edb390ad3522","block_type":"box","text":"advised on the proposal.","page_number":184,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"0ecedc51-48cb-40d4-b120-9190c25f6c39","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":184,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"421f60fe-0d1f-4824-917d-7a7a326840de","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":184,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"01207b79-7ac4-4508-a0ec-03ed001b26d2","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":184,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"9b0852a2-c16b-428a-842e-70ba88603663","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":184,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"cfc0874b-b364-4bf1-809b-0c72b7662815","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":184,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"368a23f3-a47a-4aef-af47-7338dd2f8a00","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":184,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"0e2ae728-8a2c-458e-bd5c-20aabe6e5411","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":184,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"bde96321-4886-49ee-b9df-5cc32a99cfbf","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":184,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"947a0682-7dfd-4748-bf12-fc0c92260e62","block_type":"box","text":"long-term financial value creation.","page_number":184,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"3e763020-f671-413f-9fd7-645ec6be1357","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":184,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"0bf783b4-7d60-45b1-af2a-d9054050f0c5","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":184,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"a02cfddb-96a2-427a-9cb9-e4dbb5bd3ac8","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":184,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"8d7a3fa1-eafa-4b66-8944-c17f20e71dbc","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":184,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"4aa688ce-1e14-4165-be35-7ee321f5ee39","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":184,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"912cffb0-541b-4539-8e2b-5f93b6a92842","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":184,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"3b0d5b9d-9da4-4c77-901b-37fe399a463b","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":184,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"6340ad35-49f6-4a1f-8817-2d1187028599","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":184,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"e8c2fd2a-4a1a-481a-b5a2-732e73a64500","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":184,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"6ccba19c-4b50-45ee-8915-6e211a38b644","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":184,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"4c9191bf-f056-473f-a660-506e6cda44ea","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":184,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"71b805b5-4520-48fc-9474-2a2d14709f73","block_type":"box","text":"Oversight","page_number":184,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"c0b09048-b647-4593-86aa-d7025a526016","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":184,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"49922403-376c-4850-9115-0aecb4c056ac","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":184,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"b47ec4cd-9fbe-4d14-9b14-58c895342450","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":184,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"dc3d4554-3c87-471f-9169-e61806dd4128","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":184,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"b3e34b23-18c5-4263-8897-7bc409e39292","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":184,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"d4951c17-27e1-48ad-a722-f6a0954ab2b9","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":184,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"c4f03c58-0a20-4702-9e05-c103c416498c","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":184,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"9e405052-5618-4cfa-9e4e-378ff61edd21","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":184,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"35a2f2e2-71dc-4c7c-a729-409ee0f6e569","block_type":"box","text":"A-31","page_number":184,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"b7c68fb0-1687-4c00-a687-ccd7e9397a04","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":185,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"3af6222c-800d-4055-9402-ba8a542a0078","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":185,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"d44bf44b-6bec-47fb-9438-25aa736197df","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":185,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"cfcb4e74-0b7c-44bc-8d96-334772eebfed","block_type":"box","text":"amendments to the regional Guidelines.","page_number":185,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"a1736f96-e617-4bc2-a575-8048ee46066a","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":185,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"065306e2-e832-475f-ae93-80c492a45052","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":185,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"294b9d01-e4cf-4354-94df-31c91c4bbe69","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":185,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"add1088b-74f5-4d7d-ad77-dab0cc615ed9","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":185,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"df7e3d9c-b83b-4610-8157-1b649126ff61","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":185,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"c22804e1-e715-4c37-8ad9-455876cac159","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":185,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"e3915620-6be1-4891-bdf4-5bf7ea02f7de","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":185,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"de3957d2-9461-4141-9342-b21f5716c0e2","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":185,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"bcc093e7-eab9-48ed-97da-d9f651e58ded","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":185,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"d426acdd-25aa-4eec-8592-bc8ccf2254b7","block_type":"box","text":"Voting guidelines and vote execution","page_number":185,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"f89487d9-8699-40af-a23c-5b7f744c67ee","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":185,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"9c1b4143-7a4b-4206-9e7c-9e3478921fc5","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":185,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"13770621-9c86-4b57-b55b-de3ed6883df9","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":185,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"ea1a3b70-5556-43e6-921a-caaa7616f16b","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":185,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"baacec0a-2c25-45b0-9bdc-a4e077abce11","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":185,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"d41258aa-9d76-4fac-b447-aa8a75be7e83","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":185,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"4e35bc7d-d826-49da-acae-083d4a016225","block_type":"box","text":"procedures,” below).","page_number":185,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"4b679adf-c9dc-4729-9e66-38927ac4eaeb","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":185,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"2fea3cc7-ed5d-4b70-b6fc-620a461f2e62","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":185,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"1158c546-b489-4cd5-bcc3-d4eb255682d0","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":185,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"bda82851-0b15-496e-abb3-9e56573828ef","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":185,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"f5643ebc-d559-46b3-b5e5-c26d787f6939","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":185,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"c262fa02-2904-4b5a-8f9f-8c881bd9c1ea","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":185,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"30dfab43-f6ac-4168-9b2d-cb12d98df1cb","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":185,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"cf85fa56-9413-4c4f-a888-a6fc7a8bd2e5","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":185,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"b1518247-9d73-4901-a2eb-4dfc685f678d","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":185,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"4d52f8f6-679a-4956-8ed8-00e6a622b4d9","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":185,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"6ff75fc0-b481-48ee-8975-938118bf7f93","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":185,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"1015dddc-753f-4b09-8422-f81cfdd977a1","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":185,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"2b892161-3e97-4efd-b4d2-f6ca3f92e16e","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":185,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"83fbacbe-2dbc-4f79-9b9a-843437450d58","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":185,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"9ab9c16f-643e-47aa-8289-88910722c938","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":185,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"9be68ea7-78de-466b-9b14-7095d4e132a0","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":185,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"90df5eae-1678-4386-b8f3-2f21ddfd13fd","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":185,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"4a519d4c-01f9-4cbd-9c1b-97d61a4d587f","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":185,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"2bdd5bd9-c2d8-44a7-82a6-81bf08c1e76f","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":185,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"6a1ef26c-f7a6-4a60-b83a-ab879af5ab8b","block_type":"box","text":"burdensome administrative requirements.","page_number":185,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"c4c3fff1-9ec8-4a83-9ca1-36a3d6f46460","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":185,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"d47cef8a-769c-44e1-afff-201857a98219","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":185,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"03795b43-2b29-40e4-99a6-4ab5c2cea8ff","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":185,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"d7ce4768-c171-4fdc-887f-c8f52155feab","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":185,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"e047ad2f-c0db-4f41-947e-7fe266424322","block_type":"box","text":"Voting Choice","page_number":185,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"4578a5ba-7f12-48c1-98e7-73caa64292f4","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":185,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"38108765-3726-48ed-8796-1be040936f2d","block_type":"box","text":"voting process where legally and operationally viable.","page_number":185,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"84f0c3d5-ee0c-4ca6-a6d2-5161304765b4","block_type":"box","text":"A-32","page_number":185,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"7723e5af-926e-4e06-9518-a21bbf4864dd","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":186,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"c6b01d69-0e56-437c-81bf-461d74757493","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":186,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"aae529bd-6dc3-4807-a36f-ed4093a5c480","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":186,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"25383c28-0da0-4f94-8bd9-e805480c8628","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":186,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"dd1db5f5-48dd-4e74-940c-85479d50ab76","block_type":"box","text":"(18)","page_number":186,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"5334b5aa-567a-4179-8827-83c26524fb26","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":186,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"36e8c794-9b56-4cd4-8814-52e0eac58a96","block_type":"box","text":"(19)","page_number":186,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"b16074b7-c21c-40f2-9a44-4f6f68aac7b0","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":186,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"0484e638-83b8-4cc2-b595-fe346a08e9b7","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":186,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"cf3deecf-98b3-4990-917b-912a2710b532","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":186,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"8312f742-6719-4a7e-a7f7-b507512925c1","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":186,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"d1557769-54e4-42e3-ad40-f47a3edc08ee","block_type":"box","text":"consent.","page_number":186,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"8a03011e-bb20-451d-8429-cd8efdc1fd52","block_type":"box","text":"Conflicts management policies and procedures","page_number":186,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"2aa54cec-3983-4c82-9396-48a1cdbe9623","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":186,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"396e1e69-a06b-4f3e-8464-ab5409613e8f","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":186,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"20c8e466-ef87-499b-b44f-a27e73ae8012","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":186,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"c86df172-54e7-488a-96a3-bbb85c2a1b72","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":186,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"47b9eafa-d3cc-49a8-a9cc-bc62e143965f","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":186,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"b03b5ecf-a9b1-4bdc-87d0-eed8fba64c87","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":186,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"bc0cc726-3f62-4b62-8496-a928e61bcd79","block_type":"box","text":"resolutions","page_number":186,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"797b2287-79ea-49d8-a708-0bd22d5d806c","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":186,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"5759c761-41ea-4bae-9c5b-39a8f56be0d1","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":186,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"66dfaa55-51e7-4b08-a4c0-0246ae79fc77","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":186,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"1fb3553a-5fb0-4e1a-9476-0051ec506787","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":186,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"2f296cd1-a22b-4901-99df-7af79dc388b4","block_type":"box","text":"managed by BlackRock","page_number":186,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"730d2c21-443e-478b-9efe-7a2b6d412906","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":186,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"f767cc5f-0b02-493c-8d20-9d5deebd5263","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":186,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"26ac0bc0-c2ac-4912-a9c1-f5fbcfcf3ede","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":186,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"976256d9-7b39-4164-a229-a7892eec2e3b","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":186,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"f09751b9-95b5-47fa-82b3-bf624992117a","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":186,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"69c8207b-6b67-4c8b-8172-89099c86f760","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":186,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"941bfcef-81a2-441e-8ce9-9444d3f890ba","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":186,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"9eff5b2a-65b7-45a3-938f-b97fccb34b00","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":186,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"f57a82db-9422-40a3-ae93-1b1b36e3e2ff","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":186,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"72b9fb74-a0c7-48d9-885b-4d0e61f79f51","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":186,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"da0a5a19-5272-4e9f-8447-b3b51a01d598","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":186,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"60d0ac2e-c568-449e-9ec5-1a443f64f887","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":186,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"af3ce820-1019-4c07-9d6a-4323d238ca54","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":186,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"cd1eab9e-c92f-4d65-8e36-84b0a680ec7d","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":186,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"a2636b1f-7a5b-49ab-82cc-2d41ea0475ce","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":186,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"01247720-e7f7-43c6-9fe5-893852d78e4a","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":186,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"8db2375f-0371-4216-bd64-bd6753157750","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":186,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"3a060386-f55b-4957-939e-ecc28143a1a1","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":186,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"3e932019-6c93-4f6e-a82f-aeb2a8979931","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":186,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"18cd3b94-99b5-4454-bce2-e007d3a5b53e","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":186,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"483d77a6-d766-4572-bdfc-68002c9acc4c","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":186,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"b043ccee-38c6-4adc-9ce4-f670b09aeb66","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":186,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"4f3fe528-9d41-4ad3-bcfd-4dcfcc550e6d","block_type":"box","text":"heir","page_number":186,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"4d023371-54d2-476d-aaf4-0b5fbe81bba6","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":186,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"b7d3b3d5-abd5-4ce3-9041-0d7f6446515d","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":186,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"2ada4555-48dc-4492-82b2-7ea6bfbf858f","block_type":"box","text":"A-33","page_number":186,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"64884923-21e1-4cdb-8980-f07caa91db6b","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":187,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"350f5a68-b960-4603-ad38-34afc28c8eef","block_type":"box","text":"the board of directors","page_number":187,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"40af82c0-4ce2-4a73-9e83-6515ce411fa7","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":187,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"5f95115b-4f4e-4742-bcbb-242908bb2505","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":187,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"b8bf01bd-548b-4df2-8585-ef73a38886de","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":187,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"539481bb-1d80-4baa-89eb-e7f6c26b4d41","block_type":"box","text":"party voting service provider","page_number":187,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"53507d4d-87ba-47ed-88a7-4d2e9dbc742d","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":187,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"91c7867a-aacd-4a28-83d6-60a75ef52dce","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":187,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"d1df493f-5600-429e-813f-6c0f52406b01","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":187,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"1d1891c5-e647-436e-a2be-73fa9fe1b7ae","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":187,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"0ea0331b-9198-4924-b7ab-beffcff38b60","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":187,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"20824328-186e-473c-8a45-134dad197b60","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":187,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"4d1a29db-72b3-4f2c-b295-1f05e430a1bf","block_type":"box","text":"annual basis.","page_number":187,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"79a7c6cc-ffc1-495e-91b8-458dff49289a","block_type":"box","text":"Securities lending","page_number":187,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"60d1bc38-a1cb-48fc-9498-7ae282a0e533","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":187,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"bdc9cd59-7e62-4a3a-9958-a1184a1ddce5","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":187,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"57b08fe0-8c73-4210-ad8e-9e459f260122","block_type":"box","text":"providers to keep fund expenses lower.","page_number":187,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"a48ec391-a577-4ed7-ae22-c07a4f60d888","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":187,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"14ec6dc9-6064-4129-932a-1e219742f463","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":187,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"1501c61b-986e-4750-a295-071e40179557","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":187,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"59f2d054-b4b2-4fa3-8a05-4aa6b085ef07","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":187,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"d1c55f2d-5dc3-4479-beab-4ddbbb13a527","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":187,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"ec9a200f-c372-4955-987d-29f4c648cf28","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":187,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"794d1b00-8196-4479-9ed3-a3f8553c3255","block_type":"box","text":"(20)","page_number":187,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"b5d50e99-b86b-4728-a984-0da7cc2039c9","block_type":"box","text":"BIS works with","page_number":187,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"13db95e1-62d1-4372-9678-d8e5fabac22e","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":187,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"92df8be4-d427-407a-8737-099335398f64","block_type":"box","text":"recalling shares on loan.","page_number":187,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"85b1b724-3d25-4009-bd62-e9e3b957337b","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":187,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"6aa25cec-4429-4d21-a223-bc8fe0bb5ca9","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":187,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"8a29528a-2fca-4fcc-8f3d-1b0b701c583d","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":187,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"01540efc-af4d-49f8-9c06-858a48a357ef","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":187,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"670137b7-5310-4252-89a2-f19a5bf2df57","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":187,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"58ccbfbe-1627-450c-83bb-e2b7e0138cee","block_type":"box","text":"modify it as necessary.","page_number":187,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"109f596f-8781-4b9d-986f-40cb9e79a958","block_type":"box","text":"Reporting and vote transparency","page_number":187,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"6ac4fdc2-7ff4-47ee-9f93-495ea4bb101f","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":187,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"87bd05bb-16b2-4d27-b602-b70bff0f8a78","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":187,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"85c50419-203e-4771-a54d-d9312b48c483","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":187,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"7f91669d-2cde-407b-8591-39bd11ec87d5","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":187,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"919f5b83-d7f6-41ba-83e2-ec0c68579032","block_type":"box","text":"themes.","page_number":187,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"b4ef5b28-1b74-448b-ad83-abe0e0b70eb6","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":187,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"957abfbd-7334-496a-ae90-392c44caab2c","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":187,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"1dae1a09-ae6a-40d0-af28-f369977f4295","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":187,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"9e760950-c341-411a-8bc4-b2cbf769f402","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":187,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"3aa51733-3447-497a-8440-4aee2b2e450f","block_type":"box","text":"ally","page_number":187,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"7e43b9c0-e413-402d-b4b8-f6f402d70df7","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":187,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"b526419f-0eed-4e12-b898-cf77269cee5b","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":187,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"2728841e-5cb8-4bce-bdf6-88736573befe","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":187,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"a3592625-e4f2-4e8d-aacf-fca7275ad215","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":187,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"39e48fad-45ea-4512-a7eb-7ad8a30882e1","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":187,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"bb4d6a1a-e092-4e8e-866c-54b86234744b","block_type":"box","text":"A-34","page_number":187,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"bb3ce50a-0176-437f-aecd-0bbcf281eeed","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":188,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"b97692fe-7ecd-485b-b96f-dc7c44de139b","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":188,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"9c902294-2d67-4f23-9cc5-3f5d276379d4","block_type":"box","text":"meeting.","page_number":188,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"0998f18c-63bb-4a26-b606-06deb42f08aa","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":188,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"73ebb829-302e-4257-9b7f-ef71a2a73271","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":188,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"7e97dd33-df6a-477c-9b17-7dd31c0bed8f","block_type":"box","text":"Want to know more?","page_number":188,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"f9a8f45b-b145-47e9-adaf-4eaf5b138be5","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":188,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"4f918a1c-cf4a-4376-afc4-c51511d9624b","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":188,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"98a84184-6fac-4eee-9d96-bf7d9bfe1a31","block_type":"box","text":"principal.","page_number":188,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"aa5c2e78-7bbc-43b9-a08c-cd0634ebe814","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":188,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"23cd478b-3a9f-471e-b712-fbc5ad339d2f","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":188,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"8ca2ea16-05e6-4370-8355-e67bc46c6871","block_type":"box","text":"BLACKROCK","page_number":188,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"125a5156-cedd-4343-a51d-b372c0273d4b","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":188,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"c9226be8-328a-411b-88da-0c6bdbbffaf7","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":188,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"f0bef887-b58c-4371-8000-77ff3855101e","block_type":"box","text":"A-35","page_number":188,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"ad58ac83-8747-4b50-8344-78869577636e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":189,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"111c28e5-5822-41c7-99bf-0ee80d8c7e26","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":189,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"0922753b-9f98-48af-b76c-94f2f9d9dde6","block_type":"box","text":"Published July 2024","page_number":189,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"80422ec6-06f2-4362-82db-b75bb5b9cb8b","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":189,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"d25ca4db-bd84-43b2-99f7-b46b1a329ab1","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":189,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"76e210e4-00c5-47df-b285-cc91653ee0a2","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":189,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"66ed0a9a-768e-4e3c-bff1-8d5ca103ae4d","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":189,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"0bc625b4-2784-4f21-990c-c07736e3639f","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":189,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"8b8509b3-c9d5-4bb4-8a31-43a6627b8549","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":189,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"8c26892b-06d6-46ed-b70a-1b0683e0f214","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":189,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"25b56e97-48b3-4b3c-a8cc-8b8875bf5d59","block_type":"box","text":"our clients. BIS does this through:","page_number":189,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"f205885f-a450-4230-b1c9-f31c64a5dcbd","block_type":"box","text":"1.","page_number":189,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"bb18c424-87b9-469d-9e4a-9af832883670","block_type":"box","text":"Engaging with companies","page_number":189,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"220362ca-6309-43a0-9d5e-e1eb074ca45b","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":189,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"1b770e64-3f7b-4b8e-b193-a045bee801c4","block_type":"box","text":"voting decisions.","page_number":189,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"7924c7a7-2535-4608-8e48-20792a46c96a","block_type":"box","text":"2.","page_number":189,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"dbd6923d-7661-4ee1-8a82-a7304ef8d1e6","block_type":"box","text":"Voting at shareholder meetings","page_number":189,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"87a25d49-929d-4725-8242-bb7e7e52e194","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":189,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"36e6420e-4ede-4b64-9550-abadad35f9ef","block_type":"box","text":"voting authority to BlackRock.","page_number":189,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"f354ad72-3788-4244-b795-89a2ffd97eac","block_type":"box","text":"3.","page_number":189,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"8b43dfc0-0094-40d4-b55d-06fb2db26e98","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":189,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"98ef8f3e-7084-4c03-9f69-9836b2311b31","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":189,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"b4bd91e1-19bf-4652-add9-b5ce018d9237","block_type":"box","text":"investments.","page_number":189,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"40bb2a6a-7349-4b30-a3a4-44557f70bb27","block_type":"box","text":"4.","page_number":189,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"9ff0fa30-3aa9-49ef-9bb8-93c27cc61761","block_type":"box","text":"Reporting on our activities","page_number":189,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"079d9c10-c4a2-4d1f-9baf-cb9ebeeb615a","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":189,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"057b7c0c-0af7-45f3-8870-7da3924c49fc","block_type":"box","text":"publications and direct reporting.","page_number":189,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"bb26afd4-6a97-4694-9c9b-81fc701602b9","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":189,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"76409f0b-c578-44fc-b4f7-7b21a33dd8f5","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":189,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"196e3ad8-9614-4715-afa4-5a795cd0eb8f","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":189,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"264faa80-13ea-4021-840c-631338cfd8b2","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":189,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"1b409534-4343-4a05-84d3-dc948dd37470","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":189,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"901b3b1f-a408-436a-96d3-1617289204dd","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":189,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"ac5a0367-8210-49bd-8766-df550239d3c2","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":189,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"b91f3669-4aaa-4a94-9e48-d34fd7cc96f0","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":189,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"4339008f-abc5-4a8c-8e97-0e5be17eed5c","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":189,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"0c8dabe6-eb20-46de-9cea-99eb9ee7ed8d","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":189,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"4c057a0c-cf0c-4f5b-9774-00b95549f8c2","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":189,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"5f236001-851f-4885-b266-cdda5784cbf5","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":189,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"d34c6d7f-3e5a-45ed-9593-7ffbf6ed2484","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":189,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"b7984328-6e80-41bc-8146-68a44f3067c6","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":189,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"7dedc664-673d-4f76-9d06-7da2a52d2fc2","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":189,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"fb4790da-9afc-45d0-b18e-f37da725b888","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":189,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"6354824b-5e7c-4220-a933-109abddfd95f","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":189,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"2ded2b42-4283-473b-8ca7-243a6e795ec2","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":189,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"c688b915-b7d0-442b-82ac-c85db2f7d710","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":189,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"1e48fb0d-9fda-490a-8cd9-6e38e75eaa25","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":189,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"5c4d48b1-4498-4e89-b457-ae3d15bcde86","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":189,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"28daf017-b886-4f02-b96c-c316ca3375d1","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":189,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"6b2919b8-8d3a-45c8-8383-dc1d1437b466","block_type":"box","text":"industrial levels.","page_number":189,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"69d5d7b1-b51d-493a-bbb3-025263d0feb2","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":189,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"73f87bf1-d998-4bd1-ac5b-97ca62d2324e","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":189,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"e7a29394-efe4-4e03-972f-d3c8768261a0","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":189,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"95940856-90ae-48ae-9360-17724d9de834","block_type":"box","text":"A-36","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"3460fa72-fb9f-4062-9905-621ecb4470a6","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":190,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"abe029f9-ca58-4991-9e03-962c82417ba5","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":190,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"ad10140e-5a05-4f62-b14d-134bf30be935","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":190,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"86ea68bb-c9d8-4297-b0dc-d35acd299fd4","block_type":"box","text":"policies.","page_number":190,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"1ac05a13-2aaf-44d6-91bd-d6a9fe281eca","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":190,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"f1a97812-b629-4dbb-b97f-152ee20ceb8e","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":190,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"f77f0c1e-346c-47a0-990c-e75a6cb6c5f7","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":190,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"c15030a6-0612-45ec-8315-2d24eaf19c02","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":190,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"93027060-a8b5-4d1e-b95c-44eda60cb17e","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":190,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"77615331-50b7-434c-857f-59481210729b","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":190,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"067c5807-9dfa-40e5-a5e1-c209e321f975","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":190,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"d04397e1-5ca3-4595-817e-0aad48025bda","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":190,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"688c754a-4bc7-4a00-baa3-a4fc4a12aef8","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":190,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"5f8ba1de-07a8-4a53-b90e-696510a84be2","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":190,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"d3124f36-6f16-431b-94c3-23c6c4e66f69","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":190,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"7584da54-d7f3-4a80-9b97-4756c8ca98a7","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":190,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"0e4ec9e3-e7b3-4f04-901d-be746649c612","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":190,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"ea1fa78c-dbc7-48b0-b612-b444b726f1d8","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":190,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"8bd2cdd1-9c98-4e29-84e0-d7bcc53a6626","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":190,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"4c1d35f6-09c0-43c8-ba7f-56a41955ea53","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":190,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"c1973110-452d-44ad-bb9e-2213a557dbdd","block_type":"box","text":"®","page_number":190,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"a0c343b0-4997-472d-8195-5a97690423f6","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":190,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"02539e35-4510-40dc-839a-266253d76bc3","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":190,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"d3b06a28-a2eb-41ed-bbea-da73ff7054c0","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":190,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"1aeb4b2c-8295-498d-bb36-fd32675895ac","block_type":"box","text":"experts.","page_number":190,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"d20fbded-4fe1-4175-822c-da97a90aec19","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":190,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"1ae3ff18-4a1b-4d4b-a715-8ca2ac50e77f","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":190,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"bb9330f0-a809-43f8-ab07-6c9e3407208a","block_type":"box","text":"®","page_number":190,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"c78cf0b8-67f6-4e1f-b9e8-56a8493b3d06","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":190,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"1e44c9d1-6af7-4abe-b2e0-2c4f56febf4d","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":190,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"2833ff43-139a-492f-baea-93c52dba0d96","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":190,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"dfe51e5f-b566-42c2-817e-a98e4b02b68c","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":190,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"205e7238-3b3a-4b7d-a979-d2ad575367de","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":190,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"6649290b-e91e-4bc2-a3f3-b0dd72756ea4","block_type":"box","text":"•","page_number":190,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"de42a10b-c745-47ff-b9c6-0099667c47d7","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":190,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"027b555c-9a7e-4291-b8b9-81dd6279b6b2","block_type":"box","text":"This includes companies","page_number":190,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"182126ec-9850-4461-adc8-e3d06fe7e46e","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":190,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"e01b87c5-dadd-47c8-90bb-ba942591ffb1","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":190,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"7bcf87e2-6c71-40d6-a7f9-03dd34e0e7bb","block_type":"box","text":"•","page_number":190,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"f07481b2-34e1-4a6d-bb08-cc635a1f87e9","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":190,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"59965e67-5c41-4f11-bc67-eea8d9efa991","block_type":"box","text":"sectors and markets:","page_number":190,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"a8d06781-dae7-443a-a2a4-d1ef771584e9","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":190,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"26056d8a-5078-4efd-9cea-f739d0e65ee4","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":190,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"ee90e1e1-a564-4020-afe8-1327efa4b436","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":190,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"2517890d-9914-4515-b34a-f6eef8cdcc3e","block_type":"box","text":"necessary.","page_number":190,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"69444664-cb58-4f1f-9d02-09bdda64bd5e","block_type":"box","text":"•","page_number":190,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"7b652ec6-62b5-4988-9bb4-0b979dd7caef","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":190,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"236f8b71-c406-48c7-b0a2-0703e1ed95c4","block_type":"box","text":"stakeholders:","page_number":190,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"cb4f12ec-9edc-45bb-b652-308661ce7e2d","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":190,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"639bc863-9917-4eb2-8a9f-6b9add1e1bc0","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":190,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"52914346-c915-4424-8e72-1a28acb9aace","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":190,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"93276075-3266-41e3-803a-25293625db59","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":190,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"2f8c7114-803f-41a2-80dc-e85203c0ae8d","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":190,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"de47128a-0735-4cd5-bbce-26e2e7130d13","block_type":"box","text":"•","page_number":190,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"f0c4da89-a9c1-488d-bc87-35f52879e0f3","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":190,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"1ea65444-051f-4b4a-9c16-dd73a4356778","block_type":"box","text":"The","page_number":190,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"7948d3bb-ac76-4c33-9d8e-16edc4ecc4ed","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":190,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"3879bc3d-4be2-4c2c-8aad-f01a16a07437","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":190,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"6be26623-c5d3-4e0b-9508-e9291dcf0718","block_type":"box","text":"A-37","page_number":190,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"c497b4e9-6a85-42d9-a335-a6078d116aca","block_type":"box","text":"•","page_number":191,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"6da32a8c-2cb4-4e60-a012-1e9faf06adc2","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":191,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"597d99b7-1a2c-4eb2-986b-00c429e95aac","block_type":"box","text":"The boards and executive leadership of","page_number":191,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"48c3e658-e446-4bb6-aaab-c35fde4f8aa5","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":191,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"dc09457f-9c5b-46be-87b9-99d96214304b","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":191,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"c2c0f365-86f8-4452-9bcd-71a903878385","block_type":"box","text":"clients’ investment objectives.","page_number":191,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"ac61c3ea-4a1a-4ba6-813d-c19fb30f9ba4","block_type":"box","text":"Voting guidelines","page_number":191,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"30abe519-45df-43c4-9592-7bf157c41022","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":191,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"c4367792-8440-4326-af52-fc94bb3d76f3","block_type":"box","text":"to demonstrate the following:","page_number":191,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"3a3c8990-4621-4ea3-86ba-eb8d494a39a8","block_type":"box","text":"Corporate Disclosures","page_number":191,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"39217370-6a96-4605-94cf-3c20545c9d83","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":191,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"822e6138-2839-403a-8032-eb56918352b0","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":191,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"5e67aae8-cfa0-4f60-9032-26962d36833d","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":191,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"57c56d11-ba70-4455-b31b-40620d2b90ad","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":191,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"1f47a73c-ad5f-4a91-b26f-3712d60010a1","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":191,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"10104d07-eebc-49be-8ef1-18f05c8fff46","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":191,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"605d6fd0-86fe-4f8e-b6c8-834f700023e3","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":191,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"5856e953-0fd1-4fa1-be65-1ae40b560f21","block_type":"box","text":"progress.","page_number":191,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"34ffb3b4-c271-4efe-a7e4-c30f9870a8b4","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":191,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"fc25a310-73cb-46ba-b441-b686a05fe58d","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":191,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"1cd171dd-6e84-4455-b6cc-87f392e9bdad","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":191,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"3cb77cc2-c113-412c-9017-4daa03873347","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":191,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"bcdc7706-40e2-446f-b86f-18dfa9ace1d8","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":191,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"20364bc0-6655-4267-92e0-bb9048bd1396","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":191,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"b43ced20-cee6-429b-848a-b06008927514","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":191,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"e2328c79-a3ae-40f1-beb1-39d93cf0cb55","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":191,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"bc09b121-282b-414b-91dd-ea01e34cda62","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":191,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"3abd2b03-b782-471e-b72e-08011a082e4f","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":191,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"69a561c1-3b55-4a66-9fb6-ceb3eda50286","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":191,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"f8276f92-d5f9-4450-a81d-1322e2813050","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":191,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"cace925b-0704-46c3-a20f-30105cbe629b","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":191,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"80f4c482-b470-4696-8a6e-6554ded92454","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":191,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"55b92816-4715-4d39-975e-88dc2a277ace","block_type":"box","text":"Transition plans","page_number":191,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"b190d1db-04c1-44ff-8d9b-5b25643e9201","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":191,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"3c948750-6185-4fb7-9a26-92c51bbc0688","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":191,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"2cdde19f-e769-4dfb-bddf-6916ac6b7741","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":191,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"b92b3c76-98ae-4285-a808-33e79d995eb0","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":191,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"eb618d63-3d01-4d21-bf94-64cb850f1335","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":191,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"278f76b0-829f-44dd-908e-a885b75b4706","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":191,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"e88eceae-6c03-4536-ad0c-d35541fe98d2","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":191,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"07e5ff91-5353-4295-b0c9-48cc1d4d1e13","block_type":"box","text":"Boards and directors","page_number":191,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"c8106fe8-81e1-4fdd-89fa-f140f11eff51","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":191,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"5656bbdf-9a5c-4c0b-bad6-733098df4ebb","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":191,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"9c1f08bb-aa5a-4d7a-b7e4-250a34c56978","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":191,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"b0dde331-37f0-430c-9632-cd9057447574","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":191,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"8093f03d-239a-4eeb-8d44-6656364134a3","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":191,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"a5b08c01-1f0e-4a3b-8883-757dca3e3055","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":191,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"cf7b24aa-8a6f-4171-b92c-540b0e94ed23","block_type":"box","text":"A-38","page_number":191,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"0dfa63c9-c1a7-45e9-8945-cc8a4877e08e","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":192,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"2846e33f-4ee7-4323-9a5a-cf0561871415","block_type":"box","text":"accountability for delivery by senior executives.","page_number":192,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"8017ce4f-6bf7-4aba-bbf5-220477a8305c","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":192,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"e2acd057-995b-443c-88ae-d933c898ac10","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":192,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"45308525-8121-470a-9b96-6559ed0c3e0d","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":192,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"31d429f4-1d41-4d62-bf03-db9f3f103ad7","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":192,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"3b0cb244-eafd-434c-a875-84d90aa69d2d","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":192,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"961714e1-e5b5-4840-a804-332680ed5f3e","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":192,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"c468f7b3-7922-4566-bc9f-ff7b3512e8ce","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":192,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"15bfa0b3-7d91-4534-8260-d76109e6fbcc","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":192,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"617bc74d-e767-4336-9bd7-3fcf8664e521","block_type":"box","text":"low-carbon transition strategy.","page_number":192,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"6ac4e5ed-80da-4407-8fbb-76489492c0f5","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":192,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"7da4aaff-c2b9-4224-9aa1-4c672c1eec7f","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":192,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"aba4d25f-1d3a-4559-9128-fc1b8b762d58","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":192,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"e8558f3b-e2b1-4f60-9165-715ba6c0fb6b","block_type":"box","text":"constituents in their value chain.","page_number":192,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"34e4c1e1-1310-4b57-8c7d-86442413e7ff","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":192,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"af5a3eb2-948f-46c0-ab70-61386ad7b55d","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":192,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"38687426-4b39-4308-9215-b28abe4da4ab","block_type":"box","text":"including those related to the low-carbon transition.","page_number":192,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"68559169-8689-4dee-b174-34e44fec7fbb","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":192,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"c02d4f68-0b68-400d-97b1-da96b984ef4f","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":192,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"09a55239-a34a-4d14-b69f-e4f5da6dc5f8","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":192,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"d66ef4a6-2a62-45e9-a46a-e58b49094421","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":192,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"1972dd13-3c93-4c7b-91b3-2a9e67cda3aa","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":192,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"53f658f4-d279-4726-b799-9aa63c62ebb9","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":192,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"c8d16fe4-8879-4e72-8746-0d67b7da4187","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":192,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"25677fc1-dc42-4ad2-b71e-fa5ad1981c5e","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":192,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"867b0ea1-7b7b-43a0-9c83-e2127de7e9b2","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":192,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"73942909-d7a7-40b9-8c93-2bbdb9f70442","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":192,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"b2d3bbf7-fd10-4b46-b330-83fb62e1bc9f","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":192,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"cbdaa077-48fe-49d8-9997-c90c9526539e","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":192,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"9863f353-caec-4e81-a1a1-faa225109c4e","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":192,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"fb557723-19c4-4338-9250-79a473aab372","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":192,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"aa8241ce-abab-4a40-8b13-26b76a772700","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":192,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"8d240a67-cdc1-4a10-98a2-976e17295b66","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":192,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"0291d9d1-b577-4ef7-ad26-55f7fd18995f","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":192,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"2f2c8429-8a1d-4804-b7d8-727620bcc7ef","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":192,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"b0087230-5d56-487e-94a0-2d112e696acb","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":192,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"1db4d44d-95b3-4ef4-9c59-6c0ec822c97f","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":192,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"defd990a-a0b6-4633-9ea3-e40f49840a80","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":192,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"5c8b5e5c-6f40-46ea-8d2c-11d62d39f0dd","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":192,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"445a8239-1117-485d-b539-e13a5908a475","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":192,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"a2fe28a5-c0bc-42fa-9d4d-dc1a9a05adcc","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":192,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"69767cc2-0da2-41b8-8e4b-5809960ed039","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":192,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"c4e3d85f-2ac3-4893-b7db-532dc2105dba","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":192,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"4c9d0339-2d51-4aae-b112-63c305bbbe0c","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":192,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"1469a8c4-a598-4d04-83f7-a819e1b42195","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":192,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"31e8e4f2-ad4c-4d16-8e41-9e7758b291ac","block_type":"box","text":"A-39","page_number":192,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"f3bab04e-be28-404f-b044-cc4f83c024d4","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":193,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"d81dcf85-e2a1-470a-bf03-4f28496fb498","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":193,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"bdc47890-8d57-4586-95e2-9e99ab7bfb68","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":193,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"31908e03-d679-4858-9232-505360ec6270","block_type":"box","text":"Related matters","page_number":193,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"f79b814f-3d4a-4fcf-b5f7-749c9084a260","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":193,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"2150ec01-707e-4381-9d9e-00ed59290faa","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":193,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"bfe2839f-429f-493b-9f87-cea8c8311d7f","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":193,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"be214775-0ebf-475e-a9b1-379c6f102c8b","block_type":"box","text":"benchmark guidelines.","page_number":193,"box":{"x":89,"y":172,"width":157,"height":13}},{"id":"2cadee9c-e2c9-4eff-9175-f1c9e28add32","block_type":"box","text":"Executive compensation","page_number":193,"box":{"x":106,"y":199,"width":173,"height":12}},{"id":"421aef66-99f6-4fee-ab13-11d8267d8253","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives appropriately.","page_number":193,"box":{"x":88,"y":225,"width":871,"height":13}},{"id":"063b2f29-28f0-41cd-af56-065c855c11fd","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":193,"box":{"x":88,"y":240,"width":878,"height":13}},{"id":"a5d38f04-ae96-400e-a8d5-469cf5f38573","block_type":"box","text":"carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to understand the alignment","page_number":193,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"bdbc27f3-e688-462e-bd3e-aa7094e8b371","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":193,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"3dd1da8a-2b59-484e-9b10-1f1ac901ccfd","block_type":"box","text":"Auditors and audit-related issues","page_number":193,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"1de68c1b-8780-4a5e-a8b2-aebbc57bf759","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":193,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"e432ab26-8eb2-4bc6-a825-06fff12d3f15","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":193,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"adea16f9-e94e-463f-bf46-00ef101fe30b","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":193,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"2b26b65b-ebeb-4181-a9ff-96a457cfbc71","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":193,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"cc6331d4-848d-4fd8-8947-5b644215d9d2","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":193,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"7908180a-1e44-4623-81bc-e8282eb15a3d","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":193,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"9d24f876-c01a-4b61-a2f3-0f00a7394c4b","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":193,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"38c40bac-3db4-4de4-a91a-7336b3cb8220","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":193,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"7366fbda-440a-4a0a-abca-4b581d25abc1","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":193,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"40a26d2e-21be-42c1-ac14-585076d1dbe3","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":193,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"f0b94061-cbfb-41da-a234-d642124e6d61","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":193,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"3d46675d-8d0d-4e18-a978-1405e6c4ec12","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":193,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"eca66f5e-e1d3-4fe3-9628-2e156b8f05f7","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":193,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"1c79b702-f1e7-4418-8636-a36c2a62eb75","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":193,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"8d0b3f51-5025-47b4-baac-75327838888b","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":193,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"446f6aa3-a767-42d9-93df-62424a5acb3c","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":193,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"c6785f62-153b-408d-bb27-f55095840072","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":193,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"ecce12c5-bf21-47c5-ae91-7da58aea1fbe","block_type":"box","text":"economy. Similarly, we may engage companies that face risks and opportunities related to land use and deforestation, access","page_number":193,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"2ccf100f-3ce5-49b4-91f7-f767dad7c81a","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":193,"box":{"x":88,"y":641,"width":735,"height":12}},{"id":"873b9f9e-afcd-4cc2-bb27-534e193810a3","block_type":"box","text":"Appendix 1","page_number":193,"box":{"x":88,"y":668,"width":80,"height":12}},{"id":"885c95ae-6b48-4f5d-a4fd-12b45d264843","block_type":"box","text":"Terminology","page_number":193,"box":{"x":104,"y":694,"width":92,"height":12}},{"id":"8b637c42-39d8-4e0b-a941-1d845b44e795","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":193,"box":{"x":88,"y":720,"width":550,"height":13}},{"id":"5a36e478-e51a-4599-ad68-eea74cd1dde6","block_type":"box","text":"Climate risk:","page_number":193,"box":{"x":89,"y":747,"width":88,"height":10}},{"id":"69bf280d-dcdc-4951-b1ec-7fa71001be5b","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":193,"box":{"x":183,"y":747,"width":743,"height":12}},{"id":"e4a52989-c2c3-4afa-bf81-abafef14d6f6","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":193,"box":{"x":89,"y":762,"width":816,"height":12}},{"id":"3bdbde4f-1469-4694-9e53-fc4070d31a54","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":193,"box":{"x":89,"y":777,"width":340,"height":12}},{"id":"c0c3074d-01f6-4dd7-8210-c2aa7d98f56b","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":193,"box":{"x":88,"y":804,"width":455,"height":12}},{"id":"336857d5-c9ed-47ee-9cab-4a2f56020eda","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":193,"box":{"x":547,"y":804,"width":401,"height":12}},{"id":"ecf9c54c-f75a-4ddf-ab3b-9dd08573990f","block_type":"box","text":"many sectors and business models. The economic transformation is being driven by changes in government policy,","page_number":193,"box":{"x":89,"y":819,"width":806,"height":12}},{"id":"72579451-a4a7-4026-b3af-acfcf0c5ca82","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":193,"box":{"x":88,"y":834,"width":877,"height":12}},{"id":"c0ae93db-6c2f-4333-aa12-f81d517b2f2b","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":193,"box":{"x":89,"y":849,"width":567,"height":12}},{"id":"a1e84494-6b70-4ce3-8f9b-5707bcadadc0","block_type":"box","text":"A-40","page_number":193,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"0b7e0b70-0df0-4c8e-a511-bd0d5c3e5f9a","block_type":"box","text":"Decarbonization:","page_number":194,"box":{"x":89,"y":44,"width":121,"height":10}},{"id":"aac8a591-704e-4160-bd9e-44d9eb9021e9","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity and","page_number":194,"box":{"x":215,"y":44,"width":691,"height":12}},{"id":"9083c990-58ff-46d4-8018-e8426da672f4","block_type":"box","text":"removing carbon currently in the atmosphere. This can be carried out by countries, companies and even individual","page_number":194,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"45e4261a-05d4-475a-8c9e-dbc6c0191e4b","block_type":"box","text":"consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG, e.g., methane.","page_number":194,"box":{"x":89,"y":74,"width":842,"height":12}},{"id":"30d7abd5-16af-4f73-aa77-b8ebd844dc55","block_type":"box","text":"Climate-related risks and opportunities:","page_number":194,"box":{"x":89,"y":101,"width":286,"height":12}},{"id":"3cf45997-ecb3-4fa1-9949-bbb595e6eb74","block_type":"box","text":"The investment opportunities and risks associated with the transition to a low","page_number":194,"box":{"x":380,"y":101,"width":551,"height":12}},{"id":"85facb74-0738-4e59-8e30-41befbb8c36b","block_type":"box","text":"carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting to physical","page_number":194,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"c015ce8f-c8d7-49bd-ad68-6eb3967e1941","block_type":"box","text":"climate change.","page_number":194,"box":{"x":89,"y":131,"width":109,"height":12}},{"id":"3c0bbd42-8da8-43bb-a8ab-595122cdd76c","block_type":"box","text":"Climate-related transition plan: “","page_number":194,"box":{"x":89,"y":157,"width":235,"height":13}},{"id":"d0d528a3-1696-4da7-a91b-553ec2f63328","block_type":"box","text":"An aspect of an entity’s overall strategy that lays out the entity’s targets, actions or","page_number":194,"box":{"x":325,"y":157,"width":580,"height":13}},{"id":"13b76fc2-3f0b-4064-b67c-8ec9099cb705","block_type":"box","text":"resources for its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas","page_number":194,"box":{"x":89,"y":172,"width":808,"height":13}},{"id":"3f5f413a-6d1b-4886-8952-267139a23a10","block_type":"box","text":"emissions.”","page_number":194,"box":{"x":89,"y":188,"width":79,"height":9}},{"id":"b009e118-6245-4a93-a27e-5480698d6d01","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":194,"box":{"x":88,"y":214,"width":352,"height":12}},{"id":"4d657e78-3a82-41af-afe7-9f7669f77d34","block_type":"box","text":"Targets that “","page_number":194,"box":{"x":445,"y":214,"width":94,"height":12}},{"id":"fad19395-4839-4be2-b67f-36b77af2ca2a","block_type":"box","text":"are in line with what the latest climate science deems","page_number":194,"box":{"x":549,"y":214,"width":373,"height":10}},{"id":"98fc8e0b-3d57-40d4-b507-449234feeb1b","block_type":"box","text":"necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels. 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They define how much and how quickly a business must reduce its emissions to be in line with the Paris Agreement","page_number":194,"box":{"x":88,"y":259,"width":878,"height":13}},{"id":"feaa63ee-5b97-44ea-a5ad-f5d605fcd5df","block_type":"box","text":"goals.”","page_number":194,"box":{"x":89,"y":274,"width":46,"height":13}},{"id":"e66a4810-1db1-48c4-8e1a-813918794606","block_type":"box","text":"Appendix 2","page_number":194,"box":{"x":88,"y":301,"width":82,"height":12}},{"id":"9078283b-1e41-44ce-b4cc-f868e12a517d","block_type":"box","text":"Comparison of key differences between how the BIS benchmark considers climate-related risks, where appropriate, and","page_number":194,"box":{"x":89,"y":327,"width":866,"height":13}},{"id":"75c4b0bc-6fa6-4568-b347-6492ecbe3e15","block_type":"box","text":"the decarbonization guidelines","page_number":194,"box":{"x":88,"y":342,"width":222,"height":13}},{"id":"14b450a0-eefd-4ffa-83d6-00f922f1858d","block_type":"box","text":"BIS Benchmark Policy 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