{"annotation_id":"6c638959-7e61-41bc-b9cd-958bea058eeb","file_hash":"8b848e26a7c26606e5b6234b28e00e59a09291548a3c3368e2622bd5359763ea","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"cf5249d4-c010-4658-9bfa-763bb7586ddf","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"769ece67-9562-48cf-8085-0dcd0d0bd457","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"5fa439fa-cd9b-4ade-bdc7-088d84f21dca","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":"d2e2961c-26e7-4937-a09b-85dfc449d0b3","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":"49175ed9-1fa4-451f-83f9-1827fcb2be73","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":"4e58d1ac-2982-46a8-b957-945da071e186","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":"685c03f2-aa3e-484c-9e0e-98d87f72f724","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"48c59ca7-14fb-4aa4-a87a-e347f86d0d62","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":"cb16d237-e102-4552-ac2b-b09aab8311f4","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":"066b7274-96bd-4d12-a421-3a7f48a77082","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"5f399ef8-cbf5-465f-9392-56ffd6ed563b","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":"a56cf2ae-b5ab-4ed6-86a4-02ec5aa99f6c","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":"a5614c34-6542-4f6f-ab4c-93fe85eb26de","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":"919a6329-f9bb-447d-9366-01463f383d4d","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":"b017258d-5110-4592-a37b-71a22484775e","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":"752da666-3d56-4392-afce-5e5b5642952e","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":"ed200b7a-3614-46f4-91c2-b9041079affb","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":"ac297cee-a373-484a-aa20-ad18ef3ed7bb","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"dd725e10-1a2a-41db-9956-57c480c42598","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":"fc2106e3-9064-4726-b410-b2fac1627268","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":"929583f6-e4a7-48e5-9dc8-eba62fb7c15e","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":"99c3e05d-e18b-4404-bbca-c2b0f3755d6f","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":"0b6105eb-72ad-4d0d-9245-d9afb95f2a28","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"13559c4e-a6c4-4c2d-a0bd-b47ef39bc558","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"5919a6e7-4b69-4f94-99cc-8ff06d490068","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":"2dba608a-7f5f-465b-a9d4-b6acca04e8bd","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":"58eb8179-0830-4905-b5ba-53db35199589","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":"ebe68182-bb5e-4472-aedb-bda54483bbd5","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":"df486ddb-4964-4372-aec9-86eea68dafd5","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":"42dc70b4-c3c1-437c-b5a9-c15ca335f59f","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":"af18e01e-e639-47f6-9c5e-4b0c32cc2050","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":"c4ae4c59-4be4-4514-8895-ed03db442e18","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":"96a8e938-41d9-4db6-8c04-a302278c9404","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":"8ae49aaf-63f4-40a6-8b65-9c46378990a1","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":"bb228a4a-fe07-4bd4-84df-60c649467aa4","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":"1696d669-6d58-4f71-b33f-a0bbe22b8602","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":"a75e56fd-201b-4477-a6db-03226dbb4e08","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":"6cb59f71-9828-4c73-8b3d-1b36b1f2149b","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":"951cbdbf-a113-4dd4-99f3-5d9be445466c","block_type":"box","text":"Intermediaries and third parties and may reflect different services provided. 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“Investment Company Act” or the “1940","page_number":8,"box":{"x":60,"y":120,"width":837,"height":12}},{"id":"44767917-c328-4105-b09c-6b0c01117078","block_type":"box","text":"Act”), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":8,"box":{"x":59,"y":135,"width":860,"height":12}},{"id":"e1777597-e2fc-4376-9f18-b2101043c20f","block_type":"box","text":"modifications by the Securities and Exchange Commission (the “SEC”), SEC staff or other authority with","page_number":8,"box":{"x":60,"y":150,"width":791,"height":12}},{"id":"80c6ef3b-7edc-4829-8217-4785f467616d","block_type":"box","text":"appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from","page_number":8,"box":{"x":59,"y":165,"width":878,"height":12}},{"id":"e2637a76-03b1-4663-b681-6279f8434646","block_type":"box","text":"the SEC, SEC staff or other 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The Trust was organized as a Delaware","page_number":10,"box":{"x":59,"y":108,"width":818,"height":13}},{"id":"df178bae-c1e5-4f04-8c98-4a020efc8824","block_type":"box","text":"statutory trust on December 16, 1999 and is authorized to have multiple series or portfolios. The Trust is an open-end","page_number":10,"box":{"x":59,"y":123,"width":823,"height":13}},{"id":"ed66910b-6f22-45f1-bc3c-f7248af54350","block_type":"box","text":"management investment company registered with the SEC under the 1940 Act. The offering of the Trust’s shares is","page_number":10,"box":{"x":60,"y":138,"width":805,"height":13}},{"id":"33de4424-ebfd-49a9-aaad-13ffb07f4ba4","block_type":"box","text":"registered under the Securities Act of 1933, as amended (the “1933 Act”). 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Shares may be issued in","page_number":10,"box":{"x":59,"y":460,"width":832,"height":12}},{"id":"261c826c-c0f8-43a3-a993-99e337f72177","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":10,"box":{"x":59,"y":475,"width":802,"height":12}},{"id":"654af0a5-7b43-4027-960b-46e0ee40ec9d","block_type":"box","text":"Participant maintain collateral with the Trust as set forth in the handbook for Authorized Participants. The Trust may use","page_number":10,"box":{"x":60,"y":490,"width":842,"height":12}},{"id":"7e9195bb-0ec3-4a31-a80c-b981f131b5dc","block_type":"box","text":"such collateral at any time to purchase Deposit Securities. See the","page_number":10,"box":{"x":59,"y":505,"width":460,"height":12}},{"id":"cc2bd182-f16e-4aa8-861b-ddfd96ce90f9","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":10,"box":{"x":524,"y":505,"width":300,"height":12}},{"id":"15ba5053-e12d-4764-b81a-657383ae8830","block_type":"box","text":"section of this","page_number":10,"box":{"x":829,"y":505,"width":98,"height":10}},{"id":"06808264-06f3-4542-b7aa-7b2052fb88d9","block_type":"box","text":"SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be higher","page_number":10,"box":{"x":59,"y":520,"width":851,"height":12}},{"id":"ee6cc7ee-2f9a-48e4-b056-10b42f065ad1","block_type":"box","text":"than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with","page_number":10,"box":{"x":59,"y":535,"width":836,"height":13}},{"id":"5b31e18b-1891-4dcb-a1b3-190234eb93cf","block_type":"box","text":"respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and","page_number":10,"box":{"x":60,"y":550,"width":873,"height":13}},{"id":"e5dfacb3-8215-4853-b774-9ee2f5ad0e05","block_type":"box","text":"regulations applicable to management investment companies offering redeemable securities.","page_number":10,"box":{"x":60,"y":566,"width":651,"height":12}},{"id":"2acc6dbc-a4e1-4bdd-b637-e2aed0bd0907","block_type":"box","text":"The Board of the Trust approved the closure and liquidation of the iShares Future Metaverse Tech and Communications ETF","page_number":10,"box":{"x":59,"y":592,"width":867,"height":12}},{"id":"1f6ac71c-8146-49d9-875f-86092c02d5b2","block_type":"box","text":"(also referred to as “IVRS”). After market close on August 12, 2026, IVRS will cease the creation and redemption of Creation","page_number":10,"box":{"x":60,"y":607,"width":864,"height":12}},{"id":"682ba114-bf57-4c98-a6c8-860b292be1f7","block_type":"box","text":"Units. Trading in IVRS will be halted prior to market open on August 13, 2026. Proceeds of the liquidation are scheduled to be","page_number":10,"box":{"x":60,"y":622,"width":875,"height":13}},{"id":"a22d1372-7a77-4570-b7f8-404b4ec33e6d","block_type":"box","text":"sent to Fund shareholders on or around August 17, 2026 (the “Liquidation Date”).","page_number":10,"box":{"x":59,"y":637,"width":572,"height":13}},{"id":"8659655c-1a39-4953-a6d6-c247cb56ca42","block_type":"box","text":"While IVRS is in the process of liquidating its portfolio, which is anticipated to commence prior to August 12, 2026, IVRS will","page_number":10,"box":{"x":59,"y":664,"width":867,"height":12}},{"id":"9dada561-6a59-4ce1-8c76-52e80d856942","block_type":"box","text":"hold cash and securities that will not be consistent with its investment objective and strategies and is likely to incur higher","page_number":10,"box":{"x":60,"y":679,"width":854,"height":12}},{"id":"8282d417-1a16-47c2-96dd-8333e48a7408","block_type":"box","text":"tracking error than is typical for the Fund. Furthermore, the Trust cannot assure that there will be a trading market for Fund","page_number":10,"box":{"x":59,"y":694,"width":863,"height":12}},{"id":"5f7cf4d5-d5be-49c4-b4d2-2262511c196e","block_type":"box","text":"shares between market close on August 12, 2026 and the Liquidation Date because Fund shares will not be traded on NYSE","page_number":10,"box":{"x":59,"y":709,"width":865,"height":12}},{"id":"18653100-c1fa-491d-a4e3-a48380674c4a","block_type":"box","text":"Arca during that period.","page_number":10,"box":{"x":59,"y":724,"width":167,"height":13}},{"id":"62a66649-1a31-42a0-afeb-b15953aef72b","block_type":"box","text":"Shareholders may sell their holdings of IVRS on NYSE Arca until market close on August 12, 2026 and may incur the usual","page_number":10,"box":{"x":59,"y":751,"width":853,"height":12}},{"id":"df42f910-dea3-420e-bce9-f16225947a06","block_type":"box","text":"and customary brokerage commissions associated with the sale of Fund shares. As of the Liquidation Date, shares of IVRS","page_number":10,"box":{"x":59,"y":766,"width":856,"height":12}},{"id":"d1558d3e-fc45-4ec3-80a3-2ffa8138c51a","block_type":"box","text":"will be individually redeemed. If you hold Fund shares on the Liquidation Date, IVRS will automatically redeem your shares for","page_number":10,"box":{"x":59,"y":781,"width":879,"height":12}},{"id":"02c9717a-6a79-4c9e-b763-f5769281f8fd","block_type":"box","text":"cash based on the net asset value of the Fund as of the close of business on August 12, 2026, which will include any","page_number":10,"box":{"x":59,"y":796,"width":813,"height":12}},{"id":"be1d864f-f1f9-408c-b0ac-f70295a100f1","block_type":"box","text":"dividends or distributions calculated as of that date.","page_number":10,"box":{"x":59,"y":811,"width":362,"height":10}},{"id":"ccef05ef-5149-42a7-9fb8-ef4a0b33f794","block_type":"box","text":"1","page_number":10,"box":{"x":496,"y":916,"width":4,"height":9}},{"id":"958d44e9-6fe4-4d62-87f8-e6916eb8517c","block_type":"box","text":"Exchange Listing and Trading","page_number":11,"box":{"x":62,"y":67,"width":491,"height":30}},{"id":"288f8b24-ac20-4dc7-90f6-3c5a875c94cc","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":11,"box":{"x":59,"y":108,"width":813,"height":13}},{"id":"380f95f3-e3a0-4ccc-b4b9-a9b23493fda2","block_type":"box","text":"Shareholder Information","page_number":11,"box":{"x":58,"y":123,"width":171,"height":12}},{"id":"f9f3ed07-3e18-4768-bc51-45c3c6561a12","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":11,"box":{"x":234,"y":123,"width":652,"height":13}},{"id":"d2df888a-225e-45b1-ad6d-08593bb68457","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":11,"box":{"x":59,"y":138,"width":415,"height":13}},{"id":"bb9f3f1d-4d17-4958-bb3e-99cd4fbce265","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":11,"box":{"x":59,"y":165,"width":842,"height":12}},{"id":"c4f15947-4d06-4f5c-973f-7f88b7ef2b59","block_type":"box","text":"secondary markets. Shares of each Fund may also be listed on certain non-U.S. exchanges. There can be no assurance that","page_number":11,"box":{"x":59,"y":180,"width":861,"height":12}},{"id":"9bf43000-09cb-41a4-954f-b548c5c84ba0","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. The","page_number":11,"box":{"x":59,"y":195,"width":875,"height":12}},{"id":"4ca4d987-6d99-4c31-8388-0ac2b708ee08","block_type":"box","text":"Listing Exchange may, but is not required to, remove the shares of a Fund from listing if, among other things: (i) following the","page_number":11,"box":{"x":60,"y":210,"width":875,"height":13}},{"id":"7a3a2a5c-6233-4309-b5bb-3bb7a019b1e8","block_type":"box","text":"initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50 record and/or","page_number":11,"box":{"x":60,"y":225,"width":877,"height":13}},{"id":"c8272c61-ba31-4a0c-a9fe-bfe88308ed9b","block_type":"box","text":"beneficial owners of shares of a Fund; (ii) a Fund is no longer eligible to operate in reliance on Rule 6c-11 under the","page_number":11,"box":{"x":60,"y":240,"width":802,"height":13}},{"id":"17a8d9c9-8ad1-4979-aed1-3c32d7fd27d1","block_type":"box","text":"Investment Company Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall","page_number":11,"box":{"x":60,"y":256,"width":857,"height":12}},{"id":"9c8bbfff-4bf5-4cd1-8ad9-aa86942cbae1","block_type":"box","text":"occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing Exchange","page_number":11,"box":{"x":59,"y":271,"width":848,"height":12}},{"id":"f0b3d7b2-c21f-44eb-965b-858d57858621","block_type":"box","text":"inadvisable. The Listing Exchange will also remove shares of a Fund from listing and trading upon termination of the Fund.","page_number":11,"box":{"x":60,"y":286,"width":856,"height":12}},{"id":"4a365b78-3c75-42b6-9425-214dccf57245","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":11,"box":{"x":59,"y":312,"width":852,"height":13}},{"id":"701ad73b-613e-47d6-96f5-c7933abfadf8","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":11,"box":{"x":60,"y":327,"width":524,"height":13}},{"id":"3cb7ed5c-5e3e-41f4-9b9a-76e866fc739e","block_type":"box","text":"The Trust reserves the right to adjust the share price of a Fund in the future to maintain convenient trading ranges for","page_number":11,"box":{"x":59,"y":354,"width":823,"height":12}},{"id":"3cba0e2c-1483-4c7b-b42d-9cbdde86a00b","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":11,"box":{"x":60,"y":369,"width":859,"height":12}},{"id":"345f4994-3a7c-4f9a-ad28-3991dbecef49","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":11,"box":{"x":59,"y":384,"width":477,"height":12}},{"id":"a78cf2b2-923f-4e05-802d-a1b92fbe7a29","block_type":"box","text":"Investment Strategies and Risks","page_number":11,"box":{"x":62,"y":415,"width":531,"height":29}},{"id":"bb8cc54b-ba1f-48e1-8851-39d5df99a821","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":11,"box":{"x":60,"y":456,"width":823,"height":12}},{"id":"6048da8b-34b3-42db-989f-687c5682e8b8","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the Underlying Index. Each","page_number":11,"box":{"x":60,"y":471,"width":853,"height":12}},{"id":"0cbe68c6-1cac-45e9-a931-b986fafda800","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":11,"box":{"x":60,"y":486,"width":841,"height":12}},{"id":"307115bb-fff4-467b-9ceb-07ea1a3f26c0","block_type":"box","text":"ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":11,"box":{"x":59,"y":501,"width":550,"height":13}},{"id":"d3c748f8-d9d8-4ad2-885d-454599a0d3d4","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":11,"box":{"x":60,"y":528,"width":811,"height":12}},{"id":"7ae46e1a-f171-43e9-8afe-01042efc7fec","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":11,"box":{"x":59,"y":543,"width":849,"height":12}},{"id":"0d140fba-9438-410f-85d6-90a4b0e7c812","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":11,"box":{"x":59,"y":558,"width":819,"height":12}},{"id":"217e4be1-9034-46a7-b5ee-295b606f794b","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":11,"box":{"x":59,"y":573,"width":859,"height":12}},{"id":"abe848c6-dc1e-471a-82de-d894b04539e6","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":11,"box":{"x":60,"y":588,"width":727,"height":13}},{"id":"508e0d7f-238d-4c4d-89e2-5d0a892e576c","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":11,"box":{"x":59,"y":615,"width":851,"height":12}},{"id":"29b5d36b-05b7-4042-8cbd-081b7669219e","block_type":"box","text":"described below.","page_number":11,"box":{"x":59,"y":630,"width":116,"height":9}},{"id":"21b1deb8-a0f8-4363-b125-d21db0495707","block_type":"box","text":"Borrowing.","page_number":11,"box":{"x":60,"y":657,"width":78,"height":12}},{"id":"110b4e07-856a-43cf-8f48-e13f9379eea1","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":11,"box":{"x":147,"y":656,"width":776,"height":13}},{"id":"46a9fa68-881f-4d93-b63c-e2ab18e18223","block_type":"box","text":"or to facilitate the settlement of securities or other transactions. The iShares Asia 50 ETF, iShares Copper and Metals Mining","page_number":11,"box":{"x":59,"y":671,"width":866,"height":13}},{"id":"86685e8f-3aad-4ff5-b87d-2efadd14df8c","block_type":"box","text":"ETF, iShares Emerging Markets Infrastructure ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Future AI","page_number":11,"box":{"x":60,"y":686,"width":871,"height":13}},{"id":"9af5dd6b-ad11-4538-9d47-21a889f47244","block_type":"box","text":"& Tech ETF, iShares Future Metaverse Tech and Communications ETF, iShares Global 100 ETF, iShares Global Comm Services","page_number":11,"box":{"x":59,"y":702,"width":871,"height":11}},{"id":"856b8e1d-976c-46aa-9dff-19a08aa8c271","block_type":"box","text":"ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Financials ETF, iShares","page_number":11,"box":{"x":60,"y":717,"width":870,"height":12}},{"id":"07307cb4-c152-4509-b6cc-8e0e0036bf3e","block_type":"box","text":"Global Industrials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares","page_number":11,"box":{"x":59,"y":732,"width":840,"height":12}},{"id":"ac96809b-2dfc-4ed3-856a-ca61507a2fcc","block_type":"box","text":"International Dividend Growth ETF, iShares Latin America 40 ETF and iShares Lithium Miners and Producers ETF along with","page_number":11,"box":{"x":60,"y":747,"width":863,"height":12}},{"id":"d0e8a1db-2857-489d-afe1-445b13476dbc","block_type":"box","text":"certain other iShares funds, have entered into a syndicated line of credit with the Bank of New York Mellon (“BNY”), which","page_number":11,"box":{"x":59,"y":762,"width":854,"height":12}},{"id":"688775d3-42a9-4937-8b73-37bb516629a8","block_type":"box","text":"serves as administrative agent for itself and the other banks. The syndicated line of credit may be used for temporary or","page_number":11,"box":{"x":59,"y":777,"width":836,"height":13}},{"id":"5e98343d-1399-4bfe-8f67-bf9a4a5f366f","block_type":"box","text":"emergency purposes, including redemption, settlement of trades and rebalancing of portfolio holdings.","page_number":11,"box":{"x":59,"y":792,"width":721,"height":13}},{"id":"4a497762-ae24-4c86-9ea3-dd9e0ab42f04","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":11,"box":{"x":60,"y":819,"width":864,"height":12}},{"id":"1132f947-5101-4ad2-97aa-62a87acece28","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":11,"box":{"x":60,"y":834,"width":870,"height":12}},{"id":"a3775f1b-1cf7-4722-9f8c-709a29b31975","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":11,"box":{"x":60,"y":849,"width":805,"height":12}},{"id":"81aaa8e9-e68e-4e8b-8734-8278e96f7185","block_type":"box","text":"2","page_number":11,"box":{"x":495,"y":916,"width":7,"height":9}},{"id":"e44a0d86-c32a-4296-99c6-3b60ced081f2","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":12,"box":{"x":59,"y":67,"width":846,"height":12}},{"id":"43c2c312-0f52-4472-943e-84349bac67eb","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":12,"box":{"x":60,"y":82,"width":852,"height":12}},{"id":"bc6c51e3-ac84-4059-bcca-de0aaa2e0445","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":12,"box":{"x":60,"y":97,"width":870,"height":12}},{"id":"08931fd8-ca13-40e2-bc2b-5ee1f366fa37","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":12,"box":{"x":60,"y":112,"width":873,"height":12}},{"id":"ca9532fd-fcc1-4461-bf63-a0099d927919","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":12,"box":{"x":60,"y":127,"width":826,"height":12}},{"id":"50d49948-b264-4d4e-bcad-859709b8d4c6","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":12,"box":{"x":59,"y":142,"width":872,"height":13}},{"id":"87eb88a4-b670-4d91-8ddf-641f7efd522d","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":12,"box":{"x":59,"y":157,"width":382,"height":13}},{"id":"b356f0fd-8b3c-49f1-ac24-6a07e7da15fd","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":12,"box":{"x":59,"y":184,"width":835,"height":12}},{"id":"57d8ca60-d11a-4699-a3c1-3cd08998e32b","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":12,"box":{"x":59,"y":199,"width":874,"height":12}},{"id":"82e7c7d8-9a64-481b-8ba3-fd3955e9ed28","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":12,"box":{"x":59,"y":214,"width":800,"height":12}},{"id":"9d886c92-05f6-466f-8a43-ee57dea5169b","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":12,"box":{"x":60,"y":229,"width":867,"height":12}},{"id":"9b1dbbea-46fb-497d-87fd-13df3962b05a","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":12,"box":{"x":60,"y":244,"width":856,"height":13}},{"id":"91ac499e-df12-4310-92eb-63ce34454029","block_type":"box","text":"may be disadvantageous to do so.","page_number":12,"box":{"x":60,"y":259,"width":237,"height":13}},{"id":"cf2cf86c-5890-409c-9c69-f99a18449937","block_type":"box","text":"Currency Transactions.","page_number":12,"box":{"x":59,"y":286,"width":167,"height":12}},{"id":"98724b73-a481-428a-9c2e-6704f1ea257c","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":12,"box":{"x":234,"y":286,"width":697,"height":12}},{"id":"993caac3-c976-4420-b3c0-e94badd6c017","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":12,"box":{"x":59,"y":301,"width":877,"height":12}},{"id":"4d2ab382-78b3-44b1-aef9-5d35b49031fe","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":12,"box":{"x":60,"y":316,"width":814,"height":12}},{"id":"ec38a54a-c991-4fd3-aa2a-56d15521d1bb","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":12,"box":{"x":59,"y":331,"width":829,"height":13}},{"id":"954c17e2-114d-4534-8b49-4f79d67eeab6","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":12,"box":{"x":59,"y":346,"width":854,"height":13}},{"id":"3f171738-e9bd-4d37-9dbb-8d61ff35f659","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":12,"box":{"x":59,"y":361,"width":863,"height":13}},{"id":"21fe75a8-54d7-4dac-94ff-01cebf0a7671","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":12,"box":{"x":59,"y":377,"width":841,"height":12}},{"id":"a43ec920-f509-4417-b47d-8e5954c6ef0e","block_type":"box","text":"delivery of the underlying currency. Each Fund does not expect to engage in currency transactions for the purpose of","page_number":12,"box":{"x":59,"y":392,"width":820,"height":12}},{"id":"5281e9eb-703d-43f1-8df3-677e4c740e95","block_type":"box","text":"hedging against declines in the value of the Funds’ assets that are denominated in a non-U.S. currency. A Fund may enter","page_number":12,"box":{"x":60,"y":407,"width":849,"height":12}},{"id":"78a05b92-f202-4fff-b97c-a21dfa328f17","block_type":"box","text":"into non-U.S. currency forward and non-U.S. currency futures transactions to facilitate local securities settlements or to","page_number":12,"box":{"x":60,"y":422,"width":834,"height":12}},{"id":"356e349f-4da3-4bcf-84a0-92d0e587ffb3","block_type":"box","text":"protect against currency exposure in connection with its distributions to shareholders, but may not enter into such contracts","page_number":12,"box":{"x":59,"y":437,"width":874,"height":12}},{"id":"5cb07453-81ab-41f8-8c92-f1112ca988c1","block_type":"box","text":"for speculative purposes.","page_number":12,"box":{"x":59,"y":452,"width":174,"height":12}},{"id":"22b9c457-1718-422f-9072-c6348e05784f","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":12,"box":{"x":60,"y":479,"width":878,"height":12}},{"id":"ba522577-ebb9-4eba-a5e4-cf6eb91c23ae","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":12,"box":{"x":59,"y":494,"width":876,"height":12}},{"id":"3a43bc12-3e66-429a-8862-3b295e2f29d0","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":12,"box":{"x":59,"y":509,"width":843,"height":12}},{"id":"4cfdd615-3029-405c-a17e-822dab2eebae","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":12,"box":{"x":60,"y":524,"width":877,"height":12}},{"id":"eb690880-1728-4690-9ed7-7e8d7e901e70","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":12,"box":{"x":60,"y":539,"width":864,"height":12}},{"id":"4f29c501-edaa-4f78-9439-af213a346e21","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":12,"box":{"x":60,"y":554,"width":852,"height":13}},{"id":"5bb9e989-98d9-4785-a34a-e366fd276189","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":12,"box":{"x":59,"y":569,"width":877,"height":13}},{"id":"8bc6fe2d-b72b-4a26-8cfe-7036e71d1ba4","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":12,"box":{"x":60,"y":584,"width":872,"height":13}},{"id":"0a514ff7-f528-429a-be4f-3e944d1822e3","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":12,"box":{"x":60,"y":600,"width":841,"height":12}},{"id":"7f0473fa-78a2-408b-93f0-438a687090a1","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":12,"box":{"x":59,"y":615,"width":871,"height":12}},{"id":"c018cdd1-a6f1-4d99-9d6c-8003ee8b5316","block_type":"box","text":"including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":12,"box":{"x":60,"y":630,"width":631,"height":12}},{"id":"a96aedab-f9b9-4441-8aee-bf0b41cbe497","block_type":"box","text":"Diversification Status.","page_number":12,"box":{"x":60,"y":656,"width":155,"height":10}},{"id":"796095ab-22e4-42b3-a9b8-ccb17dc1e8e9","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":12,"box":{"x":224,"y":656,"width":480,"height":13}},{"id":"5276122c-8152-4d58-ae56-b0498bb045e1","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":12,"box":{"x":60,"y":686,"width":528,"height":8}},{"id":"be2fe220-38ae-4744-b792-ea9a024c12b6","block_type":"box","text":"iShares Future AI & Tech ETF iShares Asia 50 ETF","page_number":12,"box":{"x":59,"y":708,"width":532,"height":10}},{"id":"a41ca4b9-5491-4e88-ad62-b298361b8404","block_type":"box","text":"iShares Global 100 ETF* iShares Blockchain and Tech ETF","page_number":12,"box":{"x":59,"y":728,"width":621,"height":10}},{"id":"099c6e4e-430d-449d-83bc-1841659ed421","block_type":"box","text":"iShares Global Consumer Discretionary ETF iShares Copper and Metals Mining ETF","page_number":12,"box":{"x":59,"y":748,"width":661,"height":13}},{"id":"8d499e6b-e689-4f29-85ea-a96355b47523","block_type":"box","text":"iShares Global Consumer Staples ETF iShares Emerging Markets Infrastructure ETF","page_number":12,"box":{"x":59,"y":768,"width":702,"height":13}},{"id":"666f85af-2daf-4279-befd-def3312a6464","block_type":"box","text":"iShares Global Financials ETF iShares Environmental Infrastructure and Industrials ETF","page_number":12,"box":{"x":59,"y":788,"width":780,"height":10}},{"id":"0bac4dcb-660a-460d-b7d0-a6db72aca963","block_type":"box","text":"iShares Global Healthcare ETF iShares Future Metaverse Tech and Communications ETF","page_number":12,"box":{"x":59,"y":809,"width":785,"height":9}},{"id":"a227e3e6-b567-4a86-b907-e381055ffa9c","block_type":"box","text":"iShares Global Industrials ETF iShares Global Comm Services ETF","page_number":12,"box":{"x":59,"y":829,"width":634,"height":10}},{"id":"1a57476d-f0c3-4d54-b781-8654e1f16eaa","block_type":"box","text":"iShares Global Infrastructure ETF iShares Global Energy ETF","page_number":12,"box":{"x":59,"y":849,"width":575,"height":12}},{"id":"3ac4ede1-4be8-4d3e-82bd-c1c12b4a01d3","block_type":"box","text":"iShares Global Materials ETF iShares Global Tech ETF","page_number":12,"box":{"x":59,"y":869,"width":561,"height":10}},{"id":"78a0e539-6552-446f-a5f4-3590b5315bc9","block_type":"box","text":"3","page_number":12,"box":{"x":495,"y":916,"width":7,"height":9}},{"id":"f05b18ce-3dcd-47a7-8545-853a047737d7","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":13,"box":{"x":60,"y":67,"width":528,"height":8}},{"id":"c62feb58-f0c5-4a4c-8955-b88d828e0b91","block_type":"box","text":"iShares Global Utilities ETF iShares Global Timber & Forestry ETF","page_number":13,"box":{"x":59,"y":89,"width":649,"height":13}},{"id":"8a6f561e-66f7-48f4-8954-75194f652ee4","block_type":"box","text":"iShares International Dividend Growth ETF iShares India 50 ETF","page_number":13,"box":{"x":59,"y":109,"width":537,"height":10}},{"id":"1e7dc1c7-d846-44c9-9e07-87546043d616","block_type":"box","text":"iShares Latin America 40 ETF","page_number":13,"box":{"x":461,"y":130,"width":195,"height":9}},{"id":"e8247876-f4a3-4e77-83a7-da1688112b51","block_type":"box","text":"iShares Lithium Miners and Producers ETF","page_number":13,"box":{"x":461,"y":150,"width":284,"height":9}},{"id":"536c5c40-8c71-40ee-ad2d-5a7060033998","block_type":"box","text":"*","page_number":13,"box":{"x":88,"y":188,"width":4,"height":3}},{"id":"6e2864be-bade-4fe2-8f38-a493772ef7cd","block_type":"box","text":"The iShares Global 100 ETF intends to be diversified in approximately the same proportion as its Underlying Index is diversified and to invest all or","page_number":13,"box":{"x":103,"y":189,"width":815,"height":10}},{"id":"35324e57-0d66-4bda-b134-363d2017319a","block_type":"box","text":"substantially all of their assets in components of each Underlying Index in approximately the same proportion as each component’s weighting in the","page_number":13,"box":{"x":103,"y":202,"width":832,"height":10}},{"id":"e6ed2dbe-a310-4135-a369-4a841868a082","block_type":"box","text":"Underlying Index. This diversification policy may limit the Fund’s ability to use representative sampling. The iShares Global 100 ETF may become","page_number":13,"box":{"x":103,"y":215,"width":808,"height":10}},{"id":"15890401-2c5d-4786-b0c9-ca026b6c59db","block_type":"box","text":"non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more","page_number":13,"box":{"x":103,"y":227,"width":777,"height":10}},{"id":"a5d872f0-375c-4d4f-8700-18afef60663f","block_type":"box","text":"components of its Underlying Index. Shareholder approval will not be sought if the iShares Global 100 ETF crosses from diversified to non-diversifie","page_number":13,"box":{"x":103,"y":240,"width":824,"height":10}},{"id":"900ce12f-1df3-47fc-950a-232eb05e325e","block_type":"box","text":"d","page_number":13,"box":{"x":928,"y":240,"width":7,"height":8}},{"id":"4970205e-e064-4b05-8bcf-5921486f3045","block_type":"box","text":"status due solely to a change in its relative market capitalization or index weighting of one or more components of its Underlying Index. The Funds","page_number":13,"box":{"x":103,"y":252,"width":821,"height":10}},{"id":"2caa878b-02dc-47da-96bb-b4f2ebae3b4f","block_type":"box","text":"disclose their portfolio holdings and weightings at www.iShares.com.","page_number":13,"box":{"x":103,"y":265,"width":387,"height":10}},{"id":"00980dec-20ec-4907-b586-b305253a00ec","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":13,"box":{"x":59,"y":288,"width":835,"height":13}},{"id":"e65c0c3e-514a-4198-adc0-0fe881c60d9a","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":13,"box":{"x":60,"y":303,"width":812,"height":13}},{"id":"f5fd2dc9-7f30-4b47-bdb0-634b5d080f1c","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":13,"box":{"x":59,"y":319,"width":823,"height":12}},{"id":"a1c7fcdc-9490-4d9f-a403-7b42592d5ecc","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":13,"box":{"x":59,"y":334,"width":854,"height":12}},{"id":"f8051e39-624e-4146-a2d3-f0c4350ba989","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":13,"box":{"x":60,"y":349,"width":876,"height":12}},{"id":"a26d5197-0d16-43a0-a7eb-821454ab88bc","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval. However, while","page_number":13,"box":{"x":59,"y":364,"width":867,"height":12}},{"id":"f55675ab-d535-4fd6-b39f-5d24c9bbc2b7","block_type":"box","text":"the iShares Global 100 ETF is classified as “diversified,” under applicable no-action relief from the SEC staff, the fund may","page_number":13,"box":{"x":59,"y":379,"width":845,"height":12}},{"id":"d5883f97-c4b7-4c55-9265-a7eaf6e89bf9","block_type":"box","text":"become non-diversified, as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index","page_number":13,"box":{"x":60,"y":394,"width":878,"height":13}},{"id":"d41a275e-353b-4bcc-a6d9-6fc728879a48","block_type":"box","text":"weighting of one or more components of its Underlying Index, and such a change does not require shareholder approval.","page_number":13,"box":{"x":59,"y":409,"width":847,"height":13}},{"id":"8c58c4cf-b519-45e2-9f55-a24e1e0d32a1","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":13,"box":{"x":63,"y":436,"width":864,"height":12}},{"id":"28dd1bd3-d4db-48a9-a42f-1c32998d9760","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":13,"box":{"x":60,"y":451,"width":876,"height":12}},{"id":"483c959a-f4d2-4c90-af3d-46247ef0aeca","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":13,"box":{"x":60,"y":466,"width":840,"height":12}},{"id":"a7aa6cd6-f23a-4624-a5c2-aa8a00381a60","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":13,"box":{"x":59,"y":481,"width":840,"height":12}},{"id":"b65b620b-5a14-4529-83fd-ab15c237ae3d","block_type":"box","text":"experienced by more diversified investment companies.","page_number":13,"box":{"x":59,"y":496,"width":388,"height":13}},{"id":"cc5ae252-996b-4943-a570-1328f779af27","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":13,"box":{"x":60,"y":523,"width":840,"height":12}},{"id":"e3e962b2-a9d8-4d4a-98e6-62611d41d55c","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":13,"box":{"x":59,"y":538,"width":865,"height":12}},{"id":"59cc2a14-3add-414e-b03a-ac3f25426240","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":13,"box":{"x":59,"y":553,"width":879,"height":12}},{"id":"930f1102-13e3-4ecc-ad8f-0ce84903607a","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":13,"box":{"x":59,"y":568,"width":805,"height":12}},{"id":"b21e8fc4-4c3e-4345-937d-9d9be13b635e","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":13,"box":{"x":60,"y":583,"width":823,"height":12}},{"id":"c8578364-fdd5-4e49-922d-72a317ead7a5","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":13,"box":{"x":59,"y":598,"width":789,"height":13}},{"id":"a3b4a752-dcc4-4b97-9beb-09a9988627c0","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":13,"box":{"x":60,"y":625,"width":371,"height":12}},{"id":"b135979a-cc92-4f8d-bbf1-f19921eff468","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":13,"box":{"x":441,"y":625,"width":472,"height":12}},{"id":"fd8da8b3-080c-4101-8a15-97b1fd9b7cca","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":13,"box":{"x":60,"y":640,"width":866,"height":12}},{"id":"a26511b6-a412-4b7e-9648-5c758cb780d8","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":13,"box":{"x":60,"y":655,"width":853,"height":12}},{"id":"d38234b6-2277-4b2f-bf64-de1dfc24a69c","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":13,"box":{"x":59,"y":670,"width":862,"height":12}},{"id":"3d22ecd4-5f52-4dc1-847b-1dd49d86316e","block_type":"box","text":"options on futures in accordance with Rule 4.5 of the Commodity Futures Trading Commission (the “CFTC”) promulgated","page_number":13,"box":{"x":59,"y":685,"width":856,"height":13}},{"id":"c7ff4201-f994-43dd-9ea3-d17bcf761d86","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":13,"box":{"x":60,"y":700,"width":877,"height":13}},{"id":"8535bca9-e0c2-4106-b15f-260d827128a4","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":13,"box":{"x":59,"y":715,"width":875,"height":13}},{"id":"0d2592cf-554c-415d-a535-b40eab4b88c8","block_type":"box","text":"registration or regulation as a commodity pool operator under the CEA. See the","page_number":13,"box":{"x":60,"y":731,"width":554,"height":12}},{"id":"fc2b7124-dd82-4368-ae71-86351fcde205","block_type":"box","text":"Regulation Regarding Derivatives","page_number":13,"box":{"x":619,"y":731,"width":231,"height":12}},{"id":"4ebfc72a-7ec7-41e9-8adc-43c2885d4171","block_type":"box","text":"section of","page_number":13,"box":{"x":855,"y":731,"width":69,"height":9}},{"id":"05d6c9be-3b11-43bc-bccb-2da0d8a13bef","block_type":"box","text":"this SAI for more information.","page_number":13,"box":{"x":59,"y":746,"width":207,"height":9}},{"id":"c65f7728-8e5f-47e4-88b4-354e0dea59df","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":13,"box":{"x":60,"y":772,"width":861,"height":12}},{"id":"df03df18-f803-46f2-99e4-0ca9cfa55a2b","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":13,"box":{"x":60,"y":787,"width":857,"height":13}},{"id":"017f8ea5-c4b9-4bf7-8eb2-79e787f55c56","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":13,"box":{"x":60,"y":802,"width":816,"height":13}},{"id":"852e1f5c-cc9f-4e25-a51f-efa08e9b7957","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":13,"box":{"x":59,"y":817,"width":859,"height":13}},{"id":"2ac3b2a3-5565-4ebe-b624-7ebc91acebdc","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":13,"box":{"x":60,"y":833,"width":834,"height":12}},{"id":"a0334afe-08ff-41ee-9683-6a0903261969","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":13,"box":{"x":60,"y":848,"width":878,"height":12}},{"id":"28a294e3-7c37-4955-af8a-a6fbc982c208","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":13,"box":{"x":59,"y":863,"width":846,"height":12}},{"id":"a9542a10-77d9-4b3d-892f-078d7579cf98","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":13,"box":{"x":60,"y":878,"width":848,"height":12}},{"id":"297796d9-0aba-4008-ae31-27578da7ba26","block_type":"box","text":"4","page_number":13,"box":{"x":495,"y":916,"width":8,"height":9}},{"id":"4508b18a-0456-4f23-897f-73604c40af1a","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":14,"box":{"x":59,"y":67,"width":878,"height":12}},{"id":"7d37b1d4-a0bc-45d5-bd72-732e5d0b9a52","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":14,"box":{"x":59,"y":82,"width":840,"height":12}},{"id":"03be892f-a6e9-467a-9929-7d9c6b1a73c0","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":14,"box":{"x":59,"y":97,"width":878,"height":12}},{"id":"dbac311e-4694-405b-bc99-8ef74dec8175","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":14,"box":{"x":59,"y":112,"width":860,"height":12}},{"id":"16796246-d91d-4d34-a3ef-c2e6ed96fbf6","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":14,"box":{"x":59,"y":127,"width":826,"height":12}},{"id":"70429340-1ba6-430a-9390-fa044464006b","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":14,"box":{"x":59,"y":142,"width":877,"height":13}},{"id":"803fc124-c65d-40f1-b817-68d65a6e8a4e","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":14,"box":{"x":59,"y":157,"width":863,"height":13}},{"id":"7171c8cb-08d3-45f1-864a-2d7b8b653b09","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":14,"box":{"x":59,"y":172,"width":874,"height":13}},{"id":"aea9da59-9ca5-4f85-a5a6-5b5579cff61c","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":14,"box":{"x":59,"y":188,"width":842,"height":12}},{"id":"36eeceb7-f877-48fa-9f7a-cdc5eaa9145b","block_type":"box","text":"futures contract.","page_number":14,"box":{"x":59,"y":203,"width":115,"height":9}},{"id":"40eea36f-329e-46eb-a5aa-d847bc8810a8","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":14,"box":{"x":59,"y":229,"width":870,"height":12}},{"id":"6ed9f626-7966-455b-842a-0cc67cf2e816","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":14,"box":{"x":59,"y":244,"width":856,"height":13}},{"id":"66d4a337-6e67-4c5f-8a00-619a1aee8bb2","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":14,"box":{"x":59,"y":259,"width":868,"height":13}},{"id":"1d538348-fe5b-4cbb-8c07-38eb737d8a82","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":14,"box":{"x":59,"y":274,"width":845,"height":13}},{"id":"dfaf800a-e7c7-4b1e-aedb-6de80b21a15a","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":14,"box":{"x":59,"y":290,"width":875,"height":12}},{"id":"197b3720-681a-4762-89a0-a3cf7f3e0a97","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":14,"box":{"x":60,"y":305,"width":872,"height":12}},{"id":"023c3e78-816c-438f-8c48-ba0ea44a043f","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":14,"box":{"x":59,"y":320,"width":877,"height":12}},{"id":"61e9973d-57cd-439d-824a-4a9c37ac9a1b","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":14,"box":{"x":59,"y":335,"width":818,"height":12}},{"id":"3cdc6d56-5472-48f7-8737-062c0ba22e64","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":14,"box":{"x":59,"y":350,"width":554,"height":12}},{"id":"ea1f6114-44c9-489b-9d4d-f3c821180fc1","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":14,"box":{"x":59,"y":377,"width":859,"height":12}},{"id":"95b757cd-51e7-446d-81dc-67ed7dc7206a","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":14,"box":{"x":60,"y":392,"width":869,"height":12}},{"id":"d1963222-8f27-4600-8aad-a2671be9cee8","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":14,"box":{"x":60,"y":407,"width":878,"height":12}},{"id":"49d94eac-6638-4130-9915-db523a9bb67a","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":14,"box":{"x":60,"y":422,"width":872,"height":12}},{"id":"b20cb507-ce26-45b1-9379-96c1e5e9b29c","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":14,"box":{"x":59,"y":437,"width":872,"height":12}},{"id":"3d8e64d6-5ee9-4ef1-8e1b-cd697d53690b","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":14,"box":{"x":59,"y":452,"width":861,"height":12}},{"id":"cf234c4f-f37a-4351-876b-26f9207b5ff0","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":14,"box":{"x":59,"y":467,"width":843,"height":13}},{"id":"c2f63335-3ee5-4250-b85e-41f5e0020b30","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":14,"box":{"x":59,"y":482,"width":864,"height":13}},{"id":"7bc246e9-4aa6-4a63-b40b-1611ee71a07a","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":14,"box":{"x":59,"y":497,"width":856,"height":13}},{"id":"b966bd2b-9c74-4890-83e0-3da28d8c7804","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":14,"box":{"x":59,"y":513,"width":861,"height":12}},{"id":"6693b9d4-72bb-4d61-be08-445ac2ccae92","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":14,"box":{"x":59,"y":528,"width":878,"height":12}},{"id":"eeb953dd-388f-45b8-814e-8e809df76530","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":14,"box":{"x":59,"y":543,"width":863,"height":12}},{"id":"784ef549-137e-42e3-ade5-75a97af4bca1","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":14,"box":{"x":59,"y":558,"width":868,"height":12}},{"id":"b06c56c6-1bae-4581-bdd9-b76ce6f45863","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":14,"box":{"x":59,"y":573,"width":860,"height":12}},{"id":"5b084926-3924-47dd-94a5-7e67f78e825e","block_type":"box","text":"structured to have conditions to exercise (","page_number":14,"box":{"x":59,"y":588,"width":294,"height":13}},{"id":"6c4d4abc-e21f-480a-87fd-81f033dd6441","block_type":"box","text":"i.e.","page_number":14,"box":{"x":354,"y":589,"width":18,"height":9}},{"id":"e4c0e2f8-14c8-486d-8b05-aa7d5fd56bd0","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":14,"box":{"x":374,"y":588,"width":416,"height":13}},{"id":"84d740ba-d5d6-45f4-98ce-3e3f0f5edcb2","block_type":"box","text":"i.e.","page_number":14,"box":{"x":792,"y":589,"width":17,"height":9}},{"id":"9ab95a0c-ac04-44d8-b1e7-fd09ac0ab2c7","block_type":"box","text":", “Knock-out","page_number":14,"box":{"x":811,"y":588,"width":88,"height":12}},{"id":"1b7bedc4-3966-4637-8973-862d6aba052f","block_type":"box","text":"Events”).","page_number":14,"box":{"x":60,"y":603,"width":60,"height":13}},{"id":"33d330f2-1539-45b5-b3a2-53c64174757f","block_type":"box","text":"Lending Portfolio Securities.","page_number":14,"box":{"x":60,"y":630,"width":201,"height":12}},{"id":"b33f1785-4d55-46be-8e89-6cfcc686dc21","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":14,"box":{"x":271,"y":630,"width":609,"height":12}},{"id":"6eb7d13c-c265-4605-9856-ecbf470879bf","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":14,"box":{"x":59,"y":645,"width":848,"height":12}},{"id":"25365801-6f4b-49ec-a2be-9f5f49dcfc34","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":14,"box":{"x":60,"y":660,"width":858,"height":12}},{"id":"699d1446-cb3f-4d5b-807b-acb9dc934d68","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":14,"box":{"x":60,"y":675,"width":849,"height":12}},{"id":"5b5bd67a-61e6-45d4-bd2e-47565cc9a0b6","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":14,"box":{"x":59,"y":690,"width":860,"height":13}},{"id":"fe2d6574-b66b-4192-ab24-e5637d4c5d57","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":14,"box":{"x":59,"y":705,"width":794,"height":13}},{"id":"8f464e2e-ddb3-4dac-ba69-d3f1c56fddeb","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":14,"box":{"x":59,"y":720,"width":795,"height":13}},{"id":"71475836-8b2f-43c4-94fc-612d6795f3b5","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":14,"box":{"x":59,"y":747,"width":854,"height":12}},{"id":"4995e928-3c34-4b72-a7bf-c137d241ce32","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":14,"box":{"x":59,"y":762,"width":857,"height":12}},{"id":"450e783f-6a25-4877-80d6-812acf73c67d","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":14,"box":{"x":59,"y":777,"width":876,"height":13}},{"id":"750c7058-3f3b-42d4-b7d8-ce03054eb6dd","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":14,"box":{"x":60,"y":792,"width":862,"height":13}},{"id":"049c808f-1671-4f81-b4b3-2539e800f4c9","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":14,"box":{"x":59,"y":807,"width":849,"height":13}},{"id":"a8f25b60-ddf1-4164-a9de-dd8e5382a742","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":14,"box":{"x":60,"y":823,"width":854,"height":12}},{"id":"a0eccd52-d4b9-480d-8781-64e4e0330ed2","block_type":"box","text":"are subject to investment risk.","page_number":14,"box":{"x":59,"y":838,"width":209,"height":12}},{"id":"5530133c-6ed4-46c9-bcbf-45b522a1893a","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":14,"box":{"x":60,"y":864,"width":818,"height":12}},{"id":"dc324660-f6a0-436f-82a3-d3abb1f9c4ab","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":14,"box":{"x":59,"y":879,"width":868,"height":13}},{"id":"cd01b8a9-502f-4619-8831-57140a408d20","block_type":"box","text":"5","page_number":14,"box":{"x":495,"y":916,"width":7,"height":9}},{"id":"4d238ba5-1003-4a90-8899-ff4a4b461043","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":15,"box":{"x":59,"y":67,"width":832,"height":12}},{"id":"0137a5c8-5889-4e2a-bab1-2f7123db76be","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":15,"box":{"x":60,"y":82,"width":845,"height":12}},{"id":"bd33b0d1-b128-44b7-85e4-38983cbc97c9","block_type":"box","text":"with guidelines approved by the Trust’s Board of Trustees (the “Board,” the trustees of which are the “Trustees”). JPMorgan","page_number":15,"box":{"x":59,"y":97,"width":862,"height":12}},{"id":"e7006817-4d46-434b-af6e-877c4c0200e3","block_type":"box","text":"Chase Bank, N.A. (“JPMorgan”) serves as custodian for the Funds in connection with certain securities lending activities.","page_number":15,"box":{"x":59,"y":112,"width":840,"height":12}},{"id":"e4611d3f-7637-4f01-b232-8c7540431bdf","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":15,"box":{"x":59,"y":138,"width":872,"height":13}},{"id":"73f1d8ad-3f95-4507-bb20-14b530ae1a6c","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":15,"box":{"x":60,"y":154,"width":829,"height":12}},{"id":"4b2888e0-9014-4a32-b482-ea6cb18b14ae","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":15,"box":{"x":60,"y":169,"width":865,"height":12}},{"id":"031ac0d5-938f-4dbc-b79a-71745937532c","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":15,"box":{"x":59,"y":184,"width":852,"height":12}},{"id":"4f9612da-8b20-415b-86f4-fd6dda9a9cec","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":15,"box":{"x":60,"y":199,"width":877,"height":12}},{"id":"6a56494b-3d01-4a16-b73e-96c49633e647","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":15,"box":{"x":60,"y":214,"width":848,"height":12}},{"id":"8ca69c16-e492-4be5-a497-7f4f55fbdacb","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":15,"box":{"x":60,"y":229,"width":852,"height":12}},{"id":"39dcf81c-1957-4204-900e-249f150401f4","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":15,"box":{"x":60,"y":244,"width":870,"height":13}},{"id":"b99a6c79-d16f-4e46-8c58-357aeb9cbee1","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":15,"box":{"x":59,"y":259,"width":876,"height":13}},{"id":"6d3ce06d-df52-4055-860a-aee201041701","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":15,"box":{"x":59,"y":274,"width":834,"height":13}},{"id":"c5d72b2b-5788-4b92-a079-3e270e350e18","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":15,"box":{"x":59,"y":290,"width":864,"height":12}},{"id":"2046c78c-959f-43e8-b627-a8a1f213255c","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":15,"box":{"x":60,"y":305,"width":832,"height":12}},{"id":"17ae6407-f3ba-4d4a-b878-1ec3d23f01c3","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":15,"box":{"x":60,"y":320,"width":853,"height":12}},{"id":"1bda7279-416a-4a26-a736-0672050d684b","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":15,"box":{"x":60,"y":335,"width":870,"height":12}},{"id":"aab28205-3c76-44ff-b523-29afa7ea18da","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":15,"box":{"x":59,"y":350,"width":806,"height":12}},{"id":"86ea8976-bd49-46bb-9c33-df60e624f56a","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":15,"box":{"x":60,"y":365,"width":856,"height":13}},{"id":"3837fdfb-f9b0-4805-8a8e-ea6fe3e63824","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":15,"box":{"x":59,"y":380,"width":867,"height":13}},{"id":"f63a6bcb-9e45-4953-86f8-8de9bc7556f3","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":15,"box":{"x":60,"y":395,"width":858,"height":13}},{"id":"f154242d-3aa6-44e4-8cc3-0b5cc7950d1a","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":15,"box":{"x":59,"y":411,"width":844,"height":12}},{"id":"1e236f1c-29d3-475e-812e-dfba368e1812","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":15,"box":{"x":59,"y":426,"width":874,"height":12}},{"id":"15491195-b6ff-4f47-9d10-24cc663ce531","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":15,"box":{"x":60,"y":441,"width":841,"height":12}},{"id":"cfb35d88-ec08-4122-8a47-8ebebf59c86f","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":15,"box":{"x":60,"y":456,"width":803,"height":12}},{"id":"96551d9c-902d-4a51-be12-39bbe14740ee","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":15,"box":{"x":59,"y":471,"width":490,"height":12}},{"id":"361003f2-1783-4138-b898-0bcfeabdb48c","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":15,"box":{"x":60,"y":497,"width":824,"height":13}},{"id":"0a4bfd01-e71d-449e-8261-64a223fcaea4","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":15,"box":{"x":59,"y":513,"width":859,"height":12}},{"id":"01d7338b-5264-4eaf-8e8b-a57035935fe9","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":15,"box":{"x":59,"y":528,"width":878,"height":12}},{"id":"9980d0fd-56f5-4c8a-9aab-d8121dd1a6a8","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":15,"box":{"x":60,"y":543,"width":868,"height":12}},{"id":"e3dbc9d2-58a4-4205-82e2-d488eb75cb05","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":15,"box":{"x":59,"y":558,"width":846,"height":12}},{"id":"4e365061-71fb-4aa9-a1ce-ae95be4f3958","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":15,"box":{"x":60,"y":573,"width":847,"height":12}},{"id":"456aac82-842d-452c-a441-9337e23e4958","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":15,"box":{"x":60,"y":588,"width":824,"height":13}},{"id":"c34cf0a5-8d27-4e1e-b3ea-6790808a46ed","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":15,"box":{"x":60,"y":603,"width":834,"height":13}},{"id":"624045c3-2824-4f7b-a214-d06218516dc4","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":15,"box":{"x":60,"y":618,"width":831,"height":13}},{"id":"948796a1-38b8-4fec-9f96-3632a12de39c","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":15,"box":{"x":60,"y":634,"width":570,"height":12}},{"id":"72ac1c4d-cc09-4bb7-bf46-122643338bf2","block_type":"box","text":"Liquidity Risk Management.","page_number":15,"box":{"x":60,"y":660,"width":200,"height":12}},{"id":"d6213e43-99ca-41f2-932a-0f67a1df7dfd","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":15,"box":{"x":270,"y":660,"width":662,"height":12}},{"id":"b0b611fe-e21c-43ed-a33a-aadefdb52467","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":15,"box":{"x":60,"y":675,"width":811,"height":12}},{"id":"38747309-65f8-4961-9e52-de53069f0f5f","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":15,"box":{"x":59,"y":690,"width":838,"height":13}},{"id":"6bf14fe3-3712-4114-94cf-fdf145936cdd","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Trustees of the Trust, has","page_number":15,"box":{"x":60,"y":705,"width":807,"height":13}},{"id":"5ea48438-1f47-411b-9de9-9499038b3770","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":15,"box":{"x":59,"y":720,"width":835,"height":13}},{"id":"f69df7a2-764b-474b-a584-610c4d9c10bf","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":15,"box":{"x":59,"y":736,"width":859,"height":12}},{"id":"9e8dad4c-47b9-490c-a338-cb693a4e9e49","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":15,"box":{"x":59,"y":751,"width":867,"height":12}},{"id":"0db3e683-efd0-4b0b-8855-171f3dfd475f","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":15,"box":{"x":59,"y":766,"width":870,"height":12}},{"id":"02c42df2-076f-4a84-9029-bc558424187f","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":15,"box":{"x":60,"y":781,"width":860,"height":12}},{"id":"10ce5117-4ec6-4d60-a4f0-b198de42b0f9","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":15,"box":{"x":59,"y":796,"width":826,"height":12}},{"id":"ee7c37a5-8da2-47ed-8c70-e95156558ff7","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":15,"box":{"x":60,"y":811,"width":849,"height":13}},{"id":"8e845b37-64a5-4ee9-999b-6aab9cb92c25","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":15,"box":{"x":60,"y":826,"width":844,"height":13}},{"id":"907b9488-c74d-4a37-9fa7-deb0466f5c58","block_type":"box","text":"liquidity risk.","page_number":15,"box":{"x":60,"y":841,"width":86,"height":13}},{"id":"4b24d5b2-c32b-4ebe-8f56-e965c9a2a331","block_type":"box","text":"6","page_number":15,"box":{"x":495,"y":916,"width":8,"height":9}},{"id":"c8461533-7b08-4c4e-acf3-b102ee2df5f6","block_type":"box","text":"Non-U.S. Securities.","page_number":16,"box":{"x":60,"y":67,"width":141,"height":9}},{"id":"828495fe-9fa7-426a-a59b-fedb1c638dde","block_type":"box","text":"Each Fund intends to purchase publicly traded common stocks of non-U.S. issuers. To the extent a","page_number":16,"box":{"x":211,"y":67,"width":689,"height":12}},{"id":"7b67abb7-205a-4fb2-be75-7050a4a9c679","block_type":"box","text":"Fund invests in stocks of non-U.S. issuers, the Fund’s investment in such stocks may be in the form of American Depositary","page_number":16,"box":{"x":60,"y":82,"width":864,"height":12}},{"id":"74322f8e-1627-490f-a66a-ce884bdffdd4","block_type":"box","text":"Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively, “depositary","page_number":16,"box":{"x":60,"y":97,"width":876,"height":12}},{"id":"03bcc396-da0d-4a47-b852-550caa9e0ef2","block_type":"box","text":"receipts”). Depositary receipts are receipts, typically issued by a bank or trust issuer, which evidence ownership of underlying","page_number":16,"box":{"x":60,"y":112,"width":872,"height":12}},{"id":"583eadda-9b08-4659-9731-899bee89c036","block_type":"box","text":"securities issued by a non-U.S. issuer. Depositary receipts may not necessarily be denominated in the same currency as their","page_number":16,"box":{"x":59,"y":127,"width":869,"height":12}},{"id":"f1a9ccdb-c42f-44c1-91d8-38c75efc9fab","block_type":"box","text":"underlying securities. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of underlying","page_number":16,"box":{"x":60,"y":142,"width":827,"height":13}},{"id":"64f7e47b-307a-46fb-8f89-ac442383b763","block_type":"box","text":"securities issued by a non-U.S. issuer. EDRs, which are sometimes referred to as continental depositary receipts, are receipts","page_number":16,"box":{"x":59,"y":157,"width":865,"height":13}},{"id":"23da3707-6f03-4dca-a8ab-4d0e9ba53e76","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or domestic","page_number":16,"box":{"x":60,"y":172,"width":832,"height":13}},{"id":"fb5c8e5c-f482-4443-b23b-bf1947777a1b","block_type":"box","text":"underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international","page_number":16,"box":{"x":60,"y":188,"width":862,"height":12}},{"id":"3145ed9b-3131-4d7c-b7da-86425cb8c3bd","block_type":"box","text":"basis. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets, and EDRs, issued in","page_number":16,"box":{"x":60,"y":203,"width":834,"height":12}},{"id":"bacedbae-861a-4687-af1e-6f6494c33f1f","block_type":"box","text":"bearer form, are designed for use in European securities markets. GDRs are tradable both in the U.S. and in Europe and are","page_number":16,"box":{"x":60,"y":218,"width":854,"height":12}},{"id":"e3a66840-471c-4f1a-b933-0671a9b60685","block_type":"box","text":"designed for use throughout the world.","page_number":16,"box":{"x":59,"y":233,"width":274,"height":12}},{"id":"4a9e7f33-fa3a-4e27-8102-af14da8e2c43","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":16,"box":{"x":60,"y":259,"width":876,"height":13}},{"id":"45b1800a-1b4f-4b9a-a7f0-3f5a3ba00b5f","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":16,"box":{"x":60,"y":274,"width":839,"height":13}},{"id":"9b8ace23-508e-43d8-b9e0-5ce1d3cf4cb3","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":16,"box":{"x":59,"y":290,"width":842,"height":12}},{"id":"523f78ef-823d-4af9-87d6-9b5c485100ea","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":16,"box":{"x":59,"y":305,"width":859,"height":12}},{"id":"9dcaa576-6564-45a9-ab56-5c822f64dbd1","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":16,"box":{"x":60,"y":320,"width":832,"height":12}},{"id":"04a55843-7c9a-49e2-ba3c-7c24754f1f00","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":16,"box":{"x":59,"y":335,"width":796,"height":12}},{"id":"f4aa97dd-f778-4842-9d46-6f33b0c6bd40","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":16,"box":{"x":59,"y":350,"width":571,"height":12}},{"id":"781219bb-65f2-4e20-924a-e356f1acabe5","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":16,"box":{"x":60,"y":377,"width":868,"height":12}},{"id":"f502e177-5795-468c-a9c1-fc45a7e45d9a","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":16,"box":{"x":60,"y":392,"width":808,"height":12}},{"id":"f57fd236-8297-48fa-a863-cd95180968b9","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":16,"box":{"x":59,"y":407,"width":853,"height":12}},{"id":"cb3b14eb-8db3-4be9-a658-723499719cfa","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":16,"box":{"x":59,"y":422,"width":873,"height":12}},{"id":"239c234a-5cc9-4c43-8827-1d1c85e17b07","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":16,"box":{"x":60,"y":437,"width":864,"height":12}},{"id":"f401e8ae-7175-4ea9-95cf-d22048a63b72","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":16,"box":{"x":59,"y":452,"width":871,"height":12}},{"id":"48ba4b52-dffa-43c4-aec9-2affe9fbf7f5","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":16,"box":{"x":60,"y":467,"width":629,"height":13}},{"id":"dd0ddb1d-7ff0-41b6-b29b-5b8225ed554a","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":16,"box":{"x":60,"y":494,"width":242,"height":12}},{"id":"e06a8054-9698-4d91-978c-512a201ec7e8","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":16,"box":{"x":310,"y":494,"width":589,"height":12}},{"id":"e7ddbbdb-66ae-4030-8bdb-f77892a7a6b2","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":16,"box":{"x":59,"y":509,"width":812,"height":12}},{"id":"c2f4fa04-dea7-4338-a8b9-7733b555d01f","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":16,"box":{"x":60,"y":524,"width":818,"height":12}},{"id":"9ac09217-06a4-4112-b333-77f6277f9313","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":16,"box":{"x":60,"y":539,"width":871,"height":12}},{"id":"d09dfb9f-339d-44dc-bd17-6a9d0372176b","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":16,"box":{"x":60,"y":554,"width":866,"height":13}},{"id":"02b76b3c-4282-4d92-9511-a8cb0c48a191","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":16,"box":{"x":60,"y":569,"width":834,"height":13}},{"id":"646802b7-7749-4ced-8421-e4cc828544ed","block_type":"box","text":"vehicle for trading such instruments.","page_number":16,"box":{"x":59,"y":584,"width":256,"height":13}},{"id":"b79766f3-ca8a-4d39-8760-8013d07729ef","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":16,"box":{"x":60,"y":611,"width":873,"height":12}},{"id":"dacda321-07be-4765-94dd-603c0c2489b2","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":16,"box":{"x":60,"y":626,"width":867,"height":12}},{"id":"1e6ee495-3a25-4019-8eef-75848f95a031","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":16,"box":{"x":59,"y":641,"width":394,"height":12}},{"id":"eb9c5418-0e42-435c-a315-38b6ab491cf0","block_type":"box","text":"The iShares Asia 50 ETF, iShares Blockchain and Tech ETF, iShares Copper and Metals Mining ETF, iShares Environmental","page_number":16,"box":{"x":59,"y":668,"width":844,"height":12}},{"id":"8e6bbb7c-522f-4fd0-ab46-ca8202d092b0","block_type":"box","text":"Infrastructure and Industrials ETF, iShares Global 100 ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF,","page_number":16,"box":{"x":60,"y":683,"width":858,"height":12}},{"id":"b5a3c651-e8a7-40e8-a9ec-174a87c5b355","block_type":"box","text":"iShares Global Financials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Timber &","page_number":16,"box":{"x":60,"y":698,"width":819,"height":11}},{"id":"25ac4905-9daf-4cb2-aa77-e7740910f48f","block_type":"box","text":"Forestry ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (the “No-Action Letter Funds”)","page_number":16,"box":{"x":60,"y":713,"width":851,"height":12}},{"id":"41c572e6-f9d1-4b54-8948-aea62648fdae","block_type":"box","text":"may also have investments in “underlying funds” (and such underlying funds themselves may invest in underlying funds) not","page_number":16,"box":{"x":60,"y":728,"width":876,"height":12}},{"id":"b91b1ad0-dbce-454f-bc72-e8a1cf5e0947","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":16,"box":{"x":59,"y":743,"width":849,"height":12}},{"id":"9accc0e6-80fd-4e35-847c-82d7ae23a725","block_type":"box","text":"limited to, certain securitized vehicles, mortgage or international real estate investment trusts (“REITs”), business","page_number":16,"box":{"x":60,"y":758,"width":789,"height":13}},{"id":"cc02852f-07c9-482a-b35a-e58646070b60","block_type":"box","text":"development companies, and investment companies that may invest in CFTC Derivatives or in any of the foregoing), and","page_number":16,"box":{"x":59,"y":773,"width":843,"height":13}},{"id":"547219d9-8600-4bf5-9f99-2202f4037633","block_type":"box","text":"therefore may be viewed by the CFTC as commodity pools. BFA has no transparency into the holdings of these underlying","page_number":16,"box":{"x":59,"y":788,"width":852,"height":13}},{"id":"12be4dbf-3b9e-4bef-b622-527e0d7a52dc","block_type":"box","text":"funds because they are not advised by BFA. To address this issue of lack of transparency, the CFTC staff issued a no-action","page_number":16,"box":{"x":59,"y":804,"width":855,"height":12}},{"id":"b7e49e97-7e81-4bca-842a-c6d5c5daaafb","block_type":"box","text":"letter on November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and that would otherwise","page_number":16,"box":{"x":60,"y":819,"width":871,"height":12}},{"id":"a651b546-f39e-42f6-b923-c5219fac0a91","block_type":"box","text":"have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay registration as a “commodity pool operator” until six","page_number":16,"box":{"x":60,"y":834,"width":828,"height":12}},{"id":"2b187a07-9ded-4cad-9597-b92f5bcd6eca","block_type":"box","text":"months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives held by underlying","page_number":16,"box":{"x":60,"y":849,"width":878,"height":12}},{"id":"b5d62e00-925a-42a1-9dcb-8ea3cf3be8e0","block_type":"box","text":"funds. BFA, the adviser of the No-Action Letter Funds, has filed a claim with the CFTC for such Fund to rely on this no-action","page_number":16,"box":{"x":59,"y":864,"width":871,"height":12}},{"id":"f55e05ca-009b-4673-8c74-8a52d2dcae11","block_type":"box","text":"7","page_number":16,"box":{"x":495,"y":916,"width":7,"height":9}},{"id":"87ffda32-8d18-44a6-986f-ed5a7ab6816f","block_type":"box","text":"relief. Accordingly, BFA is not currently subject to registration or regulation as a “commodity pool operator” under the CEA in","page_number":17,"box":{"x":60,"y":67,"width":871,"height":12}},{"id":"fcb82a8b-19f4-4a0a-8797-da8f8737e269","block_type":"box","text":"respect of such Fund.","page_number":17,"box":{"x":60,"y":82,"width":149,"height":12}},{"id":"fb7a93ae-9aa9-4c7d-81a7-e26872f8d9b2","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":17,"box":{"x":60,"y":108,"width":849,"height":13}},{"id":"61404c00-8b63-4d83-aafb-763a57a840de","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":17,"box":{"x":60,"y":123,"width":872,"height":13}},{"id":"0dc1dc97-c100-410e-befc-4b59a4b742c8","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":17,"box":{"x":59,"y":138,"width":839,"height":13}},{"id":"2febe669-7d82-4aab-a1e9-4add8eccab8d","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":17,"box":{"x":59,"y":154,"width":864,"height":12}},{"id":"8200a6d0-35b7-43eb-922e-79f720a1ef03","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":17,"box":{"x":60,"y":169,"width":867,"height":12}},{"id":"ad5b3066-6741-4101-84f4-8327c0e7dce0","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":17,"box":{"x":59,"y":184,"width":864,"height":12}},{"id":"8577313b-16ed-4a8a-966b-c1068b537d35","block_type":"box","text":"and, as a result, may affect returns to investors in a Fund.","page_number":17,"box":{"x":59,"y":199,"width":399,"height":12}},{"id":"2d3e4b22-3497-489e-aaf3-ff8238917bd4","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":17,"box":{"x":60,"y":225,"width":866,"height":13}},{"id":"3be73b8b-2b17-4271-b052-dd91a11a59bd","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":17,"box":{"x":59,"y":240,"width":842,"height":13}},{"id":"c8b80421-6e1a-4fd4-a2d0-239b3e191a77","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":17,"box":{"x":60,"y":256,"width":822,"height":12}},{"id":"a9e51dc3-6b3f-49cd-b420-4cfdb0cfcf19","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":17,"box":{"x":60,"y":271,"width":878,"height":12}},{"id":"daebb9f1-6e59-4e4f-9bf7-b79792810320","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":17,"box":{"x":59,"y":286,"width":257,"height":12}},{"id":"4b1103dc-ddc9-43f0-a99c-4dc2c429f53a","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":17,"box":{"x":60,"y":312,"width":862,"height":13}},{"id":"19c0a48c-2993-4ecd-90b3-de592ab04382","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":17,"box":{"x":59,"y":327,"width":871,"height":13}},{"id":"5dff3397-ccbf-4ac3-bb72-122a20da2a3a","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":17,"box":{"x":59,"y":343,"width":871,"height":12}},{"id":"c638c9a3-f17f-4d04-b9f1-c0b96858a1c2","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":17,"box":{"x":59,"y":358,"width":867,"height":12}},{"id":"7b56203b-58a6-458f-93b2-deb3f3f4dedf","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":17,"box":{"x":60,"y":373,"width":864,"height":12}},{"id":"7cc4ac5d-9a0f-4da6-bc9a-1e95834b7492","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":17,"box":{"x":60,"y":388,"width":863,"height":12}},{"id":"b56d45f0-300d-46bf-9c74-528ceec96cef","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":17,"box":{"x":60,"y":403,"width":863,"height":12}},{"id":"0be47b1f-7741-4f06-b6f0-d115400544b4","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":17,"box":{"x":59,"y":418,"width":871,"height":12}},{"id":"e1af74a2-e1ee-4549-82d7-53bf6e40420f","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":17,"box":{"x":59,"y":433,"width":834,"height":13}},{"id":"4eea4378-d908-4585-854a-96f3a30c369f","block_type":"box","text":"Securities Provision”).","page_number":17,"box":{"x":59,"y":448,"width":152,"height":13}},{"id":"e796715e-fac4-4d19-8081-a6d7b5b6cc32","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":17,"box":{"x":60,"y":475,"width":872,"height":12}},{"id":"e8b24a68-b29d-4e46-ace4-942a65e71052","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":17,"box":{"x":59,"y":490,"width":830,"height":12}},{"id":"93bd28df-2d8e-48c9-b579-6e72984aa2a5","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":17,"box":{"x":59,"y":505,"width":875,"height":12}},{"id":"708cd23f-e6c6-4328-a9ba-a83c376e01a3","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":17,"box":{"x":60,"y":520,"width":846,"height":12}},{"id":"767980a1-97e5-442e-b42a-3315d6d5a02a","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":17,"box":{"x":59,"y":535,"width":840,"height":13}},{"id":"4e901f8d-331a-4453-8c1b-9f92aef95439","block_type":"box","text":"reports to the Board.","page_number":17,"box":{"x":60,"y":550,"width":142,"height":13}},{"id":"e513531e-78c8-4dd2-bd5c-3e852e41d439","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":17,"box":{"x":60,"y":577,"width":868,"height":12}},{"id":"c41993b0-e958-4811-993a-09d43ce1d6b8","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":17,"box":{"x":60,"y":592,"width":830,"height":12}},{"id":"6b4eb02a-e10c-4447-9bf3-4ec04877301b","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":17,"box":{"x":59,"y":607,"width":851,"height":12}},{"id":"94f4e03c-7efb-421f-b75a-84e664dc8bfa","block_type":"box","text":"Derivatives User Exception”).","page_number":17,"box":{"x":60,"y":622,"width":200,"height":13}},{"id":"64acab01-123f-4b8b-b6c6-9396be34a3a9","block_type":"box","text":"Repurchase Agreements.","page_number":17,"box":{"x":60,"y":649,"width":179,"height":12}},{"id":"80061ca2-b75e-4bf1-9093-5f698a23983d","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":17,"box":{"x":248,"y":649,"width":495,"height":12}},{"id":"aec99937-eb2a-4df4-8c1e-127f956796fe","block_type":"box","text":"i.e.","page_number":17,"box":{"x":744,"y":650,"width":17,"height":8}},{"id":"52b6bbcc-5bfc-4ca6-b7f3-e584b13b8c2b","block_type":"box","text":", a Fund) acquires a","page_number":17,"box":{"x":764,"y":649,"width":135,"height":12}},{"id":"d14941f4-c323-4619-a97c-8fad5660f4a5","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":17,"box":{"x":59,"y":664,"width":854,"height":12}},{"id":"8f8b15a7-dc6c-4761-83fc-4ab92dc146d0","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":17,"box":{"x":59,"y":679,"width":822,"height":12}},{"id":"5c403d79-9d67-44f8-9ba2-9f0b8dc3f894","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":17,"box":{"x":59,"y":694,"width":828,"height":12}},{"id":"fe73880b-d2e2-4f92-b7b6-f28e74aaaff9","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":17,"box":{"x":59,"y":709,"width":878,"height":12}},{"id":"648af8f0-a062-4dc7-8748-95593a5f5038","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":17,"box":{"x":59,"y":724,"width":861,"height":13}},{"id":"3be2f265-f2ba-4df2-97fa-346a24777473","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":17,"box":{"x":59,"y":739,"width":760,"height":13}},{"id":"e1f36bcb-02cd-4988-97ab-584501e6f530","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":17,"box":{"x":60,"y":766,"width":875,"height":12}},{"id":"e715fb50-604a-425b-a8f2-9fa14583aa47","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":17,"box":{"x":59,"y":781,"width":841,"height":12}},{"id":"a3c59c76-0678-48d5-954a-f90ff1b6bc96","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":17,"box":{"x":59,"y":796,"width":811,"height":12}},{"id":"8be026ac-6a9d-4478-bc78-90fa16093525","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":17,"box":{"x":59,"y":811,"width":857,"height":13}},{"id":"e91d41d7-8b09-48ad-ac1a-44cc0001d378","block_type":"box","text":"seven days.","page_number":17,"box":{"x":59,"y":826,"width":79,"height":13}},{"id":"2839e124-4b81-47bf-a0b7-fdbf2f6a6e4d","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund, should it decide to utilize them. Such risks are not unique to the Funds,","page_number":17,"box":{"x":60,"y":853,"width":875,"height":12}},{"id":"5348b651-4c51-4e07-8673-d9bf1b308607","block_type":"box","text":"but are inherent in repurchase agreements. A Funds seek to minimize such risks, but because of the inherent legal","page_number":17,"box":{"x":60,"y":868,"width":796,"height":12}},{"id":"c1be02f4-b19f-4249-8cad-17ce2748eecf","block_type":"box","text":"uncertainties involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with","page_number":17,"box":{"x":60,"y":883,"width":872,"height":12}},{"id":"95d57f71-b596-48d7-b4c5-d22ecf2618bc","block_type":"box","text":"8","page_number":17,"box":{"x":495,"y":916,"width":7,"height":9}},{"id":"328690f6-da1c-4245-9994-b6dc7d6b29a9","block_type":"box","text":"a longer maturity may be subject to greater price fluctuations than higher quality collateral and collateral with a shorter","page_number":18,"box":{"x":59,"y":67,"width":836,"height":12}},{"id":"0aec1ade-ffae-4875-8328-af72c56ac6f9","block_type":"box","text":"maturity. If the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate","page_number":18,"box":{"x":60,"y":82,"width":870,"height":12}},{"id":"068de2a8-dc2a-4901-9281-05ce9f17b5e7","block_type":"box","text":"than higher quality collateral. Should the counterparty default and the amount of collateral not be sufficient to cover the","page_number":18,"box":{"x":59,"y":97,"width":840,"height":12}},{"id":"052975a6-5803-46aa-9e9b-f2a33ff7cb05","block_type":"box","text":"counterparty’s repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":18,"box":{"x":59,"y":112,"width":845,"height":12}},{"id":"25a98836-b46e-4996-9f29-fb7d83913604","block_type":"box","text":"i.e.","page_number":18,"box":{"x":905,"y":113,"width":18,"height":9}},{"id":"5094413f-1452-4214-a625-0cb545c84a56","block_type":"box","text":",","page_number":18,"box":{"x":925,"y":120,"width":2,"height":3}},{"id":"f70439b2-0744-4a6e-9568-a55dea518b44","block_type":"box","text":"the position a Fund would normally be in if it were to hold, pursuant to its investment policies, other unsecured debt","page_number":18,"box":{"x":59,"y":127,"width":814,"height":12}},{"id":"db3e9543-c251-461c-b049-c374a30b67cd","block_type":"box","text":"securities of the defaulting counterparty) with respect to the amount of the shortfall. As an unsecured creditor, a Fund would","page_number":18,"box":{"x":59,"y":142,"width":875,"height":13}},{"id":"e81753e6-e727-4e44-908b-b0595a581a0c","block_type":"box","text":"be at risk of losing some or all of the principal and income involved in the transaction.","page_number":18,"box":{"x":60,"y":157,"width":597,"height":13}},{"id":"e5e0629e-b08c-4828-adcc-29c78fb51453","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":18,"box":{"x":60,"y":184,"width":240,"height":12}},{"id":"3a2f3a88-61f3-4858-a85c-dadf0898c3de","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":18,"box":{"x":309,"y":184,"width":578,"height":12}},{"id":"ffb74cd5-5ef5-4a19-922a-4871885d5337","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":18,"box":{"x":60,"y":199,"width":838,"height":12}},{"id":"c841287e-9dd4-4ac2-ab1d-77bb1fcaf3ab","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":18,"box":{"x":59,"y":214,"width":870,"height":12}},{"id":"20b0d2d6-9375-4b1f-8ce6-4c328503273e","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":18,"box":{"x":60,"y":229,"width":840,"height":12}},{"id":"afb3ecfe-3656-4c46-8ff9-01be7f505238","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":18,"box":{"x":60,"y":244,"width":853,"height":13}},{"id":"036cd6a6-0608-47ce-9009-5e4e9787ad28","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":18,"box":{"x":59,"y":259,"width":875,"height":13}},{"id":"20bc7146-e8ee-4bc2-b081-349065370378","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":18,"box":{"x":59,"y":274,"width":869,"height":13}},{"id":"9d4de140-c58c-42f0-a538-401d5fb5e14f","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":18,"box":{"x":59,"y":290,"width":878,"height":12}},{"id":"a50509fe-ef6e-4bf1-8960-242a489bc316","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":18,"box":{"x":59,"y":305,"width":875,"height":12}},{"id":"97488b4d-002e-4ed1-8fb7-9098aef98789","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":18,"box":{"x":59,"y":320,"width":845,"height":12}},{"id":"9cb2ba2f-6f7f-4b6c-9ab8-dd64126dfd66","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":18,"box":{"x":60,"y":335,"width":602,"height":12}},{"id":"6cc9e3c7-040e-4d73-8acf-cd046c3daa40","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":18,"box":{"x":60,"y":361,"width":832,"height":13}},{"id":"b375b5b3-9023-4c8a-a633-60c50382d0b3","block_type":"box","text":"financing transactions (","page_number":18,"box":{"x":59,"y":377,"width":165,"height":12}},{"id":"0292ceb6-f60d-45bd-9375-37a5e3968d9c","block_type":"box","text":"e.g.,","page_number":18,"box":{"x":225,"y":380,"width":27,"height":9}},{"id":"feef69e1-cf40-4889-9a9e-3496f2e8c0b3","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":18,"box":{"x":258,"y":377,"width":614,"height":12}},{"id":"846921dc-9214-4856-8757-b17a117c5948","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":18,"box":{"x":60,"y":392,"width":855,"height":12}},{"id":"ff855385-d68c-4da8-a19f-cb189f5b57e8","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":18,"box":{"x":59,"y":407,"width":879,"height":12}},{"id":"40209f80-e78b-4be2-9896-be1bb1baf76f","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":18,"box":{"x":60,"y":422,"width":556,"height":12}},{"id":"889015e1-74e6-4c11-97a7-28a30c3a5e86","block_type":"box","text":"Regulation Regarding Derivatives","page_number":18,"box":{"x":617,"y":422,"width":231,"height":12}},{"id":"5cbc0183-4db5-47d7-b01e-b680eded0758","block_type":"box","text":"” above.)","page_number":18,"box":{"x":849,"y":422,"width":61,"height":12}},{"id":"a227e1e4-1b9e-4583-9c64-805a17d346dd","block_type":"box","text":"Securities of Investment Companies.","page_number":18,"box":{"x":59,"y":448,"width":263,"height":13}},{"id":"699b9e03-3d21-40fb-b5a8-42b2cee86817","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":18,"box":{"x":332,"y":448,"width":563,"height":13}},{"id":"cef634ff-b404-4f36-ad58-9c41e0517dd2","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":18,"box":{"x":60,"y":463,"width":872,"height":13}},{"id":"c78e9442-7f1b-4fb8-b1c2-2738305d279f","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":18,"box":{"x":59,"y":479,"width":828,"height":12}},{"id":"fe7824d9-f2ac-428a-912e-e0bd6a9741cc","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":18,"box":{"x":60,"y":494,"width":865,"height":12}},{"id":"7cb36479-08aa-4264-a38d-6dfddb0e57c2","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":18,"box":{"x":59,"y":509,"width":877,"height":12}},{"id":"b61b3f8a-b6db-45ca-bc9f-34536c6411d7","block_type":"box","text":"can be expected to incur fees and expenses for operations, such as investment advisory and administration fees, which","page_number":18,"box":{"x":59,"y":524,"width":833,"height":12}},{"id":"b3549a04-4a22-4d08-8817-ad7abc374627","block_type":"box","text":"would be in addition to those incurred by the Fund. In addition, the iShares Emerging Markets Infrastructure ETF, in order to","page_number":18,"box":{"x":59,"y":539,"width":865,"height":12}},{"id":"816347f2-1671-465f-8571-02e271b2f434","block_type":"box","text":"improve its portfolio liquidity and its ability to track its Underlying Index, may invest up to 10% of its assets in shares of other","page_number":18,"box":{"x":60,"y":554,"width":872,"height":13}},{"id":"65791e54-a453-44df-a5bc-3a485039f997","block_type":"box","text":"iShares funds that provide exposure similar to certain of the markets included in its Underlying Index. BFA has contractually","page_number":18,"box":{"x":60,"y":569,"width":864,"height":13}},{"id":"757ba44b-b55a-458a-b18b-aa5f0592038b","block_type":"box","text":"agreed to waive its management fees and expenses in an amount equal to the iShares Emerging Markets Infrastructure ETF’s","page_number":18,"box":{"x":59,"y":584,"width":876,"height":13}},{"id":"ed075dbd-36fd-4e67-8ba1-f0d7ba2a2581","block_type":"box","text":"pro rata share of the fees and expenses attributable to the Fund’s investments in other iShares funds. Pursuant to guidance","page_number":18,"box":{"x":59,"y":600,"width":862,"height":12}},{"id":"04d740cd-8da9-4511-bf6a-694a381712f9","block_type":"box","text":"issued by the SEC staff, fees and expenses of money market funds used for cash collateral received in connection with loans","page_number":18,"box":{"x":60,"y":615,"width":865,"height":12}},{"id":"2cf8a0e2-ebc2-4059-8df3-345cb44442ce","block_type":"box","text":"of securities are not treated as Acquired Fund Fees and Expenses, which reflect a Fund’s","page_number":18,"box":{"x":59,"y":630,"width":616,"height":12}},{"id":"1492f008-2ec0-4ef5-88ea-7371a1b206bc","block_type":"box","text":"pro rata","page_number":18,"box":{"x":679,"y":631,"width":56,"height":11}},{"id":"254673dc-0ebd-450f-8fff-1fc3e71ff229","block_type":"box","text":"share of the fees and","page_number":18,"box":{"x":740,"y":630,"width":145,"height":9}},{"id":"43140a0b-63ca-4df2-806b-be819f6711a4","block_type":"box","text":"expenses incurred by investing in other investment companies (as disclosed in the Prospectus, as applicable).","page_number":18,"box":{"x":59,"y":645,"width":765,"height":12}},{"id":"32e3d4aa-29f5-47ec-b4c5-13ace367c4e8","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":18,"box":{"x":59,"y":671,"width":385,"height":13}},{"id":"bc5a1170-5ac9-4717-ba38-4aeefa5f17e9","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":18,"box":{"x":454,"y":671,"width":464,"height":13}},{"id":"55bfde81-b833-4807-b79b-60da50936e90","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":18,"box":{"x":60,"y":686,"width":858,"height":13}},{"id":"cfd32655-bdfc-46fb-8e87-c5093a555068","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":18,"box":{"x":59,"y":702,"width":861,"height":12}},{"id":"b20116ea-82db-4f28-8faa-e28ba3e504f5","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":18,"box":{"x":60,"y":717,"width":813,"height":12}},{"id":"d7718544-682a-49ea-9110-b4900bc2f082","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit (CDs), bankers’","page_number":18,"box":{"x":60,"y":732,"width":825,"height":12}},{"id":"d55da3e1-ea8d-49e0-89fc-db2245a4f754","block_type":"box","text":"acceptances, fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar","page_number":18,"box":{"x":59,"y":747,"width":871,"height":12}},{"id":"14f4aa23-f090-46c6-9c30-e4f5fafbaea6","block_type":"box","text":"institutions; (iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":18,"box":{"x":60,"y":762,"width":612,"height":12}},{"id":"010b9732-ae8c-401f-87db-1071075f59cc","block_type":"box","text":"®","page_number":18,"box":{"x":673,"y":760,"width":9,"height":6}},{"id":"dcb6e3a7-16ab-417c-bcd2-3e6eb55626a3","block_type":"box","text":"Investors Service, Inc., “F-1” by","page_number":18,"box":{"x":688,"y":762,"width":213,"height":12}},{"id":"483b6b80-b20e-42ca-a56e-71f33ac44252","block_type":"box","text":"Fitch Ratings, Inc., or “A-1” by Standard & Poor’s","page_number":18,"box":{"x":60,"y":777,"width":336,"height":13}},{"id":"b882ec5c-5a2c-4076-898b-70af75ec7fa3","block_type":"box","text":"®","page_number":18,"box":{"x":397,"y":776,"width":9,"height":6}},{"id":"c67a44a3-26fe-4ab9-a61e-748eacb8814d","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc., or if unrated, of","page_number":18,"box":{"x":412,"y":777,"width":494,"height":13}},{"id":"178b5dd3-35b0-431c-81e6-585b488f473a","block_type":"box","text":"comparable quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":18,"box":{"x":59,"y":792,"width":622,"height":13}},{"id":"60dc90ac-cb94-41b4-bd33-9e317ca6640e","block_type":"box","text":"e.g.","page_number":18,"box":{"x":682,"y":795,"width":23,"height":10}},{"id":"d992c75a-e7b7-4990-9391-3249213d52ee","block_type":"box","text":", bonds and debentures) with","page_number":18,"box":{"x":707,"y":792,"width":205,"height":13}},{"id":"4f7f4d32-2fdd-41c4-8359-fec08896c524","block_type":"box","text":"remaining maturities at the date of purchase of not more than 397 days and that have been determined to present minimal","page_number":18,"box":{"x":60,"y":807,"width":861,"height":13}},{"id":"fe9e099a-6f66-404e-97e3-9a88310b8b4d","block_type":"box","text":"credit risks, in accordance with the requirements set forth in Rule 2a-7 under the 1940 Act; (vi) repurchase agreements; and","page_number":18,"box":{"x":59,"y":823,"width":867,"height":12}},{"id":"56a44442-5133-4836-8349-5103486fb699","block_type":"box","text":"(vii) short-term U.S. dollar-denominated obligations of non-U.S. banks (including U.S. branches) that, in the opinion of BFA,","page_number":18,"box":{"x":60,"y":838,"width":863,"height":12}},{"id":"06aeaa5b-3590-41a0-8f02-5ea7ae957084","block_type":"box","text":"are of comparable quality to obligations of U.S. banks that may be purchased by a Fund. Any of these instruments may be","page_number":18,"box":{"x":59,"y":853,"width":852,"height":12}},{"id":"11cd07d5-5931-4d79-aeeb-d0f7cddad772","block_type":"box","text":"9","page_number":18,"box":{"x":495,"y":916,"width":7,"height":9}},{"id":"612f7f6b-2946-41d6-9f59-595ebfb78d00","block_type":"box","text":"purchased on a current or forward-settled basis. Time deposits are non-negotiable deposits maintained in banking","page_number":19,"box":{"x":59,"y":67,"width":801,"height":12}},{"id":"725de574-e0c6-47ab-b370-0e11150267ab","block_type":"box","text":"institutions for specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial","page_number":19,"box":{"x":60,"y":82,"width":860,"height":12}},{"id":"9395bff1-c9f2-4809-9e36-d2e11c353503","block_type":"box","text":"banks by borrowers, usually in connection with international transactions.","page_number":19,"box":{"x":60,"y":97,"width":516,"height":12}},{"id":"16aa056f-7c64-4618-8485-0b93271d1f9b","block_type":"box","text":"Swap Agreements.","page_number":19,"box":{"x":59,"y":124,"width":134,"height":12}},{"id":"deced19f-da1f-4746-b68c-08542a76f970","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":19,"box":{"x":202,"y":123,"width":735,"height":13}},{"id":"369e139c-b197-4d13-a9bf-21a13e29da55","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":19,"box":{"x":59,"y":138,"width":850,"height":13}},{"id":"c707f93e-7b68-4dd9-8e1f-696e623f1cc2","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":19,"box":{"x":60,"y":154,"width":843,"height":12}},{"id":"828cdaba-452c-4be8-8863-21ff24ea4831","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":19,"box":{"x":60,"y":169,"width":869,"height":12}},{"id":"19f47522-e0c7-47b0-8401-5c589dfeb240","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":19,"box":{"x":59,"y":184,"width":844,"height":12}},{"id":"c167e5a0-5d3f-45ab-b491-99011c089283","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":19,"box":{"x":59,"y":199,"width":465,"height":12}},{"id":"9a6f50a8-9930-48b8-91cd-a8ed263ee987","block_type":"box","text":"Certain of the Funds may enter into swap agreements, including currency swaps, interest rate swaps and index swaps, or","page_number":19,"box":{"x":59,"y":225,"width":848,"height":13}},{"id":"861edfea-932e-48f4-9819-774b990d18f1","block_type":"box","text":"total return swaps (some of which may be referred to as contracts for difference or “CFDs”). The use of swaps is a highly","page_number":19,"box":{"x":59,"y":240,"width":845,"height":13}},{"id":"102820a5-f2f6-4328-a4c4-3cc03e80e5f5","block_type":"box","text":"specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio","page_number":19,"box":{"x":59,"y":256,"width":836,"height":12}},{"id":"e1182227-add5-4a5e-98b8-a7f7f5feb163","block_type":"box","text":"security transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":19,"box":{"x":59,"y":271,"width":821,"height":12}},{"id":"c58f8dad-5e82-4c63-b0fc-ea4a8b2131ba","block_type":"box","text":"Tracking Stocks.","page_number":19,"box":{"x":58,"y":297,"width":119,"height":13}},{"id":"59b8dd7d-2414-43d7-badb-f94854f280b0","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":19,"box":{"x":186,"y":297,"width":728,"height":13}},{"id":"82f718fd-ff1f-4d1c-b908-1a874070471b","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":19,"box":{"x":59,"y":312,"width":870,"height":13}},{"id":"21468e59-5f91-440c-9d24-38c1d1bf1dc0","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":19,"box":{"x":59,"y":327,"width":866,"height":13}},{"id":"614cf15d-d4f6-4a20-81e6-b86567ddcfd8","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":19,"box":{"x":60,"y":343,"width":851,"height":12}},{"id":"4f25ddef-2276-4bfb-b530-147b624b2fbe","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":19,"box":{"x":59,"y":358,"width":396,"height":12}},{"id":"80b29eb2-686c-48b9-a215-44c4a794ddeb","block_type":"box","text":"Future Developments.","page_number":19,"box":{"x":60,"y":384,"width":157,"height":12}},{"id":"2979ed07-4b7f-47da-a5c4-571500e68e56","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":19,"box":{"x":226,"y":384,"width":694,"height":12}},{"id":"d4c1d217-e0ec-43a4-b40b-07556fbe8256","block_type":"box","text":"other than those listed in this SAI and in the applicable Prospectus, provided they are consistent with each Fund’s investment","page_number":19,"box":{"x":59,"y":399,"width":877,"height":13}},{"id":"c59b858c-4613-49ce-85ed-7ba2946cf6bd","block_type":"box","text":"objective and do not violate any of its investment restrictions or policies.","page_number":19,"box":{"x":59,"y":414,"width":505,"height":13}},{"id":"d69b2f7f-f7db-498c-90c8-46319dd88783","block_type":"box","text":"General Considerations and Risks","page_number":19,"box":{"x":60,"y":445,"width":559,"height":23}},{"id":"3f0261ff-f161-43da-b373-69a9e219a7a3","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":19,"box":{"x":59,"y":486,"width":875,"height":12}},{"id":"b7c9f7bf-58fd-4862-833e-6eb5f9049d6a","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":19,"box":{"x":59,"y":513,"width":816,"height":12}},{"id":"a7f58493-47c8-43f8-b078-9b99086773a4","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":19,"box":{"x":59,"y":528,"width":874,"height":12}},{"id":"6691e292-604f-4a55-ac82-5dc9b928fb92","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":19,"box":{"x":59,"y":543,"width":873,"height":12}},{"id":"8b730224-9789-4afa-9c76-f0c2ac01b154","block_type":"box","text":"particular risk factor.","page_number":19,"box":{"x":59,"y":558,"width":143,"height":12}},{"id":"00962711-cd41-4a53-ac98-e7ff4b93bbe9","block_type":"box","text":"Borrowing Risk.","page_number":19,"box":{"x":60,"y":584,"width":112,"height":13}},{"id":"d8f8e811-101d-43bf-826e-1309e3cbc8d0","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":19,"box":{"x":182,"y":584,"width":711,"height":13}},{"id":"e88a43e8-c8b1-4a02-9d13-060e132778d4","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":19,"box":{"x":60,"y":600,"width":849,"height":12}},{"id":"88fe5651-2e67-47a5-bf20-ec620009486d","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":19,"box":{"x":60,"y":615,"width":831,"height":12}},{"id":"f167c6fc-72a5-44ea-864d-450448e55b35","block_type":"box","text":"Custody Risk.","page_number":19,"box":{"x":59,"y":641,"width":97,"height":12}},{"id":"bbe2996a-a72a-4d9c-935b-1bc683040952","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":19,"box":{"x":165,"y":641,"width":742,"height":12}},{"id":"aca5567c-ecb3-4163-a944-5e2772e6dfa9","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":19,"box":{"x":59,"y":656,"width":838,"height":13}},{"id":"ac7a32e1-f6b6-4aaa-8a25-a8a8875dc71f","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":19,"box":{"x":59,"y":671,"width":875,"height":13}},{"id":"3073f400-d9a3-422b-bb5d-29e6fcbb44a7","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":19,"box":{"x":60,"y":686,"width":857,"height":13}},{"id":"ddbc1ccb-2a03-4f86-aa19-8d865bfef53d","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":19,"box":{"x":59,"y":702,"width":879,"height":12}},{"id":"1180be1f-97a2-4568-b135-f28a42f71a75","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":19,"box":{"x":60,"y":717,"width":854,"height":12}},{"id":"d259c703-bd23-41a9-8487-212ec1d0e223","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":19,"box":{"x":59,"y":732,"width":834,"height":12}},{"id":"9965030f-5d4a-4fbd-a295-3a4636c94f1d","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":19,"box":{"x":59,"y":747,"width":838,"height":12}},{"id":"45def687-05e9-4790-bd67-e6894019e7d9","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":19,"box":{"x":59,"y":762,"width":867,"height":12}},{"id":"79d99603-f08c-49f0-8c7f-78f9917d13cc","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":19,"box":{"x":59,"y":777,"width":815,"height":13}},{"id":"e3a0c3c0-d0b4-4bfd-8821-ff41db9babee","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":19,"box":{"x":60,"y":792,"width":845,"height":13}},{"id":"fac87abd-a5b2-4805-afcd-6b9c4ed52f1b","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":19,"box":{"x":59,"y":807,"width":861,"height":13}},{"id":"5b5a5a27-d5a8-43ae-ba28-8a29e14dbe45","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":19,"box":{"x":60,"y":823,"width":851,"height":12}},{"id":"d538cbf0-7bed-4d66-b5fd-364bc7417bd7","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":19,"box":{"x":59,"y":838,"width":858,"height":12}},{"id":"db452d87-6e05-4a76-90b5-b2d5616411d8","block_type":"box","text":"compensation.","page_number":19,"box":{"x":59,"y":854,"width":103,"height":11}},{"id":"077170f3-bffc-4dc6-b96e-98dbb145940f","block_type":"box","text":"10","page_number":19,"box":{"x":492,"y":916,"width":15,"height":9}},{"id":"fb54ee62-4de8-4700-8e55-f42751ac2512","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":20,"box":{"x":60,"y":67,"width":201,"height":12}},{"id":"f63044dc-f2aa-4149-a734-874f001f88b3","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":20,"box":{"x":271,"y":67,"width":659,"height":12}},{"id":"688e455c-bac6-427f-8a44-cba88c8cbaeb","block_type":"box","text":"investors and underperform the broader market. Companies that issue dividend-paying stocks are not required to pay or","page_number":20,"box":{"x":60,"y":82,"width":842,"height":12}},{"id":"03bcab72-f1de-4a52-bb6c-5319e503e3b4","block_type":"box","text":"continue paying dividends on such stocks. It is possible that issuers of the stocks held by a Fund will not declare dividends in","page_number":20,"box":{"x":59,"y":97,"width":871,"height":12}},{"id":"313e3394-f02e-4f83-84ee-ff7634bb0d35","block_type":"box","text":"the future or will reduce or eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or","page_number":20,"box":{"x":59,"y":112,"width":879,"height":12}},{"id":"5d0d1b39-017a-446d-ab92-77824a57020c","block_type":"box","text":"increases in the payment of dividends) in the future.","page_number":20,"box":{"x":60,"y":127,"width":363,"height":12}},{"id":"0d386be4-20b9-4196-bd2f-d23f954eff6d","block_type":"box","text":"Illiquid Investments Risk.","page_number":20,"box":{"x":60,"y":154,"width":178,"height":12}},{"id":"29398b66-e3e7-4bf5-adbb-cd765f7688ca","block_type":"box","text":"A Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":20,"box":{"x":247,"y":154,"width":651,"height":12}},{"id":"d8f10ea1-7552-4786-9abd-a9db2ad33beb","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":20,"box":{"x":59,"y":169,"width":856,"height":12}},{"id":"51adec5d-69d0-44b7-a2e0-5ead390a207f","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":20,"box":{"x":60,"y":184,"width":859,"height":12}},{"id":"638dd86b-fcab-400b-8abd-bd6935c47324","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":20,"box":{"x":59,"y":199,"width":820,"height":12}},{"id":"7df1b561-b25b-40f6-b4a7-b9feb26d8a0c","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":20,"box":{"x":60,"y":214,"width":817,"height":12}},{"id":"e8ee63e8-1769-4fcc-850d-108fd4f0a44c","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":20,"box":{"x":60,"y":229,"width":856,"height":12}},{"id":"57a14293-707f-4bd5-a29a-8a2a7f7fa60a","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":20,"box":{"x":59,"y":244,"width":858,"height":13}},{"id":"fe167872-2ccd-4416-beed-ed379a9fc05f","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":20,"box":{"x":60,"y":259,"width":790,"height":13}},{"id":"0bbe437c-6613-40a9-aae3-1f16b6de3b51","block_type":"box","text":"Infectious Illness Risk.","page_number":20,"box":{"x":60,"y":286,"width":158,"height":10}},{"id":"c1671c74-0948-47eb-81cd-b0a2e2eeee37","block_type":"box","text":"A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely affect","page_number":20,"box":{"x":227,"y":286,"width":708,"height":12}},{"id":"41f6a0ae-2517-4f18-982a-a23cac9cfea0","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":20,"box":{"x":59,"y":301,"width":868,"height":12}},{"id":"a0ee8c09-fe5e-45b6-a4e8-a0c3a376af35","block_type":"box","text":"cannot be foreseen. An infectious illness outbreak may result in travel restrictions, closed international borders, disruption of","page_number":20,"box":{"x":59,"y":316,"width":872,"height":12}},{"id":"8e848ea9-7f16-49c8-84d1-2e40086763d3","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":20,"box":{"x":60,"y":331,"width":838,"height":13}},{"id":"450b89e7-c3de-4893-b199-2e4baed6bfa3","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":20,"box":{"x":59,"y":346,"width":851,"height":13}},{"id":"6658dec7-2e86-4b71-95a7-588b100686a3","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":20,"box":{"x":59,"y":361,"width":865,"height":13}},{"id":"7373f73a-c0ad-40cd-95ab-423cd605054e","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":20,"box":{"x":59,"y":377,"width":864,"height":12}},{"id":"d6249f75-4d78-4823-966f-6a4cf9055c91","block_type":"box","text":"could be present for an extended period of time.","page_number":20,"box":{"x":59,"y":392,"width":337,"height":12}},{"id":"08bad410-1bd4-40de-8e88-186885f9fe10","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":20,"box":{"x":60,"y":418,"width":845,"height":12}},{"id":"3fddbffa-ba05-4d18-a520-921f66509c12","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":20,"box":{"x":59,"y":433,"width":856,"height":13}},{"id":"951008e6-118b-486b-97b6-4b9a1cd0d995","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":20,"box":{"x":59,"y":448,"width":861,"height":13}},{"id":"dbd1a8b5-a2af-4fb4-bcb5-871856ab01db","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":20,"box":{"x":59,"y":463,"width":854,"height":13}},{"id":"884d298f-5926-4ddf-b8ab-d892e6892e98","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":20,"box":{"x":59,"y":479,"width":832,"height":12}},{"id":"fefc399b-8e6e-4c9f-8548-6eebeb1e4f85","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":20,"box":{"x":59,"y":494,"width":820,"height":12}},{"id":"dbe9c47a-40f1-4b33-b225-a02781ea6636","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":20,"box":{"x":59,"y":509,"width":846,"height":12}},{"id":"8565dd46-c9a6-4fe8-a5af-8af2b62297c6","block_type":"box","text":"investments.","page_number":20,"box":{"x":60,"y":525,"width":87,"height":9}},{"id":"053be539-f8f4-4499-9576-f433fd68902e","block_type":"box","text":"Money Market Instruments Risk.","page_number":20,"box":{"x":59,"y":550,"width":235,"height":13}},{"id":"98cdc8f9-1480-40e9-810a-fc55a89e4b21","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":20,"box":{"x":302,"y":550,"width":629,"height":13}},{"id":"9b815d40-d063-4d16-9348-52a6d236b16c","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":20,"box":{"x":59,"y":566,"width":843,"height":12}},{"id":"bc143385-5fc5-4a7e-af11-672e10f12781","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":20,"box":{"x":60,"y":581,"width":835,"height":12}},{"id":"fdf20d98-a024-49f5-a832-29ac63731a87","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":20,"box":{"x":60,"y":596,"width":873,"height":12}},{"id":"356423de-d079-4a34-b334-ce43e80dc276","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":20,"box":{"x":59,"y":611,"width":880,"height":12}},{"id":"f4b7d741-1a2b-4944-9bf8-fc6f20183186","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":20,"box":{"x":59,"y":626,"width":708,"height":12}},{"id":"219546df-0344-47b9-ab70-edef66967073","block_type":"box","text":"Operational and Technology Risks.","page_number":20,"box":{"x":59,"y":652,"width":251,"height":13}},{"id":"5b661c4d-20a9-4230-8272-c7f5b44bc848","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":20,"box":{"x":318,"y":652,"width":594,"height":13}},{"id":"13b749a1-97b3-4269-ad3a-348253f4dbbe","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":20,"box":{"x":59,"y":668,"width":875,"height":12}},{"id":"2144fce1-8ad9-41cc-b1e4-368507130829","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":20,"box":{"x":59,"y":683,"width":864,"height":12}},{"id":"227d35f1-f8a7-4130-8d01-454c597360f8","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":20,"box":{"x":59,"y":698,"width":839,"height":12}},{"id":"612a0563-4de6-4b38-8efd-17a94720f836","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":20,"box":{"x":59,"y":713,"width":876,"height":12}},{"id":"b2901060-00de-4413-8cce-681e76674666","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":20,"box":{"x":59,"y":728,"width":853,"height":12}},{"id":"f97db4b7-20ae-40c9-b34e-3d143bb96962","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":20,"box":{"x":59,"y":743,"width":859,"height":12}},{"id":"221982db-8937-4d25-ba55-94d18a239dd0","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":20,"box":{"x":60,"y":758,"width":852,"height":13}},{"id":"41138f3c-de4a-44b7-9634-d84b7eeae228","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":20,"box":{"x":60,"y":773,"width":770,"height":13}},{"id":"f3fee22a-1753-4e67-a7cf-26101ba9b1b2","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":20,"box":{"x":59,"y":800,"width":863,"height":12}},{"id":"695f7285-be56-4cde-af06-5f90e62a5fff","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":20,"box":{"x":59,"y":815,"width":815,"height":12}},{"id":"405032c4-bfb1-4f4d-be7c-54205cb5a77c","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":20,"box":{"x":60,"y":830,"width":807,"height":12}},{"id":"a38e9937-c218-4fa5-8bbc-ce924699b669","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":20,"box":{"x":59,"y":845,"width":863,"height":13}},{"id":"ddd1a365-7447-4cfc-b89c-6b61f4150c7d","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":20,"box":{"x":59,"y":860,"width":798,"height":13}},{"id":"5ce17b86-532c-4bb0-9860-49f395e371f3","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":20,"box":{"x":60,"y":875,"width":815,"height":13}},{"id":"045ca1cd-f923-4db6-905a-36ce9e599a44","block_type":"box","text":"11","page_number":20,"box":{"x":492,"y":916,"width":12,"height":9}},{"id":"0581d122-d061-49ae-9d2c-e9456a5ec1a5","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":21,"box":{"x":59,"y":67,"width":831,"height":12}},{"id":"4eb6f9c6-492f-462e-935d-02af2a9e7b03","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":21,"box":{"x":59,"y":82,"width":874,"height":12}},{"id":"b53f6c8c-3d6e-4482-823f-5d0fb1b925aa","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":21,"box":{"x":59,"y":97,"width":876,"height":12}},{"id":"a12b8f44-5574-4953-b535-48789a5f77f6","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":21,"box":{"x":60,"y":112,"width":857,"height":12}},{"id":"f73a12d1-18a1-4501-8fb1-14dd9f09b529","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":21,"box":{"x":60,"y":127,"width":863,"height":12}},{"id":"9f83c8e2-ddeb-49e8-894c-d041f8f7d759","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":21,"box":{"x":59,"y":142,"width":872,"height":13}},{"id":"9bf2ca01-bdbf-4388-90b2-3fc5279ac98b","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":21,"box":{"x":60,"y":157,"width":849,"height":13}},{"id":"f0308f63-f6f7-4239-b2e8-2f3cfa675644","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":21,"box":{"x":60,"y":172,"width":821,"height":13}},{"id":"008b9bf4-cf94-42a6-8987-4344d3dbe889","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":21,"box":{"x":60,"y":188,"width":863,"height":12}},{"id":"049a784b-9560-492f-91cc-2c1d0511221f","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":21,"box":{"x":59,"y":203,"width":838,"height":12}},{"id":"b3798587-991a-43d2-9932-09802761c846","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":21,"box":{"x":59,"y":218,"width":847,"height":12}},{"id":"c924a715-ff05-455d-8f03-a2918ebe9d53","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":21,"box":{"x":59,"y":233,"width":875,"height":12}},{"id":"e2eb1bc4-0ef4-4f8a-9bc0-479848aeae9f","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":21,"box":{"x":59,"y":248,"width":798,"height":12}},{"id":"4d759051-7435-4c8a-9dd1-9d6f913b0edf","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":21,"box":{"x":60,"y":263,"width":807,"height":12}},{"id":"95a83b16-ced9-4435-80ed-0d692b0adc86","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":21,"box":{"x":59,"y":278,"width":832,"height":13}},{"id":"bbe9f583-ce66-4107-ab6b-a7b05ad8f0d6","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":21,"box":{"x":59,"y":293,"width":877,"height":13}},{"id":"5d910de6-e3af-40c2-9ab6-863412d93b2e","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":21,"box":{"x":59,"y":308,"width":381,"height":13}},{"id":"35555219-8334-4a1c-ab95-c6c3effb2671","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":21,"box":{"x":59,"y":335,"width":846,"height":12}},{"id":"55a5d2c9-1afa-4f05-8ba1-e72a8b914a99","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":21,"box":{"x":60,"y":350,"width":872,"height":12}},{"id":"8ed6a6a1-3eba-48c0-9868-9282320e16dd","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":21,"box":{"x":59,"y":365,"width":853,"height":13}},{"id":"0570a2ff-6279-4686-9a44-97a2babedad9","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":21,"box":{"x":60,"y":380,"width":836,"height":13}},{"id":"a0672246-6493-4d42-82cd-31fdb8e87e1c","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":21,"box":{"x":60,"y":395,"width":828,"height":13}},{"id":"9dd35f0d-0284-4dd2-94ca-488857ae3b59","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":21,"box":{"x":59,"y":411,"width":862,"height":12}},{"id":"08f79203-b854-466b-a6c9-cfec9def81fd","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":21,"box":{"x":60,"y":426,"width":864,"height":12}},{"id":"9f55b319-cb24-48eb-b637-dc9872493eb0","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":21,"box":{"x":59,"y":441,"width":824,"height":12}},{"id":"f7f13c84-930c-4bb7-812c-d1836bd69823","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":21,"box":{"x":60,"y":456,"width":868,"height":12}},{"id":"6e6b19ee-4216-4473-9515-b5079d29137b","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":21,"box":{"x":59,"y":471,"width":661,"height":12}},{"id":"95973c1d-1fba-418a-b440-7ec77cf27bad","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":21,"box":{"x":60,"y":497,"width":858,"height":13}},{"id":"66135cc6-1654-4490-a5f1-9960ef80f5e8","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":21,"box":{"x":59,"y":513,"width":852,"height":12}},{"id":"a4cb37e7-4e96-41a4-b04f-ace76f73997c","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":21,"box":{"x":59,"y":528,"width":807,"height":12}},{"id":"e957879d-3745-4156-9c29-92ce7c1458ec","block_type":"box","text":"implement required changes.","page_number":21,"box":{"x":60,"y":543,"width":203,"height":12}},{"id":"eb560df0-0039-4240-a15c-c719a78bd9a2","block_type":"box","text":"Risk of Derivatives.","page_number":21,"box":{"x":60,"y":569,"width":135,"height":10}},{"id":"706cb6a1-9843-4c0e-b801-7b7319fe256f","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":21,"box":{"x":204,"y":569,"width":700,"height":13}},{"id":"0215c743-077d-4a78-82c2-5908bec71676","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":21,"box":{"x":60,"y":584,"width":877,"height":13}},{"id":"0836f669-469e-4788-a852-bad49926eb96","block_type":"box","text":"such as the S&P 500","page_number":21,"box":{"x":59,"y":600,"width":143,"height":9}},{"id":"f2dc9eec-59c8-4ca7-b0d3-d9baaa3875be","block_type":"box","text":"®","page_number":21,"box":{"x":203,"y":598,"width":9,"height":6}},{"id":"0f88f188-b83e-4134-ad50-8ecde493f5bd","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs and other","page_number":21,"box":{"x":217,"y":600,"width":708,"height":12}},{"id":"cb84b7af-c2af-4a59-b83d-10d1e36e82a3","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":21,"box":{"x":59,"y":615,"width":875,"height":12}},{"id":"b5c69b30-fda3-42df-8851-956535585aaa","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":21,"box":{"x":60,"y":630,"width":813,"height":12}},{"id":"99c4e236-3bdb-4e36-bc8b-a3bf245f6566","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":21,"box":{"x":59,"y":645,"width":852,"height":12}},{"id":"d4f88692-9b67-4d16-9bb4-53b799e50c13","block_type":"box","text":"fulfill its contractual obligations. Derivatives generally involve the incurrence of leverage.","page_number":21,"box":{"x":59,"y":660,"width":615,"height":12}},{"id":"7008b1ac-91df-4591-8a59-48715949944e","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":21,"box":{"x":59,"y":686,"width":875,"height":13}},{"id":"5ce64449-4dbb-47a4-8ddb-8170a550ea26","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":21,"box":{"x":59,"y":702,"width":866,"height":12}},{"id":"097012cf-3c26-410f-9ec8-9acc7165a060","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":21,"box":{"x":60,"y":717,"width":851,"height":12}},{"id":"66d94c6d-bcc9-4341-b952-0bdf16c39eaa","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":21,"box":{"x":59,"y":732,"width":848,"height":12}},{"id":"ae3c37a5-e5f9-41bc-8b91-52c102c2d68b","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":21,"box":{"x":60,"y":747,"width":874,"height":12}},{"id":"39225573-e57d-4658-a987-d07239bc2f97","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":21,"box":{"x":59,"y":762,"width":496,"height":11}},{"id":"573edc35-e2b8-46b9-8496-1b3fe1d2993b","block_type":"box","text":"Risk of Equity Securities.","page_number":21,"box":{"x":60,"y":788,"width":175,"height":13}},{"id":"72ad37a3-4a4d-4546-94ed-55dc89ad232a","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":21,"box":{"x":244,"y":788,"width":633,"height":13}},{"id":"d4e62d32-5196-4129-bd2b-8fc4a8f00ad4","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":21,"box":{"x":60,"y":804,"width":843,"height":12}},{"id":"9b851e25-bf09-4dce-b44a-c02a98bb0007","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":21,"box":{"x":59,"y":819,"width":825,"height":12}},{"id":"dc0a062a-e4da-4c94-8421-a80cb2d58850","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":21,"box":{"x":59,"y":834,"width":865,"height":12}},{"id":"3d376c58-3624-423b-b5c8-90256ac66359","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":21,"box":{"x":59,"y":849,"width":822,"height":12}},{"id":"120b0df4-b5d1-4e4a-bffa-a3a6bf4e45b2","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":21,"box":{"x":59,"y":864,"width":824,"height":12}},{"id":"d9dbf2c2-4bde-4f1e-b336-e3fccf58c0cc","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":21,"box":{"x":60,"y":879,"width":866,"height":13}},{"id":"179efebd-01e7-4252-8888-0916026dfc1c","block_type":"box","text":"12","page_number":21,"box":{"x":492,"y":916,"width":15,"height":9}},{"id":"f36642ef-f950-4682-9390-3b2d50a8a531","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":22,"box":{"x":59,"y":67,"width":832,"height":12}},{"id":"0aec9eee-6ac7-491c-bd05-95174850379b","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":22,"box":{"x":60,"y":82,"width":861,"height":12}},{"id":"30aad4af-8ce8-4521-aec7-6a9f667b6c03","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":22,"box":{"x":59,"y":97,"width":423,"height":12}},{"id":"5b931186-2db4-4b7d-a5da-f084060c5cd8","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":22,"box":{"x":60,"y":123,"width":811,"height":13}},{"id":"84faac35-123c-4be0-953a-3d0c27d9d929","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":22,"box":{"x":59,"y":138,"width":826,"height":13}},{"id":"a9b3e573-c1fa-44be-a4ed-1057490a9997","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":22,"box":{"x":60,"y":154,"width":871,"height":12}},{"id":"d003f14f-e4c7-400b-8590-f821c299744e","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":22,"box":{"x":59,"y":169,"width":844,"height":12}},{"id":"1a65bf54-f283-4fc6-9118-680cb7e3fa1a","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":22,"box":{"x":59,"y":184,"width":834,"height":12}},{"id":"dfb2bb52-20d3-4941-886e-8355bdf5bdba","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":22,"box":{"x":59,"y":199,"width":865,"height":12}},{"id":"53701251-d089-4575-91ff-d64b1a4c7b95","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":22,"box":{"x":59,"y":214,"width":778,"height":12}},{"id":"85f6adc8-e443-4971-a86e-62de479292d4","block_type":"box","text":"From time to time, a Fund may invest in shares of companies through initial public offerings (“IPOs”). Securities issued in","page_number":22,"box":{"x":60,"y":240,"width":845,"height":13}},{"id":"297cae3e-8030-42a6-af3f-b2c5641cef21","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations. Securities issued in","page_number":22,"box":{"x":60,"y":256,"width":870,"height":12}},{"id":"3b84958a-a9c0-414f-a7dc-30c54b892bab","block_type":"box","text":"IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the","page_number":22,"box":{"x":60,"y":271,"width":869,"height":12}},{"id":"01579598-bffa-4893-a8a1-399d4fa165be","block_type":"box","text":"prices of securities sold in IPOs may be highly volatile or may decline shortly after the initial public offering.","page_number":22,"box":{"x":59,"y":286,"width":747,"height":12}},{"id":"3913d50e-68fd-4333-ab5e-6b34a4d40b86","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":22,"box":{"x":59,"y":312,"width":871,"height":13}},{"id":"a4aeff89-3a46-482e-abc3-1bb8a10ff45d","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":22,"box":{"x":59,"y":327,"width":865,"height":13}},{"id":"cbf69f88-d76f-4bba-988f-a80630e87057","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":22,"box":{"x":59,"y":343,"width":803,"height":9}},{"id":"d27ec4c1-cfba-4052-b077-cef4e2a798af","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":22,"box":{"x":60,"y":358,"width":839,"height":12}},{"id":"13c3559b-5cd3-4a2f-8e33-4e5ec799c26b","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":22,"box":{"x":60,"y":373,"width":824,"height":12}},{"id":"9154b16e-748c-44da-8338-2434a1109258","block_type":"box","text":"bid/ask spreads are wide.","page_number":22,"box":{"x":60,"y":388,"width":178,"height":12}},{"id":"7d8e02b9-4f9c-4859-9ab1-4a948144cd63","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":22,"box":{"x":60,"y":414,"width":381,"height":13}},{"id":"34d2f22f-0a2a-43d2-9f44-329866108be3","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":22,"box":{"x":450,"y":414,"width":433,"height":13}},{"id":"1f00d0d9-4d8b-4767-81e7-054342089a90","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":22,"box":{"x":59,"y":429,"width":859,"height":13}},{"id":"e789943e-672e-4031-80d2-8ecd3976bf23","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":22,"box":{"x":59,"y":445,"width":829,"height":12}},{"id":"c4bf8564-ee8f-4cfd-8511-68cc50b9097f","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":22,"box":{"x":59,"y":460,"width":821,"height":12}},{"id":"95dbd026-202e-42f9-a1f7-65747842d735","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":22,"box":{"x":59,"y":475,"width":821,"height":12}},{"id":"e6421ffc-c771-41b3-99f4-7387296569ba","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":22,"box":{"x":59,"y":490,"width":870,"height":12}},{"id":"8a684b96-d9b5-4fae-8256-12a530a6c0d9","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":22,"box":{"x":59,"y":505,"width":845,"height":12}},{"id":"855d1dc2-0f1b-41d2-80bd-a3df53a14fcc","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":22,"box":{"x":59,"y":520,"width":872,"height":12}},{"id":"badba68e-36bc-4386-bddb-5b24bcb15364","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":22,"box":{"x":59,"y":535,"width":869,"height":13}},{"id":"0d013ad4-f3dd-4b3e-8501-df2d18dfd21d","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":22,"box":{"x":60,"y":550,"width":550,"height":13}},{"id":"6b0a1fdc-6dc0-48cf-ab35-04d4d1e1f674","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":22,"box":{"x":59,"y":577,"width":623,"height":12}},{"id":"1216b6bf-057a-45bc-aeff-7e3cfd8655a8","block_type":"box","text":"e.g.","page_number":22,"box":{"x":683,"y":580,"width":23,"height":9}},{"id":"a02d906a-a8ee-46d4-8a54-f08a3153800c","block_type":"box","text":", selling uncovered stock index","page_number":22,"box":{"x":708,"y":577,"width":214,"height":12}},{"id":"7c1c0f70-a1b7-41ad-9ed5-147402c362db","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":22,"box":{"x":59,"y":592,"width":875,"height":12}},{"id":"20d63afb-8205-4559-a0ab-9172db31dc9a","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":22,"box":{"x":59,"y":607,"width":833,"height":12}},{"id":"46f3bdb3-62d8-4610-bd57-f1814f67161c","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":22,"box":{"x":60,"y":622,"width":842,"height":13}},{"id":"ee250448-643d-4bdb-a7e0-c0114b2c0f85","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":22,"box":{"x":60,"y":637,"width":832,"height":13}},{"id":"b0c0ba7a-fa57-481a-938b-12e57791e595","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":22,"box":{"x":60,"y":652,"width":866,"height":13}},{"id":"82350439-e385-4c54-9cd5-4aa4acc4edcc","block_type":"box","text":"invest.","page_number":22,"box":{"x":60,"y":668,"width":42,"height":9}},{"id":"ee82a831-702f-4518-94e7-36798f362f8e","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":22,"box":{"x":60,"y":694,"width":821,"height":12}},{"id":"22a74463-0e13-4af7-86da-94aef2d2cfc3","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":22,"box":{"x":60,"y":709,"width":879,"height":12}},{"id":"40cef3c4-e5e7-4d79-b10c-07c296b9f989","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":22,"box":{"x":60,"y":724,"width":847,"height":13}},{"id":"f97873ef-8c15-4d2f-8ea0-3fe3cdef4dbf","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":22,"box":{"x":59,"y":739,"width":870,"height":13}},{"id":"ae5667b0-2cfc-4a78-a1e5-8e80f21f0d7d","block_type":"box","text":"could prove to be incorrect.","page_number":22,"box":{"x":59,"y":754,"width":191,"height":13}},{"id":"0953318f-8e8a-4069-b801-866b9e073391","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":22,"box":{"x":60,"y":781,"width":809,"height":12}},{"id":"6fb82d12-952b-4247-88e7-850deabf2223","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":22,"box":{"x":60,"y":796,"width":844,"height":12}},{"id":"84494ed1-4d21-43be-9fee-baaa7960010b","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":22,"box":{"x":59,"y":811,"width":863,"height":13}},{"id":"0d542016-89aa-49b0-a1fe-fa6c96a0bb9c","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":22,"box":{"x":60,"y":826,"width":815,"height":13}},{"id":"201ac3b6-d8aa-4110-a67b-08648ce3a5ed","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":22,"box":{"x":59,"y":841,"width":859,"height":13}},{"id":"06eb310e-154f-4eac-949e-098075002977","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":22,"box":{"x":59,"y":857,"width":840,"height":12}},{"id":"7e778e67-f8fd-4935-ae7f-4924907b6ac0","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":22,"box":{"x":60,"y":872,"width":869,"height":12}},{"id":"9e5ca5e3-b318-424d-b926-ec8a69b7fd10","block_type":"box","text":"13","page_number":22,"box":{"x":492,"y":916,"width":14,"height":9}},{"id":"68aa8b0c-af2e-429c-a331-febd55c44092","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":23,"box":{"x":59,"y":67,"width":870,"height":12}},{"id":"63da1e80-76d5-464f-96eb-636b9681e4f4","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":23,"box":{"x":60,"y":82,"width":426,"height":12}},{"id":"fe166ee0-4fc3-40ed-ab44-e42c20f7c4ae","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":23,"box":{"x":60,"y":108,"width":331,"height":13}},{"id":"10ebc2fe-95e7-446a-91e3-b9d63a6acf2a","block_type":"box","text":"An investment in each Fund involves risks similar to those of investing in","page_number":23,"box":{"x":400,"y":108,"width":507,"height":13}},{"id":"627e2821-097d-4349-bd8a-b10da5a42ce7","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":23,"box":{"x":59,"y":123,"width":867,"height":13}},{"id":"d3910ce6-5a60-4860-9d14-88134d521a1e","block_type":"box","text":"as economic and political developments in those foreign countries, changes in interest rates and perceived trends in stock","page_number":23,"box":{"x":59,"y":138,"width":854,"height":13}},{"id":"4d2d7240-ee78-4fa4-8264-05befb421a42","block_type":"box","text":"prices. Investing in securities issued by issuers domiciled in countries other than the domicile of the investor and","page_number":23,"box":{"x":59,"y":154,"width":786,"height":12}},{"id":"5e04698c-bcd8-4d90-8d47-829a35a7849f","block_type":"box","text":"denominated in currencies other than an investor’s local currency entails certain considerations and risks not typically","page_number":23,"box":{"x":59,"y":169,"width":826,"height":12}},{"id":"1088c102-4838-4ad5-9fbd-f0c5cdd4be01","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":23,"box":{"x":59,"y":184,"width":871,"height":12}},{"id":"1bc0b909-ae2e-4cce-b0df-8e6dab1a63d9","block_type":"box","text":"include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the","page_number":23,"box":{"x":60,"y":199,"width":848,"height":12}},{"id":"a921c81a-11f4-4c4d-9aa8-64b46951f148","block_type":"box","text":"costs that may be incurred in connection with conversions between various currencies. Investing in the Funds also involves","page_number":23,"box":{"x":59,"y":214,"width":861,"height":12}},{"id":"1fd5de77-27c6-43b0-8ab7-fed9885aa9d8","block_type":"box","text":"certain risks and considerations not typically associated with investing in a fund whose portfolio contains exclusively","page_number":23,"box":{"x":59,"y":229,"width":817,"height":12}},{"id":"7fd03eea-2ee9-483c-adf8-14c204f97ddb","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":23,"box":{"x":59,"y":244,"width":867,"height":13}},{"id":"bee94449-5cb4-4208-93f3-cdb417933b22","block_type":"box","text":"volatility; less publicly available information about issuers; the imposition of withholding or other taxes; the imposition of","page_number":23,"box":{"x":59,"y":259,"width":846,"height":13}},{"id":"0d5b6ed4-5a8b-4c3e-949d-c8108be89f35","block_type":"box","text":"restrictions on the expatriation of funds or other assets of the Funds; in the case of the iShares India 50 ETF, restrictions on","page_number":23,"box":{"x":60,"y":274,"width":857,"height":13}},{"id":"93aa3771-1899-4e42-8c4c-0a1e18489950","block_type":"box","text":"ownership of Indian and other foreign countries’ securities by foreign entities; higher transaction and custody costs; delays","page_number":23,"box":{"x":59,"y":290,"width":859,"height":12}},{"id":"869f2dc7-a351-4db3-b6a9-872433b4eeb9","block_type":"box","text":"and risks attendant in settlement procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly","page_number":23,"box":{"x":59,"y":305,"width":873,"height":12}},{"id":"e9c282c5-b3ab-4a54-9335-7e559904bf0f","block_type":"box","text":"smaller market capitalization; different accounting and disclosure standards; lower levels of regulation of the securities","page_number":23,"box":{"x":59,"y":320,"width":829,"height":12}},{"id":"6af4c40f-5128-47b0-88e7-2dcaa86ae8f6","block_type":"box","text":"markets; more substantial government interference with the economy and businesses; higher rates of inflation; greater","page_number":23,"box":{"x":60,"y":335,"width":831,"height":12}},{"id":"7fe06d96-392a-4f2e-a53c-473a608728ed","block_type":"box","text":"social, economic, and political uncertainty; the risk of nationalization or expropriation of assets; and the risk of war.","page_number":23,"box":{"x":59,"y":350,"width":804,"height":12}},{"id":"4552d67d-a8c3-4042-b1dd-7c17ffb00281","block_type":"box","text":"Risk of Swap Agreements.","page_number":23,"box":{"x":60,"y":377,"width":186,"height":12}},{"id":"6c1a6993-31e6-4c40-8627-9fbb8e7701eb","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":23,"box":{"x":255,"y":377,"width":665,"height":12}},{"id":"c14c35de-54eb-4786-9535-690256d3363c","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":23,"box":{"x":60,"y":392,"width":862,"height":12}},{"id":"685ac15c-da57-4c1c-8974-7cb5c8772044","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":23,"box":{"x":60,"y":407,"width":839,"height":12}},{"id":"9472ff3d-8d67-41b5-9975-6e391de23a89","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":23,"box":{"x":59,"y":422,"width":878,"height":12}},{"id":"94883232-3837-41e1-95a1-b62ab83bb52a","block_type":"box","text":"a creditor (","page_number":23,"box":{"x":59,"y":437,"width":76,"height":12}},{"id":"2e8ff067-7015-4dba-98ae-9eda3c9674fc","block_type":"box","text":"e.g.","page_number":23,"box":{"x":136,"y":440,"width":23,"height":9}},{"id":"e5c91e47-116d-414c-a012-985744c10b60","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive).","page_number":23,"box":{"x":161,"y":437,"width":669,"height":12}},{"id":"2c71cac5-aaf6-40ad-9df3-9ae5529dd2d1","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":23,"box":{"x":59,"y":463,"width":863,"height":13}},{"id":"d06ec2bc-ad3b-4cca-86ca-00ae03feab6a","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":23,"box":{"x":60,"y":479,"width":876,"height":12}},{"id":"03265656-123f-4d7e-aeb6-6653190dab13","block_type":"box","text":"Tax Risk. The iShares India 50 ETF invests in securities of Indian issuers. The Fund is subject to tax in India on the purchase","page_number":23,"box":{"x":59,"y":505,"width":858,"height":12}},{"id":"b5775ed9-4687-4398-8417-f4afac455612","block_type":"box","text":"and sale of Indian securities, which will reduce the Fund’s returns. For more information regarding the tax implications of","page_number":23,"box":{"x":59,"y":520,"width":848,"height":12}},{"id":"c4298b0c-d01e-450b-84b1-3fac26ec236a","block_type":"box","text":"investing in Indian securities, please see the section entitled “Indian Tax Disclosure.”","page_number":23,"box":{"x":60,"y":535,"width":587,"height":13}},{"id":"f6ef6552-605a-4a48-8c05-f22c8c419390","block_type":"box","text":"Criteria for Residence of Companies in India.","page_number":23,"box":{"x":59,"y":562,"width":307,"height":12}},{"id":"b18c1f37-0b3f-4325-9ad2-dc1997595248","block_type":"box","text":"A foreign company will be considered a resident in India if its place of effective","page_number":23,"box":{"x":372,"y":562,"width":547,"height":12}},{"id":"ad6e97a5-3b14-4cca-8fbb-e183f209a4cb","block_type":"box","text":"management (“POEM”) (defined as a place where key management and commercial decisions that are necessary for the","page_number":23,"box":{"x":60,"y":577,"width":846,"height":12}},{"id":"5df62962-feaf-4b51-96b8-8012a51a1adb","block_type":"box","text":"conduct of the business of an entity as a whole are in substance made) is in India in the relevant financial year. This test is to","page_number":23,"box":{"x":59,"y":592,"width":870,"height":12}},{"id":"07495824-9605-4271-9a53-298c1a1c9b83","block_type":"box","text":"be applied taking the relevant financial year as a whole into consideration. However, the Fund expects that its place of","page_number":23,"box":{"x":60,"y":607,"width":824,"height":12}},{"id":"df869ddd-c84e-4533-afa9-ee3ba28c6387","block_type":"box","text":"effective management will be outside of India and, as a result, the Fund does not expect to be considered an Indian resident","page_number":23,"box":{"x":59,"y":622,"width":866,"height":13}},{"id":"ca4defcc-4abb-43e2-9444-22e3dc0dee94","block_type":"box","text":"for tax purposes.","page_number":23,"box":{"x":59,"y":637,"width":117,"height":13}},{"id":"88a0fcf3-73de-467c-a892-e6510bb4bac5","block_type":"box","text":"Indirect Transfers.","page_number":23,"box":{"x":59,"y":664,"width":123,"height":11}},{"id":"a9440a42-f0b5-42a0-92b8-d192a9f628d9","block_type":"box","text":"The Indian Income Tax Act, 1961 (“IT Act”) imposes Indian tax and withholding obligations with respect to","page_number":23,"box":{"x":187,"y":664,"width":749,"height":12}},{"id":"8220e655-ddc3-4b3f-8df2-dac784f916f8","block_type":"box","text":"the transfer of shares and interest in an overseas company that derives its value substantially from assets situated in India","page_number":23,"box":{"x":59,"y":679,"width":851,"height":12}},{"id":"c24102d2-96c9-424a-bca6-d07dc81b1d3c","block_type":"box","text":"(“indirect transfers”). The share or interest of the foreign entity shall be deemed to derive its value substantially from the","page_number":23,"box":{"x":60,"y":694,"width":841,"height":12}},{"id":"e7d5ef81-9085-43fc-810d-8abc34bee716","block_type":"box","text":"assets located in India, if the value of such Indian assets exceeds INR 100 million, and represents at least 50% of the value of","page_number":23,"box":{"x":59,"y":709,"width":871,"height":12}},{"id":"4aa6be94-dfe2-4176-bb62-d052d1f9bf8e","block_type":"box","text":"all the assets owned by the foreign entity. The value of an asset shall be the fair market value as of the specified date, without","page_number":23,"box":{"x":59,"y":724,"width":876,"height":13}},{"id":"533fe36c-e91e-4067-bdf9-dd5d640eb1ec","block_type":"box","text":"reduction of liabilities, determined in accordance with Rule 11UB of the Income Tax Rule, 1962 (“IT Rules”). In cases where all","page_number":23,"box":{"x":60,"y":739,"width":877,"height":13}},{"id":"ba66fd80-e0e3-4e65-8e2c-3a46d70d641f","block_type":"box","text":"the assets of the foreign entity are not located in India, only such part of the income as is reasonably attributable to the","page_number":23,"box":{"x":59,"y":754,"width":833,"height":13}},{"id":"461d792a-3144-4c95-9d4e-3ab7723eafd0","block_type":"box","text":"Indian assets shall be subject to capital gains tax in India.","page_number":23,"box":{"x":60,"y":770,"width":398,"height":12}},{"id":"aa1d30a3-3c74-43bf-896e-8bcbb1ae5274","block_type":"box","text":"If such gains are taxable in India, then the purchaser of the securities will be required to withhold applicable Indian taxes.","page_number":23,"box":{"x":60,"y":796,"width":844,"height":12}},{"id":"eeb603ec-9838-4431-b397-5e2124c6a544","block_type":"box","text":"Because the Fund invests in Indian securities, the Fund may be considered to derive “substantial value” from Indian assets,","page_number":23,"box":{"x":60,"y":811,"width":856,"height":13}},{"id":"b38b3f17-ff28-47d7-a76f-0b6a7eba5045","block_type":"box","text":"and accordingly, shareholder redemptions and sales of Fund shares may have been subject to Indian tax and withholding","page_number":23,"box":{"x":59,"y":826,"width":847,"height":13}},{"id":"ba41015e-9dfa-4e21-af15-01475123e3c3","block_type":"box","text":"obligations. However, the IT Act provides for an exemption to non-resident shareholders in Category I Foreign Portfolio","page_number":23,"box":{"x":59,"y":841,"width":830,"height":13}},{"id":"a1fafd18-9f60-4fab-ab10-352900628d82","block_type":"box","text":"Investors (“FPI”), registered under SEBI (Foreign Portfolio Investors) Regulations, 2019 (“2019 Regulations”) from the","page_number":23,"box":{"x":60,"y":857,"width":815,"height":12}},{"id":"3d35cb29-eeb2-4f03-87d3-fe4b03a9f1d3","block_type":"box","text":"applicability of indirect transfer taxation. The Fund is a Category I FPI under the 2019 Regulations. Therefore, any","page_number":23,"box":{"x":59,"y":872,"width":789,"height":12}},{"id":"eec69494-ab4c-4298-b02c-c81bf72b81c0","block_type":"box","text":"redemptions or transfers non-resident shareholders in the Fund should not be subject to Indian indirect transfer tax.","page_number":23,"box":{"x":60,"y":887,"width":811,"height":12}},{"id":"0818f99a-d022-4aaf-83b7-7c8ad2ae79c0","block_type":"box","text":"14","page_number":23,"box":{"x":492,"y":916,"width":15,"height":9}},{"id":"80126957-65aa-4767-afa7-c517a22a7a50","block_type":"box","text":"Further, the IT Act provides an exemption from the indirect transfer provisions for non-resident shareholders of the Fund","page_number":24,"box":{"x":60,"y":67,"width":843,"height":12}},{"id":"82fb32e6-ba2b-47c5-b8cf-9ff7cfe55c40","block_type":"box","text":"who, at any time in the twelve months preceding the year of transfer, neither hold the right of control or management in the","page_number":24,"box":{"x":59,"y":82,"width":868,"height":12}},{"id":"8bf8a3b2-5b7a-4ee3-8f16-caf0faf67d24","block_type":"box","text":"Fund, nor hold voting power or share capital or interest exceeding 5% of the total voting power or total share capital or total","page_number":24,"box":{"x":60,"y":97,"width":868,"height":12}},{"id":"b388ec59-39af-4fc1-9858-f10996c64df0","block_type":"box","text":"interest in the Fund.","page_number":24,"box":{"x":60,"y":112,"width":138,"height":10}},{"id":"d0de9779-104b-4c95-8812-d755328da527","block_type":"box","text":"General Anti-Avoidance Rules.","page_number":24,"box":{"x":59,"y":138,"width":210,"height":10}},{"id":"98f17443-6a6d-486a-89f7-d5229e3cf80c","block_type":"box","text":"The current legislation provides general anti-avoidance rules (“GAAR”) to curb aggressive tax","page_number":24,"box":{"x":274,"y":138,"width":655,"height":13}},{"id":"26cb9908-ca93-4fc6-ae16-373752687fa3","block_type":"box","text":"planning through the use of sophisticated structures. GAAR became applicable with effect from April 1, 2017. The GAAR","page_number":24,"box":{"x":59,"y":154,"width":842,"height":12}},{"id":"041845e7-4183-4be9-9af1-ac69c636f7c7","block_type":"box","text":"provides the Indian tax authorities a mechanism to deny any tax benefits in a transaction or any other arrangement that is","page_number":24,"box":{"x":59,"y":169,"width":854,"height":12}},{"id":"c0015c6e-0157-4296-8308-ac9a562529e3","block_type":"box","text":"believed to not have any commercial substance or purpose other than to obtain tax benefit(s) under a treaty. The provisions","page_number":24,"box":{"x":60,"y":184,"width":866,"height":12}},{"id":"db515aa1-2621-46bc-8f66-c4fecbbb826c","block_type":"box","text":"of GAAR will be applicable to arrangements (including a step in or a part thereof ) entered into by a taxpayer, which may be","page_number":24,"box":{"x":59,"y":199,"width":861,"height":12}},{"id":"8188a2c9-dd4e-490c-9f27-188ba32a2e95","block_type":"box","text":"declared as an “impermissible avoidance arrangement”.","page_number":24,"box":{"x":59,"y":214,"width":389,"height":12}},{"id":"ab2ca429-01b5-409a-aa61-85a0d82e92cc","block_type":"box","text":"As per the provisions of GAAR, an arrangement entered into by a taxpayer may be declared to be an impermissible avoidance","page_number":24,"box":{"x":59,"y":240,"width":876,"height":13}},{"id":"1c67d714-4c08-4648-9a35-bb13436caa36","block_type":"box","text":"arrangement, if the “main purpose” of the arrangement is to obtain a “tax benefit” and the arrangement:","page_number":24,"box":{"x":59,"y":256,"width":734,"height":12}},{"id":"c41b37d6-14f3-4d86-b1da-039bd82eadda","block_type":"box","text":"• creates rights, or obligations, which are not ordinarily created between persons dealing at arm’s length;","page_number":24,"box":{"x":59,"y":276,"width":756,"height":12}},{"id":"3bb6be62-ade2-4b39-8601-00d1e20b557d","block_type":"box","text":"• results, directly or indirectly, in the misuse, or abuse, of the provisions of IT Act;","page_number":24,"box":{"x":59,"y":296,"width":586,"height":12}},{"id":"4e781e4e-9834-4312-8ab7-1de58e3c15c4","block_type":"box","text":"• lacks commercial substance; or","page_number":24,"box":{"x":59,"y":316,"width":253,"height":11}},{"id":"d45228b6-88bd-4148-ab93-898dcca62c54","block_type":"box","text":"• is entered into, or carried out, by means, or in a manner, which are not ordinarily employed for bona fide purposes.","page_number":24,"box":{"x":59,"y":336,"width":833,"height":13}},{"id":"e4e6b27e-3647-4db5-acba-7ff98d873127","block_type":"box","text":"Once an arrangement is declared to be an impermissible avoidance arrangement, wide powers have been granted to tax","page_number":24,"box":{"x":59,"y":363,"width":842,"height":12}},{"id":"a83c39a9-6491-4cdc-8fda-3f91317806ca","block_type":"box","text":"authorities to deny tax treaty benefits, disregard or re-characterize transactions, re-characterize equity into debt and vice","page_number":24,"box":{"x":59,"y":378,"width":843,"height":12}},{"id":"eb58276b-41b4-4e8a-af60-1fe775bfaf54","block_type":"box","text":"versa, which may have a material adverse effect on the Fund’s business and financial conditions and results of operations.","page_number":24,"box":{"x":59,"y":393,"width":852,"height":12}},{"id":"257bcebb-0709-40ad-a45d-c5fdddd59f36","block_type":"box","text":"In this context, it is pertinent to note that provisions of GAAR shall not be applicable to:","page_number":24,"box":{"x":60,"y":419,"width":609,"height":13}},{"id":"2b8365b5-a093-49ea-a229-2a4e00da4a85","block_type":"box","text":"• An FPI who has not availed itself of any benefit under a tax treaty and has made investment in accordance with the","page_number":24,"box":{"x":59,"y":440,"width":837,"height":12}},{"id":"91213972-bb55-407c-9b83-6ab30e8dfe32","block_type":"box","text":"Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019;","page_number":24,"box":{"x":92,"y":455,"width":603,"height":12}},{"id":"26d2fb72-999a-4514-ab63-2100a9009002","block_type":"box","text":"• An investment made by a nonresident, directly or indirectly, in an FPI; and","page_number":24,"box":{"x":59,"y":475,"width":546,"height":12}},{"id":"122e0fce-0967-4a6d-88ad-0239dfd15660","block_type":"box","text":"• Any arrangement where the aggregate tax benefit to all the parties of the arrangement in the relevant financial year does","page_number":24,"box":{"x":59,"y":495,"width":878,"height":12}},{"id":"c8c02d82-b126-478d-ad34-60047bdbdb0a","block_type":"box","text":"not exceed INR 30 million.","page_number":24,"box":{"x":92,"y":510,"width":182,"height":10}},{"id":"491c3399-f06f-4d89-84d6-b1fb498a4eaa","block_type":"box","text":"Tracking Error Risk.","page_number":24,"box":{"x":58,"y":537,"width":142,"height":12}},{"id":"d3f8a992-01dc-4624-956b-c58b347d6e08","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":24,"box":{"x":209,"y":537,"width":716,"height":12}},{"id":"7f26ea0b-a8ea-40a9-885d-83b78956ff33","block_type":"box","text":"the applicable underlying index. Tracking error may occur because of differences between the securities and other","page_number":24,"box":{"x":59,"y":552,"width":799,"height":12}},{"id":"92333ad2-4fb2-4ede-86f8-0e405c33e679","block_type":"box","text":"instruments held in a Fund’s portfolio and those included in its applicable underlying index, pricing differences, transaction","page_number":24,"box":{"x":60,"y":567,"width":858,"height":12}},{"id":"7b1e52ef-8a44-4671-83c7-d5590d94fc71","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":24,"box":{"x":59,"y":582,"width":835,"height":12}},{"id":"a3d343a6-35ce-4e44-af31-79c523a780f2","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":24,"box":{"x":59,"y":597,"width":853,"height":12}},{"id":"3b0f4b74-5c6a-4c05-bc1c-7ddb3f8a7aa6","block_type":"box","text":"through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders,","page_number":24,"box":{"x":59,"y":612,"width":820,"height":12}},{"id":"99994659-47bc-40e4-953e-387b8fa41b91","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":24,"box":{"x":59,"y":627,"width":865,"height":13}},{"id":"c2f5a6f1-16fc-4b40-ae5d-0ea165060c00","block_type":"box","text":"new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other","page_number":24,"box":{"x":60,"y":642,"width":845,"height":13}},{"id":"36685db7-3fbf-474d-b755-64ff68d924a3","block_type":"box","text":"unusual market conditions. Tracking error also may result because a Fund incurs fees and expenses, while its applicable","page_number":24,"box":{"x":60,"y":657,"width":837,"height":13}},{"id":"af18c09d-f931-432f-b37d-bcb27714efd4","block_type":"box","text":"underlying index does not. Tracking error may occur due to differences between the methodologies used in calculating the","page_number":24,"box":{"x":60,"y":673,"width":859,"height":12}},{"id":"1ccd38dc-d4f9-4b5f-b78a-449257639492","block_type":"box","text":"value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":24,"box":{"x":59,"y":688,"width":501,"height":12}},{"id":"e0918bc9-c8f6-4423-8732-2d150766ef3d","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":24,"box":{"x":59,"y":714,"width":846,"height":13}},{"id":"c36acda0-c979-44ea-9c6e-99be5b6747b5","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":24,"box":{"x":60,"y":729,"width":853,"height":13}},{"id":"bf5cc034-88fc-4b80-9de7-06e59d5c8429","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":24,"box":{"x":59,"y":744,"width":877,"height":13}},{"id":"3f96af07-8d09-4c65-b140-a7d2e56ac951","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":24,"box":{"x":60,"y":760,"width":818,"height":12}},{"id":"82aa084b-7732-47a1-b749-3454063d88f7","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":24,"box":{"x":60,"y":775,"width":867,"height":12}},{"id":"b6ba034d-7c55-4c0e-8aa8-98819e627483","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":24,"box":{"x":59,"y":790,"width":867,"height":12}},{"id":"c4478d53-c33a-4c50-8f70-09790112ffc4","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":24,"box":{"x":59,"y":805,"width":874,"height":12}},{"id":"b7557f81-b68e-4423-bdd9-9cf4c8315060","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":24,"box":{"x":60,"y":820,"width":835,"height":12}},{"id":"cf666f5d-e11b-4aa5-a2ad-53099cf6c822","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":24,"box":{"x":60,"y":835,"width":817,"height":12}},{"id":"9259a52a-f939-4a3b-a6d7-3518be9569e0","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":24,"box":{"x":59,"y":850,"width":867,"height":13}},{"id":"e143fff8-3958-4d12-aad6-db26536685f5","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":24,"box":{"x":59,"y":865,"width":870,"height":13}},{"id":"4921489c-8e21-45b0-847c-70e8024f29fe","block_type":"box","text":"15","page_number":24,"box":{"x":492,"y":916,"width":14,"height":9}},{"id":"2292bb22-0244-4937-8c5c-407ec417ce7e","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":25,"box":{"x":60,"y":67,"width":848,"height":12}},{"id":"f56ce5ff-8535-4870-a1c4-5243e4caf556","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":25,"box":{"x":59,"y":82,"width":411,"height":9}},{"id":"3127bbc8-02ae-4af8-b9c7-6551a3e57df8","block_type":"box","text":"Volatility Risk.","page_number":25,"box":{"x":59,"y":108,"width":100,"height":13}},{"id":"58e58592-7382-4abb-9254-7dff0185f6d3","block_type":"box","text":"The value of a security may fluctuate due to factors affecting markets generally or particular industries. This","page_number":25,"box":{"x":168,"y":108,"width":755,"height":13}},{"id":"acab2dee-35a3-4555-8bba-bcf6a9b0abc0","block_type":"box","text":"volatility may affect the Funds’ NAV. Securities in the funds’ portfolios may be subject to price volatility and their prices may","page_number":25,"box":{"x":59,"y":123,"width":863,"height":13}},{"id":"3954658c-c4d4-45a2-b4e8-21212e264248","block_type":"box","text":"not be any less volatile than the market as a whole and could be more volatile. Events or financial circumstances affecting","page_number":25,"box":{"x":60,"y":138,"width":849,"height":13}},{"id":"85d0461c-d350-4970-bd0d-97729d3b8d06","block_type":"box","text":"individual securities or sectors may increase the volatility of the funds.","page_number":25,"box":{"x":60,"y":154,"width":489,"height":12}},{"id":"90453f74-8b33-45bb-8126-159b57c11a87","block_type":"box","text":"Risk of Investing in Mid-Capitalization Companies.","page_number":25,"box":{"x":60,"y":180,"width":361,"height":12}},{"id":"31c1a765-0834-432a-9e6e-4b6a849c323d","block_type":"box","text":"Stock prices of mid-capitalization companies may be more volatile than","page_number":25,"box":{"x":431,"y":180,"width":500,"height":12}},{"id":"253719d0-55ad-4103-8377-4a3c7fc94518","block_type":"box","text":"those of large-capitalization companies, and, therefore, a Fund’s share price may be more volatile than that of funds that","page_number":25,"box":{"x":59,"y":195,"width":844,"height":12}},{"id":"9353f9b6-eafa-417f-860d-1207b3e0f73e","block_type":"box","text":"invest a larger percentage of their assets in stocks issued by large-capitalization companies. Stock prices of mid-capitalization","page_number":25,"box":{"x":60,"y":210,"width":877,"height":13}},{"id":"f4f0fdd2-7f7c-4c08-a711-d66b5c4ee314","block_type":"box","text":"companies are also more vulnerable than those of large-capitalization companies to adverse business or economic","page_number":25,"box":{"x":59,"y":225,"width":803,"height":13}},{"id":"9d56254c-9be8-4f62-a32a-7a1ffe40dd61","block_type":"box","text":"developments, and the stocks of mid-capitalization companies may be less liquid than those of large-capitalization","page_number":25,"box":{"x":59,"y":240,"width":802,"height":13}},{"id":"97fdb055-8a3b-4361-a4c5-c38f2fa4da4f","block_type":"box","text":"companies, making it more difficult for the Funds to buy and sell shares of mid-capitalization companies. In addition, mid","page_number":25,"box":{"x":59,"y":256,"width":855,"height":12}},{"id":"dddb7c80-0a18-44e0-9238-5347e4b4a880","block_type":"box","text":"capitalization companies generally have less diverse product lines than large-capitalization companies and are more","page_number":25,"box":{"x":59,"y":271,"width":810,"height":12}},{"id":"95583e49-a6bf-44d3-b084-796d588de00f","block_type":"box","text":"susceptible to adverse developments related to their products.","page_number":25,"box":{"x":59,"y":286,"width":436,"height":12}},{"id":"05af9993-3665-424f-808b-f0adab3bf209","block_type":"box","text":"Risk of Investing in Small-Capitalization Companies.","page_number":25,"box":{"x":60,"y":312,"width":373,"height":13}},{"id":"dac5ec31-4b55-4880-a7a6-2590d141b546","block_type":"box","text":"Stock prices of small-capitalization companies may be more volatile","page_number":25,"box":{"x":443,"y":312,"width":474,"height":13}},{"id":"03903ab2-c2f2-4379-b80f-e7831d7570da","block_type":"box","text":"than those of larger companies, and, therefore, a Fund’s share price may be more volatile than that of funds that invest a","page_number":25,"box":{"x":59,"y":327,"width":843,"height":13}},{"id":"518dfdce-0ab0-4eae-81ea-3523ab951fbc","block_type":"box","text":"larger percentage of their assets in stocks issued by large-capitalization or mid-capitalization companies. Stock prices of","page_number":25,"box":{"x":60,"y":343,"width":840,"height":12}},{"id":"134e1c6a-b6a9-485e-b398-632348061b81","block_type":"box","text":"small-capitalization companies are generally more vulnerable than those of large-capitalization or mid-capitalization","page_number":25,"box":{"x":59,"y":358,"width":813,"height":12}},{"id":"c417bb3f-376d-4a3d-a7a6-50645b8036a8","block_type":"box","text":"companies to adverse business and economic developments. The stocks of small-capitalization companies may be thinly","page_number":25,"box":{"x":59,"y":373,"width":848,"height":12}},{"id":"b020ad88-f94d-4b61-b379-693e7753fbec","block_type":"box","text":"traded, making it difficult for the Funds to buy and sell them. In addition, small-capitalization companies are typically less","page_number":25,"box":{"x":59,"y":388,"width":847,"height":12}},{"id":"bf66c7e5-de2c-403d-8990-99500b04d8fb","block_type":"box","text":"financially stable than larger, more established companies and may depend on a small number of essential personnel,","page_number":25,"box":{"x":59,"y":403,"width":823,"height":12}},{"id":"3ae02105-6280-429f-81b0-b6a5720b2b52","block_type":"box","text":"making them more vulnerable to loss of personnel. Small-capitalization companies also normally have less diverse product","page_number":25,"box":{"x":60,"y":418,"width":858,"height":12}},{"id":"a39b4ee3-8ae5-4fbb-99a4-5a239739fb7a","block_type":"box","text":"lines than large-capitalization companies and are more susceptible to adverse developments concerning their products.","page_number":25,"box":{"x":60,"y":433,"width":836,"height":13}},{"id":"0d48340b-cf91-41ef-b1e6-83257995cfea","block_type":"box","text":"Risk of Investing in Africa.","page_number":25,"box":{"x":60,"y":460,"width":187,"height":12}},{"id":"4c1ed5e2-fa5d-41ab-ae51-26f136ee9d29","block_type":"box","text":"Investments in securities of issuers in certain African countries involve heightened risks","page_number":25,"box":{"x":257,"y":460,"width":609,"height":12}},{"id":"fc41d079-b723-46b6-96e9-085751c857fe","block_type":"box","text":"including, among others, expropriation and/or nationalization of assets, confiscatory taxation, political instability, including","page_number":25,"box":{"x":60,"y":475,"width":861,"height":12}},{"id":"4a6a1532-1d4f-4e3c-9366-1e95287a0c06","block_type":"box","text":"authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, and social instability as","page_number":25,"box":{"x":59,"y":490,"width":875,"height":12}},{"id":"df7270f3-f9d5-4a29-88f3-8ae653d2a9f6","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":25,"box":{"x":59,"y":505,"width":833,"height":12}},{"id":"8d2fb7cf-157d-45cc-a99d-556fbe8ae596","block_type":"box","text":"genocidal warfare.","page_number":25,"box":{"x":59,"y":520,"width":128,"height":12}},{"id":"cc978c16-3925-44b5-ab3b-4da81d7dec9f","block_type":"box","text":"Certain countries in Africa generally have less developed capital markets than traditional emerging market countries, and,","page_number":25,"box":{"x":59,"y":547,"width":850,"height":12}},{"id":"a12992b2-af78-494b-a62b-b531561540f2","block_type":"box","text":"consequently, the risks of investing in foreign securities are magnified in such countries. Because securities markets of","page_number":25,"box":{"x":59,"y":562,"width":828,"height":12}},{"id":"81ccbc18-4aad-4b16-b300-3208a4dc1402","block_type":"box","text":"countries in Africa are generally underdeveloped and are generally less correlated to global economic cycles than those","page_number":25,"box":{"x":59,"y":577,"width":834,"height":12}},{"id":"ce2b6691-3da7-4bcc-b2e0-51c5004ac104","block_type":"box","text":"markets located in more developed countries, securities markets in African countries are subject to greater risks associated","page_number":25,"box":{"x":60,"y":592,"width":860,"height":12}},{"id":"005cccd0-5fe7-43c8-a78e-7ee5ceefd261","block_type":"box","text":"with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations and","page_number":25,"box":{"x":59,"y":607,"width":850,"height":12}},{"id":"746cb1a6-644b-421c-a670-7484aa1bb800","block_type":"box","text":"uncertainty regarding the existence of trading markets. Moreover, trading on African securities markets may be suspended","page_number":25,"box":{"x":60,"y":622,"width":857,"height":13}},{"id":"041269da-fce4-44e6-9180-5667c4779edc","block_type":"box","text":"altogether.","page_number":25,"box":{"x":59,"y":637,"width":73,"height":13}},{"id":"c2dec52a-954a-40a0-9133-09c43ac9ff92","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":25,"box":{"x":59,"y":664,"width":877,"height":12}},{"id":"368f13f5-8f35-4826-8c88-085b330efaa1","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":25,"box":{"x":59,"y":679,"width":877,"height":12}},{"id":"ee5902eb-cbe0-4e90-8a9a-4ee40757223c","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":25,"box":{"x":59,"y":694,"width":867,"height":12}},{"id":"56735417-7418-4d48-9d89-c739bed0ebf3","block_type":"box","text":"not be able to fulfill their obligations to the Fund (","page_number":25,"box":{"x":60,"y":709,"width":347,"height":12}},{"id":"063adadc-f928-4843-91d0-115d69395213","block_type":"box","text":"i.e.,","page_number":25,"box":{"x":408,"y":710,"width":21,"height":10}},{"id":"2aea0732-ac68-42e3-86f8-e1100c4df86b","block_type":"box","text":"counterparty risk). This risk is magnified to the extent that a Fund","page_number":25,"box":{"x":435,"y":709,"width":460,"height":12}},{"id":"09fafecb-9d55-4fd7-8e03-749106320bc3","block_type":"box","text":"effects securities transactions through a single brokerage firm or a small number of brokerage firms.","page_number":25,"box":{"x":59,"y":724,"width":701,"height":13}},{"id":"449f83cc-ef47-4214-8888-bda9dbe308f3","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":25,"box":{"x":59,"y":751,"width":840,"height":12}},{"id":"f904ae23-a66d-4448-80fc-04262dbdc3be","block_type":"box","text":"securities of issuers located or operating in those countries. Moreover, certain countries in Africa require governmental","page_number":25,"box":{"x":59,"y":766,"width":830,"height":12}},{"id":"551118e6-6ae4-4727-b8fe-a12bf91ed7bc","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":25,"box":{"x":59,"y":781,"width":830,"height":12}},{"id":"c04db436-6a8c-423a-9f6c-29e8df6c5743","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":25,"box":{"x":60,"y":796,"width":848,"height":12}},{"id":"c45e0d6a-6b34-4957-8d8b-f6503e3bb38c","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":25,"box":{"x":60,"y":811,"width":866,"height":13}},{"id":"05caebf7-04e1-4507-9ae4-e8a3b943c7b0","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":25,"box":{"x":59,"y":826,"width":849,"height":13}},{"id":"a55193d9-26f8-4e44-b07e-0cd80de77dee","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":25,"box":{"x":60,"y":841,"width":851,"height":13}},{"id":"32115ec0-2aa3-45d6-bb7d-3d7f97196a60","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":25,"box":{"x":59,"y":857,"width":843,"height":12}},{"id":"1d24d7a1-326c-4900-bfcc-4a25bb79c714","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":25,"box":{"x":60,"y":872,"width":865,"height":12}},{"id":"443782af-b3cd-4614-a1a2-08376b72edc6","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":25,"box":{"x":59,"y":887,"width":826,"height":12}},{"id":"fe708554-50e6-4e4f-ad68-e9def69a126b","block_type":"box","text":"16","page_number":25,"box":{"x":492,"y":916,"width":15,"height":9}},{"id":"dee2bb62-0789-4f70-827b-ff57438cd89a","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":26,"box":{"x":59,"y":67,"width":879,"height":12}},{"id":"f9d96d4f-99df-4bf1-bcb6-37de493f955c","block_type":"box","text":"same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less","page_number":26,"box":{"x":59,"y":82,"width":817,"height":12}},{"id":"7d74dd3d-baa0-4a3e-ae13-e2d4ca5fefa4","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":26,"box":{"x":59,"y":97,"width":860,"height":12}},{"id":"d57924ba-a94c-4b74-b8da-07277a1d90d8","block_type":"box","text":"issuers are generally not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers","page_number":26,"box":{"x":60,"y":112,"width":861,"height":12}},{"id":"766540ec-63c8-4b92-b30e-9215d1690b87","block_type":"box","text":"located or operating in more developed countries.","page_number":26,"box":{"x":60,"y":127,"width":348,"height":12}},{"id":"db34643b-ae72-4c62-b178-a8fa5503dec1","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":26,"box":{"x":60,"y":154,"width":850,"height":12}},{"id":"327b05ec-8be6-4a19-aa6e-12e549ba4970","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":26,"box":{"x":60,"y":169,"width":865,"height":12}},{"id":"9e362959-4ee1-400d-a89d-45d63bd88cda","block_type":"box","text":"are recoverable, the non-recovered portion of foreign withholding taxes will reduce the income received from investments in","page_number":26,"box":{"x":59,"y":184,"width":869,"height":12}},{"id":"07d7749d-e718-497b-bfe0-9d9612b0ed68","block_type":"box","text":"such countries.","page_number":26,"box":{"x":59,"y":199,"width":106,"height":10}},{"id":"ba3c4371-2e77-43fe-9df4-89aaed74af93","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":26,"box":{"x":60,"y":225,"width":817,"height":13}},{"id":"600cb94c-2228-4628-a2d3-f967dfd66542","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":26,"box":{"x":59,"y":240,"width":859,"height":13}},{"id":"c110d9d3-4cb9-44b5-8bc4-3bc463bd61c0","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":26,"box":{"x":59,"y":256,"width":820,"height":12}},{"id":"bbe22294-984c-45bc-94ff-a8f4cc934fd6","block_type":"box","text":"temporary restrictions on foreign capital remittances. Consequently, a Fund could be adversely affected by delays in, or a","page_number":26,"box":{"x":59,"y":271,"width":843,"height":12}},{"id":"5dfd37df-a756-43a1-8446-2b80db4827e7","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":26,"box":{"x":60,"y":286,"width":853,"height":12}},{"id":"5476f39f-bacd-4b6d-80ad-5736783b1538","block_type":"box","text":"restrictions on investments. Additionally, investments in countries in Africa may require a Fund to adopt special procedures,","page_number":26,"box":{"x":60,"y":301,"width":864,"height":12}},{"id":"efffec90-cd37-4d9b-b24f-da97d78b02ac","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs to a Fund.","page_number":26,"box":{"x":59,"y":316,"width":761,"height":12}},{"id":"70c66ce1-7f20-4e42-9a2b-903fa8b1cab4","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":26,"box":{"x":59,"y":343,"width":842,"height":12}},{"id":"e8b2f854-f5a7-40d4-9ca8-b6998a886046","block_type":"box","text":"unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights.","page_number":26,"box":{"x":60,"y":358,"width":850,"height":12}},{"id":"3dc37d69-c79e-4442-a755-ea30b3cab9a9","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":26,"box":{"x":59,"y":373,"width":868,"height":12}},{"id":"26f82052-c186-43fb-a7a9-4cb665d95c60","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":26,"box":{"x":60,"y":388,"width":840,"height":12}},{"id":"b6edac6e-eb7f-4bbb-8937-a1e552c3cbec","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":26,"box":{"x":59,"y":403,"width":874,"height":12}},{"id":"268a568c-adc8-493f-8604-0fa263c5be66","block_type":"box","text":"which issuers located in more developed countries are subject, and, therefore, shareholders of issuers located in such","page_number":26,"box":{"x":59,"y":418,"width":821,"height":12}},{"id":"10dcb505-0491-467d-860d-fa2d49371d4a","block_type":"box","text":"countries may not receive many of the protections available to shareholders of issuers located in more developed countries.","page_number":26,"box":{"x":59,"y":433,"width":865,"height":13}},{"id":"c3d16257-8587-471d-95b4-3759751c028c","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":26,"box":{"x":60,"y":448,"width":874,"height":13}},{"id":"12fb1b88-53bb-4a48-b168-4bbc037b3d56","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":26,"box":{"x":59,"y":463,"width":876,"height":13}},{"id":"7de51fd0-e840-450c-b4fe-15ec18115ef7","block_type":"box","text":"Africa may be inconsistent and subject to sudden change.","page_number":26,"box":{"x":59,"y":479,"width":406,"height":12}},{"id":"c41cf9e8-51c5-4cc2-af45-f63bfbd00895","block_type":"box","text":"Certain countries in Africa may be heavily dependent upon international trade and, consequently, have been and may","page_number":26,"box":{"x":59,"y":505,"width":821,"height":12}},{"id":"7912bf3a-fec7-4383-affa-e6fabc95e182","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":26,"box":{"x":59,"y":520,"width":874,"height":12}},{"id":"e42d3b9b-ab1d-415f-b284-f1e77c72e4b5","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":26,"box":{"x":59,"y":535,"width":867,"height":13}},{"id":"ffb21ea6-fde8-4487-90a2-806c930cbe70","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":26,"box":{"x":59,"y":550,"width":867,"height":13}},{"id":"1e9e0e1b-1941-4073-8813-071a2e5a6e4a","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":26,"box":{"x":60,"y":566,"width":841,"height":12}},{"id":"adf87779-c085-4387-8d63-880dc7bf75cd","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":26,"box":{"x":59,"y":581,"width":854,"height":12}},{"id":"5ac64904-7cf8-495b-8930-f2b464c2942b","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":26,"box":{"x":59,"y":596,"width":879,"height":12}},{"id":"2af2553f-1cf6-4c13-8506-589f261a029c","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":26,"box":{"x":59,"y":611,"width":872,"height":12}},{"id":"f44b4af4-66dc-4d7c-86dd-3e0718720d31","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":26,"box":{"x":60,"y":626,"width":834,"height":12}},{"id":"78ad7098-3768-4943-84dd-838ff3d9093b","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":26,"box":{"x":60,"y":641,"width":863,"height":12}},{"id":"1d2d9ef5-910b-41a9-af3f-b420fcca4447","block_type":"box","text":"indirectly subject to those risks.","page_number":26,"box":{"x":60,"y":656,"width":219,"height":13}},{"id":"13a1fbc4-9a07-4733-b59b-96b536f73fe1","block_type":"box","text":"The governments of certain countries in Africa may exercise substantial influence over many aspects of the private sector","page_number":26,"box":{"x":59,"y":683,"width":851,"height":12}},{"id":"88c7b521-3fc2-4a3e-a0e2-85b072d253be","block_type":"box","text":"and may own or control many companies. Future government actions could have a significant effect on the economic","page_number":26,"box":{"x":59,"y":698,"width":825,"height":12}},{"id":"d8ffd358-0a0e-43a2-8954-7d6751f53d22","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":26,"box":{"x":59,"y":713,"width":876,"height":12}},{"id":"a92541af-807d-4cea-8ceb-718a9854de72","block_type":"box","text":"diplomatic developments that could adversely affect investments in certain countries in Africa. Some countries in Africa may","page_number":26,"box":{"x":59,"y":728,"width":873,"height":12}},{"id":"55e3dbc2-2933-4f84-8485-6eb15b34b2ec","block_type":"box","text":"be affected by a greater degree of public corruption and crime, including organized crime.","page_number":26,"box":{"x":60,"y":743,"width":626,"height":12}},{"id":"a88e2a32-02ee-43c4-a61a-64cc4e85951b","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":26,"box":{"x":60,"y":770,"width":835,"height":12}},{"id":"b78cb704-64fc-4ab5-abef-0c7de7cc24a9","block_type":"box","text":"disruptions to many industries. In addition, the outbreak of Ebola in Western Africa severely challenged health care industries","page_number":26,"box":{"x":59,"y":785,"width":875,"height":12}},{"id":"fd4cd090-17ca-46d2-99a6-485d5673dc3e","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":26,"box":{"x":60,"y":800,"width":839,"height":12}},{"id":"f60381ff-c6e9-43e3-bf49-6f575f6862b8","block_type":"box","text":"further increased instability in the region. This instability has demonstrated that political and social unrest can spread quickly","page_number":26,"box":{"x":59,"y":815,"width":875,"height":12}},{"id":"1d9ec554-15df-45b5-9603-10e8774f6de9","block_type":"box","text":"through the region, and that developments in one country can influence the political events in neighboring countries. Some","page_number":26,"box":{"x":59,"y":830,"width":866,"height":12}},{"id":"3b99c447-b4c4-4429-85da-d004476c550d","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":26,"box":{"x":59,"y":845,"width":878,"height":13}},{"id":"97385a4c-bdde-4f8d-b7e2-846dabdce85b","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":26,"box":{"x":60,"y":860,"width":852,"height":13}},{"id":"8ef598f6-b58b-42e9-918e-5a480c868ee6","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":26,"box":{"x":59,"y":875,"width":746,"height":13}},{"id":"3d61a6f5-7ef4-48c8-8625-b573dcea6dc9","block_type":"box","text":"17","page_number":26,"box":{"x":492,"y":916,"width":14,"height":9}},{"id":"04f56b2e-c556-44e3-bbbe-4dbde5c8a281","block_type":"box","text":"Risk of Investing in Asia.","page_number":27,"box":{"x":60,"y":67,"width":174,"height":12}},{"id":"50e77791-64ae-4a85-9126-5eba7ee65242","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":27,"box":{"x":248,"y":67,"width":682,"height":12}},{"id":"ff31373f-285c-424c-88ba-fa81b5bbd900","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":27,"box":{"x":59,"y":82,"width":873,"height":12}},{"id":"f79aa469-5acf-4f66-b7d2-cde7879784bd","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":27,"box":{"x":60,"y":97,"width":872,"height":12}},{"id":"06b91676-3dd4-4452-9435-8e79eddf2ad2","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":27,"box":{"x":59,"y":112,"width":870,"height":12}},{"id":"6c74aff8-a4d7-4ce4-9794-39fdfb9f9732","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":27,"box":{"x":60,"y":127,"width":836,"height":12}},{"id":"32a8dbc4-7fcf-41ab-82eb-a8259258b1b4","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":27,"box":{"x":59,"y":142,"width":868,"height":13}},{"id":"f20e4b99-01c5-4c19-894c-5281f588428b","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":27,"box":{"x":59,"y":157,"width":538,"height":13}},{"id":"46fcaf27-8ab4-49ff-a2cc-830c65e97889","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":27,"box":{"x":59,"y":184,"width":853,"height":12}},{"id":"0a3b8bea-9edf-422a-9807-1f807c2ddf93","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":27,"box":{"x":59,"y":199,"width":866,"height":12}},{"id":"919ee6e1-2767-457b-8184-da3a5e04db5a","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":27,"box":{"x":59,"y":214,"width":821,"height":12}},{"id":"d2b322c5-45d7-4151-8ff3-eec28113eb95","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":27,"box":{"x":60,"y":229,"width":854,"height":12}},{"id":"002be34f-1687-4535-8bbd-fdc8e0bd2c33","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":27,"box":{"x":60,"y":244,"width":825,"height":13}},{"id":"aa100778-f2b5-4e13-9ae0-d5b9b14ceb9e","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":27,"box":{"x":60,"y":259,"width":854,"height":12}},{"id":"4ce3cd42-fe62-4573-85ac-4e4a3b84ebbf","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":27,"box":{"x":59,"y":274,"width":860,"height":13}},{"id":"d44cebfe-de10-4193-aca8-461a06d9ec43","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":27,"box":{"x":59,"y":290,"width":875,"height":12}},{"id":"e1b5647c-76b9-45f0-971d-d959785216c9","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":27,"box":{"x":60,"y":305,"width":846,"height":12}},{"id":"cd89df03-53fa-44cf-b887-050c30b38d57","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":27,"box":{"x":59,"y":320,"width":880,"height":12}},{"id":"b2fd02d7-97e0-4f0f-9bc7-a72b7d9d1882","block_type":"box","text":"the performance of investments in this region.","page_number":27,"box":{"x":59,"y":335,"width":323,"height":12}},{"id":"fb42cdf0-4624-488c-877c-84ba047b5520","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":27,"box":{"x":59,"y":361,"width":823,"height":13}},{"id":"9771919a-f3af-4ed4-9ae2-65506208c287","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":27,"box":{"x":60,"y":377,"width":872,"height":12}},{"id":"c428a661-b481-4487-83fe-80501e35b83e","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":27,"box":{"x":60,"y":392,"width":868,"height":12}},{"id":"a8319c18-dba5-4199-b712-18b67530840d","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":27,"box":{"x":59,"y":407,"width":877,"height":12}},{"id":"1dcfbe8c-caa9-4714-ab5b-caccaaba3cd1","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":27,"box":{"x":59,"y":422,"width":617,"height":12}},{"id":"9beaccb9-ebe5-48c4-808a-7075062849f4","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":27,"box":{"x":59,"y":448,"width":851,"height":13}},{"id":"597f851a-d12a-4092-9baf-5098d078aa2e","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":27,"box":{"x":59,"y":463,"width":839,"height":13}},{"id":"9b246f14-c0ba-4210-9220-d07c4bc71bef","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":27,"box":{"x":59,"y":479,"width":831,"height":12}},{"id":"18125324-02c7-428a-acd3-027a0b77a0ad","block_type":"box","text":"sectors.","page_number":27,"box":{"x":59,"y":495,"width":53,"height":8}},{"id":"159d13b4-fdca-4e90-b008-b85a6dd1270c","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":27,"box":{"x":59,"y":520,"width":852,"height":12}},{"id":"5993417d-d4dc-473b-a6f5-7d7905a18360","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":27,"box":{"x":59,"y":535,"width":866,"height":13}},{"id":"8b891ae4-f325-42e3-85cf-1c363c3f2ab2","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":27,"box":{"x":59,"y":550,"width":875,"height":13}},{"id":"05033fb6-2347-413e-99ce-d55e024c56f5","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":27,"box":{"x":59,"y":566,"width":875,"height":12}},{"id":"e71d2329-cc3d-4e41-a495-373f049a2159","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":27,"box":{"x":59,"y":581,"width":874,"height":12}},{"id":"2c458670-84f8-41fa-8b8e-7c0fb32dcde3","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":27,"box":{"x":59,"y":596,"width":868,"height":12}},{"id":"af456ed1-c378-4a51-aae6-cb55e6fb4bd1","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":27,"box":{"x":59,"y":611,"width":840,"height":12}},{"id":"639398b6-8996-4cfa-8cb2-80d54dec80de","block_type":"box","text":"Risk of Investing in Australasia.","page_number":27,"box":{"x":60,"y":637,"width":224,"height":13}},{"id":"75c9d214-ba16-4563-8138-abee821f0966","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":27,"box":{"x":293,"y":637,"width":637,"height":13}},{"id":"c2a15cf7-2d2f-406e-937f-c4826276b245","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":27,"box":{"x":59,"y":652,"width":832,"height":13}},{"id":"04ba016c-9eda-43bd-a15d-1d1a3d33c66c","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":27,"box":{"x":59,"y":668,"width":805,"height":12}},{"id":"ce7bc568-c1ea-4b5a-9045-261632351b36","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":27,"box":{"x":60,"y":683,"width":863,"height":12}},{"id":"e0f7be99-5cc9-463a-a8d9-d6d79df8344e","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":27,"box":{"x":59,"y":698,"width":842,"height":12}},{"id":"2360092d-dd8d-4864-a4d6-4a0a2e314949","block_type":"box","text":"Australia and New Zealand and affect the value of securities held by a Fund. The economies of Australia and New Zealand are","page_number":27,"box":{"x":59,"y":713,"width":878,"height":12}},{"id":"1f867780-dbf9-46d9-a329-ee792a26658d","block_type":"box","text":"dependent on trading with certain key trading partners, including Asia and the U.S. Economic events in the U.S., Asia, or in","page_number":27,"box":{"x":59,"y":728,"width":855,"height":12}},{"id":"5ea82889-7c96-4ed0-8bc3-94c7fe1558bd","block_type":"box","text":"other key trading countries can have a significant economic effect on the Australasian economies. The economies of","page_number":27,"box":{"x":59,"y":743,"width":818,"height":12}},{"id":"b9efa0cb-2771-407c-82f9-7049a72e2653","block_type":"box","text":"Australia and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign","page_number":27,"box":{"x":59,"y":758,"width":805,"height":13}},{"id":"3be5fd6f-ed19-410a-89cd-4352ab835484","block_type":"box","text":"ownership of companies in the mining sector or imposition of new taxes on profits of mining companies may dissuade","page_number":27,"box":{"x":59,"y":773,"width":832,"height":13}},{"id":"dd176b5d-7884-4382-b822-e51f1885d5c8","block_type":"box","text":"foreign investment, and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":27,"box":{"x":59,"y":788,"width":731,"height":13}},{"id":"e7502b07-c672-40e3-b76c-a8d1b6abc846","block_type":"box","text":"Risk of Investing in Brazil.","page_number":27,"box":{"x":60,"y":815,"width":182,"height":12}},{"id":"459f3c42-541a-481c-ac53-01555efb72e0","block_type":"box","text":"Investment in securities of companies domiciled in Brazil involves a high degree of risk and special","page_number":27,"box":{"x":252,"y":815,"width":684,"height":12}},{"id":"2d2d8ae4-ac0d-4e26-8036-04883eaf5c50","block_type":"box","text":"considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among","page_number":27,"box":{"x":59,"y":830,"width":854,"height":12}},{"id":"f3f0c612-e59c-427f-a730-34b359aadf58","block_type":"box","text":"others, a high level of price volatility in the Brazilian equity and currency markets, political unrest, chronic structural public","page_number":27,"box":{"x":59,"y":845,"width":852,"height":13}},{"id":"9264ab09-3ff0-430e-96d7-4fca49af5f17","block_type":"box","text":"sector deficits, a rising unemployment rate and disparities of wealth.","page_number":27,"box":{"x":59,"y":860,"width":478,"height":13}},{"id":"5a109add-2089-487f-8029-b0d3aa38d307","block_type":"box","text":"18","page_number":27,"box":{"x":492,"y":916,"width":14,"height":9}},{"id":"c548eabb-9f38-4f00-9bb5-db210ed3a4e3","block_type":"box","text":"Brazil has historically experienced high rates of inflation and may continue to do so in the future. An increase in prices for","page_number":28,"box":{"x":60,"y":67,"width":847,"height":12}},{"id":"3ddf78dc-c04e-4ec2-9812-6f9eb9380881","block_type":"box","text":"commodities, the depreciation of the Brazilian currency (the real) and potential future governmental measures seeking to","page_number":28,"box":{"x":59,"y":82,"width":849,"height":12}},{"id":"33a1caa8-54e5-427c-a538-eda3711dc969","block_type":"box","text":"maintain the value of the real in relation to the U.S. dollar, may trigger increases in inflation in Brazil and may slow the rate of","page_number":28,"box":{"x":60,"y":97,"width":870,"height":12}},{"id":"17256994-36e4-47c2-8ffa-d532e9b6135c","block_type":"box","text":"growth of the Brazilian economy. Inflationary pressures also may limit the ability of certain Brazilian issuers to access foreign","page_number":28,"box":{"x":59,"y":112,"width":867,"height":12}},{"id":"2a4eff9a-7472-44a9-965b-98bbba6efc9a","block_type":"box","text":"financial markets and may lead to further government intervention in the economy, including the introduction of government","page_number":28,"box":{"x":59,"y":127,"width":878,"height":12}},{"id":"1edc0ed2-efa1-47b1-9d1d-03b854bdcd40","block_type":"box","text":"policies that may adversely affect the overall performance of the Brazilian economy, which in turn could adversely affect a","page_number":28,"box":{"x":59,"y":142,"width":848,"height":13}},{"id":"50652a77-5f3f-4b6d-a04b-74c0f2f10f7c","block_type":"box","text":"Fund’s investments.","page_number":28,"box":{"x":60,"y":157,"width":138,"height":10}},{"id":"b2bd99ec-48f4-4c77-b780-727c71b06b65","block_type":"box","text":"The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy, which","page_number":28,"box":{"x":59,"y":184,"width":854,"height":12}},{"id":"ef77eb72-2cbc-4243-a1be-4cfee29ee5fe","block_type":"box","text":"may have significant effects on Brazilian companies and on market conditions and prices of Brazilian securities. The Brazilian","page_number":28,"box":{"x":60,"y":199,"width":868,"height":12}},{"id":"0495b336-48bf-453d-a8b7-ac3300cd5f99","block_type":"box","text":"economy has been characterized by frequent, and occasionally drastic, intervention by the Brazilian government. The Brazilian","page_number":28,"box":{"x":59,"y":214,"width":879,"height":12}},{"id":"f12922b4-f39a-4293-941e-e32b05359376","block_type":"box","text":"government has often changed monetary, taxation, credit, tariff and other policies to influence the core of Brazil’s economy.","page_number":28,"box":{"x":59,"y":229,"width":864,"height":12}},{"id":"7e0fb256-2b44-496f-bf7f-745977db7d34","block_type":"box","text":"The Brazilian government’s actions to control inflation and affect other economic policies have involved, among others, the","page_number":28,"box":{"x":59,"y":244,"width":861,"height":13}},{"id":"b2519da4-0996-4d37-8773-b2f57a34b7b5","block_type":"box","text":"setting of wage and price controls, blocking access to bank accounts, fluctuation of the base interest rates, imposing","page_number":28,"box":{"x":59,"y":259,"width":817,"height":13}},{"id":"403676db-3c2b-4d40-816c-9614480d004a","block_type":"box","text":"exchange controls and limiting imports into Brazil. In the past, the Brazilian government has maintained domestic price","page_number":28,"box":{"x":59,"y":274,"width":832,"height":13}},{"id":"e6e50a1f-86b0-4a21-be82-359e9e6424a2","block_type":"box","text":"controls, and no assurances can be given that price controls will not be re-imposed in the future.","page_number":28,"box":{"x":59,"y":290,"width":676,"height":12}},{"id":"2d093a2f-efe2-41c3-9d08-70963bdf17d0","block_type":"box","text":"Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that","page_number":28,"box":{"x":60,"y":316,"width":847,"height":12}},{"id":"4a506125-a20e-48c8-885b-989674b0bd52","block_type":"box","text":"whenever a serious imbalance in Brazil’s balance of payments exists or is anticipated, the Brazilian government may impose","page_number":28,"box":{"x":59,"y":331,"width":863,"height":13}},{"id":"d6e8598a-0a40-472c-9c79-bd16793758f5","block_type":"box","text":"temporary restrictions on the remittance to foreign investors of the proceeds of their investment in Brazil and on the","page_number":28,"box":{"x":59,"y":346,"width":812,"height":13}},{"id":"b2027c2f-803a-428b-b5cc-63a3fc66f360","block_type":"box","text":"conversion of Brazilian currency into foreign currency. The likelihood of such restrictions may be affected by the extent of","page_number":28,"box":{"x":59,"y":361,"width":848,"height":13}},{"id":"8a170da9-72ee-492b-9af0-8b7c0d67b403","block_type":"box","text":"Brazil’s foreign currency reserves, the size of Brazil’s debt service burden relative to the economy as a whole, and political","page_number":28,"box":{"x":60,"y":377,"width":842,"height":12}},{"id":"5f3a49f6-5f9a-42d8-9cf3-7c36c9728a03","block_type":"box","text":"constraints to which Brazil may be subject. There can be no assurance that the Brazilian government will not impose","page_number":28,"box":{"x":59,"y":392,"width":814,"height":12}},{"id":"c1cade64-aec1-49b3-8d60-b0a8db3e3146","block_type":"box","text":"restrictions or restrictive exchange control policies in the future, which could have the effect of preventing or restricting","page_number":28,"box":{"x":60,"y":407,"width":833,"height":12}},{"id":"d040532e-24e8-4125-9548-d317d8f65797","block_type":"box","text":"access to foreign currency.","page_number":28,"box":{"x":59,"y":422,"width":186,"height":12}},{"id":"250f0928-d76a-4f12-8e5e-03cb72115b70","block_type":"box","text":"The market for Brazilian securities is directly influenced by the flow of international capital, and economic and market","page_number":28,"box":{"x":59,"y":448,"width":822,"height":13}},{"id":"b4924e0a-714d-44d8-83fb-a047d02c1729","block_type":"box","text":"conditions of certain countries, especially other emerging market countries in Central and South America. Adverse economic","page_number":28,"box":{"x":59,"y":463,"width":875,"height":13}},{"id":"caf26f7e-f2ab-4a8f-8114-79d98aa5fc17","block_type":"box","text":"conditions or developments in other emerging market countries have at times significantly affected the availability of credit in","page_number":28,"box":{"x":59,"y":479,"width":878,"height":12}},{"id":"eb1b2f1d-4d15-46f0-83f0-7ba6dfbb047e","block_type":"box","text":"the Brazilian economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested","page_number":28,"box":{"x":59,"y":494,"width":878,"height":12}},{"id":"b992472f-536b-4e99-b135-42b68237e943","block_type":"box","text":"in Brazil. Crises in neighboring emerging market countries also may increase investors’ risk aversion, which may adversely","page_number":28,"box":{"x":60,"y":509,"width":850,"height":12}},{"id":"5db0a835-a536-444f-bbac-323b8cccd7ed","block_type":"box","text":"impact the market value of the securities issued by Brazilian companies.","page_number":28,"box":{"x":60,"y":524,"width":500,"height":12}},{"id":"84d07add-d7f8-4834-b77e-00d772c78b48","block_type":"box","text":"Risk of Investing in Central and South America.","page_number":28,"box":{"x":60,"y":550,"width":339,"height":13}},{"id":"56899698-d921-4643-b32f-77f8908289ea","block_type":"box","text":"The economies of certain Central and South American countries have","page_number":28,"box":{"x":408,"y":550,"width":487,"height":10}},{"id":"12560aa5-b256-43a4-b961-639cec828f0f","block_type":"box","text":"experienced high interest rates, economic volatility, inflation, currency devaluations, government defaults, regime changes,","page_number":28,"box":{"x":59,"y":566,"width":859,"height":12}},{"id":"0fe5cddb-d90d-4af1-8b79-33edc4d7e634","block_type":"box","text":"high unemployment rates and political instability which can adversely affect issuers in these countries. In addition,","page_number":28,"box":{"x":60,"y":581,"width":798,"height":12}},{"id":"873ffd92-09a3-45cb-b870-37d385d1ef41","block_type":"box","text":"commodities (such as oil, gas and minerals) represent a significant percentage of exports for the regions and many","page_number":28,"box":{"x":59,"y":596,"width":807,"height":12}},{"id":"171c8d10-094c-442a-a487-e18529f02a5c","block_type":"box","text":"economies in these regions are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one","page_number":28,"box":{"x":59,"y":611,"width":854,"height":12}},{"id":"9b35c9fb-54c3-4189-81b6-53328f163e04","block_type":"box","text":"country may have a significant adverse effect on other countries of these regions.","page_number":28,"box":{"x":59,"y":626,"width":569,"height":12}},{"id":"045d96f6-8a06-496e-a4db-7832011354eb","block_type":"box","text":"The governments of certain countries in Central and South America may exercise substantial influence over many aspects of","page_number":28,"box":{"x":59,"y":652,"width":874,"height":13}},{"id":"18465215-f19b-4f8f-b145-122cd6320072","block_type":"box","text":"the private sector and may own or control many companies. Future government actions could have a significant effect on the","page_number":28,"box":{"x":59,"y":668,"width":878,"height":12}},{"id":"130c5e38-4515-4b52-a4b5-58bc2989f379","block_type":"box","text":"economic conditions in such countries, which could have a negative impact on the securities in which a Fund invests.","page_number":28,"box":{"x":59,"y":683,"width":822,"height":12}},{"id":"c88e69e6-d314-4d3d-bd87-380928cb604b","block_type":"box","text":"Diplomatic developments may also adversely affect investments in certain countries in Central and South America. Some","page_number":28,"box":{"x":60,"y":698,"width":846,"height":12}},{"id":"881d99d8-e1eb-4cbc-a580-104ebba4f16f","block_type":"box","text":"countries in Central and South America may be affected by public corruption and crime, including organized crime.","page_number":28,"box":{"x":59,"y":713,"width":805,"height":12}},{"id":"20a43461-5405-4c88-a32c-5c5bbb5c5134","block_type":"box","text":"Certain countries in Central and South America may be heavily dependent upon international trade and, consequently, have","page_number":28,"box":{"x":59,"y":739,"width":865,"height":13}},{"id":"eb38abdc-7e3f-4367-a22c-43d86d950ab3","block_type":"box","text":"been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative","page_number":28,"box":{"x":60,"y":754,"width":832,"height":13}},{"id":"d73782a7-d50a-431b-b056-fe1b29309785","block_type":"box","text":"currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These","page_number":28,"box":{"x":59,"y":770,"width":834,"height":12}},{"id":"51c798ed-9b33-4901-af95-55d0f2bf3ffe","block_type":"box","text":"countries also have been and may continue to be adversely affected by economic conditions in the countries with which they","page_number":28,"box":{"x":59,"y":785,"width":877,"height":12}},{"id":"860a4cc7-691d-4d6a-bc96-e22e5f6505f9","block_type":"box","text":"trade. In addition, certain issuers located in countries in Central and South America in which a Fund invests may be the","page_number":28,"box":{"x":59,"y":800,"width":832,"height":12}},{"id":"af1de8ed-039d-4d71-a88a-bc2d4bcdffa9","block_type":"box","text":"subject of sanctions (for example, the U.S. has imposed sanctions on certain Venezuelan individuals, corporate entities and","page_number":28,"box":{"x":59,"y":815,"width":860,"height":12}},{"id":"bfb512cd-d43a-4df5-86ac-8cf1264b51e1","block_type":"box","text":"the Venezuelan government) or have dealings with countries subject to sanctions and/or embargoes imposed by the U.S.","page_number":28,"box":{"x":59,"y":830,"width":849,"height":12}},{"id":"b0c620bb-b627-4c07-a549-b4f2dcc39bd5","block_type":"box","text":"government and the United Nations and/or countries identified by the U.S. government as state sponsors of terrorism. An","page_number":28,"box":{"x":59,"y":845,"width":853,"height":13}},{"id":"c4e037de-2281-439e-a7a1-c1beefc96d4d","block_type":"box","text":"issuer may sustain damage to its reputation if it is identified as an issuer that has dealings with such countries. A Fund may","page_number":28,"box":{"x":60,"y":860,"width":862,"height":13}},{"id":"c3437432-8d5b-4403-8ffc-f25581196b81","block_type":"box","text":"be adversely affected if it invests in such issuers.","page_number":28,"box":{"x":60,"y":875,"width":335,"height":13}},{"id":"2fddee4a-cfb6-461b-a1ff-6aa1f408eeab","block_type":"box","text":"19","page_number":28,"box":{"x":492,"y":916,"width":15,"height":9}},{"id":"c9ab77e5-3b67-4583-90eb-63c41244ef8c","block_type":"box","text":"Risk of Investing in China.","page_number":29,"box":{"x":60,"y":67,"width":185,"height":12}},{"id":"cc9d7e7c-c916-40e0-93c9-87a9248d7295","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":29,"box":{"x":255,"y":67,"width":635,"height":12}},{"id":"685f13f6-9144-4958-a6fb-3ddcdac6e9c1","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":29,"box":{"x":59,"y":82,"width":853,"height":12}},{"id":"116bd5a3-5a65-42c4-9fb8-a206a1bc8d12","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":29,"box":{"x":59,"y":97,"width":864,"height":12}},{"id":"c2398456-81d4-4958-974d-af1a5ef48c47","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":29,"box":{"x":59,"y":112,"width":750,"height":12}},{"id":"4fff8d90-d6ab-46e1-9605-8a4a532ec56b","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":29,"box":{"x":59,"y":138,"width":821,"height":13}},{"id":"2c10cbff-2b9f-43f2-9552-c1db921f00f6","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":29,"box":{"x":59,"y":154,"width":863,"height":12}},{"id":"ba154a19-8cbb-4013-9071-40f374283680","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":29,"box":{"x":59,"y":169,"width":870,"height":12}},{"id":"1d6c8851-05db-4234-bd4d-a8f6ec412bb0","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":29,"box":{"x":60,"y":184,"width":875,"height":12}},{"id":"5df4f55e-2b69-4266-af21-973a46466603","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":29,"box":{"x":59,"y":199,"width":842,"height":10}},{"id":"5c7240cb-1fdc-4e65-97cf-b00270a770a3","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":29,"box":{"x":60,"y":214,"width":834,"height":12}},{"id":"b3e9023f-6bdc-4366-a69d-2e84723c8744","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":29,"box":{"x":60,"y":229,"width":830,"height":12}},{"id":"ad61a35b-c919-4913-9662-7c99c38ba2f8","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":29,"box":{"x":59,"y":244,"width":834,"height":13}},{"id":"97f024c0-5bcc-4655-87f4-7cabdda0d5b8","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":29,"box":{"x":59,"y":259,"width":844,"height":13}},{"id":"af895432-9045-4228-89e6-bc5453e9b5b1","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":29,"box":{"x":59,"y":274,"width":812,"height":13}},{"id":"f3ffb8e8-e5df-4e0d-a835-6bc6f3416ed3","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":29,"box":{"x":60,"y":290,"width":845,"height":12}},{"id":"ebd324cb-f421-4963-b65f-8e592316a4a0","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":29,"box":{"x":60,"y":305,"width":866,"height":12}},{"id":"baff03dd-5ffc-422a-810b-0fe95fa474de","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":29,"box":{"x":60,"y":320,"width":847,"height":12}},{"id":"eaa6aa21-d7c4-4914-835b-e4398f051f9c","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":29,"box":{"x":59,"y":335,"width":852,"height":12}},{"id":"53dacf9a-c193-4eef-b047-052ae68e243f","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":29,"box":{"x":60,"y":350,"width":870,"height":12}},{"id":"db67ac45-4cd5-40b7-a13d-f42fd610d600","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":29,"box":{"x":59,"y":365,"width":860,"height":13}},{"id":"8ad9fa87-db19-47cc-8c13-a0a1da7fa8f2","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":29,"box":{"x":60,"y":380,"width":860,"height":13}},{"id":"5d0b8bce-cb9e-4e11-afb7-2828c9e11caa","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":29,"box":{"x":60,"y":395,"width":872,"height":13}},{"id":"15a76c98-40d5-4928-bcea-7860dff0e0ec","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":29,"box":{"x":59,"y":411,"width":844,"height":12}},{"id":"573ba50f-bbf9-4741-b8c3-a00534a3a000","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":29,"box":{"x":60,"y":426,"width":524,"height":12}},{"id":"4b629398-0712-4cc6-b005-584f80ef8769","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":29,"box":{"x":59,"y":452,"width":865,"height":12}},{"id":"9db98506-1390-4874-8658-f71a7bc3dba5","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":29,"box":{"x":60,"y":467,"width":816,"height":13}},{"id":"b74c9180-50e4-4d5c-b04a-e60b5d208dd6","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":29,"box":{"x":59,"y":482,"width":826,"height":13}},{"id":"736f3384-c0b0-45ed-b200-e512853114c1","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":29,"box":{"x":59,"y":497,"width":874,"height":13}},{"id":"d0c8e3dc-5738-43c7-9d6c-24c1feb7afb8","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":29,"box":{"x":59,"y":513,"width":823,"height":12}},{"id":"70d9966d-d764-40bd-bc88-79fd35112223","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":29,"box":{"x":59,"y":528,"width":870,"height":12}},{"id":"e8ee7452-e277-460a-b9f9-dd697be0575e","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":29,"box":{"x":59,"y":543,"width":850,"height":12}},{"id":"c8e924b4-ae9d-4b28-bbfb-18202bfda989","block_type":"box","text":"and on repatriation of capital invested.","page_number":29,"box":{"x":59,"y":558,"width":268,"height":12}},{"id":"8c99f319-c008-49fd-ac9e-10bc89c980df","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":29,"box":{"x":60,"y":584,"width":861,"height":13}},{"id":"f0662675-9f87-4bf5-86c4-fe0c536d11b4","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":29,"box":{"x":59,"y":600,"width":864,"height":12}},{"id":"67ab9965-42c8-47b9-b6ca-f10f8a4ee43f","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":29,"box":{"x":60,"y":615,"width":855,"height":12}},{"id":"a41155d9-315f-4138-ac44-e1fea0b74001","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":29,"box":{"x":59,"y":630,"width":845,"height":12}},{"id":"d7803fda-3a24-4d30-93b3-8fd497dab766","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":29,"box":{"x":60,"y":645,"width":841,"height":12}},{"id":"8dd4c245-9b6c-488a-80f0-1af2efbe9e0e","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":29,"box":{"x":59,"y":660,"width":872,"height":12}},{"id":"38a66cd3-3141-44b3-842a-9b38669b4fc8","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":29,"box":{"x":59,"y":675,"width":455,"height":12}},{"id":"56036080-dcc8-4c17-8f97-c17f05297be1","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":29,"box":{"x":59,"y":702,"width":848,"height":12}},{"id":"c1bdaac8-18e8-404a-8c39-a5fdfbd72ebb","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":29,"box":{"x":59,"y":717,"width":828,"height":12}},{"id":"d7debda5-cb1b-4f99-89d7-694a63a2e8bb","block_type":"box","text":"protection considerations.","page_number":29,"box":{"x":59,"y":732,"width":182,"height":12}},{"id":"313f6f0d-0ce1-4622-8d7b-d4ff7683638e","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":29,"box":{"x":59,"y":758,"width":835,"height":13}},{"id":"6ceb4db3-c6b1-4d0f-8229-79e043dbc9eb","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":29,"box":{"x":59,"y":773,"width":830,"height":13}},{"id":"5a64b1f4-e37d-4779-b5ec-3731ed2c2ff0","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":29,"box":{"x":58,"y":788,"width":859,"height":13}},{"id":"c281fe13-b71f-4d26-b0a2-de8b243e5ac3","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":29,"box":{"x":60,"y":804,"width":878,"height":12}},{"id":"7babe1e6-8a26-4565-abf8-ca895c553ea2","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":29,"box":{"x":60,"y":819,"width":875,"height":12}},{"id":"2a9ab92d-a010-4c7e-b72c-b19d236d9915","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":29,"box":{"x":59,"y":834,"width":844,"height":12}},{"id":"134af821-fc1f-4fd3-86e9-957559ddd49c","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":29,"box":{"x":59,"y":860,"width":846,"height":13}},{"id":"c86e6d8c-c707-4a12-8b89-4d374cfc9702","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":29,"box":{"x":60,"y":875,"width":866,"height":13}},{"id":"06087aaf-8a93-400a-a9a1-736f66af353d","block_type":"box","text":"20","page_number":29,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"c013f803-9fa5-401b-aa95-92cb48b31859","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":30,"box":{"x":59,"y":67,"width":855,"height":12}},{"id":"b4881a2c-23f2-4aad-a788-c1bbb334363a","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":30,"box":{"x":60,"y":82,"width":876,"height":12}},{"id":"0ed36b09-7450-4d35-9233-72e20bc88339","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":30,"box":{"x":60,"y":97,"width":838,"height":12}},{"id":"487c1a09-7995-452c-9181-4958100817c9","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":30,"box":{"x":60,"y":112,"width":847,"height":12}},{"id":"ec17cb31-5061-4fa6-ab50-fb48088704ab","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":30,"box":{"x":59,"y":127,"width":853,"height":12}},{"id":"ccdd3b35-8f79-4201-a3ea-243798ea3e2f","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":30,"box":{"x":59,"y":142,"width":865,"height":13}},{"id":"cfcbf077-f81f-4cfa-a7b7-2973a7cb6e8e","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":30,"box":{"x":59,"y":157,"width":844,"height":13}},{"id":"f72950f1-1c39-448b-aabc-9d0472de45eb","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":30,"box":{"x":59,"y":172,"width":876,"height":13}},{"id":"8dfcd31e-65ef-4ea1-aa07-7507f8d6f31a","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":30,"box":{"x":59,"y":188,"width":876,"height":12}},{"id":"cf7b03e3-e278-4c60-adbd-0e60925fc2b0","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":30,"box":{"x":60,"y":203,"width":851,"height":12}},{"id":"8c7448c5-85f2-432e-ac76-befa447e5d7c","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":30,"box":{"x":59,"y":218,"width":828,"height":12}},{"id":"cc0498e5-4c22-4ceb-a6d3-50d8d410c868","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":30,"box":{"x":59,"y":233,"width":873,"height":12}},{"id":"3d6d40c0-bbdd-4e40-95fb-b3a82e6dca98","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":30,"box":{"x":59,"y":248,"width":838,"height":12}},{"id":"903426f9-cffb-451f-8d13-c1c6c5fa1fe7","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":30,"box":{"x":59,"y":263,"width":853,"height":12}},{"id":"9de3a224-73b2-411b-8385-2fd5496d371f","block_type":"box","text":"Fund.","page_number":30,"box":{"x":60,"y":278,"width":37,"height":10}},{"id":"24d54029-8325-41c4-9969-7e629dfb1a86","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":30,"box":{"x":59,"y":305,"width":863,"height":12}},{"id":"51a387ee-55c1-459e-90e1-d56ff3ceac3b","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":30,"box":{"x":60,"y":320,"width":819,"height":12}},{"id":"4e640e08-75a5-4adf-9a8a-74f4fe903148","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":30,"box":{"x":60,"y":335,"width":873,"height":12}},{"id":"454d1072-2432-42cb-a2ec-c08ee568bb2c","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":30,"box":{"x":59,"y":350,"width":855,"height":12}},{"id":"ce1dd51a-f244-4f33-9bc6-8dfe820b6b85","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":30,"box":{"x":59,"y":365,"width":835,"height":13}},{"id":"0886f2fe-ea39-4657-a56d-2a04f258c43a","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":30,"box":{"x":59,"y":380,"width":859,"height":13}},{"id":"9880d69d-dc96-4387-9203-c6772c885b08","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":30,"box":{"x":60,"y":395,"width":874,"height":13}},{"id":"16361f17-4ff2-40b6-b824-cb79614300fb","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":30,"box":{"x":59,"y":411,"width":790,"height":12}},{"id":"1dc6e8a2-8b30-46ae-8fa6-1b9d5f71fa50","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":30,"box":{"x":59,"y":426,"width":841,"height":12}},{"id":"9ff1b16a-4e90-4bbb-8d5d-8bd9b6a18ddb","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":30,"box":{"x":59,"y":441,"width":877,"height":12}},{"id":"e1bde09b-1c6b-4314-b94e-62bfa761097f","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":30,"box":{"x":60,"y":456,"width":875,"height":12}},{"id":"3ba18b06-6d6b-40f5-840a-aae49eeab3a5","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":30,"box":{"x":59,"y":471,"width":845,"height":12}},{"id":"bdfd6cdc-c0fd-46cd-b23c-b013db526f5f","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":30,"box":{"x":59,"y":486,"width":873,"height":12}},{"id":"baf264cb-8a8c-4c78-ba07-97313a76fc83","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":30,"box":{"x":59,"y":501,"width":840,"height":13}},{"id":"8afba89e-adb5-4a08-992d-67d85329f748","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":30,"box":{"x":60,"y":516,"width":865,"height":13}},{"id":"2ce59590-9898-4a0a-a2b4-13ab424241d3","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":30,"box":{"x":60,"y":531,"width":867,"height":13}},{"id":"4fb51f0d-0beb-4aa4-b67c-b4cba5b4b6e4","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":30,"box":{"x":59,"y":547,"width":340,"height":12}},{"id":"b07e439b-6550-460b-b666-30cf76bbb3b3","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":30,"box":{"x":59,"y":573,"width":832,"height":12}},{"id":"275fbb30-d10d-4be7-8cff-7cbd1f17d523","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":30,"box":{"x":59,"y":588,"width":863,"height":13}},{"id":"8015a159-190b-4a43-af7d-7e1b9b343caf","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":30,"box":{"x":59,"y":603,"width":849,"height":13}},{"id":"95d95cf5-566d-4399-a7cc-a321637e4f0c","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":30,"box":{"x":59,"y":618,"width":877,"height":13}},{"id":"9376e5f7-db7b-42ec-ab96-6316ada04d4f","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":30,"box":{"x":59,"y":634,"width":867,"height":12}},{"id":"1d3cf674-20b2-4191-a94a-d94dfb6855bb","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":30,"box":{"x":59,"y":649,"width":826,"height":12}},{"id":"832014eb-d592-4e9d-b8ce-45938e83fb59","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":30,"box":{"x":60,"y":664,"width":874,"height":12}},{"id":"e4933b8b-d83b-4bba-9dcd-9bb2096078ac","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":30,"box":{"x":59,"y":679,"width":691,"height":12}},{"id":"ec67f053-99b8-43ff-a70a-b20f099ca98e","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":30,"box":{"x":60,"y":705,"width":313,"height":13}},{"id":"d0ebc2b3-100e-4b5b-9675-1f21b2bb7e40","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":30,"box":{"x":381,"y":705,"width":361,"height":13}},{"id":"3cd3b376-bcca-4e99-89f8-8bee09c098f7","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":30,"box":{"x":92,"y":726,"width":819,"height":12}},{"id":"49a2aaae-2129-43cb-896b-e00fbcd6aae2","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":30,"box":{"x":124,"y":741,"width":405,"height":12}},{"id":"0166bcb6-9970-41f0-96b1-3cd8bd1c1e11","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":30,"box":{"x":92,"y":761,"width":845,"height":12}},{"id":"f750655d-813d-44c4-b380-f2913569ba4f","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":30,"box":{"x":124,"y":776,"width":578,"height":12}},{"id":"b305ee7c-b95c-4ddb-b075-8843f2d46fe9","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":30,"box":{"x":92,"y":796,"width":815,"height":12}},{"id":"922409d2-1b25-472d-bddc-c7766ff67182","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":30,"box":{"x":124,"y":811,"width":692,"height":13}},{"id":"920baa96-d8bb-4416-8d74-7ba238258195","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":30,"box":{"x":92,"y":831,"width":803,"height":13}},{"id":"7f92ae02-0b2d-4425-a759-65b354036737","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":30,"box":{"x":124,"y":846,"width":779,"height":13}},{"id":"6301f866-7efe-4c1f-af6c-680ed014dde1","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":30,"box":{"x":124,"y":862,"width":749,"height":12}},{"id":"0b5e4d7c-dea2-479d-a587-fa8f3f821e27","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":30,"box":{"x":92,"y":882,"width":786,"height":12}},{"id":"c8ae2ada-c25b-4b45-bd34-0f0ca8bc334c","block_type":"box","text":"21","page_number":30,"box":{"x":491,"y":916,"width":13,"height":9}},{"id":"b0fef010-309e-4795-8de1-0c8f5c3e889a","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":31,"box":{"x":124,"y":67,"width":799,"height":12}},{"id":"2de7f73a-4f3d-4961-bfd6-a83075b88346","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":31,"box":{"x":124,"y":82,"width":319,"height":9}},{"id":"0d37b053-105b-4881-9fca-89e29dcbf20d","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":31,"box":{"x":59,"y":108,"width":879,"height":13}},{"id":"3d192ad5-b339-4706-af94-305bc5c3badb","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":31,"box":{"x":59,"y":123,"width":867,"height":13}},{"id":"03f525eb-1c19-4ff5-a3a9-8a0254f73ae9","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":31,"box":{"x":59,"y":138,"width":844,"height":13}},{"id":"5dbc570a-f43e-48d7-ba50-2b56c6275b18","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":31,"box":{"x":60,"y":154,"width":818,"height":12}},{"id":"75e69d00-111d-4c4d-a530-fd8bdb6b96dd","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":31,"box":{"x":59,"y":169,"width":805,"height":12}},{"id":"f05e2953-3984-4603-9393-52e19f2d43a3","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":31,"box":{"x":59,"y":184,"width":860,"height":12}},{"id":"b565c846-8c5b-49ce-9635-836b92c35cba","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":31,"box":{"x":59,"y":199,"width":810,"height":12}},{"id":"c49da2d9-a90f-4f1f-bd92-cb68cc8896ea","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":31,"box":{"x":59,"y":214,"width":862,"height":12}},{"id":"d092f9dd-d6ca-47ed-beff-54499c1fd344","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":31,"box":{"x":60,"y":229,"width":859,"height":12}},{"id":"9693aa60-fa23-4469-85a4-7ba87a02cf7c","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":31,"box":{"x":59,"y":244,"width":847,"height":13}},{"id":"07edf8d5-94b7-4f72-9f4d-030e206a741f","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":31,"box":{"x":60,"y":259,"width":867,"height":13}},{"id":"73f8246e-f668-428a-b31c-d4bc5e0d060a","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":31,"box":{"x":60,"y":274,"width":784,"height":13}},{"id":"0f79aa26-446a-4379-9dad-393aa807c101","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":31,"box":{"x":59,"y":301,"width":362,"height":12}},{"id":"a0bb7e02-6ad7-4821-82a6-96aa9ef28268","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":31,"box":{"x":422,"y":301,"width":485,"height":12}},{"id":"42a95d26-0490-4e87-ab3c-ef021b560af0","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":31,"box":{"x":60,"y":316,"width":825,"height":12}},{"id":"e7e5dee9-ff92-49a8-99dc-bbe36eaf04be","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":31,"box":{"x":59,"y":331,"width":816,"height":13}},{"id":"db1e9f1a-d69d-4cf0-8590-5a767e48db90","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":31,"box":{"x":59,"y":346,"width":879,"height":13}},{"id":"7dc48621-61e6-49d6-8d88-611fe69bb3ab","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":31,"box":{"x":60,"y":361,"width":820,"height":13}},{"id":"4c5f8e4a-c3ae-4598-95df-4195e832d06a","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":31,"box":{"x":59,"y":377,"width":862,"height":12}},{"id":"96e61d5b-2dc7-4ada-a5cb-0f59a34f99ae","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":31,"box":{"x":60,"y":392,"width":862,"height":12}},{"id":"039b4987-7260-4b04-8e86-28ffa5ba8bb7","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":31,"box":{"x":60,"y":407,"width":833,"height":12}},{"id":"16063f76-4ce4-4f91-a496-0650c6f9c4fd","block_type":"box","text":"which could pose risks to a Fund.","page_number":31,"box":{"x":59,"y":422,"width":233,"height":12}},{"id":"53bc3da8-5fc5-4b5c-a04e-4f8719b1d514","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":31,"box":{"x":59,"y":448,"width":847,"height":13}},{"id":"e0140d91-a5f4-4dc9-9b80-b71b9715efc1","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":31,"box":{"x":59,"y":463,"width":876,"height":13}},{"id":"27089b78-fe25-4dbc-8e04-9c6548c3c996","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":31,"box":{"x":59,"y":479,"width":868,"height":12}},{"id":"6d4ab204-3832-4cd6-bad1-e3dfe04a470b","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":31,"box":{"x":59,"y":494,"width":864,"height":12}},{"id":"ba5b096f-5225-4b80-83a7-3091987ecff6","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":31,"box":{"x":59,"y":509,"width":859,"height":12}},{"id":"16ead38e-0201-48f2-9c1c-1542f7e2c25c","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":31,"box":{"x":59,"y":524,"width":875,"height":12}},{"id":"fa33a94a-f920-4d03-a21e-4f1ade39d39b","block_type":"box","text":"to change.","page_number":31,"box":{"x":59,"y":539,"width":73,"height":12}},{"id":"16d1af38-8eef-43b9-ba09-b492f2a1116a","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":31,"box":{"x":59,"y":566,"width":869,"height":12}},{"id":"33423f43-9f88-4b02-bed4-38d3243180cb","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":31,"box":{"x":60,"y":581,"width":867,"height":12}},{"id":"b671feed-572d-4645-8ff2-fcfd958f8638","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":31,"box":{"x":59,"y":596,"width":817,"height":12}},{"id":"84ba8623-813f-48d9-bd1a-403e18aef0ff","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":31,"box":{"x":59,"y":611,"width":870,"height":12}},{"id":"ce777b60-05c8-4d18-b9a3-9e67ab6e6903","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":31,"box":{"x":60,"y":626,"width":859,"height":12}},{"id":"5616896d-3b86-4742-b01d-5354c495299a","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":31,"box":{"x":59,"y":641,"width":878,"height":12}},{"id":"e28b4d42-3187-4232-ae67-3ed70871322b","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":31,"box":{"x":60,"y":656,"width":869,"height":13}},{"id":"de5deae9-02d3-4a25-b0aa-17cf7629b00d","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":31,"box":{"x":60,"y":671,"width":447,"height":13}},{"id":"486ccca3-4c35-4553-a370-d9dadca22cf4","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":31,"box":{"x":59,"y":698,"width":866,"height":12}},{"id":"97e8fdec-2a09-442f-85c4-ec06f7181e19","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":31,"box":{"x":59,"y":713,"width":872,"height":12}},{"id":"a7fc58ea-da06-4e0a-a114-ca16e6fd4951","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":31,"box":{"x":59,"y":728,"width":856,"height":12}},{"id":"7f5a53c7-c17e-470d-8025-91633c0c470d","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":31,"box":{"x":60,"y":743,"width":854,"height":12}},{"id":"77222a6c-af48-4b6b-9fe6-47fa747dfa74","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":31,"box":{"x":59,"y":758,"width":811,"height":13}},{"id":"ebd2a6a3-3332-4261-9770-1131d7f80b3a","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":31,"box":{"x":60,"y":773,"width":862,"height":13}},{"id":"ea477ccf-9925-4dcb-9d41-eb00ba1c9dfd","block_type":"box","text":"Fund’s performance.","page_number":31,"box":{"x":60,"y":788,"width":143,"height":13}},{"id":"ac6dfa15-3076-4c70-abe1-03f85ae635c5","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":31,"box":{"x":60,"y":815,"width":853,"height":12}},{"id":"c216abff-6bd0-4f63-aba2-866cb2fadc4e","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":31,"box":{"x":59,"y":830,"width":866,"height":12}},{"id":"cd5d8605-49d0-4ef6-8281-1cdc2f38946f","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":31,"box":{"x":59,"y":845,"width":865,"height":13}},{"id":"a92b34ef-b24a-4cfb-810d-e8e2b9bd1e45","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":31,"box":{"x":59,"y":860,"width":869,"height":13}},{"id":"d0f9f7d2-b6f2-498a-98a9-984a64c86df9","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":31,"box":{"x":59,"y":875,"width":847,"height":13}},{"id":"6988e0b5-cd77-4352-9221-826fbb3d4b5d","block_type":"box","text":"22","page_number":31,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"db97ebab-0faa-435e-9c70-a524d2ede4b0","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":32,"box":{"x":59,"y":67,"width":834,"height":12}},{"id":"7a81fcd5-9049-4acd-b2fa-d58a1101e7de","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":32,"box":{"x":59,"y":82,"width":845,"height":12}},{"id":"b87a1858-8087-47aa-861d-d2d8483703d1","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":32,"box":{"x":60,"y":97,"width":434,"height":12}},{"id":"5daabe9f-083e-4348-999f-f8a2fea70a8c","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":32,"box":{"x":59,"y":123,"width":852,"height":13}},{"id":"2902ae90-c48d-4467-880c-f88af0b76d3c","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":32,"box":{"x":59,"y":138,"width":866,"height":13}},{"id":"742a2d81-5f6c-40a4-aec2-a0f847b87618","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":32,"box":{"x":60,"y":154,"width":853,"height":12}},{"id":"25900b97-09f4-4ee4-8b33-fb810fc5b71f","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":32,"box":{"x":59,"y":180,"width":853,"height":12}},{"id":"ee09dc6e-40d6-4793-acea-7b992cbafac1","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":32,"box":{"x":60,"y":195,"width":857,"height":12}},{"id":"1736c409-bfb2-4066-8877-74b0a659898f","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":32,"box":{"x":59,"y":210,"width":851,"height":13}},{"id":"6fe581ce-1c71-4261-915f-96611e1bae50","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":32,"box":{"x":59,"y":225,"width":863,"height":13}},{"id":"1c7c1642-ecd7-4163-94fa-b4d18b40379a","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":32,"box":{"x":60,"y":252,"width":829,"height":12}},{"id":"f7f9f9aa-181e-47d9-b392-a1251111a831","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":32,"box":{"x":59,"y":267,"width":843,"height":12}},{"id":"af33083f-6bc1-4891-9e01-a192e3047c72","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":32,"box":{"x":59,"y":282,"width":452,"height":12}},{"id":"26c0969d-a171-40e7-ab4d-0c5d516c8416","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":32,"box":{"x":60,"y":308,"width":861,"height":13}},{"id":"2163f3e3-fef4-4c04-b6cd-03ea6fcaf261","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":32,"box":{"x":59,"y":324,"width":834,"height":12}},{"id":"f9a8e4cb-c5e3-4ca3-9ad3-91255988bd3f","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":32,"box":{"x":60,"y":339,"width":845,"height":12}},{"id":"b4c29b51-e1a4-4e89-811f-28e77c03e0d3","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":32,"box":{"x":60,"y":365,"width":812,"height":13}},{"id":"828286a8-1ab8-4949-a056-06fb4e93fdce","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":32,"box":{"x":60,"y":380,"width":856,"height":13}},{"id":"df230360-e116-46fc-9e59-f3ee269cc7e3","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":32,"box":{"x":59,"y":395,"width":774,"height":13}},{"id":"9c72934e-875a-43ed-9f4a-fa02c189ea5e","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":32,"box":{"x":59,"y":422,"width":866,"height":12}},{"id":"19afa506-7eaa-40a3-8e93-177ce3965dfa","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":32,"box":{"x":59,"y":437,"width":860,"height":12}},{"id":"f4c1bd9f-f815-4d0c-ae64-f2800cd090fb","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":32,"box":{"x":59,"y":452,"width":833,"height":12}},{"id":"b4793624-6ce3-4c17-b727-8e7e9469cb04","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":32,"box":{"x":59,"y":467,"width":865,"height":13}},{"id":"edf2a5cd-8205-4f19-8b06-99904cd56fd5","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":32,"box":{"x":60,"y":482,"width":874,"height":12}},{"id":"fcf7a225-5db4-4bd0-a8a3-7d927cfd71c7","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":32,"box":{"x":60,"y":497,"width":857,"height":13}},{"id":"d1f85e61-b086-4d47-890b-6d14e47a0344","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":32,"box":{"x":59,"y":513,"width":869,"height":12}},{"id":"df02ea44-979b-4e8f-908d-1d8a834f15b5","block_type":"box","text":"the CSDCC.","page_number":32,"box":{"x":59,"y":528,"width":80,"height":9}},{"id":"ebc3cba1-4009-4470-8f5d-738171e812d2","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":32,"box":{"x":59,"y":554,"width":877,"height":13}},{"id":"25f57fc4-98d0-4bf1-b3d5-287bcd1e227e","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":32,"box":{"x":60,"y":569,"width":832,"height":13}},{"id":"343f2f38-0c69-439f-aa2f-bb06a7e0ea3b","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":32,"box":{"x":59,"y":584,"width":854,"height":13}},{"id":"cb7b9f33-2651-4554-b899-23e9478a2d41","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":32,"box":{"x":59,"y":600,"width":845,"height":12}},{"id":"4dec6e8f-7eb3-42d3-a25a-e010daf0dab0","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":32,"box":{"x":59,"y":615,"width":843,"height":12}},{"id":"a1648d52-be4b-44af-9775-f3e5145aa915","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":32,"box":{"x":60,"y":630,"width":868,"height":12}},{"id":"53b96e87-daba-40cd-a065-b7e70ec428e5","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":32,"box":{"x":59,"y":645,"width":644,"height":12}},{"id":"51b500c3-7d77-41ea-be1e-0e6b2403e411","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":32,"box":{"x":59,"y":671,"width":857,"height":13}},{"id":"bdeaeff6-b268-403c-9b8c-f54d4850116e","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":32,"box":{"x":59,"y":686,"width":812,"height":13}},{"id":"a7c789d2-bea2-4c03-a6ef-148beae662c5","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":32,"box":{"x":59,"y":702,"width":851,"height":12}},{"id":"0af23b9c-9440-456b-b9f4-7b0b376b4e68","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":32,"box":{"x":60,"y":717,"width":867,"height":12}},{"id":"df64da74-fb44-484a-bbd3-e8425b9c3d7e","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":32,"box":{"x":59,"y":732,"width":789,"height":12}},{"id":"3edd2db7-19f4-4771-856c-7b7ef73f00f9","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":32,"box":{"x":59,"y":747,"width":855,"height":11}},{"id":"ffa9ba09-c330-4489-80c8-28432d5136af","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":32,"box":{"x":60,"y":762,"width":865,"height":12}},{"id":"ceac5745-6e12-43d9-bd2b-108555f6919a","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":32,"box":{"x":60,"y":777,"width":862,"height":13}},{"id":"a8a71aae-2ef7-48d1-95f5-8ebecc05bfb2","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":32,"box":{"x":59,"y":792,"width":866,"height":13}},{"id":"803bac12-0eb3-4fc3-8eeb-b6bc9fe4cde9","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":32,"box":{"x":59,"y":807,"width":867,"height":13}},{"id":"21d2dd8d-d317-4217-abe4-92f2df0f3bf2","block_type":"box","text":"investment exposure.","page_number":32,"box":{"x":60,"y":823,"width":148,"height":12}},{"id":"fd3b0bcf-49fb-4a5c-a44b-e545f9084598","block_type":"box","text":"A-Share Market Suspension Risk","page_number":32,"box":{"x":58,"y":849,"width":229,"height":12}},{"id":"bb946f02-90e0-4b85-bb9a-75b7db183bc5","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":32,"box":{"x":287,"y":849,"width":640,"height":12}},{"id":"4936b396-b554-433c-ae46-cac072272ebe","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":32,"box":{"x":60,"y":864,"width":848,"height":12}},{"id":"f08cdba6-d235-4063-bc22-3a2f64bc7d08","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":32,"box":{"x":59,"y":879,"width":838,"height":13}},{"id":"45741e36-94da-415d-a240-d39c99b93524","block_type":"box","text":"23","page_number":32,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"03f40bbe-6e2f-4570-8a17-5a63667b3b39","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":33,"box":{"x":60,"y":67,"width":832,"height":12}},{"id":"eaeda3b1-b8e9-43c5-8df7-412bc52fce03","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":33,"box":{"x":59,"y":82,"width":858,"height":12}},{"id":"d5c68518-ffe1-4432-903e-ec5985012495","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":33,"box":{"x":59,"y":97,"width":872,"height":12}},{"id":"a988d7e0-df74-4d7a-832a-abadab2b7db7","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":33,"box":{"x":59,"y":112,"width":880,"height":12}},{"id":"d4c2b056-7d2b-4d8d-8e7c-51c636cce88d","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":33,"box":{"x":59,"y":127,"width":865,"height":12}},{"id":"c6541c45-2df2-4f5e-95f8-5b34fe707cf5","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":33,"box":{"x":59,"y":142,"width":874,"height":13}},{"id":"f8e2dc1b-0460-4da6-acbf-2cef059b5f8f","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":33,"box":{"x":59,"y":157,"width":866,"height":13}},{"id":"23540f01-45d4-405d-a823-5a87f48df52f","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":33,"box":{"x":59,"y":172,"width":396,"height":13}},{"id":"62bd707f-4590-4ba8-868f-8df10d7e1d8a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":33,"box":{"x":60,"y":199,"width":294,"height":12}},{"id":"5dd68faf-8688-45f4-9d64-b7e30092987e","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":33,"box":{"x":364,"y":199,"width":544,"height":12}},{"id":"f4866d08-2327-4157-aaec-0370164d6de1","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":33,"box":{"x":59,"y":214,"width":585,"height":12}},{"id":"af8752be-0fef-40e6-a8d2-e9700a9857f4","block_type":"box","text":"e.g.","page_number":33,"box":{"x":646,"y":217,"width":22,"height":9}},{"id":"cb24eabb-bdfd-4e1d-8878-6917a1612a50","block_type":"box","text":", the financial services sector) as the","page_number":33,"box":{"x":670,"y":214,"width":253,"height":12}},{"id":"3bc2738d-8355-4f1d-b83d-4a7ef9531976","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":33,"box":{"x":59,"y":229,"width":879,"height":12}},{"id":"83363cd3-b3a7-4f50-afb0-ef32fdb4f0d7","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":33,"box":{"x":60,"y":244,"width":846,"height":13}},{"id":"d4c2dd9f-e92a-40ec-ad9d-62ccb1fa1098","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":33,"box":{"x":59,"y":259,"width":798,"height":13}},{"id":"4717e87e-a8df-407c-b56b-37f2295980db","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":33,"box":{"x":60,"y":274,"width":876,"height":13}},{"id":"66d822d3-4aae-4b2b-a740-bd379ac9022f","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":33,"box":{"x":59,"y":290,"width":848,"height":12}},{"id":"69c8f864-94a8-4a03-a4b2-c49f423fc987","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":33,"box":{"x":59,"y":305,"width":832,"height":12}},{"id":"669f5160-8a5c-42bd-a9d6-1c34c9343fb0","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":33,"box":{"x":59,"y":320,"width":829,"height":12}},{"id":"6675faac-6872-45cb-86cb-9b0679dadebc","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":33,"box":{"x":59,"y":335,"width":876,"height":12}},{"id":"83b9501b-dd9b-4def-b4c7-250ca5ea70c8","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":33,"box":{"x":59,"y":350,"width":870,"height":12}},{"id":"f31b2bcd-a13c-4404-a904-db092f59ba8f","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":33,"box":{"x":59,"y":365,"width":855,"height":13}},{"id":"495648c1-b1f1-4c04-b27d-483fdb60dedd","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":33,"box":{"x":60,"y":380,"width":864,"height":13}},{"id":"ba1b8b72-beee-49de-9504-ef8b9ac402ec","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":33,"box":{"x":59,"y":395,"width":833,"height":13}},{"id":"80162ff7-a7ca-46ae-91f0-47e56bcb4aef","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":33,"box":{"x":59,"y":411,"width":867,"height":12}},{"id":"0ca810ea-bd6a-4116-9a33-de4a6d63908e","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":33,"box":{"x":60,"y":426,"width":834,"height":12}},{"id":"36f218a1-3b5b-44c0-b0eb-06adb71a29e1","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":33,"box":{"x":59,"y":441,"width":848,"height":12}},{"id":"be317e3c-7419-44ee-93ea-f95f5dfeebfe","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":33,"box":{"x":59,"y":456,"width":812,"height":12}},{"id":"feb8c062-2438-4022-be26-2c0d683ba3c9","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":33,"box":{"x":59,"y":471,"width":861,"height":12}},{"id":"226f5e5c-5966-4ad1-b0ab-fc41fc9b35e8","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":33,"box":{"x":59,"y":486,"width":819,"height":12}},{"id":"29e5f8a8-38f3-4b8c-a6d8-4497a91f46bd","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":33,"box":{"x":59,"y":501,"width":862,"height":13}},{"id":"8f9395a2-ef3e-4f39-9a82-302a179007ad","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":33,"box":{"x":59,"y":516,"width":856,"height":13}},{"id":"aed98aea-0036-412a-ac65-4c5a5871a803","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":33,"box":{"x":60,"y":531,"width":530,"height":13}},{"id":"3df1d5d7-9a0d-4f9d-815d-194a28c1566b","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":33,"box":{"x":60,"y":558,"width":275,"height":12}},{"id":"befc8f89-fa27-4526-8531-d9efb93cd863","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":33,"box":{"x":345,"y":558,"width":551,"height":12}},{"id":"24881884-3e39-4585-aa6e-0dd4f67bc06d","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":33,"box":{"x":60,"y":573,"width":865,"height":12}},{"id":"cfe0651e-ba24-4d56-a7ea-e33fbf0a8281","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":33,"box":{"x":59,"y":588,"width":869,"height":13}},{"id":"76d6d25d-da81-46d2-8291-416899214886","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":33,"box":{"x":60,"y":603,"width":823,"height":13}},{"id":"0dbae904-d595-4fdc-967e-970ffc2f684c","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":33,"box":{"x":60,"y":618,"width":853,"height":13}},{"id":"22d451c6-ac37-4f3c-9d74-3dcdf4d0c42b","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":33,"box":{"x":59,"y":634,"width":865,"height":12}},{"id":"1026e070-4961-49f0-a4ea-c995a9085fb3","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":33,"box":{"x":59,"y":649,"width":844,"height":12}},{"id":"6080e9cd-c263-438b-92a2-9a892167bc64","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":33,"box":{"x":59,"y":664,"width":857,"height":12}},{"id":"8f2ca511-c191-42cb-b997-9db38d7ae80e","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":33,"box":{"x":60,"y":679,"width":861,"height":12}},{"id":"926aaa70-ee39-4a33-a8f0-a8c1fbd54195","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":33,"box":{"x":60,"y":694,"width":854,"height":12}},{"id":"9f74a1f0-0dd1-419c-ae88-a921cd05106c","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":33,"box":{"x":60,"y":709,"width":824,"height":12}},{"id":"332b9181-b44e-4fd7-9832-be0b71de0f13","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":33,"box":{"x":60,"y":724,"width":861,"height":13}},{"id":"f7657c9d-a9e0-4487-a32b-9cf1941280b9","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":33,"box":{"x":59,"y":739,"width":868,"height":13}},{"id":"b46b734f-483a-4e7b-9e34-3f0172f68602","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":33,"box":{"x":59,"y":754,"width":865,"height":13}},{"id":"6740b6e7-36dd-485d-81d3-97a817910477","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":33,"box":{"x":59,"y":770,"width":868,"height":12}},{"id":"46b35a04-59cc-4c77-8cec-c33b39730e1c","block_type":"box","text":"select investments based on investor protection considerations.","page_number":33,"box":{"x":59,"y":785,"width":444,"height":12}},{"id":"f08e37d2-7280-4772-a5b2-89cb5a032a8f","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":33,"box":{"x":60,"y":811,"width":877,"height":13}},{"id":"387c2cfd-b9cc-45f9-8cfe-29cbab7cd9cd","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":33,"box":{"x":60,"y":826,"width":844,"height":13}},{"id":"2d1e6d43-ffe6-4099-b91b-0d6607ff11fb","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":33,"box":{"x":59,"y":841,"width":829,"height":13}},{"id":"b0fdfa93-880d-4b3b-9317-8fbc3fc372ea","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":33,"box":{"x":59,"y":857,"width":821,"height":12}},{"id":"367d3f08-65c3-4e2a-add2-b2d072c8f7ae","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":33,"box":{"x":59,"y":872,"width":875,"height":12}},{"id":"6ea36f48-5459-47af-bf50-0b2ec7939353","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":33,"box":{"x":59,"y":887,"width":856,"height":12}},{"id":"d4a5e63c-d821-4a74-96b9-36ad7aedfb1b","block_type":"box","text":"24","page_number":33,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"58ff0610-acc6-4c3a-9438-9feb0ab578db","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":34,"box":{"x":59,"y":67,"width":844,"height":12}},{"id":"b1aed3c2-6abf-4886-92a1-e0a7d9b51c30","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":34,"box":{"x":59,"y":82,"width":864,"height":12}},{"id":"2465816f-cc92-4a5d-b761-5ccb64170d63","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":34,"box":{"x":59,"y":97,"width":876,"height":12}},{"id":"201edae4-b6e6-4b87-83b6-332a49a44704","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":34,"box":{"x":59,"y":112,"width":803,"height":12}},{"id":"1f8be8f3-4cac-4f7b-ab2c-407f67676482","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":34,"box":{"x":59,"y":127,"width":831,"height":12}},{"id":"4bd25503-325e-4958-be71-cf15e68bc463","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":34,"box":{"x":59,"y":142,"width":855,"height":13}},{"id":"43356fc9-0542-4112-a22e-584245630600","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":34,"box":{"x":59,"y":157,"width":844,"height":13}},{"id":"77dbc9ac-f825-4afe-be0e-eab65e30151c","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":34,"box":{"x":59,"y":172,"width":872,"height":13}},{"id":"34254d8b-4a35-4485-9143-8dbc005ba0da","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":34,"box":{"x":59,"y":188,"width":707,"height":12}},{"id":"3e6cbc02-c6e5-4fbe-b9c6-5802e9e39dd9","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":34,"box":{"x":59,"y":214,"width":826,"height":12}},{"id":"11439e26-9029-455b-ab1d-0f132765a028","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":34,"box":{"x":59,"y":229,"width":835,"height":12}},{"id":"d0aaa9a7-8f50-426b-ba4c-34e7945f1419","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":34,"box":{"x":59,"y":244,"width":813,"height":13}},{"id":"f1aa9ac2-6654-406a-b41e-e3f99e79efa3","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":34,"box":{"x":59,"y":259,"width":849,"height":13}},{"id":"f9cf6781-cf3b-4b4e-b16d-810bceba0e5e","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":34,"box":{"x":59,"y":274,"width":868,"height":13}},{"id":"4a4ff119-4a2f-49a3-8dfd-caf8752ed95a","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":34,"box":{"x":59,"y":290,"width":546,"height":12}},{"id":"e1fcc9ea-1dd8-4bfe-b000-701559deb064","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":34,"box":{"x":60,"y":316,"width":834,"height":12}},{"id":"9b2f65d3-9695-4251-a73a-4f2700cb5744","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":34,"box":{"x":59,"y":331,"width":871,"height":13}},{"id":"9f9a1456-4d24-4d29-812a-7bba37ebb406","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":34,"box":{"x":60,"y":346,"width":840,"height":13}},{"id":"ccad9854-47b8-498e-a9c2-bdd0ada12694","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":34,"box":{"x":60,"y":361,"width":827,"height":13}},{"id":"dcfce0d1-d297-40f5-9565-1d2cda7252e8","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":34,"box":{"x":59,"y":377,"width":860,"height":12}},{"id":"07733b8f-344b-401d-a35e-08b5698b2e00","block_type":"box","text":"by nationals.","page_number":34,"box":{"x":60,"y":392,"width":86,"height":12}},{"id":"c0529cf1-5c42-4481-8ad3-33ea960ecc7f","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":34,"box":{"x":59,"y":418,"width":871,"height":12}},{"id":"06d90df4-26bb-4b2d-be53-497f49305b4e","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":34,"box":{"x":59,"y":433,"width":855,"height":13}},{"id":"a9c0737c-d7a8-4e35-a287-2d00b19ac613","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":34,"box":{"x":60,"y":448,"width":870,"height":13}},{"id":"748f08e7-df2d-44a8-be82-76c16e4fa8e5","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":34,"box":{"x":60,"y":463,"width":742,"height":13}},{"id":"ef46676a-b2f1-45b3-80cf-60c2d35c82a6","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":34,"box":{"x":60,"y":479,"width":799,"height":12}},{"id":"e0f42ba6-e498-4a69-9717-a1fed81b4d60","block_type":"box","text":"imposition of trade barriers.","page_number":34,"box":{"x":60,"y":494,"width":192,"height":12}},{"id":"cd12edb0-3dac-4f12-9056-7c7ef4db2a4f","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":34,"box":{"x":59,"y":520,"width":861,"height":12}},{"id":"810f28f3-e88a-4b6f-8241-ac4db4e3da90","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":34,"box":{"x":59,"y":535,"width":861,"height":13}},{"id":"3235fe50-68c0-4b31-8ecd-5fd895937b0d","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":34,"box":{"x":59,"y":550,"width":395,"height":13}},{"id":"9cb44fb1-ed0a-466d-baf0-0c385777b1b8","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":34,"box":{"x":60,"y":577,"width":859,"height":12}},{"id":"d306f4ab-d89c-4cfb-97a3-e4be48e976c5","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":34,"box":{"x":60,"y":592,"width":834,"height":12}},{"id":"fe50b6a4-1b43-4fec-9658-95c54ed8a245","block_type":"box","text":"difficult to conduct such transactions.","page_number":34,"box":{"x":59,"y":607,"width":264,"height":10}},{"id":"4720bab4-36f6-4abd-a9e4-4279b447a759","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":34,"box":{"x":60,"y":634,"width":821,"height":12}},{"id":"7f94d6c3-7442-417d-bd9f-5d1cd7d33131","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":34,"box":{"x":60,"y":649,"width":848,"height":12}},{"id":"44fc0ab4-0356-4ca7-bdb1-d4042df363a8","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":34,"box":{"x":60,"y":664,"width":845,"height":12}},{"id":"b5154f51-9769-4c6e-a657-bed727652582","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":34,"box":{"x":59,"y":679,"width":872,"height":12}},{"id":"9cf79ad6-71fd-4653-ba05-aba60451308c","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":34,"box":{"x":59,"y":694,"width":878,"height":12}},{"id":"b63227e1-919f-4c73-b519-2bef0a061bf0","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":34,"box":{"x":59,"y":709,"width":856,"height":12}},{"id":"227e4758-d1e7-460a-bec5-2806346a1473","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":34,"box":{"x":59,"y":724,"width":838,"height":13}},{"id":"f7837412-465b-49a6-afc4-0b1d522a21ba","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":34,"box":{"x":59,"y":739,"width":854,"height":13}},{"id":"e9ce1440-0459-4d8f-8de7-11c0ec78a9f8","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":34,"box":{"x":59,"y":754,"width":828,"height":13}},{"id":"c73b7631-bd21-410b-b4b8-da3458628889","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":34,"box":{"x":60,"y":770,"width":404,"height":12}},{"id":"91b6e8b6-cfe8-43c8-b103-d4fb0b93c585","block_type":"box","text":"Risk of Investing in Europe.","page_number":34,"box":{"x":60,"y":796,"width":194,"height":12}},{"id":"c9276eee-e89f-4ea4-bbb6-e9a6116b9607","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":34,"box":{"x":264,"y":796,"width":656,"height":12}},{"id":"61544a33-85f8-4644-9b4e-f427ca456c56","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":34,"box":{"x":59,"y":811,"width":837,"height":13}},{"id":"a51fab3b-85d1-4e50-a179-3d342c0d79e7","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":34,"box":{"x":59,"y":826,"width":865,"height":13}},{"id":"bb8e3258-e620-4ec5-b7dc-8232add85d77","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":34,"box":{"x":59,"y":841,"width":822,"height":13}},{"id":"c204adfa-f42c-40d7-9996-db2091d5c791","block_type":"box","text":"operations in, or that are listed on at least one securities exchange within member states of the European Union (the “EU”). A","page_number":34,"box":{"x":59,"y":857,"width":878,"height":12}},{"id":"87efa2de-2109-45b1-b830-0bef6a422c84","block_type":"box","text":"number of countries within the EU are also members of the Economic and Monetary Union (the “EMU”) (the “eurozone”) and","page_number":34,"box":{"x":60,"y":872,"width":878,"height":12}},{"id":"329a22f2-e6e0-48f3-b22c-c853f7229757","block_type":"box","text":"have adopted the euro as their currency. Eurozone membership requires member states to comply with restrictions on","page_number":34,"box":{"x":60,"y":887,"width":826,"height":12}},{"id":"d219a47f-96bf-4735-a716-e55f8150d642","block_type":"box","text":"25","page_number":34,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"1f091083-65c1-4736-a287-201960c08f4d","block_type":"box","text":"inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect","page_number":35,"box":{"x":60,"y":67,"width":842,"height":12}},{"id":"1f41f12d-e590-408b-942f-7c0eb79f8e82","block_type":"box","text":"every country in Europe. Changes in import or export tariffs, changes in governmental or EU regulations on trade, changes in","page_number":35,"box":{"x":59,"y":82,"width":872,"height":12}},{"id":"7bc96cf8-8df0-4d08-876d-4ebf261879c1","block_type":"box","text":"the exchange rate of the euro and other currencies of certain EU countries which are not in the eurozone, the default or","page_number":35,"box":{"x":59,"y":97,"width":835,"height":12}},{"id":"169cf8c6-2d84-4848-b01b-aed520543961","block_type":"box","text":"threat of default by an EU member state on its sovereign debt, and/or an economic recession in an EU member state may","page_number":35,"box":{"x":59,"y":112,"width":851,"height":12}},{"id":"b6b456c2-249d-4dcb-8952-e661fd01e41a","block_type":"box","text":"have a significant adverse effect on the economies of other EU member states and their trading partners. Although certain","page_number":35,"box":{"x":60,"y":127,"width":854,"height":12}},{"id":"1929682c-5c4b-4081-a046-8c4e87538c63","block_type":"box","text":"European countries are not in the eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":35,"box":{"x":60,"y":142,"width":873,"height":13}},{"id":"fc69e208-0e3e-42ab-94e6-174851a48abb","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":35,"box":{"x":59,"y":169,"width":870,"height":12}},{"id":"59cddfa1-916d-4157-a6e2-7449b915bc70","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":35,"box":{"x":59,"y":184,"width":832,"height":12}},{"id":"68f95c4a-83c1-4dac-a816-a0c573c85314","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":35,"box":{"x":59,"y":199,"width":851,"height":12}},{"id":"8e4d0734-ea3b-4790-8e3a-dba0a6e1e3a6","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":35,"box":{"x":60,"y":214,"width":812,"height":12}},{"id":"b8bbf06b-a6b2-4efa-9124-3e8c1dba9624","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":35,"box":{"x":59,"y":229,"width":814,"height":12}},{"id":"a6e79171-733b-4db7-bc18-40100e0acdf5","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":35,"box":{"x":60,"y":244,"width":870,"height":13}},{"id":"279850cd-2c4a-4d10-bd27-3272f4cea5ef","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":35,"box":{"x":59,"y":259,"width":849,"height":13}},{"id":"f979d7d4-7c3e-43ab-a744-57a70d66ecf7","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":35,"box":{"x":59,"y":274,"width":862,"height":13}},{"id":"5caafc44-e656-4d01-9957-ecf221e62d03","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":35,"box":{"x":59,"y":290,"width":872,"height":12}},{"id":"033c252d-05a6-45c6-8788-80a7e5ade70b","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":35,"box":{"x":59,"y":305,"width":859,"height":12}},{"id":"ca898405-58b9-471b-bd2f-aa7d0d988d2f","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":35,"box":{"x":60,"y":320,"width":856,"height":12}},{"id":"71516a7e-8640-4b7d-a864-91a716813015","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":35,"box":{"x":59,"y":335,"width":872,"height":12}},{"id":"9fcc1e25-c574-4a6a-9fe6-dcf158639890","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":35,"box":{"x":60,"y":350,"width":863,"height":12}},{"id":"b6d907bc-68d1-4006-9737-36c7413e1d51","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":35,"box":{"x":59,"y":365,"width":797,"height":13}},{"id":"b915ced5-fb26-41a5-bc92-f109218e468e","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":35,"box":{"x":59,"y":380,"width":851,"height":13}},{"id":"2286eb79-2f4e-40f0-874a-82ce34a0371c","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":35,"box":{"x":59,"y":395,"width":856,"height":13}},{"id":"00b644ed-d408-4ce2-8878-e7a86f17bf5a","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":35,"box":{"x":60,"y":411,"width":815,"height":12}},{"id":"5b6c2123-3df1-40d7-829e-a169cdd960f6","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":35,"box":{"x":59,"y":437,"width":812,"height":12}},{"id":"67ba21c5-1151-4599-a736-91afe8f14cac","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":35,"box":{"x":59,"y":452,"width":802,"height":12}},{"id":"1e65b03e-82f0-48aa-9db1-4531502ee868","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":35,"box":{"x":60,"y":467,"width":381,"height":13}},{"id":"7732337d-2cab-47fa-b4f1-209a9c223e6d","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":35,"box":{"x":59,"y":494,"width":864,"height":12}},{"id":"82fc9565-8d2f-4fe1-82f5-722b32ca3aff","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":35,"box":{"x":59,"y":509,"width":849,"height":12}},{"id":"b1c4fc98-4f89-4fa5-9e68-ee188b5a69da","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":35,"box":{"x":60,"y":524,"width":872,"height":12}},{"id":"c0c3bf1f-1e13-430a-961b-a1a6e6a029a6","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":35,"box":{"x":59,"y":539,"width":819,"height":12}},{"id":"da2c6019-ae2e-407e-956c-b69451a66f80","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":35,"box":{"x":59,"y":554,"width":845,"height":13}},{"id":"aec0ce18-b86e-478c-8593-2f31f647e266","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":35,"box":{"x":59,"y":569,"width":873,"height":13}},{"id":"4c163219-5f5a-48f5-a259-35ddf8c5dcc6","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":35,"box":{"x":59,"y":584,"width":875,"height":13}},{"id":"9195f2e0-55fd-47fa-a0c1-fcc724257066","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":35,"box":{"x":59,"y":600,"width":328,"height":12}},{"id":"ea9da555-a1b0-4548-a948-53c3a3c1ec0f","block_type":"box","text":"Russian Invasion of Ukraine","page_number":35,"box":{"x":59,"y":626,"width":191,"height":11}},{"id":"fadafc1b-f981-4ba4-92b1-f7410acbd554","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":35,"box":{"x":251,"y":626,"width":681,"height":12}},{"id":"48b322c7-7390-4d48-b1d0-cbb204e41b42","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":35,"box":{"x":59,"y":641,"width":870,"height":12}},{"id":"f4a3b9bc-65a2-4066-92a2-77bf2307e99e","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":35,"box":{"x":59,"y":656,"width":879,"height":13}},{"id":"48961ad5-f985-4eeb-a0b2-cb7d2e7a4e10","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":35,"box":{"x":60,"y":671,"width":869,"height":13}},{"id":"96b8a612-9c5c-4acf-9d9f-940aa5dd1f33","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":35,"box":{"x":59,"y":686,"width":811,"height":13}},{"id":"b6a35688-f3b1-44d5-8786-7cd112684c1a","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":35,"box":{"x":59,"y":702,"width":863,"height":12}},{"id":"3b49301a-948a-4405-acd7-722480f7c0ef","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":35,"box":{"x":60,"y":717,"width":862,"height":12}},{"id":"297ea809-f697-4fd3-adc9-de5b82310d97","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":35,"box":{"x":59,"y":732,"width":879,"height":12}},{"id":"47298da0-fbdb-4d81-bb8c-ad5f8c92f5de","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":35,"box":{"x":59,"y":747,"width":858,"height":12}},{"id":"1a6ec016-6e3f-4c6f-8b39-301ee00fd3a0","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":35,"box":{"x":60,"y":762,"width":467,"height":12}},{"id":"b2e0ef90-3b35-42c7-87e9-175dbac55d84","block_type":"box","text":"Risk of Investing in India.","page_number":35,"box":{"x":60,"y":788,"width":179,"height":13}},{"id":"6bb16063-8029-43f0-9221-797aa438c740","block_type":"box","text":"India is an emerging market and demonstrates significantly higher volatility from time to time in","page_number":35,"box":{"x":249,"y":788,"width":671,"height":13}},{"id":"67fec123-d1ea-4f64-a2a8-33cb232b5615","block_type":"box","text":"comparison to more developed markets. Political, religious, and border disputes persist in India. India has recently","page_number":35,"box":{"x":59,"y":804,"width":795,"height":12}},{"id":"e5698912-9bed-40a8-9457-e15edc2bc136","block_type":"box","text":"experienced and may continue to experience civil unrest and hostilities with certain of its neighboring countries, including","page_number":35,"box":{"x":59,"y":819,"width":854,"height":12}},{"id":"1486a3a5-002e-4a0f-b1f9-efcaf0649673","block_type":"box","text":"Pakistan, and the Indian government has confronted separatist movements in several Indian states, including Kashmir and","page_number":35,"box":{"x":60,"y":834,"width":855,"height":12}},{"id":"6ea70cb3-92f7-4c14-82e8-acc9e6e79772","block_type":"box","text":"Punjab. Government control over the economy, currency fluctuations or blockage, and the risk of nationalization or","page_number":35,"box":{"x":60,"y":849,"width":804,"height":12}},{"id":"783d8332-2574-4914-b39b-15762e2ad7c4","block_type":"box","text":"expropriation of assets offer higher potential for losses. Governmental actions could have a negative effect on the economic","page_number":35,"box":{"x":59,"y":864,"width":866,"height":12}},{"id":"f7a315a3-9742-4d7d-b678-422fb795e0cc","block_type":"box","text":"conditions in India, which could adversely affect the value and liquidity of investments made by a Fund. The securities","page_number":35,"box":{"x":59,"y":879,"width":824,"height":13}},{"id":"072cff52-cdbf-4795-8fc5-31dfe65bc511","block_type":"box","text":"26","page_number":35,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"f655de76-48ff-4977-a44e-c39a58055d97","block_type":"box","text":"markets in India are comparatively underdeveloped and with some exceptions, consist of a small number of listed companies","page_number":36,"box":{"x":60,"y":67,"width":875,"height":12}},{"id":"0b23d6c1-5af9-491e-ae7d-dee605f749d3","block_type":"box","text":"with small market capitalization, greater price volatility and substantially less liquidity than companies in more developed","page_number":36,"box":{"x":59,"y":82,"width":847,"height":12}},{"id":"340fe016-17be-4597-808d-460e045197d7","block_type":"box","text":"markets. Stockbrokers and other intermediaries in India may not perform as well as their counterparts in the U.S. or other,","page_number":36,"box":{"x":60,"y":97,"width":850,"height":12}},{"id":"b4cfdfb9-3695-44a2-aa21-6790bed0b0cc","block_type":"box","text":"more developed countries. The limited liquidity of the Indian securities markets may also affect a Fund’s ability to acquire or","page_number":36,"box":{"x":60,"y":112,"width":865,"height":12}},{"id":"c610a958-403d-4ebd-88bd-5e531516b980","block_type":"box","text":"dispose of securities at the price or time that it desires or the Fund’s ability to track its Underlying Index.","page_number":36,"box":{"x":59,"y":127,"width":726,"height":12}},{"id":"e5d31658-46c5-4465-85de-3986632e0e30","block_type":"box","text":"Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In","page_number":36,"box":{"x":59,"y":154,"width":874,"height":12}},{"id":"a8dc65dd-7902-4357-974c-f194e7fe2b7a","block_type":"box","text":"addition, the Reserve Bank of India has imposed limits on foreign ownership of Indian companies, which may decrease the","page_number":36,"box":{"x":59,"y":169,"width":857,"height":12}},{"id":"31a5f14d-a544-4a2e-987c-07a8d725da87","block_type":"box","text":"liquidity of a Fund’s portfolio and result in extreme volatility in the prices of Indian securities. In November 2016, the Indian","page_number":36,"box":{"x":60,"y":184,"width":856,"height":12}},{"id":"e5dc3120-9306-4b07-9741-d3ab61c9c9fd","block_type":"box","text":"government eliminated certain large denomination cash notes as legal tender, causing uncertainty in certain financial","page_number":36,"box":{"x":59,"y":199,"width":821,"height":12}},{"id":"16a8c65b-dbd9-44a3-980f-d7a1e129472d","block_type":"box","text":"markets. These factors, coupled with the lack of extensive accounting, auditing and financial reporting standards and","page_number":36,"box":{"x":60,"y":214,"width":821,"height":12}},{"id":"3b148df0-98b1-40aa-881b-5d0134831ea7","block_type":"box","text":"practices, as applicable in the U.S., may increase the risk of loss for a Fund.","page_number":36,"box":{"x":59,"y":229,"width":521,"height":12}},{"id":"15775af1-c6a1-418a-9892-5d84597af73a","block_type":"box","text":"Securities laws in India are relatively new and unsettled and, as a result, there is a risk of significant and unpredictable change","page_number":36,"box":{"x":59,"y":256,"width":877,"height":12}},{"id":"eff098b2-af12-46f7-adfd-b87448968148","block_type":"box","text":"in laws governing foreign investment, securities regulation, title to securities and shareholder rights. Foreign investors in","page_number":36,"box":{"x":60,"y":271,"width":837,"height":12}},{"id":"94892596-d584-421a-acc1-23e410d1d53a","block_type":"box","text":"particular may be adversely affected by new or amended laws and regulations. Certain Indian regulatory approvals, including","page_number":36,"box":{"x":59,"y":286,"width":871,"height":12}},{"id":"dcc3e381-cd78-4895-a734-f92218c551ba","block_type":"box","text":"approvals from the Securities and Exchange Board of India (“SEBI”), the central government and the tax authorities (to the","page_number":36,"box":{"x":59,"y":301,"width":856,"height":12}},{"id":"b125b2f0-08b8-435f-9c32-1b3f33e0d0a5","block_type":"box","text":"extent that tax benefits need to be utilized), may be required before a Fund can make investments in Indian companies.","page_number":36,"box":{"x":59,"y":316,"width":833,"height":12}},{"id":"2b338d50-fa93-49cd-8c2f-cb6ac75e4437","block_type":"box","text":"Capital gains from Indian securities may be subject to local taxation.","page_number":36,"box":{"x":59,"y":331,"width":477,"height":13}},{"id":"ae44397f-7a8e-428f-8b6b-fdd4369c1113","block_type":"box","text":"Technology and software sectors represent a significant portion of the total capitalization of the Indian securities markets.","page_number":36,"box":{"x":59,"y":358,"width":853,"height":12}},{"id":"8c50c62b-b3ed-4078-936f-a10e7713e4e6","block_type":"box","text":"The value of these companies will generally fluctuate in response to technological and regulatory developments, and, as a","page_number":36,"box":{"x":59,"y":373,"width":853,"height":12}},{"id":"5f806e4a-4729-4d3c-bd16-18fe46749502","block_type":"box","text":"result, a Fund’s holdings are expected to experience correlated fluctuations.","page_number":36,"box":{"x":60,"y":388,"width":528,"height":12}},{"id":"200e885b-4f6c-4d05-8a4d-34646cb600af","block_type":"box","text":"Natural disasters, such as tsunamis, flooding or droughts, could occur in India or surrounding areas and could negatively","page_number":36,"box":{"x":60,"y":414,"width":846,"height":13}},{"id":"6216ba0d-6e08-4d72-a6bd-3def99fb3973","block_type":"box","text":"affect the Indian economy or operations of a Subsidiary, and, in turn, could negatively affect a Fund.","page_number":36,"box":{"x":59,"y":429,"width":696,"height":13}},{"id":"01571b47-0d3c-44ad-b651-a68f740c5d7d","block_type":"box","text":"Risk of Investing in Japan.","page_number":36,"box":{"x":60,"y":456,"width":183,"height":12}},{"id":"fd7da6d3-276d-48d0-abe6-e6e20d84c77f","block_type":"box","text":"Japan may be subject to political, economic, labor and other risks. Any of these risks, individually","page_number":36,"box":{"x":252,"y":456,"width":676,"height":12}},{"id":"04bb7a1e-e962-4a6c-9eb7-de4ae3beb52f","block_type":"box","text":"or in the aggregate, can impact an investment made in Japan.","page_number":36,"box":{"x":59,"y":471,"width":429,"height":12}},{"id":"64f7c5f4-d94d-46ba-9899-8e3740854aa4","block_type":"box","text":"Currency Risk","page_number":36,"box":{"x":59,"y":497,"width":96,"height":13}},{"id":"36d5938b-4e89-4865-86aa-f6218cd9dd8b","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":36,"box":{"x":155,"y":497,"width":763,"height":13}},{"id":"7e6c9c4c-1dcb-4202-bce5-c1ce16c1cbcf","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":36,"box":{"x":59,"y":513,"width":862,"height":12}},{"id":"ab8426c6-86ea-4493-b75f-9ed1f35f54be","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":36,"box":{"x":59,"y":528,"width":852,"height":12}},{"id":"3e090a6d-2ec7-435a-82ed-a526c757ace4","block_type":"box","text":"sharply and unpredictably and could cause losses to investors.","page_number":36,"box":{"x":59,"y":543,"width":436,"height":12}},{"id":"d1a086e2-68dd-400c-9d9e-835c21c057fb","block_type":"box","text":"Economic Risk","page_number":36,"box":{"x":59,"y":569,"width":101,"height":10}},{"id":"b4770ef1-ac64-4727-9965-d1ce98dabedb","block_type":"box","text":". The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed","page_number":36,"box":{"x":160,"y":569,"width":753,"height":13}},{"id":"91adfd39-e3b0-47eb-86a0-66a0030324d7","block_type":"box","text":"economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":36,"box":{"x":59,"y":584,"width":877,"height":13}},{"id":"ab8d3f01-9779-442b-a298-b5d530579bb0","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":36,"box":{"x":60,"y":600,"width":857,"height":12}},{"id":"e2606ffe-24d1-49d1-80b1-c3b3ec808b22","block_type":"box","text":"affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions","page_number":36,"box":{"x":59,"y":615,"width":864,"height":12}},{"id":"a82ad1d8-2b71-45c7-b110-c007e7ad51eb","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":36,"box":{"x":59,"y":630,"width":854,"height":12}},{"id":"8f5ebc3e-c487-46ea-984c-a2f56996a359","block_type":"box","text":"negative impact on the Japanese economy.","page_number":36,"box":{"x":60,"y":645,"width":297,"height":12}},{"id":"f7a6b913-4bb8-40d2-b33f-bcd85fa04b3f","block_type":"box","text":"Geographic Risk","page_number":36,"box":{"x":59,"y":671,"width":113,"height":13}},{"id":"ca95d378-f4d8-4819-b36f-309c96c178fd","block_type":"box","text":". Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or","page_number":36,"box":{"x":173,"y":671,"width":756,"height":13}},{"id":"184df7e3-5855-4270-b06d-2efb7c29882f","block_type":"box","text":"surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect a Fund.","page_number":36,"box":{"x":59,"y":686,"width":791,"height":13}},{"id":"68dac222-401f-4fc1-9c11-b68b30b39e1c","block_type":"box","text":"Labor Risk","page_number":36,"box":{"x":59,"y":713,"width":73,"height":10}},{"id":"6170dc57-b6ed-4d6d-a491-6c8e265f19b3","block_type":"box","text":". Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor","page_number":36,"box":{"x":132,"y":713,"width":791,"height":12}},{"id":"316c331d-e482-453a-afee-c5d0e5b0152b","block_type":"box","text":"market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime","page_number":36,"box":{"x":60,"y":728,"width":844,"height":12}},{"id":"cd6928be-086e-49d9-b2bf-168a635aaf47","block_type":"box","text":"employment adjusts to meet the need for increased labor mobility, which may adversely affect Japan’s economic","page_number":36,"box":{"x":59,"y":743,"width":786,"height":12}},{"id":"2d46ad80-a05d-4d31-9a5f-9c0f6f9422dc","block_type":"box","text":"competitiveness.","page_number":36,"box":{"x":59,"y":759,"width":117,"height":12}},{"id":"eb447a82-cd9d-42b5-ab6b-4134b99b3d4c","block_type":"box","text":"Large Government and Corporate Debt Risk","page_number":36,"box":{"x":59,"y":785,"width":306,"height":12}},{"id":"70ff4d60-7113-484f-906c-aa89c1ea60de","block_type":"box","text":". The Japanese economy faces several concerns, including a financial system with","page_number":36,"box":{"x":365,"y":785,"width":568,"height":12}},{"id":"43ddb8fa-8a77-4d80-b30b-716f0fec4c2a","block_type":"box","text":"large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major","page_number":36,"box":{"x":60,"y":800,"width":799,"height":12}},{"id":"f94b6752-e013-4333-909f-6ead2becdac3","block_type":"box","text":"corporations, a changing corporate governance structure, and large government deficits. These issues may cause a","page_number":36,"box":{"x":59,"y":815,"width":807,"height":12}},{"id":"805888bd-2db4-4ab0-93f2-d91faed9ea13","block_type":"box","text":"slowdown of the Japanese economy.","page_number":36,"box":{"x":59,"y":830,"width":254,"height":12}},{"id":"0cce42d7-c659-485a-8e24-aab7879cfdd5","block_type":"box","text":"Political Risk","page_number":36,"box":{"x":59,"y":857,"width":88,"height":9}},{"id":"aafdc614-81b9-4312-8eba-5bffb04aff96","block_type":"box","text":". Historically, Japan has had unpredictable national politics and may experience frequent political turnover. Future","page_number":36,"box":{"x":147,"y":857,"width":789,"height":12}},{"id":"9961cc20-f944-478a-a57c-37678eeb4e8d","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":36,"box":{"x":59,"y":872,"width":874,"height":12}},{"id":"fb250c60-ceb1-4350-b686-598bd429f786","block_type":"box","text":"27","page_number":36,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"bdf4b94f-8e9a-4afb-89ee-2708fb16a039","block_type":"box","text":"become an important trading partner with Japan. Japan’s political relationship with China, however, has been strained. Should","page_number":37,"box":{"x":60,"y":67,"width":876,"height":12}},{"id":"ad7054b4-8379-4e28-8c33-ffff470b87b2","block_type":"box","text":"political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.","page_number":37,"box":{"x":59,"y":82,"width":774,"height":12}},{"id":"e63a7c46-0606-4a0c-aaf9-316494b06e14","block_type":"box","text":"Security Risk.","page_number":37,"box":{"x":58,"y":108,"width":92,"height":13}},{"id":"ea8794e1-8d1e-4c9e-922b-266394b402cc","block_type":"box","text":"Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been","page_number":37,"box":{"x":155,"y":108,"width":780,"height":13}},{"id":"aa792efa-2eb2-47fd-a85e-6d3eeab27461","block_type":"box","text":"strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has","page_number":37,"box":{"x":59,"y":123,"width":870,"height":13}},{"id":"653fa114-5eda-4a6d-9d43-18afa6c7180e","block_type":"box","text":"shown concern over the increased nuclear and military activity by North Korea and China. Strained relations may cause","page_number":37,"box":{"x":59,"y":138,"width":832,"height":13}},{"id":"3c00c4c8-f501-47cd-9baf-ed56087df3c4","block_type":"box","text":"uncertainty in the Japanese markets and adversely affect the overall Japanese economy, particularly in times of crisis.","page_number":37,"box":{"x":60,"y":154,"width":812,"height":12}},{"id":"be632711-c795-4b44-a4f4-d9a7c18c3820","block_type":"box","text":"Risk of Investing in Latin America.","page_number":37,"box":{"x":60,"y":180,"width":244,"height":12}},{"id":"168ffb09-4612-4027-bcba-5084ff9c8b5b","block_type":"box","text":"A number of Latin American countries are among the largest debtors of developing","page_number":37,"box":{"x":313,"y":180,"width":584,"height":12}},{"id":"28a0d250-d725-4399-96ca-d1e40444ee79","block_type":"box","text":"countries and have a long history of foreign debt and default. In 2001, Argentina defaulted on its debt and many investors","page_number":37,"box":{"x":59,"y":195,"width":851,"height":12}},{"id":"7a02c09b-583f-412d-8f72-a3bc6c10756d","block_type":"box","text":"suffered significant losses.","page_number":37,"box":{"x":59,"y":210,"width":183,"height":13}},{"id":"50e4d0bb-50c1-415e-8e4e-7efc95714e67","block_type":"box","text":"The majority of the region’s economies have become highly dependent upon foreign credit and loans from external sources","page_number":37,"box":{"x":59,"y":237,"width":866,"height":12}},{"id":"da07b29c-c7d6-414c-839a-31e6d21fba1c","block_type":"box","text":"to fuel their state-sponsored economic plans. Historically, government profligacy and ill-conceived plans for modernization","page_number":37,"box":{"x":59,"y":252,"width":860,"height":12}},{"id":"32635446-b084-4529-8874-0e9e7e1b3a16","block_type":"box","text":"have exhausted these resources with little benefit accruing to the economy. Most countries have been forced to restructure","page_number":37,"box":{"x":60,"y":267,"width":861,"height":12}},{"id":"e66f934e-3787-4c1a-8b2a-44e904010797","block_type":"box","text":"their loans or risk default on their debt obligations. In addition, interest on the debt is subject to market conditions and may","page_number":37,"box":{"x":59,"y":282,"width":864,"height":12}},{"id":"b5c25827-5ce3-48fd-ae3f-ad9910748d47","block_type":"box","text":"reach levels that would impair economic activity and create a difficult and costly environment for borrowers. Accordingly,","page_number":37,"box":{"x":60,"y":297,"width":847,"height":13}},{"id":"7de4f8fa-18e7-4986-8a49-90c921157122","block_type":"box","text":"these governments may be forced to reschedule or freeze their debt repayment, which could negatively affect local markets.","page_number":37,"box":{"x":59,"y":312,"width":867,"height":13}},{"id":"52539c4b-7db3-4fa9-a991-473c861261b0","block_type":"box","text":"Because of their dependence on foreign credit and loans, a number of Latin American economies face significant economic","page_number":37,"box":{"x":60,"y":327,"width":863,"height":13}},{"id":"4f6018d8-ebef-4484-91a3-d6aab15fb9f8","block_type":"box","text":"difficulties and some economies fell into recession as the recent global economic crisis tightened international credit","page_number":37,"box":{"x":59,"y":343,"width":816,"height":12}},{"id":"6ff74a32-aaa0-4ac8-9114-c182c5ab26c4","block_type":"box","text":"supplies. While the region has recently shown signs of economic improvement, recovery from past economic downturns in","page_number":37,"box":{"x":59,"y":358,"width":861,"height":12}},{"id":"9b4f50e2-feac-422b-9bee-3a16d7faa690","block_type":"box","text":"Latin America has historically been slow, and any such recovery, if sustained, may be gradual.","page_number":37,"box":{"x":60,"y":373,"width":651,"height":12}},{"id":"6fe1f82c-d1e8-4166-a8c1-03eaa640ea3c","block_type":"box","text":"Substantial limitations may exist in certain Latin American countries with respect to a Fund’s ability to repatriate investment","page_number":37,"box":{"x":59,"y":399,"width":868,"height":13}},{"id":"840bcfc2-d5ad-4797-ac17-22cdcd91b2b9","block_type":"box","text":"income, capital or the proceeds of sales of securities. A Fund could be adversely affected by delays in, or a refusal to grant,","page_number":37,"box":{"x":60,"y":414,"width":854,"height":13}},{"id":"5efbe341-5a32-4b47-8280-06515eac090c","block_type":"box","text":"any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on","page_number":37,"box":{"x":59,"y":429,"width":872,"height":13}},{"id":"af5c0b87-d225-4ac2-ab3a-9774fb11fee6","block_type":"box","text":"investments and difficulties in enforcing legal judgments in non-U.S. courts. Legal remedies available to investors in certain","page_number":37,"box":{"x":60,"y":445,"width":858,"height":12}},{"id":"591d44ab-56cf-492d-be7e-c59c3332d7f5","block_type":"box","text":"Latin American countries may be less extensive than those available to investors in the U.S. or other countries. In addition,","page_number":37,"box":{"x":60,"y":460,"width":852,"height":12}},{"id":"34c55262-8895-4054-84ef-96b71935a22e","block_type":"box","text":"certain Latin American countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":37,"box":{"x":59,"y":475,"width":839,"height":12}},{"id":"408603ce-99e8-4068-bb42-63f72bd07025","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its investments. In the past, many Latin American countries","page_number":37,"box":{"x":59,"y":490,"width":848,"height":12}},{"id":"b2426b14-2089-48fc-9b40-c1dfdd6c18c6","block_type":"box","text":"have experienced substantial, and in some periods extremely high, rates of inflation for many years. For companies that keep","page_number":37,"box":{"x":60,"y":505,"width":872,"height":12}},{"id":"bdd797a3-53bb-41da-87a6-c6408845c962","block_type":"box","text":"accounting records in the local currency, inflation accounting rules in some Latin American countries require, for both tax","page_number":37,"box":{"x":59,"y":520,"width":851,"height":12}},{"id":"240132aa-9969-49a6-8a9a-d7fba7e61533","block_type":"box","text":"and accounting purposes, that certain assets and liabilities be restated on the company’s balance sheet in order to express","page_number":37,"box":{"x":59,"y":535,"width":857,"height":13}},{"id":"046a90cd-31ed-4e5a-8437-c1cee4cadead","block_type":"box","text":"items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits for","page_number":37,"box":{"x":60,"y":550,"width":853,"height":13}},{"id":"3c186cb2-403a-448b-b8de-60da0c364c07","block_type":"box","text":"certain Latin American companies.","page_number":37,"box":{"x":59,"y":566,"width":243,"height":12}},{"id":"465cd5a4-dd06-4cfc-abd2-5e25de1eb504","block_type":"box","text":"Certain Latin American countries have entered into regional trade agreements that are designed to, among other things,","page_number":37,"box":{"x":59,"y":592,"width":841,"height":12}},{"id":"e13641de-0337-4dc3-a2be-064cdce9d7ae","block_type":"box","text":"reduce barriers between countries, increase competition among companies and reduce government subsidies in certain","page_number":37,"box":{"x":60,"y":607,"width":838,"height":12}},{"id":"99284a68-d6d5-4fdc-9eab-b5d408560087","block_type":"box","text":"industries. No assurance can be given that these changes will be successful in the long term, or that these changes will result","page_number":37,"box":{"x":60,"y":622,"width":875,"height":13}},{"id":"d710a735-0bbf-47a8-a913-7083192527e6","block_type":"box","text":"in the economic stability intended. There is a possibility that these trade arrangements will not be fully implemented, or will","page_number":37,"box":{"x":60,"y":637,"width":862,"height":13}},{"id":"e70329ac-ed80-41a0-8550-f85397968be6","block_type":"box","text":"be partially or completely unwound. It is also possible that a significant participant could choose to abandon a trade","page_number":37,"box":{"x":60,"y":652,"width":810,"height":13}},{"id":"66fd7359-68aa-4b9d-8089-d3985ab673a7","block_type":"box","text":"agreement, which could diminish its credibility and influence. Any of these occurrences could have adverse effects on the","page_number":37,"box":{"x":59,"y":668,"width":849,"height":12}},{"id":"271af9cf-cfc7-4f52-a7e2-e3be8efebf78","block_type":"box","text":"markets of both participating and non-participating countries, including sharp appreciation or depreciation of participants’","page_number":37,"box":{"x":60,"y":683,"width":857,"height":12}},{"id":"556684df-8638-41f0-973d-594e9b632f20","block_type":"box","text":"national currencies and a significant increase in exchange rate volatility, a resurgence in economic protectionism, an","page_number":37,"box":{"x":60,"y":698,"width":811,"height":12}},{"id":"0a8a54b4-729a-4a58-9dc5-58ee0c3b25e1","block_type":"box","text":"undermining of confidence in the Latin American markets, an undermining of Latin American economic stability, the collapse","page_number":37,"box":{"x":60,"y":713,"width":878,"height":12}},{"id":"aa66dc41-c01e-4ecd-aa15-7ca166953c30","block_type":"box","text":"or slowdown of the drive towards Latin American economic unity, and/or reversion of the attempts to lower government","page_number":37,"box":{"x":59,"y":728,"width":847,"height":12}},{"id":"3e00a09d-d95e-4e6e-b1da-0112478cbb05","block_type":"box","text":"debt and inflation rates that were introduced in anticipation of such trade agreements. Such developments could have an","page_number":37,"box":{"x":59,"y":743,"width":848,"height":12}},{"id":"c2e5368c-8a39-4a0c-8a98-935a1854a930","block_type":"box","text":"adverse impact on a Fund’s investments in Latin America generally or in specific countries participating in such trade","page_number":37,"box":{"x":59,"y":758,"width":818,"height":13}},{"id":"c5c83700-cda3-4c7e-a7ed-8639cdb73017","block_type":"box","text":"agreements.","page_number":37,"box":{"x":59,"y":775,"width":86,"height":11}},{"id":"15e7ae76-6e7b-491d-92e9-22c7e36921dc","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":37,"box":{"x":60,"y":800,"width":254,"height":12}},{"id":"f6b8d8d6-2d6d-481b-afa4-414eeb63056f","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":37,"box":{"x":324,"y":800,"width":596,"height":12}},{"id":"33fa4e31-a009-4f72-944a-5fe35c52bc28","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":37,"box":{"x":59,"y":815,"width":858,"height":12}},{"id":"0457f6f3-c293-4753-b7b3-201a15f81d02","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":37,"box":{"x":60,"y":830,"width":857,"height":12}},{"id":"c8403e5a-e9d0-46c8-9239-e52a49936bdb","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":37,"box":{"x":59,"y":845,"width":844,"height":13}},{"id":"698c81d9-b039-48cf-8169-7cb6dbd763c2","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":37,"box":{"x":59,"y":860,"width":789,"height":13}},{"id":"0c48947b-6c48-4d81-b556-1f71529c70a7","block_type":"box","text":"28","page_number":37,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"e1080e89-4e12-42ca-948f-a45c12b6f81d","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":38,"box":{"x":60,"y":67,"width":836,"height":12}},{"id":"5464d577-6a9f-4183-816d-7874f9d06a6a","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":38,"box":{"x":59,"y":82,"width":866,"height":12}},{"id":"f17001b7-70f3-46ab-b01d-6a2a5ecc7a4c","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":38,"box":{"x":60,"y":97,"width":818,"height":12}},{"id":"cbd43096-17e7-4194-8cc8-8217afbec37e","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":38,"box":{"x":59,"y":112,"width":876,"height":12}},{"id":"63011f70-6b66-42e2-b742-c45de4789f6a","block_type":"box","text":"as well as the value of securities in the Fund’s portfolio.","page_number":38,"box":{"x":59,"y":127,"width":385,"height":12}},{"id":"78c33476-df89-4faf-a4c5-985e250e2fa4","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":38,"box":{"x":59,"y":154,"width":858,"height":12}},{"id":"6b6dae05-5a1d-4d38-9843-641f383d8b88","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":38,"box":{"x":60,"y":169,"width":870,"height":12}},{"id":"71b8df29-6d78-4153-ad06-61d6db8cc3c8","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":38,"box":{"x":59,"y":184,"width":833,"height":12}},{"id":"126e2bc2-ab35-45c2-a839-8c20264be9d9","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":38,"box":{"x":60,"y":199,"width":360,"height":12}},{"id":"bc0d5bab-d824-4d6e-9142-c82c20f4e93b","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":38,"box":{"x":59,"y":225,"width":873,"height":13}},{"id":"d30dc871-8dff-431f-b878-3ee7c0ab55b4","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":38,"box":{"x":60,"y":240,"width":871,"height":13}},{"id":"59dd24cb-1984-4a3f-b35b-f398454f7684","block_type":"box","text":"shareholder’s investment. However, the notion of limited liability is less clear in certain Middle Eastern countries. Each Fund","page_number":38,"box":{"x":59,"y":256,"width":862,"height":12}},{"id":"4c433406-2fe2-4c39-9236-d07ce8cee5ca","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":38,"box":{"x":59,"y":271,"width":842,"height":12}},{"id":"c7754951-e7c9-4f36-a6d7-85dc55f79095","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":38,"box":{"x":59,"y":286,"width":873,"height":12}},{"id":"ff64191d-ff73-4be2-a2b0-49647eab047b","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":38,"box":{"x":60,"y":301,"width":806,"height":12}},{"id":"091bfa02-1087-49e3-9013-242db56fda37","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":38,"box":{"x":58,"y":316,"width":809,"height":12}},{"id":"9d8d160c-81cf-4fca-948f-4bb5ad732671","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":38,"box":{"x":60,"y":331,"width":872,"height":13}},{"id":"4e059b55-3a5e-49c4-9d02-8126b5c9beb1","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":38,"box":{"x":59,"y":346,"width":852,"height":13}},{"id":"0633c2a2-b60b-40a7-a529-a5d2ef453c81","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":38,"box":{"x":59,"y":361,"width":872,"height":13}},{"id":"bbb69e0e-dd08-4ccc-a32d-758c948ef4be","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":38,"box":{"x":59,"y":377,"width":864,"height":12}},{"id":"3225af71-fe1d-41b0-98b7-337b40de8bd3","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":38,"box":{"x":59,"y":392,"width":516,"height":12}},{"id":"e36d7ac9-bab4-40b9-bee1-f19352ab52dc","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":38,"box":{"x":59,"y":418,"width":869,"height":12}},{"id":"5ef69671-8e9f-4f4f-a312-562fc1b336c9","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":38,"box":{"x":59,"y":433,"width":847,"height":13}},{"id":"8b8f79db-c293-44c1-860c-0ceabae89e7a","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":38,"box":{"x":60,"y":448,"width":861,"height":13}},{"id":"fa591216-86a8-4470-9fa4-38a447707618","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":38,"box":{"x":60,"y":463,"width":870,"height":13}},{"id":"cd151aec-e644-473e-a34c-b2c35b8f7727","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":38,"box":{"x":60,"y":479,"width":841,"height":12}},{"id":"e62c90c2-26d3-4f49-8059-67ce567748d1","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":38,"box":{"x":60,"y":494,"width":802,"height":12}},{"id":"79953f8d-3c36-4059-8f47-c2a8ae4f9d64","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":38,"box":{"x":59,"y":509,"width":854,"height":12}},{"id":"f1cacb68-86b3-482e-9d35-229150f26b64","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":38,"box":{"x":60,"y":524,"width":697,"height":12}},{"id":"aa06ce3f-79e9-46ae-9684-af17afff5017","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":38,"box":{"x":59,"y":550,"width":866,"height":13}},{"id":"1a7ce3cd-cb65-43f7-a63c-52b575c7ae3a","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":38,"box":{"x":60,"y":566,"width":843,"height":12}},{"id":"4301766c-1fe1-4d7d-bc24-68c98ec4f0ec","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":38,"box":{"x":59,"y":581,"width":750,"height":12}},{"id":"bd091f16-9dc0-4835-adf2-d5ccbf537d89","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":38,"box":{"x":59,"y":607,"width":867,"height":12}},{"id":"b4b0e49e-6626-488a-b41e-255b47bef253","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":38,"box":{"x":59,"y":622,"width":874,"height":13}},{"id":"73a4008d-11e4-4123-a733-053d432c8a6f","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":38,"box":{"x":59,"y":637,"width":867,"height":13}},{"id":"35239490-f446-4993-a6ce-c097d60e1812","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":38,"box":{"x":59,"y":652,"width":835,"height":13}},{"id":"63627fa3-08e1-49a7-857d-075338328e91","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":38,"box":{"x":59,"y":668,"width":860,"height":12}},{"id":"3727ce84-ad15-4296-ae55-288ba58bba15","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":38,"box":{"x":59,"y":683,"width":872,"height":12}},{"id":"2d5e3669-afd1-4d89-969e-e3aaecdbc34f","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":38,"box":{"x":60,"y":698,"width":834,"height":12}},{"id":"37dca998-719b-45e5-9fd7-e312f6cf348b","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":38,"box":{"x":60,"y":713,"width":863,"height":12}},{"id":"88d48a42-0267-4a65-aed8-adb49cd44c15","block_type":"box","text":"indirectly subject to those risks.","page_number":38,"box":{"x":60,"y":728,"width":219,"height":12}},{"id":"36de8b6a-0d37-42e8-9a55-55a60961f530","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":38,"box":{"x":59,"y":754,"width":831,"height":13}},{"id":"155d0d00-e349-46fe-8e2a-05912ad20f79","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":38,"box":{"x":60,"y":770,"width":864,"height":12}},{"id":"ce17c56f-ad00-41ec-a09b-f7dbf5880dd9","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":38,"box":{"x":59,"y":785,"width":815,"height":12}},{"id":"47918dce-9cd8-4a95-bc84-6ec8e0194a51","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":38,"box":{"x":59,"y":800,"width":831,"height":12}},{"id":"737f2adc-e519-470b-891e-340f0975b20e","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":38,"box":{"x":59,"y":815,"width":879,"height":12}},{"id":"ca1f3b66-36d6-4867-a300-9ce025732570","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":38,"box":{"x":59,"y":830,"width":879,"height":12}},{"id":"17c7a1a0-48b2-4716-85c5-0f274993aeec","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":38,"box":{"x":59,"y":845,"width":855,"height":13}},{"id":"2b1e90a6-2062-4ca8-b9b8-a19bb27ab0a5","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":38,"box":{"x":60,"y":860,"width":397,"height":13}},{"id":"998dd631-f947-4512-97cc-055779ea68fb","block_type":"box","text":"29","page_number":38,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"10f90077-1789-47f9-85bc-629713b82bd3","block_type":"box","text":"Risk of Investing in North America.","page_number":39,"box":{"x":60,"y":67,"width":249,"height":12}},{"id":"b9087ac4-716c-43c0-bbbc-1eb3241daaf6","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":39,"box":{"x":318,"y":67,"width":619,"height":12}},{"id":"e15927d7-9dc4-4b72-b7f0-069f532de293","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":39,"box":{"x":60,"y":82,"width":862,"height":12}},{"id":"2a0acb17-a372-4a6e-ab95-90b7a8d97159","block_type":"box","text":"all of the North American countries in which a Fund invests.","page_number":39,"box":{"x":59,"y":97,"width":418,"height":10}},{"id":"7c79fb14-a57f-47db-b9ef-f922f37f2a15","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":39,"box":{"x":59,"y":123,"width":817,"height":13}},{"id":"af06ea9d-6031-4227-a77f-b8f120f8e846","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":39,"box":{"x":59,"y":138,"width":869,"height":13}},{"id":"707b7a06-b5d7-4fb3-bd56-05f08ed3d870","block_type":"box","text":"U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments","page_number":39,"box":{"x":60,"y":154,"width":812,"height":12}},{"id":"2de76a77-0b70-48ac-8cc5-9f0124956642","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":39,"box":{"x":60,"y":169,"width":866,"height":12}},{"id":"f2b6e41e-a531-43df-aff5-967417ceab4f","block_type":"box","text":"Canada Agreement (“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic","page_number":39,"box":{"x":59,"y":184,"width":851,"height":12}},{"id":"ce41fd9e-f9c5-4b79-8661-b4100a5d36a5","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":39,"box":{"x":59,"y":199,"width":835,"height":12}},{"id":"4609fa26-0fa5-4158-836b-38c98fa23aaa","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":39,"box":{"x":59,"y":214,"width":798,"height":12}},{"id":"81313a8d-763f-43ef-85fc-c0ce2e56a5f3","block_type":"box","text":"Risk of Investing in Russia.","page_number":39,"box":{"x":60,"y":240,"width":190,"height":13}},{"id":"c8f190bc-0425-40eb-966d-c49c7e80b942","block_type":"box","text":"Investing in the Russian securities market involves a high degree of risk and special","page_number":39,"box":{"x":260,"y":240,"width":577,"height":13}},{"id":"8a30ae4c-0dd0-4090-99d4-2ecc501b5382","block_type":"box","text":"considerations not typically associated with investing in the U.S. securities market, and should be considered highly","page_number":39,"box":{"x":59,"y":256,"width":808,"height":12}},{"id":"477fb022-f175-4b59-8645-5bbd45d9f17b","block_type":"box","text":"speculative. Risks include: the absence of developed legal structures governing private and foreign investments and private","page_number":39,"box":{"x":59,"y":271,"width":860,"height":12}},{"id":"72fd5d0a-f86c-47db-9414-e679b6253671","block_type":"box","text":"property; the possibility of the loss of all or a substantial portion of a Fund’s assets invested in Russia as a result of","page_number":39,"box":{"x":59,"y":286,"width":799,"height":12}},{"id":"642bfca7-7d1e-49d5-8bc5-a72fb824274f","block_type":"box","text":"expropriation; certain national policies which may restrict the Fund’s investment opportunities, including, without limitation,","page_number":39,"box":{"x":59,"y":301,"width":870,"height":12}},{"id":"730e975e-adcd-4e73-a76a-c75337f86fdf","block_type":"box","text":"restrictions on investing in issuers or industries deemed sensitive to relevant national interests; and potentially greater price","page_number":39,"box":{"x":60,"y":316,"width":862,"height":12}},{"id":"f008cef2-0199-496e-a523-0d265aaae66f","block_type":"box","text":"volatility in, significantly smaller capitalization of, and relative illiquidity of, the Russian market. There can also be no","page_number":39,"box":{"x":59,"y":331,"width":808,"height":13}},{"id":"f2d047a5-e38a-4c65-be9c-5636b423e668","block_type":"box","text":"assurance that a Fund’s investments in the Russian securities market would not be expropriated, nationalized or otherwise","page_number":39,"box":{"x":59,"y":346,"width":857,"height":13}},{"id":"3e2c8dc5-aca9-4a48-ab33-416320f6fe88","block_type":"box","text":"confiscated. In the event of the settlement of any such claims or such expropriation, nationalization or other confiscation, a","page_number":39,"box":{"x":59,"y":361,"width":862,"height":13}},{"id":"c6ae3cbe-add2-47e6-8a05-888a7c6b39f9","block_type":"box","text":"Fund could lose its entire investment. In addition, it may be difficult and more costly to obtain and enforce a judgment in the","page_number":39,"box":{"x":60,"y":377,"width":869,"height":12}},{"id":"63ee19e4-cad8-4aeb-a15c-d7b14e252dab","block_type":"box","text":"Russian court system.","page_number":39,"box":{"x":60,"y":392,"width":152,"height":12}},{"id":"015a07a1-eba2-41bc-858a-fb6b258a779f","block_type":"box","text":"Russia may also be subject to a greater degree of economic, political and social instability than is the case in other developed","page_number":39,"box":{"x":60,"y":418,"width":873,"height":12}},{"id":"2c719c8d-6064-4aca-9a43-af95e58e3124","block_type":"box","text":"countries. Such instability may result from, among other things, the following: (i) an authoritarian government or military","page_number":39,"box":{"x":59,"y":433,"width":849,"height":13}},{"id":"8117aec3-c32e-427c-9cb0-dac944868bd3","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through extra-constitutional","page_number":39,"box":{"x":60,"y":448,"width":831,"height":13}},{"id":"d8d1bf25-121a-4bce-b55f-7930efe20836","block_type":"box","text":"means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal","page_number":39,"box":{"x":60,"y":463,"width":834,"height":13}},{"id":"a513971b-b539-422c-8fed-1127cb78ad66","block_type":"box","text":"insurgencies; (iv) hostile relations, including armed conflict, with neighboring countries; and (v) ethnic, religious and racial","page_number":39,"box":{"x":60,"y":479,"width":855,"height":12}},{"id":"ce3b4376-f4ad-48a9-8057-d6f1d5dac71a","block_type":"box","text":"disaffection.","page_number":39,"box":{"x":59,"y":494,"width":84,"height":9}},{"id":"c0867a26-4370-400a-b348-7ca6e05bcf4c","block_type":"box","text":"The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals,","page_number":39,"box":{"x":59,"y":520,"width":841,"height":12}},{"id":"f4bc12ee-39d4-486b-b97f-8e0ab8f29ab7","block_type":"box","text":"forestry products and oil and gas. Accordingly, it is strongly affected by international commodity prices and is particularly","page_number":39,"box":{"x":59,"y":535,"width":849,"height":13}},{"id":"63bacbb2-174d-495f-a3c3-93796023f031","block_type":"box","text":"vulnerable to any weakening in global demand for these products. Any acts of terrorism or armed conflicts in Russia or","page_number":39,"box":{"x":59,"y":550,"width":831,"height":13}},{"id":"d7269153-ef14-4459-aae2-fed0996f87f9","block_type":"box","text":"internationally could have an adverse effect on the financial and commodities markets and the global economy. As Russia","page_number":39,"box":{"x":60,"y":566,"width":850,"height":12}},{"id":"7b59bcad-cbd9-49ef-83a9-06f44a25a5e9","block_type":"box","text":"produces and exports large amounts of crude oil and gas, any acts of terrorism or armed conflict causing disruptions of","page_number":39,"box":{"x":59,"y":581,"width":839,"height":12}},{"id":"54bacb33-9dd3-48b9-aeef-6f67b1f9cdd1","block_type":"box","text":"Russian oil and gas exports could negatively affect the Russian economy and, thus, adversely affect the financial condition,","page_number":39,"box":{"x":60,"y":596,"width":857,"height":12}},{"id":"307259a9-d000-4407-a4b1-476cd6ef7f05","block_type":"box","text":"results of operations or prospects of related companies. Current and future economic sanctions may also adversely affect the","page_number":39,"box":{"x":60,"y":611,"width":875,"height":12}},{"id":"fce22e4c-c870-4bd7-80e9-25858982a43f","block_type":"box","text":"Russian oil, banking, mining, metals, rail, pipeline and gas sectors, among other sectors.","page_number":39,"box":{"x":60,"y":626,"width":614,"height":12}},{"id":"0de82068-94e2-4453-958d-4344e2547daf","block_type":"box","text":"The Russian government may exercise substantial influence over many aspects of the private sector and may own or control","page_number":39,"box":{"x":59,"y":652,"width":870,"height":13}},{"id":"2d412fc7-50c9-4c52-baf3-7b88211c3b74","block_type":"box","text":"many companies. Future government actions could have a significant effect on the economic conditions in Russia, which","page_number":39,"box":{"x":60,"y":668,"width":846,"height":12}},{"id":"374cde7b-f31c-4694-83f7-2b01620d769e","block_type":"box","text":"could have a negative impact on private sector companies. There is also the possibility of diplomatic developments that could","page_number":39,"box":{"x":59,"y":683,"width":879,"height":12}},{"id":"29937998-a22b-4dcc-913f-9c891a23088a","block_type":"box","text":"adversely affect investments in Russia. In recent years, the Russian government has begun to take bolder steps to re-assert its","page_number":39,"box":{"x":59,"y":698,"width":879,"height":12}},{"id":"7afa3253-21a3-4b7a-9db0-bb946623c0c3","block_type":"box","text":"regional geopolitical influence (including military steps) and launched a large-scale invasion of Ukraine on February 24, 2022.","page_number":39,"box":{"x":60,"y":713,"width":873,"height":12}},{"id":"9c14b613-823c-4749-ad6f-5a894914cf40","block_type":"box","text":"Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign","page_number":39,"box":{"x":59,"y":728,"width":850,"height":12}},{"id":"e328411a-4a54-4dc0-b2e8-0ef7e1df29b4","block_type":"box","text":"governments. Such steps have increased tensions between Russia and its neighbors and Western countries and may","page_number":39,"box":{"x":59,"y":743,"width":815,"height":12}},{"id":"55f0f379-a58b-4623-a3a1-23cb8bd3ebf1","block_type":"box","text":"negatively affect economic growth. Actual and threatened responses by other nation-states to Russia’s alleged cyber activity","page_number":39,"box":{"x":60,"y":758,"width":871,"height":13}},{"id":"6efa35d2-20ba-4693-95f3-f73159883176","block_type":"box","text":"may have an adverse impact on the Russian economy and the Russian issuers of securities in which a Fund invests. For","page_number":39,"box":{"x":60,"y":773,"width":831,"height":13}},{"id":"111b150c-bc8a-45cd-ad6b-234849f41380","block_type":"box","text":"example, the U.S. has added certain foreign technology companies to the U.S. Department of Commerce’s Bureau of Industry","page_number":39,"box":{"x":59,"y":788,"width":878,"height":13}},{"id":"2e7a5bec-ba91-4e1e-a78b-81d4f2694090","block_type":"box","text":"and Security’s “Entity List,” which is a list of companies believed to pose a national security risk to the U.S. Actions like these","page_number":39,"box":{"x":59,"y":804,"width":869,"height":12}},{"id":"2df5caff-dd33-406d-a4e6-3f81e3fb0119","block_type":"box","text":"may have unanticipated and disruptive effects on the Russian economy.","page_number":39,"box":{"x":60,"y":819,"width":499,"height":12}},{"id":"22daaa07-3dfa-4f61-9698-c411c2d788b3","block_type":"box","text":"Russian invasion of Ukraine","page_number":39,"box":{"x":59,"y":845,"width":191,"height":11}},{"id":"80598ec6-4c43-4b5c-8e88-6ea5b3f4b487","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":39,"box":{"x":251,"y":845,"width":680,"height":13}},{"id":"c08d843b-4e9d-40ec-9585-1e7de9f0762f","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":39,"box":{"x":59,"y":860,"width":870,"height":13}},{"id":"c5862c96-dbfb-4410-a81b-e39e125c8dd2","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":39,"box":{"x":59,"y":875,"width":879,"height":13}},{"id":"93beb5cc-2fc3-45f4-8e45-6f7f254b440d","block_type":"box","text":"30","page_number":39,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"59478124-b2de-43bc-b1a1-6b183723fe53","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":40,"box":{"x":60,"y":67,"width":869,"height":12}},{"id":"a99f02c1-e1e8-44b1-8ead-5f8bde2e411b","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":40,"box":{"x":59,"y":82,"width":811,"height":12}},{"id":"c3f7ce65-988e-4bc0-a1e1-b8dfd4774886","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":40,"box":{"x":59,"y":97,"width":863,"height":12}},{"id":"4544b3c9-fa84-455f-b4de-4b0ac099eaa9","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":40,"box":{"x":60,"y":112,"width":862,"height":12}},{"id":"bd3c2402-842d-4ed0-8fc7-dd4b9e9126f3","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":40,"box":{"x":59,"y":127,"width":879,"height":12}},{"id":"305f83af-a8c3-4de3-8036-1e473970c2e4","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":40,"box":{"x":59,"y":142,"width":858,"height":13}},{"id":"f6c8f15f-7258-42c0-9d3f-8b97f93bf469","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":40,"box":{"x":60,"y":157,"width":467,"height":13}},{"id":"7ff98921-93ec-4701-98f2-138fc9709b61","block_type":"box","text":"Russia Sanctions","page_number":40,"box":{"x":59,"y":184,"width":117,"height":9}},{"id":"5770a715-fe21-42db-8495-2d790e45b02f","block_type":"box","text":". Governments in the U.S. and many other countries (collectively, the “Sanctioning Bodies”) have imposed","page_number":40,"box":{"x":177,"y":184,"width":738,"height":12}},{"id":"f6c48956-89fc-4815-9f62-3fd5f475be03","block_type":"box","text":"economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities,","page_number":40,"box":{"x":59,"y":199,"width":817,"height":12}},{"id":"9ca47c54-36a1-42cb-a1da-010ce353fc4b","block_type":"box","text":"including banning Russia from global payments systems that facilitate cross-border payments. The Sanctioning Bodies, or","page_number":40,"box":{"x":60,"y":214,"width":853,"height":12}},{"id":"8ec59e8a-3332-44e0-b421-535d85f11fd3","block_type":"box","text":"others, could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result","page_number":40,"box":{"x":59,"y":229,"width":865,"height":12}},{"id":"ef55f328-3d82-4a3a-95a3-60068a25885c","block_type":"box","text":"in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the","page_number":40,"box":{"x":60,"y":244,"width":866,"height":13}},{"id":"cfa745ba-c8c0-4e79-8fdd-75d48e5ef24b","block_type":"box","text":"Russian economy. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in","page_number":40,"box":{"x":60,"y":259,"width":854,"height":13}},{"id":"33be39ed-17d7-4539-93af-421b7beaa5de","block_type":"box","text":"prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Recently, Russia","page_number":40,"box":{"x":59,"y":274,"width":875,"height":13}},{"id":"f4011c98-445f-4456-b9b5-a9a7af868fa5","block_type":"box","text":"has issued a number of countersanctions, some of which restrict the distribution of profits by limited liability companies (","page_number":40,"box":{"x":60,"y":290,"width":849,"height":12}},{"id":"568b8e64-5901-40ca-89e6-ff8a1cc358fc","block_type":"box","text":"e.g.","page_number":40,"box":{"x":911,"y":293,"width":22,"height":9}},{"id":"88358f48-63e6-4c9e-b5cd-aa5f20065e37","block_type":"box","text":",","page_number":40,"box":{"x":935,"y":298,"width":3,"height":3}},{"id":"81bd33e0-35f7-41da-aafb-393136e31649","block_type":"box","text":"dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly states”","page_number":40,"box":{"x":59,"y":305,"width":864,"height":12}},{"id":"19ddf835-718e-4eec-9509-b2a4cbd8920a","block_type":"box","text":"as well as the export of raw materials or other products from Russia to certain sanctioned persons.","page_number":40,"box":{"x":59,"y":320,"width":690,"height":12}},{"id":"1211afe2-dd8a-46b1-8764-9213f19a11b0","block_type":"box","text":"The sanctions against certain Russian issuers include prohibitions on transacting in or dealing in issuances of debt or equity","page_number":40,"box":{"x":59,"y":346,"width":868,"height":13}},{"id":"20dfd609-31f1-4562-b01c-0f67ecbf51bd","block_type":"box","text":"of such issuers. Compliance with each of these sanctions has and may continue to impair the ability of a Fund to buy, sell,","page_number":40,"box":{"x":59,"y":361,"width":852,"height":13}},{"id":"499f9b62-638c-4b2d-a518-22762fe34d6e","block_type":"box","text":"hold, receive or deliver the affected securities or other securities of such issuers. If it becomes impracticable or unlawful for a","page_number":40,"box":{"x":60,"y":377,"width":870,"height":12}},{"id":"6423ca7d-07f0-4d5b-905f-97597b117d76","block_type":"box","text":"Fund to hold securities subject to, or otherwise affected by, sanctions (collectively, “affected securities”), or if deemed","page_number":40,"box":{"x":60,"y":392,"width":820,"height":12}},{"id":"9e3f0654-90c1-482f-a2f7-53c8bc8a6d78","block_type":"box","text":"appropriate by BFA, a Fund may prohibit in-kind deposits of the affected securities in connection with creation transactions","page_number":40,"box":{"x":59,"y":407,"width":862,"height":12}},{"id":"ff0b4f90-29e1-4421-bbff-42a9bdcd9aa7","block_type":"box","text":"and instead require a cash deposit, which may also increase a Fund’s transaction costs. A Fund may also be legally required","page_number":40,"box":{"x":59,"y":422,"width":864,"height":12}},{"id":"c6dbf6a7-44db-44f0-bf07-b05f97bb6abe","block_type":"box","text":"to freeze assets in a blocked account.","page_number":40,"box":{"x":59,"y":437,"width":260,"height":10}},{"id":"f078925a-75dd-4be5-8070-e62511e5d2a6","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity","page_number":40,"box":{"x":59,"y":463,"width":864,"height":13}},{"id":"cabfb449-95a2-40a8-9057-c36c42e2997a","block_type":"box","text":"of Russian securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to such","page_number":40,"box":{"x":59,"y":479,"width":871,"height":12}},{"id":"91287ef0-bbf1-45be-a146-f028b80fd7e3","block_type":"box","text":"a freeze of these assets, including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy","page_number":40,"box":{"x":59,"y":494,"width":862,"height":12}},{"id":"7ce42c4f-8820-40f0-8911-9fed03641a64","block_type":"box","text":"any Fund redemption orders. The liquidation of Fund assets during this time may also result in a Fund receiving substantially","page_number":40,"box":{"x":59,"y":509,"width":873,"height":12}},{"id":"17861b8a-bafe-490c-afab-bfb4aacd47b5","block_type":"box","text":"lower prices for its securities. Russia may implement additional retaliatory measures, which may further impair the value and","page_number":40,"box":{"x":60,"y":524,"width":871,"height":12}},{"id":"a4c90aff-a380-4cfb-b630-e836b3af973d","block_type":"box","text":"liquidity of Russian securities and the ability of the Fund to receive dividend payments. Recently, Russia has issued a number","page_number":40,"box":{"x":60,"y":539,"width":869,"height":12}},{"id":"be5a76aa-24dc-4921-ab26-53caf83a9324","block_type":"box","text":"of countersanctions, some of which restrict the distribution of profits by limited liability companies (","page_number":40,"box":{"x":59,"y":554,"width":701,"height":13}},{"id":"66ece1c4-5fad-4f16-b37a-8bd6ce465da1","block_type":"box","text":"e.g.","page_number":40,"box":{"x":761,"y":557,"width":23,"height":10}},{"id":"aa50c3c7-b6c6-4b9a-9ec6-9d0ac9964fc9","block_type":"box","text":", dividends), and","page_number":40,"box":{"x":786,"y":554,"width":114,"height":13}},{"id":"5741711d-5f19-42b8-91cc-a2db8951889a","block_type":"box","text":"prohibits Russian persons from entering into transactions with designated persons from “unfriendly states” as well as the","page_number":40,"box":{"x":59,"y":569,"width":851,"height":13}},{"id":"b6c3ef37-9e01-4777-9086-7d27f5814a9b","block_type":"box","text":"export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be unable to","page_number":40,"box":{"x":59,"y":584,"width":858,"height":13}},{"id":"62e98378-aa72-4d12-9845-94605ef69c19","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable to receive them.","page_number":40,"box":{"x":59,"y":600,"width":572,"height":12}},{"id":"33b6bd66-a332-4c37-aa21-dca929702ad3","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident","page_number":40,"box":{"x":59,"y":626,"width":843,"height":12}},{"id":"d2be1c0f-c10c-4bd0-8605-3d3f59bfb77a","block_type":"box","text":"investors from executing security sales, and other events have led to changes in the Fund’s Underlying Index. The Fund’s","page_number":40,"box":{"x":60,"y":641,"width":843,"height":12}},{"id":"b9092905-43c5-416d-8533-2f2e5554dd32","block_type":"box","text":"Index Provider has removed Russian securities from the Underlying Index. To the extent that the Fund rebalances its portfolio","page_number":40,"box":{"x":60,"y":656,"width":874,"height":13}},{"id":"67df1cc1-2dc8-46a7-bd70-3bf4f90ea39d","block_type":"box","text":"and trades in non-Russian securities to seek to track the investment results of the underlying index, this may result in","page_number":40,"box":{"x":59,"y":671,"width":819,"height":13}},{"id":"8c28c1ba-885a-4301-bf70-e2955dd90942","block_type":"box","text":"transaction costs and increased tracking error. The Fund is currently restricted from trading in Russian securities, including","page_number":40,"box":{"x":59,"y":686,"width":858,"height":13}},{"id":"bb9f433e-792a-4527-a126-183d8ec4106f","block_type":"box","text":"those in its portfolio, while the Underlying Index has removed Russian securities. This disparity will also lead to increased","page_number":40,"box":{"x":59,"y":702,"width":844,"height":12}},{"id":"d353dd45-0c84-4f22-bde6-93afb74fcbe8","block_type":"box","text":"tracking error. The inability of the Fund to trade in Russian securities may adversely affect the Fund’s ability to meet its","page_number":40,"box":{"x":59,"y":717,"width":827,"height":12}},{"id":"00c937e6-f237-48aa-81f3-4f8eab94369d","block_type":"box","text":"investment objective. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to trade in Russian securities will","page_number":40,"box":{"x":60,"y":732,"width":870,"height":12}},{"id":"bea79e92-22d4-4b89-ac46-afd8c07df8d8","block_type":"box","text":"resume.","page_number":40,"box":{"x":60,"y":750,"width":54,"height":7}},{"id":"6061e31f-29b6-4b6b-befb-4bed8f42ce9d","block_type":"box","text":"Also, if an affected security is included in a Fund’s underlying index, a Fund may, where practicable, seek to eliminate its","page_number":40,"box":{"x":59,"y":773,"width":838,"height":13}},{"id":"7eace317-be27-4904-a8df-17931b681068","block_type":"box","text":"holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the","page_number":40,"box":{"x":60,"y":788,"width":824,"height":13}},{"id":"9253670e-b2b8-40d2-94cf-2833e24fc1b1","block_type":"box","text":"investment results of its underlying index. The use of (or increased use of ) a representative sampling strategy may increase a","page_number":40,"box":{"x":60,"y":804,"width":874,"height":12}},{"id":"87eee53d-3f92-4f6f-9fc1-f86866a4c275","block_type":"box","text":"Fund’s tracking error risk. If the affected securities constitute a significant percentage of the underlying index, a Fund may","page_number":40,"box":{"x":60,"y":819,"width":853,"height":12}},{"id":"8ccb1e91-ab27-4752-9285-57c9045c9109","block_type":"box","text":"not be able to effectively implement a representative sampling strategy, which may result in significant tracking error","page_number":40,"box":{"x":60,"y":834,"width":816,"height":12}},{"id":"0752c22c-5ee9-4e36-86f1-eaae879ec35a","block_type":"box","text":"between a Fund’s performance and the performance of its underlying index.","page_number":40,"box":{"x":60,"y":849,"width":532,"height":12}},{"id":"90db20eb-b630-43d9-b7c5-e039f93da0f4","block_type":"box","text":"31","page_number":40,"box":{"x":491,"y":916,"width":13,"height":9}},{"id":"4235650f-96b3-4103-b7aa-37e2eb3845fd","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":41,"box":{"x":60,"y":67,"width":235,"height":12}},{"id":"d74c5b53-4ecd-4b02-ade0-86837ec6c3e0","block_type":"box","text":"Certain of the Funds’ Underlying Indexes include Saudi Arabian equity securities. The","page_number":41,"box":{"x":305,"y":67,"width":594,"height":12}},{"id":"bf8d9cea-ad09-4993-ba3a-e9dcf2c3c4f2","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":41,"box":{"x":59,"y":82,"width":878,"height":12}},{"id":"e4eda9e3-383f-464c-bf11-d1ca81669a7c","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":41,"box":{"x":59,"y":97,"width":837,"height":12}},{"id":"e97066c7-5ae9-4049-9315-eb004f9f5668","block_type":"box","text":"foreign ownership in such securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":41,"box":{"x":59,"y":112,"width":865,"height":12}},{"id":"5d6e6258-2f0b-413b-8419-d178f8e6643a","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":41,"box":{"x":59,"y":127,"width":868,"height":12}},{"id":"bf0a2daf-b122-44b8-b4be-4f8b80ca6d2c","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":41,"box":{"x":59,"y":142,"width":827,"height":13}},{"id":"b5eee0df-5bc7-4d2a-ad64-ee13ddbdcaf8","block_type":"box","text":"accordance with its strategy and contribute to tracking error against the Underlying Index. These restrictions may be","page_number":41,"box":{"x":59,"y":157,"width":817,"height":13}},{"id":"23e6a6f6-bbf4-4245-8b94-1af6152e34f1","block_type":"box","text":"changed or new restrictions, such as licensing requirements, special approvals or additional foreign taxes, may be instituted","page_number":41,"box":{"x":59,"y":172,"width":865,"height":13}},{"id":"91d82d25-205e-49b4-b8b0-3378269d2169","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":41,"box":{"x":59,"y":188,"width":875,"height":12}},{"id":"742fcfb9-3445-4a94-9c78-4a8fbe9853af","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":41,"box":{"x":59,"y":203,"width":868,"height":12}},{"id":"c3a8a4c6-89f2-464a-b89a-c1370b7bfe5d","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":41,"box":{"x":60,"y":218,"width":879,"height":12}},{"id":"c898bf30-4066-4bc9-891f-27aa0a15f5be","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":41,"box":{"x":59,"y":233,"width":873,"height":12}},{"id":"a978f38e-a735-4399-b7c5-70a2f20ba505","block_type":"box","text":"or nationalization of assets and property or the imposition of restrictions on additional foreign investments and repatriation","page_number":41,"box":{"x":59,"y":248,"width":862,"height":12}},{"id":"5f46bb9f-d5d2-4ff9-b02f-db1753688d5b","block_type":"box","text":"of capital. Such heightened risks may include, among others, restrictions on and government intervention in international","page_number":41,"box":{"x":59,"y":263,"width":850,"height":12}},{"id":"5aa805a0-e8f1-4e80-bd95-349fbe905ac6","block_type":"box","text":"trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":41,"box":{"x":59,"y":278,"width":875,"height":13}},{"id":"6189ed23-015f-4f48-9263-1a852f1d69cc","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":41,"box":{"x":60,"y":293,"width":857,"height":13}},{"id":"e3753003-f3e0-4746-9377-d1128825c31b","block_type":"box","text":"privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized companies may face","page_number":41,"box":{"x":59,"y":308,"width":833,"height":13}},{"id":"6c957e47-43e9-41f6-9125-b27598103fb2","block_type":"box","text":"strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":41,"box":{"x":59,"y":324,"width":860,"height":12}},{"id":"e8d828da-646f-4d5b-adc0-2c02d602c074","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":41,"box":{"x":60,"y":339,"width":814,"height":12}},{"id":"b6ffcf5a-0e85-465c-8b5e-7b44655928c8","block_type":"box","text":"competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such","page_number":41,"box":{"x":59,"y":354,"width":841,"height":12}},{"id":"40bf711d-6195-4eed-90dd-93f69e868ae9","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":41,"box":{"x":59,"y":369,"width":844,"height":12}},{"id":"2c445369-2086-46b0-b4b3-559e592fb0a7","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":41,"box":{"x":59,"y":384,"width":874,"height":12}},{"id":"c0f4c6eb-5971-454f-892a-c8ccb16fa96f","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":41,"box":{"x":59,"y":399,"width":840,"height":13}},{"id":"e9e737a2-a325-455c-ad6f-a70cbc0dee6d","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":41,"box":{"x":60,"y":414,"width":831,"height":13}},{"id":"e92f1925-d38d-4dfb-bb8e-1f3cf34d7a05","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":41,"box":{"x":59,"y":429,"width":870,"height":13}},{"id":"2e2b85e9-fe57-4b8f-ad7d-b32e87ab197c","block_type":"box","text":"production or processing facilities in Saudi Arabia. As global demand for petroleum fluctuates, Saudi Arabia may be","page_number":41,"box":{"x":59,"y":445,"width":808,"height":12}},{"id":"ae586099-d73f-40be-9b41-9b4b019cf390","block_type":"box","text":"significantly impacted. In the recent past, the Saudi Arabian government has explored privatization and diversification of the","page_number":41,"box":{"x":59,"y":460,"width":868,"height":12}},{"id":"ce9afe50-7599-4224-a975-c180c3e49806","block_type":"box","text":"economy in the wake of a diminished petroleum market.","page_number":41,"box":{"x":59,"y":475,"width":395,"height":12}},{"id":"eeb487e1-6b3a-415f-9a48-c3125c523732","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over many aspects of","page_number":41,"box":{"x":60,"y":501,"width":875,"height":13}},{"id":"eb5e7fc5-2f38-4506-a3fd-7dd967a64e57","block_type":"box","text":"the private sector. Although liberalization in the wider economy is underway, in many areas it has lagged significantly:","page_number":41,"box":{"x":59,"y":516,"width":822,"height":13}},{"id":"5010a0b6-b602-4671-be37-e07d24a0f9ef","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":41,"box":{"x":60,"y":531,"width":878,"height":13}},{"id":"f44ba2f7-d96d-416e-a77c-7a8c31e79c6c","block_type":"box","text":"exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":41,"box":{"x":59,"y":547,"width":848,"height":12}},{"id":"3d217b3a-9691-4fd3-a0e2-1d96931d3514","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East, due to geopolitical events.","page_number":41,"box":{"x":59,"y":562,"width":875,"height":12}},{"id":"fbee6280-2fc6-4dbd-821f-7bc142fd48ad","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":41,"box":{"x":60,"y":577,"width":847,"height":12}},{"id":"181c13a2-c977-4783-b512-291d8a694f1c","block_type":"box","text":"markets and may adversely affect its economy and a Fund’s investments.","page_number":41,"box":{"x":60,"y":592,"width":509,"height":12}},{"id":"37d4525d-047f-4a79-b9dd-941a2667a894","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":41,"box":{"x":59,"y":618,"width":878,"height":13}},{"id":"14ddc67d-0beb-480a-8e87-843de7bbeaf0","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":41,"box":{"x":59,"y":634,"width":836,"height":12}},{"id":"d87f9219-d977-4d28-aea3-7be4bf4a2cf2","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":41,"box":{"x":59,"y":649,"width":872,"height":12}},{"id":"f0dc3937-cb82-44dd-9e88-d6368bf470db","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":41,"box":{"x":59,"y":664,"width":847,"height":12}},{"id":"f4bedda6-eb1a-476e-b7cf-c9b6fb3244f1","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":41,"box":{"x":59,"y":679,"width":871,"height":12}},{"id":"483c59da-21f6-4f8c-9f90-fe3b887f07f3","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":41,"box":{"x":60,"y":694,"width":859,"height":12}},{"id":"5f0f4235-b37b-4571-8ed2-fd0db29db99a","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":41,"box":{"x":59,"y":709,"width":863,"height":12}},{"id":"5ae8805f-66e0-4eca-91f5-2b2b00205201","block_type":"box","text":"an adverse effect on the economy.","page_number":41,"box":{"x":59,"y":724,"width":238,"height":13}},{"id":"03f7f0fe-ba83-4ba2-87ec-ac7b1e4c81c0","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":41,"box":{"x":59,"y":751,"width":871,"height":12}},{"id":"db461417-4456-4eec-bea9-cf5570e5dc8d","block_type":"box","text":"Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume,","page_number":41,"box":{"x":59,"y":766,"width":865,"height":12}},{"id":"646c7246-1d11-40bd-ae97-164bae1154bd","block_type":"box","text":"illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control","page_number":41,"box":{"x":60,"y":781,"width":860,"height":12}},{"id":"79daa24c-3582-4b60-ae65-e8be4e577396","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":41,"box":{"x":59,"y":796,"width":841,"height":12}},{"id":"31278d29-8345-4dc0-8cfc-9caa9ffc2a09","block_type":"box","text":"those of companies on exchanges in more developed markets. Such infrequent trading may adversely affect the pricing of","page_number":41,"box":{"x":59,"y":811,"width":855,"height":13}},{"id":"d41fc607-75d1-4d87-9a2c-7a45d5b30c7c","block_type":"box","text":"these securities and a Fund’s ability to sell these securities in the future.","page_number":41,"box":{"x":59,"y":826,"width":500,"height":13}},{"id":"1f82f791-8b85-479e-bf6a-b67a62708c26","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political instability,","page_number":41,"box":{"x":59,"y":853,"width":865,"height":12}},{"id":"5893caac-e88b-405b-9d3a-375896bf2c45","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":41,"box":{"x":59,"y":868,"width":872,"height":12}},{"id":"c1b60de1-e88e-4cac-a9d2-be5dc8c41c5e","block_type":"box","text":"could adversely impact the economy of Saudi Arabia. Instability may be caused by military developments, government","page_number":41,"box":{"x":59,"y":883,"width":828,"height":12}},{"id":"6dcbdead-2890-4247-87f5-4bbb6ec1203f","block_type":"box","text":"32","page_number":41,"box":{"x":491,"y":916,"width":15,"height":9}},{"id":"e3d7ecd1-d51c-4081-9173-326b6894b2c2","block_type":"box","text":"interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or","page_number":42,"box":{"x":60,"y":67,"width":870,"height":12}},{"id":"ebbef245-cce0-4d82-93d7-45e3e85e6eb0","block_type":"box","text":"other factors. Additionally, anti-Western views held by certain groups in the Middle East may influence government policies","page_number":42,"box":{"x":59,"y":82,"width":862,"height":12}},{"id":"f7c1b8d9-0f90-4162-a29b-ed4ff8aad4e1","block_type":"box","text":"regarding foreign investment. Further developments in U.S. relations with Saudi Arabia and other Middle-Eastern countries","page_number":42,"box":{"x":60,"y":97,"width":858,"height":12}},{"id":"10994cb6-cadd-4786-8b9e-c8282d292a41","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":42,"box":{"x":60,"y":112,"width":852,"height":12}},{"id":"dbb20d9e-1ad5-4905-9de1-bef7df5a1fdd","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":42,"box":{"x":60,"y":127,"width":862,"height":12}},{"id":"b8bba2ea-72bd-40f6-b487-9618bae42687","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":42,"box":{"x":60,"y":142,"width":849,"height":13}},{"id":"0e806155-39f5-499c-be5a-0ab9aed21e9c","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":42,"box":{"x":59,"y":157,"width":817,"height":13}},{"id":"ee193f05-f633-4c2b-9e42-25ebdf807d7f","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":42,"box":{"x":59,"y":172,"width":841,"height":13}},{"id":"4deec901-d56e-42f0-bdd4-8abcb38ae4f4","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may negatively affect the value","page_number":42,"box":{"x":59,"y":188,"width":875,"height":12}},{"id":"038e702a-5803-4825-970f-b0ba4192529b","block_type":"box","text":"of securities in a Fund’s portfolio.","page_number":42,"box":{"x":59,"y":203,"width":231,"height":12}},{"id":"93665294-bf0b-4793-898f-6dc71b64f16b","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":42,"box":{"x":59,"y":229,"width":807,"height":12}},{"id":"c71a19b1-8433-4624-be39-02f04c56d8a7","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":42,"box":{"x":59,"y":244,"width":857,"height":13}},{"id":"82a8c29c-957b-4bb4-a277-81aa21471374","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":42,"box":{"x":59,"y":259,"width":851,"height":13}},{"id":"8fa06d63-f4eb-49f3-a864-b14356fdbbe6","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":42,"box":{"x":59,"y":274,"width":846,"height":13}},{"id":"7515239f-afef-4c26-8ef0-2dd6d656fa2c","block_type":"box","text":"risks.","page_number":42,"box":{"x":60,"y":290,"width":34,"height":9}},{"id":"9e63b932-5204-4e93-9116-55c9a59af47d","block_type":"box","text":"Risk of Investing in South Korea.","page_number":42,"box":{"x":60,"y":316,"width":231,"height":12}},{"id":"909473db-5e4f-47f9-8cc6-1abc6a8757d4","block_type":"box","text":"Investments in South Korean issuers involve risks that are specific to South Korea,","page_number":42,"box":{"x":301,"y":316,"width":568,"height":12}},{"id":"b9fec6fb-0014-4dcd-9b5e-939ac85b8f7d","block_type":"box","text":"including legal, regulatory, political, currency, security and economic risks. Substantial political tensions exist between North","page_number":42,"box":{"x":60,"y":331,"width":867,"height":13}},{"id":"fe2056e1-41cc-4b90-96a0-2b32516d8806","block_type":"box","text":"Korea and South Korea. Escalated tensions involving the two nations and the outbreak of hostilities between the two nations,","page_number":42,"box":{"x":60,"y":346,"width":873,"height":13}},{"id":"bea3835c-2b6f-4b86-8452-e60ed57ffb22","block_type":"box","text":"or even the threat of an outbreak of hostilities, could have a severe adverse effect on the South Korean economy. In addition,","page_number":42,"box":{"x":59,"y":361,"width":868,"height":13}},{"id":"6ad3e8ff-b806-4d8f-b02a-1df2e4e003e1","block_type":"box","text":"South Korea’s economic growth potential has recently been on a decline, because of a rapidly aging population and","page_number":42,"box":{"x":59,"y":377,"width":808,"height":12}},{"id":"033b876e-ea67-4a01-81d7-8197c031b422","block_type":"box","text":"structural problems, among other factors. The South Korean economy is heavily reliant on trading exports and disruptions or","page_number":42,"box":{"x":59,"y":392,"width":874,"height":12}},{"id":"df799fa6-12fe-4141-bfd5-1719d60b8529","block_type":"box","text":"decreases in trade activity could lead to further declines.","page_number":42,"box":{"x":59,"y":407,"width":393,"height":12}},{"id":"6c154742-d43f-49fd-8fe8-2c58b47d2aaf","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":42,"box":{"x":60,"y":433,"width":194,"height":13}},{"id":"655ba007-8e99-4f94-99f1-2c43990df86f","block_type":"box","text":"Investment in Taiwanese issuers will subject a Fund to loss in the event of adverse political,","page_number":42,"box":{"x":264,"y":433,"width":635,"height":13}},{"id":"1978e820-5643-4e28-87c4-8606acdfc0b4","block_type":"box","text":"economic, regulatory and other developments that affect Taiwan, including fluctuations of the New Taiwan dollar versus the","page_number":42,"box":{"x":59,"y":448,"width":870,"height":13}},{"id":"e91b1d0e-abbe-4433-bb9e-72830d1637bb","block_type":"box","text":"U.S. dollar. Taiwan has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative","page_number":42,"box":{"x":60,"y":463,"width":857,"height":13}},{"id":"82ed2d02-13aa-41f7-98ae-2e091fcaf043","block_type":"box","text":"impact on the Taiwanese economy. Appreciation of the New Taiwan dollar, rising labor costs, and increasing environmental","page_number":42,"box":{"x":60,"y":479,"width":860,"height":12}},{"id":"243bddf1-be50-4848-8d99-2f6807737fec","block_type":"box","text":"consciousness have led some labor-intensive industries to relocate to other countries with cheaper work forces. Continued","page_number":42,"box":{"x":59,"y":494,"width":860,"height":12}},{"id":"a85cd266-2e9f-4c78-85f4-6eaa298e1e51","block_type":"box","text":"labor outsourcing may adversely affect the Taiwanese economy. Taiwanese firms are among the world’s largest suppliers of","page_number":42,"box":{"x":60,"y":509,"width":865,"height":12}},{"id":"5297b084-a69d-4f6a-a0d7-ee1e51c91c42","block_type":"box","text":"computer monitors and leaders in personal computer manufacturing. A slowdown in global demand for these products will","page_number":42,"box":{"x":59,"y":524,"width":865,"height":12}},{"id":"159f1511-65d3-4834-8999-97ccbbda9c9c","block_type":"box","text":"likely have an adverse impact on the Taiwanese economy. The Chinese government views Taiwan as a renegade province and","page_number":42,"box":{"x":60,"y":539,"width":876,"height":12}},{"id":"c7a6605a-012a-415b-bb89-5dfec28513b6","block_type":"box","text":"continues to contest Taiwan’s sovereignty. The outbreak of hostilities between the two nations, or even the threat of an","page_number":42,"box":{"x":59,"y":554,"width":834,"height":13}},{"id":"6311ce9d-9375-421e-b2d7-9f9fb00ef8dc","block_type":"box","text":"outbreak of hostilities, will likely adversely impact the Taiwanese economy. Such risks, among others, may adversely affect","page_number":42,"box":{"x":59,"y":569,"width":855,"height":13}},{"id":"0af5617f-dd57-4e72-aec9-0f8dbfa58f78","block_type":"box","text":"the value of a Fund’s investments.","page_number":42,"box":{"x":59,"y":584,"width":237,"height":10}},{"id":"7e530a38-a336-49f3-b170-20b6def35471","block_type":"box","text":"Risk of Investing in the Basic Materials Industry.","page_number":42,"box":{"x":60,"y":611,"width":343,"height":12}},{"id":"2760a057-8e21-4e6e-9d73-8fc9c4e7be40","block_type":"box","text":"Issuers in the basic materials industry could be adversely affected by","page_number":42,"box":{"x":413,"y":611,"width":478,"height":12}},{"id":"c2eab65f-497c-4222-af13-44681c515970","block_type":"box","text":"commodity price volatility, inflation, exchange rate fluctuations, social and political unrest, import controls and increased","page_number":42,"box":{"x":59,"y":626,"width":845,"height":12}},{"id":"6117d320-386c-4545-982e-84309f1944c3","block_type":"box","text":"competition. Companies in the basic materials industry may be subject to swift fluctuations in supply and demand.","page_number":42,"box":{"x":59,"y":641,"width":805,"height":12}},{"id":"b94ea10c-55df-4166-ae5c-c9c06185fd61","block_type":"box","text":"Fluctuations may be caused by events relating to political and economic developments, the environmental impact of basic","page_number":42,"box":{"x":60,"y":656,"width":854,"height":13}},{"id":"e9a4b0ae-cf19-47f1-b7f1-3cac735a0a4c","block_type":"box","text":"materials operations, and the success of exploration projects. Production of industrial materials often exceeds demand as a","page_number":42,"box":{"x":60,"y":671,"width":862,"height":13}},{"id":"ded19850-ef61-4ae4-8a85-a2dc206683fa","block_type":"box","text":"result of over-building or economic downturns, leading to poor investment returns. Issuers in the basic materials industry are","page_number":42,"box":{"x":60,"y":686,"width":875,"height":13}},{"id":"7bbdd34d-7fc1-4a50-b93b-8a941e07f768","block_type":"box","text":"at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, delays","page_number":42,"box":{"x":59,"y":702,"width":874,"height":12}},{"id":"eeca4db8-6008-41c2-b0b7-dcfada80f748","block_type":"box","text":"in technical progress, labor relations, tax and government regulations related to changes to, among other things, energy and","page_number":42,"box":{"x":60,"y":717,"width":870,"height":12}},{"id":"86159b2d-ad31-492f-9ed0-ba7663884fde","block_type":"box","text":"environmental policies.","page_number":42,"box":{"x":59,"y":732,"width":161,"height":12}},{"id":"0af637b4-1695-4f18-8a7f-8d5709a48028","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":42,"box":{"x":60,"y":758,"width":400,"height":13}},{"id":"00a4fe15-8ed0-4de5-bb16-17865010883e","block_type":"box","text":"The communication services sector consists of both companies in","page_number":42,"box":{"x":469,"y":758,"width":463,"height":13}},{"id":"c72947af-8fcb-4612-8189-d9b953234074","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":42,"box":{"x":59,"y":773,"width":877,"height":13}},{"id":"d9b69b4f-728d-4c9a-b4e5-def452841922","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":42,"box":{"x":59,"y":788,"width":773,"height":13}},{"id":"1e528353-5222-4ce8-99e7-95d30577c52c","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":42,"box":{"x":59,"y":804,"width":860,"height":12}},{"id":"6f6797b0-2497-4864-baf7-eb1c1cb3f92b","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":42,"box":{"x":59,"y":819,"width":842,"height":12}},{"id":"4622dd53-92fa-443a-a1af-ac701c6f608f","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":42,"box":{"x":59,"y":834,"width":852,"height":12}},{"id":"d31052c5-39d3-4285-ba4c-207c77383d57","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":42,"box":{"x":60,"y":849,"width":822,"height":12}},{"id":"ac662b94-051e-4129-a3ff-a14bfbc392ac","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":42,"box":{"x":59,"y":864,"width":803,"height":12}},{"id":"21d2b8fd-e6e9-416b-a517-685ca24ed06f","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":42,"box":{"x":59,"y":879,"width":809,"height":13}},{"id":"50cd61cf-304e-4154-92cf-cd932aad382e","block_type":"box","text":"33","page_number":42,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"de1c357c-a54b-4c54-a90b-591c16b2ec9e","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":43,"box":{"x":59,"y":67,"width":871,"height":12}},{"id":"9198dd7f-981b-4abe-b6bd-d7359c3f0eb3","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":43,"box":{"x":60,"y":82,"width":848,"height":12}},{"id":"b42078a0-d61c-460c-b289-218f25244a0d","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":43,"box":{"x":60,"y":97,"width":701,"height":12}},{"id":"4f237130-d346-47ee-a26d-9ecbac636b04","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":43,"box":{"x":59,"y":123,"width":879,"height":13}},{"id":"42ffa5a3-88aa-4cf3-ba0a-aa336c4b555b","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":43,"box":{"x":59,"y":138,"width":876,"height":13}},{"id":"8a73845d-c6e6-427f-b1d6-bfd0e3b49917","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":43,"box":{"x":60,"y":154,"width":866,"height":12}},{"id":"ae174d04-a029-4cdf-89a5-1f69d53d7905","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":43,"box":{"x":59,"y":169,"width":842,"height":12}},{"id":"55d16a7c-0a65-429c-a95f-81f2b553a64c","block_type":"box","text":"communications services sector can also be significantly affected by intense competition for market share, including","page_number":43,"box":{"x":59,"y":184,"width":815,"height":12}},{"id":"4187907a-5bb0-44a0-adf3-954be8dfdb40","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":43,"box":{"x":59,"y":199,"width":838,"height":12}},{"id":"ccb2fd1b-3e7f-4191-bd15-e62c92fa8abf","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":43,"box":{"x":59,"y":214,"width":858,"height":12}},{"id":"abba0cb4-5af5-4af7-b07e-02e572d50237","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":43,"box":{"x":59,"y":229,"width":803,"height":12}},{"id":"dce1d789-2b8f-4a59-b9f5-25afb1b74a85","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":43,"box":{"x":59,"y":244,"width":865,"height":13}},{"id":"6bd3b597-2d30-4bb7-9246-776067fc6bcb","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":43,"box":{"x":60,"y":259,"width":799,"height":13}},{"id":"d155ac5b-9ba8-4e79-b3c8-273558c0fc09","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":43,"box":{"x":60,"y":274,"width":683,"height":13}},{"id":"110dae5c-001b-4db1-ae84-8ef078e307fd","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":43,"box":{"x":59,"y":301,"width":850,"height":12}},{"id":"ab5245f7-0338-4acf-958c-c818d72945b1","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":43,"box":{"x":59,"y":316,"width":865,"height":12}},{"id":"6a004c1c-09b0-4bad-88ee-5921319508b6","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":43,"box":{"x":59,"y":331,"width":863,"height":13}},{"id":"1023b4ed-4b11-481e-ba22-72c53f1a4bd5","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":43,"box":{"x":59,"y":346,"width":819,"height":13}},{"id":"6422d134-d011-4a36-bbc8-12f5393a23ae","block_type":"box","text":"regulation or other negative effects in the future. Telecommunications providers investing in non-U.S. countries may be","page_number":43,"box":{"x":60,"y":361,"width":833,"height":13}},{"id":"9ebcd06b-2401-4fc9-9a8e-37e271fb4d17","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":43,"box":{"x":59,"y":377,"width":874,"height":12}},{"id":"e308c4ec-7b85-4327-8b74-735c6f2579b5","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":43,"box":{"x":59,"y":392,"width":856,"height":12}},{"id":"e9ba57b5-40f8-4b94-8aac-7ffdb95cd74b","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":43,"box":{"x":59,"y":418,"width":869,"height":12}},{"id":"a60f2ac2-ad33-40d4-bed6-c9dfd9bcf474","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":43,"box":{"x":59,"y":433,"width":867,"height":13}},{"id":"fbc02d83-c5a2-4eda-87b4-8cb680983cd1","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":43,"box":{"x":59,"y":448,"width":834,"height":13}},{"id":"7d6f8e42-ed24-4180-a0b3-ae55c2f6caec","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":43,"box":{"x":60,"y":463,"width":840,"height":13}},{"id":"d35e99b5-dee0-4ab9-8f57-4085ff12bac0","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":43,"box":{"x":59,"y":479,"width":823,"height":12}},{"id":"ceea42c8-c9d0-4b27-ac83-7b223fbdb534","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":43,"box":{"x":59,"y":494,"width":859,"height":12}},{"id":"ba96a2e5-cdf4-4af5-8eff-1d5bf1635f75","block_type":"box","text":"less revenue.","page_number":43,"box":{"x":60,"y":509,"width":88,"height":10}},{"id":"5064d673-d1a1-450d-a44d-b125d3714345","block_type":"box","text":"Risk of Investing in the Consumer Cyclical Industry.","page_number":43,"box":{"x":60,"y":535,"width":369,"height":13}},{"id":"4b1b9d5a-76e6-4782-b9b0-240103fae4b4","block_type":"box","text":"A Fund may invest in consumer cyclical companies, which rely heavily","page_number":43,"box":{"x":438,"y":535,"width":490,"height":13}},{"id":"e8a04c25-6625-42f5-861e-934ad61f3e09","block_type":"box","text":"on business cycles and economic conditions. Consumer cyclical companies include automotive manufacturers, retail","page_number":43,"box":{"x":59,"y":550,"width":817,"height":13}},{"id":"d0f8b00b-52a1-4a43-aa6f-6df079b0301c","block_type":"box","text":"companies, and housing-related companies. The consumer cyclical industry can be significantly affected by several factors,","page_number":43,"box":{"x":59,"y":566,"width":862,"height":12}},{"id":"548c27a0-2833-41c5-b8ff-31718373c351","block_type":"box","text":"including, without limitation, the performance of domestic and international economies, exchange rates, changing consumer","page_number":43,"box":{"x":60,"y":581,"width":878,"height":12}},{"id":"1011e93f-a4a0-40c6-a79f-174f019a04dc","block_type":"box","text":"tastes and trends, marketing campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor","page_number":43,"box":{"x":59,"y":596,"width":873,"height":12}},{"id":"cef1e109-38fa-4c21-9ac1-f164f051ab0a","block_type":"box","text":"relations, interest rates, import and export controls, intense competition, technological developments and government","page_number":43,"box":{"x":60,"y":611,"width":830,"height":12}},{"id":"4aafa341-d613-44d8-a578-1bb6e2b5f1ea","block_type":"box","text":"regulation.","page_number":43,"box":{"x":60,"y":626,"width":73,"height":12}},{"id":"17ea4614-b340-4d43-9917-afd4564dbc94","block_type":"box","text":"Risk of Investing in the Consumer Defensive Industry.","page_number":43,"box":{"x":60,"y":652,"width":384,"height":13}},{"id":"7e413d2d-e2cb-4520-bb4d-7756143def75","block_type":"box","text":"A Fund is subject to risks faced by companies in the consumer","page_number":43,"box":{"x":453,"y":652,"width":437,"height":13}},{"id":"c1caf96b-fefc-4b2e-8f4d-30b07fe3e6d9","block_type":"box","text":"defensive industry, including: governmental regulation affecting the permissibility of using various food additives and","page_number":43,"box":{"x":59,"y":668,"width":818,"height":12}},{"id":"b165ed7f-b885-43f4-9595-c53410196e2f","block_type":"box","text":"production methods, which could affect profitability; new laws or litigation that may adversely affect tobacco companies;","page_number":43,"box":{"x":59,"y":683,"width":847,"height":12}},{"id":"12ab662c-4c0e-493c-8da4-394e5f77ca7a","block_type":"box","text":"fads, marketing campaigns and other factors affecting supply and demand that may strongly affect securities prices and","page_number":43,"box":{"x":59,"y":698,"width":841,"height":12}},{"id":"5d72ebe1-f7b1-4e20-9a12-bb8d86d99699","block_type":"box","text":"profitability of food, beverage and fashion related products; and international events that may affect food and beverage","page_number":43,"box":{"x":59,"y":713,"width":833,"height":12}},{"id":"9527989e-23a0-448d-9ee6-aa06e55c8d89","block_type":"box","text":"companies that derive a substantial portion of their net income from foreign countries.","page_number":43,"box":{"x":59,"y":728,"width":606,"height":12}},{"id":"cdd2c657-ee79-49df-a23a-72a0d68a9472","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":43,"box":{"x":60,"y":754,"width":396,"height":13}},{"id":"ec1138bf-b10e-4651-a87d-ebf0eeac605c","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":43,"box":{"x":466,"y":754,"width":446,"height":13}},{"id":"1c76b568-3951-43a1-833f-e8157b09c93d","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":43,"box":{"x":59,"y":770,"width":862,"height":12}},{"id":"562ba2a9-accd-4fc1-bc01-4caf6f32e929","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":43,"box":{"x":60,"y":785,"width":871,"height":12}},{"id":"0b6bda01-7eb9-41e6-8ffc-50ccd3bbd132","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":43,"box":{"x":59,"y":800,"width":851,"height":12}},{"id":"a87acf64-d2a7-479c-887b-950c5f57cf7d","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":43,"box":{"x":60,"y":815,"width":822,"height":12}},{"id":"074ab726-e754-42d8-9fe8-6243acd74d60","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":43,"box":{"x":59,"y":830,"width":827,"height":12}},{"id":"a613c94b-9ce1-4cac-8680-c2422cc00f60","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":43,"box":{"x":60,"y":845,"width":850,"height":13}},{"id":"02e3a614-e373-45f0-aa4f-3e8223fada22","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":43,"box":{"x":60,"y":860,"width":838,"height":13}},{"id":"673f521a-d77f-4459-8a3a-692521ebe084","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":43,"box":{"x":59,"y":875,"width":870,"height":13}},{"id":"f4d6c1a5-4d48-42c7-a082-c1ad4f6efa40","block_type":"box","text":"34","page_number":43,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"898e8f0f-17cb-43a7-963f-9f7437d2ea48","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":44,"box":{"x":59,"y":67,"width":824,"height":12}},{"id":"53e11c7c-42b7-43ad-afe8-949bfcabf59c","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":44,"box":{"x":59,"y":82,"width":835,"height":12}},{"id":"3860417e-8a96-4aef-b009-ed4b8dac3c43","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":44,"box":{"x":60,"y":97,"width":741,"height":12}},{"id":"93d7b3f5-63b8-46c0-a4d1-55081ca2eb65","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":44,"box":{"x":60,"y":123,"width":351,"height":13}},{"id":"c243284e-f3ae-4673-84d7-7c2aea25e079","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":44,"box":{"x":421,"y":123,"width":504,"height":13}},{"id":"ed94d402-fbc3-4a3e-8f2e-2f406ce3d82a","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":44,"box":{"x":59,"y":138,"width":873,"height":13}},{"id":"22259247-3832-4bae-adbb-1378969c3784","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":44,"box":{"x":59,"y":154,"width":848,"height":12}},{"id":"a6eb8c19-ef9c-4cb4-9759-2eccec70be16","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":44,"box":{"x":59,"y":169,"width":868,"height":12}},{"id":"25c2425f-234d-4bba-96f0-cbd28a38d74b","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":44,"box":{"x":60,"y":184,"width":850,"height":12}},{"id":"ef801866-4625-4a7d-9b7b-8123cfc4ff2c","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":44,"box":{"x":59,"y":199,"width":849,"height":12}},{"id":"6ba16650-86ee-427c-886c-55a4f2a4dfea","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":44,"box":{"x":59,"y":214,"width":870,"height":12}},{"id":"d454a8ed-f374-42d1-80ee-932c4c6836ce","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":44,"box":{"x":59,"y":229,"width":848,"height":12}},{"id":"8fa0e161-91a3-469c-baf1-f066a83b9bd0","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":44,"box":{"x":60,"y":244,"width":838,"height":13}},{"id":"9d057e41-b04a-48af-9c66-2710ab8044d7","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":44,"box":{"x":60,"y":259,"width":864,"height":13}},{"id":"90b8c3b0-97c3-4842-9403-cfe52df8db22","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":44,"box":{"x":59,"y":274,"width":873,"height":13}},{"id":"57bd0a3c-8d7b-4dbf-96e1-f1a4a11c8e3d","block_type":"box","text":"their profitability.","page_number":44,"box":{"x":59,"y":290,"width":117,"height":12}},{"id":"bf1cc531-eb4d-4481-a24d-1021dd6acb84","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":44,"box":{"x":60,"y":316,"width":270,"height":12}},{"id":"33a57360-01ea-40fc-bbcd-f664c808539f","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":44,"box":{"x":339,"y":316,"width":591,"height":12}},{"id":"55d84878-8ee8-459d-bdc8-1c21e0e4fd55","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":44,"box":{"x":59,"y":331,"width":789,"height":13}},{"id":"0529d933-c720-465d-a27c-b69a2589e603","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":44,"box":{"x":59,"y":346,"width":854,"height":13}},{"id":"0f4ef4fe-e17a-403e-87db-c65dd68207dc","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":44,"box":{"x":59,"y":361,"width":853,"height":13}},{"id":"687e7f62-7dd4-4324-b5f0-ebc8a812ae67","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":44,"box":{"x":59,"y":377,"width":821,"height":12}},{"id":"55fe3671-8934-4d07-8cd6-fdd978ba9161","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":44,"box":{"x":59,"y":392,"width":807,"height":12}},{"id":"150f4706-558e-498f-91a3-7b41d700386a","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":44,"box":{"x":59,"y":407,"width":847,"height":12}},{"id":"bd0d9c21-6259-45b9-9b0a-b02ae46f56be","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":44,"box":{"x":59,"y":422,"width":874,"height":12}},{"id":"444c484b-728f-4a0c-b71f-11dc1858d559","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":44,"box":{"x":60,"y":437,"width":820,"height":12}},{"id":"0b56b814-365d-4e33-9913-6b3b94998dd8","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":44,"box":{"x":60,"y":452,"width":863,"height":12}},{"id":"3b8b38eb-9213-4848-8cbc-b261a1633605","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":44,"box":{"x":59,"y":467,"width":824,"height":13}},{"id":"13a5ce12-67c6-4e86-a512-067e9b08df46","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":44,"box":{"x":59,"y":482,"width":870,"height":13}},{"id":"23560627-33d3-48e3-9b6b-ed9ab40d4341","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":44,"box":{"x":59,"y":497,"width":859,"height":13}},{"id":"de050ac8-73f0-4b7c-941c-5787c64aa6f6","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":44,"box":{"x":59,"y":513,"width":860,"height":12}},{"id":"eaed9f5b-268d-47aa-840e-fef7b55bb713","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":44,"box":{"x":59,"y":528,"width":860,"height":12}},{"id":"1191c292-8941-4a83-9d4d-854dabb3cd80","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":44,"box":{"x":60,"y":543,"width":876,"height":12}},{"id":"4cc7aa71-cb78-4079-bed5-a4e42b4c8cf8","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":44,"box":{"x":60,"y":558,"width":835,"height":12}},{"id":"c8ddffa7-180d-411a-a74e-071f65ae6a18","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":44,"box":{"x":59,"y":573,"width":755,"height":12}},{"id":"0a9d7bb2-e975-4113-9f18-0e43e3a8f275","block_type":"box","text":"e.g","page_number":44,"box":{"x":816,"y":576,"width":20,"height":9}},{"id":"e007d008-1776-43bc-be0c-a46cf9c640a3","block_type":"box","text":".,","page_number":44,"box":{"x":837,"y":581,"width":6,"height":3}},{"id":"d6504863-8da1-4d52-a6dd-3e90ffd21fe7","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":44,"box":{"x":59,"y":588,"width":850,"height":13}},{"id":"b4698f07-094f-48ca-9181-8f3fdff3253d","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":44,"box":{"x":59,"y":603,"width":879,"height":13}},{"id":"853df137-2634-42fd-9829-054e6166418f","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":44,"box":{"x":59,"y":618,"width":861,"height":13}},{"id":"e794f111-6e09-44f4-a0f1-e5900b300c90","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":44,"box":{"x":59,"y":634,"width":874,"height":12}},{"id":"cc853aed-e865-4c8e-aa08-c6e7cc5e91e1","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":44,"box":{"x":59,"y":649,"width":878,"height":12}},{"id":"fc47c183-da74-4710-a48d-f7ffa7112bc4","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":44,"box":{"x":59,"y":664,"width":839,"height":12}},{"id":"952e0e78-6387-47be-9a68-48f988d233fd","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":44,"box":{"x":59,"y":679,"width":858,"height":12}},{"id":"86466f9c-92b8-4da7-97a2-fd50f300f6be","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":44,"box":{"x":60,"y":694,"width":610,"height":12}},{"id":"7fc57edd-27ee-4601-8f67-bfa5d4af2df8","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":44,"box":{"x":59,"y":720,"width":831,"height":13}},{"id":"0af7b96a-762f-486b-b6db-017680d61d45","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":44,"box":{"x":60,"y":736,"width":843,"height":12}},{"id":"df79a6cf-0da8-4da9-abaf-5a4c097215a0","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":44,"box":{"x":59,"y":751,"width":854,"height":12}},{"id":"8d0d0c52-b063-433f-9aa7-e78728fc4f9c","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":44,"box":{"x":59,"y":766,"width":875,"height":12}},{"id":"b14340f7-3225-4d25-acfb-c6a6be7a7724","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":44,"box":{"x":59,"y":781,"width":871,"height":12}},{"id":"4afb75ab-4062-471a-a4ce-5149de040b0c","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":44,"box":{"x":59,"y":796,"width":874,"height":12}},{"id":"8a8f3f96-47ed-43a8-a2aa-74355d2757f3","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":44,"box":{"x":59,"y":811,"width":865,"height":13}},{"id":"44abe8af-d118-40dc-8047-621ddc2c638e","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":44,"box":{"x":60,"y":826,"width":445,"height":13}},{"id":"303db0cb-7604-4513-b0a5-c34abb1bb00c","block_type":"box","text":"35","page_number":44,"box":{"x":491,"y":916,"width":15,"height":9}},{"id":"464d4798-687f-460c-8444-b95d60e97f07","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":45,"box":{"x":60,"y":67,"width":292,"height":12}},{"id":"e71a8cf4-2254-4a0c-b5a3-bd1cb3be1252","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":45,"box":{"x":361,"y":67,"width":534,"height":12}},{"id":"2715b753-bef1-4d7e-96b5-4f39ee78e9e2","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":45,"box":{"x":60,"y":82,"width":836,"height":12}},{"id":"631d7558-9a2e-4e16-a77c-1287f95e81b2","block_type":"box","text":"companies (","page_number":45,"box":{"x":59,"y":97,"width":86,"height":12}},{"id":"4b3b9dcc-7372-4231-97a0-717ce31246a6","block_type":"box","text":"e.g.","page_number":45,"box":{"x":146,"y":100,"width":23,"height":9}},{"id":"14c737ac-8e79-49ea-93b6-95aa2d778985","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":45,"box":{"x":171,"y":97,"width":706,"height":12}},{"id":"894450eb-cc68-4692-8ece-9bc237a305a2","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":45,"box":{"x":59,"y":112,"width":491,"height":12}},{"id":"38f6d76c-6758-468b-a891-48b122a25d81","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":45,"box":{"x":59,"y":138,"width":865,"height":13}},{"id":"55925499-7232-497a-bad2-2d977021d5f8","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":45,"box":{"x":59,"y":154,"width":870,"height":12}},{"id":"d0365de9-e40c-4f0f-8d19-9931a7a4a65a","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":45,"box":{"x":59,"y":169,"width":814,"height":12}},{"id":"b31318b9-2711-4e25-a197-ff49900afdf7","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":45,"box":{"x":59,"y":184,"width":878,"height":12}},{"id":"b62f0714-e7b5-47cf-bd1d-4e7ad8cb8a4b","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":45,"box":{"x":59,"y":199,"width":847,"height":12}},{"id":"76610993-0557-41ff-a3cf-eeb9d6049d5e","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":45,"box":{"x":60,"y":214,"width":826,"height":12}},{"id":"041369c1-6bf3-4f65-8622-25921cbaf232","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":45,"box":{"x":59,"y":229,"width":870,"height":12}},{"id":"166e92f5-3822-44b0-b23d-d6e3ec4e518e","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":45,"box":{"x":59,"y":244,"width":854,"height":13}},{"id":"581477ac-645d-47d9-bfcf-c5215907b43f","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":45,"box":{"x":60,"y":259,"width":833,"height":13}},{"id":"1e88427d-4675-4a43-8540-773fbcfb92a9","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":45,"box":{"x":60,"y":274,"width":839,"height":13}},{"id":"ba039146-c2f2-43d0-b52e-1014d1ae6260","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":45,"box":{"x":60,"y":290,"width":871,"height":12}},{"id":"bfa92023-847f-4e37-bb63-d43ea6c23774","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":45,"box":{"x":59,"y":305,"width":810,"height":12}},{"id":"6f6cc8bf-963d-42df-a5be-b16716af99ef","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":45,"box":{"x":60,"y":320,"width":870,"height":12}},{"id":"5f925b9c-8bad-479f-a813-94315a7621b8","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":45,"box":{"x":59,"y":335,"width":846,"height":12}},{"id":"c66d7861-70a3-4c89-aca6-fa93cc1dbd3f","block_type":"box","text":"businesses.","page_number":45,"box":{"x":60,"y":350,"width":78,"height":10}},{"id":"c3dfac77-8211-4c08-bc75-30796a76e62b","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":45,"box":{"x":59,"y":377,"width":879,"height":12}},{"id":"4cad81c6-0496-46c6-925c-a5e0bd1f3ee5","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":45,"box":{"x":59,"y":392,"width":863,"height":12}},{"id":"85e16f1a-0841-42c5-8a7e-688b8f457142","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":45,"box":{"x":59,"y":407,"width":830,"height":12}},{"id":"2256ce1c-b692-4037-b7c2-1b9f0916522a","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":45,"box":{"x":59,"y":422,"width":872,"height":12}},{"id":"03d0a508-e886-4bc5-9fd4-52cefba9f4e3","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":45,"box":{"x":60,"y":437,"width":855,"height":12}},{"id":"bbf8fe2f-f959-4665-a226-4512f2d29142","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":45,"box":{"x":59,"y":452,"width":730,"height":12}},{"id":"6a6d4418-f80a-4a33-8036-f0e001d0b625","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":45,"box":{"x":60,"y":479,"width":844,"height":12}},{"id":"483da586-086e-4afc-99a7-37c812c9ac56","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":45,"box":{"x":60,"y":494,"width":834,"height":12}},{"id":"b8f7545f-0c23-4e95-bb07-851eae26a309","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":45,"box":{"x":59,"y":509,"width":831,"height":12}},{"id":"54afe10d-5383-494f-a376-ee0702668ebe","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":45,"box":{"x":60,"y":524,"width":850,"height":12}},{"id":"7f6d2349-c5d3-4559-b680-84a21130845b","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":45,"box":{"x":59,"y":539,"width":820,"height":12}},{"id":"5f4819b6-b200-4439-91a3-14ce8359d70b","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":45,"box":{"x":59,"y":554,"width":876,"height":13}},{"id":"785c65ab-0526-4e34-ad77-9f7185af39a4","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":45,"box":{"x":59,"y":569,"width":836,"height":13}},{"id":"3e6331bf-73f2-4904-a28d-7f824b9fb24e","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":45,"box":{"x":59,"y":584,"width":842,"height":13}},{"id":"2dbc7f37-31d8-4ad3-a74b-cc448a72b598","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":45,"box":{"x":59,"y":600,"width":815,"height":12}},{"id":"aaeb18b7-765a-4c5a-b6a8-fcb460ffdc7e","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":45,"box":{"x":59,"y":615,"width":828,"height":12}},{"id":"04547fc8-487b-4b94-bac9-e7ec1d6d4ddc","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":45,"box":{"x":59,"y":630,"width":870,"height":12}},{"id":"a40a4b9f-5bfb-477f-8add-07d69fbaf112","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":45,"box":{"x":59,"y":645,"width":837,"height":12}},{"id":"7587fd91-0409-4e12-84e9-7d8e5046ce21","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":45,"box":{"x":60,"y":660,"width":861,"height":12}},{"id":"c1d3c1c9-45d9-4c45-961d-4b2f65cfb6c0","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":45,"box":{"x":59,"y":675,"width":854,"height":12}},{"id":"a609ec2d-9e22-4b3a-9962-73b852a870f1","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":45,"box":{"x":59,"y":690,"width":865,"height":13}},{"id":"59ea922c-bef7-4f4b-972a-835c52dddc5f","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":45,"box":{"x":59,"y":705,"width":863,"height":13}},{"id":"316dfeb2-01ec-49f4-a0dd-2349a64fa26b","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":45,"box":{"x":59,"y":720,"width":873,"height":13}},{"id":"c653fe81-c395-46a4-8a12-8bbb0e792a66","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":45,"box":{"x":59,"y":736,"width":665,"height":12}},{"id":"14b14ab8-e77c-49c8-97f7-858abc4e9d16","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":45,"box":{"x":60,"y":762,"width":299,"height":12}},{"id":"0b5d231e-d079-41c2-8f5a-95dadb22eb06","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":45,"box":{"x":368,"y":762,"width":557,"height":12}},{"id":"db239e30-4fae-41ff-9d97-c7087b6a1a1c","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":45,"box":{"x":59,"y":777,"width":839,"height":13}},{"id":"e2a0e88a-b385-400a-b2e1-90ea95c55a11","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":45,"box":{"x":59,"y":792,"width":834,"height":13}},{"id":"e973fb25-3d0a-4934-8c6a-7e892690205e","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":45,"box":{"x":60,"y":807,"width":816,"height":13}},{"id":"e3eabdbc-8eb1-43e4-b884-fe8011b2ba2d","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":45,"box":{"x":59,"y":823,"width":850,"height":12}},{"id":"22c278b1-4a4d-4f73-a670-fcc67461435a","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":45,"box":{"x":60,"y":849,"width":862,"height":12}},{"id":"e39adde4-2bd7-4536-993f-84505d320cbc","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":45,"box":{"x":59,"y":864,"width":854,"height":12}},{"id":"711ee0b0-1010-4eaf-a3e5-b2397ddd29e7","block_type":"box","text":"36","page_number":45,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"f1829bce-2259-4623-ac27-46549a9b4817","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":46,"box":{"x":60,"y":67,"width":860,"height":12}},{"id":"73ff28bf-4bae-46d6-8bc7-f48fd80673fc","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":46,"box":{"x":60,"y":82,"width":620,"height":12}},{"id":"b5294cd3-481a-42d3-8681-088ece0e48a6","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":46,"box":{"x":60,"y":108,"width":861,"height":13}},{"id":"b1537bee-e0b9-44aa-82e9-e3c06429f1ad","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":46,"box":{"x":59,"y":123,"width":860,"height":13}},{"id":"3fc8dcee-badb-4c24-9a8b-fe2c42148f8f","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":46,"box":{"x":59,"y":138,"width":843,"height":13}},{"id":"49c5ed3e-d6f8-4666-b8f0-116e31e69352","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":46,"box":{"x":60,"y":154,"width":867,"height":12}},{"id":"5fa8e08f-10c9-4fe9-9f9c-0d42ff08a10d","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":46,"box":{"x":59,"y":169,"width":868,"height":12}},{"id":"a2453ae5-ca20-439e-8514-83f2a8f29ec9","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":46,"box":{"x":59,"y":184,"width":845,"height":12}},{"id":"17a51125-7fca-4eef-8fff-98dc6116b29b","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":46,"box":{"x":59,"y":199,"width":858,"height":12}},{"id":"40c23885-c4f8-49ba-b505-a2c8a3f5f0a4","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":46,"box":{"x":59,"y":214,"width":870,"height":12}},{"id":"075fdc11-4e54-4292-ab91-e6a47e072fd6","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":46,"box":{"x":59,"y":229,"width":811,"height":12}},{"id":"0929ad9d-9d9f-4eb3-ba07-0549dc7842f1","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":46,"box":{"x":60,"y":244,"width":834,"height":13}},{"id":"5e3075f0-131d-4730-8553-179db13d5942","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":46,"box":{"x":59,"y":259,"width":879,"height":13}},{"id":"5cf89da0-8a39-454e-8c06-6120a074ad43","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":46,"box":{"x":60,"y":274,"width":861,"height":13}},{"id":"445049d5-587a-4f17-92d5-eea8caf05f55","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":46,"box":{"x":59,"y":290,"width":845,"height":12}},{"id":"d21f53d4-4f40-459b-9f1f-bc0895373afa","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":46,"box":{"x":59,"y":305,"width":846,"height":12}},{"id":"d65525b3-bbf2-44bc-be0d-88db8fda7929","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":46,"box":{"x":60,"y":320,"width":841,"height":12}},{"id":"b93b15ee-fe9a-4f8b-a53b-ee0bd1573876","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":46,"box":{"x":59,"y":335,"width":793,"height":12}},{"id":"f56400fb-1a81-4fe3-82aa-ac302bc0791e","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":46,"box":{"x":59,"y":361,"width":872,"height":13}},{"id":"db221e50-ec65-47df-812b-f615f307d3a5","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":46,"box":{"x":59,"y":377,"width":861,"height":12}},{"id":"71f065f9-c25f-4d1a-be62-be24a800a1e4","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":46,"box":{"x":60,"y":392,"width":828,"height":12}},{"id":"5a04a112-873c-4583-a1c1-ff638462280a","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":46,"box":{"x":59,"y":407,"width":789,"height":12}},{"id":"7a600cf1-4e64-4a5f-ae7c-5374c6542cf1","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":46,"box":{"x":59,"y":422,"width":822,"height":12}},{"id":"f9d27dc8-6471-4252-911d-3047fb8ecde4","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":46,"box":{"x":59,"y":437,"width":787,"height":12}},{"id":"cfea63c8-af5c-4873-b904-a645a7f13542","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":46,"box":{"x":60,"y":463,"width":296,"height":13}},{"id":"cce42df2-7f62-4bea-a0c0-d52f8df89798","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":46,"box":{"x":365,"y":463,"width":530,"height":13}},{"id":"39f4af53-1664-4464-aa49-ca67fc8c27e4","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":46,"box":{"x":59,"y":479,"width":869,"height":12}},{"id":"30dfe4fa-9cb5-4e9b-b81e-913170c8d16f","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":46,"box":{"x":59,"y":494,"width":849,"height":12}},{"id":"5c62330f-5a26-4092-a634-4684f23e41b7","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":46,"box":{"x":59,"y":509,"width":844,"height":12}},{"id":"694ecb5e-5281-47c3-804b-362293e5be29","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":46,"box":{"x":59,"y":524,"width":824,"height":12}},{"id":"b455b24f-bc93-4090-9a98-084e006cecfc","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. Aerospace and defense","page_number":46,"box":{"x":59,"y":539,"width":803,"height":12}},{"id":"7db69c93-0840-4b2d-9812-a5bca9fe2acc","block_type":"box","text":"companies, a component of the industrials sector, can be significantly affected by government spending policies because","page_number":46,"box":{"x":59,"y":554,"width":848,"height":13}},{"id":"f7a893e2-72de-4017-af78-b2f9a0599f51","block_type":"box","text":"companies involved in this industry rely, to a significant extent, on government demand for their products and services. Thus,","page_number":46,"box":{"x":59,"y":569,"width":876,"height":13}},{"id":"c07b69e5-1bfd-47c9-90be-ff39ed30e8e3","block_type":"box","text":"the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental","page_number":46,"box":{"x":59,"y":584,"width":869,"height":13}},{"id":"509ec7c4-02ab-44ac-a15e-121790166b01","block_type":"box","text":"defense spending policies, which are typically under pressure from efforts to control government budgets. Transportation","page_number":46,"box":{"x":59,"y":600,"width":850,"height":12}},{"id":"0441d4d7-6730-4ada-a165-3aa40292a034","block_type":"box","text":"stocks, a component of the industrials sector, are cyclical and can be significantly affected by economic changes, fuel prices,","page_number":46,"box":{"x":59,"y":615,"width":870,"height":12}},{"id":"345788f7-5607-49db-b78c-2faa722c47fa","block_type":"box","text":"labor relations and insurance costs. Transportation companies in certain countries may also be subject to significant","page_number":46,"box":{"x":60,"y":630,"width":813,"height":12}},{"id":"31acd6a3-f999-4445-a9e1-cec6b414363a","block_type":"box","text":"government regulation and oversight, which may adversely affect their businesses. For example, commodity price declines","page_number":46,"box":{"x":59,"y":645,"width":858,"height":12}},{"id":"58b29e91-13db-4581-a9cc-dd6ed80c6252","block_type":"box","text":"and unit volume reductions resulting from an over-supply of materials used in the industrials sector can adversely affect the","page_number":46,"box":{"x":59,"y":660,"width":867,"height":12}},{"id":"b2f10d36-d15a-4ef2-bb4f-1e042387ced2","block_type":"box","text":"sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage, product","page_number":46,"box":{"x":59,"y":675,"width":827,"height":12}},{"id":"52e0ab8b-d946-49f0-a9a7-0bdda90eb2b0","block_type":"box","text":"liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":46,"box":{"x":60,"y":690,"width":691,"height":13}},{"id":"b62b3209-a16c-4d76-8f39-30bf88c67f2d","block_type":"box","text":"Risk of Investing in the Infrastructure Industry.","page_number":46,"box":{"x":60,"y":717,"width":335,"height":12}},{"id":"b627d308-5eb9-4ded-b7df-0cb573fbff4a","block_type":"box","text":"Companies in the infrastructure industry may be subject to a variety of","page_number":46,"box":{"x":404,"y":717,"width":495,"height":12}},{"id":"2458a610-f625-45c4-ae38-fb364e397a46","block_type":"box","text":"factors that could adversely affect their business or operations, including high interest costs in connection with capital","page_number":46,"box":{"x":59,"y":732,"width":827,"height":12}},{"id":"25a723af-302b-481a-8e3a-a96b59ba9859","block_type":"box","text":"construction programs, high degrees of leverage, costs associated with governmental, environmental and other regulations,","page_number":46,"box":{"x":59,"y":747,"width":868,"height":12}},{"id":"bc94c493-8d29-4c9c-98f7-d7b28604e979","block_type":"box","text":"the effects of economic slowdowns, increased competition from other providers of services, uncertainties concerning costs,","page_number":46,"box":{"x":59,"y":762,"width":866,"height":12}},{"id":"644f868a-9b33-4460-a1d1-c148218f4197","block_type":"box","text":"the level of government spending on infrastructure projects, and other factors. Infrastructure companies may be adversely","page_number":46,"box":{"x":59,"y":777,"width":856,"height":13}},{"id":"e3a2274f-5092-49be-bb09-6ab939f8b912","block_type":"box","text":"affected by commodity price volatility, changes in exchange rates, import controls, depletion of resources, technological","page_number":46,"box":{"x":59,"y":792,"width":838,"height":13}},{"id":"cb2137a3-4aca-4310-ab86-def0314fbbe6","block_type":"box","text":"developments, and labor relations. There is also the risk that corruption may negatively affect publicly funded infrastructure","page_number":46,"box":{"x":59,"y":807,"width":865,"height":13}},{"id":"614c235b-9996-4dd5-a39f-b6649b28aa74","block_type":"box","text":"projects, especially in emerging markets, resulting in delays and cost overruns. Infrastructure issuers can be significantly","page_number":46,"box":{"x":59,"y":823,"width":841,"height":12}},{"id":"7fe69756-0f06-4ffc-bbb4-d8b442eab116","block_type":"box","text":"affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and","page_number":46,"box":{"x":59,"y":838,"width":874,"height":12}},{"id":"98b6baee-921e-4b1b-9470-b9ae3aa7581a","block_type":"box","text":"other government demand for their products.","page_number":46,"box":{"x":59,"y":853,"width":319,"height":12}},{"id":"45524a6d-27d5-425c-a52d-2e44d955cf96","block_type":"box","text":"37","page_number":46,"box":{"x":491,"y":916,"width":15,"height":9}},{"id":"bbd291cd-6c38-4587-8395-377d6645ccc8","block_type":"box","text":"Infrastructure companies in the oil and gas industry may be adversely affected by government regulation or world events in","page_number":47,"box":{"x":60,"y":67,"width":861,"height":12}},{"id":"0bfbcb14-13ae-4a88-84ff-91903db7c292","block_type":"box","text":"the regions where the companies operate (","page_number":47,"box":{"x":59,"y":82,"width":301,"height":12}},{"id":"fd9c8563-0b11-4e75-a0bf-fca16c16c8e2","block_type":"box","text":"e.g.","page_number":47,"box":{"x":361,"y":85,"width":23,"height":9}},{"id":"e6358bd4-6e3f-47c3-9e94-66eefde82ca1","block_type":"box","text":", expropriation, nationalization, confiscation of assets and property or the","page_number":47,"box":{"x":386,"y":82,"width":512,"height":12}},{"id":"dac5e9a5-4c3e-4891-8b2b-ca98b03cffe5","block_type":"box","text":"imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor","page_number":47,"box":{"x":60,"y":97,"width":853,"height":12}},{"id":"91bfc1f3-8c62-4a3d-bb1a-b660f2fe46df","block_type":"box","text":"unrest). Infrastructure companies may have significant capital investments in, or engage in transactions involving, emerging","page_number":47,"box":{"x":60,"y":112,"width":866,"height":12}},{"id":"b25ab371-7f2a-4997-9adc-d03e909e02b0","block_type":"box","text":"market countries, which may heighten these risks.","page_number":47,"box":{"x":60,"y":127,"width":350,"height":12}},{"id":"22e3e04c-b48a-4469-aab5-e278e585544c","block_type":"box","text":"Operations Risk.","page_number":47,"box":{"x":59,"y":154,"width":112,"height":12}},{"id":"a1101832-ece5-4e3e-bbc6-2e62711ecfe4","block_type":"box","text":"The failure of an infrastructure company to carry adequate insurance or to operate its assets appropriately","page_number":47,"box":{"x":177,"y":154,"width":744,"height":12}},{"id":"aea2f4a2-7700-4e22-ba53-47e7833ab204","block_type":"box","text":"could lead to significant losses. Infrastructure may be adversely affected by environmental clean-up costs and catastrophic","page_number":47,"box":{"x":59,"y":169,"width":859,"height":12}},{"id":"a9489db1-acb1-402a-9fe6-f2159c6a3e0a","block_type":"box","text":"events such as earthquakes, hurricanes and terrorist acts.","page_number":47,"box":{"x":59,"y":184,"width":402,"height":12}},{"id":"820d2cb3-fb1c-43c0-a7a6-bc98254a3bee","block_type":"box","text":"Customer Risk.","page_number":47,"box":{"x":59,"y":210,"width":103,"height":10}},{"id":"b8b24827-1762-4175-80a9-02de6782a6e1","block_type":"box","text":"Infrastructure companies can be dependent upon a narrow customer base. Additionally, if these customers","page_number":47,"box":{"x":169,"y":210,"width":748,"height":13}},{"id":"328a096a-ce2b-4a62-a002-dba7fa53cda3","block_type":"box","text":"fail to pay their obligations, significant revenues could be lost and may not be replaceable.","page_number":47,"box":{"x":59,"y":225,"width":629,"height":13}},{"id":"8bbc3c3e-02f1-4ef3-84ca-7c51412552f2","block_type":"box","text":"Regulatory Risk.","page_number":47,"box":{"x":59,"y":252,"width":110,"height":12}},{"id":"d3234ee9-388d-4cff-b3e6-8e37510ad099","block_type":"box","text":"Infrastructure companies may be subject to significant regulation by various governmental authorities and","page_number":47,"box":{"x":176,"y":252,"width":743,"height":12}},{"id":"08ccda3e-31ef-4f46-9dbc-c5fb11d09423","block_type":"box","text":"also may be affected by regulation of rates charged to customers, service interruption due to environmental, operational or","page_number":47,"box":{"x":59,"y":267,"width":860,"height":12}},{"id":"5fe149a7-8db2-4799-b8e7-65e2338b2bbc","block_type":"box","text":"other events, the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.","page_number":47,"box":{"x":59,"y":282,"width":811,"height":12}},{"id":"b843cb70-a30c-4f11-a241-39cb96b85081","block_type":"box","text":"Strategic Asset Risk.","page_number":47,"box":{"x":58,"y":308,"width":140,"height":13}},{"id":"217dd78a-06cf-4e0d-becb-6ba8e7a41a69","block_type":"box","text":"Infrastructure companies may control significant strategic assets (","page_number":47,"box":{"x":205,"y":308,"width":463,"height":13}},{"id":"730ebdf4-24f7-46c6-adbc-95e9d53d46f7","block_type":"box","text":"e.g.","page_number":47,"box":{"x":669,"y":312,"width":23,"height":9}},{"id":"87c812f4-6869-4450-add3-36f9ec393107","block_type":"box","text":", major pipelines or highways),","page_number":47,"box":{"x":694,"y":308,"width":213,"height":13}},{"id":"be54bf27-6a9a-4341-9698-e4d69573bf4b","block_type":"box","text":"which are assets that have a national or regional profile, and may have monopolistic characteristics. Given their national or","page_number":47,"box":{"x":59,"y":324,"width":858,"height":12}},{"id":"34a10fd1-38b3-4372-b0e5-d018df7dbdbf","block_type":"box","text":"regional profile or irreplaceable nature, strategic assets could generate additional risk not common in other industry sectors","page_number":47,"box":{"x":60,"y":339,"width":865,"height":12}},{"id":"21f6fe55-3847-4877-831f-1342a48a3157","block_type":"box","text":"and they may be targeted for terrorist acts or adverse political actions.","page_number":47,"box":{"x":59,"y":354,"width":490,"height":12}},{"id":"431e8ddc-16f2-4500-8fbe-f9c504d1ba92","block_type":"box","text":"Interest Rate Risk.","page_number":47,"box":{"x":59,"y":380,"width":123,"height":10}},{"id":"8a51282e-a6d1-4614-9964-7f8641d3293e","block_type":"box","text":"Rising interest rates could result in higher costs of capital for infrastructure companies, which could","page_number":47,"box":{"x":189,"y":380,"width":697,"height":13}},{"id":"3c66e313-e8d0-4ae8-bcdb-9b48af86dae0","block_type":"box","text":"negatively impact their ability to meet payment obligations.","page_number":47,"box":{"x":60,"y":395,"width":414,"height":13}},{"id":"5dd6568c-d149-4833-beb4-e62ca7059800","block_type":"box","text":"Leverage Risk.","page_number":47,"box":{"x":59,"y":422,"width":97,"height":12}},{"id":"d37c5d73-7106-4187-b843-91eec6d89217","block_type":"box","text":"Infrastructure companies can be highly leveraged, which increases investments risk and other risks normally","page_number":47,"box":{"x":163,"y":422,"width":758,"height":12}},{"id":"857a8fce-473b-4b69-a84a-3bede6841db3","block_type":"box","text":"associated with debt financing and could adversely affect an infrastructure company’s operations and market value in","page_number":47,"box":{"x":59,"y":437,"width":824,"height":12}},{"id":"f361f1cf-fc91-4033-a9bd-73cd53b70109","block_type":"box","text":"periods of rising interest rates.","page_number":47,"box":{"x":59,"y":452,"width":211,"height":12}},{"id":"a1a194c6-cf45-4fdd-9bd6-a8467f51cbfb","block_type":"box","text":"Inflation Risk.","page_number":47,"box":{"x":59,"y":479,"width":92,"height":11}},{"id":"49db31ab-a692-4c3a-b548-4699ec9bdca1","block_type":"box","text":"Many infrastructure companies may have fixed income streams. Consequently, their market values may decline","page_number":47,"box":{"x":158,"y":479,"width":777,"height":12}},{"id":"55c48129-7401-4d74-b152-fa598addb68b","block_type":"box","text":"in times of higher inflation. Additionally, the prices that an infrastructure company is able to charge users of its assets may be","page_number":47,"box":{"x":60,"y":494,"width":875,"height":12}},{"id":"6ccd4d05-67c2-43f2-8228-d21c68532b05","block_type":"box","text":"linked to inflation, whether by government regulation, contractual arrangement or other factors. In this case, changes in the","page_number":47,"box":{"x":60,"y":509,"width":866,"height":12}},{"id":"92629be0-c1b1-402a-8ded-39c9bd6e6c19","block_type":"box","text":"rate of inflation may affect the company’s profitability.","page_number":47,"box":{"x":60,"y":524,"width":376,"height":12}},{"id":"4bab45ff-1283-4f75-8d27-d23af6d448fb","block_type":"box","text":"Transportation Risk.","page_number":47,"box":{"x":60,"y":550,"width":137,"height":13}},{"id":"9fc08f1a-718c-458a-a094-b60cf0fa4349","block_type":"box","text":"The stock prices of companies in the transportation industry group are affected by both supply and","page_number":47,"box":{"x":203,"y":550,"width":695,"height":13}},{"id":"bcfd4a41-d234-4535-bcdd-f9354d0c765b","block_type":"box","text":"demand for their specific product. Government regulation, world events and economic conditions may affect the","page_number":47,"box":{"x":59,"y":566,"width":789,"height":12}},{"id":"f79af066-aaaf-4f08-8c9f-cfc6eadef97e","block_type":"box","text":"performance of companies in the transportation industry group.","page_number":47,"box":{"x":59,"y":581,"width":448,"height":12}},{"id":"e346a1de-b85c-42ba-80b3-e831767c33fe","block_type":"box","text":"Oil and Gas Risk.","page_number":47,"box":{"x":59,"y":607,"width":115,"height":10}},{"id":"40377bbc-5d72-45e1-8a40-30a0c317ece4","block_type":"box","text":"The profitability of oil and gas companies is related to worldwide energy prices, exploration, and production","page_number":47,"box":{"x":180,"y":607,"width":754,"height":12}},{"id":"61d59607-e48b-467c-bafe-d446ab1df72e","block_type":"box","text":"spending.","page_number":47,"box":{"x":59,"y":622,"width":67,"height":13}},{"id":"0946bd27-1b4e-41b9-be4f-44cc47b88690","block_type":"box","text":"Utilities Risk.","page_number":47,"box":{"x":60,"y":649,"width":86,"height":9}},{"id":"ca7717fa-2456-4bf4-a5b8-cfc226ae52bc","block_type":"box","text":"Utilities companies face intense competition, both domestically and internationally, which may have an adverse","page_number":47,"box":{"x":152,"y":649,"width":779,"height":12}},{"id":"d8dda1f6-b849-48f6-8b28-c7494ca96705","block_type":"box","text":"effect on their profit margins. The rates charged by regulated utility companies are subject to review and limitation by","page_number":47,"box":{"x":59,"y":664,"width":822,"height":12}},{"id":"c8a679c2-0e3a-401d-baf0-3937605b6a01","block_type":"box","text":"governmental regulatory commissions.","page_number":47,"box":{"x":59,"y":679,"width":274,"height":12}},{"id":"c2e44d8a-0c8f-438e-9725-465b91e38615","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":47,"box":{"x":60,"y":705,"width":287,"height":13}},{"id":"afaeb384-913e-4046-b82b-c26743986e26","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":47,"box":{"x":356,"y":705,"width":569,"height":13}},{"id":"d021504d-ac4d-41d1-9342-c05da2ee90e4","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":47,"box":{"x":59,"y":720,"width":823,"height":13}},{"id":"11fe918e-30ea-4189-8e70-80798def8f53","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":47,"box":{"x":59,"y":736,"width":879,"height":12}},{"id":"a1ad04e9-18c6-4c0f-b845-5dfcd032334d","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":47,"box":{"x":59,"y":751,"width":823,"height":12}},{"id":"2445849c-b201-4e44-afb5-21ff80c1e204","block_type":"box","text":"Companies in the materials sector are also at risk of liability for environmental damage and product liability claims.","page_number":47,"box":{"x":59,"y":766,"width":802,"height":12}},{"id":"7bd66c3a-d148-4b2a-bba8-4e105490ddff","block_type":"box","text":"Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor","page_number":47,"box":{"x":60,"y":781,"width":832,"height":12}},{"id":"5cbaa505-dbd1-4882-a7fd-71cdf18b1092","block_type":"box","text":"investment returns. These risks are heightened for companies in the materials sector located in foreign markets.","page_number":47,"box":{"x":60,"y":796,"width":782,"height":12}},{"id":"0f3a1fe3-0e99-4350-80ca-4c3679d7aac6","block_type":"box","text":"Risk of Investing in the Media Sub-Industry.","page_number":47,"box":{"x":60,"y":823,"width":313,"height":12}},{"id":"d88ba9b1-1ee0-457f-b094-1dacd2cea501","block_type":"box","text":"Companies in the media sub-industry may encounter distressed cash flows","page_number":47,"box":{"x":383,"y":823,"width":526,"height":12}},{"id":"d90fac1a-287f-435f-8d54-13f83ff659f7","block_type":"box","text":"due to the need to commit substantial capital to meet increasing competition, particularly in formulating new products and","page_number":47,"box":{"x":59,"y":838,"width":864,"height":12}},{"id":"ad487a31-a01f-47b7-913f-6b44ce2a2d18","block_type":"box","text":"services using new technology. Media companies are subject to risks that include cyclicality of revenues and earnings, a","page_number":47,"box":{"x":59,"y":853,"width":838,"height":12}},{"id":"820ec6d1-fbfd-4818-ae5e-780e053bcf46","block_type":"box","text":"potential decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, competition","page_number":47,"box":{"x":59,"y":868,"width":866,"height":12}},{"id":"4cfa0e23-c7d6-4d1e-9cec-ef3ff1c78da4","block_type":"box","text":"38","page_number":47,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"1a2250e5-a12b-4cec-8036-772b6831fbea","block_type":"box","text":"in the industry and the potential for increased state and federal regulation. Advertising spending is an important source of","page_number":48,"box":{"x":60,"y":67,"width":854,"height":12}},{"id":"bbdb0a01-218c-4bc6-8e97-8b647a6405f5","block_type":"box","text":"revenue for media companies. During economic downturns, advertising spending typically decreases and, as a result, media","page_number":48,"box":{"x":60,"y":82,"width":867,"height":12}},{"id":"962023a1-9d12-4293-b885-febcb5e2f50d","block_type":"box","text":"companies tend to generate less revenue.","page_number":48,"box":{"x":59,"y":97,"width":290,"height":12}},{"id":"52559e8c-b4aa-4c1d-8f1d-ec4b83f2a6b2","block_type":"box","text":"Risk of Investing in the Natural Resources Industry.","page_number":48,"box":{"x":60,"y":123,"width":366,"height":13}},{"id":"60d17687-1d71-4741-9db0-3fe14937cb0d","block_type":"box","text":"The profitability of companies in the natural resources industry can be","page_number":48,"box":{"x":435,"y":123,"width":491,"height":13}},{"id":"d6c7793e-955b-4907-b594-aab5e7686274","block_type":"box","text":"affected by worldwide energy prices, limits on exploration, and production spending. Companies in the natural resources","page_number":48,"box":{"x":59,"y":138,"width":845,"height":13}},{"id":"94fa3372-7600-4f7d-8aff-cf1364651889","block_type":"box","text":"industry are affected by government regulation, world events and economic conditions. Companies in the natural resources","page_number":48,"box":{"x":60,"y":154,"width":864,"height":12}},{"id":"92d3dc0c-2847-4ec3-b9e0-7d83c16598d1","block_type":"box","text":"industry are at risk for environmental damage claims. Companies in the natural resources industry could be adversely","page_number":48,"box":{"x":60,"y":169,"width":821,"height":12}},{"id":"429b52f3-2d00-4100-924e-bb977537a65a","block_type":"box","text":"affected by commodity price volatility, changes in exchange rates, imposition of import controls and increased competition.","page_number":48,"box":{"x":59,"y":184,"width":864,"height":12}},{"id":"05627840-0949-4f04-93c2-f1b612560848","block_type":"box","text":"Companies in the natural resources industry may be adversely affected by depletion of natural resources, technological","page_number":48,"box":{"x":59,"y":199,"width":831,"height":12}},{"id":"9230ac94-72e7-41e8-8768-a386b3436778","block_type":"box","text":"developments, and labor relations.","page_number":48,"box":{"x":59,"y":214,"width":241,"height":12}},{"id":"8d042227-7d2f-4d86-953d-03c8070439d3","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":48,"box":{"x":60,"y":240,"width":313,"height":13}},{"id":"68ab0328-321d-4eb0-bf2d-530f8d40844f","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":48,"box":{"x":382,"y":240,"width":519,"height":13}},{"id":"9dc99f40-b26d-4748-a78a-8e98007a338c","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":48,"box":{"x":59,"y":256,"width":867,"height":12}},{"id":"b5e72f71-45da-4eaa-baf4-d2ab908f544c","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":48,"box":{"x":60,"y":271,"width":859,"height":12}},{"id":"5be728a0-a63d-4585-a40b-734117b4626c","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":48,"box":{"x":59,"y":286,"width":838,"height":12}},{"id":"28c86599-2123-4c77-bfd0-ced22c460821","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":48,"box":{"x":60,"y":301,"width":818,"height":12}},{"id":"30c50691-e3e4-4dfc-a33e-fc19986678a9","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":48,"box":{"x":59,"y":316,"width":869,"height":12}},{"id":"c76a244c-6c82-480a-a740-fea3a3a7b991","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":48,"box":{"x":59,"y":331,"width":439,"height":13}},{"id":"2ceb02bd-31c9-48c6-b05e-7a81ea77ff35","block_type":"box","text":"Concentration Risk.","page_number":48,"box":{"x":59,"y":358,"width":134,"height":9}},{"id":"00b1cf7a-eb88-45cf-9824-a4400eb5891f","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":48,"box":{"x":200,"y":358,"width":718,"height":12}},{"id":"ec7de7de-d69f-47f6-8697-41c6f569d124","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":48,"box":{"x":59,"y":373,"width":855,"height":12}},{"id":"aba017ca-fe13-4505-8a90-fee9be6776d9","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":48,"box":{"x":60,"y":388,"width":416,"height":12}},{"id":"13b8e5e4-386d-43b1-a4ab-f9a432e24ad7","block_type":"box","text":"Distressed Investment Risk.","page_number":48,"box":{"x":59,"y":414,"width":189,"height":10}},{"id":"0b47f283-08cc-4e03-9c40-57a973cc4510","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":48,"box":{"x":254,"y":414,"width":595,"height":13}},{"id":"d8036f56-4650-4407-9e0c-155fdadc2aa5","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":48,"box":{"x":60,"y":429,"width":858,"height":13}},{"id":"ecb2d303-f76e-421d-a795-cbb9fd64c697","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":48,"box":{"x":59,"y":445,"width":806,"height":12}},{"id":"87346fe8-e253-4c79-83f9-8e00ccfba6d1","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":48,"box":{"x":60,"y":460,"width":856,"height":12}},{"id":"1d6dbc25-3c63-4856-8d7b-68cb53e6fc62","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":48,"box":{"x":59,"y":475,"width":879,"height":12}},{"id":"8c236b79-2270-452f-9aea-2099a1e09eb4","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":48,"box":{"x":60,"y":490,"width":587,"height":12}},{"id":"a24d8ea6-f485-40f9-afe9-a64afc5552f8","block_type":"box","text":"Illiquidity Risk.","page_number":48,"box":{"x":59,"y":516,"width":98,"height":13}},{"id":"9c5cf072-6fd9-467b-a9fd-39d8c16cdea8","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":48,"box":{"x":163,"y":516,"width":723,"height":13}},{"id":"20bcc510-f0be-4ec7-a0c3-e6554451bb85","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":48,"box":{"x":59,"y":531,"width":868,"height":13}},{"id":"0620e309-0b29-4e67-8a80-50a5af1e9978","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":48,"box":{"x":59,"y":547,"width":869,"height":12}},{"id":"dfdc74ef-41a1-4cc6-aae9-a2c2c8dad0e1","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":48,"box":{"x":59,"y":562,"width":865,"height":12}},{"id":"f9d910ac-7ed8-418c-b7a6-88f8e664acf8","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":48,"box":{"x":60,"y":577,"width":819,"height":12}},{"id":"fb2023fa-5f39-4be0-96dd-566598db845f","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":48,"box":{"x":59,"y":592,"width":858,"height":12}},{"id":"8e0bf69a-5abd-4a92-8b13-156134dcb739","block_type":"box","text":"Indian Tax Risk","page_number":48,"box":{"x":59,"y":618,"width":105,"height":10}},{"id":"64edd603-4e3c-487e-a9ef-729903497ebb","block_type":"box","text":": The IT Act has been amended by the Finance Act, 2020 to tax the distributions made by REITS, out of the","page_number":48,"box":{"x":164,"y":618,"width":744,"height":13}},{"id":"65a5d53c-e743-4261-966b-e1fb9d7488ac","block_type":"box","text":"dividends received, in the hands of the unit holders. Earlier, a company distributing dividends to a REIT, was not liable to pay","page_number":48,"box":{"x":59,"y":634,"width":866,"height":12}},{"id":"8b5654c8-b846-4f26-a245-6e7f7ece95e2","block_type":"box","text":"dividend distribution tax on such dividends, subject to the satisfaction of certain conditions. Such dividends were considered","page_number":48,"box":{"x":59,"y":649,"width":873,"height":12}},{"id":"cc52686c-6247-4a9d-a9e2-2a8bf9db7cdf","block_type":"box","text":"a pass through income for the REIT and the distributions made by the REIT to the unit holders from such dividends was also","page_number":48,"box":{"x":59,"y":664,"width":868,"height":12}},{"id":"ba45461f-aa5c-40fb-91f1-4f962841a094","block_type":"box","text":"exempt from tax in the hands of the non-resident unit holders.","page_number":48,"box":{"x":59,"y":679,"width":438,"height":12}},{"id":"1b6d3bc8-1877-4cb9-969d-c2070741c7ea","block_type":"box","text":"Pursuant to the Finance Act, 2020, the dividend distribution tax has been abolished. Accordingly, under the amended IT Act,","page_number":48,"box":{"x":60,"y":705,"width":868,"height":13}},{"id":"7e624e36-ae0b-477f-afc0-757e9254d9f2","block_type":"box","text":"a company distributing dividends to a REIT would not be liable to pay dividend distribution tax irrespective of the satisfaction","page_number":48,"box":{"x":59,"y":720,"width":873,"height":13}},{"id":"ba455733-7ed5-4dd7-8bd1-512e4f61cd17","block_type":"box","text":"of any condition. However, the amended IT Act provides that though such dividend income would continue to be treated as","page_number":48,"box":{"x":59,"y":736,"width":865,"height":12}},{"id":"2c5af28e-9ab9-425c-ad35-49eb6da39942","block_type":"box","text":"pass through income for the REIT, the distributions made from such dividends by the REITs may be taxed in the hands of the","page_number":48,"box":{"x":59,"y":751,"width":870,"height":12}},{"id":"c24c70a2-d04a-4082-b6b0-c9f857734279","block_type":"box","text":"unit holders (","page_number":48,"box":{"x":60,"y":766,"width":92,"height":12}},{"id":"b2d149ea-e8ca-4013-a18d-b15983659864","block_type":"box","text":"i.e.","page_number":48,"box":{"x":153,"y":767,"width":18,"height":9}},{"id":"6cca5a2b-edf1-4fe8-bbbf-dc6883a2d6b4","block_type":"box","text":"investors) in the REIT depending on the taxation regime adopted by the investee company. This may have a","page_number":48,"box":{"x":177,"y":766,"width":750,"height":12}},{"id":"3c57468e-0484-4299-9ddf-031f01597c72","block_type":"box","text":"bearing on the returns of the Fund from investments in Indian REITs.","page_number":48,"box":{"x":60,"y":781,"width":478,"height":12}},{"id":"9dd8649c-d869-457f-b41a-fc0b7e1c748f","block_type":"box","text":"Interest Rate Risk.","page_number":48,"box":{"x":59,"y":807,"width":123,"height":10}},{"id":"d4a77a76-acdb-4425-9a68-4ffbc1703575","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":48,"box":{"x":189,"y":807,"width":679,"height":13}},{"id":"abf0cde9-118e-4d0b-aaf8-a081aa2d457a","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":48,"box":{"x":60,"y":823,"width":842,"height":12}},{"id":"58a66401-acb2-4e24-933b-a64e8112be93","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":48,"box":{"x":60,"y":838,"width":679,"height":12}},{"id":"01d11505-36c2-4638-ad04-aa59aaea291c","block_type":"box","text":"Leverage Risk.","page_number":48,"box":{"x":59,"y":864,"width":97,"height":12}},{"id":"c231874e-0b54-48d9-9d00-a90a4179ba6d","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":48,"box":{"x":163,"y":864,"width":774,"height":12}},{"id":"b0bb7e59-7dae-49f0-925c-af3d6cb9197d","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":48,"box":{"x":59,"y":879,"width":875,"height":13}},{"id":"a7cebf17-717a-4441-9682-0fe2fc58ece1","block_type":"box","text":"39","page_number":48,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"65ccfb60-7d5a-43de-9d2f-c7f8d6e8fe02","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":49,"box":{"x":59,"y":67,"width":876,"height":12}},{"id":"8942c27f-5c95-4846-84bf-1dc855ad66e0","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":49,"box":{"x":59,"y":82,"width":872,"height":12}},{"id":"b52c6ada-41d9-4b3d-91bc-699468ffb5ab","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":49,"box":{"x":59,"y":97,"width":857,"height":12}},{"id":"81d7e26a-32f8-4818-b732-1b3c8248ad33","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":49,"box":{"x":60,"y":112,"width":876,"height":12}},{"id":"fb57b603-bc16-4298-ba89-799e093e4b9f","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":49,"box":{"x":59,"y":127,"width":851,"height":12}},{"id":"f66c8c88-2e46-403b-b634-63c860b5ceff","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":49,"box":{"x":59,"y":142,"width":600,"height":13}},{"id":"cac19adb-0366-46ad-b141-f43c9d51fe02","block_type":"box","text":"Loan Foreclosure Risk.","page_number":49,"box":{"x":59,"y":169,"width":154,"height":9}},{"id":"4b03d57d-6ea8-4802-820f-1ac3158fce94","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":49,"box":{"x":219,"y":169,"width":664,"height":12}},{"id":"57b85617-16a5-4bfe-8826-bcb43fb85c2c","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":49,"box":{"x":59,"y":184,"width":871,"height":12}},{"id":"6817acbe-ab2a-4432-ae46-89e3d26093b8","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":49,"box":{"x":59,"y":199,"width":819,"height":12}},{"id":"00564444-a013-4439-8b26-0bded6e46aca","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":49,"box":{"x":59,"y":214,"width":868,"height":12}},{"id":"0b404810-5e3b-43c3-80c3-5a872682cfda","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":49,"box":{"x":60,"y":229,"width":871,"height":12}},{"id":"0bb80266-a771-4a90-a749-095d883ceb0b","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":49,"box":{"x":60,"y":244,"width":796,"height":13}},{"id":"6f92fcd7-2753-427c-a964-737d30feb454","block_type":"box","text":"Management Risk.","page_number":49,"box":{"x":59,"y":271,"width":130,"height":12}},{"id":"622cb8d2-9803-45b6-b196-af85f214d0a7","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":49,"box":{"x":195,"y":271,"width":734,"height":12}},{"id":"04897954-6c90-4b5e-8bbf-c26a64e04022","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":49,"box":{"x":60,"y":286,"width":872,"height":12}},{"id":"56901c61-f1c4-4093-b4f1-ac2c65a13fee","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":49,"box":{"x":59,"y":301,"width":838,"height":12}},{"id":"e8c24f08-44cf-4405-bd1b-7823e76ed786","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":49,"box":{"x":59,"y":316,"width":875,"height":12}},{"id":"7b6d1935-a409-4335-8f95-b3c9db369008","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":49,"box":{"x":58,"y":331,"width":822,"height":13}},{"id":"fb505f50-8295-456b-9ee5-c5970dada527","block_type":"box","text":"properties may be limited.","page_number":49,"box":{"x":59,"y":346,"width":181,"height":13}},{"id":"5f15637b-286f-4ee2-af53-f3fcc08ca233","block_type":"box","text":"Property Risk.","page_number":49,"box":{"x":59,"y":373,"width":94,"height":12}},{"id":"7cdc0c6f-1ad7-4575-be17-39ad294e2088","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":49,"box":{"x":160,"y":373,"width":752,"height":12}},{"id":"3788a5df-e1d2-42e7-bf2c-10532a030874","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":49,"box":{"x":59,"y":388,"width":794,"height":12}},{"id":"f8a32340-cce1-4c92-a371-7a811e730f6e","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":49,"box":{"x":59,"y":403,"width":868,"height":12}},{"id":"24a0c233-2d3a-4b27-9f61-fcef910e3139","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":49,"box":{"x":59,"y":418,"width":819,"height":12}},{"id":"04cb345e-08d6-4dff-b6c9-8bb09ec8ee66","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":49,"box":{"x":60,"y":433,"width":859,"height":13}},{"id":"42253103-044d-4691-aee2-cf83a04a4d37","block_type":"box","text":"Regulatory Risk.","page_number":49,"box":{"x":59,"y":460,"width":110,"height":12}},{"id":"309e641f-c80a-4d08-852c-6b5216f76c0a","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":49,"box":{"x":176,"y":460,"width":754,"height":12}},{"id":"c8aecf1b-d5d9-49de-b117-b5d9147e453b","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":49,"box":{"x":60,"y":475,"width":828,"height":12}},{"id":"b3c79b29-ae10-4a01-ba76-aa7bd6b61f1d","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":49,"box":{"x":59,"y":490,"width":844,"height":12}},{"id":"29ad0d57-76f2-4272-bb20-17b2c1e03f1c","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":49,"box":{"x":59,"y":505,"width":855,"height":12}},{"id":"dbde4fe5-bdf9-49da-8b4b-eef417dda2e8","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":49,"box":{"x":60,"y":520,"width":867,"height":12}},{"id":"69ec986e-ad4d-4633-ba30-27dde73f7d3d","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":49,"box":{"x":59,"y":535,"width":433,"height":13}},{"id":"2ea7e9dc-4d84-4881-b6f0-06b839b6a8ab","block_type":"box","text":"Underlying Investment Risk.","page_number":49,"box":{"x":60,"y":562,"width":191,"height":12}},{"id":"17d7952e-0482-4202-93f1-7d08d4d617c4","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":49,"box":{"x":258,"y":562,"width":625,"height":12}},{"id":"08d4633d-4562-4fe1-bb6e-a4f73a3fe8ae","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":49,"box":{"x":59,"y":577,"width":848,"height":12}},{"id":"17fa2e3e-d6a9-41cf-b4dd-09e4f0dc4498","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":49,"box":{"x":59,"y":592,"width":876,"height":12}},{"id":"50465e7e-dc69-40a5-8c0e-fe4391124506","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":49,"box":{"x":59,"y":607,"width":876,"height":12}},{"id":"2b5db12d-cbcc-4aba-b438-1081a12326fc","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":49,"box":{"x":60,"y":622,"width":871,"height":13}},{"id":"780656b9-ab8a-439e-a77b-6d1e3645a5ff","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":49,"box":{"x":59,"y":637,"width":868,"height":13}},{"id":"be81f2b7-5b29-4de9-be66-806a35c8f640","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":49,"box":{"x":59,"y":652,"width":868,"height":13}},{"id":"12256021-a1be-4e21-9d2c-471bd9b81a0f","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":49,"box":{"x":60,"y":668,"width":820,"height":12}},{"id":"760bf8c5-f6eb-4c05-95d6-2214f2428bb7","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":49,"box":{"x":60,"y":683,"width":861,"height":12}},{"id":"8cecb8b4-60e1-4d0e-b57f-dac8534646aa","block_type":"box","text":"similar proceedings. Investments in senior loans may be effectively subordinated if the senior loan is pledged as collateral.","page_number":49,"box":{"x":59,"y":698,"width":850,"height":12}},{"id":"56178a83-0471-432d-be22-10453d5c1957","block_type":"box","text":"The ability of a holder of junior claims to proceed against a defaulting issuer is circumscribed by the terms of the particular","page_number":49,"box":{"x":59,"y":713,"width":859,"height":12}},{"id":"f617fe0f-ef7f-4e80-8c99-ed1c6b879636","block_type":"box","text":"contractual arrangement, which vary considerably from transaction to transaction.","page_number":49,"box":{"x":59,"y":728,"width":579,"height":12}},{"id":"d4754ba5-d723-49b6-853c-fa52aa09bb69","block_type":"box","text":"U.S. Tax Risk.","page_number":49,"box":{"x":60,"y":754,"width":89,"height":10}},{"id":"7f4cd333-e650-48e5-b4ba-d6a5c52f59d5","block_type":"box","text":"Certain U.S. Real Estate Companies are subject to special U.S. federal tax requirements. A REIT that fails to","page_number":49,"box":{"x":155,"y":754,"width":739,"height":13}},{"id":"329ea19c-04fb-48df-9b6a-ac658af2417e","block_type":"box","text":"comply with such tax requirements may be subject to U.S. federal income taxation, which may affect the value of the REIT","page_number":49,"box":{"x":59,"y":770,"width":854,"height":12}},{"id":"31adbdce-cf94-4008-87f4-f76586149e40","block_type":"box","text":"and the characterization of the REIT’s distributions. The U.S. federal tax requirement that a REIT distribute substantially all of","page_number":49,"box":{"x":59,"y":785,"width":871,"height":12}},{"id":"d4fc6c98-01da-45a9-9cf0-32fe363435d3","block_type":"box","text":"its net income to its shareholders may result in a REIT having insufficient capital for future expenditures. A REIT that","page_number":49,"box":{"x":60,"y":800,"width":810,"height":12}},{"id":"28a68ab3-c371-4162-aff8-93befcf1460d","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":49,"box":{"x":59,"y":815,"width":822,"height":12}},{"id":"16c8089f-ffab-4c76-a056-5f1f7747d6c8","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":49,"box":{"x":59,"y":830,"width":825,"height":12}},{"id":"0148d023-08e0-4365-8ef9-69cbe615d3cc","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":49,"box":{"x":60,"y":845,"width":866,"height":13}},{"id":"62b55544-cc9a-4d77-a383-4f142ede5cee","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":49,"box":{"x":60,"y":860,"width":871,"height":13}},{"id":"b075279e-c437-4ef2-86fb-443cd70d3dfa","block_type":"box","text":"provided to you.","page_number":49,"box":{"x":59,"y":875,"width":112,"height":13}},{"id":"5f978965-7e07-42b3-869d-fb67eb12571e","block_type":"box","text":"40","page_number":49,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"7fc5103f-0cb9-4ca3-82ef-4d4289f97ce8","block_type":"box","text":"Risk of Investing in the Semiconductor Industry.","page_number":50,"box":{"x":60,"y":67,"width":345,"height":12}},{"id":"139912eb-8b43-4782-bf4c-9392460bc4b6","block_type":"box","text":"Semiconductor companies face intense competition, both domestically","page_number":50,"box":{"x":414,"y":67,"width":500,"height":12}},{"id":"3ac96947-8dde-4353-9e6a-35d130cad6cc","block_type":"box","text":"and internationally; such competition may have an adverse effect on profit margins. Semiconductor companies may have","page_number":50,"box":{"x":59,"y":82,"width":849,"height":12}},{"id":"2c9f41b0-6ac0-45e7-a4ca-e45a0bf608b6","block_type":"box","text":"limited product lines, markets, financial resources or personnel. The products of semiconductor companies may face","page_number":50,"box":{"x":60,"y":97,"width":817,"height":12}},{"id":"a914b48c-4fe9-4d1f-b478-847c038fb3a4","block_type":"box","text":"obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in","page_number":50,"box":{"x":59,"y":112,"width":848,"height":12}},{"id":"b6171440-4500-4238-bfda-d0be489caae9","block_type":"box","text":"growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial","page_number":50,"box":{"x":59,"y":127,"width":852,"height":12}},{"id":"33ddfc95-bac7-457c-aa1e-b93c7e5e55a9","block_type":"box","text":"and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent","page_number":50,"box":{"x":59,"y":142,"width":863,"height":13}},{"id":"c82532dd-d986-4497-b308-6adeb448ef7c","block_type":"box","text":"on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of","page_number":50,"box":{"x":59,"y":157,"width":854,"height":13}},{"id":"000706c2-f3cc-402f-b745-a17da89cb703","block_type":"box","text":"these companies.","page_number":50,"box":{"x":59,"y":172,"width":121,"height":13}},{"id":"5a675a45-3ca0-4602-b2bf-429edfbdd32d","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":50,"box":{"x":60,"y":199,"width":313,"height":12}},{"id":"85c19be3-6963-4cf7-b118-f56dbf7f2b83","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":50,"box":{"x":382,"y":199,"width":508,"height":12}},{"id":"77edac03-56b9-4357-851e-5c1723f6ff7a","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid","page_number":50,"box":{"x":59,"y":214,"width":830,"height":12}},{"id":"c3aa67ec-e6a8-47c6-9a49-4ec4bab0f53b","block_type":"box","text":"product obsolescence as well as unexpected risks and costs related to new product introduction and technological","page_number":50,"box":{"x":59,"y":229,"width":803,"height":12}},{"id":"9ab5eb08-3b3b-45fa-946c-89fa07b88e45","block_type":"box","text":"developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by","page_number":50,"box":{"x":59,"y":244,"width":838,"height":13}},{"id":"cdef0f6c-46ab-4c6b-8acd-c7c8e2b4e830","block_type":"box","text":"disruptions to supply chains and distribution networks as well as issues at third-party partners. They are heavily dependent","page_number":50,"box":{"x":59,"y":259,"width":861,"height":13}},{"id":"c30e6057-7662-4717-a529-19168ac0a174","block_type":"box","text":"on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":50,"box":{"x":59,"y":274,"width":815,"height":13}},{"id":"5c1dd713-4fcd-496b-9576-ec6454c0fec0","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or","page_number":50,"box":{"x":59,"y":290,"width":864,"height":12}},{"id":"fcf4ec91-6e37-4d1f-9768-238e00d6f7c4","block_type":"box","text":"legal action. These companies also may be adversely affected by, among other things, actual or perceived security","page_number":50,"box":{"x":60,"y":305,"width":796,"height":12}},{"id":"b5749be5-5e68-4b58-9e4d-d41e7a53e85c","block_type":"box","text":"vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions","page_number":50,"box":{"x":59,"y":320,"width":871,"height":12}},{"id":"817bf46f-69d2-4531-a19d-c50660be689c","block_type":"box","text":"and other remediation costs.","page_number":50,"box":{"x":59,"y":335,"width":201,"height":10}},{"id":"6eed2e43-f9cf-472a-9807-e47f1b0368e3","block_type":"box","text":"Risk of Investing in the Telecommunications Sector.","page_number":50,"box":{"x":60,"y":361,"width":371,"height":13}},{"id":"7fac10cd-558d-4775-bbe0-01c382b79219","block_type":"box","text":"The telecommunications sector of a country’s economy is often","page_number":50,"box":{"x":440,"y":361,"width":447,"height":13}},{"id":"bf12e2f4-e6ba-492b-b72d-fa3615640c2b","block_type":"box","text":"subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to","page_number":50,"box":{"x":59,"y":377,"width":832,"height":12}},{"id":"4275d24f-b2dd-41f3-b33c-5994d6112340","block_type":"box","text":"receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of","page_number":50,"box":{"x":60,"y":392,"width":878,"height":12}},{"id":"311786d5-77da-4127-9123-28bfca62edc7","block_type":"box","text":"telecommunications companies. Government actions around the world, specifically in the area of pre-marketing clearance of","page_number":50,"box":{"x":59,"y":407,"width":877,"height":12}},{"id":"67151cd7-71bc-42eb-a55d-8f8dec1c37eb","block_type":"box","text":"products and prices, can be arbitrary and unpredictable. Companies in the telecommunications sector may experience","page_number":50,"box":{"x":59,"y":422,"width":829,"height":12}},{"id":"0fe9b5c1-8f53-48c6-bd72-a6a40421ebeb","block_type":"box","text":"distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in","page_number":50,"box":{"x":59,"y":437,"width":799,"height":12}},{"id":"eadf19d9-d945-48e6-be4d-09b2c6c9bc81","block_type":"box","text":"developing new products and services using new technology. Technological innovations may make the products and services","page_number":50,"box":{"x":59,"y":452,"width":878,"height":12}},{"id":"71b2013e-ff5f-4e34-8ca6-b20fd03008ec","block_type":"box","text":"of certain telecommunications companies obsolete. Finally, while all companies may be susceptible to network security","page_number":50,"box":{"x":59,"y":467,"width":836,"height":13}},{"id":"21109ddd-b139-4945-8505-b3501af9ea1a","block_type":"box","text":"breaches, certain companies in the telecommunications sector may be particular targets of hacking and potential theft of","page_number":50,"box":{"x":60,"y":482,"width":850,"height":13}},{"id":"4c026d66-cc74-4cce-a30b-399b18caab0b","block_type":"box","text":"proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":50,"box":{"x":59,"y":497,"width":878,"height":13}},{"id":"fb206371-0389-4c7d-8045-30e98df7d62f","block_type":"box","text":"Risk of Investing in the Timber and Forestry Industry.","page_number":50,"box":{"x":60,"y":524,"width":380,"height":12}},{"id":"a56e8118-035c-449c-98f3-bd79987d4158","block_type":"box","text":"The market value of timber and forestry companies may be","page_number":50,"box":{"x":449,"y":524,"width":414,"height":12}},{"id":"6e3e8ae9-e27b-44df-b510-e706c72e4f9e","block_type":"box","text":"negatively affected by events occurring in nature and by international and local politics. Natural disasters such as wild fires,","page_number":50,"box":{"x":60,"y":539,"width":858,"height":12}},{"id":"aaa83bf3-97b3-4aca-9c3d-365aba93369d","block_type":"box","text":"volcanic eruptions, flooding, and severe weather conditions may affect the output of timber and timber-related products, and","page_number":50,"box":{"x":59,"y":554,"width":878,"height":13}},{"id":"606b3ed8-a3af-47fd-aa45-35925855c90a","block_type":"box","text":"demand for timber and timber-related products in the U.S. and internationally may decrease due to new or changed tariffs,","page_number":50,"box":{"x":59,"y":569,"width":860,"height":13}},{"id":"9229144e-fa9f-4593-af61-800ff48c8d8e","block_type":"box","text":"quotas or trade agreements. Rising interest rates or unfavorable economic conditions could also negatively affect the prices","page_number":50,"box":{"x":59,"y":584,"width":864,"height":13}},{"id":"4e847e41-bd36-48d3-aba3-e1f3dd96c2d4","block_type":"box","text":"of or demand for timber and timber-related products.","page_number":50,"box":{"x":59,"y":600,"width":374,"height":12}},{"id":"843c0d70-b875-43de-91f7-9183abc31c28","block_type":"box","text":"Risk of Investing in the Transportation Industry.","page_number":50,"box":{"x":60,"y":626,"width":342,"height":12}},{"id":"796c7f19-ddc1-4cae-8b5d-4f4326639309","block_type":"box","text":"Companies in the transportation industry may be adversely affected by","page_number":50,"box":{"x":411,"y":626,"width":495,"height":12}},{"id":"abc88848-cbfa-4c80-80df-0b8c583d31c6","block_type":"box","text":"changes in the economy, increases in fuel and operating costs, labor relations, technology developments, exchange rates,","page_number":50,"box":{"x":59,"y":641,"width":850,"height":12}},{"id":"189c9e6c-4b95-4448-9946-24d116426b2b","block_type":"box","text":"insurance costs, industry competition and government regulation. Companies in the transportation industry are also affected","page_number":50,"box":{"x":60,"y":656,"width":874,"height":13}},{"id":"b8b21c5a-bd7b-4b40-9aa5-1b89a4525667","block_type":"box","text":"by severe weather events, mass casualty accidents or environmental catastrophes, acts of terrorism and other similar events","page_number":50,"box":{"x":60,"y":671,"width":869,"height":13}},{"id":"a57c445e-d562-446c-a6a0-1980308725d3","block_type":"box","text":"that target or damage transportation infrastructure or vessels, war or risk of war, widespread disruption of technology","page_number":50,"box":{"x":59,"y":686,"width":826,"height":13}},{"id":"27523a2f-38a4-4ac6-bbd4-9983a9f35058","block_type":"box","text":"systems and increasing equipment and operational costs. 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The Index Provider also excludes companies with less than","page_number":55,"box":{"x":59,"y":437,"width":876,"height":12}},{"id":"c9707750-e68a-4541-b728-11eca0bb5e07","block_type":"box","text":"$100 million free float adjusted market capitalization or less than $1 million average daily trading volume in the last sixty","page_number":55,"box":{"x":59,"y":452,"width":841,"height":12}},{"id":"49066061-2aa9-455b-a136-1fc49b984a62","block_type":"box","text":"trading days. A minimum of 30 trading days must exist to calculate average daily trading volume. Securities with insufficient","page_number":55,"box":{"x":59,"y":467,"width":869,"height":13}},{"id":"c4b1f3a1-f3f5-4049-9000-29cac2f8bdde","block_type":"box","text":"data will not be eligible for inclusion. These ESG screens are applied on a semi-annual basis and the liquidity and minimum","page_number":55,"box":{"x":59,"y":482,"width":859,"height":13}},{"id":"a2a108e9-754c-4da3-b36f-6d126a1af7f3","block_type":"box","text":"market capitalization screens are applied quarterly. The Underlying Index is reviewed and reconstituted semi-annually and","page_number":55,"box":{"x":60,"y":497,"width":852,"height":13}},{"id":"1fcb1dae-865d-40d2-abd3-54fb2cd56b0e","block_type":"box","text":"rebalanced quarterly.","page_number":55,"box":{"x":60,"y":513,"width":145,"height":12}},{"id":"23321cb9-88af-4f3c-8e5e-c3b06f7ca4f5","block_type":"box","text":"The Underlying Index is constructed from constituents of the Parent Index and selected using GRCS. A company is eligible for","page_number":55,"box":{"x":59,"y":539,"width":879,"height":12}},{"id":"dc0c03d8-2bca-4cc2-9928-d68679c64265","block_type":"box","text":"inclusion in the Underlying Index if it has at least 40% of its combined annual green revenues in aggregate from a","page_number":55,"box":{"x":60,"y":554,"width":794,"height":13}},{"id":"0e1f49b1-eecf-4844-9d85-84b32d9c2b47","block_type":"box","text":"combination of 29 selected GRCS micro-sectors (as defined by the Index Provider), which were determined based on","page_number":55,"box":{"x":59,"y":569,"width":817,"height":13}},{"id":"1da23568-ed51-44a6-8bbe-1140ce1d46bd","block_type":"box","text":"relevance to the three key themes. The GRCS is calculated as follows:","page_number":55,"box":{"x":60,"y":584,"width":481,"height":13}},{"id":"f7cc8d04-d7b7-4664-9461-1f8e3f3c7ee6","block_type":"box","text":"• Aggregate green revenues percentage from eligible infrastructure and industrials GRCS micros-sectors for a","page_number":55,"box":{"x":92,"y":605,"width":786,"height":12}},{"id":"19ad092c-4639-4f1d-811d-299b1995c42b","block_type":"box","text":"company is the ratio of green revenues as classified by the FTSE GRCS to total company revenue. Eligible GRCS","page_number":55,"box":{"x":124,"y":620,"width":773,"height":12}},{"id":"a41f4d17-efbf-4aba-8072-e1972e13c382","block_type":"box","text":"micro-sectors include, among others, Carbon Capture and Storage, Smart City Design and Engineering, and","page_number":55,"box":{"x":125,"y":635,"width":753,"height":12}},{"id":"89d2f72a-8da5-429f-8d14-c9a53d617881","block_type":"box","text":"Industrial Pollution Reduction, each as defined by the Index Provider.","page_number":55,"box":{"x":125,"y":650,"width":477,"height":12}},{"id":"d0714ffd-a5fe-4621-886a-4dc84175580b","block_type":"box","text":"• Includes companies identified by the Index Provider as deriving green revenue from Tier 1 activities (","page_number":55,"box":{"x":92,"y":670,"width":734,"height":12}},{"id":"92cddd6b-d115-4686-bad8-adddad18e248","block_type":"box","text":"i.e","page_number":55,"box":{"x":827,"y":671,"width":15,"height":9}},{"id":"cb4d8bae-0555-44d0-a0a0-e845573884ca","block_type":"box","text":"., activities","page_number":55,"box":{"x":844,"y":671,"width":71,"height":10}},{"id":"6618624b-1bc6-4313-92c4-a50db2acfd8e","block_type":"box","text":"with significant and clear environmental benefits, such as solar) and Tier 2 activities (","page_number":55,"box":{"x":124,"y":685,"width":597,"height":13}},{"id":"080dc632-d014-4227-a392-bf2b7e10717d","block_type":"box","text":"i.e","page_number":55,"box":{"x":722,"y":686,"width":15,"height":9}},{"id":"620037f8-0e6e-471b-afb0-e5667f21bcca","block_type":"box","text":"., activities with more limited","page_number":55,"box":{"x":738,"y":685,"width":200,"height":12}},{"id":"f080da6b-5ea4-4af7-bfac-21ceff384c60","block_type":"box","text":"but net positive environmental benefits, such as water utilities) but excludes companies deriving revenue from Tier","page_number":55,"box":{"x":125,"y":700,"width":802,"height":13}},{"id":"10e2f5ac-b6ef-4c52-8f25-3de46ededbec","block_type":"box","text":"3 activities (","page_number":55,"box":{"x":124,"y":715,"width":84,"height":13}},{"id":"34114204-4900-4f0a-9f4d-a364cc994934","block_type":"box","text":"i.e","page_number":55,"box":{"x":209,"y":716,"width":15,"height":9}},{"id":"790ff4de-bc6e-43cf-9a9c-06c479adc405","block_type":"box","text":"., activities with some environmental benefits but overall net neutral or negative, such as nuclear).","page_number":55,"box":{"x":225,"y":715,"width":683,"height":13}},{"id":"5da59085-b741-40a4-a03a-cd90eba84685","block_type":"box","text":"• Company assessments using sector-specific estimates of green revenues are not used for determining index","page_number":55,"box":{"x":92,"y":736,"width":791,"height":12}},{"id":"652936d1-0a03-4448-92b8-51a0f2656efe","block_type":"box","text":"eligibility.","page_number":55,"box":{"x":124,"y":751,"width":63,"height":12}},{"id":"287168cf-12e1-478f-b16f-0116283314b5","block_type":"box","text":"• To reduce index turnover, a buffer threshold will also be employed. At reviews of the index, new constituents will","page_number":55,"box":{"x":92,"y":771,"width":817,"height":12}},{"id":"6c13defa-53d6-4c8f-ac95-47372a9bf621","block_type":"box","text":"only be eligible for inclusion if they have 40% or more eligible green revenues. In addition, at reviews of the index,","page_number":55,"box":{"x":124,"y":786,"width":793,"height":12}},{"id":"85d9a864-1848-4fbe-afb0-d4044d26327f","block_type":"box","text":"current constituents will only be removed if they fall below 35% in eligible green revenues.","page_number":55,"box":{"x":124,"y":801,"width":631,"height":12}},{"id":"44d26dcb-a79b-4b67-ae18-2a1177115de1","block_type":"box","text":"• Only companies from the Utilities, Industrials, and Basic Materials Industry Classification Benchmark (ICB) sectors","page_number":55,"box":{"x":92,"y":821,"width":829,"height":13}},{"id":"24415c55-a431-4aba-b26a-64f79bb8c150","block_type":"box","text":"are eligible for inclusion.","page_number":55,"box":{"x":124,"y":836,"width":169,"height":13}},{"id":"c527dd3e-877f-4239-beec-e76ca392e96f","block_type":"box","text":"46","page_number":55,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"e2dcaae9-d77b-4cf1-a50a-42d7dfdfad85","block_type":"box","text":"The Underlying Index is reviewed and reconstituted semi-annually in March and September and rebalanced quarterly in","page_number":56,"box":{"x":59,"y":67,"width":837,"height":12}},{"id":"39ca36b5-0360-4c41-80cb-c957bd1c3033","block_type":"box","text":"March, June, September, and December. New constituents will be eligible for inclusion if they have green revenues of 40% or","page_number":56,"box":{"x":59,"y":82,"width":871,"height":12}},{"id":"09a46ec6-c459-4393-b3f2-06bb6e4d9ccd","block_type":"box","text":"more. Current constituents will be removed if their green revenues fall below 35%.","page_number":56,"box":{"x":60,"y":97,"width":574,"height":12}},{"id":"b596b6a9-54c8-4917-8203-bc74d2b52689","block_type":"box","text":"ICE","page_number":56,"box":{"x":62,"y":129,"width":50,"height":22}},{"id":"be255ff9-1367-42c2-ad93-5c26c7484a03","block_type":"box","text":"®","page_number":56,"box":{"x":114,"y":121,"width":14,"height":8}},{"id":"99f69af1-846e-4a2a-89a7-7b61150459fb","block_type":"box","text":"Data Indexes","page_number":56,"box":{"x":141,"y":128,"width":213,"height":23}},{"id":"816e6dae-243a-4d26-9cb5-f31c7a2e6feb","block_type":"box","text":"NYSE","page_number":56,"box":{"x":60,"y":169,"width":36,"height":9}},{"id":"6acf2446-72aa-47da-a033-e692a7734b2e","block_type":"box","text":"®","page_number":56,"box":{"x":97,"y":167,"width":9,"height":6}},{"id":"d9c6ddc4-4178-4f11-96b3-e29becc6d1e8","block_type":"box","text":"FactSet","page_number":56,"box":{"x":112,"y":169,"width":51,"height":9}},{"id":"ae8d192c-960d-402a-8e72-28d5fd00378a","block_type":"box","text":"®","page_number":56,"box":{"x":164,"y":167,"width":9,"height":6}},{"id":"f9d7e147-362b-4b8d-a67f-12c0886e8c46","block_type":"box","text":"Global Blockchain Technologies Index","page_number":56,"box":{"x":178,"y":169,"width":274,"height":12}},{"id":"4d609073-31b0-4275-ba07-36bbbeb865fa","block_type":"box","text":"TM","page_number":56,"box":{"x":453,"y":167,"width":17,"height":6}},{"id":"47e29d61-711b-43f6-add9-ef27bd13310a","block_type":"box","text":"Number of Components: approximately 41","page_number":56,"box":{"x":60,"y":195,"width":305,"height":12}},{"id":"787b9bcb-2afa-4944-b4d8-5f20f59c42d2","block_type":"box","text":"Index Description.","page_number":56,"box":{"x":60,"y":222,"width":130,"height":12}},{"id":"71f68245-e0d2-4bd1-8fd0-facc74e957f2","block_type":"box","text":"The NYSE FactSet Global Blockchain Technologies Index is a rules-based, modified float-adjusted market","page_number":56,"box":{"x":195,"y":222,"width":733,"height":12}},{"id":"c895de5d-b395-4331-bd6f-5d6b3825eebf","block_type":"box","text":"capitalization-weighted equity index that measures the performance of U.S. and non-U.S. companies that are involved in the","page_number":56,"box":{"x":59,"y":237,"width":869,"height":12}},{"id":"069d18d8-e847-44a6-8516-3adc9cb8e39a","block_type":"box","text":"development, innovation, and utilization of blockchain and crypto technologies. IDI defines “blockchain” as technologies","page_number":56,"box":{"x":59,"y":252,"width":843,"height":12}},{"id":"24198f0c-9c47-4151-870c-abf8f16c187a","block_type":"box","text":"characterized by a shared, peer-to-peer, decentralized, and immutable ledger ideally suited for recording information.","page_number":56,"box":{"x":59,"y":267,"width":818,"height":12}},{"id":"c09f43c9-5f36-4c0c-ae87-5232bde63cc2","block_type":"box","text":"Immutability – an essential blockchain characteristic – is enabled by cryptography. Blockchain and cryptography (“crypto”)","page_number":56,"box":{"x":60,"y":282,"width":855,"height":12}},{"id":"d9d2f0e5-a14a-47ae-a047-3db9003876c0","block_type":"box","text":"are referenced jointly due to their close connection and technological adjacency.","page_number":56,"box":{"x":59,"y":297,"width":562,"height":13}},{"id":"510a1244-e6a7-4042-92e1-35a2e9591028","block_type":"box","text":"Constituents are selected using revenue exposure as defined by the FactSet Revere Business Industry Classification System","page_number":56,"box":{"x":59,"y":324,"width":856,"height":12}},{"id":"8e1f7051-e414-4a30-87bb-197549ab6e43","block_type":"box","text":"(“RBICS”) and Revere Hierarchy classifications. The Underlying Index is composed of companies classified in the following","page_number":56,"box":{"x":60,"y":339,"width":852,"height":12}},{"id":"8b9e4fc2-4143-4e7a-8e0d-68f35e15ee98","block_type":"box","text":"RBICS Focus Level 6 industries: (i) blockchain technology , (ii) cryptocurrency mining, (iii) cryptocurrency trading/exchanges,","page_number":56,"box":{"x":60,"y":354,"width":877,"height":12}},{"id":"75b53b5d-0bbc-4992-bc8f-275435c76362","block_type":"box","text":"(iv) cryptomining hosting, (v) cryptomining systems, (vi) enterprise blockchain technology, (vii) A.I./ large scale processing","page_number":56,"box":{"x":60,"y":369,"width":861,"height":12}},{"id":"3c4f4d07-3eb9-4a32-bb97-e99a0b3c6071","block_type":"box","text":"graphics controller, (viii) computer/gaming graphics accelerator/controller, (ix) cryptomining semiconductors, (x) data","page_number":56,"box":{"x":59,"y":384,"width":835,"height":12}},{"id":"ad8638de-77e5-46d1-ac2c-d2b29bc0a16c","block_type":"box","text":"center graphics accelerator/controller, (xi) general graphics accelerator/controller, (xii) handheld systems graphics","page_number":56,"box":{"x":59,"y":399,"width":804,"height":13}},{"id":"fc660e88-a688-45a5-a231-0ae4e1ada224","block_type":"box","text":"accelerator/controller, and (xiii) video multimedia semiconductors. The Underlying Index makes distinction between Tier 1","page_number":56,"box":{"x":59,"y":414,"width":857,"height":13}},{"id":"eab10362-3c64-41a9-a341-ad086b1233d3","block_type":"box","text":"names, which derive more than 50% of their revenues from sources (i)-(vi), and Tier 2 names, which derive or which also","page_number":56,"box":{"x":60,"y":429,"width":849,"height":13}},{"id":"7c1d96f0-9887-4259-b961-d1b9bf346579","block_type":"box","text":"include companies that derive more than 50% of revenues from sources (vii)-(xiii). The Underlying Index is reviewed and","page_number":56,"box":{"x":60,"y":445,"width":844,"height":12}},{"id":"427a2de4-fe25-4d1f-b845-c3a357307f00","block_type":"box","text":"reconstituted semi-annually, rebalanced quarterly, and weighted by float adjusted market capitalization. Tier 1 securities will","page_number":56,"box":{"x":60,"y":460,"width":865,"height":12}},{"id":"dd18e1ff-edf0-49c0-8895-6d0fb1b8156b","block_type":"box","text":"be allocated a minimum weight of 75% in aggregate, subject to capping constraints. Each Tier 1 security is capped at 12%,","page_number":56,"box":{"x":60,"y":475,"width":860,"height":12}},{"id":"ae936a80-6d76-4947-a67e-3a1d8ca488e1","block_type":"box","text":"and each Tier 2 security is capped at 4% of the Underlying Index at rebalance. Securities with weights greater than 4.5% shall","page_number":56,"box":{"x":59,"y":490,"width":878,"height":12}},{"id":"8676864c-1fc0-4c95-958a-df2e27cc9eaa","block_type":"box","text":"not in aggregate exceed 45% of the Underlying Index weight at rebalance. Additionally, Tier 1 securities whose constituent","page_number":56,"box":{"x":60,"y":505,"width":858,"height":12}},{"id":"ad3a2b2f-007b-45ba-9a9b-06d0526b3921","block_type":"box","text":"weight is greater than ten (10) times their three-month average daily traded volume (“ADTV”) will have their weights","page_number":56,"box":{"x":59,"y":520,"width":817,"height":12}},{"id":"12b7a816-5950-4162-ab32-6d26f0cfb055","block_type":"box","text":"determined by their liquidity weight instead of by float-adjusted market capitalization. The Index Provider determines the","page_number":56,"box":{"x":59,"y":535,"width":845,"height":13}},{"id":"f0ecd220-990f-4458-841c-e077bf2574e4","block_type":"box","text":"liquidity weight of a security as follows: index weight assigned to a security based on the relative three-month median daily","page_number":56,"box":{"x":60,"y":550,"width":862,"height":13}},{"id":"ddc10d35-c089-4ddb-9b50-6578605446b7","block_type":"box","text":"value traded of the security compared to that measure for the overall index. The Underlying Index will have a minimum of 35","page_number":56,"box":{"x":59,"y":566,"width":871,"height":12}},{"id":"4fc881ae-5ca2-4b34-af55-29e53743cb9e","block_type":"box","text":"constituents at selection and will include all Tier 1 securities and a minimum of 10 Tier 2 securities, selected in descending","page_number":56,"box":{"x":59,"y":581,"width":856,"height":12}},{"id":"7a19074a-ce10-4861-bdfb-76a368efc8d1","block_type":"box","text":"order of float-adjusted market capitalization.","page_number":56,"box":{"x":59,"y":596,"width":311,"height":12}},{"id":"d7b91970-54f2-48de-85a3-a3d49485b992","block_type":"box","text":"Eligibility.","page_number":56,"box":{"x":60,"y":622,"width":67,"height":13}},{"id":"393fd071-e98f-4422-82f3-186a90a4515e","block_type":"box","text":"The following rules are used for the initial constituent selection and ongoing reconstitution:","page_number":56,"box":{"x":132,"y":622,"width":640,"height":13}},{"id":"c0138c4e-4cc2-471f-aaa5-32ce1ae72ebc","block_type":"box","text":"• Companies must be primarily listed in one of the following 43 countries or regions: Australia, Austria, Belgium,","page_number":56,"box":{"x":92,"y":642,"width":805,"height":13}},{"id":"e594d328-9433-4491-af03-c2225b4541db","block_type":"box","text":"Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong","page_number":56,"box":{"x":125,"y":657,"width":786,"height":13}},{"id":"3cd07b0c-02b3-4588-8a4f-17c05e292204","block_type":"box","text":"Kong, Hungary, Iceland, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Norway,","page_number":56,"box":{"x":125,"y":673,"width":805,"height":12}},{"id":"9d0922dc-c056-405c-9012-4edda7a4c276","block_type":"box","text":"Peru, Philippines, Poland, Portugal, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan,","page_number":56,"box":{"x":125,"y":688,"width":764,"height":12}},{"id":"187b44fc-ddd7-4631-99f3-ad29f0c84506","block_type":"box","text":"Thailand, Turkey, U.K., and United States;","page_number":56,"box":{"x":124,"y":703,"width":286,"height":12}},{"id":"c45f239d-a4e1-432e-b0c9-3531cfa9e680","block_type":"box","text":"• The Underlying Index will include China A shares;","page_number":56,"box":{"x":92,"y":723,"width":378,"height":12}},{"id":"5aaf084e-8f56-4f5f-abbc-7bbc74797c91","block_type":"box","text":"• The companies initially included in the Underlying Index or new to the Underlying Index must have a float-adjusted","page_number":56,"box":{"x":92,"y":743,"width":838,"height":12}},{"id":"baf5dd14-d63f-4a74-8495-678fa0a12c13","block_type":"box","text":"market capitalization of $100 million or greater and three-month ADTV of $1 million or greater; and","page_number":56,"box":{"x":125,"y":758,"width":695,"height":13}},{"id":"63ac9a99-baed-43d8-9769-24fe19368905","block_type":"box","text":"• Existing constituents are not removed from the Underlying Index unless their float-adjusted market capitalization is","page_number":56,"box":{"x":92,"y":778,"width":838,"height":13}},{"id":"00f9867c-1896-49bd-92a1-edf34d6ec117","block_type":"box","text":"less than $75 million, and three month ADTV is less than $0.75 million.","page_number":56,"box":{"x":125,"y":794,"width":495,"height":11}},{"id":"afbab9e9-6fef-48b8-a801-822cd502d10a","block_type":"box","text":"The Morningstar Indexes","page_number":56,"box":{"x":59,"y":824,"width":421,"height":30}},{"id":"142ca4ad-b8a8-407c-8b98-90744737701c","block_type":"box","text":"Component Selection Criteria.","page_number":56,"box":{"x":59,"y":865,"width":217,"height":13}},{"id":"e2ae6f79-a97c-42c4-b5b6-b7aea78691a9","block_type":"box","text":"The Morningstar","page_number":56,"box":{"x":281,"y":865,"width":118,"height":13}},{"id":"735d8119-eebe-4021-b8a7-4b1acca5c3c5","block_type":"box","text":"®","page_number":56,"box":{"x":399,"y":864,"width":9,"height":6}},{"id":"7b5f34d8-1640-4f0c-85a7-6435274c724c","block_type":"box","text":"Global ex-US Dividend Growth Index","page_number":56,"box":{"x":414,"y":865,"width":256,"height":10}},{"id":"e218cb8f-0a43-4192-87ad-bd85b9f3ddff","block_type":"box","text":"SM","page_number":56,"box":{"x":670,"y":865,"width":11,"height":5}},{"id":"e5b6b303-6564-4d98-b8a1-ed1d58fa67d9","block_type":"box","text":"is a subset of the Morningstar","page_number":56,"box":{"x":686,"y":865,"width":209,"height":13}},{"id":"d6bd8d18-b47a-417d-8b8c-574cee4817e9","block_type":"box","text":"®","page_number":56,"box":{"x":896,"y":864,"width":9,"height":6}},{"id":"1b5e89ce-cc2f-457c-8579-3520b47e603a","block_type":"box","text":"Global Markets ex-US Index","page_number":56,"box":{"x":59,"y":880,"width":194,"height":10}},{"id":"e3438af5-72ba-4a08-819e-3fcb4328a197","block_type":"box","text":"SM","page_number":56,"box":{"x":253,"y":880,"width":11,"height":5}},{"id":"db4890ef-f13f-4877-b217-6f21c34b2cbc","block_type":"box","text":", which is a diversified broad market index that represents approximately 97% of the market","page_number":56,"box":{"x":266,"y":880,"width":642,"height":13}},{"id":"551734cd-f82c-4319-8740-ee8f4e3541dc","block_type":"box","text":"47","page_number":56,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"5c54e8ba-8302-499f-8323-6a9fc23aa77a","block_type":"box","text":"capitalization in international developed and emerging markets. To be eligible for inclusion in the Morningstar","page_number":57,"box":{"x":59,"y":67,"width":768,"height":12}},{"id":"2e1e1e09-0c18-4edf-a480-aa5560be3e5e","block_type":"box","text":"®","page_number":57,"box":{"x":828,"y":65,"width":9,"height":6}},{"id":"bcd53435-e93f-46c1-9539-0abc6e91c7e1","block_type":"box","text":"Global ex-US","page_number":57,"box":{"x":842,"y":67,"width":89,"height":9}},{"id":"3b6df6d1-4df3-4cbc-bdc2-77f90ccdca40","block_type":"box","text":"Dividend Growth Index","page_number":57,"box":{"x":60,"y":82,"width":160,"height":9}},{"id":"da87dddb-694c-4fc9-b3df-a58397597144","block_type":"box","text":"SM","page_number":57,"box":{"x":221,"y":82,"width":11,"height":4}},{"id":"8403d880-c8a4-41d4-b5d3-664ba09065c2","block_type":"box","text":", companies must pay a qualified dividend, must have at least five years of uninterrupted annual","page_number":57,"box":{"x":233,"y":82,"width":670,"height":12}},{"id":"0e94c8c2-5375-4b5a-b69d-d97e6c45ffb9","block_type":"box","text":"dividend growth and their earnings payout ratio must be less than 75%. Companies that are in the top decile based on","page_number":57,"box":{"x":59,"y":97,"width":827,"height":12}},{"id":"d72a4ca3-a2d4-4d64-b814-1742cd039765","block_type":"box","text":"dividend yield are excluded from the Underlying Index prior to the dividend growth and payout ratio screens.","page_number":57,"box":{"x":59,"y":112,"width":759,"height":12}},{"id":"db2e6510-44b7-4845-bcee-636ad813a701","block_type":"box","text":"Issue Changes.","page_number":57,"box":{"x":60,"y":138,"width":107,"height":13}},{"id":"16a33f6d-c8e0-4184-89a3-c0e39cc7db6b","block_type":"box","text":"Securities are added or deleted from the index based on rules outlined for security selection, exclusion,","page_number":57,"box":{"x":172,"y":138,"width":718,"height":13}},{"id":"9222fb0d-a487-4523-b42d-96374297b731","block_type":"box","text":"rebalancing, and adjustments for corporate actions as set forth in the Morningstar Index Rulebook. Morningstar makes no","page_number":57,"box":{"x":60,"y":154,"width":855,"height":12}},{"id":"35cdd783-4dd5-4fae-ae78-01ea54b44930","block_type":"box","text":"subjective determinations related to index composition.","page_number":57,"box":{"x":59,"y":169,"width":389,"height":12}},{"id":"c454e461-d8c4-4adc-aaa6-47e6abace61c","block_type":"box","text":"Index Maintenance.","page_number":57,"box":{"x":60,"y":195,"width":141,"height":10}},{"id":"af762c03-8f4e-4a23-9547-51b6b510bb5b","block_type":"box","text":"The Morningstar","page_number":57,"box":{"x":206,"y":195,"width":118,"height":12}},{"id":"3eea655d-2a28-47be-a698-001462efbacc","block_type":"box","text":"®","page_number":57,"box":{"x":325,"y":193,"width":9,"height":7}},{"id":"1e10e267-f993-4b65-948e-dec2a834b03f","block_type":"box","text":"Global Markets ex-US Index","page_number":57,"box":{"x":339,"y":195,"width":194,"height":10}},{"id":"e506cdc5-aa9a-4b8b-88f4-79b1966c0cd6","block_type":"box","text":"SM","page_number":57,"box":{"x":534,"y":195,"width":10,"height":5}},{"id":"0e7ee682-40aa-4c41-981f-22ab2654c11a","block_type":"box","text":"is reconstituted twice annually, on the Monday","page_number":57,"box":{"x":550,"y":195,"width":327,"height":12}},{"id":"edbc75fc-7e3f-4068-ab68-a0d8baf9cd25","block_type":"box","text":"following the third Friday of June and the Monday following the third Friday of December. The Morningstar","page_number":57,"box":{"x":59,"y":210,"width":747,"height":13}},{"id":"7d9588d8-e923-43ed-a0af-2815d14bfa5c","block_type":"box","text":"®","page_number":57,"box":{"x":807,"y":209,"width":9,"height":6}},{"id":"d40b88fb-6d4b-4680-b7ef-e02b9f028596","block_type":"box","text":"Global ex-US","page_number":57,"box":{"x":821,"y":210,"width":89,"height":10}},{"id":"c624cc47-8187-4731-9cfe-ae32e0d806c1","block_type":"box","text":"Dividend Growth Index","page_number":57,"box":{"x":60,"y":225,"width":160,"height":10}},{"id":"23428c70-1533-4462-a8e2-b44c7d389510","block_type":"box","text":"SM","page_number":57,"box":{"x":221,"y":225,"width":11,"height":5}},{"id":"9895e6d1-4d5a-426a-997c-9a772e66b024","block_type":"box","text":"is reconstituted once annually on the Monday following the third Friday December. If the Monday is","page_number":57,"box":{"x":237,"y":225,"width":697,"height":13}},{"id":"78925305-5956-4c1c-8737-c2d361e3323b","block_type":"box","text":"a holiday, reconstitution occurs on the Tuesday immediately following. Reconstitution is carried out after the day’s closing","page_number":57,"box":{"x":59,"y":240,"width":853,"height":13}},{"id":"d357d937-8bb4-4b35-8078-a6ecfc3ef21a","block_type":"box","text":"index values have been determined.","page_number":57,"box":{"x":60,"y":256,"width":249,"height":9}},{"id":"70826933-8c35-495a-a441-5e2ac09cba93","block_type":"box","text":"Index Availability.","page_number":57,"box":{"x":60,"y":282,"width":125,"height":12}},{"id":"981eb1c6-e713-4f02-9caf-d0daf5b10ccd","block_type":"box","text":"Morningstar Indexes are calculated continuously and are available from major data vendors.","page_number":57,"box":{"x":191,"y":282,"width":644,"height":12}},{"id":"6f295d1d-e9ec-42e7-bd58-addb67206482","block_type":"box","text":"Float Eligibility.","page_number":57,"box":{"x":60,"y":308,"width":107,"height":13}},{"id":"df520b2e-f17c-47a9-b804-2e2d7523e10b","block_type":"box","text":"A security must have a minimum 10% free float to be eligible for the Morningstar Target Market Exposure,","page_number":57,"box":{"x":172,"y":308,"width":744,"height":13}},{"id":"6910cbfc-3a9a-4b7a-97d9-49e28056ba4e","block_type":"box","text":"Morningstar US Market Extended, and Morningstar Global Markets indexes. However, if a security does not meet the 10%","page_number":57,"box":{"x":59,"y":324,"width":852,"height":12}},{"id":"febde567-2cdc-47f6-a846-5b4a2111b427","block_type":"box","text":"minimum, it will still be eligible for inclusion if its float-adjusted market capitalization is at least twice the total market","page_number":57,"box":{"x":60,"y":339,"width":820,"height":12}},{"id":"f6f5446e-be01-4d42-9d37-efd1e7d84090","block_type":"box","text":"capitalization corresponding to the the breakpoint between the mid-capitalization and small-capitalization size segments for","page_number":57,"box":{"x":59,"y":354,"width":870,"height":12}},{"id":"89f42202-e41e-4440-a008-f0375ffe6159","block_type":"box","text":"its economic region, as determined by the Index Provider. To calculate a security’s free float value, the Index Provider","page_number":57,"box":{"x":60,"y":369,"width":814,"height":12}},{"id":"d526e6dc-d6d5-46f0-97a5-7eeb6cb8e929","block_type":"box","text":"estimates the number of listed shares that it deems not to be available for trading in the market, using securities reports and","page_number":57,"box":{"x":59,"y":384,"width":869,"height":12}},{"id":"1b9a22ad-e742-4aec-b21f-3f5e7892c88b","block_type":"box","text":"other publicly available documents, and then subtracts that number from the total outstanding shares of the security.","page_number":57,"box":{"x":59,"y":399,"width":822,"height":13}},{"id":"e7914152-655d-4156-9c5b-519098d030c6","block_type":"box","text":"Morningstar","page_number":57,"box":{"x":59,"y":426,"width":90,"height":12}},{"id":"f57bc171-d7cf-457d-b21a-b4df3f6dc253","block_type":"box","text":"®","page_number":57,"box":{"x":149,"y":424,"width":9,"height":6}},{"id":"4ae59061-5fd2-46f2-b601-864e34e1973e","block_type":"box","text":"Global Artificial Intelligence Select Index","page_number":57,"box":{"x":164,"y":426,"width":292,"height":12}},{"id":"3fd1faef-c982-435d-9293-286301ed555c","block_type":"box","text":"SM","page_number":57,"box":{"x":457,"y":426,"width":11,"height":4}},{"id":"940b282d-e5e6-4a49-a30c-0ba1dac60aa1","block_type":"box","text":"Number of Components: approximately 50","page_number":57,"box":{"x":60,"y":452,"width":308,"height":12}},{"id":"4384eeeb-4d3b-4e01-9741-2d1bc55c005c","block_type":"box","text":"The Underlying Index is a subset of the Morningstar Global Markets Index (the “Parent Index”), which represents","page_number":57,"box":{"x":59,"y":479,"width":790,"height":12}},{"id":"98d9ee46-cffe-4825-bc9e-992ee842f563","block_type":"box","text":"approximately the top 97% of the global investable equity market capitalization. The eligible universe of securities in the","page_number":57,"box":{"x":59,"y":494,"width":839,"height":12}},{"id":"dc190263-d341-4840-9c90-cd0a4c9358ff","block_type":"box","text":"Underlying Index includes the Parent Index, excluding companies in India or the People’s Republic of China and companies","page_number":57,"box":{"x":60,"y":509,"width":857,"height":12}},{"id":"2a099ac0-b4c9-40f8-b772-972e3491132a","block_type":"box","text":"with average three-month trailing daily trading volume less than $2 million and float market capitalization of less than $300","page_number":57,"box":{"x":59,"y":524,"width":865,"height":12}},{"id":"191be1a3-46fe-48cf-9a6c-9e31f140f8be","block_type":"box","text":"million. Additionally, a security must have a minimum 10% free float. To calculate a security’s free float value, the Index","page_number":57,"box":{"x":60,"y":539,"width":832,"height":12}},{"id":"8bcd56e8-8e81-4e8e-84e4-2d0de260feeb","block_type":"box","text":"Provider estimates the number of listed shares that it deems not to be available for trading in the market, using securities","page_number":57,"box":{"x":60,"y":554,"width":845,"height":13}},{"id":"429cfc53-058c-4912-a200-0b04c82507d4","block_type":"box","text":"reports and other publicly available documents, and then subtracts that number from the total outstanding shares of the","page_number":57,"box":{"x":60,"y":569,"width":845,"height":13}},{"id":"bcca00d4-8740-40e3-9a73-5b1f426c11f8","block_type":"box","text":"security. However, if a security does not meet the 10% minimum, it will still be eligible for inclusion if its float-adjusted market","page_number":57,"box":{"x":59,"y":584,"width":879,"height":13}},{"id":"f91fa554-2454-429f-b03c-e196ec596230","block_type":"box","text":"capitalization is at least twice the total market capitalization corresponding to the breakpoint between the mid-capitalization","page_number":57,"box":{"x":59,"y":600,"width":870,"height":12}},{"id":"3fdf6a89-1905-4dbe-8c47-df125c24c204","block_type":"box","text":"and small-capitalization size segments for its economic region, as determined by the Index Provider.","page_number":57,"box":{"x":59,"y":615,"width":698,"height":12}},{"id":"dcb62630-f106-4a88-b4c6-3fdf2b18ed0a","block_type":"box","text":"The Index Provider scores companies in the eligible universe on a four-point thematic exposure scale based on exposure to at","page_number":57,"box":{"x":59,"y":641,"width":879,"height":12}},{"id":"2386dc6a-ed66-4046-bb63-68a0dd994b3c","block_type":"box","text":"least one AI subtheme and then assigns each company to one of three tiers (","page_number":57,"box":{"x":60,"y":656,"width":537,"height":13}},{"id":"b8c76190-37be-48a8-83c0-af9b9f022c30","block_type":"box","text":"i.e","page_number":57,"box":{"x":598,"y":657,"width":15,"height":9}},{"id":"51aa0d58-ee4a-413b-a0d6-813e6246c9cf","block_type":"box","text":"., Tier 1, Tier 2 or Tier 3). Morningstar","page_number":57,"box":{"x":614,"y":656,"width":261,"height":13}},{"id":"e2c16d7f-c667-45e1-8d81-26501cff5b3b","block_type":"box","text":"considers each company’s role in the AI subtheme value chain, expected net profit increase from exposure to at least one AI","page_number":57,"box":{"x":59,"y":671,"width":867,"height":13}},{"id":"ea37b49d-87d7-4b9a-90d5-e23f4ae31447","block_type":"box","text":"subtheme and the portion of revenue expected to be derived from each AI subtheme over the next five years. Companies","page_number":57,"box":{"x":59,"y":686,"width":846,"height":13}},{"id":"50c707e7-1910-4682-9521-ca370ad6805a","block_type":"box","text":"with a score of 2 or higher on the generative AI subtheme are assigned to Tier 1, and the rest are classified as either Tier 2 or","page_number":57,"box":{"x":59,"y":702,"width":871,"height":12}},{"id":"3309190e-7a37-4e16-98df-6bd534c882e3","block_type":"box","text":"Tier 3. All companies with a score of at least 2 across any one of the three other AI subthemes (","page_number":57,"box":{"x":59,"y":717,"width":668,"height":12}},{"id":"f258090b-a004-4395-a232-adc6c44534de","block_type":"box","text":"i.e","page_number":57,"box":{"x":728,"y":718,"width":15,"height":8}},{"id":"2507748a-cd6e-4dfe-9245-fcac8726812e","block_type":"box","text":"., Al data and infrastructure,","page_number":57,"box":{"x":744,"y":717,"width":194,"height":11}},{"id":"dcae94d3-9ad3-4b3b-bde5-daf29cdd14a1","block_type":"box","text":"Al services, or Al software) are assigned to Tier 2. Companies with an aggregate score of at least 3 across all four AI","page_number":57,"box":{"x":59,"y":732,"width":807,"height":12}},{"id":"027bab28-a660-4348-8011-9e29e2a93c5b","block_type":"box","text":"subthemes are also assigned to Tier 2. All remaining companies with a non-zero score on at least one AI subtheme are","page_number":57,"box":{"x":59,"y":747,"width":830,"height":12}},{"id":"d43cdc27-eb6a-4917-92c0-ca6df4b0e198","block_type":"box","text":"assigned to Tier 3. The Index Provider then ranks the companies to emphasize thematic purity and exposure to the","page_number":57,"box":{"x":59,"y":762,"width":803,"height":12}},{"id":"929d493a-2c24-4e43-867d-fc0a7ffccd3b","block_type":"box","text":"generative AI subtheme according to the following ranking criteria (in descending order):","page_number":57,"box":{"x":59,"y":777,"width":624,"height":13}},{"id":"b1807f02-c427-4f62-8d47-2a23af941779","block_type":"box","text":"• Tier 1 companies are preferred over Tier 2 companies, and Tier 2 companies are preferred over Tier 3 companies.","page_number":57,"box":{"x":92,"y":797,"width":820,"height":13}},{"id":"31cab5b3-d345-47e9-81f1-167a09384bcb","block_type":"box","text":"• Generative AI subtheme score (highest to lowest).","page_number":57,"box":{"x":92,"y":817,"width":382,"height":13}},{"id":"dc24ac58-1612-47fd-85c1-c1a3542c90a7","block_type":"box","text":"• Aggregate score across all 4 subthemes (highest to lowest).","page_number":57,"box":{"x":92,"y":838,"width":451,"height":12}},{"id":"fbf02a54-aeb0-4dd6-9662-e4e0f839b79d","block_type":"box","text":"• Current index constituents are given preference.","page_number":57,"box":{"x":92,"y":858,"width":368,"height":12}},{"id":"e6f321f1-df2e-4ed1-86fc-fb420146bf97","block_type":"box","text":"48","page_number":57,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"0edea298-1e27-4a88-835f-9f3d9d9b90f7","block_type":"box","text":"• Current total market capitalization, with preference to smaller market capitalization over larger market","page_number":58,"box":{"x":92,"y":67,"width":746,"height":12}},{"id":"629b4e53-8cf5-4982-a9c4-e5f1eec47842","block_type":"box","text":"capitalization.","page_number":58,"box":{"x":124,"y":82,"width":96,"height":12}},{"id":"126dc230-dfa6-44bf-b01f-cc13077314fb","block_type":"box","text":"Morningstar generally includes the top 50 companies in the Underlying Index, subject to adjustments for corporate actions.","page_number":58,"box":{"x":59,"y":108,"width":865,"height":13}},{"id":"1d478117-4d88-4f79-a582-91c10583a46f","block_type":"box","text":"The Underlying Index is weighted by float-adjusted market capitalization; however, the aggregate weight of Tier 3 securities","page_number":58,"box":{"x":59,"y":135,"width":864,"height":12}},{"id":"b5f8bd32-bde4-4571-88a6-bfd938e3d451","block_type":"box","text":"cannot exceed 10%, and the excess weight is redistributed proportionally to Tier 1 and Tier 2 securities. Additionally, the","page_number":58,"box":{"x":59,"y":150,"width":842,"height":12}},{"id":"3899a35a-ba25-473b-af74-f68e7c2c4358","block_type":"box","text":"weight of any one Tier 1, Tier 2 or Tier 3 security, respectively, cannot exceed 6%, 3% and 3%, with the excess weight","page_number":58,"box":{"x":59,"y":165,"width":822,"height":12}},{"id":"1954254a-2c06-4a7c-bbba-4beb68c4cb45","block_type":"box","text":"distributed proportionally within each Tier. If the aggregate weight of securities with a weight of at least 4.5% exceeds","page_number":58,"box":{"x":59,"y":180,"width":826,"height":12}},{"id":"2263b0bb-abc6-44a7-87f7-1e50da3914bc","block_type":"box","text":"22.5%, then Morningstar caps the weight of any one security at 6% and the sum of securities at 22.5%, with excess weight","page_number":58,"box":{"x":59,"y":195,"width":865,"height":12}},{"id":"5b2f5deb-4b52-4d51-891f-cf962cc0ae6b","block_type":"box","text":"redistributed proportionally within each Tier. The Index Provider will review constituent weights daily to ensure the combined","page_number":58,"box":{"x":60,"y":210,"width":875,"height":13}},{"id":"ccad4747-0d4e-4a25-a063-2f37971823a9","block_type":"box","text":"weight of all constituents with individual weights above 5% does not exceed 25%. If this cap is breached, the Index Provider","page_number":58,"box":{"x":59,"y":225,"width":869,"height":13}},{"id":"dc7b7607-e6fc-44f0-a574-2ce90dd7486f","block_type":"box","text":"will cap the constituent with the smallest weight above 5% to 4.5%, along with and any other constituent with a weight","page_number":58,"box":{"x":59,"y":240,"width":840,"height":13}},{"id":"16cc2bd6-cfd7-4990-8fbd-896812ea890d","block_type":"box","text":"between 4.5% and 5%. This process will be repeated iteratively until the sum of the weights above 5% are less than 25%,","page_number":58,"box":{"x":60,"y":256,"width":848,"height":12}},{"id":"356e47fb-90b1-449d-b00d-65a781a474dd","block_type":"box","text":"with excess weight redistributed to constituents with weights below the 4.5% limit.","page_number":58,"box":{"x":59,"y":271,"width":583,"height":12}},{"id":"c5dd4d99-566f-47a6-bd13-ae67f4dc37e5","block_type":"box","text":"The Underlying Index is rebalanced quarterly on the third Friday of March, June and September (effective the following","page_number":58,"box":{"x":59,"y":297,"width":828,"height":13}},{"id":"aec2a105-a61d-4c66-91ed-34d966c1212e","block_type":"box","text":"business day) and reconstituted and rebalanced annually following the third Friday of December (effective the following","page_number":58,"box":{"x":60,"y":312,"width":837,"height":13}},{"id":"44418c5b-5c30-4ac6-8d1f-163fbfb60a79","block_type":"box","text":"business day). To remain in the Underlying Index, current constituents must have an average three-month daily trading","page_number":58,"box":{"x":60,"y":327,"width":832,"height":13}},{"id":"74108a77-617b-4292-bccb-48ff9f141e1a","block_type":"box","text":"volume of at least $1.6 million and a free-float market capitalization of at least $240 million at the annual reconstitution.","page_number":58,"box":{"x":59,"y":343,"width":839,"height":12}},{"id":"289f2860-f03b-426b-b3ec-beb65c68deda","block_type":"box","text":"Morningstar","page_number":58,"box":{"x":59,"y":370,"width":90,"height":11}},{"id":"d75717ee-f528-40c9-aa3e-e8df7c111672","block_type":"box","text":"®","page_number":58,"box":{"x":149,"y":367,"width":9,"height":6}},{"id":"dd1d676f-9823-4045-aeab-c01f1f736499","block_type":"box","text":"Global ex-US Dividend Growth Index","page_number":58,"box":{"x":164,"y":369,"width":263,"height":10}},{"id":"7c9393db-1a36-431d-8ca2-82bbcbcac880","block_type":"box","text":"SM","page_number":58,"box":{"x":428,"y":369,"width":11,"height":5}},{"id":"31547581-8525-4391-b6c8-85d5135cec45","block_type":"box","text":"Number of Components: approximately 586","page_number":58,"box":{"x":60,"y":395,"width":317,"height":13}},{"id":"62ce2bff-dbf4-4b78-90e4-15089ae2bf62","block_type":"box","text":"Index Description.","page_number":58,"box":{"x":60,"y":422,"width":130,"height":12}},{"id":"59340446-7e52-47dc-93c1-e19cc0f9f58f","block_type":"box","text":"The Morningstar","page_number":58,"box":{"x":195,"y":422,"width":119,"height":12}},{"id":"6073a983-d257-40fd-bbbf-4d6ef008a5c1","block_type":"box","text":"®","page_number":58,"box":{"x":314,"y":420,"width":9,"height":6}},{"id":"89d132e7-b46f-4d43-9ab1-b4b980eb13c0","block_type":"box","text":"Global ex-US Dividend Growth Index","page_number":58,"box":{"x":328,"y":422,"width":256,"height":10}},{"id":"4a995b2c-4171-4646-9fd5-e8a3120eab14","block_type":"box","text":"SM","page_number":58,"box":{"x":585,"y":422,"width":11,"height":4}},{"id":"a8d237ed-9155-45ae-b9c7-4bfba4016e61","block_type":"box","text":", the Underlying Index, is a dividend dollars","page_number":58,"box":{"x":597,"y":422,"width":299,"height":12}},{"id":"30e9050d-12c6-4923-ad59-f8d1d596822c","block_type":"box","text":"weighted index that seeks to measure the performance of international equities selected based on a consistent history of","page_number":58,"box":{"x":59,"y":437,"width":849,"height":12}},{"id":"cffaa62e-1f2b-4bc4-8a7c-8a6ddeb09e76","block_type":"box","text":"growing dividends. The Underlying Index is a subset of the Morningstar","page_number":58,"box":{"x":59,"y":452,"width":501,"height":12}},{"id":"aa87ac85-632c-471f-adb7-41146789cfe4","block_type":"box","text":"®","page_number":58,"box":{"x":561,"y":450,"width":9,"height":7}},{"id":"29ca9f28-dc47-40a0-bf3f-08962e023d86","block_type":"box","text":"Global Markets ex-US Index","page_number":58,"box":{"x":575,"y":452,"width":194,"height":10}},{"id":"fb956105-7279-4337-84f7-70c284835d2b","block_type":"box","text":"SM","page_number":58,"box":{"x":769,"y":452,"width":11,"height":5}},{"id":"a348afe6-b59a-41f5-b4f1-8a8ed7662eeb","block_type":"box","text":", which is a diversified","page_number":58,"box":{"x":782,"y":452,"width":151,"height":11}},{"id":"2bdac371-efb3-4ac8-bfac-68f2249af7b9","block_type":"box","text":"broad market index that represents approximately 97% of the market capitalization in international developed and emerging","page_number":58,"box":{"x":60,"y":467,"width":869,"height":13}},{"id":"27c48893-7acb-4bb2-ad81-e912adfe306b","block_type":"box","text":"markets. As of March 31, 2026, the Underlying Index was comprised of securities of companies in the following markets:","page_number":58,"box":{"x":60,"y":482,"width":842,"height":13}},{"id":"33b0cf04-44b2-477f-a1fc-76416cbb2346","block_type":"box","text":"Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Denmark, Finland, France, Germany, Hong Kong, India,","page_number":58,"box":{"x":59,"y":497,"width":806,"height":13}},{"id":"46df3a91-c2f3-4051-b8c7-4bb1ad544576","block_type":"box","text":"Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, Norway, the Philippines, Poland, Portugal, Saudi Arabia,","page_number":58,"box":{"x":60,"y":513,"width":848,"height":12}},{"id":"055de6c8-b216-44b4-a1b0-8b1f798ba5cf","block_type":"box","text":"Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, and the U.K. Eligible companies must pay a","page_number":58,"box":{"x":59,"y":528,"width":878,"height":12}},{"id":"4a046908-070a-4644-a4ac-ebb3f777c005","block_type":"box","text":"dividend, must have at least five years of uninterrupted annual dividend growth and their earnings payout ratio must be less","page_number":58,"box":{"x":59,"y":543,"width":867,"height":12}},{"id":"17fb0040-1c66-4719-af69-c2d397e56175","block_type":"box","text":"than 75%. Companies that are in the top decile based on dividend yield are excluded from the Underlying Index prior to the","page_number":58,"box":{"x":59,"y":558,"width":862,"height":12}},{"id":"9486c7ff-6910-4bdd-bad4-e039f50aae18","block_type":"box","text":"dividend growth, payout ratio, and passive foreign investment company (“PFIC”) screens.","page_number":58,"box":{"x":59,"y":573,"width":623,"height":12}},{"id":"d710f833-e69b-439d-a38a-d45d5d225140","block_type":"box","text":"Index Methodology.","page_number":58,"box":{"x":60,"y":600,"width":143,"height":12}},{"id":"54d8525c-ecfc-4c37-ab8b-f44335814225","block_type":"box","text":"The Underlying Index methodology is as follows:","page_number":58,"box":{"x":208,"y":600,"width":340,"height":12}},{"id":"40884d30-88b5-459b-bb39-a40f9d19d7cd","block_type":"box","text":"(1) a security must be a member of the Morningstar","page_number":58,"box":{"x":60,"y":626,"width":365,"height":12}},{"id":"67df2f73-6fc7-4fd9-a426-3e1eccdff746","block_type":"box","text":"®","page_number":58,"box":{"x":426,"y":624,"width":9,"height":6}},{"id":"9ab200b9-28b8-497a-b70c-ed7cfcff3b65","block_type":"box","text":"Global Markets ex-US Index","page_number":58,"box":{"x":440,"y":626,"width":194,"height":10}},{"id":"cec4aa72-c5ed-46fb-bf8d-f82619225f14","block_type":"box","text":"SM","page_number":58,"box":{"x":634,"y":626,"width":11,"height":5}},{"id":"ed62a809-cb13-4f20-9e8d-6f6b4b45263e","block_type":"box","text":"(2) security must pay a dividend and not be classified as a REIT;","page_number":58,"box":{"x":60,"y":652,"width":444,"height":13}},{"id":"fadd2622-67ca-4bbb-a985-142580569f7c","block_type":"box","text":"(3) top decile yield payers are excluded based on dividend yield for the company’s respective region cohort, as defined by the","page_number":58,"box":{"x":60,"y":679,"width":872,"height":12}},{"id":"c9e4648b-fc8c-4ed3-9650-beaa22e27b2e","block_type":"box","text":"Index Provider (for example, Developed Asia Pacific, Developed Europe, Middle East and Africa, Developed North America","page_number":58,"box":{"x":60,"y":694,"width":850,"height":12}},{"id":"2598ab05-5fda-4cb2-8168-46c701cd9c60","block_type":"box","text":"ex-US (Canada), and Emerging Markets);","page_number":58,"box":{"x":59,"y":709,"width":287,"height":12}},{"id":"854e5e04-7442-4891-914f-b8a3e938ce17","block_type":"box","text":"(4.1) apply dividend growth screen: must be currently paying dividends and have at least five years of uninterrupted annual","page_number":58,"box":{"x":60,"y":736,"width":860,"height":12}},{"id":"3e5b634c-d0f0-46cf-bd7c-22f853680e19","block_type":"box","text":"dividend growth; dividend growth condition is considered met if the trailing twelve months aggregated dividend increased","page_number":58,"box":{"x":59,"y":751,"width":856,"height":12}},{"id":"fe4d65ba-bf18-4119-b4d5-1063132c2c8c","block_type":"box","text":"from the previous to the current reconstitution date;","page_number":58,"box":{"x":59,"y":766,"width":366,"height":12}},{"id":"b5a6f11a-26c2-48e3-9baf-6152b2bf2dab","block_type":"box","text":"(4.2) spinoff exception to growth rule: for a current constituent of the index, the requirement to raise dividend year-over-year","page_number":58,"box":{"x":60,"y":792,"width":875,"height":13}},{"id":"a7ece205-3085-4b73-b2b7-3757da009a0f","block_type":"box","text":"to remain in the index after reconstitution will be waived if the constituent completed a spin-off in the preceding twelve","page_number":58,"box":{"x":59,"y":807,"width":836,"height":13}},{"id":"ced63441-a200-4ead-9483-b6a8f059d0a2","block_type":"box","text":"months; any publicly trading spun-off entity of a current constituent will be immediately included in the index, but it will have","page_number":58,"box":{"x":60,"y":823,"width":876,"height":12}},{"id":"d1533981-b0e9-40f8-9874-20da88d4fd43","block_type":"box","text":"to start increasing its dividend starting with the year following the next reconstitution to remain in the index. The current","page_number":58,"box":{"x":59,"y":838,"width":846,"height":12}},{"id":"a80a0ae2-6d3f-4310-9a10-5a3287762b18","block_type":"box","text":"constituent will not require dividend growth in the spin-off year, where “year” means the twelve-month period between","page_number":58,"box":{"x":59,"y":853,"width":835,"height":12}},{"id":"7da161f1-020d-4b7b-9d68-2d2d81781d65","block_type":"box","text":"annual index reconstitutions;","page_number":58,"box":{"x":59,"y":868,"width":203,"height":11}},{"id":"a822cd8b-16ed-41ae-b099-d9bc6af794b6","block_type":"box","text":"49","page_number":58,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"3c71d399-1e2b-4ef9-a127-648b9b6b53d0","block_type":"box","text":"(5) apply growth sustainability screen: payout ratio must be less than 75%, and must have positive consensus earnings","page_number":59,"box":{"x":60,"y":67,"width":832,"height":12}},{"id":"44cbfb05-0074-4113-84fc-06a69f80872c","block_type":"box","text":"forecast. Payout ratio is forward looking and is calculated by the trailing twelve month divided by the forward 12 month","page_number":59,"box":{"x":59,"y":82,"width":834,"height":12}},{"id":"1a22fa79-5736-4f1d-bbdd-e57f2e01f346","block_type":"box","text":"consensus earnings forecast;","page_number":59,"box":{"x":59,"y":97,"width":203,"height":12}},{"id":"993715d5-b84f-4448-af7b-51956c8e8e29","block_type":"box","text":"(6) apply PFIC screen: exclude PFICs based on best efforts to identify them;","page_number":59,"box":{"x":60,"y":123,"width":523,"height":13}},{"id":"1b56bb3b-ccff-47b0-b062-942817fd05f2","block_type":"box","text":"(7) weight by dividend dollars (float adjusted common shares multiplied by the current trailing twelve month dividend rate","page_number":59,"box":{"x":60,"y":150,"width":856,"height":12}},{"id":"1733673d-e031-4487-ab38-3a94fe804108","block_type":"box","text":"per share);","page_number":59,"box":{"x":59,"y":165,"width":74,"height":12}},{"id":"8c7eeaa6-55c6-458f-aa55-3ea90408049e","block_type":"box","text":"(8) apply 3% weight cap on companies to maintain sufficient diversification. The weight capping algorithm will preserve,","page_number":59,"box":{"x":60,"y":191,"width":844,"height":13}},{"id":"0ff0a470-0336-4795-9413-f5c5ded886b7","block_type":"box","text":"starting with the smallest security, the relative weights between as many constituents as possible while enforcing the weight","page_number":59,"box":{"x":59,"y":206,"width":871,"height":13}},{"id":"1c6555ed-696e-41e3-9e43-92fc2920b10d","block_type":"box","text":"cap;","page_number":59,"box":{"x":59,"y":225,"width":28,"height":9}},{"id":"d3bee747-240a-42db-b181-e1e73d9b7aae","block_type":"box","text":"(9) apply 20% single country cap to maintain sufficient geographical diversification. The weight capping algorithm will","page_number":59,"box":{"x":60,"y":248,"width":829,"height":12}},{"id":"9f8662f3-68d2-4e4c-96a7-5615792f30b4","block_type":"box","text":"preserve, starting with the smallest country, the relative weights between as many countries as possible while enforcing the","page_number":59,"box":{"x":59,"y":263,"width":864,"height":12}},{"id":"e696628c-26cf-439b-aecd-337031611bbb","block_type":"box","text":"weight cap; and","page_number":59,"box":{"x":59,"y":278,"width":111,"height":13}},{"id":"e5545e08-8f91-4d34-926e-e8fe86142a51","block_type":"box","text":"(10) the index is reconstituted annually and rebalanced quarterly; at rebalance, index constituent list is not altered, but the","page_number":59,"box":{"x":60,"y":305,"width":854,"height":12}},{"id":"c4bc5f57-9187-4dcc-aef5-d92a264c6daa","block_type":"box","text":"weights of the constituents are re-adjusted back to the dividend dollar weighting and the weight constraints are re-applied.","page_number":59,"box":{"x":59,"y":320,"width":862,"height":12}},{"id":"dbf6114b-575a-4e1d-a447-1a698f0e724c","block_type":"box","text":"Morningstar Global Metaverse & Virtual Interaction Select Index","page_number":59,"box":{"x":59,"y":346,"width":463,"height":13}},{"id":"1806dd56-be2e-4db5-a7a0-e8af377a93b7","block_type":"box","text":"Number of Components: approximately 41","page_number":59,"box":{"x":60,"y":365,"width":305,"height":13}},{"id":"ba681461-64cc-4800-9a0d-8cf0acf262b5","block_type":"box","text":"Index Description.","page_number":59,"box":{"x":60,"y":388,"width":130,"height":12}},{"id":"0869af3e-6030-4a10-9295-439e1751581a","block_type":"box","text":"The Morningstar Global Metaverse & Virtual Interaction Select Index is a rules-based, modified float","page_number":59,"box":{"x":195,"y":388,"width":703,"height":12}},{"id":"31170f0c-1918-4ec5-9de5-c881c73a53a6","block_type":"box","text":"adjusted market capitalization-weighted equity benchmark designed to track the performance of globally listed companies","page_number":59,"box":{"x":59,"y":403,"width":860,"height":12}},{"id":"c3ba91f6-b14d-4fee-95b1-0a56588d6ba3","block_type":"box","text":"that provide products and services that are expected to contribute to the “metaverse” in areas including virtual platforms,","page_number":59,"box":{"x":59,"y":418,"width":851,"height":12}},{"id":"3ade7fd8-23fe-4472-9ca3-19b0c078d8af","block_type":"box","text":"social media, gaming, 3D software, digital assets, and virtual and augmented reality, as determined by the index provider. The","page_number":59,"box":{"x":59,"y":433,"width":877,"height":13}},{"id":"1ac2bfac-970a-40eb-8d08-6d1e5704dd49","block_type":"box","text":"Underlying Index is a subset of the Morningstar Global Markets ex-India Index (the “Parent Index”). The Index Provider","page_number":59,"box":{"x":60,"y":448,"width":831,"height":13}},{"id":"37a8ab37-7f71-4663-9a66-22d831063bb0","block_type":"box","text":"defines “metaverse” as a three-dimensional immersive digital world.","page_number":59,"box":{"x":59,"y":463,"width":477,"height":13}},{"id":"2168b9f9-245c-4c91-9198-6cc287d496df","block_type":"box","text":"Morningstar evaluates the constituents based on five-year net profit and revenue projections as a producer or supplier with","page_number":59,"box":{"x":59,"y":490,"width":863,"height":12}},{"id":"431894bb-f45c-4345-87ce-4eb89d198cb6","block_type":"box","text":"respect to six themes:","page_number":59,"box":{"x":60,"y":505,"width":151,"height":12}},{"id":"2b10e9af-e91c-4a82-8e20-98aa9676a05d","block_type":"box","text":"• Metaverse Platforms: Technologies that facilitate virtual interactions across a high volume of users, combining","page_number":59,"box":{"x":92,"y":525,"width":804,"height":13}},{"id":"7e7d291e-4de6-4393-a089-1d8c264f79ba","block_type":"box","text":"elements of 3D rendering and simulation software, wearable technology, immersive gaming, enhanced social","page_number":59,"box":{"x":124,"y":540,"width":764,"height":13}},{"id":"43be81e1-5ab7-4fed-b786-9f7d6c307b5c","block_type":"box","text":"media, and digital assets and payments.","page_number":59,"box":{"x":125,"y":555,"width":278,"height":13}},{"id":"a8d1acb3-7b92-45f7-bd47-96ae4ea24369","block_type":"box","text":"• Wearable Technology and VR/AR: Virtual reality (“VR”) is the use of computer technology to create the effect of an","page_number":59,"box":{"x":92,"y":576,"width":837,"height":12}},{"id":"00f26ae7-eb63-4af0-be1a-61173f306370","block_type":"box","text":"interactive three-dimensional world in which the objects have a sense of spatial presence. Augmented reality (“AR”)","page_number":59,"box":{"x":125,"y":591,"width":808,"height":12}},{"id":"54675faf-a016-4847-952a-e2c5773ec4ac","block_type":"box","text":"is an enhanced version of reality created by the use of technology to overlay digital information on an image of","page_number":59,"box":{"x":125,"y":606,"width":775,"height":12}},{"id":"ea8d760f-eb6a-4378-b119-3448910b7c79","block_type":"box","text":"something being viewed through a device.","page_number":59,"box":{"x":124,"y":621,"width":297,"height":12}},{"id":"a1713a43-7c66-4ba8-b541-5bd707b45a11","block_type":"box","text":"• Enhanced Social Media: Interactive digital channels, enhanced by the use of VR and AR platforms, that allow users","page_number":59,"box":{"x":92,"y":641,"width":832,"height":12}},{"id":"07f7dc9c-3d43-455c-a123-e98f6a181f8b","block_type":"box","text":"to create and share content.","page_number":59,"box":{"x":124,"y":656,"width":196,"height":10}},{"id":"fe7d6307-7880-4df3-afdd-dc8b1f5f6f93","block_type":"box","text":"• Immersive Gaming: All-encompassing online games that many players can play simultaneously and the associated","page_number":59,"box":{"x":92,"y":676,"width":836,"height":13}},{"id":"2f67d829-7208-4e13-b5ea-f4493775f1e0","block_type":"box","text":"tools and hardware that facilitate their development.","page_number":59,"box":{"x":124,"y":691,"width":367,"height":13}},{"id":"83b6b6d7-4735-4fef-a091-72ab50848ab0","block_type":"box","text":"• 3D Rendering and Simulation Software: Software and tools leveraged by businesses, consumers, and brands to","page_number":59,"box":{"x":92,"y":712,"width":808,"height":12}},{"id":"2cdc30c6-a03d-455a-8469-46f0d482448d","block_type":"box","text":"build and develop content for VR and AR platforms.","page_number":59,"box":{"x":125,"y":727,"width":360,"height":12}},{"id":"782ae7da-db52-45d5-a507-68f66f877814","block_type":"box","text":"• Digital Assets and Payments: A digital asset is a collection of binary data which is self-contained, uniquely","page_number":59,"box":{"x":92,"y":747,"width":773,"height":12}},{"id":"395d5460-c615-4a32-a2a9-f66d25a31971","block_type":"box","text":"identifiable, and has a value, such as non-fungible tokens and cryptocurrencies. Digital payments are transfers of","page_number":59,"box":{"x":125,"y":762,"width":790,"height":12}},{"id":"d6b56a5b-672f-495e-a3bd-785427f2d816","block_type":"box","text":"value from one payment account to another by use of a digital device, with no exchange of cash. This theme targets","page_number":59,"box":{"x":124,"y":777,"width":813,"height":13}},{"id":"d835b880-3644-471f-9631-c31b8cacb640","block_type":"box","text":"companies that facilitate the use of payment solutions or digital assets in the metaverse or enhanced shared virtual","page_number":59,"box":{"x":124,"y":792,"width":805,"height":13}},{"id":"358df791-da72-437f-9d90-06c52cc93ffa","block_type":"box","text":"spaces.","page_number":59,"box":{"x":124,"y":810,"width":50,"height":10}},{"id":"c9952e07-67e7-494a-9c45-f00eeff7a0fd","block_type":"box","text":"Index Methodology","page_number":59,"box":{"x":60,"y":834,"width":140,"height":12}},{"id":"4de5a5ab-7001-4033-b462-caf2954e9a90","block_type":"box","text":". Securities from the Parent Index are eligible for inclusion in the Underlying Index based on the following","page_number":59,"box":{"x":201,"y":834,"width":733,"height":12}},{"id":"a8b2b2ed-9cf8-48d7-a0d1-d87f2819c3bc","block_type":"box","text":"criteria:","page_number":59,"box":{"x":59,"y":850,"width":51,"height":9}},{"id":"d1b84fc0-dd16-4e9d-a614-28220e2f307b","block_type":"box","text":"• Securities must have at least $2 million in three-month average daily trading volume (“ADTV”) and at least a $300","page_number":59,"box":{"x":92,"y":869,"width":829,"height":12}},{"id":"471f3c09-0461-49f2-afc0-d59986107a02","block_type":"box","text":"50","page_number":59,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"fac80e30-0680-45db-a472-0ab1225ce252","block_type":"box","text":"million free float market capitalization. Current index constituents are eliminated if they have less than $1.5 million","page_number":60,"box":{"x":125,"y":67,"width":798,"height":12}},{"id":"a04dd82b-07a1-499e-acb0-2045f62155ed","block_type":"box","text":"in three-month ADTV or less than $200 million free float market capitalization.","page_number":60,"box":{"x":125,"y":82,"width":548,"height":12}},{"id":"fb59a80e-bd67-4fbe-855c-4a02273683fa","block_type":"box","text":"• The issuer must be classified by Morningstar as a producer of goods or services related to a theme of the","page_number":60,"box":{"x":92,"y":102,"width":767,"height":12}},{"id":"72cae7ae-5065-4d19-8e56-ef5306b3a92c","block_type":"box","text":"Underlying Index or a supplier of such producers.","page_number":60,"box":{"x":125,"y":117,"width":344,"height":12}},{"id":"ffac65d9-37bc-421d-9486-2ced380606e9","block_type":"box","text":"• The issuer must have current exposure from at least one theme, as determined by Morningstar, and must be highly","page_number":60,"box":{"x":92,"y":137,"width":839,"height":13}},{"id":"5873baa2-b840-4487-a73f-98d48f2f78a8","block_type":"box","text":"likely to experience at least a 5% increase in net profit over the next five years from exposure to that theme.","page_number":60,"box":{"x":125,"y":152,"width":751,"height":13}},{"id":"bddcfa21-3b7d-442c-a83a-2318f7bd1dbc","block_type":"box","text":"• A security must have a minimum 10% free float; however, if a security does not meet the 10% minimum, it will still","page_number":60,"box":{"x":92,"y":172,"width":834,"height":13}},{"id":"c4cc790a-1ce5-462e-87dc-89c133807484","block_type":"box","text":"be eligible for inclusion if its float-adjusted market capitalization is at least twice the total market capitalization","page_number":60,"box":{"x":125,"y":188,"width":771,"height":12}},{"id":"dc62e7b2-983b-4a4f-96d6-2ddf187bd18a","block_type":"box","text":"corresponding to the breakpoint between the mid-capitalization and small-capitalization size segments for its","page_number":60,"box":{"x":124,"y":203,"width":767,"height":12}},{"id":"c76ed0c6-26e4-41fa-bbb2-33aa62317cfa","block_type":"box","text":"economic region, as determined by the Index Provider.","page_number":60,"box":{"x":124,"y":218,"width":380,"height":12}},{"id":"3f401762-71ff-49d6-b3a0-890e11999a94","block_type":"box","text":"To calculate a security’s free float value, the Index Provider estimates the number of listed shares that it deems not to be","page_number":60,"box":{"x":59,"y":244,"width":841,"height":13}},{"id":"a1a5fd99-3d3f-4b6c-ab57-3cb4323fae71","block_type":"box","text":"available for trading in the market, using securities reports and other publicly available documents, and then subtracts that","page_number":60,"box":{"x":59,"y":259,"width":859,"height":13}},{"id":"27edb9fb-7567-4ab3-9179-53ecd64d9e25","block_type":"box","text":"number from the total outstanding shares of the security.","page_number":60,"box":{"x":60,"y":274,"width":400,"height":13}},{"id":"8068d3b2-26cc-440b-9daa-bbdfc642cecf","block_type":"box","text":"Morningstar research analysts estimate the percentage of total revenue that a company will derive over the next five years","page_number":60,"box":{"x":59,"y":301,"width":854,"height":12}},{"id":"d85348be-8a19-471f-989d-e5ddb7bf6064","block_type":"box","text":"from its exposure to each theme of the Underlying Index. In making these projections, the research analysts may take into","page_number":60,"box":{"x":59,"y":316,"width":854,"height":12}},{"id":"e3680287-31ce-4a2e-b79a-188caec9e7b5","block_type":"box","text":"account, among other things, financial statements, historical growth rates, competitive and industry analyses,","page_number":60,"box":{"x":59,"y":331,"width":770,"height":13}},{"id":"c92d667b-1aac-4679-a6d0-cd5194fd42a5","block_type":"box","text":"macroeconomic factors, and news and other data sources. Based on the analysts’ revenue projections, each company is","page_number":60,"box":{"x":60,"y":346,"width":839,"height":13}},{"id":"34478861-1958-4e2d-830a-ec5357257c5e","block_type":"box","text":"assigned an “exposure score” for each theme as follows:","page_number":60,"box":{"x":59,"y":361,"width":393,"height":13}},{"id":"6a343cb3-2c8e-4dc0-928c-593a2e7b44d1","block_type":"box","text":"• Score of 0: Less than 10% of the issuer’s total revenue","page_number":60,"box":{"x":92,"y":382,"width":410,"height":9}},{"id":"ab0cd1cf-a1ac-4850-9586-7e3ccf3ba673","block_type":"box","text":"• Score of 1: 10-25% of the issuer’s total revenue","page_number":60,"box":{"x":92,"y":402,"width":363,"height":9}},{"id":"90c08e3f-7900-4f6a-a74d-bc8a05ff87a4","block_type":"box","text":"• Score of 2: 25-50% of the issuer’s total revenue","page_number":60,"box":{"x":92,"y":422,"width":364,"height":10}},{"id":"f650f503-4b1e-4f23-a016-121975a0eabe","block_type":"box","text":"• Score of 3: Greater than 50% of the total revenue of an issuer that is a supplier","page_number":60,"box":{"x":92,"y":442,"width":582,"height":12}},{"id":"e21873dd-92a3-4987-a4fe-d9b8e7d261c7","block_type":"box","text":"• Score of 4: Greater than 50% of the total revenue of an issuer that is a producer","page_number":60,"box":{"x":92,"y":462,"width":589,"height":13}},{"id":"bcd31c1b-66e8-4076-87f7-af6e948caf0c","block_type":"box","text":"A Morningstar committee reviews the scores assigned by analysts to help ensure internal consistency.","page_number":60,"box":{"x":59,"y":489,"width":714,"height":12}},{"id":"3e264a9a-dfae-4bdf-80ba-62756df09d2e","block_type":"box","text":"If a company has an exposure score of zero for each theme, it is excluded from the Underlying Index. The remaining potential","page_number":60,"box":{"x":60,"y":515,"width":875,"height":12}},{"id":"59fa7c6a-93bd-4d2f-b14e-2ee7bc1fccd8","block_type":"box","text":"constituents are designated as Tier 1 or Tier 2. Tier 1 issuers are those with an aggregate score (the sum of all exposure","page_number":60,"box":{"x":59,"y":530,"width":837,"height":13}},{"id":"12a7bae8-bdad-482d-a87e-978b08e4b28f","block_type":"box","text":"scores) of 3 or more and at least an aggregate, non-overlapping revenue exposure of 25% across all themes relative to","page_number":60,"box":{"x":59,"y":545,"width":830,"height":13}},{"id":"e2f7a3aa-1bee-4383-b666-c66c892b83ef","block_type":"box","text":"company-wide revenue. Tier 2 issuers are those with an aggregate score of less than 3. Morningstar ranks Tier 2 issuers with","page_number":60,"box":{"x":59,"y":560,"width":873,"height":13}},{"id":"06843379-eaab-44cf-baad-4d44968e0610","block_type":"box","text":"preference given to:","page_number":60,"box":{"x":59,"y":576,"width":137,"height":12}},{"id":"a7d12656-cbd0-4ca4-b4b2-5a199eed4e42","block_type":"box","text":"• Higher aggregate score","page_number":60,"box":{"x":92,"y":596,"width":195,"height":12}},{"id":"a0a821fe-bcdb-48c8-8f99-204a16a19756","block_type":"box","text":"• Number of themes in which a constituent scores 2","page_number":60,"box":{"x":92,"y":616,"width":386,"height":10}},{"id":"ffcbbb9b-516c-4d64-bb9d-a7838fe4b21a","block_type":"box","text":"• Number of themes in which a constituent scores 1","page_number":60,"box":{"x":92,"y":636,"width":383,"height":10}},{"id":"d9a553dd-75c9-425e-a86e-8f7a02906dfd","block_type":"box","text":"• Preference for smaller float market capitalization","page_number":60,"box":{"x":92,"y":656,"width":370,"height":13}},{"id":"72aeba85-949a-4016-9988-7de4df512c50","block_type":"box","text":"All Tier 1 constituents are selected for the Underlying Index. However, if there are fewer than 50 Tier 1 constituents, the","page_number":60,"box":{"x":59,"y":683,"width":834,"height":12}},{"id":"f1828b8b-d40a-46b2-b072-7275c0c4397f","block_type":"box","text":"shortfall is filled with Tier 2 constituents, and the Underlying Index is capped at 50 constituents.","page_number":60,"box":{"x":59,"y":698,"width":670,"height":12}},{"id":"f7d9e2f1-fad1-4def-b06b-0a4956a63227","block_type":"box","text":"Constituents are float-adjusted market capitalization-weighted with a minimum 80% weight, in aggregate, allocated to Tier 1","page_number":60,"box":{"x":59,"y":724,"width":875,"height":13}},{"id":"f01d2c90-8ab3-47a6-84eb-8b824fa6ccf8","block_type":"box","text":"constituents. Individual Tier 1 constituents have a 6% cap, while individual Tier 2 constituents have a 3% cap. Constituents","page_number":60,"box":{"x":59,"y":739,"width":860,"height":13}},{"id":"9055e71e-712a-4339-942e-10e163d675e2","block_type":"box","text":"with an aggregate score of 1, or an aggregate score of 2 of which a theme is Metaverse Platforms, are constrained to 10% of","page_number":60,"box":{"x":59,"y":754,"width":873,"height":13}},{"id":"6437c114-0076-43ba-915b-464004e0af7a","block_type":"box","text":"the Underlying Index. Of the 10% weight, at most only 5% can be in sectors outside of technology or communications. At","page_number":60,"box":{"x":59,"y":770,"width":855,"height":12}},{"id":"cefc6fde-70a4-4373-b432-d2593542539a","block_type":"box","text":"each rebalance, issuers with weights over 4.5% shall not in aggregate exceed 45% of the Underlying Index. In case there is no","page_number":60,"box":{"x":59,"y":785,"width":879,"height":12}},{"id":"006c911a-7b82-42f0-ba4a-bdea5cf5a0d6","block_type":"box","text":"feasible solution for capping, the Index Provider will loosen constraints until a solution can be found, such as reducing the","page_number":60,"box":{"x":59,"y":800,"width":853,"height":12}},{"id":"6e506fb4-5eac-4df9-97ad-3a5edc76a62d","block_type":"box","text":"minimum weight of Tier 1 constituents in 1% increments until that capping is feasible.","page_number":60,"box":{"x":60,"y":815,"width":604,"height":12}},{"id":"0192b356-e4a9-4ba6-a299-afeb67d14015","block_type":"box","text":"The Underlying Index is reconstituted each December and rebalanced quarterly. The themes are reviewed annually by the","page_number":60,"box":{"x":59,"y":841,"width":850,"height":13}},{"id":"f9b18b55-02a4-40c1-ae34-803db1996322","block_type":"box","text":"Index Provider and are subject to change as they evolve and new themes emerge.","page_number":60,"box":{"x":60,"y":857,"width":569,"height":12}},{"id":"38146218-9a08-4a48-8f72-366365c0ebf9","block_type":"box","text":"51","page_number":60,"box":{"x":491,"y":916,"width":13,"height":9}},{"id":"54c20727-d43a-4c28-a638-c1d3045301ca","block_type":"box","text":"Calculation Methodology","page_number":61,"box":{"x":59,"y":67,"width":182,"height":12}},{"id":"d45d0307-ea8a-4e87-abb2-464341193566","block_type":"box","text":". The Fund utilizes the Underlying Index calculated with net dividends reinvested. Morningstar uses","page_number":61,"box":{"x":242,"y":67,"width":692,"height":12}},{"id":"9d360d2c-b384-46f4-8cd1-ebc13b2cfb60","block_type":"box","text":"the country of incorporation of the constituents to determine the relevant dividend withholding tax rates in calculating the","page_number":61,"box":{"x":59,"y":82,"width":858,"height":12}},{"id":"511b2a79-85ed-4aff-b8b3-7c38f7a0e64c","block_type":"box","text":"net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate of","page_number":61,"box":{"x":60,"y":97,"width":856,"height":12}},{"id":"e037556d-1e0c-4bcf-a3ba-ce5306cee697","block_type":"box","text":"the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":61,"box":{"x":59,"y":112,"width":831,"height":12}},{"id":"b04d768f-a82a-4218-bafd-7a5da42e1abb","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":59,"y":127,"width":868,"height":12}},{"id":"cf281fbd-8c88-451b-b21c-2d34bca8d307","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":61,"box":{"x":59,"y":142,"width":474,"height":13}},{"id":"a8a358e3-d536-4ef4-b03c-e102376abea6","block_type":"box","text":"The S&P Indexes","page_number":61,"box":{"x":59,"y":173,"width":280,"height":23}},{"id":"40f3e806-4c26-4a09-adb7-f74fde85dcc1","block_type":"box","text":"Component Selection Criteria for Domestic Indexes.","page_number":61,"box":{"x":59,"y":214,"width":375,"height":12}},{"id":"f6083424-7f95-427c-a610-0d489cb41023","block_type":"box","text":"S&P Dow Jones Indices LLC’s (“SPDJI”) various Index Committees are","page_number":61,"box":{"x":439,"y":214,"width":483,"height":12}},{"id":"21019655-d7ea-4dc5-99e0-af0148a4649b","block_type":"box","text":"responsible for the overall management of S&P Dow Jones Indices LLC’s indices (“S&P DJI Indices”). Issuers (","page_number":61,"box":{"x":60,"y":229,"width":757,"height":12}},{"id":"17a6a758-32eb-45fc-b388-673ebe76a5cd","block_type":"box","text":"i.e","page_number":61,"box":{"x":819,"y":230,"width":14,"height":9}},{"id":"dd2dab66-b64e-4e9c-9d2e-b212fbb64fec","block_type":"box","text":"., the","page_number":61,"box":{"x":835,"y":229,"width":33,"height":11}},{"id":"26e5ab31-741c-4a5c-89a1-f29c9c99b33e","block_type":"box","text":"“components”) selected for the Standard & Poor’s Financial Services LLC (“S&P”) U.S. indexes represent a broad range of","page_number":61,"box":{"x":59,"y":244,"width":846,"height":13}},{"id":"76cf0644-d811-49d0-ae12-dffb5e58b04e","block_type":"box","text":"industry segments within the U.S. economy. The starting universe of publicly traded U.S. issuers classified by the Global","page_number":61,"box":{"x":60,"y":259,"width":832,"height":13}},{"id":"a1732156-15d9-4104-bc55-c6d6521c67f9","block_type":"box","text":"Industry Classification Standard (GICS","page_number":61,"box":{"x":60,"y":274,"width":265,"height":13}},{"id":"aee816c6-1691-4734-8609-3cc140b52ea7","block_type":"box","text":"®","page_number":61,"box":{"x":326,"y":273,"width":9,"height":6}},{"id":"64017493-0344-4a4f-a191-d4c607a018f2","block_type":"box","text":") is screened to eliminate ADRs, mutual funds, limited partnerships, royalty trusts,","page_number":61,"box":{"x":337,"y":274,"width":570,"height":13}},{"id":"05ea813f-7bf2-4e72-b32a-bfc4c6c0b1bc","block_type":"box","text":"certain holding issuers, OTC bulletin board issues, pink sheet-listed issues, closed-end funds, ETFs and tracking stocks. REITs,","page_number":61,"box":{"x":59,"y":290,"width":876,"height":12}},{"id":"0959660a-ae3b-4b32-8428-a97e1d426ce9","block_type":"box","text":"except for mortgage REITs, are eligible for inclusion in the Indexes. The stock of each constituent must trade on either the","page_number":61,"box":{"x":59,"y":305,"width":851,"height":12}},{"id":"433bbd92-f349-4a27-b8d9-b14a1ee41b9e","block_type":"box","text":"New York Stock Exchange (“NYSE”), the NYSE Amex Equities or on Nasdaq. Additionally, only one share class per constituent","page_number":61,"box":{"x":60,"y":320,"width":874,"height":12}},{"id":"e1475d6a-1c7f-4fe1-9cdf-56c2f699668f","block_type":"box","text":"will be included in an Index. The share class is selected by SPDJI and is generally defined as the largest, most liquid share","page_number":61,"box":{"x":59,"y":335,"width":841,"height":12}},{"id":"b677b1dd-9a61-47bb-80bf-3fabf24efbf2","block_type":"box","text":"class. Issuers with multiple share classes will have the classes combined for purposes of calculation of market capitalization.","page_number":61,"box":{"x":59,"y":350,"width":868,"height":12}},{"id":"d5f6e470-cc9c-46ed-aefe-77f63a139009","block_type":"box","text":"The following criteria are then analyzed to determine an issuer’s eligibility for inclusion in the S&P Indexes: (i) ownership of","page_number":61,"box":{"x":59,"y":365,"width":860,"height":13}},{"id":"3fa667dd-9690-4768-bf87-eca5db247ffe","block_type":"box","text":"an issuer’s outstanding common stock, in order to screen out closely held issuers; (ii) trading volume of an issuer’s shares, in","page_number":61,"box":{"x":59,"y":380,"width":873,"height":13}},{"id":"970ab933-c0f8-4f99-bd37-d1d71a2eed15","block_type":"box","text":"order to ensure ample liquidity and efficient share pricing; and (iii) the financial and operating condition of an issuer.","page_number":61,"box":{"x":59,"y":395,"width":812,"height":13}},{"id":"6dcd9060-1b21-412d-8901-d76cba8b7d93","block_type":"box","text":"The S&P DJI’s Indices are capitalization-weighted, based on the following formula: number of outstanding shares of a","page_number":61,"box":{"x":59,"y":422,"width":819,"height":12}},{"id":"c91d6e22-6764-46ed-9b49-1bedd1cfc232","block_type":"box","text":"constituent (as determined by the float-adjusted market capitalization using SPDJI’s methodology) multiplied by the","page_number":61,"box":{"x":59,"y":437,"width":811,"height":12}},{"id":"d42ce3b0-860b-4a69-a4ff-c512f6df47d4","block_type":"box","text":"constituent’s share price. Issuers with float-adjusted market capitalizations below certain thresholds are not eligible for the","page_number":61,"box":{"x":59,"y":452,"width":858,"height":12}},{"id":"1ff6c62c-deb1-4c59-9475-6bb8c01c9167","block_type":"box","text":"Indexes. In addition, the market capitalization of an issuer eligible for inclusion typically must be greater than the Index’s","page_number":61,"box":{"x":60,"y":467,"width":840,"height":13}},{"id":"8c9fe51b-2e71-4584-a364-f4190f4b492e","block_type":"box","text":"minimum market capitalization at the time it is being considered for Index inclusion. The market capitalizations of an Index’s","page_number":61,"box":{"x":60,"y":482,"width":870,"height":13}},{"id":"105ac9ce-10f8-4258-8fa9-db040c51e35c","block_type":"box","text":"components are adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions","page_number":61,"box":{"x":59,"y":497,"width":869,"height":13}},{"id":"e42401ec-fa1e-48a1-88c4-dbd97f9b294a","block_type":"box","text":"and other capital events. The market capitalizations of an Index’s constituent are adjusted for all strategic holdings, including","page_number":61,"box":{"x":59,"y":513,"width":874,"height":12}},{"id":"47c0d618-6138-419b-a7d1-6a71870932a3","block_type":"box","text":"private, corporate, and government holdings.","page_number":61,"box":{"x":59,"y":528,"width":315,"height":12}},{"id":"51cdef98-c457-46e0-82d5-c1ef3d159c71","block_type":"box","text":"Component Selection Criteria for International Indexes.","page_number":61,"box":{"x":59,"y":554,"width":399,"height":13}},{"id":"608ac5eb-3740-4877-927d-0e14e6905404","block_type":"box","text":"Stocks are eligible for the S&P Global Indices if they meet criteria for","page_number":61,"box":{"x":464,"y":554,"width":475,"height":13}},{"id":"05a269a6-2f5c-41fa-8875-3160f06ec529","block_type":"box","text":"size, liquidity, profitability, and sector and market representation. Each of the S&P Global Indices is balanced across country","page_number":61,"box":{"x":59,"y":569,"width":859,"height":13}},{"id":"5005a3e0-e207-4098-9fb3-2cfff7d4a207","block_type":"box","text":"and sector weights in the region/market. The S&P Global Indices begin with an eligible investable universe of stocks covering","page_number":61,"box":{"x":59,"y":584,"width":875,"height":13}},{"id":"7abe4f59-fa0b-4be3-82fd-f2031e2af0a2","block_type":"box","text":"approximately 95% of each country’s total market capitalization. In some cases, the S&P Global Indexes may include ADRs","page_number":61,"box":{"x":59,"y":600,"width":857,"height":12}},{"id":"49b8c513-3020-45d7-b2a3-4c01e5378ad6","block_type":"box","text":"and GDRs. Stocks with relatively small market capitalization or insufficient liquidity are excluded by SPDJI. To identify a","page_number":61,"box":{"x":59,"y":615,"width":826,"height":12}},{"id":"1928e2a4-673b-44ab-957b-395b71aa3749","block_type":"box","text":"candidate pool for index constituent selection, all stocks are carefully examined using a set of general criteria. The specific","page_number":61,"box":{"x":59,"y":630,"width":854,"height":12}},{"id":"b03a78e9-de25-4b79-a4ed-77d01b7920bb","block_type":"box","text":"securities are then screened for industry sector classification; thus, the eligible securities are ranked according to GICS. Then,","page_number":61,"box":{"x":59,"y":645,"width":873,"height":12}},{"id":"984445ac-135d-4d24-93c1-e3d105d7649c","block_type":"box","text":"the Index components, now determined, are weighted on the basis of SPDJI’s float-adjusted, market capitalization","page_number":61,"box":{"x":59,"y":660,"width":796,"height":12}},{"id":"c74a9339-e517-46f3-b244-b14460b1c895","block_type":"box","text":"methodology. Generally, SPDJI observes a prospective constituent’s liquidity over a period of at least twelve months before","page_number":61,"box":{"x":60,"y":675,"width":853,"height":12}},{"id":"69ecb384-3888-4122-83cd-dac8b226c7e6","block_type":"box","text":"consideration for inclusion. However, there may be extraordinary situations when issuers should be added immediately (e.g.,","page_number":61,"box":{"x":59,"y":690,"width":871,"height":13}},{"id":"37c9a809-e95a-4526-9e1a-0b8365d06a2b","block_type":"box","text":"certain privatizations). When a particular issuer dominates its home market, it may be excluded from an Index if analysis of","page_number":61,"box":{"x":59,"y":705,"width":861,"height":13}},{"id":"aa200b6e-cc14-4b89-943a-8426eae0128a","block_type":"box","text":"the sectors reveals that its securities are not as liquid as those of similar issuers in other countries. Once a year, the float","page_number":61,"box":{"x":59,"y":720,"width":838,"height":13}},{"id":"314303f5-d266-4a90-9cc5-e8e569dadd42","block_type":"box","text":"adjustments will be reviewed and potentially changed based on such review. The values of an Index’s components area","page_number":61,"box":{"x":59,"y":736,"width":834,"height":12}},{"id":"e96b5d5d-0338-493f-95d5-e9b31dad180c","block_type":"box","text":"adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions and other capital","page_number":61,"box":{"x":59,"y":751,"width":872,"height":12}},{"id":"8282e55a-27ff-4986-b1c1-d889335c1d4d","block_type":"box","text":"events. The market capitalization of index constituent issuers is adjusted for all strategic holdings, including private,","page_number":61,"box":{"x":59,"y":766,"width":809,"height":12}},{"id":"5dc1bcd9-88c2-4a53-994f-089126e97e33","block_type":"box","text":"corporate, and government holdings.","page_number":61,"box":{"x":59,"y":781,"width":260,"height":12}},{"id":"cf0138d5-0180-4406-b3c2-66f525df62b3","block_type":"box","text":"With respect to the non-U.S. components of the S&P Global Indexes, the eligible universe of index components that are","page_number":61,"box":{"x":59,"y":807,"width":834,"height":13}},{"id":"2e88e027-80d2-4077-96d7-0dea54de2daa","block_type":"box","text":"considered for inclusion are from the following S&P DJI Indices:(i) the S&P/TSX 60 (Toronto Stock Exchange), which","page_number":61,"box":{"x":59,"y":823,"width":813,"height":12}},{"id":"3da62760-b35a-4109-88a0-f691900629ee","block_type":"box","text":"represents the liquid, large-cap stocks of the publicly listed issuers in the Canadian equities market;(ii) the S&P/TOPIX 150","page_number":61,"box":{"x":60,"y":838,"width":855,"height":12}},{"id":"cf3988e9-2856-4985-a9ae-970f0a3c62e5","block_type":"box","text":"(Tokyo Stock Exchange) which represents the liquid, large-cap stocks of the publicly listed issuers in the Japanese equities","page_number":61,"box":{"x":60,"y":853,"width":852,"height":12}},{"id":"0c1f62a7-d5bc-44cf-81d3-d4046c72af2d","block_type":"box","text":"market;(iii) S&P/ASX All-Australian 50 Index (Australian Stock Exchange), which represents the liquid, large-cap stocks in","page_number":61,"box":{"x":60,"y":868,"width":851,"height":12}},{"id":"f2de349d-13e4-4706-a65a-f576ee9e50d1","block_type":"box","text":"the Australian equities market;(iv) the S&P Asia 50, which represents the liquid, large-cap stocks of four major equities","page_number":61,"box":{"x":59,"y":883,"width":829,"height":12}},{"id":"e860fab4-60d3-45b7-9bea-a759ca575e87","block_type":"box","text":"52","page_number":61,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"ca0b3b50-d58d-45f7-b138-3799e75ee99b","block_type":"box","text":"markets in Asia (Hong Kong, South Korea, Taiwan and Singapore);(v) the S&P Latin America 40, which represents the liquid,","page_number":62,"box":{"x":60,"y":67,"width":867,"height":12}},{"id":"8ec3f046-5959-44fc-b226-96e90b89e390","block_type":"box","text":"large-cap stocks from major sectors of the Mexico, Brazil, Peru, Colombia and Chilé equity markets; and (vi) the S&P Europe","page_number":62,"box":{"x":60,"y":82,"width":864,"height":12}},{"id":"026de24c-cf7a-4117-ac5d-130db3f85693","block_type":"box","text":"350, which represents the liquid, large-cap stocks of the publicly listed issuers in the region, covering approximately 70% of","page_number":62,"box":{"x":59,"y":97,"width":866,"height":12}},{"id":"9b09e5aa-933b-4b80-be24-9fd8b16ca377","block_type":"box","text":"the region’s market capitalization.","page_number":62,"box":{"x":59,"y":112,"width":236,"height":12}},{"id":"88a8baff-7e84-43f7-a2ec-ad96923c737b","block_type":"box","text":"Issue Changes.","page_number":62,"box":{"x":60,"y":138,"width":107,"height":13}},{"id":"60d6bb0b-43e7-4aef-9b2d-cececc427615","block_type":"box","text":"General oversight responsibility for the S&P DJI Indices, including overall policy guidelines and methodology,","page_number":62,"box":{"x":172,"y":138,"width":755,"height":13}},{"id":"467b7595-a532-4119-b0c6-c66439329d67","block_type":"box","text":"is handled by the S&P Global Index Committee. Maintenance of component investments, including additions and deletions to","page_number":62,"box":{"x":60,"y":154,"width":876,"height":12}},{"id":"42a04b5a-582b-4ae5-9027-55544ba9433f","block_type":"box","text":"these investments, is the responsibility of separate regional index committees composed of S&P staff specialized in the","page_number":62,"box":{"x":59,"y":169,"width":829,"height":12}},{"id":"b34c9f49-cd62-44d8-ac0e-559edb635b1f","block_type":"box","text":"various regional equity markets and, in some cases, with the assistance of local stock exchanges. Public announcements of","page_number":62,"box":{"x":59,"y":184,"width":864,"height":12}},{"id":"c12e9bc4-3b70-4c3b-a44f-4bd3b3040125","block_type":"box","text":"index changes as the result of committee decisions will generally be made two business days in advance of the anticipated","page_number":62,"box":{"x":60,"y":199,"width":857,"height":12}},{"id":"abac87a0-0c0a-4ef9-ae8b-fea4529ce715","block_type":"box","text":"effective date whenever possible, although for exceptional corporate events announcements may be made earlier.","page_number":62,"box":{"x":59,"y":214,"width":796,"height":12}},{"id":"1058665d-93c8-488a-b35c-2f1269424664","block_type":"box","text":"Index Maintenance.","page_number":62,"box":{"x":60,"y":240,"width":141,"height":10}},{"id":"600c734b-5c34-493d-8864-a2b85bdbce7e","block_type":"box","text":"Maintaining the S&P DJI Indices includes monitoring and completing the adjustments for issuer","page_number":62,"box":{"x":207,"y":240,"width":668,"height":13}},{"id":"79396342-6153-455f-a8a8-ea0b0314a5da","block_type":"box","text":"additions and deletions, share changes, stock splits, stock dividends, and stock price adjustments due to restructuring and","page_number":62,"box":{"x":59,"y":256,"width":858,"height":12}},{"id":"d7efa150-ae9e-4ace-a55f-562fb7c9989d","block_type":"box","text":"spin-offs. An issuer will be removed from the S&P DJI Indices as a result of mergers/acquisitions, bankruptcy, or","page_number":62,"box":{"x":59,"y":271,"width":781,"height":12}},{"id":"430678f9-569b-424e-96ef-eef7e4d30866","block_type":"box","text":"restructuring. An issuer is removed from the relevant index as close as possible to the actual date on which the event","page_number":62,"box":{"x":60,"y":286,"width":818,"height":12}},{"id":"9bdd3db5-4aef-49fc-8abb-66e39e2d0066","block_type":"box","text":"occurred. An issuer can be removed from an index because it no longer meets current criteria for inclusion and/or is no","page_number":62,"box":{"x":59,"y":301,"width":837,"height":12}},{"id":"801fae3a-2bd3-4fa0-bf9d-769179dacb4e","block_type":"box","text":"longer representative of its industry group. All replacement issuers are selected based on the above component section","page_number":62,"box":{"x":60,"y":316,"width":832,"height":12}},{"id":"9b3ffe4d-1c7d-4bbb-bac4-a6eb24519afa","block_type":"box","text":"criteria.","page_number":62,"box":{"x":59,"y":332,"width":51,"height":9}},{"id":"a6198413-086b-4306-85f7-84322c0eacc7","block_type":"box","text":"When calculating index weights, individual components shares held by governments, corporations, strategic partners, or","page_number":62,"box":{"x":59,"y":358,"width":845,"height":12}},{"id":"1b748a12-7b6a-47f1-a519-56817eed7ced","block_type":"box","text":"other control groups are excluded from the issuer’s shares outstanding. Shares owned by other issuers are also excluded","page_number":62,"box":{"x":59,"y":373,"width":844,"height":12}},{"id":"270daa9f-d32e-48d9-978e-b20ad1530a57","block_type":"box","text":"regardless of whether they are index components. In countries with regulated environments, where a foreign investment","page_number":62,"box":{"x":60,"y":388,"width":844,"height":12}},{"id":"b679c5ec-25ad-43a0-a1c3-dcb41c34a5de","block_type":"box","text":"limit exists at the sector or issuer level, the constituent’s weight will reflect either the foreign investment limit or the","page_number":62,"box":{"x":60,"y":403,"width":806,"height":12}},{"id":"0f6e916c-e9a3-4b90-89f4-c76be3370509","block_type":"box","text":"percentage float, whichever is the more restrictive.","page_number":62,"box":{"x":59,"y":418,"width":353,"height":12}},{"id":"176c69b5-5c65-45ee-88d4-646b3568f492","block_type":"box","text":"Each issuer’s financial statements will be used to update the major shareholders’ ownership. However, during the course of","page_number":62,"box":{"x":60,"y":445,"width":862,"height":12}},{"id":"4e6b1409-e1f9-4884-89ab-13c270fca4f5","block_type":"box","text":"the year, SPDJI also monitors each issuer’s Investable Weight Factor (“IWF”), which is SPDJI’s term for the mathematical float","page_number":62,"box":{"x":59,"y":460,"width":872,"height":12}},{"id":"d65d493c-f99d-43d7-bffc-1e009cc5ebb6","block_type":"box","text":"factor used to calculate the float adjustment. If a change in IWF is caused by a mandatory corporate action (i.e., merger,","page_number":62,"box":{"x":59,"y":475,"width":838,"height":12}},{"id":"b14a18a3-a82b-49f0-a0cd-b74b674b6f62","block_type":"box","text":"takeover, spin-off, or rights offering), a float adjustment will be implemented as soon as reasonably possible.","page_number":62,"box":{"x":59,"y":490,"width":757,"height":12}},{"id":"8a76095a-aefd-4112-ae39-3a7afbe05a06","block_type":"box","text":"Changes in the number of shares outstanding driven by corporate events such as stock dividends, splits, and rights issues","page_number":62,"box":{"x":59,"y":516,"width":852,"height":13}},{"id":"0f0dcfab-e87b-4040-a603-c5c7ea7ea3a8","block_type":"box","text":"will be adjusted on the ex-date. Material share changes resulting from certain non-mandatory corporate actions follow S&P","page_number":62,"box":{"x":59,"y":531,"width":865,"height":13}},{"id":"e4f1edcd-10ee-4f82-9ad2-c8acf5b18c60","block_type":"box","text":"DJI’s accelerated implementation rules with sufficient advance notification. Non-material share changes are implemented","page_number":62,"box":{"x":60,"y":547,"width":848,"height":12}},{"id":"604d9e65-7e3b-4f51-8622-0cb995cc2474","block_type":"box","text":"quarterly on the Friday near the end of the calendar quarter. Generally, index changes due to rebalancing are announced two","page_number":62,"box":{"x":59,"y":562,"width":872,"height":12}},{"id":"6724909a-5263-43a6-ab2f-4d9393a4539a","block_type":"box","text":"days before the effective date by way of a news release posted on www.us.spindices.com","page_number":62,"box":{"x":59,"y":577,"width":622,"height":12}},{"id":"ce87b3f5-8214-4e3b-babe-2aacf8454dcc","block_type":"box","text":".","page_number":62,"box":{"x":682,"y":585,"width":2,"height":2}},{"id":"476b102b-ed4a-461c-8602-9329632fe1e2","block_type":"box","text":"Index Availability.","page_number":62,"box":{"x":60,"y":603,"width":125,"height":13}},{"id":"676d5950-4901-4111-bb7d-9ab78d7371f1","block_type":"box","text":"The S&P Indexes are calculated continuously and are available from major data vendors.","page_number":62,"box":{"x":190,"y":603,"width":617,"height":13}},{"id":"9cf70de7-a1bd-4b91-adb0-f6780d372454","block_type":"box","text":"Exchange Rates.","page_number":62,"box":{"x":60,"y":630,"width":116,"height":12}},{"id":"aebc8678-cef8-41f1-985e-7a267e5d4072","block_type":"box","text":"SPDJI uses the World Markets/Reuters Closing Spot Rates taken at 4:00 p.m. London time for the following","page_number":62,"box":{"x":181,"y":630,"width":746,"height":12}},{"id":"836d69b6-7899-4eb4-a0b5-89e33b1c7bd3","block_type":"box","text":"funds: iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global","page_number":62,"box":{"x":59,"y":645,"width":873,"height":12}},{"id":"a784cfaa-16f4-415c-b833-aa38431a3c7d","block_type":"box","text":"Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global","page_number":62,"box":{"x":59,"y":660,"width":877,"height":12}},{"id":"ff48003e-c16a-404a-995f-79a87084448c","block_type":"box","text":"Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Utilities ETF and iShares Latin America","page_number":62,"box":{"x":60,"y":675,"width":861,"height":11}},{"id":"e416a07e-9647-437a-a14e-377ad2fa8742","block_type":"box","text":"40 ETF. Prior to January 31, 2013, SPDJI used the currency exchange (FX) rate corresponding to 5:15 p.m. Eastern time (with","page_number":62,"box":{"x":59,"y":690,"width":865,"height":13}},{"id":"a7355c23-ad56-4632-b5fd-2a51bd1278ef","block_type":"box","text":"the exception of iShares Asia 50 ETF). In case World Markets/Reuters does not provide rates for specific markets on given","page_number":62,"box":{"x":59,"y":705,"width":851,"height":13}},{"id":"d87062b7-e47c-498c-aa37-6efdcb890a52","block_type":"box","text":"days (for example, Christmas Day and New Year’s Day), the previous business day’s rates are normally used. SPDJI","page_number":62,"box":{"x":59,"y":720,"width":797,"height":13}},{"id":"0b4887c1-7186-4a94-a7f5-ffa23050b84b","block_type":"box","text":"independently monitors the exchange rates on all its indexes. SPDJI may under exceptional circumstances elect to use","page_number":62,"box":{"x":60,"y":736,"width":824,"height":12}},{"id":"e2ba409a-5f28-4d82-afea-9cf3aa11fc03","block_type":"box","text":"alternative sources of exchange rates if the World Markets/Reuters rates are not available, or if SPDJI determines that the","page_number":62,"box":{"x":59,"y":751,"width":844,"height":12}},{"id":"292c3351-174f-4611-a0ed-7a8dfa6aa5a2","block_type":"box","text":"World Markets/Reuters rates are not reflective of market circumstances for a given currency on a particular day.","page_number":62,"box":{"x":59,"y":766,"width":782,"height":12}},{"id":"09010a6b-cd76-48fa-9875-7dc77320b7b6","block_type":"box","text":"S&P Asia 50","page_number":62,"box":{"x":59,"y":793,"width":86,"height":9}},{"id":"c1b39bc1-d1cd-4a71-a0c5-da4a9bda7ac8","block_type":"box","text":"TM","page_number":62,"box":{"x":146,"y":791,"width":17,"height":6}},{"id":"f006cffb-be88-4108-8d63-0b415a08126b","block_type":"box","text":"Capped Index","page_number":62,"box":{"x":168,"y":792,"width":100,"height":13}},{"id":"ad8f583b-0eac-4526-83db-3cef102a22f5","block_type":"box","text":"Number of Components: approximately 53","page_number":62,"box":{"x":60,"y":811,"width":307,"height":13}},{"id":"12ddf3e9-fc6f-4f50-8e6d-1c610e780633","block_type":"box","text":"Index Description.","page_number":62,"box":{"x":60,"y":834,"width":130,"height":12}},{"id":"89c575c8-ccc0-448f-93fc-c949c6d4b6f7","block_type":"box","text":"The S&P Asia 50","page_number":62,"box":{"x":195,"y":834,"width":115,"height":10}},{"id":"cae41077-9396-40cd-b5ce-2e991be86618","block_type":"box","text":"TM","page_number":62,"box":{"x":311,"y":832,"width":17,"height":6}},{"id":"8c1d7702-6932-434b-ba54-569814c64cd9","block_type":"box","text":"Capped Index is a capped float-adjusted, market capitalization-weighted index that is","page_number":62,"box":{"x":334,"y":834,"width":597,"height":12}},{"id":"6612c2af-cb24-4fa8-954e-c1ae22c5584f","block_type":"box","text":"designed to measure the performance of the 50 leading companies listed in four Asian countries or regions: Hong Kong,","page_number":62,"box":{"x":59,"y":849,"width":841,"height":12}},{"id":"02d790d0-4a5c-46d7-b947-9dd3823ff033","block_type":"box","text":"Singapore, South Korea and Taiwan. The S&P Asia 50","page_number":62,"box":{"x":59,"y":864,"width":372,"height":12}},{"id":"3c5eae9a-5451-4945-821e-ebbf08f74956","block_type":"box","text":"TM","page_number":62,"box":{"x":431,"y":862,"width":18,"height":6}},{"id":"aa2c1efe-071f-46d2-98a6-cb1a08650702","block_type":"box","text":"Capped Index generally has representation from each of the eleven","page_number":62,"box":{"x":454,"y":864,"width":468,"height":12}},{"id":"21de2278-8ed5-4745-8713-b80f0464865a","block_type":"box","text":"sectors of the GICS.","page_number":62,"box":{"x":59,"y":879,"width":137,"height":10}},{"id":"a2f1a8e7-0f8f-4036-a7f9-669f326b5874","block_type":"box","text":"53","page_number":62,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"3ab15d32-281e-464b-9c64-30023a5c4f34","block_type":"box","text":"The Underlying Index uses a capping methodology at each quarterly rebalance to limit: (i) the weight of any single issuer to a","page_number":63,"box":{"x":59,"y":67,"width":876,"height":12}},{"id":"27612b76-602c-4d65-b765-24206065ec21","block_type":"box","text":"maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of the Underlying Index weight","page_number":63,"box":{"x":60,"y":82,"width":872,"height":12}},{"id":"7adb97cc-5d92-4d2b-8870-726ada3c5dd8","block_type":"box","text":"to maximum of 45%. In implementing this capping methodology, SPDJI may consider two or more companies as belonging","page_number":63,"box":{"x":59,"y":97,"width":864,"height":12}},{"id":"ebfb8d1e-6e6a-4c43-ba86-3c4248039ac4","block_type":"box","text":"to the same issuer where there is reasonable evidence of common control.","page_number":63,"box":{"x":59,"y":112,"width":521,"height":10}},{"id":"d92fc2d5-f22f-4b84-8fda-9ca4f52d118f","block_type":"box","text":"S&P Emerging Markets Plus Infrastructure Index","page_number":63,"box":{"x":59,"y":138,"width":349,"height":13}},{"id":"81f99a85-fdbf-4eee-b595-bf321056344e","block_type":"box","text":"TM","page_number":63,"box":{"x":408,"y":137,"width":17,"height":6}},{"id":"ba773ebd-297d-4f8f-8ec8-d8533f28c2c7","block_type":"box","text":"Number of Components: approximately 29","page_number":63,"box":{"x":60,"y":157,"width":308,"height":13}},{"id":"8fe3add8-3d58-47fe-a160-ca7966860734","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":60,"y":180,"width":130,"height":12}},{"id":"357b4537-b600-492a-a9f2-456a62be7495","block_type":"box","text":"The S&P Emerging Markets Plus Infrastructure Index","page_number":63,"box":{"x":195,"y":180,"width":369,"height":12}},{"id":"7152c21a-f3da-449b-ab98-a842d77f44d3","block_type":"box","text":"TM","page_number":63,"box":{"x":564,"y":178,"width":17,"height":6}},{"id":"eb12e9a6-cfbd-463c-a271-933f95ca5327","block_type":"box","text":"is designed to track the performance of 29 of the","page_number":63,"box":{"x":587,"y":180,"width":342,"height":12}},{"id":"7e0e1f16-5664-4625-ab33-a9d0ca288325","block_type":"box","text":"largest publicly listed companies in the infrastructure industry in emerging markets.","page_number":63,"box":{"x":60,"y":195,"width":584,"height":12}},{"id":"685773ef-7397-496c-9b46-2e11bc3890aa","block_type":"box","text":"The index provider starts with the S&P Emerging BMI plus South Korea as the starting universe. Companies domiciled in an","page_number":63,"box":{"x":59,"y":222,"width":860,"height":12}},{"id":"6dd95bfd-9017-4028-b1fd-2489e701a130","block_type":"box","text":"emerging or developed market country are eligible for inclusion as long as the majority of the company’s revenues are","page_number":63,"box":{"x":59,"y":237,"width":826,"height":12}},{"id":"b4008d9d-9ee1-4f1a-aac9-60af7537b25b","block_type":"box","text":"derived from emerging market operations. Listing criteria gives preference to developed market listings such as ADRs, GDRs","page_number":63,"box":{"x":59,"y":252,"width":868,"height":12}},{"id":"29a0a9e0-f890-4796-a0c5-914eec3398ba","block_type":"box","text":"or H Shares that meet liquidity criterion. To be eligible, constituents must have 3-month Average Daily Value Traded of at","page_number":63,"box":{"x":59,"y":267,"width":846,"height":12}},{"id":"a6905dc4-4eeb-4cc6-a186-4ece1ad82009","block_type":"box","text":"least $1 million, a minimum total market capitalization of $250 million and a minimum float-adjusted market capitalization of","page_number":63,"box":{"x":60,"y":282,"width":878,"height":12}},{"id":"f5a56b8c-c0c8-4ca5-82fb-8eba59ac1cb9","block_type":"box","text":"$200 million.","page_number":63,"box":{"x":59,"y":297,"width":90,"height":11}},{"id":"3c5b095d-60d0-40b5-8724-1ab58eec2a83","block_type":"box","text":"The index provider begins by classifying eligible securities into one of three clusters: energy, transportation or utilities. Within","page_number":63,"box":{"x":59,"y":324,"width":872,"height":12}},{"id":"a69417ef-7bfb-4b41-902d-39d5bfc95c63","block_type":"box","text":"each cluster, the index provider first selects developed market listings in order of float-adjusted market capitalization until it","page_number":63,"box":{"x":59,"y":339,"width":863,"height":12}},{"id":"1424bfbb-4e3f-4215-bd65-0b0f69f0f0a9","block_type":"box","text":"reaches a target of 6 constituents for the energy cluster, 12 constituents for the transportation cluster, and 12 constituents","page_number":63,"box":{"x":60,"y":354,"width":856,"height":12}},{"id":"487b47ec-b589-4bf9-a9ed-534799961477","block_type":"box","text":"for the utilities cluster. If necessary to reach the target number of constituents in each cluster, the index provider next selects","page_number":63,"box":{"x":59,"y":369,"width":871,"height":12}},{"id":"66a35219-b1e7-45e7-af7e-ede626472a16","block_type":"box","text":"from emerging market listings in order of float-adjusted market capitalization. If there is an insufficient number of securities","page_number":63,"box":{"x":59,"y":384,"width":865,"height":12}},{"id":"b2755a8c-8fc9-4ba6-9f11-c76ed925b47b","block_type":"box","text":"to meet the target in any cluster, the largest companies from the eligible universe are added until the total number of","page_number":63,"box":{"x":59,"y":399,"width":818,"height":13}},{"id":"4062cd5a-f2ee-4bb2-ae3f-65e6c4e89225","block_type":"box","text":"constituents is 30.","page_number":63,"box":{"x":59,"y":415,"width":127,"height":9}},{"id":"788cc4fb-69fb-4c8c-8ca2-c84abf2511e2","block_type":"box","text":"Each individual constituent is limited to a weight of 10%, while the energy cluster is limited to an aggregate weight of 20%","page_number":63,"box":{"x":60,"y":441,"width":857,"height":12}},{"id":"c063315c-3748-433b-847f-d947dd1b1ed6","block_type":"box","text":"and the transportation and utilities clusters are each limited to an aggregate weight of 40%.","page_number":63,"box":{"x":59,"y":456,"width":643,"height":12}},{"id":"9b6d9965-e351-4456-88a0-45e407aea81e","block_type":"box","text":"S&P Global 100","page_number":63,"box":{"x":59,"y":482,"width":110,"height":10}},{"id":"d57fb617-9db7-4004-a272-a6fa3bdfc771","block_type":"box","text":"TM","page_number":63,"box":{"x":170,"y":481,"width":17,"height":6}},{"id":"6656cddf-4627-4fdb-ae0a-9daf5b6ae188","block_type":"box","text":"Number of Components: approximately 102","page_number":63,"box":{"x":60,"y":501,"width":316,"height":13}},{"id":"ea354a3f-e41a-430c-b5f3-6e0c76757327","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":60,"y":524,"width":130,"height":12}},{"id":"a30db9cd-00fd-45b0-abe5-77fc671d6c9e","block_type":"box","text":"The S&P Global 100","page_number":63,"box":{"x":195,"y":524,"width":139,"height":10}},{"id":"18bfa8d0-0424-4a59-9c39-2577f478a443","block_type":"box","text":"TM","page_number":63,"box":{"x":334,"y":522,"width":18,"height":6}},{"id":"4f8963c3-ee05-4778-8628-59d4a6cfec22","block_type":"box","text":"measures the performance of 102 large multi-national companies that S&P deems","page_number":63,"box":{"x":357,"y":524,"width":576,"height":12}},{"id":"b169ef1f-e006-4e0e-812a-6d8b38c3d827","block_type":"box","text":"to be of major importance in the global markets. A global company is defined as a corporation that has production facilities","page_number":63,"box":{"x":59,"y":539,"width":863,"height":12}},{"id":"ee0c5cb0-aad9-47e4-af83-f5ef61448e93","block_type":"box","text":"and/or other fixed assets in at least one foreign country outside the company’s home country, and makes its major","page_number":63,"box":{"x":59,"y":554,"width":806,"height":13}},{"id":"9f20e6f5-d59f-45e3-b5fb-102874a27db8","block_type":"box","text":"management decisions in a global context. The degree to which sales are executed outside the home country is a factor in","page_number":63,"box":{"x":60,"y":569,"width":856,"height":13}},{"id":"f1e7a445-b8b4-4015-adb0-8dc361d1ca31","block_type":"box","text":"determining a company’s global reach. The market capitalization of index constituent companies is adjusted for all strategic","page_number":63,"box":{"x":59,"y":584,"width":866,"height":13}},{"id":"4f379c9b-1a03-4f33-bebb-85fc7bda5a85","block_type":"box","text":"holdings, including private, corporate, and government holdings. The composition of the Underlying Index is derived from","page_number":63,"box":{"x":60,"y":600,"width":852,"height":12}},{"id":"245f810e-4818-4d49-8fea-66ba6d47b56d","block_type":"box","text":"the S&P Global 1200","page_number":63,"box":{"x":59,"y":615,"width":142,"height":9}},{"id":"00d74204-a29c-4c49-a3db-36c028c65236","block_type":"box","text":"TM","page_number":63,"box":{"x":202,"y":613,"width":17,"height":6}},{"id":"a78f8773-44e3-4ef3-876c-39bf4b5d3ac4","block_type":"box","text":"and only includes transnational corporations under the above definition with a minimum adjusted","page_number":63,"box":{"x":225,"y":615,"width":686,"height":12}},{"id":"bb5ebc48-40b8-4f0b-866e-5ccf53dad060","block_type":"box","text":"market capitalization of US $5 billion. The Underlying Index is adjusted to reflect changes in capitalization resulting from","page_number":63,"box":{"x":60,"y":630,"width":839,"height":12}},{"id":"2cdf2aec-35b2-4080-956c-e5d1313d4e24","block_type":"box","text":"mergers, acquisitions, stock rights, substitutions and other capital events.","page_number":63,"box":{"x":60,"y":645,"width":514,"height":12}},{"id":"84a8f7b4-12c8-4e84-94a3-e314410153e4","block_type":"box","text":"S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index","page_number":63,"box":{"x":59,"y":671,"width":503,"height":13}},{"id":"7d4f8e45-c4fe-44a6-9ed9-dab38e48750e","block_type":"box","text":"TM","page_number":63,"box":{"x":562,"y":670,"width":17,"height":6}},{"id":"be5503cd-2b69-4f9b-bdb0-55bd8b21e4d0","block_type":"box","text":"Number of Components: approximately 66","page_number":63,"box":{"x":60,"y":690,"width":308,"height":13}},{"id":"c0154a8c-cc76-47de-850e-3bb87abce5bc","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":60,"y":713,"width":130,"height":12}},{"id":"e2418a40-e3f7-495a-806a-742b08d26860","block_type":"box","text":"The S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index","page_number":63,"box":{"x":195,"y":713,"width":519,"height":12}},{"id":"f8fae371-6f21-4269-a3eb-80666518d0ef","block_type":"box","text":"TM","page_number":63,"box":{"x":714,"y":711,"width":18,"height":6}},{"id":"1af04939-64df-4347-a6ee-fdb3ba77c0bd","block_type":"box","text":"measures the performance","page_number":63,"box":{"x":737,"y":713,"width":188,"height":12}},{"id":"5a033f69-3db3-4813-b791-aa04a2a8818c","block_type":"box","text":"of companies that S&P deems to be part of the communication services sector of the economy and that S&P believes are","page_number":63,"box":{"x":59,"y":728,"width":846,"height":12}},{"id":"207fdb77-1938-4c3c-985a-e1cb32dafe41","block_type":"box","text":"important to global markets. The Underlying Index is a subset of the S&P Global 1200","page_number":63,"box":{"x":60,"y":743,"width":596,"height":12}},{"id":"cebbd14e-5354-49ae-b82c-c72a49eeccb1","block_type":"box","text":"TM","page_number":63,"box":{"x":657,"y":741,"width":17,"height":6}},{"id":"b6e9ac1a-1166-4fbc-a4d8-bcd181605808","block_type":"box","text":".","page_number":63,"box":{"x":676,"y":751,"width":2,"height":2}},{"id":"a38bb638-f89d-4bbb-a9c6-2833816c32c3","block_type":"box","text":"The Underlying Index uses a capping methodology to limit the weight of the securities of any single issuer to a maximum of","page_number":63,"box":{"x":59,"y":770,"width":869,"height":12}},{"id":"6f8c8f32-37e3-4366-80d3-c419958603b8","block_type":"box","text":"25% of the Underlying Index. Additionally, the capping methodology limits the sum of the weights of the securities of all","page_number":63,"box":{"x":59,"y":785,"width":842,"height":12}},{"id":"e492ccfa-e871-4d3d-ad58-9348a2ba66d3","block_type":"box","text":"issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 50% of the weight","page_number":63,"box":{"x":60,"y":800,"width":868,"height":12}},{"id":"d138c5b1-f407-41d0-a230-b44c6a195895","block_type":"box","text":"of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index constrains","page_number":63,"box":{"x":59,"y":815,"width":862,"height":12}},{"id":"a66b14a7-6318-437c-91fa-f0d1308302ed","block_type":"box","text":"at quarterly rebalance: (i) the weight of any single issuer to a maximum of 22.5%, and (ii) the aggregate weight of all issuers","page_number":63,"box":{"x":59,"y":830,"width":870,"height":12}},{"id":"4c588fb0-c22c-45dd-90c5-5317f9aa4fe8","block_type":"box","text":"that individually exceed 4.5% of the index weight to a maximum of 45.00%. In implementing this capping methodology,","page_number":63,"box":{"x":59,"y":845,"width":842,"height":13}},{"id":"354a5851-fad8-485f-bdcb-93a614e43a6b","block_type":"box","text":"SPDJI may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common","page_number":63,"box":{"x":59,"y":860,"width":869,"height":13}},{"id":"746819f6-33e4-4f63-b46e-0b16df50d5e4","block_type":"box","text":"control.","page_number":63,"box":{"x":59,"y":875,"width":52,"height":10}},{"id":"90d3d684-b037-4d45-aebd-f4f1694c75fc","block_type":"box","text":"54","page_number":63,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"41208cb4-df24-467a-ba88-8d11aa24d7fb","block_type":"box","text":"S&P Global 1200 Consumer Discretionary (Sector) Capped Index","page_number":64,"box":{"x":59,"y":67,"width":468,"height":12}},{"id":"a58f8a84-b2b7-40f6-95d9-c37ee35bd605","block_type":"box","text":"TM","page_number":64,"box":{"x":527,"y":65,"width":17,"height":6}},{"id":"45f67c5d-ad5c-4c21-ae80-65c1c75a32d3","block_type":"box","text":"Number of Components: approximately 134","page_number":64,"box":{"x":60,"y":86,"width":316,"height":12}},{"id":"85d1c51c-665f-4cd1-9699-87da40e1d045","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":60,"y":108,"width":130,"height":13}},{"id":"3a19b0c2-9246-4ff7-bdce-c0bd9a386c50","block_type":"box","text":"The S&P Global 1200 Consumer Discretionary (Sector) Capped Index is designed to measure the","page_number":64,"box":{"x":195,"y":108,"width":677,"height":13}},{"id":"ea844922-dc91-452f-956d-6b0f0d620176","block_type":"box","text":"performance of global equities in the consumer discretionary sector. Component companies include consumer product","page_number":64,"box":{"x":59,"y":123,"width":836,"height":13}},{"id":"e5c01c17-5b38-4fe8-90f9-29df486a646d","block_type":"box","text":"manufacturing, service and retail companies.","page_number":64,"box":{"x":60,"y":138,"width":313,"height":13}},{"id":"29d299d8-5c9e-49ba-834b-0151c32845c4","block_type":"box","text":"The Underlying Index uses a capping methodology. Additionally, the capping methodology limits the sum of the weights of","page_number":64,"box":{"x":59,"y":165,"width":863,"height":12}},{"id":"b5622bbe-9371-41fd-a4a1-af175b2312f9","block_type":"box","text":"the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of","page_number":64,"box":{"x":59,"y":180,"width":872,"height":12}},{"id":"c825e456-53c9-43f9-87a2-2be25ab90a92","block_type":"box","text":"25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying","page_number":64,"box":{"x":59,"y":195,"width":876,"height":12}},{"id":"bf4845c0-a29d-41d3-9375-52d39934c503","block_type":"box","text":"Index rebalances quarterly to limit the aggregate weight of all issuers that individually exceed 4.50% of the index weight to a","page_number":64,"box":{"x":60,"y":210,"width":871,"height":13}},{"id":"3eb7ca20-eae2-407e-9e1a-86013a3e567d","block_type":"box","text":"maximum of 22.50%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end of any day","page_number":64,"box":{"x":60,"y":225,"width":861,"height":13}},{"id":"45b6131b-1445-4980-95eb-6b07016df9ae","block_type":"box","text":"on which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent more","page_number":64,"box":{"x":59,"y":240,"width":871,"height":13}},{"id":"0caf16e1-3bbc-4ce6-af45-fbe907dfd3e6","block_type":"box","text":"than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology, SPDJI may","page_number":64,"box":{"x":59,"y":256,"width":843,"height":12}},{"id":"06c57d1c-8cb7-42c6-a9da-fc7eb1516831","block_type":"box","text":"consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control.","page_number":64,"box":{"x":59,"y":271,"width":851,"height":12}},{"id":"e6a70c09-1e06-47dd-b639-a29c994a2002","block_type":"box","text":"S&P Global 1200 Consumer Staples (Sector) Capped Index","page_number":64,"box":{"x":59,"y":297,"width":423,"height":13}},{"id":"c28835fc-f601-403d-845c-fcf144cf9a70","block_type":"box","text":"TM","page_number":64,"box":{"x":482,"y":296,"width":17,"height":5}},{"id":"542e459d-b406-494e-ba1d-92fa8297c3db","block_type":"box","text":"Number of Components: approximately 94","page_number":64,"box":{"x":60,"y":316,"width":308,"height":12}},{"id":"be37027c-a685-4bcd-b341-437ed39b3162","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":60,"y":339,"width":130,"height":12}},{"id":"2aaf6feb-0f1e-48c6-87f3-c1e9995a1a7e","block_type":"box","text":"The S&P Global 1200 Consumer Staples (Sector) Capped Index","page_number":64,"box":{"x":195,"y":339,"width":442,"height":12}},{"id":"52475b0b-2bf7-47b2-a4ac-d4f6183476b0","block_type":"box","text":"TM","page_number":64,"box":{"x":637,"y":337,"width":17,"height":6}},{"id":"b0c13728-b63e-44cd-a068-13d5c202ad40","block_type":"box","text":"measures the performance of","page_number":64,"box":{"x":660,"y":339,"width":207,"height":12}},{"id":"1ef7a384-3550-4678-a372-18f656711e7b","block_type":"box","text":"companies that S&P deems to be part of the consumer staples sector of the economy and that S&P believes are important to","page_number":64,"box":{"x":59,"y":354,"width":874,"height":12}},{"id":"f5e924c6-458e-49f7-91f3-29145ed11364","block_type":"box","text":"global markets. It is a subset of the S&P Global 1200","page_number":64,"box":{"x":59,"y":369,"width":363,"height":12}},{"id":"e529d8db-0ba9-4114-ae50-5d4f703a353a","block_type":"box","text":"TM","page_number":64,"box":{"x":423,"y":367,"width":17,"height":6}},{"id":"65fddd1b-0838-4b1d-9e97-4dc9241b7655","block_type":"box","text":".","page_number":64,"box":{"x":442,"y":377,"width":2,"height":2}},{"id":"4a61f83e-8eb7-46df-8454-0fb34efe63d2","block_type":"box","text":"The Underlying Index uses a capping methodology. Additionally, the capping methodology limits the sum of the weights of","page_number":64,"box":{"x":59,"y":395,"width":863,"height":13}},{"id":"bd6609d9-d09d-4159-88a5-ea8bb79fcdac","block_type":"box","text":"the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of","page_number":64,"box":{"x":59,"y":411,"width":872,"height":12}},{"id":"7c3ca606-3d0b-42af-aa55-214ce819eb73","block_type":"box","text":"25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying","page_number":64,"box":{"x":59,"y":426,"width":876,"height":12}},{"id":"0586f94e-df00-475c-87e7-de8c084617fc","block_type":"box","text":"Index constrains at quarterly rebalance the aggregate weight of all issuers that individually exceed 4.50% of the index weight","page_number":64,"box":{"x":60,"y":441,"width":874,"height":12}},{"id":"e2d9f25b-322b-40e0-8fb7-92c0ee65fed9","block_type":"box","text":"to a maximum of 22.50%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end of any","page_number":64,"box":{"x":59,"y":456,"width":864,"height":12}},{"id":"9e55e1c7-b953-4ec1-a92b-d08a3efcd8da","block_type":"box","text":"day on which issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent","page_number":64,"box":{"x":59,"y":471,"width":860,"height":12}},{"id":"e169fd78-553c-40ef-af70-1b60552464bd","block_type":"box","text":"more than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology, SPDJI","page_number":64,"box":{"x":60,"y":486,"width":848,"height":12}},{"id":"a58dfec0-c5d7-4c33-85cd-63daea45f071","block_type":"box","text":"may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common","page_number":64,"box":{"x":60,"y":501,"width":827,"height":13}},{"id":"85c166ff-0838-42bf-9ab2-35998a75caf2","block_type":"box","text":"control.","page_number":64,"box":{"x":59,"y":516,"width":52,"height":10}},{"id":"8f1476e8-5cbb-44c1-8e4d-f14cd69140ac","block_type":"box","text":"S&P Global 1200 Energy 4.5/22.5/45 Capped Index","page_number":64,"box":{"x":59,"y":543,"width":372,"height":12}},{"id":"b17131d4-b145-4c28-bf19-30450076a868","block_type":"box","text":"TM","page_number":64,"box":{"x":432,"y":541,"width":17,"height":6}},{"id":"a2d4ee2c-f3e4-49e8-8d23-9cb92702485a","block_type":"box","text":"Number of Components: approximately 51","page_number":64,"box":{"x":60,"y":562,"width":305,"height":12}},{"id":"1ef18638-0d05-405b-a718-4ef0fdb79b4e","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":60,"y":584,"width":130,"height":13}},{"id":"4da1b442-19c0-4e10-be7a-a3463c817b06","block_type":"box","text":"The S&P Global 1200 Energy 4.5/22.5/45 Capped Index","page_number":64,"box":{"x":195,"y":584,"width":392,"height":13}},{"id":"10c50f38-b5a0-48c8-a009-0f73626db9f6","block_type":"box","text":"TM","page_number":64,"box":{"x":587,"y":583,"width":17,"height":6}},{"id":"b0d37493-b7be-47dc-85d6-b2233c059d3a","block_type":"box","text":"measures the performance of global equities","page_number":64,"box":{"x":610,"y":584,"width":312,"height":13}},{"id":"b0ea0d0b-2c11-49ab-873d-fd4594ec9181","block_type":"box","text":"in the energy sector. The Underlying Index is a subset of the S&P Global 1200, which measures the performance of large","page_number":64,"box":{"x":60,"y":600,"width":845,"height":12}},{"id":"4df09d66-0c33-4d17-ab72-ee6c153cb6a4","block_type":"box","text":"capitalization stocks from major global markets, as determined by SPDJI.","page_number":64,"box":{"x":59,"y":615,"width":506,"height":12}},{"id":"19ff0432-17a0-4d01-baf1-fe896f33c045","block_type":"box","text":"The Underlying Index uses a capping methodology to limit the weight of the securities of any single issuer (as determined by","page_number":64,"box":{"x":59,"y":641,"width":874,"height":12}},{"id":"36f25484-c018-4365-a5b0-93bea765b40f","block_type":"box","text":"SPDJI) to a maximum of 25% of the Underlying Index. 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In order to implement this capping methodology, the","page_number":64,"box":{"x":59,"y":686,"width":814,"height":13}},{"id":"ee5a253c-403a-46a4-95c4-30ff1653f03b","block_type":"box","text":"Underlying Index constrains at quarterly rebalance: (i) the weight of any single issuer to a maximum of 22.5%, and (ii) the","page_number":64,"box":{"x":60,"y":702,"width":852,"height":12}},{"id":"f8d0c081-ecfb-4c03-9d94-7c8f8d33f1ab","block_type":"box","text":"aggregate weight of all issuers that individually exceed 4.5% of the index weight to a maximum of 45%. 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The Underlying Index uses a capping methodology to limit the sum of the weights of","page_number":65,"box":{"x":59,"y":475,"width":878,"height":12}},{"id":"eba2bc47-a2d7-4ab9-b7b1-0a2ff0f44db4","block_type":"box","text":"the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of","page_number":65,"box":{"x":59,"y":490,"width":872,"height":12}},{"id":"e1640201-575d-4d45-9812-d3c517113177","block_type":"box","text":"25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying","page_number":65,"box":{"x":59,"y":505,"width":876,"height":12}},{"id":"7602a8d1-17cd-4ea0-89d5-3d6d88934d4e","block_type":"box","text":"Index constrains at quarterly rebalance the aggregate weight of all issuers that individually exceed 4.5% of the index weight","page_number":65,"box":{"x":60,"y":520,"width":865,"height":12}},{"id":"3cde20c6-6029-4606-b4ed-2157e8d42a70","block_type":"box","text":"to a maximum of 22.5%. 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The Underlying Index includes companies involved in: utilities, energy and transportation infrastructure,","page_number":65,"box":{"x":60,"y":664,"width":877,"height":12}},{"id":"4f63d42b-7796-48aa-bcf3-05a85323628b","block_type":"box","text":"such as the management or ownership of oil and gas storage and transportation; airport services; highways and rail tracks;","page_number":65,"box":{"x":59,"y":679,"width":861,"height":12}},{"id":"59d77b4c-4a10-4e24-8ed9-409d75b2a0b3","block_type":"box","text":"marine ports and services; and electric, gas and water utilities.","page_number":65,"box":{"x":60,"y":694,"width":433,"height":12}},{"id":"09d812dd-aafd-4821-b8e2-177674c27891","block_type":"box","text":"S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index","page_number":65,"box":{"x":59,"y":720,"width":497,"height":13}},{"id":"d7b28e83-2841-45b6-8cea-e801a13eedfa","block_type":"box","text":"TM","page_number":65,"box":{"x":556,"y":719,"width":18,"height":6}},{"id":"42a43f4a-7e15-40d5-bc3a-e3380e3f99e1","block_type":"box","text":"Number of Components: approximately 126","page_number":65,"box":{"x":60,"y":739,"width":317,"height":13}},{"id":"d696d7ff-de41-4ad2-acb0-6f01ca50f69b","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":60,"y":762,"width":130,"height":12}},{"id":"c5e7e6aa-b0d6-4db5-b71a-d8d0013cc8c0","block_type":"box","text":"The S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index","page_number":65,"box":{"x":195,"y":762,"width":513,"height":12}},{"id":"af77eee9-96e1-4230-a057-cf7a04de1c37","block_type":"box","text":"TM","page_number":65,"box":{"x":708,"y":760,"width":17,"height":6}},{"id":"719010e5-bac0-4d82-a122-317767805d88","block_type":"box","text":"measures the performance of","page_number":65,"box":{"x":731,"y":762,"width":208,"height":12}},{"id":"0594f310-1916-4bf0-b4ca-2910342f65d4","block_type":"box","text":"global equities in the information technology sector. 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In order to implement this capping methodology, the","page_number":65,"box":{"x":59,"y":864,"width":814,"height":12}},{"id":"a4735862-57f7-4f30-bff4-6e10b8df6aa6","block_type":"box","text":"Underlying Index constrains at quarterly rebalance: (i) the weight of any single issuer to a maximum of 22.5%, and (ii) the","page_number":65,"box":{"x":60,"y":879,"width":852,"height":13}},{"id":"8b90d9d5-649b-4576-a10d-55b5a102ee85","block_type":"box","text":"56","page_number":65,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"b3c863cd-6fd8-4ee2-86ff-22287dc4ad8e","block_type":"box","text":"aggregate weight of all issuers that individually exceed 4.5% of the index weight to a maximum of 45%. 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The Underlying Index is a","page_number":66,"box":{"x":59,"y":180,"width":841,"height":12}},{"id":"43ae109f-c9ea-471f-91c1-9172c34a718f","block_type":"box","text":"subset of the S&P Global 1200, which is designed to measure the performance of large-capitalization stocks from major","page_number":66,"box":{"x":59,"y":195,"width":839,"height":12}},{"id":"c9ac5a25-4163-4c78-83a3-06662fab448a","block_type":"box","text":"global markets, as determined by SPDJI. The Underlying Index uses a capping methodology to limit the sum of the weights of","page_number":66,"box":{"x":59,"y":210,"width":878,"height":13}},{"id":"98e9b259-a977-4e79-be11-4d9af0cb70d2","block_type":"box","text":"the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of","page_number":66,"box":{"x":59,"y":225,"width":872,"height":13}},{"id":"cd1ac37e-47c7-4884-8209-37a8e8c90dc7","block_type":"box","text":"25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying","page_number":66,"box":{"x":59,"y":240,"width":876,"height":13}},{"id":"95fa422d-5e2d-4bc4-9c9f-2fc4f044ab79","block_type":"box","text":"Index constrains at quarterly rebalance the aggregate weight of all issuers that individually exceed 4.5% of the index weight","page_number":66,"box":{"x":60,"y":256,"width":865,"height":12}},{"id":"10530614-ab81-41b5-b185-2ad5f99699a0","block_type":"box","text":"to a maximum of 22.5%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end of any","page_number":66,"box":{"x":59,"y":271,"width":854,"height":12}},{"id":"bf8ff106-38bc-4bcf-bac3-8c4de0e8bc6f","block_type":"box","text":"day on which all issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent","page_number":66,"box":{"x":59,"y":286,"width":880,"height":12}},{"id":"492116fa-215e-4cc4-adf4-401f9799ceab","block_type":"box","text":"more than 25% of the weight of the Underlying Index in the aggregate.","page_number":66,"box":{"x":60,"y":301,"width":496,"height":12}},{"id":"9bda68ee-8361-4386-aad2-d7f97cf7ee18","block_type":"box","text":"S&P Global 1200 Utilities (Sector) Capped Index","page_number":66,"box":{"x":59,"y":327,"width":346,"height":13}},{"id":"ceda1af2-a07c-449a-8679-cdf6f7111915","block_type":"box","text":"TM","page_number":66,"box":{"x":405,"y":326,"width":17,"height":6}},{"id":"a5d25543-8f3b-4acd-a306-4c8768788cba","block_type":"box","text":"Number of Components: approximately 66","page_number":66,"box":{"x":60,"y":346,"width":308,"height":13}},{"id":"d8f50df5-d925-4be4-881b-1e262f4e6457","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":60,"y":369,"width":130,"height":12}},{"id":"f225d5c0-faaf-4d82-a525-f33a01d9c399","block_type":"box","text":"The S&P Global 1200 Utilities (Sector) Capped Index measures the performance of companies that S&P","page_number":66,"box":{"x":195,"y":369,"width":723,"height":12}},{"id":"e66e9173-49fd-4bcd-8bd8-acb1baddc5c0","block_type":"box","text":"Dow Jones Indices LLC (“SPDJI”) deems to be part of the utilities sector of the economy. The Underlying Index is a subset of","page_number":66,"box":{"x":60,"y":384,"width":863,"height":12}},{"id":"10d151cd-a3a4-4daa-b4d7-2651afabc1a3","block_type":"box","text":"the S&P Global 1200, which is designed to measure the performance of large-capitalization stocks from major global","page_number":66,"box":{"x":59,"y":399,"width":816,"height":13}},{"id":"d692186a-21cf-4d60-9f80-a43800924b81","block_type":"box","text":"markets, as determined by SPDJI.","page_number":66,"box":{"x":60,"y":414,"width":229,"height":13}},{"id":"9e966b58-b027-4823-ba70-03a84894a09b","block_type":"box","text":"The Underlying Index uses a capping methodology. Additionally, the capping methodology limits the sum of the weights of","page_number":66,"box":{"x":59,"y":441,"width":863,"height":12}},{"id":"3b413c78-e1c3-4cc0-b444-f094e3b89610","block_type":"box","text":"the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of","page_number":66,"box":{"x":59,"y":456,"width":872,"height":12}},{"id":"06749e27-27fc-4320-9d52-8be062402ad5","block_type":"box","text":"25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying","page_number":66,"box":{"x":59,"y":471,"width":876,"height":12}},{"id":"6352092d-b882-4706-95be-cdec126e045c","block_type":"box","text":"Index constrains at quarterly rebalance the aggregate weight of all issuers that individually exceed 4.5% of the index weight","page_number":66,"box":{"x":60,"y":486,"width":865,"height":12}},{"id":"8c2c7592-b917-4ec0-8616-1ee3a4fb3b30","block_type":"box","text":"to a maximum of 22.5%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end of any","page_number":66,"box":{"x":59,"y":501,"width":854,"height":13}},{"id":"ffab400c-3785-4066-ba73-352b26d5a7ff","block_type":"box","text":"day on which all issuers that individually constitute more than 5% of the weight of the Underlying Index collectively represent","page_number":66,"box":{"x":59,"y":516,"width":880,"height":13}},{"id":"30649d54-757f-4d85-a9ba-10431fbc2602","block_type":"box","text":"more than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology, SPDJI","page_number":66,"box":{"x":60,"y":531,"width":848,"height":13}},{"id":"7df608ba-c008-473c-a97c-6ed5c8f402b0","block_type":"box","text":"considers two or more companies as belonging to the same issuer where more than 20% of all voting shares in a subsidiary","page_number":66,"box":{"x":59,"y":547,"width":867,"height":12}},{"id":"14b39725-21e5-4f59-9edf-8f8d2e753d2b","block_type":"box","text":"are controlled by the same issuer control group.","page_number":66,"box":{"x":59,"y":562,"width":334,"height":12}},{"id":"a9689683-5448-48b7-927e-03b9d5d06943","block_type":"box","text":"S&P Global Timber & Forestry Index","page_number":66,"box":{"x":59,"y":588,"width":257,"height":13}},{"id":"6bf6f653-abac-46c6-aadb-a66e8b85ab4b","block_type":"box","text":"TM","page_number":66,"box":{"x":317,"y":587,"width":17,"height":5}},{"id":"086f76c6-e814-43c2-b406-7d61a998fc61","block_type":"box","text":"Number of Components: approximately 24","page_number":66,"box":{"x":60,"y":607,"width":307,"height":12}},{"id":"e2889504-d561-49ee-8e70-c6695cefd4fd","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":60,"y":630,"width":130,"height":12}},{"id":"0c3fba90-1781-439d-b640-b1d223f9a157","block_type":"box","text":"The S&P Global Timber & Forestry Index","page_number":66,"box":{"x":195,"y":630,"width":281,"height":12}},{"id":"e8cf5343-f3ee-49db-be69-df54beb9b807","block_type":"box","text":"TM","page_number":66,"box":{"x":476,"y":628,"width":17,"height":6}},{"id":"1407f629-2512-40f3-ae4a-aba6c6a1b82d","block_type":"box","text":"is comprised of the largest publicly traded companies engaged","page_number":66,"box":{"x":499,"y":630,"width":438,"height":12}},{"id":"5a6e1ed0-1079-45dc-859b-bae334abff4f","block_type":"box","text":"in the ownership, management or upstream supply chain of forests and timberlands. These include forest products","page_number":66,"box":{"x":60,"y":645,"width":805,"height":12}},{"id":"db11021f-24b2-4993-903e-8947f52a2969","block_type":"box","text":"companies, timber REITs, paper products companies, paper packaging companies, and agricultural product companies.","page_number":66,"box":{"x":59,"y":660,"width":836,"height":12}},{"id":"a074813e-7d9f-4e64-8251-5f0aa97f1138","block_type":"box","text":"Companies are eligible for inclusion if they have a minimum total market capitalization of greater than or equal to $300","page_number":66,"box":{"x":59,"y":675,"width":833,"height":12}},{"id":"42d225f5-e9d3-43bb-9a93-3d6347e056fc","block_type":"box","text":"million, a float adjusted market capitalization (“FMC”) of greater than or equal to $100 million and a median daily value","page_number":66,"box":{"x":60,"y":690,"width":833,"height":13}},{"id":"5098a64b-2df3-40d9-8272-f642e3eb089e","block_type":"box","text":"traded of at least $3 million ($2 million for existing constituents) for the six months prior to the rebalancing reference date.","page_number":66,"box":{"x":59,"y":705,"width":860,"height":13}},{"id":"035eff4d-2b9f-4a8f-942f-211b5d8031f0","block_type":"box","text":"Stocks that meet the above eligibility criteria are reviewed for specific practices related to Timber and Forestry. Constituents","page_number":66,"box":{"x":59,"y":720,"width":863,"height":13}},{"id":"313aebb9-e2bb-48dd-98d0-e7a312fee955","block_type":"box","text":"are drawn from the S&P Global BMI. The preliminary universe of companies is identified based on any of the following","page_number":66,"box":{"x":59,"y":736,"width":823,"height":12}},{"id":"ad19114e-a0f5-4d7e-a3e6-0360c67c2b71","block_type":"box","text":"screens:","page_number":66,"box":{"x":59,"y":754,"width":56,"height":6}},{"id":"d8b8610a-3ebf-4ac9-b5a6-a381aa9140c7","block_type":"box","text":"• Companies that derive at least 25% in aggregate revenue from Timber and Forestry-related businesses as defined","page_number":66,"box":{"x":92,"y":771,"width":827,"height":12}},{"id":"42aad45f-c07a-4c61-9524-ec365fe67e76","block_type":"box","text":"by FactSet’s Revere Business Industry Classification System (“RBICS”) data.","page_number":66,"box":{"x":125,"y":786,"width":522,"height":12}},{"id":"dea93696-a1eb-43b1-977e-17f5d7c1de50","block_type":"box","text":"• Companies defined as Timber REITs that have a GICS classification of Specialized REITs.","page_number":66,"box":{"x":92,"y":806,"width":642,"height":12}},{"id":"766c8994-05dc-4a9b-bf6f-d8025d00021e","block_type":"box","text":"• Companies in the universe at the previous rebalancing that were assigned an Exposure Score of at least 0.5","page_number":66,"box":{"x":92,"y":826,"width":780,"height":13}},{"id":"b366c6bf-f2f2-4b48-8e46-c0d3acd860f1","block_type":"box","text":"(including companies that were not actually selected for inclusion).","page_number":66,"box":{"x":125,"y":841,"width":470,"height":13}},{"id":"eef0df8a-4547-4606-9397-d8afc4a8b4fa","block_type":"box","text":"In addition, S&P Dow Jones Indices LLC (“SPDJI”) uses company exclusion criteria related to business activity (","page_number":66,"box":{"x":60,"y":868,"width":768,"height":12}},{"id":"2b5383d8-62c4-4584-ac2a-168ac8ea63e7","block_type":"box","text":"e.g","page_number":66,"box":{"x":830,"y":871,"width":20,"height":9}},{"id":"cac7e047-2b56-4438-acfa-dc96867136cd","block_type":"box","text":".,","page_number":66,"box":{"x":851,"y":876,"width":6,"height":3}},{"id":"51990a15-b23d-40ab-9e3b-fe08239df7d3","block_type":"box","text":"controversial weapons, tobacco, thermal coal, etc.) and other exclusionary guidelines based on a company’s compliance with","page_number":66,"box":{"x":59,"y":883,"width":876,"height":12}},{"id":"073a9101-78e3-4ace-9ee2-d3d295a5160c","block_type":"box","text":"57","page_number":66,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"2c163253-6c60-4b41-8400-02ae848edc5f","block_type":"box","text":"the United Nations Global Compact (“UNGC”) provided by Sustainalytics. Effective with the index review in September 2024,","page_number":67,"box":{"x":59,"y":67,"width":867,"height":12}},{"id":"7eacc917-6678-45a5-a348-ade53265fe62","block_type":"box","text":"the Index Provider will utilize measurements from S&P Global Business Involvement Screens when monitoring the company","page_number":67,"box":{"x":59,"y":82,"width":865,"height":12}},{"id":"814e379f-90ce-4997-8103-928139b3eb4a","block_type":"box","text":"exclusion criteria related to business activity (e.g., controversial weapons, tobacco, thermal coal, etc.). Lastly, the index","page_number":67,"box":{"x":59,"y":97,"width":829,"height":12}},{"id":"fe4d3e50-c778-45bd-b252-64a4eac6a21a","block_type":"box","text":"provider uses its proprietary controversies model for screening and analysis of controversies related to companies within the","page_number":67,"box":{"x":59,"y":112,"width":871,"height":12}},{"id":"f4119340-8152-46e3-b13f-b089a050d6f7","block_type":"box","text":"Underlying Index. Companies without coverage are ineligible for index inclusion until they receive such coverage.","page_number":67,"box":{"x":60,"y":127,"width":788,"height":12}},{"id":"1881d03e-7158-454a-9fce-7b67244ae7d1","block_type":"box","text":"After determining the eligible universe, SPDJI assigns an “Exposure Score” to each company. Companies eligible due to GICS","page_number":67,"box":{"x":59,"y":154,"width":868,"height":12}},{"id":"8ed8a9d8-cede-47f0-aaa3-1ffe50100eaf","block_type":"box","text":"classification described above in the Prospectus are assigned a score of 1. The remaining eligible companies are assigned an","page_number":67,"box":{"x":59,"y":169,"width":868,"height":12}},{"id":"d228af07-cc21-4ae2-b66e-1ea502313de3","block_type":"box","text":"Exposure Score from 0 to 1 based on the company’s aggregate revenue from Timber and Forestry-related business and the","page_number":67,"box":{"x":60,"y":184,"width":859,"height":12}},{"id":"a071ec4b-d664-47db-a574-457aee875253","block_type":"box","text":"company’s engagement in the ownership or management of forests, timberlands or pulp mills as a captive raw material","page_number":67,"box":{"x":59,"y":199,"width":837,"height":12}},{"id":"2cbfdb4c-a999-4417-885d-d1d29bc11ad8","block_type":"box","text":"source. Companies with greater than 75% aggregate revenue from Timber and Forestry-related businesses are assigned a","page_number":67,"box":{"x":59,"y":214,"width":853,"height":12}},{"id":"898fd043-72d8-4760-b0e9-860a4c616944","block_type":"box","text":"score of 1. Companies with at least 25% but less than 50% aggregate revenue from Timber and Forestry-related businesses","page_number":67,"box":{"x":59,"y":229,"width":866,"height":12}},{"id":"9db11a6c-8a04-433d-96d9-9f9ff60039cb","block_type":"box","text":"are assigned a score of .5. Companies with less than 25% are assigned a score of 0. All stocks with an exposure score of 1 are","page_number":67,"box":{"x":59,"y":244,"width":878,"height":13}},{"id":"bc67f646-c546-40c2-a1d0-63c759c81fa0","block_type":"box","text":"selected for the S&P Global Timber & Forestry Index. If the total number of companies is less than 100, SPDJI selects","page_number":67,"box":{"x":59,"y":259,"width":809,"height":13}},{"id":"33ee97cb-3bb2-4be9-a7c8-0f46adee7f0a","block_type":"box","text":"additional constituents ranked by Exposure Score and then FMC until the constituent count reaches 100 or until all","page_number":67,"box":{"x":59,"y":274,"width":803,"height":13}},{"id":"a22ff572-93b5-471b-8ba7-75483a574f7f","block_type":"box","text":"constituents with an Exposure Score of 0.5 or above are selected.","page_number":67,"box":{"x":59,"y":290,"width":455,"height":12}},{"id":"5efe15ce-a5d4-45d8-958d-fc64b02e67d4","block_type":"box","text":"At each rebalancing, constituents are weighted based on the product of each constituent’s FMC and Exposure Score, subject","page_number":67,"box":{"x":59,"y":316,"width":873,"height":12}},{"id":"16f8a5f7-70ac-4485-bf04-d33898b55eeb","block_type":"box","text":"to the following constraints:","page_number":67,"box":{"x":59,"y":331,"width":195,"height":13}},{"id":"ccbba5c0-19e6-4530-8c64-bfd773aef871","block_type":"box","text":"• Constituents with an Exposure Score of 1 are capped at the lower of 8% or five times the constituent’s relative","page_number":67,"box":{"x":92,"y":351,"width":803,"height":13}},{"id":"392c63a7-ebcd-470b-9901-d2c45cec6593","block_type":"box","text":"trading volume which is based on its median daily value traded over the past six months.","page_number":67,"box":{"x":124,"y":366,"width":620,"height":13}},{"id":"3095de93-864d-4004-9d42-3597dd6c7600","block_type":"box","text":"• Constituents with an Exposure Score of 0.75 are capped at the lower of 6% or five times the constituent’s relative","page_number":67,"box":{"x":92,"y":387,"width":825,"height":12}},{"id":"87976721-cf53-4237-af74-2308ef435cca","block_type":"box","text":"trading volume.","page_number":67,"box":{"x":124,"y":402,"width":109,"height":12}},{"id":"62f89794-b59e-4539-9f46-21d301ab063f","block_type":"box","text":"• Constituents with an Exposure Score of 0.5 are capped at the lower of 4% or five times the constituent’s relative","page_number":67,"box":{"x":92,"y":422,"width":816,"height":12}},{"id":"58dcfff3-e0c6-44c7-ac41-50af7775e96c","block_type":"box","text":"trading volume.","page_number":67,"box":{"x":124,"y":437,"width":109,"height":12}},{"id":"15544016-fceb-45b1-9c5f-ac435e53dbaf","block_type":"box","text":"• The cumulative weight of all constituents within the S&P Global Timber & Forestry Index which have a weight","page_number":67,"box":{"x":92,"y":457,"width":798,"height":13}},{"id":"c33a2980-7860-4027-803f-33ead66c6b99","block_type":"box","text":"greater than 4.5% cannot exceed 40%.","page_number":67,"box":{"x":124,"y":472,"width":273,"height":13}},{"id":"28cb0f3c-5647-409c-90e2-76ce78e17bc1","block_type":"box","text":"This is done using an optimization procedure that chooses the final weights in such a way to minimize the sum of the","page_number":67,"box":{"x":59,"y":499,"width":822,"height":12}},{"id":"fbfe369d-04e4-4a61-aeca-87e2595e2ed8","block_type":"box","text":"squared difference of the capped and uncapped weights, divided by the uncapped weight for each stock.","page_number":67,"box":{"x":59,"y":514,"width":733,"height":12}},{"id":"59e56d67-39c6-4426-a998-54ddc1b0707d","block_type":"box","text":"The S&P Global Timber & Forestry Index is reconstituted semi-annually after the close of the last business day in March and","page_number":67,"box":{"x":59,"y":540,"width":865,"height":13}},{"id":"48ee0e9c-ca28-4a63-89e9-bc7ea00f7689","block_type":"box","text":"September. The reference date for the reconstitutions is after the close of the last business day of February and August,","page_number":67,"box":{"x":59,"y":555,"width":834,"height":13}},{"id":"ad0d9c27-d094-4b18-bdc5-cd5eaa316d2b","block_type":"box","text":"respectively. In addition, the S&P Global Timber & Forestry Index is reweighted quarterly after the close on the last business","page_number":67,"box":{"x":60,"y":571,"width":859,"height":12}},{"id":"088280f3-84c3-463e-9d43-71b6873674b5","block_type":"box","text":"day of March, June, September, and December. The pricing reference date used for re-weighting purposes is seven business","page_number":67,"box":{"x":59,"y":586,"width":864,"height":12}},{"id":"c5fbe529-c105-4d29-a0db-0b1e255a2b76","block_type":"box","text":"days prior to the effective date.","page_number":67,"box":{"x":59,"y":601,"width":215,"height":12}},{"id":"620d1f99-1a3f-457e-8a9e-211d30807c29","block_type":"box","text":"S&P Latin America 40","page_number":67,"box":{"x":59,"y":628,"width":156,"height":9}},{"id":"cee59ba3-2da9-4a8a-8a3d-7994bcca4870","block_type":"box","text":"TM","page_number":67,"box":{"x":215,"y":626,"width":18,"height":6}},{"id":"d6d49bc2-65bb-426a-8a05-b9294e82040b","block_type":"box","text":"Number of Components: approximately 41","page_number":67,"box":{"x":60,"y":646,"width":305,"height":12}},{"id":"4fc55aaa-7652-4d85-acec-f4eacaf9d180","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":60,"y":669,"width":130,"height":12}},{"id":"ab3dbbf3-8f5a-41d1-8134-5a2cc2003606","block_type":"box","text":"The S&P Latin America 40","page_number":67,"box":{"x":195,"y":669,"width":183,"height":10}},{"id":"986d6791-9ab0-4444-83d1-0ee6d081734d","block_type":"box","text":"TM","page_number":67,"box":{"x":379,"y":667,"width":17,"height":6}},{"id":"d3104739-fff6-42e2-abc9-a7724a2d507a","block_type":"box","text":"is comprised of selected equities trading on the exchanges of five Latin","page_number":67,"box":{"x":402,"y":669,"width":495,"height":12}},{"id":"a2e4e1b9-c42e-410e-b0a9-9b35b8d050d1","block_type":"box","text":"American countries and includes securities that S&P DJI considers to be highly liquid from major economic sectors of the","page_number":67,"box":{"x":59,"y":684,"width":847,"height":12}},{"id":"f4d0039c-72db-4a43-881b-58f189e951b0","block_type":"box","text":"Mexican and South American equity markets. Companies from Brazil, Chilé, Colombia, Mexico and Peru are represented in","page_number":67,"box":{"x":59,"y":699,"width":855,"height":12}},{"id":"7ebb429e-61fb-4c55-bb7d-353f17337134","block_type":"box","text":"the Underlying Index and mirror the sector weights of the broader universe of stocks from the five markets. Similarly, the","page_number":67,"box":{"x":59,"y":714,"width":843,"height":13}},{"id":"652169c8-9634-4af3-a4d1-0e70427d891a","block_type":"box","text":"Underlying Index mirrors the country weights of the five markets within that same universe of stocks.","page_number":67,"box":{"x":60,"y":729,"width":709,"height":13}},{"id":"7a82cf48-9a38-4618-b6ab-d1dea306690f","block_type":"box","text":"The STOXX Indexes","page_number":67,"box":{"x":59,"y":760,"width":330,"height":23}},{"id":"94ac71de-4ff6-46fa-8957-3d53bb4f171e","block_type":"box","text":"Each of the STOXX indexes is a subset of the STOXX Global Total Market index (the “Global TMI”), which represents 95","page_number":67,"box":{"x":60,"y":801,"width":832,"height":12}},{"id":"2b7a8947-03d2-4ed1-82b1-42f5781d5318","block_type":"box","text":"percent of the free float market capitalization worldwide, with a variable number of components. The STOXX global equity","page_number":67,"box":{"x":59,"y":816,"width":856,"height":13}},{"id":"aa6bf705-0b18-4000-8549-e7a4911c9a61","block_type":"box","text":"universe includes all common stocks and equities with similar characteristics from financial markets that provide real-time","page_number":67,"box":{"x":60,"y":831,"width":856,"height":13}},{"id":"68d7a28a-bc42-4613-998a-78cb06ba3af6","block_type":"box","text":"and historical component and currency pricing. The Global TMI is the fraction of the STOXX investable universe listed on","page_number":67,"box":{"x":59,"y":846,"width":844,"height":13}},{"id":"7ba286d5-3457-40ba-aaf7-487e6ca4528b","block_type":"box","text":"eligible stock exchanges. The STOXX Country Total Market indexes form the basis for all regional STOXX Total Market","page_number":67,"box":{"x":59,"y":862,"width":824,"height":12}},{"id":"e7455c15-dd10-40b6-b28d-38bbc1557105","block_type":"box","text":"indexes (each, a “Regional TMI”). Each STOXX Country Total Market index aims to represent a broad market and covers at","page_number":67,"box":{"x":60,"y":877,"width":855,"height":12}},{"id":"e8dadad8-7154-4b26-83be-aea7de4bb2bb","block_type":"box","text":"58","page_number":67,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"a4de3d3a-771a-4c98-b3b4-c3f9c8932b06","block_type":"box","text":"least 95 percent of the free float market capitalization of the respective country’s investable universe. Each of the STOXX","page_number":68,"box":{"x":60,"y":67,"width":840,"height":12}},{"id":"f850a01c-5399-42de-b734-e5fd6cb02310","block_type":"box","text":"indexes is derived from its respective Regional TMI(s).","page_number":68,"box":{"x":60,"y":82,"width":375,"height":12}},{"id":"ca76f637-ba38-41a8-b42e-1c0a91eea744","block_type":"box","text":"STOXX Global Copper and Metals Mining Index","page_number":68,"box":{"x":59,"y":108,"width":342,"height":13}},{"id":"1cbd4286-8234-4033-9ad0-0477a6566fde","block_type":"box","text":"Number of Components: approximately 45","page_number":68,"box":{"x":60,"y":127,"width":308,"height":12}},{"id":"eced7997-c6c1-44bf-8590-647a6356aa60","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":60,"y":150,"width":130,"height":12}},{"id":"79de0ec8-e69c-498e-a6e8-02b839fa10f8","block_type":"box","text":"The STOXX Global Copper and Metals Mining Index (the “Underlying Index”), which has been developed","page_number":68,"box":{"x":195,"y":150,"width":733,"height":12}},{"id":"13b3950c-1b54-475a-b6ea-1d2f309c8a67","block_type":"box","text":"by STOXX Ltd. (the “Index Provider” or “STOXX”), is an equity index designed to reflect the performance of equity securities","page_number":68,"box":{"x":60,"y":165,"width":865,"height":12}},{"id":"8923ba46-0619-44ba-b9e0-1a645a01d988","block_type":"box","text":"issued by U.S. and non-U.S. companies selected from the STOXX Global Copper Universe Index (the “Parent Index”). The","page_number":68,"box":{"x":60,"y":180,"width":842,"height":12}},{"id":"c2483aae-98ac-4afb-94e4-e1f0f938fbd0","block_type":"box","text":"Parent Index is composed of large-, mid- and small-capitalization stocks from developed and emerging markets. The","page_number":68,"box":{"x":60,"y":195,"width":816,"height":12}},{"id":"7f02d8b9-0a87-49b9-b8a1-751e6df471d8","block_type":"box","text":"Underlying Index captures the performance of equity securities of companies involved in copper and metal ore mining.","page_number":68,"box":{"x":60,"y":210,"width":830,"height":13}},{"id":"0a21f7fd-bac4-49e1-95ab-2fec3079ed3c","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with common equity securities (including depositary receipts)","page_number":68,"box":{"x":59,"y":237,"width":863,"height":12}},{"id":"ad5c800a-1441-4839-8250-04be96ba5222","block_type":"box","text":"from the Parent Index and selects stocks that have a free-float market capitalization of $100 million or greater and a 3-month","page_number":68,"box":{"x":59,"y":252,"width":876,"height":12}},{"id":"d57b31e1-7a84-4574-98cc-dd3c3297f9d8","block_type":"box","text":"Average Daily Traded Volume (“ADTV”) equal to or exceeding $1 million. If a company has more than one eligible share class,","page_number":68,"box":{"x":59,"y":267,"width":876,"height":12}},{"id":"bfd57f16-0036-46c0-8a5d-fc37ebb670ce","block_type":"box","text":"the Index Provider will select the one that is a current index constituent if no other share class has a 3-month ADTV equal or","page_number":68,"box":{"x":59,"y":282,"width":871,"height":12}},{"id":"f5cabbef-7607-49e9-9c7d-a60f6b3e93f7","block_type":"box","text":"higher to 1.5 times its 3-month ADTV at a given review period or has had higher 3-month ADTV for the past eight","page_number":68,"box":{"x":60,"y":297,"width":798,"height":13}},{"id":"5c5ab3b0-9f2d-4fca-afba-f6a7cc5e5db7","block_type":"box","text":"consecutive quarters. Otherwise, the Index Provider will select the most liquid share class, as determined by the Index","page_number":68,"box":{"x":59,"y":312,"width":823,"height":13}},{"id":"71db86e2-7d49-4242-a092-fb1c19cd0751","block_type":"box","text":"Provider.","page_number":68,"box":{"x":60,"y":327,"width":58,"height":10}},{"id":"91a6a38e-438b-4811-8bcc-8663fcd5a33b","block_type":"box","text":"The Index Provider selects index constituents from the remaining companies based on tiered eligibility from Tier 1 to Tier 3.","page_number":68,"box":{"x":59,"y":354,"width":863,"height":12}},{"id":"24d574f9-371f-4414-abbb-e564a1c1a0af","block_type":"box","text":"STOXX classifies Tier 1 securities as companies categorized as Copper Ore Mining under FactSet’s Revere Business and","page_number":68,"box":{"x":59,"y":369,"width":832,"height":12}},{"id":"ea69979d-7125-4e4a-9342-3d37af5bbb08","block_type":"box","text":"Industry Classification System (“RBICS”) Focus Level 6 Copper Ore Mining. The Index Provider’s methodology does not","page_number":68,"box":{"x":60,"y":384,"width":832,"height":12}},{"id":"dfcb8d6b-f69a-41d2-9052-555a00722912","block_type":"box","text":"require a minimum number of Tier 1 securities. If there are fewer than 50 Tier 1 constituents, the shortfall is filled with Tier 2","page_number":68,"box":{"x":60,"y":399,"width":868,"height":13}},{"id":"003abd55-34e2-4433-a5b0-e78dd0f76060","block_type":"box","text":"constituents. Following the Tier 1 selection, the Index Provider ranks and selects, as Tier 2 eligible securities, companies with","page_number":68,"box":{"x":59,"y":414,"width":870,"height":13}},{"id":"915c5ca4-4836-4172-8681-8f8e547522ea","block_type":"box","text":"at least 25% revenues but less than 50% revenues derived from the RBICS Level 6 subindustry of Copper Ore Mining from","page_number":68,"box":{"x":59,"y":429,"width":853,"height":13}},{"id":"1734f7c0-f3f7-4854-8763-7d285ddcd559","block_type":"box","text":"highest to lowest revenue exposure. Companies are selected from the highest to the lowest revenue exposure until there are","page_number":68,"box":{"x":60,"y":445,"width":868,"height":12}},{"id":"057e2d22-0be7-4366-8f07-c961a65c4775","block_type":"box","text":"50 stocks in the Underlying Index. Once 50 companies are reached after Tier 1 and/or 2, or there are fewer than 50","page_number":68,"box":{"x":59,"y":460,"width":806,"height":12}},{"id":"50fd0979-fa5d-4637-a442-3734acf8b0d2","block_type":"box","text":"companies selected after Tier 1 and 2, the Index Provider selects companies it classifies as Tier 3. STOXX classifies Tier 3","page_number":68,"box":{"x":59,"y":475,"width":840,"height":12}},{"id":"b4e43598-b172-40b3-9cbd-b2ebced10475","block_type":"box","text":"securities as companies that are not in Tier 1 or 2 but are in the top 50% in terms of market share from Copper Ore Mining.","page_number":68,"box":{"x":59,"y":490,"width":863,"height":12}},{"id":"d339f910-afb1-4fc6-992a-3b73622d7d90","block_type":"box","text":"The Index Provider defines market share by the percentile ranking of all companies in the Parent Index with at least $1 million","page_number":68,"box":{"x":59,"y":505,"width":876,"height":12}},{"id":"e99fe36d-a603-4d2c-b62e-b8f1f1637ac7","block_type":"box","text":"in revenue from the RBICS Level 6 subindustry of Copper Ore Mining. Tier 3 securities are always included within the","page_number":68,"box":{"x":60,"y":520,"width":814,"height":12}},{"id":"fd556a44-7035-4d01-93d3-e9d5f79dabf6","block_type":"box","text":"Underlying Index to ensure that companies with high dollar revenues from copper ore mining are represented.","page_number":68,"box":{"x":60,"y":535,"width":770,"height":13}},{"id":"ea1391a1-274a-438d-8687-4648a04a7707","block_type":"box","text":"The Index Provider applies the following weight limits: a maximum of 20% weighting to Tier 3 securities. The component","page_number":68,"box":{"x":59,"y":562,"width":849,"height":12}},{"id":"10a3ee31-6679-49c9-bf60-19d722b5495c","block_type":"box","text":"securities in the Underlying Index are weighted by float-adjusted market capitalization with individual securities capped at","page_number":68,"box":{"x":59,"y":577,"width":853,"height":12}},{"id":"2bfb0f66-462b-443a-a8aa-d78cf341aecd","block_type":"box","text":"8% and securities with weights greater than 4.5% will not in aggregate exceed 45% of the Underlying Index weight at","page_number":68,"box":{"x":59,"y":592,"width":826,"height":12}},{"id":"323baaca-a3ab-49f3-b380-c5038a2072b2","block_type":"box","text":"rebalance. The Underlying Index will be reviewed and reconstituted on an annual basis in September and rebalanced","page_number":68,"box":{"x":60,"y":607,"width":814,"height":12}},{"id":"ce189acf-ef72-45a3-a736-402f21e87166","block_type":"box","text":"quarterly.","page_number":68,"box":{"x":59,"y":622,"width":64,"height":13}},{"id":"d8334726-afcf-47a1-a4b8-c9eb12596ec4","block_type":"box","text":"STOXX Global Lithium Miners and Producers Index","page_number":68,"box":{"x":59,"y":649,"width":368,"height":9}},{"id":"3aeebec1-c5f0-4ed4-87b8-3b352c115d66","block_type":"box","text":"Number of Components: approximately 34","page_number":68,"box":{"x":60,"y":668,"width":308,"height":12}},{"id":"691c429f-4757-4ab0-aa1d-ecb457389a71","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":60,"y":690,"width":130,"height":13}},{"id":"a2e09ffd-f6b4-4c8a-853f-08e7a561b57e","block_type":"box","text":"The STOXX Global Lithium Miners and Producers Index (the “Underlying Index”), which has been","page_number":68,"box":{"x":195,"y":690,"width":682,"height":13}},{"id":"a30ac8de-97d3-416b-add1-dbe7a928aef5","block_type":"box","text":"developed by STOXX Ltd. (the “Index Provider” or “STOXX”), is an equity index designed to reflect the performance of equity","page_number":68,"box":{"x":59,"y":705,"width":873,"height":13}},{"id":"45539e08-3b30-4e15-aab6-0e8e5302486b","block_type":"box","text":"securities issued by U.S. and non-U.S. companies selected from the STOXX Global Lithium Universe Index (the “Parent","page_number":68,"box":{"x":59,"y":720,"width":826,"height":13}},{"id":"7e621c93-1b2b-47a8-9b27-f782a89c49cb","block_type":"box","text":"Index”). The Parent Index is composed of large-, mid- and small-capitalization stocks from developed and emerging markets.","page_number":68,"box":{"x":60,"y":736,"width":875,"height":12}},{"id":"8ec807b3-c757-4e75-b3c9-e4f8d05c009e","block_type":"box","text":"The Underlying Index captures the performance of equity securities of companies involved in lithium ore mining and/or","page_number":68,"box":{"x":59,"y":751,"width":838,"height":12}},{"id":"b5fb6e25-0507-40ed-8fae-6805410abca0","block_type":"box","text":"lithium compounds manufacturing.","page_number":68,"box":{"x":60,"y":766,"width":248,"height":12}},{"id":"0f775405-e82c-4564-a4c3-e479f3c716bb","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with common equity securities from the Parent Index and","page_number":68,"box":{"x":59,"y":792,"width":833,"height":13}},{"id":"77858806-9354-404d-8c7e-29d7ed03455b","block_type":"box","text":"selects stocks that have a free-float market capitalization of $100 million or greater, 3-month Average Daily Traded Volume","page_number":68,"box":{"x":59,"y":807,"width":859,"height":13}},{"id":"eeb66557-34da-476d-81a6-eecc38f5a5f0","block_type":"box","text":"(“ADTV”) equal to or exceeding $1 million and have FactSet’s Revere Business and Industry Classification System (“RBICS”)","page_number":68,"box":{"x":60,"y":823,"width":858,"height":12}},{"id":"6d13327a-b6a3-426f-800e-1b3894f2a002","block_type":"box","text":"Focus Level 1 classification of Non-Energy Materials. If a company has more than one eligible share class, the Index Provider","page_number":68,"box":{"x":60,"y":838,"width":868,"height":12}},{"id":"1c53365c-4dea-43fb-8adb-017f6a2a3f72","block_type":"box","text":"will select the one that is a current index constituent if no other share class has a 3-month ADTV equal or higher to 1.5 times","page_number":68,"box":{"x":59,"y":853,"width":875,"height":12}},{"id":"15ac224c-ff26-42b5-b6a1-c4712d73e182","block_type":"box","text":"its 3-month ADTV at a given review period or has had higher 3-month ADTV for the past eight consecutive quarters.","page_number":68,"box":{"x":60,"y":868,"width":815,"height":12}},{"id":"9986c99f-55e7-4b12-a079-f7e61165d1a8","block_type":"box","text":"Otherwise, the Index Provider will select the most liquid share class, as determined by the Index Provider.","page_number":68,"box":{"x":59,"y":883,"width":732,"height":12}},{"id":"b0b3a283-31a8-42c4-af3c-3ecc9515b702","block_type":"box","text":"59","page_number":68,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"f5040158-c2c3-4752-bdee-8ae2082b5ec5","block_type":"box","text":"The following RBICS sectors are defined for the selection process: Africa Lithium Ore Mining, Australia including Oceania","page_number":69,"box":{"x":59,"y":67,"width":845,"height":12}},{"id":"eeaff8c9-83ad-4629-ba05-d828b4653de7","block_type":"box","text":"Lithium Ore Mining, Diversified Lithium Ore Mining, Europe Lithium Ore Mining, Latin America Lithium Ore Mining, North","page_number":69,"box":{"x":60,"y":82,"width":850,"height":12}},{"id":"8ba5409c-6990-4a9b-9efc-f357a6c13644","block_type":"box","text":"America Lithium Ore Mining, Pan-Americas Lithium Ore Mining, Pan-Asia/Pacific Lithium Ore Mining and Rest of","page_number":69,"box":{"x":59,"y":97,"width":796,"height":12}},{"id":"ab5b2f07-c0b5-4c10-9a21-88605013ec5a","block_type":"box","text":"Asia/Pacific Lithium Ore Mining (the “Lithium Ore Mining RBICS Focus Level 6” or “Lithium Ore Mining RBICS” sectors).","page_number":69,"box":{"x":59,"y":112,"width":840,"height":12}},{"id":"ae77e8f1-37fd-4973-bb85-ad2ea53ccfb2","block_type":"box","text":"From the remaining securities, the Index Provider selects Tier 1 securities according to the following steps: (i) companies","page_number":69,"box":{"x":60,"y":138,"width":843,"height":13}},{"id":"571ad7e8-22bf-46b3-8e88-369edf0a2b5a","block_type":"box","text":"categorized as one of the Lithium Ore Mining RBICS sectors (ii) companies categorized as Lithium Compounds","page_number":69,"box":{"x":59,"y":154,"width":775,"height":12}},{"id":"2990efb5-fdec-4627-b44e-55fd5525237e","block_type":"box","text":"Manufacturing under RBICS Focus Level 6 (or “Lithium Compounds Manufacturing” sub-category) and (iii) companies that","page_number":69,"box":{"x":59,"y":169,"width":865,"height":12}},{"id":"de875528-429d-425b-a914-780bfca83530","block_type":"box","text":"derive at least 50% combined revenues from the Lithium Ore Mining RBICS sectors and Lithium Compounds Manufacturing","page_number":69,"box":{"x":59,"y":184,"width":869,"height":12}},{"id":"2a795b34-a691-4935-aaff-4b3aea564a1a","block_type":"box","text":"sub-category.","page_number":69,"box":{"x":59,"y":199,"width":95,"height":12}},{"id":"be52b3ef-7010-4bd7-bb87-3f66a41f1c8b","block_type":"box","text":"Following the Tier 1 selection, the Index Provider ranks and selects, as Tier 2 eligible securities, companies with at least 25%","page_number":69,"box":{"x":60,"y":225,"width":866,"height":13}},{"id":"e65a784a-9591-40d7-afd2-f61957318449","block_type":"box","text":"but less than 50% combined revenues derived from the Lithium Ore Mining RBICs sectors and Lithium Compounds","page_number":69,"box":{"x":60,"y":240,"width":807,"height":13}},{"id":"385f0f02-49bf-48de-8e1c-c3da98bca639","block_type":"box","text":"Manufacturing sub-category from highest to lowest revenue exposure. All Tier 1 constituents are selected for the Underlying","page_number":69,"box":{"x":59,"y":256,"width":872,"height":12}},{"id":"ae60cee1-42dd-4cbd-a540-138a563347cf","block_type":"box","text":"Index. However, if there are fewer than 50 Tier 1 constituents, the shortfall is filled with Tier 2 constituents, and the","page_number":69,"box":{"x":60,"y":271,"width":802,"height":11}},{"id":"823f007f-379c-47ad-b122-fe836e67775d","block_type":"box","text":"Underlying Index is capped at 50 constituents. The Index Provider’s methodology does not require a minimum number of","page_number":69,"box":{"x":60,"y":286,"width":852,"height":12}},{"id":"46a04b2d-4bf2-46eb-8008-01e9b28a253f","block_type":"box","text":"Tier 1 securities.","page_number":69,"box":{"x":59,"y":301,"width":113,"height":10}},{"id":"22aceed8-80d7-4de4-9a94-865d016073af","block_type":"box","text":"The Index Provider applies tier group weight limits. For Tier 1, the Index Provider applies at least a 25% weighting to the","page_number":69,"box":{"x":59,"y":327,"width":837,"height":13}},{"id":"e98b29a8-a769-45ae-9fe6-e4285c7855e6","block_type":"box","text":"categories within steps (i) and (ii) above, as well as a maximum weight of 25% to Tier 2 securities. In addition, the Index","page_number":69,"box":{"x":59,"y":343,"width":842,"height":12}},{"id":"17ac6434-d92c-487a-bb14-6676cf9516b8","block_type":"box","text":"Provider applies at least a 90% weighting to High Exposure Companies, which it defines as a combination of (i) Tier 1","page_number":69,"box":{"x":60,"y":358,"width":818,"height":12}},{"id":"b4a980ea-4515-4464-8030-407e719b045d","block_type":"box","text":"constituents and (ii) companies that are in the top twenty percent in terms of market share. Market share is defined by","page_number":69,"box":{"x":59,"y":373,"width":830,"height":12}},{"id":"34f4bf94-11a3-4bd1-91c1-114f95783bb3","block_type":"box","text":"STOXX as the percentile ranking of all companies in the Parent Index with combined revenue from the Lithium Ore Mining","page_number":69,"box":{"x":59,"y":388,"width":855,"height":12}},{"id":"917c328f-5abf-43a6-ab2c-6b4c57b6d4f1","block_type":"box","text":"RBICS sectors and Lithium Compounds Manufacturing sub-category greater than or equal to 1 million USD. The component","page_number":69,"box":{"x":60,"y":403,"width":871,"height":12}},{"id":"7fe8fa8a-23a4-4a02-a19b-4994b93ebe5c","block_type":"box","text":"securities in the Underlying Index are weighted by float-adjusted market capitalization with individual securities capped at","page_number":69,"box":{"x":59,"y":418,"width":853,"height":12}},{"id":"63d42293-4475-4369-a7e4-03d9745a2298","block_type":"box","text":"8% and securities with weights greater than 4.5% shall not in aggregate exceed 45% of the Underlying Index weight at","page_number":69,"box":{"x":59,"y":433,"width":834,"height":13}},{"id":"7e218613-9f1b-45a5-9e14-6c31dc385120","block_type":"box","text":"rebalance.","page_number":69,"box":{"x":60,"y":448,"width":69,"height":10}},{"id":"7cd7cd40-21a7-446f-ba86-e7cfa329fb24","block_type":"box","text":"Investment Policies","page_number":69,"box":{"x":62,"y":479,"width":318,"height":23}},{"id":"425ec820-f939-4d5d-a170-2245141a4fe3","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":59,"y":520,"width":834,"height":12}},{"id":"89b73090-7ac6-4d05-a46d-937548077867","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":59,"y":535,"width":865,"height":13}},{"id":"63a66d23-1c81-43d4-83a0-b3eec5f9000e","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":59,"y":550,"width":820,"height":13}},{"id":"15c21df2-03b5-480e-9b21-a89ca17e321d","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":59,"y":566,"width":872,"height":12}},{"id":"31d8f76d-ffb2-4190-b36b-76309d718ed0","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":59,"y":581,"width":861,"height":12}},{"id":"488b28dc-1739-4148-9817-2118471b218d","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":69,"box":{"x":59,"y":596,"width":836,"height":12}},{"id":"71ffb157-8832-4d4f-90a8-fc167816d652","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":59,"y":611,"width":826,"height":12}},{"id":"e44454cd-572d-4b77-99d9-eab2ed081af4","block_type":"box","text":"objective and its Underlying Index without shareholder approval.","page_number":69,"box":{"x":59,"y":626,"width":451,"height":12}},{"id":"02edff61-4065-469c-910a-39d2cde2ead9","block_type":"box","text":"Fundamental Investment Policies","page_number":69,"box":{"x":60,"y":652,"width":237,"height":10}},{"id":"d0ab5f0f-6eb9-4d45-bb85-1ffc295c001f","block_type":"box","text":"The iShares Global 100 ETF, iShares Global Comm Services ETF and iShares Global Financials ETF will not:","page_number":69,"box":{"x":58,"y":673,"width":762,"height":11}},{"id":"5d593192-055b-4cf6-8d34-7db2a85a69a1","block_type":"box","text":"1. Concentrate its investments (","page_number":69,"box":{"x":61,"y":693,"width":242,"height":12}},{"id":"17df2347-0cd1-4383-9d20-e16ebcedc80f","block_type":"box","text":"i.e.","page_number":69,"box":{"x":304,"y":694,"width":18,"height":8}},{"id":"3dd84482-b09c-423b-94a9-4c5fbabe5a37","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":69,"box":{"x":324,"y":693,"width":598,"height":12}},{"id":"323a43b8-5574-46f6-b40c-563cf21c7534","block_type":"box","text":"industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":69,"box":{"x":99,"y":708,"width":771,"height":12}},{"id":"9f2fbb78-389a-43c1-93ca-6603b3db997c","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":69,"box":{"x":98,"y":723,"width":841,"height":12}},{"id":"83aa8d3b-a60a-4b52-937f-d7f427ae75bd","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":69,"box":{"x":98,"y":738,"width":783,"height":12}},{"id":"93c4a87f-a4e2-4376-8b70-cbf8a1d50599","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":69,"box":{"x":98,"y":753,"width":777,"height":13}},{"id":"c91949dc-6208-4b94-910e-af0480f468ae","block_type":"box","text":"considered to be issued by members of any industry.","page_number":69,"box":{"x":98,"y":768,"width":367,"height":13}},{"id":"1a0f3f9e-54c7-4dd4-9bc2-f19e2449bd08","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":69,"box":{"x":59,"y":788,"width":815,"height":13}},{"id":"e6b10033-26ae-4990-9ddf-3bcf7aaa2be3","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":69,"box":{"x":98,"y":804,"width":807,"height":12}},{"id":"6e37d901-c3a9-46d5-9fc0-c85f05da3ab5","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":69,"box":{"x":98,"y":819,"width":761,"height":12}},{"id":"d139ac77-cef6-49ef-97e5-d1e843a02727","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":69,"box":{"x":98,"y":834,"width":756,"height":12}},{"id":"55bf7982-e443-40b2-92b9-14e7580e1e55","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":69,"box":{"x":98,"y":849,"width":815,"height":12}},{"id":"b3d44f35-4241-452f-b7f6-8ebe5ee07734","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":69,"box":{"x":99,"y":864,"width":826,"height":12}},{"id":"62b30893-52d2-443a-a510-e1a4d5189654","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":69,"box":{"x":98,"y":879,"width":716,"height":13}},{"id":"08fdc7c8-5809-4aab-9246-cc9d91f4cfd0","block_type":"box","text":"60","page_number":69,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"23882c9a-d5ce-460f-b71a-176fe2d6a9df","block_type":"box","text":"3. Issue any senior security, except as permitted under the 1940 Act, as amended, and as interpreted, modified or","page_number":70,"box":{"x":59,"y":67,"width":815,"height":12}},{"id":"db7d221c-47b6-4cb7-bf9b-576d51ce2860","block_type":"box","text":"otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":70,"box":{"x":98,"y":82,"width":575,"height":12}},{"id":"48be4d5c-b014-4f2b-9d68-335dc4350d9b","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as amended, and as interpreted, modified or otherwise permitted","page_number":70,"box":{"x":59,"y":102,"width":870,"height":12}},{"id":"46d48399-0a9f-4515-a0a2-00473729f9e3","block_type":"box","text":"by regulatory authority having jurisdiction, from time to time.","page_number":70,"box":{"x":99,"y":117,"width":427,"height":12}},{"id":"268965df-b378-47ef-86b4-4bea6ec9720a","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":70,"box":{"x":59,"y":137,"width":860,"height":13}},{"id":"8f4f3c94-ad47-49cc-8445-5635500d42e8","block_type":"box","text":"prevent each Fund from trading in futures contracts and options on futures contracts (including options on currencies","page_number":70,"box":{"x":98,"y":152,"width":829,"height":13}},{"id":"96606693-9a89-467e-870c-1f598cf60bde","block_type":"box","text":"to the extent consistent with each Fund’s investment objective and policies).","page_number":70,"box":{"x":98,"y":167,"width":536,"height":13}},{"id":"05f9e114-adb3-4268-8721-b1b16bcb9618","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":70,"box":{"x":59,"y":188,"width":847,"height":12}},{"id":"267e011b-9527-449e-86f8-06846a28280a","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":70,"box":{"x":98,"y":203,"width":694,"height":12}},{"id":"3f713c8c-198a-47c9-95ea-6a11062e2041","block_type":"box","text":"The iShares Global Energy ETF, iShares Global Healthcare ETF, iShares Global Tech ETF and iShares Latin America 40 ETF","page_number":70,"box":{"x":58,"y":229,"width":871,"height":12}},{"id":"362fc923-37f1-4f77-b135-23c6d9cf64f9","block_type":"box","text":"will not:","page_number":70,"box":{"x":59,"y":244,"width":56,"height":10}},{"id":"61abf735-64f1-4815-a652-5b0ec59df165","block_type":"box","text":"1. Concentrate its investments (","page_number":70,"box":{"x":61,"y":264,"width":242,"height":13}},{"id":"64e468a2-b048-4be6-b598-9ab688764884","block_type":"box","text":"i.e.","page_number":70,"box":{"x":304,"y":265,"width":18,"height":9}},{"id":"19edccc0-c1e9-4a63-93d3-eff1f5ec97f5","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":70,"box":{"x":324,"y":264,"width":598,"height":13}},{"id":"fda99602-f7de-4411-b5c5-95dc3507539d","block_type":"box","text":"industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":70,"box":{"x":99,"y":280,"width":771,"height":12}},{"id":"ab173224-18e1-410f-a9c4-ce50a16956c2","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":70,"box":{"x":98,"y":295,"width":841,"height":12}},{"id":"aa968a1c-b389-477e-b747-b9a661ea5a53","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":70,"box":{"x":98,"y":310,"width":783,"height":12}},{"id":"6fe74ef8-698c-4f85-a254-d4a4f81ef030","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":70,"box":{"x":98,"y":325,"width":777,"height":12}},{"id":"49f926b8-e410-46ee-a48b-1d3888de682f","block_type":"box","text":"considered to be issued by members of any industry.","page_number":70,"box":{"x":98,"y":340,"width":367,"height":12}},{"id":"531076e8-048a-41db-89f5-384f3dcea60a","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":70,"box":{"x":59,"y":360,"width":815,"height":12}},{"id":"67a51874-6ce4-41bc-bdc7-4cbbee0f3994","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":70,"box":{"x":98,"y":375,"width":807,"height":13}},{"id":"554fc12e-26b9-4a95-9307-ee5652ff778d","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":70,"box":{"x":98,"y":390,"width":761,"height":13}},{"id":"00fa37bb-073c-4a0a-aa6e-175a5392f363","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":70,"box":{"x":98,"y":406,"width":756,"height":12}},{"id":"7b402fb8-a2e5-442c-b306-3ee3643b4ade","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":70,"box":{"x":98,"y":421,"width":815,"height":12}},{"id":"93c6f444-89a2-4bf6-adbf-b0792b76731b","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":70,"box":{"x":99,"y":436,"width":826,"height":12}},{"id":"291d50b0-744e-45e3-9da4-d5016a0cf0ba","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":70,"box":{"x":98,"y":451,"width":716,"height":12}},{"id":"a5d17e10-35c5-412d-b00a-06f379d6ebb1","block_type":"box","text":"3. Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as","page_number":70,"box":{"x":59,"y":471,"width":810,"height":12}},{"id":"861560d7-9d3b-4cd1-8a20-919f161852ef","block_type":"box","text":"permitted under the 1940 Act and the rules, regulations and orders thereunder.","page_number":70,"box":{"x":98,"y":486,"width":554,"height":12}},{"id":"595a72c7-eacb-4819-b5fe-ac4b4b14b4a9","block_type":"box","text":"4. Make loans. This restriction does not apply to: (i) the purchase of debt obligations in which each Fund may invest","page_number":70,"box":{"x":59,"y":506,"width":833,"height":13}},{"id":"2f8bb410-8e1f-4098-9857-33582c02e9fb","block_type":"box","text":"consistent with its investment objectives and policies; (ii) repurchase agreements and reverse repurchase agreements;","page_number":70,"box":{"x":98,"y":521,"width":827,"height":13}},{"id":"8d46b72b-3830-4a95-ab6d-3f7244e7f174","block_type":"box","text":"and (iii) loans of its portfolio securities, to the fullest extent permitted under the 1940 Act.","page_number":70,"box":{"x":98,"y":537,"width":629,"height":12}},{"id":"67a784b8-3dec-401e-8d85-d873d117d085","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":70,"box":{"x":59,"y":557,"width":860,"height":12}},{"id":"d340a85d-bc45-404b-b397-87c4b5780b7f","block_type":"box","text":"prevent each Fund from trading in futures contracts and options on futures contracts (including options on currencies","page_number":70,"box":{"x":98,"y":572,"width":829,"height":12}},{"id":"6a60f3f0-1081-4165-bcd1-0209108b269a","block_type":"box","text":"to the extent consistent with each Fund’s investment objective and policies).","page_number":70,"box":{"x":98,"y":587,"width":536,"height":12}},{"id":"82911df9-a97b-429c-9cea-56264bc482b5","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":70,"box":{"x":59,"y":607,"width":847,"height":12}},{"id":"fe5090fe-2f2a-459c-a214-d3936f470651","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act in disposing of portfolio securities.","page_number":70,"box":{"x":98,"y":622,"width":690,"height":13}},{"id":"c50724a7-d17a-4f79-a7c9-0bc693fa8e64","block_type":"box","text":"The iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Industrials ETF,","page_number":70,"box":{"x":58,"y":649,"width":847,"height":12}},{"id":"ab87bfef-9e5d-41ab-8c22-da78e8736084","block_type":"box","text":"iShares Global Materials ETF and iShares Global Utilities ETF will not:","page_number":70,"box":{"x":59,"y":664,"width":494,"height":10}},{"id":"6a59d96c-19dd-48d1-b7bb-96bb5db4f2ec","block_type":"box","text":"1. Concentrate its investments (","page_number":70,"box":{"x":61,"y":684,"width":242,"height":12}},{"id":"520c9d0f-b830-404f-8d60-66bba326784b","block_type":"box","text":"i.e.,","page_number":70,"box":{"x":304,"y":685,"width":22,"height":10}},{"id":"1c238dbc-fe5c-473e-9462-ca1849f0ccc8","block_type":"box","text":"hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":70,"box":{"x":332,"y":684,"width":590,"height":12}},{"id":"282fc000-a7b2-4d00-ab3d-abf58e6bc33a","block_type":"box","text":"industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":70,"box":{"x":99,"y":699,"width":771,"height":12}},{"id":"a0fb74d4-0e25-4761-86bb-5a361ce0ad74","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":70,"box":{"x":98,"y":714,"width":841,"height":13}},{"id":"645cdac3-df45-4f28-9bb9-437d0b0b8036","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":70,"box":{"x":98,"y":729,"width":783,"height":13}},{"id":"f9506070-131d-4ffa-bdd8-d5013595ae2e","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":70,"box":{"x":98,"y":744,"width":777,"height":13}},{"id":"9496b4d9-c844-4317-96b5-189908f37bb9","block_type":"box","text":"considered to be issued by members of any industry.","page_number":70,"box":{"x":98,"y":760,"width":367,"height":12}},{"id":"6b02d9f3-6e86-4ef8-9a84-dbb287f39148","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":70,"box":{"x":59,"y":780,"width":815,"height":12}},{"id":"ed46e864-1843-4e5c-9a30-52d735de1d1e","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":70,"box":{"x":98,"y":795,"width":807,"height":12}},{"id":"8d3aced6-bb35-4a05-8b7b-e747023b0f52","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":70,"box":{"x":98,"y":810,"width":761,"height":12}},{"id":"0433ee45-3dac-4740-b3da-6fc9641a789d","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":70,"box":{"x":98,"y":825,"width":756,"height":12}},{"id":"b570365d-f9c5-4d4d-bdaa-5dea193c2447","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":70,"box":{"x":98,"y":840,"width":815,"height":12}},{"id":"ef300bed-ceec-4011-a52d-0497a0feaaf1","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":70,"box":{"x":99,"y":855,"width":826,"height":13}},{"id":"a4bbb029-252a-43ab-972c-0f3f3dd57c78","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":70,"box":{"x":98,"y":870,"width":716,"height":13}},{"id":"d0b338b3-2f79-469f-8437-7fcc6d78efbc","block_type":"box","text":"61","page_number":70,"box":{"x":491,"y":916,"width":13,"height":9}},{"id":"cbb0331e-70a6-4ddd-814d-4e115de6f1f0","block_type":"box","text":"3. Issue any senior security, except as permitted under the 1940 Act, as amended, and as interpreted, modified or","page_number":71,"box":{"x":59,"y":67,"width":815,"height":12}},{"id":"8b18e1bb-c9ae-4f9c-af5e-06fce7dbfb63","block_type":"box","text":"otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":71,"box":{"x":98,"y":82,"width":575,"height":12}},{"id":"e7d82a33-481d-417a-8b3c-4994b067aa72","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act.","page_number":71,"box":{"x":59,"y":102,"width":409,"height":12}},{"id":"34823183-77f0-444a-b2f3-9a52fe4f7747","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":71,"box":{"x":59,"y":122,"width":860,"height":12}},{"id":"eceb0456-a564-45e8-84a8-e188f7802748","block_type":"box","text":"prevent each Fund from trading in futures contracts and options on futures contracts (including options on currencies","page_number":71,"box":{"x":98,"y":137,"width":829,"height":13}},{"id":"03dc0282-16b6-4328-b2b7-a8d068026f33","block_type":"box","text":"to the extent consistent with each Fund’s investment objective and policies).","page_number":71,"box":{"x":98,"y":152,"width":536,"height":13}},{"id":"92a410cd-9891-4101-814a-1b8d482cc91f","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":59,"y":172,"width":847,"height":13}},{"id":"ad766f81-b591-47aa-a232-3f607ffdf709","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act in disposing of portfolio securities.","page_number":71,"box":{"x":98,"y":188,"width":690,"height":12}},{"id":"4cb44465-ef57-47d5-8f37-d66a7ee5efee","block_type":"box","text":"Each of the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Global Infrastructure ETF, iShares","page_number":71,"box":{"x":60,"y":214,"width":863,"height":12}},{"id":"1be5e82e-2a32-42f8-bec5-c43b9285e313","block_type":"box","text":"Global Timber & Forestry ETF and iShares India 50 ETF will not:","page_number":71,"box":{"x":59,"y":229,"width":454,"height":12}},{"id":"34498ad1-e98f-40cb-bc48-fd06e94d02fd","block_type":"box","text":"1. Concentrate its investments (","page_number":71,"box":{"x":61,"y":249,"width":242,"height":13}},{"id":"756d7448-a4fa-46a1-933d-1c4c66a4dec7","block_type":"box","text":"i.e.","page_number":71,"box":{"x":304,"y":250,"width":18,"height":9}},{"id":"6f7d8e98-364d-4217-b96c-0677c673171f","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":71,"box":{"x":324,"y":249,"width":609,"height":13}},{"id":"f6bb5dcf-3fe3-4587-950b-fd5783bcfcf6","block_type":"box","text":"of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":71,"box":{"x":98,"y":264,"width":790,"height":13}},{"id":"b1800a0f-a3a3-4870-998b-a1dad7ddb9ec","block_type":"box","text":"concentrates in the securities of a particular industry or group of industries. For purposes of this limitation, securities of","page_number":71,"box":{"x":98,"y":280,"width":837,"height":12}},{"id":"61af828b-ad5c-4230-8e5d-6a479c6ab664","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":71,"box":{"x":98,"y":295,"width":783,"height":12}},{"id":"ae420b35-298e-43fe-9f1b-2d8bc908b742","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":71,"box":{"x":98,"y":310,"width":777,"height":12}},{"id":"26e07aba-b481-48da-a220-e00748e247fd","block_type":"box","text":"considered to be issued by members of any industry.","page_number":71,"box":{"x":98,"y":325,"width":367,"height":12}},{"id":"4d654f73-43df-4a3b-8e3f-c00d1ae1c547","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":59,"y":345,"width":815,"height":12}},{"id":"3546f24d-9fa1-4528-bcea-e83c5895a840","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":71,"box":{"x":98,"y":360,"width":807,"height":12}},{"id":"4797d2c1-31d7-4b92-9565-30e1bced6062","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":98,"y":375,"width":761,"height":13}},{"id":"1a906db6-704c-4209-953b-1da3e6355fcc","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":71,"box":{"x":98,"y":390,"width":756,"height":13}},{"id":"8937888e-38d0-4fcb-9dcb-9aa37e5f9640","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":98,"y":406,"width":815,"height":12}},{"id":"35f3a458-8f9d-4fbc-bc9a-dc6286fec0e7","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":99,"y":421,"width":826,"height":12}},{"id":"86bc677b-4ea7-4adc-ae0f-b49b9bf16ba8","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":98,"y":436,"width":716,"height":12}},{"id":"66c53102-7084-46a4-a0bb-1e227398f8bc","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":59,"y":456,"width":857,"height":12}},{"id":"eaba2784-0282-4698-a994-9e1454bd003f","block_type":"box","text":"any regulatory authority having jurisdiction, from time to time.","page_number":71,"box":{"x":98,"y":471,"width":437,"height":12}},{"id":"9c313249-86ca-4602-a376-21971edfbee0","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":59,"y":491,"width":843,"height":13}},{"id":"db22bacd-610d-4a10-b99b-34eedb3afd66","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":71,"box":{"x":98,"y":506,"width":332,"height":13}},{"id":"fe63b5e0-1822-410c-a492-d2ad2bff5a22","block_type":"box","text":"5. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this","page_number":71,"box":{"x":59,"y":526,"width":812,"height":13}},{"id":"62d3e2f1-6e42-4b21-bf95-0ac5d66ea2d1","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":99,"y":542,"width":830,"height":12}},{"id":"4d45411d-ee33-40a2-b5bd-99db16476cad","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":98,"y":557,"width":828,"height":12}},{"id":"9b3dde23-d7b5-4ff6-b171-aa4c11526cfd","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":99,"y":572,"width":808,"height":12}},{"id":"59876399-12aa-478f-a6cd-e474d3c340d8","block_type":"box","text":"options on currencies to the extent consistent with each Fund’s investment objective and policies).","page_number":71,"box":{"x":98,"y":587,"width":692,"height":12}},{"id":"eacb110b-b082-4774-a194-00b8f9b0779a","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":59,"y":607,"width":847,"height":12}},{"id":"4923d54e-96df-421b-819a-d51e731400df","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":71,"box":{"x":98,"y":622,"width":694,"height":13}},{"id":"b2ab21ca-3af2-485d-89db-60b6d3a01e4c","block_type":"box","text":"Each of the iShares Blockchain and Tech ETF, iShares Copper and Metals Mining ETF, iShares Environmental","page_number":71,"box":{"x":60,"y":649,"width":776,"height":12}},{"id":"37e3ab23-765e-4bd7-8c8d-08e2edd850bb","block_type":"box","text":"Infrastructure and Industrials ETF, iShares Future AI & Tech ETF, iShares Future Metaverse Tech and Communications ETF,","page_number":71,"box":{"x":60,"y":664,"width":878,"height":11}},{"id":"973aed57-c484-46cb-93e2-1a423c99d3b5","block_type":"box","text":"iShares International Dividend Growth ETF and iShares Lithium Miners and Producers ETF may not:","page_number":71,"box":{"x":59,"y":679,"width":716,"height":12}},{"id":"268886c1-67f1-4e70-9a9c-3db08275e4a6","block_type":"box","text":"1. Concentrate its investments in a particular industry, as that term is used in the 1940 Act, except that the Fund will","page_number":71,"box":{"x":61,"y":699,"width":832,"height":12}},{"id":"41bcc92c-379f-4c37-9cdf-3ec2de8ee0a9","block_type":"box","text":"concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular","page_number":71,"box":{"x":98,"y":714,"width":812,"height":13}},{"id":"9099eb73-fbbb-45b3-bae8-e6387acf101c","block_type":"box","text":"industry or group of industries.","page_number":71,"box":{"x":99,"y":729,"width":215,"height":13}},{"id":"c910add1-4d64-4719-aa86-eb5799827b1d","block_type":"box","text":"2. Borrow money, except as permitted under the 1940 Act.","page_number":71,"box":{"x":59,"y":749,"width":431,"height":13}},{"id":"44d8d5ce-03c4-4fc2-8f1d-959f7ab53aca","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the 1940 Act.","page_number":71,"box":{"x":59,"y":770,"width":585,"height":9}},{"id":"3853ae9e-c72b-4a4f-a401-40c928b3eb4d","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured","page_number":71,"box":{"x":59,"y":790,"width":861,"height":12}},{"id":"f3f85bd4-0b1e-45b0-9a61-7c0056ca1854","block_type":"box","text":"by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities","page_number":71,"box":{"x":99,"y":805,"width":814,"height":12}},{"id":"51f26735-315d-4b67-9e52-e1ae1f3158aa","block_type":"box","text":"and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result","page_number":71,"box":{"x":98,"y":820,"width":840,"height":12}},{"id":"a40611a0-0355-4104-b5ef-df4e96c578e1","block_type":"box","text":"of the ownership of securities or other instruments.","page_number":71,"box":{"x":98,"y":835,"width":360,"height":12}},{"id":"4c056a1e-bdd1-485f-b326-706d4d71c623","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be","page_number":71,"box":{"x":59,"y":855,"width":840,"height":13}},{"id":"794724c4-3101-4608-87fe-a61ba7076db7","block_type":"box","text":"deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":71,"box":{"x":98,"y":870,"width":524,"height":13}},{"id":"efc2a584-e450-4415-bb5e-47cdd43bcab3","block_type":"box","text":"62","page_number":71,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"69ffe2a5-c7bf-411b-b9a5-8c21054f6363","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the 1940 Act.","page_number":72,"box":{"x":59,"y":67,"width":684,"height":12}},{"id":"155749e6-761a-469f-8350-db968dbf1f29","block_type":"box","text":"7. Make loans to the extent prohibited by the 1940 Act.","page_number":72,"box":{"x":59,"y":87,"width":407,"height":12}},{"id":"25d7dba8-bb3f-4bec-afa4-6d36c43593c3","block_type":"box","text":"Notations Regarding the iShares Blockchain and Tech ETF’s, iShares Copper and Metals Mining ETF’s, iShares","page_number":72,"box":{"x":59,"y":113,"width":794,"height":13}},{"id":"d4002ca0-f736-44b9-b437-30ee979fcaf5","block_type":"box","text":"Environmental Infrastructure and Industrials ETF’s, iShares Future AI & Tech ETF’s, iShares Future Metaverse Tech and","page_number":72,"box":{"x":59,"y":128,"width":858,"height":12}},{"id":"e9e73bc4-386e-4fa1-9f4f-114e34b7be14","block_type":"box","text":"Communications ETF’s, iShares International Dividend Growth ETF’s and iShares Lithium Miners and Producers ETF’s","page_number":72,"box":{"x":59,"y":143,"width":851,"height":12}},{"id":"cd729911-05d4-4a5a-8e0d-11df311b1790","block_type":"box","text":"Fundamental Investment Policies","page_number":72,"box":{"x":59,"y":159,"width":241,"height":9}},{"id":"76ab57e4-ff8a-4da2-a6ef-9c993dc93498","block_type":"box","text":"The following notations are not considered to be part of each Fund’s fundamental investment policies and are subject to","page_number":72,"box":{"x":59,"y":185,"width":843,"height":12}},{"id":"01560f99-cc4b-41f0-a4d8-8830cbdfe394","block_type":"box","text":"change without shareholder approval.","page_number":72,"box":{"x":59,"y":200,"width":265,"height":12}},{"id":"078e7446-3985-4fb6-8225-ca61e5790576","block_type":"box","text":"With respect to the fundamental policy relating to concentration set forth in (1) above, the Investment Company Act does","page_number":72,"box":{"x":59,"y":227,"width":853,"height":12}},{"id":"f0b24dda-fb90-4523-abe0-04ad68a293e9","block_type":"box","text":"not define what constitutes “concentration” in an industry. The SEC staff has taken the position that investment of 25% or","page_number":72,"box":{"x":60,"y":242,"width":854,"height":12}},{"id":"0ac176e9-afbb-4071-b77f-6734074ab1d7","block_type":"box","text":"more of a fund’s total assets in one or more issuers conducting their principal activities in the same industry or group of","page_number":72,"box":{"x":60,"y":257,"width":840,"height":12}},{"id":"fd2eba08-0e99-4488-9a0c-4453183dce60","block_type":"box","text":"industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy","page_number":72,"box":{"x":60,"y":272,"width":877,"height":12}},{"id":"92d0ae42-ea7b-4074-9a51-2bd9634e3d96","block_type":"box","text":"in (1) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also","page_number":72,"box":{"x":60,"y":287,"width":856,"height":12}},{"id":"a96b875e-45e4-4561-b953-bbbc19e442e9","block_type":"box","text":"will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or","page_number":72,"box":{"x":59,"y":302,"width":860,"height":13}},{"id":"76ffda1c-d1ea-4274-9cdf-b23e64af4a68","block_type":"box","text":"instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":72,"box":{"x":60,"y":317,"width":805,"height":13}},{"id":"fffcd68d-1be5-495d-8c51-076c1d9a3698","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":72,"box":{"x":60,"y":332,"width":847,"height":13}},{"id":"f3503499-74d4-4382-9251-b60f7edcd07e","block_type":"box","text":"issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on","page_number":72,"box":{"x":60,"y":348,"width":820,"height":12}},{"id":"d0c7ce30-41cd-4d0d-ab41-8365fd374082","block_type":"box","text":"investment in issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the","page_number":72,"box":{"x":60,"y":363,"width":809,"height":12}},{"id":"dcd03ad9-2a56-4a0c-9d33-a3e24e9a53cc","block_type":"box","text":"industries of their parents if their activities are primarily related to financing the activities of the parents. Each foreign","page_number":72,"box":{"x":60,"y":378,"width":815,"height":12}},{"id":"4c5548bd-e384-4e44-b9da-5ffae5627e2f","block_type":"box","text":"government will be considered to be a member of a separate industry. With respect to each Fund’s industry classifications,","page_number":72,"box":{"x":59,"y":393,"width":857,"height":12}},{"id":"074ba727-3993-4680-ba77-39dfef702b0c","block_type":"box","text":"the Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":72,"box":{"x":59,"y":408,"width":873,"height":12}},{"id":"87cfbff2-e88a-4a56-88c0-eb4a17d8e808","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad","page_number":72,"box":{"x":60,"y":423,"width":851,"height":12}},{"id":"087c8dc9-151b-455a-9e8f-01d7c6eb3fb7","block_type":"box","text":"authority to each Fund as to how to classify issuers within or among industries.","page_number":72,"box":{"x":59,"y":438,"width":556,"height":13}},{"id":"78282dd5-e22c-4864-9441-72472ee71f7c","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set forth in (2) above, the Investment Company Act","page_number":72,"box":{"x":59,"y":465,"width":843,"height":12}},{"id":"8f401e3f-0f84-49e0-8994-dae3cdee4e23","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any purpose, and","page_number":72,"box":{"x":59,"y":480,"width":871,"height":12}},{"id":"e0755a74-98ee-4ba4-bb7d-0f812817434d","block_type":"box","text":"to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (Each Fund’s total assets","page_number":72,"box":{"x":59,"y":495,"width":869,"height":12}},{"id":"ab9cfa38-634d-490b-8bd4-d1031b789ff5","block_type":"box","text":"include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires the","page_number":72,"box":{"x":60,"y":510,"width":855,"height":12}},{"id":"7d3f3b56-34c6-45d9-8595-8b111ae75ecc","block_type":"box","text":"Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its borrowings. Asset coverage means","page_number":72,"box":{"x":60,"y":525,"width":854,"height":13}},{"id":"3d783dc9-ed20-459a-8b14-02a708744134","block_type":"box","text":"the ratio that the value of each Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings,","page_number":72,"box":{"x":59,"y":540,"width":850,"height":13}},{"id":"79a7fdcb-cf59-416e-bcc1-8d8e9f1c438f","block_type":"box","text":"bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as “leveraging.”","page_number":72,"box":{"x":60,"y":555,"width":862,"height":13}},{"id":"cfd25321-7d81-4ec8-843d-2d25a21eab2d","block_type":"box","text":"Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or","page_number":72,"box":{"x":59,"y":571,"width":860,"height":12}},{"id":"cd453b6b-c1d4-4326-9706-1a5ba6620e4f","block_type":"box","text":"involve leverage and thus are subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the","page_number":72,"box":{"x":60,"y":586,"width":857,"height":12}},{"id":"f9e32c6e-8f58-4510-ba80-812778a69713","block_type":"box","text":"Investment Company Act, when each Fund engages in reverse repurchase agreements and similar financing transactions,","page_number":72,"box":{"x":60,"y":601,"width":851,"height":12}},{"id":"6786b4a6-ae04-436a-9677-18b0a16806c7","block_type":"box","text":"each Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other","page_number":72,"box":{"x":59,"y":616,"width":803,"height":12}},{"id":"4cbb70e0-d203-4a37-b55b-b1a19e942db0","block_type":"box","text":"borrowings in the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with","page_number":72,"box":{"x":60,"y":631,"width":843,"height":12}},{"id":"22abc38f-8519-46cb-870d-546bbdd5bf7f","block_type":"box","text":"respect to such transactions. Short-term credits necessary for the settlement of securities transactions and arrangements","page_number":72,"box":{"x":60,"y":646,"width":850,"height":12}},{"id":"f1730732-f291-4480-92ab-13fc1621147a","block_type":"box","text":"with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":72,"box":{"x":59,"y":661,"width":854,"height":13}},{"id":"7847bf39-31d7-4a2c-9997-76ef4cd7d7ba","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":72,"box":{"x":60,"y":676,"width":632,"height":13}},{"id":"5829a705-b801-43ce-910b-73bc7d4fa632","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set forth in (5) above, the Investment Company Act does not","page_number":72,"box":{"x":59,"y":703,"width":874,"height":12}},{"id":"d0118dbe-9c2a-4ec9-ba28-44c3fb4c15d7","block_type":"box","text":"prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, in the","page_number":72,"box":{"x":59,"y":718,"width":876,"height":12}},{"id":"e21e74e8-ce42-45e3-9539-826fa2a6c4b8","block_type":"box","text":"case of diversified funds, the Investment Company Act permits a fund to have underwriting commitments of up to 25% of its","page_number":72,"box":{"x":59,"y":733,"width":877,"height":12}},{"id":"792a8f06-4925-47f4-b20d-80eaa4de9f5b","block_type":"box","text":"assets under certain circumstances. Those circumstances currently are that the amount a fund’s underwriting commitments,","page_number":72,"box":{"x":59,"y":748,"width":878,"height":13}},{"id":"6f537124-bb79-45b0-aa67-0265ad70e09d","block_type":"box","text":"when added to the value of a fund’s investments in issuers where a fund owns more than 10% of the outstanding voting","page_number":72,"box":{"x":59,"y":763,"width":844,"height":13}},{"id":"63a352b6-d58d-4bb9-97b3-0b47896714cf","block_type":"box","text":"securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or","page_number":72,"box":{"x":59,"y":778,"width":810,"height":13}},{"id":"64b53d52-4c55-4f70-97a5-37d2a0abe73a","block_type":"box","text":"disposition of portfolio securities may be considered to be an underwriter under the 1933 Act. Although it is not believed that","page_number":72,"box":{"x":59,"y":794,"width":878,"height":12}},{"id":"9777f120-c1f6-4bf6-9eea-ce22c4d50347","block_type":"box","text":"the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of","page_number":72,"box":{"x":59,"y":809,"width":785,"height":12}},{"id":"4c52bab6-fca3-4dc6-abe1-3b37259ef1f3","block_type":"box","text":"underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions involving the","page_number":72,"box":{"x":60,"y":824,"width":846,"height":12}},{"id":"6bce05c9-b724-4c16-b3ed-3025672c8ebd","block_type":"box","text":"acquisition or disposition of portfolio securities, regardless of whether a fund may be considered to be an underwriter under","page_number":72,"box":{"x":59,"y":839,"width":869,"height":12}},{"id":"f9cad018-e589-4ff2-a15c-8ac0a31b50df","block_type":"box","text":"the 1933 Act or is otherwise engaged in the underwriting business to the extent permitted by applicable law.","page_number":72,"box":{"x":59,"y":854,"width":759,"height":12}},{"id":"5cdd4924-a58c-43dd-8e2a-d30a6311d94a","block_type":"box","text":"63","page_number":72,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"92fc3d46-8192-477c-b84d-bf53362bb000","block_type":"box","text":"With respect to the fundamental policy relating to lending set forth in (7) above, the Investment Company Act does not","page_number":73,"box":{"x":59,"y":67,"width":835,"height":12}},{"id":"63b2313a-1f7c-4402-bd95-cfe44762fe1a","block_type":"box","text":"prohibit each Fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit","page_number":73,"box":{"x":59,"y":82,"width":866,"height":12}},{"id":"3d55b0ca-da5d-49e3-b1a7-6fd8a84fa6b7","block_type":"box","text":"funds from lending more than one-third of their total assets (including lending its securities), except through the purchase of","page_number":73,"box":{"x":59,"y":97,"width":878,"height":12}},{"id":"2da34ebc-7b25-4f84-9b82-4b40c4135714","block_type":"box","text":"debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward","page_number":73,"box":{"x":59,"y":112,"width":861,"height":12}},{"id":"dba60a39-1c76-40c6-bd85-fe6e1caf0b41","block_type":"box","text":"currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of","page_number":73,"box":{"x":59,"y":127,"width":842,"height":12}},{"id":"a1b7e8f7-86aa-41b1-baa7-229c279f0eb7","block_type":"box","text":"securities transactions, will not be considered loans.","page_number":73,"box":{"x":59,"y":142,"width":363,"height":12}},{"id":"bd1cc577-91a5-4f83-b30c-dad18c23aad9","block_type":"box","text":"Non-Fundamental Investment Policy of the Funds.","page_number":73,"box":{"x":60,"y":169,"width":360,"height":12}},{"id":"40dd743c-4f17-4320-b9f0-279c389c4c9e","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, the","page_number":73,"box":{"x":60,"y":195,"width":859,"height":12}},{"id":"51378411-6669-4f72-abf7-4813183a2cbd","block_type":"box","text":"Fund may not purchase shares of any registered open-end investment company or registered unit investment trust, in","page_number":73,"box":{"x":60,"y":210,"width":823,"height":13}},{"id":"1adf569d-a4dc-48a6-96cf-827d598c1525","block_type":"box","text":"reliance on Section 12(d)(1)(F) or (G) of the Investment Company Act, at any time the Fund has knowledge that its shares","page_number":73,"box":{"x":60,"y":225,"width":854,"height":13}},{"id":"cdbb4256-1ce3-455d-b30c-8823ce968fac","block_type":"box","text":"are purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":73,"box":{"x":59,"y":240,"width":879,"height":13}},{"id":"ac2df00f-cd6c-41f3-9f8e-1a042b686316","block_type":"box","text":"The foregoing restriction does not restrict the Fund from acquiring the shares of registered open-end investment companies","page_number":73,"box":{"x":59,"y":256,"width":870,"height":12}},{"id":"68957eef-d6bc-417d-8222-ead63f33a9a2","block_type":"box","text":"to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted, modified or otherwise permitted","page_number":73,"box":{"x":59,"y":271,"width":863,"height":12}},{"id":"35528ad9-9fad-4713-827b-9e582b9a1e16","block_type":"box","text":"by regulatory authority having jurisdiction, from time to time.","page_number":73,"box":{"x":60,"y":286,"width":427,"height":12}},{"id":"a0e10b5d-8aa3-4a94-b091-c119a18cea4e","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":73,"box":{"x":59,"y":312,"width":656,"height":13}},{"id":"5426be58-68a6-4265-9e84-5b3ce453d211","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment restrictions apply","page_number":73,"box":{"x":60,"y":339,"width":846,"height":12}},{"id":"e56d218e-6d0e-46c0-8aa1-9739f31d36cb","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":73,"box":{"x":59,"y":354,"width":815,"height":12}},{"id":"826161fd-c1c8-43e2-8836-f9c6291006b9","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":73,"box":{"x":59,"y":369,"width":857,"height":12}},{"id":"415467a6-74f9-4c8d-aa9d-0831abc8549c","block_type":"box","text":"the Fund to dispose of an investment.","page_number":73,"box":{"x":59,"y":384,"width":263,"height":12}},{"id":"377d3e97-a0ff-4300-85b0-8be9bfb10c27","block_type":"box","text":"Continuous Offering","page_number":73,"box":{"x":60,"y":415,"width":339,"height":29}},{"id":"6e1d01f8-e383-47a7-99fb-f99f1f8e861b","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":73,"box":{"x":59,"y":456,"width":820,"height":12}},{"id":"4abf18d1-e368-41b0-af24-0cd34b30cf35","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":73,"box":{"x":60,"y":471,"width":872,"height":12}},{"id":"5a3d5338-a6a0-4341-b47a-0319a6a0a1a9","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":73,"box":{"x":60,"y":486,"width":849,"height":12}},{"id":"2f743af8-ca76-41c3-af1a-cc22e90eaa83","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":73,"box":{"x":59,"y":501,"width":849,"height":13}},{"id":"5ddf31e0-6bf4-4708-ad35-64ceac6e061a","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":73,"box":{"x":59,"y":516,"width":877,"height":13}},{"id":"207cc635-8545-4468-abb6-ecb0ae218283","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":73,"box":{"x":60,"y":543,"width":860,"height":12}},{"id":"8552464c-7668-4171-ab01-ffff95e46075","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":73,"box":{"x":59,"y":558,"width":853,"height":12}},{"id":"ee95736d-39f4-4cf7-8f3f-da5a730386ab","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":73,"box":{"x":59,"y":573,"width":868,"height":12}},{"id":"58ba7056-fa10-4479-9210-389d8e24a09a","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":73,"box":{"x":59,"y":588,"width":862,"height":13}},{"id":"1cb7cae9-bc66-4c20-8d8c-7db635da5509","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":73,"box":{"x":59,"y":603,"width":861,"height":13}},{"id":"2c92993a-0ce5-45b0-98d9-0363f87eebb2","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":73,"box":{"x":60,"y":618,"width":861,"height":13}},{"id":"1e463e8c-a05d-4215-8e38-19a9455ad789","block_type":"box","text":"an underwriter.","page_number":73,"box":{"x":59,"y":634,"width":106,"height":9}},{"id":"f18229ff-e9bc-44d9-af26-dd5ec0447977","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":73,"box":{"x":60,"y":660,"width":817,"height":12}},{"id":"54ddb345-4342-474d-8aa8-660b15e6f3d1","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":73,"box":{"x":59,"y":675,"width":858,"height":12}},{"id":"ae9e0d59-3444-4517-a87a-4873e7c55140","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":73,"box":{"x":59,"y":690,"width":876,"height":13}},{"id":"132de8b3-84f3-4f42-b8f4-c453eddd73c2","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":73,"box":{"x":59,"y":705,"width":831,"height":13}},{"id":"dfbb372a-4187-4ede-944b-a0f1d5653dc5","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":73,"box":{"x":60,"y":720,"width":864,"height":13}},{"id":"dcbf9e37-6093-43b8-843d-48688833d1f6","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":73,"box":{"x":59,"y":736,"width":874,"height":12}},{"id":"fba588e8-cad6-40d4-b3e8-6daf022d4b5c","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":73,"box":{"x":59,"y":751,"width":845,"height":12}},{"id":"a38a1d23-27b7-49c8-b05f-5a07053168dd","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":73,"box":{"x":59,"y":766,"width":413,"height":12}},{"id":"2c616959-a3aa-46a0-b5d8-3d14a4be4248","block_type":"box","text":"64","page_number":73,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"d2df7d40-3236-447e-a2d7-b092de2827a0","block_type":"box","text":"Management","page_number":74,"box":{"x":61,"y":68,"width":224,"height":29}},{"id":"7b6b777b-408d-4bc2-a760-415e54adf58f","block_type":"box","text":"Trustees and Officers.","page_number":74,"box":{"x":58,"y":108,"width":158,"height":10}},{"id":"8b76db08-e440-4a13-820f-fc4be5879fed","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":74,"box":{"x":225,"y":108,"width":670,"height":13}},{"id":"3dc60bd7-9bc0-4d8b-ac17-bb7c68ebc414","block_type":"box","text":"general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is","page_number":74,"box":{"x":59,"y":123,"width":875,"height":13}},{"id":"c4fc051e-c24a-4972-85d5-f38ce063a67a","block_type":"box","text":"removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and","page_number":74,"box":{"x":60,"y":138,"width":816,"height":13}},{"id":"982bb37c-56f5-4efa-8cc4-bd351498bd9b","block_type":"box","text":"qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940","page_number":74,"box":{"x":59,"y":154,"width":862,"height":12}},{"id":"e4e5b520-5db0-4d85-8b28-74712e7240fa","block_type":"box","text":"Act) of the Trust are referred to as independent trustees (“Independent Trustees”).","page_number":74,"box":{"x":59,"y":169,"width":578,"height":12}},{"id":"0ae78e11-7918-4da4-8af3-a7995deba434","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":74,"box":{"x":59,"y":195,"width":867,"height":12}},{"id":"3deb06cc-54ce-49ec-9dc0-156ab663412b","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":74,"box":{"x":60,"y":210,"width":857,"height":13}},{"id":"104ef10a-c58e-4843-80f6-d15ab07eb9f6","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":74,"box":{"x":59,"y":225,"width":862,"height":13}},{"id":"15d0cc52-108e-4801-9c03-1270a596f963","block_type":"box","text":"Inc. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all","page_number":74,"box":{"x":60,"y":240,"width":868,"height":12}},{"id":"48a15010-8942-433b-85ac-fed39512d3b3","block_type":"box","text":"of the funds within the iShares Complex, which consists of 435 funds as of July 31, 2026. With the exception of Stephen","page_number":74,"box":{"x":59,"y":256,"width":836,"height":12}},{"id":"1a62fdef-38c8-42c8-aa4c-776fba3137db","block_type":"box","text":"Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard","page_number":74,"box":{"x":59,"y":271,"width":857,"height":12}},{"id":"2e135c5d-2c69-4b50-aec0-2a3d0b303580","block_type":"box","text":"Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New","page_number":74,"box":{"x":59,"y":286,"width":873,"height":12}},{"id":"cb89a71f-be69-4e68-82eb-5b91f6822b06","block_type":"box","text":"York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N","page_number":74,"box":{"x":59,"y":301,"width":858,"height":12}},{"id":"9ad29d14-b7c3-442a-8a33-fff490adc34e","block_type":"box","text":"2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information","page_number":74,"box":{"x":59,"y":316,"width":835,"height":12}},{"id":"113bacd5-7abe-4ab0-8f63-24c2588ca52b","block_type":"box","text":"about the Funds’ Trustees and officers may be found in this SAI, which is available without charge, upon request, by calling","page_number":74,"box":{"x":59,"y":331,"width":859,"height":13}},{"id":"b65fac68-3465-408f-9ace-bf26072c6649","block_type":"box","text":"toll-free 1-800-iShares (1-800-474-2737).","page_number":74,"box":{"x":59,"y":346,"width":288,"height":13}},{"id":"fbd098a1-f174-4024-ad81-9167368e1cd4","block_type":"box","text":"Interested Trustees","page_number":74,"box":{"x":60,"y":373,"width":137,"height":9}},{"id":"92437f22-ff67-48ae-abb6-f39bc3a3ed9d","block_type":"box","text":"Name (Year of Birth) Position","page_number":74,"box":{"x":73,"y":412,"width":248,"height":10}},{"id":"ff7da948-e8ac-4ab6-87cf-2812f6e825d3","block_type":"box","text":"Principal Occupation(s)","page_number":74,"box":{"x":455,"y":402,"width":136,"height":10}},{"id":"da74964b-39ef-43e9-ba7f-108b27bffaa6","block_type":"box","text":"During the Past 5 Years","page_number":74,"box":{"x":457,"y":412,"width":133,"height":10}},{"id":"d512de32-8743-4555-8390-1cbae892a915","block_type":"box","text":"Other Directorships","page_number":74,"box":{"x":750,"y":402,"width":113,"height":10}},{"id":"cf853254-4ed3-414a-95c9-8a1440752eba","block_type":"box","text":"Held by Trustee","page_number":74,"box":{"x":763,"y":412,"width":89,"height":10}},{"id":"93f2bcc1-02aa-4a2c-a466-10385b692586","block_type":"box","text":"Robert S. Kapito","page_number":74,"box":{"x":60,"y":434,"width":110,"height":13}},{"id":"c2385c68-ccfa-41ea-a0d2-8ae7ef706136","block_type":"box","text":"1","page_number":74,"box":{"x":172,"y":433,"width":3,"height":6}},{"id":"467f27e6-2d43-4a52-b622-838758c84e8a","block_type":"box","text":"(1957)","page_number":74,"box":{"x":60,"y":450,"width":44,"height":12}},{"id":"1af90fd6-5e62-4d49-9571-682135df0b3c","block_type":"box","text":"Trustee","page_number":74,"box":{"x":225,"y":435,"width":52,"height":9}},{"id":"b1e2ebf6-1929-46c6-ad9e-c1f942304fce","block_type":"box","text":"(since 2009).","page_number":74,"box":{"x":226,"y":450,"width":90,"height":12}},{"id":"ed92b8ce-01e8-4d51-91c4-221162270879","block_type":"box","text":"President of BlackRock, Inc. (since","page_number":74,"box":{"x":392,"y":434,"width":238,"height":13}},{"id":"c996dfdc-00e7-411f-80ac-c65f2d3bdc98","block_type":"box","text":"2006); Vice Chairman of BlackRock,","page_number":74,"box":{"x":392,"y":450,"width":249,"height":12}},{"id":"8c91170b-51c2-474c-b475-846c5080dd1a","block_type":"box","text":"Inc. and Head of BlackRock’s","page_number":74,"box":{"x":392,"y":465,"width":201,"height":9}},{"id":"d96f6a63-4e79-4c53-99b6-33d8b32c0518","block_type":"box","text":"Portfolio Management Group (since","page_number":74,"box":{"x":392,"y":480,"width":251,"height":12}},{"id":"23a942d9-8049-41c9-a039-8bd2322090d6","block_type":"box","text":"its formation in 1998) and BlackRock,","page_number":74,"box":{"x":392,"y":495,"width":262,"height":12}},{"id":"0db986f2-e912-4943-a6ee-dbb9945d8581","block_type":"box","text":"Inc.’s predecessor entities (since","page_number":74,"box":{"x":392,"y":510,"width":226,"height":12}},{"id":"8d7719a8-92b6-4c13-8f61-d8add5ea6ec5","block_type":"box","text":"1988); Trustee, University of","page_number":74,"box":{"x":393,"y":525,"width":197,"height":13}},{"id":"16a95b28-a4c8-4a8c-b85f-7aa112cc9ee6","block_type":"box","text":"Pennsylvania (since 2009); President","page_number":74,"box":{"x":392,"y":540,"width":255,"height":13}},{"id":"d1e234c3-7897-4118-8023-895ddaffd8c3","block_type":"box","text":"of Board of Directors, Hope & Heroes","page_number":74,"box":{"x":392,"y":555,"width":258,"height":13}},{"id":"10c585cd-f51a-4da1-886d-2a7eaa37d424","block_type":"box","text":"Children’s Cancer Fund (since 2002).","page_number":74,"box":{"x":392,"y":571,"width":257,"height":12}},{"id":"ee5a0146-e3b5-4d8d-afdf-bf5b57a63a22","block_type":"box","text":"Director of BlackRock, Inc. (since","page_number":74,"box":{"x":676,"y":434,"width":229,"height":13}},{"id":"84cbc8aa-95d6-4737-ba2b-c0f82be6c37e","block_type":"box","text":"2006); Director of iShares, Inc. 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He is the recipient of the 2009 Joseph Wharton Leadership Award, the Marine Corps-Law","page_number":77,"box":{"x":60,"y":708,"width":825,"height":12}},{"id":"2f97a88d-00ec-47f5-9398-a9a2928203f2","block_type":"box","text":"Enforcement Foundation’s 2010 Semper Fidelis Award and is a frequent public speaker on best practices in investment","page_number":77,"box":{"x":60,"y":723,"width":828,"height":12}},{"id":"5e4f0c36-a578-4838-8e1f-bfdd1d0fb8c9","block_type":"box","text":"management. Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in","page_number":77,"box":{"x":60,"y":738,"width":839,"height":12}},{"id":"35f70e14-d0c1-42c7-8603-634f4df3e8d7","block_type":"box","text":"1979, and an MBA degree from Harvard Business School in 1983.","page_number":77,"box":{"x":61,"y":753,"width":454,"height":13}},{"id":"7d5c31df-365d-41d8-80d7-05fb2af0bd00","block_type":"box","text":"Stephen Cohen has been a Trustee of the Trust since 2024. Mr. Cohen has also served as a Director of iShares, Inc. and a","page_number":77,"box":{"x":59,"y":780,"width":840,"height":12}},{"id":"3ac641b1-76e7-4509-a40e-4b5f0678a452","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":59,"y":795,"width":865,"height":12}},{"id":"7cc6a24c-2d8e-4477-bfcb-b205409ed1f0","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":60,"y":810,"width":853,"height":12}},{"id":"bf0df365-8e25-4567-a46d-47b98fa9603b","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":59,"y":825,"width":869,"height":12}},{"id":"e22b9a97-3676-4bb1-ad86-9ab75ebb52c8","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":60,"y":840,"width":856,"height":12}},{"id":"a56cb4aa-7b54-4535-be37-272c2fc74dcb","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":59,"y":855,"width":846,"height":13}},{"id":"9a7a6d23-3389-4eae-b77f-0aaedf2cfae1","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":59,"y":870,"width":829,"height":13}},{"id":"d61bbb54-c894-406b-8975-425107676074","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":59,"y":886,"width":866,"height":12}},{"id":"47211a87-a368-46fa-8b0f-0d6abc06f21e","block_type":"box","text":"68","page_number":77,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"4f54b708-b2b7-4ec0-919b-d588048d1369","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":78,"box":{"x":60,"y":67,"width":857,"height":12}},{"id":"2ef661de-a5de-46ea-a4cd-b935f3cd7a97","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":78,"box":{"x":59,"y":82,"width":861,"height":12}},{"id":"06402318-3e7d-439d-b00e-b23eb7942ee9","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":78,"box":{"x":60,"y":97,"width":865,"height":12}},{"id":"8e2aad37-1ada-400a-8041-3bb2e171e5a6","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":78,"box":{"x":59,"y":112,"width":862,"height":12}},{"id":"a186c45c-90b4-4b7a-958b-7be99617bff1","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":78,"box":{"x":60,"y":127,"width":844,"height":12}},{"id":"a61ff481-8983-4ce5-9a17-7e845efb6810","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":78,"box":{"x":59,"y":142,"width":844,"height":13}},{"id":"49e2b11c-8d79-4bda-a14c-226a3c8ab1dd","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":78,"box":{"x":59,"y":157,"width":861,"height":13}},{"id":"5527f460-e5c6-48c3-8726-ff176edf8941","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":78,"box":{"x":60,"y":172,"width":410,"height":13}},{"id":"c451b41d-84a8-4d1e-894b-fa6e848dd487","block_type":"box","text":"John E. Kerrigan has been a Trustee of the Trust since 2005 and Chair of the Trust’s Board since 2022. Mr. Kerrigan has also","page_number":78,"box":{"x":58,"y":199,"width":859,"height":12}},{"id":"87d412dd-d0c7-412f-9fea-618f6fe2dd3e","block_type":"box","text":"served as a Director of iShares, Inc. since 2005, a Trustee of iShares U.S. ETF Trust since 2011, Chair of the Equity Plus and","page_number":78,"box":{"x":59,"y":214,"width":850,"height":12}},{"id":"2b1cbd41-d1dc-43cd-b392-339675fe49e0","block_type":"box","text":"Nominating and Governance Committees of each Board from 2019 to 2021, and as Chair of each Board since 2022. Mr.","page_number":78,"box":{"x":60,"y":229,"width":830,"height":12}},{"id":"3b8872f6-7043-4fdc-8d2e-0be176f2cd4c","block_type":"box","text":"Kerrigan served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Mr. Kerrigan served as Chief","page_number":78,"box":{"x":60,"y":244,"width":821,"height":13}},{"id":"2d7b5057-992c-44c7-91f5-9a013276b026","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":60,"y":259,"width":842,"height":13}},{"id":"9d21806c-8e4a-425a-8179-6c4e1daafa0b","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":78,"box":{"x":60,"y":274,"width":860,"height":13}},{"id":"d27cf674-03b0-4621-830f-dac85cf2650d","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":59,"y":290,"width":869,"height":12}},{"id":"412b6f51-d22a-4131-af06-fa2f1f2bdbc9","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":78,"box":{"x":60,"y":305,"width":618,"height":12}},{"id":"db5a5f6f-fe0b-47eb-81fb-a7707dff2f32","block_type":"box","text":"Jane D. Carlin has been a Trustee of the Trust since 2015 and Chair of the Securities Lending Committee since 2025. Ms.","page_number":78,"box":{"x":58,"y":331,"width":838,"height":13}},{"id":"eed75641-8344-4c03-a20e-4a3b23ec9e61","block_type":"box","text":"Carlin has also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2015 and Chair of the","page_number":78,"box":{"x":59,"y":346,"width":820,"height":12}},{"id":"bac5a46f-e1b5-461f-9aeb-9afd16fd566e","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":59,"y":361,"width":832,"height":13}},{"id":"2750b024-0d0f-42f6-9b95-d0f48d3e52a1","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":59,"y":377,"width":865,"height":12}},{"id":"4fda8b16-d7d0-4fcc-a23e-051142933821","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":59,"y":392,"width":867,"height":12}},{"id":"9221574d-ea2f-4843-a735-7866ecf481a2","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":59,"y":407,"width":872,"height":12}},{"id":"dc4af82c-7428-4565-b30f-e5a7c4f9e6ac","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":59,"y":422,"width":836,"height":12}},{"id":"39fa8727-4254-4c9d-ba7b-0ddeb8d4f291","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":59,"y":437,"width":870,"height":12}},{"id":"1fb1c7ee-757c-4622-a6ad-aee1ec13e2e9","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":60,"y":452,"width":852,"height":12}},{"id":"be37328f-32b2-469e-9a12-8b6d1f97d1ff","block_type":"box","text":"and as Chair of the Audit Committee since 2020. Ms. Carlin has also served as a Director on the Board of the Mutual Fund","page_number":78,"box":{"x":59,"y":467,"width":851,"height":10}},{"id":"0d2009b9-a6da-4be9-b9f5-1ddf48a7d23d","block_type":"box","text":"Directors Forum since 2019. Ms. Carlin served as a member of the Audit Committee from 2012 to 2018, Chair of the","page_number":78,"box":{"x":60,"y":482,"width":808,"height":12}},{"id":"df4d1bde-3166-4d2b-b89a-450cec986ddb","block_type":"box","text":"Nominating and Governance Committee from 2017 to 2018 and as an Independent Director on the Board of PHH Corporation","page_number":78,"box":{"x":60,"y":497,"width":878,"height":13}},{"id":"c89dc5b8-11f2-4c4f-b17a-de6f99d4afd2","block_type":"box","text":"from 2012 to 2018. She previously served as a Director on the Boards of Astoria Financial Corporation and Astoria Bank. Ms.","page_number":78,"box":{"x":59,"y":513,"width":867,"height":12}},{"id":"3c83b6ed-26bc-4fa7-96bd-33827491765d","block_type":"box","text":"Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council for Critical","page_number":78,"box":{"x":59,"y":528,"width":808,"height":12}},{"id":"e00ec0b2-48d2-4dbd-86d3-bf2751cd780e","block_type":"box","text":"Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice Chair and","page_number":78,"box":{"x":60,"y":543,"width":848,"height":12}},{"id":"717b93f9-1559-4d69-b904-6797b019ad63","block_type":"box","text":"Chair of the Cyber Security Committee from 2009 to 2010. Ms. Carlin has a BA degree in political science from State","page_number":78,"box":{"x":59,"y":558,"width":810,"height":12}},{"id":"5f3822b8-63f9-4bbf-8225-6f7fd1563841","block_type":"box","text":"University of New York at Stony Brook and a JD degree from Benjamin N. Cardozo School of Law.","page_number":78,"box":{"x":60,"y":573,"width":671,"height":12}},{"id":"b8de4939-6a92-49b8-aa9a-f59269722905","block_type":"box","text":"Richard L. Fagnani has been a Trustee of the Trust since 2017 and Chair of the 15(c) Committee since 2025. Mr. Fagnani has","page_number":78,"box":{"x":60,"y":600,"width":865,"height":12}},{"id":"b548daea-1e2f-4e1b-889e-db81ddc2c8ba","block_type":"box","text":"also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2017 and Chair of the 15(c) Committee","page_number":78,"box":{"x":59,"y":615,"width":869,"height":12}},{"id":"ee846aef-d0db-4a5b-9ca6-332579b692d3","block_type":"box","text":"of each Board since 2025. Mr. Fagnani served as an Advisory Board Member of the Trust, iShares U.S. ETF Trust and iShares,","page_number":78,"box":{"x":59,"y":630,"width":865,"height":12}},{"id":"870d5c00-f5d7-42d2-b42f-6543c974bb8e","block_type":"box","text":"Inc. from April 2017 to June 2017. Mr. Fagnani served as a Senior Audit Partner at KPMG LLP from 2002 to 2016, most recently","page_number":78,"box":{"x":60,"y":645,"width":878,"height":12}},{"id":"09cea394-5625-4b8c-a97a-dd95cb1b3708","block_type":"box","text":"as the U.S. asset management audit practice leader responsible for setting strategic direction and execution of the operating","page_number":78,"box":{"x":59,"y":660,"width":869,"height":12}},{"id":"11a33b8f-e53e-4a42-bbcf-fb4783813e7b","block_type":"box","text":"plan for the asset management audit practice. In addition, from 1977 to 2002, Mr. Fagnani served as an Audit Partner at","page_number":78,"box":{"x":59,"y":675,"width":838,"height":12}},{"id":"ce22707d-f82b-4d82-ab9a-d8d4ad020764","block_type":"box","text":"Andersen LLP, where he developed and managed the asset management audit practice in the Philadelphia office. Mr. Fagnani","page_number":78,"box":{"x":59,"y":690,"width":876,"height":13}},{"id":"27243292-ba4c-4c1a-ba58-94608cb59684","block_type":"box","text":"served as a Trustee on the Board of the Walnut Street Theater in Philadelphia from 2009 to 2014 and as a member of the","page_number":78,"box":{"x":59,"y":705,"width":843,"height":13}},{"id":"5f60c824-1719-4d3a-91bb-4370447b8b0e","block_type":"box","text":"School of Business Advisory Board at LaSalle University from 2006 to 2014. Mr. Fagnani has also served as a Director of One","page_number":78,"box":{"x":59,"y":720,"width":866,"height":13}},{"id":"eea9dbbb-597b-4a05-8c5f-a12d61c9bd26","block_type":"box","text":"Generation Away, a non-profit which works to bring healthy food directly to people in need, since 2021. Mr. Fagnani has a BS","page_number":78,"box":{"x":59,"y":736,"width":871,"height":12}},{"id":"aa86a461-c7e5-4d3a-847d-f803e693f8fd","block_type":"box","text":"degree in Accounting from LaSalle University.","page_number":78,"box":{"x":59,"y":751,"width":317,"height":12}},{"id":"aa1cfd03-883b-4a19-b4b4-122cb76a5b2e","block_type":"box","text":"Laura F. Fergerson has been a Trustee of the Trust since 2024 and Chair of the Audit Committee of the Trust since 2025. Ms.","page_number":78,"box":{"x":60,"y":777,"width":866,"height":13}},{"id":"dbacad04-6ff0-4213-b1cb-5471f02b75c7","block_type":"box","text":"Fergerson has also served as a Director of iShares, Inc., a Trustee of iShares U.S. ETF Trust since 2024, and Chair of the Audit","page_number":78,"box":{"x":60,"y":792,"width":866,"height":13}},{"id":"9c5c363b-7b72-4b36-a81c-058bc552107f","block_type":"box","text":"Committee of each Board since 2025. From 2017 to 2024, Ms. Fergerson was the President of Franklin Templeton Services,","page_number":78,"box":{"x":59,"y":807,"width":855,"height":13}},{"id":"9a8fe86f-df21-4494-891a-bce1d22502ca","block_type":"box","text":"LLC where she led the global fund administration division. Prior to that, she held various roles at Franklin Templeton since","page_number":78,"box":{"x":60,"y":823,"width":850,"height":12}},{"id":"42b75c6b-9a24-45ab-9925-ddd15cc33755","block_type":"box","text":"1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a Director,","page_number":78,"box":{"x":61,"y":838,"width":851,"height":12}},{"id":"9fedba99-60c7-4de3-a119-d459f3244c72","block_type":"box","text":"since 2019, of the Crocker Art Museum Association and was the President, from 2022 to 2023, of the Crocker Art Museum","page_number":78,"box":{"x":59,"y":853,"width":857,"height":11}},{"id":"c3f96679-4db6-4cfc-a14c-2e82aa3f5ec8","block_type":"box","text":"Foundation. Ms. Fergerson has a BA degree in Economics from the University of California, Berkeley and is a Certified Public","page_number":78,"box":{"x":60,"y":868,"width":862,"height":12}},{"id":"8798901a-b530-4533-9750-43ae85b18901","block_type":"box","text":"Accountant (inactive).","page_number":78,"box":{"x":59,"y":883,"width":155,"height":12}},{"id":"25aaeb78-5554-452a-a0fb-80c77e4d18f9","block_type":"box","text":"69","page_number":78,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"a29426e6-4f6c-4746-a0b5-4603aa420eb4","block_type":"box","text":"James Lam has been a Trustee of the Trust since 2024 and Chair of the Risk Committee of the Trust since 2025. Mr. Lam has","page_number":79,"box":{"x":58,"y":67,"width":868,"height":11}},{"id":"b5602d5c-915d-4d02-ada8-bfaf9f27549e","block_type":"box","text":"also served as a Director of iShares, Inc., a Trustee of iShares U.S. ETF Trust since 2024, and Chair of the Risk Committee of","page_number":79,"box":{"x":59,"y":82,"width":857,"height":11}},{"id":"e7da6ef5-ed16-413d-81ad-b9ceebf3b94a","block_type":"box","text":"each Board since 2025. Mr. Lam has over 40 years of experience in corporate governance and risk management as a board","page_number":79,"box":{"x":59,"y":97,"width":857,"height":12}},{"id":"96a5df9f-ac8f-41c3-9282-2363aca8ac36","block_type":"box","text":"director, management consultant, and chief risk officer. He has previously served as a director on public, private, and fund","page_number":79,"box":{"x":59,"y":112,"width":851,"height":12}},{"id":"088bf950-468f-4c90-b432-9ec4815ee81a","block_type":"box","text":"boards, including leadership roles as the chair of the risk, audit, and compliance committees. From 2012 to 2020, Mr. Lam","page_number":79,"box":{"x":60,"y":127,"width":850,"height":12}},{"id":"c12b0712-e088-4e8b-a9f5-b635f6ccc923","block_type":"box","text":"was a Director of E*TRADE Financial and E*TRADE Bank, where he served as Risk Oversight Committee Chair and Audit","page_number":79,"box":{"x":59,"y":142,"width":840,"height":13}},{"id":"2eca8a8a-eb6b-4d51-a82b-d7a185f92aa4","block_type":"box","text":"Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk management consulting firm serving","page_number":79,"box":{"x":59,"y":157,"width":877,"height":13}},{"id":"32aeb216-5a68-4f31-a0e8-782b41a294b5","block_type":"box","text":"global clients across all major industry sectors, since 2002. Previously, Mr. Lam served as Founder and President of ERisk, a","page_number":79,"box":{"x":59,"y":172,"width":856,"height":13}},{"id":"628d2ad3-8da0-40ea-bcb6-26f129486f5d","block_type":"box","text":"Partner of Oliver Wyman, and the Chief Risk Officer of Fidelity Investments. Mr. Lam has served as a Director of the FAIR","page_number":79,"box":{"x":60,"y":188,"width":838,"height":12}},{"id":"8b17ed9b-48f9-4bd9-82f4-e7113b93cd39","block_type":"box","text":"Institute, a not-for-profit organization dedicated to advancing the discipline of cyber risk quantification, since 2020. Mr. Lam","page_number":79,"box":{"x":60,"y":203,"width":867,"height":12}},{"id":"7f4760fe-99db-4e94-af18-9422c3286761","block_type":"box","text":"is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk Management,” leading risk management","page_number":79,"box":{"x":60,"y":218,"width":867,"height":12}},{"id":"a883f2b6-0671-41ab-8680-cd63da6fb38e","block_type":"box","text":"books. He holds the NACD Directorship Certification and the NACD CERT Certificate in Cyber-Risk Oversight. Mr. Lam has","page_number":79,"box":{"x":60,"y":233,"width":850,"height":12}},{"id":"ebc85b0f-4a51-4a5c-9c44-b5849ca02843","block_type":"box","text":"been an adjunct professor at Carnegie Mellon University since 2018 and a member of the Zicklin School of Business Dean’s","page_number":79,"box":{"x":60,"y":248,"width":859,"height":12}},{"id":"4f0a7cf2-fd37-42a6-87c7-c328cadbc960","block_type":"box","text":"Council of Baruch College since 2017. Mr. Lam has a BBA from Baruch College and an MBA from the University of California,","page_number":79,"box":{"x":59,"y":263,"width":866,"height":12}},{"id":"aa3fea21-5074-4cc7-9b91-e608f409b7c1","block_type":"box","text":"Los Angeles.","page_number":79,"box":{"x":60,"y":278,"width":86,"height":13}},{"id":"75330ea3-3c7b-424f-8e66-b0b0fc3cbe75","block_type":"box","text":"Drew E. Lawton has been a Trustee of the Trust since 2017 and Chair of the Fixed Income Plus Committee of the Trust since","page_number":79,"box":{"x":60,"y":305,"width":864,"height":9}},{"id":"34c9e7ad-6f5c-4e9c-9698-55818c9a4ef3","block_type":"box","text":"2025. Mr. Lawton has also served as a Director of iShares, Inc., a Trustee of iShares U.S. ETF Trust, and Chair of the Fixed","page_number":79,"box":{"x":59,"y":320,"width":839,"height":11}},{"id":"e9ae98d7-8530-4f93-9c8b-c8ebf2c5213e","block_type":"box","text":"Income Plus Committee of each Board since 2025. Mr. Lawton also served as an Advisory Board Member of the Trust,","page_number":79,"box":{"x":60,"y":335,"width":820,"height":12}},{"id":"40428291-1f68-4cc0-8f79-d986f859b7e0","block_type":"box","text":"iShares, Inc. and iShares U.S. ETF Trust from 2016 to 2017. Mr. Lawton served as Director of Principal Funds, Inc., Principal","page_number":79,"box":{"x":60,"y":350,"width":848,"height":12}},{"id":"3152fe03-b063-4cf7-a54b-d28a164cf218","block_type":"box","text":"Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 to October 2016. Mr. Lawton has also","page_number":79,"box":{"x":59,"y":365,"width":870,"height":13}},{"id":"e81ba59f-08f5-45aa-8338-e4af924e268e","block_type":"box","text":"served as a member of the Compensation and Finance and Risk Committees and Director of Jackson Financial Inc. since","page_number":79,"box":{"x":59,"y":380,"width":840,"height":13}},{"id":"9f6aa7f1-bbfc-41da-9517-6d9d56dde819","block_type":"box","text":"2021. Mr. Lawton served in various capacities at New York Life Insurance Company from 2010 to 2015, most recently as a","page_number":79,"box":{"x":59,"y":395,"width":846,"height":13}},{"id":"57e8d3e5-b3a2-4800-a94c-494062b1cd57","block_type":"box","text":"Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":79,"box":{"x":59,"y":411,"width":844,"height":12}},{"id":"6bb40287-88f6-4aa1-a8bb-a259b4cfd7c8","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":60,"y":426,"width":804,"height":12}},{"id":"a10ebb32-0f44-4a7a-8982-dfd4ef7f086d","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":60,"y":441,"width":858,"height":12}},{"id":"d720168a-1d8f-48bd-b4b6-fc54441d1dd8","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":60,"y":456,"width":806,"height":12}},{"id":"c3082a35-8291-4f7d-8549-5946dc659a4c","block_type":"box","text":"John E. Martinez has been a Trustee of the Trust since 2003 and Chair of the Equity Plus Committee of the Trust since 2025.","page_number":79,"box":{"x":58,"y":482,"width":863,"height":13}},{"id":"457cab7d-ed79-48d4-9853-9b409a459769","block_type":"box","text":"Mr. Martinez has also served as a Director of iShares, Inc. since 2003, a Trustee of iShares U.S. ETF Trust since 2011, and Chair","page_number":79,"box":{"x":59,"y":497,"width":878,"height":12}},{"id":"dcd7908a-09c7-4597-93e4-4f8b8b34e35f","block_type":"box","text":"of the Equity Plus Committee of each Board since 2025. Mr. Martinez served as a Director of iShares MSCI Russia Capped ETF,","page_number":79,"box":{"x":59,"y":513,"width":877,"height":12}},{"id":"deca3ae6-95e4-4d75-a8ef-7c7f8f81de6d","block_type":"box","text":"Inc. from 2010 to 2015. Mr. Martinez is a Director of Real Estate Equity Exchange, Inc., providing governance oversight and","page_number":79,"box":{"x":60,"y":528,"width":852,"height":12}},{"id":"0a3d683b-c742-4391-9d85-fb3154980a1b","block_type":"box","text":"consulting services to this privately held firm that develops products and strategies for homeowners in managing the equity","page_number":79,"box":{"x":59,"y":543,"width":868,"height":12}},{"id":"4083b8e2-ab0c-4aed-b44f-2aaf30a5ad8c","block_type":"box","text":"in their homes. From 2017 to 2020, Mr. Martinez served as a Board member for the Cloudera Foundation. Mr. Martinez","page_number":79,"box":{"x":60,"y":558,"width":825,"height":11}},{"id":"d1701abb-0257-4c20-8e54-6b68c418662d","block_type":"box","text":"previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he provided governance oversight","page_number":79,"box":{"x":59,"y":573,"width":837,"height":12}},{"id":"7b93c458-9d42-49c0-a1f3-31a05616cc0d","block_type":"box","text":"representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through oversight of BGI’s worldwide","page_number":79,"box":{"x":60,"y":588,"width":817,"height":13}},{"id":"04f78044-505f-45e0-b3d1-7fb91a88b41f","block_type":"box","text":"activities. Mr. Martinez also previously served as Co-Chief Executive Officer of the Global Index and Markets Group of BGI,","page_number":79,"box":{"x":59,"y":603,"width":849,"height":13}},{"id":"5368b4b6-37a8-4230-8c87-c603f16470f5","block_type":"box","text":"Chairman of Barclays Global Investor Services and Chief Executive Officer of the Capital Markets Group of BGI. From 2003 to","page_number":79,"box":{"x":59,"y":618,"width":868,"height":13}},{"id":"dab6d6a4-a648-45f8-8e57-3a00526eb68d","block_type":"box","text":"2012, he was a Director and Executive Committee Member for Larkin Street Youth Services. He now serves on the Larkin","page_number":79,"box":{"x":59,"y":634,"width":840,"height":11}},{"id":"7dea2882-b8ef-40ac-b2fa-946ac1286fde","block_type":"box","text":"Street Honorary Board. From 2012 to 2016, Mr. Martinez served as a Director for Reading Partners. Mr. Martinez has an AB","page_number":79,"box":{"x":59,"y":649,"width":853,"height":12}},{"id":"0bc3927c-0df4-4e5b-aff9-46b7e4d13ec9","block_type":"box","text":"degree in economics from The University of California, Berkeley and holds an MBA degree in finance and statistics from The","page_number":79,"box":{"x":59,"y":664,"width":867,"height":12}},{"id":"78b2c700-2ddf-4f63-a6ef-3c9690ed079e","block_type":"box","text":"University of Chicago Booth School of Business.","page_number":79,"box":{"x":60,"y":679,"width":332,"height":12}},{"id":"732c13d6-1464-4174-b3d9-429299aff128","block_type":"box","text":"Madhav V. Rajan has been a Trustee of the Trust since 2011 and Chair of the Nominating and Governance Committee of the","page_number":79,"box":{"x":59,"y":705,"width":867,"height":13}},{"id":"7c1d4ddb-7669-4abb-be41-b1c94351edc2","block_type":"box","text":"Trust since 2025. Mr. Rajan has also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2011,","page_number":79,"box":{"x":59,"y":720,"width":853,"height":13}},{"id":"66d4c2df-8614-4741-b578-f532cf87153e","block_type":"box","text":"and Chair of the Nominating and Governance Committee of each Board since 2025. Mr. Rajan served as a Director of iShares","page_number":79,"box":{"x":59,"y":736,"width":870,"height":12}},{"id":"32a60c0f-e5b7-4854-857d-77bf9e18a9dd","block_type":"box","text":"MSCI Russia Capped ETF, Inc. from 2011 to 2015. Mr. Rajan is the Dean and George Pratt Shultz Professor of Accounting at","page_number":79,"box":{"x":59,"y":751,"width":858,"height":12}},{"id":"db8d6c5e-16af-4a95-84e1-3edcd29aa2c4","block_type":"box","text":"the University of Chicago Booth School of Business and Chief Global Strategist of the University of Chicago. He served as","page_number":79,"box":{"x":59,"y":766,"width":842,"height":12}},{"id":"bb2b4cc0-a96c-4f98-ab16-45fc8fbd9754","block_type":"box","text":"Chair of the Board for the Center for Research in Security Prices, LLC, an affiliate of the University of Chicago Booth School of","page_number":79,"box":{"x":59,"y":781,"width":873,"height":12}},{"id":"4c9ab906-53d2-49d1-b298-e625a80babe1","block_type":"box","text":"Business, from 2020 to 2026. Mr. Rajan has served on the Advisory Board of C.M. Capital Corporation since 2016, as a","page_number":79,"box":{"x":60,"y":796,"width":820,"height":12}},{"id":"a816e7fc-a98c-414f-b62f-c95463d53f69","block_type":"box","text":"Director of C.M. Capital Corporation since 2020, and as a director of WellBe Senior Medical since 2023. From 2001 to 2017,","page_number":79,"box":{"x":60,"y":811,"width":854,"height":13}},{"id":"5e386297-8fae-4022-9922-9ea6ca5b2696","block_type":"box","text":"Mr. Rajan was the Robert K. Jaedicke Professor of Accounting at the Stanford University Graduate School of Business. In April","page_number":79,"box":{"x":59,"y":826,"width":872,"height":13}},{"id":"90896613-2462-404f-a7fd-59dbfd267556","block_type":"box","text":"2017, he received the school’s Robert T. Davis Award for Lifetime Achievement and Service. He has taught accounting for","page_number":79,"box":{"x":59,"y":841,"width":846,"height":13}},{"id":"a299d601-d256-43e0-81c9-d763145aff7f","block_type":"box","text":"over 25 years to undergraduate, MBA and law students, as well as to senior executives. From 2010 to 2016, Mr. Rajan served","page_number":79,"box":{"x":59,"y":857,"width":868,"height":12}},{"id":"001c4158-3903-4090-bb2f-543076ef68fd","block_type":"box","text":"as the Senior Associate Dean for Academic Affairs and head of the MBA Program at the Stanford University Graduate School","page_number":79,"box":{"x":59,"y":872,"width":871,"height":12}},{"id":"e091a282-7fdd-4d1f-8674-619565f1f8de","block_type":"box","text":"of Business. Mr. Rajan served as editor of “The Accounting Review” from 2002 to 2008 and is co-author of “Cost Accounting:","page_number":79,"box":{"x":59,"y":887,"width":876,"height":12}},{"id":"13a770ae-884c-41a7-90b5-8ae58f114e69","block_type":"box","text":"70","page_number":79,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"7d07b213-c45d-43a2-a3ca-f7d17e2ef1f9","block_type":"box","text":"A Managerial Emphasis,” a leading cost accounting textbook. From 2013 to 2018, Mr. Rajan served on the Board of Directors","page_number":80,"box":{"x":59,"y":67,"width":871,"height":12}},{"id":"de5e561c-c7ef-4e70-9b43-1d119a3c6780","block_type":"box","text":"of Cavium Inc., a semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon","page_number":80,"box":{"x":59,"y":82,"width":820,"height":12}},{"id":"406c7355-7225-4f67-a4fe-9e42538cbd5f","block_type":"box","text":"University.","page_number":80,"box":{"x":60,"y":98,"width":70,"height":11}},{"id":"b1960174-2768-459d-b637-28cacbb5278b","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":80,"box":{"x":60,"y":123,"width":416,"height":13}},{"id":"c0e10c2c-42b0-4869-aeea-d1c29d438620","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":59,"y":150,"width":867,"height":12}},{"id":"468538af-7371-41e0-9e9e-bb4a0f5611a1","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":59,"y":165,"width":855,"height":12}},{"id":"b3f5c59f-4858-40ac-b823-d7f294d59f32","block_type":"box","text":"accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Trust’s charter. The","page_number":80,"box":{"x":59,"y":180,"width":847,"height":12}},{"id":"0fdfeaf2-9e02-46df-958f-b6930e095486","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Trustees. The Board currently conducts","page_number":80,"box":{"x":60,"y":195,"width":841,"height":12}},{"id":"a3daea19-2765-4b25-97fe-1bc4c2951c98","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":60,"y":210,"width":872,"height":13}},{"id":"f3077708-b063-43c3-9aa8-19cd6bc4bb69","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":59,"y":225,"width":830,"height":13}},{"id":"686bfad1-d095-4879-86fd-307f39134f56","block_type":"box","text":"Independent Trustees meet regularly outside the presence of management, in executive session or with other service","page_number":80,"box":{"x":60,"y":240,"width":819,"height":13}},{"id":"36ba17b5-dcf1-4b3c-b325-7bab0b551e2c","block_type":"box","text":"providers to the Trust.","page_number":80,"box":{"x":59,"y":256,"width":153,"height":12}},{"id":"44c3c30f-f2f2-49b1-b09c-e8605b2d8d1c","block_type":"box","text":"The Board has appointed an Independent Trustee to serve in the role of Board Chair. The Board Chair’s role is to preside at all","page_number":80,"box":{"x":59,"y":282,"width":871,"height":12}},{"id":"fd26a25c-7b78-43ad-a181-631eaf3df27a","block_type":"box","text":"meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees generally between","page_number":80,"box":{"x":60,"y":297,"width":872,"height":13}},{"id":"bd951ce5-fe3a-49a3-98f0-186f8fdd41f7","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":60,"y":312,"width":864,"height":13}},{"id":"c418b042-4809-4ae2-9d15-d78b345963cf","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":60,"y":327,"width":863,"height":13}},{"id":"5854aa22-3a55-4983-bd48-8faed14cb213","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":59,"y":343,"width":804,"height":12}},{"id":"58ccbc61-7bf9-44ac-9515-1a33ff4a3ca7","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":59,"y":358,"width":863,"height":12}},{"id":"eef51688-be84-4155-99ab-2eb0a92fc332","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":59,"y":373,"width":863,"height":12}},{"id":"9fda230c-77f0-498e-a9ec-299ff67ab329","block_type":"box","text":"the Funds with respect to certain specified matters. The Chair of each standing Committee is an Independent Trustee. The","page_number":80,"box":{"x":59,"y":388,"width":856,"height":12}},{"id":"4dac8e7a-507c-4517-a3ac-c581e9119a2e","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":60,"y":403,"width":816,"height":12}},{"id":"7f198ef4-4694-4ba3-81ae-ee581e4c7ea8","block_type":"box","text":"providers, officers, attorneys and other Trustees between meetings. Each standing Committee meets regularly to conduct the","page_number":80,"box":{"x":59,"y":418,"width":878,"height":12}},{"id":"ef771c3a-cc09-42c6-b0e6-1e70cf89275f","block_type":"box","text":"oversight functions delegated to the Committee by the Board and reports its finding to the Board. The Board and each","page_number":80,"box":{"x":59,"y":433,"width":824,"height":13}},{"id":"cc07ff05-b602-4576-9c57-e36b23a71769","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":59,"y":448,"width":863,"height":13}},{"id":"d77b0b11-5353-4306-b599-99d3475fd0a6","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":59,"y":463,"width":797,"height":13}},{"id":"2b89af05-d802-4ca3-93b4-a29387b7c24d","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Trustees and the full Board to","page_number":80,"box":{"x":60,"y":479,"width":823,"height":12}},{"id":"c95f5ba9-d085-4da9-8c56-3c9e878de0aa","block_type":"box","text":"enhance effective oversight.","page_number":80,"box":{"x":59,"y":494,"width":194,"height":12}},{"id":"c76b0140-3ff5-47bb-96d0-eeb5a4d1d62f","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":60,"y":520,"width":866,"height":12}},{"id":"53cddb16-1af9-48c5-a4bb-ae5fd72a2ec1","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":59,"y":535,"width":845,"height":13}},{"id":"245c1663-dcd6-4425-9617-16c3aa9665c8","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":59,"y":550,"width":836,"height":13}},{"id":"33f2accd-dc6f-40d0-9832-3c5b2c3bb751","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":60,"y":566,"width":813,"height":12}},{"id":"b50a213b-2097-4001-ac08-7bf5c6dfa3cb","block_type":"box","text":"eliminate all of the risks applicable to the Funds. The Trustees have an oversight role in this area, satisfying themselves that","page_number":80,"box":{"x":59,"y":581,"width":861,"height":12}},{"id":"599c5fa6-caad-4d5d-bb07-891cfc433307","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":60,"y":596,"width":831,"height":12}},{"id":"79d58032-3c86-4b8d-b464-099c5ce571e0","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":59,"y":611,"width":824,"height":12}},{"id":"f93a2ed5-1938-4b71-8035-3349c2bd0a40","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":80,"box":{"x":60,"y":626,"width":827,"height":12}},{"id":"7e6ffa6c-c0ce-449b-9067-c1516ceaf1b2","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":59,"y":641,"width":875,"height":12}},{"id":"64d2d8ea-733d-4533-baa4-6183c76c605e","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":60,"y":656,"width":871,"height":13}},{"id":"aa9e54f6-e98e-4af0-889e-2df1eb8a50e2","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":59,"y":671,"width":859,"height":13}},{"id":"b1ca66cc-5315-49f4-a012-ed698c205331","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":59,"y":686,"width":848,"height":13}},{"id":"917bd2c0-5181-4dea-987c-61fad40be2d3","block_type":"box","text":"registered public accounting firm for the Trust, as appropriate, regarding risks faced by each Fund and management’s risk","page_number":80,"box":{"x":60,"y":702,"width":853,"height":12}},{"id":"9659700d-c4a3-45ac-a13c-2c643e7cfc04","block_type":"box","text":"functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Trust’s","page_number":80,"box":{"x":59,"y":717,"width":863,"height":12}},{"id":"760e0ea4-07aa-42c7-aff9-28f7153e9d40","block_type":"box","text":"compliance program, including assessments by independent third parties, and reports to the Board regarding compliance","page_number":80,"box":{"x":59,"y":732,"width":850,"height":12}},{"id":"b56845c5-3919-4988-b4c5-2d10fe20c199","block_type":"box","text":"matters for the Trust and its principal service providers. In testing and maintaining the compliance program, the Chief","page_number":80,"box":{"x":60,"y":747,"width":823,"height":12}},{"id":"20e5af96-503f-44b1-8a2d-24f97cab38a1","block_type":"box","text":"Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses them in","page_number":80,"box":{"x":59,"y":762,"width":842,"height":12}},{"id":"67bd958e-9d73-4508-b8c7-e8ac781367b5","block_type":"box","text":"periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered public","page_number":80,"box":{"x":59,"y":777,"width":850,"height":13}},{"id":"a8642090-f341-45c3-ab54-4e7f97dbeffd","block_type":"box","text":"accounting firm and BFA’s internal audit group to review risk controls in place that support each Fund as well as test results.","page_number":80,"box":{"x":59,"y":792,"width":867,"height":13}},{"id":"53409c77-cba2-4cbe-8968-a6f88423e996","block_type":"box","text":"Board oversight of risk is also performed as needed between meetings through communications between BFA and the Board.","page_number":80,"box":{"x":60,"y":807,"width":876,"height":13}},{"id":"f7ed5724-cbd9-45b3-b30b-e12ad79943cd","block_type":"box","text":"The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight","page_number":80,"box":{"x":59,"y":823,"width":782,"height":12}},{"id":"da7663b1-8aaf-46d2-b7ec-893052caf75e","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":80,"box":{"x":60,"y":838,"width":821,"height":12}},{"id":"cc9c0270-0a9e-4a49-9ebc-7225c56fb167","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":80,"box":{"x":59,"y":853,"width":704,"height":12}},{"id":"47d3a02a-a88e-42bf-bd73-02dcbd7edfce","block_type":"box","text":"71","page_number":80,"box":{"x":491,"y":916,"width":13,"height":9}},{"id":"2aff2091-487b-4f3f-bfd9-9782b1675ef8","block_type":"box","text":"Committees of the Board of Trustees.","page_number":81,"box":{"x":59,"y":67,"width":268,"height":9}},{"id":"a970100d-a57a-4019-9750-52c904bdde11","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":81,"box":{"x":336,"y":67,"width":556,"height":12}},{"id":"5da7cc34-7c6e-43c1-a9bb-46bb03050f25","block_type":"box","text":"Fagnani (Co-Chair from January 1, 2025 to June 30, 2025) and John E. Martinez, each of whom is an Independent Trustee.","page_number":81,"box":{"x":60,"y":82,"width":848,"height":12}},{"id":"1365212d-56c1-4420-b7b7-53e4e6664756","block_type":"box","text":"The purposes of the Audit Committee are to assist the Board (i) in its oversight of the Trust’s accounting and financial","page_number":81,"box":{"x":59,"y":97,"width":824,"height":12}},{"id":"0cfd8146-0740-490a-b794-5ad2ed143d56","block_type":"box","text":"reporting principles and policies and related controls and procedures maintained by or on behalf of the Trust; (ii) in its","page_number":81,"box":{"x":60,"y":112,"width":823,"height":12}},{"id":"6090c3cc-65d7-44d7-8113-179be519ffa9","block_type":"box","text":"oversight of the Trust’s financial statements and the independent audit thereof; (iii) in selecting, evaluating and, where","page_number":81,"box":{"x":59,"y":127,"width":829,"height":12}},{"id":"bd7925ad-3d98-4081-93c9-02d993a9018a","block_type":"box","text":"deemed appropriate, replacing the independent accountants (or nominating the independent accountants to be proposed","page_number":81,"box":{"x":59,"y":142,"width":857,"height":13}},{"id":"9008c753-2496-4f27-9efd-a094c5b8d707","block_type":"box","text":"for shareholder approval in any proxy statement); (iv) in evaluating the independence of the independent accountants; (v) in","page_number":81,"box":{"x":59,"y":157,"width":871,"height":13}},{"id":"9f3c770a-7a20-4f00-9630-567054f2a9a6","block_type":"box","text":"complying with legal and regulatory requirements that relate to the Trust’s accounting and financial reporting, internal","page_number":81,"box":{"x":59,"y":172,"width":829,"height":13}},{"id":"72c71508-ae8c-4d29-b40c-b2c6fc72ac58","block_type":"box","text":"controls, compliance controls and independent audits; and (vi) to assume such other responsibilities as may be delegated by","page_number":81,"box":{"x":59,"y":188,"width":873,"height":12}},{"id":"a6b3cb8a-7bde-415c-9fab-dc0a023b6f4a","block_type":"box","text":"the Board. The Audit Committee met five times during the fiscal year ended March 31, 2026.","page_number":81,"box":{"x":59,"y":203,"width":645,"height":12}},{"id":"81e9e19c-6470-4756-8b3f-78ecd1ff9c2a","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani and Laura F.","page_number":81,"box":{"x":59,"y":229,"width":856,"height":12}},{"id":"d3ea2577-8ffb-42e7-9230-02b3f3adf55d","block_type":"box","text":"Fergerson, each of whom is an Independent Trustee. The Nominating and Governance Committee nominates individuals for","page_number":81,"box":{"x":60,"y":244,"width":869,"height":13}},{"id":"1547a63d-50f4-4347-b785-4ea398a4bd2b","block_type":"box","text":"Independent Trustee membership on the Board and recommends appointments to the Advisory Board. The Nominating and","page_number":81,"box":{"x":60,"y":259,"width":870,"height":13}},{"id":"3756359b-5207-4014-8bf8-c79659f67182","block_type":"box","text":"Governance Committee functions include, but are not limited to, the following: (i) reviewing the qualifications of any person","page_number":81,"box":{"x":59,"y":274,"width":867,"height":13}},{"id":"88215362-91e0-4576-87b8-04fe7efa7712","block_type":"box","text":"properly identified or nominated to serve as an Independent Trustee; (ii) recommending to the Board and current","page_number":81,"box":{"x":59,"y":290,"width":793,"height":12}},{"id":"bcf56ba9-756c-4660-b22b-4b3415828abc","block_type":"box","text":"Independent Trustees the nominee(s) for appointment as an Independent Trustee by the Board and current Independent","page_number":81,"box":{"x":60,"y":305,"width":845,"height":12}},{"id":"442442c7-97d5-4f34-93d5-68e70453eb87","block_type":"box","text":"Trustees and/or for election as Independent Trustees by shareholders to fill any vacancy for a position of Independent","page_number":81,"box":{"x":59,"y":320,"width":826,"height":12}},{"id":"1438ce89-8d1f-4cb3-a80f-e751d6f2bbde","block_type":"box","text":"Trustee(s) on the Board; (iii) recommending to the Board and current Independent Trustees the size and composition of the","page_number":81,"box":{"x":59,"y":335,"width":865,"height":12}},{"id":"b5e52cf5-3caf-424c-9a47-a7ab5fda5a1f","block_type":"box","text":"Board and Board committees and whether they comply with applicable laws and regulations; (iv) recommending a current","page_number":81,"box":{"x":60,"y":350,"width":857,"height":12}},{"id":"f378d962-20c6-42bd-969e-54bd4d5f19d4","block_type":"box","text":"Independent Trustee to the Board and current Independent Trustees to serve as Board Chair; (v) periodic review of the","page_number":81,"box":{"x":60,"y":365,"width":826,"height":13}},{"id":"1c7244c3-b4cb-46eb-9b39-65748c8661fd","block_type":"box","text":"Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the Independent Trustees for","page_number":81,"box":{"x":60,"y":380,"width":845,"height":13}},{"id":"e1b3ebf6-fe35-464d-b90e-b365e6174d7a","block_type":"box","text":"their services as Trustees, members or chairpersons of committees of the Board, Board Chair and any other positions as the","page_number":81,"box":{"x":59,"y":395,"width":864,"height":13}},{"id":"de8d2149-fa1a-4aca-bb79-658e00891ec0","block_type":"box","text":"Nominating and Governance Committee considers appropriate. The Nominating and Governance Committee does not","page_number":81,"box":{"x":60,"y":411,"width":829,"height":12}},{"id":"92fe0a8c-e2da-40bd-bca6-5c59dc5f1dfc","block_type":"box","text":"consider Board nominations recommended by shareholders (acting solely in their capacity as a shareholder and not in any","page_number":81,"box":{"x":59,"y":426,"width":857,"height":12}},{"id":"c202e3a6-1d90-408b-8f19-d23c38a30a7a","block_type":"box","text":"other capacity). The Nominating and Governance Committee met two times during the fiscal year ended March 31, 2026.","page_number":81,"box":{"x":59,"y":441,"width":850,"height":12}},{"id":"d34e02ac-b16f-433a-934a-4a766a5ef0a4","block_type":"box","text":"Each Independent Trustee serves on the 15(c) Committee. The Chair of the 15(c) Committee is Richard L. Fagnani. The","page_number":81,"box":{"x":60,"y":467,"width":831,"height":13}},{"id":"9f49d9f8-f0f4-401b-85a3-f96b4902059f","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":59,"y":482,"width":865,"height":13}},{"id":"91339856-d524-44f1-995e-0a5b84b204fa","block_type":"box","text":"the annual review and renewal of the Trust’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":81,"box":{"x":59,"y":497,"width":823,"height":13}},{"id":"916c2d30-e811-42ff-bfc2-808162b3520c","block_type":"box","text":"meeting with BlackRock, Inc. in advance of the Board meeting at which the Trust’s advisory and sub-advisory agreements are","page_number":81,"box":{"x":60,"y":513,"width":877,"height":12}},{"id":"8218730c-45d0-4886-a23e-62838eb998e9","block_type":"box","text":"to be considered to discuss generally the process for providing requested information to the Board and the format in which","page_number":81,"box":{"x":59,"y":528,"width":861,"height":12}},{"id":"774cbbdc-955d-4bb4-8e3d-63cd90b55d9c","block_type":"box","text":"information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and information as","page_number":81,"box":{"x":60,"y":543,"width":867,"height":12}},{"id":"29ea9182-9e23-45a2-a101-982ae00e79c4","block_type":"box","text":"may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory agreements of the","page_number":81,"box":{"x":60,"y":558,"width":847,"height":12}},{"id":"7d3341d9-3eca-449e-9d94-4a1e8cdb09ff","block_type":"box","text":"Trust. The 15(c) Committee met two times during the fiscal year ended March 31, 2026.","page_number":81,"box":{"x":59,"y":573,"width":615,"height":12}},{"id":"bb337407-4103-4547-a2a7-7abb495d7ffa","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":59,"y":600,"width":836,"height":12}},{"id":"b508dfcc-5f89-465b-8dc4-4278665490ed","block_type":"box","text":"Martinez, each of whom is an Independent Trustee. The principal responsibilities of the Securities Lending Committee are to","page_number":81,"box":{"x":59,"y":615,"width":869,"height":12}},{"id":"a6e3f0e9-4d70-4c63-9d14-2c2098e3fdcb","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of the Trust’s securities lending activities.","page_number":81,"box":{"x":59,"y":630,"width":840,"height":12}},{"id":"e8d65275-8c0f-40ee-97ed-1dd5390ef517","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":59,"y":645,"width":818,"height":12}},{"id":"4ff44f3d-d6c1-461f-bece-a00dd65fac37","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":59,"y":660,"width":878,"height":12}},{"id":"256bba0e-4a39-48a7-abfd-dead1d124751","block_type":"box","text":"other matters and information as may be necessary and appropriate for the Board to oversee the Trust’s securities lending","page_number":81,"box":{"x":59,"y":675,"width":854,"height":12}},{"id":"75e9d566-6f65-480f-bdf1-094d6ea41c5b","block_type":"box","text":"activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the annual","page_number":81,"box":{"x":59,"y":690,"width":869,"height":13}},{"id":"3cbdebc1-6595-455b-a040-d41586e83887","block_type":"box","text":"approval of the Trust’s Securities Lending Guidelines and the required findings with respect to, and annual approval of, the","page_number":81,"box":{"x":59,"y":705,"width":855,"height":13}},{"id":"20d98747-d73a-4850-997b-a29da37612cd","block_type":"box","text":"Trust’s agreement with the securities lending agent. The Securities Lending Committee met five times during the fiscal year","page_number":81,"box":{"x":59,"y":720,"width":865,"height":13}},{"id":"9df3ed6d-a713-460f-aed5-5dcc6ea07411","block_type":"box","text":"ended March 31, 2026.","page_number":81,"box":{"x":59,"y":736,"width":159,"height":11}},{"id":"acfb3d5b-6bbc-4213-8afa-e906c2b4c048","block_type":"box","text":"The members of the Equity Plus Committee are John E. Martinez (Chair), Jane D. Carlin and Richard L. Fagnani, each of whom","page_number":81,"box":{"x":59,"y":762,"width":875,"height":12}},{"id":"17be7cec-9107-4e9e-93b4-19946bccf317","block_type":"box","text":"is an Independent Trustee. The principal responsibilities of the Equity Plus Committee are to support, oversee and organize on","page_number":81,"box":{"x":60,"y":777,"width":878,"height":13}},{"id":"f2a5e528-b156-4e13-894b-534728609f13","block_type":"box","text":"behalf of the Board the process for oversight of Trust performance and related matters for equity funds. These responsibilities","page_number":81,"box":{"x":60,"y":792,"width":878,"height":13}},{"id":"6c29ac01-aadd-4163-9138-d6ea65e6d0b7","block_type":"box","text":"include: (i) reviewing quarterly reports regarding Trust performance, secondary market trading and changes in net assets to","page_number":81,"box":{"x":60,"y":807,"width":866,"height":13}},{"id":"96623321-0a8b-4796-a9b5-f94a21d35690","block_type":"box","text":"identify any matters that should be brought to the attention of the Board; and (ii) considering any performance or investment","page_number":81,"box":{"x":60,"y":823,"width":877,"height":12}},{"id":"12910ac7-60a3-4114-8086-79b1e40cc827","block_type":"box","text":"related matters as may be delegated to the Committee by the Board from time to time and providing a report or","page_number":81,"box":{"x":60,"y":838,"width":780,"height":12}},{"id":"deaebbab-2aff-4e4d-a0d1-0cf18c7afd70","block_type":"box","text":"recommendation to the Board as appropriate. The Equity Plus Committee met four times during the fiscal year ended March","page_number":81,"box":{"x":60,"y":853,"width":869,"height":12}},{"id":"8d6bcf03-f8be-4a80-9833-5b9b354d2f3b","block_type":"box","text":"31, 2026.","page_number":81,"box":{"x":59,"y":868,"width":62,"height":11}},{"id":"69e383cd-efbe-4328-a353-bf5ca271f1fe","block_type":"box","text":"72","page_number":81,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"ca7a6ac2-abe1-49ef-8303-e7f120d757b6","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":59,"y":67,"width":879,"height":12}},{"id":"efccaf5f-c3a9-4d19-9ba6-7b215d65f782","block_type":"box","text":"V. Rajan, each of whom is an Independent Trustee. The principal responsibilities of the Fixed Income Plus Committee are to","page_number":82,"box":{"x":59,"y":82,"width":861,"height":12}},{"id":"90a00b1d-daa4-4b83-b5e9-f61e8c7191d1","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of Trust performance and related matters for","page_number":82,"box":{"x":59,"y":97,"width":867,"height":12}},{"id":"15b8826c-5f30-46a3-ba3e-91b1f1cdfb2e","block_type":"box","text":"fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance,","page_number":82,"box":{"x":59,"y":112,"width":879,"height":12}},{"id":"4f2835c3-eb87-44ea-b12c-6d271dffbd77","block_type":"box","text":"secondary market trading and changes in net assets to identify any matters that should be brought to the attention of the","page_number":82,"box":{"x":59,"y":127,"width":852,"height":12}},{"id":"bdc8dba3-aa3f-4bcf-849e-4c317b5f7d1f","block_type":"box","text":"Board; and (ii) considering any performance or investment related matters as may be delegated to the Committee by the","page_number":82,"box":{"x":60,"y":142,"width":842,"height":13}},{"id":"522d927a-acd7-4270-a92c-61e0155c4d2e","block_type":"box","text":"Board from time to time and providing a report or recommendation to the Board as appropriate. The Fixed Income Plus","page_number":82,"box":{"x":60,"y":157,"width":833,"height":13}},{"id":"738e5fd9-2f4c-444f-980c-d05aefee241a","block_type":"box","text":"Committee met four times during the fiscal year ended March 31, 2026.","page_number":82,"box":{"x":59,"y":172,"width":501,"height":13}},{"id":"f971b3ae-a361-4313-ac40-0e2db3c0da09","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":59,"y":199,"width":838,"height":12}},{"id":"5ca76721-c27e-4f65-bbea-76741c806de8","block_type":"box","text":"2025), Drew E. Lawton and Madhav V. Rajan, each of whom is an Independent Trustee. The principal responsibility of the","page_number":82,"box":{"x":59,"y":214,"width":847,"height":12}},{"id":"d8373268-ec01-437b-98b1-d99a9682ef1f","block_type":"box","text":"Risk Committee is to consider and organize on behalf of the Board risk related matters of the Funds so the Board may most","page_number":82,"box":{"x":60,"y":229,"width":860,"height":12}},{"id":"2895a4c5-a9ad-470d-ad43-f49922238ccf","block_type":"box","text":"effectively structure itself to oversee them. The Risk Committee commenced on January 1, 2016. The Risk Committee met","page_number":82,"box":{"x":59,"y":244,"width":851,"height":13}},{"id":"5d31ef1d-fd8d-42a6-9c1a-179b71620d36","block_type":"box","text":"four times during the fiscal year ended March 31, 2026.","page_number":82,"box":{"x":59,"y":259,"width":386,"height":13}},{"id":"9b393b8c-68b1-41c0-894a-65b4f388dfcb","block_type":"box","text":"As the Chair of the Board, John E. Kerrigan may serve as an ex-officio member of each Committee.","page_number":82,"box":{"x":59,"y":286,"width":685,"height":12}},{"id":"9c15f3b6-08f1-4741-932a-8b89971e47b5","block_type":"box","text":"The following table sets forth, as of December 31, 2025, the dollar range of equity securities beneficially owned by each","page_number":82,"box":{"x":59,"y":312,"width":833,"height":13}},{"id":"cba5748a-469a-471f-ac11-fbd84d65faa3","block_type":"box","text":"Trustee in the Funds and in other registered investment companies overseen by the Trustee within the same family of","page_number":82,"box":{"x":59,"y":327,"width":823,"height":13}},{"id":"d827b154-bc2f-447a-8bcf-7a47202c5f17","block_type":"box","text":"investment companies as the Trust. If a fund is not listed below, the Trustee did not own any securities in that fund as of the","page_number":82,"box":{"x":60,"y":343,"width":866,"height":12}},{"id":"7f213dd7-7544-4637-98a3-b139798c455f","block_type":"box","text":"date indicated above:","page_number":82,"box":{"x":59,"y":358,"width":148,"height":9}},{"id":"1897177a-5ed1-4514-99db-744916803857","block_type":"box","text":"Name Fund","page_number":82,"box":{"x":116,"y":448,"width":302,"height":8}},{"id":"224ad175-34f5-4401-9392-b1ae23bbaff7","block_type":"box","text":"Dollar Range of Equity","page_number":82,"box":{"x":618,"y":438,"width":128,"height":10}},{"id":"da9cef79-31c1-44b1-ba57-3895d45d5600","block_type":"box","text":"Securities in Named Fund","page_number":82,"box":{"x":608,"y":448,"width":147,"height":8}},{"id":"3801639b-9ae7-4451-8bc4-02dd191d918f","block_type":"box","text":"Aggregate Dollar Range","page_number":82,"box":{"x":791,"y":387,"width":139,"height":10}},{"id":"26b76e78-1ff0-43c8-970f-028442d43b8b","block_type":"box","text":"of Equity Securities in all","page_number":82,"box":{"x":790,"y":397,"width":141,"height":10}},{"id":"32d28275-842f-43ac-a04e-127ae38bca35","block_type":"box","text":"Registered Investment","page_number":82,"box":{"x":797,"y":407,"width":128,"height":10}},{"id":"b7cc402c-4ab3-43a5-938b-c584a3ddbe12","block_type":"box","text":"Companies Overseen by","page_number":82,"box":{"x":791,"y":417,"width":139,"height":10}},{"id":"676ff24c-7a5d-400f-9051-7f062142880e","block_type":"box","text":"Trustee","page_number":82,"box":{"x":839,"y":428,"width":43,"height":7}},{"id":"b6f5a003-3c0d-49bc-9789-c51c4798c31a","block_type":"box","text":"in Family of","page_number":82,"box":{"x":828,"y":438,"width":67,"height":10}},{"id":"07016d95-abfc-41b6-897e-8d5314fd06bb","block_type":"box","text":"Investment Companies","page_number":82,"box":{"x":795,"y":448,"width":132,"height":10}},{"id":"31c3d864-5373-491a-a20d-24b5c4769653","block_type":"box","text":"Robert S. Kapito None None None","page_number":82,"box":{"x":60,"y":470,"width":759,"height":12}},{"id":"9b15c0eb-ec92-4f3d-90cf-8057b45c60a1","block_type":"box","text":"Stephen Cohen None None None","page_number":82,"box":{"x":59,"y":510,"width":760,"height":12}},{"id":"de093a74-8993-46ab-bbdb-b4f99f2f0905","block_type":"box","text":"John E. Kerrigan iShares Core MSCI Emerging Markets ETF $1-$10,000 Over $100,000","page_number":82,"box":{"x":58,"y":550,"width":827,"height":13}},{"id":"be07e362-38d7-4444-83fa-08790f35acb0","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":82,"box":{"x":229,"y":571,"width":476,"height":11}},{"id":"bbef52c2-6c88-4363-a402-92575a0beb4b","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $10,001-$50,000","page_number":82,"box":{"x":229,"y":591,"width":493,"height":11}},{"id":"ff735bab-0da0-44aa-a6cc-bef3e860164b","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $1-$10,000","page_number":82,"box":{"x":229,"y":611,"width":452,"height":11}},{"id":"4c1c9ad9-d458-4f17-b883-41193907d18b","block_type":"box","text":"iShares ESG Aware MSCI USA ETF $10,001-$50,000","page_number":82,"box":{"x":229,"y":631,"width":493,"height":11}},{"id":"26c7767d-b394-4c83-bcc8-f8a4ac7782cf","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF 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BlackRock may, in certain cases, elect to","page_number":95,"box":{"x":59,"y":600,"width":822,"height":12}},{"id":"babd2841-a30b-4f9b-8ffd-b965c7136da1","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":95,"box":{"x":60,"y":615,"width":858,"height":12}},{"id":"67dd8c0c-0016-44f3-b8f0-e69d3ac6b8b7","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":95,"box":{"x":59,"y":630,"width":867,"height":12}},{"id":"c72aced2-c4e9-4ced-9561-5b1290561862","block_type":"box","text":"so.","page_number":95,"box":{"x":59,"y":648,"width":18,"height":7}},{"id":"79bf2f85-d6bb-4cf8-be81-2c9ec73fc49a","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by BlackRock. For","page_number":95,"box":{"x":59,"y":671,"width":879,"height":13}},{"id":"f5015e8f-4c38-4488-b8b8-13bf5455b6e7","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":95,"box":{"x":59,"y":686,"width":870,"height":13}},{"id":"649d54b5-8cfa-4ae5-b303-0dfe9cf2e5d6","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":95,"box":{"x":59,"y":702,"width":875,"height":12}},{"id":"8550fd97-57c3-4c00-8c4c-c533e231b447","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":95,"box":{"x":59,"y":717,"width":880,"height":12}},{"id":"8184429e-7a23-41ef-9efb-f7d1e2216cf2","block_type":"box","text":"its other accounts or funds.","page_number":95,"box":{"x":60,"y":732,"width":191,"height":10}},{"id":"a45acd04-2896-4a6a-9858-d183ae40893c","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":95,"box":{"x":60,"y":758,"width":874,"height":13}},{"id":"f9471150-077c-42a1-bcd7-517fd328039a","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":95,"box":{"x":59,"y":773,"width":854,"height":13}},{"id":"0db48e66-bb62-4457-920d-d61f84f17d97","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":95,"box":{"x":59,"y":788,"width":836,"height":13}},{"id":"bb97e711-19b7-4ca6-b5d6-22dd3a4864f1","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":95,"box":{"x":60,"y":804,"width":861,"height":12}},{"id":"d4c6d2ab-0687-48d7-8f1e-1b8243765b18","block_type":"box","text":"effect on the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple parts of the","page_number":95,"box":{"x":59,"y":819,"width":850,"height":12}},{"id":"2ce9c659-d42d-46d7-864d-9fac6777697c","block_type":"box","text":"capital structure of an issuer, BlackRock may not pursue certain actions or remedies that may be available to a Fund, as a","page_number":95,"box":{"x":59,"y":834,"width":845,"height":12}},{"id":"70fe4871-1d28-4845-86b0-80befc5df661","block_type":"box","text":"result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest","page_number":95,"box":{"x":60,"y":849,"width":863,"height":12}},{"id":"3c9d4976-3e3d-431f-980b-8ad45c976c8f","block_type":"box","text":"based on the facts and circumstances of particular situations. For example, BlackRock may determine to rely on information","page_number":95,"box":{"x":60,"y":864,"width":866,"height":12}},{"id":"d4c786e6-356a-4e80-94e3-d06127f5a925","block_type":"box","text":"86","page_number":95,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"bb071ec5-42fc-4874-9f68-08b8d6f97909","block_type":"box","text":"barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":96,"box":{"x":60,"y":67,"width":831,"height":12}},{"id":"878cb3cb-c0d4-456e-9a93-a962241aafac","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":96,"box":{"x":59,"y":82,"width":841,"height":12}},{"id":"bbf9cff6-4274-4195-82e6-d1b742bfc134","block_type":"box","text":"behalf of the Funds.","page_number":96,"box":{"x":60,"y":97,"width":137,"height":10}},{"id":"40527ca9-aceb-49fa-ad88-225ccdbb8dc5","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":96,"box":{"x":60,"y":123,"width":815,"height":13}},{"id":"8018968d-4698-41c7-916b-5fff7124b96a","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":96,"box":{"x":60,"y":138,"width":869,"height":13}},{"id":"21f4aed5-de21-4909-a419-c89eca785699","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":96,"box":{"x":59,"y":154,"width":864,"height":12}},{"id":"839c347a-fab1-427b-bedf-70a98c731a3b","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":96,"box":{"x":59,"y":169,"width":541,"height":12}},{"id":"ebe69a3f-26c1-4a72-88ed-d14d4d6dcd5f","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":96,"box":{"x":60,"y":195,"width":827,"height":12}},{"id":"a2ae3d86-810b-454f-899d-2a8f61a03730","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":96,"box":{"x":59,"y":210,"width":866,"height":13}},{"id":"c95f3cc1-074e-4236-b8eb-465662a7b6bd","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":96,"box":{"x":60,"y":225,"width":804,"height":13}},{"id":"aec05daa-ee1a-4e3b-abea-cc1adddedffa","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":96,"box":{"x":60,"y":240,"width":872,"height":13}},{"id":"99c6cb90-433a-4288-93ac-cb181ede1927","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":96,"box":{"x":60,"y":256,"width":875,"height":12}},{"id":"480955ee-b952-496d-990b-a2637b8435d1","block_type":"box","text":"Funds. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":96,"box":{"x":60,"y":271,"width":787,"height":12}},{"id":"b261b616-f413-43fe-b25c-8e1456339b84","block_type":"box","text":"transactions.","page_number":96,"box":{"x":59,"y":287,"width":89,"height":9}},{"id":"eb524ca6-cb33-42d6-b346-e6185aab54af","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":96,"box":{"x":60,"y":312,"width":839,"height":13}},{"id":"495e9238-3be4-4fe1-9e5a-7fabbc85b3b1","block_type":"box","text":"activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund’s investments","page_number":96,"box":{"x":59,"y":327,"width":879,"height":13}},{"id":"c2738456-906d-46c3-b788-41b487d01070","block_type":"box","text":"may be negatively impacted by the activities of BlackRock or its clients, and transactions for the Fund may be impaired or","page_number":96,"box":{"x":60,"y":343,"width":847,"height":12}},{"id":"f98a5d8e-2a27-4f1d-b1fa-1fb77a98a658","block_type":"box","text":"effected at prices or terms that may be less favorable than would otherwise have been the case.","page_number":96,"box":{"x":59,"y":358,"width":668,"height":12}},{"id":"bf6b3394-9e31-4850-bf95-108e69da0c6a","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for its proprietary","page_number":96,"box":{"x":59,"y":384,"width":873,"height":12}},{"id":"4cb223c5-7122-4ebb-82e1-00845a7de610","block_type":"box","text":"accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It","page_number":96,"box":{"x":59,"y":399,"width":874,"height":13}},{"id":"7c0a1c3a-f3ef-4ff5-9610-46045ebf6594","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":96,"box":{"x":60,"y":414,"width":851,"height":13}},{"id":"0bdc0b93-2345-425a-be42-ae5469024b77","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":96,"box":{"x":60,"y":429,"width":858,"height":13}},{"id":"38a7bc22-8a51-46b4-a6c4-8f06a374e8fb","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":96,"box":{"x":59,"y":445,"width":839,"height":12}},{"id":"57131a09-03f4-4ed8-97c5-d0ee22a0f169","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":96,"box":{"x":59,"y":460,"width":434,"height":12}},{"id":"9574647a-b7c6-44c7-8ca7-af1a8f6010dd","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":96,"box":{"x":60,"y":486,"width":837,"height":12}},{"id":"e88f0cd9-5c58-4238-b958-64c43d19b7bc","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":96,"box":{"x":59,"y":501,"width":846,"height":13}},{"id":"c89efe4f-206f-4d2e-9e8e-2489b0f899dc","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":96,"box":{"x":59,"y":516,"width":840,"height":13}},{"id":"a15e4207-ff8b-4a80-8531-11f4f4457807","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":96,"box":{"x":59,"y":531,"width":850,"height":13}},{"id":"1f45ef05-cabf-4be4-b059-16014a533078","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":96,"box":{"x":59,"y":547,"width":868,"height":12}},{"id":"30894799-c709-4848-8ae6-805976f66b79","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":96,"box":{"x":60,"y":562,"width":850,"height":12}},{"id":"648a4448-e845-44ce-8c3d-fda6c878c223","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":96,"box":{"x":60,"y":577,"width":859,"height":12}},{"id":"720d1fc1-9858-41bb-a213-6a7dbb1baf39","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":96,"box":{"x":59,"y":592,"width":677,"height":12}},{"id":"52f572a5-cb84-482f-9540-e3ae0b622b74","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":96,"box":{"x":60,"y":618,"width":859,"height":13}},{"id":"4f57ab2c-e919-4ff8-b5fe-d2d71062e7e5","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":96,"box":{"x":59,"y":634,"width":841,"height":12}},{"id":"8de3c645-73a4-497a-a042-2ddc6e7c991d","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":96,"box":{"x":60,"y":649,"width":854,"height":12}},{"id":"8cf6e0f0-cf2b-467b-9f73-bc916028f41e","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":96,"box":{"x":59,"y":664,"width":816,"height":12}},{"id":"a99b0f6d-ef79-433d-9f32-8bd6fcde7005","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":96,"box":{"x":59,"y":679,"width":859,"height":12}},{"id":"589b86f8-fcce-4cb3-baf4-8567104bf6f1","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":96,"box":{"x":59,"y":694,"width":819,"height":12}},{"id":"db33f4d9-a20d-4764-a051-50c72e26e78d","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":96,"box":{"x":60,"y":709,"width":844,"height":12}},{"id":"c01e62f7-a5bb-4a68-a219-1cb68249e06c","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":96,"box":{"x":59,"y":724,"width":568,"height":13}},{"id":"1dba5815-082a-4a0c-966d-999d04eab2ef","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":96,"box":{"x":59,"y":751,"width":851,"height":12}},{"id":"cbb3f395-7351-4e3c-9a98-c4b5257e874b","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":96,"box":{"x":59,"y":766,"width":852,"height":12}},{"id":"51d48321-ce4c-4eb5-b1cd-de505be8c4c7","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":96,"box":{"x":60,"y":781,"width":875,"height":12}},{"id":"c537dd23-0be0-4612-9c29-06815a1b8085","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":96,"box":{"x":60,"y":796,"width":868,"height":12}},{"id":"081f9436-e03b-426b-ae15-3c8f81cd0be9","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":96,"box":{"x":60,"y":811,"width":868,"height":13}},{"id":"fc8d815b-432c-4b9d-bae0-7afabdca199e","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":96,"box":{"x":59,"y":826,"width":816,"height":13}},{"id":"2aff96a1-b819-4c6a-8e94-f26b1e96b2b1","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":96,"box":{"x":59,"y":841,"width":865,"height":13}},{"id":"973c9168-7bc8-4c31-854c-df104c68a2d8","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":96,"box":{"x":59,"y":857,"width":572,"height":12}},{"id":"52b20754-2648-4c1b-be57-39d76f02a6b5","block_type":"box","text":"87","page_number":96,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"7cd46dda-f07f-4af6-9444-d7c4cefd1257","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":97,"box":{"x":60,"y":67,"width":835,"height":12}},{"id":"c39b4d41-7525-43b0-a81f-9c193f5db1b1","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":97,"box":{"x":59,"y":82,"width":818,"height":12}},{"id":"f096d7ad-570c-4582-9b6b-df852852abb3","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":97,"box":{"x":59,"y":97,"width":844,"height":12}},{"id":"ff76cc54-8997-4fcd-b394-93bc455545d3","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":97,"box":{"x":59,"y":112,"width":851,"height":12}},{"id":"d27d3fc7-e8de-4506-944f-f8b331e6100a","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":97,"box":{"x":59,"y":127,"width":838,"height":12}},{"id":"3144bd00-f348-4ec7-a6f8-92f25566bb09","block_type":"box","text":"BlackRock.","page_number":97,"box":{"x":60,"y":142,"width":73,"height":10}},{"id":"76c3f90c-655a-4644-a9d5-811e1ec8e97b","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":97,"box":{"x":60,"y":169,"width":872,"height":12}},{"id":"6076a232-c63a-4a70-b5e6-cb6067b6748b","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":97,"box":{"x":60,"y":184,"width":847,"height":12}},{"id":"1c8e080f-9a74-4ced-a12b-ba16d1f20e91","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":97,"box":{"x":60,"y":199,"width":826,"height":12}},{"id":"4b0c54c6-e7ae-453f-92bd-8c884742fd09","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":97,"box":{"x":59,"y":214,"width":847,"height":12}},{"id":"8ba9a190-0f99-48da-aeaf-812ed954cb32","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":97,"box":{"x":59,"y":229,"width":837,"height":12}},{"id":"c6c08c5e-d539-4d9e-90ed-9f4245161dfa","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":97,"box":{"x":59,"y":244,"width":856,"height":13}},{"id":"d81cc344-04b2-40da-867a-dd18d57bd611","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":97,"box":{"x":60,"y":259,"width":870,"height":13}},{"id":"09040928-4585-496e-8449-466aebdf8bb3","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":97,"box":{"x":59,"y":274,"width":839,"height":13}},{"id":"1b32773c-071c-445e-b1b7-54d17531cdbc","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":97,"box":{"x":59,"y":290,"width":859,"height":11}},{"id":"3112e107-2b98-49a9-aa1b-4d8e3fcc6e17","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":97,"box":{"x":59,"y":305,"width":874,"height":12}},{"id":"d402e082-0325-4f80-b849-01b0a663a50a","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":97,"box":{"x":59,"y":320,"width":816,"height":12}},{"id":"213c2f2a-7266-47e3-a218-313e5c21ca75","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":97,"box":{"x":60,"y":335,"width":247,"height":12}},{"id":"78d2d1a6-2cd7-4aed-8b89-e2262ca2a3c4","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":97,"box":{"x":59,"y":361,"width":801,"height":13}},{"id":"be2e358d-7649-467f-8cc0-d90d6e43c430","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":97,"box":{"x":59,"y":377,"width":836,"height":12}},{"id":"678a7d21-aa18-4e0d-a677-c4861daf6c4b","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":97,"box":{"x":60,"y":392,"width":854,"height":12}},{"id":"eae1bd16-d4c4-44fb-9839-0ffb40090528","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":97,"box":{"x":59,"y":407,"width":855,"height":12}},{"id":"600f2d92-5637-4cce-b10d-1f02f633f5ca","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":97,"box":{"x":60,"y":422,"width":854,"height":12}},{"id":"9d46345e-a906-41af-9ad2-5ad17a60c082","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":97,"box":{"x":59,"y":437,"width":858,"height":12}},{"id":"1da2d3c3-24d6-457f-914a-30150d6ff28e","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":97,"box":{"x":59,"y":452,"width":821,"height":12}},{"id":"b9728293-2719-40de-a275-05a05d7962d1","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":97,"box":{"x":59,"y":467,"width":330,"height":13}},{"id":"65531f0e-7159-428d-bb78-24f65810399e","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":97,"box":{"x":59,"y":494,"width":821,"height":12}},{"id":"0613ebcc-4c75-48c1-aed4-7d4319659999","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":97,"box":{"x":59,"y":509,"width":851,"height":12}},{"id":"87ddd7c8-1872-4311-ac1c-1f53710cf06e","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":97,"box":{"x":59,"y":524,"width":875,"height":12}},{"id":"750129ac-b9b1-4aef-bac9-1442497e0cab","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":97,"box":{"x":59,"y":539,"width":824,"height":12}},{"id":"43b7a7ad-e680-4179-a3f6-9f8ab6a29a86","block_type":"box","text":"amounts.","page_number":97,"box":{"x":59,"y":555,"width":65,"height":9}},{"id":"2712b5e5-6b85-4a2d-b35c-8a81aadd335c","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":97,"box":{"x":59,"y":581,"width":858,"height":12}},{"id":"304989b4-d199-4ae9-a361-cae5b7990137","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":97,"box":{"x":60,"y":596,"width":856,"height":12}},{"id":"a76a409d-4231-4698-94fc-70d5f1ffcd24","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":97,"box":{"x":59,"y":611,"width":874,"height":12}},{"id":"fdbe5e4b-1e95-430c-a2ec-338a6a6fb808","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":97,"box":{"x":59,"y":626,"width":831,"height":12}},{"id":"2b39f8a8-c197-4455-978a-09c95f4acfce","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":97,"box":{"x":59,"y":641,"width":821,"height":12}},{"id":"e2d2c4df-1862-46e8-a002-5976909607c3","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":97,"box":{"x":60,"y":668,"width":851,"height":12}},{"id":"9736e404-0e27-47cd-a342-7adbf5485039","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":97,"box":{"x":59,"y":683,"width":870,"height":12}},{"id":"bf978816-8296-413c-839f-ed55f3b8d1bf","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":97,"box":{"x":59,"y":698,"width":851,"height":12}},{"id":"ddaddf01-e1a3-49e9-9090-a3dcebaf44fd","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":97,"box":{"x":60,"y":713,"width":871,"height":12}},{"id":"15f191ae-f88a-4469-87a1-be0f2b68b067","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":97,"box":{"x":59,"y":728,"width":838,"height":12}},{"id":"da4b700c-c577-48fe-99b8-3a0db4f43f58","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":97,"box":{"x":60,"y":743,"width":870,"height":12}},{"id":"8644d2b9-16a8-488f-a4cc-97340962de3a","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":97,"box":{"x":59,"y":758,"width":824,"height":13}},{"id":"d29207e0-bf74-414a-8524-0ee05e64aad7","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":97,"box":{"x":59,"y":773,"width":870,"height":13}},{"id":"027b4640-cdf6-4d46-8b73-b22da54054b7","block_type":"box","text":"allocation.","page_number":97,"box":{"x":59,"y":788,"width":71,"height":10}},{"id":"ab1d0c3d-ee40-419d-95b7-eee0857bc86f","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":97,"box":{"x":59,"y":815,"width":863,"height":12}},{"id":"f21456d8-7098-4694-a064-5254e4a03402","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":97,"box":{"x":59,"y":830,"width":881,"height":12}},{"id":"91ece1ef-6d52-4ec4-a422-955faa3c7ab2","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":97,"box":{"x":59,"y":845,"width":875,"height":13}},{"id":"208d3ffa-03f6-459d-9470-62a236e0df86","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":97,"box":{"x":59,"y":860,"width":870,"height":13}},{"id":"bbd6ebe7-050e-4f23-a7e8-7c736076371b","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":97,"box":{"x":60,"y":875,"width":848,"height":13}},{"id":"f185525b-a739-4c02-a02d-4664c56f5ce9","block_type":"box","text":"88","page_number":97,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"ffe6c3c5-cc4a-4d59-9a11-e978a19df89c","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":98,"box":{"x":60,"y":67,"width":845,"height":12}},{"id":"4691c18f-dae5-4cce-afc3-5bdd192668e6","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":98,"box":{"x":59,"y":82,"width":818,"height":12}},{"id":"4f2a70d9-30cb-4fa2-ac95-82ae4a1d03ba","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":98,"box":{"x":59,"y":97,"width":866,"height":12}},{"id":"2929225a-ec5c-448b-9675-b6ff71c9b241","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":98,"box":{"x":59,"y":112,"width":864,"height":12}},{"id":"2486ec36-da3b-4733-a55d-7e5af73c99b2","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":98,"box":{"x":60,"y":127,"width":443,"height":12}},{"id":"4dac303e-3c09-498d-8c10-f64fc50b1bff","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":98,"box":{"x":60,"y":154,"width":867,"height":12}},{"id":"615a196d-fea8-48d5-a494-4ade19738b9d","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":98,"box":{"x":59,"y":169,"width":866,"height":12}},{"id":"78995fbd-4fe2-4bbf-bec9-beff3ac42015","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":98,"box":{"x":60,"y":184,"width":864,"height":12}},{"id":"4c99037f-21fa-433d-9185-2f0b25c22dff","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":98,"box":{"x":59,"y":199,"width":867,"height":12}},{"id":"9e1f50c6-f960-48ce-b275-b4dc296341af","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":98,"box":{"x":60,"y":214,"width":857,"height":12}},{"id":"90f201bd-d54c-4769-a947-644123d695d3","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":98,"box":{"x":60,"y":229,"width":421,"height":12}},{"id":"c21456ae-2541-4881-a99e-528c6efefdb3","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":98,"box":{"x":60,"y":256,"width":875,"height":12}},{"id":"a8375fe5-a234-428d-aa87-db2b8e608571","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":98,"box":{"x":59,"y":271,"width":854,"height":12}},{"id":"3288d999-2068-45c6-86c1-5a549db32743","block_type":"box","text":"(","page_number":98,"box":{"x":60,"y":286,"width":4,"height":12}},{"id":"4a1dd86e-011e-4cdf-9059-5c2b4d62a933","block_type":"box","text":"i.e","page_number":98,"box":{"x":65,"y":287,"width":15,"height":9}},{"id":"cf8ab78f-86ee-4ece-a0f8-92d235bdaee7","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":98,"box":{"x":81,"y":286,"width":825,"height":12}},{"id":"8a7a86d3-546e-4033-852d-7786e91ca9d2","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":98,"box":{"x":60,"y":301,"width":798,"height":12}},{"id":"43782567-ad0d-4646-abc5-85179dd9e401","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":98,"box":{"x":59,"y":316,"width":861,"height":12}},{"id":"16ef9839-c242-44da-bcd5-b1fbff98faca","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":98,"box":{"x":59,"y":331,"width":839,"height":13}},{"id":"8a7e45c0-0020-49ee-9b5d-2ac60dd517cf","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":98,"box":{"x":59,"y":346,"width":836,"height":13}},{"id":"34a6eb11-6cf2-48bf-b18e-0c62e32433a5","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":98,"box":{"x":60,"y":361,"width":858,"height":13}},{"id":"12771191-0a8a-40aa-a96e-9bc8b6e74a2b","block_type":"box","text":"the firm.","page_number":98,"box":{"x":59,"y":377,"width":58,"height":9}},{"id":"99035c77-9f46-4fee-b683-71b8718349e7","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":98,"box":{"x":60,"y":403,"width":874,"height":12}},{"id":"d666ad34-49cf-46d2-9000-33f62dc3e836","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":98,"box":{"x":59,"y":418,"width":849,"height":12}},{"id":"df5eebd7-8127-49d9-be19-d0afec5266b0","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":98,"box":{"x":60,"y":433,"width":867,"height":13}},{"id":"ade766e1-3643-49fd-bf87-7a8d7a059bf2","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":98,"box":{"x":59,"y":448,"width":864,"height":13}},{"id":"b1a4b78a-a69b-4482-878e-7d854ccb1f24","block_type":"box","text":"required, or in cases involving client direction.","page_number":98,"box":{"x":60,"y":463,"width":318,"height":13}},{"id":"d084fbbc-8e39-440b-a94d-3640b7cbe34c","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":98,"box":{"x":60,"y":490,"width":872,"height":12}},{"id":"f14a586d-ebea-4e68-878f-dcca23d0e86d","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":98,"box":{"x":59,"y":505,"width":819,"height":12}},{"id":"5fb095dd-03bc-427c-a1aa-9c9a51a9212e","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":98,"box":{"x":59,"y":520,"width":860,"height":12}},{"id":"fc67fb51-6af3-4400-b3e9-a5e789169652","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":98,"box":{"x":59,"y":535,"width":843,"height":13}},{"id":"c425b292-f4c8-46f4-9eea-b51c509c1def","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":98,"box":{"x":59,"y":550,"width":471,"height":13}},{"id":"d0ca86d2-780d-411d-9831-2d70bcfb148d","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":98,"box":{"x":60,"y":577,"width":847,"height":12}},{"id":"f1213f16-9a40-4454-884f-d2f7be18a3ad","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":98,"box":{"x":60,"y":592,"width":864,"height":12}},{"id":"0a2d3fba-acfe-4ea9-a13f-8f4994242578","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":98,"box":{"x":59,"y":607,"width":857,"height":12}},{"id":"47e094b9-f03f-439d-9bf3-5caadf170790","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":98,"box":{"x":59,"y":622,"width":843,"height":13}},{"id":"88595787-3d5f-4f8f-a9c4-929c159b905b","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":98,"box":{"x":60,"y":637,"width":814,"height":13}},{"id":"1928d9da-8b00-4dc3-8bd1-d321a280593f","block_type":"box","text":"BlackRock.","page_number":98,"box":{"x":60,"y":652,"width":73,"height":10}},{"id":"20c6d633-0a32-40cf-bca6-dc6f767f8966","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":98,"box":{"x":59,"y":679,"width":879,"height":12}},{"id":"08940b4e-ea54-4776-8f01-777e0b06fa00","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":98,"box":{"x":59,"y":694,"width":841,"height":12}},{"id":"36c49e0f-ce17-4fc2-b61c-a4b6d7609f89","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":98,"box":{"x":60,"y":709,"width":867,"height":12}},{"id":"551ec6ca-309c-4b6b-980c-b0a981700d15","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":98,"box":{"x":59,"y":724,"width":868,"height":13}},{"id":"436b5c89-eb98-4ea7-82f0-214493c588f4","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":98,"box":{"x":60,"y":739,"width":836,"height":13}},{"id":"a8aaed1e-9f2d-4a9e-b3f8-cac5ef5d73e2","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":98,"box":{"x":59,"y":754,"width":816,"height":13}},{"id":"51cde2ea-6d4c-4d67-a733-dc274efba24e","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":98,"box":{"x":60,"y":781,"width":840,"height":12}},{"id":"2356704c-570d-4627-bcaf-df04af20da55","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":98,"box":{"x":59,"y":796,"width":875,"height":12}},{"id":"a3985755-bb1f-477b-a30e-85e5ea6145bc","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":98,"box":{"x":60,"y":811,"width":839,"height":13}},{"id":"bcb0f1d3-5d4b-4592-8157-41ece8923c10","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":98,"box":{"x":60,"y":826,"width":869,"height":13}},{"id":"e0cbf796-d8c0-4505-8a35-291631e5aa72","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":98,"box":{"x":59,"y":841,"width":863,"height":13}},{"id":"e655eaed-3067-442a-b603-cd8202bc5eed","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":98,"box":{"x":60,"y":857,"width":840,"height":12}},{"id":"6847c5f5-4f2e-4da2-86eb-1cd0db6596b6","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":98,"box":{"x":60,"y":872,"width":861,"height":12}},{"id":"2a5282ef-cff8-4500-90a2-4494470e3948","block_type":"box","text":"89","page_number":98,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"991a83c1-923d-4fa0-a558-fea6bd9525c4","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":99,"box":{"x":60,"y":67,"width":867,"height":12}},{"id":"64c4782c-cc93-4ee9-8c4d-698cc7f37128","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":99,"box":{"x":59,"y":82,"width":400,"height":12}},{"id":"f463ad51-135a-4f89-b1a6-0e133d6e2bbc","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":99,"box":{"x":60,"y":108,"width":833,"height":13}},{"id":"14ac8df3-ad46-4523-b202-3f83e2dd25ae","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":99,"box":{"x":59,"y":123,"width":827,"height":13}},{"id":"abc4f145-3678-4cd8-9999-ae1c142d4e3f","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":99,"box":{"x":60,"y":138,"width":844,"height":13}},{"id":"27dce330-6497-4169-9282-db2ca4a1d9e9","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":99,"box":{"x":59,"y":154,"width":851,"height":12}},{"id":"cb22d2ca-2787-43c4-bd92-d37582979dcc","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":99,"box":{"x":59,"y":169,"width":871,"height":12}},{"id":"fda33ea3-f674-46ad-827e-9a9966bcafb9","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":99,"box":{"x":60,"y":184,"width":844,"height":12}},{"id":"c5241a3f-6ed6-4588-8b2f-e35b5f6477b3","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":99,"box":{"x":60,"y":199,"width":825,"height":12}},{"id":"8ad69a52-c665-4d8f-b68c-2e6b92ef0330","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":99,"box":{"x":59,"y":214,"width":361,"height":12}},{"id":"e268e644-2ecf-4ee7-9da2-715e9a72fa3d","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":99,"box":{"x":60,"y":240,"width":868,"height":13}},{"id":"fdadeada-8efc-40d6-9a3e-4f025435d4a4","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":99,"box":{"x":60,"y":256,"width":862,"height":12}},{"id":"04e09949-e267-4681-9056-71939556a64e","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":99,"box":{"x":59,"y":271,"width":846,"height":12}},{"id":"12cd790f-5a11-48aa-95a9-b0aae1258cba","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":99,"box":{"x":59,"y":286,"width":842,"height":12}},{"id":"77e91c58-284b-4f43-be32-ae03dec0b6db","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. 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BlackRock and its sales personnel may directly or indirectly receive a portion of","page_number":100,"box":{"x":59,"y":82,"width":860,"height":12}},{"id":"3b6f6d07-e806-4594-af93-02d940786d4a","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":100,"box":{"x":59,"y":97,"width":849,"height":12}},{"id":"0ec67a6d-16df-4f28-8dc3-154a3ce2cd90","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":100,"box":{"x":59,"y":112,"width":872,"height":12}},{"id":"19b66e5f-52bc-4e62-8821-73c58a591ad7","block_type":"box","text":"products or services, and the remuneration and profitability to BlackRock and such personnel resulting from transactions on","page_number":100,"box":{"x":59,"y":127,"width":869,"height":12}},{"id":"4edf1bdf-af85-4ad9-b5a0-05697ebd8960","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":100,"box":{"x":60,"y":142,"width":865,"height":13}},{"id":"83712045-d36a-4b9b-ac18-96c1330b76f9","block_type":"box","text":"products.","page_number":100,"box":{"x":59,"y":157,"width":65,"height":13}},{"id":"86cc4c6a-44cd-42d8-9522-b67ca389899f","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not limited to,","page_number":100,"box":{"x":59,"y":184,"width":820,"height":12}},{"id":"a568888f-4e43-439a-a075-a9cb4252809a","block_type":"box","text":"marketing and promotional activities and presentations, educational training programs and conferences) for registered","page_number":100,"box":{"x":60,"y":199,"width":832,"height":12}},{"id":"5fe3ea0f-dce4-43cf-8c57-2443a747dcc7","block_type":"box","text":"representatives, other professionals and individual investors. 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While BlackRock will generally communicate its valuation information","page_number":100,"box":{"x":59,"y":316,"width":877,"height":12}},{"id":"f8bd6914-2ae9-4155-b07c-f2fa6821616c","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":100,"box":{"x":59,"y":331,"width":849,"height":13}},{"id":"041588cf-901c-4bc1-9d74-05e87f4290c6","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":100,"box":{"x":59,"y":346,"width":821,"height":13}},{"id":"10e6a755-320a-40c1-adcb-9b1df114ef9d","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":100,"box":{"x":59,"y":361,"width":466,"height":13}},{"id":"1128d779-39d3-4741-a290-673a4503ecdb","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":100,"box":{"x":59,"y":388,"width":816,"height":12}},{"id":"8dacae40-2de8-47bd-bc6f-19d589727a61","block_type":"box","text":"available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at fair value by BlackRock. 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The price generally may not be determined based on what a Fund","page_number":100,"box":{"x":59,"y":479,"width":844,"height":12}},{"id":"e54dcc8a-05ff-4296-8cfc-f8e7ddc0fbd0","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":100,"box":{"x":60,"y":494,"width":863,"height":12}},{"id":"a19f86d4-f48d-44d3-87aa-aa6e9afcf696","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":100,"box":{"x":59,"y":509,"width":835,"height":12}},{"id":"9972e7db-6dac-45c1-92f1-2887fd215970","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":100,"box":{"x":59,"y":524,"width":846,"height":12}},{"id":"cc19495d-49ee-426a-91fe-3c82bf6bccfe","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":100,"box":{"x":60,"y":539,"width":876,"height":12}},{"id":"b3b921a5-8aa6-44f7-aa19-5e835f08fb7b","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":100,"box":{"x":59,"y":554,"width":843,"height":13}},{"id":"e4b33ac3-22fe-4a41-a3e9-5bba180f3af3","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":100,"box":{"x":59,"y":569,"width":865,"height":13}},{"id":"1d447f22-b1ec-4d3d-82af-56bac490dfd1","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":100,"box":{"x":60,"y":584,"width":873,"height":13}},{"id":"89d79db2-f786-4cbd-8a23-129f576456c0","block_type":"box","text":"diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by","page_number":100,"box":{"x":59,"y":600,"width":832,"height":12}},{"id":"27963c8c-df5b-40a8-a800-d103a376f628","block_type":"box","text":"BlackRock with respect to services for which it receives an asset-based fee.","page_number":100,"box":{"x":60,"y":615,"width":522,"height":12}},{"id":"8f2d3ecd-282e-4cfc-ac7c-71c94841ed8f","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":100,"box":{"x":59,"y":641,"width":847,"height":12}},{"id":"e91712ee-cbb0-460d-aca5-01218f4b83e8","block_type":"box","text":"market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments,","page_number":100,"box":{"x":60,"y":656,"width":870,"height":13}},{"id":"ed41ee82-fade-4ef0-a0e0-5b93b98f538d","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":100,"box":{"x":59,"y":671,"width":857,"height":13}},{"id":"6715e044-b4f4-4e47-a240-614a650664aa","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":100,"box":{"x":59,"y":686,"width":832,"height":13}},{"id":"ca12f0ef-861e-4123-a1e1-b4f15f19bebe","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":100,"box":{"x":60,"y":713,"width":866,"height":12}},{"id":"69a92316-de65-404e-a207-2c7b72070096","block_type":"box","text":"and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be","page_number":100,"box":{"x":59,"y":758,"width":873,"height":13}},{"id":"81d9e868-077c-4206-b5d9-83b1b6426303","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":100,"box":{"x":59,"y":773,"width":868,"height":13}},{"id":"60ff73e3-4cf5-408c-b675-230aba0b120d","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":100,"box":{"x":59,"y":788,"width":846,"height":13}},{"id":"6cd1acb1-36d9-4cdb-bfe1-9dfcf9f6b578","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":100,"box":{"x":59,"y":804,"width":841,"height":12}},{"id":"2c21eead-a897-4969-8461-ff144d68b94f","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":100,"box":{"x":60,"y":819,"width":850,"height":12}},{"id":"07bd560d-5dcc-4647-b1b5-c3e4ff6d6a40","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":100,"box":{"x":60,"y":834,"width":562,"height":12}},{"id":"06a81567-dba6-457e-a14d-8acb37c39d53","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":100,"box":{"x":60,"y":860,"width":860,"height":13}},{"id":"52146bd9-f93c-4857-a7a1-98713f174d5d","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":100,"box":{"x":60,"y":875,"width":847,"height":13}},{"id":"6ec37b08-0b7c-454d-9513-281e7615cb43","block_type":"box","text":"91","page_number":100,"box":{"x":491,"y":916,"width":13,"height":9}},{"id":"79d01242-8cb9-4b2a-af56-158ec45ada7f","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":101,"box":{"x":59,"y":67,"width":878,"height":11}},{"id":"b20116b1-0a5a-4616-914b-1c1f54be4abe","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":101,"box":{"x":59,"y":82,"width":852,"height":12}},{"id":"6b650781-4a35-4bf9-8825-61751487eabf","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":101,"box":{"x":59,"y":97,"width":856,"height":12}},{"id":"bbf05981-3e60-4675-8def-ee25ecbce4da","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":101,"box":{"x":60,"y":112,"width":846,"height":12}},{"id":"0d2b9dfc-d9b1-473f-98c8-528703342b15","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":101,"box":{"x":59,"y":127,"width":840,"height":12}},{"id":"5c76375d-b6a6-4545-9648-66ef04fa69df","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":101,"box":{"x":60,"y":142,"width":869,"height":13}},{"id":"8350cadc-1801-40ec-8ea8-230478c88578","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":101,"box":{"x":60,"y":157,"width":876,"height":13}},{"id":"133af599-8014-4923-bbe3-b7fe21d50e4b","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":101,"box":{"x":59,"y":172,"width":863,"height":13}},{"id":"d8e17826-6b67-491d-ad7a-4c6520459f5c","block_type":"box","text":"certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":101,"box":{"x":59,"y":188,"width":835,"height":12}},{"id":"6dffbcea-57dd-4b3e-b3fa-411a8817f4a3","block_type":"box","text":"services or has proprietary positions. 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Similar situations could arise if personnel of","page_number":101,"box":{"x":155,"y":248,"width":736,"height":12}},{"id":"51c2d317-96cb-4b29-96e6-ed37e45e6a2b","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":101,"box":{"x":60,"y":263,"width":860,"height":12}},{"id":"2e7554c2-a7cf-47a3-ac1a-0197477c9d72","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":101,"box":{"x":60,"y":278,"width":860,"height":13}},{"id":"afccb1f0-eb9f-41e6-8796-1a17aa738016","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":101,"box":{"x":59,"y":293,"width":858,"height":13}},{"id":"b3b7e24e-9a1d-4e2a-b84b-b1ae0b2d6de7","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":101,"box":{"x":59,"y":308,"width":864,"height":13}},{"id":"d94f9633-4f97-4ebd-bd6d-773d872df465","block_type":"box","text":"or officers of the issuer.","page_number":101,"box":{"x":59,"y":324,"width":162,"height":9}},{"id":"257c74da-435c-4f20-aeab-cfca1b117225","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":101,"box":{"x":60,"y":350,"width":863,"height":12}},{"id":"889f32ed-ce93-4497-af7f-df96fc463d80","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":101,"box":{"x":60,"y":365,"width":877,"height":13}},{"id":"eba1b902-bd6b-4aa3-984f-9f0a5649360d","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":101,"box":{"x":60,"y":380,"width":828,"height":13}},{"id":"925cbe76-6e65-4d3a-a4c3-f2128a285968","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":101,"box":{"x":59,"y":395,"width":835,"height":13}},{"id":"800c8651-943a-49aa-8b0b-3a0b15a92372","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":101,"box":{"x":59,"y":411,"width":870,"height":12}},{"id":"ba93d690-be6f-4bb2-b22e-ea9b28a053ad","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":101,"box":{"x":59,"y":426,"width":852,"height":12}},{"id":"93b0cc7c-77a9-45af-bd46-a9b9be9e1f0b","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":101,"box":{"x":60,"y":441,"width":843,"height":12}},{"id":"948e9311-a350-45cf-a4f1-b96d71b4d93e","block_type":"box","text":"obligation or other duty to do so.","page_number":101,"box":{"x":59,"y":456,"width":230,"height":12}},{"id":"5cb415d8-7306-4b52-a696-eb938f3f51d6","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":101,"box":{"x":60,"y":482,"width":838,"height":13}},{"id":"0f148c5f-348e-414b-a717-e665df1369d9","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":101,"box":{"x":59,"y":497,"width":880,"height":13}},{"id":"895f0199-2d74-4829-8b27-43d50b777501","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":101,"box":{"x":59,"y":513,"width":834,"height":12}},{"id":"95cb2f01-06f5-45c3-82b6-523562d6b3cf","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":101,"box":{"x":60,"y":528,"width":875,"height":12}},{"id":"a183655f-4bb6-43de-9dfd-f45911a27654","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":101,"box":{"x":60,"y":543,"width":858,"height":12}},{"id":"507ab851-03dd-4acf-a00b-31db01565a1b","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":101,"box":{"x":59,"y":558,"width":875,"height":12}},{"id":"e1280644-0b06-4556-91db-b8761a5322fa","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":101,"box":{"x":59,"y":573,"width":842,"height":12}},{"id":"0031cad5-9bdc-4c61-bb66-c884c971c1a4","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":101,"box":{"x":60,"y":588,"width":327,"height":13}},{"id":"98bdd62d-fdf0-4c56-b61a-41b8657cdb68","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":101,"box":{"x":60,"y":615,"width":875,"height":12}},{"id":"568964fd-0a22-4efd-b475-e892cdf02851","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":101,"box":{"x":59,"y":630,"width":862,"height":12}},{"id":"bb78ab6a-2e22-414a-86d6-101abdb33f5f","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":101,"box":{"x":59,"y":645,"width":872,"height":12}},{"id":"af4c5f49-4693-42f3-83e5-f9f2eec51d08","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":101,"box":{"x":59,"y":660,"width":844,"height":12}},{"id":"f4c72594-1977-49ef-a8e9-88f866aeb0f8","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":101,"box":{"x":59,"y":675,"width":840,"height":12}},{"id":"c04e3d91-e332-4a89-ab16-d5d5198fa870","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":101,"box":{"x":59,"y":690,"width":846,"height":13}},{"id":"9faf94f5-97f6-4579-94d8-987838275eb0","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":101,"box":{"x":60,"y":705,"width":799,"height":13}},{"id":"2a8f69c2-acbe-436c-87b7-3f6b76c6dc4a","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":101,"box":{"x":60,"y":720,"width":855,"height":13}},{"id":"da854a31-777b-4464-9016-3369dbb4bfa6","block_type":"box","text":"personnel on the other side of a barrier.","page_number":101,"box":{"x":59,"y":736,"width":275,"height":12}},{"id":"4164a7c9-c87d-4a61-9176-63a021771227","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":101,"box":{"x":59,"y":762,"width":860,"height":12}},{"id":"2a16123b-a747-4693-b21f-14865c5be806","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":101,"box":{"x":59,"y":777,"width":803,"height":13}},{"id":"bdf69199-69cc-4e8f-af8a-82061ebdc5bd","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":101,"box":{"x":60,"y":792,"width":861,"height":13}},{"id":"12af8d28-0b31-4e42-9df3-64d60691b567","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":101,"box":{"x":60,"y":807,"width":845,"height":13}},{"id":"0a87723f-20e2-4b75-b5c9-d4e9b5f4055a","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":101,"box":{"x":59,"y":823,"width":835,"height":12}},{"id":"75bf902d-67d8-47d4-b70c-e71ce4264949","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":101,"box":{"x":59,"y":838,"width":812,"height":12}},{"id":"1cb30433-1220-4fab-b9ce-1b2db3d3e052","block_type":"box","text":"e.g","page_number":101,"box":{"x":872,"y":841,"width":20,"height":9}},{"id":"72b4443b-62ae-484d-b7fd-3df89f66bfeb","block_type":"box","text":".,","page_number":101,"box":{"x":893,"y":846,"width":6,"height":3}},{"id":"fddf2e41-1501-42e3-b2fa-d3192d495974","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":101,"box":{"x":60,"y":853,"width":848,"height":12}},{"id":"9c6c7b9f-61f2-477c-bfe9-0acb75a01139","block_type":"box","text":"ownership restrictions (","page_number":101,"box":{"x":59,"y":868,"width":165,"height":12}},{"id":"715a6865-11f7-4a3d-a996-0d70558b4ea4","block_type":"box","text":"e.g","page_number":101,"box":{"x":226,"y":871,"width":20,"height":9}},{"id":"fd6984dd-e50a-42c0-b0c9-58c0a8d9b505","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":101,"box":{"x":247,"y":868,"width":688,"height":12}},{"id":"71712e0e-ca96-4fd0-86a7-4abb7829b92b","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":101,"box":{"x":60,"y":883,"width":857,"height":12}},{"id":"58d0dcd9-2a0d-4e88-938a-b1350d8d7cbc","block_type":"box","text":"92","page_number":101,"box":{"x":491,"y":916,"width":16,"height":9}},{"id":"515c7ae2-0337-462d-a5ee-07c40138ea85","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":102,"box":{"x":59,"y":67,"width":815,"height":12}},{"id":"5b50598c-01ef-4a38-b3d8-4429fcc6bc15","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":102,"box":{"x":59,"y":82,"width":865,"height":12}},{"id":"48c6863c-09de-41ab-a5f4-924542115547","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":102,"box":{"x":59,"y":97,"width":846,"height":12}},{"id":"e5459f62-962a-4412-baa2-898e27e03407","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":102,"box":{"x":60,"y":112,"width":812,"height":12}},{"id":"1f27c544-9658-45d5-9511-04877aa21d69","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":102,"box":{"x":60,"y":127,"width":389,"height":12}},{"id":"de406765-0926-433a-ae2b-cd526d6f9ba5","block_type":"box","text":"e.g","page_number":102,"box":{"x":451,"y":130,"width":20,"height":9}},{"id":"9025fde1-e546-428c-bb08-3a000de8b23b","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":102,"box":{"x":472,"y":127,"width":450,"height":12}},{"id":"e12f3d2b-6eef-4a9d-84c7-b5de3a267873","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":102,"box":{"x":59,"y":142,"width":855,"height":13}},{"id":"d0efa389-dae2-48ca-a607-476c1abac059","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":102,"box":{"x":59,"y":157,"width":875,"height":13}},{"id":"863ec1d1-a4cf-470a-a187-87c33133f944","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":102,"box":{"x":60,"y":172,"width":866,"height":13}},{"id":"67f402a7-c36c-4cbb-9255-a44b5cd5263c","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":102,"box":{"x":59,"y":188,"width":832,"height":12}},{"id":"d142629c-114d-4045-932e-da7ce50e427c","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":102,"box":{"x":60,"y":203,"width":853,"height":12}},{"id":"05088593-bfe4-4b06-981d-463bd0db73a6","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":102,"box":{"x":60,"y":218,"width":546,"height":12}},{"id":"5e4ceff9-c294-4321-8609-5e13986b8659","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":102,"box":{"x":60,"y":244,"width":858,"height":13}},{"id":"2e5da2b3-2050-442d-b337-78e7b932f357","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":102,"box":{"x":60,"y":259,"width":877,"height":13}},{"id":"e698fb4a-8e13-4133-8968-1e0a37f21273","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":102,"box":{"x":59,"y":274,"width":794,"height":13}},{"id":"a5c09546-b501-438e-adf7-eff60e3acf75","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":102,"box":{"x":59,"y":290,"width":829,"height":12}},{"id":"0b0bcc57-6c34-4483-a4e2-668d743d4262","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":102,"box":{"x":60,"y":305,"width":851,"height":12}},{"id":"fb396e8c-ef39-4e15-8b5b-1e3354eeb513","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":102,"box":{"x":60,"y":320,"width":876,"height":12}},{"id":"e9d7738c-e4ab-4eb1-a933-b8c905911f53","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":102,"box":{"x":60,"y":335,"width":810,"height":12}},{"id":"1504330f-06d9-41c3-b905-ef2a3f4f92df","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":102,"box":{"x":59,"y":350,"width":835,"height":12}},{"id":"5f6effb0-35a5-4756-a629-9f434e3aaa97","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":102,"box":{"x":60,"y":365,"width":841,"height":13}},{"id":"d05d3e9f-ef5a-4898-b45f-95bbc85f01c0","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":102,"box":{"x":60,"y":380,"width":873,"height":13}},{"id":"56e311c4-3d9a-43d9-b0a0-e2298ba3ef7e","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":102,"box":{"x":59,"y":395,"width":875,"height":13}},{"id":"bfc390bd-f39c-47c2-8320-1e75271f9e05","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":102,"box":{"x":59,"y":411,"width":878,"height":12}},{"id":"76ff5ebb-2fb4-4f91-b579-e0b0f5da6faa","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":102,"box":{"x":59,"y":426,"width":812,"height":12}},{"id":"c0361a76-0329-4169-9956-0468171de858","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":102,"box":{"x":59,"y":452,"width":866,"height":12}},{"id":"77752ae7-3c1b-47a5-af66-d551432869d8","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":102,"box":{"x":59,"y":467,"width":840,"height":13}},{"id":"adba981a-060b-4722-abe3-621714709726","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":102,"box":{"x":59,"y":482,"width":868,"height":13}},{"id":"b5d276eb-efdd-4b78-a7df-6cbcbb50e5a4","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":102,"box":{"x":60,"y":497,"width":829,"height":13}},{"id":"5fdb2fb8-adeb-425f-8c00-ac808c97c242","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":102,"box":{"x":59,"y":513,"width":877,"height":12}},{"id":"270b9abb-719d-4fd8-aba0-836b8175b01f","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":102,"box":{"x":59,"y":528,"width":869,"height":12}},{"id":"2e6a39f9-6a73-49af-b538-3ec5493dbc02","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":102,"box":{"x":59,"y":543,"width":880,"height":12}},{"id":"700d00ba-bddc-403a-8270-6528de1ed7c4","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":102,"box":{"x":59,"y":558,"width":863,"height":12}},{"id":"f2861297-6197-4f40-a48b-27f21e47067f","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":102,"box":{"x":59,"y":573,"width":874,"height":12}},{"id":"c278aec0-c469-47e3-9cd3-ca986c084718","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":102,"box":{"x":59,"y":588,"width":869,"height":13}},{"id":"e6af53d0-8765-4e3c-be44-2a1abc956b78","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":102,"box":{"x":59,"y":603,"width":874,"height":13}},{"id":"b438acae-13bd-44ce-a77a-e976636370b9","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":102,"box":{"x":59,"y":618,"width":840,"height":13}},{"id":"48174a32-5c93-4cf9-ad75-f2faf1552377","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":102,"box":{"x":60,"y":634,"width":871,"height":12}},{"id":"d3b0f2f5-f94a-4f79-bb29-deb7f3e0e648","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":102,"box":{"x":60,"y":649,"width":817,"height":12}},{"id":"4d6d58ba-78e3-4050-9582-cc6cc7899874","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":102,"box":{"x":60,"y":664,"width":613,"height":12}},{"id":"0aa117d5-9f1a-4800-91ff-eb198fd31f5f","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":102,"box":{"x":59,"y":690,"width":862,"height":13}},{"id":"11329531-2e0f-4c0c-8971-18bdfaae0557","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":102,"box":{"x":59,"y":705,"width":815,"height":13}},{"id":"e59070e2-b8eb-48fc-beac-47a5e8675d57","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":102,"box":{"x":59,"y":720,"width":481,"height":13}},{"id":"a29673af-a372-4add-ad5f-ab93078205ae","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":102,"box":{"x":60,"y":747,"width":872,"height":12}},{"id":"544d2ba9-753a-4323-a730-702268c6b2e3","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":102,"box":{"x":59,"y":762,"width":879,"height":12}},{"id":"cd6e9ac4-2be9-4a79-8d31-ce90e7c0d7f9","block_type":"box","text":"to such security or asset.","page_number":102,"box":{"x":59,"y":777,"width":173,"height":13}},{"id":"ef989225-4e1e-4be7-89af-658cb7b22f87","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":102,"box":{"x":60,"y":804,"width":710,"height":12}},{"id":"3f38b1ff-365c-45d0-9eb7-4d46cc073dd3","block_type":"box","text":"Under an ETF Services Agreement, the Fund has, when applicable, retained BRIL, an affiliate of BFA, to perform certain order","page_number":102,"box":{"x":60,"y":830,"width":867,"height":12}},{"id":"bf008c7a-3d92-428f-b5d8-164620501593","block_type":"box","text":"processing, Authorized Participant communications, and related services in connection with the issuance and redemption of","page_number":102,"box":{"x":59,"y":845,"width":873,"height":13}},{"id":"bfa7e7f1-ffa6-4ebf-82f8-10426bdb3e7e","block_type":"box","text":"Creation Units of the Funds (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide","page_number":102,"box":{"x":59,"y":860,"width":839,"height":13}},{"id":"f974fb4d-0626-45b6-a652-aed1813fbc02","block_type":"box","text":"certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each","page_number":102,"box":{"x":59,"y":875,"width":846,"height":13}},{"id":"310407c9-5f5c-4a8e-9122-4744a2f15b82","block_type":"box","text":"93","page_number":102,"box":{"x":491,"y":916,"width":15,"height":9}},{"id":"37edfcbb-04a9-4a31-8093-4a3416147f28","block_type":"box","text":"creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and","page_number":103,"box":{"x":59,"y":67,"width":877,"height":12}},{"id":"f23161fe-1c99-483b-a594-ffc8ef151757","block_type":"box","text":"received payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and from time to","page_number":103,"box":{"x":60,"y":82,"width":874,"height":12}},{"id":"e3fbd6f1-504b-4520-9752-ed9633efd5a6","block_type":"box","text":"time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":103,"box":{"x":59,"y":97,"width":708,"height":12}},{"id":"b0ae3865-2d6d-41f7-b4cf-4e79a1ab8144","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Funds may collect certain fees","page_number":103,"box":{"x":60,"y":123,"width":866,"height":13}},{"id":"724ed112-9379-468b-80e7-1488fc5ff911","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. While","page_number":103,"box":{"x":59,"y":138,"width":809,"height":13}},{"id":"a462f7c7-7581-4422-a40b-aac84cab7d0d","block_type":"box","text":"BlackRock uses good faith estimates of the expected costs to the Funds in determining the rates for fees collected by the","page_number":103,"box":{"x":60,"y":154,"width":844,"height":12}},{"id":"4f865d01-17a3-4a3d-a113-7ffd0d6f38e7","block_type":"box","text":"Funds related to creation and redemption activity, BlackRock may have incentives to improve Fund performance through the","page_number":103,"box":{"x":60,"y":169,"width":870,"height":12}},{"id":"3a5223f7-4c37-4ce4-b3bd-8ddb4320673d","block_type":"box","text":"collection of these fees. As these charges are based on estimates, where the charges exceed actual transaction-related costs","page_number":103,"box":{"x":59,"y":184,"width":870,"height":12}},{"id":"611608c7-7fdf-48c5-83f5-c2c038ce9d2a","block_type":"box","text":"and/or expenses incurred by a Fund, Fund performance could improve as a result. BlackRock has established processes to","page_number":103,"box":{"x":59,"y":199,"width":855,"height":12}},{"id":"92a96466-6e44-431b-addb-7456222808dd","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":103,"box":{"x":59,"y":214,"width":566,"height":12}},{"id":"247b8e1b-9dfd-4f22-9c0c-6d2ee4a9b286","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to license and use","page_number":103,"box":{"x":60,"y":240,"width":877,"height":13}},{"id":"e3706b0a-9e94-4eea-bd53-505b4b336ea2","block_type":"box","text":"such indices as part of their investment strategy. Index based funds that seek to track the performance of securities indices","page_number":103,"box":{"x":59,"y":256,"width":860,"height":12}},{"id":"5261bc22-f4c0-4f51-a7d2-b4dfd1f19fc6","block_type":"box","text":"also may use the name of the index or index provider in the fund name. Index providers, including BlackRock (to the extent","page_number":103,"box":{"x":59,"y":271,"width":861,"height":12}},{"id":"8840de38-edca-4a0d-9362-4746520de732","block_type":"box","text":"permitted by applicable law), may be paid licensing fees for use of their index or index name. In instances where BlackRock","page_number":103,"box":{"x":59,"y":286,"width":860,"height":12}},{"id":"043fea3d-3617-43c3-9ec2-89e25ad4f77f","block_type":"box","text":"charges a unitary management fee, BlackRock may have a financial incentive to use a BlackRock index that is less costly to","page_number":103,"box":{"x":59,"y":301,"width":857,"height":12}},{"id":"323ba1f8-df8c-4613-9bf5-c733ae807e7f","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":103,"box":{"x":60,"y":316,"width":846,"height":12}},{"id":"3962eddd-19e9-458d-9787-c0d4cde38504","block_type":"box","text":"acceptance in the marketplace for such indices. BlackRock is not obligated to license its indices to a Fund and the Funds are","page_number":103,"box":{"x":59,"y":331,"width":867,"height":13}},{"id":"9b31723b-c6e6-4deb-9033-00f41ea187e4","block_type":"box","text":"under no obligation to use BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured","page_number":103,"box":{"x":60,"y":346,"width":852,"height":13}},{"id":"49ad1f0e-9f45-479c-9073-68f0d6367fff","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":103,"box":{"x":59,"y":361,"width":875,"height":13}},{"id":"716dbba8-a969-48bc-b9f7-a8d02c7c6e49","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":103,"box":{"x":60,"y":388,"width":681,"height":12}},{"id":"dac37a4f-35b2-4f02-8477-4ecb48de67b0","block_type":"box","text":"e.g","page_number":103,"box":{"x":742,"y":391,"width":20,"height":9}},{"id":"56fe5022-e79b-45fc-b7d9-2b1b0e2ea5f7","block_type":"box","text":"., custodians,","page_number":103,"box":{"x":763,"y":388,"width":90,"height":11}},{"id":"cf819e57-a5a9-4243-8a3b-742289ed672a","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":103,"box":{"x":59,"y":403,"width":847,"height":12}},{"id":"6166eb9a-8611-4100-bb0c-2e8f745ceef6","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":103,"box":{"x":60,"y":418,"width":852,"height":12}},{"id":"47434155-c0f5-431f-9ef0-b5b0dd761a9c","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":103,"box":{"x":59,"y":433,"width":859,"height":13}},{"id":"6d029855-2284-4ab4-afe3-78770574de0e","block_type":"box","text":"with respect to a Fund. To the extent that BlackRock is responsible for paying service providers out of its fees that it receives","page_number":103,"box":{"x":59,"y":448,"width":866,"height":13}},{"id":"cdab672b-b4a2-428d-8e52-9294cc04dec5","block_type":"box","text":"from the Funds, the benefits of lower fees, including any fee discounts or concessions, or any additional savings, may accrue,","page_number":103,"box":{"x":59,"y":463,"width":874,"height":13}},{"id":"32813fbc-4dbd-4046-8d9d-c434667e269d","block_type":"box","text":"in whole or in part, to BlackRock, which could result in conflicts of interest relating to the use or termination of service","page_number":103,"box":{"x":60,"y":479,"width":825,"height":12}},{"id":"e1fbb853-63bc-43c1-ae20-ef760cbcd281","block_type":"box","text":"providers to a Fund. In addition, conflicts of interest may arise with respect to contractual arrangements with third-party","page_number":103,"box":{"x":59,"y":494,"width":843,"height":12}},{"id":"1198c0c2-a5d3-4be8-9485-b0ed571bdbf3","block_type":"box","text":"service providers to a Fund, or the selection of such providers, particularly in circumstances where BlackRock is negotiating","page_number":103,"box":{"x":59,"y":509,"width":862,"height":12}},{"id":"8ffe8ebd-daa7-4472-97de-83402400d23f","block_type":"box","text":"on behalf of both funds that have a unitary management fee and those that do not or different service providers have","page_number":103,"box":{"x":59,"y":524,"width":820,"height":12}},{"id":"f464dc2f-ee9c-4bdd-b839-27bb57b4f7c4","block_type":"box","text":"different fee structures.","page_number":103,"box":{"x":59,"y":539,"width":161,"height":10}},{"id":"85cf5f08-90df-49e8-a5aa-d875267327bd","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts by the","page_number":103,"box":{"x":59,"y":566,"width":818,"height":12}},{"id":"5f595724-e168-48b6-8db6-a83af19063e8","block_type":"box","text":"BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the appearance of","page_number":103,"box":{"x":60,"y":581,"width":852,"height":12}},{"id":"c5fbb33b-adeb-47d0-bb57-9f0749b69e53","block_type":"box","text":"actual or potential conflicts of interest because such differences could create pecuniary incentives for BlackRock to favor one","page_number":103,"box":{"x":59,"y":596,"width":873,"height":12}},{"id":"23d9c676-d21d-4767-ba54-2eb6e27cd025","block_type":"box","text":"client account over another.","page_number":103,"box":{"x":59,"y":611,"width":194,"height":10}},{"id":"a11db9cf-98a3-4f7e-b1e1-52d5151f387c","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/ or information","page_number":103,"box":{"x":60,"y":637,"width":833,"height":13}},{"id":"def85459-1f99-4327-ad38-30af361f6dd2","block_type":"box","text":"systems used by Fund service providers. These systems are, or will be, used by a Fund service provider in connection with the","page_number":103,"box":{"x":59,"y":652,"width":877,"height":13}},{"id":"5130cdc2-307c-405c-ae72-80564ca2582a","block_type":"box","text":"provision of services to accounts managed by BlackRock and funds managed and sponsored by BlackRock, including the","page_number":103,"box":{"x":59,"y":668,"width":846,"height":12}},{"id":"3bbdaba9-53fb-4cb9-be0e-b016e85e0075","block_type":"box","text":"Funds, that engage the service provider (typically the custodian). A Fund’s service provider remunerates BlackRock for the","page_number":103,"box":{"x":60,"y":683,"width":853,"height":12}},{"id":"1418ecbb-18fe-4526-bc56-a18cf4da25ca","block_type":"box","text":"use of the systems. A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":103,"box":{"x":60,"y":698,"width":807,"height":12}},{"id":"7110f2d2-8655-466e-b7c5-cedad0db1bc3","block_type":"box","text":"profitability of BlackRock.","page_number":103,"box":{"x":59,"y":713,"width":177,"height":12}},{"id":"d0a7999d-302f-4550-90e1-f119d5bfaf18","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":103,"box":{"x":60,"y":739,"width":863,"height":13}},{"id":"ae1b585b-2bc3-4737-a288-71da9eb97693","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":103,"box":{"x":59,"y":754,"width":811,"height":13}},{"id":"c476bc88-eeeb-46d5-bf0c-a39532aa376d","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":103,"box":{"x":60,"y":781,"width":861,"height":12}},{"id":"2e163dc1-26a1-4e1e-858d-06426ce19d4b","block_type":"box","text":"for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses","page_number":103,"box":{"x":59,"y":796,"width":845,"height":12}},{"id":"aa9e8443-e30a-4910-a2c7-be5d8b2ab22f","block_type":"box","text":"applicable to such client’s investment in a Fund.","page_number":103,"box":{"x":59,"y":811,"width":335,"height":13}},{"id":"03591cbd-f8eb-4803-985b-04fc506f9f52","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those described in this","page_number":103,"box":{"x":60,"y":838,"width":838,"height":12}},{"id":"21013bc5-8fcc-49fd-ad93-aef4c5280d89","block_type":"box","text":"section, may give rise to additional conflicts of interest.","page_number":103,"box":{"x":59,"y":853,"width":384,"height":12}},{"id":"e5400728-5c34-4a22-8e03-b5bb423e7e7c","block_type":"box","text":"94","page_number":103,"box":{"x":490,"y":916,"width":17,"height":9}},{"id":"ce78db2b-cb18-41a0-bdc2-dc0dac7c6faa","block_type":"box","text":"Investment Advisory, Administrative and","page_number":104,"box":{"x":62,"y":67,"width":676,"height":30}},{"id":"f3e1cdab-0c4f-4c92-b3ca-04bc63eb00b7","block_type":"box","text":"Distribution Services","page_number":104,"box":{"x":62,"y":97,"width":342,"height":24}},{"id":"1309cdf4-c51c-4d7f-a50d-7632009cfdc6","block_type":"box","text":"Investment Adviser.","page_number":104,"box":{"x":60,"y":138,"width":140,"height":10}},{"id":"a1d00e70-f672-400e-aa94-f2b419872ec6","block_type":"box","text":"BFA serves as investment adviser to each Fund pursuant to an investment advisory agreement between","page_number":104,"box":{"x":210,"y":138,"width":723,"height":13}},{"id":"88e72005-d979-43cf-8070-f3e97268a472","block_type":"box","text":"the Trust, on behalf of each Fund, and BFA. BFA is a California corporation and a consolidated subsidiary of BlackRock, Inc.","page_number":104,"box":{"x":59,"y":154,"width":857,"height":12}},{"id":"a2528f5a-6ad7-4673-830b-71c5ef7fd867","block_type":"box","text":"and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the investment","page_number":104,"box":{"x":59,"y":169,"width":851,"height":12}},{"id":"7d933e3f-8dde-4e2d-990c-45a920b86aa9","block_type":"box","text":"advisory agreement, BFA, subject to the supervision of the Board and in conformity with the stated investment policies of","page_number":104,"box":{"x":59,"y":184,"width":849,"height":12}},{"id":"d7531876-d134-4dc3-9710-2b1f61471531","block_type":"box","text":"each Fund, manages and administers the Trust and the investment of each Fund’s assets. BFA is responsible for placing","page_number":104,"box":{"x":59,"y":199,"width":836,"height":12}},{"id":"96d50182-7b8a-440b-8cb1-4b4d085b26a1","block_type":"box","text":"purchase and sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":104,"box":{"x":59,"y":214,"width":734,"height":12}},{"id":"f0fa74ff-93d6-4b5a-87c2-68dc56339d3d","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":104,"box":{"x":60,"y":240,"width":876,"height":13}},{"id":"77152002-6c4c-4a59-9a9f-4b2102b3264f","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":104,"box":{"x":60,"y":256,"width":850,"height":12}},{"id":"8ad16fa5-c4d2-44b4-9309-704b71530d55","block_type":"box","text":"advisory or other services with respect to a Fund. In addition, BFA may delegate certain of its investment advisory functions","page_number":104,"box":{"x":59,"y":271,"width":863,"height":12}},{"id":"f88ffed5-80ba-4653-ac5d-b164eaf87883","block_type":"box","text":"under the investment advisory agreement to one or more of its affiliates to the extent permitted by applicable law. BFA may","page_number":104,"box":{"x":60,"y":286,"width":861,"height":12}},{"id":"9eacc482-428e-4f4a-ae5c-6730a148faf7","block_type":"box","text":"terminate any or all sub-advisers or such delegation arrangements in its sole discretion upon appropriate notice at any time","page_number":104,"box":{"x":59,"y":301,"width":865,"height":12}},{"id":"c4e10e66-ce57-4ab9-a729-d8c689a2f646","block_type":"box","text":"to the extent permitted by applicable law.","page_number":104,"box":{"x":59,"y":316,"width":288,"height":12}},{"id":"d50674f1-06aa-42b2-a835-dda8f4c91b36","block_type":"box","text":"BFA is responsible, under the investment advisory agreement, for substantially all expenses of the Funds, including the cost","page_number":104,"box":{"x":60,"y":343,"width":862,"height":12}},{"id":"b2dfc041-2461-42f0-b257-feaa41f83fa5","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":104,"box":{"x":59,"y":358,"width":872,"height":12}},{"id":"958ef4ec-203e-42c8-96a9-da3704eda76a","block_type":"box","text":"bear, the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of","page_number":104,"box":{"x":60,"y":373,"width":848,"height":12}},{"id":"701951dd-0898-4ea4-a0ba-a00827fea476","block_type":"box","text":"portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or","page_number":104,"box":{"x":59,"y":388,"width":818,"height":12}},{"id":"a38686a7-bd70-4220-a512-d2d4c3244621","block_type":"box","text":"expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Independent Trustees).","page_number":104,"box":{"x":59,"y":403,"width":878,"height":12}},{"id":"85052e62-8bca-4790-b021-076c9010bb8b","block_type":"box","text":"The following describes the calculation of the management fee for each Fund whose management fee is subject to","page_number":104,"box":{"x":59,"y":429,"width":805,"height":13}},{"id":"d5c6ed46-1584-4fce-a9b1-7a6dea686ca9","block_type":"box","text":"breakpoints. The management fee for all Funds is set forth in the table that follows the description of breakpoints.","page_number":104,"box":{"x":60,"y":445,"width":796,"height":12}},{"id":"29233549-6efd-4060-90c9-a44a102a5054","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":104,"box":{"x":60,"y":471,"width":840,"height":12}},{"id":"a2343437-8022-4923-a53d-77e5a3b61a77","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":104,"box":{"x":59,"y":486,"width":876,"height":12}},{"id":"96d5e080-5c9d-440e-a22c-3fc50ecc9aaa","block_type":"box","text":"paid monthly by the Fund.","page_number":104,"box":{"x":59,"y":501,"width":183,"height":13}},{"id":"be818424-c97b-4fe6-a0a6-58f7f4c5416e","block_type":"box","text":"Fund","page_number":104,"box":{"x":60,"y":531,"width":27,"height":8}},{"id":"f1404566-d61e-4902-98bd-4ac378903fd5","block_type":"box","text":"Annual Rate","page_number":104,"box":{"x":868,"y":531,"width":70,"height":8}},{"id":"f7363333-cc6e-4330-82ae-81308e467977","block_type":"box","text":"iShares Asia 50 ETF","page_number":104,"box":{"x":60,"y":553,"width":136,"height":10}},{"id":"3c6f9fa2-6332-42e5-ae9d-e9f0b4d0fb60","block_type":"box","text":"0.50%","page_number":104,"box":{"x":889,"y":553,"width":44,"height":10}},{"id":"ec1c5745-e13e-4170-9510-515c873f7904","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":104,"box":{"x":60,"y":568,"width":228,"height":10}},{"id":"1271ea14-96d9-4f64-ae8d-0e0efce612be","block_type":"box","text":"0.47%","page_number":104,"box":{"x":890,"y":569,"width":43,"height":9}},{"id":"df9e7371-ba64-40e8-a4fe-c5de309747dc","block_type":"box","text":"iShares Copper and Metals Mining ETF","page_number":104,"box":{"x":60,"y":583,"width":270,"height":12}},{"id":"cec9ac62-8ef5-4aa3-a625-1baeb267d6fe","block_type":"box","text":"0.47%","page_number":104,"box":{"x":890,"y":584,"width":43,"height":9}},{"id":"d595df75-c83f-4481-9dc8-881b3dacd933","block_type":"box","text":"iShares Emerging Markets Infrastructure ETF 0.60%","page_number":104,"box":{"x":60,"y":598,"width":873,"height":13}},{"id":"d4fb2030-9576-4e2b-a775-7d2ff684903d","block_type":"box","text":"iShares Environmental Infrastructure and Industrials ETF 0.47%","page_number":104,"box":{"x":60,"y":613,"width":873,"height":10}},{"id":"cb826ef7-8977-4a36-985d-15dd9b0116f1","block_type":"box","text":"iShares Future AI & Tech ETF","page_number":104,"box":{"x":60,"y":628,"width":201,"height":10}},{"id":"f2be42a8-7fbd-475a-aafb-358e3aecfc1e","block_type":"box","text":"0.47%","page_number":104,"box":{"x":890,"y":629,"width":43,"height":9}},{"id":"b37171a4-6926-4947-91da-97a06e4794b5","block_type":"box","text":"iShares Future Metaverse Tech and Communications ETF 0.47%","page_number":104,"box":{"x":60,"y":644,"width":873,"height":9}},{"id":"d2654403-95a7-4774-b5ec-551f775254c5","block_type":"box","text":"iShares Global 100 ETF","page_number":104,"box":{"x":60,"y":659,"width":159,"height":9}},{"id":"71b72057-e0d9-4c47-b4c0-bacd917a3416","block_type":"box","text":"0.40%","page_number":104,"box":{"x":889,"y":659,"width":44,"height":9}},{"id":"409719d2-cf13-4780-9616-92f895aec33c","block_type":"box","text":"iShares India 50 ETF","page_number":104,"box":{"x":60,"y":674,"width":140,"height":10}},{"id":"5c4935b4-65a1-4251-a68d-41745603599f","block_type":"box","text":"0.65%","page_number":104,"box":{"x":889,"y":674,"width":44,"height":10}},{"id":"b1feaffd-3710-4ada-8cbf-608668379090","block_type":"box","text":"iShares International Dividend Growth ETF","page_number":104,"box":{"x":60,"y":689,"width":296,"height":10}},{"id":"71736f5d-d6d6-4980-bf07-a7f0febba4e8","block_type":"box","text":"0.15%","page_number":104,"box":{"x":890,"y":690,"width":43,"height":9}},{"id":"7cecf84d-a10a-4dab-83b3-48e303a1d080","block_type":"box","text":"iShares Lithium Miners and Producers ETF","page_number":104,"box":{"x":60,"y":704,"width":296,"height":10}},{"id":"90f3cf87-3f77-44a1-bf21-a256776c4870","block_type":"box","text":"0.47%","page_number":104,"box":{"x":890,"y":705,"width":43,"height":9}},{"id":"d5e77a5d-d577-4999-ae0a-1d28937c7984","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":104,"box":{"x":60,"y":737,"width":850,"height":12}},{"id":"2ab50ee6-171d-45bb-b366-0f9a1766cfff","block_type":"box","text":"accrued daily and typically paid monthly by the Fund. The investment advisory fee for each Fund equals the ratio of that","page_number":104,"box":{"x":59,"y":752,"width":839,"height":12}},{"id":"8166dd25-85b4-44db-8817-5be06719206d","block_type":"box","text":"Fund’s average daily net assets over the aggregate average daily net assets of the Fund and other Funds in the same fund","page_number":104,"box":{"x":60,"y":767,"width":848,"height":12}},{"id":"ebc0538a-6e88-45d2-bbd6-fe4916a2d132","block_type":"box","text":"group as indicated in each table below multiplied by the applicable assets in each tier then multiplied by the related tier rate","page_number":104,"box":{"x":59,"y":782,"width":864,"height":13}},{"id":"ca8b658f-6f61-4ca1-94db-fe6fcbb3ba9c","block_type":"box","text":"for the Fund indicated in the table. Only information that is applicable to a Fund is considered to form a part of that Fund’s","page_number":104,"box":{"x":59,"y":797,"width":857,"height":13}},{"id":"63746559-6f2a-4ddc-be40-95d25dbf7cc0","block_type":"box","text":"SAI.","page_number":104,"box":{"x":59,"y":813,"width":26,"height":9}},{"id":"5cee3697-0ef3-4854-825e-9c79d3b8e80a","block_type":"box","text":"95","page_number":104,"box":{"x":491,"y":916,"width":15,"height":9}},{"id":"cca21d22-8503-433c-87d1-011e084a9e40","block_type":"box","text":"Fund Group: iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Global Clean Energy ETF,","page_number":105,"box":{"x":65,"y":72,"width":820,"height":11}},{"id":"0cd32b76-0ab5-4d9e-a815-23d43859b73f","block_type":"box","text":"iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global","page_number":105,"box":{"x":65,"y":83,"width":861,"height":11}},{"id":"631aa506-2c48-41f8-81cf-f647afc980bc","block_type":"box","text":"Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure","page_number":105,"box":{"x":65,"y":95,"width":862,"height":11}},{"id":"accd772f-efdc-48e6-8965-3514cd4402e0","block_type":"box","text":"ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares","page_number":105,"box":{"x":65,"y":106,"width":856,"height":11}},{"id":"ac533928-788d-4529-afb2-02cc9e9e8cd2","block_type":"box","text":"North American Natural Resources ETF, iShares Semiconductor ETF and iShares U.S. Digital Infrastructure and Real Estate ETF","page_number":105,"box":{"x":65,"y":117,"width":818,"height":11}},{"id":"4244b1a8-89aa-4780-bd31-ab16d50e9ea2","block_type":"box","text":"Fund First $10 billion Greater than","page_number":105,"box":{"x":65,"y":137,"width":404,"height":10}},{"id":"03f1eff5-6953-4eaa-b326-c725c2b3ca07","block_type":"box","text":"$10 billion","page_number":105,"box":{"x":388,"y":149,"width":66,"height":9}},{"id":"0ce4f979-c90a-46b3-ad9a-0a8b6052f3bc","block_type":"box","text":"to $20 billion","page_number":105,"box":{"x":388,"y":160,"width":84,"height":10}},{"id":"852c3f33-02c6-43a0-bf95-d4e49f202498","block_type":"box","text":"Greater than","page_number":105,"box":{"x":499,"y":137,"width":81,"height":9}},{"id":"7ec62774-7908-4c41-ba00-40614730a2e6","block_type":"box","text":"$20 billion","page_number":105,"box":{"x":499,"y":149,"width":68,"height":9}},{"id":"a3040689-5bce-42ba-be3d-839253e262e6","block_type":"box","text":"to $30 billion","page_number":105,"box":{"x":499,"y":160,"width":85,"height":10}},{"id":"ab3b48ad-b9b4-4508-a0ec-b3c4a2ed2e43","block_type":"box","text":"Greater than","page_number":105,"box":{"x":610,"y":137,"width":81,"height":9}},{"id":"e5251a83-8519-40bc-9b4c-8e61122196f8","block_type":"box","text":"$30 billion to","page_number":105,"box":{"x":611,"y":149,"width":84,"height":9}},{"id":"3180c3c3-32c6-4f43-98ba-e886869bb1ef","block_type":"box","text":"$40 billion","page_number":105,"box":{"x":611,"y":160,"width":67,"height":10}},{"id":"22c03b45-7c41-4416-8d64-5191a5ff9b24","block_type":"box","text":"Greater than","page_number":105,"box":{"x":721,"y":137,"width":81,"height":9}},{"id":"250dbd46-da88-4533-845f-aef2160fb530","block_type":"box","text":"$40 billion to","page_number":105,"box":{"x":722,"y":149,"width":84,"height":9}},{"id":"b9d47df5-8a25-4c9d-b7b7-987714d33424","block_type":"box","text":"$100 billion","page_number":105,"box":{"x":722,"y":160,"width":74,"height":10}},{"id":"e3641e10-6142-4f0b-8b9d-c580bfff3b38","block_type":"box","text":"Greater than","page_number":105,"box":{"x":833,"y":137,"width":80,"height":9}},{"id":"46b5bd84-3bbf-4d2b-b70a-c0e3b8e487d0","block_type":"box","text":"$100 billion","page_number":105,"box":{"x":833,"y":149,"width":74,"height":9}},{"id":"3deab584-5bc5-4511-ba72-2f95afd3065d","block_type":"box","text":"iShares Expanded Tech","page_number":105,"box":{"x":65,"y":179,"width":160,"height":13}},{"id":"60b908cd-5857-4c0c-aae4-0b4724eb8c54","block_type":"box","text":"Sector ETF","page_number":105,"box":{"x":65,"y":195,"width":74,"height":9}},{"id":"3042efe8-3ac8-4cd5-b7ba-dc519e2ec29e","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":180,"width":634,"height":9}},{"id":"63018bb0-2c3d-4be4-a395-3bcef4c72ef2","block_type":"box","text":"iShares Expanded Tech","page_number":105,"box":{"x":65,"y":215,"width":166,"height":12}},{"id":"6893f956-206d-47dd-bbdf-2a78ee5328f0","block_type":"box","text":"Software Sector ETF","page_number":105,"box":{"x":65,"y":230,"width":141,"height":9}},{"id":"32962ac9-7f09-42d7-a72d-9729b4e30884","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":215,"width":634,"height":9}},{"id":"d7ee83c1-1574-438f-97ef-faaf25437a60","block_type":"box","text":"iShares Global Clean Energy","page_number":105,"box":{"x":65,"y":250,"width":195,"height":12}},{"id":"1474c441-97e2-4e84-898b-dbca0bac97db","block_type":"box","text":"ETF","page_number":105,"box":{"x":65,"y":266,"width":25,"height":9}},{"id":"12169c47-4b3e-4d0c-a4ce-ac9126eb1d52","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":250,"width":634,"height":10}},{"id":"e23de71d-61cd-43fe-a496-67b7b9bf066c","block_type":"box","text":"iShares Global Comm","page_number":105,"box":{"x":65,"y":285,"width":150,"height":10}},{"id":"8516d9e7-c523-405a-a339-657484774434","block_type":"box","text":"Services ETF","page_number":105,"box":{"x":65,"y":301,"width":87,"height":9}},{"id":"e46dc805-cd3c-4464-9d9a-04641c2f3061","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":286,"width":634,"height":9}},{"id":"ebc7f1a4-9a35-4724-90aa-30640d621dd4","block_type":"box","text":"iShares Global Consumer","page_number":105,"box":{"x":65,"y":320,"width":176,"height":10}},{"id":"003c7ea3-ed86-42d2-873a-6d2404f7aaff","block_type":"box","text":"Discretionary ETF","page_number":105,"box":{"x":65,"y":336,"width":123,"height":12}},{"id":"2a7feba6-d0dc-495a-a6ae-1b9d14f35b0e","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":321,"width":634,"height":9}},{"id":"9eb8cd56-03f2-49d1-adc3-a1dfb2a25dca","block_type":"box","text":"iShares Global Consumer","page_number":105,"box":{"x":65,"y":356,"width":176,"height":9}},{"id":"52537b4c-ff2a-41af-8ce8-22b79b70d7ec","block_type":"box","text":"Staples ETF","page_number":105,"box":{"x":65,"y":371,"width":80,"height":12}},{"id":"2c1b75c8-a031-4908-86e1-401c78a5b19e","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":356,"width":634,"height":9}},{"id":"7b52c3b1-7064-4ee6-871f-e93284ad72ac","block_type":"box","text":"iShares Global Energy ETF 0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":65,"y":391,"width":856,"height":12}},{"id":"b4685c97-2cb1-4bbc-a525-1c59d911f569","block_type":"box","text":"iShares Global Financials","page_number":105,"box":{"x":65,"y":411,"width":172,"height":10}},{"id":"77543431-de5d-472e-9895-ce8f704e1514","block_type":"box","text":"ETF","page_number":105,"box":{"x":65,"y":427,"width":25,"height":9}},{"id":"b5dcff74-52ae-4178-85f0-bfe713285f6a","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":412,"width":634,"height":9}},{"id":"af95cbd1-9cd8-418c-be27-4d29d8fefa8c","block_type":"box","text":"iShares Global Healthcare","page_number":105,"box":{"x":65,"y":446,"width":178,"height":10}},{"id":"d0d58186-e958-4c61-8bbe-35fefec2832e","block_type":"box","text":"ETF","page_number":105,"box":{"x":65,"y":462,"width":25,"height":9}},{"id":"44898183-9d41-40be-b65b-8b28d72116ea","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":447,"width":634,"height":9}},{"id":"3407544d-ebfd-4057-991b-a0d3945e05e4","block_type":"box","text":"iShares Global Industrials","page_number":105,"box":{"x":65,"y":482,"width":176,"height":9}},{"id":"28317e24-ceed-4372-920e-2cb1fdc266d5","block_type":"box","text":"ETF","page_number":105,"box":{"x":65,"y":498,"width":25,"height":8}},{"id":"0c589b03-f1ab-41de-a793-6a7b27dfbc1e","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":482,"width":634,"height":9}},{"id":"4691a69d-b8a8-4b12-b67c-165351ee62e5","block_type":"box","text":"iShares Global Infrastructure","page_number":105,"box":{"x":65,"y":517,"width":199,"height":10}},{"id":"e9739aca-dc0d-44ae-97be-0472ba430867","block_type":"box","text":"ETF","page_number":105,"box":{"x":65,"y":533,"width":25,"height":9}},{"id":"24644233-a01b-4bf5-919b-e6a5b227225b","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":518,"width":634,"height":9}},{"id":"2754b77e-65da-4799-b16c-3225bf03254b","block_type":"box","text":"iShares Global Materials ETF 0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":65,"y":552,"width":856,"height":10}},{"id":"e8afde70-1943-4673-83b7-2e05176d86de","block_type":"box","text":"iShares Global Tech ETF 0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":65,"y":572,"width":856,"height":10}},{"id":"f225df32-c761-4a26-ad35-a70240eab871","block_type":"box","text":"iShares Global Timber &","page_number":105,"box":{"x":65,"y":593,"width":167,"height":9}},{"id":"a753d671-c83e-4c78-bde8-75f07af73498","block_type":"box","text":"Forestry ETF","page_number":105,"box":{"x":65,"y":608,"width":86,"height":12}},{"id":"4336a8e9-1aeb-433a-bf8d-a1f570bdcd2e","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":593,"width":634,"height":9}},{"id":"785e7778-014e-4f91-bedf-741290f53405","block_type":"box","text":"iShares Global Utilities ETF 0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":65,"y":628,"width":856,"height":10}},{"id":"6fc33afd-8a13-49b6-ad68-2b8656e9615d","block_type":"box","text":"iShares North American","page_number":105,"box":{"x":65,"y":648,"width":166,"height":10}},{"id":"9d7bf7f3-daff-4b1b-a51a-6ff6babd14de","block_type":"box","text":"Natural Resources ETF","page_number":105,"box":{"x":65,"y":663,"width":157,"height":10}},{"id":"29edd189-7c6f-4842-b4a7-c0982496ccf7","block_type":"box","text":"0.480000% 0.430000% 0.380000% 0.342000% 0.307800% 0.292410%","page_number":105,"box":{"x":287,"y":649,"width":634,"height":9}},{"id":"a9256693-d2d4-4331-a47b-952628f6a77e","block_type":"box","text":"iShares Semiconductor ETF 0.350000% 0.350000% 0.350000% 0.342000% 0.307800% 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The Distributor is also licensed as a broker-dealer in all 50 U.S. states, as well as","page_number":113,"box":{"x":60,"y":244,"width":875,"height":13}},{"id":"887ec5b0-f886-4d4b-93ff-dbe9322024c1","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":113,"box":{"x":60,"y":259,"width":462,"height":13}},{"id":"9435de8d-50c4-4bcd-aa92-5ba7cfa66e0f","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":113,"box":{"x":59,"y":286,"width":829,"height":12}},{"id":"051ead58-4bb4-4511-bc17-5a5e380ec650","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":113,"box":{"x":59,"y":301,"width":841,"height":12}},{"id":"0d9f7a15-fbea-4623-86e9-48f890b7b0cd","block_type":"box","text":"Trustees, or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the relevant Fund.","page_number":113,"box":{"x":59,"y":316,"width":861,"height":12}},{"id":"1f50373a-eaa4-4332-9fab-4099e926a63a","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":113,"box":{"x":59,"y":331,"width":810,"height":13}},{"id":"571a0088-d593-4da7-a58c-c6278467b2fa","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":113,"box":{"x":59,"y":358,"width":847,"height":12}},{"id":"974345d4-3998-4a40-a942-e7495c5c5853","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":113,"box":{"x":59,"y":373,"width":819,"height":12}},{"id":"cd4a10fe-1e28-48fb-99e6-9e060c85099f","block_type":"box","text":"participants and/or investor services organizations.","page_number":113,"box":{"x":59,"y":388,"width":358,"height":12}},{"id":"3a78d374-dca8-4238-9633-ff5712d33d23","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":113,"box":{"x":60,"y":414,"width":846,"height":13}},{"id":"863b9138-27a7-44a1-af28-b3d91a50e0de","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":113,"box":{"x":60,"y":429,"width":742,"height":13}},{"id":"3d0467d3-5a82-43cb-8d29-5688d571999a","block_type":"box","text":"Securities Lending.","page_number":113,"box":{"x":59,"y":456,"width":136,"height":12}},{"id":"0441da48-1084-4c69-8c32-56d6181e4c9b","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":113,"box":{"x":204,"y":456,"width":681,"height":12}},{"id":"9a870c7f-0307-4099-a868-ccdd56bad361","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":113,"box":{"x":59,"y":471,"width":872,"height":12}},{"id":"2cc6a5ef-9b78-4c9e-9d02-6accf975ba3e","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":113,"box":{"x":60,"y":486,"width":591,"height":12}},{"id":"d5fab3c4-8af0-468a-881b-61ee154e4c8d","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":113,"box":{"x":60,"y":513,"width":875,"height":12}},{"id":"784ee85c-aa98-4eb3-ae13-87d2c12b72ba","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":113,"box":{"x":59,"y":528,"width":833,"height":12}},{"id":"43283146-660d-4743-9c16-8a55aee7966e","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":113,"box":{"x":60,"y":543,"width":874,"height":12}},{"id":"c39811d6-106e-4da6-88c6-a03499869a7c","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":113,"box":{"x":59,"y":558,"width":845,"height":12}},{"id":"2704a3a7-4e40-4eff-a237-0855ad14994f","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":113,"box":{"x":60,"y":573,"width":859,"height":12}},{"id":"c0de76ae-a643-4788-9a3c-d85a27ef82df","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":113,"box":{"x":59,"y":588,"width":875,"height":13}},{"id":"55ad71c9-551d-47e6-9855-c5e497b4f128","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":113,"box":{"x":60,"y":603,"width":820,"height":13}},{"id":"e690ce79-3efe-414a-8fff-ea342d938fd1","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":113,"box":{"x":60,"y":618,"width":846,"height":13}},{"id":"2ac4491f-e3a0-4263-b545-c95cc8525358","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":113,"box":{"x":60,"y":634,"width":357,"height":12}},{"id":"5be9fc33-d29d-4b06-9089-3190219d2c43","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":113,"box":{"x":59,"y":660,"width":841,"height":12}},{"id":"96954130-f2ff-404a-a0c1-c9a91685f9d8","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":113,"box":{"x":59,"y":675,"width":859,"height":12}},{"id":"1c50d6a0-9b84-49ce-ab3b-74d5139aeca5","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":113,"box":{"x":59,"y":690,"width":843,"height":13}},{"id":"ab1d3d96-2832-4a73-9851-f1c6c5751cf3","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":113,"box":{"x":59,"y":705,"width":868,"height":13}},{"id":"9ef78e52-4efc-4f99-aab0-98e13a9af268","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":113,"box":{"x":59,"y":720,"width":866,"height":13}},{"id":"3043ac5e-946f-4eec-b96d-88f46fcf1e3b","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":113,"box":{"x":59,"y":736,"width":415,"height":12}},{"id":"aa63d7f7-7c85-45d4-bb35-a90c18862006","block_type":"box","text":"i.e","page_number":113,"box":{"x":475,"y":737,"width":15,"height":8}},{"id":"63b62387-fdb9-43a9-95f3-0c2f4d3ddf20","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":113,"box":{"x":491,"y":736,"width":428,"height":12}},{"id":"d6dff63e-0a88-47bd-a1c5-932de33f300c","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":113,"box":{"x":59,"y":751,"width":879,"height":12}},{"id":"2ab871ba-fac3-45e6-a78f-690f3a5503a1","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":113,"box":{"x":59,"y":766,"width":861,"height":12}},{"id":"f56b8f79-2302-4100-82e3-191dd36124d8","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":113,"box":{"x":59,"y":781,"width":841,"height":12}},{"id":"3ec028e7-5456-4cb1-b32a-6703e1117a28","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":113,"box":{"x":59,"y":796,"width":831,"height":12}},{"id":"3055ee2d-f8a5-4ccb-9db6-d762720d142f","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":113,"box":{"x":60,"y":811,"width":835,"height":13}},{"id":"7d22e4c0-76d1-46d2-b747-4ef423cc5a60","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":113,"box":{"x":60,"y":826,"width":464,"height":13}},{"id":"cbbe6d18-2fc8-405d-93ff-0e0229616bec","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":113,"box":{"x":60,"y":853,"width":871,"height":12}},{"id":"97b363bb-bf8c-4cd9-ba18-9e330ee14193","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":113,"box":{"x":59,"y":868,"width":878,"height":12}},{"id":"2b74684e-dbef-4ac8-a033-b902a732eccf","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Trust and BTC.","page_number":113,"box":{"x":59,"y":883,"width":686,"height":12}},{"id":"01c2454b-81c6-4f71-b91b-1c7a5d5c7762","block_type":"box","text":"104","page_number":113,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"67f0eca2-6d37-46db-a618-8a5bbab21301","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":114,"box":{"x":60,"y":67,"width":439,"height":12}},{"id":"8477a495-1228-4529-820d-57c441c1aa09","block_type":"box","text":"(i) domestic equity funds, such as the iShares Blockchain and Tech ETF, iShares Global 100 ETF, iShares Global Comm","page_number":114,"box":{"x":60,"y":93,"width":820,"height":12}},{"id":"c2d7a71d-e62a-40f9-8dea-0e78b60a0742","block_type":"box","text":"Services ETF, iShares Global Healthcare ETF and iShares Global Tech ETF (“Domestic Equity Funds”), retain 81% of securities","page_number":114,"box":{"x":59,"y":108,"width":870,"height":13}},{"id":"7666f02b-8178-4d0e-a651-bab7c5d18c69","block_type":"box","text":"lending income (which excludes collateral investment fees) and (ii) this amount could never be less than 70% of the sum of","page_number":114,"box":{"x":60,"y":123,"width":867,"height":13}},{"id":"c7a0ec1f-72ac-4c2f-b15c-da113ac2be5a","block_type":"box","text":"securities lending income plus collateral investment fees.","page_number":114,"box":{"x":59,"y":138,"width":398,"height":13}},{"id":"9503ee2b-6fa2-45f0-b32c-37040a840fb8","block_type":"box","text":"(i) international equity funds, such as all Funds other than the iShares Blockchain and Tech ETF, iShares Global 100 ETF,","page_number":114,"box":{"x":60,"y":165,"width":834,"height":12}},{"id":"1d73a5c3-1eac-4995-a638-c42c24f9e1cf","block_type":"box","text":"iShares Global Comm Services ETF, iShares Global Healthcare ETF and iShares Global Tech ETF (“International Equity Funds”),","page_number":114,"box":{"x":60,"y":180,"width":878,"height":12}},{"id":"0d91647c-a50d-4ad7-bbed-2ea34d708430","block_type":"box","text":"retain 82% of securities lending income (which excludes collateral investment fees), and (ii) this amount can never be less","page_number":114,"box":{"x":60,"y":195,"width":854,"height":12}},{"id":"b81d5571-adb7-46cd-a8fd-da2f4b009915","block_type":"box","text":"than 70% of the sum of securities lending income plus collateral investment fees.","page_number":114,"box":{"x":59,"y":210,"width":569,"height":13}},{"id":"d2ebed94-12aa-438d-9489-3c1e756abfc0","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":114,"box":{"x":60,"y":237,"width":863,"height":12}},{"id":"c4bbfb6c-2a04-4ad5-b87e-18933364342a","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in the","page_number":114,"box":{"x":59,"y":252,"width":679,"height":12}},{"id":"6468a824-e2b9-400b-a106-1cfc8ec070ca","block_type":"box","text":"Management — Trustees","page_number":114,"box":{"x":742,"y":252,"width":179,"height":12}},{"id":"721ad668-1aa9-4c15-b6e6-3ec7bbb682fe","block_type":"box","text":"and Officers","page_number":114,"box":{"x":59,"y":267,"width":84,"height":11}},{"id":"82b23d80-2565-4f26-b8d7-5086c3061115","block_type":"box","text":"section of this SAI) in a calendar year exceeds specified thresholds, each applicable Fund, pursuant to the","page_number":114,"box":{"x":148,"y":267,"width":737,"height":12}},{"id":"960ccf62-4730-43fb-a797-b6d170f20f71","block_type":"box","text":"current Securities Lending Agency Agreement, will receive for the remainder of that calendar year securities lending income","page_number":114,"box":{"x":59,"y":282,"width":867,"height":12}},{"id":"37778f22-95d8-4a0d-9f68-5af70bd728a0","block_type":"box","text":"as follows:","page_number":114,"box":{"x":59,"y":297,"width":72,"height":10}},{"id":"54d4f103-37f2-4068-93d9-276dcc0b56a0","block_type":"box","text":"Domestic Equity Funds","page_number":114,"box":{"x":59,"y":324,"width":158,"height":12}},{"id":"2239ee49-d590-4795-a22d-33d17b28c68a","block_type":"box","text":"(i) 84% of securities lending income (which excludes collateral investment fees); and (ii) this amount can never be less than","page_number":114,"box":{"x":60,"y":350,"width":866,"height":12}},{"id":"cad615c1-7da0-47de-8d87-fb9ea42284d9","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":114,"box":{"x":59,"y":365,"width":533,"height":13}},{"id":"96ff899b-4127-4222-bd4c-0d1123bafcef","block_type":"box","text":"International Equity Funds","page_number":114,"box":{"x":59,"y":392,"width":182,"height":12}},{"id":"da60a59e-85d7-49ca-8067-92d38b6e710f","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":114,"box":{"x":60,"y":418,"width":865,"height":12}},{"id":"24821492-9f72-4a1d-9863-a82288c6a07b","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":114,"box":{"x":59,"y":433,"width":533,"height":13}},{"id":"f8aa8ea1-edd4-48c5-9d53-f2cb18e48095","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended March 31, 2026 primarily included the","page_number":114,"box":{"x":59,"y":460,"width":821,"height":12}},{"id":"386172f5-528e-45fc-a163-7b239b3fee83","block_type":"box","text":"following:","page_number":114,"box":{"x":59,"y":475,"width":67,"height":12}},{"id":"29fb6fe4-7989-4461-8548-b613da36c746","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":114,"box":{"x":79,"y":501,"width":818,"height":13}},{"id":"1b8afcda-06a0-4116-8ff6-d7f7ccb050c8","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":114,"box":{"x":79,"y":516,"width":317,"height":12}},{"id":"f433e71a-dd27-4702-8bd4-268f069dc18f","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":114,"box":{"x":79,"y":543,"width":520,"height":12}},{"id":"03091f3f-4d52-4d8a-82c0-5076669f6e18","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":114,"box":{"x":79,"y":569,"width":315,"height":13}},{"id":"52834899-9b80-446e-ab7b-3b302c69f6f9","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":114,"box":{"x":79,"y":596,"width":837,"height":12}},{"id":"26cbd966-c7b8-4b5f-958d-3c175926c82c","block_type":"box","text":"excess collateral, as necessary;","page_number":114,"box":{"x":79,"y":611,"width":214,"height":12}},{"id":"c770f267-4e31-4c38-92af-f066cc52c004","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":114,"box":{"x":79,"y":637,"width":544,"height":13}},{"id":"d25cfae6-c465-48bf-ae64-16521d802cc6","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":114,"box":{"x":79,"y":664,"width":652,"height":12}},{"id":"55dc6889-f559-469f-bc09-7947f95729f1","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":114,"box":{"x":79,"y":690,"width":822,"height":13}},{"id":"7a1c8679-f3dc-4edf-8a58-4d258142f131","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":114,"box":{"x":79,"y":705,"width":840,"height":13}},{"id":"79f0879f-9061-4609-9748-67c6eedca9d6","block_type":"box","text":"securities; and","page_number":114,"box":{"x":79,"y":720,"width":99,"height":12}},{"id":"c2c248ba-f25c-4fef-92a7-beca13ee3113","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":114,"box":{"x":79,"y":747,"width":793,"height":12}},{"id":"acd9c5d8-6405-4d27-a234-d8ce9bab8df5","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":114,"box":{"x":59,"y":773,"width":877,"height":13}},{"id":"897be038-d43a-42f6-9190-736806714255","block_type":"box","text":"each Fund during its most recent fiscal year ended March 31, 2026.","page_number":114,"box":{"x":59,"y":788,"width":470,"height":13}},{"id":"fa14473e-0794-40f7-affc-b5328f9e0457","block_type":"box","text":"Fund iShares Asia 50 ETF","page_number":114,"box":{"x":60,"y":828,"width":358,"height":8}},{"id":"882051aa-7797-4de3-9fe9-1fc512991984","block_type":"box","text":"iShares Blockchain","page_number":114,"box":{"x":468,"y":818,"width":107,"height":8}},{"id":"369da2df-abc9-4e61-96cb-b4118e88bf93","block_type":"box","text":"and Tech ETF","page_number":114,"box":{"x":483,"y":828,"width":77,"height":8}},{"id":"a73bb816-dae6-40f7-8d1c-65ce183afbc2","block_type":"box","text":"iShares Copper and","page_number":114,"box":{"x":626,"y":818,"width":112,"height":10}},{"id":"c59d0039-e5ab-416a-9237-9e588562b511","block_type":"box","text":"Metals Mining ETF","page_number":114,"box":{"x":629,"y":828,"width":106,"height":10}},{"id":"cd5c2653-0252-4ac1-bd42-7368fc640371","block_type":"box","text":"iShares Emerging Markets","page_number":114,"box":{"x":788,"y":818,"width":150,"height":10}},{"id":"7ba73f43-cd96-4ff8-8086-9cc90928e022","block_type":"box","text":"Infrastructure 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The same conflicts of interest and financial incentives exist with","page_number":121,"box":{"x":59,"y":539,"width":874,"height":12}},{"id":"3a30b193-be0c-4a7b-9a99-dcb8e23e14b2","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":121,"box":{"x":60,"y":554,"width":798,"height":13}},{"id":"2c01a173-4a98-4152-9822-c86051b8d730","block_type":"box","text":"Intermediary firm.","page_number":121,"box":{"x":60,"y":569,"width":124,"height":13}},{"id":"fcccc291-c26b-4694-aa1b-d6147e18153b","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":121,"box":{"x":60,"y":596,"width":802,"height":12}},{"id":"3c21e55c-c3a3-4f99-a97b-1669b9be5b02","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":121,"box":{"x":60,"y":611,"width":812,"height":12}},{"id":"7175dcc1-ebd4-47fb-8466-a1cb03c8cd78","block_type":"box","text":"Intermediaries. BlackRock may configure these tools and calculators and localize the content for Intermediaries as part of its","page_number":121,"box":{"x":60,"y":626,"width":867,"height":12}},{"id":"bba730b4-3826-423c-aee9-eacb693be9f3","block_type":"box","text":"customary digital marketing support and promotion of the Fund or other Products.","page_number":121,"box":{"x":59,"y":641,"width":581,"height":12}},{"id":"f6342a34-e8f4-4de8-a238-03afa67fccea","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":121,"box":{"x":59,"y":668,"width":862,"height":12}},{"id":"aae9d2c0-3be4-48c1-a8b0-245236f49fe0","block_type":"box","text":"Costs or Publishing Costs) to one Intermediary, Fidelity Brokerage Services LLC (“FBS”). Effective June 4, 2016, this","page_number":121,"box":{"x":59,"y":683,"width":795,"height":12}},{"id":"825f4271-b3e9-4e66-b948-319e8e1b22a1","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":121,"box":{"x":60,"y":698,"width":847,"height":12}},{"id":"72640d2f-d961-4c9c-b1d0-61f7fd47d540","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":121,"box":{"x":60,"y":713,"width":823,"height":12}},{"id":"377f97ac-0436-438c-bd38-013029922e17","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":121,"box":{"x":59,"y":728,"width":827,"height":12}},{"id":"b1ff8275-2a01-4dbe-9093-e961ace6b080","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":121,"box":{"x":59,"y":743,"width":836,"height":12}},{"id":"29f39da7-f882-4d09-839e-6bdf4cc5b996","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":121,"box":{"x":59,"y":758,"width":839,"height":13}},{"id":"b0ac08d9-47b7-44fd-8dc8-f0ea9643ac0f","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":121,"box":{"x":59,"y":773,"width":844,"height":13}},{"id":"72a7c734-27a8-4edb-9477-b62c538d4e51","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":121,"box":{"x":59,"y":788,"width":832,"height":13}},{"id":"b18d9912-c4cf-4930-9386-7c888bf772b4","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":121,"box":{"x":59,"y":804,"width":841,"height":12}},{"id":"95457569-d433-4e24-987a-55ce3d81736b","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":121,"box":{"x":59,"y":819,"width":857,"height":12}},{"id":"5306481e-0174-4696-9bb7-6fcac54c76bc","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":121,"box":{"x":59,"y":834,"width":529,"height":12}},{"id":"7a214d97-74a7-4909-8479-c4a92f330096","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":121,"box":{"x":60,"y":860,"width":872,"height":13}},{"id":"825e0142-efe2-4683-af47-af1b124d3abc","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":121,"box":{"x":59,"y":875,"width":824,"height":13}},{"id":"2ef6e5ed-fe0f-4954-b110-2fcecfb8020b","block_type":"box","text":"112","page_number":121,"box":{"x":488,"y":916,"width":22,"height":9}},{"id":"c38ed917-b511-4000-801f-39a0f05d8f57","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":60,"y":67,"width":867,"height":12}},{"id":"3082ad51-7ef2-4a3a-b389-f7110d0bf51e","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":122,"box":{"x":59,"y":82,"width":844,"height":12}},{"id":"ce72d160-373c-4af3-8285-309716c6092d","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":59,"y":97,"width":872,"height":12}},{"id":"50da092c-d685-4132-9726-269c8cafdfa3","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":59,"y":112,"width":849,"height":12}},{"id":"6a41cb53-1d54-41d9-a7e7-6c41026476a2","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":59,"y":127,"width":864,"height":12}},{"id":"13f4728b-a447-4067-bc39-a588e2384a46","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":60,"y":142,"width":864,"height":13}},{"id":"81668239-b63e-4f99-a50f-c910bf4afdb3","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":122,"box":{"x":60,"y":157,"width":861,"height":13}},{"id":"b97b0bde-f194-4ff2-a344-707e060c3136","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":59,"y":172,"width":807,"height":13}},{"id":"b6bc70d6-3b61-434d-bf0e-0b236953e7c3","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":59,"y":188,"width":871,"height":12}},{"id":"21fbcb4f-c844-40af-b8f4-3e212e6f3bcb","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":60,"y":203,"width":875,"height":12}},{"id":"c43fee64-d4f4-43a2-beb9-e8e6604327c5","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":60,"y":218,"width":851,"height":12}},{"id":"c8d66955-2c05-495b-ac98-ec17c7b56bf7","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":59,"y":233,"width":855,"height":12}},{"id":"4d680979-91d4-4412-87a4-db9ab62e8414","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":59,"y":248,"width":821,"height":12}},{"id":"6a58dfd8-f19f-43e4-a2f2-ce3ea6195915","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":59,"y":263,"width":780,"height":12}},{"id":"d099dc96-43fb-4258-aab9-394c6506ee9f","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":122,"box":{"x":59,"y":278,"width":840,"height":13}},{"id":"7dc14f8a-46c2-4d92-b483-2935e81d0dab","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":59,"y":293,"width":822,"height":13}},{"id":"378fc21b-b809-4c52-9af4-3b435adef5cf","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":122,"box":{"x":59,"y":308,"width":848,"height":13}},{"id":"1b1ed739-f5a3-40f5-a0c5-8df69ba02112","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":60,"y":324,"width":858,"height":12}},{"id":"0ba1b0c9-6d8e-48c1-8f0b-5311f4e7af76","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":60,"y":339,"width":876,"height":12}},{"id":"81da0024-eca0-4ec5-befd-b2a652bea36d","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":122,"box":{"x":60,"y":354,"width":861,"height":12}},{"id":"abcc47ea-0c0a-423e-9db5-c12dbfd633ce","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Rockefeller Financial LLC, Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo","page_number":122,"box":{"x":59,"y":369,"width":870,"height":12}},{"id":"918d6ada-c948-4bd3-9ce8-a5378df27462","block_type":"box","text":"Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to","page_number":122,"box":{"x":59,"y":384,"width":815,"height":12}},{"id":"4fc55b31-0842-48f5-a3c4-aa6b73de433e","block_type":"box","text":"Intermediaries and other third parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":122,"box":{"x":60,"y":399,"width":851,"height":13}},{"id":"4f6b8901-2149-4123-940b-6922ac5bbeef","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":60,"y":426,"width":860,"height":12}},{"id":"a1bebb65-462b-4b4d-86f5-f84f1fa1a3b5","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":60,"y":441,"width":870,"height":12}},{"id":"59a781e0-c86a-41b3-bd9e-a45ba5b283ee","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":59,"y":456,"width":826,"height":12}},{"id":"634c3acd-b680-4afb-8859-a32c6cf3f6d2","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":60,"y":471,"width":820,"height":12}},{"id":"35d63268-dd35-4116-b899-20a8b27f8a05","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":60,"y":486,"width":805,"height":12}},{"id":"fc7b56f2-7097-4d71-900e-9aad73a1a4b4","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":60,"y":501,"width":862,"height":13}},{"id":"a1b9d5c1-8b89-4cf7-9fda-daf04d7ff3ff","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":59,"y":516,"width":835,"height":13}},{"id":"6c289763-e4cd-4dd2-999b-e70d683bc5b7","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":122,"box":{"x":59,"y":531,"width":824,"height":13}},{"id":"32ea9c77-53ee-439c-b09b-789478d7a156","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":122,"box":{"x":60,"y":547,"width":578,"height":12}},{"id":"eaa97298-e596-4838-b7ce-c6439344a10d","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":122,"box":{"x":59,"y":573,"width":864,"height":12}},{"id":"672b2fbd-8dd7-413c-b791-7bd220c10ba0","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":122,"box":{"x":59,"y":588,"width":815,"height":13}},{"id":"edc654f6-1400-48cc-a51e-3140d74b1fba","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":122,"box":{"x":59,"y":603,"width":859,"height":13}},{"id":"9a2143ea-aa79-4e49-b59e-c925565fdc65","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":122,"box":{"x":59,"y":618,"width":864,"height":13}},{"id":"d82da75b-6faa-472c-8188-0409ec11dd99","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":122,"box":{"x":59,"y":634,"width":847,"height":12}},{"id":"7089f551-7ddd-4585-9718-bc573d9ae3f2","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":122,"box":{"x":59,"y":649,"width":852,"height":12}},{"id":"0277695c-f2b1-40cc-9e73-1630370a6880","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":122,"box":{"x":60,"y":664,"width":721,"height":12}},{"id":"4d7821b8-99fb-4fae-8e96-becb90b4cac8","block_type":"box","text":"Determination of Net Asset Value","page_number":122,"box":{"x":62,"y":694,"width":558,"height":24}},{"id":"cc914c86-90d3-4a5e-8f4c-a78d6429e24d","block_type":"box","text":"Valuation of Shares.","page_number":122,"box":{"x":59,"y":736,"width":143,"height":9}},{"id":"847b5d6e-b16f-4127-ae21-b56ed94d99a4","block_type":"box","text":"The NAV for each Fund is generally calculated as of the close of regular trading hours on the NYSE","page_number":122,"box":{"x":207,"y":736,"width":688,"height":12}},{"id":"5ecb101b-99ca-4dca-9248-e6d438033be5","block_type":"box","text":"(normally 4:00 p.m. Eastern Time) on each business day the NYSE is open. Valuation of assets held by a Fund is as follows:","page_number":122,"box":{"x":60,"y":751,"width":853,"height":12}},{"id":"2489f512-168b-46e6-b7f4-c26def46514c","block_type":"box","text":"Equity Investments.","page_number":122,"box":{"x":60,"y":778,"width":139,"height":12}},{"id":"82612afb-1bf4-430a-b116-ba75fae1c112","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":122,"box":{"x":205,"y":777,"width":430,"height":13}},{"id":"8e538130-7665-454a-b755-3975812d6c4e","block_type":"box","text":"e.g.","page_number":122,"box":{"x":636,"y":780,"width":23,"height":10}},{"id":"c95f1ba6-3682-4b9b-a312-6f175a5ce1c1","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":122,"box":{"x":661,"y":777,"width":276,"height":13}},{"id":"5b253db0-57f9-4926-9f9e-e0ca7e97e6d1","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":122,"box":{"x":59,"y":792,"width":854,"height":13}},{"id":"e1732f23-107c-445a-a977-cf143cf58f73","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":122,"box":{"x":59,"y":807,"width":869,"height":13}},{"id":"221e3b58-0e7e-479d-bdfe-3a24c5a95788","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":122,"box":{"x":59,"y":823,"width":875,"height":12}},{"id":"ff44652d-3a37-4e34-9cb0-2c05122ed580","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":122,"box":{"x":59,"y":838,"width":841,"height":12}},{"id":"c093c24c-1095-4c54-85c0-e681d22edb47","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":122,"box":{"x":60,"y":853,"width":872,"height":12}},{"id":"d9380be4-0a40-40da-875e-f390fafcaf0b","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":122,"box":{"x":59,"y":868,"width":838,"height":12}},{"id":"8cd0165a-14c8-4d3b-b070-2b15f4ef0ea5","block_type":"box","text":"113","page_number":122,"box":{"x":488,"y":916,"width":22,"height":9}},{"id":"2f5b631c-823f-4538-b783-6b3147a7a0f6","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":59,"y":67,"width":848,"height":12}},{"id":"c9b0fbd8-12b4-4c40-8d9c-46c063479be9","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":60,"y":82,"width":829,"height":12}},{"id":"3f3f5b45-d244-42ea-8583-8efa57e67765","block_type":"box","text":"below).","page_number":123,"box":{"x":60,"y":97,"width":50,"height":12}},{"id":"f5c9cae1-0073-4040-a530-fd3e02fefb64","block_type":"box","text":"Fixed-Income Investments.","page_number":123,"box":{"x":60,"y":123,"width":193,"height":10}},{"id":"a083eb54-abef-446b-8dec-65b0146ab39e","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":123,"box":{"x":259,"y":123,"width":604,"height":13}},{"id":"0fc47e9f-5884-47a9-b67d-4c4cacf1cd64","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":59,"y":138,"width":847,"height":13}},{"id":"93a778c8-7896-4ab2-9eb1-f957c17af930","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":59,"y":154,"width":854,"height":12}},{"id":"d6221ebc-9f2c-455a-aed5-13400418a604","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":123,"box":{"x":59,"y":169,"width":737,"height":12}},{"id":"7264647d-31b7-4d4c-b0b1-cf8434e3c481","block_type":"box","text":"e.g.","page_number":123,"box":{"x":797,"y":172,"width":23,"height":9}},{"id":"c0f5024e-7f31-48c4-b1cb-9090395b7e1c","block_type":"box","text":", recent","page_number":123,"box":{"x":822,"y":170,"width":51,"height":10}},{"id":"d8b5a60c-0a79-4194-9093-e035b4c99ac7","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":123,"box":{"x":60,"y":184,"width":795,"height":12}},{"id":"0da891e8-6bf5-47a1-adad-eaa14e772cd1","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":60,"y":199,"width":841,"height":12}},{"id":"ae43371a-2b07-47da-a6d7-28b4e585a811","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":59,"y":214,"width":878,"height":12}},{"id":"0591dd63-b568-4aa1-94c4-5f387f13e9cb","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":59,"y":229,"width":866,"height":12}},{"id":"a1abbbe2-fb87-4a3a-aedc-82f816b05e95","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":59,"y":244,"width":867,"height":13}},{"id":"2465ef68-9c8d-4e34-be0a-225f46b9f646","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":59,"y":259,"width":860,"height":13}},{"id":"ab16ade3-06ed-468b-8716-ecfa92d791de","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":60,"y":274,"width":819,"height":13}},{"id":"19918a9e-8b77-4504-874b-5b99b653d869","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":60,"y":290,"width":844,"height":12}},{"id":"650c0ff1-e091-492b-b198-994c401622bd","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":60,"y":305,"width":873,"height":12}},{"id":"c1ac061e-b496-4961-81f5-e8b162fbc049","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":59,"y":320,"width":829,"height":12}},{"id":"621bf225-5bdd-47e1-919f-54e13fb389c1","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":123,"box":{"x":59,"y":335,"width":655,"height":12}},{"id":"33bb14a7-03d0-402e-acdb-1e8432f94d27","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":123,"box":{"x":59,"y":361,"width":338,"height":13}},{"id":"4425d3b0-7c14-4318-9c84-816cba74be5e","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":123,"box":{"x":403,"y":361,"width":517,"height":13}},{"id":"9559ce34-caaf-44c2-8c43-8b4e3e973777","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":59,"y":377,"width":875,"height":12}},{"id":"b51c1fbf-4013-4451-9c42-8651e560c8eb","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":59,"y":392,"width":869,"height":12}},{"id":"a78f5456-2bb3-4d40-b2a3-cd6f329170fc","block_type":"box","text":"price available for such exchange-traded equity option held by a Fund on a day on which the Fund values such option, the","page_number":123,"box":{"x":59,"y":407,"width":854,"height":12}},{"id":"7f683351-1d84-4215-a750-cd63db13b9a0","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask","page_number":123,"box":{"x":60,"y":422,"width":848,"height":12}},{"id":"f88dcb1d-bee4-4c6a-9bb1-69c99a51218f","block_type":"box","text":"price is available on a day on which a Fund values such option, the prior day’s price will be used, unless BFA determines that","page_number":123,"box":{"x":59,"y":437,"width":868,"height":12}},{"id":"a988ca2d-3c78-4116-91e6-eed14b305798","block_type":"box","text":"such 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","page_number":123,"box":{"x":59,"y":452,"width":863,"height":12}},{"id":"db37e9d3-2f4d-4e61-8334-812082a0ac96","block_type":"box","text":"Asset. Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued","page_number":123,"box":{"x":59,"y":467,"width":848,"height":13}},{"id":"a990a676-5e54-48e9-90c4-11bd1b83edf7","block_type":"box","text":"using a mathematical model which may incorporate a number of market data factors. Financial futures contracts and","page_number":123,"box":{"x":60,"y":482,"width":822,"height":13}},{"id":"52d8344f-b8a6-414d-9ae3-c9687a5a8c1a","block_type":"box","text":"options thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such","page_number":123,"box":{"x":59,"y":497,"width":831,"height":13}},{"id":"813cfea3-ccf2-430e-8a80-4134e5446eff","block_type":"box","text":"exchanges. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or","page_number":123,"box":{"x":59,"y":513,"width":872,"height":12}},{"id":"3cfc5038-d494-45da-ba18-0fc17e4fc830","block_type":"box","text":"by a pricing service in accordance with the Valuation Procedures.","page_number":123,"box":{"x":60,"y":528,"width":453,"height":12}},{"id":"15198484-d5fb-466f-b126-8c6403ca2fec","block_type":"box","text":"Underlying Funds.","page_number":123,"box":{"x":60,"y":554,"width":130,"height":13}},{"id":"af8816ba-d3eb-436c-b41f-2bc54bc94070","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":123,"box":{"x":195,"y":554,"width":693,"height":13}},{"id":"e6064187-bbd3-4518-b32f-ae303bd2874b","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":123,"box":{"x":60,"y":569,"width":759,"height":13}},{"id":"56265963-c9ac-4f02-919e-5888ec659ad7","block_type":"box","text":"General Valuation Information.","page_number":123,"box":{"x":59,"y":596,"width":222,"height":10}},{"id":"60fd0e22-885c-4d80-83ef-9c7b7c7f0943","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":123,"box":{"x":287,"y":596,"width":613,"height":12}},{"id":"a312d6e3-a967-4381-9b6d-5cec34bd661c","block_type":"box","text":"makers to value a Fund’s securities and other assets and liabilities are based on information available at the time the Fund","page_number":123,"box":{"x":60,"y":611,"width":850,"height":10}},{"id":"6fefb268-c8d0-47a8-a8eb-23892969ef47","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":123,"box":{"x":59,"y":626,"width":853,"height":12}},{"id":"146c696b-9bfc-4cbc-8516-e8b65fb97d44","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":123,"box":{"x":59,"y":641,"width":813,"height":12}},{"id":"1278e8d2-c6ef-4ffc-8a28-42a334364f9a","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":123,"box":{"x":59,"y":656,"width":701,"height":13}},{"id":"71b55ea0-1e4e-4789-9f41-1cc10a212cee","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":123,"box":{"x":59,"y":683,"width":866,"height":12}},{"id":"fdb6c957-d2c0-43af-898c-9fb3f12b6e15","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":123,"box":{"x":60,"y":698,"width":866,"height":12}},{"id":"8a2c5494-bc08-4d8f-b7e7-f697c544d090","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":123,"box":{"x":59,"y":713,"width":860,"height":12}},{"id":"1194e47d-e002-4f69-b76f-376821eca0c0","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":123,"box":{"x":60,"y":728,"width":846,"height":12}},{"id":"84a9406e-e65b-466a-a431-f9bb9465b9db","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":123,"box":{"x":60,"y":743,"width":876,"height":12}},{"id":"4381e791-147c-444f-9117-d9ad15f06741","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":123,"box":{"x":59,"y":758,"width":439,"height":13}},{"id":"ef86136b-2231-448b-a0b3-31d26b10a95f","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":123,"box":{"x":59,"y":785,"width":626,"height":12}},{"id":"ce5670ba-4f34-444d-9f08-d6172f1697ac","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":123,"box":{"x":60,"y":811,"width":871,"height":13}},{"id":"9f85715b-dd62-45a6-9ab7-8cc10d64226d","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":123,"box":{"x":59,"y":826,"width":823,"height":13}},{"id":"d951fb92-9d1e-4d34-b7cf-30b7a26ee9bd","block_type":"box","text":"accordance with a method approved by BFA, the Funds’ valuation designee, as reflecting fair value. All other assets and","page_number":123,"box":{"x":59,"y":841,"width":833,"height":13}},{"id":"851e7d4f-487a-47e8-977d-5a9e3d41473a","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":123,"box":{"x":60,"y":857,"width":836,"height":12}},{"id":"4e53b324-48f7-4e4c-aac1-12adc8872ead","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":123,"box":{"x":59,"y":872,"width":862,"height":12}},{"id":"7e664b6f-739e-4c9b-b297-50854b70b806","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":123,"box":{"x":60,"y":887,"width":804,"height":12}},{"id":"6097deaf-c439-4820-a3e5-084ee8090b0b","block_type":"box","text":"114","page_number":123,"box":{"x":488,"y":916,"width":22,"height":9}},{"id":"06c63dae-cc0e-4197-9bcc-99e0889abb41","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":60,"y":67,"width":874,"height":12}},{"id":"66ee498c-8466-44f7-be7e-7668f7931582","block_type":"box","text":"a Fund’s NAV and the prices used in the Underlying Index, which, in turn, could result in a difference between a Fund’s","page_number":124,"box":{"x":59,"y":82,"width":827,"height":12}},{"id":"07caeec8-0136-41e3-9c92-83e22ae128bd","block_type":"box","text":"performance and the performance of the Underlying Index.","page_number":124,"box":{"x":59,"y":97,"width":414,"height":12}},{"id":"832e7f1d-9773-4861-915b-61b8b1313a84","block_type":"box","text":"Fair Value.","page_number":124,"box":{"x":60,"y":123,"width":73,"height":10}},{"id":"d0ea7962-c1d5-481c-8e4f-78d64b5919a9","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":138,"y":123,"width":796,"height":13}},{"id":"1f6e729c-2053-47b5-b253-9e9b19663643","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":59,"y":138,"width":854,"height":13}},{"id":"3a7d4e69-f1d8-46f1-bc8b-5e7e055f0d91","block_type":"box","text":"Pursuant to Rule 2a-5 under the Investment Company Act, the Board of Trustees has designated BFA as the valuation","page_number":124,"box":{"x":60,"y":154,"width":819,"height":12}},{"id":"d5709dea-1b14-47c0-8de5-e34cc1be040c","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":59,"y":169,"width":838,"height":12}},{"id":"f7cdf198-4d9e-4357-8c7f-9d97c8d2b81c","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":59,"y":184,"width":855,"height":12}},{"id":"6e1383fc-4b6b-4432-a067-44b6a03feab3","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":59,"y":199,"width":851,"height":12}},{"id":"1deef742-1313-47c6-ac3f-d9b15819a969","block_type":"box","text":"unreliable (","page_number":124,"box":{"x":60,"y":214,"width":77,"height":12}},{"id":"f4092547-78a2-45fa-a555-f81a0471d67c","block_type":"box","text":"e.g.","page_number":124,"box":{"x":138,"y":217,"width":23,"height":9}},{"id":"647b515b-3fee-4ab1-a4c8-fa4d31eed52f","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":163,"y":214,"width":745,"height":12}},{"id":"729a36c6-3187-4a5b-be7d-e4c00d93e5d3","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":59,"y":229,"width":839,"height":12}},{"id":"5e124c62-1c62-4684-b00f-c5d4b2814d06","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":59,"y":244,"width":822,"height":13}},{"id":"787aec48-f8d4-4860-9566-3be0ac474a80","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":59,"y":259,"width":861,"height":13}},{"id":"d2821ada-5ae9-42ac-9d6f-03389543bc48","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":59,"y":274,"width":863,"height":13}},{"id":"1e3e4ebc-c826-4ee9-9b4e-352cd1bdec15","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":60,"y":290,"width":863,"height":12}},{"id":"5f59f6c4-9314-4d7f-a4ad-1e4505790d04","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":60,"y":305,"width":863,"height":12}},{"id":"1e8c0241-e5b2-4232-aa34-13c8e4c7adbb","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":60,"y":320,"width":857,"height":12}},{"id":"f659464c-dc46-4903-811b-d51c7c181a85","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":59,"y":335,"width":829,"height":12}},{"id":"ef0c4abb-6b73-40f1-9a51-76bf69af8c8e","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":60,"y":350,"width":573,"height":12}},{"id":"5cdabfd8-14f6-4c8c-a426-2ac4110c5085","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":60,"y":377,"width":873,"height":12}},{"id":"d0abf9ea-b68c-4842-8218-7434dd553e21","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":59,"y":392,"width":787,"height":12}},{"id":"96ca4fa7-dba9-4df9-bcb2-7b80bb234f2b","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":60,"y":407,"width":866,"height":12}},{"id":"7a274022-3573-4244-8935-4859a02c2a64","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":60,"y":422,"width":558,"height":12}},{"id":"c24034a8-9fd0-4496-9187-06db7cb15ffb","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":60,"y":448,"width":843,"height":13}},{"id":"834b3e89-25a4-4077-9300-8a9aba8fba51","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":60,"y":463,"width":873,"height":13}},{"id":"06e83bf3-bacc-423d-9829-508c690eedbf","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":124,"box":{"x":59,"y":479,"width":848,"height":12}},{"id":"e1cc0bff-6dc9-4388-bea8-5f499ced22a2","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":124,"box":{"x":60,"y":494,"width":676,"height":12}},{"id":"cba31f0b-cb2d-42ac-9255-6ddf231aaf9f","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":124,"box":{"x":59,"y":520,"width":868,"height":12}},{"id":"7cd3c10b-fc2b-4742-b1da-3c719e7d48ff","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":124,"box":{"x":59,"y":535,"width":838,"height":13}},{"id":"fb6bc8cf-3277-4d93-8ac4-8ace1059d305","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":124,"box":{"x":60,"y":550,"width":846,"height":13}},{"id":"5461fd28-f008-43bf-b31f-a410c55441dc","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":124,"box":{"x":59,"y":566,"width":857,"height":12}},{"id":"fd2acd77-c16b-475f-83dd-97b5d1432c9f","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":124,"box":{"x":59,"y":581,"width":878,"height":12}},{"id":"c0d64fa1-270c-4942-975f-00d622214091","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":124,"box":{"x":60,"y":596,"width":396,"height":12}},{"id":"559bed0f-5fe5-4364-bc7d-8e4e2068d9db","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":124,"box":{"x":60,"y":622,"width":847,"height":13}},{"id":"ef6c7c4d-19cf-4228-9aa0-fb827dc602d8","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":124,"box":{"x":60,"y":637,"width":865,"height":13}},{"id":"002ce099-cd86-4b0a-9b25-8ed37dc06222","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":124,"box":{"x":59,"y":652,"width":879,"height":13}},{"id":"5144067c-d54c-4893-bd98-4619faece569","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":124,"box":{"x":59,"y":668,"width":796,"height":12}},{"id":"ce4b61a4-8ec9-461b-832e-125116f60e6b","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":124,"box":{"x":59,"y":683,"width":839,"height":12}},{"id":"c7ff9b58-da74-427f-9334-b6f13b557a43","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":124,"box":{"x":59,"y":698,"width":801,"height":12}},{"id":"85613193-8558-4c7e-842d-1bb8be7e7cd8","block_type":"box","text":"investment.","page_number":124,"box":{"x":60,"y":714,"width":80,"height":9}},{"id":"8b521706-fd67-49cc-9975-a5d5464d5941","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":124,"box":{"x":59,"y":739,"width":864,"height":13}},{"id":"28265114-0d77-462e-8194-d4ff12d33ab8","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":124,"box":{"x":60,"y":754,"width":842,"height":13}},{"id":"aea32c83-c8b8-4afb-812e-b09d8d946d35","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":124,"box":{"x":60,"y":770,"width":849,"height":12}},{"id":"f9a7d15e-3a43-42d9-bb2d-caf1aa332f7c","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":124,"box":{"x":59,"y":785,"width":541,"height":12}},{"id":"17eddc58-cd1e-4481-b411-f462071b79aa","block_type":"box","text":"A Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":124,"box":{"x":59,"y":811,"width":821,"height":13}},{"id":"4202a194-8027-4c76-9e88-c7dedd5869f0","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":124,"box":{"x":59,"y":826,"width":795,"height":13}},{"id":"20e0ca61-1161-4451-a526-365057b56358","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":124,"box":{"x":59,"y":841,"width":837,"height":13}},{"id":"847d1e99-4a01-47bd-b988-102c69ce6ea3","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":124,"box":{"x":60,"y":857,"width":835,"height":12}},{"id":"be5fd1c7-790f-4fd6-a413-67c2b1f0c91b","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":124,"box":{"x":59,"y":872,"width":499,"height":12}},{"id":"873d7847-635c-4f6e-a097-55b20b232a17","block_type":"box","text":"115","page_number":124,"box":{"x":488,"y":916,"width":22,"height":9}},{"id":"3c6cc8eb-a0d3-413b-ba7c-7d17f0fd2198","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":59,"y":67,"width":871,"height":12}},{"id":"b67bbd10-e624-4665-b5c6-13e33e1763a0","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":59,"y":82,"width":839,"height":12}},{"id":"ba3d1544-82e8-4ca3-8819-4969c72ee764","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":59,"y":97,"width":862,"height":12}},{"id":"35e2efce-b699-440e-8b2e-0d43c0c0cce5","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":59,"y":112,"width":862,"height":12}},{"id":"01f6dd22-a1ec-47a8-9575-52d9e3c2cfcd","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":59,"y":127,"width":779,"height":12}},{"id":"1f47bd73-d9be-48e3-b762-b81cdc903add","block_type":"box","text":"Brokerage Transactions","page_number":125,"box":{"x":62,"y":158,"width":390,"height":29}},{"id":"32f660cb-087a-44d4-9536-efb6b62c27ee","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":59,"y":199,"width":862,"height":12}},{"id":"1f4ec39d-cfef-44a6-8f89-41a6369a295c","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":59,"y":214,"width":836,"height":12}},{"id":"520ca69e-71ff-4990-8c1b-414a5a5f93c8","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":59,"y":229,"width":825,"height":12}},{"id":"f813502d-d34e-4140-aef5-26393bd09bc7","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":59,"y":244,"width":877,"height":13}},{"id":"e8351078-fbb9-4e27-bed8-490d87cf2a1b","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":60,"y":259,"width":860,"height":13}},{"id":"6d6a8d3c-ca9e-4dac-a90d-eef689eb46bf","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":59,"y":274,"width":805,"height":13}},{"id":"317a1ce1-8eef-4256-9a7e-07e2442db51a","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":59,"y":290,"width":852,"height":12}},{"id":"f9d509a5-d1c2-4b67-9754-eac34e83e93e","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":60,"y":305,"width":875,"height":12}},{"id":"b22353d4-fc09-4f8a-aecc-3bcd2f1f5dc7","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":60,"y":320,"width":806,"height":12}},{"id":"d9c54e33-de1b-4470-a48e-9e5fbdb1b898","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":125,"box":{"x":59,"y":335,"width":665,"height":12}},{"id":"5f1724ca-949b-4b90-a1b3-eea2c1b8b1d6","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":60,"y":361,"width":824,"height":13}},{"id":"0a858eaf-d693-4534-85e8-1034e13c1e44","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":59,"y":377,"width":878,"height":12}},{"id":"f0c40ab4-3f08-493b-934d-65c4919b1e64","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":59,"y":392,"width":847,"height":12}},{"id":"647b5be4-d36b-4a8a-bce6-504d089c3ff9","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":60,"y":407,"width":865,"height":12}},{"id":"548c5441-0eeb-48e7-979d-be324197e75a","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":59,"y":422,"width":835,"height":12}},{"id":"004ae1d6-0e7a-4215-b781-8edbfd5b4540","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":60,"y":437,"width":860,"height":12}},{"id":"ae5184e7-28cc-4436-85f7-cc6270d01d7e","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":60,"y":452,"width":815,"height":12}},{"id":"202ca35c-e6a7-4f08-abf0-fb6698bb4dd4","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":60,"y":467,"width":846,"height":13}},{"id":"62ac1cc6-0735-40a6-a194-c70f62673028","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":125,"box":{"x":59,"y":482,"width":870,"height":13}},{"id":"64b8547d-a825-4cfc-a2b1-7e36a025aeb5","block_type":"box","text":"other circumstances.","page_number":125,"box":{"x":59,"y":497,"width":146,"height":10}},{"id":"7d19ee31-2e75-4c5e-b327-1869f8481c98","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":125,"box":{"x":59,"y":524,"width":863,"height":12}},{"id":"3bf58f8a-56ae-4d35-944e-9d1dbe5eb11e","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":125,"box":{"x":59,"y":539,"width":845,"height":12}},{"id":"f89847b1-8545-41aa-abf0-02a1f9fb4daa","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":125,"box":{"x":60,"y":554,"width":871,"height":13}},{"id":"aead9a6c-13c8-48db-8a69-1fdd3e4fb936","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":125,"box":{"x":59,"y":569,"width":839,"height":13}},{"id":"80d1a5ca-afdb-4502-a58a-65286142e9b0","block_type":"box","text":"under certain conditions.","page_number":125,"box":{"x":60,"y":584,"width":174,"height":10}},{"id":"7fe61689-d56e-4674-bb50-eee4bdec3914","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":125,"box":{"x":60,"y":611,"width":869,"height":12}},{"id":"d732af1a-4a8a-4418-88fd-238ac5339aa0","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":125,"box":{"x":60,"y":626,"width":843,"height":12}},{"id":"afc6bccc-70d5-43cb-82b3-d848f4553bb4","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":125,"box":{"x":59,"y":641,"width":831,"height":12}},{"id":"8dcfd687-44ae-4526-adf9-108683b6115d","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":125,"box":{"x":59,"y":656,"width":807,"height":13}},{"id":"defa0576-1590-4182-aa6f-056a26777de9","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":125,"box":{"x":59,"y":671,"width":604,"height":13}},{"id":"1e33c6b1-8677-447a-be7f-c47211b46f08","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":125,"box":{"x":59,"y":698,"width":867,"height":12}},{"id":"f113458c-e3fe-482c-ac96-29bdc0ecb061","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":125,"box":{"x":59,"y":713,"width":849,"height":12}},{"id":"3fc8b539-e433-4f3b-8c2b-b3ac6c8ec690","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":125,"box":{"x":59,"y":728,"width":857,"height":12}},{"id":"e10afa81-c80f-46bd-9bbc-1ef956d7fe37","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":125,"box":{"x":59,"y":743,"width":865,"height":12}},{"id":"5a9bc82a-efad-4e16-8830-ae6d1af1fa25","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":125,"box":{"x":59,"y":758,"width":329,"height":13}},{"id":"a4846544-293f-4b8b-a5d1-a9259393a499","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":125,"box":{"x":59,"y":785,"width":842,"height":12}},{"id":"2fb10ecf-0c92-440d-84e5-33428ac13735","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":125,"box":{"x":59,"y":800,"width":861,"height":12}},{"id":"911b5dd3-83f7-4834-bec5-ebd1a593af6c","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":125,"box":{"x":60,"y":815,"width":811,"height":12}},{"id":"547b5ab7-7d28-4a39-b412-85220e05cb3f","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":125,"box":{"x":59,"y":830,"width":853,"height":12}},{"id":"c6f97ee7-92dc-4050-8d27-cf4f79391d1e","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":125,"box":{"x":59,"y":845,"width":875,"height":13}},{"id":"99721545-17ba-493f-bc7d-ff1468e52604","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":125,"box":{"x":59,"y":860,"width":500,"height":13}},{"id":"df497477-39b6-4937-acdb-ac09300c87d8","block_type":"box","text":"116","page_number":125,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"6a7591cc-b9ef-4720-9846-42f624e54ed9","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":60,"y":67,"width":866,"height":12}},{"id":"67ba73a6-cfdb-4805-a78d-864f757b90f8","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":59,"y":82,"width":820,"height":12}},{"id":"e072b9d8-58a9-420e-963c-c569a9990876","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":59,"y":97,"width":844,"height":12}},{"id":"a6543ed2-9775-45fc-b0c8-898836881fb9","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":59,"y":112,"width":826,"height":12}},{"id":"c774b221-92ac-4859-a303-31687bc3b13f","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":59,"y":127,"width":855,"height":12}},{"id":"8aa9a5ef-976a-400f-adf6-2db9757892d9","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":60,"y":142,"width":853,"height":13}},{"id":"78783a5b-bb35-47aa-9988-870adc101de4","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":59,"y":157,"width":875,"height":13}},{"id":"7907da25-e4da-474d-aa2e-9ed47e7ca38a","block_type":"box","text":"Act.","page_number":126,"box":{"x":59,"y":173,"width":27,"height":9}},{"id":"5faec967-fae3-4eb8-be8d-1419bf33e343","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":60,"y":199,"width":854,"height":12}},{"id":"af8d46e8-cdd1-4f3d-8693-844f97f47e12","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":59,"y":214,"width":861,"height":12}},{"id":"9cd6b043-5694-466e-89bf-be6c7696ed00","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":59,"y":229,"width":856,"height":12}},{"id":"ea770a45-0dd0-47d9-b729-431e24a0be9f","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":126,"box":{"x":59,"y":244,"width":472,"height":13}},{"id":"d09191ad-4b8b-4f67-bb0e-c175d673b083","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":60,"y":271,"width":830,"height":12}},{"id":"f10ae618-7cfd-41d7-a8d4-ad216de5c0db","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":59,"y":286,"width":866,"height":12}},{"id":"61a01fbf-fa47-43e2-ab01-2c151bfd482f","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":59,"y":301,"width":868,"height":12}},{"id":"487777cc-828c-43cf-9768-77c805b52e20","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":126,"box":{"x":59,"y":316,"width":365,"height":12}},{"id":"334d6cee-7ef0-4686-964e-cd45fa049346","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":59,"y":343,"width":873,"height":12}},{"id":"574cc3e2-69fd-480d-b995-c1de7a9346cb","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":59,"y":358,"width":823,"height":12}},{"id":"3b0a41f7-fb3d-44f0-a14a-8af7263d4e77","block_type":"box","text":"commissions or discounts are paid.","page_number":126,"box":{"x":59,"y":373,"width":247,"height":12}},{"id":"cdedfd7f-c48f-4e95-b7cf-2c14ead44715","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":60,"y":399,"width":847,"height":13}},{"id":"00a1a4b6-d453-4d1f-b390-b3da49f855d7","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":60,"y":414,"width":834,"height":13}},{"id":"3c2f151c-5e54-48fc-97af-633e69f54355","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":126,"box":{"x":59,"y":429,"width":854,"height":13}},{"id":"a4e8b495-6381-4606-890b-afa16bb02306","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":59,"y":445,"width":854,"height":12}},{"id":"3ad3b73f-f3ef-46a8-9978-92d96076a033","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":59,"y":460,"width":843,"height":12}},{"id":"623bbd21-285a-4240-b841-d7de7edda274","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":59,"y":475,"width":846,"height":12}},{"id":"85d16d19-bf53-4e58-ad57-d82b4204ae4b","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":126,"box":{"x":59,"y":490,"width":812,"height":12}},{"id":"cd01671f-983b-4a87-91b0-37452c7872f1","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":126,"box":{"x":59,"y":505,"width":877,"height":12}},{"id":"9b4db212-cdbb-4cfe-a4eb-f2398fdab0cd","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":126,"box":{"x":60,"y":520,"width":866,"height":12}},{"id":"1e564be0-b2bb-48b4-a346-ed562b58a4e5","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":126,"box":{"x":59,"y":535,"width":843,"height":13}},{"id":"975aeee6-08b8-4296-a0e2-71310df81a49","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":126,"box":{"x":59,"y":550,"width":871,"height":13}},{"id":"1ced4188-66dd-4012-8400-0ff0adf0c872","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":126,"box":{"x":59,"y":566,"width":817,"height":12}},{"id":"2af0c3c7-2168-43c3-b319-d3975d852724","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":126,"box":{"x":59,"y":581,"width":863,"height":12}},{"id":"f73e7dd5-4e66-4099-bd8f-cb0661645440","block_type":"box","text":"in which the Funds may invest.","page_number":126,"box":{"x":60,"y":596,"width":214,"height":12}},{"id":"074e112f-1a48-43ed-b2b0-90dabfc5f3da","block_type":"box","text":"IPOs of securities may be over-subscribed and subsequently trade at a premium in the secondary market. When BFA is given","page_number":126,"box":{"x":60,"y":622,"width":870,"height":13}},{"id":"c7e8295e-f722-4791-a6de-761eae9202ee","block_type":"box","text":"an opportunity to invest in such an initial offering or “new” or “hot” issue, the supply of securities available for client","page_number":126,"box":{"x":59,"y":637,"width":812,"height":13}},{"id":"59e4054d-6f67-47a7-a8af-ec6001e635a4","block_type":"box","text":"accounts is often less than the amount of securities the accounts would otherwise take. In order to allocate these","page_number":126,"box":{"x":59,"y":652,"width":794,"height":10}},{"id":"a1f6b3fe-41f0-49b4-a5a1-75fcfc9440f7","block_type":"box","text":"investments fairly and equitably among client accounts over time, each portfolio manager or a member of his or her","page_number":126,"box":{"x":60,"y":668,"width":812,"height":12}},{"id":"79aa07e2-77b2-4652-a83e-b7e2508e12a5","block_type":"box","text":"respective investment team will indicate to BFA’s trading desk their level of interest in a particular offering with respect to","page_number":126,"box":{"x":60,"y":683,"width":843,"height":12}},{"id":"caa1db65-2c4e-428f-ac19-45e6bf439067","block_type":"box","text":"eligible clients’ accounts for which that team is responsible. IPOs of U.S. equity securities will be identified as eligible for","page_number":126,"box":{"x":59,"y":698,"width":836,"height":12}},{"id":"10f374b7-5e3a-496d-abc4-f7cb7a2dd838","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":126,"box":{"x":59,"y":713,"width":860,"height":12}},{"id":"6abcbb2b-d253-4f6c-be4f-5f2710b609d6","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":126,"box":{"x":59,"y":728,"width":863,"height":12}},{"id":"87fca451-9996-4820-b57e-a3b2ef39b376","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":126,"box":{"x":59,"y":743,"width":871,"height":12}},{"id":"a6e07779-84be-4a6a-989a-696e628d7d3b","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":126,"box":{"x":59,"y":758,"width":856,"height":13}},{"id":"b31c3677-ff68-434a-8101-306c155eb9bf","block_type":"box","text":"pro rata","page_number":126,"box":{"x":58,"y":775,"width":56,"height":11}},{"id":"96b2bf98-e693-4276-8c91-9f1d76d2b118","block_type":"box","text":"basis. This","page_number":126,"box":{"x":119,"y":773,"width":71,"height":10}},{"id":"a03aeeef-150b-489f-ac19-5a079ac4f1ee","block_type":"box","text":"pro rata","page_number":126,"box":{"x":195,"y":775,"width":55,"height":11}},{"id":"c49cc1c9-155d-4ebe-a8a7-76cb5ce45798","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":126,"box":{"x":255,"y":773,"width":657,"height":13}},{"id":"599c17bd-260c-4a6b-a971-090ae0258b32","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":126,"box":{"x":59,"y":788,"width":823,"height":13}},{"id":"e8cc5617-6069-4377-8c7a-b4f647c805e3","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":126,"box":{"x":59,"y":804,"width":797,"height":12}},{"id":"1bd09e5a-e518-431b-8504-9a484d39e1ba","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":126,"box":{"x":60,"y":819,"width":873,"height":12}},{"id":"e1383efb-aa4c-415e-8e88-a27fe499797c","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":126,"box":{"x":59,"y":834,"width":813,"height":12}},{"id":"d42dd21f-5d0f-4f6c-b26d-cb4c63756e07","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":126,"box":{"x":59,"y":849,"width":510,"height":12}},{"id":"3f3a0796-a0dd-47f7-8879-9bd09ca2937b","block_type":"box","text":"117","page_number":126,"box":{"x":488,"y":916,"width":22,"height":9}},{"id":"7b3a1195-6705-4957-a1d4-187bd75bb7e3","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":60,"y":67,"width":861,"height":12}},{"id":"7d4378ee-12ee-4ce8-810f-8d023e6cafc5","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":59,"y":82,"width":812,"height":12}},{"id":"3b45116b-a256-4733-9848-02857857c270","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":59,"y":97,"width":851,"height":12}},{"id":"e64ae34c-f72c-403d-8bbc-9b7748082dc0","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":59,"y":112,"width":878,"height":12}},{"id":"3f3e16c7-3330-409f-8a6b-bb2e3dc931ec","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":59,"y":127,"width":860,"height":12}},{"id":"2af3f065-9b00-4e4f-a2f5-94257a799e8d","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":59,"y":142,"width":864,"height":13}},{"id":"32bbda48-8cd1-45b8-bfef-5fed15c90600","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":60,"y":157,"width":843,"height":13}},{"id":"e88b9510-89df-4c55-b885-932b59477a5f","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":59,"y":172,"width":832,"height":13}},{"id":"c7efc426-bb12-438e-be7f-69f5518ab6cf","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":59,"y":188,"width":854,"height":12}},{"id":"c114d4fe-7b57-48bd-8838-0aa01a0f88e1","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":60,"y":203,"width":637,"height":12}},{"id":"b32a5423-f85a-4649-b057-551b0f2e9e14","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":60,"y":229,"width":830,"height":12}},{"id":"8d1bdb4e-f5c3-44cd-8646-2cb944c6564c","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":59,"y":244,"width":869,"height":13}},{"id":"4588d5fe-87e3-40bc-ba66-947d0859c958","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":59,"y":259,"width":865,"height":13}},{"id":"0c9599bd-6f7a-4be8-8870-979f7e449393","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":60,"y":274,"width":871,"height":13}},{"id":"21952b0c-0fb6-4d03-8ef7-3fff25d65a52","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":60,"y":290,"width":843,"height":12}},{"id":"5f394cec-548a-46cb-a73a-b04e9e2a87a5","block_type":"box","text":"pro","page_number":127,"box":{"x":907,"y":293,"width":24,"height":9}},{"id":"0293ac63-c563-4bf9-ad83-75f35a918541","block_type":"box","text":"rata","page_number":127,"box":{"x":59,"y":306,"width":28,"height":8}},{"id":"a30ffef4-fdcb-404e-9b1d-3b02ce129284","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":92,"y":305,"width":837,"height":12}},{"id":"e65e722a-c95c-4eb8-b2b5-bb7917131d4a","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":59,"y":320,"width":857,"height":12}},{"id":"00af53ec-769b-4381-97ff-a1c93b3ff981","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":60,"y":335,"width":876,"height":12}},{"id":"2364fee3-63e1-4037-b5aa-dba00803e274","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":59,"y":350,"width":846,"height":12}},{"id":"b8895e0e-31d6-4293-be27-446894ee8dd8","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":59,"y":365,"width":869,"height":13}},{"id":"885f5f1b-4cdd-4373-849b-6bf2cdff106c","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":59,"y":380,"width":829,"height":13}},{"id":"8b5f3f0a-78f1-4ae8-ba87-b2b05f2767cf","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":59,"y":395,"width":862,"height":13}},{"id":"03c55c55-b58d-49e1-bc72-c80f7be513fb","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":59,"y":411,"width":831,"height":12}},{"id":"fca96ab8-47d0-40ed-be3f-1656f6e90b90","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":60,"y":426,"width":854,"height":12}},{"id":"988734b6-7184-47b8-b9a5-10bfede74f33","block_type":"box","text":"order.","page_number":127,"box":{"x":59,"y":441,"width":39,"height":10}},{"id":"9ebe1ca3-e01a-41a5-b3cd-3b19c81ffb07","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":59,"y":467,"width":821,"height":13}},{"id":"2d4fdb13-c4e7-4f78-8f79-10d8794a8c79","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":60,"y":482,"width":857,"height":13}},{"id":"d59de667-8c64-4cae-ab4f-e6b2a6f9ea65","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":59,"y":497,"width":683,"height":13}},{"id":"40811db9-6451-44ed-a65e-91592ede54e5","block_type":"box","text":"Fund","page_number":127,"box":{"x":60,"y":570,"width":27,"height":8}},{"id":"93d6bd7c-7926-41d5-9653-988cc4bcd21b","block_type":"box","text":"Brokerage","page_number":127,"box":{"x":480,"y":530,"width":58,"height":10}},{"id":"31494af8-3bb8-4e2a-8b47-5d475803e7b9","block_type":"box","text":"Commissions","page_number":127,"box":{"x":471,"y":540,"width":77,"height":7}},{"id":"ab25a8d0-190a-4847-9315-0edd9d5f012b","block_type":"box","text":"Paid During","page_number":127,"box":{"x":476,"y":550,"width":66,"height":10}},{"id":"196dacef-6002-498b-83e9-d64c4c598bc7","block_type":"box","text":"Fiscal Year","page_number":127,"box":{"x":480,"y":560,"width":60,"height":8}},{"id":"b4d7b9db-54d0-481a-9aed-ee0c93df76e3","block_type":"box","text":"Ended March 31, 2026","page_number":127,"box":{"x":445,"y":570,"width":128,"height":9}},{"id":"4f047b80-6a2c-488f-abf3-74bf0f0c064a","block_type":"box","text":"Brokerage","page_number":127,"box":{"x":663,"y":530,"width":58,"height":10}},{"id":"d664ee77-16ec-47a5-8456-2ab1067a2e3b","block_type":"box","text":"Commissions","page_number":127,"box":{"x":653,"y":540,"width":77,"height":7}},{"id":"5941a939-d6dd-4477-9410-2653f46c85ed","block_type":"box","text":"Paid During","page_number":127,"box":{"x":659,"y":550,"width":66,"height":10}},{"id":"ab4bbfe6-b731-483f-a2cd-b70a0b476c45","block_type":"box","text":"Fiscal Year","page_number":127,"box":{"x":662,"y":560,"width":60,"height":8}},{"id":"aa460aaf-c578-4668-846a-6a33c5c2703b","block_type":"box","text":"Ended March 31, 2025","page_number":127,"box":{"x":628,"y":570,"width":128,"height":9}},{"id":"56cf701e-0fac-4199-95cb-85d8b7241ee8","block_type":"box","text":"Brokerage","page_number":127,"box":{"x":846,"y":530,"width":57,"height":10}},{"id":"f29b6680-e76e-4dea-b4c3-dda5b0bc43d3","block_type":"box","text":"Commissions","page_number":127,"box":{"x":836,"y":540,"width":77,"height":7}},{"id":"63a3d442-159c-4e57-aa0b-3d086795240b","block_type":"box","text":"Paid During","page_number":127,"box":{"x":841,"y":550,"width":67,"height":10}},{"id":"6e5b9742-5b71-46b5-a701-00d7d7508464","block_type":"box","text":"Fiscal Year","page_number":127,"box":{"x":845,"y":560,"width":60,"height":8}},{"id":"8d9f2401-e4d2-40cc-9c51-639f6e5cb701","block_type":"box","text":"Ended March 31, 2024","page_number":127,"box":{"x":811,"y":570,"width":127,"height":9}},{"id":"ca9d4773-4c9f-482f-bb48-d2836edb4d79","block_type":"box","text":"iShares Asia 50 ETF $928,250","page_number":127,"box":{"x":60,"y":592,"width":474,"height":11}},{"id":"b4302dc7-9c9b-4d78-92ee-3461a696075a","block_type":"box","text":"(1)","page_number":127,"box":{"x":535,"y":590,"width":14,"height":8}},{"id":"cd3e16b9-5556-466e-9ee1-3d896cde97a9","block_type":"box","text":"$349,967 $119,526","page_number":127,"box":{"x":660,"y":592,"width":247,"height":11}},{"id":"1c3107d6-079c-4060-b672-aaaac4df29f8","block_type":"box","text":"iShares Blockchain and Tech ETF 39,667 15,457 20,199","page_number":127,"box":{"x":60,"y":607,"width":846,"height":11}},{"id":"3ed51f5b-9df1-4bbb-84e7-a91386e9b67a","block_type":"box","text":"iShares Copper and Metals Mining ETF 44,826","page_number":127,"box":{"x":60,"y":622,"width":474,"height":13}},{"id":"9a6374ad-ebfb-4365-9d11-ad8f0bf6c146","block_type":"box","text":"(1)","page_number":127,"box":{"x":535,"y":620,"width":14,"height":8}},{"id":"80413f02-b786-4c39-9777-f253eca58bc4","block_type":"box","text":"11,517 2,566","page_number":127,"box":{"x":682,"y":623,"width":225,"height":11}},{"id":"0e840152-79bc-40a7-9182-b425333461a0","block_type":"box","text":"iShares Emerging Markets Infrastructure ETF 5,642 4,816 4,139","page_number":127,"box":{"x":60,"y":637,"width":846,"height":13}},{"id":"c7935965-4c39-4827-9179-f569451eec9b","block_type":"box","text":"iShares Environmental Infrastructure and","page_number":127,"box":{"x":60,"y":652,"width":285,"height":10}},{"id":"41bbb8a6-6d1c-46c7-b244-b656adedce1f","block_type":"box","text":"Industrials ETF 693 674 272","page_number":127,"box":{"x":79,"y":668,"width":827,"height":9}},{"id":"0e291b27-0dc5-452e-a052-4a239d6bf8b9","block_type":"box","text":"iShares Future Metaverse Tech and","page_number":127,"box":{"x":60,"y":683,"width":243,"height":9}},{"id":"e6b63d9a-f941-413d-b1d7-d542f8ba1698","block_type":"box","text":"Communications ETF 2,307 1,017 939","page_number":127,"box":{"x":79,"y":698,"width":827,"height":11}},{"id":"7b2fe6db-067d-4e7f-8743-b9581b43ae00","block_type":"box","text":"iShares Global 100 ETF 32,820 76,449 105,070","page_number":127,"box":{"x":60,"y":713,"width":847,"height":11}},{"id":"dd608977-65c4-4492-8f9d-a3deba37ac7b","block_type":"box","text":"iShares Global Comm Services ETF 37,988 23,793 13,022","page_number":127,"box":{"x":60,"y":728,"width":846,"height":11}},{"id":"3f363e6a-b9a4-4ace-a1a3-2c29348eb48c","block_type":"box","text":"iShares Global Consumer Discretionary ETF 18,265 10,216 9,193","page_number":127,"box":{"x":60,"y":743,"width":846,"height":12}},{"id":"2db86768-b226-404d-8057-6490ce0d6aac","block_type":"box","text":"iShares Global Consumer Staples ETF 41,336 31,074 126,134","page_number":127,"box":{"x":60,"y":758,"width":847,"height":13}},{"id":"089f9ec3-b17b-4b30-9ff1-688ba2731f63","block_type":"box","text":"iShares Global Energy ETF 34,600 63,659 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not","page_number":129,"box":{"x":107,"y":846,"width":779,"height":10}},{"id":"3fcbce77-2e4b-43cf-bcc7-21d1ad2e2973","block_type":"box","text":"annualized.","page_number":129,"box":{"x":108,"y":858,"width":62,"height":8}},{"id":"b3fa4e23-c2a1-48fa-a5b4-473e138d93f9","block_type":"box","text":"(4)","page_number":129,"box":{"x":84,"y":872,"width":11,"height":7}},{"id":"5dccdb5d-f41f-4a55-9e93-cdcee7a6e6d4","block_type":"box","text":"The inception date for the iShares Lithium Miners and Producers ETF was June 21, 2023.","page_number":129,"box":{"x":107,"y":874,"width":494,"height":9}},{"id":"488ca8d6-e32b-45cd-a9d6-8404a0ea9bd8","block_type":"box","text":"120","page_number":129,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"311a57b0-942f-4621-8e2d-988d317c05c6","block_type":"box","text":"Fund","page_number":130,"box":{"x":304,"y":108,"width":28,"height":7}},{"id":"a885161c-1124-4296-8c6d-896845b578f5","block_type":"box","text":"Fiscal 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consisting of cash, may require the Funds to contemporaneously transact","page_number":130,"box":{"x":59,"y":223,"width":873,"height":12}},{"id":"dc5c4bb8-7653-4428-942d-e3002ac968c7","block_type":"box","text":"with broker-dealers for purchases of Deposit Securities (as defined below under","page_number":130,"box":{"x":59,"y":238,"width":559,"height":12}},{"id":"bf338cee-0607-4b70-84f2-d85e328d9f50","block_type":"box","text":"Fund Deposit","page_number":130,"box":{"x":623,"y":238,"width":92,"height":12}},{"id":"3f85e819-ba4f-4f45-a2dd-179e1105b02a","block_type":"box","text":") or sales of Fund Securities (as","page_number":130,"box":{"x":715,"y":238,"width":218,"height":12}},{"id":"2932f4c6-39de-4192-9c36-74ecc3df4a5a","block_type":"box","text":"defined below under","page_number":130,"box":{"x":59,"y":253,"width":144,"height":10}},{"id":"00d5670f-84d5-4759-bac7-e61c2b55f0ca","block_type":"box","text":"Redemption of Creation 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Such transactions with a particular broker-dealer may be","page_number":130,"box":{"x":414,"y":253,"width":510,"height":12}},{"id":"2d4bc9de-bf0c-4ae1-a614-79be437819f7","block_type":"box","text":"conditioned upon the broker-dealer’s agreement to transact at guaranteed price levels in order to reduce transaction costs","page_number":130,"box":{"x":59,"y":268,"width":858,"height":13}},{"id":"a531dbfc-f95d-4cc6-8009-7176bafeda25","block_type":"box","text":"the Funds would otherwise incur as a consequence of settling creation or redemption baskets in cash rather than in-kind.","page_number":130,"box":{"x":59,"y":283,"width":850,"height":13}},{"id":"40cadc16-9d3f-4814-84d5-7ce86855b521","block_type":"box","text":"Following the Funds’ receipt of an order to purchase or redeem creation or redemption baskets, to the extent such purchases","page_number":130,"box":{"x":60,"y":310,"width":874,"height":12}},{"id":"0ccf6dd7-eb7e-44b1-9513-73851ace09a2","block_type":"box","text":"or redemptions consist of a cash portion, the Funds will enter an order with a broker or dealer to purchase or sell the Deposit","page_number":130,"box":{"x":59,"y":325,"width":874,"height":12}},{"id":"0982acb8-5b9a-492c-967b-5ee0cc4acb50","block_type":"box","text":"Securities or Fund Securities, as applicable. The terms of such order may, depending on the timing of the transaction and","page_number":130,"box":{"x":59,"y":340,"width":847,"height":12}},{"id":"e9ad8ed5-9c34-41ae-9d2a-3dd545c1dfeb","block_type":"box","text":"certain other factors, require the broker or dealer to guarantee that the Funds will achieve execution of their order at a price","page_number":130,"box":{"x":59,"y":355,"width":864,"height":12}},{"id":"e4c70c17-7e08-4432-96b4-c8567347b068","block_type":"box","text":"at least as favorable to the Funds as the Funds’ valuation of the Deposit Securities/Fund Securities used for purposes of","page_number":130,"box":{"x":59,"y":370,"width":838,"height":13}},{"id":"398c95a5-6b66-4b71-ae33-4501f7c2ec52","block_type":"box","text":"calculating the NAV applied to the creation or redemption transactions giving rise to the orders (the “Execution Performance","page_number":130,"box":{"x":59,"y":385,"width":871,"height":13}},{"id":"996adcdd-f8c2-421d-8f40-b707492afbe1","block_type":"box","text":"Guarantee”). Such orders may be placed with the purchasing or redeeming Authorized Participant (or a broker-dealer","page_number":130,"box":{"x":59,"y":400,"width":823,"height":13}},{"id":"cd01d698-f33e-454c-8ec7-9bbf3f1c491e","block_type":"box","text":"affiliated with the Authorized Participant or a third-party broker-dealer engaged through the Authorized Participant) in its","page_number":130,"box":{"x":59,"y":416,"width":849,"height":12}},{"id":"c77598ab-25e1-4c9f-9ab1-9a22ca9042b1","block_type":"box","text":"capacity as a broker-dealer. The amount payable to the Funds in respect of any Execution Performance Guarantee will","page_number":130,"box":{"x":59,"y":431,"width":823,"height":12}},{"id":"cf52c6c0-b808-415f-ad84-bf66d6652ed9","block_type":"box","text":"depend on the results achieved by the executing firm and will vary depending on market activity, timing and a variety of other","page_number":130,"box":{"x":59,"y":446,"width":879,"height":12}},{"id":"ac9f19f5-94da-448f-b13f-4e60a23c9a69","block_type":"box","text":"factors. The Execution Performance Guarantee will apply for any orders executed by the Authorized Participant (or an","page_number":130,"box":{"x":59,"y":461,"width":820,"height":12}},{"id":"88c66548-6ffb-4038-b395-b4e97c822bbe","block_type":"box","text":"affiliated or unaffiliated broker-dealer), even if the trades have not settled before the redemption transaction settles.","page_number":130,"box":{"x":59,"y":476,"width":808,"height":12}},{"id":"46a4f27c-2432-4d63-82d2-3dca706ba662","block_type":"box","text":"To ensure that an Execution Performance Guarantee will be honored on orders arising from creation transactions executed by","page_number":130,"box":{"x":59,"y":503,"width":880,"height":12}},{"id":"21587714-59c7-4420-9d83-5f6542a2703d","block_type":"box","text":"an Authorized Participant (or an affiliated or unaffiliated broker-dealer), an Authorized Participant is required to deposit an","page_number":130,"box":{"x":59,"y":518,"width":854,"height":12}},{"id":"60998762-1b6e-4430-821b-cf2aa69b1d0b","block_type":"box","text":"amount with the Funds (the “Execution Performance Deposit”). 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If, however, the broker-dealer executing the order is unable to achieve executions in","page_number":130,"box":{"x":59,"y":578,"width":839,"height":12}},{"id":"084eeea9-e6c6-480c-a5ec-809445217c7d","block_type":"box","text":"market transactions at a price at least equal to the Funds’ valuation of the securities, the Funds retain the portion of the","page_number":130,"box":{"x":60,"y":593,"width":835,"height":13}},{"id":"c82d9edd-965c-4c49-9e6a-1199f7ff3ba0","block_type":"box","text":"Execution Performance Deposit equal to the full amount of the execution shortfall (including any taxes, brokerage","page_number":130,"box":{"x":60,"y":608,"width":795,"height":13}},{"id":"60b32a3a-4917-442e-91b6-791dfe66a813","block_type":"box","text":"commissions or other costs) and may require the Authorized Participant to deposit any additional amount required to cover","page_number":130,"box":{"x":59,"y":623,"width":866,"height":13}},{"id":"9911c690-c863-40b3-a639-ccb5947596a9","block_type":"box","text":"the full amount of the actual Execution Performance Guarantee.","page_number":130,"box":{"x":59,"y":639,"width":447,"height":9}},{"id":"1dcd9777-dcbe-40ae-bddc-261585d2f1d3","block_type":"box","text":"To ensure that an Execution Performance Guarantee will be honored for brokerage orders arising from redemption","page_number":130,"box":{"x":59,"y":665,"width":800,"height":12}},{"id":"c23eeb94-4c02-40bd-9637-079b04f0eb5e","block_type":"box","text":"transactions executed by an Authorized Participant (or an affiliated or unaffiliated broker-dealer) as broker-dealer, an","page_number":130,"box":{"x":59,"y":680,"width":815,"height":12}},{"id":"6b3fc4c1-518f-4521-94e7-9e4adc447c88","block_type":"box","text":"Authorized Participant agrees to pay the shortfall amount (the “Execution Performance Offset”). If the broker-dealer","page_number":130,"box":{"x":59,"y":695,"width":811,"height":13}},{"id":"926b5a35-71b8-4ecb-93f8-df609d3fe399","block_type":"box","text":"executing the order achieves executions in market transactions at a price more favorable than the Funds’ valuation of the","page_number":130,"box":{"x":59,"y":710,"width":848,"height":13}},{"id":"ba20c5ac-befe-4397-b5f0-53757e8edf9c","block_type":"box","text":"Fund Securities, then the Authorized Participant generally may retain the benefit of the favorable executions and the","page_number":130,"box":{"x":60,"y":726,"width":810,"height":12}},{"id":"eecdb413-313a-49a4-a099-078a5c451462","block_type":"box","text":"Authorized Participant is not called upon to honor the Execution Performance Offset. If, however, the broker-dealer is unable","page_number":130,"box":{"x":59,"y":741,"width":869,"height":12}},{"id":"073284d0-7c10-4f03-8d0f-0e12cc7607f4","block_type":"box","text":"to achieve executions in market transactions at a price at least equal to the Funds’ valuation of the securities, the Funds will","page_number":130,"box":{"x":59,"y":756,"width":864,"height":12}},{"id":"65b2f870-b7bb-4dc4-a335-db61e4862b50","block_type":"box","text":"be entitled to the portion of the Execution Performance Offset equal to the full amount of the execution shortfall (including","page_number":130,"box":{"x":60,"y":771,"width":859,"height":12}},{"id":"e64f08a3-32f7-4329-b219-575fd5c02270","block_type":"box","text":"any taxes, brokerage commissions or other costs).","page_number":130,"box":{"x":59,"y":786,"width":351,"height":12}},{"id":"7cf730cc-c3e9-4968-85e7-95c50062dd93","block_type":"box","text":"The circumstances under which the Execution Performance Guarantee will be used and the expected amount, if any, of any","page_number":130,"box":{"x":59,"y":812,"width":863,"height":13}},{"id":"eaee37e0-3ea3-4908-ae66-59a596760ffa","block_type":"box","text":"Execution Performance Deposit or Execution Performance Offset for the Funds will be disclosed in the procedures handbook","page_number":130,"box":{"x":60,"y":828,"width":870,"height":12}},{"id":"b2817a1e-bb76-4869-9232-6b04aa2932ee","block_type":"box","text":"for Authorized Participants and may change from time to time based on the actual experience of the Funds.","page_number":130,"box":{"x":59,"y":843,"width":753,"height":12}},{"id":"90bd55ee-a2b7-48e7-96e8-c659542b1ae2","block_type":"box","text":"121","page_number":130,"box":{"x":488,"y":916,"width":20,"height":9}},{"id":"1751cb66-7525-4bc2-8301-fdacae888790","block_type":"box","text":"Additional Information Concerning the Trust","page_number":131,"box":{"x":59,"y":67,"width":749,"height":30}},{"id":"f0a711ef-b2e6-4683-8488-f6fa6756409c","block_type":"box","text":"Shares.","page_number":131,"box":{"x":59,"y":108,"width":52,"height":10}},{"id":"c38a3971-71bf-4d99-a246-c4d84fd4b3a2","block_type":"box","text":"The Trust issues shares of beneficial interests in the funds with no par value. The Board may designate additional","page_number":131,"box":{"x":119,"y":108,"width":790,"height":13}},{"id":"e0e1ecef-43d5-4201-9b47-bf946624111c","block_type":"box","text":"iShares funds.","page_number":131,"box":{"x":60,"y":123,"width":96,"height":10}},{"id":"8f4b68e6-56c4-460d-98f0-0b6c5494f870","block_type":"box","text":"Each share issued by a fund has a","page_number":131,"box":{"x":60,"y":150,"width":233,"height":12}},{"id":"d42c4dda-b930-46b8-98e4-52c8dfd7bc51","block_type":"box","text":"pro rata","page_number":131,"box":{"x":298,"y":151,"width":55,"height":11}},{"id":"95a4f9eb-db47-4dca-94f6-a761caff9db0","block_type":"box","text":"interest in the assets of that fund. Shares have no preemptive, exchange,","page_number":131,"box":{"x":359,"y":150,"width":506,"height":12}},{"id":"d257594a-d6b0-43e7-89e8-0afd26b272f2","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":59,"y":165,"width":843,"height":12}},{"id":"32a030e6-f935-470b-9bbd-1ca01c20d543","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":59,"y":180,"width":836,"height":12}},{"id":"45aa8315-5ff8-4058-8d5f-cc75c38487ab","block_type":"box","text":"liquidation.","page_number":131,"box":{"x":60,"y":195,"width":76,"height":12}},{"id":"16d431a8-1bf7-4054-b05e-a84aebf94b53","block_type":"box","text":"Each share has one vote with respect to matters upon which the shareholder is entitled to vote. In any matter submitted to","page_number":131,"box":{"x":60,"y":222,"width":858,"height":12}},{"id":"014ead8f-ef74-4b71-91dc-a76183578a18","block_type":"box","text":"shareholders for a vote, each fund shall hold a separate vote, provided that shareholders of all affected funds will vote","page_number":131,"box":{"x":59,"y":237,"width":821,"height":12}},{"id":"c643f12b-c875-4a6f-9916-e4ce14ab56f2","block_type":"box","text":"together when: (i) required by the 1940 Act, or (ii) the Trustees determine that the matter affects the interests of more than","page_number":131,"box":{"x":59,"y":252,"width":863,"height":12}},{"id":"e225328c-d7be-46c5-bc6a-b755ebe1bce0","block_type":"box","text":"one fund.","page_number":131,"box":{"x":59,"y":267,"width":66,"height":10}},{"id":"2a2871b6-c906-483e-a88b-e1ddd9de4161","block_type":"box","text":"Under Delaware law, the Trust is not required to hold an annual meeting of shareholders unless required to do so under the","page_number":131,"box":{"x":60,"y":293,"width":861,"height":13}},{"id":"86c39ea2-a160-41d3-beac-2a00a69a307e","block_type":"box","text":"1940 Act. The policy of the Trust is not to hold an annual meeting of shareholders unless required to do so under the 1940","page_number":131,"box":{"x":61,"y":308,"width":856,"height":13}},{"id":"c969d3d6-00a8-44df-827e-001cfeed6bed","block_type":"box","text":"Act. All shares (regardless of the fund) have noncumulative voting rights in the election of members of the Board. Under","page_number":131,"box":{"x":59,"y":324,"width":841,"height":12}},{"id":"b1cafdef-b65f-425b-b551-a34660748816","block_type":"box","text":"Delaware law, Trustees of the Trust may be removed by vote of the shareholders.","page_number":131,"box":{"x":60,"y":339,"width":562,"height":12}},{"id":"59c37eeb-1a8e-40f0-8ef7-c7686ac7bac3","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":60,"y":365,"width":837,"height":13}},{"id":"0f90712e-b06c-4e01-9b33-39d577732978","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":59,"y":380,"width":874,"height":13}},{"id":"6fe7a0ff-55da-406b-84f3-1f2d37931062","block_type":"box","text":"Act. A fund cannot predict the length of time for which one or more shareholders may remain a control person of the fund.","page_number":131,"box":{"x":59,"y":395,"width":862,"height":13}},{"id":"13d0730f-4b22-4912-8983-71763d644eb3","block_type":"box","text":"Shareholders may make inquiries by writing to iShares Trust, c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":131,"box":{"x":59,"y":422,"width":840,"height":12}},{"id":"125f5069-f6ad-4035-ab0a-1c719602edfa","block_type":"box","text":"Princeton, NJ 08540.","page_number":131,"box":{"x":60,"y":438,"width":141,"height":10}},{"id":"69fae91c-1aea-481d-932a-584fa59071b3","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":59,"y":463,"width":872,"height":13}},{"id":"fda48dec-4e11-4e37-80e3-53d21b810dd8","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":59,"y":479,"width":875,"height":12}},{"id":"97b5b49e-c2d5-4355-8f6b-723cef25e252","block_type":"box","text":"addition, absent an applicable exemption or other relief from the SEC or its staff, officers and trustees of a fund and beneficial","page_number":131,"box":{"x":59,"y":494,"width":876,"height":12}},{"id":"6fe7f198-3c27-4cae-8d30-da34ff4c130e","block_type":"box","text":"owners of 10% of the shares of a fund (“Insiders”) may be subject to the insider reporting, short-swing profit and short sale","page_number":131,"box":{"x":59,"y":509,"width":866,"height":12}},{"id":"9cee19ca-daa6-45a9-8a10-125f1b4dc8c7","block_type":"box","text":"provisions of Section 16 of the 1934 Act and the SEC’s rules promulgated thereunder. Beneficial owners and Insiders should","page_number":131,"box":{"x":59,"y":524,"width":865,"height":12}},{"id":"0c80789f-fa4a-4885-bd57-520d16c85a0f","block_type":"box","text":"consult with their own legal counsel concerning their obligations under Sections 13 and 16 of the 1934 Act and existing","page_number":131,"box":{"x":59,"y":539,"width":838,"height":12}},{"id":"442df705-53e7-49c2-af64-576cf81b0884","block_type":"box","text":"guidance provided by the SEC staff.","page_number":131,"box":{"x":59,"y":554,"width":245,"height":13}},{"id":"4e293f3b-50e6-43f1-aae2-011ecb2488a0","block_type":"box","text":"In accordance with the Trust’s current Agreement and Declaration of Trust (the “Declaration of Trust”), the Board may,","page_number":131,"box":{"x":60,"y":581,"width":830,"height":12}},{"id":"24b0deff-b1cc-450d-b078-e77596d45dbc","block_type":"box","text":"without shareholder approval (unless such shareholder approval is required by the Declaration of Trust or applicable law,","page_number":131,"box":{"x":59,"y":596,"width":843,"height":12}},{"id":"7df06377-b9dc-48c7-ba9b-342aae3a98df","block_type":"box","text":"including the 1940 Act), authorize certain funds to merge, reorganize, consolidate, sell all or substantially all of their assets, or","page_number":131,"box":{"x":60,"y":611,"width":878,"height":12}},{"id":"00641a82-a831-45fa-8f7e-135cd67bb9c8","block_type":"box","text":"take other similar actions with, to or into another fund. The Trust or a fund may be terminated by a majority vote of the","page_number":131,"box":{"x":59,"y":626,"width":838,"height":12}},{"id":"6d03e9df-41e9-471a-b926-8177150700e0","block_type":"box","text":"Board, subject to the affirmative vote of a majority of the shareholders of the Trust or such fund entitled to vote on","page_number":131,"box":{"x":60,"y":641,"width":799,"height":12}},{"id":"3afdccf9-985b-4b5f-b295-badfb403ab85","block_type":"box","text":"termination; however, in certain circumstances described in the Declaration of Trust, only a majority vote of the Board is","page_number":131,"box":{"x":59,"y":656,"width":838,"height":13}},{"id":"f02e19b7-6a8c-4222-8864-7a8a45467687","block_type":"box","text":"required. Although the shares are not automatically redeemable upon the occurrence of any specific event, the Declaration of","page_number":131,"box":{"x":60,"y":671,"width":879,"height":13}},{"id":"20b38190-3ac0-496d-a376-54d41e889fa4","block_type":"box","text":"Trust provides that the Board will have the unrestricted power to alter the number of shares in a Creation Unit. Therefore, in","page_number":131,"box":{"x":59,"y":686,"width":862,"height":13}},{"id":"285661a6-4d0f-4efd-ae30-dd82fda87fe0","block_type":"box","text":"the event of a termination of the Trust or a fund, the Board, in its sole discretion, could determine to permit the shares to be","page_number":131,"box":{"x":59,"y":702,"width":865,"height":12}},{"id":"21e5a320-4dfd-488f-bd07-4e607893994e","block_type":"box","text":"redeemable in aggregations smaller than Creation Units or to be individually redeemable. In such circumstance, the Trust or a","page_number":131,"box":{"x":60,"y":717,"width":878,"height":12}},{"id":"1cf5089b-1d5a-42b7-8727-a2979ab9d208","block_type":"box","text":"fund may make redemptions in-kind, for cash or for a combination of cash or securities. Further, in the event of a termination","page_number":131,"box":{"x":59,"y":732,"width":877,"height":12}},{"id":"2d326f60-7600-4110-927e-23bd116c78f2","block_type":"box","text":"of the Trust or a fund, the Trust or a fund might elect to pay cash redemptions to all shareholders, with an in-kind election for","page_number":131,"box":{"x":59,"y":747,"width":878,"height":12}},{"id":"f9a4963e-0db2-4be5-a2bc-f7e903529f62","block_type":"box","text":"shareholders owning in excess of a certain stated minimum amount.","page_number":131,"box":{"x":59,"y":762,"width":481,"height":12}},{"id":"225f3014-59c6-43f0-9b58-8e3eb24891a1","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":131,"box":{"x":60,"y":788,"width":383,"height":13}},{"id":"12c91287-ae73-476d-b4a8-9493eddf30a0","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":131,"box":{"x":452,"y":788,"width":464,"height":13}},{"id":"3cc49636-9ec8-4b59-88fc-a4fa46c1c23f","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":131,"box":{"x":60,"y":804,"width":486,"height":12}},{"id":"50125004-6969-4594-83fc-37178e4a416a","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":131,"box":{"x":60,"y":830,"width":836,"height":12}},{"id":"cfc4d169-6dad-4161-840a-5e835257c124","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":131,"box":{"x":60,"y":845,"width":790,"height":13}},{"id":"8e0c4ad2-c9bc-4985-9cc0-aa2c13b8c541","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":131,"box":{"x":59,"y":860,"width":873,"height":13}},{"id":"31688d9b-0797-4a2e-98d4-dcceb3271e5a","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":131,"box":{"x":59,"y":875,"width":837,"height":13}},{"id":"5801a0e4-febc-402a-8d43-181fd349a222","block_type":"box","text":"122","page_number":131,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"cbc5e683-4ed1-4b8d-a093-5fa32c3f6018","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":59,"y":67,"width":865,"height":12}},{"id":"2d5e835c-3174-4a55-9808-f514ab22d8a5","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":59,"y":82,"width":847,"height":12}},{"id":"2fa4a679-677c-4fc3-a780-ff1e2c56e6a5","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":59,"y":97,"width":833,"height":12}},{"id":"76d12de4-316e-46c6-8ff4-41befa84716c","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":132,"box":{"x":60,"y":112,"width":439,"height":12}},{"id":"ebcd464e-45d9-4aa7-a0e6-c1e9503ecf9b","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":60,"y":138,"width":872,"height":13}},{"id":"2d5c6bf8-59d8-4886-aa59-8f1648f33fe8","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":60,"y":154,"width":840,"height":12}},{"id":"f4ac900a-70ed-49cf-bd60-b7dfebad49eb","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":60,"y":169,"width":824,"height":12}},{"id":"0764ef39-d810-4b92-8e6b-e93227d9e59a","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":60,"y":184,"width":822,"height":12}},{"id":"5b73b28b-9024-48ea-bb3c-6fff6bd6aaf7","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":60,"y":199,"width":848,"height":12}},{"id":"d59d12db-b2ea-4edb-81f1-2783da68af84","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":60,"y":214,"width":876,"height":12}},{"id":"edccf4db-ef01-4984-a126-7e305cace6c6","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":59,"y":229,"width":872,"height":12}},{"id":"377d6097-3c1d-4ba6-8921-bc0284e7d03f","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":132,"box":{"x":60,"y":244,"width":426,"height":13}},{"id":"6950e766-d95b-4136-8923-250c5414d185","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":59,"y":271,"width":874,"height":12}},{"id":"70ed1f04-6b61-4bd5-ab3b-96be498b45b0","block_type":"box","text":"Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee","page_number":132,"box":{"x":60,"y":286,"width":869,"height":12}},{"id":"887ac1cd-c242-4095-aa38-7ce77d1a158a","block_type":"box","text":"to be charged to the Trust a listing of the shares of each Fund held by each DTC Participant. The Trust shall inquire of each","page_number":132,"box":{"x":59,"y":301,"width":856,"height":12}},{"id":"28a28818-3cda-467f-ba2a-79f323cc6ff8","block_type":"box","text":"such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC","page_number":132,"box":{"x":59,"y":316,"width":808,"height":12}},{"id":"03c21660-9c01-44c2-8775-4fddcd7091a1","block_type":"box","text":"Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication,","page_number":132,"box":{"x":60,"y":331,"width":877,"height":13}},{"id":"5fe26782-1cb9-4c04-ae93-b393531b46ae","block_type":"box","text":"in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice,","page_number":132,"box":{"x":60,"y":346,"width":803,"height":13}},{"id":"d56ecb99-a151-49cb-b574-b24551296008","block_type":"box","text":"statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In","page_number":132,"box":{"x":59,"y":361,"width":874,"height":13}},{"id":"4d829bdc-0dd7-4b59-8fc3-68eb889d3f9a","block_type":"box","text":"addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses","page_number":132,"box":{"x":59,"y":377,"width":861,"height":12}},{"id":"90722bce-0de8-4377-b141-cbd0a46f14c1","block_type":"box","text":"attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":132,"box":{"x":59,"y":392,"width":653,"height":12}},{"id":"d575d5ac-b523-4141-882f-2f9613a19219","block_type":"box","text":"Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares of the Trust. DTC or","page_number":132,"box":{"x":59,"y":418,"width":878,"height":12}},{"id":"f699297c-130d-4843-a5ea-e97043b60fb5","block_type":"box","text":"its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with payments in","page_number":132,"box":{"x":60,"y":433,"width":846,"height":13}},{"id":"1c6a99d9-6fce-41ad-a9b7-467d4259406a","block_type":"box","text":"amounts proportionate to their respective beneficial interests in shares of each Fund as shown on the records of DTC or its","page_number":132,"box":{"x":59,"y":448,"width":858,"height":13}},{"id":"fd51f831-2d51-4f3d-8df5-c091e050bdd1","block_type":"box","text":"nominee. 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These sales may be effected through","page_number":132,"box":{"x":59,"y":815,"width":876,"height":12}},{"id":"52633327-dbf0-454f-87e8-120bbbe2ee8b","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":132,"box":{"x":60,"y":830,"width":821,"height":12}},{"id":"baec8801-2a38-447c-adf7-611306ded10b","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":132,"box":{"x":59,"y":845,"width":875,"height":13}},{"id":"837054d0-eb0f-4ba5-bb2e-f71e4f7ea92e","block_type":"box","text":"by them through an Authorized Participant.","page_number":132,"box":{"x":60,"y":860,"width":302,"height":13}},{"id":"65bddb4d-d68c-40ec-90e3-69d75a97ba53","block_type":"box","text":"123","page_number":132,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"d44f1789-931f-4948-aae6-515459a189ce","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":59,"y":67,"width":840,"height":12}},{"id":"81d015c8-7601-41b3-ade1-8b415ea3a94f","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":59,"y":82,"width":712,"height":12}},{"id":"94011b46-ccd0-42d1-862e-d9670f054bf7","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":59,"y":108,"width":871,"height":13}},{"id":"320a4135-b08c-4d8a-9d0b-91c4d8dc14b0","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":133,"box":{"x":61,"y":123,"width":353,"height":13}},{"id":"1608a37d-fd99-4c98-8e70-caea4a7d9b4b","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":133,"box":{"x":60,"y":154,"width":722,"height":30}},{"id":"a4ae2d71-506a-4b93-b4e5-c3a3b318c96a","block_type":"box","text":"General.","page_number":133,"box":{"x":59,"y":195,"width":59,"height":10}},{"id":"8a3395b0-4672-4aeb-bc0a-058f3b14c301","block_type":"box","text":"The Trust issues and sells shares of each Fund only in Creation Units on a continuous basis through the Distributor","page_number":133,"box":{"x":127,"y":195,"width":804,"height":12}},{"id":"22abcef5-b9b4-4338-a3fb-82947845ea6c","block_type":"box","text":"or its agent, without a sales load, at a price based on each Fund’s NAV next determined after receipt, on any Business Day (as","page_number":133,"box":{"x":59,"y":210,"width":876,"height":13}},{"id":"4c83fe06-6493-494b-9708-936d05cb83c1","block_type":"box","text":"defined below), of an order received by the Distributor or its agent in proper form. On days when the applicable Listing","page_number":133,"box":{"x":59,"y":225,"width":829,"height":13}},{"id":"20082cbd-241f-468b-b568-577097d83991","block_type":"box","text":"Exchange closes earlier than normal, a Fund may require orders to be placed earlier in the day. The following table sets forth","page_number":133,"box":{"x":60,"y":240,"width":866,"height":13}},{"id":"a84ed05a-b58b-40a4-af54-8c43eb6c0d12","block_type":"box","text":"the number of shares of a Fund that constitute a Creation Unit for such Fund, each Fund’s creation and redemption","page_number":133,"box":{"x":59,"y":256,"width":807,"height":12}},{"id":"6e79eefd-6e01-4669-9784-c19f2bd03998","block_type":"box","text":"transaction fee based on data as of June 30, 2026 and each Fund’s maximum additional creation and redemption charge (as","page_number":133,"box":{"x":59,"y":271,"width":869,"height":12}},{"id":"5b4e522b-5b1f-4c66-8523-2b542b88cefc","block_type":"box","text":"described below). The actual fee charged to an Authorized Participant in connection with an order will vary over time","page_number":133,"box":{"x":59,"y":286,"width":819,"height":12}},{"id":"ec47ff6f-0267-409a-a561-a425de99cc63","block_type":"box","text":"depending on the factors discussed below and may be higher than the fee set forth below.","page_number":133,"box":{"x":59,"y":301,"width":631,"height":12}},{"id":"6c3e7f82-be33-4a21-aacd-99bbe4aa95f6","block_type":"box","text":"Fund","page_number":133,"box":{"x":60,"y":371,"width":27,"height":8}},{"id":"66e71ae0-5ef3-4647-8c6d-85d690dbb319","block_type":"box","text":"Shares Per","page_number":133,"box":{"x":439,"y":361,"width":61,"height":8}},{"id":"fbfc13f4-963d-4697-9b32-7985a0730c3f","block_type":"box","text":"Creation 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Growth","page_number":133,"box":{"x":60,"y":771,"width":265,"height":10}},{"id":"91c01252-8146-496a-8344-8043fcf80303","block_type":"box","text":"ETF","page_number":133,"box":{"x":60,"y":787,"width":25,"height":9}},{"id":"addd2d5a-c4c8-4052-b385-53a0889b8d7f","block_type":"box","text":"50,000 $2,496.00 7.0% 2.0%","page_number":133,"box":{"x":450,"y":771,"width":479,"height":11}},{"id":"353bb961-0912-4eb9-9056-ed23f6e15914","block_type":"box","text":"iShares Latin America 40 ETF 250,000 $ 819.75 3.0% 2.0%","page_number":133,"box":{"x":60,"y":801,"width":869,"height":11}},{"id":"6d946ad6-76de-473e-8fd7-187afcceba0c","block_type":"box","text":"iShares Lithium Miners and Producers","page_number":133,"box":{"x":60,"y":816,"width":265,"height":10}},{"id":"2554fad3-a9a7-42bd-a9a1-5d32987ee4ac","block_type":"box","text":"ETF","page_number":133,"box":{"x":60,"y":832,"width":25,"height":9}},{"id":"a92f834c-8c8d-4755-aeab-d1f31f70ec62","block_type":"box","text":"50,000 $ 965.75 7.0% 2.0%","page_number":133,"box":{"x":450,"y":816,"width":479,"height":12}},{"id":"8504d417-ab2d-4088-91cd-ccbbc411d768","block_type":"box","text":"In its discretion, the Trust reserves the right to increase or decrease the number of a Fund’s shares that constitute a Creation","page_number":133,"box":{"x":60,"y":864,"width":868,"height":12}},{"id":"8658a279-751c-4c19-ae65-9a36526d4437","block_type":"box","text":"Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of any Fund, and","page_number":133,"box":{"x":60,"y":879,"width":864,"height":13}},{"id":"3569bf9b-92eb-4c5d-90b6-4c37d62ca0ac","block_type":"box","text":"124","page_number":133,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"c6dc8b6b-cb9b-4c85-9b62-ca8df4d3064a","block_type":"box","text":"to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in","page_number":134,"box":{"x":59,"y":67,"width":874,"height":12}},{"id":"94d123fc-1ed4-444d-9e69-9837089722eb","block_type":"box","text":"the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.","page_number":134,"box":{"x":59,"y":82,"width":796,"height":12}},{"id":"417041e2-9613-4480-87d0-655aa608cfec","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":59,"y":108,"width":838,"height":13}},{"id":"b6fb8f51-5501-4066-9fa2-7c797cb19159","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":60,"y":123,"width":837,"height":13}},{"id":"953431fd-dbb9-41a3-abd5-a647d8bc1895","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":60,"y":138,"width":877,"height":13}},{"id":"e8ff228d-18ef-488a-abb6-550d81ff151d","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":59,"y":154,"width":821,"height":12}},{"id":"2d7b1d60-b138-480a-9a03-c14e7385f8bd","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":134,"box":{"x":59,"y":169,"width":669,"height":12}},{"id":"90a11c73-69a5-4af9-8c5f-94c72560d7dd","block_type":"box","text":"Fund Deposit.","page_number":134,"box":{"x":60,"y":195,"width":98,"height":12}},{"id":"ae47ec62-bee7-4893-bed2-4ce6648acac8","block_type":"box","text":"The consideration for purchase of Creation Units of each Fund (except for the iShares India 50 ETF, which is","page_number":134,"box":{"x":167,"y":195,"width":754,"height":12}},{"id":"7d7b9d41-2349-40a4-b99c-67e5fa3573c1","block_type":"box","text":"generally offered in Creation Units solely for cash) generally consists of Deposit Securities and the Cash Component","page_number":134,"box":{"x":59,"y":210,"width":810,"height":13}},{"id":"a92ac929-59ea-4c83-a363-038fb6b7c83b","block_type":"box","text":"computed as described below. Together, the Deposit Securities and the Cash Component constitute the “Fund Deposit,”","page_number":134,"box":{"x":59,"y":225,"width":841,"height":13}},{"id":"e8b01b32-53cf-445f-abaa-64b29f896d76","block_type":"box","text":"which, when combined with a Fund’s portfolio securities, is designed to generate performance that has a collective","page_number":134,"box":{"x":59,"y":240,"width":805,"height":13}},{"id":"7217052a-07b2-49f3-9cc8-0a94848240dd","block_type":"box","text":"investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and subsequent","page_number":134,"box":{"x":60,"y":256,"width":864,"height":12}},{"id":"6f47dfff-c023-431f-9f3f-02852d773053","block_type":"box","text":"investment amount for a Creation Unit of any Fund. Such Fund Deposit is applicable, subject to any adjustments as described","page_number":134,"box":{"x":60,"y":271,"width":876,"height":12}},{"id":"e91da555-b157-4194-9cc4-07be13f687a5","block_type":"box","text":"below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund Deposit is made","page_number":134,"box":{"x":60,"y":286,"width":873,"height":12}},{"id":"718fde30-32c8-4f55-9982-4a697099abb9","block_type":"box","text":"available.","page_number":134,"box":{"x":59,"y":301,"width":63,"height":10}},{"id":"022f9e15-a9cd-4d02-af18-d2d7aa259f0d","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":59,"y":327,"width":838,"height":13}},{"id":"43b65d41-4574-405c-a9ff-fa0c75abbfbe","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":59,"y":343,"width":879,"height":12}},{"id":"a1611688-695f-47e9-82a5-e279d543d418","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":59,"y":358,"width":878,"height":12}},{"id":"8065c326-f514-4f5d-a34c-5d7094675af0","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":59,"y":373,"width":872,"height":12}},{"id":"2d7d25a5-2117-4024-9f8b-7e573e33576b","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":134,"box":{"x":60,"y":388,"width":269,"height":12}},{"id":"a338fdec-9a9e-49b0-b8ab-f95ff8348242","block_type":"box","text":"The iShares India 50 ETF’s current policy is to accept cash in substitution for the Deposit Securities it might otherwise accept","page_number":134,"box":{"x":59,"y":414,"width":875,"height":13}},{"id":"3ed65706-4e6f-420b-bc78-e45173dafea0","block_type":"box","text":"as in-kind consideration for the purchase of Creation Units. The Fund may, at times, elect to receive Deposit Securities (","page_number":134,"box":{"x":59,"y":429,"width":834,"height":13}},{"id":"999ac466-602d-446c-969d-705d314f64cc","block_type":"box","text":"i.e","page_number":134,"box":{"x":894,"y":430,"width":15,"height":9}},{"id":"5b6cb9fa-f8c1-42ae-a4b3-ae696e7d9274","block_type":"box","text":".,","page_number":134,"box":{"x":911,"y":438,"width":6,"height":3}},{"id":"9a1db264-281d-4b49-9072-519ea4171863","block_type":"box","text":"the in-kind deposit of a designated portfolio of securities) and a Cash Component as consideration for the purchase of","page_number":134,"box":{"x":59,"y":445,"width":831,"height":12}},{"id":"70b9c9f9-ed03-4f67-a7a0-b81caed5af1d","block_type":"box","text":"Creation Units. If the Fund elects to accept Deposit Securities, a purchaser’s delivery of the Deposit Securities together with","page_number":134,"box":{"x":59,"y":460,"width":861,"height":12}},{"id":"c6379c95-f7fb-4360-9cfe-fcd860a52e1f","block_type":"box","text":"the Cash Component will constitute the “Fund Deposit,” which will represent the consideration for a Creation Unit of the","page_number":134,"box":{"x":59,"y":475,"width":844,"height":12}},{"id":"e70512cd-0f7a-4fe2-9049-d8903969f345","block_type":"box","text":"Fund. All other Funds discussed in this SAI generally offer Creation Units partially for cash, but may, in certain circumstances,","page_number":134,"box":{"x":60,"y":490,"width":872,"height":12}},{"id":"0e7dfb19-6ce9-4e4d-ac43-b13989ce4f46","block_type":"box","text":"offer Creation Units solely for cash. Please see the","page_number":134,"box":{"x":59,"y":505,"width":346,"height":12}},{"id":"4e22817a-2ebc-4c70-993f-01fcf75c4d29","block_type":"box","text":"Cash Purchase Method","page_number":134,"box":{"x":411,"y":505,"width":162,"height":10}},{"id":"85a43f75-91a0-48a1-8bbf-2fba5287593e","block_type":"box","text":"section below and the following discussion","page_number":134,"box":{"x":577,"y":505,"width":300,"height":12}},{"id":"e05da151-72c5-462c-a239-23501ba2c6a8","block_type":"box","text":"summarizing the Deposit Security method for further information on purchasing Creation Units of the Funds.","page_number":134,"box":{"x":59,"y":520,"width":764,"height":12}},{"id":"8e2f480c-0f80-4e90-be7f-bfd914d21cb9","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":59,"y":547,"width":839,"height":12}},{"id":"35fd3947-07ce-411a-98b0-d71bd82003e8","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":59,"y":562,"width":860,"height":12}},{"id":"aa5489fa-b6e0-4a8c-a332-d71aaf5d1517","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":59,"y":577,"width":875,"height":12}},{"id":"50d6506a-eb3a-4204-9e1f-762ab97e64b3","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":134,"box":{"x":59,"y":592,"width":730,"height":12}},{"id":"301e1a60-172e-43d0-b537-c15b848ee671","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":59,"y":618,"width":876,"height":13}},{"id":"86a625b2-60c6-476e-a756-246150af202c","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":59,"y":634,"width":824,"height":12}},{"id":"36a2f232-ad9e-4cc6-bb0a-358ba9752fdd","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":59,"y":649,"width":870,"height":12}},{"id":"b7e7d430-760c-4f7e-8a25-cb2734a959ef","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":59,"y":664,"width":691,"height":12}},{"id":"e779b76d-a9f3-4807-a9f3-39fa6ef89c68","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":60,"y":690,"width":879,"height":13}},{"id":"98a420be-5d7b-481f-a5dd-876561925a42","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":134,"box":{"x":60,"y":705,"width":294,"height":13}},{"id":"f5fee933-0364-47bf-b36a-84ed2d11b75b","block_type":"box","text":"The Trust may, in its sole discretion, substitute a “cash in lieu” amount to be added to the Cash Component to replace any","page_number":134,"box":{"x":59,"y":732,"width":854,"height":12}},{"id":"7e86303f-6c0e-492c-b383-51d5b784af91","block_type":"box","text":"Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for delivery;","page_number":134,"box":{"x":60,"y":747,"width":869,"height":12}},{"id":"40ed38f3-123a-461d-8f23-5381dfe996b6","block_type":"box","text":"(ii) when instruments are not eligible for transfer through DTC or the clearing process (as discussed below); (iii) when","page_number":134,"box":{"x":60,"y":762,"width":822,"height":12}},{"id":"2baeca3d-8dce-46e5-8736-8fe49446349c","block_type":"box","text":"instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are not able","page_number":134,"box":{"x":60,"y":777,"width":873,"height":13}},{"id":"891392de-f8c4-47d6-a904-5c921d936095","block_type":"box","text":"to be traded due to a trading restriction; (iv) when delivery of the Deposit Security by the Authorized Participant (or by an","page_number":134,"box":{"x":59,"y":792,"width":847,"height":13}},{"id":"853797a2-b464-4001-a90b-d3bebb486844","block_type":"box","text":"investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local","page_number":134,"box":{"x":60,"y":807,"width":858,"height":13}},{"id":"344c63e7-ccc7-4327-924c-6917dca62138","block_type":"box","text":"laws; (v) in connection with distribution payments to be made by a Fund; or (vi) in certain other situations.","page_number":134,"box":{"x":60,"y":823,"width":745,"height":12}},{"id":"58077459-834d-4368-ba82-fe6d2e4b91ee","block_type":"box","text":"Cash Purchase Method.","page_number":134,"box":{"x":59,"y":849,"width":170,"height":10}},{"id":"0c86a54f-ecd7-4779-843f-aa52bd79daf7","block_type":"box","text":"Although the Trust does not generally permit partial or full cash purchases of Creation Units of its","page_number":134,"box":{"x":238,"y":849,"width":683,"height":12}},{"id":"83cb14d8-f649-44f9-b6ee-57f9a7e6c12b","block_type":"box","text":"funds, when partial or full cash purchases of Creation Units are available or specified for a Fund (Creation Units of the iShares","page_number":134,"box":{"x":59,"y":864,"width":875,"height":12}},{"id":"44840bf5-6a8a-4f1f-a0a2-e59c9adb1f27","block_type":"box","text":"India 50 ETF are generally offered solely for cash, while Creation Units of all other Funds in this SAI are generally offered","page_number":134,"box":{"x":60,"y":879,"width":834,"height":13}},{"id":"83fb0ae0-1779-4893-a548-510f83ab34c0","block_type":"box","text":"125","page_number":134,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"428b86b2-fdd0-4e10-921a-df1651ef1a98","block_type":"box","text":"partially for cash), they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a partial or","page_number":135,"box":{"x":59,"y":67,"width":876,"height":12}},{"id":"ec6bfc61-f5af-43a8-919d-27b744e09ae3","block_type":"box","text":"full cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be","page_number":135,"box":{"x":59,"y":82,"width":858,"height":12}},{"id":"8ffa25fa-0235-46ee-9d21-238e3e481132","block_type":"box","text":"required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":135,"box":{"x":60,"y":97,"width":877,"height":12}},{"id":"63364b70-d110-443f-9327-7bbfebe96743","block_type":"box","text":"The Authorized Participant will also be required to pay certain transaction fees and charges for cash purchases, as described","page_number":135,"box":{"x":59,"y":112,"width":868,"height":12}},{"id":"01e7d0fb-256a-4770-bdcd-0b5141e5b7cc","block_type":"box","text":"below, and, if transacting as broker with each Fund, may be required to cover certain brokerage, tax, foreign exchange,","page_number":135,"box":{"x":60,"y":127,"width":827,"height":12}},{"id":"404adfe1-d0cf-49d4-adc0-35c61107be09","block_type":"box","text":"execution and price movement costs through an Execution Performance Guarantee, as described in the","page_number":135,"box":{"x":59,"y":142,"width":724,"height":13}},{"id":"8a1e0a9f-7a66-4310-8e3f-5d4f968bd7dd","block_type":"box","text":"Brokerage","page_number":135,"box":{"x":788,"y":142,"width":70,"height":13}},{"id":"fc1306f7-548a-40a0-a1ab-6a7e2ff574ca","block_type":"box","text":"Transactions","page_number":135,"box":{"x":60,"y":158,"width":88,"height":9}},{"id":"2f78758f-5630-44bb-a7ce-244aaf585c74","block_type":"box","text":"section of this SAI.","page_number":135,"box":{"x":153,"y":157,"width":128,"height":10}},{"id":"db29f841-3563-47f8-add5-d5437b2dafdc","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":135,"box":{"x":60,"y":184,"width":300,"height":10}},{"id":"5d93751e-2366-4aae-a5fb-b5381dc39ebb","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":135,"box":{"x":369,"y":184,"width":567,"height":12}},{"id":"520816e0-49e0-4e12-82e9-fd07410670c9","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":135,"box":{"x":59,"y":199,"width":384,"height":12}},{"id":"0b8214f5-7f88-4692-9742-443a1cc68563","block_type":"box","text":"i.e","page_number":135,"box":{"x":448,"y":200,"width":15,"height":9}},{"id":"b7568daf-ec49-4940-bb40-34320360518c","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":135,"box":{"x":465,"y":199,"width":419,"height":12}},{"id":"78bef9ae-0e15-430b-9211-620599ca5195","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":135,"box":{"x":59,"y":214,"width":847,"height":12}},{"id":"459cf281-578f-44b6-9e9c-8303bd1027b3","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":135,"box":{"x":59,"y":229,"width":863,"height":12}},{"id":"190fd613-bd26-410e-9d61-4aa741acbc32","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":135,"box":{"x":59,"y":244,"width":851,"height":13}},{"id":"ca91968d-8be6-4bb2-b282-5155869e4dba","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":59,"y":259,"width":867,"height":13}},{"id":"6d1272c2-81b1-41f7-b5d2-6b6959c7347c","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":59,"y":274,"width":843,"height":13}},{"id":"ec773e69-ef09-4de9-91d0-64e14f31b589","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":59,"y":290,"width":874,"height":12}},{"id":"7652e753-9f37-44af-ae93-a96aeb9a770b","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":135,"box":{"x":59,"y":305,"width":295,"height":12}},{"id":"8cfcc6ba-5abd-4473-b189-5b097eb02467","block_type":"box","text":"Role of the Authorized Participant.","page_number":135,"box":{"x":60,"y":331,"width":247,"height":13}},{"id":"c612d700-bc47-4751-86a3-3c5232166a35","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":135,"box":{"x":316,"y":331,"width":571,"height":13}},{"id":"f54a7db5-8528-4224-904d-ec7c9bc1a4b9","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":59,"y":346,"width":871,"height":13}},{"id":"fd12ff3c-42d2-4234-b341-add0c2087f0b","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":59,"y":361,"width":823,"height":13}},{"id":"bca31c0d-6b3b-4387-bd06-f3abb458eb2c","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":60,"y":377,"width":875,"height":12}},{"id":"b3f68eff-e718-40ec-b65a-9c6f8a4a1f73","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":60,"y":392,"width":876,"height":12}},{"id":"868a17ef-a8ac-4080-b7d4-c202acd5f1e0","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":60,"y":407,"width":848,"height":12}},{"id":"042b38be-3eef-4762-9613-0acdfab4cf96","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":60,"y":422,"width":854,"height":12}},{"id":"e5e41963-994b-4106-a2f5-c13c0db9d0a2","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":59,"y":437,"width":843,"height":12}},{"id":"b21f6981-d69f-44d1-9b31-a12af8605dbe","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":59,"y":452,"width":843,"height":12}},{"id":"2cf6122b-b80c-4c31-b201-1ff6a27563c6","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":135,"box":{"x":60,"y":467,"width":878,"height":13}},{"id":"ac78d753-eb3f-4453-bbde-8cb8f04340c5","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":59,"y":482,"width":800,"height":13}},{"id":"eee35cc8-846f-4154-ba7c-6d4474c65180","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":60,"y":497,"width":870,"height":13}},{"id":"53eecf82-6d2b-4be8-a5af-b6a575a6c726","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":59,"y":513,"width":820,"height":12}},{"id":"311a2759-73e2-43da-aad8-eaf61ca0532a","block_type":"box","text":"charges to such investor. The Trust does not expect to enter into an Authorized Participant Agreement with more than a","page_number":135,"box":{"x":59,"y":528,"width":841,"height":12}},{"id":"c0197f5a-9f50-41a8-a11d-80fed7e74498","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":59,"y":543,"width":819,"height":12}},{"id":"ca3ea660-1a3e-4489-99b1-378cb2a89ce8","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":135,"box":{"x":60,"y":558,"width":862,"height":12}},{"id":"09c7744e-d7c5-454a-a5d7-20ecfe8e5c4f","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":59,"y":573,"width":867,"height":12}},{"id":"26358f2d-2cf9-4739-a46c-2e3264fb7513","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":59,"y":588,"width":872,"height":13}},{"id":"abd4e50d-d3dc-42e0-88b1-030d2d1a0cce","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":60,"y":603,"width":820,"height":13}},{"id":"d002b15f-ec46-43b4-b089-d0609099dc47","block_type":"box","text":"Participant Agreement.","page_number":135,"box":{"x":60,"y":619,"width":160,"height":12}},{"id":"d4033311-cc50-475a-a703-c8462a290a20","block_type":"box","text":"Purchase Orders.","page_number":135,"box":{"x":60,"y":645,"width":122,"height":10}},{"id":"335731d5-412b-405e-b511-139fc3e03274","block_type":"box","text":"To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its","page_number":135,"box":{"x":195,"y":645,"width":708,"height":12}},{"id":"7da26ee5-0eb3-43a1-bd69-9cb9dee9ab5f","block_type":"box","text":"agent an irrevocable order to purchase shares of a Fund, in proper form, generally before 4:00 p.m., Eastern time on any","page_number":135,"box":{"x":59,"y":660,"width":837,"height":12}},{"id":"31d53c6c-2799-4d91-b70c-1e6739898d29","block_type":"box","text":"Business Day to receive that day’s NAV. The Distributor or its agent will notify BFA and the custodian of such order. The","page_number":135,"box":{"x":60,"y":675,"width":832,"height":12}},{"id":"24249346-17a8-48ed-9cce-35061a0ee3ca","block_type":"box","text":"custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the","page_number":135,"box":{"x":59,"y":690,"width":868,"height":13}},{"id":"a19d3652-5143-4779-900c-26aea40efc1c","block_type":"box","text":"delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants and may change from time","page_number":135,"box":{"x":59,"y":705,"width":874,"height":13}},{"id":"dfef7942-8acc-4ca9-bb91-f64f7ebc9e7d","block_type":"box","text":"to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be","page_number":135,"box":{"x":59,"y":720,"width":861,"height":13}},{"id":"42e8300e-fbc7-4476-b7e3-6158b26a2a02","block_type":"box","text":"made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants","page_number":135,"box":{"x":60,"y":736,"width":841,"height":12}},{"id":"b7e9820d-f091-4d9a-a1d7-be674ee2db22","block_type":"box","text":"upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time","page_number":135,"box":{"x":60,"y":751,"width":878,"height":12}},{"id":"89fd1cde-1582-4b89-b8d2-60ca5c059f82","block_type":"box","text":"to permit proper submission of the purchase order to the Distributor or its agent by the Cutoff Time (as defined below) on","page_number":135,"box":{"x":59,"y":766,"width":854,"height":12}},{"id":"d98f2406-bb2d-4542-8f6e-768d2a63d9eb","block_type":"box","text":"such Business Day.","page_number":135,"box":{"x":59,"y":781,"width":131,"height":12}},{"id":"05da24b5-8a35-4d87-a647-dc502df1a9a2","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":59,"y":807,"width":861,"height":13}},{"id":"e0cf21ce-06d9-4547-b86d-260ee1334bab","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":59,"y":823,"width":875,"height":12}},{"id":"19204686-8137-4ffd-88c0-7c6704a2820e","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":59,"y":838,"width":851,"height":12}},{"id":"cb6d4465-a21f-413e-898c-cc21c9075891","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":59,"y":853,"width":862,"height":12}},{"id":"f67ed818-9a93-4ad1-a70e-e7d49c365a07","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":59,"y":868,"width":861,"height":12}},{"id":"1807c805-8d0a-4e19-b7fa-50b1cf3f921a","block_type":"box","text":"126","page_number":135,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"cf92bad9-0615-41ff-a054-0bcbe9fcac56","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":136,"box":{"x":59,"y":67,"width":862,"height":12}},{"id":"805f9c2f-fcdb-4198-8a94-82ac8b421000","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":136,"box":{"x":59,"y":82,"width":682,"height":12}},{"id":"7cad72f7-240b-4223-8fc2-c99f770ecec6","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":136,"box":{"x":59,"y":108,"width":879,"height":13}},{"id":"ff4ef3a8-f168-4730-8589-55269f9e2652","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":136,"box":{"x":59,"y":123,"width":342,"height":13}},{"id":"842d982a-599f-4baf-b6b7-526cfe5e9346","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":136,"box":{"x":58,"y":150,"width":305,"height":12}},{"id":"a8f9576d-fa80-4bad-a3f1-3bf95fdbaa84","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":136,"box":{"x":372,"y":150,"width":554,"height":12}},{"id":"0112e495-1060-4a99-8d41-7abec913ade8","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":136,"box":{"x":59,"y":165,"width":850,"height":12}},{"id":"a79e62ec-4a3d-4107-9bc6-2e50e7c71fae","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":136,"box":{"x":60,"y":180,"width":877,"height":12}},{"id":"0b7b7d87-7e98-4879-968f-0a5e0b1a533c","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":136,"box":{"x":59,"y":195,"width":860,"height":12}},{"id":"9914a3af-9517-4ef8-b14a-f7828121bb81","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":136,"box":{"x":59,"y":210,"width":876,"height":13}},{"id":"fb5b3fc3-93aa-4300-b38a-92827d61fbb9","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":136,"box":{"x":59,"y":225,"width":849,"height":13}},{"id":"727b0ac0-0ada-4c29-b7aa-77f9cfa895cc","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":136,"box":{"x":59,"y":240,"width":852,"height":13}},{"id":"2126a037-90fb-41c1-9bca-7c5ac99ec589","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":136,"box":{"x":59,"y":256,"width":876,"height":12}},{"id":"8dfc515b-cc6c-4d98-a779-a7cc9ca0d67e","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":136,"box":{"x":60,"y":271,"width":849,"height":12}},{"id":"7d78b296-ea16-438b-8376-31d32128021b","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":59,"y":286,"width":869,"height":12}},{"id":"97d4eb6d-6f44-4df8-90fd-81a579a8a4f3","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":59,"y":301,"width":866,"height":12}},{"id":"4a1947d6-ef0c-40d8-b4df-ab1ed53cb62d","block_type":"box","text":"accepted by the Trust, will be processed based on the NAV next determined after such acceptance in accordance with a","page_number":136,"box":{"x":59,"y":316,"width":837,"height":12}},{"id":"68decc86-7f29-4f2a-9428-9b0f16c938d5","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":60,"y":331,"width":690,"height":13}},{"id":"85fb8c66-a782-4335-b003-8e092414646d","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":136,"box":{"x":59,"y":358,"width":293,"height":12}},{"id":"a63d0235-076b-4bdb-8e6d-7ddf43532728","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":136,"box":{"x":365,"y":358,"width":506,"height":12}},{"id":"c5695f36-91cc-4422-9e54-b07efbaf45a4","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":59,"y":373,"width":872,"height":12}},{"id":"9e8a2193-58b9-437f-adf6-d989a7a480ee","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":59,"y":388,"width":857,"height":12}},{"id":"bd0cfaba-9ef7-4cf1-9ca6-464f5d60e8cf","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":59,"y":403,"width":865,"height":12}},{"id":"ad91966b-5674-40dd-bbc6-f44fb9404994","block_type":"box","text":"as set forth below.","page_number":136,"box":{"x":59,"y":418,"width":127,"height":10}},{"id":"6615276d-48e8-4fc6-8514-60a8e6687d30","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":59,"y":445,"width":816,"height":12}},{"id":"8f1b0129-cff8-4ba7-96de-e8f143bae9f0","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":60,"y":460,"width":812,"height":12}},{"id":"672cea76-9dbd-4f11-b2b7-a7074da1ff28","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":136,"box":{"x":59,"y":475,"width":552,"height":12}},{"id":"ab960f22-9d3f-4b26-9679-a42e88f2bbaf","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":60,"y":501,"width":870,"height":13}},{"id":"bf8b726b-0bd2-4b4d-80fd-864d450f09e0","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":59,"y":516,"width":860,"height":13}},{"id":"c9229116-0805-440b-949c-936acf0daad2","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":60,"y":531,"width":877,"height":13}},{"id":"02232ed7-d9ce-4e4a-b0d8-581f19e8c78f","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":60,"y":547,"width":853,"height":12}},{"id":"2340336f-ffd6-486a-9adc-942178f5de0f","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":60,"y":562,"width":876,"height":12}},{"id":"874febc4-84fe-4ac5-b5a5-5d6b39067525","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":60,"y":577,"width":820,"height":12}},{"id":"e774e14d-d25c-499e-bafd-f05c541c1ce2","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":59,"y":592,"width":811,"height":12}},{"id":"09af7508-1e85-4543-b3ef-e6ed203afa76","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":59,"y":607,"width":852,"height":12}},{"id":"2e16c703-34fd-4349-95db-6227fd5f3487","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, the custodian, the sub-custodian and","page_number":136,"box":{"x":60,"y":622,"width":874,"height":13}},{"id":"947e05a1-34fd-49f8-9c8e-1284a91519a3","block_type":"box","text":"the Distributor or its agent are under no duty, however, to give notification of any defects or irregularities in the delivery of","page_number":136,"box":{"x":59,"y":637,"width":853,"height":13}},{"id":"38d17a04-f7a7-44f9-b1aa-5022555e11de","block_type":"box","text":"Fund Deposits nor shall any of them incur any liability for failure to give such notification.","page_number":136,"box":{"x":60,"y":652,"width":622,"height":13}},{"id":"3f99a9a3-800b-46f3-b5a4-152cff971b85","block_type":"box","text":"In addition, the iShares India 50 ETF may exercise its right to reject any creation order for shares of the Fund on any Business","page_number":136,"box":{"x":60,"y":679,"width":870,"height":12}},{"id":"49060ab9-1b9e-4a69-8ef3-626f6e556480","block_type":"box","text":"Day that is a holiday in the Indian market, but not a holiday observed in the U.S. equity market, and certain other holidays","page_number":136,"box":{"x":60,"y":694,"width":847,"height":12}},{"id":"015f9ce6-e6b2-4d56-be81-01880e648546","block_type":"box","text":"during the settlement cycle for Fund shares, in order to protect Fund shareholders from any dilutive costs that may be","page_number":136,"box":{"x":59,"y":709,"width":825,"height":12}},{"id":"302b7c32-56f4-4080-b52e-7987c3dc27d2","block_type":"box","text":"associated with the purchase of Deposit Securities in connection with creation orders on such days.","page_number":136,"box":{"x":59,"y":724,"width":698,"height":13}},{"id":"6a323c9d-19e5-44bd-a73d-dca84a086f41","block_type":"box","text":"Issuance of a Creation Unit.","page_number":136,"box":{"x":60,"y":751,"width":197,"height":10}},{"id":"bd2b2b33-24de-4288-97eb-17336b643e60","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to the applicable Fund of the","page_number":136,"box":{"x":60,"y":777,"width":832,"height":13}},{"id":"e400a926-f30a-4f23-9c40-53199a23d537","block_type":"box","text":"Deposit Securities and the payment of the Cash Component have been completed. When the sub-custodian has confirmed","page_number":136,"box":{"x":60,"y":792,"width":861,"height":13}},{"id":"6f4ee65c-1132-4ec0-a95b-378aa016e148","block_type":"box","text":"to the custodian that the securities included in the Fund Deposit (or the cash value thereof ) have been delivered to the","page_number":136,"box":{"x":59,"y":807,"width":830,"height":13}},{"id":"399608d7-cbe4-4f58-a615-458fe3b014cf","block_type":"box","text":"account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and BFA shall be notified of such","page_number":136,"box":{"x":59,"y":823,"width":825,"height":12}},{"id":"4424ebe7-56d7-4cfd-9865-39586ea88564","block_type":"box","text":"delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":136,"box":{"x":59,"y":838,"width":599,"height":12}},{"id":"516c5a41-4c8f-474e-9743-e7f076f7af0e","block_type":"box","text":"For the iShares Blockchain and Tech ETF and iShares India 50 ETF, Creation Units are generally issued on a “T+1 basis” (i.e.,","page_number":136,"box":{"x":60,"y":864,"width":858,"height":12}},{"id":"1af7af16-b5d5-4ec0-b7f5-86315681f33a","block_type":"box","text":"one Business Day after trade date). For all other Funds in this SAI, Creation Units are generally issued on a “T+2 basis” (i.e.,","page_number":136,"box":{"x":59,"y":879,"width":855,"height":13}},{"id":"b3eb79f7-deba-432c-8dea-66e233499ddf","block_type":"box","text":"127","page_number":136,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"1ea518bc-b534-494d-8a24-1b78a9acee70","block_type":"box","text":"two Business Days after trade date). However, each Fund reserves the right to settle Creation Unit transactions on a different","page_number":137,"box":{"x":59,"y":67,"width":869,"height":12}},{"id":"ec82e67c-3088-48c5-adcb-4729c8c64538","block_type":"box","text":"basis, if necessary or appropriate under the circumstances and compliant with applicable law. These circumstances may","page_number":137,"box":{"x":60,"y":82,"width":841,"height":12}},{"id":"d1bc986d-6441-45c9-a647-36d52e4520b5","block_type":"box","text":"include, among others, accommodating non-U.S. market holiday schedules and accounting for different treatment among","page_number":137,"box":{"x":60,"y":97,"width":855,"height":12}},{"id":"3a9fdb6f-71a6-43d9-b860-3e8e7851ff03","block_type":"box","text":"non-U.S. and U.S. markets of dividend record dates and ex-dividend dates (","page_number":137,"box":{"x":60,"y":112,"width":525,"height":12}},{"id":"14b1498e-aefe-4acb-bf12-7675341380a5","block_type":"box","text":"i.e.","page_number":137,"box":{"x":586,"y":113,"width":18,"height":9}},{"id":"b782276d-d4db-41ea-a2fd-1bd421ebeef9","block_type":"box","text":", the last day the holder of a security can sell","page_number":137,"box":{"x":606,"y":112,"width":309,"height":12}},{"id":"f990e212-706b-4426-b67a-0c33f9c4e53a","block_type":"box","text":"the security and still receive dividends payable on the security).","page_number":137,"box":{"x":59,"y":127,"width":440,"height":12}},{"id":"25e5f959-85fc-44ba-96b8-2c771a775fd2","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":137,"box":{"x":59,"y":154,"width":872,"height":12}},{"id":"c37f76e9-ea2b-414a-91a5-fbdd17918aa6","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":137,"box":{"x":59,"y":169,"width":847,"height":12}},{"id":"2e39db91-f0a9-49a3-af62-5a460f4dfd61","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":137,"box":{"x":59,"y":184,"width":876,"height":12}},{"id":"0890bcf6-1b2a-4660-95c7-42185a1282b8","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":137,"box":{"x":59,"y":199,"width":879,"height":12}},{"id":"091d3807-ccff-4946-9d35-3d3a5904b805","block_type":"box","text":"forth in the handbook for Authorized Participants. The Trust may use such collateral at any time to buy Deposit Securities for","page_number":137,"box":{"x":59,"y":214,"width":873,"height":12}},{"id":"c8d57147-ca07-471f-b65c-9ef9f650c7c5","block_type":"box","text":"the Funds. Such collateral must be delivered no later than the time specified by a Fund or its custodian on the contractual","page_number":137,"box":{"x":59,"y":229,"width":849,"height":12}},{"id":"7f63076b-34f6-40d4-9fde-92f4bd7ce9c9","block_type":"box","text":"settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit Securities is","page_number":137,"box":{"x":59,"y":244,"width":860,"height":13}},{"id":"a1baa7f1-f34c-46e7-b2aa-18411fee628e","block_type":"box","text":"available from the Distributor or its agent. The Authorized Participant Agreement will permit the Funds to buy the missing","page_number":137,"box":{"x":59,"y":259,"width":852,"height":13}},{"id":"a86ceb1a-701f-491f-ab7b-4ffefeefb9f1","block_type":"box","text":"Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the","page_number":137,"box":{"x":60,"y":274,"width":865,"height":13}},{"id":"a1a73b86-747c-48c7-914e-52ac31a3e90f","block_type":"box","text":"Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings","page_number":137,"box":{"x":60,"y":290,"width":874,"height":12}},{"id":"b331755e-5c50-42b6-b26c-46a93a71fa91","block_type":"box","text":"and other charges.","page_number":137,"box":{"x":59,"y":305,"width":130,"height":12}},{"id":"0590b7f6-aca8-4369-bab3-be6183faf2a7","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":60,"y":331,"width":809,"height":13}},{"id":"325fb303-d46f-488d-9126-af6b23455831","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":60,"y":346,"width":810,"height":13}},{"id":"6e09bad2-39b0-4fd3-b0d9-8a65055b4cc1","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":59,"y":361,"width":868,"height":13}},{"id":"e0795c71-87e7-42ae-a62a-4d00c200c495","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":59,"y":377,"width":875,"height":12}},{"id":"d44c0aaf-cdbd-4c9d-9050-c2a31d757640","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":59,"y":392,"width":838,"height":12}},{"id":"d1d56894-68bc-4d85-b1cc-7098066040b9","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":137,"box":{"x":59,"y":418,"width":325,"height":10}},{"id":"9709fa30-9f50-4016-a8c3-98b54b3c50e7","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer,","page_number":137,"box":{"x":397,"y":418,"width":476,"height":12}},{"id":"51e42611-c171-4e89-9188-6b44b0b1620a","block_type":"box","text":"processing and other transaction costs associated with the issuance of Creation Units. Under an ETF Services Agreement, the","page_number":137,"box":{"x":59,"y":433,"width":877,"height":13}},{"id":"657937f2-a7cf-4965-b3aa-b49383ab229e","block_type":"box","text":"Funds have retained BRIL, an affiliate of BFA, to perform ETF Services. BRIL will receive from an Authorized Participant a","page_number":137,"box":{"x":60,"y":448,"width":833,"height":13}},{"id":"a1d4b407-ff43-41c3-9f30-0de332743db2","block_type":"box","text":"standard transaction fee on each creation order, which consists of (1) a fee for providing the ETF Services (the “ETF Servicing","page_number":137,"box":{"x":59,"y":463,"width":874,"height":13}},{"id":"bcc951e8-3d59-4259-a4e3-8432f714c7fa","block_type":"box","text":"Fee”) and (2) transfer, processing and other transaction costs charged by a Fund custodian in connection with the issuance","page_number":137,"box":{"x":60,"y":479,"width":863,"height":12}},{"id":"7847883e-16af-4755-962b-a99c8f78230a","block_type":"box","text":"of Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain the ETF Servicing Fee","page_number":137,"box":{"x":59,"y":494,"width":827,"height":12}},{"id":"07416cde-5f75-4976-9abd-f14d3b93cd0e","block_type":"box","text":"pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund","page_number":137,"box":{"x":59,"y":509,"width":834,"height":12}},{"id":"472e28b7-f000-4ccc-bd3b-ff8e2db285d0","block_type":"box","text":"custodian according to the amounts invoiced by such custodian.","page_number":137,"box":{"x":59,"y":524,"width":452,"height":12}},{"id":"21bbe68a-a920-494c-9189-761cbd4bed6e","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":137,"box":{"x":59,"y":550,"width":861,"height":13}},{"id":"ea5744ed-149c-4a2e-942d-aa492a4962e8","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":137,"box":{"x":59,"y":566,"width":879,"height":12}},{"id":"041128f3-d5d1-47e8-b42d-9c713aeb95fe","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":137,"box":{"x":60,"y":581,"width":834,"height":12}},{"id":"e76cf78a-79ba-4cd2-9c2a-ab25819467bc","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":137,"box":{"x":59,"y":596,"width":875,"height":12}},{"id":"6ed72e5a-b22b-4e6a-9e19-41735c196431","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":137,"box":{"x":59,"y":611,"width":878,"height":12}},{"id":"c7d1c43b-65d2-497d-87ce-13e2bc8f019e","block_type":"box","text":"Unit.","page_number":137,"box":{"x":60,"y":627,"width":31,"height":9}},{"id":"86677c42-7c70-4177-a2bf-6871f683220f","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":60,"y":652,"width":869,"height":13}},{"id":"22f2d71d-5373-49a1-8aa7-c4fc29d43cb4","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":59,"y":668,"width":846,"height":12}},{"id":"2a3e4076-462c-42af-bec8-41d706d010fc","block_type":"box","text":"shown above) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":137,"box":{"x":59,"y":683,"width":864,"height":12}},{"id":"f1ec28aa-cd32-4b0e-bbde-a9a67dfeb073","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":59,"y":698,"width":844,"height":12}},{"id":"afd2e8fc-a874-48f1-a819-aa35411691fb","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":59,"y":713,"width":853,"height":12}},{"id":"0ae9c3f9-dffa-475c-a77b-88e1bd20209a","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":59,"y":728,"width":836,"height":12}},{"id":"33c45125-4830-480f-ba19-828ba067d8a9","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":60,"y":743,"width":866,"height":12}},{"id":"a2ba2a07-6d96-490a-8db0-d4b4a0a4c535","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":59,"y":758,"width":835,"height":13}},{"id":"abad3491-8c9d-4eb1-a89e-37dda76e3ae4","block_type":"box","text":"maximum amounts shown above.","page_number":137,"box":{"x":60,"y":773,"width":237,"height":10}},{"id":"10d0d9f1-46bb-4ff0-b5ed-7a2fb2731a0c","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":59,"y":800,"width":816,"height":12}},{"id":"4a51178c-30c2-41f0-869c-071bc441b997","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":59,"y":815,"width":866,"height":12}},{"id":"a2c6e44d-237b-462f-bed1-152a3dcf574b","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":137,"box":{"x":59,"y":830,"width":637,"height":12}},{"id":"adec72fa-41d2-4dd3-b28b-6387cb2e5204","block_type":"box","text":"If a purchase consists of a cash portion and each Fund places a brokerage transaction to purchase portfolio securities with","page_number":137,"box":{"x":60,"y":857,"width":856,"height":12}},{"id":"e4255d4e-9d7b-46c3-ac63-8422e043755d","block_type":"box","text":"the Authorized Participant (or an affiliated or unaffiliated broker-dealer), the Authorized Participant may be required, in its","page_number":137,"box":{"x":59,"y":872,"width":850,"height":12}},{"id":"12c0c0ea-21f6-42eb-a8ac-71f2a0a7e968","block_type":"box","text":"128","page_number":137,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"e7f822a8-97ac-4fb6-89b9-e5943780c94f","block_type":"box","text":"capacity as broker-dealer with respect to that transaction, to cover certain brokerage, tax, foreign exchange, execution, and","page_number":138,"box":{"x":59,"y":67,"width":862,"height":12}},{"id":"10dd8b72-0cd9-48df-804e-1e7985c7665a","block_type":"box","text":"price movement costs through an Execution Performance Guarantee, as described in the Brokerage Transactions section of","page_number":138,"box":{"x":59,"y":82,"width":864,"height":12}},{"id":"2428a2b1-72be-46dd-9b2c-e755e5b5ed14","block_type":"box","text":"this SAI.","page_number":138,"box":{"x":59,"y":97,"width":56,"height":10}},{"id":"0c5bc560-8c86-48fd-8dfb-c87b680de3fa","block_type":"box","text":"Redemption of Creation Units.","page_number":138,"box":{"x":60,"y":123,"width":216,"height":13}},{"id":"51800186-7567-4425-aa92-b852b16065e2","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":138,"box":{"x":59,"y":150,"width":836,"height":12}},{"id":"9bd45d5a-013d-4392-8c2d-f12b0e1ed8a1","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":138,"box":{"x":60,"y":165,"width":868,"height":12}},{"id":"4698da44-6626-45a4-ab98-cd26b03d3622","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":138,"box":{"x":60,"y":180,"width":873,"height":12}},{"id":"99d3abdb-d0ee-4e94-afe0-ac194259eb6b","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":138,"box":{"x":60,"y":195,"width":854,"height":12}},{"id":"faf72148-f46d-466a-a8ca-ec527b19ebd5","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":138,"box":{"x":59,"y":210,"width":879,"height":13}},{"id":"2f43e66d-ea8c-4ab4-9c68-2fe8737b1fc0","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":138,"box":{"x":60,"y":225,"width":649,"height":13}},{"id":"ae398bf1-cc01-4558-a4cb-fe171aa91e6f","block_type":"box","text":"The iShares India 50 ETF generally redeems Creation Units solely for cash. However, the Fund reserves the right to distribute","page_number":138,"box":{"x":59,"y":252,"width":867,"height":12}},{"id":"46d84d02-1849-426a-ace8-0d1a0a28aaa7","block_type":"box","text":"securities in-kind as payment for Creation Units being redeemed. All other Funds discussed in this SAI generally redeem","page_number":138,"box":{"x":59,"y":267,"width":837,"height":12}},{"id":"e501647a-fbf7-4114-b891-9d26d1fb0237","block_type":"box","text":"Creation Units partially for cash. However, the Funds reserve the right to distribute securities and other portfolio instruments","page_number":138,"box":{"x":59,"y":282,"width":870,"height":12}},{"id":"607f1605-ab89-40ed-8b34-773008e39780","block_type":"box","text":"in kind as payment for Creation Units being redeemed. Please see the","page_number":138,"box":{"x":60,"y":297,"width":483,"height":13}},{"id":"312aecb6-cce5-4add-823b-6ac8debda327","block_type":"box","text":"Cash Redemption Method","page_number":138,"box":{"x":548,"y":297,"width":183,"height":13}},{"id":"79ee5098-0ebe-4fd4-86af-6b2342679831","block_type":"box","text":"section below and the","page_number":138,"box":{"x":735,"y":297,"width":154,"height":10}},{"id":"475d6fcf-16d4-489f-ae48-452b64103840","block_type":"box","text":"following discussion summarizing the in-kind method for further information on redeeming Creation Units of the Funds.","page_number":138,"box":{"x":59,"y":312,"width":842,"height":13}},{"id":"f2d5c8db-a206-4643-b51f-67507cd81e27","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":138,"box":{"x":60,"y":339,"width":853,"height":12}},{"id":"86e5ea72-0327-41f4-bb20-aca1c24d8a42","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":138,"box":{"x":59,"y":354,"width":849,"height":12}},{"id":"86c14eec-0d04-424b-abf3-f2c092ec86d6","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":138,"box":{"x":59,"y":369,"width":840,"height":12}},{"id":"a40672e1-b54c-452c-b05a-5f9c5236f4f2","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":138,"box":{"x":60,"y":384,"width":863,"height":12}},{"id":"272cc89e-2df7-40c0-9e43-5e99c2fff829","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":138,"box":{"x":60,"y":399,"width":833,"height":13}},{"id":"96ba8ae9-f064-4623-92ea-70723bfee8d6","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":138,"box":{"x":59,"y":414,"width":854,"height":13}},{"id":"80536b69-1240-430b-a2b9-b097b3975d54","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":138,"box":{"x":60,"y":429,"width":842,"height":13}},{"id":"07133bd1-c708-43d3-be53-e30937dff350","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":138,"box":{"x":59,"y":445,"width":738,"height":12}},{"id":"36ec87bc-12e9-44ff-9e8d-c2a66af55455","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":138,"box":{"x":60,"y":471,"width":865,"height":12}},{"id":"01d9f27f-2a8c-4fac-81c2-7cc628e69e22","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":138,"box":{"x":59,"y":486,"width":862,"height":12}},{"id":"bd043f9b-f2f8-4e59-a1b6-fbd0d77d5d49","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":138,"box":{"x":60,"y":501,"width":873,"height":13}},{"id":"e8289eba-dda6-475b-af7f-1c9c02678b5e","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":138,"box":{"x":59,"y":516,"width":356,"height":13}},{"id":"8abc45e9-c333-47dc-8fab-542fa83da747","block_type":"box","text":"The Trust may, in its sole discretion, substitute a “cash in lieu” amount to replace any Fund Security in certain circumstances,","page_number":138,"box":{"x":59,"y":543,"width":873,"height":12}},{"id":"be504e70-b475-400d-8825-4351b10cc0e0","block_type":"box","text":"including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose behalf the","page_number":138,"box":{"x":60,"y":558,"width":825,"height":12}},{"id":"7ac2d97a-1080-4841-83f1-ca01a2fc0d44","block_type":"box","text":"Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a trading","page_number":138,"box":{"x":59,"y":573,"width":822,"height":12}},{"id":"eb2979e7-7039-465f-b7b1-31c8ae60b74a","block_type":"box","text":"restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of the Fund","page_number":138,"box":{"x":60,"y":588,"width":863,"height":13}},{"id":"2f497a9e-f90f-4781-a66b-ae0c7953506e","block_type":"box","text":"Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the delivery","page_number":138,"box":{"x":59,"y":603,"width":880,"height":13}},{"id":"a5c57c0f-0458-4547-9fab-97a836bfad26","block_type":"box","text":"of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security cannot","page_number":138,"box":{"x":59,"y":618,"width":868,"height":13}},{"id":"334c4a4a-b103-40c9-88b4-60ba188d2528","block_type":"box","text":"be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The amount of","page_number":138,"box":{"x":60,"y":634,"width":867,"height":12}},{"id":"69f30093-a28c-497a-913a-6ebce81b2e04","block_type":"box","text":"cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. In the event","page_number":138,"box":{"x":59,"y":649,"width":855,"height":12}},{"id":"468b9869-9113-41ae-80fd-67c8cfbc0069","block_type":"box","text":"that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the","page_number":138,"box":{"x":59,"y":664,"width":815,"height":12}},{"id":"05ae45f6-1f3c-4510-91a8-2343a7109c4b","block_type":"box","text":"difference is required to be made by or through an Authorized Participant by the redeeming shareholder. The iShares India 50","page_number":138,"box":{"x":59,"y":679,"width":875,"height":12}},{"id":"9cae4946-d896-447f-b6a2-770237dd1ee6","block_type":"box","text":"ETF generally redeems Creation Units generally for cash. All other Funds discussed in this SAI generally redeem Creation","page_number":138,"box":{"x":60,"y":694,"width":839,"height":12}},{"id":"02da4ca4-94cb-4018-8526-7b3a839410c7","block_type":"box","text":"Units partially for cash. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of","page_number":138,"box":{"x":60,"y":709,"width":850,"height":12}},{"id":"16cfa3ca-1a40-4053-ad2c-2929db946b03","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":138,"box":{"x":59,"y":724,"width":864,"height":13}},{"id":"f4d7d49b-b63a-42c5-b50a-4a0c53c6d1e7","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":138,"box":{"x":60,"y":739,"width":829,"height":13}},{"id":"0660e0d0-1108-4f21-b2f7-b62180415f92","block_type":"box","text":"Redemption Basket through systematically rounding. The rounding methodology allows position sizes of securities in the","page_number":138,"box":{"x":60,"y":754,"width":846,"height":13}},{"id":"78c69abf-c04c-421a-85c1-544e2d84e04f","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":138,"box":{"x":60,"y":770,"width":872,"height":12}},{"id":"8ad9d004-3b19-43aa-b4d7-2104787be4cc","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":138,"box":{"x":59,"y":785,"width":874,"height":12}},{"id":"02f7d866-460d-4dc5-80dd-72de115caab1","block_type":"box","text":"index rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":138,"box":{"x":60,"y":800,"width":658,"height":12}},{"id":"632466cf-d78f-4ed4-b382-a9f0c546b877","block_type":"box","text":"Cash Redemption Method.","page_number":138,"box":{"x":59,"y":826,"width":191,"height":13}},{"id":"e1bc3449-dbdc-41c4-b2a5-bae8a2b40baa","block_type":"box","text":"Although the Trust does not generally permit full cash redemptions of Creation Units of its","page_number":138,"box":{"x":263,"y":826,"width":633,"height":13}},{"id":"32d7d268-f258-45dd-ab20-ae5cf038b6ec","block_type":"box","text":"funds, when partial or full cash redemptions of Creation Units are available or specified (","page_number":138,"box":{"x":59,"y":841,"width":616,"height":13}},{"id":"f76363e8-9f6f-4283-9dce-ed41a1435fab","block_type":"box","text":"e.g.,","page_number":138,"box":{"x":677,"y":844,"width":26,"height":10}},{"id":"ccfef444-ba67-46ef-a5a3-eaf9e877d6ce","block_type":"box","text":"Creation Units of the iShares","page_number":138,"box":{"x":709,"y":841,"width":199,"height":10}},{"id":"7e04c29b-06aa-4448-8349-ac937a61c1f9","block_type":"box","text":"India 50 ETF are generally redeemed solely for cash, while Creation Units of all other Funds in this SAI are generally redeemed","page_number":138,"box":{"x":60,"y":857,"width":876,"height":12}},{"id":"5325fcce-b854-4d3f-b75d-81217773b031","block_type":"box","text":"partially for cash or where the market for individual securities does not permit in-kind redemption), they will be effected in","page_number":138,"box":{"x":59,"y":872,"width":855,"height":12}},{"id":"e6c673be-f7f9-4e99-af82-33716718e4e2","block_type":"box","text":"essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized","page_number":138,"box":{"x":59,"y":887,"width":849,"height":12}},{"id":"c8cf231e-7a75-4972-9b5f-b8d5784957e6","block_type":"box","text":"129","page_number":138,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"9cc6805a-e01c-440d-a20e-7f83368710ce","block_type":"box","text":"Participant receives the cash equivalent of the Fund Securities and other instruments it would otherwise receive through an","page_number":139,"box":{"x":60,"y":67,"width":862,"height":12}},{"id":"36d93771-293d-44e0-8b15-dca13d89c65d","block_type":"box","text":"in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. The Authorized Participant will also be","page_number":139,"box":{"x":60,"y":82,"width":855,"height":12}},{"id":"11fd9665-881a-4a4e-9b92-156d252067c8","block_type":"box","text":"required to pay certain transaction fees and charges for cash redemptions, as described below, and, if transacting as broker","page_number":139,"box":{"x":60,"y":97,"width":861,"height":12}},{"id":"84eae7bf-4de5-4110-b7a2-b807a409af06","block_type":"box","text":"with each Fund, may be required to cover certain brokerage, tax, foreign exchange, execution and price movement costs","page_number":139,"box":{"x":59,"y":112,"width":843,"height":12}},{"id":"afaaef41-e8e3-4f9e-9452-3ef5ad2603ee","block_type":"box","text":"through an Execution Performance Guarantee, as described in the","page_number":139,"box":{"x":59,"y":127,"width":461,"height":12}},{"id":"bd43b00f-017f-462d-8cf2-48ee9ef151cd","block_type":"box","text":"Brokerage Transactions","page_number":139,"box":{"x":525,"y":127,"width":163,"height":12}},{"id":"62fc10f5-f9c0-4a17-846f-b2cd6904b362","block_type":"box","text":"section of this SAI.","page_number":139,"box":{"x":693,"y":127,"width":129,"height":10}},{"id":"8427c5f4-68eb-4923-841d-669c712bb934","block_type":"box","text":"Cash redemption proceeds will be paid to the Authorized Participant redeeming shares as soon as practicable after the date","page_number":139,"box":{"x":59,"y":154,"width":864,"height":12}},{"id":"b2378848-9374-4fc7-af33-8ceb59ec99a5","block_type":"box","text":"of redemption or within seven calendar days thereafter. If a Fund settles redemptions on a cash basis and an Authorized","page_number":139,"box":{"x":59,"y":169,"width":839,"height":12}},{"id":"fc31db85-4497-46cf-ada1-a0dc2e6409f9","block_type":"box","text":"Participant has entered into an Execution Performance Guarantee, but the Authorized Participant is unable, as determined by","page_number":139,"box":{"x":60,"y":184,"width":873,"height":12}},{"id":"8d64c966-64ff-4d79-b0e2-06ad68f8265f","block_type":"box","text":"BFA in its sole discretion, to execute the market transactions that are the subject of the Execution Performance Guarantee","page_number":139,"box":{"x":60,"y":199,"width":850,"height":12}},{"id":"6e53a587-b9eb-4313-90df-ad1bc676817a","block_type":"box","text":"due to an extended market holiday that goes over seven calendar days or in certain other situations where all or a portion of","page_number":139,"box":{"x":59,"y":214,"width":870,"height":12}},{"id":"4e23545e-1496-43ff-af32-b4dbc9116cf5","block_type":"box","text":"the transactions are unable to be executed within seven calendar days, then the Fund may pay the full amount of the","page_number":139,"box":{"x":59,"y":229,"width":818,"height":12}},{"id":"5cd762f6-af91-40f2-99cc-f734d0aaeba5","block_type":"box","text":"redemption order (or the remaining amount of the redemption order based on the unexecuted portion of the transaction)","page_number":139,"box":{"x":60,"y":244,"width":851,"height":13}},{"id":"488f13a4-1986-446e-8846-1eb20081e4fa","block_type":"box","text":"within the original seven calendar day period by using the Fund’s overdraft facility, line of credit or cash on hand. The","page_number":139,"box":{"x":59,"y":259,"width":818,"height":13}},{"id":"fc26f32b-d7f8-41f2-9276-13f86702c004","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer), acting on an agency basis, will subsequently enter into","page_number":139,"box":{"x":59,"y":274,"width":864,"height":13}},{"id":"3e25454f-459c-4e41-adda-58a3145bd334","block_type":"box","text":"one or more separate market transactions when the markets reopen or the trades are otherwise able to be executed through","page_number":139,"box":{"x":59,"y":290,"width":872,"height":12}},{"id":"d81f0c38-024c-466a-a5bc-ad84591ff06b","block_type":"box","text":"which a Fund sells the Fund securities (or the remaining unsold Fund Securities) subject to a guaranteed sales price. If the","page_number":139,"box":{"x":59,"y":305,"width":854,"height":12}},{"id":"5286e62f-6316-4863-9295-3aef006f18a6","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer) achieves executions in market transactions at a price","page_number":139,"box":{"x":59,"y":320,"width":847,"height":12}},{"id":"845ac9bd-96b7-4a62-9c59-76fd53d7417d","block_type":"box","text":"more favorable than a Fund’s valuation of the Fund Securities as of the NAV calculation applicable on the date of the","page_number":139,"box":{"x":60,"y":335,"width":813,"height":12}},{"id":"996ec9f5-4be3-4518-871b-60c2d069c3de","block_type":"box","text":"redemption, then the Authorized Participant generally may retain the excess transaction proceeds. Specifically, if the","page_number":139,"box":{"x":60,"y":350,"width":811,"height":12}},{"id":"b797ae9d-0d90-4229-b21a-1b52a5d2817a","block_type":"box","text":"Authorized Participant is unable to achieve executions in market transactions at a price at least equal to the Fund’s valuation","page_number":139,"box":{"x":59,"y":365,"width":870,"height":13}},{"id":"8d2733dd-6458-462f-8df5-ba2cc5bd98d7","block_type":"box","text":"of the Fund Securities as of the NAV calculation applicable on the date of the redemption, then the Authorized Participant is","page_number":139,"box":{"x":59,"y":380,"width":865,"height":13}},{"id":"55e74b50-7471-4bb5-9dcd-c487c669c7ed","block_type":"box","text":"generally required to make the applicable shortfall payment to the Fund.","page_number":139,"box":{"x":59,"y":395,"width":505,"height":13}},{"id":"91a6040c-8f4b-4dfa-bccd-8400e2c3a341","block_type":"box","text":"In addition, if transacting as broker with a Fund in a non-U.S. jurisdiction, the Authorized Participant may be required to cover","page_number":139,"box":{"x":60,"y":422,"width":876,"height":12}},{"id":"272e2307-ffa8-4886-9110-5c7ca3d58f6c","block_type":"box","text":"foreign exchange costs through an Execution Performance Guarantee, as described in the Brokerage Transactions section of","page_number":139,"box":{"x":59,"y":437,"width":871,"height":12}},{"id":"bb2ccfff-3351-42f3-b195-def72dfa97a9","block_type":"box","text":"this SAI. If the foreign exchange transaction associated with the applicable security trades can only occur upon the","page_number":139,"box":{"x":59,"y":452,"width":804,"height":12}},{"id":"9d088be8-65fa-460a-9f6b-bf70dc96b885","block_type":"box","text":"settlement of a security trade and such trades are unable, as determined by BFA in its sole discretion, to be settled by the","page_number":139,"box":{"x":59,"y":467,"width":843,"height":13}},{"id":"a17fc4b9-2a2d-4039-9f8d-b77c0ffb22ef","block_type":"box","text":"seventh calendar day after receipt of the Authorized Participant’s redemption order, then a Fund may pay within the original","page_number":139,"box":{"x":59,"y":482,"width":865,"height":13}},{"id":"42ec702f-b7e7-4da0-ac59-85dc7b8dbdf6","block_type":"box","text":"seven calendar day period the amount due in respect of the redemption order based on the foreign exchange rate as of the","page_number":139,"box":{"x":59,"y":497,"width":860,"height":13}},{"id":"3858fd7c-6495-4e36-8c5f-c5d2a1eb2e2b","block_type":"box","text":"date of the redemption order by using the Fund’s overdraft facility, line of credit or cash on hand and subsequently enter into","page_number":139,"box":{"x":59,"y":513,"width":873,"height":12}},{"id":"b8303511-fa4b-4bee-a756-a4b4ce7db53c","block_type":"box","text":"one or more separate foreign exchange transactions with the Authorized Participant (or a broker-dealer affiliate of the","page_number":139,"box":{"x":59,"y":528,"width":824,"height":12}},{"id":"7b4476b1-0ffe-4566-8141-ad16db1594aa","block_type":"box","text":"Authorized Participant or a third-party broker-dealer engaged through the Authorized Participant), acting on an agency basis,","page_number":139,"box":{"x":59,"y":543,"width":878,"height":12}},{"id":"5b27392e-3145-4bf5-b3a7-bcd16fb1905f","block_type":"box","text":"and be subject to a guaranteed sales price. If the Authorized Participant achieves execution of the foreign exchange","page_number":139,"box":{"x":59,"y":558,"width":807,"height":12}},{"id":"40571e72-df7f-404a-86dc-d2784ddaee74","block_type":"box","text":"transactions at a price or more favorable than the foreign exchange rate as of the NAV calculation applicable on the date of","page_number":139,"box":{"x":59,"y":573,"width":862,"height":12}},{"id":"83b8d2e1-62c7-4cbe-9b68-08942f09401e","block_type":"box","text":"the redemption, then the Authorized Participant generally may retain the excess transaction proceeds. If the Authorized","page_number":139,"box":{"x":59,"y":588,"width":835,"height":13}},{"id":"a5896234-bcdd-4428-b33a-30bd5326283d","block_type":"box","text":"Participant is unable to achieve execution of the foreign exchange transactions at a price at least equal to the foreign","page_number":139,"box":{"x":60,"y":603,"width":814,"height":13}},{"id":"541c231c-9d3f-4f2b-a454-77416b093ef0","block_type":"box","text":"exchange rate as of the NAV calculation applicable on the date of the redemption, then the Authorized Participant is required","page_number":139,"box":{"x":59,"y":618,"width":873,"height":13}},{"id":"6dac7a3c-15a2-4d51-897f-43b97db5f4d5","block_type":"box","text":"to make the applicable shortfall payment to the Fund.","page_number":139,"box":{"x":59,"y":634,"width":374,"height":12}},{"id":"8033d676-86ce-40f0-a2c1-d974158bf0a7","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":139,"box":{"x":59,"y":660,"width":352,"height":12}},{"id":"100dca63-21c9-4061-b69b-eace9bdc166a","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer, processing and other transaction costs that may be","page_number":139,"box":{"x":59,"y":686,"width":839,"height":13}},{"id":"4dd86459-2330-4110-9f25-5778af044ee9","block_type":"box","text":"incurred by the relevant Fund. As described above, under an ETF Services Agreement, the Funds have retained BRIL, an","page_number":139,"box":{"x":60,"y":702,"width":830,"height":12}},{"id":"96139a30-8f45-4f5a-9eb7-a7e352ad64b2","block_type":"box","text":"affiliate of BFA, to perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on","page_number":139,"box":{"x":59,"y":717,"width":877,"height":12}},{"id":"a58ad421-4c01-44d8-a35b-78b7281eb32e","block_type":"box","text":"each redemption order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is entitled to","page_number":139,"box":{"x":59,"y":732,"width":845,"height":12}},{"id":"928418c4-6d41-4cb6-be1c-7fb4c63d4e98","block_type":"box","text":"retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs","page_number":139,"box":{"x":60,"y":747,"width":870,"height":12}},{"id":"aa406bb8-96ed-44d6-95dd-50d787101c60","block_type":"box","text":"to the applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":139,"box":{"x":59,"y":762,"width":613,"height":12}},{"id":"bf56a0f9-a1b5-485a-9820-ee74ae1345a7","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":139,"box":{"x":59,"y":788,"width":858,"height":13}},{"id":"b3febe7c-1971-4803-9c70-f42298b18c77","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":139,"box":{"x":59,"y":804,"width":879,"height":12}},{"id":"a99f9fcf-34b3-4dc0-82a3-6e0af1dfa183","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":139,"box":{"x":60,"y":819,"width":860,"height":12}},{"id":"651f6d26-d372-4325-8e50-f37219ae4fb3","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":139,"box":{"x":59,"y":834,"width":873,"height":12}},{"id":"faceea6f-b7d3-418a-808d-f1774097aea5","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":139,"box":{"x":59,"y":849,"width":866,"height":12}},{"id":"d5918238-6f55-491c-8cf2-3da2687303a1","block_type":"box","text":"Creation Unit.","page_number":139,"box":{"x":59,"y":865,"width":95,"height":9}},{"id":"8637c4d0-bf9f-476c-a0c2-9623753daaba","block_type":"box","text":"130","page_number":139,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"5e304fbf-82eb-4be5-8f71-cbe3046608fe","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":60,"y":67,"width":810,"height":12}},{"id":"62021322-b961-4303-af92-3313e8c6612b","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":59,"y":82,"width":869,"height":12}},{"id":"1e8a371e-a2ce-4580-9303-4047506222b0","block_type":"box","text":"amount shown above) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":140,"box":{"x":59,"y":97,"width":831,"height":12}},{"id":"c3667a32-092d-466c-b532-6232820602c6","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":59,"y":112,"width":854,"height":12}},{"id":"5ff0a2e7-a202-4695-a106-8121d12281d9","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":59,"y":127,"width":873,"height":12}},{"id":"ee1ea1d5-80d1-4d1e-9c25-855b561e6b9c","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":60,"y":142,"width":859,"height":13}},{"id":"496992ae-7822-4d77-abc9-210c094f1ecd","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":59,"y":157,"width":817,"height":13}},{"id":"64e32f58-6f6e-4149-b9c9-785127a4fdd1","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":59,"y":172,"width":825,"height":13}},{"id":"4ce86d47-0ef6-4a0f-be56-31afeb52556a","block_type":"box","text":"subject to the maximum amounts shown above.","page_number":140,"box":{"x":59,"y":188,"width":339,"height":12}},{"id":"902f7e6a-d306-4d6f-9d6e-96d787defe49","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":59,"y":214,"width":878,"height":12}},{"id":"98209d15-12e6-452c-8688-a9aa368effe7","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":59,"y":229,"width":864,"height":12}},{"id":"7736657d-5998-4371-9ef6-e9325e3197d4","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":59,"y":244,"width":816,"height":13}},{"id":"c6eb78c8-3c0c-4f53-af65-778e8a343fe6","block_type":"box","text":"If a redemption consists of a cash portion and each Fund places a brokerage transaction to sell portfolio securities with the","page_number":140,"box":{"x":60,"y":271,"width":859,"height":12}},{"id":"0d3b3bde-8e96-45f3-9d78-7554ee42fa26","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer), the Authorized Participant may be required, in its","page_number":140,"box":{"x":59,"y":286,"width":823,"height":12}},{"id":"faf73dea-e7d6-4e78-a29f-25d25d9e5154","block_type":"box","text":"capacity as broker-dealer with respect to that transaction, to cover certain brokerage, tax, foreign exchange, execution, and","page_number":140,"box":{"x":59,"y":301,"width":862,"height":12}},{"id":"ac6e3c0e-35c3-4756-a941-4d4d5e45544b","block_type":"box","text":"price movement costs through an Execution Performance Guarantee, as described in the","page_number":140,"box":{"x":59,"y":316,"width":621,"height":12}},{"id":"bfbc895f-88ad-42aa-ac25-de68da7b7464","block_type":"box","text":"Brokerage Transactions","page_number":140,"box":{"x":685,"y":316,"width":163,"height":12}},{"id":"efc7d304-07d4-4e26-a6e0-30b720896b1d","block_type":"box","text":"section of","page_number":140,"box":{"x":853,"y":316,"width":69,"height":10}},{"id":"d07227c1-c0d2-4188-b86b-3f0671215044","block_type":"box","text":"this SAI.","page_number":140,"box":{"x":59,"y":331,"width":56,"height":10}},{"id":"7cb444de-113d-409d-8e64-ee70a23b49fb","block_type":"box","text":"Placement of Redemption Orders.","page_number":140,"box":{"x":60,"y":358,"width":243,"height":12}},{"id":"946f9c2e-7da7-4635-9e51-65ef9674645b","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":140,"box":{"x":312,"y":358,"width":551,"height":12}},{"id":"57a5a7f5-4602-4594-b91d-f34366564a90","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":140,"box":{"x":60,"y":373,"width":824,"height":12}},{"id":"508670ab-88ff-440c-bcf3-7540a77f2dae","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":140,"box":{"x":60,"y":388,"width":840,"height":12}},{"id":"654858b6-ca7e-4665-a493-5ae89d8cd787","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":140,"box":{"x":59,"y":403,"width":843,"height":12}},{"id":"1c753434-da9d-49cf-a890-a0351c801cd2","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":140,"box":{"x":60,"y":418,"width":875,"height":12}},{"id":"5e8796d9-c8cd-45d9-857f-16e9d36fa9ca","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":140,"box":{"x":59,"y":433,"width":869,"height":13}},{"id":"bc657946-021a-4269-9905-f21d5cbaf568","block_type":"box","text":"Authorized Participants upon request.","page_number":140,"box":{"x":59,"y":448,"width":264,"height":13}},{"id":"28a325a4-86e5-410c-86c9-ed8f6cae7d03","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":140,"box":{"x":59,"y":475,"width":866,"height":12}},{"id":"1e53d427-cc8e-4b02-a15f-7b4a1bd9d28d","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":140,"box":{"x":60,"y":490,"width":853,"height":12}},{"id":"37501059-678a-4c04-84cd-7b3f0a95ad49","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":140,"box":{"x":59,"y":505,"width":862,"height":12}},{"id":"6b910b5e-acde-40f8-85a0-6e8ce63774bf","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":140,"box":{"x":59,"y":520,"width":824,"height":12}},{"id":"f025e90a-1cbc-4715-a685-32b6be6f0227","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":140,"box":{"x":59,"y":535,"width":861,"height":13}},{"id":"2f3332e9-2217-4f0a-8325-3b7eb5525c5a","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":140,"box":{"x":59,"y":550,"width":876,"height":13}},{"id":"54213be9-0b29-4de9-84b0-56171d3ce0d8","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":140,"box":{"x":60,"y":566,"width":856,"height":12}},{"id":"f30c3e5d-dc68-45fd-8a19-05f12605ff58","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":140,"box":{"x":59,"y":581,"width":858,"height":12}},{"id":"803eb24a-b5af-48fe-bcd6-bd00556bebdc","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":140,"box":{"x":60,"y":596,"width":842,"height":12}},{"id":"06d4f6ab-ea89-4d0a-b85c-ad73eae90c50","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":140,"box":{"x":59,"y":611,"width":585,"height":12}},{"id":"abda2bb0-c4fe-4dc3-8e07-cf96c83eb5e2","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":140,"box":{"x":59,"y":637,"width":850,"height":13}},{"id":"d2e2cc5a-4973-453e-8271-eda695038ddc","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":140,"box":{"x":59,"y":652,"width":829,"height":13}},{"id":"2507a06a-30b0-45dc-ac77-d4bffbfec745","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":140,"box":{"x":59,"y":668,"width":834,"height":12}},{"id":"bab2af20-a0b2-4735-9a48-939b92a15ef7","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":140,"box":{"x":60,"y":683,"width":866,"height":12}},{"id":"7359fa17-b2cf-4283-8dc9-88a85dbf9d36","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":140,"box":{"x":59,"y":698,"width":849,"height":12}},{"id":"611d55a6-1ed0-4944-ad9d-0bcfa11cb845","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":140,"box":{"x":59,"y":713,"width":476,"height":12}},{"id":"ac602518-f618-48bb-bdb2-688609a0139e","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":140,"box":{"x":60,"y":739,"width":843,"height":13}},{"id":"68fe3e39-52da-4cb3-8b6c-04133d3dfcf9","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":140,"box":{"x":59,"y":754,"width":850,"height":13}},{"id":"59c5582f-6f0d-4f26-a672-8a579c4562c9","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":140,"box":{"x":59,"y":770,"width":877,"height":12}},{"id":"d1151676-5af6-486b-a3c9-154d8ae38405","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":140,"box":{"x":59,"y":785,"width":869,"height":12}},{"id":"9eedc7c5-aa01-4bd7-a19e-3b3c80fba4df","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":140,"box":{"x":60,"y":800,"width":831,"height":12}},{"id":"1abf15b4-f572-42a4-a83f-deab7e2957b1","block_type":"box","text":"Participant submitting the redemption request.","page_number":140,"box":{"x":60,"y":815,"width":327,"height":12}},{"id":"b758e598-602d-4f9c-b9a1-81f2cbd507d8","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":140,"box":{"x":59,"y":841,"width":854,"height":13}},{"id":"25c6d083-c410-4a18-a1ba-e5627221eed5","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":140,"box":{"x":59,"y":857,"width":837,"height":12}},{"id":"3bf30ead-f60b-4541-863f-77023392a64c","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":140,"box":{"x":59,"y":872,"width":836,"height":12}},{"id":"91e79b48-bd9d-41d5-81c8-5deb78116d47","block_type":"box","text":"131","page_number":140,"box":{"x":488,"y":916,"width":20,"height":9}},{"id":"2b844c2c-1676-4e91-9ee6-5d3954c0238c","block_type":"box","text":"For the iShares Blockchain and Tech ETF, deliveries of redemption proceeds are generally made within one Business Days (i.e.,","page_number":141,"box":{"x":60,"y":67,"width":878,"height":12}},{"id":"709ace58-e2a0-48cf-bd04-ac9e2b68defe","block_type":"box","text":"“T+1”). For all other Funds in this SAI, deliveries of redemption proceeds are generally made within two Business Days (i.e.,","page_number":141,"box":{"x":59,"y":82,"width":858,"height":12}},{"id":"6cb305e9-9ee0-44d8-a2a6-7d7ca939d2bc","block_type":"box","text":"“T+2”). However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or","page_number":141,"box":{"x":59,"y":97,"width":805,"height":12}},{"id":"a9663da5-72ea-4932-9ea3-7608d6eda9d9","block_type":"box","text":"appropriate under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":141,"box":{"x":59,"y":112,"width":858,"height":12}},{"id":"e789a73b-d524-436d-9132-a261ecaf59e8","block_type":"box","text":"accommodating non- U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S.","page_number":141,"box":{"x":59,"y":127,"width":821,"height":12}},{"id":"6a2d0bc8-ea3d-4341-9c2e-88f93e160b8a","block_type":"box","text":"markets of dividend record dates and dividend ex-dates (i.e., the last date the holder of a security can sell the security and","page_number":141,"box":{"x":60,"y":142,"width":852,"height":13}},{"id":"35ba9016-e07b-4cb3-b38a-1868cb492e5c","block_type":"box","text":"still receive dividends payable on the security sold).","page_number":141,"box":{"x":59,"y":157,"width":357,"height":13}},{"id":"3f21d645-58a1-43cf-8a99-6f1ccd18a107","block_type":"box","text":"If neither the redeeming Beneficial Owner nor the Authorized Participant acting on behalf of such redeeming Beneficial","page_number":141,"box":{"x":60,"y":184,"width":830,"height":12}},{"id":"cf395cca-3a69-4487-b624-c9af0a3fb57f","block_type":"box","text":"Owner has appropriate arrangements to take delivery of Fund Securities in the applicable non-U.S. jurisdiction and it is not","page_number":141,"box":{"x":59,"y":199,"width":858,"height":12}},{"id":"39941815-6abc-4138-9f0e-1e207d2c21b3","block_type":"box","text":"possible to make other such arrangements, or if it is not possible to effect deliveries of Fund Securities in such jurisdiction, a","page_number":141,"box":{"x":59,"y":214,"width":866,"height":12}},{"id":"68852250-d069-4169-ba57-d7bb44f68bf1","block_type":"box","text":"Fund may in its discretion exercise its option to redeem such shares in cash, and the redeeming Beneficial Owner will be","page_number":141,"box":{"x":60,"y":229,"width":839,"height":12}},{"id":"19e82d65-0482-4573-88ad-21f97b1a7613","block_type":"box","text":"required to receive its redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the net","page_number":141,"box":{"x":60,"y":244,"width":853,"height":13}},{"id":"4eb7876d-fb35-4263-b015-e5f9733c332b","block_type":"box","text":"asset value of its shares based on the NAV of the relevant Fund next determined after the redemption request is received in","page_number":141,"box":{"x":59,"y":259,"width":859,"height":13}},{"id":"6810ec5e-b848-49b7-8d97-0dc9d293cb55","block_type":"box","text":"proper form (minus a redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and","page_number":141,"box":{"x":59,"y":274,"width":866,"height":13}},{"id":"356ea4b7-8744-47bc-8c5b-7a0daaaaf258","block_type":"box","text":"other transaction costs associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be","page_number":141,"box":{"x":59,"y":290,"width":872,"height":12}},{"id":"3fd69570-6fce-4d61-a545-68d1307e587e","block_type":"box","text":"subject to compliance with applicable U.S. federal and state securities laws and each Fund (whether or not it otherwise","page_number":141,"box":{"x":59,"y":305,"width":833,"height":12}},{"id":"c182c4dd-5488-44cb-a594-2baf35527df8","block_type":"box","text":"permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully","page_number":141,"box":{"x":59,"y":320,"width":859,"height":12}},{"id":"cb51a83b-b338-465b-98ce-424ae9194b9c","block_type":"box","text":"deliver specific Fund Securities upon redemptions or cannot do so without first registering the Fund Securities under such","page_number":141,"box":{"x":59,"y":335,"width":854,"height":12}},{"id":"cad6f366-39b7-41da-b797-dd028161ee9f","block_type":"box","text":"laws.","page_number":141,"box":{"x":60,"y":350,"width":33,"height":10}},{"id":"816b2ca7-7ef9-4271-80b8-a85c05e39559","block_type":"box","text":"Although the Trust does not ordinarily permit cash redemptions of Creation Units (except that, as noted above, Creation","page_number":141,"box":{"x":59,"y":377,"width":840,"height":12}},{"id":"e2368985-2895-419d-b3a1-eb8487fb39ee","block_type":"box","text":"Units of each Fund generally will be redeemed partially for cash, with the exception Creation Units of the iShares India 50 ETF,","page_number":141,"box":{"x":60,"y":392,"width":877,"height":12}},{"id":"1f00016e-f188-4074-871c-6e31e01021b0","block_type":"box","text":"which generally will be redeemed for cash), in the event that cash redemptions are permitted or required by the Trust,","page_number":141,"box":{"x":59,"y":407,"width":823,"height":12}},{"id":"71b189a3-b850-4f34-ac37-9a0c51d52b32","block_type":"box","text":"proceeds will be paid to the Authorized Participant redeeming shares as soon as practicable after the date of redemption","page_number":141,"box":{"x":59,"y":422,"width":843,"height":12}},{"id":"3ed59c65-7385-4f1d-9ca1-c335d91071a2","block_type":"box","text":"(within seven calendar days thereafter). If a Fund includes a foreign investment in its basket, and if a local market holiday, or","page_number":141,"box":{"x":60,"y":437,"width":866,"height":12}},{"id":"a69f5711-8d44-449a-8b42-e9a0fc88ae15","block_type":"box","text":"series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized","page_number":141,"box":{"x":59,"y":452,"width":863,"height":12}},{"id":"e1a7e450-4f13-4204-aaec-2a8e49907761","block_type":"box","text":"Participants prevents timely delivery of the foreign investment in response to a redemption request, a Fund may delay","page_number":141,"box":{"x":60,"y":467,"width":821,"height":13}},{"id":"e935cce6-c75a-4c2c-a416-62a08e3bbe34","block_type":"box","text":"delivery of the foreign investment more than seven days if a Fund delivers the foreign investment as soon as practicable, but","page_number":141,"box":{"x":59,"y":482,"width":868,"height":13}},{"id":"654bd136-c3e0-440a-bc28-3e98d35ba799","block_type":"box","text":"in no event later than 15 days.","page_number":141,"box":{"x":60,"y":497,"width":209,"height":13}},{"id":"8ef7826a-26b9-445c-aa64-7f5bd68e5251","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":141,"box":{"x":59,"y":524,"width":824,"height":12}},{"id":"b44035c5-9b82-4d4a-8feb-c956987b83e4","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":141,"box":{"x":59,"y":539,"width":871,"height":12}},{"id":"f900c6a6-0b12-4b25-8365-3821415061d3","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":141,"box":{"x":60,"y":554,"width":867,"height":13}},{"id":"68e2c363-5adf-44ac-a4d3-8390fff1ff10","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":141,"box":{"x":59,"y":569,"width":863,"height":13}},{"id":"99f0c88f-af18-47c5-ba6d-6c455d3a90fc","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":141,"box":{"x":60,"y":584,"width":825,"height":13}},{"id":"fa566430-c657-4ca8-8570-a2cde9f5acba","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":141,"box":{"x":59,"y":600,"width":851,"height":12}},{"id":"daf09970-4b1a-4c52-b675-31ea66094d88","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":141,"box":{"x":60,"y":615,"width":875,"height":12}},{"id":"0b2ef6c7-47de-4140-b4a8-e0473be9b023","block_type":"box","text":"after the date of submission of such redemption request and shall be held by the custodian and marked-to-market daily. The","page_number":141,"box":{"x":59,"y":630,"width":873,"height":12}},{"id":"dc0725ba-b355-4d4b-8342-3222bdaae1cd","block_type":"box","text":"fees of the custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the collateral shall be","page_number":141,"box":{"x":59,"y":645,"width":865,"height":12}},{"id":"67f303a4-328e-4bcd-a947-672d9db07d79","block_type":"box","text":"payable by the Authorized Participant. The Authorized Participant Agreement permits the Funds to acquire shares of the","page_number":141,"box":{"x":59,"y":660,"width":840,"height":12}},{"id":"0b724a22-77a9-4a32-8d32-b9231f483d0d","block_type":"box","text":"Funds at any time and subjects the Authorized Participant to liability for any shortfall between the aggregate of the cost to","page_number":141,"box":{"x":60,"y":675,"width":854,"height":12}},{"id":"8bda66f1-5629-42d1-ad80-e7f208e31623","block_type":"box","text":"the Funds of purchasing such shares, plus the value of the Cash Amount, and the value of the collateral together with liability","page_number":141,"box":{"x":59,"y":690,"width":877,"height":13}},{"id":"2f37aec4-9c9f-46a0-ba22-3bdd0106ba80","block_type":"box","text":"for related brokerage and other charges.","page_number":141,"box":{"x":59,"y":705,"width":281,"height":13}},{"id":"50d96e76-3320-46e5-b13a-97fe42d52401","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":141,"box":{"x":60,"y":732,"width":826,"height":12}},{"id":"3906ed49-ba5a-40fa-8807-eacf2812340c","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":141,"box":{"x":59,"y":747,"width":861,"height":12}},{"id":"1fdd3cb4-2df7-4bbd-a40d-002fba075655","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":141,"box":{"x":59,"y":762,"width":864,"height":12}},{"id":"46ddda5b-21e5-4d7d-8e6f-8dcc0f4664af","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":141,"box":{"x":59,"y":777,"width":278,"height":10}},{"id":"9a0abaec-5d57-42b6-8fc2-fb43b3dea93c","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":141,"box":{"x":59,"y":804,"width":851,"height":12}},{"id":"1ecbaa39-cdcc-4353-9484-9deb0be4f582","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":141,"box":{"x":59,"y":819,"width":845,"height":12}},{"id":"93714ff6-1733-4da4-8a65-10a0ceae47ba","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":141,"box":{"x":59,"y":834,"width":879,"height":12}},{"id":"d1de9bf8-ec12-4e66-addc-ea7411b34f49","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":141,"box":{"x":59,"y":849,"width":859,"height":12}},{"id":"8752b06e-73d6-4d82-a43c-e97a306b8b92","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":141,"box":{"x":60,"y":864,"width":619,"height":12}},{"id":"03b87624-0d8d-4de0-a041-cbbe3fd5cf8e","block_type":"box","text":"132","page_number":141,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"b769f796-5ee2-427d-a829-0e4143dc85b5","block_type":"box","text":"Custom Baskets.","page_number":142,"box":{"x":59,"y":67,"width":118,"height":9}},{"id":"2993fc01-c281-4720-b71d-ef65aae26145","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":142,"box":{"x":187,"y":67,"width":705,"height":12}},{"id":"124e7acf-0335-44a8-a827-5ea6391f7411","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":142,"box":{"x":60,"y":82,"width":868,"height":12}},{"id":"1da648fb-93a1-46f2-ad19-ffe05ae98c33","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":142,"box":{"x":60,"y":97,"width":872,"height":12}},{"id":"83008d83-8d8f-4951-9406-b80596c96cf0","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":142,"box":{"x":60,"y":112,"width":877,"height":12}},{"id":"25356048-266e-4646-9656-4018f2f47a02","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":142,"box":{"x":59,"y":127,"width":866,"height":12}},{"id":"4ed8cf42-64b1-4c87-b47f-c3bd83eb30d6","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":142,"box":{"x":59,"y":142,"width":824,"height":13}},{"id":"f9d47cdc-db09-4133-98a7-82317663abe5","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":142,"box":{"x":60,"y":157,"width":859,"height":13}},{"id":"7697d59e-eca6-41c4-8078-c7554712c44c","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":142,"box":{"x":59,"y":172,"width":872,"height":13}},{"id":"72e5b8ac-0ec6-4906-9e25-470e5d22923b","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":142,"box":{"x":59,"y":188,"width":855,"height":12}},{"id":"b2b71155-df9c-4a37-a41c-a37fc32bc794","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":142,"box":{"x":60,"y":203,"width":870,"height":12}},{"id":"bbbf2285-0d7f-4b36-850b-80f9b905abdc","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":142,"box":{"x":60,"y":218,"width":855,"height":12}},{"id":"18b29c2a-3b0c-45ec-9492-90e24c412e04","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":142,"box":{"x":59,"y":233,"width":877,"height":12}},{"id":"89a7b3d5-a907-49af-a646-58bbe75a3042","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":142,"box":{"x":59,"y":248,"width":729,"height":12}},{"id":"322ecafd-43ff-4626-b023-f84fe57830ec","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":142,"box":{"x":58,"y":274,"width":419,"height":13}},{"id":"deac101e-fd07-4776-af2f-a4911d3d633c","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":142,"box":{"x":490,"y":274,"width":445,"height":13}},{"id":"c04aeaa3-c130-4c46-b637-7131b1f6e75a","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":142,"box":{"x":60,"y":290,"width":864,"height":12}},{"id":"42c5b9dc-4a5e-424e-a027-32e3dcacdf5e","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":142,"box":{"x":59,"y":305,"width":868,"height":12}},{"id":"85a48d6a-2089-40b7-b6a7-f60c877b37ff","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":142,"box":{"x":60,"y":320,"width":870,"height":12}},{"id":"61950855-dbcf-4095-a57e-b807f0a1753a","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":142,"box":{"x":59,"y":335,"width":752,"height":12}},{"id":"0dfcf74f-2f8c-47b1-82eb-c351e79bbe83","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":142,"box":{"x":59,"y":361,"width":830,"height":13}},{"id":"577116da-d06f-4618-9d24-5c5ebbd833ec","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":142,"box":{"x":59,"y":377,"width":862,"height":12}},{"id":"a04728ec-6f4c-4cce-b258-4ad7b24a647a","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":142,"box":{"x":59,"y":392,"width":860,"height":12}},{"id":"0e5ad14d-33c9-4e15-8bd7-47e059d524c7","block_type":"box","text":"assets.","page_number":142,"box":{"x":59,"y":408,"width":46,"height":8}},{"id":"7acca62f-1df7-4ce5-9f1f-1f6a32fef120","block_type":"box","text":"Taxes","page_number":142,"box":{"x":59,"y":439,"width":93,"height":22}},{"id":"d1076858-c7d4-4a8e-8670-110128667801","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":142,"box":{"x":59,"y":479,"width":877,"height":12}},{"id":"6f7a2ced-d13a-42b4-b185-ed78d30b7963","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":142,"box":{"x":59,"y":494,"width":848,"height":12}},{"id":"f87d71ec-7519-4ee0-ae2b-03345b4d2d1d","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":142,"box":{"x":59,"y":509,"width":867,"height":12}},{"id":"ae3bb65e-7b2b-4538-be04-19faec0a7f25","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":142,"box":{"x":59,"y":524,"width":868,"height":12}},{"id":"e6b89860-78b4-4663-8e6e-40c4add2529d","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":142,"box":{"x":59,"y":539,"width":845,"height":12}},{"id":"b5542745-e122-4485-96a6-f7465d9749bc","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":142,"box":{"x":60,"y":554,"width":846,"height":13}},{"id":"3bb667eb-1270-46ae-bfe6-5afba4362401","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":142,"box":{"x":60,"y":581,"width":338,"height":12}},{"id":"4b8ab5e6-0083-4b28-9617-b0398512bb7f","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":142,"box":{"x":407,"y":581,"width":466,"height":12}},{"id":"d373e92c-0fa7-4e42-8dfd-4e49ee815d4d","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":142,"box":{"x":59,"y":596,"width":851,"height":12}},{"id":"e397ad6a-4650-42fa-8f19-6034b5bb316f","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":142,"box":{"x":59,"y":611,"width":848,"height":12}},{"id":"c768e324-70d8-443a-a1df-3d3cdf28b14e","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":142,"box":{"x":60,"y":626,"width":858,"height":12}},{"id":"7893fc74-f906-4525-93ea-c4f7de837619","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":142,"box":{"x":59,"y":641,"width":840,"height":12}},{"id":"0a807d01-a076-4686-8dae-c0c24fc8d612","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":142,"box":{"x":59,"y":656,"width":879,"height":13}},{"id":"57a6d005-6337-461e-aa6f-123a639bdbd5","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":142,"box":{"x":59,"y":671,"width":867,"height":13}},{"id":"756d82fe-c309-482c-8c46-b953fe607008","block_type":"box","text":"income derived from interests in qualified publicly-traded partnerships (","page_number":142,"box":{"x":60,"y":686,"width":502,"height":13}},{"id":"63b15635-76ff-417c-b780-aa6420cf62d0","block_type":"box","text":"i.e.,","page_number":142,"box":{"x":563,"y":687,"width":21,"height":11}},{"id":"57ed425a-26a0-4415-90cf-708234222302","block_type":"box","text":"partnerships that are traded on an established","page_number":142,"box":{"x":591,"y":686,"width":321,"height":13}},{"id":"b5073e8c-a865-4821-af17-c0ac9dd85e6d","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":142,"box":{"x":59,"y":702,"width":858,"height":12}},{"id":"49fae4e2-074a-40f7-9087-97642afa800a","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":142,"box":{"x":60,"y":717,"width":855,"height":12}},{"id":"978ff3e0-4d2b-4c2e-846c-e0553f64e73d","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":142,"box":{"x":60,"y":732,"width":855,"height":12}},{"id":"288bc14e-7e18-47a1-a355-e48537d0ed1a","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":142,"box":{"x":60,"y":747,"width":878,"height":12}},{"id":"4b5f80b2-8327-495e-a00e-df9c1b9981d9","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":142,"box":{"x":59,"y":762,"width":854,"height":12}},{"id":"62dec867-c1f5-4de5-a151-1013d3f3136d","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":142,"box":{"x":59,"y":777,"width":869,"height":13}},{"id":"ad524569-fb9d-43d0-a97c-9bfdc148d6e9","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":142,"box":{"x":59,"y":792,"width":851,"height":13}},{"id":"d8227d33-cdbe-4416-8091-3f231107d58e","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":142,"box":{"x":59,"y":807,"width":866,"height":13}},{"id":"9597c5bb-b3a2-4557-9d11-4b453f2152fa","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":142,"box":{"x":59,"y":823,"width":875,"height":12}},{"id":"f39e33b6-a02b-42e6-ba4a-0ef1cc42edab","block_type":"box","text":"partnerships.","page_number":142,"box":{"x":59,"y":838,"width":91,"height":12}},{"id":"a544b9d1-d36d-41b2-9fda-eb4ed57963ef","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":142,"box":{"x":59,"y":864,"width":836,"height":12}},{"id":"a50047e5-c9fd-4338-9222-ae200c349074","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":142,"box":{"x":59,"y":879,"width":858,"height":13}},{"id":"3c8a32c1-47d8-49e8-a9ad-6f92df677416","block_type":"box","text":"133","page_number":142,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"0b94e4af-4c89-4f02-88b6-3ad798228deb","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":143,"box":{"x":59,"y":67,"width":850,"height":12}},{"id":"8463ce15-9196-4d29-be0d-e6e63d652fb1","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":143,"box":{"x":59,"y":82,"width":822,"height":12}},{"id":"c9d3b134-e749-41e6-acaf-3c8b968b7457","block_type":"box","text":"income.","page_number":143,"box":{"x":60,"y":98,"width":54,"height":9}},{"id":"3bbcb1ef-fd0b-498b-be3c-2a828d4392e7","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":143,"box":{"x":59,"y":123,"width":854,"height":13}},{"id":"73b003b0-cd1a-49aa-83a5-bfe9bd9f59dc","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. A Fund’s investments in partnerships,","page_number":143,"box":{"x":59,"y":138,"width":871,"height":13}},{"id":"abb74d54-21bf-4eb0-b970-47760b498b83","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":143,"box":{"x":60,"y":154,"width":855,"height":12}},{"id":"feaf94d5-971f-4749-9382-8d988f669ea2","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":143,"box":{"x":59,"y":169,"width":265,"height":12}},{"id":"a22625af-45a2-4e99-b6de-8515bba39c62","block_type":"box","text":"Taxation of RICs.","page_number":143,"box":{"x":58,"y":195,"width":121,"height":10}},{"id":"4b540ff0-1586-48ee-ac2d-f03c3b4f7078","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":143,"box":{"x":188,"y":195,"width":710,"height":12}},{"id":"40490c60-7068-4684-a484-6ed27e18deea","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":143,"box":{"x":60,"y":210,"width":870,"height":13}},{"id":"51d74192-9f44-496e-95ca-fa24618cff42","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":143,"box":{"x":59,"y":225,"width":871,"height":13}},{"id":"91422288-1364-4314-b946-2c52051e9299","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":143,"box":{"x":59,"y":240,"width":854,"height":13}},{"id":"646e804e-a521-47e2-bde2-8129799dd1d9","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":143,"box":{"x":60,"y":256,"width":847,"height":12}},{"id":"2703b7cd-8867-4083-b29e-7a6e71528d38","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":143,"box":{"x":59,"y":271,"width":863,"height":12}},{"id":"7f264a94-afc5-4c15-a0da-aa295ac11a7f","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":143,"box":{"x":59,"y":286,"width":793,"height":12}},{"id":"953bffb6-5d1c-43f7-bf54-6de3b1fcc74a","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":143,"box":{"x":60,"y":301,"width":858,"height":12}},{"id":"c7795ce2-3d95-4a06-a9ba-28486a7ccf94","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":143,"box":{"x":59,"y":316,"width":849,"height":12}},{"id":"126b48ed-7277-4adf-bc86-b92c20dcbc4f","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":143,"box":{"x":59,"y":331,"width":834,"height":13}},{"id":"7e6aa700-92d0-4d5b-bf88-c4a3f88893aa","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":143,"box":{"x":59,"y":346,"width":874,"height":13}},{"id":"c745a9de-b635-41a9-bdae-914e99c5f2e1","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":143,"box":{"x":59,"y":361,"width":875,"height":13}},{"id":"8d83b3f2-f322-4375-9cb3-47e553798ae4","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":143,"box":{"x":60,"y":377,"width":868,"height":12}},{"id":"123c8d12-7d73-4689-acf5-ffd0668b20ef","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":143,"box":{"x":59,"y":392,"width":874,"height":12}},{"id":"90e6675f-3d92-455f-a0d0-f868c105d74f","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":143,"box":{"x":59,"y":407,"width":823,"height":12}},{"id":"29d0cbda-08b2-4d19-8117-3472b5dd8b14","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":143,"box":{"x":59,"y":422,"width":866,"height":12}},{"id":"6fa91cff-8d2c-42d9-953a-f3a669cacfc5","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":143,"box":{"x":59,"y":437,"width":877,"height":12}},{"id":"822f5381-b8bd-4df2-a5fe-5b2b8ce039f3","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":143,"box":{"x":60,"y":452,"width":836,"height":12}},{"id":"b0b53834-d60b-4a24-aaeb-0c57531d901e","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":143,"box":{"x":59,"y":467,"width":873,"height":13}},{"id":"afa95e26-bbc4-4645-8488-9ab947194400","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":143,"box":{"x":60,"y":482,"width":839,"height":13}},{"id":"ccad1305-1cb8-40b3-95c7-8271cfa0b1f6","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":143,"box":{"x":60,"y":497,"width":774,"height":13}},{"id":"c6fc1df0-f0e3-479e-a8b8-d7aec5ae31f6","block_type":"box","text":"Excise Tax.","page_number":143,"box":{"x":60,"y":525,"width":76,"height":9}},{"id":"ca6482d8-ff02-4002-81f2-a7194f281ab0","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":143,"box":{"x":145,"y":524,"width":717,"height":12}},{"id":"82944421-c364-44ec-b101-dc69f93ba37f","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":143,"box":{"x":59,"y":539,"width":867,"height":12}},{"id":"92023e94-737f-4160-b1ba-2ac8376ecbac","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":143,"box":{"x":59,"y":554,"width":871,"height":13}},{"id":"17412f82-fa7e-4d30-b87e-61b8d31b42d0","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":143,"box":{"x":59,"y":569,"width":848,"height":13}},{"id":"898da72e-3b09-4b61-ae48-b7edfe306911","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":143,"box":{"x":59,"y":584,"width":868,"height":13}},{"id":"acc98838-3b99-4ec2-a57c-a81de45f9a9c","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":143,"box":{"x":59,"y":600,"width":736,"height":12}},{"id":"ff9c07ce-e8fb-4161-96fd-d953a2650bad","block_type":"box","text":"Net Capital Loss Carryforwards.","page_number":143,"box":{"x":60,"y":626,"width":226,"height":12}},{"id":"0f9b1456-50d3-4142-8778-4aa3012fcda4","block_type":"box","text":"Net capital loss carryforwards for a Fund may be applied against any net realized capital","page_number":143,"box":{"x":296,"y":626,"width":612,"height":12}},{"id":"5ff35251-3fe1-4f89-ae43-9fd470a4cd88","block_type":"box","text":"gains in each succeeding year for such Fund, until they have been reduced to zero. In the event that a Fund were to","page_number":143,"box":{"x":59,"y":641,"width":804,"height":12}},{"id":"f7f1a1d8-6bad-4836-8b75-629e6e72807d","block_type":"box","text":"experience an ownership change as defined under the Internal Revenue Code, the loss carryforwards and other favorable tax","page_number":143,"box":{"x":59,"y":656,"width":873,"height":13}},{"id":"377aa19d-ef54-4072-9869-aa5043c1a610","block_type":"box","text":"attributes of a Fund, if any, may be subject to limitation. A Fund’s available capital loss carryforwards, if any, are set forth in","page_number":143,"box":{"x":59,"y":671,"width":857,"height":13}},{"id":"aa2d0586-683f-4e31-8154-6dd908c0e21e","block_type":"box","text":"the Funds’ annual shareholder reports for each fiscal year.","page_number":143,"box":{"x":59,"y":686,"width":404,"height":13}},{"id":"0f29a721-9fe6-42b1-bc68-759f2e3213c9","block_type":"box","text":"Taxation of U.S. Shareholders.","page_number":143,"box":{"x":58,"y":713,"width":216,"height":10}},{"id":"ce015fab-ef57-45dc-980c-0ebef9716ea2","block_type":"box","text":"Dividends and other distributions by a Fund are generally treated under the Internal Revenue","page_number":143,"box":{"x":288,"y":713,"width":647,"height":12}},{"id":"6978f44a-3d3b-407e-95f3-409e89f02362","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":143,"box":{"x":59,"y":728,"width":862,"height":12}},{"id":"adba2cfa-2f12-4fd7-8a90-9ade9d7a0877","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":143,"box":{"x":59,"y":743,"width":834,"height":12}},{"id":"90c80f78-6956-4008-ae56-1da4e4ea2ef7","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":143,"box":{"x":59,"y":758,"width":876,"height":13}},{"id":"93337e7b-92ab-4bbf-a21d-7cd9e88b94c9","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":143,"box":{"x":59,"y":773,"width":875,"height":13}},{"id":"1d5aa8d5-cadf-4c90-969c-40d5f360d96f","block_type":"box","text":"during January of the following calendar year.","page_number":143,"box":{"x":59,"y":788,"width":317,"height":13}},{"id":"7c1c5bb1-f002-4141-8019-5b7609f260d1","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and","page_number":143,"box":{"x":60,"y":815,"width":860,"height":12}},{"id":"de07fbd5-56b7-45af-b89d-f50aa9694645","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":143,"box":{"x":59,"y":830,"width":809,"height":12}},{"id":"e67782d6-b845-455c-b12d-1c0e4e3b2c15","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":143,"box":{"x":59,"y":845,"width":871,"height":13}},{"id":"d78d5fec-a939-41e0-967a-470477e777d2","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":143,"box":{"x":59,"y":860,"width":871,"height":13}},{"id":"244573f5-c58b-4f4b-a0c7-79c317618420","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":143,"box":{"x":60,"y":875,"width":871,"height":13}},{"id":"63ccaf2e-ea4b-47f8-8855-2ae89a6b7083","block_type":"box","text":"134","page_number":143,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"6907dbc0-6dd2-48d5-ad92-01ea823647ff","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":144,"box":{"x":59,"y":67,"width":863,"height":12}},{"id":"f1316f39-03ba-4fbf-8aff-4118f0d66f22","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":144,"box":{"x":59,"y":82,"width":877,"height":12}},{"id":"7968f999-2533-40b1-a5e2-070263cdecdf","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":144,"box":{"x":59,"y":97,"width":810,"height":12}},{"id":"770540f6-4582-4f57-bf42-897de229e46e","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":144,"box":{"x":59,"y":112,"width":870,"height":12}},{"id":"69f46dbb-1012-489d-aa19-f7210070dd71","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":144,"box":{"x":60,"y":127,"width":875,"height":12}},{"id":"3fec6b60-2729-49ed-9470-64193b23aa83","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":144,"box":{"x":60,"y":142,"width":871,"height":13}},{"id":"b7d169ac-3f44-4005-929c-78f1f168eee6","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":144,"box":{"x":59,"y":157,"width":824,"height":13}},{"id":"26be4681-cafd-4533-9bf6-4f262efd02cc","block_type":"box","text":"entitled to a refund of their","page_number":144,"box":{"x":59,"y":172,"width":188,"height":10}},{"id":"192bed25-8fec-4692-a92e-9d4ebec827c3","block_type":"box","text":"pro rata","page_number":144,"box":{"x":251,"y":174,"width":56,"height":11}},{"id":"cac99245-acf1-4856-8662-ae4579dc62ff","block_type":"box","text":"share of such taxes paid by the Fund upon filing appropriate returns or claims for refund","page_number":144,"box":{"x":312,"y":172,"width":616,"height":13}},{"id":"31757f85-dbef-4e70-8d86-28300de0bb79","block_type":"box","text":"with the IRS.","page_number":144,"box":{"x":59,"y":188,"width":87,"height":9}},{"id":"cdc3e2ca-f859-4bb9-b7f7-fff16009a077","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":144,"box":{"x":60,"y":214,"width":870,"height":12}},{"id":"eabcf20c-656f-4589-8f52-a0089a12fde1","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":144,"box":{"x":59,"y":229,"width":860,"height":12}},{"id":"38efa5ac-4f40-40e0-9c45-d001b9a5b2f4","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":144,"box":{"x":59,"y":244,"width":869,"height":13}},{"id":"9657bde3-ca5c-4fb2-aa27-e14f79d9ebb8","block_type":"box","text":"and profits (“regular dividends”) are generally subject to tax as ordinary income, subject to the discussion of qualified","page_number":144,"box":{"x":59,"y":259,"width":822,"height":13}},{"id":"2708c947-da57-41e7-ac39-4385d967d65a","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":144,"box":{"x":59,"y":274,"width":878,"height":13}},{"id":"64b64669-e841-4695-8a95-83037f4fb6ee","block_type":"box","text":"shareholders, depending on whether their income exceeds certain threshold amounts.","page_number":144,"box":{"x":59,"y":290,"width":604,"height":12}},{"id":"8a203be8-b458-4db2-a4bf-1868703fdcd0","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":144,"box":{"x":60,"y":316,"width":857,"height":12}},{"id":"14b7c269-4080-46d8-884d-c9084a6cd02f","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":144,"box":{"x":59,"y":331,"width":847,"height":13}},{"id":"95b2c2b4-c4f9-4eff-b06b-719ef10d9f52","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":144,"box":{"x":59,"y":346,"width":849,"height":13}},{"id":"c8b55299-1c00-49ea-b4f9-64503f7957c3","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":144,"box":{"x":59,"y":361,"width":877,"height":13}},{"id":"e674cfc6-83b2-46df-bdd5-f80ea2aafd72","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":144,"box":{"x":59,"y":377,"width":840,"height":12}},{"id":"ccb7f847-407a-4155-b399-98c3ca85d140","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":144,"box":{"x":59,"y":392,"width":864,"height":12}},{"id":"4922d178-3468-4e56-948d-4b10b48ba2b1","block_type":"box","text":"of stock, aggregating dividends with ex-dividend dates within a 365-day period.","page_number":144,"box":{"x":59,"y":407,"width":559,"height":12}},{"id":"eff49028-fe4c-4dd0-94b3-8ddaeed6155e","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":144,"box":{"x":60,"y":433,"width":868,"height":13}},{"id":"21588aa3-c1b3-44dc-aa06-ed18f400bd11","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":144,"box":{"x":59,"y":448,"width":854,"height":13}},{"id":"ba93bd0f-8541-4b04-ad8a-2f720ca9dc6d","block_type":"box","text":"shareholder holds shares of the Fund as capital assets). Distributions in excess of the Fund’s minimum distribution","page_number":144,"box":{"x":59,"y":463,"width":802,"height":13}},{"id":"f8689116-5ac8-46c9-8d23-cfa275889464","block_type":"box","text":"requirements, but not in excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute","page_number":144,"box":{"x":60,"y":479,"width":842,"height":12}},{"id":"d0aaa567-d2d2-4a1d-8d96-cdeb57678b77","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":144,"box":{"x":60,"y":494,"width":846,"height":12}},{"id":"7b715080-0f0f-4a0e-9008-909bc6f1237a","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":144,"box":{"x":59,"y":509,"width":867,"height":12}},{"id":"eac9f48a-eebf-41c6-9d78-9cacb727871b","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":144,"box":{"x":59,"y":524,"width":879,"height":12}},{"id":"0e11e400-03a9-417e-8699-6887b52cdb8b","block_type":"box","text":"such amount.","page_number":144,"box":{"x":59,"y":539,"width":96,"height":10}},{"id":"6b8609b5-f8c4-4064-a97b-86f9fbcb0853","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":144,"box":{"x":59,"y":566,"width":854,"height":12}},{"id":"b0042ce0-fc13-46b4-a359-e8ce7eac0b0e","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":144,"box":{"x":59,"y":581,"width":858,"height":12}},{"id":"49b21136-06e9-409e-b868-0261e88b7c83","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":144,"box":{"x":59,"y":596,"width":268,"height":12}},{"id":"6e216563-7322-40ac-bde5-0ae7fd42394a","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":144,"box":{"x":60,"y":622,"width":851,"height":13}},{"id":"c01d52df-615a-43ed-a5f4-9f390501bd01","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":144,"box":{"x":59,"y":637,"width":865,"height":13}},{"id":"02245234-09a0-4f1d-a816-234ae6455c01","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":144,"box":{"x":60,"y":652,"width":848,"height":13}},{"id":"292d3ca3-f4bf-4c75-a7e3-50e5d4abf73c","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":144,"box":{"x":59,"y":668,"width":867,"height":12}},{"id":"6dd4277d-e47a-475d-8569-46161bb3189f","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":144,"box":{"x":60,"y":683,"width":698,"height":12}},{"id":"9494674f-875f-44d7-b446-335a9935352a","block_type":"box","text":"i.e.","page_number":144,"box":{"x":759,"y":684,"width":18,"height":8}},{"id":"f9c20663-7356-4100-8fed-bcd4d4b139de","block_type":"box","text":", the date on which a","page_number":144,"box":{"x":779,"y":683,"width":146,"height":11}},{"id":"b17c270c-cf6f-4059-9cf2-611c4c34f39a","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":144,"box":{"x":60,"y":698,"width":865,"height":12}},{"id":"19e8d03c-a4b7-488f-9e04-add69a234474","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":144,"box":{"x":59,"y":713,"width":863,"height":12}},{"id":"98639525-a63b-44c7-bda6-5f66635d0d68","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":144,"box":{"x":60,"y":728,"width":861,"height":12}},{"id":"6b4bcde6-2343-45d2-9cd2-2ee74ec26daf","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":144,"box":{"x":60,"y":754,"width":843,"height":13}},{"id":"8b0c7eb4-4dcf-48b8-ac1b-e57c1ddc6d7d","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":144,"box":{"x":60,"y":770,"width":859,"height":12}},{"id":"05f2a9ff-e3a2-424b-84a1-f71fa9efd1ed","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":144,"box":{"x":59,"y":785,"width":856,"height":12}},{"id":"929d9376-1308-41d4-8c18-8322902549be","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":144,"box":{"x":59,"y":800,"width":868,"height":12}},{"id":"bd919e9b-4312-49da-a3eb-a37c2f5e611f","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":144,"box":{"x":60,"y":815,"width":844,"height":12}},{"id":"f7cf11d8-6e8b-41b2-ab2f-1bc4f63a7892","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":144,"box":{"x":59,"y":830,"width":870,"height":12}},{"id":"72cf7580-ad77-4a6b-b8ed-57ab657b7567","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":144,"box":{"x":60,"y":845,"width":504,"height":13}},{"id":"13a36231-f625-400d-8483-7ce91fb5d572","block_type":"box","text":"135","page_number":144,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"6981c7e4-7e67-49ca-a982-54f9b3fc67f8","block_type":"box","text":"Sales of Shares.","page_number":145,"box":{"x":59,"y":67,"width":112,"height":9}},{"id":"15e21a61-6fcb-4064-b876-436d2f5975d5","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":145,"box":{"x":181,"y":67,"width":743,"height":12}},{"id":"242335dd-c6f8-4b71-bb28-3b17fc9de7b7","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":145,"box":{"x":59,"y":82,"width":868,"height":12}},{"id":"75672d4f-3227-4152-b08e-d3caf660fa6f","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":145,"box":{"x":59,"y":97,"width":875,"height":12}},{"id":"abbd5001-ce7b-4574-a946-b92fa0eaa71a","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":145,"box":{"x":60,"y":112,"width":865,"height":12}},{"id":"a41d0694-095d-4cd7-995a-a234e8eb330a","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":145,"box":{"x":59,"y":127,"width":862,"height":12}},{"id":"4d6c38b7-7294-4c25-9497-2bf16526d184","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":145,"box":{"x":59,"y":142,"width":874,"height":13}},{"id":"fc056f8a-d005-4dbb-a208-e6a2d97e4a2b","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":145,"box":{"x":59,"y":157,"width":861,"height":13}},{"id":"922849f2-ce09-43c4-904c-5c928769cd99","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":145,"box":{"x":60,"y":172,"width":809,"height":13}},{"id":"8d020e0e-8aba-4c8e-b504-1c52eb37cece","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":145,"box":{"x":60,"y":188,"width":870,"height":12}},{"id":"69309f86-cd7f-4b67-aa8b-99fb8e929638","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":145,"box":{"x":59,"y":203,"width":841,"height":12}},{"id":"539ac52a-5591-4623-af2b-0f98a94d20b8","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":145,"box":{"x":59,"y":218,"width":866,"height":12}},{"id":"b23ae3fb-212a-43a6-93c9-058119c71494","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":145,"box":{"x":59,"y":233,"width":558,"height":12}},{"id":"23776eba-51e1-47a0-8a7b-d67598366145","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":145,"box":{"x":60,"y":259,"width":863,"height":13}},{"id":"9a9e233c-b3e7-4937-80a5-d8ea6a37de07","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":145,"box":{"x":60,"y":274,"width":853,"height":13}},{"id":"8d020f97-e810-4548-bf5a-14f1d7c36c4e","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":145,"box":{"x":59,"y":290,"width":368,"height":12}},{"id":"1f960aca-9bea-4757-b8ee-c144b25111b8","block_type":"box","text":"e.g.","page_number":145,"box":{"x":429,"y":293,"width":22,"height":9}},{"id":"f6ebb750-0b24-494a-ab92-09183e497826","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":145,"box":{"x":454,"y":290,"width":462,"height":12}},{"id":"40f727c8-b759-40f6-967c-0168a25d21fe","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":145,"box":{"x":60,"y":305,"width":874,"height":12}},{"id":"e1474f88-e517-4082-872e-4db069f3ce47","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":145,"box":{"x":59,"y":320,"width":870,"height":12}},{"id":"6cf36da8-c079-4468-b2b3-0132e89ce870","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":145,"box":{"x":59,"y":335,"width":840,"height":12}},{"id":"96240031-9ea7-4f92-b46a-f77a2ead4101","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":145,"box":{"x":59,"y":350,"width":874,"height":12}},{"id":"c2c796e5-7c88-4eb6-a901-757fbb12fd30","block_type":"box","text":"mutual funds.","page_number":145,"box":{"x":60,"y":365,"width":96,"height":10}},{"id":"59922c7e-d1f3-465d-96cd-c9e1b0048715","block_type":"box","text":"Backup Withholding.","page_number":145,"box":{"x":60,"y":392,"width":149,"height":12}},{"id":"b148b1cd-0188-4f4d-8831-2e272fd62f2c","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":145,"box":{"x":219,"y":392,"width":707,"height":12}},{"id":"8e187ad4-e4b3-402d-91f8-1a79c4f9c330","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":145,"box":{"x":59,"y":407,"width":869,"height":12}},{"id":"209e5385-8e2a-488a-8753-95c1b17142ee","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":145,"box":{"x":60,"y":422,"width":828,"height":12}},{"id":"38e2dfb6-3f85-4f7f-9969-890225070490","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":145,"box":{"x":59,"y":437,"width":875,"height":12}},{"id":"f4101405-62f3-4b2c-8306-f797bb927e88","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":145,"box":{"x":60,"y":452,"width":852,"height":12}},{"id":"7fcdd38c-a0a0-477c-a808-e8b980dab5d1","block_type":"box","text":"income tax liability.","page_number":145,"box":{"x":60,"y":467,"width":132,"height":13}},{"id":"e9b52fa8-30fe-4339-b980-65da82d2b0e2","block_type":"box","text":"Sections 351 and 362.","page_number":145,"box":{"x":59,"y":494,"width":159,"height":10}},{"id":"960f0461-6bd3-418d-97de-5c545b755ade","block_type":"box","text":"The Trust, on behalf of each Fund, has the right to reject an order for a purchase of shares of the","page_number":145,"box":{"x":227,"y":494,"width":675,"height":12}},{"id":"85ea5408-c637-47cc-8542-5cf3faf6b212","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":145,"box":{"x":60,"y":509,"width":824,"height":12}},{"id":"171409e9-4ce4-4a6a-bae2-5fc416db8777","block_type":"box","text":"outstanding shares of the Fund and if, pursuant to Sections 351 and 362 of the Internal Revenue Code, that Fund would have","page_number":145,"box":{"x":59,"y":524,"width":875,"height":12}},{"id":"8d0b44bd-d0b0-485e-87c8-282b78d6e51a","block_type":"box","text":"a basis in the securities different from the market value of such securities on the date of deposit. If a Fund’s basis in such","page_number":145,"box":{"x":59,"y":539,"width":842,"height":12}},{"id":"0afa5855-ba79-4268-bc40-5f47368b7edf","block_type":"box","text":"securities on the date of deposit was less than market value on such date, the Fund, upon disposition of the securities, would","page_number":145,"box":{"x":59,"y":554,"width":875,"height":13}},{"id":"d7f0116a-8f53-4601-b324-764c1f5c0414","block_type":"box","text":"recognize more taxable gain or less taxable loss than if its basis in the securities had been equal to market value. It is not","page_number":145,"box":{"x":60,"y":569,"width":840,"height":13}},{"id":"e3d8352a-af18-4492-9291-a07228183f71","block_type":"box","text":"anticipated that the Trust will exercise the right of rejection except in a case where the Trust determines that accepting the","page_number":145,"box":{"x":59,"y":584,"width":858,"height":13}},{"id":"e413e648-406d-4592-a352-b306320a37ff","block_type":"box","text":"order could result in material adverse tax consequences to a Fund or its shareholders. The Trust also has the right to require","page_number":145,"box":{"x":59,"y":600,"width":867,"height":12}},{"id":"d0088e3c-c984-45eb-a335-3427f8c9cc2d","block_type":"box","text":"information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":145,"box":{"x":60,"y":615,"width":723,"height":12}},{"id":"c9890471-b20d-4cf6-ac45-66b3bb25cf5c","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":145,"box":{"x":58,"y":641,"width":225,"height":10}},{"id":"e62bee62-141a-4e17-b6d2-e19c0f299c45","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":145,"box":{"x":292,"y":641,"width":612,"height":12}},{"id":"c2bdbf4f-e948-44f9-9930-ac4f29f08bae","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":145,"box":{"x":59,"y":656,"width":866,"height":13}},{"id":"2f44f9d3-3631-4969-992e-321c7b24d93b","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":145,"box":{"x":60,"y":671,"width":847,"height":13}},{"id":"ac756b5c-b8d5-49d0-bf02-0429cef75c98","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":145,"box":{"x":59,"y":686,"width":790,"height":13}},{"id":"4581c2bd-5a13-467b-8f4b-b0718ed74389","block_type":"box","text":"i.e.","page_number":145,"box":{"x":850,"y":687,"width":17,"height":9}},{"id":"8a473a37-082d-4540-9f9b-f856e0f8371b","block_type":"box","text":", may","page_number":145,"box":{"x":870,"y":689,"width":37,"height":10}},{"id":"3d7f4c31-c6c6-476f-9481-b2477fffc317","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":145,"box":{"x":59,"y":702,"width":857,"height":12}},{"id":"5cc159f1-3e24-4455-8b87-73d1fd7ca628","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":145,"box":{"x":59,"y":717,"width":855,"height":12}},{"id":"37df07ab-af76-48da-9bd0-2c1fab17e3f3","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":145,"box":{"x":60,"y":732,"width":606,"height":12}},{"id":"9b7f26a9-25d7-439f-8d68-0cf1cb24f7b5","block_type":"box","text":"i.e.","page_number":145,"box":{"x":668,"y":733,"width":17,"height":9}},{"id":"469a2ad5-549b-4972-a211-5bbaaed30333","block_type":"box","text":", treat them as if they were closed","page_number":145,"box":{"x":688,"y":732,"width":234,"height":12}},{"id":"02c31b77-d689-49da-b427-5fa0151c4567","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":145,"box":{"x":59,"y":747,"width":820,"height":12}},{"id":"c92ea285-6c84-4663-9541-8f0db97cdaef","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":145,"box":{"x":59,"y":762,"width":876,"height":12}},{"id":"92ffaed0-0542-4576-b47a-13d6152d6913","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":145,"box":{"x":59,"y":777,"width":878,"height":13}},{"id":"dd5637f5-1063-473d-b67b-35a38948f640","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":145,"box":{"x":60,"y":792,"width":816,"height":13}},{"id":"31b5f773-c19e-4569-9e19-e5f885c9b3b2","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":145,"box":{"x":59,"y":807,"width":856,"height":13}},{"id":"7db0c061-78df-482b-9fa4-339cdc364cf1","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":145,"box":{"x":59,"y":834,"width":846,"height":12}},{"id":"2bdffa5d-fae3-4358-a7a5-99c62bb1c5f0","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":145,"box":{"x":59,"y":849,"width":854,"height":12}},{"id":"ac49f7c8-d88c-4780-9459-16f8c3f06284","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":145,"box":{"x":59,"y":864,"width":870,"height":12}},{"id":"7b9086d5-633f-4c3c-a46b-96c43efcf326","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":145,"box":{"x":60,"y":879,"width":843,"height":13}},{"id":"28fb46b3-ba47-4ac4-b48f-61185420da1b","block_type":"box","text":"136","page_number":145,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"1b9b921a-cbba-4c37-9eb7-223879141766","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":146,"box":{"x":60,"y":67,"width":843,"height":12}},{"id":"118468d6-6e80-4e50-819a-c5344f6ae438","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":146,"box":{"x":60,"y":82,"width":854,"height":12}},{"id":"2cc02d74-a7f2-445f-be81-0555178a6d85","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":146,"box":{"x":59,"y":97,"width":839,"height":12}},{"id":"e2408fd2-d8ba-4277-812f-9bab775fdd16","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":146,"box":{"x":59,"y":112,"width":860,"height":12}},{"id":"7edcb2c7-3dc7-4f17-9785-ec531d88be77","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":146,"box":{"x":60,"y":127,"width":520,"height":12}},{"id":"1d2f88fc-33b2-47e7-8421-65ad8acff269","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":146,"box":{"x":59,"y":154,"width":849,"height":12}},{"id":"a4a40e15-fe95-4ec5-81b8-db6d904769ab","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":146,"box":{"x":60,"y":169,"width":807,"height":12}},{"id":"90762a41-f072-4f74-9d2c-09a84ac0f76e","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":146,"box":{"x":59,"y":184,"width":864,"height":12}},{"id":"d6bbb9d0-6a6c-41d5-88bc-e56ef3259e81","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":146,"box":{"x":59,"y":199,"width":878,"height":12}},{"id":"efccceab-2fa0-44b1-b3c7-b5fcecdd0c1d","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":146,"box":{"x":60,"y":214,"width":855,"height":12}},{"id":"9c7a7c6d-76a1-4184-92b8-9c68320405b5","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":146,"box":{"x":59,"y":229,"width":845,"height":12}},{"id":"31580e38-86f9-4ff0-b643-2e97352090bd","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":146,"box":{"x":59,"y":244,"width":369,"height":13}},{"id":"cf8267b0-57d5-4aba-a3d4-e51acfb71e28","block_type":"box","text":"Qualified Dividend Income.","page_number":146,"box":{"x":59,"y":271,"width":196,"height":11}},{"id":"2b6f1745-fb04-42be-b08d-f2387cc883aa","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":146,"box":{"x":265,"y":271,"width":627,"height":12}},{"id":"94c377b2-98da-4661-a96d-ad75ce64728b","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":146,"box":{"x":59,"y":286,"width":862,"height":12}},{"id":"f61c4299-ee1b-4a29-b397-5039656d927f","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":146,"box":{"x":59,"y":301,"width":850,"height":12}},{"id":"3c3d6d32-50ed-45cd-9dcb-919df9fab813","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":146,"box":{"x":59,"y":316,"width":862,"height":12}},{"id":"ae0d4aa4-6684-46c1-80ae-1b9c02f0da64","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":146,"box":{"x":59,"y":331,"width":831,"height":13}},{"id":"98b0e512-0628-4c80-8af6-1148a53cafaa","block_type":"box","text":"e.g.","page_number":146,"box":{"x":891,"y":334,"width":23,"height":10}},{"id":"01509a80-d029-4007-b014-546a850729bd","block_type":"box","text":",","page_number":146,"box":{"x":916,"y":339,"width":2,"height":4}},{"id":"a3db9352-5684-4bc8-9d75-9ba559aca280","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":146,"box":{"x":60,"y":346,"width":872,"height":13}},{"id":"3ee35d3f-5d4c-4ec6-9a7c-2d7d42b91e08","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":146,"box":{"x":59,"y":361,"width":849,"height":13}},{"id":"bd62f724-0877-4b8d-9f93-a0ec27375050","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":146,"box":{"x":60,"y":377,"width":878,"height":12}},{"id":"096737bd-4bad-4546-b938-f7bd9054fa61","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":146,"box":{"x":60,"y":392,"width":332,"height":12}},{"id":"347f5433-2fc2-4fde-a5dc-dd56dad910ec","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":146,"box":{"x":59,"y":418,"width":855,"height":12}},{"id":"d63b43e0-225b-4fad-a769-7f468b4c2a44","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":146,"box":{"x":59,"y":433,"width":838,"height":13}},{"id":"46901c0f-b01f-4a9e-a9b8-b41f0e9d6ae2","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":146,"box":{"x":60,"y":448,"width":823,"height":13}},{"id":"b49e4875-0141-437f-a56c-4e6d564d8eff","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":146,"box":{"x":60,"y":463,"width":865,"height":13}},{"id":"71e85d34-33b0-4884-bf89-a0909cff89fb","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":146,"box":{"x":60,"y":479,"width":860,"height":12}},{"id":"9352b2fb-0c53-4570-a000-2e27802a72a7","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":146,"box":{"x":59,"y":494,"width":846,"height":12}},{"id":"f49a5ca3-65f8-4105-b1d7-5eb5aef83daa","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":146,"box":{"x":59,"y":509,"width":872,"height":12}},{"id":"fe664060-bd9b-45f8-830d-5864ba9730aa","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":146,"box":{"x":59,"y":524,"width":844,"height":12}},{"id":"71e665bf-7fae-4fa0-8642-71a1bb1722ce","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":146,"box":{"x":59,"y":539,"width":867,"height":12}},{"id":"778b2d78-41e9-49b0-a01c-deaaa58761ac","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":146,"box":{"x":59,"y":554,"width":826,"height":13}},{"id":"6e5e731f-b57a-4faa-ba9e-cb8be936710e","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":146,"box":{"x":60,"y":569,"width":806,"height":13}},{"id":"ab380d8a-bb29-4db7-a232-c192afa8bb46","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":146,"box":{"x":59,"y":584,"width":843,"height":13}},{"id":"df73d647-efe0-4bd3-a02c-f96921b8bafb","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":146,"box":{"x":59,"y":600,"width":864,"height":12}},{"id":"29bc9f1e-dc30-463e-9284-b38b3ddf9b62","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":146,"box":{"x":60,"y":615,"width":876,"height":12}},{"id":"25dc6490-f4b6-4963-9ab3-d40792e50662","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":146,"box":{"x":60,"y":630,"width":832,"height":12}},{"id":"87c631d8-79f2-4395-a1ce-ca55552a50b9","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":146,"box":{"x":59,"y":645,"width":870,"height":12}},{"id":"8b507a02-1de2-4812-bdec-8923aee34b11","block_type":"box","text":"income.","page_number":146,"box":{"x":60,"y":661,"width":54,"height":9}},{"id":"14761ffc-0809-4716-9a78-8898917a5494","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":146,"box":{"x":59,"y":686,"width":300,"height":13}},{"id":"eb1a0eb7-17c9-437f-8776-ef0740257100","block_type":"box","text":"Dividends paid by a Fund that are attributable to dividends received by the Fund","page_number":146,"box":{"x":369,"y":686,"width":558,"height":13}},{"id":"74bd636e-10db-469d-aa23-b91f9325a595","block_type":"box","text":"from U.S. corporations may qualify for the U.S. federal dividends received deduction for corporations. A 46-day minimum","page_number":146,"box":{"x":59,"y":702,"width":847,"height":12}},{"id":"708a1be3-7cc7-4086-9a46-e80186877165","block_type":"box","text":"holding period during the 90-day period that begins 45 days prior to ex-dividend date (or 91-day minimum holding period","page_number":146,"box":{"x":60,"y":717,"width":854,"height":12}},{"id":"74287124-2c91-45e6-8d88-2e0a61456167","block_type":"box","text":"during the 180 period beginning 90 days prior to ex-dividend date for certain preference dividends) during which risk of loss","page_number":146,"box":{"x":59,"y":732,"width":870,"height":12}},{"id":"e5b11809-da5f-476a-a847-bc3a31868201","block_type":"box","text":"may not be diminished is required for the applicable shares, at both the Fund and shareholder level, for a dividend to be","page_number":146,"box":{"x":60,"y":747,"width":834,"height":12}},{"id":"c126a513-7327-4fae-83eb-bdf951a91e9a","block_type":"box","text":"eligible for the dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to","page_number":146,"box":{"x":59,"y":762,"width":866,"height":12}},{"id":"71def30d-c511-4dab-bbc3-af7edda2f350","block_type":"box","text":"the investment.","page_number":146,"box":{"x":59,"y":777,"width":107,"height":10}},{"id":"f6ce2587-c43c-4ff0-b412-75769ab0ce8a","block_type":"box","text":"Indian Tax Disclosure.","page_number":146,"box":{"x":60,"y":804,"width":157,"height":9}},{"id":"bac9c0f2-d9c3-43c1-bb2c-d6293d7bdfbf","block_type":"box","text":"The following rates of tax apply under the Indian IT Act:","page_number":146,"box":{"x":226,"y":804,"width":390,"height":12}},{"id":"2a9f5722-8467-41d7-8c93-d1c5e5cec45f","block_type":"box","text":"•","page_number":146,"box":{"x":92,"y":827,"width":4,"height":4}},{"id":"9e99b474-beb6-415c-ac76-89761f4763dd","block_type":"box","text":"Dividend:","page_number":146,"box":{"x":124,"y":824,"width":65,"height":10}},{"id":"88f17374-0fb0-429b-a4fd-f231aa54cb3e","block_type":"box","text":"Dividend income earned by the iShares India 50 ETF will be subject to Indian income-tax at the specified","page_number":146,"box":{"x":194,"y":824,"width":729,"height":12}},{"id":"eeaf5395-e83c-4c23-8d2b-f63a8fb435fe","block_type":"box","text":"tax rate of 20%","page_number":146,"box":{"x":124,"y":839,"width":107,"height":10}},{"id":"de615139-db0b-41af-8ba4-befa9bdc3315","block_type":"box","text":"1","page_number":146,"box":{"x":233,"y":837,"width":3,"height":6}},{"id":"7472f5d9-651b-4412-8bf0-e14696ac0150","block_type":"box","text":", under the IT Act. The applicable tax is withheld by the dividend-paying issuer at the time of","page_number":146,"box":{"x":239,"y":839,"width":647,"height":12}},{"id":"1c1d3fe5-cf5e-46e9-aa2c-015a8f749bb7","block_type":"box","text":"payment. The Fund being a resident of USA, may claim the benefit of the India-USA Double Taxation Avoidance","page_number":146,"box":{"x":124,"y":854,"width":781,"height":12}},{"id":"d3ae404c-b04b-48df-80ba-9768e14276f3","block_type":"box","text":"Agreement (“DTAA”), which provides a beneficial rate of 15%, subject to the Fund holding at least 10% of the share","page_number":146,"box":{"x":124,"y":869,"width":810,"height":12}},{"id":"53b1702f-bc42-42ff-9f4a-f9916f6338cb","block_type":"box","text":"capital carrying voting power of the Indian company distributing dividend.","page_number":146,"box":{"x":124,"y":884,"width":519,"height":13}},{"id":"7c1d8aa0-10bb-4e42-889d-4cd6804b445e","block_type":"box","text":"137","page_number":146,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"c6815486-fc16-491a-9c96-c9725882df50","block_type":"box","text":"•","page_number":147,"box":{"x":92,"y":70,"width":4,"height":3}},{"id":"7902eae2-1fbc-458e-829a-3a7b8f843369","block_type":"box","text":"Interest","page_number":147,"box":{"x":124,"y":67,"width":53,"height":9}},{"id":"32ed4f8f-a3cd-431c-a1eb-d25a6c855616","block_type":"box","text":": Interest paid to the Fund with respect to debt obligations of Indian issuers will be subject to Indian income","page_number":147,"box":{"x":178,"y":67,"width":751,"height":12}},{"id":"cb0d1755-4366-4c4e-bf1f-f078f2112471","block_type":"box","text":"tax. A 5% tax rate applies to certain types of interest paid to a nonresident:","page_number":147,"box":{"x":124,"y":82,"width":523,"height":12}},{"id":"3534c706-9132-4c3b-bc59-b78f88375e85","block_type":"box","text":"1. Interest payable to an FPI (until June 30, 2023) with respect to investments made in rupee-denominated bonds (RDBs)","page_number":147,"box":{"x":61,"y":108,"width":865,"height":13}},{"id":"be743505-c5c4-4234-ae29-8bec4e7798af","block_type":"box","text":"of Indian companies and Indian government securities, subject to compliance with certain conditions; and","page_number":147,"box":{"x":98,"y":123,"width":744,"height":13}},{"id":"347ce0e8-e987-42c1-9970-2599e21b049a","block_type":"box","text":"2. Interest payable to a nonresident with respect to approved foreign currency loans and investment in long-term bonds,","page_number":147,"box":{"x":59,"y":150,"width":864,"height":12}},{"id":"c9f35486-a67f-4fbe-8cef-0365c7f95821","block_type":"box","text":"including certain RDBs, issued before June 30, 2023.","page_number":147,"box":{"x":99,"y":165,"width":361,"height":12}},{"id":"28cf2caf-8a01-40ad-aa11-b5ce08038339","block_type":"box","text":"1","page_number":147,"box":{"x":89,"y":197,"width":2,"height":5}},{"id":"38d5ad02-98b7-422f-a648-03e469242bd1","block_type":"box","text":"All tax rates mentioned in this Indian Tax Disclosure section are exclusive of the applicable surcharge and health and education cess, unless","page_number":147,"box":{"x":103,"y":198,"width":781,"height":10}},{"id":"9d2b5b91-54ab-4f1a-adcb-20f256a6c454","block_type":"box","text":"otherwise specified.","page_number":147,"box":{"x":103,"y":211,"width":111,"height":10}},{"id":"23ee0bfc-43b7-4f56-a358-7c4c44cc36d3","block_type":"box","text":"In the event, that the aforementioned beneficial rates are not available, then interest on rupee denominated debt is taxed at","page_number":147,"box":{"x":60,"y":234,"width":861,"height":13}},{"id":"2fb4a58a-3cf9-4c9e-869e-b2a803471805","block_type":"box","text":"the rate of 40% for a debt obligation that is not a security and 20% otherwise. Similarly, interest income from a foreign","page_number":147,"box":{"x":59,"y":249,"width":835,"height":13}},{"id":"fb5600f3-36c0-4141-b72d-43179d71999f","block_type":"box","text":"currency denominated debt obligation is taxed at 20%.These rates would be subject to the beneficial rate under the DTAA,","page_number":147,"box":{"x":59,"y":264,"width":858,"height":13}},{"id":"4879e89b-de61-46fe-9846-9b210dcf52a7","block_type":"box","text":"which provides for a rate of 15% for the taxation of interest income.","page_number":147,"box":{"x":59,"y":280,"width":474,"height":12}},{"id":"1d1f6f6a-be3e-4863-bf9f-787833001c7d","block_type":"box","text":"Further, tax rate of 4% shall apply on interest income earned with respect to investments made in long-term bonds or RDBs","page_number":147,"box":{"x":60,"y":306,"width":865,"height":12}},{"id":"f31002be-d596-4026-8b31-912fa1a78cdf","block_type":"box","text":"issued on or after April 1, 2020 but before June 30, 2023, which are listed only on a recognized stock exchange in an Indian","page_number":147,"box":{"x":60,"y":321,"width":856,"height":12}},{"id":"9bb7891e-87c0-48ef-9e6d-9ff2f96c5d79","block_type":"box","text":"International Financial Services Centre. This rate has been revised to 9% for interest income earned by a non-resident on","page_number":147,"box":{"x":60,"y":336,"width":842,"height":13}},{"id":"08dc31a9-ffc9-4618-a494-ff3003720e57","block_type":"box","text":"long-term bonds or RDBs issued on or after July 1, 2023 and which are listed only on a recognized stock exchange in an","page_number":147,"box":{"x":60,"y":351,"width":835,"height":13}},{"id":"4c0ed308-b23e-491a-9451-7a55d59af16a","block_type":"box","text":"Indian International Financial Services Centre.","page_number":147,"box":{"x":60,"y":366,"width":318,"height":10}},{"id":"2ca0918a-a468-4f73-ba63-71e8ec49d1c5","block_type":"box","text":"Tax will be withheld on interest income payable to the Fund, at applicable rates. In certain circumstances, where the Fund","page_number":147,"box":{"x":59,"y":393,"width":850,"height":12}},{"id":"29c24cd7-3ddb-42b5-84b9-b5a0f64c0588","block_type":"box","text":"does not have a permanent account number (PAN) allotted by the Indian tax authorities or does not furnish prescribed","page_number":147,"box":{"x":59,"y":408,"width":830,"height":12}},{"id":"e504d837-124e-47e6-96e2-2fefb50dfe01","block_type":"box","text":"alternate documentation, tax must be withheld at the higher of the applicable tax treaty rate or the rate specified in the IT","page_number":147,"box":{"x":59,"y":423,"width":852,"height":12}},{"id":"f196ecd8-4a0e-4ce4-b007-7e27b1fa3079","block_type":"box","text":"Act or 20%.","page_number":147,"box":{"x":59,"y":439,"width":82,"height":9}},{"id":"8e77a55e-bb7d-420e-80dc-e2b391dd88da","block_type":"box","text":"•","page_number":147,"box":{"x":92,"y":462,"width":4,"height":3}},{"id":"bf1cd0f1-8e15-49b9-a496-63f5ca15e550","block_type":"box","text":"Securities Transaction Tax:","page_number":147,"box":{"x":124,"y":459,"width":185,"height":9}},{"id":"64669d14-3092-44a5-8394-78d35c47e09a","block_type":"box","text":"All transactions entered on a recognized stock exchange in India are subject to a","page_number":147,"box":{"x":314,"y":458,"width":562,"height":13}},{"id":"3b8b435a-0bb4-4223-8e2d-68e76b8c5b37","block_type":"box","text":"Securities Transaction Tax (“STT”). STT has been introduced under Section 98 of the Finance (No.2) Act, 2004 on","page_number":147,"box":{"x":124,"y":474,"width":796,"height":12}},{"id":"7084a907-d91d-4714-bcaf-eab5cd6d53f2","block_type":"box","text":"transactions relating to sale, purchases and redemption of shares made by purchasers or sellers of Indian securities.","page_number":147,"box":{"x":124,"y":489,"width":810,"height":12}},{"id":"453c2f3d-e097-4abb-98d4-f90b6190a7db","block_type":"box","text":"The current STT is levied on the transaction value as follows:","page_number":147,"box":{"x":124,"y":504,"width":425,"height":9}},{"id":"4b6dda0f-6595-4bea-ba78-a19bc75e7030","block_type":"box","text":"• 0.1% payable by the buyer and 0.1% by the seller on the value of transactions of delivery-based transfer of","page_number":147,"box":{"x":157,"y":524,"width":776,"height":12}},{"id":"e57249d0-d56f-49e7-84ce-32e17dff863b","block_type":"box","text":"an equity share in an Indian company entered in a recognized stock exchange;","page_number":147,"box":{"x":190,"y":539,"width":547,"height":12}},{"id":"eaa64139-d629-4d34-b0ec-2eda95f2eeeb","block_type":"box","text":"• 0.025% on the value of transactions of nondeliverybased sale of an equity share in an Indian company,","page_number":147,"box":{"x":157,"y":559,"width":749,"height":13}},{"id":"278dfe70-3f05-4be6-a1ee-391828cf8930","block_type":"box","text":"entered in a recognized stock exchange and payable by the seller;","page_number":147,"box":{"x":190,"y":574,"width":456,"height":13}},{"id":"0916ca21-c187-42b5-9f9e-ff5f1ae4c256","block_type":"box","text":"• 0.0625% on the value of transactions of sale of options, entered in a recognized stock exchange and","page_number":147,"box":{"x":157,"y":594,"width":735,"height":13}},{"id":"ec735615-6bcf-4bff-9325-b1687c962be5","block_type":"box","text":"payable by the seller;","page_number":147,"box":{"x":190,"y":610,"width":144,"height":12}},{"id":"d5a3bd59-99b2-4be9-8b45-fbea1bad5a22","block_type":"box","text":"• 0.0125% on the value of transactions of sale of futures, entered in a recognized stock exchange and","page_number":147,"box":{"x":157,"y":630,"width":730,"height":12}},{"id":"2ed95f30-b21b-4b36-8ee0-981c4de344b2","block_type":"box","text":"payable by the seller;","page_number":147,"box":{"x":190,"y":645,"width":144,"height":12}},{"id":"76eaae6b-0c66-40fe-ac0f-0e3714e5eb5c","block_type":"box","text":"• 0.125% on the value of transactions of sale of options where the option is exercised, entered in a","page_number":147,"box":{"x":157,"y":665,"width":708,"height":12}},{"id":"c436bc79-c748-4634-a9b3-68fbbee58970","block_type":"box","text":"recognized stock exchange and payable by the buyer; and","page_number":147,"box":{"x":190,"y":680,"width":402,"height":12}},{"id":"1e6194e4-1409-485c-86e1-93c81cb5d599","block_type":"box","text":"• 0.2% on the value of transactions of the sale of unlisted shares by existing shareholders in an initial public","page_number":147,"box":{"x":157,"y":700,"width":773,"height":13}},{"id":"0e3156e9-6207-4c1c-b8c8-fb1ef8f39b12","block_type":"box","text":"offer.","page_number":147,"box":{"x":190,"y":715,"width":33,"height":10}},{"id":"e1295632-61e9-41ab-a18c-9554b3c2ed27","block_type":"box","text":"•","page_number":147,"box":{"x":92,"y":739,"width":4,"height":3}},{"id":"23cd4a9e-4c5a-48e0-9e7c-db1c8a8903dc","block_type":"box","text":"Capital Gains","page_number":147,"box":{"x":125,"y":736,"width":92,"height":12}},{"id":"ef10e832-da31-48aa-8cdc-e67dd009003e","block_type":"box","text":": The taxation of capital gains is as follows. Long-term capital gains (i.e., gains on the sale of shares","page_number":147,"box":{"x":218,"y":736,"width":693,"height":12}},{"id":"cdb10e0e-5f4f-4d16-98d4-fa0f15b7c69e","block_type":"box","text":"held for more than 12 months) from the sale of equity shares of an Indian company listed on a recognized stock","page_number":147,"box":{"x":125,"y":751,"width":783,"height":12}},{"id":"5f194179-8b05-425f-84ef-81bb2babbd2b","block_type":"box","text":"exchange are taxable in India at a rate of 10% provided any applicable STT has been paid, both on acquisition and","page_number":147,"box":{"x":124,"y":766,"width":798,"height":12}},{"id":"12e3c51b-a5d4-497c-bbb6-11835895abe0","block_type":"box","text":"sale of such shares (subject to certain transactions, to which the provisions of applicability and payment of STT","page_number":147,"box":{"x":124,"y":781,"width":781,"height":12}},{"id":"821e6381-34a1-461b-8ccc-e17b969685f0","block_type":"box","text":"upon acquisition do not apply). The tax on these capital gains is calculated on gains exceeding INR 100,000","page_number":147,"box":{"x":125,"y":796,"width":752,"height":12}},{"id":"9008364d-9cbd-4cd4-a692-d6add1a6da7a","block_type":"box","text":"(without any indexation and foreign exchange fluctuation benefits). Long term capital gains arising from sale of","page_number":147,"box":{"x":125,"y":811,"width":783,"height":13}},{"id":"f5713a61-8dbd-4904-b884-3e0cfb90d1f3","block_type":"box","text":"listed shares, not executed on a recognized stock exchange, will be taxed at a rate of 10%.","page_number":147,"box":{"x":125,"y":826,"width":629,"height":13}},{"id":"0e9c51e0-0848-4933-b0cb-4a558c4ca2df","block_type":"box","text":"Short-term capital gains (i.e., gains on the sale of shares held for 12 months or less) from the sale of Indian shares listed on a","page_number":147,"box":{"x":59,"y":853,"width":874,"height":12}},{"id":"53abf571-5286-4d33-bd71-536d88b15169","block_type":"box","text":"recognized stock exchange are taxed at the rate of 15% provided STT has been paid on the same. Otherwise, such short","page_number":147,"box":{"x":60,"y":868,"width":846,"height":12}},{"id":"a66a3290-456c-46ec-94b3-35c87aadf621","block_type":"box","text":"term capital again is taxable at a rate of 30% if the sale is not executed on a recognized stock exchange in India. Capital gains","page_number":147,"box":{"x":59,"y":883,"width":877,"height":12}},{"id":"8a3d1c09-3646-4eea-9668-74dafe92c1a7","block_type":"box","text":"138","page_number":147,"box":{"x":487,"y":916,"width":24,"height":9}},{"id":"48d715b9-6f5a-40aa-bd72-8bd6d86fa4a7","block_type":"box","text":"from the sale of unlisted securities are taxed at the rate of 10%, if the shares were held for more than 24 months and","page_number":148,"box":{"x":59,"y":67,"width":816,"height":11}},{"id":"ca2a3106-8179-4a95-9d8c-7a7c39638b3c","block_type":"box","text":"otherwise at the rate of 30%. Capital gains arising from the transfer of depositary receipts outside India between","page_number":148,"box":{"x":59,"y":82,"width":786,"height":12}},{"id":"0b163b0e-e0c6-46d7-b155-98ca0bcf25c4","block_type":"box","text":"nonresident investors are not subject to tax in India.","page_number":148,"box":{"x":60,"y":97,"width":361,"height":12}},{"id":"f50f0e64-4d35-43d9-affb-8e32e2914736","block_type":"box","text":"Excess Inclusion Income.","page_number":148,"box":{"x":60,"y":123,"width":179,"height":10}},{"id":"b0e0383f-286b-44ef-b61b-6c177aafa9f9","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":148,"box":{"x":249,"y":123,"width":651,"height":13}},{"id":"6ac50240-33e6-4301-82ae-aba97f2b38bc","block_type":"box","text":"being realized by their respective tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could","page_number":148,"box":{"x":60,"y":138,"width":862,"height":13}},{"id":"9f851cab-6850-4ec6-8687-9e99eaece2a2","block_type":"box","text":"realize UBTI by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the","page_number":148,"box":{"x":60,"y":154,"width":859,"height":12}},{"id":"9d813f55-e6b4-4815-87cb-33bdccb4040c","block_type":"box","text":"tax-exempt shareholder within the meaning of Section 514(b) of the Internal Revenue Code. Certain types of income received","page_number":148,"box":{"x":59,"y":169,"width":878,"height":12}},{"id":"d99bd49f-a658-49df-991f-2242fdba7b26","block_type":"box","text":"by a Fund from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the","page_number":148,"box":{"x":60,"y":184,"width":877,"height":12}},{"id":"3f6dc6b6-6eaf-456d-8e4b-643f87abedf7","block_type":"box","text":"Fund to report some or all of its distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion","page_number":148,"box":{"x":60,"y":199,"width":837,"height":12}},{"id":"2e9a6832-ecfe-4c89-b37e-6ac1df74fed9","block_type":"box","text":"income may: (i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as","page_number":148,"box":{"x":60,"y":214,"width":836,"height":12}},{"id":"9d88d58f-bf27-4773-97ac-82d0879cd861","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset","page_number":148,"box":{"x":60,"y":229,"width":867,"height":12}},{"id":"2ef3419e-0e5e-4361-a839-b221f686d6e9","block_type":"box","text":"by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S.","page_number":148,"box":{"x":60,"y":244,"width":785,"height":13}},{"id":"6c79dde0-8973-489d-8c1f-3ada4d322160","block_type":"box","text":"shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":148,"box":{"x":59,"y":259,"width":773,"height":13}},{"id":"95e236c9-1363-4d85-ac6f-67d6b5fe5be0","block_type":"box","text":"organizations,” as defined by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a","page_number":148,"box":{"x":59,"y":274,"width":859,"height":13}},{"id":"cd286395-99a7-4dd0-916f-ff56fe3d8441","block_type":"box","text":"charitable remainder unitrust (each as defined in Section 664 of the Internal Revenue Code) has UBTI for a taxable year, a","page_number":148,"box":{"x":59,"y":290,"width":848,"height":12}},{"id":"e7ce7c88-104c-46f6-bbe3-fa997832c268","block_type":"box","text":"100% excise tax on the UBTI is imposed on the trust.","page_number":148,"box":{"x":61,"y":305,"width":367,"height":12}},{"id":"2649f9bc-baf1-4319-8766-a4d0cdf25d22","block_type":"box","text":"A Fund tries to avoid investing in REITs that are expected to generate excess inclusion income, but a Fund may not always be","page_number":148,"box":{"x":59,"y":331,"width":874,"height":13}},{"id":"0fda34f2-2ca0-434a-92e4-a869be84c379","block_type":"box","text":"successful in doing so. Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":148,"box":{"x":59,"y":346,"width":868,"height":13}},{"id":"7e66722d-d81f-40c3-8356-0b7574770d88","block_type":"box","text":"may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":148,"box":{"x":60,"y":361,"width":802,"height":13}},{"id":"8ef1dbe4-45e3-49bf-a855-ff8e2e4ccf7d","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":148,"box":{"x":59,"y":377,"width":863,"height":12}},{"id":"08401da5-b900-40f8-aff2-63a60416c280","block_type":"box","text":"investment opportunities.","page_number":148,"box":{"x":60,"y":393,"width":178,"height":11}},{"id":"e1bce9e6-a97a-467b-a7df-6eb91974be79","block_type":"box","text":"Non-U.S. Investments.","page_number":148,"box":{"x":60,"y":419,"width":158,"height":9}},{"id":"29c8d732-da24-470f-bb7c-05de24fec082","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":148,"box":{"x":228,"y":418,"width":656,"height":12}},{"id":"6ab9b166-8082-4401-a246-59d44b699ff3","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":148,"box":{"x":59,"y":433,"width":878,"height":13}},{"id":"d788b4c8-4254-4800-83aa-4a5a4419678e","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":148,"box":{"x":60,"y":448,"width":834,"height":13}},{"id":"abeab06e-5d40-4123-960b-e383469f4ec3","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":148,"box":{"x":60,"y":463,"width":850,"height":13}},{"id":"83a2a948-4e89-46f4-8e3d-5cbe163e20bc","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":148,"box":{"x":60,"y":479,"width":811,"height":12}},{"id":"4b53aa2c-1aff-454d-9aa3-25c754b7d4c5","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":148,"box":{"x":60,"y":494,"width":829,"height":12}},{"id":"0d878163-71a7-4eed-8594-aa5dc66e7403","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":148,"box":{"x":59,"y":509,"width":824,"height":12}},{"id":"8f13161b-9566-41fe-8ef0-0d80321d8319","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":148,"box":{"x":59,"y":524,"width":841,"height":12}},{"id":"fb2ffb83-f43a-45aa-bc81-89df9dd044e5","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":148,"box":{"x":60,"y":539,"width":260,"height":10}},{"id":"dc6c6061-b3c2-4b10-aec2-e18eb9917ca0","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":148,"box":{"x":60,"y":566,"width":850,"height":12}},{"id":"dd0d5277-091b-4b47-befa-9b1e3c79958e","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":148,"box":{"x":59,"y":581,"width":826,"height":12}},{"id":"c8d4ea2f-ddf2-419a-b730-486437533c8c","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":148,"box":{"x":59,"y":596,"width":854,"height":12}},{"id":"ee6bdff4-0fab-4e1d-9c74-32a62cddaa1f","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":148,"box":{"x":60,"y":611,"width":872,"height":12}},{"id":"a0122848-c8bc-428a-b0ae-2c81527ee30c","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":148,"box":{"x":59,"y":626,"width":645,"height":12}},{"id":"d74b0aa5-0749-4aa0-9adf-a3a8ee2190c8","block_type":"box","text":"pro rata","page_number":148,"box":{"x":708,"y":627,"width":56,"height":11}},{"id":"0c964aaa-17a1-4e96-8a42-c2f7438b76a7","block_type":"box","text":"share of the Fund’s","page_number":148,"box":{"x":769,"y":626,"width":133,"height":10}},{"id":"5a3b594f-46f4-4af2-9faf-f0e0cfeb268b","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":148,"box":{"x":60,"y":641,"width":840,"height":12}},{"id":"cce616c8-25e0-4d01-83a1-3d350185442d","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":148,"box":{"x":59,"y":656,"width":722,"height":13}},{"id":"eed60a44-e544-4a8f-a4aa-6b72488c7db7","block_type":"box","text":"pro rata","page_number":148,"box":{"x":785,"y":658,"width":56,"height":11}},{"id":"4f8ce0ae-2f1f-4a27-9d85-65977f34335d","block_type":"box","text":"share of the","page_number":148,"box":{"x":846,"y":656,"width":82,"height":10}},{"id":"a52cf084-c971-4641-869e-6f70fd722139","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 the","page_number":148,"box":{"x":60,"y":671,"width":876,"height":13}},{"id":"483eefb3-2c26-40cf-ad4a-1277947b7e16","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":148,"box":{"x":60,"y":686,"width":877,"height":13}},{"id":"4efa6395-0da1-42c7-a23a-da2f6d1a51c1","block_type":"box","text":"shareholders for foreign tax credit purposes. A non-U.S. person invested in a Fund in a year that the Fund elects to “pass","page_number":148,"box":{"x":59,"y":702,"width":841,"height":12}},{"id":"738afc83-077e-4bd3-b335-ac63ac601e4e","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":148,"box":{"x":59,"y":717,"width":855,"height":12}},{"id":"4f2a66a8-02bd-4cb3-92d2-cb8f2039ee4d","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":148,"box":{"x":60,"y":732,"width":875,"height":12}},{"id":"034fd9ee-c2a2-4944-b901-46a2f3a2ccae","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":148,"box":{"x":59,"y":747,"width":860,"height":12}},{"id":"6a596bd7-6f9e-4cc7-b792-3b33da3ac35b","block_type":"box","text":"non-U.S. taxes paid by a Fund and (ii) the portion of any dividend paid by the Fund that represents income derived from non","page_number":148,"box":{"x":60,"y":762,"width":873,"height":12}},{"id":"fb2da9aa-645b-4e2b-a471-5750fdf0b722","block_type":"box","text":"U.S. sources; the Fund’s gain from the sale of securities will generally be treated as U.S.-source income. Certain limitations","page_number":148,"box":{"x":60,"y":777,"width":852,"height":13}},{"id":"148fd990-74a2-4770-a243-006b66fe8fd5","block_type":"box","text":"will be imposed to the extent to which the non-U.S. tax credit may be claimed. If your Fund shares are loaned pursuant to","page_number":148,"box":{"x":59,"y":792,"width":850,"height":13}},{"id":"3be799de-8b7f-448d-a0cf-070622f82f3a","block_type":"box","text":"securities lending arrangements, you may lose the ability to use any non-U.S. tax credits passed through by a Fund or to treat","page_number":148,"box":{"x":59,"y":807,"width":877,"height":13}},{"id":"632b3474-9bfe-4f50-a469-4ea7a0c98e1e","block_type":"box","text":"Fund dividends (paid while the shares are held by the borrower) as qualified dividends. Regarding a short sale with respect to","page_number":148,"box":{"x":60,"y":823,"width":873,"height":12}},{"id":"a7c7dc42-9745-4d80-9afb-71463fbd05b8","block_type":"box","text":"shares of a Fund, substitute payments made to the lender of such shares may not be deductible under certain circumstances.","page_number":148,"box":{"x":59,"y":838,"width":878,"height":12}},{"id":"a6180110-f250-444d-9258-3bd9297d93e8","block_type":"box","text":"Consult your financial intermediary or tax advisor.","page_number":148,"box":{"x":59,"y":853,"width":348,"height":12}},{"id":"cb9cc89d-a667-458f-b7f6-ecee86074884","block_type":"box","text":"139","page_number":148,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"7ccad945-3ecd-4eb1-9e5e-6ea727991dea","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":149,"box":{"x":60,"y":67,"width":283,"height":12}},{"id":"2f69c426-4e7e-4be7-aea7-86eaa97fe7e3","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":149,"box":{"x":353,"y":67,"width":578,"height":12}},{"id":"a808884b-6049-43aa-8792-2374357254c4","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":149,"box":{"x":59,"y":82,"width":834,"height":12}},{"id":"4a2822c4-6ca7-416d-963c-14716520a371","block_type":"box","text":"taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on a Fund in","page_number":149,"box":{"x":59,"y":97,"width":855,"height":12}},{"id":"f997a326-b850-4727-b4e9-82dd97dc8234","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":149,"box":{"x":60,"y":112,"width":454,"height":12}},{"id":"c3ec47ae-47b9-427d-9305-26cd88f2b688","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":149,"box":{"x":60,"y":138,"width":872,"height":13}},{"id":"9b02be69-a710-4a04-b2cb-ff0b4f682627","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":149,"box":{"x":60,"y":154,"width":817,"height":12}},{"id":"da690e2b-7d79-4899-876b-481b7daf86fe","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":149,"box":{"x":59,"y":169,"width":856,"height":12}},{"id":"bec0abad-f2be-41a3-9bdc-aef81f88b92b","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":149,"box":{"x":59,"y":184,"width":874,"height":12}},{"id":"46a4ec4a-daee-40ef-ad84-1aa075ffc82c","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":149,"box":{"x":60,"y":199,"width":832,"height":12}},{"id":"6c6a5f8a-707d-4e85-91a6-c4ac05c8fa53","block_type":"box","text":"obtain.","page_number":149,"box":{"x":59,"y":214,"width":47,"height":10}},{"id":"e22ca167-deef-4e3c-89ef-ad33fb50a8e2","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":149,"box":{"x":59,"y":240,"width":838,"height":13}},{"id":"40cedd2b-7de8-4d55-81f6-fa5a70c2c422","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":149,"box":{"x":60,"y":256,"width":870,"height":12}},{"id":"6251126a-9751-430b-8b16-36607f818264","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":149,"box":{"x":59,"y":271,"width":847,"height":12}},{"id":"e81314ad-a56d-4585-89b1-909a2f63d075","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":149,"box":{"x":59,"y":286,"width":822,"height":12}},{"id":"c1ed9bd6-1b2e-4749-8a1d-df813ef892f0","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":149,"box":{"x":60,"y":301,"width":783,"height":12}},{"id":"356009fd-cea8-4ad3-986d-05edee761bb9","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":149,"box":{"x":59,"y":316,"width":830,"height":12}},{"id":"ee8cdd6c-6f95-4693-b7d8-d176841ded0f","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":149,"box":{"x":60,"y":331,"width":845,"height":13}},{"id":"d8aa1c51-4872-4b0b-a28e-013468019b7a","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":149,"box":{"x":60,"y":346,"width":876,"height":13}},{"id":"2245ad6b-94b8-4034-a661-990fd4a0ed95","block_type":"box","text":"4% excise tax.","page_number":149,"box":{"x":59,"y":362,"width":99,"height":9}},{"id":"5f21f8ae-42e9-4cbc-9803-8a558025fd52","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":149,"box":{"x":59,"y":388,"width":856,"height":12}},{"id":"ee20a2dc-9453-475c-95eb-775a56d72e94","block_type":"box","text":"effects of these rules.","page_number":149,"box":{"x":59,"y":403,"width":147,"height":10}},{"id":"f8fe17e6-6c66-4b0e-b50d-1728c0e1ca24","block_type":"box","text":"Reporting.","page_number":149,"box":{"x":60,"y":430,"width":73,"height":12}},{"id":"b9ded7ed-f52b-4dc8-a15a-ccd77cb9dfc5","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":149,"box":{"x":143,"y":429,"width":720,"height":13}},{"id":"e6e99f10-3716-472b-9dc2-ece54ae83da0","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":149,"box":{"x":59,"y":445,"width":872,"height":12}},{"id":"dcc5bf08-0d8f-452d-abd8-9515a331e8c8","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":149,"box":{"x":59,"y":460,"width":856,"height":12}},{"id":"b82f342e-e9fc-4b3c-afd2-4b7f197ef60b","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":149,"box":{"x":60,"y":475,"width":797,"height":12}},{"id":"27e4a49b-0673-492a-b9a9-46b945d06578","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":149,"box":{"x":60,"y":490,"width":850,"height":12}},{"id":"95bc83b4-c1ab-4442-85ed-b5260c005281","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":149,"box":{"x":59,"y":505,"width":868,"height":12}},{"id":"149db583-c4e8-49af-8edb-48bfb5dad065","block_type":"box","text":"Other Taxes.","page_number":149,"box":{"x":59,"y":531,"width":89,"height":10}},{"id":"27a36a96-75d5-4c2c-a679-02af3d24fb24","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":149,"box":{"x":158,"y":531,"width":759,"height":13}},{"id":"1c6d452d-5baa-4298-a3d3-30a1dce2b613","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":149,"box":{"x":59,"y":547,"width":413,"height":12}},{"id":"065d2165-19b5-4632-9597-e5fe97288f8a","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":149,"box":{"x":58,"y":573,"width":253,"height":10}},{"id":"746f5dac-053e-4e82-9157-1ac76c634684","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":149,"box":{"x":321,"y":573,"width":607,"height":12}},{"id":"1b817196-9902-4a0e-841f-8ba47387fd27","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":149,"box":{"x":59,"y":588,"width":879,"height":13}},{"id":"1bfa1628-7d88-470f-8a18-b80d130fe50e","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":149,"box":{"x":59,"y":603,"width":869,"height":13}},{"id":"444bdb1e-c095-440d-9aa3-edb4919b7fe5","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":149,"box":{"x":60,"y":618,"width":869,"height":13}},{"id":"6667025d-a534-470d-a0d4-ba7927b239bf","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":149,"box":{"x":59,"y":634,"width":864,"height":12}},{"id":"a875c2cf-c1f9-4e9f-b505-603fb44a87b2","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":149,"box":{"x":59,"y":649,"width":868,"height":12}},{"id":"db7c3ba0-5d3a-4153-a6ec-dbef3bed6291","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":149,"box":{"x":59,"y":664,"width":853,"height":12}},{"id":"5b2d6229-e9b5-4759-bbcf-1405034937df","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":149,"box":{"x":59,"y":679,"width":828,"height":12}},{"id":"5e37f4f3-a33a-400a-82ac-94c2a24f33c0","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":149,"box":{"x":59,"y":694,"width":837,"height":12}},{"id":"d9007356-a182-4f61-bda8-dae0d581f8f7","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":149,"box":{"x":59,"y":709,"width":876,"height":12}},{"id":"1104561a-6574-4104-a07e-a52c5cd786af","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":149,"box":{"x":60,"y":724,"width":751,"height":13}},{"id":"e6e61747-c13f-4b37-a7ff-a80559acd973","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":149,"box":{"x":60,"y":751,"width":845,"height":12}},{"id":"b1d55ee3-3cbe-4697-98e7-93f2d9e2b1e5","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":149,"box":{"x":60,"y":766,"width":827,"height":12}},{"id":"02fc59d5-5203-4504-8bcd-c13a6019d8d7","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":149,"box":{"x":60,"y":781,"width":834,"height":12}},{"id":"20b821df-c304-4423-90f9-d149bc2deba5","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":149,"box":{"x":59,"y":796,"width":853,"height":12}},{"id":"7cc8fb0a-cfa8-4919-aa4c-f99238968bee","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":149,"box":{"x":59,"y":811,"width":866,"height":13}},{"id":"fc1c7b62-6b21-4ff8-b7da-a0ea4fd9ab62","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":149,"box":{"x":59,"y":826,"width":822,"height":13}},{"id":"42d3bff1-f215-4c17-bea5-8741d6516b5d","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":149,"box":{"x":59,"y":841,"width":871,"height":13}},{"id":"a08210f7-0d7b-4060-86ed-1c9836b6cb47","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":149,"box":{"x":59,"y":857,"width":857,"height":12}},{"id":"ec8c0918-cd5e-4edf-8a53-b6a85b387bef","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":149,"box":{"x":60,"y":872,"width":853,"height":12}},{"id":"430429b6-53cd-41fb-92d1-e06d04a80c67","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":149,"box":{"x":59,"y":887,"width":839,"height":12}},{"id":"20db622f-576d-4480-bad1-cad81a0bde68","block_type":"box","text":"140","page_number":149,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"ffede19c-f7bb-4af1-b6a5-4f6dc0a2f2c8","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":150,"box":{"x":60,"y":67,"width":867,"height":12}},{"id":"26f03bb1-2007-44ae-9aec-652a5a8589da","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":150,"box":{"x":59,"y":82,"width":855,"height":12}},{"id":"5bc13657-471a-4dbe-85a6-e1934f2af0fe","block_type":"box","text":"rules to their accounts.","page_number":150,"box":{"x":60,"y":97,"width":159,"height":10}},{"id":"11374467-7afe-44c2-8f57-8f2eafac01ce","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":150,"box":{"x":59,"y":123,"width":862,"height":13}},{"id":"d7547c1b-46d0-40d8-a498-bff8ebc0f354","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":150,"box":{"x":60,"y":138,"width":864,"height":13}},{"id":"c99c7e0e-8da5-4207-97a4-22131c9c8e58","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":150,"box":{"x":60,"y":154,"width":849,"height":12}},{"id":"58fbe4e4-9cd1-4d44-9379-5e338a3ffb06","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":150,"box":{"x":60,"y":169,"width":870,"height":12}},{"id":"38a0826e-d41c-45a6-a479-4064cdbb8fcb","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":150,"box":{"x":59,"y":184,"width":875,"height":12}},{"id":"d2c8600a-094b-4083-b007-eb80e7f4417b","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":150,"box":{"x":59,"y":199,"width":835,"height":12}},{"id":"dc0bd763-f944-4d30-ba0c-043c8c68f88e","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":150,"box":{"x":60,"y":214,"width":822,"height":12}},{"id":"0933b5c4-ac69-4b4b-8172-7bf2bf1b062e","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":150,"box":{"x":59,"y":229,"width":726,"height":12}},{"id":"61b3d78e-123d-4016-ac18-4d8e3eed5557","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":150,"box":{"x":59,"y":256,"width":846,"height":12}},{"id":"1c2aa8d4-75a4-4214-bdd8-b90f7aa04bb9","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":150,"box":{"x":59,"y":271,"width":860,"height":12}},{"id":"d2046164-4096-425c-97f8-5188c0488374","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":150,"box":{"x":59,"y":286,"width":881,"height":12}},{"id":"93f68753-dde1-4dd8-8945-7a410b4edfbc","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":150,"box":{"x":59,"y":301,"width":858,"height":12}},{"id":"9b8ce044-bae8-4c5b-b918-0ace8ba9066e","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":150,"box":{"x":59,"y":316,"width":871,"height":12}},{"id":"2e04dbcb-6da2-4b1a-94ef-51d762e95b18","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":150,"box":{"x":59,"y":331,"width":664,"height":13}},{"id":"a71e3acb-d551-44d1-a683-c801ab9ff797","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":150,"box":{"x":59,"y":358,"width":874,"height":12}},{"id":"a98a0a7e-b7e7-4e0f-9cd2-ea60abbd8db2","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":150,"box":{"x":59,"y":373,"width":539,"height":12}},{"id":"49fb6d5e-b307-4a03-bcb9-62ed3ee0cf1b","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":150,"box":{"x":59,"y":399,"width":825,"height":13}},{"id":"edc2232a-44c8-4b2b-b3e0-dfce5b2485e3","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":150,"box":{"x":59,"y":414,"width":451,"height":13}},{"id":"80107764-cbc4-4e65-9a75-757e0fc9535c","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":150,"box":{"x":59,"y":441,"width":870,"height":12}},{"id":"1301c383-d6df-4c8c-8fdc-3421e9f1143d","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":150,"box":{"x":59,"y":456,"width":821,"height":12}},{"id":"45744dc4-867b-43d2-89e3-f0e49581beb6","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":150,"box":{"x":60,"y":471,"width":866,"height":12}},{"id":"ec6734dd-181a-4058-a580-20b8c86db8a9","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":150,"box":{"x":59,"y":486,"width":847,"height":12}},{"id":"af7da142-c7fe-4e9d-9982-af71c038e1fd","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":150,"box":{"x":60,"y":501,"width":840,"height":13}},{"id":"c7b731d3-edcc-435c-8425-cae2d72be8f5","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":150,"box":{"x":59,"y":516,"width":818,"height":13}},{"id":"f4700feb-85a4-424b-9ece-bb30384b66dd","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":150,"box":{"x":59,"y":531,"width":830,"height":13}},{"id":"c76ecb54-5a84-4429-a78a-6811a66094e2","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":150,"box":{"x":59,"y":547,"width":861,"height":12}},{"id":"2c69d065-a9e1-4a60-865f-51632857db06","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":150,"box":{"x":59,"y":562,"width":835,"height":12}},{"id":"b006ebbd-e5c8-4685-a58b-a4616dd9e98f","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":150,"box":{"x":59,"y":577,"width":874,"height":12}},{"id":"c2aa5b24-7d61-4ba8-849f-0a5dced4e709","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":150,"box":{"x":60,"y":592,"width":849,"height":12}},{"id":"fb8e380e-998a-4099-a7fe-3fd69f239837","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":150,"box":{"x":59,"y":607,"width":863,"height":12}},{"id":"17bc02ac-e6bb-41ed-84d7-536302f97b7b","block_type":"box","text":"unless certain exceptions apply.","page_number":150,"box":{"x":60,"y":622,"width":220,"height":13}},{"id":"30581d5d-7dd0-46af-ba31-fc087d4e3533","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":150,"box":{"x":59,"y":649,"width":857,"height":12}},{"id":"e085d2f9-e883-4b4c-9088-1d02e1deb273","block_type":"box","text":"estate tax.","page_number":150,"box":{"x":59,"y":665,"width":71,"height":8}},{"id":"5f31ea96-32b1-4dc4-864b-201a253e3498","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":150,"box":{"x":59,"y":690,"width":872,"height":13}},{"id":"2bee4d85-2fd3-4f18-9838-19a5201dc235","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":150,"box":{"x":59,"y":705,"width":864,"height":13}},{"id":"ebd32697-c9c6-4270-bef1-ac7d265bd7a5","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":150,"box":{"x":59,"y":720,"width":875,"height":13}},{"id":"71708d94-2f78-44c0-ab82-bc179ec1f788","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":150,"box":{"x":60,"y":736,"width":782,"height":12}},{"id":"fc20969c-902d-41a4-aef1-474d1b5f655d","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":150,"box":{"x":60,"y":751,"width":826,"height":12}},{"id":"a1c52698-15f8-4715-ab3b-9b4f47875565","block_type":"box","text":"discussed above, and such changes often occur.","page_number":150,"box":{"x":59,"y":766,"width":337,"height":12}},{"id":"8c012cf7-f046-4e2a-a8e9-1ae51b2e9d61","block_type":"box","text":"Financial Statements","page_number":150,"box":{"x":62,"y":796,"width":348,"height":24}},{"id":"b161f350-dde1-45b4-8888-63ce15b33046","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":150,"box":{"x":60,"y":838,"width":855,"height":12}},{"id":"2a919720-5184-4d3d-82f3-8770e6c65104","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":150,"box":{"x":60,"y":853,"width":857,"height":12}},{"id":"ac4488a9-939f-47ba-9a37-badfc07615d5","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":150,"box":{"x":60,"y":868,"width":824,"height":12}},{"id":"c6c6e4eb-81e7-4091-a676-42dcea501e4d","block_type":"box","text":"141","page_number":150,"box":{"x":488,"y":916,"width":20,"height":9}},{"id":"a527beb7-a2af-4fa6-b189-97067776160e","block_type":"box","text":"located here. A copy of each Fund’s Annual and Semi-Annual Reports and Annual and Semi-Annual Financial Statements","page_number":151,"box":{"x":60,"y":67,"width":850,"height":12}},{"id":"daa17192-a023-4a35-971f-7a0580975233","block_type":"box","text":"may be obtained without charge as described on the cover page of this SAI.","page_number":151,"box":{"x":60,"y":82,"width":528,"height":12}},{"id":"887bb0de-8e41-4c81-954d-4c54444e1c91","block_type":"box","text":"Miscellaneous Information","page_number":151,"box":{"x":61,"y":112,"width":445,"height":24}},{"id":"4d6602f7-f4be-4f97-a822-31f39f8c1297","block_type":"box","text":"Counsel.","page_number":151,"box":{"x":59,"y":154,"width":61,"height":9}},{"id":"1ca31d22-8ba1-41d2-bc6a-1dbfedf6de55","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Trust.","page_number":151,"box":{"x":129,"y":154,"width":733,"height":12}},{"id":"127d4b9d-ecb6-49a2-82bc-22feed93d73c","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":151,"box":{"x":60,"y":180,"width":349,"height":12}},{"id":"e536940a-a776-4745-962e-1df3eaf0d86b","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":151,"box":{"x":419,"y":180,"width":488,"height":12}},{"id":"4e2a96b1-18ec-4209-910b-90c5ad3705f3","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Trust’s independent registered public accounting firm, audits the Funds’","page_number":151,"box":{"x":59,"y":195,"width":868,"height":12}},{"id":"327bce10-9747-4813-9011-ebdafebc37de","block_type":"box","text":"financial statements, and may perform other services.","page_number":151,"box":{"x":59,"y":210,"width":376,"height":13}},{"id":"5bdcae18-4f50-4549-ac84-e823878ee3b3","block_type":"box","text":"Shareholder Communications to the Board.","page_number":151,"box":{"x":59,"y":237,"width":312,"height":10}},{"id":"6e6b47f0-131c-470a-9122-5d3472c1a30c","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":151,"box":{"x":380,"y":237,"width":555,"height":12}},{"id":"9d88ede3-8cdb-45bb-b993-e82a73b3f13f","block_type":"box","text":"Board. Shareholders may contact the Board by mail. Correspondence should be addressed to iShares Board of Trustees, c/o","page_number":151,"box":{"x":60,"y":252,"width":863,"height":12}},{"id":"0f9aba70-6532-479f-8a02-6e3a3130aa25","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":151,"box":{"x":60,"y":267,"width":796,"height":11}},{"id":"f071d0d4-3e83-4956-80d4-67daba8db472","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":151,"box":{"x":59,"y":282,"width":868,"height":12}},{"id":"1bc30ead-4615-45ed-80bb-5a261ac7b1b6","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":151,"box":{"x":60,"y":297,"width":863,"height":13}},{"id":"b92fa95f-0685-4c0a-9e0a-fc2445a589c7","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":151,"box":{"x":59,"y":312,"width":814,"height":13}},{"id":"53399ad2-0efe-4d52-95cb-865668b220a7","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":151,"box":{"x":60,"y":327,"width":866,"height":13}},{"id":"2a43578d-8bc8-45a8-b5a3-b012e91e2d86","block_type":"box","text":"Trust and reported to the Board.","page_number":151,"box":{"x":59,"y":343,"width":224,"height":12}},{"id":"229defa3-70e8-4e9e-b5e6-3ca5b841fbc7","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":151,"box":{"x":60,"y":369,"width":508,"height":12}},{"id":"b545d714-94d5-4fb4-8be6-12382e161ff6","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":151,"box":{"x":577,"y":369,"width":304,"height":12}},{"id":"baa6b653-f909-4d2d-8efd-fd2f2701f31d","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":151,"box":{"x":60,"y":384,"width":849,"height":12}},{"id":"01525f03-be2b-430f-902a-a58b5193c339","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":151,"box":{"x":60,"y":399,"width":873,"height":13}},{"id":"157326b3-8b2b-4183-9e98-a5aa8cfb707f","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":151,"box":{"x":59,"y":414,"width":849,"height":13}},{"id":"0dc570a4-c0d1-4922-810b-17e87709ca07","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":151,"box":{"x":60,"y":429,"width":422,"height":13}},{"id":"212be567-7957-4bb9-9bae-7f7246c92f45","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":151,"box":{"x":59,"y":456,"width":870,"height":12}},{"id":"89381e49-0828-4b41-9e4d-cea3666c8eee","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":151,"box":{"x":59,"y":471,"width":828,"height":12}},{"id":"268ec279-b25a-4da5-8058-626486e993c7","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":151,"box":{"x":60,"y":486,"width":868,"height":12}},{"id":"81a42bd9-48e7-4205-80cd-f0bd6c98671a","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":151,"box":{"x":59,"y":513,"width":847,"height":12}},{"id":"20da87c0-3c0b-4a90-a25d-cac4e16fe7ff","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":151,"box":{"x":59,"y":528,"width":858,"height":12}},{"id":"fdf53c21-c201-4eff-9f12-444453f18455","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":151,"box":{"x":59,"y":543,"width":862,"height":12}},{"id":"5581b97b-2137-4d9b-80f1-b35e582f2094","block_type":"box","text":"the AIFM.","page_number":151,"box":{"x":59,"y":558,"width":67,"height":10}},{"id":"f5afbeb0-0466-4ce1-9745-8ec1f19d8137","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":151,"box":{"x":59,"y":584,"width":861,"height":13}},{"id":"089002b4-1cef-4906-8938-c8b7ae94fb39","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":151,"box":{"x":60,"y":600,"width":864,"height":12}},{"id":"d23f3742-4193-44a2-b328-d11619a81e41","block_type":"box","text":"liquidity management tools. 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Each Fund will also disclose material changes, if any, to the liquidity management systems and procedures","page_number":151,"box":{"x":59,"y":660,"width":873,"height":12}},{"id":"5f6584a5-48af-485b-8484-f54441bb6b59","block_type":"box","text":"employed in respect of the Fund.","page_number":151,"box":{"x":59,"y":675,"width":229,"height":12}},{"id":"453d3399-5572-4bbb-a6d9-259159a39e1b","block_type":"box","text":"BFA has registered iShares India 50 ETF for marketing to investors in Finland, the Netherlands, Sweden, and the U.K.","page_number":151,"box":{"x":60,"y":702,"width":808,"height":12}},{"id":"a88500f9-73e2-4362-8b06-f75d9d91fc88","block_type":"box","text":"BFA has registered the following Funds for marketing to investors in Finland, the Netherlands, Sweden, the United Arab","page_number":151,"box":{"x":60,"y":728,"width":831,"height":12}},{"id":"b879dab0-7371-4782-bee2-1aa2f923fa86","block_type":"box","text":"Emirates and the U.K.:","page_number":151,"box":{"x":60,"y":743,"width":151,"height":10}},{"id":"6d089644-716b-461d-9796-991681f350a0","block_type":"box","text":"iShares Global Consumer Staples ETF","page_number":151,"box":{"x":60,"y":770,"width":260,"height":12}},{"id":"0bea6dd6-ec3a-4220-8f54-052a3df0f09d","block_type":"box","text":"iShares Global Energy ETF","page_number":151,"box":{"x":60,"y":785,"width":180,"height":12}},{"id":"17fb0e82-fef6-4212-9f98-3cae2bb54e79","block_type":"box","text":"Investors’ Rights.","page_number":151,"box":{"x":60,"y":811,"width":122,"height":13}},{"id":"ebf2ca6b-9b47-40d7-a666-d40547ac5c70","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":151,"box":{"x":192,"y":811,"width":668,"height":13}},{"id":"3bf4e9df-52fb-4d00-a076-b0bbe990f2b3","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":151,"box":{"x":59,"y":826,"width":860,"height":13}},{"id":"ec00dc88-fbc3-4ea8-86cd-347a0ba29416","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":151,"box":{"x":59,"y":841,"width":870,"height":13}},{"id":"9eef2a15-2a36-44b1-90f4-3b74055bfb8d","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":151,"box":{"x":59,"y":857,"width":877,"height":12}},{"id":"bcd9a648-9bd3-4c80-8d30-b3187fa2c95c","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":151,"box":{"x":59,"y":872,"width":877,"height":12}},{"id":"596ec28f-ea48-49f2-a63f-684b79b715e6","block_type":"box","text":"142","page_number":151,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"c28a9a15-63d2-4b88-965b-f869860ac2fc","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":152,"box":{"x":60,"y":67,"width":864,"height":12}},{"id":"676c4a01-9bb7-4e2e-a3b3-85c405382fd6","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":152,"box":{"x":59,"y":82,"width":871,"height":12}},{"id":"53e80e6e-ae72-42a5-ba20-c66ae9a2a13a","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":152,"box":{"x":59,"y":97,"width":723,"height":12}},{"id":"d39ebfca-3271-4e6e-af85-3d748c96d37b","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":152,"box":{"x":60,"y":123,"width":872,"height":13}},{"id":"9722cf62-d3c2-4186-8a29-ff3e5d5b1126","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":152,"box":{"x":59,"y":138,"width":830,"height":13}},{"id":"6f5e2905-55a3-40b5-a0e6-b39e197f10d6","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":152,"box":{"x":59,"y":154,"width":828,"height":12}},{"id":"b0f21082-a4dc-4b3c-af16-9ace78dd3a23","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":152,"box":{"x":59,"y":169,"width":568,"height":12}},{"id":"6d5a942a-ed52-4fbe-93c9-adbe674320c0","block_type":"box","text":"143","page_number":152,"box":{"x":488,"y":916,"width":23,"height":9}},{"id":"045fa5de-90be-406a-baff-fb77affb685c","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":153,"box":{"x":59,"y":67,"width":578,"height":30}},{"id":"7b20cc9e-0420-44ef-93d8-7b8073657d95","block_type":"box","text":"A-1","page_number":153,"box":{"x":486,"y":916,"width":22,"height":9}},{"id":"a3bf47fd-dcf1-41bc-954c-9066a87b5f55","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":154,"box":{"x":93,"y":67,"width":812,"height":30}},{"id":"346df4b7-9b9a-475f-b24f-4058b0c8100f","block_type":"box","text":"Proxy Voting Policy","page_number":154,"box":{"x":334,"y":100,"width":332,"height":29}},{"id":"45a9b45d-4b53-4d46-9376-ebfe59ef495f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":154,"box":{"x":59,"y":143,"width":484,"height":13}},{"id":"db41539c-e572-4157-bd65-6d68bf91b9d2","block_type":"box","text":"Effective Date: January 1, 2025","page_number":154,"box":{"x":60,"y":170,"width":217,"height":12}},{"id":"22e6ec14-b2dc-492c-8df8-7fb94403cc49","block_type":"box","text":"Last Review Date: September 16, 2025","page_number":154,"box":{"x":60,"y":196,"width":275,"height":13}},{"id":"bddb4a28-5151-4601-874c-a304f456ab7a","block_type":"box","text":"________________________________________","page_number":154,"box":{"x":58,"y":233,"width":327,"height":1}},{"id":"de5fc48d-37b7-41fa-a3e4-d351f9a09a7f","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":154,"box":{"x":59,"y":249,"width":507,"height":13}},{"id":"689013f5-f974-45cf-bda7-111564a7af5d","block_type":"box","text":"□","page_number":154,"box":{"x":59,"y":276,"width":15,"height":12}},{"id":"ccf1e79f-7a28-4f8d-a211-1a043d524736","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":154,"box":{"x":80,"y":276,"width":391,"height":12}},{"id":"fcf1daee-55bc-4045-b827-c5ddd6c5a57d","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":154,"box":{"x":80,"y":302,"width":595,"height":13}},{"id":"6a218242-def1-42f1-a603-1c74132c66a0","block_type":"box","text":"□","page_number":154,"box":{"x":59,"y":329,"width":15,"height":12}},{"id":"6ec9c1f7-44f6-4a41-a1e3-383c9c0d1237","block_type":"box","text":"Money Market Funds","page_number":154,"box":{"x":80,"y":329,"width":148,"height":12}},{"id":"e06a6ddd-91db-47c2-a442-c388a828d3a4","block_type":"box","text":"□","page_number":154,"box":{"x":59,"y":356,"width":15,"height":11}},{"id":"8ab5d6f0-7a4b-4a4f-846a-6774d8c6c71a","block_type":"box","text":"Closed-End Funds","page_number":154,"box":{"x":80,"y":355,"width":126,"height":10}},{"id":"d526a67b-c1a8-48ed-8ebf-b5041ca9145f","block_type":"box","text":"□","page_number":154,"box":{"x":59,"y":382,"width":15,"height":12}},{"id":"bcbca4eb-e185-41d7-8bae-57c1c0e27b59","block_type":"box","text":"Other","page_number":154,"box":{"x":80,"y":382,"width":39,"height":9}},{"id":"c7d8a211-9bb5-4e13-89c5-c5dcf4ea1423","block_type":"box","text":"________________________________________","page_number":154,"box":{"x":58,"y":419,"width":327,"height":0}},{"id":"f8e97633-fbe8-4645-aec8-0976068f97a3","block_type":"box","text":"Objective and Scope","page_number":154,"box":{"x":59,"y":434,"width":147,"height":13}},{"id":"f0d51184-49ee-4060-a0f5-0ecf79b0008c","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":154,"box":{"x":59,"y":461,"width":622,"height":12}},{"id":"e5f9fc7a-fb6d-476a-aa6b-5f484f5d421e","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":154,"box":{"x":60,"y":487,"width":356,"height":13}},{"id":"ffe0dd25-9115-4407-869a-5162074e7864","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":154,"box":{"x":59,"y":514,"width":873,"height":12}},{"id":"b6319adf-41df-47ac-8cae-b0f422bd1c28","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":154,"box":{"x":59,"y":529,"width":835,"height":12}},{"id":"cf3b4a22-6b2d-4df1-a9aa-6c521f552aac","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":154,"box":{"x":59,"y":544,"width":854,"height":12}},{"id":"78131871-caba-47a2-8856-c09af146286a","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":154,"box":{"x":59,"y":559,"width":878,"height":13}},{"id":"56149dd9-d899-42b1-8dd2-7b2035817045","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":154,"box":{"x":59,"y":574,"width":849,"height":13}},{"id":"ac9b03d4-0c60-4976-94f9-771cfc8c8029","block_type":"box","text":"agreements.","page_number":154,"box":{"x":59,"y":591,"width":86,"height":11}},{"id":"5340770e-ac6e-479d-8155-7f62e1b5302d","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":154,"box":{"x":60,"y":616,"width":849,"height":12}},{"id":"dfd1e9d4-781f-45ed-b3e8-99c4cc65ca14","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":154,"box":{"x":59,"y":631,"width":821,"height":12}},{"id":"ad126195-8f36-47b9-9902-a3c9a831e042","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":154,"box":{"x":60,"y":646,"width":874,"height":12}},{"id":"3537d36f-437b-4c1b-b24a-c7eb8138b8d5","block_type":"box","text":"any.","page_number":154,"box":{"x":59,"y":664,"width":26,"height":10}},{"id":"698bf283-83cc-4d9c-92df-0d82834a0ef9","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":154,"box":{"x":60,"y":688,"width":876,"height":12}},{"id":"e098cb63-187e-47bf-a4ef-9332c545469c","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":154,"box":{"x":60,"y":703,"width":610,"height":12}},{"id":"14c5b93f-5b75-4773-b90f-759551a0b966","block_type":"box","text":"Conflicts Management","page_number":154,"box":{"x":59,"y":729,"width":164,"height":13}},{"id":"efb561c5-fdab-457f-b505-75cb818f9688","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":154,"box":{"x":60,"y":756,"width":860,"height":12}},{"id":"9244e854-509f-4e7a-b140-72d659920f36","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":154,"box":{"x":59,"y":771,"width":775,"height":12}},{"id":"f9db4981-aaf3-463e-8e8c-a92cd6619727","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":154,"box":{"x":60,"y":786,"width":851,"height":12}},{"id":"4181e3ca-82b2-458b-b43b-6a2630e839b3","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":154,"box":{"x":60,"y":801,"width":874,"height":12}},{"id":"c87e5eaf-995c-43f9-a0b2-6dddc98c0158","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":154,"box":{"x":59,"y":816,"width":845,"height":13}},{"id":"13bbcc51-4b5a-47bc-bea9-24512067d902","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":154,"box":{"x":59,"y":831,"width":646,"height":13}},{"id":"18c87ce1-e8bd-4756-97a4-8683400b4616","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":154,"box":{"x":60,"y":858,"width":768,"height":12}},{"id":"c11f7d6a-c48a-4bc3-869f-18b3c82d465f","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":154,"box":{"x":60,"y":873,"width":783,"height":12}},{"id":"c3f703cf-ab34-49e0-924b-a7e7aa57bb10","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":154,"box":{"x":60,"y":888,"width":451,"height":12}},{"id":"dc12d7df-1cd1-41a9-bb7c-56d9c0fee248","block_type":"box","text":"A-2","page_number":154,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"27c66931-a9bc-4ac8-821b-bb3d5cd38d4d","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":155,"box":{"x":59,"y":67,"width":868,"height":12}},{"id":"4a044655-37df-4464-8b3a-6ad1a3cadcc2","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":155,"box":{"x":60,"y":82,"width":868,"height":12}},{"id":"acbee5d9-2ca6-46c3-8eac-15be3f212d65","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":155,"box":{"x":59,"y":97,"width":763,"height":12}},{"id":"f24b27e8-e2c9-40e2-af8d-f30c701f3c95","block_type":"box","text":"Reports to the Board","page_number":155,"box":{"x":60,"y":123,"width":147,"height":13}},{"id":"08fb59fd-27e7-4911-bc36-3527362caea7","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":155,"box":{"x":60,"y":150,"width":859,"height":12}},{"id":"0e83a2bc-eb2e-4ff8-a529-bc9761966a70","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":155,"box":{"x":60,"y":165,"width":862,"height":12}},{"id":"e99ffbbf-4dd4-464d-89e5-5d483c6b9df7","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":155,"box":{"x":59,"y":180,"width":854,"height":12}},{"id":"d5dc3b5e-0b67-445c-b36d-7e41a139d8c6","block_type":"box","text":"that have not previously been reported.","page_number":155,"box":{"x":59,"y":195,"width":274,"height":12}},{"id":"f00ca355-6f62-4a60-a8ad-396089d33e88","block_type":"box","text":"Appendix A","page_number":155,"box":{"x":59,"y":222,"width":85,"height":12}},{"id":"20e91458-5e24-4acf-aabc-c4aba8a4e637","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":155,"box":{"x":60,"y":248,"width":336,"height":10}},{"id":"76f21168-8026-4758-a1ba-cd0bbf4479f2","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":155,"box":{"x":60,"y":274,"width":402,"height":10}},{"id":"a0f42353-4133-4c24-8408-744a089cb78e","block_type":"box","text":"A-3","page_number":155,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"fb0a601c-98be-4dca-88c2-8a52e6293aa3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":156,"box":{"x":139,"y":67,"width":721,"height":30}},{"id":"d2630559-e28a-44f6-922b-0158d1da35fd","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":156,"box":{"x":59,"y":111,"width":304,"height":12}},{"id":"9e0abf2a-7ab4-447c-9915-9b95968e448f","block_type":"box","text":"Effective as of January 2026","page_number":156,"box":{"x":76,"y":137,"width":198,"height":13}},{"id":"a5f0b36a-a5c0-4e64-9b2e-f98dd00eb39d","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":156,"box":{"x":141,"y":199,"width":716,"height":10}},{"id":"a5cc155b-2631-4806-84e5-1ead426eea45","block_type":"box","text":"Introduction to BlackRock","page_number":156,"box":{"x":141,"y":218,"width":181,"height":10}},{"id":"b07b117e-5331-4d2d-a406-c4dd5c69115c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":156,"box":{"x":326,"y":218,"width":530,"height":10}},{"id":"b205fd47-f48d-4482-9cd8-95e223242fed","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":156,"box":{"x":140,"y":237,"width":340,"height":12}},{"id":"300ec665-955b-436f-8c5e-b898379d0c93","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":156,"box":{"x":483,"y":237,"width":373,"height":9}},{"id":"3251ff59-ec1a-4870-9e82-46c558d19dfd","block_type":"box","text":"Our approach to stewardship within active equities","page_number":156,"box":{"x":141,"y":256,"width":356,"height":12}},{"id":"613f416a-387b-4760-ab08-8b5f3343faf8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":156,"box":{"x":502,"y":256,"width":355,"height":9}},{"id":"af64b40d-4584-4001-8f60-8a7c4fb47307","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":156,"box":{"x":141,"y":274,"width":346,"height":13}},{"id":"24842e05-2fe8-4541-b503-b11183d8845e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":156,"box":{"x":489,"y":275,"width":368,"height":9}},{"id":"cb427740-b11e-4b9f-8ac9-d20ffd5f8d30","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":156,"box":{"x":141,"y":293,"width":716,"height":10}},{"id":"c819c759-6c58-448f-94cb-86dc92e5dcb2","block_type":"box","text":"Executive compensation","page_number":156,"box":{"x":141,"y":313,"width":169,"height":12}},{"id":"ea9cca1e-4e40-4299-9708-69224479fc88","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":156,"box":{"x":313,"y":313,"width":544,"height":9}},{"id":"56974323-eb77-46b1-a286-3b26acc8cf9c","block_type":"box","text":"Non-executive director compensation","page_number":156,"box":{"x":141,"y":331,"width":263,"height":13}},{"id":"14392bcc-cf5e-4603-8db8-53a183015edf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":156,"box":{"x":411,"y":332,"width":446,"height":9}},{"id":"13a2f1d1-8806-4c9c-8c9c-e6cd5087df79","block_type":"box","text":"Capital structure","page_number":156,"box":{"x":141,"y":350,"width":115,"height":12}},{"id":"34517180-7d04-4236-8257-15fe9bc5f427","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":156,"box":{"x":261,"y":351,"width":596,"height":9}},{"id":"166ef147-e5f1-4e4b-8930-1a34697b4086","block_type":"box","text":"Transactions and special situations","page_number":156,"box":{"x":140,"y":369,"width":245,"height":12}},{"id":"1a5852b0-3939-4942-a122-4d9b996dcfc4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":156,"box":{"x":391,"y":370,"width":466,"height":9}},{"id":"0ff2d527-934f-4875-b93f-4f51eb33044d","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":156,"box":{"x":141,"y":388,"width":340,"height":12}},{"id":"be035036-3b6c-4c49-9fb9-124271d7530d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":156,"box":{"x":483,"y":388,"width":371,"height":10}},{"id":"39a5f64f-3c84-4908-be1b-a618c146440a","block_type":"box","text":"Shareholder rights and protections","page_number":156,"box":{"x":140,"y":407,"width":243,"height":12}},{"id":"a8f80232-c691-4b07-9094-b67d95c0b880","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":156,"box":{"x":391,"y":407,"width":466,"height":9}},{"id":"9992ede0-fd43-43ed-a239-d6a8ccaa322c","block_type":"box","text":"Shareholder proposals","page_number":156,"box":{"x":140,"y":426,"width":157,"height":12}},{"id":"a38b892e-c24f-48ad-8c4f-706c59d50298","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":156,"box":{"x":300,"y":426,"width":556,"height":9}},{"id":"cb81d205-e9bf-4174-973c-8e46b2051d34","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":156,"box":{"x":141,"y":445,"width":715,"height":12}},{"id":"947a9c31-82cf-423a-bf65-020e6f7af324","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":156,"box":{"x":141,"y":463,"width":373,"height":13}},{"id":"ef70f7b6-6e10-4042-952c-f6df016b7ef4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":156,"box":{"x":515,"y":464,"width":342,"height":9}},{"id":"ef0a1520-9312-4b51-bb30-513d4f9fdfca","block_type":"box","text":"Key stakeholders","page_number":156,"box":{"x":141,"y":482,"width":116,"height":13}},{"id":"4c96fd9b-9853-42ed-b6fe-e0d9705e6e98","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":156,"box":{"x":261,"y":483,"width":596,"height":9}},{"id":"9c37f0e1-1d92-460f-a906-a58120624842","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":156,"box":{"x":141,"y":501,"width":356,"height":13}},{"id":"ffd7717b-38cb-4424-904a-cf8db68c0726","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":156,"box":{"x":502,"y":502,"width":355,"height":9}},{"id":"b90542bd-d651-40dd-89d6-f8b0a11401d5","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":156,"box":{"x":140,"y":520,"width":621,"height":12}},{"id":"fd1f0bc1-45be-4f98-a397-33970e79597a","block_type":"box","text":". . . . . . . . . .A-15","page_number":156,"box":{"x":763,"y":521,"width":93,"height":9}},{"id":"96fd47bb-7928-4d7d-a41f-1fb28e10fb73","block_type":"box","text":"Overview","page_number":156,"box":{"x":59,"y":553,"width":67,"height":10}},{"id":"c92b67fb-c20f-4f77-be4c-1d524802fcd2","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":156,"box":{"x":59,"y":579,"width":828,"height":13}},{"id":"cc5715b4-3915-4005-a23f-210c1b64d45d","block_type":"box","text":"governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.","page_number":156,"box":{"x":59,"y":594,"width":764,"height":13}},{"id":"b63e3f4b-c341-41fa-986e-4b8795e2c957","block_type":"box","text":"(1)","page_number":156,"box":{"x":825,"y":592,"width":14,"height":9}},{"id":"f492a7f7-199f-4bbc-bd19-b2a3aad46838","block_type":"box","text":"BAIS works","page_number":156,"box":{"x":845,"y":594,"width":78,"height":10}},{"id":"e50b7a7a-ce56-4b2e-a3ee-76d09edaf716","block_type":"box","text":"in partnership with BlackRock’s investment teams, excluding index equity","page_number":156,"box":{"x":60,"y":610,"width":514,"height":12}},{"id":"cc66cfc5-3717-4bab-a598-28e239916066","block_type":"box","text":"(2)","page_number":156,"box":{"x":575,"y":608,"width":14,"height":8}},{"id":"cc4bd08b-b9fc-45d6-b395-58c420b29350","block_type":"box","text":", providing expertise on investment stewardship","page_number":156,"box":{"x":590,"y":610,"width":335,"height":12}},{"id":"7b66cc3b-c6fa-492e-8846-23617f053bb5","block_type":"box","text":"and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for","page_number":156,"box":{"x":59,"y":625,"width":820,"height":12}},{"id":"34e36775-57a3-42d6-971b-eec26edab75f","block_type":"box","text":"establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting","page_number":156,"box":{"x":59,"y":640,"width":851,"height":12}},{"id":"3b3dcd2c-f26a-47b6-8caa-d91a39c4ef5c","block_type":"box","text":"decisions. The guidance informs the voting recommendations BAIS makes to BlackRock’s active portfolio managers. It","page_number":156,"box":{"x":59,"y":655,"width":828,"height":12}},{"id":"1db285b4-9bf4-4f59-b0b0-ef3c381ebcbf","block_type":"box","text":"applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions strategies. It","page_number":156,"box":{"x":59,"y":670,"width":872,"height":12}},{"id":"389894d2-7b63-4513-82be-2567ed12d4e4","block_type":"box","text":"also may apply to holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting","page_number":156,"box":{"x":59,"y":685,"width":872,"height":13}},{"id":"07c2b8e7-fbed-4dd4-b1d0-3c3917f21bcb","block_type":"box","text":"securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as","page_number":156,"box":{"x":59,"y":700,"width":874,"height":13}},{"id":"8292a586-bd71-404f-a9e5-90ec300561c1","block_type":"box","text":"to how they integrate these guidelines within their investment processes in light of their clients’ or funds’ investment","page_number":156,"box":{"x":59,"y":715,"width":817,"height":13}},{"id":"0bb9bfbd-da97-4511-918f-337655e69b2e","block_type":"box","text":"objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":156,"box":{"x":59,"y":731,"width":862,"height":12}},{"id":"b49e5894-8997-474b-ab58-fd5231b70755","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":156,"box":{"x":59,"y":746,"width":664,"height":12}},{"id":"9b6b55e5-a13c-48c2-ba53-be42b7f38829","block_type":"box","text":"(1) This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s fundamental equity, systematic eq","page_number":156,"box":{"x":59,"y":813,"width":840,"height":10}},{"id":"17776a30-045a-4118-b934-dbee491defe3","block_type":"box","text":"uity","page_number":156,"box":{"x":901,"y":814,"width":20,"height":9}},{"id":"21c1e858-6532-4037-aa9e-70b2c44035e7","block_type":"box","text":"and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock’s index and active fixed income strategies, to th","page_number":156,"box":{"x":92,"y":826,"width":827,"height":10}},{"id":"ccc9ce49-ab12-41ae-9da9-f488b91b9a16","block_type":"box","text":"e","page_number":156,"box":{"x":921,"y":828,"width":5,"height":5}},{"id":"f90ff80f-a839-486d-8121-6802a8abf0b5","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which cov","page_number":156,"box":{"x":92,"y":838,"width":824,"height":10}},{"id":"a3bd4b7f-0af3-4c83-8cac-9a866ea85a3f","block_type":"box","text":"ers","page_number":156,"box":{"x":916,"y":841,"width":16,"height":5}},{"id":"d464fe2a-548e-4ce6-8b6c-b7c2a2f92cd6","block_type":"box","text":"holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":156,"box":{"x":92,"y":851,"width":661,"height":10}},{"id":"34691f35-4b50-4fec-a92d-ad4880eba26f","block_type":"box","text":"(2) BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to un","page_number":156,"box":{"x":59,"y":866,"width":834,"height":10}},{"id":"013e2da0-8d9b-46b4-9694-fac00cd9d79e","block_type":"box","text":"lock the","page_number":156,"box":{"x":895,"y":866,"width":43,"height":8}},{"id":"1c178cec-0d3e-445c-83fa-96d77dcafff2","block_type":"box","text":"full breadth of the firm’s active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independe","page_number":156,"box":{"x":91,"y":879,"width":816,"height":9}},{"id":"def5abe8-bb98-41f0-bd20-a75a6762159c","block_type":"box","text":"ntly","page_number":156,"box":{"x":908,"y":879,"width":20,"height":9}},{"id":"fe884391-4b5a-45e6-8e6e-eef42a13931c","block_type":"box","text":"of one another and have separate voting policies.","page_number":156,"box":{"x":92,"y":891,"width":274,"height":10}},{"id":"3a103773-71ef-499e-b756-750d592a7811","block_type":"box","text":"A-4","page_number":156,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"70d2f003-401b-4a21-9478-dc3749850f3b","block_type":"box","text":"Introduction to BlackRock","page_number":157,"box":{"x":60,"y":67,"width":187,"height":9}},{"id":"49cd4a0f-9247-4971-a994-bb015744fc41","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to","page_number":157,"box":{"x":60,"y":93,"width":831,"height":12}},{"id":"d04a8473-1fee-405a-b244-c009effe886d","block_type":"box","text":"BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary,","page_number":157,"box":{"x":60,"y":108,"width":835,"height":13}},{"id":"34eacdf9-9e01-463e-9673-036a6243876a","block_type":"box","text":"BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this by understanding","page_number":157,"box":{"x":60,"y":123,"width":834,"height":13}},{"id":"8c10b9a4-b113-419b-b051-9a8acc01ef13","block_type":"box","text":"clients’ long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock","page_number":157,"box":{"x":59,"y":138,"width":858,"height":13}},{"id":"48acb615-0a78-4084-b22c-bdadb840b26a","block_type":"box","text":"then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and","page_number":157,"box":{"x":59,"y":154,"width":878,"height":12}},{"id":"05da3859-9133-49a3-a7e3-331572f3a49e","block_type":"box","text":"analytics.","page_number":157,"box":{"x":59,"y":169,"width":64,"height":12}},{"id":"a8e68375-d7f1-4232-b6a4-d1198b30d1a6","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of","page_number":157,"box":{"x":59,"y":195,"width":859,"height":12}},{"id":"19508f26-ae52-4a0e-8e3f-af958535059d","block_type":"box","text":"our clients’ assets, we engage with companies to discuss the corporate governance and business practices that, in our","page_number":157,"box":{"x":59,"y":210,"width":829,"height":13}},{"id":"a292eaec-a0b3-4f95-b024-ac5f839873f0","block_type":"box","text":"experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building","page_number":157,"box":{"x":59,"y":225,"width":869,"height":13}},{"id":"bb8f7f44-cd2c-40bb-b4f1-115118442a40","block_type":"box","text":"strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in","page_number":157,"box":{"x":59,"y":240,"width":877,"height":13}},{"id":"03557ed7-f9e7-4e6f-b6c1-2fffd0007e57","block_type":"box","text":"which our clients are invested.","page_number":157,"box":{"x":59,"y":256,"width":211,"height":9}},{"id":"b58a7e57-d135-42c5-86f2-8ab9966ac60b","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":157,"box":{"x":59,"y":282,"width":350,"height":12}},{"id":"5ff3459f-a19f-4eb3-8135-c8554d06dbe7","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":157,"box":{"x":60,"y":308,"width":860,"height":13}},{"id":"ec02950f-d8ad-455b-b85d-45e2afe5900e","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":157,"box":{"x":60,"y":324,"width":822,"height":12}},{"id":"50d2b3ec-a3f8-4cc3-9d05-4e0d92820fc4","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":157,"box":{"x":60,"y":339,"width":861,"height":12}},{"id":"8a72088d-5cc2-4c2d-9390-4135577745e2","block_type":"box","text":"these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active investment analysts and portfolio","page_number":157,"box":{"x":59,"y":354,"width":879,"height":12}},{"id":"e7e9f272-3694-4495-ae60-2b51f90ac601","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":157,"box":{"x":60,"y":369,"width":697,"height":12}},{"id":"9435e11c-0cba-4169-a487-47a5aac64e66","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":157,"box":{"x":60,"y":395,"width":856,"height":13}},{"id":"93bfaf9e-2eb5-45e0-bcdf-564729e72b05","block_type":"box","text":"(3)","page_number":157,"box":{"x":922,"y":393,"width":14,"height":8}},{"id":"9c1558f6-809e-4329-a475-735b32a55b7e","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":157,"box":{"x":59,"y":411,"width":861,"height":12}},{"id":"aaead7d2-2b15-4d68-aa82-ecad5d08bccc","block_type":"box","text":"opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage","page_number":157,"box":{"x":59,"y":426,"width":864,"height":12}},{"id":"d5e3063a-3b61-47c5-a23a-c70273b6e2da","block_type":"box","text":"jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company’s","page_number":157,"box":{"x":58,"y":441,"width":870,"height":12}},{"id":"2eea6903-bcee-45af-bf49-1caa8dba9bd8","block_type":"box","text":"success over time, including governance and leadership, corporate strategy, capital structure and financial performance,","page_number":157,"box":{"x":59,"y":456,"width":840,"height":12}},{"id":"2cd38ef0-0fe8-496a-a81f-b068f101e9df","block_type":"box","text":"operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to","page_number":157,"box":{"x":59,"y":471,"width":871,"height":12}},{"id":"62c8b395-c652-45a0-9f0d-341aaf4e318a","block_type":"box","text":"be constructive investors and are generally supportive of management teams that have a track record of financial value","page_number":157,"box":{"x":60,"y":486,"width":833,"height":12}},{"id":"7f1e5ee1-a1d0-4e74-a77e-5460238f21da","block_type":"box","text":"creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual","page_number":157,"box":{"x":59,"y":501,"width":852,"height":13}},{"id":"c2291176-97dc-4739-a5b9-039b6abbbfd0","block_type":"box","text":"respect.","page_number":157,"box":{"x":60,"y":518,"width":53,"height":11}},{"id":"c1740286-f30f-48e6-bc5a-b4e1ada16816","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio","page_number":157,"box":{"x":60,"y":543,"width":860,"height":12}},{"id":"96fc69cb-3058-44c5-8b90-027856672403","block_type":"box","text":"manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in","page_number":157,"box":{"x":60,"y":558,"width":857,"height":12}},{"id":"78a8b00c-93e7-4df4-ad32-9dd6d86795e2","block_type":"box","text":"Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental","page_number":157,"box":{"x":59,"y":573,"width":877,"height":12}},{"id":"0afe7453-944a-4d24-8fcf-f4ad9a262781","block_type":"box","text":"equity portfolio managers, who may determine to vote differently based on each portfolio’s investment objectives and","page_number":157,"box":{"x":59,"y":588,"width":824,"height":13}},{"id":"528f258f-902a-43f7-8738-a2cda3920826","block_type":"box","text":"strategy.","page_number":157,"box":{"x":59,"y":605,"width":58,"height":11}},{"id":"e6abf413-0991-4b9e-9599-bcd44e2c3db6","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with management teams","page_number":157,"box":{"x":59,"y":630,"width":849,"height":12}},{"id":"341909fb-da68-43a3-9209-783847fb9732","block_type":"box","text":"and board directors","page_number":157,"box":{"x":59,"y":645,"width":136,"height":10}},{"id":"84b47273-1023-45b8-a4f6-27d6ad387e73","block_type":"box","text":"(4)","page_number":157,"box":{"x":197,"y":643,"width":14,"height":8}},{"id":"7063d1f3-6907-441a-96c3-7cab12d2108a","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":157,"box":{"x":216,"y":645,"width":676,"height":12}},{"id":"3c9fd5e2-3747-4a88-b0ce-b3361ef77ce0","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":157,"box":{"x":59,"y":660,"width":808,"height":12}},{"id":"7289228a-3a78-4dec-a5b4-c3d6fbce8e2c","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns to","page_number":157,"box":{"x":59,"y":675,"width":836,"height":12}},{"id":"a95ff223-5156-40e5-bc85-6708c5cc3a0e","block_type":"box","text":"investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets","page_number":157,"box":{"x":60,"y":690,"width":864,"height":13}},{"id":"5877dd3f-19d2-4fff-9bdd-58accf8ac051","block_type":"box","text":"or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of","page_number":157,"box":{"x":59,"y":705,"width":872,"height":13}},{"id":"f4403e10-b495-493f-8a71-5a7813371002","block_type":"box","text":"many minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. We","page_number":157,"box":{"x":60,"y":720,"width":873,"height":13}},{"id":"a3a3f82b-8120-4fc3-8937-67c63a790a9c","block_type":"box","text":"look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the","page_number":157,"box":{"x":60,"y":736,"width":831,"height":12}},{"id":"7f0c7d7b-91c5-4b5f-955c-7d813e467f79","block_type":"box","text":"financial interests of their investors.","page_number":157,"box":{"x":59,"y":751,"width":248,"height":9}},{"id":"e1f4ee65-b034-4310-8879-5078ea1ddfdb","block_type":"box","text":"(3) On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibi","page_number":157,"box":{"x":59,"y":838,"width":849,"height":10}},{"id":"1cba8903-a4c2-4f53-94ad-1f898df82884","block_type":"box","text":"lity","page_number":157,"box":{"x":909,"y":838,"width":16,"height":10}},{"id":"8a9f3368-a74f-4448-b542-1829e0da72fe","block_type":"box","text":"to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfo","page_number":157,"box":{"x":91,"y":851,"width":847,"height":10}},{"id":"aba03bbd-4c92-499d-9ee2-ebe2b9b1bec0","block_type":"box","text":"lio companies for the purpose, or with the effect, of changing or influencing control of the company.","page_number":157,"box":{"x":92,"y":863,"width":560,"height":10}},{"id":"a71ceacb-4a7e-4b96-8b36-e116f4c7c0aa","block_type":"box","text":"(4) References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where","page_number":157,"box":{"x":59,"y":879,"width":855,"height":9}},{"id":"a391eeb8-592f-4e5d-aa33-26ddd2c4596c","block_type":"box","text":"relevant.","page_number":157,"box":{"x":92,"y":891,"width":46,"height":8}},{"id":"2ffc8e3d-8689-445f-9f34-c3a22c02ac2f","block_type":"box","text":"A-5","page_number":157,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"765651ae-e5a5-407b-bd94-ff459a95ed5a","block_type":"box","text":"Our approach to stewardship within active equities","page_number":158,"box":{"x":59,"y":67,"width":368,"height":12}},{"id":"06c85abd-4d9c-46cd-af58-19be69e6becd","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate governance. The","page_number":158,"box":{"x":59,"y":93,"width":862,"height":12}},{"id":"8fa2294e-ecd6-4372-97fb-0b7fdee5578f","block_type":"box","text":"voting rights attached to clients’ holdings are an important mechanism for investors to express support for, or concern about,","page_number":158,"box":{"x":59,"y":108,"width":879,"height":13}},{"id":"6097c698-2913-4b00-9d62-b1c81a7f4a8d","block_type":"box","text":"a company’s performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of","page_number":158,"box":{"x":59,"y":123,"width":847,"height":13}},{"id":"c232eca3-f6f9-4e5a-8912-33d216218346","block_type":"box","text":"clients who have delegated voting authority to us, in a manner consistent with BlackRock’s contractual arrangements with","page_number":158,"box":{"x":59,"y":138,"width":857,"height":13}},{"id":"6b96d8ed-d572-4714-af2e-9f9f3edeb234","block_type":"box","text":"clients and funds.","page_number":158,"box":{"x":59,"y":154,"width":123,"height":9}},{"id":"5974c33a-9d59-495c-acc4-91c9af4e8fe2","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":60,"y":180,"width":876,"height":12}},{"id":"16a434f7-7a38-4faa-a82c-b80baf9b919d","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":158,"box":{"x":59,"y":195,"width":820,"height":12}},{"id":"f8b4171d-4f0a-45cf-ba5c-b141e11a2e0c","block_type":"box","text":"interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different","page_number":158,"box":{"x":60,"y":210,"width":860,"height":13}},{"id":"c84c258e-c5d1-4740-89ba-34e018b21d6b","block_type":"box","text":"corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of","page_number":158,"box":{"x":59,"y":225,"width":880,"height":13}},{"id":"52ac4087-6127-41a0-b838-4cc38a151475","block_type":"box","text":"a company’s situation and the investment mandate we have from clients. Please see page 19 for more information about","page_number":158,"box":{"x":59,"y":240,"width":845,"height":13}},{"id":"4b133775-6bfd-4865-a451-7aa09d2d9009","block_type":"box","text":"how we fulfill and oversee our investment stewardship responsibilities for BlackRock’s non-index equity strategies.","page_number":158,"box":{"x":60,"y":256,"width":798,"height":12}},{"id":"edfea5f7-7276-42c0-b3ea-c946e197793b","block_type":"box","text":"(5)","page_number":158,"box":{"x":860,"y":254,"width":14,"height":8}},{"id":"fea37edb-0e41-44f6-9a75-f0f3f792f3f3","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":158,"box":{"x":59,"y":282,"width":358,"height":12}},{"id":"df85748d-4ab6-476d-9e6b-0e939484cf51","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":59,"y":308,"width":880,"height":13}},{"id":"9d183f01-998d-4548-bfaa-8fcaa2437b81","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial","page_number":158,"box":{"x":59,"y":324,"width":857,"height":12}},{"id":"642bc30f-29ce-4cf4-b4d1-7698199d489a","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":158,"box":{"x":59,"y":339,"width":844,"height":12}},{"id":"929dc2e8-54fa-44d8-b033-b5f06f58493a","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":60,"y":354,"width":873,"height":12}},{"id":"a32ea6d5-d594-400b-a28b-b7e036989d70","block_type":"box","text":"income investment teams may help inform an issuer’s approach to structuring specialist issuances and the standard terms","page_number":158,"box":{"x":60,"y":369,"width":858,"height":12}},{"id":"3d08e875-9fb7-4c58-93d5-96adc0e69d67","block_type":"box","text":"and information in bond documentation.","page_number":158,"box":{"x":59,"y":384,"width":286,"height":10}},{"id":"b81a478f-1de7-48da-8da3-b66d5d85fedc","block_type":"box","text":"Boards of Directors","page_number":158,"box":{"x":60,"y":411,"width":138,"height":9}},{"id":"32cd8f40-8cf1-4332-826a-1dba5ecef0ba","block_type":"box","text":"Roles and responsibilities","page_number":158,"box":{"x":76,"y":437,"width":182,"height":12}},{"id":"5fa9d638-4d19-4107-b3a0-9abb84ede904","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":158,"box":{"x":59,"y":463,"width":852,"height":13}},{"id":"1d14c9d6-88ce-41e0-be50-1b8b7fa3622e","block_type":"box","text":"able to advise and supervise management in an independent and objective manner.","page_number":158,"box":{"x":59,"y":479,"width":585,"height":12}},{"id":"7ae80d64-7713-4f37-90e5-82cc9042cf25","block_type":"box","text":"(6)","page_number":158,"box":{"x":646,"y":477,"width":14,"height":8}},{"id":"87919389-ce40-4263-b47a-c0c542171e2b","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":158,"box":{"x":59,"y":505,"width":856,"height":12}},{"id":"d288254c-d901-4195-8e61-5e4a96fb7fde","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":158,"box":{"x":59,"y":520,"width":836,"height":12}},{"id":"1fe0bcde-cbae-43b5-aba5-6ac3bbe1403c","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":158,"box":{"x":59,"y":535,"width":833,"height":13}},{"id":"66b80648-dd00-48a3-9084-0175c3595427","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":158,"box":{"x":60,"y":550,"width":771,"height":13}},{"id":"dcaf0310-d11d-42a0-a861-a2c0a80d2f3f","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in","page_number":158,"box":{"x":60,"y":577,"width":853,"height":12}},{"id":"de97f0ca-57f6-40cc-9415-a828e09acd1a","block_type":"box","text":"place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":158,"box":{"x":59,"y":592,"width":611,"height":12}},{"id":"3c8e12f4-156f-4d27-ad7b-9928e0017d13","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":158,"box":{"x":59,"y":618,"width":848,"height":13}},{"id":"a7e38561-f914-4fe3-872c-dd9164613f04","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":158,"box":{"x":60,"y":634,"width":862,"height":12}},{"id":"b3d3d6ab-aecd-45ff-8899-b9e074e90ce6","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":158,"box":{"x":59,"y":649,"width":850,"height":12}},{"id":"fd6875ec-dbb2-453b-a70f-80f3e5d0563b","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":158,"box":{"x":59,"y":664,"width":464,"height":12}},{"id":"583e5cb4-dfaf-4ed3-ac86-ee6c5c6078e7","block_type":"box","text":"Composition and effectiveness","page_number":158,"box":{"x":59,"y":690,"width":221,"height":13}},{"id":"31fcf330-b660-4878-85fd-58d7fd178b97","block_type":"box","text":"Appointment process","page_number":158,"box":{"x":75,"y":717,"width":156,"height":12}},{"id":"fb39c8d1-f06d-42fc-ae66-14c16f97218a","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":158,"box":{"x":59,"y":743,"width":823,"height":12}},{"id":"f0d0ccff-7d1b-487e-aa22-852264623062","block_type":"box","text":"composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines","page_number":158,"box":{"x":59,"y":758,"width":876,"height":13}},{"id":"82648f79-b8f9-484c-bab8-31ebf5465d84","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":158,"box":{"x":59,"y":773,"width":829,"height":13}},{"id":"58a307b6-8626-4929-b4ae-5ae34892b00f","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":158,"box":{"x":59,"y":788,"width":850,"height":13}},{"id":"3d05fc49-c093-4b32-8f9b-beb3e8439e50","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and","page_number":158,"box":{"x":59,"y":804,"width":815,"height":12}},{"id":"2ed27f84-5982-41cb-83a7-c17ef54378ac","block_type":"box","text":"(5) Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions st","page_number":158,"box":{"x":59,"y":838,"width":816,"height":10}},{"id":"0116a019-8c66-4531-9a57-8be229f1bbea","block_type":"box","text":"rategies, as","page_number":158,"box":{"x":876,"y":839,"width":62,"height":9}},{"id":"f1b3475f-2688-4a18-9f1a-6f6e8ad98a46","block_type":"box","text":"well as holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer eng","page_number":158,"box":{"x":91,"y":851,"width":819,"height":10}},{"id":"d8ea8f7d-1184-4efc-b1bd-8eb352d861eb","block_type":"box","text":"age","page_number":158,"box":{"x":911,"y":853,"width":25,"height":8}},{"id":"a7b094b6-a107-4bea-9b4f-3aefe7e36c54","block_type":"box","text":"ments.","page_number":158,"box":{"x":92,"y":865,"width":37,"height":6}},{"id":"badec14d-f84e-4d7e-a05d-6edf65f9af98","block_type":"box","text":"(6) 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":158,"box":{"x":59,"y":879,"width":871,"height":9}},{"id":"9027403c-7279-4ea9-aff5-e9888e84de1f","block_type":"box","text":"examples.","page_number":158,"box":{"x":92,"y":891,"width":55,"height":10}},{"id":"f7b6c40b-84c9-41b7-af7f-e64fb207c01a","block_type":"box","text":"A-6","page_number":158,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"d4791532-ff1b-47a5-a100-cc5835a843f5","block_type":"box","text":"experience of a director candidate would be additive. We welcome disclosures that explain how the board considered","page_number":159,"box":{"x":59,"y":67,"width":820,"height":12}},{"id":"9a57f103-7255-4548-8e50-88f0d4660fb5","block_type":"box","text":"different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We","page_number":159,"box":{"x":59,"y":82,"width":849,"height":12}},{"id":"b245b6c8-a267-41ee-a942-945597028464","block_type":"box","text":"assess a company’s board composition against that of its peer group and local market requirements.","page_number":159,"box":{"x":59,"y":97,"width":704,"height":12}},{"id":"fba00fc7-9afa-4481-8488-9c9a25967bbc","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition","page_number":159,"box":{"x":59,"y":123,"width":871,"height":13}},{"id":"0790c7b5-b934-42dd-ade7-fef0b6071891","block_type":"box","text":"in our engagements or voting but seek to understand how well placed a board is to act in investors’ interests. We may vote","page_number":159,"box":{"x":60,"y":138,"width":857,"height":13}},{"id":"dea88c6f-cc03-4a8e-a8ed-350e90a7ba99","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a company has","page_number":159,"box":{"x":59,"y":154,"width":855,"height":12}},{"id":"b7fa5dd3-5204-4688-97d9-f26d2e366841","block_type":"box","text":"not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement","page_number":159,"box":{"x":60,"y":169,"width":861,"height":12}},{"id":"70f16793-3460-4bb6-ab00-af52ac2e5199","block_type":"box","text":"of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly","page_number":159,"box":{"x":59,"y":184,"width":877,"height":12}},{"id":"33a579f8-a402-4eb3-b615-a9d79504ba11","block_type":"box","text":"nominated directors who do not seem to have the appropriate skills or experience to contribute to the board’s effectiveness.","page_number":159,"box":{"x":60,"y":199,"width":867,"height":12}},{"id":"ed5b034a-4588-4f73-8012-c91eb5675c55","block_type":"box","text":"Independence","page_number":159,"box":{"x":76,"y":225,"width":102,"height":13}},{"id":"034a4d87-7228-4b1b-93db-dd20507fac42","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":159,"box":{"x":60,"y":252,"width":871,"height":12}},{"id":"9b0a536f-1ab7-4b6c-b97d-2e9fe992e4bd","block_type":"box","text":"of paramount importance to the protection of the interests of minority shareholders such as BlackRock’s clients. We consider","page_number":159,"box":{"x":59,"y":267,"width":877,"height":12}},{"id":"351c8979-1145-49a2-b477-ad47cc1dd216","block_type":"box","text":"it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.","page_number":159,"box":{"x":60,"y":282,"width":820,"height":12}},{"id":"318e95fa-92c2-426a-8084-4fc02e20c2aa","block_type":"box","text":"(7)","page_number":159,"box":{"x":882,"y":280,"width":14,"height":8}},{"id":"8ca03104-19ba-4814-9808-2a8b289e1ea9","block_type":"box","text":"This","page_number":159,"box":{"x":901,"y":282,"width":29,"height":10}},{"id":"eab485f9-a69e-4452-a34b-867093bab5f1","block_type":"box","text":"also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies","page_number":159,"box":{"x":59,"y":297,"width":830,"height":13}},{"id":"700bc429-ecb1-4b04-8d28-e9438b1513c0","block_type":"box","text":"domiciled in markets with a higher threshold for board independence should meet those local requirements.","page_number":159,"box":{"x":59,"y":312,"width":758,"height":13}},{"id":"63e04538-5387-41bf-9879-1da77c8d0ad6","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":159,"box":{"x":59,"y":339,"width":788,"height":12}},{"id":"3bdbb876-29b2-424b-aed9-1e3490f68c6e","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":159,"box":{"x":60,"y":354,"width":867,"height":12}},{"id":"d1a8f623-b3ab-40d0-a20d-2588d7c5305e","block_type":"box","text":"is a perennial issue.","page_number":159,"box":{"x":60,"y":369,"width":133,"height":12}},{"id":"3bd3985a-12af-4cd7-b8dd-a2420486799d","block_type":"box","text":"Independent board leadership","page_number":159,"box":{"x":76,"y":395,"width":217,"height":13}},{"id":"516d8881-d1be-40b1-a6d2-20b1f4d8f91f","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":159,"box":{"x":60,"y":422,"width":803,"height":12}},{"id":"f1801e7b-5237-4e6c-80de-79230e379f89","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":159,"box":{"x":60,"y":437,"width":855,"height":12}},{"id":"c921e1e7-e4a7-469f-949e-fc0e294eda0e","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":159,"box":{"x":59,"y":452,"width":854,"height":12}},{"id":"fc1031fe-32bb-4bdf-b490-d751d386dfc9","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":159,"box":{"x":60,"y":467,"width":850,"height":13}},{"id":"a9940f03-9c01-40b9-be3c-8aa94c6c4060","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":159,"box":{"x":59,"y":482,"width":858,"height":13}},{"id":"d1074d80-9440-4c38-b4e2-8dbd4146389a","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":159,"box":{"x":60,"y":497,"width":818,"height":13}},{"id":"f6850878-4fe0-4f04-a8f6-71d47be0d2f2","block_type":"box","text":"available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look","page_number":159,"box":{"x":59,"y":513,"width":877,"height":12}},{"id":"38325cfa-1f76-4841-86ff-fff4d904fed9","block_type":"box","text":"to boards to explain their board leadership model and how it serves the interests of shareholders.","page_number":159,"box":{"x":59,"y":528,"width":679,"height":12}},{"id":"93405588-5146-46ee-82fb-7cbb5164d821","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":159,"box":{"x":59,"y":554,"width":873,"height":13}},{"id":"27d96e04-2822-4fc4-ae00-6f86374e4ee3","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":159,"box":{"x":60,"y":569,"width":837,"height":13}},{"id":"ba2c90ca-165b-47aa-919e-12be2e97599c","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":159,"box":{"x":60,"y":584,"width":566,"height":13}},{"id":"10045d20-e990-4cd9-97e9-1a443c8a6d1f","block_type":"box","text":"Tenure and succession","page_number":159,"box":{"x":75,"y":611,"width":165,"height":10}},{"id":"f03013b7-db09-4f2c-a853-bc682c12ddd3","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in","page_number":159,"box":{"x":60,"y":637,"width":851,"height":13}},{"id":"f97773d2-82bd-402b-9515-71681a1a8a8c","block_type":"box","text":"line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure","page_number":159,"box":{"x":60,"y":652,"width":834,"height":13}},{"id":"3453f790-159c-4935-b5c1-3fd97dcb14ad","block_type":"box","text":"particularly around the contributions of directors who have served for longer periods than typically provided for under local","page_number":159,"box":{"x":59,"y":668,"width":862,"height":12}},{"id":"c649182d-d423-4a53-8564-d1fa77853575","block_type":"box","text":"practice. In our experience, long-serving directors could become less independent given their long-term relationship with","page_number":159,"box":{"x":59,"y":683,"width":849,"height":12}},{"id":"0be8ebbf-fee8-41dd-917a-c875ee63359b","block_type":"box","text":"management and involvement in past board decisions.","page_number":159,"box":{"x":60,"y":698,"width":382,"height":12}},{"id":"5e45163e-011c-4532-a3b3-e4f3e826519f","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":159,"box":{"x":59,"y":724,"width":851,"height":13}},{"id":"c0056ced-9ca6-48ce-89fc-2a1ccdb3a3c6","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":159,"box":{"x":60,"y":739,"width":872,"height":13}},{"id":"18172d66-c4bf-41f2-bd2c-751e693c6e0e","block_type":"box","text":"long-term knowledge of the board and company.","page_number":159,"box":{"x":60,"y":754,"width":342,"height":13}},{"id":"5c8eb5e1-4f78-4de2-a89a-69174bb5274a","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we","page_number":159,"box":{"x":60,"y":781,"width":858,"height":12}},{"id":"1478fd49-0b72-4a2f-97fa-cc1e10b77095","block_type":"box","text":"may vote against the election of the chair of the committee responsible for board composition if a company does not clearly","page_number":159,"box":{"x":60,"y":796,"width":869,"height":12}},{"id":"2a58b5a0-ef21-410d-b26d-03e000d046c7","block_type":"box","text":"disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for","page_number":159,"box":{"x":59,"y":811,"width":878,"height":13}},{"id":"f9c7cfb0-914c-41b3-8f58-bf3e423dfb2f","block_type":"box","text":"more years than is typical in markets with specific guidance, where the case for their continued service is not evident.","page_number":159,"box":{"x":60,"y":826,"width":820,"height":13}},{"id":"3686abd7-b4b5-482d-85ee-36929f647c87","block_type":"box","text":"(7) 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":59,"y":853,"width":860,"height":10}},{"id":"21338afb-8b6f-4778-b418-8bc490f36938","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":92,"y":866,"width":809,"height":10}},{"id":"55ea82fd-3918-4a6e-904b-ffa20f30b3c1","block_type":"box","text":"rest,","page_number":159,"box":{"x":902,"y":867,"width":22,"height":8}},{"id":"ee274b42-c6fb-4cbb-869b-2423579b536c","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":92,"y":879,"width":800,"height":9}},{"id":"acc49adb-d8ba-4d5d-ba2c-66301cd43849","block_type":"box","text":"terests","page_number":159,"box":{"x":892,"y":880,"width":38,"height":6}},{"id":"0421498a-eb7b-49df-94b4-065c08aaabfc","block_type":"box","text":"of the company and shareholders.","page_number":159,"box":{"x":92,"y":891,"width":190,"height":10}},{"id":"b3a03667-1417-46e7-be71-7af40ecf0d8c","block_type":"box","text":"A-7","page_number":159,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"f080940a-2d7c-4e37-b59c-38225583397a","block_type":"box","text":"Capacity","page_number":160,"box":{"x":76,"y":67,"width":62,"height":12}},{"id":"aa410a01-3cd7-4c8d-b5d2-0b77254aec2d","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board","page_number":160,"box":{"x":59,"y":93,"width":875,"height":12}},{"id":"578e5fa3-5595-44ed-9c1c-6d009dbe6acc","block_type":"box","text":"will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":160,"box":{"x":59,"y":108,"width":821,"height":13}},{"id":"da45998c-63ed-4c70-80db-6f068bd09640","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and","page_number":160,"box":{"x":59,"y":123,"width":876,"height":13}},{"id":"d33e68a6-d154-41a3-8e7b-a71d9568dfb3","block_type":"box","text":"required time commitment but note that they are generally more intensive than a standard directorship. We will take local","page_number":160,"box":{"x":60,"y":138,"width":850,"height":13}},{"id":"26d13a5a-905f-494f-b5a3-3399e70a3304","block_type":"box","text":"norms and practices into consideration when making our voting determinations across markets.","page_number":160,"box":{"x":60,"y":154,"width":674,"height":12}},{"id":"68a07e19-5e53-453e-b457-563a5a98c2ca","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":59,"y":180,"width":858,"height":12}},{"id":"515e4bdc-1690-4f6c-bcbd-c4cf524d74fe","block_type":"box","text":"the board and company.","page_number":160,"box":{"x":59,"y":195,"width":169,"height":12}},{"id":"c962e2d0-e8d3-4242-b96e-c191e2447e3b","block_type":"box","text":"Director elections","page_number":160,"box":{"x":76,"y":222,"width":127,"height":9}},{"id":"5516c009-c6e4-4808-9654-b82e81e9e0f0","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure","page_number":160,"box":{"x":60,"y":248,"width":855,"height":12}},{"id":"72a0ed7a-be55-4c7d-ae16-f8525f1c7367","block_type":"box","text":"(8)","page_number":160,"box":{"x":917,"y":246,"width":14,"height":8}},{"id":"d055e055-3c53-4600-a3a1-7b0fb410f06e","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its","page_number":160,"box":{"x":60,"y":263,"width":827,"height":12}},{"id":"98b880a3-8bfb-4c32-b5b9-f34b38c84c49","block_type":"box","text":"business model (e.g., a non-operating company such as closed-end funds).","page_number":160,"box":{"x":60,"y":278,"width":526,"height":13}},{"id":"4dccd5ce-29c5-4eaa-9cf6-5d3dadfc04ed","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":59,"y":305,"width":876,"height":12}},{"id":"5e0d91ba-9df1-4475-9370-99ee8e51a84b","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":59,"y":320,"width":855,"height":12}},{"id":"0f2ccdd6-8d33-44e4-95bc-2339adbb0541","block_type":"box","text":"capabilities and suitability. We will generally not support the election of directors whose names and biographical details have","page_number":160,"box":{"x":59,"y":335,"width":871,"height":12}},{"id":"bac8c299-71f6-4b69-ae00-e5b8b1336794","block_type":"box","text":"not been disclosed sufficiently in advance of the shareholder meeting.","page_number":160,"box":{"x":60,"y":350,"width":488,"height":12}},{"id":"e5f38cf9-35d5-4c92-b0d9-6170f8d1090c","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":160,"box":{"x":60,"y":377,"width":816,"height":12}},{"id":"377369ac-e5a6-4f8e-8cfc-443a1c45b12c","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":160,"box":{"x":60,"y":392,"width":858,"height":12}},{"id":"7436c983-3e0c-4b7b-b211-92bf5c1c064e","block_type":"box","text":"best serves investors’ interests.","page_number":160,"box":{"x":60,"y":407,"width":214,"height":9}},{"id":"61a543c3-0f42-469d-84d2-af41a7bb30f4","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":160,"box":{"x":59,"y":433,"width":845,"height":13}},{"id":"2bcf5975-ad40-40a6-8a71-e6aa72b4c557","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":160,"box":{"x":60,"y":448,"width":849,"height":13}},{"id":"17567fbe-4bb1-48d1-926c-fea3f49f115e","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":160,"box":{"x":59,"y":463,"width":581,"height":13}},{"id":"9e65f1b7-5301-4a7b-9544-9cebe3a4065d","block_type":"box","text":"Committees","page_number":160,"box":{"x":76,"y":490,"width":86,"height":10}},{"id":"ebfdd93a-dd25-48c1-a4e3-d8005412ac61","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":160,"box":{"x":59,"y":516,"width":860,"height":13}},{"id":"2ed7916b-8ed9-440d-a3c8-3e93344ab8d5","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":160,"box":{"x":60,"y":531,"width":854,"height":13}},{"id":"bd562259-f0f6-48d0-8610-d32c06bedab1","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":160,"box":{"x":59,"y":547,"width":801,"height":12}},{"id":"2c7ca7ce-71ef-4bb4-a1f7-dd52b9918f52","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":160,"box":{"x":59,"y":562,"width":848,"height":12}},{"id":"dc294868-c91d-448e-bb18-43c35beab910","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":160,"box":{"x":59,"y":577,"width":841,"height":12}},{"id":"c1c02b66-9fd4-463b-989c-730429d549f4","block_type":"box","text":"committees. It is helpful to investor understanding when the board discloses the structure, membership, proportion of","page_number":160,"box":{"x":59,"y":592,"width":829,"height":12}},{"id":"1d4b3ba3-fbf1-436e-b595-19d23ca17976","block_type":"box","text":"independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three","page_number":160,"box":{"x":60,"y":607,"width":841,"height":12}},{"id":"3eaf2dec-9d85-4088-bf23-622a220bada5","block_type":"box","text":"most common committees include:","page_number":160,"box":{"x":60,"y":622,"width":248,"height":10}},{"id":"3d6346e5-60c9-4ae2-9b89-06e1c1055d72","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":160,"box":{"x":92,"y":642,"width":830,"height":13}},{"id":"cd3e3281-3ebf-4150-a716-fb775c2618c1","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":160,"box":{"x":124,"y":657,"width":807,"height":13}},{"id":"b6c0c0f1-99d0-4306-989d-3fdd6227660d","block_type":"box","text":"whistleblowing mechanisms.","page_number":160,"box":{"x":124,"y":673,"width":203,"height":12}},{"id":"775c99b1-0225-477c-9536-be9043eb0c39","block_type":"box","text":"• Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":160,"box":{"x":92,"y":693,"width":814,"height":12}},{"id":"8f4bd295-4cd3-41bc-a276-2cdb6eaee2c4","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":160,"box":{"x":124,"y":708,"width":749,"height":12}},{"id":"fb8fcfc7-dafe-4397-8628-621f8d570cbf","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":160,"box":{"x":124,"y":723,"width":751,"height":12}},{"id":"3e9f5612-017f-40ed-acb5-68194e581493","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":160,"box":{"x":125,"y":738,"width":696,"height":12}},{"id":"0510f4b5-6823-4e2f-be04-e91f758ef999","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":160,"box":{"x":92,"y":758,"width":817,"height":13}},{"id":"9568159c-3c82-461a-b7aa-ad85895bab9c","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":160,"box":{"x":124,"y":773,"width":809,"height":13}},{"id":"77c0ab70-f326-406d-a24d-0f6317ec6a51","block_type":"box","text":"wide compensation policies.","page_number":160,"box":{"x":124,"y":788,"width":198,"height":13}},{"id":"8bad6d17-9ca9-4d7e-9194-8ce7d9a716f0","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":160,"box":{"x":59,"y":815,"width":866,"height":12}},{"id":"fc3e6072-0011-41dc-804c-f02537988bbd","block_type":"box","text":"concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior","page_number":160,"box":{"x":59,"y":830,"width":851,"height":12}},{"id":"1739be3e-5aa7-4906-b2c2-31a43e4cec31","block_type":"box","text":"non-executive director if there is not a clearly disclosed approach to board committees.","page_number":160,"box":{"x":60,"y":845,"width":609,"height":13}},{"id":"05da7bb0-c462-4db8-a1a7-8ebf5a1a95b1","block_type":"box","text":"(8) A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for electi","page_number":160,"box":{"x":59,"y":879,"width":810,"height":9}},{"id":"d2668dcb-9b80-4253-8643-5f23a1cd5227","block_type":"box","text":"on in any","page_number":160,"box":{"x":870,"y":879,"width":51,"height":9}},{"id":"491ed69b-766a-4059-884a-49d00887b3ec","block_type":"box","text":"one year.","page_number":160,"box":{"x":92,"y":894,"width":49,"height":7}},{"id":"16fc9148-f716-427b-a91d-02a1b801580c","block_type":"box","text":"A-8","page_number":160,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"d4aa4ed4-e22c-453e-b617-771458728e73","block_type":"box","text":"Board and director evaluation","page_number":161,"box":{"x":76,"y":67,"width":213,"height":9}},{"id":"94c02f17-c507-4276-a1d4-4b39f4c75948","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":59,"y":93,"width":853,"height":12}},{"id":"fd1fc564-8cdf-4543-83f6-e1d411ceb9a8","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":59,"y":108,"width":852,"height":13}},{"id":"bdc2d0a2-ace7-4cab-841a-079ebc0c5598","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":59,"y":123,"width":871,"height":13}},{"id":"aa148bef-4513-47d3-a06d-186a126ef14e","block_type":"box","text":"and the objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":161,"box":{"x":59,"y":138,"width":688,"height":13}},{"id":"e942d5ff-c3e2-49e6-a3d7-6bd820aec5b2","block_type":"box","text":"Access to independent advice","page_number":161,"box":{"x":75,"y":165,"width":216,"height":12}},{"id":"9da6bf99-79cf-40b1-a6e4-750ee8aaa4e1","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":59,"y":191,"width":840,"height":13}},{"id":"333af976-93a1-4451-aefc-fb7cdbb51afa","block_type":"box","text":"independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on","page_number":161,"box":{"x":60,"y":206,"width":844,"height":13}},{"id":"d6c14f44-4d2a-42de-98f5-cadb49eb758e","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":161,"box":{"x":59,"y":222,"width":844,"height":12}},{"id":"e2917576-9dd4-418e-90f5-9614ac96f9f3","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":59,"y":237,"width":841,"height":12}},{"id":"6c42625f-9bb2-4ac5-b502-d8dfbeb2528d","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":59,"y":252,"width":806,"height":12}},{"id":"cf955cff-1e1d-4a80-b73e-8b2a0bd8d842","block_type":"box","text":"succession planning.","page_number":161,"box":{"x":59,"y":267,"width":145,"height":12}},{"id":"b96cb787-91ce-486b-ad0c-0da0e7ef1a0a","block_type":"box","text":"Executive compensation","page_number":161,"box":{"x":60,"y":294,"width":174,"height":12}},{"id":"d099f102-34d8-4d19-a2a8-1fa1a3aa9889","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and","page_number":161,"box":{"x":60,"y":320,"width":844,"height":12}},{"id":"b4fa536f-095d-47ca-839e-7c736ee75162","block_type":"box","text":"reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":161,"box":{"x":60,"y":335,"width":870,"height":12}},{"id":"766b4b4e-39a7-4758-aaf2-85c460d67bc6","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":161,"box":{"x":59,"y":350,"width":671,"height":12}},{"id":"9d3b88eb-589e-4a03-bc67-08a4469678d6","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":161,"box":{"x":59,"y":377,"width":788,"height":12}},{"id":"f1ce6d44-c0a6-442f-ba33-8faddc8c1cb5","block_type":"box","text":"performance against short-term metrics, incentives - most often share-based- that reward performance against long-term","page_number":161,"box":{"x":59,"y":392,"width":858,"height":12}},{"id":"5a3a73ee-ab47-4ed1-912d-c05e04dad46e","block_type":"box","text":"metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":161,"box":{"x":60,"y":407,"width":853,"height":12}},{"id":"bc98a924-3aff-4318-855c-4bf8e4521d98","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the","page_number":161,"box":{"x":60,"y":422,"width":822,"height":12}},{"id":"dfde9c5d-5c83-4da8-b039-a57b45deb5f6","block_type":"box","text":"company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":161,"box":{"x":59,"y":437,"width":794,"height":12}},{"id":"0dd0bebd-f7ad-4109-a297-0fcdb9d189fe","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":161,"box":{"x":60,"y":463,"width":819,"height":13}},{"id":"39239e7a-2681-4e45-ad08-5b3137963e0c","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":161,"box":{"x":59,"y":479,"width":837,"height":12}},{"id":"d96f3dfb-69da-47cf-8245-3dec6014f69a","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":161,"box":{"x":60,"y":494,"width":825,"height":12}},{"id":"827dd350-30fe-407b-875d-d532059d3acd","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":161,"box":{"x":59,"y":509,"width":673,"height":12}},{"id":"4232af5b-158b-4cee-aff3-cade0352788a","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":161,"box":{"x":92,"y":529,"width":822,"height":12}},{"id":"418fcb32-e54e-4aec-b4ba-fa58c0d5a199","block_type":"box","text":"company’s size, sector and market.","page_number":161,"box":{"x":124,"y":544,"width":244,"height":12}},{"id":"6fbff914-0b60-496c-a2d6-4f88e6ef76cc","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":161,"box":{"x":92,"y":564,"width":840,"height":13}},{"id":"416f51e7-c9eb-438d-93ac-7d9e30d62836","block_type":"box","text":"objectives.","page_number":161,"box":{"x":124,"y":579,"width":73,"height":13}},{"id":"3dec2611-8307-4262-8c3e-c2df51fc2b17","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":161,"box":{"x":92,"y":600,"width":637,"height":12}},{"id":"4f9dcead-9a52-42b5-a1b7-4b2c59e95893","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":161,"box":{"x":92,"y":620,"width":805,"height":12}},{"id":"626b9e7d-8ffd-4873-a8d0-7339f54b918e","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":161,"box":{"x":124,"y":635,"width":778,"height":12}},{"id":"3c560cca-eab3-4c82-947b-782518ecc10f","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":161,"box":{"x":92,"y":655,"width":677,"height":12}},{"id":"b942d269-ae14-4faa-b80a-525445ec150c","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":161,"box":{"x":92,"y":675,"width":751,"height":12}},{"id":"a01f050e-8ea1-456d-b266-a9b0ea00b96b","block_type":"box","text":"transparently.","page_number":161,"box":{"x":124,"y":690,"width":94,"height":13}},{"id":"3dac577b-3b4f-4b66-9ae3-6cf8f5c7613b","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":161,"box":{"x":92,"y":710,"width":822,"height":13}},{"id":"ccea0301-5fae-4975-8bca-5f68e319a922","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":161,"box":{"x":124,"y":726,"width":674,"height":12}},{"id":"bfd6ada8-935a-4aac-9147-0a6a740a5e1c","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":161,"box":{"x":92,"y":746,"width":737,"height":12}},{"id":"b27f6835-ec15-4531-9333-ec312b661f1b","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":161,"box":{"x":92,"y":766,"width":774,"height":12}},{"id":"4349668f-cc12-4e27-84ad-f0db0ae64230","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":161,"box":{"x":125,"y":781,"width":805,"height":12}},{"id":"ca96f978-7581-4fbd-b27e-4839d7740650","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":161,"box":{"x":92,"y":801,"width":755,"height":12}},{"id":"46b56b3a-30c0-40d5-81d6-68f309ecfb44","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":161,"box":{"x":59,"y":828,"width":857,"height":12}},{"id":"78581e86-70d5-439e-9f9d-8bc1b2499226","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":161,"box":{"x":59,"y":843,"width":826,"height":12}},{"id":"98c1c774-1c79-4485-8288-3faf3925dd2d","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":161,"box":{"x":59,"y":858,"width":804,"height":12}},{"id":"13781b65-0041-4327-943d-25ae8465df5a","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":161,"box":{"x":60,"y":873,"width":874,"height":12}},{"id":"d6c13a7e-ffa9-44b7-bb80-d8cf26de661f","block_type":"box","text":"independent director.","page_number":161,"box":{"x":60,"y":888,"width":148,"height":12}},{"id":"db130518-d23c-4169-895f-b3fbfc867694","block_type":"box","text":"A-9","page_number":161,"box":{"x":486,"y":916,"width":25,"height":9}},{"id":"989818a3-e7c2-4722-8096-d8ab7272c1a5","block_type":"box","text":"Non-executive director compensation","page_number":162,"box":{"x":60,"y":67,"width":271,"height":12}},{"id":"fefbc866-df91-4f14-ab09-b99aeb9d41aa","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":59,"y":93,"width":875,"height":12}},{"id":"ace492e1-b320-4349-9400-fb26d233c4b9","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":59,"y":108,"width":846,"height":13}},{"id":"850d0f04-24ff-4ec9-b989-000092b2a7f8","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":59,"y":123,"width":832,"height":13}},{"id":"19c03bcf-fc2d-44d7-8861-994e8aa09f29","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":162,"box":{"x":60,"y":138,"width":500,"height":13}},{"id":"1650681a-d408-4542-8a47-901e751409c9","block_type":"box","text":"Capital structure","page_number":162,"box":{"x":59,"y":165,"width":120,"height":12}},{"id":"8e79e4db-13ae-463d-bbcf-0643cf26f1b7","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":60,"y":191,"width":858,"height":13}},{"id":"4524ac9c-4a96-4dcb-aad6-2b146be7f6bf","block_type":"box","text":"capital allocation in support of long-term financial resilience.","page_number":162,"box":{"x":59,"y":206,"width":424,"height":13}},{"id":"70925ff9-7c17-43ee-a85b-f5270ee9ad27","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":59,"y":233,"width":876,"height":12}},{"id":"f14c2ac4-f22e-4e45-bb62-154cb5c1236d","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":59,"y":248,"width":878,"height":12}},{"id":"9c9b3794-38e5-4427-8b17-2a487b95f55b","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":59,"y":263,"width":875,"height":12}},{"id":"d3245161-d8ce-477e-bf11-22624c81e0f2","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":59,"y":278,"width":838,"height":13}},{"id":"b8c9961e-9511-4646-ac83-647217b42789","block_type":"box","text":"Share issuance","page_number":162,"box":{"x":75,"y":305,"width":108,"height":9}},{"id":"b05f7ccd-d756-4d95-8362-24f59d2ef366","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":59,"y":331,"width":807,"height":13}},{"id":"a654c678-46e9-45da-8872-21c5429286c5","block_type":"box","text":"authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good","page_number":162,"box":{"x":59,"y":346,"width":878,"height":13}},{"id":"c663b9a1-7f8a-4a50-9ec4-cf7c8a8f5931","block_type":"box","text":"practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":162,"box":{"x":59,"y":361,"width":846,"height":13}},{"id":"1378ec37-a393-424b-b1fa-b5c630bd436e","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":162,"box":{"x":59,"y":377,"width":773,"height":12}},{"id":"b8265332-d247-4c50-8abb-34d1bf098d25","block_type":"box","text":"Share buybacks","page_number":162,"box":{"x":75,"y":403,"width":114,"height":12}},{"id":"05fe8a19-d5a9-465a-b0c5-a8ef10ac33fd","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":162,"box":{"x":59,"y":429,"width":785,"height":13}},{"id":"154f696a-2bd7-4b3a-a19f-bb51132680a5","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":162,"box":{"x":60,"y":445,"width":844,"height":12}},{"id":"bdc7c22a-d66d-48c1-bebe-b43fe0426e8a","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":162,"box":{"x":59,"y":460,"width":872,"height":12}},{"id":"5e2d7d8c-0c39-4208-8b36-9c8327b8a560","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":162,"box":{"x":60,"y":475,"width":858,"height":12}},{"id":"00ee327a-180f-495f-91c7-f30d01df5170","block_type":"box","text":"price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":162,"box":{"x":59,"y":490,"width":866,"height":12}},{"id":"633ec5c7-d220-4daf-adf9-45a97bb361f0","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the market","page_number":162,"box":{"x":60,"y":505,"width":842,"height":12}},{"id":"88224e5b-1372-4a7e-b773-26fe4ac72d69","block_type":"box","text":"environment.","page_number":162,"box":{"x":59,"y":521,"width":92,"height":9}},{"id":"e7dd5351-3551-4dd3-8cf6-10aa5bd9a2af","block_type":"box","text":"Dividends","page_number":162,"box":{"x":76,"y":547,"width":70,"height":9}},{"id":"057d7c8e-c2a6-4bfb-bf07-4abdb3dc9f0c","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":162,"box":{"x":59,"y":573,"width":851,"height":12}},{"id":"3aade2e7-29dc-483f-b76b-47c64eee64c6","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":162,"box":{"x":59,"y":588,"width":535,"height":13}},{"id":"64b5345d-7df5-49b3-a611-e5bda4de6cbb","block_type":"box","text":"Differentiated voting rights","page_number":162,"box":{"x":76,"y":615,"width":193,"height":12}},{"id":"6471a657-47f3-491a-be9a-646d1f4d629f","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":162,"box":{"x":59,"y":641,"width":861,"height":12}},{"id":"23e8a733-a883-4273-9d42-a599b35d0244","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":162,"box":{"x":59,"y":656,"width":875,"height":13}},{"id":"02156f53-f5d0-40eb-94e6-568e9fe52bf9","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":162,"box":{"x":59,"y":671,"width":860,"height":13}},{"id":"ea4e8747-6760-4070-97a4-df8ef38298b5","block_type":"box","text":"periodic basis.","page_number":162,"box":{"x":59,"y":686,"width":98,"height":13}},{"id":"40b0aa64-5070-4d0f-9f4d-85c6ec679537","block_type":"box","text":"Transactions and special situations","page_number":162,"box":{"x":58,"y":713,"width":254,"height":12}},{"id":"f3a179fb-6392-4129-8484-1856521ac658","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":162,"box":{"x":59,"y":739,"width":813,"height":13}},{"id":"32686f37-9c0b-4eb6-8206-663614b5c5cf","block_type":"box","text":"proposals.","page_number":162,"box":{"x":59,"y":754,"width":71,"height":13}},{"id":"4980b099-4271-43b4-a9f2-9ebf831c1088","block_type":"box","text":"Mergers and acquisitions","page_number":162,"box":{"x":76,"y":781,"width":181,"height":12}},{"id":"6beb0b69-64f3-4fa0-904f-1e3836e60e0b","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":162,"box":{"x":59,"y":807,"width":855,"height":13}},{"id":"6d39dacf-d740-4e52-96b7-2c088cea8033","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":162,"box":{"x":59,"y":823,"width":847,"height":12}},{"id":"62104172-2b78-45ae-be7c-50a478874665","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":162,"box":{"x":59,"y":838,"width":861,"height":12}},{"id":"7ce5cc6f-07f1-4ab7-a5dd-53f8db2f917b","block_type":"box","text":"the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to","page_number":162,"box":{"x":59,"y":853,"width":839,"height":12}},{"id":"2d271dae-e20b-4377-bd89-fd3eb65a3574","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":162,"box":{"x":60,"y":868,"width":855,"height":12}},{"id":"e2bcf561-0125-4c53-82e2-2dfce49ab281","block_type":"box","text":"shareholders.","page_number":162,"box":{"x":59,"y":883,"width":93,"height":10}},{"id":"4e1214b0-05c0-41db-b93d-c7b0393f7261","block_type":"box","text":"A-10","page_number":162,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"d5e7ac63-12c1-48b2-b5e7-ec74be7a12d9","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":59,"y":67,"width":726,"height":12}},{"id":"facb609d-61fc-49d1-ae49-326458b9e6eb","block_type":"box","text":"Anti-takeover defenses","page_number":163,"box":{"x":75,"y":93,"width":167,"height":10}},{"id":"641ed877-5f2b-465d-be3d-2aaa2398d86d","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":60,"y":120,"width":842,"height":12}},{"id":"7df13847-2ed1-4f2a-86da-17a6c4ca800b","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":59,"y":135,"width":868,"height":12}},{"id":"1aa8e494-a96a-4d40-904d-dd164eda9a5a","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":59,"y":150,"width":865,"height":12}},{"id":"e6c32ff5-f37f-4d39-8bb6-7c2db05488b1","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":59,"y":165,"width":832,"height":12}},{"id":"201785c0-b23f-4b3d-89b6-36e110436b01","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":59,"y":180,"width":856,"height":12}},{"id":"af72a679-f4ef-477a-a069-1e1f12d736ae","block_type":"box","text":"should be limited in term and threshold, and also be closely monitored by the independent members of the board. We","page_number":163,"box":{"x":59,"y":195,"width":825,"height":12}},{"id":"5d06b490-b5df-48e6-8f06-3aaa4111380f","block_type":"box","text":"consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than","page_number":163,"box":{"x":59,"y":210,"width":866,"height":13}},{"id":"872de398-e72f-4102-89bc-9691f599d0f8","block_type":"box","text":"12 months.","page_number":163,"box":{"x":61,"y":225,"width":76,"height":10}},{"id":"1236e3f1-d54b-47c3-84a2-469058cb0bad","block_type":"box","text":"Shareholder activism","page_number":163,"box":{"x":75,"y":252,"width":152,"height":10}},{"id":"7270455d-5e9c-424f-a317-2c5d2e30b0cf","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis","page_number":163,"box":{"x":59,"y":278,"width":872,"height":13}},{"id":"c4b09d53-8664-4501-8358-734e9acb9223","block_type":"box","text":"and objectives, once they have publicly disclosed their campaign. We may also engage with company management and","page_number":163,"box":{"x":59,"y":293,"width":838,"height":13}},{"id":"4f9661c5-4503-448f-a89a-79691f8577bc","block_type":"box","text":"possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":163,"box":{"x":59,"y":308,"width":840,"height":13}},{"id":"6f753826-44b6-4476-adff-591234c01353","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":163,"box":{"x":59,"y":324,"width":795,"height":12}},{"id":"accce782-cdd6-45e2-b438-1fbd83a7104b","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by assessing","page_number":163,"box":{"x":60,"y":339,"width":854,"height":12}},{"id":"1e88ec86-b1e0-4b1d-9c77-398fdb2c3425","block_type":"box","text":"the potential financial outcome for our clients as minority shareholders.","page_number":163,"box":{"x":59,"y":354,"width":501,"height":12}},{"id":"7bd97ae1-ff7d-43c9-a2f1-38c6943df456","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant","page_number":163,"box":{"x":59,"y":380,"width":861,"height":13}},{"id":"61b9cf34-361b-4307-a938-078755be6f42","block_type":"box","text":"portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board","page_number":163,"box":{"x":59,"y":395,"width":854,"height":13}},{"id":"700ed40d-2277-4625-b322-bd7c253cab2f","block_type":"box","text":"members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders’","page_number":163,"box":{"x":60,"y":411,"width":819,"height":12}},{"id":"deb816c2-6ab2-478a-bbdb-5ad3a1a9e513","block_type":"box","text":"interests.","page_number":163,"box":{"x":60,"y":427,"width":62,"height":8}},{"id":"de725637-c819-4b75-9388-443fb201d859","block_type":"box","text":"Significant shareholders and related party transactions","page_number":163,"box":{"x":75,"y":452,"width":397,"height":12}},{"id":"8fa018ae-11bd-412b-8e83-631a876229e7","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all","page_number":163,"box":{"x":60,"y":479,"width":824,"height":12}},{"id":"ac01b065-8235-4161-96c6-9051ab8dea43","block_type":"box","text":"shareholders when evaluating related party transactions.","page_number":163,"box":{"x":59,"y":494,"width":397,"height":12}},{"id":"c2fbbad4-f5e7-43d3-814b-893f4e538d53","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated","page_number":163,"box":{"x":59,"y":520,"width":849,"height":12}},{"id":"44cf02f1-4c48-4a17-a534-26df37e52564","block_type":"box","text":"with the public company, to be disclosed in detail and conducted on terms similar to what would objectively have been","page_number":163,"box":{"x":59,"y":535,"width":832,"height":13}},{"id":"be90ec37-fb7f-4ddf-80ed-32244e4b11f4","block_type":"box","text":"agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent","page_number":163,"box":{"x":59,"y":550,"width":818,"height":13}},{"id":"90e8b7dd-c115-4eda-8719-eb52449caca7","block_type":"box","text":"members of the board, and if voted on, only disinterested shareholders should vote.","page_number":163,"box":{"x":60,"y":566,"width":584,"height":12}},{"id":"80aa6d6a-33b3-4c5b-9caf-d900653ffc0a","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":163,"box":{"x":59,"y":592,"width":352,"height":12}},{"id":"7016b501-081d-4db1-8b34-46506617258c","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":163,"box":{"x":60,"y":618,"width":783,"height":13}},{"id":"137271c7-5196-4596-83f0-e7c5cf08be4d","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":163,"box":{"x":60,"y":634,"width":867,"height":12}},{"id":"ee3a0d72-7b0d-429f-bcea-b2eea2fc45f3","block_type":"box","text":"the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting","page_number":163,"box":{"x":59,"y":649,"width":876,"height":12}},{"id":"e9167372-d7f1-4c96-b5f3-485f47dfb7b2","block_type":"box","text":"and the policies and procedures underpinning the internal audit function and external audit.","page_number":163,"box":{"x":59,"y":664,"width":644,"height":12}},{"id":"1bf66360-4f75-41e8-9025-a7989e649453","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders, on its","page_number":163,"box":{"x":59,"y":690,"width":836,"height":13}},{"id":"0903b892-f046-4a38-8ab0-5a74ce818e3d","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":163,"box":{"x":59,"y":705,"width":879,"height":13}},{"id":"fa50755b-1648-4c80-8291-446683f5bb33","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":163,"box":{"x":59,"y":720,"width":862,"height":13}},{"id":"48063607-e6a8-43be-b449-6fe858bf62ed","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":163,"box":{"x":59,"y":736,"width":865,"height":12}},{"id":"ce34a1dd-a9ea-4ec9-b2a2-6694b51b5e69","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":163,"box":{"x":59,"y":751,"width":862,"height":12}},{"id":"2cf20b1f-0d36-4bb6-be9c-8f3519b561df","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":163,"box":{"x":59,"y":766,"width":863,"height":12}},{"id":"ee7d5a81-e002-4357-b7be-82c78c7fda99","block_type":"box","text":"and the implications of these, disclosed.","page_number":163,"box":{"x":59,"y":781,"width":279,"height":12}},{"id":"9e0e7d74-c6ec-4825-b090-d52ee3f2369a","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":163,"box":{"x":60,"y":807,"width":818,"height":13}},{"id":"d67496ec-ac22-4245-be8e-468290eaebcf","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal","page_number":163,"box":{"x":59,"y":823,"width":851,"height":12}},{"id":"dea0499c-700a-4f55-adc5-c3a75cc10825","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":163,"box":{"x":59,"y":838,"width":864,"height":12}},{"id":"f628b720-e822-4185-bd25-0ad7fc3a6ba2","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":163,"box":{"x":59,"y":853,"width":878,"height":12}},{"id":"32ae5407-d2dd-480a-b9c6-f8f44d070c4f","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":163,"box":{"x":59,"y":868,"width":839,"height":12}},{"id":"c6324070-ab68-448a-85f0-7f60c71f82ba","block_type":"box","text":"external audit process annually.","page_number":163,"box":{"x":59,"y":883,"width":220,"height":12}},{"id":"4b7c1171-5044-4685-8e0d-abf25f608472","block_type":"box","text":"A-11","page_number":163,"box":{"x":482,"y":916,"width":30,"height":9}},{"id":"29975c03-cf70-4d8e-8a4e-d2271ac900e2","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company","page_number":164,"box":{"x":59,"y":67,"width":841,"height":12}},{"id":"6ca02e83-3da4-45cf-8ce2-7b1b16eff3f8","block_type":"box","text":"manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized","page_number":164,"box":{"x":60,"y":82,"width":877,"height":12}},{"id":"6f9e0382-83ec-407a-b332-b160d620bc32","block_type":"box","text":"disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board","page_number":164,"box":{"x":59,"y":97,"width":861,"height":12}},{"id":"30c10487-857b-401c-a341-687e6a3a409c","block_type":"box","text":"(ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in","page_number":164,"box":{"x":60,"y":112,"width":865,"height":12}},{"id":"d2bfd703-a662-4288-900f-7d0aaa381be7","block_type":"box","text":"preparing such reports.","page_number":164,"box":{"x":59,"y":127,"width":162,"height":12}},{"id":"842f5433-c264-4e5d-accf-c3ce5ead9fa4","block_type":"box","text":"(9)","page_number":164,"box":{"x":223,"y":125,"width":14,"height":8}},{"id":"22b781cc-3433-4dab-9051-ee90a484c44e","block_type":"box","text":"However, we do not mandate any specific disclosure framework, and note that companies in","page_number":164,"box":{"x":243,"y":127,"width":646,"height":12}},{"id":"39b44519-2acb-42fd-88a8-d7c4a22ba4e2","block_type":"box","text":"certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.","page_number":164,"box":{"x":59,"y":142,"width":795,"height":13}},{"id":"7c1bb87e-9787-4a5c-a2fd-df233f962237","block_type":"box","text":"(10)","page_number":164,"box":{"x":856,"y":140,"width":20,"height":8}},{"id":"51ad4408-31b8-46ec-bc6d-705f65410686","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":59,"y":169,"width":869,"height":12}},{"id":"5e73fdf8-f23b-4f75-a67d-e5776b85863d","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":164,"box":{"x":60,"y":184,"width":797,"height":12}},{"id":"4b06f6e6-ee24-402c-b86c-33ed19f5078d","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":59,"y":199,"width":814,"height":12}},{"id":"cddfad77-5e48-463c-a85d-8c974977ea68","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":164,"box":{"x":60,"y":214,"width":532,"height":12}},{"id":"3d48ab77-63de-487d-8db3-9569bcdefc30","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":59,"y":240,"width":879,"height":13}},{"id":"d91b35de-c4e5-4344-996d-8c467d40bb9d","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":60,"y":256,"width":855,"height":12}},{"id":"51b96ed3-6617-4192-acdd-ae70a51b106d","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":59,"y":271,"width":850,"height":12}},{"id":"da658c1e-b9e3-45a0-a075-c7de41b653fa","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":59,"y":286,"width":868,"height":12}},{"id":"5a6944f0-eb31-417b-8786-1c65a9a35b0e","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":59,"y":301,"width":837,"height":12}},{"id":"2af79551-5fa2-4690-b3db-a089a1ea7abe","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":164,"box":{"x":59,"y":316,"width":618,"height":12}},{"id":"b3c196cf-6e48-4f26-af3e-85c3e170d630","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":164,"box":{"x":59,"y":343,"width":824,"height":12}},{"id":"24d46842-e3d0-4721-813f-4728b9e6c917","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":164,"box":{"x":60,"y":358,"width":825,"height":12}},{"id":"a3e36243-dea5-4f1c-b38b-a8b7fbc0a248","block_type":"box","text":"statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We","page_number":164,"box":{"x":59,"y":373,"width":857,"height":12}},{"id":"2cbf4d78-fd16-4302-aa10-0da8dac7332a","block_type":"box","text":"may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about","page_number":164,"box":{"x":60,"y":388,"width":868,"height":12}},{"id":"25431805-1a3a-4239-be35-0a15b35c9544","block_type":"box","text":"the auditor’s independence, the quality of the audit, or there are material misstatements in financial reports and the board","page_number":164,"box":{"x":59,"y":403,"width":854,"height":12}},{"id":"9731b8fc-7c8a-4e0c-b0c9-b0673543fab4","block_type":"box","text":"has not established reasonable remediation plans.","page_number":164,"box":{"x":60,"y":418,"width":349,"height":12}},{"id":"20d2e991-77e0-4fde-8b7b-77e41e7a3060","block_type":"box","text":"Shareholder rights and protections","page_number":164,"box":{"x":59,"y":445,"width":252,"height":12}},{"id":"cc3d3f82-dc1b-426c-8554-5ca116da860e","block_type":"box","text":"General shareholder meetings","page_number":164,"box":{"x":76,"y":471,"width":217,"height":12}},{"id":"9d07158f-8e92-43b4-8a88-87ed1b069fcd","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":164,"box":{"x":59,"y":497,"width":876,"height":13}},{"id":"c81524bb-29c1-4d92-b061-dd35fb1e4617","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":164,"box":{"x":59,"y":513,"width":831,"height":12}},{"id":"15f1d215-36c7-4586-b794-2e7a03d1a5b8","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":164,"box":{"x":60,"y":528,"width":846,"height":12}},{"id":"a4f7ac8a-b611-466b-9df8-b60dee3ccca2","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":164,"box":{"x":59,"y":543,"width":822,"height":12}},{"id":"c53e4343-f1f1-47b7-94b7-e72db4976a8b","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":164,"box":{"x":59,"y":558,"width":774,"height":12}},{"id":"638d5d04-d582-4c64-ad2f-5820097a76cd","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":164,"box":{"x":59,"y":584,"width":877,"height":13}},{"id":"1b24ae74-02a1-4a03-801f-1cb4f8deee98","block_type":"box","text":"manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if","page_number":164,"box":{"x":60,"y":600,"width":873,"height":12}},{"id":"f886e7a8-9d6b-43df-a337-3c72df0e90bb","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":164,"box":{"x":59,"y":615,"width":704,"height":12}},{"id":"9a4ced51-09ca-4f8b-b990-6047e1feebf0","block_type":"box","text":"Bylaw amendments","page_number":164,"box":{"x":76,"y":641,"width":140,"height":12}},{"id":"681765b0-05a6-4fc4-b304-f71155f9969b","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":164,"box":{"x":59,"y":668,"width":860,"height":12}},{"id":"0158f4fe-7902-46a3-b73b-2a904fef5dd0","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":164,"box":{"x":59,"y":683,"width":873,"height":12}},{"id":"7eb47204-83d8-43e6-a2e8-31d7ec29d216","block_type":"box","text":"to a shareholder vote.","page_number":164,"box":{"x":59,"y":698,"width":151,"height":10}},{"id":"7160dfbb-42a1-470e-bd09-5cd6e5981cc1","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We","page_number":164,"box":{"x":59,"y":724,"width":874,"height":13}},{"id":"a4145cb6-6de4-46dc-94fc-9518ee7982df","block_type":"box","text":"may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":164,"box":{"x":60,"y":739,"width":703,"height":13}},{"id":"267f6021-7de9-42a3-a6fa-ea0b162c3aaf","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":164,"box":{"x":60,"y":766,"width":875,"height":12}},{"id":"ecd8e84d-d0e6-4dcd-9d0d-7a4a9d0160c5","block_type":"box","text":"meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":164,"box":{"x":60,"y":781,"width":867,"height":12}},{"id":"380f1741-d822-4c89-9143-320b4105a8b0","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":164,"box":{"x":59,"y":796,"width":580,"height":12}},{"id":"3d808336-a852-4328-a24b-f63b33b8fc24","block_type":"box","text":"(9) The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the","page_number":164,"box":{"x":59,"y":826,"width":832,"height":10}},{"id":"d907b4f9-33b9-481e-8081-e5f62ae1be83","block_type":"box","text":"IFRS","page_number":164,"box":{"x":895,"y":826,"width":24,"height":7}},{"id":"8cc87d22-0d4a-4754-8805-2d3b5e83192d","block_type":"box","text":"website to learn more about the framework and standards S1 “General Requirements for Disclosure of Sustainability-related Financial Information”","page_number":164,"box":{"x":91,"y":838,"width":824,"height":10}},{"id":"bf63dda9-820e-4508-9bc2-df92bbf1f8d9","block_type":"box","text":"and S2 “Climate-related Disclosures.”","page_number":164,"box":{"x":92,"y":851,"width":209,"height":8}},{"id":"a3d75e80-ac52-4ad9-97cf-2151e5523e72","block_type":"box","text":"(10) See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-st","page_number":164,"box":{"x":59,"y":866,"width":766,"height":10}},{"id":"644f160b-3478-4682-8982-850992557581","block_type":"box","text":"andards/ and","page_number":164,"box":{"x":826,"y":866,"width":75,"height":8}},{"id":"a5a6b967-c7da-46e8-8db7-f8f602295c92","block_type":"box","text":"https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and","page_number":164,"box":{"x":92,"y":879,"width":569,"height":9}},{"id":"b3c1b85b-9e2f-4851-938c-605b14ae7b42","block_type":"box","text":"auditing/company-reporting/corporate-sustainability-reporting_en","page_number":164,"box":{"x":92,"y":891,"width":378,"height":10}},{"id":"d00a624b-20fd-403b-8ff9-b0b265ab43b5","block_type":"box","text":"A-12","page_number":164,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"511c3feb-2d60-4d08-b590-0b8afe5ba42d","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":60,"y":67,"width":875,"height":12}},{"id":"0065dffb-c295-4728-9beb-9d0cc7223b96","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":60,"y":82,"width":863,"height":12}},{"id":"4c6ee09d-565d-4473-912d-648cc3f51bf2","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":59,"y":97,"width":757,"height":12}},{"id":"606c6d4b-da5c-49f8-a9e7-ac72140e7b3b","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":59,"y":123,"width":878,"height":13}},{"id":"35a119ed-7c90-4aa3-925f-62893b24219a","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":59,"y":138,"width":696,"height":13}},{"id":"a98da7e2-1d1f-455f-b2e3-ce895a370cc6","block_type":"box","text":"Change of domicile","page_number":165,"box":{"x":76,"y":165,"width":139,"height":12}},{"id":"5b3198aa-02f9-4f84-8172-db6cdc070ed3","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":59,"y":191,"width":841,"height":13}},{"id":"c50702ce-aa47-4e25-a9a7-76ddb93b103b","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":59,"y":206,"width":754,"height":13}},{"id":"6c01a5e8-ee6c-49fb-99ea-b283abe36470","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":59,"y":233,"width":878,"height":12}},{"id":"a49c163b-31d9-4f64-bb30-f580d82ce9b1","block_type":"box","text":"financial interests.","page_number":165,"box":{"x":59,"y":248,"width":126,"height":10}},{"id":"72e53fd5-7ce8-433a-a57d-02b51e3cc7f9","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":165,"box":{"x":76,"y":274,"width":446,"height":13}},{"id":"bb300cb3-adc3-4e56-8a12-183ee3a997a5","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":60,"y":301,"width":826,"height":12}},{"id":"b8591cd0-1545-42fe-a85e-631707df4fa5","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":59,"y":316,"width":824,"height":12}},{"id":"77447a84-3e31-448f-8381-a534f26ab787","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":165,"box":{"x":59,"y":331,"width":456,"height":13}},{"id":"c6f86a9b-03b8-4517-b306-d676738a44fa","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":59,"y":358,"width":871,"height":12}},{"id":"c0475054-ddc5-4646-a5f1-857b0ea196a7","block_type":"box","text":"not provided a credible argument for change.","page_number":165,"box":{"x":60,"y":373,"width":315,"height":12}},{"id":"16516e3d-31ff-4c5c-b726-ef0e18482741","block_type":"box","text":"Shareholder proposals","page_number":165,"box":{"x":59,"y":399,"width":162,"height":13}},{"id":"056c419a-7f35-4815-8429-bfdafee2b0ff","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":165,"box":{"x":59,"y":426,"width":812,"height":12}},{"id":"fb386d65-0756-4be1-983e-67112fc3a236","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":165,"box":{"x":59,"y":441,"width":847,"height":12}},{"id":"a4619148-7f23-44f8-a721-2fa9effe5357","block_type":"box","text":"majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company’s","page_number":165,"box":{"x":60,"y":456,"width":863,"height":12}},{"id":"6d784ca7-edd2-4e25-ac83-330c5da76e58","block_type":"box","text":"business.","page_number":165,"box":{"x":60,"y":471,"width":63,"height":10}},{"id":"727dd8e9-fd2b-4b86-91e0-43e11affadcf","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":165,"box":{"x":59,"y":497,"width":877,"height":13}},{"id":"22470340-ff51-46da-9b30-fd050d056706","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":165,"box":{"x":60,"y":513,"width":860,"height":12}},{"id":"8e3cd7b9-bf57-4578-bbdd-ea5a90042130","block_type":"box","text":"being acted upon might have on financial performance.","page_number":165,"box":{"x":60,"y":528,"width":388,"height":12}},{"id":"de06a0ac-f5a9-4b06-b7da-4319912e406b","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":165,"box":{"x":59,"y":554,"width":861,"height":13}},{"id":"b4491a82-4e56-4a88-9fb2-d886a94875ea","block_type":"box","text":"understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders’ financial","page_number":165,"box":{"x":60,"y":569,"width":844,"height":13}},{"id":"1775a78e-c955-44c6-8398-c7c2e64a5ec2","block_type":"box","text":"interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned","page_number":165,"box":{"x":60,"y":584,"width":877,"height":13}},{"id":"d53fad3d-ea7f-43da-b806-41348ccba71c","block_type":"box","text":"with our clients’ financial interests. We generally do not support shareholder proposals that are legally binding on the","page_number":165,"box":{"x":59,"y":600,"width":819,"height":12}},{"id":"72b993f7-9d33-4e00-8ffb-5373b988060c","block_type":"box","text":"company, seek to alter a company’s strategy or direct its operations, or are unrelated to how a company manages risk or","page_number":165,"box":{"x":59,"y":615,"width":843,"height":12}},{"id":"bd8c8569-2669-4841-bdfd-95582d69dec4","block_type":"box","text":"generates financial returns.","page_number":165,"box":{"x":59,"y":630,"width":190,"height":12}},{"id":"271a1b32-d0a0-468b-9060-6fe83e108205","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations","page_number":165,"box":{"x":60,"y":656,"width":878,"height":13}},{"id":"8da47144-2923-4c75-bc91-cf3ce7c0cebd","block_type":"box","text":"on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":165,"box":{"x":59,"y":671,"width":825,"height":13}},{"id":"05d48b1b-b4a7-4c29-b100-c77e0e5e37b6","block_type":"box","text":"shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so,","page_number":165,"box":{"x":59,"y":686,"width":870,"height":13}},{"id":"b503591f-1491-4da3-856a-48f11432c932","block_type":"box","text":"on proposals put forth by others.","page_number":165,"box":{"x":59,"y":702,"width":229,"height":12}},{"id":"1ff3daf0-1f70-4928-8534-1a915f9435d2","block_type":"box","text":"Corporate political activities","page_number":165,"box":{"x":59,"y":728,"width":202,"height":12}},{"id":"4a893e52-1e6b-4a9e-82ce-fc9bfb2768a9","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they","page_number":165,"box":{"x":59,"y":754,"width":876,"height":13}},{"id":"357e243c-3529-4d94-97cd-0c41ce359b3f","block_type":"box","text":"engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to","page_number":165,"box":{"x":59,"y":770,"width":842,"height":12}},{"id":"f3e0e493-0ed5-447a-baf5-13b3aaea30fb","block_type":"box","text":"understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate","page_number":165,"box":{"x":60,"y":785,"width":840,"height":12}},{"id":"22ca1b30-adc8-4aa6-9388-e20df707d895","block_type":"box","text":"political activities and ensure that their participation is consistent with their public statements on policy matters material to","page_number":165,"box":{"x":59,"y":800,"width":863,"height":12}},{"id":"22a5a4c0-917a-49a7-922e-a44fa5da2b0c","block_type":"box","text":"the company’s long-term strategy. The board should be aware of the approach taken by management on corporate political","page_number":165,"box":{"x":59,"y":815,"width":866,"height":12}},{"id":"fc12d92e-7889-4697-b718-c54a36095f9d","block_type":"box","text":"activities as there can be reputational risks arising from inconsistencies between a company’s policy engagement and stated","page_number":165,"box":{"x":59,"y":830,"width":871,"height":12}},{"id":"b52eec69-143c-4b02-afb0-bce917bd62bf","block_type":"box","text":"policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may","page_number":165,"box":{"x":59,"y":845,"width":880,"height":13}},{"id":"3bc1050e-e40f-40ab-a348-339c3267d038","block_type":"box","text":"engage a company where we would like to better understand its approach to policy engagement, where relevant.","page_number":165,"box":{"x":59,"y":860,"width":792,"height":13}},{"id":"af01ef5a-9ee7-4ff2-a128-9232b30f4b19","block_type":"box","text":"A-13","page_number":165,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"6941ed58-e577-44dd-9e46-ef37470073f1","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the","page_number":166,"box":{"x":59,"y":67,"width":860,"height":12}},{"id":"d4bc052b-72bf-4da6-90bf-22b71d61652e","block_type":"box","text":"policy positions of the trade associations of which they are active members and any engagements undertaken by trade","page_number":166,"box":{"x":59,"y":82,"width":832,"height":12}},{"id":"fe500ce1-947a-42fd-9193-9ec662cbbb12","block_type":"box","text":"associations on behalf of members.","page_number":166,"box":{"x":59,"y":97,"width":248,"height":10}},{"id":"3642070d-9c65-4fa5-a134-6ab23c9d40c5","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are insufficient to","page_number":166,"box":{"x":59,"y":123,"width":870,"height":13}},{"id":"01e57bfb-8488-4c02-8981-80fa9da363f1","block_type":"box","text":"address the material risk it has identified.","page_number":166,"box":{"x":59,"y":138,"width":286,"height":10}},{"id":"7588cb72-20d1-4627-aa96-1744bb6330f8","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":166,"box":{"x":59,"y":165,"width":387,"height":12}},{"id":"85c9c9c2-a238-493a-bafe-a7b265e1311e","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In","page_number":166,"box":{"x":59,"y":191,"width":872,"height":13}},{"id":"0baf1c67-a4ec-49fe-9fd0-2b9c9a408c38","block_type":"box","text":"our experience, sustainability-related factors","page_number":166,"box":{"x":59,"y":206,"width":311,"height":13}},{"id":"c49f7f4a-6174-4ff8-aaf3-0219600586af","block_type":"box","text":"(11)","page_number":166,"box":{"x":372,"y":204,"width":19,"height":8}},{"id":"b720c004-85b0-4e76-a6c6-afbeab317bc2","block_type":"box","text":"that are relevant to a company’s business or material to its financial","page_number":166,"box":{"x":396,"y":206,"width":473,"height":13}},{"id":"5b8d8455-7552-4dcd-8480-6d8d91767dc9","block_type":"box","text":"performance, are generally operational considerations embedded into day-to-day management systems. Certain","page_number":166,"box":{"x":59,"y":222,"width":788,"height":12}},{"id":"2d305780-4650-4b1d-89cc-b9d91ba2ffc0","block_type":"box","text":"sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in","page_number":166,"box":{"x":59,"y":237,"width":795,"height":12}},{"id":"961fc066-10cc-4f97-b081-5f046c2f0753","block_type":"box","text":"anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.","page_number":166,"box":{"x":59,"y":252,"width":843,"height":12}},{"id":"6fe44145-60d3-4a4c-9166-a032c779103c","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":59,"y":278,"width":864,"height":13}},{"id":"7f7da542-3c55-4ea3-b6f1-d1b53ba5a5cf","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":166,"box":{"x":59,"y":293,"width":863,"height":13}},{"id":"929bfa96-2053-4343-97b3-b92d82db6d43","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":166,"box":{"x":59,"y":308,"width":784,"height":13}},{"id":"0f811a72-c7e2-440e-994b-a4b22289bff0","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":166,"box":{"x":59,"y":324,"width":872,"height":12}},{"id":"bee84be7-a3df-4133-87f0-60d1dbe8bc66","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":166,"box":{"x":59,"y":339,"width":810,"height":12}},{"id":"c381a88c-4d99-4f74-8bf9-ce3c94b3d3f5","block_type":"box","text":"investment.","page_number":166,"box":{"x":60,"y":355,"width":80,"height":9}},{"id":"1262cabe-7f38-4c4d-a3cc-96a59c51e863","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":166,"box":{"x":59,"y":380,"width":833,"height":13}},{"id":"bda56f77-4391-483d-9504-3c4c9d27024f","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":166,"box":{"x":60,"y":395,"width":761,"height":13}},{"id":"ffe241c6-8a0a-4bf3-9024-9c92965fe635","block_type":"box","text":"Key stakeholders","page_number":166,"box":{"x":60,"y":422,"width":120,"height":12}},{"id":"8786dd99-9158-4801-bea5-31f1a01ce766","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":166,"box":{"x":60,"y":448,"width":841,"height":13}},{"id":"5c11c92b-797b-44e5-87e1-79816b72c9d2","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":166,"box":{"x":59,"y":463,"width":859,"height":13}},{"id":"a0f00247-c770-490e-badc-79b4d132442f","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":166,"box":{"x":59,"y":479,"width":843,"height":12}},{"id":"bf0df59b-6af8-466f-b9b7-df0912690605","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":166,"box":{"x":59,"y":494,"width":873,"height":12}},{"id":"7e505e1b-021d-4f71-8c81-5ca1309d2650","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":166,"box":{"x":59,"y":509,"width":866,"height":12}},{"id":"a88821d4-77b2-4b35-9b0f-f13fc31f1788","block_type":"box","text":"be financially resilient over time.","page_number":166,"box":{"x":60,"y":524,"width":223,"height":12}},{"id":"4bc436b6-71d7-4c51-a3bb-3c7150061e2f","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":166,"box":{"x":59,"y":550,"width":367,"height":13}},{"id":"a444079d-663d-4e6d-a082-0cd4e71c2a19","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":166,"box":{"x":59,"y":577,"width":848,"height":12}},{"id":"4d35ba81-bf04-4f22-93e8-3e77a87b9ae9","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":166,"box":{"x":59,"y":592,"width":875,"height":12}},{"id":"ed5016d8-b37c-423e-8ce6-41895242461f","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":166,"box":{"x":59,"y":607,"width":864,"height":12}},{"id":"62104533-4428-4af4-a86b-4086bcd5b209","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":166,"box":{"x":59,"y":622,"width":878,"height":13}},{"id":"17981e89-7328-431e-813c-891dbc12db23","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":166,"box":{"x":59,"y":637,"width":848,"height":13}},{"id":"5bb9b487-7462-4c9b-bd5a-70399680c344","block_type":"box","text":"levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings.","page_number":166,"box":{"x":60,"y":652,"width":874,"height":13}},{"id":"2a9a57aa-7d67-41ad-a960-dac39c2bbe18","block_type":"box","text":"Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection","page_number":166,"box":{"x":60,"y":668,"width":858,"height":12}},{"id":"c6913ec4-8c43-422b-9d34-5aadbb30a976","block_type":"box","text":"and approval by the applicable fund board or client.","page_number":166,"box":{"x":59,"y":683,"width":359,"height":12}},{"id":"4c71fc36-50e4-4799-8d5c-626ea0c64033","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":166,"box":{"x":59,"y":709,"width":874,"height":12}},{"id":"6eb3441d-ffbd-4738-bb35-9e1d291844c9","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":166,"box":{"x":59,"y":724,"width":866,"height":13}},{"id":"81b01c58-9000-438c-8bc9-da1afce189a2","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":166,"box":{"x":60,"y":739,"width":872,"height":13}},{"id":"461601c7-1e44-4b33-8027-d947348d9ced","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is","page_number":166,"box":{"x":59,"y":754,"width":870,"height":13}},{"id":"703a7dff-47a0-42c7-91ba-5e884d91062e","block_type":"box","text":"helpful to investors’ understanding when these disclosures include an explanation of the decarbonization scenarios a","page_number":166,"box":{"x":60,"y":770,"width":819,"height":12}},{"id":"72fbe819-07f1-4ea5-847d-4b091e0b159e","block_type":"box","text":"(11) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mo","page_number":166,"box":{"x":59,"y":816,"width":825,"height":9}},{"id":"f4e01e4f-c5ab-452f-99d0-8931dd0cf43e","block_type":"box","text":"del that","page_number":166,"box":{"x":885,"y":816,"width":42,"height":7}},{"id":"f3c4dd86-6e54-4ecd-8fdc-b06c2d6ff109","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":92,"y":828,"width":826,"height":10}},{"id":"4412d5b9-61e6-42c5-83e5-d7c777e8d6d4","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":92,"y":841,"width":832,"height":10}},{"id":"6f0d1450-db1e-4ad8-9c3d-7ceb8503c162","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":91,"y":853,"width":819,"height":10}},{"id":"1ca161bd-c69e-4fd1-844c-6f3b9242152f","block_type":"box","text":"e","page_number":166,"box":{"x":910,"y":856,"width":6,"height":5}},{"id":"7ca49021-3c40-4813-9d53-5656ee6957d0","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":92,"y":866,"width":822,"height":10}},{"id":"fee9b71d-aa5a-48ed-8fa5-d4370efb2544","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":92,"y":879,"width":785,"height":9}},{"id":"f6a5e29d-89ee-41f2-8f77-4b815e5eab68","block_type":"box","text":"onsider","page_number":166,"box":{"x":878,"y":879,"width":46,"height":7}},{"id":"8d73c05b-5cf1-4500-807c-d64f26b8d991","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":166,"box":{"x":92,"y":891,"width":323,"height":10}},{"id":"7f8bf774-43a1-4507-ba7e-6698a76b6aa0","block_type":"box","text":"A-14","page_number":166,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"7cb6c44e-ecd7-46d5-9615-1555e6e80a46","block_type":"box","text":"company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas","page_number":167,"box":{"x":59,"y":67,"width":855,"height":12}},{"id":"0b4ddb97-3396-4ec4-904c-f995ce5828d8","block_type":"box","text":"(GHG) emissions and reduction targets for scope 1 and 2 emissions.","page_number":167,"box":{"x":60,"y":82,"width":477,"height":12}},{"id":"655edb8a-d2ae-4e29-bd57-2541efd369ea","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":60,"y":108,"width":874,"height":13}},{"id":"494d8ff6-36a0-467b-bdd9-e58ac6b930b0","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material","page_number":167,"box":{"x":60,"y":123,"width":820,"height":13}},{"id":"c79ea210-2b13-417f-866e-1f8f4c8b88a3","block_type":"box","text":"climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We","page_number":167,"box":{"x":59,"y":138,"width":854,"height":13}},{"id":"6f00dc9d-c3b3-4fb2-a162-3b93568d8354","block_type":"box","text":"may recommend supporting shareholder proposals seeking information relevant to a company’s stated low-carbon transition","page_number":167,"box":{"x":60,"y":154,"width":878,"height":12}},{"id":"2733c125-744e-4469-b357-af78eecb08a1","block_type":"box","text":"strategy or targets that the company does not currently provide and that would be helpful to investment decision-making.","page_number":167,"box":{"x":59,"y":169,"width":855,"height":12}},{"id":"856e13ea-9f74-44f0-830b-6c8a0f6fb7f9","block_type":"box","text":"We would not recommend support for shareholder proposals that seek to constrain board or management decision-making","page_number":167,"box":{"x":59,"y":184,"width":869,"height":12}},{"id":"ef49a85d-c630-47d3-abbf-0e593bc62b07","block_type":"box","text":"or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are","page_number":167,"box":{"x":59,"y":199,"width":863,"height":12}},{"id":"2aac7b2c-a284-42c0-a94e-153061de984a","block_type":"box","text":"ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts","page_number":167,"box":{"x":60,"y":214,"width":863,"height":12}},{"id":"4390cd5b-d35a-4fe1-9063-179581bdbf75","block_type":"box","text":"in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS’ benchmark","page_number":167,"box":{"x":60,"y":229,"width":859,"height":12}},{"id":"c2f6ba23-6815-4ffe-a21c-e9b9739f0de2","block_type":"box","text":"guidelines.","page_number":167,"box":{"x":59,"y":244,"width":74,"height":13}},{"id":"90c1f786-9e3b-4d2e-8089-2dfbb28020aa","block_type":"box","text":"Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment","page_number":167,"box":{"x":59,"y":271,"width":834,"height":12}},{"id":"d102f4d9-8690-469d-8d04-8370587807b4","block_type":"box","text":"strategies","page_number":167,"box":{"x":59,"y":286,"width":70,"height":12}},{"id":"5692cbfe-42ae-4c0c-9196-fb86192bb21b","block_type":"box","text":"Oversight","page_number":167,"box":{"x":76,"y":312,"width":69,"height":13}},{"id":"be509708-8689-4bba-9855-41ea891ea424","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":59,"y":339,"width":865,"height":12}},{"id":"5a45de3c-9ac5-415b-8d68-c18738c178ca","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the “Guidelines”), which","page_number":167,"box":{"x":59,"y":354,"width":835,"height":12}},{"id":"c48d4a9a-3025-4216-81a0-791c14cfa3f8","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":60,"y":369,"width":878,"height":12}},{"id":"279b1da4-1e45-4f4f-95fa-bbca22b7b720","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":59,"y":384,"width":868,"height":12}},{"id":"123aa4e9-535e-4695-bec1-40347f4472be","block_type":"box","text":"reporting lines, and oversight.","page_number":167,"box":{"x":60,"y":399,"width":206,"height":13}},{"id":"71df31ad-9926-4f5a-9b4d-a4121575df1c","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock’s legal,","page_number":167,"box":{"x":59,"y":426,"width":854,"height":12}},{"id":"9a0bf533-7b71-4d4d-80b5-0299a8c54d31","block_type":"box","text":"public policy, sustainability and communications teams, helps shape the firm’s approach to investment stewardship on non","page_number":167,"box":{"x":59,"y":441,"width":870,"height":12}},{"id":"a8b789e9-b0a8-44b2-b6e7-23cfc1ed0b47","block_type":"box","text":"index equity investment strategies. The Group may advise on and review amendments to BAIS’ policies and practices. It does","page_number":167,"box":{"x":60,"y":456,"width":873,"height":12}},{"id":"5428e190-9a56-4199-88ff-b86da65c70d2","block_type":"box","text":"not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":167,"box":{"x":60,"y":471,"width":752,"height":12}},{"id":"d2644737-c494-4c34-97a2-3bd8dd1df999","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":167,"box":{"x":60,"y":497,"width":862,"height":13}},{"id":"87878cf6-e16d-4252-a96a-9770e5d8f218","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":167,"box":{"x":59,"y":513,"width":874,"height":12}},{"id":"df1c2adb-07f2-48d7-afbc-491622be44b8","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":167,"box":{"x":59,"y":528,"width":875,"height":12}},{"id":"6fb13fe5-f310-4000-a839-b79c86a36e66","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":167,"box":{"x":59,"y":543,"width":878,"height":12}},{"id":"1d4ecede-b961-4952-840d-9c8f18ff190a","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":167,"box":{"x":59,"y":558,"width":808,"height":12}},{"id":"8d87e061-a02c-4518-b041-fabc3a4c9578","block_type":"box","text":"Voting guidelines and vote execution","page_number":167,"box":{"x":75,"y":584,"width":267,"height":13}},{"id":"76295c56-66eb-471a-8887-937c2d0424df","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":167,"box":{"x":60,"y":611,"width":865,"height":12}},{"id":"52a31380-0318-44aa-ab44-f479ea01743e","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":167,"box":{"x":59,"y":626,"width":862,"height":12}},{"id":"413e4b45-b0e4-409b-b439-5fe9841646b9","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":167,"box":{"x":59,"y":641,"width":863,"height":12}},{"id":"12318ad4-a39f-4f33-8145-43adcc61d0cd","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":167,"box":{"x":59,"y":656,"width":877,"height":13}},{"id":"4efadfd7-12c7-46a2-8642-1ac49288ca4a","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":167,"box":{"x":59,"y":671,"width":847,"height":13}},{"id":"b9ac5016-2586-41da-a10e-9a03a62e6432","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":167,"box":{"x":59,"y":686,"width":841,"height":13}},{"id":"dadb7bb9-5775-4d02-aacc-7bb92bb1e253","block_type":"box","text":"below).","page_number":167,"box":{"x":60,"y":702,"width":50,"height":12}},{"id":"a212cd44-b66d-416e-ab81-a71d582d5784","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":167,"box":{"x":59,"y":728,"width":859,"height":12}},{"id":"3da274a7-f5b0-4718-a9c7-0abece3794d2","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":167,"box":{"x":59,"y":743,"width":846,"height":12}},{"id":"743ac1fb-7117-41fa-8ab4-1e01c565edf4","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":167,"box":{"x":60,"y":758,"width":619,"height":13}},{"id":"68f57575-112f-4e52-9f58-54765b7a9075","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":167,"box":{"x":59,"y":785,"width":861,"height":12}},{"id":"535939b5-c54b-4816-9a90-b4177a259330","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":167,"box":{"x":60,"y":800,"width":863,"height":12}},{"id":"d9db4900-05bc-4f40-ba20-04425f9afe58","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":167,"box":{"x":60,"y":815,"width":827,"height":12}},{"id":"44faa583-b325-4d02-ac65-99ca3db3cad0","block_type":"box","text":"insight into how we typically approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed","page_number":167,"box":{"x":60,"y":830,"width":839,"height":12}},{"id":"b02c5123-87c6-4f5b-a31c-b5c960c9a22b","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":167,"box":{"x":59,"y":845,"width":827,"height":13}},{"id":"d0a4dd04-345e-41db-ab66-90f3166a7312","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":167,"box":{"x":59,"y":860,"width":854,"height":13}},{"id":"c7238adc-2338-4f6d-83b1-a90e21b174b8","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":167,"box":{"x":59,"y":875,"width":452,"height":13}},{"id":"258ba1e0-fd73-44c3-bb51-94fb67332fd2","block_type":"box","text":"A-15","page_number":167,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"f2f3cd21-d60c-46bd-b983-fc9f6b360b95","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":60,"y":67,"width":846,"height":12}},{"id":"e81d2467-28b2-426d-a3ea-a9aa99b38f11","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":59,"y":82,"width":868,"height":12}},{"id":"2c471f71-a2f8-498b-87ea-3c775033db2e","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":60,"y":97,"width":804,"height":12}},{"id":"2bdd9de7-6b33-4e2a-bfbe-ad23e1d9b79a","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at","page_number":168,"box":{"x":60,"y":112,"width":877,"height":12}},{"id":"0cb87960-dc01-4954-9c5f-f7812bb86327","block_type":"box","text":"which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating","page_number":168,"box":{"x":59,"y":127,"width":858,"height":12}},{"id":"c1f543e4-136a-4e78-bfb0-1fe20630e34f","block_type":"box","text":"the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting","page_number":168,"box":{"x":59,"y":142,"width":872,"height":13}},{"id":"4d2fca34-c909-4633-a4af-d08fcb15f00e","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":60,"y":157,"width":807,"height":13}},{"id":"f61c1d02-77ea-4d41-8c41-c2b38ec3d835","block_type":"box","text":"burdensome administrative requirements.","page_number":168,"box":{"x":60,"y":172,"width":292,"height":13}},{"id":"cde0b636-c4d5-4574-acba-dd7768ebd7f9","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":60,"y":199,"width":877,"height":12}},{"id":"fd6a3d02-698f-4211-a861-cc6f1748afe1","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":60,"y":214,"width":868,"height":12}},{"id":"2c7e2c56-d558-44a5-b3d7-76697d1d078f","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":59,"y":229,"width":879,"height":12}},{"id":"9648d141-089f-4ca5-a0c6-9d937267b2ca","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":168,"box":{"x":60,"y":244,"width":397,"height":13}},{"id":"81a61ac8-8d76-4dd8-8761-f2b4954653e7","block_type":"box","text":"Voting Choice","page_number":168,"box":{"x":75,"y":271,"width":101,"height":12}},{"id":"5bda4bb2-6245-4d2c-8db7-d44be3d0c5a5","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":60,"y":297,"width":855,"height":13}},{"id":"7de535b2-d06b-4b9a-8ca9-c4159e5d8dc6","block_type":"box","text":"voting process where legally and operationally viable.","page_number":168,"box":{"x":59,"y":312,"width":372,"height":13}},{"id":"fea68735-2df1-40a2-9899-be3f6324fc65","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":59,"y":339,"width":823,"height":12}},{"id":"d4a8d738-d1ae-44ef-b75c-4b71dd78ca28","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":59,"y":354,"width":833,"height":12}},{"id":"140711a7-be78-47f3-8501-5711d6d21ace","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":168,"box":{"x":60,"y":369,"width":760,"height":12}},{"id":"e17b38f0-c6c3-4cd0-8e34-52827b3370ba","block_type":"box","text":"(12)","page_number":168,"box":{"x":825,"y":367,"width":21,"height":8}},{"id":"49a54b63-a9c5-4913-ba7d-e5d6c82f38fc","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":168,"box":{"x":59,"y":395,"width":880,"height":13}},{"id":"18c3fe61-9d66-4a1f-a467-b8f9125c9edf","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":168,"box":{"x":59,"y":411,"width":834,"height":12}},{"id":"d86f6c16-0f81-450f-be05-0bdca54efb3c","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":168,"box":{"x":59,"y":426,"width":863,"height":12}},{"id":"dcd87c46-2edb-4147-b820-4e1347fc16cb","block_type":"box","text":"because of Voting Choice.","page_number":168,"box":{"x":60,"y":441,"width":180,"height":12}},{"id":"c737051b-647f-4f1f-bcd2-32c119e8af4e","block_type":"box","text":"(13)","page_number":168,"box":{"x":242,"y":439,"width":20,"height":8}},{"id":"a6f2c7d7-cdf0-41d5-a64c-8e8cf3bf9077","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":168,"box":{"x":76,"y":467,"width":400,"height":13}},{"id":"2b1df6fb-252a-4e14-8594-813ed037b710","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":168,"box":{"x":59,"y":494,"width":876,"height":12}},{"id":"e707f5cf-8c4d-4096-9e67-495f601742ea","block_type":"box","text":"as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to","page_number":168,"box":{"x":59,"y":509,"width":874,"height":12}},{"id":"87a6628f-dc8e-480b-b793-113e05278224","block_type":"box","text":"supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis’ research and analysis","page_number":168,"box":{"x":59,"y":524,"width":872,"height":12}},{"id":"991afdc3-6fe8-441b-8bc9-cbd9c2a6af4e","block_type":"box","text":"as an input into our voting process. It is important to note that, although proxy research firms provide important data and","page_number":168,"box":{"x":59,"y":539,"width":852,"height":12}},{"id":"ed2e8b8c-bd27-4e5b-97f3-f7550457575b","block_type":"box","text":"analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company’s disclosures, our","page_number":168,"box":{"x":59,"y":554,"width":876,"height":13}},{"id":"04e9216a-ab5f-4c0e-bb3e-068c04b7d585","block_type":"box","text":"engagements and voting, investment colleagues’ insights and our Guidelines are important inputs into our voting decisions","page_number":168,"box":{"x":59,"y":569,"width":864,"height":13}},{"id":"2a14d30a-dac6-4676-80ce-a805f6cee625","block_type":"box","text":"on behalf of clients.","page_number":168,"box":{"x":59,"y":584,"width":136,"height":10}},{"id":"171dedfb-b585-4b05-a95a-d7dd65885c44","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":168,"box":{"x":59,"y":611,"width":824,"height":12}},{"id":"1440b02f-7dea-42a7-92e1-6370c07cd2fa","block_type":"box","text":"process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder meeting agenda are","page_number":168,"box":{"x":59,"y":626,"width":877,"height":12}},{"id":"2998daca-17b1-44f7-afad-28bb0e5f004f","block_type":"box","text":"routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio","page_number":168,"box":{"x":60,"y":641,"width":868,"height":12}},{"id":"27d6d3c5-b2f3-4c0a-9e5f-ab3fcaae1e31","block_type":"box","text":"managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to","page_number":168,"box":{"x":60,"y":656,"width":852,"height":13}},{"id":"a5734d41-5e81-40ce-b124-d8019f5ae042","block_type":"box","text":"the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company","page_number":168,"box":{"x":59,"y":671,"width":841,"height":13}},{"id":"700e9d65-7723-41d9-9f8e-6f9858c515cc","block_type":"box","text":"announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy","page_number":168,"box":{"x":59,"y":686,"width":856,"height":13}},{"id":"be53d8b0-17ea-4cc6-9c5c-1f65b84aa128","block_type":"box","text":"materials that may require a modification of votes.","page_number":168,"box":{"x":60,"y":702,"width":351,"height":12}},{"id":"daae8239-f974-4987-b6cb-f96ed0fa02af","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":168,"box":{"x":60,"y":728,"width":850,"height":12}},{"id":"95b752c4-f4fb-493d-8778-7dfe3a113a36","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":168,"box":{"x":60,"y":743,"width":871,"height":12}},{"id":"ab88bcac-af7f-4e55-bb08-193c72cad6da","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":168,"box":{"x":59,"y":758,"width":869,"height":13}},{"id":"982cf87b-0e28-4c0d-9cbb-8204c3b1be55","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":168,"box":{"x":59,"y":773,"width":585,"height":13}},{"id":"62ddeab6-abb9-44bf-9594-8aaa396d9be1","block_type":"box","text":"(12) 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":168,"box":{"x":59,"y":863,"width":838,"height":10}},{"id":"106fc2a3-bfec-4c72-8590-a600b4910530","block_type":"box","text":"heir","page_number":168,"box":{"x":898,"y":863,"width":20,"height":8}},{"id":"d1468a48-7715-479d-b9fa-ed9c92bac3f2","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":91,"y":876,"width":752,"height":10}},{"id":"39130625-b891-47fc-a5c4-bdef41a1006d","block_type":"box","text":"(13) BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":168,"box":{"x":59,"y":891,"width":677,"height":10}},{"id":"84de4e9c-be69-475f-b5c9-d17387d4a1db","block_type":"box","text":"A-16","page_number":168,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"27849772-536c-4671-a101-5e3b792123c0","block_type":"box","text":"Conflicts management policies and procedures","page_number":169,"box":{"x":76,"y":67,"width":340,"height":12}},{"id":"3c7f4d6f-acd4-4002-a008-0baf26ebab8f","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting activity. Such","page_number":169,"box":{"x":60,"y":93,"width":826,"height":12}},{"id":"082e8d04-e40e-4708-bed9-373d9f953a5e","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":60,"y":108,"width":829,"height":13}},{"id":"f3f27146-3523-4eab-9ee3-d1b74793e854","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":169,"box":{"x":59,"y":123,"width":856,"height":13}},{"id":"c27885dd-d876-42d8-85fd-2a058e9ccc06","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":169,"box":{"x":59,"y":138,"width":460,"height":13}},{"id":"f7fc89cf-0504-4da6-b57e-5fee8632a700","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":169,"box":{"x":92,"y":159,"width":676,"height":12}},{"id":"52ab6146-0cb0-4c17-9ace-09e8ceb0e32a","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":169,"box":{"x":92,"y":179,"width":781,"height":12}},{"id":"d6a7daf9-e5bb-4c3a-a5ea-3acaf580c1db","block_type":"box","text":"resolutions","page_number":169,"box":{"x":125,"y":194,"width":76,"height":10}},{"id":"2f2d5933-bb3d-457a-8f23-d7bf31cab762","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":169,"box":{"x":92,"y":214,"width":785,"height":12}},{"id":"ac1e5aa3-2fe8-4597-8d6e-7399a149e052","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":169,"box":{"x":92,"y":234,"width":779,"height":13}},{"id":"3288e6b0-763c-447a-bcd9-176afd5c7be2","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":169,"box":{"x":92,"y":254,"width":713,"height":13}},{"id":"5aa3daa0-e228-4f33-aa97-f4582f4afd27","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":169,"box":{"x":92,"y":274,"width":801,"height":13}},{"id":"cb6fc537-533e-4b9b-a488-3c2a9a8aab05","block_type":"box","text":"managed by BlackRock","page_number":169,"box":{"x":125,"y":290,"width":162,"height":12}},{"id":"fd192601-db52-4df0-9aca-3526127379dc","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":169,"box":{"x":60,"y":316,"width":839,"height":12}},{"id":"da27d1bf-45ba-4e50-8daa-d45c929c9585","block_type":"box","text":"• Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the companies","page_number":169,"box":{"x":92,"y":336,"width":842,"height":13}},{"id":"590e3197-047e-4fd2-bbde-337054c1048e","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":169,"box":{"x":125,"y":351,"width":294,"height":10}},{"id":"46b4c83d-9e5d-44f9-a848-f75b74fd7f46","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business","page_number":169,"box":{"x":92,"y":371,"width":834,"height":13}},{"id":"d3a78a04-0005-4121-bef0-dd672de4567a","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":169,"box":{"x":124,"y":387,"width":778,"height":12}},{"id":"29c6ed1f-3074-48bf-9806-b4aea0367510","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":169,"box":{"x":124,"y":402,"width":798,"height":12}},{"id":"aca6274a-02a2-40ca-8c93-68d2416b47fe","block_type":"box","text":"with such parties. Clients or business partners are not given preferential treatment or differentiated access. BAIS","page_number":169,"box":{"x":124,"y":417,"width":783,"height":12}},{"id":"7a86382b-419d-474a-b65a-0ff3c825bbf7","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":124,"y":432,"width":804,"height":12}},{"id":"d404a662-575d-475e-8aed-1ecbcfc643be","block_type":"box","text":"a more informed voting decision or to better understand a company’s perspectives on financially material risks and","page_number":169,"box":{"x":124,"y":447,"width":805,"height":12}},{"id":"783299d9-3031-4322-ba7f-d3f16beb1ed1","block_type":"box","text":"opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business","page_number":169,"box":{"x":124,"y":462,"width":780,"height":13}},{"id":"6a452343-a0c9-42d7-b188-125b8e72ce4d","block_type":"box","text":"partners and/or third parties, and/or with employees with sales, vendor management, or business partnership","page_number":169,"box":{"x":124,"y":477,"width":773,"height":13}},{"id":"b70cbdad-3a4f-4a73-930f-b13779aea5e3","block_type":"box","text":"roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting","page_number":169,"box":{"x":125,"y":492,"width":807,"height":13}},{"id":"4ed24e98-962f-4575-a577-b65270647617","block_type":"box","text":"needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":169,"box":{"x":125,"y":508,"width":567,"height":12}},{"id":"39a537f5-9890-482c-acbe-4105d9a3bf96","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":169,"box":{"x":92,"y":528,"width":846,"height":12}},{"id":"cf893aa1-474e-4616-aa82-a3dada9c787a","block_type":"box","text":"recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory","page_number":169,"box":{"x":125,"y":543,"width":789,"height":12}},{"id":"be9b50f1-a499-4c71-93c4-02055e620ff9","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":169,"box":{"x":125,"y":558,"width":779,"height":12}},{"id":"3c4030c4-f83d-4934-9da7-9032238135a4","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":169,"box":{"x":124,"y":573,"width":794,"height":12}},{"id":"44eb1874-7451-4261-8bab-a7c48f3d9de7","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":169,"box":{"x":125,"y":588,"width":798,"height":13}},{"id":"49147806-b086-4289-9e39-f2b3de3901e4","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":169,"box":{"x":125,"y":603,"width":790,"height":13}},{"id":"78a00eee-2cd0-4af0-b98b-2a05c0a64209","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for certain perceived","page_number":169,"box":{"x":125,"y":618,"width":813,"height":13}},{"id":"89522826-8199-4eef-84f7-cf736528a87a","block_type":"box","text":"or potential conflicts of interest, including:","page_number":169,"box":{"x":124,"y":634,"width":296,"height":12}},{"id":"f055f40b-7024-48f6-bc03-0d35587da7d2","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":169,"box":{"x":157,"y":654,"width":593,"height":12}},{"id":"0b89465d-177e-43ce-89b1-efa4056c93b4","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":169,"box":{"x":157,"y":674,"width":762,"height":12}},{"id":"0011a679-f6d9-4bc2-b7d6-30997ab41f25","block_type":"box","text":"the board of directors","page_number":169,"box":{"x":189,"y":689,"width":151,"height":10}},{"id":"c2695485-dba5-4304-86a1-9219729770a6","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":169,"box":{"x":157,"y":709,"width":647,"height":12}},{"id":"c24f74bd-569c-4fd1-a0d0-1ae03255bcaf","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":169,"box":{"x":157,"y":729,"width":514,"height":13}},{"id":"a4f832a4-8b3c-44e4-a68c-e1f0ea0955c3","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":169,"box":{"x":157,"y":749,"width":765,"height":13}},{"id":"a49a9886-c561-49de-a26b-ee72431db9ab","block_type":"box","text":"party voting service provider","page_number":169,"box":{"x":190,"y":765,"width":198,"height":12}},{"id":"9d93924f-f703-421f-b17c-64565856e951","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":169,"box":{"x":60,"y":791,"width":873,"height":12}},{"id":"863b2abe-544c-4567-8dfa-22f43a55bc87","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":169,"box":{"x":60,"y":806,"width":826,"height":12}},{"id":"62cc00fe-f38c-4566-98bd-2cdfe0d9eb25","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":169,"box":{"x":59,"y":821,"width":837,"height":13}},{"id":"81746c16-4b09-40dd-b7eb-f56fcb9b9093","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":169,"box":{"x":59,"y":836,"width":829,"height":13}},{"id":"6418d2f4-75a2-440f-9e39-67c7fdf16b78","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.","page_number":169,"box":{"x":59,"y":851,"width":725,"height":13}},{"id":"79066ddd-7e6f-4801-9d47-f07a93553291","block_type":"box","text":"A-17","page_number":169,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"125c665c-ae28-4084-91e7-f9461ddab461","block_type":"box","text":"Securities lending","page_number":170,"box":{"x":75,"y":67,"width":128,"height":12}},{"id":"6abe90c2-ca67-4627-b619-b433fd3dddb7","block_type":"box","text":"If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated","page_number":170,"box":{"x":60,"y":93,"width":824,"height":12}},{"id":"e20748cb-4e29-4320-ae75-4f159e36f82b","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may","page_number":170,"box":{"x":59,"y":108,"width":861,"height":13}},{"id":"2a7a05bb-3318-4ea7-bed3-4d7ef4505d5a","block_type":"box","text":"allow fund providers to offset fund expenses.","page_number":170,"box":{"x":59,"y":123,"width":314,"height":13}},{"id":"d727f5f8-4cde-4ddf-83e8-5df6c774d152","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":59,"y":150,"width":866,"height":12}},{"id":"e69b31a0-0a11-4ffa-8fcb-056dd0db4e04","block_type":"box","text":"determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients","page_number":170,"box":{"x":59,"y":165,"width":865,"height":12}},{"id":"ecd0d25e-e5cf-421f-a1e7-a4a2cad0c7f6","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall","page_number":170,"box":{"x":60,"y":180,"width":853,"height":12}},{"id":"3ab90416-7bfd-4d56-b812-549214d61045","block_type":"box","text":"securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various","page_number":170,"box":{"x":59,"y":195,"width":837,"height":12}},{"id":"00953e64-90d1-4a41-b669-6a782781c115","block_type":"box","text":"factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term","page_number":170,"box":{"x":59,"y":210,"width":859,"height":13}},{"id":"46d67783-7235-490d-b6f3-8e96b05e6a1c","block_type":"box","text":"financial value to clients of voting those securities (based on the information available at the time of recall consideration).","page_number":170,"box":{"x":59,"y":225,"width":849,"height":13}},{"id":"7d92b9f2-89c4-4ae1-8cf9-eba33e980013","block_type":"box","text":"BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and","page_number":170,"box":{"x":60,"y":240,"width":850,"height":13}},{"id":"00df7412-b186-40a5-ad19-acd1532936af","block_type":"box","text":"benefits to clients of recalling shares on loan.","page_number":170,"box":{"x":60,"y":256,"width":313,"height":12}},{"id":"a3e47fe4-77e7-4358-b410-33bb2d3c600b","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":60,"y":282,"width":851,"height":12}},{"id":"da38479c-e2a5-42df-813b-1fbb3f9c4214","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":60,"y":297,"width":816,"height":13}},{"id":"ebba86aa-b18d-47ea-af17-0e5731ba3f70","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":60,"y":312,"width":866,"height":13}},{"id":"a935cd0f-c729-47c2-8ec3-823c5615de85","block_type":"box","text":"therefore recall shares to be voted in those instances.","page_number":170,"box":{"x":59,"y":327,"width":371,"height":10}},{"id":"dcbb52c6-1111-4e35-a6c5-2985de0db2e7","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":60,"y":354,"width":840,"height":12}},{"id":"00391e65-8e4c-49ae-8a99-fbe7ed2f52dd","block_type":"box","text":"modify it as necessary.","page_number":170,"box":{"x":60,"y":369,"width":156,"height":12}},{"id":"e64117e8-53f6-41d5-b61f-8b24be49187c","block_type":"box","text":"Reporting and vote transparency","page_number":170,"box":{"x":76,"y":395,"width":236,"height":13}},{"id":"92138625-4697-410e-a9c5-fb454dfb04cd","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":170,"box":{"x":59,"y":516,"width":855,"height":13}},{"id":"369869d4-a249-424a-ac61-35da0669b66d","block_type":"box","text":"sole discretion of the reader.","page_number":170,"box":{"x":59,"y":531,"width":197,"height":10}},{"id":"cd05083e-8737-4504-b467-649608939e63","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":170,"box":{"x":60,"y":558,"width":190,"height":12}},{"id":"80f91549-3ef0-42a3-8293-c581d5efaab2","block_type":"box","text":"©2025 BlackRock, Inc. 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.A-23","page_number":173,"box":{"x":299,"y":237,"width":558,"height":9}},{"id":"6ef23e6f-7685-47c5-87aa-ff69d77f5abc","block_type":"box","text":"Boards and directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":173,"box":{"x":140,"y":256,"width":717,"height":9}},{"id":"c5a08e14-26f7-4f3c-a950-33504443a406","block_type":"box","text":"Auditors and audit-related issues","page_number":173,"box":{"x":139,"y":274,"width":232,"height":10}},{"id":"10dc586c-0575-4f59-82cc-6e5b42510843","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-25","page_number":173,"box":{"x":378,"y":275,"width":479,"height":9}},{"id":"768edd99-4f90-4b12-92ff-e4a84fa036cf","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-27","page_number":173,"box":{"x":599,"y":332,"width":258,"height":9}},{"id":"5435145a-cd99-48ef-8968-4a05fd534c6a","block_type":"box","text":"Shareholder proposals","page_number":173,"box":{"x":140,"y":350,"width":156,"height":12}},{"id":"709b31c3-f483-481e-be69-0be7b09a10e3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-28","page_number":173,"box":{"x":299,"y":351,"width":558,"height":9}},{"id":"c8a7dafd-335f-419a-940c-dde4d4af6cf9","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":173,"box":{"x":140,"y":369,"width":373,"height":12}},{"id":"6188ecb6-dd9c-4736-a6ac-d81e8d694b79","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Engaging with the boards and management of companies","page_number":173,"box":{"x":61,"y":592,"width":456,"height":12}},{"id":"0190a74b-a31d-49e6-b20b-7bce00043d5c","block_type":"box","text":"in which clients are invested to deepen our understanding","page_number":173,"box":{"x":523,"y":592,"width":405,"height":12}},{"id":"eb6a4813-f5fd-4c7f-91b4-7d14f43fb446","block_type":"box","text":"of a company’s business model, including how they are overseeing material business risks and opportunities over time,","page_number":173,"box":{"x":98,"y":607,"width":833,"height":12}},{"id":"40c80193-e90a-42c6-8f7a-de1bb111a3b3","block_type":"box","text":"and to help inform our voting on behalf of clients.","page_number":173,"box":{"x":98,"y":622,"width":347,"height":13}},{"id":"6b574303-7449-47db-a80b-1301bcd36905","block_type":"box","text":"(1)","page_number":173,"box":{"x":447,"y":620,"width":14,"height":8}},{"id":"d726cce4-55cb-40c1-bdbf-c08715b5d790","block_type":"box","text":"2. 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Reporting on our activities to inform clients","page_number":173,"box":{"x":59,"y":713,"width":353,"height":12}},{"id":"e1ba5bd7-1db3-4723-bb80-6a61d558026e","block_type":"box","text":"about our stewardship efforts on their behalf through a range of","page_number":173,"box":{"x":417,"y":713,"width":450,"height":12}},{"id":"41ab2fa4-d069-4e5c-a1bd-881ed521d36d","block_type":"box","text":"publications on our website and direct client communications.","page_number":173,"box":{"x":98,"y":728,"width":437,"height":12}},{"id":"2c4130f2-0b6d-4350-9d99-af8c9ba6e7b3","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and voting on","page_number":173,"box":{"x":59,"y":754,"width":844,"height":13}},{"id":"f9871c1b-0e6e-4e4c-af87-c76006551053","block_type":"box","text":"corporate governance matters and other material risks and opportunities under BIS’ Benchmark Policies. 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We comply fully with these requirements and do not engage with portfo","page_number":173,"box":{"x":91,"y":879,"width":847,"height":9}},{"id":"dfecad9b-08ac-40e0-a4f1-b8a5958ed002","block_type":"box","text":"lio companies for the purpose, or with the effect, of changing or influencing control of any company.","page_number":173,"box":{"x":92,"y":891,"width":561,"height":10}},{"id":"39755d5c-1f13-451a-8756-919cd34d194c","block_type":"box","text":"A-21","page_number":173,"box":{"x":482,"y":916,"width":31,"height":9}},{"id":"ce9491d9-168a-497a-884d-02defefb0efe","block_type":"box","text":"clients’ assets invested through index equity strategies, take a financial materiality-based approach, and are focused solely on","page_number":174,"box":{"x":59,"y":67,"width":877,"height":12}},{"id":"7b73b28e-e7cb-4fa9-bddb-969d8d1557dc","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":174,"box":{"x":59,"y":82,"width":331,"height":12}},{"id":"51c2f54b-bf62-45d0-912f-5c141c3fe413","block_type":"box","text":"(2)","page_number":174,"box":{"x":392,"y":80,"width":14,"height":8}},{"id":"255ca12a-7a16-46ae-a688-122013949949","block_type":"box","text":"Philosophy on investment stewardship","page_number":174,"box":{"x":60,"y":108,"width":277,"height":13}},{"id":"e53b9369-3f50-4871-b958-bf8d7fc560a7","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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Our role, on behalf of clients as long-term investors, is to better understand how","page_number":174,"box":{"x":59,"y":222,"width":843,"height":12}},{"id":"5bdcd97f-a816-480e-a48f-0f950d402746","block_type":"box","text":"corporate leadership is managing material risks and capitalizing on opportunities to help protect and enhance the company’s","page_number":174,"box":{"x":59,"y":237,"width":876,"height":12}},{"id":"de8103b4-e9e3-47ce-8c4b-6d53e5761d57","block_type":"box","text":"ability to deliver long-term financial returns.","page_number":174,"box":{"x":59,"y":252,"width":306,"height":12}},{"id":"efb67a3b-b69c-42c6-975c-57072cce0b8b","block_type":"box","text":"Stewardship in practice","page_number":174,"box":{"x":59,"y":278,"width":169,"height":13}},{"id":"6fe5dcef-ce7f-4e6e-b403-d495e0e3225a","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":174,"box":{"x":59,"y":305,"width":821,"height":12}},{"id":"344da810-f4ff-4ad6-a0e8-fca732f5d453","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":174,"box":{"x":60,"y":320,"width":871,"height":12}},{"id":"b53632f2-b9df-44f1-b4c2-456e6409105c","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":174,"box":{"x":59,"y":335,"width":873,"height":12}},{"id":"704aa8ca-066b-4cd6-9aea-c07359772cd8","block_type":"box","text":"of whom are saving for long-term goals, such as retirement. Our stewardship program - including when engaging with","page_number":174,"box":{"x":59,"y":350,"width":832,"height":12}},{"id":"163e5789-586f-4319-9fe7-c2f9194623fb","block_type":"box","text":"companies and voting at shareholder meetings on behalf of clients - is conducted from a long-term investor perspective and","page_number":174,"box":{"x":59,"y":365,"width":872,"height":13}},{"id":"ceead74b-1d9e-4019-b46e-09a20b647d84","block_type":"box","text":"takes a financial materiality-based approach, focused solely on advancing clients’ long-term financial interests.","page_number":174,"box":{"x":59,"y":380,"width":775,"height":13}},{"id":"1a15b20e-985a-45b4-89fe-b68917cc2721","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our understanding of a","page_number":174,"box":{"x":60,"y":407,"width":867,"height":12}},{"id":"a584ecb0-a96d-4523-ade2-104a2f345c31","block_type":"box","text":"company’s business model, including how they are overseeing material business risks and opportunities over time, and to","page_number":174,"box":{"x":59,"y":422,"width":852,"height":12}},{"id":"a971e703-cd4e-4ab4-bb1f-4df65cab749f","block_type":"box","text":"help inform our voting on behalf of clients. Engagements provide companies with the opportunity to share their perspectives","page_number":174,"box":{"x":60,"y":437,"width":873,"height":12}},{"id":"7dae1579-ec8a-43c5-94fa-ef2140f234f8","block_type":"box","text":"on topics that, in BIS’ experience, impact the long-term financial returns BlackRock’s clients depend on to meet their financial","page_number":174,"box":{"x":59,"y":452,"width":877,"height":12}},{"id":"6be93927-e672-47d2-9459-2ab7ad4a2c97","block_type":"box","text":"goals.","page_number":174,"box":{"x":59,"y":467,"width":40,"height":13}},{"id":"f4a3c62a-88f1-497d-9d43-ef1f87a7b79d","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate governance. 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Our vote decisions are often informed by several factors, including in-depth analysis of company","page_number":174,"box":{"x":60,"y":554,"width":810,"height":13}},{"id":"4c0492b6-7d58-4b13-9fa0-395a5476b586","block_type":"box","text":"disclosures, comparisons against industry peers, third-party research, and, where appropriate, engagement with companies.","page_number":174,"box":{"x":59,"y":569,"width":871,"height":13}},{"id":"7c950073-cc32-4cc2-9524-3b689510e4de","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies which have","page_number":174,"box":{"x":59,"y":596,"width":839,"height":12}},{"id":"1ac3eec0-9737-4fca-add7-a40f29bb4227","block_type":"box","text":"sound corporate governance and deliver strong financial returns over time. When we determine it is in our clients’ financial","page_number":174,"box":{"x":59,"y":611,"width":859,"height":12}},{"id":"8a5e34e0-e2f8-43a8-aef9-2eac3e725176","block_type":"box","text":"interests to convey concern to companies through voting, we may do so in two forms: we might not support the election of","page_number":174,"box":{"x":60,"y":626,"width":865,"height":12}},{"id":"d2e01b97-ba18-49e1-93f6-48983c0af76a","block_type":"box","text":"directors or other management proposals, or we might not support management’s voting recommendation on a shareholder","page_number":174,"box":{"x":59,"y":641,"width":878,"height":12}},{"id":"eec05606-87e3-4ffb-bee4-9cdf99c61caf","block_type":"box","text":"proposal.","page_number":174,"box":{"x":59,"y":656,"width":64,"height":13}},{"id":"20cc7436-cfec-44ae-a64a-70b533e27348","block_type":"box","text":"Shareholder rights","page_number":174,"box":{"x":59,"y":683,"width":133,"height":12}},{"id":"e9c4a031-49cf-49cd-97c6-663778a7e844","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached to","page_number":174,"box":{"x":60,"y":709,"width":794,"height":12}},{"id":"a7e3b321-a1cf-4f41-929f-c8c3488d147f","block_type":"box","text":"shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":174,"box":{"x":59,"y":724,"width":653,"height":13}},{"id":"1d11c93a-a42f-4672-8824-ffe5de41bec0","block_type":"box","text":"(3)","page_number":174,"box":{"x":713,"y":722,"width":14,"height":8}},{"id":"2b9d7d78-cb50-417d-b2ca-20d229b04265","block_type":"box","text":"For example, in most","page_number":174,"box":{"x":734,"y":724,"width":145,"height":13}},{"id":"d2359c56-61ef-41ee-ad2b-bfcc2810bd90","block_type":"box","text":"markets, shareholders have the right to:","page_number":174,"box":{"x":60,"y":739,"width":276,"height":13}},{"id":"64a6ded0-b7ad-49a8-8c1b-4caa93fe3d4c","block_type":"box","text":"• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter","page_number":174,"box":{"x":59,"y":760,"width":878,"height":12}},{"id":"836a8f07-7af1-4f61-9f6e-cdbe03eebca3","block_type":"box","text":"or bylaws.","page_number":174,"box":{"x":92,"y":775,"width":69,"height":12}},{"id":"8f1bfadd-ba4e-43f9-afb7-b2ad2c6e68ab","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":174,"box":{"x":59,"y":795,"width":873,"height":12}},{"id":"a60336fe-46d7-49c8-ab16-6df02a498690","block_type":"box","text":"to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":174,"box":{"x":91,"y":810,"width":489,"height":12}},{"id":"201f08ae-1d48-4453-9481-0adc9390682b","block_type":"box","text":"(2) Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the five themes on which we mo","page_number":174,"box":{"x":59,"y":838,"width":848,"height":10}},{"id":"f42ee6e4-5078-4df0-b39e-cea74f5a243e","block_type":"box","text":"st","page_number":174,"box":{"x":908,"y":839,"width":10,"height":7}},{"id":"c3b86d28-5958-468c-9608-9ec4a06e8111","block_type":"box","text":"frequently engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":174,"box":{"x":91,"y":851,"width":674,"height":10}},{"id":"f51a6afa-70fe-4ae3-9a40-500fd25167a3","block_type":"box","text":"(3) Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union, “Shareholder Rights Directive II,”","page_number":174,"box":{"x":59,"y":866,"width":855,"height":10}},{"id":"6573fa75-a1e1-4658-a632-9fd049701bdd","block_type":"box","text":"2017; and the China Securities Regulatory Commission, “Code of Corporate Governance for Listed Companies in China,” 2001. Websites accessed in","page_number":174,"box":{"x":92,"y":879,"width":827,"height":9}},{"id":"d583d493-a7e7-4aae-b8c3-d8a5619d7c57","block_type":"box","text":"December 2025.","page_number":174,"box":{"x":92,"y":891,"width":91,"height":8}},{"id":"e0abc3b4-027f-4dd9-9a9b-0a3d3eb5e4be","block_type":"box","text":"A-22","page_number":174,"box":{"x":481,"y":916,"width":34,"height":9}},{"id":"41749630-a97f-42b8-b055-ad68424bd8a8","block_type":"box","text":"• Access sufficient and timely information on governance, strategic, and business matters — where such matters are","page_number":175,"box":{"x":59,"y":67,"width":839,"height":12}},{"id":"7717990c-441d-452c-b090-4c0c10c4838e","block_type":"box","text":"material — to make informed decisions.","page_number":175,"box":{"x":92,"y":82,"width":279,"height":9}},{"id":"9bf9cdfc-2199-4675-a7fb-292f614d7fb0","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":59,"y":108,"width":843,"height":13}},{"id":"4833f9ba-fddd-4a75-a2c8-c4168a2fd61e","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":59,"y":123,"width":824,"height":13}},{"id":"c7b2c836-06b3-4073-9136-7090e83b7dd8","block_type":"box","text":"Key governance topics","page_number":175,"box":{"x":60,"y":150,"width":161,"height":12}},{"id":"5b5a5749-cd8a-4219-9f5c-4ce7209bf1be","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a company’s","page_number":175,"box":{"x":60,"y":176,"width":842,"height":13}},{"id":"e690a291-9113-4f4f-958b-dc42c08664d8","block_type":"box","text":"ability to create long-term financial value for shareholders. These are topics that shareholders may have the ability to vote on","page_number":175,"box":{"x":59,"y":191,"width":873,"height":13}},{"id":"bf609ac7-5856-4ced-bd6b-5fbc9c23f27b","block_type":"box","text":"at shareholder meetings. These areas include:","page_number":175,"box":{"x":59,"y":206,"width":320,"height":13}},{"id":"611517b9-8d32-4121-b70f-2befc5d95782","block_type":"box","text":"• Boards and directors","page_number":175,"box":{"x":59,"y":227,"width":176,"height":9}},{"id":"50a4b2ea-e9bf-4bb0-ad5e-4e713a761cc2","block_type":"box","text":"• Auditors and audit-related issues","page_number":175,"box":{"x":59,"y":247,"width":264,"height":9}},{"id":"c43d5d80-010f-4ae1-850c-fb220cabd6de","block_type":"box","text":"• Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":175,"box":{"x":59,"y":267,"width":590,"height":12}},{"id":"96d4204c-dcd0-48e5-aa00-045f5c235dbd","block_type":"box","text":"• Executive compensation","page_number":175,"box":{"x":59,"y":288,"width":202,"height":11}},{"id":"d984565b-f33c-4a4d-9d14-85f7017dce9b","block_type":"box","text":"• Shareholder protections and other significant corporate governance matters","page_number":175,"box":{"x":59,"y":307,"width":567,"height":13}},{"id":"68fec265-e1c3-472e-8080-b2cef0fbaab7","block_type":"box","text":"• Shareholder proposals","page_number":175,"box":{"x":59,"y":327,"width":189,"height":13}},{"id":"e7f73e31-9b7e-4d3d-8cee-48157aae8f9d","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into consideration a","page_number":175,"box":{"x":59,"y":354,"width":832,"height":12}},{"id":"a4f5c1ff-18b5-42ef-bb7c-7319d3276aa7","block_type":"box","text":"number of company-specific factors, including the sector, market, and business environment within which companies","page_number":175,"box":{"x":60,"y":369,"width":826,"height":12}},{"id":"3ba641db-b2fc-48de-9a5c-688c33cdfb92","block_type":"box","text":"operate.","page_number":175,"box":{"x":59,"y":385,"width":56,"height":11}},{"id":"1b0de8dc-d886-4aa1-9f93-2a598b0c7547","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards in their","page_number":175,"box":{"x":59,"y":411,"width":840,"height":12}},{"id":"4e3034f1-8a84-405b-9501-91d23f9fe00e","block_type":"box","text":"domestic market at a minimum, and we ask that, if they do not, they explain how their approach better supports durable,","page_number":175,"box":{"x":59,"y":426,"width":848,"height":12}},{"id":"e9b6f8ca-e6ab-4d73-8109-6673a8eaafd0","block_type":"box","text":"long-term financial value creation. Our regional voting guidelines explain how the BIS Global Principles inform our voting","page_number":175,"box":{"x":60,"y":441,"width":843,"height":12}},{"id":"0c9ac002-e02a-4043-a0d5-f54d60916675","block_type":"box","text":"decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":175,"box":{"x":59,"y":456,"width":616,"height":12}},{"id":"5b4eda78-8178-46a4-a794-b81c82e70426","block_type":"box","text":"(4)","page_number":175,"box":{"x":677,"y":454,"width":14,"height":8}},{"id":"19c69c76-db3c-48b8-9eab-db5cde954e49","block_type":"box","text":"Boards and directors","page_number":175,"box":{"x":60,"y":482,"width":148,"height":10}},{"id":"40cea0f0-5d1d-4ef3-b164-bada012211aa","block_type":"box","text":"Oversight role of the board","page_number":175,"box":{"x":59,"y":509,"width":194,"height":12}},{"id":"d0e5c921-ac7d-4bea-9797-dbdfa41d416c","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":175,"box":{"x":59,"y":535,"width":830,"height":13}},{"id":"9ec7a51a-7b14-4163-be0b-8686371860ab","block_type":"box","text":"relevant to a company’s business enhance the board’s ability to add long-term financial value and serve as the voice of","page_number":175,"box":{"x":60,"y":550,"width":830,"height":13}},{"id":"2c4ec886-5673-4aa4-a42f-051e28ae800b","block_type":"box","text":"shareholders in board discussions. In our view, a strong board gives a company a competitive advantage, providing valuable","page_number":175,"box":{"x":59,"y":566,"width":866,"height":12}},{"id":"782cfdbc-11c1-4ceb-a7a5-d0dfcf80673a","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial performance.","page_number":175,"box":{"x":59,"y":581,"width":842,"height":12}},{"id":"63873533-d6df-4178-a41a-99ddf1a95a6b","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We engage, as","page_number":175,"box":{"x":60,"y":607,"width":823,"height":12}},{"id":"9893b309-e7c1-4d9d-b5bd-198f533e92c7","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":175,"box":{"x":60,"y":622,"width":867,"height":13}},{"id":"53ab376b-f772-47f2-aced-865f90b7fb8b","block_type":"box","text":"and board composition are effective given a company’s business model, sector, market, and the business environment in","page_number":175,"box":{"x":59,"y":637,"width":843,"height":13}},{"id":"8a21f412-9c94-487d-9bb4-9be566889486","block_type":"box","text":"which a company is operating.","page_number":175,"box":{"x":59,"y":652,"width":213,"height":13}},{"id":"22a60fc4-d6cc-4050-83c1-6093cb93e970","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective governance","page_number":175,"box":{"x":59,"y":679,"width":840,"height":12}},{"id":"ae6809ad-3c0f-4a22-8464-adc665fccb59","block_type":"box","text":"mechanisms that supports its oversight of the company’s strategy and operations, consistent with the long-term financial","page_number":175,"box":{"x":60,"y":694,"width":852,"height":12}},{"id":"6ba56750-5758-411e-83e8-33b890bc523e","block_type":"box","text":"interests of investors. This includes having clear descriptions of the role of the board and the committees of the board and","page_number":175,"box":{"x":60,"y":709,"width":853,"height":12}},{"id":"ab0616eb-170d-4249-aa17-00955c21f15d","block_type":"box","text":"how directors engage with and oversee management, as well as disclosure of material risks that may affect a company’s","page_number":175,"box":{"x":60,"y":724,"width":841,"height":13}},{"id":"3ec17153-5ec6-4878-8e3b-975a5b0e5996","block_type":"box","text":"long-term strategy and how management is effectively identifying, managing, and mitigating such risks.","page_number":175,"box":{"x":60,"y":739,"width":729,"height":13}},{"id":"d6abd3c1-d8d0-48e7-a75d-242d66563490","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":175,"box":{"x":60,"y":766,"width":777,"height":12}},{"id":"31e954e5-67d6-4150-92fd-0a334c72b506","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we find it","page_number":175,"box":{"x":60,"y":781,"width":853,"height":12}},{"id":"d2058e74-c24f-4cf2-88ba-6726f677f590","block_type":"box","text":"helpful when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":175,"box":{"x":60,"y":796,"width":838,"height":12}},{"id":"b3453aae-9d63-461f-86fa-225269e5ccc2","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the","page_number":175,"box":{"x":60,"y":811,"width":842,"height":13}},{"id":"5ac59350-fed1-4b32-9404-4d2ea1483402","block_type":"box","text":"management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":175,"box":{"x":60,"y":826,"width":663,"height":13}},{"id":"4d12f3fa-df8f-4aed-afcf-41312faab554","block_type":"box","text":"(4) Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally accepted practice is info","page_number":175,"box":{"x":59,"y":853,"width":836,"height":10}},{"id":"95fae6f5-fc12-4491-b123-11ed84d0e577","block_type":"box","text":"rmed","page_number":175,"box":{"x":897,"y":853,"width":28,"height":8}},{"id":"53b67c4f-4ccf-4699-8be3-8ec0b64e2575","block_type":"box","text":"by corporate law, market regulation, best practices, and industry initiatives, amongst other factors. BIS carries out engagement with companies,","page_number":175,"box":{"x":92,"y":866,"width":804,"height":10}},{"id":"cefb1b47-f81f-407f-b4ef-04cdbda92825","block_type":"box","text":"executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant regional","page_number":175,"box":{"x":92,"y":879,"width":822,"height":9}},{"id":"9118bfcd-23f5-45e4-b955-e37a24f0e6fb","block_type":"box","text":"voting guidelines.","page_number":175,"box":{"x":91,"y":891,"width":98,"height":10}},{"id":"09e4e2ae-5c79-4180-b99c-6b8d3be78cd8","block_type":"box","text":"A-23","page_number":175,"box":{"x":481,"y":916,"width":34,"height":9}},{"id":"57f52f7a-4b4c-476a-9dd8-2ca6cb2dc70b","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate governance and","page_number":176,"box":{"x":59,"y":67,"width":870,"height":12}},{"id":"b53ce9a8-dc91-47ca-9624-e900f22919f7","block_type":"box","text":"risk oversight responsibilities, we may consider not supporting the election of directors who, in our assessment, have","page_number":176,"box":{"x":60,"y":82,"width":817,"height":12}},{"id":"cfab5cba-26c9-4284-a612-154e1f571620","block_type":"box","text":"particular responsibility for the issues.","page_number":176,"box":{"x":59,"y":97,"width":264,"height":12}},{"id":"cdfc38a5-d20e-4983-8d91-2131fce22097","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to the board’s","page_number":176,"box":{"x":59,"y":123,"width":853,"height":13}},{"id":"349853b8-3db1-43a8-bd73-397e531b1f5b","block_type":"box","text":"effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well as directors’ capacity","page_number":176,"box":{"x":59,"y":138,"width":875,"height":13}},{"id":"28a6b488-edfd-4c0c-a44d-ae3ce8ef2880","block_type":"box","text":"and other time commitments, and how these factors may contribute to the company’s financial performance. We look to","page_number":176,"box":{"x":59,"y":154,"width":848,"height":12}},{"id":"3f79b739-d1d4-4bcf-b419-e30fcfed7754","block_type":"box","text":"boards to establish formal and transparent processes for nominating directors that reflect the company’s long-term strategy","page_number":176,"box":{"x":60,"y":169,"width":870,"height":12}},{"id":"d122055e-3ac0-4f9e-ab5f-ec1a1072b832","block_type":"box","text":"and business model.","page_number":176,"box":{"x":59,"y":184,"width":143,"height":9}},{"id":"15bdd813-1797-4cca-a16e-dd08200c27a0","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":176,"box":{"x":60,"y":210,"width":789,"height":13}},{"id":"2b75f1bb-91ee-4081-89d1-7e429bf74ee9","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":176,"box":{"x":59,"y":225,"width":655,"height":13}},{"id":"1583b498-d771-4fbb-8a3a-195cdf6e66d8","block_type":"box","text":"Regular accountability through director elections","page_number":176,"box":{"x":60,"y":252,"width":354,"height":12}},{"id":"31189db0-2291-4060-8c1c-fdd05afe3c10","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or concern about, the","page_number":176,"box":{"x":59,"y":278,"width":869,"height":13}},{"id":"bff35434-366f-409a-acfd-43fbf0262942","block_type":"box","text":"performance of the board in overseeing and advising management. To ensure accountability for their decisions on behalf of","page_number":176,"box":{"x":59,"y":293,"width":867,"height":13}},{"id":"b530e83f-b7c3-445e-93d7-5864262d67b0","block_type":"box","text":"shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":176,"box":{"x":59,"y":308,"width":584,"height":13}},{"id":"aee23686-ee14-459b-9b09-57c50e0da275","block_type":"box","text":"(5)","page_number":176,"box":{"x":645,"y":306,"width":14,"height":9}},{"id":"eea4a9f9-5e58-4604-ac46-46f57e7c2059","block_type":"box","text":"Annual director elections allow","page_number":176,"box":{"x":664,"y":308,"width":217,"height":10}},{"id":"54ac08c1-f9a5-498d-9b90-0af2b3faa175","block_type":"box","text":"shareholders to reaffirm their support for, or concerns about, board members’ decisions in a timely manner. When board","page_number":176,"box":{"x":59,"y":324,"width":843,"height":12}},{"id":"7780bd5f-1a78-4b36-b76b-b3a0888c277d","block_type":"box","text":"members are not elected annually, we consider it good practice for boards to have a rotation policy to ensure that, through a","page_number":176,"box":{"x":60,"y":339,"width":870,"height":12}},{"id":"786229cf-bb7d-476b-8957-9c2a5b656df2","block_type":"box","text":"board cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":176,"box":{"x":60,"y":354,"width":832,"height":12}},{"id":"abffa727-a6a5-4681-aab2-15236e0918ae","block_type":"box","text":"election at each shareholder meeting.","page_number":176,"box":{"x":59,"y":369,"width":263,"height":12}},{"id":"dcd23e40-3181-4fde-9fcc-2a820157440e","block_type":"box","text":"Board quality and effectiveness","page_number":176,"box":{"x":60,"y":395,"width":224,"height":13}},{"id":"f016b80b-0b2a-4721-931b-c3bb08f646dc","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":176,"box":{"x":60,"y":422,"width":793,"height":12}},{"id":"c4addfe1-65a1-4564-a970-32642c81c042","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":176,"box":{"x":59,"y":437,"width":840,"height":12}},{"id":"2ff2c197-1e09-4ddc-b891-c5eebd32f1f7","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":176,"box":{"x":60,"y":452,"width":819,"height":12}},{"id":"af8de0e2-bdf5-4ae8-ab51-8db58cd21653","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":176,"box":{"x":59,"y":467,"width":851,"height":13}},{"id":"6318d421-109f-4b7e-abc2-74fe216b9819","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":176,"box":{"x":59,"y":482,"width":724,"height":13}},{"id":"e0087f3c-d379-4503-862e-e8770a72751b","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to the","page_number":176,"box":{"x":59,"y":509,"width":806,"height":12}},{"id":"96ee7c46-dc74-4172-9cfd-a8108dcd370a","block_type":"box","text":"effectiveness of the board. In our view, the company’s assessment should consider a number of factors, including each","page_number":176,"box":{"x":59,"y":524,"width":830,"height":12}},{"id":"df1e6ef3-19c4-4331-90e8-9a9c318dcacd","block_type":"box","text":"director’s independence and time commitments, as well as the breadth and relevance of director experiences and skillsets,","page_number":176,"box":{"x":59,"y":539,"width":857,"height":12}},{"id":"0d54e4a3-a2b9-433f-a763-98b873dd5973","block_type":"box","text":"and how these collectively contribute to the board’s effectiveness in advising and overseeing management in delivering long","page_number":176,"box":{"x":59,"y":554,"width":875,"height":13}},{"id":"1363648f-d0f6-401b-acec-dea65cb93829","block_type":"box","text":"term financial returns.","page_number":176,"box":{"x":59,"y":569,"width":154,"height":10}},{"id":"4f5b5900-d00d-499a-be13-32cae13f0bdb","block_type":"box","text":"Director independence","page_number":176,"box":{"x":60,"y":596,"width":164,"height":12}},{"id":"a8c457e3-30e7-464a-a0a6-6fc68aa5168b","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central tenet of sound","page_number":176,"box":{"x":60,"y":622,"width":865,"height":13}},{"id":"1fb5e826-7fda-4b54-b3e0-8223f4f9ae48","block_type":"box","text":"corporate governance across markets.","page_number":176,"box":{"x":59,"y":637,"width":267,"height":13}},{"id":"68d7f399-5a39-4c9c-82b2-118dcb5b4d57","block_type":"box","text":"(6)","page_number":176,"box":{"x":328,"y":635,"width":14,"height":8}},{"id":"aa45526e-8058-497b-93c7-b9012325df8a","block_type":"box","text":"We look to boards to have a sufficient number of independent directors, free from","page_number":176,"box":{"x":347,"y":637,"width":571,"height":13}},{"id":"3d7e64a0-47fa-4a09-b70a-d139a02fc0c0","block_type":"box","text":"conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board and its ability to oversee","page_number":176,"box":{"x":59,"y":652,"width":849,"height":13}},{"id":"3ce21af7-80c6-45e1-bccb-8c86d09703e2","block_type":"box","text":"management. We generally consider it good practice for independent directors to make a majority of the board, or in the case","page_number":176,"box":{"x":60,"y":668,"width":878,"height":12}},{"id":"52a42759-b6e0-4c91-aa8b-4c2ed441f08e","block_type":"box","text":"of controlled companies, at least one-third.","page_number":176,"box":{"x":59,"y":683,"width":301,"height":12}},{"id":"a7fba4e3-0101-4adf-8679-0dfcfea08395","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":176,"box":{"x":59,"y":709,"width":529,"height":12}},{"id":"c497383d-edba-4468-b622-4210c4498d16","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":176,"box":{"x":59,"y":729,"width":466,"height":13}},{"id":"c99995d3-8857-4264-9e47-dde835c9d019","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":176,"box":{"x":59,"y":749,"width":627,"height":13}},{"id":"bd99668d-62b4-4ff1-b939-dc1e98e9731d","block_type":"box","text":"• Interlocking directorates","page_number":176,"box":{"x":59,"y":770,"width":203,"height":12}},{"id":"67e9e419-fb53-41d0-ae1f-a71e7e304418","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":176,"box":{"x":59,"y":790,"width":853,"height":12}},{"id":"ebf8bf32-56ef-4610-ba5d-c73e7fa04dbd","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":176,"box":{"x":92,"y":805,"width":646,"height":12}},{"id":"cb34ac80-0d94-485c-8e8b-156d3815ffb4","block_type":"box","text":"(5) In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market regulation or voluntary b","page_number":176,"box":{"x":59,"y":851,"width":840,"height":10}},{"id":"c077e143-f4a9-4c37-bc4f-b195b792bff6","block_type":"box","text":"est","page_number":176,"box":{"x":900,"y":852,"width":16,"height":7}},{"id":"4a620277-7c46-40a7-9c7f-eab00b2efb62","block_type":"box","text":"practice.","page_number":176,"box":{"x":92,"y":864,"width":46,"height":9}},{"id":"3e8ea645-a9e1-454d-99b7-5a656803ca92","block_type":"box","text":"(6) For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial Reporting Council, “UK Corporate G","page_number":176,"box":{"x":59,"y":879,"width":858,"height":9}},{"id":"c3d2a0e0-5aab-4334-83f8-a8127732e14c","block_type":"box","text":"ov","page_number":176,"box":{"x":918,"y":881,"width":17,"height":5}},{"id":"3bb4c525-0fd9-43da-8940-e39cf3684c81","block_type":"box","text":"ernance Code,” January 2024, accessed in December 2025.","page_number":176,"box":{"x":92,"y":891,"width":327,"height":10}},{"id":"c5b524d6-1749-4972-a8b5-c9385678ff42","block_type":"box","text":"A-24","page_number":176,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"226bf2cc-3a09-4eaf-a398-0c67708b76c6","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":177,"box":{"x":60,"y":67,"width":847,"height":12}},{"id":"9e9a49a4-aafb-457b-8c69-a078adc91329","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":177,"box":{"x":60,"y":82,"width":838,"height":12}},{"id":"4691fc0b-e46c-44eb-83c4-6a6ec7cd1cd3","block_type":"box","text":"designated as a lead independent director. The role of this director is to support independent board members in fulfilling their","page_number":177,"box":{"x":59,"y":97,"width":879,"height":12}},{"id":"88d20c7f-ea02-4a23-b66b-43a3b53f8099","block_type":"box","text":"oversight responsibilities effectively by shaping the agenda, ensuring adequate information is provided to the board, and","page_number":177,"box":{"x":59,"y":112,"width":841,"height":12}},{"id":"014eae05-92f2-484a-b264-78911c8e2ee5","block_type":"box","text":"encouraging independent director participation in board deliberations. We appreciate when the lead independent director or","page_number":177,"box":{"x":59,"y":127,"width":870,"height":12}},{"id":"efe296b0-854b-4e01-b374-bd3d3596e294","block_type":"box","text":"another appropriate director is available to meet with shareholders to explain and contextualize a company’s approach as a","page_number":177,"box":{"x":59,"y":142,"width":862,"height":13}},{"id":"73205d59-5498-48eb-ac95-072eaeaeb11d","block_type":"box","text":"situation warrants.","page_number":177,"box":{"x":59,"y":158,"width":130,"height":9}},{"id":"bef50cf1-51ab-4c2c-b550-7bd1dd772ced","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that require additional","page_number":177,"box":{"x":60,"y":184,"width":871,"height":12}},{"id":"fc8b4d9a-f9c6-42fd-9568-7041e47b1fed","block_type":"box","text":"focus. It is our view that objective oversight of such matters is best achieved when the board forms committees with a","page_number":177,"box":{"x":59,"y":199,"width":827,"height":12}},{"id":"8576be7d-5fec-42a1-8310-4712cdbe7873","block_type":"box","text":"majority of independent directors, depending on market norms and a company’s ownership structure. In many markets,","page_number":177,"box":{"x":60,"y":214,"width":840,"height":12}},{"id":"be9c22cf-3e12-414e-a7fa-d1f837132b95","block_type":"box","text":"these committees of the board specialize in audit, director nominations, and compensation matters, among others. An ad","page_number":177,"box":{"x":59,"y":229,"width":851,"height":12}},{"id":"fbd47af5-caf4-4057-aafe-ff6ca5706519","block_type":"box","text":"hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to","page_number":177,"box":{"x":60,"y":244,"width":827,"height":13}},{"id":"1dd1069a-0674-4f38-b495-b2d5697f12bf","block_type":"box","text":"investigate a significant adverse event.","page_number":177,"box":{"x":60,"y":259,"width":267,"height":13}},{"id":"ac6fed9a-bd7b-4008-9e84-16ade9ad1d72","block_type":"box","text":"Sufficient capacity","page_number":177,"box":{"x":59,"y":286,"width":133,"height":12}},{"id":"b42bd302-146e-4279-85f4-74baed6553cb","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":177,"box":{"x":59,"y":312,"width":835,"height":13}},{"id":"707dda19-2799-4319-87b9-94900b346b02","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":177,"box":{"x":59,"y":327,"width":806,"height":13}},{"id":"719d232f-9f9f-4ccc-853d-09875358a1f2","block_type":"box","text":"responsibilities — including when there are unforeseen events — and therefore, we consider it best practice when they don’t","page_number":177,"box":{"x":60,"y":343,"width":872,"height":12}},{"id":"1510b5aa-e40c-4578-be51-744ea4f6b881","block_type":"box","text":"take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":177,"box":{"x":59,"y":358,"width":613,"height":12}},{"id":"ba3deed9-ec72-418c-a9d5-abfe75204e89","block_type":"box","text":"Board composition","page_number":177,"box":{"x":60,"y":384,"width":135,"height":12}},{"id":"6ad074a8-ae5e-421c-8da1-9d4d53fa5db9","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":177,"box":{"x":60,"y":411,"width":780,"height":12}},{"id":"d193d8d2-62ec-4f3d-87e8-4f16afd562e8","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":177,"box":{"x":59,"y":426,"width":822,"height":12}},{"id":"771d5acb-9c01-4f25-9708-f8e6ac59b1ee","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":177,"box":{"x":59,"y":441,"width":758,"height":12}},{"id":"811e6e59-3e23-4b94-97e5-ce9c4bdd84a5","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":177,"box":{"x":59,"y":467,"width":876,"height":13}},{"id":"71b6e882-1791-45e5-8cec-876eb00769d1","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":177,"box":{"x":59,"y":482,"width":854,"height":13}},{"id":"1ce89747-1022-4c3a-83e8-3a3440ed4b9b","block_type":"box","text":"composition. These disclosures should explain how the collective experience and expertise of the board, as well as the","page_number":177,"box":{"x":59,"y":497,"width":827,"height":13}},{"id":"39ed1fc2-1e5e-406f-bf17-8ebdaa822d96","block_type":"box","text":"particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly qualified, engaged directors","page_number":177,"box":{"x":59,"y":513,"width":859,"height":12}},{"id":"4cdc47b2-827b-4bc6-b38f-9d8c03bfbf1d","block_type":"box","text":"with professional characteristics relevant to a company’s business and strategy enhance the ability of the board to add value","page_number":177,"box":{"x":59,"y":528,"width":871,"height":12}},{"id":"9385c15b-0e89-43b7-b6ea-c7457f2a0356","block_type":"box","text":"and be the voice of shareholders in board discussions.","page_number":177,"box":{"x":59,"y":543,"width":378,"height":10}},{"id":"2ea23400-e2fe-4f5d-bfbe-b09d42cb4f72","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":177,"box":{"x":60,"y":569,"width":860,"height":13}},{"id":"59d10d28-58fe-48da-9a10-ee78b538df70","block_type":"box","text":"as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and oversee management. We","page_number":177,"box":{"x":59,"y":584,"width":849,"height":13}},{"id":"f4958293-5459-44be-bd42-7f8648061fad","block_type":"box","text":"note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies,","page_number":177,"box":{"x":60,"y":600,"width":829,"height":12}},{"id":"7e7d6021-fb42-4dcc-8c20-dccfdb8f87f5","block_type":"box","text":"particularly if there is a risk their board composition may be misaligned.","page_number":177,"box":{"x":59,"y":615,"width":500,"height":12}},{"id":"975c4771-3db1-4931-8523-96c486f70c2b","block_type":"box","text":"Auditors and audit-related issues","page_number":177,"box":{"x":59,"y":641,"width":239,"height":10}},{"id":"d1306568-dc5e-4a59-a7a0-b6f34273e392","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company’s","page_number":177,"box":{"x":60,"y":668,"width":856,"height":12}},{"id":"f1fb099c-3ecc-4a44-9b89-b70f2c19ea45","block_type":"box","text":"financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the auditor in","page_number":177,"box":{"x":59,"y":683,"width":810,"height":12}},{"id":"2e10fde8-92e8-42e7-b6b1-cb0a1c9f0e80","block_type":"box","text":"preparing the financial statements, to be reasonable and justified.","page_number":177,"box":{"x":59,"y":698,"width":458,"height":12}},{"id":"ce28e68e-da0a-4448-995c-26ce58f09f9a","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the independent auditor","page_number":177,"box":{"x":59,"y":724,"width":854,"height":13}},{"id":"55a5513a-b9db-4b83-9cc2-6cdf51b6049b","block_type":"box","text":"and the internal audit function at a company. The committee plays an important role in a company’s financial reporting","page_number":177,"box":{"x":59,"y":739,"width":834,"height":13}},{"id":"e0f95356-ac10-412e-8974-f29d1faeb4ff","block_type":"box","text":"system by providing independent oversight of the accounts, material financial, and, where appropriate to the jurisdiction,","page_number":177,"box":{"x":59,"y":754,"width":847,"height":13}},{"id":"147782e7-b817-450a-b120-550ad23d39b6","block_type":"box","text":"non-financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":177,"box":{"x":60,"y":770,"width":851,"height":11}},{"id":"3ff5c0c8-cd8e-4982-9b4c-c151a3dc5a59","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":177,"box":{"x":59,"y":785,"width":527,"height":12}},{"id":"486d0ca1-818f-4b87-aa60-c46ab6dbb2ca","block_type":"box","text":"(7)","page_number":177,"box":{"x":588,"y":783,"width":14,"height":8}},{"id":"4dfbf00b-6f4e-4aa5-85eb-a55f54e18f4b","block_type":"box","text":"In our view, effective audit committee","page_number":177,"box":{"x":608,"y":785,"width":262,"height":11}},{"id":"5053c0ee-11cb-4d4d-bab1-f94f97175ee7","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level of","page_number":177,"box":{"x":59,"y":800,"width":831,"height":12}},{"id":"11d14a31-5d11-48a1-865e-17cb6437a0a9","block_type":"box","text":"reassurance to shareholders.","page_number":177,"box":{"x":60,"y":815,"width":199,"height":10}},{"id":"13f25ac3-a474-481c-8c2d-ff826b8cbe20","block_type":"box","text":"(7) Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setti","page_number":177,"box":{"x":59,"y":853,"width":837,"height":10}},{"id":"0f20a738-cfd6-4bfb-98c5-644334839d77","block_type":"box","text":"ng and","page_number":177,"box":{"x":898,"y":853,"width":37,"height":10}},{"id":"a4538de9-5dd4-46f6-ad81-4ee43f22e67c","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":177,"box":{"x":92,"y":866,"width":818,"height":10}},{"id":"7215da80-044c-4d5b-bb1d-abba01dd8433","block_type":"box","text":"son","page_number":177,"box":{"x":911,"y":868,"width":24,"height":6}},{"id":"64f74a3b-8c57-4a47-873d-dd6c9c104a9f","block_type":"box","text":"able assurance regarding the achievement of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission","page_number":177,"box":{"x":92,"y":879,"width":798,"height":9}},{"id":"a35a1070-f67f-430b-b077-597f5b663dd5","block_type":"box","text":"(COSO), “Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":177,"box":{"x":92,"y":891,"width":422,"height":10}},{"id":"56f68e32-5794-46c0-9bac-3bb2ef00992f","block_type":"box","text":"A-25","page_number":177,"box":{"x":481,"y":916,"width":34,"height":9}},{"id":"1b9c14e5-dc7d-45f2-aa7b-524eb399a4ea","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their responsibilities.","page_number":178,"box":{"x":59,"y":67,"width":820,"height":12}},{"id":"96580cab-d269-49e1-b9cd-4593e319b5e7","block_type":"box","text":"Additionally, having a rotation plan can periodically refresh the committee membership and introduce new perspectives. We","page_number":178,"box":{"x":59,"y":82,"width":868,"height":12}},{"id":"6aaf6eb7-f9e1-474e-b0e6-3d675581c89e","block_type":"box","text":"recognize that audit committees will rely on management, internal audit, and the independent auditor to fulfill their","page_number":178,"box":{"x":60,"y":97,"width":807,"height":12}},{"id":"dd7b6dfb-3cf4-4205-873d-19b04f0e7ddf","block_type":"box","text":"responsibilities. However, we look to committee members to demonstrate they have relevant expertise to monitor and","page_number":178,"box":{"x":60,"y":112,"width":825,"height":12}},{"id":"80b0dcde-bb8b-4616-9005-4fd2527b27ab","block_type":"box","text":"oversee the audit process and related activities.","page_number":178,"box":{"x":59,"y":127,"width":330,"height":12}},{"id":"d48b5c56-e3d0-44fd-9aa0-aa2f2b916401","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":178,"box":{"x":59,"y":154,"width":871,"height":12}},{"id":"42dcf6a8-7780-4d40-a9f1-bdd66df648b4","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to provide timely","page_number":178,"box":{"x":59,"y":169,"width":811,"height":12}},{"id":"67f659cf-5c64-43de-8768-03789a206abe","block_type":"box","text":"disclosure on the remediation of key and critical audit matters identified either by the external auditor or internal audit","page_number":178,"box":{"x":59,"y":184,"width":827,"height":12}},{"id":"54d9206f-63d4-4e8a-81f7-1e307348bcff","block_type":"box","text":"function.","page_number":178,"box":{"x":59,"y":199,"width":62,"height":10}},{"id":"9a504a86-7027-41ce-9bfb-6c626969da1c","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could compromise its ability","page_number":178,"box":{"x":59,"y":225,"width":874,"height":13}},{"id":"1c98b3a7-2ad4-438a-8f7d-6ba6c7359107","block_type":"box","text":"to serve as an effective check on management. To that end, it is important that auditors are, and are seen to be, independent.","page_number":178,"box":{"x":59,"y":240,"width":876,"height":13}},{"id":"0bc4c191-bb9c-4917-b4e0-5bf08b164972","block_type":"box","text":"Where an audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed","page_number":178,"box":{"x":59,"y":256,"width":849,"height":12}},{"id":"746b1d81-85ba-4dac-99fb-34f6ebcf852f","block_type":"box","text":"and explained. We look for audit committees to have in place a procedure for assessing the independence of the auditor and","page_number":178,"box":{"x":59,"y":271,"width":870,"height":12}},{"id":"40c49b0c-a9ea-4f7e-87e7-db939f18aa77","block_type":"box","text":"the quality of the external audit process on an annual basis.","page_number":178,"box":{"x":59,"y":286,"width":416,"height":12}},{"id":"dbb425a9-9db2-4a99-bac2-007dbc0711d0","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":178,"box":{"x":59,"y":312,"width":791,"height":13}},{"id":"49cf6889-f2c2-4107-90b2-55e67fb93e03","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee to","page_number":178,"box":{"x":60,"y":327,"width":838,"height":13}},{"id":"ec7f50dd-9ba8-4a19-92fc-3d2acdd85967","block_type":"box","text":"periodically review the company’s risk assessment and risk management policies and the significant risks and exposures","page_number":178,"box":{"x":59,"y":343,"width":844,"height":12}},{"id":"63c91880-257a-47ec-a81f-e660b36f640d","block_type":"box","text":"identified by management, the internal auditors or the independent auditors, and management’s steps to address them. In","page_number":178,"box":{"x":60,"y":358,"width":857,"height":12}},{"id":"e50ed8f5-595d-4883-9aa7-f81df37e81da","block_type":"box","text":"the absence of detailed disclosures, we may conclude that companies are not adequately managing risk.","page_number":178,"box":{"x":59,"y":373,"width":731,"height":12}},{"id":"39dc2ac7-0148-40f0-87c6-a3cdd362a5ba","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":178,"box":{"x":59,"y":399,"width":577,"height":13}},{"id":"cc1788c8-a3cb-40c4-b08a-4abbdcf533fd","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":178,"box":{"x":59,"y":426,"width":852,"height":12}},{"id":"7839207a-2055-4b03-ab47-5db83c700b99","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":178,"box":{"x":59,"y":441,"width":841,"height":12}},{"id":"7f1293cc-4faa-4c0f-90bf-1dca3c32acef","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":178,"box":{"x":59,"y":456,"width":351,"height":12}},{"id":"20ef4254-1921-461d-9f1e-ffb00c3e9ade","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and differentiated voting","page_number":178,"box":{"x":60,"y":482,"width":874,"height":13}},{"id":"04e12fef-83a0-4e51-85cd-daeb69479e3b","block_type":"box","text":"rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of “one share, one vote” for","page_number":178,"box":{"x":60,"y":497,"width":821,"height":13}},{"id":"0822a6b8-f6b5-45a1-97a1-eac0dac29268","block_type":"box","text":"registered shareholders.","page_number":178,"box":{"x":60,"y":513,"width":166,"height":12}},{"id":"7e12b78d-9de9-4d8c-a1ad-f0bfb3f2ac7b","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason for listing","page_number":178,"box":{"x":60,"y":539,"width":844,"height":12}},{"id":"65111c51-43e2-475d-873d-10d9ac645cd9","block_type":"box","text":"dual classes of shares with differentiated voting rights. In our view, such companies should review these share class","page_number":178,"box":{"x":59,"y":554,"width":808,"height":13}},{"id":"9d025292-6e32-47fe-b81f-d9709ff568da","block_type":"box","text":"structures on a regular basis or as company circumstances change. Additionally, they should seek shareholder approval of","page_number":178,"box":{"x":59,"y":569,"width":856,"height":13}},{"id":"f69ffcf5-3e2b-4dcb-83b3-d58b39a62825","block_type":"box","text":"their capital structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":178,"box":{"x":59,"y":584,"width":858,"height":13}},{"id":"db2c7af0-1aeb-49d7-9d27-9be888611ba3","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase","page_number":178,"box":{"x":59,"y":600,"width":878,"height":12}},{"id":"a29657c8-26b6-4971-a4df-f090096e0dbc","block_type":"box","text":"out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":178,"box":{"x":59,"y":615,"width":629,"height":12}},{"id":"082bc733-af66-4eb8-b3e3-eb2e9466aed2","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term financial interests of","page_number":178,"box":{"x":60,"y":641,"width":874,"height":12}},{"id":"d7bccb7e-02ac-4003-804e-3c55f32a30e7","block_type":"box","text":"our clients as shareholders, and so we will review any proposed transaction with that objective in mind. Typically, we review","page_number":178,"box":{"x":59,"y":656,"width":865,"height":13}},{"id":"b08ad9f4-3b57-4e30-923c-d281e91b4f2d","block_type":"box","text":"factors such as whether the proposed transaction has the unanimous support of the board and has been negotiated at arm’s","page_number":178,"box":{"x":59,"y":671,"width":875,"height":13}},{"id":"743fce15-be41-44c2-b6ef-8b455f73e531","block_type":"box","text":"length, and whether the board or management has clearly explained its economic and strategic rationale. We may also seek","page_number":178,"box":{"x":60,"y":686,"width":867,"height":13}},{"id":"32192998-fec7-4f40-babf-d4b9781cc76e","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction have not","page_number":178,"box":{"x":60,"y":702,"width":864,"height":12}},{"id":"0ff2e9a2-6e4c-4abe-984c-8284dd15f769","block_type":"box","text":"adversely affected their ability to place shareholders’ interests before their own. Where the transaction involves related","page_number":178,"box":{"x":59,"y":717,"width":826,"height":12}},{"id":"0ad14714-455c-4578-8acc-06e037472285","block_type":"box","text":"parties, the recommendation to support should come from the independent directors, a best practice in most markets, and","page_number":178,"box":{"x":59,"y":732,"width":862,"height":12}},{"id":"e2b02b99-dde0-49c1-83de-3eb2baeb1a1f","block_type":"box","text":"ideally, the terms should have been assessed through an independent appraisal process. In addition, it is good practice that it","page_number":178,"box":{"x":60,"y":747,"width":873,"height":12}},{"id":"41994a98-ad70-42bc-aca0-18372505a542","block_type":"box","text":"be approved by a separate vote of the non-conflicted parties.","page_number":178,"box":{"x":60,"y":762,"width":423,"height":12}},{"id":"c7774b2d-2f63-44b7-9743-5653d23598cd","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":178,"box":{"x":59,"y":788,"width":826,"height":13}},{"id":"4ac522f2-674f-4114-a102-d60986d1a94a","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":178,"box":{"x":60,"y":804,"width":877,"height":12}},{"id":"6c41850d-884d-4995-857b-b02d43647648","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":178,"box":{"x":59,"y":819,"width":864,"height":12}},{"id":"2a49936a-d306-4012-bf9c-53e23686cc19","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":178,"box":{"x":59,"y":834,"width":819,"height":12}},{"id":"af3b21d8-75b7-4b91-9c34-3c17b60c57a3","block_type":"box","text":"encourage any shareholder rights plans proposed by a board to be subject to shareholder approval upon introduction and","page_number":178,"box":{"x":59,"y":849,"width":852,"height":12}},{"id":"58ce32c7-29ee-4099-9702-1adf344e1270","block_type":"box","text":"periodically thereafter.","page_number":178,"box":{"x":59,"y":864,"width":155,"height":12}},{"id":"7ea230b7-202d-4794-9fe4-8e9f9997584f","block_type":"box","text":"A-26","page_number":178,"box":{"x":481,"y":916,"width":35,"height":9}},{"id":"5ccc66f9-9ec1-4aab-bb3e-622e60a1c814","block_type":"box","text":"Executive compensation and benefits","page_number":179,"box":{"x":60,"y":67,"width":268,"height":12}},{"id":"c0f98f4e-5361-4c38-a017-b30900b8b9ef","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A well","page_number":179,"box":{"x":60,"y":93,"width":826,"height":12}},{"id":"0213e328-cae0-479f-a446-e9358d6f5be2","block_type":"box","text":"structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals; encourages","page_number":179,"box":{"x":59,"y":108,"width":867,"height":13}},{"id":"5a5fab77-0aaf-4460-b666-0ae869ff2e6c","block_type":"box","text":"an appropriate risk appetite; and aligns the interests of shareholders and executives through equity ownership.","page_number":179,"box":{"x":59,"y":123,"width":774,"height":13}},{"id":"b27d0955-5a1d-48f2-8c56-5e570d375b1a","block_type":"box","text":"(8)","page_number":179,"box":{"x":835,"y":121,"width":14,"height":8}},{"id":"85b91536-19c8-4694-9504-4aa11cb3da88","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained financial","page_number":179,"box":{"x":59,"y":150,"width":839,"height":12}},{"id":"ed4c6c22-0bd6-4f38-b114-1435f6f4a9a8","block_type":"box","text":"value creation for our clients as shareholders. We appreciate when performance targets incorporate ambitious objectives,","page_number":179,"box":{"x":59,"y":165,"width":849,"height":12}},{"id":"64ef9eb5-e24d-48f1-93f0-7519ff5c024d","block_type":"box","text":"and the corresponding metrics are aligned with the company’s strategy and business model. BIS does not have a position on","page_number":179,"box":{"x":59,"y":180,"width":871,"height":12}},{"id":"be5b157b-af47-45c8-a328-21457f558b58","block_type":"box","text":"whether companies choose to use sustainability-related criteria in compensation structures, but, where they are included, we","page_number":179,"box":{"x":59,"y":195,"width":878,"height":12}},{"id":"3a90eda8-c42b-4367-b300-7e2b03581096","block_type":"box","text":"look to companies to be as rigorous as they would be in setting other financial or operational targets. We appreciate when","page_number":179,"box":{"x":60,"y":210,"width":853,"height":13}},{"id":"dcda92e8-a43a-494f-903a-bfb11d62e706","block_type":"box","text":"long-term incentive plans encompass timeframes that: 1) are distinct from annual executive compensation structures and","page_number":179,"box":{"x":60,"y":225,"width":854,"height":13}},{"id":"9ae8d6cf-cce3-4c18-a92d-4e89c0541dbd","block_type":"box","text":"metrics, and 2) encourage the delivery of strong financial results over a period of years.","page_number":179,"box":{"x":60,"y":240,"width":608,"height":13}},{"id":"bfda4b8d-7f3a-40b3-9ba5-80db42943ee3","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive compensation carefully","page_number":179,"box":{"x":59,"y":267,"width":877,"height":12}},{"id":"ce1ba9d6-f2c8-4f5e-83a6-bb1b3c928b68","block_type":"box","text":"consider the company’s specific circumstances. Factors to consider may include the company’s risk profile, the environment","page_number":179,"box":{"x":59,"y":282,"width":870,"height":12}},{"id":"dbb37e52-1859-4bad-a5e6-74327fe244a2","block_type":"box","text":"it operates in, and the individuals the board is trying to attract and retain. We look to the compensation committees to guard","page_number":179,"box":{"x":60,"y":297,"width":871,"height":13}},{"id":"a9079c76-1a68-4fbe-b527-b70d04f229f1","block_type":"box","text":"against contractual arrangements that would entitle executives to material compensation for early termination of their","page_number":179,"box":{"x":59,"y":312,"width":831,"height":13}},{"id":"2c114901-3bbc-4229-98c3-1bf37ebb8211","block_type":"box","text":"employment. Finally, we look for pension contributions and other deferred compensation arrangements to be reasonable in","page_number":179,"box":{"x":59,"y":327,"width":863,"height":13}},{"id":"2ec7e382-8994-4c7a-ae23-82737fd54fde","block_type":"box","text":"light of market practices or the company’s business and executive compensation strategies.","page_number":179,"box":{"x":60,"y":343,"width":641,"height":12}},{"id":"51953444-2134-4a0e-95fa-79d6c100f539","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":179,"box":{"x":59,"y":369,"width":861,"height":12}},{"id":"c4166a97-1301-4307-89b9-3d22fff27c9e","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":179,"box":{"x":60,"y":384,"width":878,"height":12}},{"id":"6d80f9ea-c841-42ad-a709-7dd1df2d8bae","block_type":"box","text":"was used, and how the adjusted outcome is aligned with the interests of shareholders. In addition, we acknowledge that the","page_number":179,"box":{"x":59,"y":399,"width":870,"height":13}},{"id":"fb1aa70c-4bac-453c-93c8-f9e08d56752a","block_type":"box","text":"use of peer group evaluation by compensation committees can help ensure competitive pay. However, we encourage","page_number":179,"box":{"x":60,"y":414,"width":817,"height":13}},{"id":"a91e1e57-5611-4000-8970-1aa856dfd24d","block_type":"box","text":"companies to clearly explain how compensation outcomes have rewarded performance rather than solely base increases in","page_number":179,"box":{"x":59,"y":429,"width":863,"height":13}},{"id":"d3dd5568-72fb-4987-b0f8-e0a8e45f37f6","block_type":"box","text":"total compensation on peer benchmarking.","page_number":179,"box":{"x":59,"y":445,"width":303,"height":12}},{"id":"17d355ee-4e31-4dd6-bfb5-8d5b589921bc","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions could","page_number":179,"box":{"x":59,"y":471,"width":826,"height":12}},{"id":"5dc59811-abbb-40ed-9846-ec643d51a647","block_type":"box","text":"require executives to forgo awards when compensation was based on faulty financial statements or deceptive business","page_number":179,"box":{"x":60,"y":486,"width":832,"height":12}},{"id":"75d60edf-83fd-4537-a5f9-51fbc0a6b88a","block_type":"box","text":"practices, or when their behavior caused material financial harm to shareholders, material reputational risk to the company,","page_number":179,"box":{"x":59,"y":501,"width":864,"height":13}},{"id":"804d66a4-33d1-45e0-9702-8fa2e88f0f1c","block_type":"box","text":"or resulted in a criminal investigation.","page_number":179,"box":{"x":59,"y":516,"width":262,"height":13}},{"id":"a0aaf76a-e73a-4fcc-a3c8-8ae53e4e7b46","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":179,"box":{"x":60,"y":543,"width":839,"height":12}},{"id":"4f05c3d8-461b-4827-8304-772f6ec45212","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":179,"box":{"x":59,"y":558,"width":833,"height":12}},{"id":"c6680db5-79ae-476c-acef-1f085b452356","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":179,"box":{"x":59,"y":573,"width":869,"height":12}},{"id":"63bc045d-8ffb-43e2-a1a3-ea2743385050","block_type":"box","text":"charged with overseeing.","page_number":179,"box":{"x":59,"y":588,"width":175,"height":13}},{"id":"0c752379-236d-4cff-a830-b1a899d93b6e","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s approach to","page_number":179,"box":{"x":59,"y":615,"width":872,"height":12}},{"id":"7b4b4f97-c731-49a6-aafa-8a6218cf97fd","block_type":"box","text":"executive compensation is rigorous in light of the company’s stated long-term corporate strategy and specific circumstances,","page_number":179,"box":{"x":59,"y":630,"width":879,"height":12}},{"id":"32d6b2df-fe29-47c5-9e46-0855d4c9e0f7","block_type":"box","text":"as well as local market and policy developments","page_number":179,"box":{"x":59,"y":645,"width":336,"height":12}},{"id":"9a1c1d8d-8f16-4cce-a6af-98cfac813d43","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not support","page_number":179,"box":{"x":59,"y":671,"width":849,"height":13}},{"id":"41b95077-0d75-4462-8f1a-df6e878e771a","block_type":"box","text":"management’s proposals to approve compensation, where they are on the agenda. We may also not support members of the","page_number":179,"box":{"x":60,"y":686,"width":877,"height":13}},{"id":"28ac25ea-44dc-447b-acf0-f8439082fd1e","block_type":"box","text":"compensation committee or equivalent board members for poor compensation practices or structures.","page_number":179,"box":{"x":59,"y":702,"width":722,"height":12}},{"id":"ce01d571-8743-4874-aba0-f160a48141b8","block_type":"box","text":"Shareholder protections and other corporate governance matters","page_number":179,"box":{"x":59,"y":728,"width":472,"height":12}},{"id":"cc1b8039-9936-4471-abca-3ba84a8b216a","block_type":"box","text":"Corporate form","page_number":179,"box":{"x":59,"y":754,"width":111,"height":13}},{"id":"85ec4db1-b4ec-41c1-8eeb-f20e6e4bc952","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":179,"box":{"x":60,"y":781,"width":874,"height":12}},{"id":"9e70c656-2eac-439d-b02d-584d7883724e","block_type":"box","text":"purpose and business model.","page_number":179,"box":{"x":59,"y":796,"width":204,"height":12}},{"id":"828a39a5-2a48-4994-9471-ac0b7c43763c","block_type":"box","text":"(9)","page_number":179,"box":{"x":265,"y":794,"width":14,"height":8}},{"id":"41cf4145-511d-471b-88a9-5a2ac18751be","block_type":"box","text":"We look to companies proposing to change their corporate form to a public benefit","page_number":179,"box":{"x":284,"y":796,"width":583,"height":12}},{"id":"83b8b62a-6bfa-4317-9756-25be1fa0f6f7","block_type":"box","text":"corporation, or similar entity, to put it to a shareholder vote if not already required to do so under applicable law. We","page_number":179,"box":{"x":59,"y":811,"width":811,"height":13}},{"id":"f5ccf2f3-95b7-498f-a229-2cd0185c315b","block_type":"box","text":"appreciate when supporting documentation from companies or shareholders proposing to alter the corporate form clearly","page_number":179,"box":{"x":59,"y":826,"width":859,"height":13}},{"id":"53dcae1f-82b2-466a-92fa-63746500903b","block_type":"box","text":"explains how the interests of shareholders and different stakeholders would be impacted as well as the accountability and","page_number":179,"box":{"x":59,"y":841,"width":852,"height":13}},{"id":"22632c19-f6fc-440f-a878-f05f5e77b419","block_type":"box","text":"voting mechanisms that would be available to shareholders. We generally support management proposals if our analysis","page_number":179,"box":{"x":59,"y":857,"width":844,"height":12}},{"id":"d96836d0-2a83-4646-af84-a5893e595fdf","block_type":"box","text":"(8) The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in different markets","page_number":179,"box":{"x":59,"y":891,"width":765,"height":10}},{"id":"c2d7ca16-0250-4766-ba90-733b497912c2","block_type":"box","text":"A-27","page_number":179,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"8f1663ed-030f-4358-b6f3-38e60c27bb1e","block_type":"box","text":"indicates that shareholders’ financial interests are adequately protected. Corporate form shareholder proposals are evaluated","page_number":180,"box":{"x":60,"y":67,"width":873,"height":12}},{"id":"34e12f83-723f-4de4-a3f3-367f5a02d934","block_type":"box","text":"on a case-by-case basis.","page_number":180,"box":{"x":59,"y":82,"width":169,"height":12}},{"id":"8b637e7c-f7d2-4a5b-b6d5-d94bcf329601","block_type":"box","text":"Shareholder proposals","page_number":180,"box":{"x":59,"y":108,"width":162,"height":13}},{"id":"846565af-e42e-4f42-9685-93d099a66663","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as long as certain","page_number":180,"box":{"x":60,"y":135,"width":861,"height":12}},{"id":"071c3117-dfb1-4f35-b43b-7861f06b12e9","block_type":"box","text":"requirements are met. Shareholder proposals span a wide range of topics, including governance reforms, capital","page_number":180,"box":{"x":60,"y":150,"width":783,"height":12}},{"id":"71058544-25c0-4a21-81a2-1124e470dc39","block_type":"box","text":"management, and changes in the management or disclosure of sustainability-related risks. These proposals have a varying","page_number":180,"box":{"x":60,"y":165,"width":859,"height":12}},{"id":"2c76ec89-fefc-4dd1-bee1-d34f59958acb","block_type":"box","text":"degree of relevance for companies across sectors, locations, and business models.","page_number":180,"box":{"x":59,"y":180,"width":575,"height":12}},{"id":"764ccd3f-5962-4b7e-803e-2772d3d9653e","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the proposal’s","page_number":180,"box":{"x":60,"y":206,"width":834,"height":13}},{"id":"bd90b301-b0f7-4ea5-80e0-a8b11c2e61a2","block_type":"box","text":"implications for long-term financial value creation for shareholders. Our analysis considers whether a shareholder proposal","page_number":180,"box":{"x":60,"y":222,"width":860,"height":12}},{"id":"1fbd1367-318c-4574-b9c3-08b8dfe38360","block_type":"box","text":"addresses a material risk that may impact a company’s long-term financial performance. BIS may support shareholder","page_number":180,"box":{"x":59,"y":237,"width":828,"height":12}},{"id":"0b3c8992-99c0-49bd-99c9-22b0c14eb61e","block_type":"box","text":"proposals that request disclosures that help us, as long-term investors on behalf of our clients, better understand the","page_number":180,"box":{"x":59,"y":252,"width":819,"height":12}},{"id":"ffbc86f0-fc37-4c0b-953f-1313ea5c062d","block_type":"box","text":"material risks and opportunities companies face and how they are managing them, especially where this information is","page_number":180,"box":{"x":60,"y":267,"width":833,"height":12}},{"id":"15ebd602-0bcb-4450-b638-45f73234bb32","block_type":"box","text":"additive given the company’s existing disclosures. We look for consistency between the specific request formally made in the","page_number":180,"box":{"x":59,"y":282,"width":874,"height":12}},{"id":"b2760c49-816f-48c3-a8ad-db4daa073941","block_type":"box","text":"proposal, the supporting documentation, and the proponents’ other communications on the issues. We also assess the","page_number":180,"box":{"x":59,"y":297,"width":834,"height":13}},{"id":"15572bc8-e1a6-472a-b832-29ae7b7e23f7","block_type":"box","text":"company’s practices and disclosures and the costs and benefits to the company of meeting the request made in the","page_number":180,"box":{"x":59,"y":312,"width":811,"height":13}},{"id":"7fbac776-a453-4a54-bcf0-c726f99c138e","block_type":"box","text":"proposal. We take into consideration a company’s governance practices and disclosures against those of their peers.","page_number":180,"box":{"x":59,"y":327,"width":813,"height":13}},{"id":"1911ae5c-8e0b-43ff-84bf-d5087cb03b93","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that seek to","page_number":180,"box":{"x":60,"y":354,"width":827,"height":12}},{"id":"b2855855-b781-42c1-a55f-e9afa56e9d45","block_type":"box","text":"micromanage companies. We take into consideration the legal effect of the proposal, as shareholder proposals may be","page_number":180,"box":{"x":60,"y":369,"width":828,"height":12}},{"id":"1c0550ce-ffdb-4351-805b-f0c543696f3c","block_type":"box","text":"advisory or legally binding depending on the jurisdiction, while others may make requests that would be deemed illegal in a","page_number":180,"box":{"x":59,"y":384,"width":864,"height":12}},{"id":"1b645c6a-99e9-4b3f-8103-b4f6226011a7","block_type":"box","text":"given jurisdiction.","page_number":180,"box":{"x":59,"y":399,"width":122,"height":13}},{"id":"a9007913-4269-4a68-b82f-cefc3a4a732d","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":180,"box":{"x":60,"y":426,"width":856,"height":12}},{"id":"84ab1447-9083-4d28-b350-c783db55b2b0","block_type":"box","text":"advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the","page_number":180,"box":{"x":59,"y":441,"width":866,"height":12}},{"id":"88370166-f8d2-4da8-9a13-187853a2e04d","block_type":"box","text":"proponent’s supporting statement may refer to topics that are not directly related to the request made in the proposal. In","page_number":180,"box":{"x":59,"y":456,"width":847,"height":12}},{"id":"6bb7aa84-63f0-4d15-ae39-b5438899c013","block_type":"box","text":"voting on behalf of clients, we must vote yes or no on the proposal as phrased by the proponent. Therefore, when we vote in","page_number":180,"box":{"x":59,"y":471,"width":870,"height":12}},{"id":"651fd9c2-d251-4668-8e5f-c465b4348359","block_type":"box","text":"support of a proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives, or","page_number":180,"box":{"x":59,"y":486,"width":821,"height":12}},{"id":"1781fceb-2cca-47eb-a938-ac3c3d757d81","block_type":"box","text":"supporting statement of the proponent. We may support a proposal for different reasons than those put forth by the","page_number":180,"box":{"x":59,"y":501,"width":814,"height":13}},{"id":"7e3432e4-57c7-438b-b67d-e9689aee0037","block_type":"box","text":"proponent, when we believe that overall it may advance our clients’ long-term financial interests.","page_number":180,"box":{"x":59,"y":516,"width":677,"height":13}},{"id":"f7370431-45e5-4f6d-94b6-3e86c37d9383","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place restrictions and","page_number":180,"box":{"x":60,"y":543,"width":856,"height":12}},{"id":"14bdfeb2-348b-41c0-8d24-e6890fc3aed7","block_type":"box","text":"limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients. BlackRock does","page_number":180,"box":{"x":60,"y":558,"width":852,"height":12}},{"id":"21534383-6186-43e6-96b4-6c5a98295652","block_type":"box","text":"not nominate directors for board elections or submit shareholder proposals to companies. Non-compliance with these","page_number":180,"box":{"x":60,"y":573,"width":828,"height":12}},{"id":"f2c748b5-66ec-476d-9c89-9a1f25f2ae13","block_type":"box","text":"requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":180,"box":{"x":60,"y":588,"width":582,"height":13}},{"id":"da156e17-8995-49f2-9f91-56b675791949","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":180,"box":{"x":59,"y":615,"width":387,"height":12}},{"id":"b1637dd7-0938-44b8-9b5e-5dcb52787957","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and opportunities, is","page_number":180,"box":{"x":59,"y":641,"width":868,"height":12}},{"id":"0569c764-8dab-4f69-8ab4-421c3db3f9b2","block_type":"box","text":"an important component of having an effective governance framework that supports durable, long-term financial value","page_number":180,"box":{"x":59,"y":656,"width":836,"height":13}},{"id":"3a6c69c8-3de4-4494-8d04-bf5910d213b8","block_type":"box","text":"creation.","page_number":180,"box":{"x":59,"y":672,"width":60,"height":9}},{"id":"324d1f76-768a-4ebb-89eb-df6ea9d42619","block_type":"box","text":"(10)","page_number":180,"box":{"x":121,"y":669,"width":20,"height":8}},{"id":"07e5ee09-001c-4556-bcc0-a4a3e8fe5d60","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’ strategy and","page_number":180,"box":{"x":59,"y":698,"width":834,"height":12}},{"id":"0b28f7d8-cf80-4be4-847c-851504371ac0","block_type":"box","text":"business practices related to material sustainability-related risks and opportunities. We find it helpful when companies’","page_number":180,"box":{"x":60,"y":713,"width":830,"height":12}},{"id":"cc8bcf32-f8fa-46d3-8250-3151b995470d","block_type":"box","text":"disclosures demonstrate that they have a resilient business model that integrates material sustainability-related risks and","page_number":180,"box":{"x":59,"y":728,"width":846,"height":12}},{"id":"effc42be-1ad2-4067-8dca-372e523dcdf9","block_type":"box","text":"opportunities into their strategy, risk management, and metrics and targets, including industry-specific metrics.","page_number":180,"box":{"x":59,"y":743,"width":781,"height":12}},{"id":"8e65af8d-213e-4c26-b1d5-49eb921f7e85","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The International","page_number":180,"box":{"x":59,"y":770,"width":843,"height":12}},{"id":"fa791b69-bc24-4b49-8788-31bf0b004ce1","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization that we find","page_number":180,"box":{"x":59,"y":785,"width":878,"height":12}},{"id":"28f601a8-1f6a-4724-8871-08cd8d5584f1","block_type":"box","text":"useful in our analysis.","page_number":180,"box":{"x":60,"y":800,"width":149,"height":12}},{"id":"f2c2a394-4518-490f-b2e6-a0ddff07c521","block_type":"box","text":"(11)","page_number":180,"box":{"x":211,"y":798,"width":20,"height":8}},{"id":"d9dcfb16-ad7e-4249-8386-a9729a26352a","block_type":"box","text":"However, we do not mandate any specific disclosure framework companies should use, and","page_number":180,"box":{"x":237,"y":800,"width":641,"height":12}},{"id":"f3b81069-7714-4305-b664-ae4ddc813b1d","block_type":"box","text":"(9) Corporate form refers to the legal structure by which a business is organized.","page_number":180,"box":{"x":59,"y":838,"width":462,"height":10}},{"id":"1b16f782-a369-4b80-af8d-ce19a4a9294d","block_type":"box","text":"(10) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mo","page_number":180,"box":{"x":59,"y":853,"width":825,"height":10}},{"id":"92e37c0a-0295-471e-863b-7233e8a754d1","block_type":"box","text":"del that","page_number":180,"box":{"x":885,"y":853,"width":42,"height":8}},{"id":"26942474-c765-43a4-b356-85f8d8d439c1","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":180,"box":{"x":92,"y":866,"width":826,"height":10}},{"id":"1da37342-dcf1-4709-af83-4a24e28f9268","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":180,"box":{"x":92,"y":879,"width":832,"height":9}},{"id":"35d8d95d-e25d-43a8-92ac-1c2c79f9e7a8","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":180,"box":{"x":91,"y":891,"width":443,"height":10}},{"id":"dddf3132-e304-4216-ad42-09b611ed7c76","block_type":"box","text":"A-28","page_number":180,"box":{"x":481,"y":916,"width":35,"height":9}},{"id":"56f6a9f7-d82a-4908-8c85-743102655494","block_type":"box","text":"recognize that companies may report using different standards, some of which may be required by regulation. In such cases,","page_number":181,"box":{"x":60,"y":67,"width":869,"height":12}},{"id":"fc4e77f6-ff43-4f16-85f3-3773054dbb4d","block_type":"box","text":"we ask that companies highlight the metrics that are industry- or company-specific.","page_number":181,"box":{"x":59,"y":82,"width":588,"height":12}},{"id":"e86eb410-44bc-48ac-8f1b-35924bacab2b","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines regarding","page_number":181,"box":{"x":59,"y":108,"width":855,"height":13}},{"id":"e1f02d87-177a-4bc0-824a-1149e2b2cca2","block_type":"box","text":"when companies should make sustainability-related disclosures but appreciate it when companies produce them sufficiently","page_number":181,"box":{"x":59,"y":123,"width":874,"height":13}},{"id":"0ad0ede8-b19d-4647-b5e0-673dd3616686","block_type":"box","text":"in advance of their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and","page_number":181,"box":{"x":60,"y":138,"width":850,"height":13}},{"id":"4323dc36-3f83-455c-9d96-eb8d65aed80b","block_type":"box","text":"make informed voting decisions.","page_number":181,"box":{"x":60,"y":154,"width":226,"height":12}},{"id":"6fb145f3-2c36-4da2-93e2-659659bf9d5d","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on best practices","page_number":181,"box":{"x":60,"y":180,"width":863,"height":12}},{"id":"c2047f38-4617-4065-a022-1a0629220c10","block_type":"box","text":"and disclosures. While not a voting item, we find it helpful to our understanding of investment risk when companies disclose","page_number":181,"box":{"x":59,"y":195,"width":872,"height":12}},{"id":"05c28a98-11ed-414a-9014-a7cd5ae9c363","block_type":"box","text":"any relevant global sustainability-related standards adopted, the industry initiatives in which they participate, any peer group","page_number":181,"box":{"x":59,"y":210,"width":872,"height":13}},{"id":"58f45917-f184-4525-8e3f-1a3ad69c9a3d","block_type":"box","text":"benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and","page_number":181,"box":{"x":60,"y":225,"width":841,"height":13}},{"id":"71243825-3483-47f2-8171-bd2cb587924b","block_type":"box","text":"responsible business practices.","page_number":181,"box":{"x":60,"y":240,"width":214,"height":13}},{"id":"9a68f327-f981-4fe5-bb82-cb51a9efaf9c","block_type":"box","text":"Climate and nature-related risk","page_number":181,"box":{"x":76,"y":267,"width":224,"height":10}},{"id":"304e8cf5-1915-4bf0-a6b5-f0d2e7f5f125","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial value to","page_number":181,"box":{"x":59,"y":293,"width":828,"height":13}},{"id":"73f46a79-03db-45a6-825a-87aeded2f9d5","block_type":"box","text":"investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose, consistent with","page_number":181,"box":{"x":60,"y":308,"width":865,"height":13}},{"id":"0789aa62-6956-42eb-bdd5-018a9055bc0f","block_type":"box","text":"their business model and sector, how they intend to deliver long-term financial performance through the low-carbon","page_number":181,"box":{"x":59,"y":324,"width":818,"height":12}},{"id":"17bd11f7-868e-40f7-8f4d-e6a44a607d54","block_type":"box","text":"transition, including where available, their transition plan.","page_number":181,"box":{"x":59,"y":339,"width":400,"height":12}},{"id":"7515813a-45a0-459b-9828-21e283af078c","block_type":"box","text":"(12), (13)","page_number":181,"box":{"x":461,"y":337,"width":49,"height":8}},{"id":"a5af3a66-6439-4d29-998d-61bf37583387","block_type":"box","text":"From company disclosures and engagement, we seek to","page_number":181,"box":{"x":516,"y":339,"width":393,"height":12}},{"id":"e42ea6ea-de54-4d32-bec9-ed79acaf5b66","block_type":"box","text":"understand the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":181,"box":{"x":60,"y":354,"width":820,"height":12}},{"id":"2a3e3477-4a55-4c53-99d7-98ecc947471c","block_type":"box","text":"business model associated with a range of climate-related scenarios.","page_number":181,"box":{"x":60,"y":369,"width":480,"height":12}},{"id":"f2d5a666-9baf-4c5e-9bf2-e6a84a8ae432","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large companies to disclose","page_number":181,"box":{"x":60,"y":395,"width":878,"height":13}},{"id":"7e777bc6-679f-4110-9993-fc411ffd9908","block_type":"box","text":"such climate-related financial information, while in other jurisdictions these disclosures are viewed as best practice in the","page_number":181,"box":{"x":59,"y":411,"width":848,"height":12}},{"id":"734898a7-01fd-4ae5-ae90-c3d247222dd8","block_type":"box","text":"market.","page_number":181,"box":{"x":60,"y":426,"width":51,"height":9}},{"id":"b3bc6d46-d13e-47ab-8ab8-8f9782f7e7aa","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific climate-related risks","page_number":181,"box":{"x":59,"y":452,"width":875,"height":12}},{"id":"1fb12921-ead4-4747-95f5-3766f742da41","block_type":"box","text":"and opportunities, and informing investment decisions. Such disclosures also provide investors with insights into how","page_number":181,"box":{"x":59,"y":467,"width":825,"height":13}},{"id":"11ef12ac-9df0-4865-8514-e24650c07443","block_type":"box","text":"companies are managing the risks associated with a transition to a low-carbon economy by managing their own carbon","page_number":181,"box":{"x":59,"y":482,"width":842,"height":13}},{"id":"43ad8661-7d40-4683-a6bc-345b233c117a","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable.","page_number":181,"box":{"x":59,"y":497,"width":491,"height":13}},{"id":"fb8a4e0b-53c5-40bd-9270-056609272e83","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":181,"box":{"x":59,"y":524,"width":846,"height":12}},{"id":"9a5de81d-47c0-4bd8-a602-c7380e924fe5","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG)","page_number":181,"box":{"x":59,"y":539,"width":860,"height":12}},{"id":"da751fd5-a9f7-4965-9674-8b6168e1d88f","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":181,"box":{"x":60,"y":554,"width":832,"height":13}},{"id":"85df0982-3e33-417c-bd75-58a420f19a8d","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":181,"box":{"x":59,"y":581,"width":870,"height":12}},{"id":"cdc9b8e6-2245-46e9-abfc-0ac75e600fe2","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":181,"box":{"x":59,"y":596,"width":825,"height":12}},{"id":"da29ce27-33b2-42a1-b20b-c647f411b9a6","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments that companies","page_number":181,"box":{"x":59,"y":611,"width":828,"height":12}},{"id":"dd7e8c8f-9ae5-4303-8c46-ec904975d53f","block_type":"box","text":"choose to make regarding material scope 3 emissions and recognize that these are provided on a good-faith basis as","page_number":181,"box":{"x":59,"y":626,"width":817,"height":12}},{"id":"baaaab43-435a-46bd-849f-d03ea3b1ddb8","block_type":"box","text":"methodology develops.","page_number":181,"box":{"x":60,"y":641,"width":162,"height":12}},{"id":"77de8c49-c4a7-484a-bc6d-874410c613e1","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply chains are","page_number":181,"box":{"x":60,"y":668,"width":826,"height":12}},{"id":"c9ac69ec-efb2-4bd4-9368-af0f522d7408","block_type":"box","text":"materially reliant on natural capital, nature-related risks and opportunities may affect their ability to generate long-term","page_number":181,"box":{"x":60,"y":683,"width":835,"height":12}},{"id":"bd656ff6-5547-4424-a73c-3044316a919e","block_type":"box","text":"(11) The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. The standards bui","page_number":181,"box":{"x":59,"y":735,"width":831,"height":10}},{"id":"f98490a0-7aa0-413e-8f94-e22e8599e3b1","block_type":"box","text":"ld on","page_number":181,"box":{"x":892,"y":735,"width":27,"height":8}},{"id":"279dc2f0-030f-484e-bc34-3bd28ecdccd0","block_type":"box","text":"the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting","page_number":181,"box":{"x":91,"y":748,"width":839,"height":9}},{"id":"e3732f82-5312-4778-819e-5e64e0d51f39","block_type":"box","text":"Standards Board (SASB), which have both converged under the ISSB. Please refer to the IFRS website to learn more about the framework and stan","page_number":181,"box":{"x":92,"y":760,"width":821,"height":10}},{"id":"4ce54a59-0b20-4a0b-b723-10842f3cef8c","block_type":"box","text":"dards S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.” Websites","page_number":181,"box":{"x":92,"y":773,"width":794,"height":10}},{"id":"8013b34a-5d8a-46f5-896b-0c60d6019391","block_type":"box","text":"accessed in December 2025.","page_number":181,"box":{"x":92,"y":785,"width":159,"height":8}},{"id":"ea19f04b-3d26-4552-aa0b-439af422d95c","block_type":"box","text":"(12) We have observed that more companies are developing such plans, and public policymakers in certain markets are signaling their intentions to req","page_number":181,"box":{"x":59,"y":800,"width":852,"height":10}},{"id":"9a7df201-80bf-4345-ae2b-8bda0800046e","block_type":"box","text":"uire","page_number":181,"box":{"x":913,"y":801,"width":20,"height":7}},{"id":"a993d0b1-5e49-4bda-9247-1a35bcfeedcd","block_type":"box","text":"them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the International Transition Plan Network fo","page_number":181,"box":{"x":91,"y":813,"width":832,"height":10}},{"id":"2ac27605-55e8-4596-a3a8-dbd7717df16f","block_type":"box","text":"for","page_number":181,"box":{"x":923,"y":816,"width":11,"height":5}},{"id":"68dbfa05-e677-43c9-98c2-f4d169d1a0dc","block_type":"box","text":"information). We view transition plans as a method for a company to both internally assess and externally communicate its long-term strategy, ambi","page_number":181,"box":{"x":92,"y":826,"width":837,"height":10}},{"id":"6e09bb69-e567-49f2-84ce-3fa7e7f57cf5","block_type":"box","text":"tion, objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape there rema","page_number":181,"box":{"x":91,"y":838,"width":828,"height":10}},{"id":"b13b0a16-d09a-44bf-be24-13aaa073829a","block_type":"box","text":"ins","page_number":181,"box":{"x":920,"y":839,"width":15,"height":7}},{"id":"3411ca7f-df4d-485a-8ef5-e60c3c491b67","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. While transition plans can be helpful disclosure, BIS does not make the","page_number":181,"box":{"x":92,"y":851,"width":840,"height":10}},{"id":"1db855dd-7ede-464f-9aad-73ee05a2fe67","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":181,"box":{"x":92,"y":863,"width":835,"height":10}},{"id":"df3fd55a-df02-41e2-9736-88f5f3fda4b6","block_type":"box","text":"their planned actions and resource implications. Website accessed in December 2025.","page_number":181,"box":{"x":91,"y":876,"width":481,"height":10}},{"id":"780b53f2-2842-463e-8d1f-e8d819e3a4ea","block_type":"box","text":"(13) For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December 2025.","page_number":181,"box":{"x":59,"y":891,"width":701,"height":10}},{"id":"c0bfea0e-a7e3-45c7-9817-c574f1d68eb7","block_type":"box","text":"A-29","page_number":181,"box":{"x":481,"y":916,"width":34,"height":9}},{"id":"10ca9b82-66c6-413e-b6a4-e11db804f09d","block_type":"box","text":"financial returns.","page_number":182,"box":{"x":59,"y":67,"width":116,"height":9}},{"id":"8754e28c-552d-42ee-8c54-30a67b417cd9","block_type":"box","text":"(14)","page_number":182,"box":{"x":177,"y":65,"width":20,"height":8}},{"id":"20e4e778-774c-4b6a-8f5a-40cc472e4817","block_type":"box","text":"For these companies, we rely on disclosures to understand how their strategies consider nature-related","page_number":182,"box":{"x":203,"y":67,"width":722,"height":12}},{"id":"5809c228-a38b-4e5a-a082-65a2d372e17c","block_type":"box","text":"impacts and dependencies and to assess how the board oversees these risks.","page_number":182,"box":{"x":60,"y":82,"width":538,"height":12}},{"id":"455595d6-0691-470e-bf6d-1ac5dd514e02","block_type":"box","text":"(15)","page_number":182,"box":{"x":600,"y":80,"width":20,"height":8}},{"id":"4b5100c8-ae33-4883-a99e-dda71768de1e","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":182,"box":{"x":76,"y":108,"width":519,"height":13}},{"id":"f43255b3-6172-4075-b3ee-0bd4ef4d5f44","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":182,"box":{"x":59,"y":135,"width":784,"height":12}},{"id":"9b9bc713-cb0b-4308-87d6-7d6f18dd221d","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and consumers,","page_number":182,"box":{"x":59,"y":150,"width":842,"height":12}},{"id":"5447c7cb-c275-4c76-9035-a8de361cd844","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":182,"box":{"x":60,"y":165,"width":387,"height":12}},{"id":"0d54be01-ac7d-44ff-a361-9c18b3f083e8","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are more likely to","page_number":182,"box":{"x":60,"y":191,"width":847,"height":13}},{"id":"1b864735-4596-4642-bd00-690c52e5529d","block_type":"box","text":"deliver durable, long-term financial performance. By contrast, we have found that poor relationships may create adverse","page_number":182,"box":{"x":59,"y":206,"width":840,"height":13}},{"id":"de9c5475-652f-4c67-89f7-204443c8e10a","block_type":"box","text":"impacts that could expose companies to legal, regulatory, operational, and reputational risks. This is particularly relevant to a","page_number":182,"box":{"x":60,"y":222,"width":872,"height":12}},{"id":"38b6dc08-25e3-494b-9733-bfeb368c330d","block_type":"box","text":"company’s workforce, which is central to long-term financial value creation.","page_number":182,"box":{"x":59,"y":237,"width":531,"height":12}},{"id":"1c338ef5-bd65-4334-af1a-1fdb19c0d77b","block_type":"box","text":"(16)","page_number":182,"box":{"x":592,"y":235,"width":20,"height":8}},{"id":"63365b94-0881-469a-8e46-d922e5697dd3","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":182,"box":{"x":59,"y":263,"width":843,"height":12}},{"id":"670c75e0-0601-4e76-a4c2-9f38fcccf827","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":182,"box":{"x":59,"y":278,"width":836,"height":13}},{"id":"d9a0723b-1dfd-4269-8d29-a0f5d18ff3df","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":182,"box":{"x":59,"y":293,"width":871,"height":13}},{"id":"5397b7d7-d38d-4a40-93ac-95372c27cff3","block_type":"box","text":"and the skills required for their future business strategy. We are also interested in understanding how the board monitors and","page_number":182,"box":{"x":59,"y":308,"width":875,"height":13}},{"id":"40fd5e86-9ab8-47bc-b25f-747e992b4052","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":182,"box":{"x":59,"y":324,"width":861,"height":12}},{"id":"8b0b92d2-3f16-4457-bb3d-e4f9b21be2ee","block_type":"box","text":"aligns with the company’s strategy. BIS does not direct a company’s policies or practices, which are the responsibility of","page_number":182,"box":{"x":59,"y":339,"width":837,"height":12}},{"id":"9370b492-7424-4c69-9c02-8c5aefec0463","block_type":"box","text":"management and the board.","page_number":182,"box":{"x":60,"y":354,"width":198,"height":12}},{"id":"78b2d823-187a-41d1-97f6-70a05b351e66","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts that could","page_number":182,"box":{"x":60,"y":380,"width":844,"height":13}},{"id":"4cb8f8cd-afab-4a55-9ac3-42b08a68717f","block_type":"box","text":"arise from their business practices and affect critical relationships with their stakeholders. We encourage companies to","page_number":182,"box":{"x":59,"y":395,"width":830,"height":13}},{"id":"0da1eb12-5863-4180-919a-480bc0c9ff48","block_type":"box","text":"implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate","page_number":182,"box":{"x":60,"y":411,"width":833,"height":12}},{"id":"e792b870-1f29-4adb-93d5-13ba5266cf67","block_type":"box","text":"potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts.","page_number":182,"box":{"x":59,"y":426,"width":728,"height":12}},{"id":"7ce98d8f-bf9e-4d2b-800a-cd66ff0a2272","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders and may","page_number":182,"box":{"x":59,"y":452,"width":837,"height":12}},{"id":"3222f6cf-b8b6-43af-9bb1-b226460ab847","block_type":"box","text":"convey concerns about board oversight in our voting on director elections or supporting a business relevant shareholder","page_number":182,"box":{"x":59,"y":467,"width":843,"height":13}},{"id":"d19e104d-9aa1-4462-bcd8-c1e6417dcb18","block_type":"box","text":"proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":182,"box":{"x":59,"y":482,"width":726,"height":13}},{"id":"3c731fdb-10a7-4d52-9b57-31eca2588456","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":182,"box":{"x":60,"y":509,"width":441,"height":12}},{"id":"dd3fcead-19bb-47d7-8b9a-ee29235f37bb","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of clients at the","page_number":182,"box":{"x":60,"y":535,"width":858,"height":13}},{"id":"c3fa0940-236d-4a91-9fd4-3baad56c12f1","block_type":"box","text":"global and regional level.","page_number":182,"box":{"x":59,"y":550,"width":172,"height":13}},{"id":"2e8ea41c-2575-494d-9916-eb4c2fde2a58","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee) supports BIS’","page_number":182,"box":{"x":59,"y":577,"width":840,"height":12}},{"id":"c3d49edb-e9d8-4c75-9f3d-96686bd5a0a3","block_type":"box","text":"regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as well as market-level","page_number":182,"box":{"x":60,"y":592,"width":864,"height":12}},{"id":"6bbc24b2-7824-419d-8976-2395201a7be8","block_type":"box","text":"stewardship requirements. The Committee reviews and approves amendments to the Global Principles and regional voting","page_number":182,"box":{"x":59,"y":607,"width":858,"height":12}},{"id":"f9b12e46-c9b5-4c41-899b-0ff271ff197d","block_type":"box","text":"guidelines. The Committee also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as","page_number":182,"box":{"x":59,"y":622,"width":824,"height":13}},{"id":"44bc1e33-117d-4666-9e99-1e9134a89d4d","block_type":"box","text":"updates on material process issues, procedural changes, and other risk oversight considerations. The Committee is chaired","page_number":182,"box":{"x":60,"y":637,"width":860,"height":13}},{"id":"1212336b-1aee-46c0-a7c7-5c1fa68bbad3","block_type":"box","text":"by the Global Heads of the Investment Stewardship function and its members include senior BlackRock executives with legal,","page_number":182,"box":{"x":60,"y":652,"width":873,"height":13}},{"id":"b6252b98-e816-4eb9-8dad-f996f7b82768","block_type":"box","text":"risk, and other experience relevant to team oversight who are independent from the investment stewardship function.","page_number":182,"box":{"x":60,"y":668,"width":824,"height":12}},{"id":"803192bb-f28b-4f61-a740-63013f101159","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global Principles","page_number":182,"box":{"x":59,"y":694,"width":865,"height":12}},{"id":"fbf1d15d-2320-4219-8edf-1d32d8e39f51","block_type":"box","text":"and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and EMEA oversee BIS’","page_number":182,"box":{"x":59,"y":709,"width":845,"height":12}},{"id":"f173aac0-d71f-4144-be12-f678e74b22aa","block_type":"box","text":"activities for their specific markets.","page_number":182,"box":{"x":59,"y":724,"width":242,"height":13}},{"id":"f2a4aa60-8b79-4ff8-af6c-f5aa6257077e","block_type":"box","text":"Vote execution","page_number":182,"box":{"x":59,"y":751,"width":107,"height":9}},{"id":"fdf7ed24-7410-498a-9c12-e3f10f148f9a","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have processes in place to","page_number":182,"box":{"x":60,"y":777,"width":874,"height":13}},{"id":"60cdd92b-6fe2-4820-8082-46100f88a46e","block_type":"box","text":"consider all proxies for which we have voting authority, and submit voting decisions, or refrain from voting when logistical","page_number":182,"box":{"x":59,"y":792,"width":853,"height":13}},{"id":"64e0a690-2982-4002-84f2-97b8b796ac7e","block_type":"box","text":"(14) For more information, please see our commentary “Our approach to engagement on natural capital,” December 2025.","page_number":182,"box":{"x":59,"y":823,"width":695,"height":10}},{"id":"a1bc7133-ef45-494f-b95e-42633015d882","block_type":"box","text":"(15) Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital depend","page_number":182,"box":{"x":59,"y":838,"width":845,"height":10}},{"id":"97b0af9b-de1f-486c-9b8a-1cd190f2af47","block_type":"box","text":"en","page_number":182,"box":{"x":906,"y":841,"width":17,"height":5}},{"id":"44048d17-11d9-4182-a977-1222872a02ad","block_type":"box","text":"cies and impacts would aid investors’ understanding. The recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may","page_number":182,"box":{"x":92,"y":851,"width":818,"height":10}},{"id":"02ac578e-528d-451b-a776-c08e9a382f42","block_type":"box","text":"prove useful to some companies. We recognize that some companies may report using different standards, which may be required by regulation, or","page_number":182,"box":{"x":92,"y":863,"width":825,"height":10}},{"id":"4068b422-b3af-4784-b450-951509db781b","block_type":"box","text":"one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":182,"box":{"x":92,"y":876,"width":747,"height":10}},{"id":"b91eb738-5e58-4b94-80a3-c54c411f03aa","block_type":"box","text":"(16) For more information, please see our commentary “Our approach to engagement on human capital management,” December 2025.","page_number":182,"box":{"x":59,"y":891,"width":774,"height":10}},{"id":"60851b5a-265b-44de-8217-c78ad1a0aacf","block_type":"box","text":"A-30","page_number":182,"box":{"x":481,"y":916,"width":35,"height":9}},{"id":"0f54a91f-d00a-4a6c-8a11-0532d809e799","block_type":"box","text":"issues arise (see below). The BIS Benchmark Policies – and the vote decisions made consistent with those policies – reflect","page_number":183,"box":{"x":60,"y":67,"width":855,"height":12}},{"id":"6bddcef1-a0df-472a-8191-30d11ff5fbbf","block_type":"box","text":"our reasonable and independent judgment and are made without regard to the relationship between the issuer of the proxy","page_number":183,"box":{"x":59,"y":82,"width":866,"height":12}},{"id":"c4a3d05d-04be-448f-9e13-bee9c2c66a35","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s","page_number":183,"box":{"x":60,"y":97,"width":874,"height":12}},{"id":"b34990a8-5830-4c4a-9b71-b3f919e82c5a","block_type":"box","text":"affiliates, or BlackRock employees (see “Conflicts management policies and procedures,” below).","page_number":183,"box":{"x":59,"y":112,"width":677,"height":12}},{"id":"078132b4-1b2b-4cfb-8126-61b570bbd936","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost of voting","page_number":183,"box":{"x":60,"y":138,"width":843,"height":13}},{"id":"acc0e4b5-8467-4aff-b94b-a0804f74e073","block_type":"box","text":"such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of shareholder meetings;","page_number":183,"box":{"x":59,"y":154,"width":876,"height":12}},{"id":"0ed81aad-45e5-44bc-bbd2-a8882a86cfc6","block_type":"box","text":"2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in person; 4) “share-blocking”","page_number":183,"box":{"x":59,"y":169,"width":819,"height":12}},{"id":"4ff8ab1a-514d-44bc-9858-d9e3902c5fff","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at","page_number":183,"box":{"x":60,"y":184,"width":877,"height":12}},{"id":"f581a7b4-5eef-4ca8-ac1d-25c960c15835","block_type":"box","text":"which votes are submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in translating","page_number":183,"box":{"x":59,"y":199,"width":859,"height":12}},{"id":"2c127ea3-9072-480d-99a7-9b5d7f9b0cf4","block_type":"box","text":"the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with powers of attorney to facilitate voting","page_number":183,"box":{"x":59,"y":214,"width":863,"height":12}},{"id":"8456c690-e2d3-4629-919b-c69011990434","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":183,"box":{"x":60,"y":229,"width":807,"height":12}},{"id":"ecaafe05-05f2-40e8-ab21-dbc4e500ef42","block_type":"box","text":"burdensome administrative requirements.","page_number":183,"box":{"x":60,"y":244,"width":292,"height":13}},{"id":"142201a1-5d28-4d7a-b52d-654bf7a4bb24","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally in the","page_number":183,"box":{"x":60,"y":271,"width":817,"height":12}},{"id":"650360e5-0096-47af-b8f4-657f9d56e5cc","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":183,"box":{"x":60,"y":286,"width":868,"height":12}},{"id":"b8148eeb-ccb1-40f1-8292-4d84f0ed4e0f","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":183,"box":{"x":59,"y":301,"width":879,"height":12}},{"id":"b966c5cb-e554-432b-8b57-48e266780b3b","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":183,"box":{"x":60,"y":316,"width":397,"height":12}},{"id":"c6e1cfa2-ef2d-4374-b772-7f380ae4b96d","block_type":"box","text":"Conflicts management policies and procedures","page_number":183,"box":{"x":59,"y":343,"width":341,"height":12}},{"id":"8c1d0699-8c1d-4313-a446-8f939795ff5e","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or enterprise","page_number":183,"box":{"x":60,"y":369,"width":849,"height":12}},{"id":"eed0fb8d-6ef4-4b9a-a0d5-96e5d0dfa574","block_type":"box","text":"level vendor management activities.","page_number":183,"box":{"x":60,"y":384,"width":250,"height":12}},{"id":"fc7ae383-3796-4731-81ec-d8a4cdc7329e","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting activity. Such","page_number":183,"box":{"x":60,"y":411,"width":873,"height":12}},{"id":"2b9b267a-4692-4b39-93c3-05ea30433b56","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":183,"box":{"x":60,"y":426,"width":829,"height":12}},{"id":"bf01d3a7-0fc4-48b8-bf86-a7416e3f6a8e","block_type":"box","text":"shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":183,"box":{"x":59,"y":441,"width":730,"height":12}},{"id":"ce5c9833-61c5-4257-b8af-3c413aa570ef","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":183,"box":{"x":60,"y":467,"width":584,"height":13}},{"id":"be5a20c7-90c4-4a78-af57-fd3b6e7848e4","block_type":"box","text":"Securities lending","page_number":183,"box":{"x":59,"y":494,"width":128,"height":12}},{"id":"16ed5034-bf1f-48ca-8f76-96f457fec36e","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities enables BlackRock","page_number":183,"box":{"x":59,"y":520,"width":863,"height":12}},{"id":"d4f7fe12-faca-4280-8516-ba0aa475f64f","block_type":"box","text":"to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to recall securities out on loan at","page_number":183,"box":{"x":59,"y":535,"width":851,"height":13}},{"id":"16299abf-6338-479a-bec1-2091e6b7ff31","block_type":"box","text":"any time. BlackRock (or any other lender) does not retain voting rights for securities out on loan. Entitlements associated","page_number":183,"box":{"x":59,"y":550,"width":845,"height":13}},{"id":"f69feaf1-b525-4de8-88c8-cb9c89bc0c52","block_type":"box","text":"with the lent securities (dividends, coupons, etc.), while on loan are paid back to the lender of the security as stipulated in","page_number":183,"box":{"x":59,"y":566,"width":850,"height":12}},{"id":"d548b6c0-0a38-4440-a436-f4ff6b940c35","block_type":"box","text":"industry standard legal agreements.","page_number":183,"box":{"x":60,"y":581,"width":250,"height":12}},{"id":"206d2926-3d31-4dce-a262-b767567a842e","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":183,"box":{"x":59,"y":607,"width":866,"height":12}},{"id":"b463059c-50b2-4e57-9fd1-f4943dd4a082","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":183,"box":{"x":59,"y":622,"width":828,"height":13}},{"id":"bca06086-4ab8-414e-8fff-485757410d38","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":183,"box":{"x":59,"y":637,"width":866,"height":13}},{"id":"b781ae32-0d45-4645-be5e-d25bfa704042","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":183,"box":{"x":59,"y":652,"width":854,"height":13}},{"id":"cabdb4e8-9616-4e51-be2f-bf922b392b7c","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":183,"box":{"x":60,"y":668,"width":837,"height":12}},{"id":"a1573ec0-d5e1-4eea-88c7-499fd2adc3bf","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":183,"box":{"x":59,"y":683,"width":726,"height":12}},{"id":"d106de05-00c5-45c0-b2b7-7e64031ab5a3","block_type":"box","text":"(17)","page_number":183,"box":{"x":787,"y":681,"width":20,"height":8}},{"id":"a4eee224-7bf9-411c-9522-91682407f110","block_type":"box","text":"BIS works with","page_number":183,"box":{"x":813,"y":683,"width":101,"height":9}},{"id":"0e8a38cf-b13b-4235-b906-f60493c2522a","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":183,"box":{"x":59,"y":698,"width":873,"height":12}},{"id":"971f634b-f89f-483c-9e8f-7538ed9197ad","block_type":"box","text":"recalling shares on loan.","page_number":183,"box":{"x":60,"y":713,"width":167,"height":12}},{"id":"9692fc88-1931-488d-a6da-5c5aea6cc0d5","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would be","page_number":183,"box":{"x":60,"y":739,"width":872,"height":13}},{"id":"3b9582b7-5e88-4839-920f-0cbf2e385439","block_type":"box","text":"less than the potential revenue the loan may provide clients. However, in certain instances, BlackRock may determine, in our","page_number":183,"box":{"x":60,"y":754,"width":866,"height":13}},{"id":"986c9cc3-5000-4808-9cc8-348aaa6ba0c6","block_type":"box","text":"independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to","page_number":183,"box":{"x":60,"y":770,"width":831,"height":12}},{"id":"d350fe21-0f10-4f97-86ee-2da4e3ac85f3","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances. It is important to note that the majority of lendable","page_number":183,"box":{"x":59,"y":785,"width":860,"height":12}},{"id":"dd1a215e-782f-42d0-b84f-816e456dfc69","block_type":"box","text":"assets in the market at any given time are not out on loan.","page_number":183,"box":{"x":59,"y":800,"width":406,"height":12}},{"id":"9f8e15da-ce11-4197-815f-78456009a1cc","block_type":"box","text":"(17) 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":183,"box":{"x":59,"y":828,"width":848,"height":10}},{"id":"486fbf49-36a6-45b4-890d-ea3a4ee4d476","block_type":"box","text":"ally","page_number":183,"box":{"x":909,"y":828,"width":18,"height":10}},{"id":"10270743-51eb-4b54-afeb-34a6756fcdf2","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":183,"box":{"x":91,"y":841,"width":818,"height":10}},{"id":"b2ae5101-dd3d-44b7-8c76-8bc408a29642","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":183,"box":{"x":92,"y":853,"width":831,"height":10}},{"id":"c20ff722-eef5-4e54-8a4f-6b0509577287","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":183,"box":{"x":92,"y":866,"width":810,"height":10}},{"id":"ab2a502d-6c2f-4fc1-a246-4ff1db5db7cc","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":183,"box":{"x":92,"y":879,"width":831,"height":9}},{"id":"e3ab1a65-4a90-426b-85cc-a2c4d4c3e8d6","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":183,"box":{"x":91,"y":891,"width":746,"height":10}},{"id":"6f649232-2009-4df0-808a-236fabbcfae3","block_type":"box","text":"A-31","page_number":183,"box":{"x":482,"y":916,"width":30,"height":9}},{"id":"ed71dd9e-952b-4032-8bd1-922757c83b04","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":184,"box":{"x":60,"y":67,"width":840,"height":12}},{"id":"0b499882-cedc-4bd3-8c56-b7c1c5df446b","block_type":"box","text":"modify it as necessary.","page_number":184,"box":{"x":60,"y":82,"width":156,"height":12}},{"id":"9b2ba963-bd7d-44dd-8acd-1ff0ea413c5b","block_type":"box","text":"Voting Choice","page_number":184,"box":{"x":59,"y":108,"width":100,"height":13}},{"id":"31ec54a6-79b3-4dd1-83c8-745c7825126c","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":184,"box":{"x":60,"y":135,"width":855,"height":12}},{"id":"9b4160fd-e84d-4ac0-9daa-2fe6654f9333","block_type":"box","text":"voting process, where legally and operationally viable.","page_number":184,"box":{"x":59,"y":150,"width":376,"height":12}},{"id":"272e5a2e-2bea-459e-9cd4-5b2a1291576e","block_type":"box","text":"(18)","page_number":184,"box":{"x":437,"y":148,"width":20,"height":8}},{"id":"777efe0f-42a3-4698-9ff9-7e4e8bf943a9","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland,","page_number":184,"box":{"x":59,"y":176,"width":848,"height":13}},{"id":"27443e6b-9f44-4e43-aa95-84a6878a99eb","block_type":"box","text":"Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in certain institutional","page_number":184,"box":{"x":59,"y":191,"width":828,"height":13}},{"id":"15d0073b-4837-4a16-8bb6-5239ec17736a","block_type":"box","text":"pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity (SAE) strategies. 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BlackRock can then use its proxy voting infrastructure to cast votes for the SMA based on the client’s selected voting pol","page_number":184,"box":{"x":91,"y":861,"width":824,"height":10}},{"id":"bbb0688b-a139-4b75-9caf-baa99b655b79","block_type":"box","text":"icy.","page_number":184,"box":{"x":917,"y":862,"width":16,"height":9}},{"id":"42e824b3-420b-4974-ad27-dd9810e42454","block_type":"box","text":"(20) Read more about BlackRock Voting Choice on our website.","page_number":184,"box":{"x":59,"y":876,"width":361,"height":10}},{"id":"a7128945-0b55-43ed-a585-dfc750994d01","block_type":"box","text":"(21) BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":184,"box":{"x":59,"y":891,"width":677,"height":10}},{"id":"f35dfb33-5466-452a-b32b-ec68bdf68bfb","block_type":"box","text":"A-32","page_number":184,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"9c8c8223-c26a-4f53-ac66-f639bbaeaccc","block_type":"box","text":"Want to know more?","page_number":185,"box":{"x":59,"y":67,"width":149,"height":9}},{"id":"26861041-92e3-40c6-b0aa-d3d3f8621dc9","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":185,"box":{"x":60,"y":93,"width":463,"height":13}},{"id":"5b8ef178-eda0-4023-a8ba-a1892ae592b2","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":185,"box":{"x":59,"y":120,"width":826,"height":12}},{"id":"254d66e0-a210-44d9-8157-92f14efd3d6c","block_type":"box","text":"principal.","page_number":185,"box":{"x":59,"y":135,"width":63,"height":12}},{"id":"24ffd8b4-a686-406d-bfcb-b4cfd15027cd","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":185,"box":{"x":60,"y":161,"width":190,"height":12}},{"id":"f29895bd-34f2-4117-ad09-5258325c9d22","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":185,"box":{"x":59,"y":188,"width":290,"height":12}},{"id":"2166affe-9843-4003-86d5-ebd5e41c8cc3","block_type":"box","text":"BLACKROCK","page_number":185,"box":{"x":356,"y":188,"width":89,"height":9}},{"id":"f28d7c53-556f-418d-980a-96b12da3dc66","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":185,"box":{"x":450,"y":188,"width":449,"height":11}},{"id":"28d63f05-9410-4ba0-be29-ed4074468116","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":185,"box":{"x":59,"y":203,"width":558,"height":12}},{"id":"5a4b89d3-beef-4708-98c1-6117ea102552","block_type":"box","text":"A-33","page_number":185,"box":{"x":481,"y":916,"width":34,"height":9}},{"id":"38f919a1-9492-43b6-a8b3-4d6fc9cc4548","block_type":"box","text":"BlackRock Investment Stewardship","page_number":186,"box":{"x":198,"y":67,"width":603,"height":30}},{"id":"0148b910-e305-4701-ad98-dd1c1c151e99","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":186,"box":{"x":59,"y":111,"width":383,"height":12}},{"id":"bf37bbe7-b01b-40be-bce8-3d32df5787c8","block_type":"box","text":"Effective as of January 2026","page_number":186,"box":{"x":76,"y":137,"width":198,"height":13}},{"id":"ef440f05-d881-4988-ba4c-f086f1173a2d","block_type":"box","text":"Introduction to BlackRock Investment 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-35","page_number":186,"box":{"x":547,"y":237,"width":311,"height":9}},{"id":"e2d64c52-0766-434b-9acd-7d12a05e9ffa","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":186,"box":{"x":140,"y":256,"width":603,"height":12}},{"id":"dfaaa652-17cc-4d25-b61e-31a7773ed6e4","block_type":"box","text":". . . . . . . . . . . .A-35","page_number":186,"box":{"x":749,"y":256,"width":109,"height":9}},{"id":"1d00a2c8-2111-4eaa-91af-909b32656030","block_type":"box","text":"The Guidelines’ design principles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-36","page_number":186,"box":{"x":139,"y":274,"width":719,"height":13}},{"id":"a907cb1b-3e1c-499d-a2e2-22eaa691be1c","block_type":"box","text":"Voting approach under the 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-41","page_number":186,"box":{"x":221,"y":332,"width":634,"height":9}},{"id":"c4bd7b3b-96e3-4822-95bd-357361cb8655","block_type":"box","text":"Appendix 2","page_number":186,"box":{"x":139,"y":350,"width":79,"height":12}},{"id":"83eae275-83ed-4a5e-aace-cb76760c19c4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-42","page_number":186,"box":{"x":221,"y":351,"width":637,"height":9}},{"id":"7b2fe4ee-ac4b-4132-bab5-cd0b4a029e42","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":186,"box":{"x":60,"y":383,"width":365,"height":12}},{"id":"ff3cff72-c376-4219-90cd-e32ca8be05f0","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they 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BlackRock offers a range of proxy voting","page_number":186,"box":{"x":59,"y":424,"width":842,"height":13}},{"id":"b7e6adaa-f42c-49cb-b85c-b4ae58436b08","block_type":"box","text":"policies to reflect clients’ individual investment choices and goals.","page_number":186,"box":{"x":59,"y":440,"width":459,"height":12}},{"id":"7bd9364b-ec38-4134-84e6-e485a1d40019","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets invested in index","page_number":186,"box":{"x":60,"y":466,"width":876,"height":12}},{"id":"20c77f3c-3d9f-46cc-8730-4276ea995a82","block_type":"box","text":"equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the","page_number":186,"box":{"x":59,"y":481,"width":819,"height":12}},{"id":"6c6f4946-2be3-4c3a-9a21-24aa28fe96d5","block_type":"box","text":"majority of our clients. BIS does this through:","page_number":186,"box":{"x":60,"y":496,"width":314,"height":13}},{"id":"0fb847b7-0d4c-44d2-9836-c7695632cf4e","block_type":"box","text":"1.","page_number":186,"box":{"x":61,"y":517,"width":9,"height":9}},{"id":"7f232f06-e37f-4ff0-9d6e-f71792b675e8","block_type":"box","text":"Engaging with the boards and management of companies","page_number":186,"box":{"x":99,"y":516,"width":418,"height":13}},{"id":"875b30a7-383f-4d37-af6a-0052dbe96d75","block_type":"box","text":"in which clients are invested to deepen our understanding","page_number":186,"box":{"x":523,"y":516,"width":405,"height":13}},{"id":"711690ab-f6b5-4e24-b8bb-1286e9e21763","block_type":"box","text":"of a company’s business model, including how they are overseeing material business risks and opportunities over time,","page_number":186,"box":{"x":98,"y":531,"width":833,"height":13}},{"id":"30ff76ba-adb5-4c6b-a632-b0c0313e927f","block_type":"box","text":"and to help inform our voting on behalf of 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Under the Guidelines, the dedicated team makes","page_number":188,"box":{"x":92,"y":447,"width":821,"height":12}},{"id":"9524ddfd-ab08-40b2-92d8-8f658054ce4b","block_type":"box","text":"decisions on how to engage companies and vote proxies independently, based on its professional judgment of the","page_number":188,"box":{"x":92,"y":462,"width":798,"height":13}},{"id":"0c5288b9-c4e6-47d7-98f3-d86f5f4a96fb","block_type":"box","text":"priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":188,"box":{"x":92,"y":477,"width":602,"height":13}},{"id":"e2f1a85f-89aa-4f7f-a7a6-4b7b7b345e0e","block_type":"box","text":"Voting approach under the Guidelines","page_number":188,"box":{"x":59,"y":504,"width":274,"height":12}},{"id":"b0fd3288-5c7c-4202-b728-d21a0991fb9d","block_type":"box","text":"(12)","page_number":188,"box":{"x":335,"y":502,"width":21,"height":8}},{"id":"e0949860-2f6f-49d1-b926-598d61eddec6","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a case-by-case","page_number":188,"box":{"x":59,"y":530,"width":871,"height":13}},{"id":"ebc8b708-f40f-4403-a9c8-8315c93253b2","block_type":"box","text":"approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and acknowledges the","page_number":188,"box":{"x":59,"y":545,"width":836,"height":13}},{"id":"9390e18c-8874-4651-b116-348e10b870a6","block_type":"box","text":"distinction between what company management can influence and what lies beyond its control. As a result, voting decisions","page_number":188,"box":{"x":59,"y":560,"width":874,"height":13}},{"id":"1416bbd2-5e29-4ad2-ab28-71097e161562","block_type":"box","text":"— on behalf of in-scope funds and SMAs — on similar proposals included on different companies’ shareholder meeting","page_number":188,"box":{"x":58,"y":576,"width":838,"height":12}},{"id":"ec0de668-43d8-4001-bb91-918b7e583cb7","block_type":"box","text":"agendas may vary depending on company, sector, or market-specific circumstances.","page_number":188,"box":{"x":59,"y":591,"width":591,"height":12}},{"id":"ea087519-c34c-417f-bca1-105213bd7251","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the dedicated team will","page_number":188,"box":{"x":59,"y":617,"width":872,"height":13}},{"id":"9fd71452-2b10-4d1c-adae-712bc849bc08","block_type":"box","text":"look to the companies to demonstrate the following:","page_number":188,"box":{"x":60,"y":632,"width":366,"height":13}},{"id":"8ff3eb72-0e3b-455f-8336-dfbabc6c9f08","block_type":"box","text":"Corporate Disclosures","page_number":188,"box":{"x":76,"y":659,"width":159,"height":12}},{"id":"abe2062b-3fa4-426d-a362-76329187b7b3","block_type":"box","text":"(13)","page_number":188,"box":{"x":237,"y":657,"width":21,"height":8}},{"id":"1fc210c4-5a9a-4adc-9b2b-0563edf66607","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to assess whether","page_number":188,"box":{"x":60,"y":685,"width":873,"height":13}},{"id":"497c50a2-b6aa-41af-84d8-bc25ec0b3906","block_type":"box","text":"the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks to companies that are","page_number":188,"box":{"x":59,"y":700,"width":856,"height":13}},{"id":"91e9af84-0f69-4ea5-af82-00138808f63b","block_type":"box","text":"important to the transition to a low-carbon economy to explain the strategy and governance frameworks that they have","page_number":188,"box":{"x":60,"y":715,"width":840,"height":13}},{"id":"203d21b3-512c-4f0c-9373-20a4f1384dac","block_type":"box","text":"determined most appropriate, which may include:","page_number":188,"box":{"x":59,"y":731,"width":349,"height":12}},{"id":"42106155-f5b6-4a18-b668-662b235de465","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global temperature","page_number":188,"box":{"x":60,"y":751,"width":865,"height":12}},{"id":"35c0e62b-5655-48b3-a9fd-f7ecfecd9638","block_type":"box","text":"(11) Aladdin","page_number":188,"box":{"x":59,"y":798,"width":75,"height":10}},{"id":"cc0a58ec-233f-425c-b4f8-01f9400fb0c0","block_type":"box","text":"®","page_number":188,"box":{"x":135,"y":795,"width":5,"height":4}},{"id":"2f66be54-c659-4dee-aec0-45c26d9013c1","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment analytics. Aladdin","page_number":188,"box":{"x":144,"y":798,"width":689,"height":10}},{"id":"34eb3ded-913f-4d4a-bf79-b815e6eb6344","block_type":"box","text":"®","page_number":188,"box":{"x":834,"y":795,"width":5,"height":4}},{"id":"94cd9337-9d24-4eba-a505-8fad5de0a139","block_type":"box","text":"is a proprietary","page_number":188,"box":{"x":844,"y":799,"width":83,"height":9}},{"id":"9270fbec-e1a4-4653-8386-c8d55203903b","block_type":"box","text":"investment and risk management platform.","page_number":188,"box":{"x":92,"y":811,"width":242,"height":9}},{"id":"65603023-5454-48cd-a854-1e800fca86b4","block_type":"box","text":"(12) These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide as to how the dedicated team w","page_number":188,"box":{"x":59,"y":826,"width":859,"height":10}},{"id":"152fb7e7-6dea-4db8-b292-6de10c1f7bf1","block_type":"box","text":"ill","page_number":188,"box":{"x":919,"y":826,"width":7,"height":7}},{"id":"152150b6-ce36-4b2a-a388-a053cd139154","block_type":"box","text":"engage and/or vote in every instance. The Guidelines are applied by the dedicated team with discretion, on a case-by-case basis, taking into consider","page_number":188,"box":{"x":92,"y":838,"width":836,"height":10}},{"id":"121dbf9a-02c6-4152-a1aa-6c0eeebc15f9","block_type":"box","text":"ation the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings.","page_number":188,"box":{"x":92,"y":851,"width":656,"height":10}},{"id":"d0c353ae-b4d2-4062-9288-6d84a9ca6fc0","block_type":"box","text":"(13) Given data and measurement limitations, companies may need to provide estimated GHG emissions where reporting methodologies are nascent. In","page_number":188,"box":{"x":59,"y":866,"width":861,"height":10}},{"id":"e42e0b98-fe31-4c6d-89c6-a4c6e946e8c8","block_type":"box","text":"addition, certain disclosures related to a company’s plans for adapting their business models through the low-carbon transition may require forwar","page_number":188,"box":{"x":92,"y":879,"width":823,"height":9}},{"id":"322ed498-fc27-4e23-97ae-b8fda2103ff4","block_type":"box","text":"d","page_number":188,"box":{"x":916,"y":879,"width":11,"height":7}},{"id":"cb6e9e19-d6a8-4b6c-957f-f5eed940135a","block_type":"box","text":"looking statements.","page_number":188,"box":{"x":92,"y":891,"width":110,"height":10}},{"id":"04070203-a541-45ea-8245-05eb8254b41b","block_type":"box","text":"A-36","page_number":188,"box":{"x":481,"y":916,"width":35,"height":9}},{"id":"e82106c5-937f-42d3-8f1e-6274022eb7d2","block_type":"box","text":"rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve net-zero GHG","page_number":189,"box":{"x":99,"y":67,"width":797,"height":12}},{"id":"92615d3c-5b53-4c71-86cb-1f55b55876b5","block_type":"box","text":"emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":189,"box":{"x":98,"y":82,"width":682,"height":12}},{"id":"c13a655e-375a-4661-878e-56288e77fdc0","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors in","page_number":189,"box":{"x":60,"y":102,"width":842,"height":12}},{"id":"79c949b0-e978-4b0d-b880-55042425b5ab","block_type":"box","text":"making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2,","page_number":189,"box":{"x":99,"y":117,"width":772,"height":12}},{"id":"1175ba4d-e1df-4d68-9d08-fd76e4f4bb3a","block_type":"box","text":"represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":189,"box":{"x":99,"y":132,"width":693,"height":12}},{"id":"f3be693f-078d-4de8-a75a-1bed8c240fcd","block_type":"box","text":"(14), (15)","page_number":189,"box":{"x":794,"y":130,"width":49,"height":8}},{"id":"95679e50-4bf6-4fe7-87e8-8ccc2511226f","block_type":"box","text":"IFRS S1","page_number":189,"box":{"x":849,"y":133,"width":48,"height":9}},{"id":"83cea478-8590-428e-99bb-83d4c1a31303","block_type":"box","text":"addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that provide","page_number":189,"box":{"x":98,"y":147,"width":779,"height":13}},{"id":"5d3a2e2d-ee64-453a-8f75-be4370876f63","block_type":"box","text":"investors with decision-useful information about a company’s most significant climate- and low-carbon transition","page_number":189,"box":{"x":99,"y":162,"width":804,"height":13}},{"id":"796e8fb6-c0d0-4200-ac32-ef13f8f11a5a","block_type":"box","text":"related risks and opportunities. This includes receiving independent, third-party assurances, as audit and assurance","page_number":189,"box":{"x":99,"y":177,"width":807,"height":13}},{"id":"921b7daf-f1ff-4a67-a748-cc0dd31692d6","block_type":"box","text":"standards are developed.","page_number":189,"box":{"x":98,"y":193,"width":174,"height":12}},{"id":"393f48ef-7abc-4126-b042-3804afeeeb7a","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions.","page_number":189,"box":{"x":60,"y":213,"width":506,"height":12}},{"id":"db5cc5ba-f948-4d18-a2a6-2fdd4b0f52fd","block_type":"box","text":"(16), (17)","page_number":189,"box":{"x":568,"y":211,"width":49,"height":8}},{"id":"aea09a72-7357-4989-978a-42738b16741d","block_type":"box","text":"In addition, the dedicated team looks to","page_number":189,"box":{"x":623,"y":213,"width":278,"height":11}},{"id":"e7346f6e-811f-4bdc-a43b-f547cf504732","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where possible.","page_number":189,"box":{"x":98,"y":228,"width":811,"height":12}},{"id":"665e2b17-7eb1-4c50-bf8d-322fbde8c5e6","block_type":"box","text":"The team welcomes disclosure of targets or indicative goals, where companies have set them, for scope 3 emissions","page_number":189,"box":{"x":98,"y":243,"width":814,"height":12}},{"id":"b8b284d9-078c-4c02-a859-e859a5919964","block_type":"box","text":"reductions. Scope 3 information, including how a company is working with its value chain to accelerate reductions in","page_number":189,"box":{"x":99,"y":258,"width":818,"height":12}},{"id":"cbb19795-e55c-4a19-9a6a-1c47b53997fc","block_type":"box","text":"GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition and understanding","page_number":189,"box":{"x":98,"y":273,"width":833,"height":13}},{"id":"05a17220-2927-43b3-bb76-18426eca3a7c","block_type":"box","text":"the impact of their investments on their decarbonization goals.","page_number":189,"box":{"x":98,"y":288,"width":439,"height":13}},{"id":"818e4fd6-a921-4bd3-8b25-286a2719ab4d","block_type":"box","text":"(18)","page_number":189,"box":{"x":539,"y":286,"width":20,"height":8}},{"id":"3a2f40fa-827c-4f58-973d-40b2d0edb2e0","block_type":"box","text":"However, the team recognizes that companies have","page_number":189,"box":{"x":565,"y":288,"width":358,"height":13}},{"id":"e11881ca-d1e2-4239-8325-e134fe589187","block_type":"box","text":"varying ability to influence the emissions across the different parts of their value chain and, therefore, it is helpful when","page_number":189,"box":{"x":98,"y":303,"width":831,"height":13}},{"id":"00ed60d6-95ef-4c1a-b979-1b21d7127919","block_type":"box","text":"disclosures explain the implications for the achievement of their decarbonization targets. For some companies that play","page_number":189,"box":{"x":98,"y":319,"width":837,"height":12}},{"id":"633ef294-5d75-468c-a04b-43c0b0369090","block_type":"box","text":"an important role in the low-carbon transition, scope 3 may represent their only significant source of GHG emissions in","page_number":189,"box":{"x":98,"y":334,"width":833,"height":12}},{"id":"faacfdd4-8231-44dd-8283-681987bade66","block_type":"box","text":"the value chain. While we do not believe companies should be required to enforce emissions reduction targets outside","page_number":189,"box":{"x":98,"y":349,"width":827,"height":12}},{"id":"311a2e7a-5c53-465c-8d29-cb3c03787745","block_type":"box","text":"of their control, where relevant, we look for disclosures on how the company approaches the low-carbon transition in","page_number":189,"box":{"x":98,"y":364,"width":822,"height":12}},{"id":"6d46fcf5-1a39-4361-b27e-4a73a3bf0e9e","block_type":"box","text":"these cases. This may include plans and targets to grow businesses that contribute to real world decarbonization,","page_number":189,"box":{"x":98,"y":379,"width":794,"height":12}},{"id":"9b862ae6-4aea-474f-873a-ef16424d2e1a","block_type":"box","text":"forward-looking capital or procurement allocation plans to net-zero aligned activities or suppliers, and strategies to","page_number":189,"box":{"x":98,"y":394,"width":806,"height":13}},{"id":"14eee2c7-43c3-40c1-a47b-427cf8ee675f","block_type":"box","text":"mitigate material transition risks.","page_number":189,"box":{"x":99,"y":409,"width":229,"height":13}},{"id":"da2897e4-0dc4-41d1-93f7-649e5ab5727e","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as acute risks","page_number":189,"box":{"x":60,"y":436,"width":872,"height":12}},{"id":"5d4b1228-f597-4d15-97a3-6d4469118ccf","block_type":"box","text":"from extreme weather events or chronic risks from long-term shifts in climate patterns—and how these risks could","page_number":189,"box":{"x":98,"y":451,"width":807,"height":12}},{"id":"b574f56a-0787-453a-a3af-5993492d8a04","block_type":"box","text":"reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":189,"box":{"x":99,"y":466,"width":589,"height":12}},{"id":"07131c23-2abd-404f-95a9-408e45d99df8","block_type":"box","text":"Transition plans","page_number":189,"box":{"x":75,"y":492,"width":115,"height":13}},{"id":"9d5f5e42-014d-40b9-a51b-3e07f53948b9","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon transition","page_number":189,"box":{"x":59,"y":519,"width":818,"height":12}},{"id":"af72ba6f-e82f-4f14-8711-17ae425eecb3","block_type":"box","text":"strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for its transition","page_number":189,"box":{"x":59,"y":534,"width":818,"height":12}},{"id":"3ff838d4-4b70-4276-9851-c35bbf4421a4","block_type":"box","text":"towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see Appendix 1).","page_number":189,"box":{"x":59,"y":549,"width":830,"height":12}},{"id":"48becfcf-02ea-44d4-89c3-38f077cff807","block_type":"box","text":"(19)","page_number":189,"box":{"x":891,"y":547,"width":20,"height":8}},{"id":"7f964142-52cf-4476-b536-f210098df0bb","block_type":"box","text":"(14) The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. The standards bui","page_number":189,"box":{"x":59,"y":614,"width":831,"height":10}},{"id":"b372a6d0-72cc-4d34-b698-e732a1828b4a","block_type":"box","text":"ld on","page_number":189,"box":{"x":892,"y":614,"width":27,"height":8}},{"id":"a6b32209-0230-47b4-912f-647c5aaa9ddf","block_type":"box","text":"the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting","page_number":189,"box":{"x":91,"y":627,"width":839,"height":10}},{"id":"e5d76e65-8a20-41e3-9c93-2ff334547560","block_type":"box","text":"Standards Board (SASB), which have both converged under the ISSB. Please refer to the IFRS website to learn more about the framework and stan","page_number":189,"box":{"x":92,"y":639,"width":821,"height":10}},{"id":"4b8d58ea-646f-45c1-b7b0-bea9a7d698c5","block_type":"box","text":"dards S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.” Websites","page_number":189,"box":{"x":92,"y":652,"width":794,"height":10}},{"id":"60f55018-a9c2-4a01-a855-2d735f005442","block_type":"box","text":"accessed in December 2025.","page_number":189,"box":{"x":92,"y":664,"width":159,"height":8}},{"id":"680eddfc-dd02-4c55-9dd0-0186f0f868e9","block_type":"box","text":"(15) A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to doing so. BIS does not mandate any","page_number":189,"box":{"x":59,"y":680,"width":865,"height":9}},{"id":"1b602685-0ad9-4e24-82c8-7f88d213ef6f","block_type":"box","text":"specific disclosure framework companies should use, and recognize that some companies may report using different standards, some of which may be","page_number":189,"box":{"x":92,"y":692,"width":846,"height":10}},{"id":"1312be96-c35e-4ab5-8f11-211c55fc6c86","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company-specific. We also recognize that com","page_number":189,"box":{"x":92,"y":705,"width":839,"height":10}},{"id":"07ca050e-dfc4-43fb-b1b4-1b135dccdbae","block_type":"box","text":"panies may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should make sustainability-related","page_number":189,"box":{"x":92,"y":717,"width":825,"height":10}},{"id":"67fa4c83-c5c4-4bb2-aeca-488cd15de5e5","block_type":"box","text":"disclosures but appreciate it when companies produce them sufficiently in advance of their shareholder meeting, to the best of their abilities, to pr","page_number":189,"box":{"x":92,"y":730,"width":819,"height":10}},{"id":"163ead4a-2d1b-426a-ad7c-6b18332dca34","block_type":"box","text":"o","page_number":189,"box":{"x":911,"y":732,"width":11,"height":6}},{"id":"fae8bedc-f65e-4ae7-9728-fdb20590ec5e","block_type":"box","text":"vide investors with time to assess the data and make informed voting decisions.","page_number":189,"box":{"x":91,"y":743,"width":447,"height":9}},{"id":"72e4c73a-1442-4550-a798-e7c4a33b8340","block_type":"box","text":"(16) FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024 paper: FTSE Russel, “Scope for","page_number":189,"box":{"x":59,"y":758,"width":840,"height":10}},{"id":"0a093410-c05e-4b13-ac52-f87f0993d75a","block_type":"box","text":"improvement: Solving the Scope 3 conundrum,” January 2024, accessed in December 2025.","page_number":189,"box":{"x":92,"y":770,"width":511,"height":10}},{"id":"5fef9119-229e-4b0d-8bdc-942468ba18b1","block_type":"box","text":"(17) Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (GHG Protocol). The Prot","page_number":189,"box":{"x":59,"y":785,"width":865,"height":10}},{"id":"0ff1d30b-40c0-4277-9544-608bb5fc6cd8","block_type":"box","text":"o","page_number":189,"box":{"x":924,"y":788,"width":11,"height":5}},{"id":"7118eaa7-3bd6-47dd-a16e-4b5db324b388","block_type":"box","text":"col Standards and Guidance are currently being updated to ensure they continue to provide “a rigorous and credible accounting foundation for busi","page_number":189,"box":{"x":92,"y":798,"width":832,"height":10}},{"id":"f2a2cd0d-1429-4af1-8f92-c6db7b7d128c","block_type":"box","text":"nesses to measure, plan and track progress toward science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in","page_number":189,"box":{"x":92,"y":811,"width":799,"height":9}},{"id":"e2f87a1a-a9f3-4042-8d58-c2a9acc9a396","block_type":"box","text":"December 2025.","page_number":189,"box":{"x":92,"y":823,"width":91,"height":8}},{"id":"b65201a1-527a-4fac-b72c-a62222d1adce","block_type":"box","text":"(18) The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly traded companies into the role of","page_number":189,"box":{"x":59,"y":838,"width":851,"height":10}},{"id":"370cf45d-60ca-4f9d-b72c-3cd2233defa9","block_type":"box","text":"enforcing emission reduction targets outside of their control. Given methodological complexity for scope 3 emissions and the lack of direct control","page_number":189,"box":{"x":92,"y":851,"width":821,"height":10}},{"id":"e6bacb89-bae3-4c31-b8f4-d9446fc2349c","block_type":"box","text":"by","page_number":189,"box":{"x":918,"y":851,"width":12,"height":10}},{"id":"0f0b4e21-fe73-4093-a493-98d2d4a04136","block_type":"box","text":"companies over the requisite data, we find it most useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol catego","page_number":189,"box":{"x":92,"y":863,"width":846,"height":10}},{"id":"7a1e2217-7b5c-4104-9e3e-b78a3147c51c","block_type":"box","text":"ries that are material to their business models.","page_number":189,"box":{"x":92,"y":876,"width":258,"height":8}},{"id":"2b48b1e3-b96f-4297-8b9b-82d2c781b661","block_type":"box","text":"(19) International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in December 2025.","page_number":189,"box":{"x":59,"y":891,"width":724,"height":10}},{"id":"46172c56-c13a-46fe-87bb-d496914426c1","block_type":"box","text":"A-37","page_number":189,"box":{"x":482,"y":916,"width":33,"height":9}},{"id":"15484126-150c-4ea5-b77f-bef394c66c7a","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate transition","page_number":190,"box":{"x":59,"y":67,"width":860,"height":12}},{"id":"3d8eaa51-060c-4f61-8e91-9f14f8b44de9","block_type":"box","text":"plans.","page_number":190,"box":{"x":59,"y":82,"width":40,"height":12}},{"id":"6e640652-fb90-424a-8ae5-55302c5a0336","block_type":"box","text":"(20)","page_number":190,"box":{"x":101,"y":80,"width":20,"height":8}},{"id":"a3b8ce0a-addf-4a37-b846-3bb8ea6d7299","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of reporting","page_number":190,"box":{"x":128,"y":82,"width":758,"height":12}},{"id":"c21b0a1f-85dc-493d-a1fb-4dbc427783fa","block_type":"box","text":"approaches.","page_number":190,"box":{"x":59,"y":97,"width":84,"height":12}},{"id":"c72b6bda-feec-46c8-82ec-9c4366c20192","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures typically provide","page_number":190,"box":{"x":59,"y":123,"width":851,"height":13}},{"id":"e95cf80e-b80d-415e-ab07-0ad6c7d21c01","block_type":"box","text":"valuable insights that inform the dedicated team’s approach to engaging and voting on matters related to climate and","page_number":190,"box":{"x":59,"y":138,"width":826,"height":13}},{"id":"f5464e35-7fc9-4ab8-a39a-a790e73555d7","block_type":"box","text":"transition risks on behalf of in-scope funds and accounts.","page_number":190,"box":{"x":59,"y":154,"width":402,"height":12}},{"id":"cd50014e-0cb4-4838-a6cf-c8b1e766b1c0","block_type":"box","text":"Boards and directors","page_number":190,"box":{"x":76,"y":180,"width":148,"height":10}},{"id":"05ebf4b7-44e5-4c13-95b3-7d75398e36ce","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":190,"box":{"x":59,"y":206,"width":847,"height":13}},{"id":"452f33b6-a56f-4353-8d81-121ea51a92c9","block_type":"box","text":"management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon transition strategy. In","page_number":190,"box":{"x":60,"y":222,"width":844,"height":12}},{"id":"e2221258-6290-4c23-8faf-7a38f24fc356","block_type":"box","text":"assessing the role and effectiveness of the board in this regard, the dedicated team seeks to understand whether:","page_number":190,"box":{"x":59,"y":237,"width":791,"height":12}},{"id":"7efa41af-d156-41e8-b187-6cae645809f5","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":190,"box":{"x":59,"y":257,"width":877,"height":12}},{"id":"5f53f85d-0c39-4d7a-922a-f794e8946c16","block_type":"box","text":"company’s business model. The Guidelines consider the whole board to have responsibility for oversight of the","page_number":190,"box":{"x":92,"y":272,"width":774,"height":12}},{"id":"0ac9b1ab-9daa-447f-ad01-26b987b4c470","block_type":"box","text":"company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":190,"box":{"x":92,"y":287,"width":739,"height":12}},{"id":"ff2bed3b-fb36-4a14-bcf5-93f487411dff","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":190,"box":{"x":59,"y":307,"width":780,"height":13}},{"id":"4737c28f-30a8-45a0-ae97-5005deccb5ca","block_type":"box","text":"accountability for delivery by senior executives.","page_number":190,"box":{"x":92,"y":322,"width":328,"height":13}},{"id":"40ab4328-53cf-472a-80b2-2ab82d287f26","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":190,"box":{"x":59,"y":343,"width":867,"height":12}},{"id":"bc476938-e98d-438d-b396-8edf2ba24494","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the company’s stated low-carbon","page_number":190,"box":{"x":92,"y":358,"width":799,"height":12}},{"id":"581b72e7-03f3-4d34-90e7-c67cdca5cafe","block_type":"box","text":"transition strategy.","page_number":190,"box":{"x":91,"y":374,"width":130,"height":11}},{"id":"dd46c23e-cd33-4f08-ae89-60bb74d52063","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":190,"box":{"x":59,"y":393,"width":828,"height":12}},{"id":"d3e71854-66d3-42ba-8a9b-bc9d97a59cf7","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":190,"box":{"x":92,"y":408,"width":454,"height":12}},{"id":"42f3fcd6-3abf-419c-a31d-9732f3ac2a44","block_type":"box","text":"• The company has set scope 1 and 2 GHG emissions reduction targets, science-based and independently verified where","page_number":190,"box":{"x":59,"y":428,"width":866,"height":13}},{"id":"9f9cc5a3-0332-4b2f-9212-23f720ed4f43","block_type":"box","text":"possible, against a baseline, that are consistent with the ambition to limit average global temperature rise to no more","page_number":190,"box":{"x":92,"y":443,"width":817,"height":13}},{"id":"719e69a5-bec8-4d41-85e0-39a323a3c954","block_type":"box","text":"than 1.5°C above pre-industrial levels.","page_number":190,"box":{"x":91,"y":458,"width":265,"height":13}},{"id":"2cef6e6d-ca76-4786-9bc9-92cc5a8d3464","block_type":"box","text":"• There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over time and its long-term","page_number":190,"box":{"x":59,"y":479,"width":872,"height":12}},{"id":"fc758e51-cb92-4aa7-bde3-da853de77ba5","block_type":"box","text":"low-carbon transition strategy.","page_number":190,"box":{"x":92,"y":494,"width":214,"height":12}},{"id":"9fc5352d-3cb9-4393-a2a7-ebfbad15c076","block_type":"box","text":"• The company is monitoring its most significant scope 3 emissions and disclosing these where it is confident in the data.","page_number":190,"box":{"x":59,"y":514,"width":872,"height":12}},{"id":"85c806d4-ddfc-4fb4-ade7-10b126768ddc","block_type":"box","text":"Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":190,"box":{"x":92,"y":529,"width":827,"height":12}},{"id":"a4f70bce-d67a-4492-a167-b674365f25da","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":190,"box":{"x":92,"y":544,"width":778,"height":12}},{"id":"5486cb4c-0de3-4828-8c78-0f98bb6d067d","block_type":"box","text":"constituents in their value chain.","page_number":190,"box":{"x":92,"y":559,"width":226,"height":10}},{"id":"4eac1b86-3e19-47b2-aec6-9e963d985c10","block_type":"box","text":"(21)","page_number":190,"box":{"x":320,"y":557,"width":20,"height":8}},{"id":"40aec131-7e51-47d8-9e2f-79979fbd03d6","block_type":"box","text":"• The company’s governance and oversight processes for managing material risks associated with corporate political","page_number":190,"box":{"x":59,"y":579,"width":840,"height":13}},{"id":"3b223b88-966e-47dd-9b01-5ad205d3e807","block_type":"box","text":"activities including applicable policies and procedures where relevant.","page_number":190,"box":{"x":92,"y":594,"width":486,"height":13}},{"id":"4bf49ea0-bb96-441c-8f4f-d9330be6db1e","block_type":"box","text":"(22)","page_number":190,"box":{"x":580,"y":592,"width":21,"height":9}},{"id":"659ace2d-9cb4-4680-baa4-a2abb161f09e","block_type":"box","text":"The dedicated team looks for public policy","page_number":190,"box":{"x":606,"y":594,"width":298,"height":13}},{"id":"bfc9950a-706e-43d1-a5a1-0402b9caa3eb","block_type":"box","text":"engagement to be consistent with a company’s stated strategic policy objectives, including those related to the low","page_number":190,"box":{"x":92,"y":610,"width":813,"height":12}},{"id":"54f51f9b-53e3-4a2c-a7d5-5f4b6cbb42e0","block_type":"box","text":"carbon transition.","page_number":190,"box":{"x":92,"y":625,"width":122,"height":9}},{"id":"56675c8d-a593-4cd0-8af2-3948dd41e2f7","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":190,"box":{"x":75,"y":651,"width":413,"height":13}},{"id":"3a55b2f8-57ca-4d1a-813c-b6219e4782bc","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for election","page_number":190,"box":{"x":60,"y":678,"width":830,"height":12}},{"id":"1dfa6369-fe9e-488d-9358-e6dcd8d4785d","block_type":"box","text":"where, in its assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":190,"box":{"x":59,"y":693,"width":844,"height":12}},{"id":"b5b974bb-b615-444c-b0bb-47c50d817c8f","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where the dedicated team determines this is not the","page_number":190,"box":{"x":59,"y":708,"width":852,"height":12}},{"id":"857014ed-5416-4991-a33f-4a58d0ee3588","block_type":"box","text":"(20) More companies are developing such plans, and public policymakers in certain markets are signaling their intentions to require them or already h","page_number":190,"box":{"x":59,"y":748,"width":845,"height":9}},{"id":"1db21f50-f821-4b98-ba90-91214fad6d92","block_type":"box","text":"ave","page_number":190,"box":{"x":906,"y":750,"width":18,"height":5}},{"id":"dae618fb-e4c4-4208-a543-91420e9c1a31","block_type":"box","text":"requirements in place, such as Australia, Brazil, and the European Union (please see the International Transition Plan Network for information).","page_number":190,"box":{"x":92,"y":760,"width":797,"height":10}},{"id":"158a9096-38eb-4227-8da8-022bc0e5cd98","block_type":"box","text":"BlackRock views transition plans as a method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":190,"box":{"x":92,"y":773,"width":825,"height":10}},{"id":"8dc58feb-b17c-4f74-8932-5cd6ec984ff6","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape there remains","page_number":190,"box":{"x":92,"y":785,"width":815,"height":10}},{"id":"34bf2572-beac-4a2d-8827-c6dc53249b61","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. Website accessed in December 2025.","page_number":190,"box":{"x":92,"y":798,"width":652,"height":10}},{"id":"4c73a6ff-8239-44d6-a805-be4444ca1325","block_type":"box","text":"(21) FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024 paper “Scope for improvement: So","page_number":190,"box":{"x":59,"y":813,"width":862,"height":10}},{"id":"2d906533-ac05-43ee-9771-6c9490cb518d","block_type":"box","text":"lv","page_number":190,"box":{"x":922,"y":813,"width":13,"height":8}},{"id":"4ea6617b-4cc4-4a99-b7a2-71fcedccad41","block_type":"box","text":"ing the Scope 3 conundrum.” Their research indicates that there are 2-3 material scope 3 GHG emissions categories by sector. The research uses a","page_number":190,"box":{"x":92,"y":826,"width":819,"height":10}},{"id":"8265497d-40f2-4ef8-8875-cad5db7e9291","block_type":"box","text":"definition of materiality from the GHG Protocol, which “encourages companies to maintain a representative inventory of the “most significant GHG","page_number":190,"box":{"x":92,"y":838,"width":822,"height":10}},{"id":"0d4312e8-c866-4272-a098-3c8a36b867e7","block_type":"box","text":"emissions, [that] offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.” Website accessed i","page_number":190,"box":{"x":92,"y":851,"width":832,"height":10}},{"id":"c4410fb8-3415-4cf8-bb70-d060b27cc90c","block_type":"box","text":"n","page_number":190,"box":{"x":926,"y":853,"width":6,"height":6}},{"id":"ec08d2c8-5d3f-4478-81b4-cb5ce7487d4e","block_type":"box","text":"December 2025.","page_number":190,"box":{"x":92,"y":863,"width":91,"height":8}},{"id":"039bf4b8-6ef7-44f6-9ee7-6928741e84e5","block_type":"box","text":"(22) Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade association members","page_number":190,"box":{"x":59,"y":879,"width":814,"height":9}},{"id":"74c2ef9c-f6df-483b-ad11-5a81017e84ea","block_type":"box","text":"hips), and","page_number":190,"box":{"x":874,"y":879,"width":55,"height":9}},{"id":"40412ac3-b563-40b0-9e7e-31252fa8d9ff","block_type":"box","text":"corporate political contributions.","page_number":190,"box":{"x":92,"y":891,"width":182,"height":10}},{"id":"16b32069-a4c1-471b-bc56-122f58fee0c5","block_type":"box","text":"A-38","page_number":190,"box":{"x":481,"y":916,"width":35,"height":9}},{"id":"7c2a958f-f685-4078-a697-070fa1a90db1","block_type":"box","text":"case, it may vote against the election of one or more directors who the team identifies as having the most responsibility for","page_number":191,"box":{"x":59,"y":67,"width":861,"height":12}},{"id":"7a20754c-2e45-4895-a86d-f1d55dc93b3c","block_type":"box","text":"the issue. The directors most likely to be in focus are the chair of the board committee with low-carbon transition, climate or","page_number":191,"box":{"x":59,"y":82,"width":872,"height":12}},{"id":"ef630210-3e61-4f04-ac06-534fd9c31d5c","block_type":"box","text":"sustainability risk oversight responsibilities, other members of the relevant committee, the lead independent director or the","page_number":191,"box":{"x":59,"y":97,"width":861,"height":12}},{"id":"7815ec92-f2cf-4a08-9f2d-b902001d9d09","block_type":"box","text":"non-executive chair of the board. In certain markets, the team may withhold support for the discharge of the supervisory","page_number":191,"box":{"x":60,"y":112,"width":846,"height":12}},{"id":"2fed4373-a971-4875-9366-65fa5aba25a9","block_type":"box","text":"board or equivalent and/or board reports.","page_number":191,"box":{"x":60,"y":127,"width":291,"height":12}},{"id":"d4adbd89-5c6c-4276-8638-d33bf7d9078e","block_type":"box","text":"(23)","page_number":191,"box":{"x":352,"y":125,"width":21,"height":8}},{"id":"f5290556-66e6-43cc-a367-a23f61a063a8","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year, and the company has","page_number":191,"box":{"x":59,"y":154,"width":861,"height":12}},{"id":"7f61475d-8ce4-4952-a993-a9c3236086b4","block_type":"box","text":"not subsequently made progress towards aligning with the transition to a low-carbon economy, the team may escalate by","page_number":191,"box":{"x":60,"y":169,"width":853,"height":12}},{"id":"1b5c5482-05ea-4488-b59b-e5ff9a4f86c5","block_type":"box","text":"not supporting the re-election of additional responsible directors.","page_number":191,"box":{"x":60,"y":184,"width":455,"height":12}},{"id":"7b081fbf-ed8c-4540-975a-316ebe536902","block_type":"box","text":"(24)","page_number":191,"box":{"x":517,"y":182,"width":20,"height":8}},{"id":"85b5434d-d2f7-4416-8641-9ff32860df61","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":191,"box":{"x":76,"y":210,"width":521,"height":13}},{"id":"c7971d71-b209-40e2-8bf6-c7640d8a8782","block_type":"box","text":"In certain markets, company management may submit proposals— commonly referred to as “Say on Climate” — seeking","page_number":191,"box":{"x":60,"y":237,"width":849,"height":12}},{"id":"c5ef5ccc-903c-4619-8ab5-18d40627d739","block_type":"box","text":"shareholder approval of their climate action plans or progress reports. The Guidelines consider these proposals as a valuable","page_number":191,"box":{"x":59,"y":252,"width":870,"height":12}},{"id":"ad196912-6916-4419-a231-cdf0bf29373e","block_type":"box","text":"governance mechanism that can enhance transparency, accountability, and investors’ understanding of a company’s climate","page_number":191,"box":{"x":59,"y":267,"width":872,"height":12}},{"id":"cba283ee-6ab5-49bb-9b38-c903f39a329d","block_type":"box","text":"strategy. The dedicated team generally supports management’s climate strategy proposal if, in the team’s assessment based","page_number":191,"box":{"x":59,"y":282,"width":871,"height":12}},{"id":"66530eea-29d6-41be-a16b-9514b8d3eca3","block_type":"box","text":"on these Guidelines, the strategy is aligned with the low-carbon transition. Similarly, the dedicated team generally supports","page_number":191,"box":{"x":59,"y":297,"width":861,"height":13}},{"id":"2ad975ee-1c5f-4c40-bfe1-9103a49e76f5","block_type":"box","text":"management’s proposal on a progress report if the company has clearly explained its progress against, and any deviations","page_number":191,"box":{"x":60,"y":312,"width":854,"height":13}},{"id":"d7531361-f580-4819-a14d-a3d247b8f10a","block_type":"box","text":"from or changes to, its stated low-carbon transition plan and targets.","page_number":191,"box":{"x":59,"y":327,"width":483,"height":13}},{"id":"2fc69e6b-690f-46fb-a344-bb8d77553f69","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":191,"box":{"x":75,"y":354,"width":495,"height":12}},{"id":"bde76bf8-af5f-4d9a-8d70-dd845405695b","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as long as certain","page_number":191,"box":{"x":60,"y":380,"width":861,"height":13}},{"id":"190ca4be-4f8f-40e3-9aac-4b5c236d2df8","block_type":"box","text":"requirements are met. Shareholder proposals span a wide range of topics and have varying degrees of relevance for","page_number":191,"box":{"x":60,"y":395,"width":807,"height":13}},{"id":"30d3b1cf-5d01-406b-b1ed-8ff7f287c6fc","block_type":"box","text":"companies across sectors, locations, and business models.","page_number":191,"box":{"x":59,"y":411,"width":410,"height":12}},{"id":"7977716d-3cdd-445b-9cd2-dfecbfc7dbfb","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the company’s","page_number":191,"box":{"x":60,"y":437,"width":829,"height":12}},{"id":"3c8193f4-411b-4149-8dec-3809c16baa62","block_type":"box","text":"individual circumstances. When the dedicated team votes in support of a proposal, it is not necessarily endorsing every","page_number":191,"box":{"x":60,"y":452,"width":833,"height":12}},{"id":"167aa8b3-816f-42d6-97be-ebab6bfdcf61","block_type":"box","text":"element of the proposal or the reasoning, objectives, or supporting statement of the proponent.","page_number":191,"box":{"x":59,"y":467,"width":670,"height":13}},{"id":"27c570fe-c678-4e3f-97eb-6c1c05486bf4","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon transition","page_number":191,"box":{"x":60,"y":494,"width":860,"height":12}},{"id":"79778be2-5eb8-4ace-b0be-6048a14219e9","block_type":"box","text":"strategy and targets. The dedicated team assesses the implications for, and the relevance to, the company’s stated low","page_number":191,"box":{"x":59,"y":509,"width":835,"height":12}},{"id":"b3e0ddd9-3353-4c69-9b26-d2d544cb818a","block_type":"box","text":"carbon transition strategy and targets. Under the Guidelines, the team may support shareholder proposals that, for example,","page_number":191,"box":{"x":59,"y":524,"width":871,"height":12}},{"id":"7ce24cc6-cb2a-44c0-9a85-7c403d84bc20","block_type":"box","text":"ask a company to:","page_number":191,"box":{"x":59,"y":539,"width":126,"height":12}},{"id":"cde15b84-7b47-45bc-b58c-384b951502aa","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average global temperature rise to","page_number":191,"box":{"x":59,"y":559,"width":871,"height":13}},{"id":"f722483a-38de-464f-9e49-5c64a7910107","block_type":"box","text":"no more than 1.5°C above pre-industrial levels","page_number":191,"box":{"x":92,"y":574,"width":323,"height":13}},{"id":"efbed3b4-a0f4-49e4-b587-f5c189fe136c","block_type":"box","text":"• Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term goal of","page_number":191,"box":{"x":59,"y":594,"width":881,"height":13}},{"id":"7b00714f-9921-4c82-bad7-a81940736100","block_type":"box","text":"the company achieving net zero GHG emissions by 2050","page_number":191,"box":{"x":91,"y":610,"width":394,"height":12}},{"id":"aea0a451-6ac7-4b56-8521-82593796edfa","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":191,"box":{"x":59,"y":630,"width":723,"height":12}},{"id":"ff159848-f979-4eab-9c61-ac7fa4d174f3","block_type":"box","text":"• Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with its","page_number":191,"box":{"x":59,"y":650,"width":840,"height":12}},{"id":"e3ccf231-3f37-44f8-bb5b-8fe7bd2acf37","block_type":"box","text":"strategic policy positions, where existing disclosure is insufficient","page_number":191,"box":{"x":92,"y":665,"width":455,"height":12}},{"id":"e11699f3-5903-4d5b-94ed-6a0e80ce23ca","block_type":"box","text":"(25)","page_number":191,"box":{"x":548,"y":663,"width":21,"height":8}},{"id":"43ec3969-6ead-4146-9f8e-291049ff7d52","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or management decision-making","page_number":191,"box":{"x":59,"y":691,"width":863,"height":13}},{"id":"9a63f3d6-ea96-4c1c-b336-9d1927048fae","block_type":"box","text":"or direct specific business or strategic decisions.","page_number":191,"box":{"x":59,"y":707,"width":337,"height":12}},{"id":"f6dfda6b-5b0f-482b-95eb-65cf62ee6ef7","block_type":"box","text":"(23) Board report votes are generally advisory and relate to reports issued by the board of directors that may contain information on a company’s","page_number":191,"box":{"x":59,"y":798,"width":818,"height":10}},{"id":"534a66c6-77d5-4424-921b-76ebc1365a18","block_type":"box","text":"sustainability efforts, operational resilience, or financial condition, among others.","page_number":191,"box":{"x":92,"y":811,"width":451,"height":9}},{"id":"d3f1383f-20aa-4e9b-bb56-5f850c16512c","block_type":"box","text":"(24) While the dedicated team may escalate voting by not supporting additional management proposals, principally director elections, the team does","page_number":191,"box":{"x":59,"y":826,"width":841,"height":10}},{"id":"ab832d44-6224-4b58-8910-39fe4e566d79","block_type":"box","text":"not","page_number":191,"box":{"x":905,"y":827,"width":18,"height":6}},{"id":"06c04f4c-9b95-4eab-a8d6-41ce96b74658","block_type":"box","text":"consider filing shareholder proposals, preannouncing voting intentions or using the media to amplify concerns as appropriate courses of action. Th","page_number":191,"box":{"x":92,"y":838,"width":824,"height":10}},{"id":"df9c5f85-f273-4ab0-9071-8a1ef42d5c2d","block_type":"box","text":"e","page_number":191,"box":{"x":918,"y":841,"width":5,"height":5}},{"id":"5d4d7144-6a2e-4061-a935-7cfbcc7f8ffc","block_type":"box","text":"dedicated team will continue to take a constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guide","page_number":191,"box":{"x":92,"y":851,"width":830,"height":10}},{"id":"f2e48f48-87ea-4424-97a3-f7cdcf366629","block_type":"box","text":"lines.","page_number":191,"box":{"x":92,"y":863,"width":27,"height":8}},{"id":"0eb29936-0be2-4d6f-8222-985083c7a794","block_type":"box","text":"(25) Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade association members","page_number":191,"box":{"x":59,"y":879,"width":814,"height":9}},{"id":"e18391dc-2ba7-434b-95a9-c94d42b0072c","block_type":"box","text":"hips), and","page_number":191,"box":{"x":874,"y":879,"width":55,"height":9}},{"id":"b76b7c0e-6867-4efe-a6ad-0653c8190afb","block_type":"box","text":"corporate political contributions.","page_number":191,"box":{"x":92,"y":891,"width":182,"height":10}},{"id":"08f52b51-c101-46fe-8c30-2a024d835298","block_type":"box","text":"A-39","page_number":191,"box":{"x":481,"y":916,"width":34,"height":9}},{"id":"b896e3ff-9f6b-4067-84a5-a4641d7cc856","block_type":"box","text":"Related matters","page_number":192,"box":{"x":60,"y":67,"width":111,"height":9}},{"id":"341393e7-f20e-4620-ac62-2dff6e4aa932","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":192,"box":{"x":59,"y":93,"width":870,"height":12}},{"id":"0f1725a4-a94a-459c-b9fd-f82624691177","block_type":"box","text":"to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages, where appropriate, to","page_number":192,"box":{"x":59,"y":108,"width":832,"height":13}},{"id":"8e10587b-31ef-4487-8749-665694810db8","block_type":"box","text":"enhance its understanding of a company’s approach. Generally, voting on these matters would be covered by BIS’ Benchmark","page_number":192,"box":{"x":59,"y":123,"width":878,"height":13}},{"id":"a28d07f2-345d-49ce-9409-2ab5507101fb","block_type":"box","text":"Policies.","page_number":192,"box":{"x":60,"y":138,"width":53,"height":10}},{"id":"c4942394-bc04-4a9b-a6f3-b4414e568fbe","block_type":"box","text":"Executive compensation","page_number":192,"box":{"x":76,"y":166,"width":174,"height":11}},{"id":"d638c453-d361-4715-93fb-af6ac96dbe5c","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and rewards","page_number":192,"box":{"x":59,"y":191,"width":819,"height":13}},{"id":"a60f52c0-bb52-4ff5-8853-2cfbae60128f","block_type":"box","text":"executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":192,"box":{"x":59,"y":206,"width":876,"height":13}},{"id":"98c08518-ba23-4845-9fb6-14e39420afdb","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the dedicated team would","page_number":192,"box":{"x":60,"y":222,"width":860,"height":12}},{"id":"a6f2b185-7e06-44a7-8951-d28393fcec7f","block_type":"box","text":"engage to understand the alignment between those metrics and the company’s stated climate strategy. Clear disclosure also","page_number":192,"box":{"x":59,"y":237,"width":873,"height":12}},{"id":"47fdf8d2-1828-43c0-90c6-aba01294ebcf","block_type":"box","text":"helps investors assess whether pay structures are consistent with long-term climate strategy and risk management.","page_number":192,"box":{"x":60,"y":252,"width":810,"height":12}},{"id":"6892daa5-afd7-4c84-ab1f-3981b12fb742","block_type":"box","text":"Auditors and audit-related issues","page_number":192,"box":{"x":75,"y":278,"width":240,"height":10}},{"id":"e1d5e682-9730-4359-91c1-f81e30ea236c","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated team is","page_number":192,"box":{"x":60,"y":305,"width":830,"height":12}},{"id":"889a764b-2850-4671-ac93-341da13a712e","block_type":"box","text":"interested in understanding whether the company considers and, if relevant, quantifies, and accounts for material climate","page_number":192,"box":{"x":60,"y":320,"width":857,"height":12}},{"id":"853b1668-5f34-44d1-ab34-c725c7736f26","block_type":"box","text":"related risks in its financial statements, including if the company explains such risks within the context of its audit report. The","page_number":192,"box":{"x":60,"y":335,"width":876,"height":12}},{"id":"5a84e719-7da0-4e5f-8f3f-89588307d873","block_type":"box","text":"team notes that assurance of corporate disclosures related to climate risk and the transition to a low-carbon economy is still","page_number":192,"box":{"x":59,"y":350,"width":870,"height":12}},{"id":"a9e8e362-6352-45bc-983c-be7436e0e3c6","block_type":"box","text":"nascent.","page_number":192,"box":{"x":60,"y":366,"width":57,"height":9}},{"id":"b82f95e6-4ca7-485f-9811-5813bd5594ec","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":192,"box":{"x":76,"y":392,"width":448,"height":12}},{"id":"885a259d-0a69-4700-b1da-b241fc4fc54e","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate-related factors","page_number":192,"box":{"x":59,"y":418,"width":870,"height":12}},{"id":"c5ac602d-28a2-450c-9051-f272025d738f","block_type":"box","text":"under these Guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has","page_number":192,"box":{"x":60,"y":433,"width":871,"height":13}},{"id":"190b4603-3acb-494f-ac9e-55bbfd7d2c4a","block_type":"box","text":"proposed governance, strategic or operational changes that may impact its climate strategy. The dedicated team does not","page_number":192,"box":{"x":59,"y":448,"width":855,"height":13}},{"id":"cc9e3525-c243-4561-a142-c48a54c54a87","block_type":"box","text":"promote changes in corporate control or engage in shareholder activism.","page_number":192,"box":{"x":59,"y":463,"width":512,"height":13}},{"id":"7d9f2a77-0260-4c43-8b18-cad2c1fe132e","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":192,"box":{"x":76,"y":490,"width":498,"height":12}},{"id":"b235369b-15af-4615-9aa1-95527c90a376","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material sustainability","page_number":192,"box":{"x":59,"y":516,"width":863,"height":13}},{"id":"31a2d2a8-ceb7-40d3-9228-9366e17d964e","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term financial performance.","page_number":192,"box":{"x":60,"y":531,"width":852,"height":13}},{"id":"9d427bf1-1a12-47b3-abfe-6b804d70143c","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":192,"box":{"x":59,"y":547,"width":651,"height":12}},{"id":"caa3cc51-f01d-448b-8c5e-f5a1191a77c3","block_type":"box","text":"(26)","page_number":192,"box":{"x":712,"y":545,"width":21,"height":8}},{"id":"79c0544f-db48-459a-83b6-8be80b559f06","block_type":"box","text":"In the context of these","page_number":192,"box":{"x":739,"y":547,"width":156,"height":9}},{"id":"68a87ac0-5f43-44d7-811a-b785ac1db1c7","block_type":"box","text":"Guidelines, the dedicated team may engage companies to better understand how they are managing the impact on people","page_number":192,"box":{"x":59,"y":562,"width":861,"height":12}},{"id":"21cf490d-8278-443a-9d7b-ef02ac75a7cf","block_type":"box","text":"(e.g., employees, suppliers, customers and communities) of any strategic or operational changes they are making in relation","page_number":192,"box":{"x":60,"y":577,"width":867,"height":12}},{"id":"10b219f9-4efb-4d91-a3cf-369dcdf4174d","block_type":"box","text":"to their transition to a low-carbon economy. Similarly, the team may engage companies that face risks and opportunities","page_number":192,"box":{"x":59,"y":592,"width":844,"height":12}},{"id":"d166fcac-d5c8-4e0b-8756-5f2bdd213b2a","block_type":"box","text":"related to land use and deforestation, access to fresh water, or the ability to secure scarce resources critical to the transition","page_number":192,"box":{"x":60,"y":607,"width":863,"height":12}},{"id":"b61ab337-a835-46ca-83de-e566f396c102","block_type":"box","text":"to a low-carbon economy.","page_number":192,"box":{"x":59,"y":622,"width":182,"height":13}},{"id":"47cb9610-52fa-43db-964b-d2366f0cd19c","block_type":"box","text":"(26) Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital management, and corporate human","page_number":192,"box":{"x":59,"y":879,"width":872,"height":9}},{"id":"8d6cb6c1-b7cc-43bf-b904-21e969b748d7","block_type":"box","text":"rights risks, December 2025.","page_number":192,"box":{"x":92,"y":891,"width":158,"height":10}},{"id":"3651d8ae-97af-4bc4-8f83-5de7dcff26d4","block_type":"box","text":"A-40","page_number":192,"box":{"x":481,"y":916,"width":35,"height":9}},{"id":"59818862-522b-4fa4-8d58-f65b9359a0e6","block_type":"box","text":"Appendix 1","page_number":193,"box":{"x":59,"y":67,"width":80,"height":12}},{"id":"2f1e899c-3255-45c5-974a-513f1c6a53b2","block_type":"box","text":"Terminology","page_number":193,"box":{"x":75,"y":93,"width":91,"height":12}},{"id":"ff7a397d-3b4f-4ebc-88f6-5991dbb1e8dc","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":193,"box":{"x":59,"y":120,"width":552,"height":12}},{"id":"50044e64-29cd-459f-97b7-c328257809a2","block_type":"box","text":"Climate risk:","page_number":193,"box":{"x":59,"y":146,"width":88,"height":10}},{"id":"32126d49-49bf-4768-829a-2bbd37a8cca2","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":154,"y":146,"width":742,"height":12}},{"id":"b6805736-46e2-4987-b076-c1fe0d46fc0f","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":59,"y":161,"width":817,"height":12}},{"id":"8b10df03-fb03-4b52-89f0-f66a3128763e","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":193,"box":{"x":59,"y":176,"width":340,"height":13}},{"id":"d9de103e-83b1-4581-a05e-ce23e3c0074d","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":193,"box":{"x":58,"y":203,"width":455,"height":12}},{"id":"47ef18b1-bce9-4e3f-b574-46b31413db95","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":193,"box":{"x":518,"y":203,"width":401,"height":12}},{"id":"d9b4a50c-5cdb-414b-90dd-d45666449fa8","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":60,"y":218,"width":805,"height":12}},{"id":"d3de2ba7-f919-4fad-a501-8dc2dace3be0","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":59,"y":233,"width":876,"height":12}},{"id":"7478cf91-c9ac-47dc-bd8f-4ad804b2c4a2","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":193,"box":{"x":59,"y":248,"width":567,"height":12}},{"id":"04be8579-2616-485d-804f-67077070f08a","block_type":"box","text":"Decarbonization:","page_number":193,"box":{"x":60,"y":274,"width":121,"height":10}},{"id":"aac6f28b-0350-4938-94e5-c4e71a058159","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO","page_number":193,"box":{"x":186,"y":274,"width":498,"height":13}},{"id":"4b8e7178-08cb-4e2b-b527-4f9e9d1867e9","block_type":"box","text":"2","page_number":193,"box":{"x":685,"y":281,"width":6,"height":6}},{"id":"6e832c72-281d-4e75-a1fb-8f8c34592a65","block_type":"box","text":") from human activity and","page_number":193,"box":{"x":692,"y":274,"width":182,"height":13}},{"id":"c27d7b58-c862-4667-9a69-be1c4857ae75","block_type":"box","text":"removing carbon currently in the atmosphere. 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