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However, these highest 5% of emitters are not excluded by this screen if they have","page_number":10,"box":{"x":116,"y":910,"width":739,"height":13}},{"id":"f4706d7d-268b-475a-a54e-ce8ab6045302","block_type":"box","text":"emissions reduction targets that have been approved by the Science-Based Targets initiative (“SBTi”).","page_number":10,"box":{"x":116,"y":925,"width":737,"height":13}},{"id":"6e72f8b2-04cf-44c9-ba2b-cb58901b0daa","block_type":"box","text":"SBTi does not monitor whether companies modify their targets or make progress toward the targets.","page_number":11,"box":{"x":116,"y":69,"width":737,"height":13}},{"id":"0374072f-5179-4403-be01-5f039ec02747","block_type":"box","text":"“Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”)","page_number":11,"box":{"x":117,"y":85,"width":739,"height":12}},{"id":"2dbb34bb-4221-4cdd-abd5-4e31a13fdd26","block_type":"box","text":"emissions as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions”","page_number":11,"box":{"x":116,"y":100,"width":749,"height":13}},{"id":"946f1320-5526-4428-966d-c59cc605ba0a","block_type":"box","text":"are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal","page_number":11,"box":{"x":116,"y":116,"width":732,"height":12}},{"id":"b2db9de2-dd42-44a1-b036-984055cbd94e","block_type":"box","text":"reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers","page_number":11,"box":{"x":117,"y":131,"width":740,"height":13}},{"id":"03f87fa6-5eee-4c51-953b-88977c6418fd","block_type":"box","text":"most likely to use their fossil fuel reserves for energy applications (i.e., burned or combusted to produce","page_number":11,"box":{"x":117,"y":147,"width":755,"height":12}},{"id":"ac68e1fe-9ef0-4299-b78f-ed4476607e3a","block_type":"box","text":"power or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.","page_number":11,"box":{"x":116,"y":162,"width":766,"height":13}},{"id":"963d7344-10a6-4923-8df3-93f2e08dea0f","block_type":"box","text":"For non-index constituents, the Index Provider excludes issuers that do not have approved science-based","page_number":11,"box":{"x":117,"y":185,"width":767,"height":13}},{"id":"cd71f934-c1d5-4301-b2d9-d7e41fb8a772","block_type":"box","text":"targets (“SBTs”) and are in the worst quartile of their GICS sector within the Parent Index based on their","page_number":11,"box":{"x":116,"y":201,"width":757,"height":13}},{"id":"c15557b1-45ce-434c-9877-d7c7528abb0c","block_type":"box","text":"management of climate change risks (e.g., product carbon footprint and carbon emissions) (“carbon risk","page_number":11,"box":{"x":117,"y":216,"width":765,"height":13}},{"id":"b174b23f-12b1-4ad1-adce-867c68e93c76","block_type":"box","text":"management”). For existing index constituents, the Index Provider excludes issuers that do not have","page_number":11,"box":{"x":117,"y":232,"width":731,"height":13}},{"id":"99489745-0c0d-4e81-9e70-9303a8ee9ed5","block_type":"box","text":"approved SBTs and are in the worst decile of their GICS sector within the Parent Index based on their","page_number":11,"box":{"x":116,"y":247,"width":734,"height":13}},{"id":"b6d74a04-ff6b-4b13-bfa1-d488db644fbb","block_type":"box","text":"carbon risk management, as determined by the Index Provider.","page_number":11,"box":{"x":116,"y":263,"width":460,"height":13}},{"id":"e04b193f-4ca0-49cc-acec-2ccd94a0b168","block_type":"box","text":"Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity","page_number":11,"box":{"x":117,"y":286,"width":728,"height":13}},{"id":"6a28389e-5a2c-4b38-bd8e-cde0804c7de2","block_type":"box","text":"Score,” which corresponds to the issuer’s sector-relative quartile position within the Parent Index based","page_number":11,"box":{"x":116,"y":302,"width":755,"height":12}},{"id":"4bedbc01-b41e-4119-a29c-f9e57feea090","block_type":"box","text":"on its Scope 1+2+3 GHG intensity. The score may be improved with a one-quartile or two-quartile","page_number":11,"box":{"x":116,"y":317,"width":712,"height":13}},{"id":"05afdb05-7600-44a1-b6ce-ada07c1c0822","block_type":"box","text":"adjustment, as summarized below.","page_number":11,"box":{"x":116,"y":333,"width":257,"height":12}},{"id":"c46ddf2a-d2d9-4db0-95bd-70b7d56c87ce","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has","page_number":11,"box":{"x":116,"y":356,"width":769,"height":13}},{"id":"3931ad2a-a4a8-4c08-804e-5bbd006d61d2","block_type":"box","text":"approved SBTs for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track","page_number":11,"box":{"x":116,"y":371,"width":770,"height":13}},{"id":"52021ff5-d8e4-4e90-b9c1-9e4a80edfa08","block_type":"box","text":"record” of reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with","page_number":11,"box":{"x":117,"y":387,"width":771,"height":13}},{"id":"8039a466-56ac-443d-8100-93384f6617f7","block_type":"box","text":"certain criteria set by SBTi based on climate science.","page_number":11,"box":{"x":116,"y":402,"width":382,"height":13}},{"id":"09d096e0-b7d6-4f3c-b639-f8579776c645","block_type":"box","text":"The criteria for a credible track record of emissions reduction include, among other things, having an","page_number":11,"box":{"x":116,"y":426,"width":735,"height":12}},{"id":"ab2b592a-42a1-481b-8f49-46c10d796195","block_type":"box","text":"average yearly emissions reduction of at least 2% over the past four years (three year-over-year","page_number":11,"box":{"x":116,"y":441,"width":698,"height":13}},{"id":"c8eb54eb-75b3-4d41-b63d-df288a0fa857","block_type":"box","text":"changes).","page_number":11,"box":{"x":116,"y":457,"width":75,"height":12}},{"id":"770bc66f-fc17-4aa7-b128-1b8d20e90194","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer","page_number":11,"box":{"x":117,"y":480,"width":746,"height":13}},{"id":"f1e5c933-7f41-4522-b5a8-c22b36ed1412","block_type":"box","text":"that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) carbon risk","page_number":11,"box":{"x":116,"y":495,"width":762,"height":13}},{"id":"585f599b-85a1-4dc4-809c-f9fc131df321","block_type":"box","text":"management or (ii) “green business revenue,” each as determined by the Index Provider. 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This tilting approach, as determined by the Index Provider, increases exposure to companies","page_number":11,"box":{"x":116,"y":612,"width":730,"height":12}},{"id":"bbd69e04-3f15-4339-96b7-209432f8ef3a","block_type":"box","text":"assessed as best positioned for the climate transition within their respective GICS sector.","page_number":11,"box":{"x":116,"y":627,"width":646,"height":13}},{"id":"879870e9-72de-4f9e-867f-3e770dbe1cc6","block_type":"box","text":"All eligible securities of each GICS sector are included in the index. The weights of the index constituents","page_number":11,"box":{"x":116,"y":651,"width":762,"height":12}},{"id":"33ce602c-86f0-4c84-8612-485880e29bae","block_type":"box","text":"are determined by multiplying the Tilt Score with the Parent Index weight of the eligible security. The","page_number":11,"box":{"x":116,"y":666,"width":730,"height":13}},{"id":"b3909229-a10f-460e-9f5d-5e7e1cf2c1d8","block_type":"box","text":"weights are then renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in","page_number":11,"box":{"x":116,"y":682,"width":759,"height":12}},{"id":"e20a2e2e-32ba-4c8a-a494-7b1cec468f41","block_type":"box","text":"the Parent Index, and individual issuer weights are capped at +2% of its Parent Index weight.","page_number":11,"box":{"x":116,"y":697,"width":670,"height":13}},{"id":"2158d885-3d4a-47bb-91b1-357f313363ac","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement","page_number":11,"box":{"x":116,"y":720,"width":749,"height":13}},{"id":"89d3a96d-b2d2-48d1-99e5-7cbcacb67821","block_type":"box","text":"and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed","page_number":11,"box":{"x":116,"y":736,"width":709,"height":12}},{"id":"2679cd9b-2234-47a2-900c-197c6eaa8cc3","block_type":"box","text":"monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and","page_number":11,"box":{"x":117,"y":751,"width":762,"height":13}},{"id":"0873db5b-6bd2-4fcd-a803-a28b8a99b820","block_type":"box","text":"the weights of the remaining constituents are renormalized to 100%.","page_number":11,"box":{"x":116,"y":767,"width":499,"height":12}},{"id":"1b61634f-c122-4a7a-bc14-e27d2a0bf39a","block_type":"box","text":"As of June 1, 2026, a significant portion of the Underlying Index is represented by securities of companies","page_number":11,"box":{"x":116,"y":790,"width":762,"height":13}},{"id":"e956f8cc-1fe6-4861-9240-0abdad53d258","block_type":"box","text":"in the Information Technology, Communication Services, and Consumer Discretionary sectors. As of","page_number":11,"box":{"x":117,"y":806,"width":728,"height":12}},{"id":"e89fe37d-a766-4076-b4fd-f3063c672d6d","block_type":"box","text":"June 1, 2026, the Underlying Index had approximately 400 components. The components of the","page_number":11,"box":{"x":115,"y":821,"width":696,"height":13}},{"id":"2ff951b5-3ffb-4c0e-8a76-a61913d0d471","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":11,"box":{"x":117,"y":837,"width":347,"height":12}},{"id":"88b8f9dc-2b05-47e6-8ffe-20488850ab9a","block_type":"box","text":"Changes to the Fund’s Prospectus","page_number":12,"box":{"x":116,"y":69,"width":261,"height":13}},{"id":"0ee513ea-ceef-46bd-9d93-82b550399de0","block_type":"box","text":"The section entitled “Additional Index Information – iShares Climate Conscious & Transition MSCI","page_number":12,"box":{"x":116,"y":92,"width":746,"height":10}},{"id":"b9d67581-4c1c-460e-ae65-9a454d5ab7cd","block_type":"box","text":"USA ETF” of the Fund’s Prospectus is deleted in its entirety and replaced with the following:","page_number":12,"box":{"x":117,"y":108,"width":696,"height":13}},{"id":"9e633f75-b2eb-49ac-a589-bc8615772f6d","block_type":"box","text":"The Index Provider excludes the securities of issuers that it identifies as being involved in any of the","page_number":12,"box":{"x":116,"y":131,"width":723,"height":13}},{"id":"a5907280-100f-48c6-b446-cfcbf2a9a9f7","block_type":"box","text":"business activities summarized below (“business involvement screens”):","page_number":12,"box":{"x":117,"y":147,"width":527,"height":12}},{"id":"83fce121-b2c8-4982-aca7-b35cce062a9b","block_type":"box","text":"Š","page_number":12,"box":{"x":136,"y":172,"width":9,"height":7}},{"id":"9e7f9341-d55f-4fde-a25e-0c4798e001dc","block_type":"box","text":"Companies that are classified as a “producer” of tobacco and companies that derive 5% or more","page_number":12,"box":{"x":157,"y":170,"width":704,"height":13}},{"id":"a1116206-9378-480e-9b38-94cba399e7a3","block_type":"box","text":"aggregate revenue from the production, distribution, retail, supply, and licensing of tobacco-related","page_number":12,"box":{"x":157,"y":185,"width":725,"height":13}},{"id":"d0ce0052-5767-4f8e-ac43-2a45cf97b4f5","block_type":"box","text":"products.","page_number":12,"box":{"x":157,"y":201,"width":72,"height":13}},{"id":"c56956df-d6e6-45a5-b76f-c1eb94bedfce","block_type":"box","text":"Š","page_number":12,"box":{"x":136,"y":226,"width":9,"height":7}},{"id":"eea83ca7-c4ee-479d-91b8-faccdbbf2087","block_type":"box","text":"Companies with any tie to controversial weapons, which are defined by the Index Provider as","page_number":12,"box":{"x":157,"y":224,"width":678,"height":13}},{"id":"929f7915-fbad-489e-9f57-e09530e4a716","block_type":"box","text":"cluster munitions, landmines, biological and chemical weapons, depleted uranium weapons,","page_number":12,"box":{"x":157,"y":240,"width":673,"height":12}},{"id":"6ac9114c-ab37-4eb0-a8ac-85a67918cb7d","block_type":"box","text":"blinding laser weapons, incendiary weapons and non-detectable fragments.","page_number":12,"box":{"x":157,"y":255,"width":554,"height":13}},{"id":"9e740182-1b73-49cb-bb42-c274b37a01fb","block_type":"box","text":"Š","page_number":12,"box":{"x":136,"y":281,"width":9,"height":6}},{"id":"8360437c-067f-4f8d-bb4a-65a1e275a2c3","block_type":"box","text":"Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal","page_number":12,"box":{"x":157,"y":278,"width":712,"height":13}},{"id":"5d1417ee-c1e6-461b-a413-43abf61cd237","block_type":"box","text":"(including lignite, bituminous, anthracite and steam coal) and its sale to external parties. 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Additionally, companies that own oil sands reserves with no associated","page_number":12,"box":{"x":157,"y":395,"width":689,"height":12}},{"id":"f6bb8939-9c80-4528-9a64-5d76fbc15955","block_type":"box","text":"revenue are not excluded.","page_number":12,"box":{"x":157,"y":410,"width":191,"height":10}},{"id":"b2cd88e5-b35c-41f7-b22c-a52a66eae953","block_type":"box","text":"Š","page_number":12,"box":{"x":136,"y":436,"width":9,"height":6}},{"id":"92bbe967-060b-491e-ba43-5e60c9a6466d","block_type":"box","text":"Companies that are located in countries who are not signatories of The Treaty on the","page_number":12,"box":{"x":157,"y":433,"width":621,"height":13}},{"id":"6bc46706-8f9a-4413-a3cf-6f927c6e8062","block_type":"box","text":"Non-Proliferation of Nuclear Weapons and fall within the following categories: companies that","page_number":12,"box":{"x":157,"y":449,"width":688,"height":13}},{"id":"cab9369a-742c-4e0c-8405-c1fa67e19ae1","block_type":"box","text":"manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration","page_number":12,"box":{"x":157,"y":464,"width":717,"height":13}},{"id":"53d1407c-1624-40c5-996e-e941e0b629df","block_type":"box","text":"of warhead and missile body; 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The parent index is a float-adjusted market capitalization weighted","page_number":13,"box":{"x":117,"y":139,"width":748,"height":13}},{"id":"8b36adf9-d8af-4717-957d-68807b8972e3","block_type":"box","text":"index designed to measure the performance of the large- and mid-capitalization companies in the U.S.","page_number":13,"box":{"x":117,"y":154,"width":745,"height":13}},{"id":"3e2091c6-f8c7-4e3e-b575-a19daf658cf3","block_type":"box","text":"market, irrespective of their climate impact. As a result, the Underlying Index will include constituents","page_number":13,"box":{"x":117,"y":170,"width":738,"height":13}},{"id":"49789cfa-6468-4e3b-b40d-8932a3056c12","block_type":"box","text":"from a broad range of sectors in the U.S. market, including sectors that have more climate impact than","page_number":13,"box":{"x":116,"y":185,"width":749,"height":13}},{"id":"62672aa9-4ef3-43b5-b595-d5b7f13655cf","block_type":"box","text":"other sectors.","page_number":13,"box":{"x":116,"y":201,"width":103,"height":10}},{"id":"2ee33264-3371-496f-ac77-3f7626e067ac","block_type":"box","text":"Index Methodology.","page_number":13,"box":{"x":117,"y":224,"width":151,"height":13}},{"id":"b735f67b-78b1-4029-af5d-3eb2e989c8e7","block_type":"box","text":"The Index Provider begins with the constituent universe of the parent index and","page_number":13,"box":{"x":269,"y":224,"width":587,"height":13}},{"id":"4bea5838-eaa9-4e0c-b9d4-71a02b6ecbf0","block_type":"box","text":"applies several types of exclusionary screens, as described below.","page_number":13,"box":{"x":116,"y":240,"width":478,"height":12}},{"id":"a7c07565-9dc5-4d0b-8fb9-a6abcd3c9539","block_type":"box","text":"The Index Provider excludes the securities of issuers that it identifies as being involved in any of the","page_number":13,"box":{"x":116,"y":263,"width":723,"height":13}},{"id":"dabc511d-ba1b-4934-887e-737a1cef0452","block_type":"box","text":"business activities summarized below (“business involvement screens”):","page_number":13,"box":{"x":117,"y":278,"width":527,"height":13}},{"id":"2842b392-752c-42e4-ba0b-ca732f7a55bd","block_type":"box","text":"Š","page_number":13,"box":{"x":136,"y":304,"width":9,"height":6}},{"id":"348d03ca-77d6-4e4e-828f-3950ac85f959","block_type":"box","text":"Companies that are classified as a “producer” of tobacco and companies that derive 5% or more","page_number":13,"box":{"x":157,"y":302,"width":704,"height":12}},{"id":"372e870b-80c4-4521-ba7c-aed88aadc2bd","block_type":"box","text":"aggregate revenue from the production, distribution, retail, supply, and licensing of tobacco-related","page_number":13,"box":{"x":157,"y":317,"width":725,"height":13}},{"id":"d00b934d-13c1-4957-93fd-1d457983f85b","block_type":"box","text":"products.","page_number":13,"box":{"x":157,"y":333,"width":72,"height":12}},{"id":"b439ed86-f3f8-4c5a-b29d-31a50b5122ce","block_type":"box","text":"Š","page_number":13,"box":{"x":136,"y":358,"width":9,"height":7}},{"id":"d6d172ec-0ed1-4af6-ae7c-83bac9546fda","block_type":"box","text":"Companies with any tie to controversial weapons, which are defined by the Index Provider as","page_number":13,"box":{"x":157,"y":356,"width":678,"height":13}},{"id":"298c783a-c64c-4d3e-a95a-279786a29b18","block_type":"box","text":"cluster munitions, landmines, biological and chemical weapons, depleted uranium weapons,","page_number":13,"box":{"x":157,"y":371,"width":673,"height":13}},{"id":"d7840b7b-e643-4126-a851-003efb11ec55","block_type":"box","text":"blinding laser weapons, incendiary weapons and non-detectable fragments.","page_number":13,"box":{"x":157,"y":387,"width":554,"height":13}},{"id":"111ff3a4-9915-4f12-8124-19bf09a15bb6","block_type":"box","text":"Š","page_number":13,"box":{"x":136,"y":412,"width":9,"height":7}},{"id":"38af8d50-4278-48fa-8d3c-39bb51858a8a","block_type":"box","text":"Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal","page_number":13,"box":{"x":157,"y":410,"width":712,"height":13}},{"id":"c1b46dc9-2463-4bdf-ac32-a94ef8ba183d","block_type":"box","text":"(including lignite, bituminous, anthracite and steam coal) and its sale to external parties. 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Companies that derive revenue","page_number":13,"box":{"x":157,"y":495,"width":700,"height":13}},{"id":"b614c792-106f-4819-818f-92e4bab6d44a","block_type":"box","text":"from non-extraction activities (e.g., exploration, surveying, processing, refining) or intra-company","page_number":13,"box":{"x":156,"y":511,"width":713,"height":13}},{"id":"ab111e65-d686-4085-9cd6-fed09bcc32d7","block_type":"box","text":"sales are not excluded. Additionally, companies that own oil sands reserves with no associated","page_number":13,"box":{"x":157,"y":526,"width":689,"height":13}},{"id":"7769dba4-076d-46f3-91f2-954a8452a226","block_type":"box","text":"revenue are not excluded.","page_number":13,"box":{"x":157,"y":542,"width":191,"height":10}},{"id":"e5836f0b-386f-4dd3-8ff0-e23fe46eee0f","block_type":"box","text":"Š","page_number":13,"box":{"x":136,"y":567,"width":9,"height":7}},{"id":"4155b622-e87f-487d-b446-fa30ac99af49","block_type":"box","text":"Companies that are located in countries who are not signatories of The Treaty on the","page_number":13,"box":{"x":157,"y":565,"width":621,"height":13}},{"id":"90d4ed57-1afe-4328-8efa-79671cd623b2","block_type":"box","text":"Non-Proliferation of Nuclear Weapons and fall within the following categories: companies that","page_number":13,"box":{"x":157,"y":581,"width":688,"height":12}},{"id":"fd84f993-3491-4d20-a579-2c5309cd1fc7","block_type":"box","text":"manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration","page_number":13,"box":{"x":157,"y":596,"width":717,"height":13}},{"id":"dd17ad84-bca1-4a1f-ab40-a4db3952a19b","block_type":"box","text":"of warhead and missile body; companies with contracts to operate/manage government-owned","page_number":13,"box":{"x":157,"y":612,"width":705,"height":12}},{"id":"31c5ca65-f18e-44de-ae98-de484c747b1c","block_type":"box","text":"facilities that manufacture nuclear warheads and missiles or their components; companies that","page_number":13,"box":{"x":156,"y":627,"width":695,"height":13}},{"id":"bf46a084-60f2-47ee-9ef2-eeb5fde125eb","block_type":"box","text":"manufacture components that were developed or are significantly modified for exclusive use in","page_number":13,"box":{"x":157,"y":643,"width":694,"height":12}},{"id":"96dcb023-21de-4385-9ceb-ada03f066811","block_type":"box","text":"nuclear weapons; companies that manufacture or assemble delivery platforms that were developed","page_number":13,"box":{"x":157,"y":658,"width":726,"height":13}},{"id":"0b4876c7-4dfc-4b2a-b311-a1bc0a59de3a","block_type":"box","text":"or significantly modified for the exclusive delivery of nuclear weapons; companies that provide","page_number":13,"box":{"x":157,"y":674,"width":684,"height":12}},{"id":"7a9a6a37-b512-4eb3-a4b8-1755b3dd1bb0","block_type":"box","text":"auxiliary services related to nuclear weapons, such as repairing and maintaining nuclear weapons,","page_number":13,"box":{"x":157,"y":689,"width":710,"height":13}},{"id":"02cbf4e9-0b5e-4087-97e8-aa2bbb121bc1","block_type":"box","text":"providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and","page_number":13,"box":{"x":157,"y":705,"width":677,"height":12}},{"id":"9ff0e309-10db-4467-b94d-351abcd60975","block_type":"box","text":"simulations; companies with contracts to operate/manage government-owned facilities that","page_number":13,"box":{"x":157,"y":720,"width":673,"height":13}},{"id":"262c88e0-20c0-44e9-ab67-26ff6c850ed3","block_type":"box","text":"conduct R&D, testing, simulations, and other essential sciences on nuclear weapons; companies","page_number":13,"box":{"x":157,"y":736,"width":696,"height":12}},{"id":"a127d1e6-63f2-40cc-9da7-2de30122999a","block_type":"box","text":"that manufacture components that were not developed or not significantly modified for exclusive","page_number":13,"box":{"x":156,"y":751,"width":707,"height":13}},{"id":"ef9cc2c0-401a-4b78-8e1c-6ddf321e2932","block_type":"box","text":"use in nuclear weapons but that can be used in nuclear weapons; companies that manufacture or","page_number":13,"box":{"x":157,"y":767,"width":708,"height":12}},{"id":"109c9aae-5b5c-45dc-a954-2c0ebaa61488","block_type":"box","text":"assemble delivery platforms that were not developed or not significantly modified for the exclusive","page_number":13,"box":{"x":157,"y":782,"width":714,"height":13}},{"id":"a93deb45-7cb3-4ede-8687-d6536383e04b","block_type":"box","text":"delivery of nuclear weapons but that have the capability to deliver nuclear weapons; and companies","page_number":13,"box":{"x":157,"y":798,"width":723,"height":12}},{"id":"304123bc-232a-416a-96ee-07f18e4986c7","block_type":"box","text":"that manufacture components for nuclear-exclusive delivery platforms.","page_number":13,"box":{"x":156,"y":813,"width":517,"height":13}},{"id":"65508b34-2492-4371-9588-b8dedbe293be","block_type":"box","text":"Š","page_number":13,"box":{"x":136,"y":839,"width":9,"height":6}},{"id":"977fa7a0-9304-4cdb-bf61-fce6e25759d6","block_type":"box","text":"All companies classified as “Producer” of firearms and small arms ammunitions for civilian markets.","page_number":13,"box":{"x":156,"y":837,"width":728,"height":12}},{"id":"8f6f6041-70f9-4681-8e4e-3729ceae2a1d","block_type":"box","text":"It does not cover companies that cater to the military, government, and law enforcement markets.","page_number":13,"box":{"x":158,"y":852,"width":715,"height":13}},{"id":"c60dd5f6-5d72-4e11-ba06-b7380ee20615","block_type":"box","text":"The Index Provider also excludes companies that it determines are directly involved in ongoing, “very","page_number":13,"box":{"x":116,"y":875,"width":736,"height":13}},{"id":"05ad1758-05f6-4b2c-99c9-23a8b7847944","block_type":"box","text":"severe” ESG controversies, defined as an instance or ongoing situation in which company operations","page_number":13,"box":{"x":116,"y":891,"width":735,"height":12}},{"id":"3d166d02-4081-4bd1-8164-925d1a4a7c78","block_type":"box","text":"and/or products allegedly are directly implicated in having a negative ESG impact, including alleged","page_number":13,"box":{"x":116,"y":906,"width":726,"height":13}},{"id":"d101366a-4b21-4855-95d0-c24125e463a7","block_type":"box","text":"violations of laws, regulations, or accepted international norms (e.g., human rights violations or toxic","page_number":13,"box":{"x":116,"y":922,"width":730,"height":13}},{"id":"50228248-d43d-4e25-88e4-6adf46e81130","block_type":"box","text":"emissions and waste). To evaluate ESG controversies, the Index Provider monitors across five categories","page_number":14,"box":{"x":116,"y":69,"width":760,"height":13}},{"id":"effa05a3-75d6-4055-a029-37515e5a17b2","block_type":"box","text":"of ESG impact – environment, human rights and communities, labor rights and supply chain, customers","page_number":14,"box":{"x":116,"y":85,"width":757,"height":12}},{"id":"e9c578b9-f500-4d53-ac96-3a011a795be9","block_type":"box","text":"and governance – and 28 sub-categories. The Index Provider also excludes companies that are not","page_number":14,"box":{"x":116,"y":100,"width":719,"height":13}},{"id":"d81bffb0-8442-4682-b734-483dd60873a4","block_type":"box","text":"assessed by the Index Provider regarding ESG controversies.","page_number":14,"box":{"x":116,"y":116,"width":440,"height":12}},{"id":"9839602a-593e-4d4f-9c04-582f8149d28a","block_type":"box","text":"Another screen excludes issuers that have higher “emissions intensity” than the High Emission Threshold","page_number":14,"box":{"x":116,"y":137,"width":768,"height":13}},{"id":"6656ca81-cb2d-4b0d-ba2f-71a6a107d4ea","block_type":"box","text":"or higher “total potential carbon emissions” than the High Potential Emission Threshold, meaning issuers","page_number":14,"box":{"x":116,"y":153,"width":767,"height":13}},{"id":"2f01df44-8956-4251-ba8d-002732cf0d89","block_type":"box","text":"in the highest 5% of emitters on the MSCI ACWI Index for the two emissions metrics, as determined by","page_number":14,"box":{"x":117,"y":168,"width":750,"height":13}},{"id":"b0ba539f-a393-4848-82f5-7aa4a666279f","block_type":"box","text":"the Index Provider. However, these highest 5% of emitters are not excluded by this screen if they have","page_number":14,"box":{"x":116,"y":184,"width":744,"height":13}},{"id":"514aecc4-a69a-452b-85be-4fd41920102c","block_type":"box","text":"emissions reduction targets that have been approved by the Science-Based Targets initiative (“SBTi”).","page_number":14,"box":{"x":116,"y":199,"width":742,"height":13}},{"id":"2e3e107c-81f2-4f86-a1e1-aebaf07f4c00","block_type":"box","text":"SBTi does not monitor whether companies modify their targets or make progress toward the targets.","page_number":14,"box":{"x":116,"y":215,"width":737,"height":13}},{"id":"dc2ab547-e724-4011-afb3-a5676b5e60f0","block_type":"box","text":"“Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”)","page_number":14,"box":{"x":117,"y":230,"width":739,"height":13}},{"id":"0a4c060c-e2ba-44a3-aca3-281bb7d61447","block_type":"box","text":"emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from","page_number":14,"box":{"x":116,"y":246,"width":768,"height":13}},{"id":"91fdc94b-39f9-487d-a21f-cda7c42a2ab1","block_type":"box","text":"the purchase of energy and a company’s value chain) as a percentage of the issuer’s enterprise value and","page_number":14,"box":{"x":116,"y":261,"width":767,"height":13}},{"id":"57083c5d-4d65-45db-ad13-21ca91b8223d","block_type":"box","text":"cash. “Total potential carbon emissions” are the sum of the potential carbon emissions of the fossil fuel","page_number":14,"box":{"x":116,"y":277,"width":754,"height":13}},{"id":"27176c21-7088-4dcf-8692-03eaec3fcb4f","block_type":"box","text":"reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for","page_number":14,"box":{"x":117,"y":292,"width":688,"height":13}},{"id":"98dab2e5-bd21-4d20-87ea-402ad467f667","block_type":"box","text":"companies that the Index Provider considers most likely to use their fossil fuel reserves for energy","page_number":14,"box":{"x":116,"y":308,"width":712,"height":13}},{"id":"d4437f1b-e91c-410e-894b-2d1dba330cae","block_type":"box","text":"applications (i.e., burned or combusted to produce power or heat). Issuers without data on their","page_number":14,"box":{"x":116,"y":323,"width":700,"height":13}},{"id":"44be6fb9-34dc-40dd-af9e-34491b8cd126","block_type":"box","text":"emissions intensity are excluded from the Underlying Index.","page_number":14,"box":{"x":116,"y":339,"width":437,"height":13}},{"id":"a1e11449-28cf-431e-99aa-2ad2cda9e8d6","block_type":"box","text":"For non-index constituents, the Index Provider excludes issuers that do not have approved science-based","page_number":14,"box":{"x":117,"y":361,"width":767,"height":12}},{"id":"e05a2bb5-ba8f-4c47-9692-8d8ba332abdd","block_type":"box","text":"targets (“SBTs”) and are in the worst quartile of their GICS sector within the parent index based on their","page_number":14,"box":{"x":116,"y":376,"width":756,"height":13}},{"id":"ff8f1f13-1467-45cd-8630-4fa23c5235e9","block_type":"box","text":"management of climate change risks (e.g., product carbon footprint and carbon emissions) (“carbon risk","page_number":14,"box":{"x":117,"y":392,"width":765,"height":12}},{"id":"1a174e37-e2f3-43e8-9f2d-a98ceaa5eee4","block_type":"box","text":"management”). For existing index constituents, the Index Provider excludes issuers that do not have","page_number":14,"box":{"x":117,"y":407,"width":731,"height":13}},{"id":"033d4066-2200-424e-8c01-1d6acdfba41e","block_type":"box","text":"approved SBTs and are in the worst decile of their GICS sector, as determined by the Index Provider.","page_number":14,"box":{"x":116,"y":423,"width":728,"height":12}},{"id":"d83985ea-0209-4998-bbf8-f04cdf25e06d","block_type":"box","text":"Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity","page_number":14,"box":{"x":117,"y":445,"width":728,"height":12}},{"id":"bdb9eebf-484b-4637-abc4-e2eb9395e36a","block_type":"box","text":"Score,” which corresponds to the issuer’s sector-relative quartile position within the parent index based","page_number":14,"box":{"x":116,"y":460,"width":755,"height":13}},{"id":"0c8bdd13-3abe-4dec-8ad6-156707a17907","block_type":"box","text":"on its Scope 1+2+3 GHG intensity. The score may be improved with a one-quartile or two-quartile","page_number":14,"box":{"x":116,"y":476,"width":712,"height":12}},{"id":"56738e39-5279-4147-8dfa-cad78703f68b","block_type":"box","text":"adjustment based on an issuer’s emissions reduction targets, emissions track record, green revenue or","page_number":14,"box":{"x":116,"y":491,"width":747,"height":13}},{"id":"b2e60587-7b95-465a-8dc9-2b8b8b3f725c","block_type":"box","text":"carbon risk management, each as described further below. The final GHG Intensity Score, after any","page_number":14,"box":{"x":116,"y":507,"width":721,"height":12}},{"id":"d8581ad8-0520-47d1-9f17-a7974d7d1033","block_type":"box","text":"adjustment, is used for ranking and selecting securities for inclusion in the Underlying Index.","page_number":14,"box":{"x":116,"y":522,"width":673,"height":13}},{"id":"b957f390-91df-4c15-8436-f566d5ab0bb0","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has","page_number":14,"box":{"x":116,"y":544,"width":769,"height":12}},{"id":"6d25b0e1-63d0-47f4-8947-f400d2a65365","block_type":"box","text":"approved SBTs for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track","page_number":14,"box":{"x":116,"y":559,"width":770,"height":13}},{"id":"e3a1d851-468b-4fed-a8a7-02a545615f42","block_type":"box","text":"record” of reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with","page_number":14,"box":{"x":117,"y":575,"width":771,"height":12}},{"id":"9b700941-a468-45da-85a5-2bb814413547","block_type":"box","text":"certain criteria set by SBTi based on climate science. As noted above, SBTi does not monitor whether","page_number":14,"box":{"x":116,"y":590,"width":735,"height":13}},{"id":"fb616100-5a03-4243-89ec-75324bc37476","block_type":"box","text":"companies modify their targets or make progress toward the targets.","page_number":14,"box":{"x":116,"y":606,"width":505,"height":12}},{"id":"b7abad88-e1e9-48c3-95bd-ac97f5d9da1f","block_type":"box","text":"To be considered to have a credible track record of emissions reduction, an issuer must meet the","page_number":14,"box":{"x":116,"y":628,"width":707,"height":11}},{"id":"5d3f2c20-de4a-47e9-8008-0863c9eb646a","block_type":"box","text":"following criteria: (i) have published emissions data; (ii) have a published (not approved or validated)","page_number":14,"box":{"x":116,"y":643,"width":735,"height":13}},{"id":"d4fbdf43-0db2-4f86-934b-81e8b7dec7fb","block_type":"box","text":"emissions reduction target; and (iii) over the past four years, have an average yearly emissions reduction","page_number":14,"box":{"x":116,"y":659,"width":762,"height":12}},{"id":"eebb3f47-32c2-4224-8d7f-86ea4c284485","block_type":"box","text":"of at least 2% (three year-over-year changes). Issuers with less than four years of emissions data are not","page_number":14,"box":{"x":116,"y":674,"width":758,"height":13}},{"id":"7b0585e4-e246-40a9-a3ae-7d7e68c3e6a9","block_type":"box","text":"evaluated on the credible track record metric.","page_number":14,"box":{"x":116,"y":690,"width":329,"height":10}},{"id":"906f3390-9526-450e-9d53-bb9837f76691","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer","page_number":14,"box":{"x":117,"y":711,"width":742,"height":13}},{"id":"ba5e3abb-ae1f-4697-b129-18c884a5b516","block_type":"box","text":"that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) carbon risk","page_number":14,"box":{"x":116,"y":727,"width":758,"height":13}},{"id":"ab7823a8-bca0-4db0-8a34-73884d6c2f56","block_type":"box","text":"management or (ii) “green business revenue,” each as determined by the Index Provider. An issuer must","page_number":14,"box":{"x":117,"y":742,"width":756,"height":13}},{"id":"05a8c9e7-a2ae-4dd9-8826-1467df34ee42","block_type":"box","text":"have at least 5% green business revenue to receive the improvement to its GHG Intensity Score. “Green","page_number":14,"box":{"x":117,"y":758,"width":748,"height":13}},{"id":"8e700857-ad13-49cb-91ed-d58ec53daae8","block_type":"box","text":"business revenue” is defined as the cumulative revenue percentage that a company derives from","page_number":14,"box":{"x":117,"y":773,"width":699,"height":13}},{"id":"242f7919-4f3d-42a1-8310-663d27b0a4c1","block_type":"box","text":"alternative energy, energy efficiency, sustainable water, green building, pollution prevention and","page_number":14,"box":{"x":116,"y":789,"width":696,"height":13}},{"id":"c4f630d3-c282-45ce-8dd8-ff933b7578e9","block_type":"box","text":"sustainable agriculture.","page_number":14,"box":{"x":116,"y":804,"width":168,"height":13}},{"id":"7ab41c56-fe57-4aab-819a-833be339da93","block_type":"box","text":"After the above quartile score improvements are applied, each security is assigned the resulting “Tilt","page_number":14,"box":{"x":116,"y":826,"width":731,"height":13}},{"id":"ca700e4e-a960-41c4-b919-91fd2f16ad17","block_type":"box","text":"Score”. This tilting approach, as determined by the Index Provider, increases exposure to companies","page_number":14,"box":{"x":116,"y":842,"width":730,"height":12}},{"id":"aac52bb7-b649-4cd5-b6ce-232ee4a02e96","block_type":"box","text":"assessed as best positioned for the climate transition within their respective GICS sector.","page_number":14,"box":{"x":116,"y":857,"width":646,"height":13}},{"id":"9d70a1ea-eb02-42d9-a631-d9e22724fff7","block_type":"box","text":"All eligible securities of each GICS sector are included in the index. The weights of the index constituents","page_number":14,"box":{"x":116,"y":879,"width":762,"height":13}},{"id":"89dc5b08-414b-425a-879e-7619b8bb6cae","block_type":"box","text":"is determined by multiplying the Tilt Score with the Parent Index weight of the eligible security. The","page_number":14,"box":{"x":117,"y":894,"width":722,"height":13}},{"id":"8823fc10-dcc9-4003-8c49-af2fa32f6309","block_type":"box","text":"weights are then renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in","page_number":14,"box":{"x":116,"y":910,"width":759,"height":13}},{"id":"51867a22-c5af-48a4-8522-5664e3dcec58","block_type":"box","text":"the Parent Index, and individual issuer weights are capped at +2% of its Parent Index weight.","page_number":14,"box":{"x":116,"y":925,"width":670,"height":13}},{"id":"187a48d9-b134-4ee8-975d-854a64503cf7","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement","page_number":15,"box":{"x":116,"y":69,"width":754,"height":13}},{"id":"48cdf5df-1f02-4916-a3eb-1f5ce746c742","block_type":"box","text":"and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed","page_number":15,"box":{"x":116,"y":85,"width":714,"height":12}},{"id":"8dcdf9c2-76d2-495c-b082-c4b19b00b303","block_type":"box","text":"monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and","page_number":15,"box":{"x":117,"y":100,"width":767,"height":13}},{"id":"75903701-6390-47fa-8857-09491a18a972","block_type":"box","text":"the weights of the remaining constituents are renormalized to 100%.","page_number":15,"box":{"x":116,"y":116,"width":504,"height":12}},{"id":"aeffd018-888d-4f01-8952-58aba3b21711","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement","page_number":15,"box":{"x":116,"y":139,"width":754,"height":13}},{"id":"e2814365-2524-4ef7-9acc-1f9a3ef74f22","block_type":"box","text":"and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed","page_number":15,"box":{"x":116,"y":154,"width":714,"height":13}},{"id":"f568e21d-af74-4573-ae83-4f07e3d8ca82","block_type":"box","text":"monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and","page_number":15,"box":{"x":117,"y":170,"width":767,"height":13}},{"id":"ac15b543-02a3-40bd-b1ad-3679a0948bd4","block_type":"box","text":"the weights of the remaining constituents are renormalized to 100%.","page_number":15,"box":{"x":116,"y":185,"width":504,"height":13}},{"id":"f43036fe-eb66-4ead-9f04-20992030411d","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":15,"box":{"x":117,"y":209,"width":521,"height":12}},{"id":"cf62ac3f-827e-4ab0-9a64-2d86e26d89eb","block_type":"box","text":"iShares","page_number":15,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"1147e3f8-84d0-4f4d-9702-fadc89f7db9b","block_type":"box","text":"®","page_number":15,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"6738d3dd-7c6c-47c8-8382-e3a0ffd81a71","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":15,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"cb9b3418-9055-4c39-8956-3d63ef2ef2e1","block_type":"box","text":"IS-SUPP-USCL-0626","page_number":15,"box":{"x":766,"y":887,"width":117,"height":8}},{"id":"41e9a791-4bd4-4b8c-9f3a-550858cecb6f","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":15,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"fd849c7b-4de1-43a3-948a-b7b4bd432719","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":15,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"1234d988-5e0d-45bb-bc71-8b3f80b108ff","block_type":"box","text":"iShares","page_number":16,"box":{"x":420,"y":71,"width":128,"height":24}},{"id":"33656018-85cd-4fd0-926b-ecb4d6de7409","block_type":"box","text":"®","page_number":16,"box":{"x":551,"y":70,"width":23,"height":17}},{"id":"7c2d6f4b-cec6-465f-b2a0-55e2acc9e677","block_type":"box","text":"iShares Trust","page_number":16,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"70987935-b3f7-425f-be1d-72073b19c669","block_type":"box","text":"Supplement dated April 20, 2026","page_number":16,"box":{"x":374,"y":123,"width":255,"height":13}},{"id":"a7392cca-4443-4b1b-a5a9-892346cc28bb","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":16,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"c8f08fe4-002a-4c25-a5b7-1c05f8f2b7f4","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":16,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"34de1170-bfc2-44db-b89d-171bc8fa0c4e","block_type":"box","text":"for the iShares ESG Aware MSCI USA ETF (ESGU) (the “Fund”)","page_number":16,"box":{"x":266,"y":170,"width":470,"height":13}},{"id":"6e12b542-5e3f-4f77-92ae-5830e00de9c4","block_type":"box","text":"The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":16,"box":{"x":116,"y":193,"width":761,"height":13}},{"id":"63e38b7e-a8f4-4896-8e14-d92e2305c640","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":16,"box":{"x":116,"y":209,"width":700,"height":12}},{"id":"24207240-45fc-4e7b-bd51-cd6529f0c0d1","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund","page_number":16,"box":{"x":116,"y":224,"width":724,"height":13}},{"id":"d8bca7de-511f-40bf-bb47-c36b78880881","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in the relative market","page_number":16,"box":{"x":116,"y":240,"width":681,"height":12}},{"id":"4f70f38c-f2d9-4cbe-9ba0-0d2f92f1c1d5","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":16,"box":{"x":116,"y":255,"width":552,"height":13}},{"id":"86c46b1f-f1e0-4eb2-9cb5-d73791ba1ff7","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":16,"box":{"x":116,"y":278,"width":450,"height":13}},{"id":"28b9617c-7408-4a2c-85a0-7754dbb1e06e","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the section entitled","page_number":16,"box":{"x":151,"y":302,"width":726,"height":12}},{"id":"d9f71461-e9aa-4e4f-8f23-559ddf38cd1c","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":16,"box":{"x":184,"y":317,"width":658,"height":13}},{"id":"ad5c5032-d1f7-4bc4-86ba-7648e4ff0988","block_type":"box","text":"Diversification Policy.","page_number":16,"box":{"x":184,"y":340,"width":169,"height":13}},{"id":"fd730c30-1952-41f0-8506-eceff49bc6b7","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion","page_number":16,"box":{"x":353,"y":340,"width":529,"height":13}},{"id":"1a886f86-1dd7-4200-969f-299f28199658","block_type":"box","text":"as the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under","page_number":16,"box":{"x":184,"y":356,"width":700,"height":13}},{"id":"9b7bfb66-ffba-45ab-95bc-1ec48bd308bf","block_type":"box","text":"the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of","page_number":16,"box":{"x":183,"y":371,"width":704,"height":13}},{"id":"98aa05ab-9f63-45bf-a1ce-8c9f905469bd","block_type":"box","text":"one or more constituents of the Underlying Index. Shareholder approval will not be sought if the","page_number":16,"box":{"x":184,"y":387,"width":700,"height":13}},{"id":"680e192a-81ed-403b-b472-56489222e4a9","block_type":"box","text":"Fund becomes “non-diversified” due solely to a change in the relative market capitalization or","page_number":16,"box":{"x":184,"y":402,"width":682,"height":13}},{"id":"d83899ca-10b2-4040-9190-6cfdc1e1792f","block_type":"box","text":"index weighting of one or more constituents of the Underlying Index. The Fund discloses its","page_number":16,"box":{"x":184,"y":418,"width":668,"height":13}},{"id":"39000879-982d-4a21-ba53-800d053beef1","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":16,"box":{"x":184,"y":433,"width":406,"height":13}},{"id":"bfafad51-b1f8-47e2-915e-66b67bb50ad9","block_type":"box","text":"2. The following is added to the section entitled “Summary of Principal Risks” in the Summary","page_number":16,"box":{"x":150,"y":457,"width":701,"height":12}},{"id":"135413ca-3138-4353-9ec6-6449fdc5a7b8","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":16,"box":{"x":184,"y":472,"width":293,"height":13}},{"id":"4ef43c12-96d6-464b-b980-4a2788cdaaf6","block_type":"box","text":"Non-Diversification Risk.","page_number":16,"box":{"x":184,"y":495,"width":189,"height":11}},{"id":"934d7aa0-6fc4-47c0-91b4-afd911fb482a","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":16,"box":{"x":373,"y":495,"width":512,"height":13}},{"id":"08450d98-b0b3-462d-99a9-581ce6cfbe86","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of","page_number":16,"box":{"x":184,"y":511,"width":651,"height":13}},{"id":"669b0800-fe55-472b-8604-3f56a4b3efa1","block_type":"box","text":"issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":16,"box":{"x":184,"y":526,"width":682,"height":13}},{"id":"9e6d6ea6-66b9-4f74-aca8-b52bd8a9307c","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s performance may depend to a","page_number":16,"box":{"x":184,"y":542,"width":649,"height":13}},{"id":"76ce8509-f680-4ae3-b921-7f161dfa861e","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may","page_number":16,"box":{"x":184,"y":557,"width":680,"height":13}},{"id":"c7a52c34-1e33-4dc6-8d07-41af25935067","block_type":"box","text":"lead to more volatility in the Fund’s NAV.","page_number":16,"box":{"x":184,"y":573,"width":299,"height":13}},{"id":"29c23759-49bb-4fb3-b54d-f3e5b2315245","block_type":"box","text":"3. In the table under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":16,"box":{"x":150,"y":596,"width":709,"height":10}},{"id":"a50f3819-d773-4d0d-a1ec-241c2789f1f5","block_type":"box","text":"Prospectus of the Fund, Non-Diversification Risk is checked as a Principal Risk of the Fund.","page_number":16,"box":{"x":184,"y":612,"width":655,"height":12}},{"id":"fe5a2ad9-098b-4e5f-952a-065038f04013","block_type":"box","text":"4. In the diversification status table of the section entitled “Diversification Status” of the SAI of the","page_number":16,"box":{"x":150,"y":635,"width":729,"height":10}},{"id":"b09e14d9-bc39-4d24-b36d-1cc13d12f464","block_type":"box","text":"Fund, an asterisk (*) is added after the Fund’s name.","page_number":16,"box":{"x":184,"y":651,"width":383,"height":12}},{"id":"82102f81-0a6f-4773-8cee-1d9d13e1eb54","block_type":"box","text":"5. The last sentence of the first paragraph following the diversification status table of the section","page_number":16,"box":{"x":150,"y":674,"width":714,"height":12}},{"id":"7565e2b3-23dc-455a-bc05-e5905ee30e5e","block_type":"box","text":"entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and replaced with","page_number":16,"box":{"x":184,"y":689,"width":694,"height":13}},{"id":"89c47376-d9c7-49ee-a156-14b25adb3c81","block_type":"box","text":"the following as described below:","page_number":16,"box":{"x":183,"y":705,"width":242,"height":12}},{"id":"554b3b8c-4728-4d94-9eb6-5a7029876a78","block_type":"box","text":"Š","page_number":16,"box":{"x":183,"y":730,"width":9,"height":7}},{"id":"1a6cb779-61b3-4039-b3e3-c78b0be52fad","block_type":"box","text":"However, while the iShares ESG Aware MSCI USA ETF and iShares MSCI Japan Value 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Trust","page_number":17,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"92952c3a-fe8c-484c-b4fc-c8a72f72410c","block_type":"box","text":"Supplement dated February 18, 2026","page_number":17,"box":{"x":359,"y":123,"width":285,"height":13}},{"id":"7604e171-f665-401c-9de0-177dc224cd63","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":17,"box":{"x":259,"y":139,"width":484,"height":13}},{"id":"babc249c-d8ec-41b2-8505-033d1c2ca397","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":17,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"669f8469-6149-4a68-9616-c1e9d34cdfd5","block_type":"box","text":"for the iShares ESG Aware MSCI USA Value ETF (EVUS) (the “Fund”)","page_number":17,"box":{"x":243,"y":170,"width":517,"height":13}},{"id":"9b21b303-6935-46fa-96f9-ce492f9778d3","block_type":"box","text":"Change in the Fund’s “Summary of Principal 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the","page_number":17,"box":{"x":117,"y":278,"width":731,"height":13}},{"id":"dded49bf-befb-49d7-abbc-68978f0eb24b","block_type":"box","text":"checkmark (","page_number":17,"box":{"x":116,"y":294,"width":90,"height":13}},{"id":"d84d3fb4-0511-44fa-a193-fccad2651a15","block_type":"box","text":"✓","page_number":17,"box":{"x":207,"y":295,"width":12,"height":9}},{"id":"d53a94df-d6cf-4141-a3ff-d942afb9746f","block_type":"box","text":") in the row for “Non-Diversification Risk”.","page_number":17,"box":{"x":220,"y":294,"width":309,"height":13}},{"id":"2e143e7b-54d6-4dd2-a1ba-c7e2d0c516b3","block_type":"box","text":"Change in the Fund’s “Investment Strategies and Risks”","page_number":17,"box":{"x":116,"y":317,"width":425,"height":13}},{"id":"62423ce4-5a41-462c-b7cf-bc64dd538db5","block_type":"box","text":"In the section of the Fund’s SAI entitled, “Investment Strategies and Risks,” the “Diversification 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(1-800-474-2737).","page_number":17,"box":{"x":117,"y":395,"width":521,"height":12}},{"id":"51fc3957-2828-49c8-ad78-03473195bd8f","block_type":"box","text":"iShares","page_number":17,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"98697a90-96b3-4fbd-b1fd-022d401f4a9a","block_type":"box","text":"®","page_number":17,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"78724427-b8ef-4a62-ad19-600ca6f51a03","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":17,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"0f465218-4cc8-4d22-a37f-4293579f4805","block_type":"box","text":"IS-A-EVUS-0226","page_number":17,"box":{"x":788,"y":887,"width":95,"height":8}},{"id":"b7aada3d-2155-4b5b-9831-ef4a1739e557","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":17,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"657c0108-2689-42e0-b9b3-02fd0958bafd","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":17,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"45c2bf7b-1399-417b-951a-8a56247ed08f","block_type":"box","text":"iShares","page_number":18,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"9e25c83b-6f16-4b62-9ff7-25b892eabe3d","block_type":"box","text":"®","page_number":18,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"21d2692c-0b17-40bc-9d3d-e40e1bcaea2e","block_type":"box","text":"iShares, Inc.","page_number":18,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"27c81467-62d6-4ed6-8d1e-8d2d83d4a064","block_type":"box","text":"iShares Trust","page_number":18,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"c7d36965-e202-41c8-bfca-68fd845c9a49","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":18,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"f84c2710-cd3f-4b5f-a4a8-85f117c79833","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":18,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"9546ef45-91e5-4509-a41a-503e367b28a4","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":18,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"e2eb94fa-fc1b-4b58-aec1-e4f03fdedeb6","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":18,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"39afaa8f-7f53-4234-ae93-fa9f778ca852","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":18,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"fbe4bff9-9c4c-41ed-9075-96e9fb8a5f3c","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":18,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"bc5bd358-6ed0-425b-b178-acb87fa8a671","block_type":"box","text":"is checked for the applicable Fund.","page_number":18,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"fd3e414c-c1f3-474d-9216-de6232353076","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":18,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"7ee08c9e-38fb-4a42-9c26-a0779fe6cae2","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":18,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"3e19d003-6bca-4023-9038-77d1212dded1","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":18,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"cc2e3615-b1bd-4e3d-9fc8-ae52b69053df","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":18,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"1ecf4307-63c1-458e-af43-2666a18cdea0","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":18,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"c1d46577-d4a3-49cf-8614-ecbc3ce9356b","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":18,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"9b321221-958b-4061-9e10-a599148fdbac","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":18,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"10810c9c-2aef-4c77-8cf0-64958ec4fae7","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":18,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"c4aa3f55-c45d-48aa-9f29-0d246d0998be","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":18,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"d1762815-9a4a-4f8a-a3d8-516a44067670","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":18,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"b272053f-12c0-47f2-8b93-cbe39cfcc8be","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":18,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"767bd964-c7d0-4bcf-b0a3-d23bf9b3e2a7","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":18,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"64b55573-b4c0-45eb-a921-1c4ba194c457","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":18,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"595e6863-ef6c-416a-8278-175a26c4311c","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":18,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"e1c110eb-43bc-42ed-81ed-f8847ce9be1c","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":18,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"c9fadec0-1d37-4c68-97a5-cbaec152e645","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":18,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"8b7ca22b-2e7d-460f-8d5c-af5f8d89e43c","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":18,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"2eb23a0a-6e5d-49d6-ab71-3c1e439e722c","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":18,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"0c8c9649-8d5d-4a4e-99ac-475e5a47e755","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":18,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"cff2d339-e15d-46db-ab7d-0e9936eda382","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":18,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"37f16cdb-e18e-4ccb-9582-70e2458eba07","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":18,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"03851fd3-690e-4bc2-88df-8968c64b5dd6","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":18,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"3879fd7e-6bb3-4d85-b808-80316790c35e","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":18,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"ccd3c782-5d50-41d1-b2cc-5b967139ef9c","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":18,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"bf50cb55-2bdf-4ec8-a1c1-38bc0e58e964","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":18,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"3604aa2b-48d1-4ad1-84a9-a73d64dac8ba","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":18,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"7f12df6b-de11-4b88-baa2-663c4ac5d5d1","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":18,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"1dcc1445-014b-43bd-af82-7c645b988201","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":18,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"85162163-295a-4082-b983-59b00a4b9cff","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":18,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"1b48e349-3097-4cb9-ab8c-7046e2df56ee","block_type":"box","text":":","page_number":18,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"f1346ac1-79c4-4ad7-9893-b85b45099e0c","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":18,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"8028ae88-10b2-4051-99b4-b75dd826ebdf","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":18,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"041f526f-df59-47ef-a8d6-ebbaee23c48f","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":18,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"6c197609-2e87-4864-912d-c21e54910096","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":18,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"1d345d08-42f2-48d2-ae6a-89da9376e15a","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":18,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"428bc927-ae88-4ac4-83ca-49b2ba27279b","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":18,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"6398d786-073b-4525-ad18-9ae7b6fa6ffc","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":18,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"5cacd24d-7474-4f7c-8f1e-a72b967ac2da","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":18,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"61ec8e41-2d83-402b-94e2-7cdc231bb801","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":18,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"9ed6a2a6-f6b7-46ca-b9f9-6ec7b9cd6f83","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":18,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"244ff44d-11a2-4c9f-9645-e32b63cb4cb4","block_type":"box","text":"by such custodian.","page_number":18,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"61108c30-6151-44bd-9adf-ff0c5ff8f0cd","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":19,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"ad0a3c18-0034-4d95-a6f0-872f875884f0","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":19,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"b15f2ca0-a0fa-4612-90f9-dbded500da75","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":19,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"951815a2-3f4a-418f-bc22-504c78d03ccf","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":19,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"35b54ef9-2c69-41ce-b15d-b9e5954a197e","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":19,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"b53618d2-36a7-407d-ab63-cb0dc8460dde","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":19,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"933fbdd6-3e5b-455a-bf5a-0d49d1522fec","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":19,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"e36c4a6c-8138-47c3-878f-2d6d8313bb8f","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":19,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"e7302766-664e-4911-ba03-f12258333ead","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":19,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"27c3e3db-454a-4645-9b89-4ea30b1b74e2","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":19,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"da07c71f-e919-4c9e-aa3c-aa45e13f05f9","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":19,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"337f09c9-dcf1-46fe-87ad-e1e245017c73","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":19,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"b19d1726-1f52-485b-aa65-a4237abd8486","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":19,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"e842f019-d7f3-4aff-9d0f-ee93668e4a18","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":19,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"495b63c1-1acf-4637-8d3e-0f15fea72c55","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":19,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"fb5c185a-adde-4bcc-a929-d4fe7ddda4d2","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":19,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"cb6533bc-f2b5-4450-8fb5-508040790093","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":19,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"d2a29e0b-68f7-4b13-a6a7-3bf3e4b9a0b5","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":19,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"d7185519-84bf-45f2-b57e-fe5651498587","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":19,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"548de6ef-0e77-49b0-9322-d821548ad89c","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":19,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"6208ab7d-a142-45fb-b359-d82679abaf88","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":19,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"5fa45792-5fe1-4062-8e70-5b80e3c56b82","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":19,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"0165cf5a-292e-43b6-8b54-995f90d9fd8a","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":19,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"5216529a-94bc-418d-b7a3-06abd757ee84","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":19,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"6576e71d-3bca-4300-965a-3123dd6f2014","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":19,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"00490ccc-d38c-4d35-a808-f5d4dfed20c6","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":19,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"33be9e47-40a9-433c-a771-926441786f31","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":19,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"a68e2ac5-17bb-4972-9254-573bed888db6","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":19,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"71008665-4df8-469f-9b9e-bba738174421","block_type":"box","text":"Fund","page_number":19,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"08415fdc-9be3-4747-9f40-1fd90601c52c","block_type":"box","text":"Standard Creation","page_number":19,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"ed8b4cf5-c6b1-4a07-a277-235dfb887ac9","block_type":"box","text":"Transaction Fee","page_number":19,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"1315dceb-421a-4efd-9dce-6898727c2099","block_type":"box","text":"Maximum Additional","page_number":19,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"e709fb46-5f9d-4e23-acb6-2ae3e6b548f5","block_type":"box","text":"Charge*","page_number":19,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"7c42dcc7-85c3-4131-b87c-a894b43817ae","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":19,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"d49e3674-005e-4ce3-90b3-3edcb763b7d7","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":19,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"103cc595-e6b3-411d-91ba-7c09f3367790","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":19,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"45b7785f-f35a-4ad8-9ad8-9c16e076db25","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":19,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"db1b9db6-bdb7-44b6-b98c-e93e8559ffca","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":19,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"9352364e-489f-4033-8116-8f926f913ee8","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":19,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"b9bca033-dcaa-415a-ab92-eef4279bb03b","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":19,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"ec5cff57-4912-4728-a941-3e5ce70c6b1f","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":19,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"6b5be67d-9d11-4825-8d5b-6b5088b10bb8","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":19,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"cd461f34-6a6a-4436-9e79-0af24a72c729","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":19,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"8f7bfab8-089f-441b-baff-394ecb3a94a4","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":19,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"87dc007b-a176-4879-a93b-e59402af8e4b","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":19,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"8c03b86a-3004-4b70-8410-0eab911aae33","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":19,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"9dd591ef-9c8f-40d1-9a1c-3e1b3758f2dc","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":19,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"b090f33f-6f43-4a9f-8bff-ed3ba01e82da","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":19,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"d7c4e8e8-1049-475f-948b-8879cea44e24","block_type":"box","text":"iShares MSCI Canada ETF $630 3.0%","page_number":19,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"4e0cd354-7167-4853-857f-ad3b59502411","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":19,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"d9726c6c-43c6-40b6-a0f6-88eeec20223f","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":19,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"19ad6765-2f8c-447a-94db-6129889a438e","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":19,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"2f115207-2afe-438b-a897-001459667890","block_type":"box","text":"Fund","page_number":20,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"fa43f578-7575-4792-a99c-5eceb8292bcd","block_type":"box","text":"Standard Creation","page_number":20,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"9929a3ed-765f-4e32-aeb4-e1776ad5c411","block_type":"box","text":"Transaction Fee","page_number":20,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"521b1fff-9112-4e33-b30f-e916258278b7","block_type":"box","text":"Maximum Additional","page_number":20,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"601e1e85-b38d-4f20-9d6e-fc197abd8717","block_type":"box","text":"Charge*","page_number":20,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"841d1c56-367c-446b-9142-7ae686d36417","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 5.0%","page_number":20,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"8362cc7f-e66f-41df-b81e-69c3c7da3c42","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 7.0%","page_number":20,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"f5fe2b32-8231-49dd-b61b-f53bdb81965b","block_type":"box","text":"iShares MSCI Denmark ETF $470 3.0%","page_number":20,"box":{"x":184,"y":138,"width":668,"height":10}},{"id":"66d27034-8b6e-4379-88cb-901d7355523f","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 7.0%","page_number":20,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"29b17ae9-b5a9-4280-9686-6797c2eb0172","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":20,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"c821728e-0130-4a91-bb70-3bcaa420ac51","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":20,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"45d8b814-ef83-4c28-a6c5-83951c692a1a","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":20,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"ac73bb97-6b47-462e-89fa-036cc1b5cc13","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":20,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"5daa9a23-62b4-4189-8d9d-d17a2ce73dc8","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":20,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"41920c77-339a-4684-9307-a3f09501a095","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":20,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"38f5a5c8-c6c3-42dd-b7f4-29bc09381907","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":20,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"f6cecea8-c13c-4c86-8c67-98760181b349","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":20,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"064ca6a6-b9f9-4d77-a83a-1cd2b748723c","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":20,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"92560fdb-27fd-446b-b772-a6d63a2cba90","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 7.0%","page_number":20,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"0f1d233e-c6c2-44a9-81c4-0d505760016a","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 7.0%","page_number":20,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"6c37e751-d504-4afe-8ea0-91d01c397b73","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":20,"box":{"x":184,"y":390,"width":384,"height":12}},{"id":"6f1dc503-de96-467c-ad40-ab391350cc69","block_type":"box","text":"ETF $1,420 7.0%","page_number":20,"box":{"x":201,"y":405,"width":651,"height":12}},{"id":"97f8536b-e860-4659-93ce-79969316d489","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 7.0%","page_number":20,"box":{"x":184,"y":424,"width":668,"height":13}},{"id":"15f0f58d-9979-4eb5-a99f-9dc87185f54f","block_type":"box","text":"iShares MSCI India ETF $1,230 3.0%","page_number":20,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"b85ff3b6-381d-4042-8150-0e91b4b40844","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":20,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"ee526087-e486-4f74-bf87-9bce40a82b54","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":20,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"70562a23-ca12-4aa2-ac13-cc52b7ffbfa5","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":20,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"97f1e24e-55cd-42b6-a861-7f42785ad45a","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":20,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"8d103fa3-ea0c-4fcd-9785-fe839142a839","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":20,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"4c097c1f-f74b-49c3-bbef-bc241ca20bc1","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":20,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"23b8d42d-6c1b-45c9-b4ac-0ce7557b8529","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":20,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"f7d81bb0-4863-4a01-b4f6-95fbff6877a7","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":20,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"30b18ab3-6dc2-4968-af00-1b7fe32cc6b6","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":20,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"e0bc8282-261e-42c9-ab03-1be6fdeae4bc","block_type":"box","text":"iShares MSCI Malaysia ETF $900 3.0%","page_number":20,"box":{"x":184,"y":638,"width":668,"height":12}},{"id":"7937dabe-e6ad-45e8-b06e-f1309ec8534f","block_type":"box","text":"iShares MSCI New Zealand ETF $500 3.0%","page_number":20,"box":{"x":184,"y":657,"width":668,"height":11}},{"id":"08ea900a-941a-41e9-957c-6246c39bfb55","block_type":"box","text":"iShares MSCI Norway ETF $770 3.0%","page_number":20,"box":{"x":184,"y":676,"width":663,"height":13}},{"id":"c7f3e95e-fc08-4250-9019-419d12799c7e","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 7.0%","page_number":20,"box":{"x":184,"y":696,"width":663,"height":12}},{"id":"f70d7b57-e66e-446f-8ec9-51255e7daa7c","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 3.0%","page_number":20,"box":{"x":184,"y":715,"width":663,"height":13}},{"id":"ed71e2b7-d81d-45c5-ac19-443e26114be4","block_type":"box","text":"iShares MSCI Philippines ETF $800 3.0%","page_number":20,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"20dc9d81-6984-47d7-8353-cb0d67b1d743","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":20,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"65042586-c51c-4036-b2a3-3b40a37b4755","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":20,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"2438f4fd-e509-4f8c-93fb-e2be9cb8165c","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":20,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"2ebf5f53-4122-461f-8405-b07056bda79c","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":20,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"90265b5c-0494-4aa6-8ce9-cbc90d397932","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":20,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"30d0f1f8-d203-42ac-a573-c145a0bf5700","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":20,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"7e761119-a107-4c62-a5d5-d736cdef3aa3","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":20,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"12a9926e-dffa-4974-80d5-3fe583ac7f6a","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":20,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"6da014e5-5073-4772-bb2d-a195825d6a88","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":20,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"c41f0c5b-a032-4cbb-8892-d42f3f8e58ff","block_type":"box","text":"Fund","page_number":21,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"03c4b322-a88d-44df-8b0a-aed4aee52c40","block_type":"box","text":"Standard Creation","page_number":21,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"c8c8efb7-7374-45ee-b6ad-17c7596a955b","block_type":"box","text":"Transaction Fee","page_number":21,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"14d8a6f8-ae20-45f6-afe2-d2bf502feb46","block_type":"box","text":"Maximum Additional","page_number":21,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"932d2ee9-f6fb-4983-97ab-c091521d8dfc","block_type":"box","text":"Charge*","page_number":21,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"5879a3e0-5422-42b2-8726-61715ff8796a","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":21,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"85897923-f53a-40d8-ab1f-a66adfbb7b07","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":21,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"63694a15-a6f6-40ed-95a4-d9e6fe27058f","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":21,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"9d6f3cf5-2f66-4f7d-923b-11df69a60611","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":21,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"01f80145-5392-41b9-ab5e-85625bdd0647","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":21,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"fc7b1ae5-d056-4167-bd81-f0a3779c19a7","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":21,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"9ca9803c-fc71-46c6-b9ee-165ec3761b60","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":21,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"b9c7bcb5-3a34-4789-90bc-4d62db927220","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":21,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"89571f82-3f65-47ac-9be1-f04e1649485f","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":21,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"3726fc1d-7a9e-481c-818a-f7f88befb185","block_type":"box","text":":","page_number":21,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"69595bdf-8c73-4617-8a69-133ca16e16d2","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":21,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"394e02d8-f8f1-4ed2-82fa-6ad6348ee56f","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":21,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"9704134f-ee0d-419b-8883-3c06bad0b5a0","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":21,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"dce2d8dd-2539-4744-8ee9-4636de599b8b","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":21,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"e5221a45-768f-4cd6-b413-63bc369f3e5e","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":21,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"de69f407-f059-41f2-aede-7270c9989d83","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":21,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"e8763bd4-6ded-41e5-ba3f-4abaffa1f0ed","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":21,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"38696a72-3f1f-44f0-b93f-d61c8d53dbd7","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":21,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"19ad5e03-6afa-47e6-9376-a5d8fc6039dd","block_type":"box","text":"amounts invoiced by such custodian.","page_number":21,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"a2e7746b-1b9d-4447-b217-e78e8d1348f7","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":21,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"1ded783b-8a5c-4640-84f7-7b784c47fc16","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":21,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"b38c46e9-bea8-490f-85e5-fdb420c7242f","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":21,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"3a880258-5474-48d4-b997-7ee96b242076","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":21,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"64dc83b1-f41c-4c84-878c-836f719ea0e2","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":21,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"c480649a-99a2-46c9-b3b9-884f99e3500a","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":21,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"b91c1b7c-6870-49f5-8b82-07fa56763f41","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":21,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"d8beac76-c42e-4757-afcc-ac02b04faa59","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":21,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"fd8b94d7-349b-40fd-9bfd-924fdf0cb2c0","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":21,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"9d3640e0-4fad-4a24-a134-ee57065e1fce","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":21,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"fac33341-e0de-4bd8-909d-eb5c340f8134","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":21,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"da4b8c17-c6be-43c6-90b1-b8c9ccdcfa6e","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":21,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"2ae20712-b11d-4688-9c4d-ad87efeef2a3","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":21,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"4ecf1702-68ad-4650-9417-092e94ceeecc","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":21,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"0e171e69-2b62-43af-b780-ab4cb359b2b2","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":21,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"05aed92b-7d27-44c0-9c63-182a00b87380","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":21,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"870590d7-4578-413f-bebc-54b3606e24a0","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":21,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"137816cc-b572-4160-bdb8-4225f5183193","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":21,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"0999cf41-111e-4e49-a14a-fc4a11bd3595","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":21,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"dd55eb8c-c9fb-4dc8-8db9-cc91cc38f10c","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":21,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"c6018d74-8635-47df-9495-2485874f941a","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":21,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"f993920f-45f8-4bf2-9c52-1f2436309a75","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":21,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"5ca6e7cd-75f2-4ca4-ac22-2f7cdeb62329","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":21,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"c21e7ce9-45bd-4ffa-bf8d-dc69f868b7d6","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":21,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"987503ad-c5c6-4afa-a0f3-5ae5e90ae2bc","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":21,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"b7edb501-77d2-477e-8ad4-cd9ccf0cab4e","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":21,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"9f54c9a2-8ed5-4a5e-b655-d399ede6b996","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":22,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"06fd8f1d-37a6-46a3-bcd1-53826fdaba19","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":22,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"47c48447-4a5c-4379-9b9e-1ee9c30c1d1b","block_type":"box","text":"Fund","page_number":22,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"a6ca0e1a-caeb-436e-9c43-b7c677e91c06","block_type":"box","text":"Standard Redemption","page_number":22,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"1fa1acb2-6f2f-4906-a833-b6bab2a4fbdd","block_type":"box","text":"Transaction Fee","page_number":22,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"66a8a69d-58f5-4568-bdb0-63f03c86235e","block_type":"box","text":"Maximum Additional","page_number":22,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"7f56f632-6cff-46db-9f35-4848845e12cf","block_type":"box","text":"Charge*","page_number":22,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"e975ad1f-8a3f-4220-985c-06bfae58d7d4","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":22,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"47c25a57-13e5-489d-8b61-46a8c974690e","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":22,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"2ba5fc40-21b4-4469-975f-b4c7b5bba1a3","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":22,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"00e10f5e-7b74-4a41-b3fa-6aba0ab36d8b","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":22,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"a5994d25-aced-462a-b6f0-b8c520ec0fa0","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":22,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"440cd899-9539-4d7c-85c8-508f5e825f4d","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":22,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"88267f98-30c4-4157-b116-dc123251471b","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":22,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"7b094679-bc27-4984-91a3-fa0b157b70ae","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":22,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"abe42c3b-ccae-46b3-8a3f-0e7f79781aa2","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":22,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"a8147921-d4a2-47e4-a01a-35aba03438d9","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":22,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"2a935233-e55f-40b7-a4e3-4b20963029be","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":22,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"f02a0af5-0d61-408e-929e-c34df58861b0","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":22,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"0cf9203e-ae78-41df-af03-88109257d517","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":22,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"458fd29a-5935-4776-8daa-f6f3b4f02a98","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":22,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"7335419f-1232-4ee0-b0c1-d5cd60286f9e","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":22,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"4bf9d0d5-cba0-4b02-9509-41c75d19efe5","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":22,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"e97ab8c3-8ca0-4334-a581-579b64585af7","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":22,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"c584cdc8-1ebb-4970-9e56-bcf630ecb666","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":22,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"bf55cdd8-a338-4dd9-a2c4-aebd0455d40e","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":22,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"f3704bcc-2990-479a-9f09-a8c8a1f444cd","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":22,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"3eafb69a-73a5-4064-a5dc-c121a7e74703","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 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Shares are","page_number":31,"box":{"x":89,"y":819,"width":804,"height":12}},{"id":"d82b0b64-60ee-450c-9d3e-e71cd315417d","block_type":"box","text":"1","page_number":31,"box":{"x":526,"y":894,"width":3,"height":9}},{"id":"68406487-d0e1-44d6-9fdc-d8c28a7e7ebd","block_type":"box","text":"redeemable only in Creation Units by Authorized Participants (as defined in the","page_number":32,"box":{"x":89,"y":44,"width":550,"height":12}},{"id":"046cfe1b-dad7-416e-a5a0-9ca099834052","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":32,"box":{"x":645,"y":44,"width":305,"height":12}},{"id":"ea221a67-459d-44b7-aa84-2d8332a6d05c","block_type":"box","text":"Role of the Authorized Participant","page_number":32,"box":{"x":88,"y":59,"width":235,"height":12}},{"id":"00e0dfe0-ceea-4d8a-89b0-d474f20a0412","block_type":"box","text":"section of this SAI) and, generally, in exchange for portfolio securities and a Cash Amount","page_number":32,"box":{"x":328,"y":59,"width":628,"height":12}},{"id":"6de31678-bc51-4e4b-a485-511267e567df","block_type":"box","text":"(as defined in the","page_number":32,"box":{"x":89,"y":74,"width":120,"height":12}},{"id":"59f979f5-89a5-450f-8018-d58e1021b9a9","block_type":"box","text":"Redemption of Creation Units","page_number":32,"box":{"x":214,"y":74,"width":206,"height":12}},{"id":"c5e7c7c4-65e1-4583-a8f8-004ab1010d99","block_type":"box","text":"section of this SAI). Creation Units typically are a specified number of shares,","page_number":32,"box":{"x":425,"y":74,"width":537,"height":12}},{"id":"0655670a-b545-4241-b1e0-d56695d66de4","block_type":"box","text":"generally ranging from 25,000 to 100,000 shares or multiples thereof.","page_number":32,"box":{"x":89,"y":89,"width":486,"height":13}},{"id":"eccfddcd-bd06-44cc-877b-81641774ea13","block_type":"box","text":"The Trust reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in cash","page_number":32,"box":{"x":88,"y":116,"width":878,"height":12}},{"id":"9b2ba800-793f-4670-aba1-db3f9d6965c3","block_type":"box","text":"and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in","page_number":32,"box":{"x":89,"y":131,"width":832,"height":12}},{"id":"a089c425-5c1b-4ff3-9409-58f9ab48e906","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":32,"box":{"x":89,"y":146,"width":802,"height":12}},{"id":"e88b47fd-eca2-4d46-85c6-f671fe3aec2b","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":32,"box":{"x":89,"y":161,"width":842,"height":12}},{"id":"6c14b4c5-69a8-4944-b3c6-f66125eff402","block_type":"box","text":"such collateral at any time to purchase Deposit Securities. See the","page_number":32,"box":{"x":89,"y":176,"width":459,"height":13}},{"id":"058ce9f2-3b4b-428a-b014-db635296f101","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":32,"box":{"x":554,"y":176,"width":300,"height":13}},{"id":"d2a8541e-a567-4530-93cc-9ea9888ff1fb","block_type":"box","text":"section of this","page_number":32,"box":{"x":859,"y":176,"width":97,"height":10}},{"id":"64969b97-ffdf-43e2-b1c4-5f71accf6382","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":32,"box":{"x":88,"y":191,"width":851,"height":13}},{"id":"d0d5c9d9-0864-4eef-b08b-2c7e3c0decf7","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":32,"box":{"x":88,"y":206,"width":836,"height":13}},{"id":"34806b61-d91c-4bab-9be5-5ecbbf51b373","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":32,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"779541ec-ab41-476c-86cb-afd25ecda751","block_type":"box","text":"regulations applicable to management investment companies offering redeemable securities.","page_number":32,"box":{"x":89,"y":237,"width":652,"height":12}},{"id":"2fae9672-6267-48f2-b47b-77ef95e1e236","block_type":"box","text":"Exchange Listing and Trading","page_number":32,"box":{"x":91,"y":267,"width":491,"height":30}},{"id":"2adecc09-b5e4-4111-b7ca-03342118a92c","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":32,"box":{"x":88,"y":308,"width":813,"height":13}},{"id":"c8e14ba4-7929-4192-998b-99c81bb4bde5","block_type":"box","text":"Shareholder Information","page_number":32,"box":{"x":88,"y":324,"width":170,"height":11}},{"id":"b06fc6c2-def2-4968-b254-f74561e0efe9","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":32,"box":{"x":264,"y":324,"width":651,"height":12}},{"id":"0dc6971a-3983-42ad-a778-75c22a67a4c8","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":32,"box":{"x":89,"y":339,"width":415,"height":12}},{"id":"cb458fb0-3ecd-4603-8926-9dbbd46ae20f","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":32,"box":{"x":88,"y":365,"width":843,"height":12}},{"id":"97ba3472-15ac-4364-9e79-598c3b683f01","block_type":"box","text":"secondary markets. Shares of the Funds may also be listed on certain non-U.S. exchanges. There can be no assurance that","page_number":32,"box":{"x":89,"y":380,"width":857,"height":13}},{"id":"7d64ec7d-0432-4769-b660-a796fdecb187","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":32,"box":{"x":88,"y":395,"width":875,"height":13}},{"id":"08a8b5c1-8605-4375-ae1b-b7a1fa956b66","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":32,"box":{"x":89,"y":410,"width":875,"height":13}},{"id":"51460a4a-d551-4186-b491-c28dc0c05cd7","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":32,"box":{"x":89,"y":426,"width":878,"height":12}},{"id":"4a191bcc-c5c5-4112-a224-cddbb4a43ff3","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":32,"box":{"x":89,"y":441,"width":803,"height":12}},{"id":"88e624ef-6c8f-4fc5-a44c-dafb914dd7a6","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":32,"box":{"x":89,"y":456,"width":857,"height":12}},{"id":"e1cbee71-c92b-4b26-912f-b5303d82a6d0","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":32,"box":{"x":89,"y":471,"width":847,"height":12}},{"id":"bd18a426-68e8-4269-9dcd-506017c57c65","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":32,"box":{"x":89,"y":486,"width":856,"height":12}},{"id":"22547b1c-66ff-484f-8478-30fe113dbe7a","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":32,"box":{"x":88,"y":513,"width":852,"height":12}},{"id":"b2e10f21-c404-44dc-b58c-23ebcbd0c70b","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":32,"box":{"x":89,"y":528,"width":524,"height":12}},{"id":"4ce46b99-1f0d-445b-8c2d-f3d021866166","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":32,"box":{"x":88,"y":554,"width":823,"height":12}},{"id":"7bb7d5a5-3d35-4d7d-b354-835dab46a359","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":32,"box":{"x":89,"y":569,"width":859,"height":13}},{"id":"21cd95c6-d211-4b4d-aef0-a266d82048d7","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":32,"box":{"x":89,"y":584,"width":477,"height":13}},{"id":"a5f725a9-29e2-4994-8ed4-bb16d5bcc2a1","block_type":"box","text":"Investment Strategies and Risks","page_number":32,"box":{"x":91,"y":615,"width":531,"height":30}},{"id":"b795ac1c-2d0b-42fe-b2a5-482ff7d4a8dc","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":32,"box":{"x":89,"y":656,"width":824,"height":13}},{"id":"e2c58303-7ee0-4f4c-8387-91e1d013c738","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the Underlying Index. Each","page_number":32,"box":{"x":89,"y":671,"width":853,"height":13}},{"id":"e5ef84ce-747e-4d31-bb1c-4cb3fd5ebcad","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":32,"box":{"x":89,"y":686,"width":841,"height":13}},{"id":"ca66d7ea-25d9-4432-8689-4f8f8952d3ba","block_type":"box","text":"ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":32,"box":{"x":89,"y":702,"width":550,"height":12}},{"id":"55befccf-0616-4d27-8202-e8f756c6512d","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":32,"box":{"x":89,"y":728,"width":812,"height":12}},{"id":"de581281-72a5-4d84-b16b-97666a433d8e","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":32,"box":{"x":89,"y":743,"width":848,"height":12}},{"id":"4c7b49f6-d622-46d4-801b-1c0804e11cb9","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":32,"box":{"x":89,"y":758,"width":819,"height":13}},{"id":"5686924b-ccd2-4f57-ac1f-61d6ce17f5d8","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":32,"box":{"x":88,"y":773,"width":859,"height":13}},{"id":"fdc09cad-5c10-4963-b3ed-52217c2ea7e7","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":32,"box":{"x":89,"y":788,"width":727,"height":13}},{"id":"d0db9d7d-2bf4-4931-959f-80a434c7f6a7","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":32,"box":{"x":88,"y":815,"width":851,"height":12}},{"id":"f3ae53eb-78b7-4ba5-abbd-5d9676422d36","block_type":"box","text":"described below.","page_number":32,"box":{"x":89,"y":830,"width":116,"height":10}},{"id":"bd32b459-a44e-4f5c-8b65-1721d5aeab47","block_type":"box","text":"2","page_number":32,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"ab53a855-66be-41f4-9c24-261c3609546b","block_type":"box","text":"Borrowing.","page_number":33,"box":{"x":89,"y":44,"width":78,"height":12}},{"id":"fec75367-44a9-4e44-bcba-4390dbfcc34f","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":33,"box":{"x":176,"y":44,"width":777,"height":12}},{"id":"3d5b0bd1-512a-4aad-af57-807e0d68e9fd","block_type":"box","text":"or to facilitate the settlement of securities or other transactions. The iShares MSCI Denmark ETF, iShares MSCI Finland ETF,","page_number":33,"box":{"x":89,"y":59,"width":860,"height":11}},{"id":"64f5d070-09f4-4017-b995-d1936292a2cb","block_type":"box","text":"iShares MSCI Indonesia ETF, iShares MSCI Ireland ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares","page_number":33,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"bee8eb8d-51ce-4c0e-8b97-387b0a4a72cb","block_type":"box","text":"MSCI Norway ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF and iShares","page_number":33,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"1b8bcfc0-b3ce-434e-bafd-8679d94b3a4a","block_type":"box","text":"MSCI United Kingdom Small-Cap ETF, along with certain other iShares funds, have entered into a syndicated line of credit","page_number":33,"box":{"x":89,"y":104,"width":849,"height":13}},{"id":"263efebd-33ce-44b3-9a76-458605464ee5","block_type":"box","text":"with the Bank of New York Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The","page_number":33,"box":{"x":88,"y":119,"width":805,"height":13}},{"id":"f04b75cf-1250-429f-92ed-af2880280d1b","block_type":"box","text":"syndicated line of credit may be used for temporary or emergency purposes, including redemption, settlement of trades and","page_number":33,"box":{"x":89,"y":135,"width":868,"height":12}},{"id":"d1bfab3d-3946-4b45-9936-0258a6ca48ff","block_type":"box","text":"rebalancing of portfolio holdings.","page_number":33,"box":{"x":89,"y":150,"width":231,"height":12}},{"id":"bc34ee1f-1d6f-478b-b6c2-f0d4c249b1d4","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":33,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"88117245-87d5-4691-b866-e45e696b919a","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":33,"box":{"x":89,"y":191,"width":870,"height":13}},{"id":"93049f7d-2024-4fda-a804-e0106d701f6a","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":33,"box":{"x":89,"y":206,"width":806,"height":13}},{"id":"210f0962-f37b-4837-b977-628bc0d0e49c","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":33,"box":{"x":88,"y":233,"width":846,"height":12}},{"id":"4a8e75a9-56f9-4a33-b096-ed5d5d5a45eb","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":33,"box":{"x":89,"y":248,"width":852,"height":12}},{"id":"c1e005ab-8ba8-4473-bd74-c840b0390830","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":33,"box":{"x":89,"y":263,"width":870,"height":12}},{"id":"27578c0a-4acf-4bc8-a925-be08fe8f817e","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":33,"box":{"x":89,"y":278,"width":874,"height":13}},{"id":"5cb1ab9b-58f9-42c5-81a2-b61e62e1b9c2","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":33,"box":{"x":89,"y":293,"width":826,"height":13}},{"id":"3d6bbccf-9806-448e-8d00-aa3a6e37c129","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":33,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"ff357420-d333-4e81-8330-0523a6ce0205","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":33,"box":{"x":89,"y":324,"width":381,"height":12}},{"id":"9915ced6-c2e1-4ac0-8a4f-85a75047b409","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":33,"box":{"x":89,"y":350,"width":835,"height":12}},{"id":"2cb417c6-4fcb-40d3-895d-f74d8d646dbe","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":33,"box":{"x":89,"y":365,"width":873,"height":12}},{"id":"39797997-f3da-486e-a96c-ec24f6e116e7","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":33,"box":{"x":89,"y":380,"width":800,"height":13}},{"id":"96c7c481-32dc-40fe-b6e4-efe6128fc2fd","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":33,"box":{"x":89,"y":395,"width":868,"height":13}},{"id":"77566805-6255-4acc-ba76-81f6b413650a","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":33,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"1105e720-add1-4d13-9263-6d67cfb5356c","block_type":"box","text":"may be disadvantageous to do so.","page_number":33,"box":{"x":89,"y":426,"width":237,"height":12}},{"id":"922e025c-2556-4876-9079-6a2898a96bf7","block_type":"box","text":"Currency Transactions.","page_number":33,"box":{"x":89,"y":453,"width":166,"height":11}},{"id":"2deaa47a-ee6e-4e45-9eb0-8a29762bfa69","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":33,"box":{"x":264,"y":452,"width":696,"height":12}},{"id":"1f5a6a4e-8109-4fe5-a354-6895fa0bd14c","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":33,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"503f9dc2-52c8-419b-aa3f-723d75bf8603","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":33,"box":{"x":89,"y":482,"width":814,"height":13}},{"id":"53022b2f-db64-4407-9dde-9386dec3820d","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":33,"box":{"x":89,"y":497,"width":828,"height":13}},{"id":"db7fa2b0-164b-4eee-bb4d-9552314bc826","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":33,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"2502f3c4-26f3-4960-ad4b-e8f2950dac11","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":33,"box":{"x":89,"y":528,"width":863,"height":12}},{"id":"839c799f-4f70-41c8-879b-193190ec3e7a","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":33,"box":{"x":89,"y":543,"width":840,"height":12}},{"id":"b60dbd07-d83a-4e0d-a353-3ef81d555c09","block_type":"box","text":"delivery of the underlying currency. The Funds do not expect to engage in currency transactions for the purpose of hedging","page_number":33,"box":{"x":89,"y":558,"width":864,"height":12}},{"id":"b3ef6603-7fcd-4245-9779-7b9a8b35f3d9","block_type":"box","text":"against declines in the value of each Fund’s assets that are denominated in a non-U.S. currency. A Fund may enter into non","page_number":33,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"8aed418c-cf75-4e45-81aa-d17f1e6001d9","block_type":"box","text":"U.S. currency forward and non-U.S. currency futures transactions to facilitate local securities settlements or to protect","page_number":33,"box":{"x":89,"y":588,"width":825,"height":12}},{"id":"06fe51e8-2e24-4553-b730-2dc53256cb59","block_type":"box","text":"against currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for","page_number":33,"box":{"x":89,"y":603,"width":843,"height":13}},{"id":"bb643951-2b7c-42ae-b553-3c09f6081f35","block_type":"box","text":"speculative purposes.","page_number":33,"box":{"x":89,"y":618,"width":150,"height":13}},{"id":"597eec01-1160-4887-9013-5f47cce0876e","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":33,"box":{"x":89,"y":645,"width":879,"height":12}},{"id":"8933f401-9ec4-4c7a-9f86-117100ca1be7","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":33,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"59c5cc81-598a-4bbe-af04-08d337a9b1dc","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":33,"box":{"x":89,"y":675,"width":842,"height":12}},{"id":"197f0fd1-7b68-42bc-8932-439cfd71b2d0","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":33,"box":{"x":89,"y":690,"width":877,"height":13}},{"id":"ed9b8eb2-46de-4476-9203-5f0c3623dadb","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":33,"box":{"x":89,"y":705,"width":864,"height":13}},{"id":"fd112c9c-93a2-4bcb-8c5e-2ee94c3debfc","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":33,"box":{"x":89,"y":720,"width":853,"height":13}},{"id":"36fd7b72-fc1a-44c5-84d6-3fda4c33ac65","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":33,"box":{"x":89,"y":736,"width":877,"height":12}},{"id":"5bb638d4-ebbd-47d4-9e50-3704a67f0cda","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":33,"box":{"x":89,"y":751,"width":873,"height":12}},{"id":"3c5db07e-ca5a-4ff7-ac64-86957dde8393","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":33,"box":{"x":89,"y":766,"width":841,"height":12}},{"id":"da7f2fc3-44fc-4a7d-ba5a-fbb520fcd71d","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":33,"box":{"x":89,"y":781,"width":870,"height":12}},{"id":"f90e6c5d-ced4-405d-87ab-7428998c738a","block_type":"box","text":"including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":33,"box":{"x":89,"y":796,"width":632,"height":12}},{"id":"22fa61b3-4c35-4093-88a1-a8c42947cd15","block_type":"box","text":"Diversification Status.","page_number":33,"box":{"x":89,"y":822,"width":156,"height":10}},{"id":"ea2974c9-6579-4d2e-a018-250754f039cb","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":33,"box":{"x":253,"y":822,"width":480,"height":13}},{"id":"e5ab9a2d-8d9b-430f-8407-302ac0f1ae7b","block_type":"box","text":"3","page_number":33,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"4e772354-4d0b-4d62-9077-ed3b2d299717","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":34,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"2c7302fe-7c51-4382-9f6f-d510714f1680","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF iShares Climate Conscious & Transition MSCI USA ETF","page_number":34,"box":{"x":89,"y":67,"width":765,"height":9}},{"id":"16283f39-f868-4c8e-870f-e7f063eba867","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF iShares ESG Advanced MSCI USA ETF","page_number":34,"box":{"x":89,"y":87,"width":653,"height":9}},{"id":"d5bf6abc-3892-4151-b857-8b89f6c7c59d","block_type":"box","text":"iShares ESG Aware MSCI USA ETF iShares ESG Aware MSCI USA Growth ETF","page_number":34,"box":{"x":89,"y":107,"width":683,"height":10}},{"id":"3cf9c90c-91b7-4e9b-8c4b-e0e3dcba2470","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF iShares ESG Aware MSCI USA Value ETF","page_number":34,"box":{"x":89,"y":127,"width":669,"height":12}},{"id":"b619f6f4-692e-4a2b-8b3c-d8d1a071094d","block_type":"box","text":"iShares MSCI Japan Value ETF* iShares ESG MSCI USA Leaders ETF","page_number":34,"box":{"x":89,"y":147,"width":638,"height":13}},{"id":"20fd7226-17fd-4540-aa81-b6a7857e110a","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF iShares MSCI Denmark ETF","page_number":34,"box":{"x":89,"y":167,"width":584,"height":13}},{"id":"2d4b346b-1f97-40c8-be4a-1686f9fc5f15","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World","page_number":34,"box":{"x":89,"y":188,"width":354,"height":12}},{"id":"2328de0c-8c1e-4157-b622-553c7dadfeea","block_type":"box","text":"ex USA ETF iShares MSCI Finland ETF","page_number":34,"box":{"x":104,"y":203,"width":556,"height":9}},{"id":"c513a402-8f35-49d8-b555-dc238c1748b2","block_type":"box","text":"iShares MSCI Indonesia ETF","page_number":34,"box":{"x":490,"y":223,"width":186,"height":10}},{"id":"0c1eb449-8c95-4aec-9701-a7c48d09f041","block_type":"box","text":"iShares MSCI Ireland ETF","page_number":34,"box":{"x":490,"y":243,"width":167,"height":10}},{"id":"23d23448-81b1-4d47-aed2-5feeaf6dbc55","block_type":"box","text":"iShares MSCI New Zealand ETF","page_number":34,"box":{"x":490,"y":263,"width":209,"height":10}},{"id":"27f93599-5745-4458-a982-ab8127861471","block_type":"box","text":"iShares MSCI Norway ETF","page_number":34,"box":{"x":490,"y":283,"width":173,"height":13}},{"id":"407ae96f-fc6c-4def-a61c-230edbe2f1a7","block_type":"box","text":"iShares MSCI Philippines ETF","page_number":34,"box":{"x":490,"y":303,"width":194,"height":13}},{"id":"ad8c854a-ef62-4d0e-9d02-ef01a14f398a","block_type":"box","text":"iShares MSCI Poland ETF","page_number":34,"box":{"x":490,"y":324,"width":167,"height":9}},{"id":"cb886704-a9d6-4f08-b31c-e06f56818c74","block_type":"box","text":"iShares MSCI United Kingdom ETF","page_number":34,"box":{"x":490,"y":344,"width":230,"height":12}},{"id":"0b621c9c-67ff-4014-a898-4cda2b7e8cdc","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":34,"box":{"x":490,"y":364,"width":372,"height":12}},{"id":"3cccb72e-3261-4891-9371-cd144aed5a3d","block_type":"box","text":"* The iShares MSCI Japan Value ETF intends to be diversified in approximately the same proportion as its Underlying Index is diversified. The iShares","page_number":34,"box":{"x":118,"y":404,"width":832,"height":9}},{"id":"768b47ff-c271-4b52-b10e-dbb4a7e04f03","block_type":"box","text":"MSCI Japan Value ETF may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index","page_number":34,"box":{"x":133,"y":416,"width":833,"height":10}},{"id":"639ea8f5-8e54-46f0-bd46-f28bb57c6458","block_type":"box","text":"weighting of one or more constituents of its Underlying Index. Shareholder approval will not be sought if the iShares MSCI Japan Value ETF crosses","page_number":34,"box":{"x":132,"y":429,"width":822,"height":10}},{"id":"11849a2a-53aa-48e1-9594-91d897d98d9a","block_type":"box","text":"from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituent","page_number":34,"box":{"x":132,"y":441,"width":813,"height":10}},{"id":"bf2b05c8-12fe-419f-a7ad-1a2f047f5a94","block_type":"box","text":"s of","page_number":34,"box":{"x":946,"y":441,"width":20,"height":8}},{"id":"bc472778-c0b8-4d4a-9673-2e5b36e10ad3","block_type":"box","text":"its Underlying Index. The Fund discloses its portfolio holdings and weightings at www.iShares.com.","page_number":34,"box":{"x":133,"y":454,"width":555,"height":10}},{"id":"a2b60091-e3f5-4697-8906-d5aa866d2714","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":34,"box":{"x":88,"y":477,"width":835,"height":13}},{"id":"4c29a733-6252-4f62-b945-c1bf803c1a16","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":34,"box":{"x":89,"y":492,"width":813,"height":13}},{"id":"1a42c12c-f04c-4cd8-a9a0-ba1ed6fba6b1","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":34,"box":{"x":89,"y":508,"width":823,"height":12}},{"id":"50a8c8a9-fd2d-4681-935f-3bfb4be3722d","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":34,"box":{"x":89,"y":523,"width":854,"height":12}},{"id":"7d966456-e462-49eb-a33f-8b529427a3fd","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":34,"box":{"x":89,"y":538,"width":876,"height":12}},{"id":"c44f658b-182f-43a4-9411-ab70ad142d11","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval. However, while","page_number":34,"box":{"x":88,"y":553,"width":868,"height":12}},{"id":"fe9827fb-91f2-4bba-99e7-1ac1609dd37e","block_type":"box","text":"the iShares MSCI Japan Value ETF is classified as “diversified,” under applicable no-action relief from the SEC staff, the fund","page_number":34,"box":{"x":88,"y":568,"width":858,"height":12}},{"id":"fb7ba624-f252-4a00-bed0-52fd1503b1e5","block_type":"box","text":"may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":34,"box":{"x":89,"y":583,"width":841,"height":12}},{"id":"93b0ec60-083d-4aeb-a58a-55c0c21050bf","block_type":"box","text":"index weighting of one or more constituents of its Underlying Index and such a change does not require shareholder","page_number":34,"box":{"x":89,"y":598,"width":816,"height":13}},{"id":"5164d57d-bc7d-4466-8802-249a577873c5","block_type":"box","text":"approval.","page_number":34,"box":{"x":89,"y":613,"width":62,"height":13}},{"id":"20330d93-af8e-434c-a7d6-c8cb8f93ce0a","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":34,"box":{"x":92,"y":640,"width":864,"height":12}},{"id":"77785dac-b942-4fa5-bec2-3549780241f7","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":34,"box":{"x":89,"y":655,"width":876,"height":12}},{"id":"f8784de3-c6c5-4121-bdcd-3209873eb3ec","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":34,"box":{"x":89,"y":670,"width":840,"height":12}},{"id":"a7a57b0f-047a-4259-99ec-399f7f8308b4","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":34,"box":{"x":89,"y":685,"width":839,"height":12}},{"id":"970568db-28b2-42d1-898f-7983025fbae2","block_type":"box","text":"experienced by more diversified investment companies.","page_number":34,"box":{"x":89,"y":700,"width":387,"height":13}},{"id":"e061243b-f000-4f9a-bd50-827ee669e230","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":34,"box":{"x":89,"y":727,"width":841,"height":12}},{"id":"18332e4f-30bd-4150-b73c-bb6e3e4cca0a","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":34,"box":{"x":89,"y":742,"width":865,"height":12}},{"id":"fc48b49f-1000-4687-94d6-b412d035de7f","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":34,"box":{"x":89,"y":757,"width":878,"height":12}},{"id":"354ab10d-eec9-40e6-8ab5-5be87695f198","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":34,"box":{"x":88,"y":772,"width":806,"height":12}},{"id":"530e093d-d137-4a42-a63b-201ad375ed0b","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":34,"box":{"x":89,"y":787,"width":824,"height":13}},{"id":"90b4ae7a-5537-4bd1-92d5-fe8a9450c1fa","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":34,"box":{"x":88,"y":802,"width":790,"height":13}},{"id":"d7cb4cdb-2592-4df3-8db2-d5b21f33903e","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":34,"box":{"x":89,"y":829,"width":371,"height":12}},{"id":"aadf9c80-2ebe-408f-ab47-825393b5851f","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":34,"box":{"x":470,"y":829,"width":473,"height":12}},{"id":"9d9dac03-a0e5-48df-becc-0164f71ca8ff","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":34,"box":{"x":89,"y":844,"width":866,"height":12}},{"id":"d74335d1-31d4-4ae3-afeb-cdeba00dddcc","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":34,"box":{"x":89,"y":859,"width":853,"height":12}},{"id":"12834384-2748-4e85-a7ee-19e4cf40a97f","block_type":"box","text":"4","page_number":34,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"b3ec654f-64ce-4b94-aeb3-81702a1d1ed2","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":35,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"aab1fab5-4147-4d0b-b52d-c1bb18bd22a6","block_type":"box","text":"options on futures in accordance with Rule 4.5 of the Commodity Futures Trading Commission (the “CFTC”) promulgated","page_number":35,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"cfdabaf3-a03f-4ef5-92b6-e57ec0771fd0","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":35,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"27e27848-7f84-4bad-a6c7-bdcf6e684177","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":35,"box":{"x":89,"y":89,"width":875,"height":13}},{"id":"6ac86758-e393-4ba0-93ca-7948b8f6e526","block_type":"box","text":"registration or regulation as a commodity pool operator under the CEA. See the","page_number":35,"box":{"x":89,"y":104,"width":555,"height":13}},{"id":"b8615fe5-d5a7-4216-b826-62dfff2fa938","block_type":"box","text":"Regulation Regarding Derivatives","page_number":35,"box":{"x":649,"y":104,"width":230,"height":13}},{"id":"5803550a-5c21-472d-912a-385c387d44f9","block_type":"box","text":"section of","page_number":35,"box":{"x":884,"y":104,"width":70,"height":10}},{"id":"bd3be3ac-0f13-414d-8237-55fde307ed28","block_type":"box","text":"this SAI for more information.","page_number":35,"box":{"x":88,"y":119,"width":208,"height":10}},{"id":"66975fff-3ee8-46df-8067-c5bba6f9518c","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":35,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"c8e3a405-36d8-4953-b032-c3c5c6badc03","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":35,"box":{"x":89,"y":161,"width":858,"height":12}},{"id":"d530bb00-1c95-4c7a-98b8-ca38c70f21c7","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":35,"box":{"x":89,"y":176,"width":817,"height":13}},{"id":"73d2074f-e2df-4fde-bbe4-902058b0f581","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":35,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"c6e8cc2f-ccb9-403e-b3d6-59a243b0d008","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":35,"box":{"x":89,"y":206,"width":834,"height":13}},{"id":"e9ae14f8-a220-407a-8e28-568dd5711d24","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":35,"box":{"x":89,"y":222,"width":878,"height":12}},{"id":"d03172ef-2059-4878-b1ac-91e9e2d94d32","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":35,"box":{"x":89,"y":237,"width":846,"height":12}},{"id":"1bd28728-d8d0-48ce-8add-75911a2ce680","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":35,"box":{"x":89,"y":252,"width":849,"height":12}},{"id":"7de3d349-7925-41bc-bf33-a2cee3f57bcf","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":35,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"a208e61e-2da5-48f4-a022-a39c6088fff1","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":35,"box":{"x":89,"y":282,"width":839,"height":12}},{"id":"e8e09171-1204-44df-b26d-15feb49d89d1","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":35,"box":{"x":89,"y":297,"width":878,"height":12}},{"id":"894a5d4a-dfa0-4331-8b06-bfffa280727e","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":35,"box":{"x":89,"y":312,"width":859,"height":13}},{"id":"3942a63e-c8c4-4620-be5b-4249b16149e8","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":35,"box":{"x":89,"y":327,"width":825,"height":13}},{"id":"a3f95450-fee9-4fe4-83fa-63503803abe4","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":35,"box":{"x":88,"y":342,"width":877,"height":13}},{"id":"39056b03-5def-4559-8d1e-9faeffcf1ed9","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":35,"box":{"x":88,"y":358,"width":864,"height":12}},{"id":"2548311d-60ec-4e1e-8000-8cf4b4ef0472","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":35,"box":{"x":88,"y":373,"width":874,"height":12}},{"id":"d3ce6e1e-41e7-4abf-8774-5f93139d3397","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":35,"box":{"x":88,"y":388,"width":843,"height":12}},{"id":"13f4d0b1-7874-44ba-9aa2-a208b8bc7706","block_type":"box","text":"futures contract.","page_number":35,"box":{"x":88,"y":403,"width":116,"height":10}},{"id":"21e7e2f5-d006-4220-898c-29768e72922a","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":35,"box":{"x":88,"y":429,"width":870,"height":13}},{"id":"e73be32c-6109-400c-b92e-cafb80090e7c","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":35,"box":{"x":89,"y":445,"width":855,"height":12}},{"id":"06167bdb-207f-4df2-b398-d233763d86d1","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":35,"box":{"x":89,"y":460,"width":867,"height":12}},{"id":"08cf2c4a-ce9f-4a33-b7d6-a01c0f8daa56","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":35,"box":{"x":89,"y":475,"width":845,"height":12}},{"id":"37896a28-b01d-4370-83f0-3d3bb115058d","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":35,"box":{"x":89,"y":490,"width":875,"height":12}},{"id":"e8b172ea-1648-4106-869a-ad5f94307553","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":35,"box":{"x":89,"y":505,"width":872,"height":12}},{"id":"9449b711-13ec-4b0f-9d36-d2d081b66649","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":35,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"959ff49f-2a48-41fe-9c85-eddd224658e8","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":35,"box":{"x":88,"y":535,"width":819,"height":13}},{"id":"29c56223-71db-448d-bac2-df38fca312b0","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":35,"box":{"x":89,"y":550,"width":553,"height":13}},{"id":"cda3b33b-34ae-4b4c-a289-6abcceaef4f2","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":35,"box":{"x":88,"y":577,"width":859,"height":12}},{"id":"184d3c44-4107-41d7-a322-ecd2d79aec23","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":35,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"1e960b09-7587-4822-b0bb-c08f8df5ecbf","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":35,"box":{"x":89,"y":607,"width":878,"height":12}},{"id":"c19c4c30-8e30-4ccf-8818-39ad2544df95","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":35,"box":{"x":89,"y":622,"width":873,"height":12}},{"id":"909dd748-6ae0-4711-a3f5-73eaa68e25c3","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":35,"box":{"x":89,"y":637,"width":871,"height":13}},{"id":"3d213a8e-b2b4-402f-a10a-ff1c0aa3ac80","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":35,"box":{"x":89,"y":652,"width":860,"height":13}},{"id":"e3cd24e1-1e83-40e3-9c33-9ac73fa7a25f","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":35,"box":{"x":89,"y":668,"width":843,"height":12}},{"id":"3b26a9e3-bc9d-4415-a89d-ad035f0fb0c5","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":35,"box":{"x":88,"y":683,"width":864,"height":12}},{"id":"3dbeccde-2f16-427d-aa5f-69c991528c39","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":35,"box":{"x":88,"y":698,"width":856,"height":12}},{"id":"8eb87c9d-7ef9-45f1-8268-e2e2f6c05662","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":35,"box":{"x":89,"y":713,"width":860,"height":12}},{"id":"2edf518a-5dcd-4b1d-89ac-42b034bc2014","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":35,"box":{"x":89,"y":728,"width":878,"height":12}},{"id":"3047ff19-885a-44cd-9419-87fff0788f68","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":35,"box":{"x":89,"y":743,"width":863,"height":12}},{"id":"1dc765bc-2f54-4e99-865d-011a39160b0d","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":35,"box":{"x":89,"y":758,"width":868,"height":13}},{"id":"e1a4424f-57cf-4d9f-83ea-b5910b1c961a","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":35,"box":{"x":89,"y":773,"width":860,"height":13}},{"id":"8790e16b-b614-450e-8f30-2f4a242b777a","block_type":"box","text":"structured to have conditions to exercise (","page_number":35,"box":{"x":89,"y":788,"width":294,"height":13}},{"id":"44959542-a079-4fe2-b5d5-1c531387a82a","block_type":"box","text":"i.e.","page_number":35,"box":{"x":384,"y":789,"width":18,"height":9}},{"id":"9d1dd485-de53-4a4b-92da-61b4c44c38dc","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":35,"box":{"x":404,"y":788,"width":416,"height":13}},{"id":"5ebfb787-38c9-4020-9070-e5be1aa31946","block_type":"box","text":"i.e.","page_number":35,"box":{"x":821,"y":789,"width":18,"height":9}},{"id":"c7a86bd1-4e83-4f9c-87b2-09d0a7752ef4","block_type":"box","text":", “Knock-out","page_number":35,"box":{"x":841,"y":788,"width":88,"height":12}},{"id":"b1fd450b-c123-4414-a6ff-28f37830ea4d","block_type":"box","text":"Events”).","page_number":35,"box":{"x":89,"y":804,"width":61,"height":12}},{"id":"85c17608-cc35-49a6-993b-254c8bf8c08d","block_type":"box","text":"Lending Portfolio Securities.","page_number":35,"box":{"x":89,"y":830,"width":202,"height":12}},{"id":"1f7c25bf-1032-4fe5-b4e8-9f8be9579975","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":35,"box":{"x":301,"y":830,"width":609,"height":12}},{"id":"182d3bc5-925c-4806-8a28-19d53e5b4d5d","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":35,"box":{"x":89,"y":845,"width":848,"height":12}},{"id":"30f3156d-fb55-499e-aeb1-f188fbd18a30","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":35,"box":{"x":89,"y":860,"width":858,"height":13}},{"id":"62a9cc11-0f42-438b-985f-7476613971a0","block_type":"box","text":"5","page_number":35,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"240d386e-87b7-43b5-9124-3bfdcdd29e94","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":36,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"63fa8533-35a4-4f88-aeb8-17120e3ffdaa","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":36,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"4cf84191-dc68-46e0-a872-71390b2b2eda","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":36,"box":{"x":89,"y":74,"width":794,"height":12}},{"id":"c0722809-cc9e-40b8-bb08-88387832912c","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":36,"box":{"x":89,"y":89,"width":794,"height":13}},{"id":"75f7d7f9-e39f-412a-867e-15793ec136a7","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":36,"box":{"x":88,"y":116,"width":854,"height":12}},{"id":"3309f9ce-acbf-472e-8d1b-588fa0a353ea","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":36,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"43d80073-8b82-448b-ba19-7500bbd513c2","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":36,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"8815bb58-5bfb-4d94-9938-8aa42723cacb","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":36,"box":{"x":89,"y":161,"width":863,"height":12}},{"id":"6d3f0618-249b-4469-877d-1e79a2d22f84","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":36,"box":{"x":88,"y":176,"width":850,"height":13}},{"id":"0cd62401-28fc-4cc3-81ae-6478ca629026","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":36,"box":{"x":89,"y":191,"width":855,"height":13}},{"id":"9dd14ff0-893f-40b6-b4d5-6b25c1953910","block_type":"box","text":"are subject to investment risk.","page_number":36,"box":{"x":89,"y":206,"width":208,"height":13}},{"id":"6bfe520c-1cf1-425e-823c-bb9b84b919ad","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":36,"box":{"x":89,"y":233,"width":818,"height":12}},{"id":"88876399-f784-44e2-ba77-cda77878d834","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":36,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"545f564b-f221-4bca-b8ec-32b8fcc304ea","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":36,"box":{"x":89,"y":263,"width":832,"height":12}},{"id":"6ca2ef4a-14d7-47c7-ba96-15966727355d","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":36,"box":{"x":89,"y":278,"width":846,"height":13}},{"id":"5a14193f-6311-4110-b18c-2fa6286cb6b5","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":36,"box":{"x":88,"y":293,"width":862,"height":13}},{"id":"6fffef54-b0c0-4bc0-aaa2-27977a0b58e8","block_type":"box","text":"Chase Bank, N.A. (“JPMorgan”) serves as custodian for the Funds in connection with certain securities lending activities.","page_number":36,"box":{"x":89,"y":308,"width":839,"height":13}},{"id":"6ae0f030-df41-4173-bbd7-2d425f1755ab","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":36,"box":{"x":88,"y":335,"width":873,"height":12}},{"id":"27de3dda-9a77-4bc8-bffa-7b37eb02979a","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":36,"box":{"x":89,"y":350,"width":830,"height":12}},{"id":"684a4bcb-c36a-4d6c-8950-f19dd0d022c2","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":36,"box":{"x":89,"y":365,"width":865,"height":12}},{"id":"4ecb22d5-536e-45f8-b142-fecec287f2d7","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":36,"box":{"x":88,"y":380,"width":852,"height":13}},{"id":"d375648e-de55-4e93-a9e6-c184a8fa080a","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":36,"box":{"x":89,"y":395,"width":878,"height":13}},{"id":"bb4def55-a021-49a2-a062-b0699b3eba6b","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":36,"box":{"x":89,"y":410,"width":848,"height":13}},{"id":"74d797a8-52ff-410e-9c38-48b1f25f80ea","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":36,"box":{"x":89,"y":426,"width":852,"height":12}},{"id":"5b93d814-7d6a-42ec-af4c-e62364079145","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":36,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"104d33b9-a9bc-4eef-baf5-d6e83e8333e8","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":36,"box":{"x":89,"y":456,"width":875,"height":12}},{"id":"fbfa9083-1fef-47d1-8992-a1d576da79c7","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":36,"box":{"x":89,"y":471,"width":834,"height":12}},{"id":"33f7994a-fadd-4df2-9bc3-646831e51094","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":36,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"19dab604-9887-4b69-a411-fdc81a10d2c9","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":36,"box":{"x":89,"y":501,"width":833,"height":13}},{"id":"87759ea9-7a37-4ee1-a3ed-265b5e95ec22","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":36,"box":{"x":89,"y":516,"width":853,"height":13}},{"id":"665ceff4-b353-49ec-85b7-80620efe9cbb","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":36,"box":{"x":89,"y":531,"width":871,"height":13}},{"id":"62d5433e-e6e8-44ce-8506-d72cce1d4b40","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":36,"box":{"x":88,"y":547,"width":806,"height":12}},{"id":"2c139ed7-08a7-4cca-9280-33a242f0a17d","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":36,"box":{"x":89,"y":562,"width":857,"height":12}},{"id":"484e035f-a811-4f83-9f2d-c73dfd35ac6b","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":36,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"46e514ee-8afb-42c3-bdfa-656fa07f13c2","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":36,"box":{"x":89,"y":592,"width":858,"height":12}},{"id":"c8575f2e-6447-4ad4-a288-d11515a953bb","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":36,"box":{"x":88,"y":607,"width":844,"height":12}},{"id":"f8f8cda3-ef68-4898-b39f-7243b478b908","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":36,"box":{"x":89,"y":622,"width":873,"height":12}},{"id":"bfc6bd6b-a3c3-46fc-99f1-afdc1fa931e6","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":36,"box":{"x":89,"y":637,"width":841,"height":13}},{"id":"7ea7a17b-0c78-4883-a3bf-b60992d1d1a4","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":36,"box":{"x":89,"y":652,"width":804,"height":13}},{"id":"8266ea6d-dfc7-4295-8ed8-e1d56e3087d9","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":36,"box":{"x":89,"y":668,"width":490,"height":12}},{"id":"4f60a891-4653-4d72-8f14-4191ca4d3262","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":36,"box":{"x":89,"y":694,"width":824,"height":12}},{"id":"d67971f3-e34f-4ff5-bd71-65cfb2585b1b","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":36,"box":{"x":89,"y":709,"width":859,"height":12}},{"id":"d9f5910d-49d6-49f5-93b3-f2c5b169386f","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":36,"box":{"x":88,"y":724,"width":879,"height":13}},{"id":"b578a011-cede-46f2-b618-435525f44db5","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":36,"box":{"x":89,"y":739,"width":869,"height":13}},{"id":"da6cc602-ec2f-46be-b8d2-e8790384a322","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":36,"box":{"x":89,"y":754,"width":846,"height":13}},{"id":"31800db2-3c25-4d4e-b1c3-b3f3d43a20d6","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":36,"box":{"x":89,"y":770,"width":847,"height":12}},{"id":"ca941b04-9d20-4db0-b72c-553027059e96","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":36,"box":{"x":89,"y":785,"width":825,"height":12}},{"id":"eab69312-015d-4f01-9a35-7559969dad21","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":36,"box":{"x":89,"y":800,"width":834,"height":12}},{"id":"ca47f2c6-af06-4341-bd9f-73304ba1dee5","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":36,"box":{"x":89,"y":815,"width":831,"height":12}},{"id":"22868f55-84bf-4bb1-81a5-a586592f3a08","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":36,"box":{"x":89,"y":830,"width":571,"height":12}},{"id":"429990d6-4c8c-4984-a1a5-41aa121219e6","block_type":"box","text":"6","page_number":36,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"c1a5b23c-2a16-47b3-a3c3-a543397e3762","block_type":"box","text":"Liquidity Risk Management.","page_number":37,"box":{"x":89,"y":44,"width":200,"height":12}},{"id":"d2b37dbb-be24-482e-aa31-9855f1ed8249","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":37,"box":{"x":299,"y":44,"width":662,"height":12}},{"id":"dec17784-f5ed-4c95-8bcc-37320b324cd8","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":37,"box":{"x":89,"y":59,"width":811,"height":12}},{"id":"94b80e8f-4eff-48d7-afa0-497b1db1db69","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":37,"box":{"x":89,"y":74,"width":837,"height":12}},{"id":"bbb749c0-8dd1-44cb-9539-66c71b7d61fb","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Trustees of the Trust, has","page_number":37,"box":{"x":89,"y":89,"width":807,"height":13}},{"id":"a083f530-849b-4621-9be3-d049dde87311","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":37,"box":{"x":89,"y":104,"width":834,"height":13}},{"id":"cea20107-2527-46d4-a826-5ce9b938c8d1","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":37,"box":{"x":89,"y":119,"width":859,"height":13}},{"id":"03d7f4c9-cd3f-4140-94ca-4927f014f4c7","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":37,"box":{"x":89,"y":135,"width":866,"height":12}},{"id":"a427a5a7-e8b2-4c0c-9bf4-513a881784eb","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":37,"box":{"x":88,"y":150,"width":871,"height":12}},{"id":"1a466d46-daec-476b-8275-bd259e2a3652","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":37,"box":{"x":89,"y":165,"width":860,"height":12}},{"id":"0a97e4a4-8ffc-4f42-982e-31446b55111c","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":37,"box":{"x":89,"y":180,"width":825,"height":12}},{"id":"0a60dd4b-ba84-4349-8f4e-0e39a9fcca6c","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":37,"box":{"x":89,"y":195,"width":850,"height":12}},{"id":"98347367-1255-4d82-8a67-6ba70d4a88e1","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":37,"box":{"x":89,"y":210,"width":845,"height":13}},{"id":"487b1348-7556-4026-83ac-a6fdb8c493be","block_type":"box","text":"liquidity risk.","page_number":37,"box":{"x":89,"y":225,"width":87,"height":13}},{"id":"c34488c1-a222-4204-b413-325e91f8ee34","block_type":"box","text":"Non-U.S. Securities.","page_number":37,"box":{"x":89,"y":252,"width":141,"height":10}},{"id":"28cf13d2-8a53-4963-a53d-5e3210ae0e00","block_type":"box","text":"Certain Funds intend to purchase publicly traded common stocks of non-U.S. issuers. To the extent a","page_number":37,"box":{"x":240,"y":252,"width":706,"height":12}},{"id":"9e4d35ab-e556-4f0f-bfc7-6025f4b28f89","block_type":"box","text":"Fund invests in stocks of non-U.S. issuers, certain of the Fund’s investments in such stocks may be in the form of American","page_number":37,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"8b44f01e-890f-4ebe-b762-93ef4b389f3e","block_type":"box","text":"Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively,","page_number":37,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"b0c0ac18-484c-402a-840d-74965974259f","block_type":"box","text":"“depositary receipts”). Depositary receipts are receipts, typically issued by a bank or trust issuer, which evidence ownership of","page_number":37,"box":{"x":89,"y":297,"width":879,"height":12}},{"id":"63c00d6b-1163-42a0-a48a-fa4867e5e21d","block_type":"box","text":"underlying securities issued by a non-U.S. issuer. Depositary receipts may not necessarily be denominated in the same","page_number":37,"box":{"x":89,"y":312,"width":826,"height":13}},{"id":"545ecf94-9ea2-42f4-9640-79908b1d32f6","block_type":"box","text":"currency as their underlying securities. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of","page_number":37,"box":{"x":89,"y":327,"width":872,"height":13}},{"id":"f1020057-074d-4c61-8747-3109b519de7e","block_type":"box","text":"underlying securities issued by a non-U.S. issuer. EDRs, which are sometimes referred to as continental depositary receipts,","page_number":37,"box":{"x":89,"y":342,"width":859,"height":13}},{"id":"90730613-2ec8-4833-9f81-790e3984e636","block_type":"box","text":"are receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or","page_number":37,"box":{"x":89,"y":358,"width":849,"height":12}},{"id":"1a2e76fe-4412-43df-b0be-59f725fd6d67","block_type":"box","text":"domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an","page_number":37,"box":{"x":89,"y":373,"width":838,"height":12}},{"id":"131fb4fc-5347-4552-a35a-2addf3f12bc5","block_type":"box","text":"international basis. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets, and EDRs,","page_number":37,"box":{"x":89,"y":388,"width":863,"height":12}},{"id":"e6512efa-dcd8-4877-aa53-cd38518f6e00","block_type":"box","text":"issued in bearer form, are designed for use in European securities markets. GDRs are tradable both in the U.S. and in Europe","page_number":37,"box":{"x":89,"y":403,"width":864,"height":12}},{"id":"15906640-0cdb-4a7c-9619-ca6639957032","block_type":"box","text":"and are designed for use throughout the world.","page_number":37,"box":{"x":89,"y":418,"width":330,"height":12}},{"id":"d4e3fc03-8bb3-486f-bf92-1db6091a2937","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":37,"box":{"x":89,"y":445,"width":877,"height":12}},{"id":"aa47c7bb-8f15-4eb0-b1f6-3744cb636f6f","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":37,"box":{"x":89,"y":460,"width":839,"height":12}},{"id":"13940f10-6226-45d4-b3cf-1422c9e0a16a","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":37,"box":{"x":89,"y":475,"width":841,"height":12}},{"id":"44e435d8-41db-4213-88b7-8cafaaba009e","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":37,"box":{"x":89,"y":490,"width":859,"height":12}},{"id":"ffe40b41-7e5d-4955-b51f-b383dd8429ec","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":37,"box":{"x":89,"y":505,"width":833,"height":12}},{"id":"48c82963-4df7-4c1c-836b-7d0f060d48f5","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":37,"box":{"x":89,"y":520,"width":795,"height":12}},{"id":"e06fbfdf-101a-46cd-adda-b7adee238bb8","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":37,"box":{"x":89,"y":535,"width":571,"height":13}},{"id":"626b3792-6af4-491f-b6f0-0030c9a321eb","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":37,"box":{"x":89,"y":562,"width":868,"height":12}},{"id":"0d1cc9f0-711b-4952-af88-9d2442424e94","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":37,"box":{"x":89,"y":577,"width":808,"height":12}},{"id":"44be56f6-fa70-4916-9fd3-b1b36a59e738","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":37,"box":{"x":89,"y":592,"width":853,"height":12}},{"id":"e6cde28b-9fdd-4fa4-851c-0eeb74b4499a","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":37,"box":{"x":88,"y":607,"width":873,"height":12}},{"id":"3a9661d7-35fd-4a8e-9dfb-10bcc8e4842a","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":37,"box":{"x":89,"y":622,"width":864,"height":12}},{"id":"423986a6-c96f-43b8-b51f-81766de8a4d2","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":37,"box":{"x":89,"y":637,"width":870,"height":13}},{"id":"bc280b4d-1c50-4269-b923-e3818929cc90","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":37,"box":{"x":89,"y":652,"width":629,"height":13}},{"id":"c966f464-2a6e-42a6-a387-b93123b95ecd","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":37,"box":{"x":89,"y":679,"width":242,"height":12}},{"id":"5003fe06-79d5-46dd-b2c1-593c90212485","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":37,"box":{"x":340,"y":679,"width":588,"height":12}},{"id":"546f5b32-634e-4c67-a792-587c70d8527e","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":37,"box":{"x":89,"y":694,"width":812,"height":12}},{"id":"55e69ee7-f697-4f02-951b-05e6eafdb837","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":37,"box":{"x":89,"y":709,"width":819,"height":12}},{"id":"ec1bda91-37eb-4223-abfe-c1bc2f562afe","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":37,"box":{"x":89,"y":724,"width":872,"height":13}},{"id":"a465a51b-16d8-4e2e-991d-adc240002cf8","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":37,"box":{"x":89,"y":739,"width":866,"height":13}},{"id":"ca451b57-b69d-4f51-856d-2167931e376e","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":37,"box":{"x":89,"y":754,"width":834,"height":13}},{"id":"d17bc7a4-e53c-42f2-be7b-f05031a3e549","block_type":"box","text":"vehicle for trading such instruments.","page_number":37,"box":{"x":88,"y":770,"width":256,"height":12}},{"id":"4f2bf7b3-285b-4cfe-974d-d2dc2aa7edf7","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":37,"box":{"x":89,"y":796,"width":873,"height":12}},{"id":"0ac9aa0e-01d7-44fb-96e3-f9e57c1de404","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":37,"box":{"x":89,"y":811,"width":868,"height":12}},{"id":"1ce2c692-6e60-4789-ba21-240079372b41","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":37,"box":{"x":89,"y":826,"width":393,"height":13}},{"id":"ecae9844-0869-401a-a32b-953fb7267259","block_type":"box","text":"7","page_number":37,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"b40c3cca-7c97-40b6-88ea-985ff60460dc","block_type":"box","text":"The iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced","page_number":38,"box":{"x":88,"y":44,"width":851,"height":11}},{"id":"fd1c3fca-d7db-4c7d-8b54-c2bf370fb699","block_type":"box","text":"MSCI USA ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG Aware MSCI USA ETF, iShares ESG Aware MSCI USA Small","page_number":38,"box":{"x":89,"y":59,"width":858,"height":11}},{"id":"cf520a01-f7bb-455f-b627-5f85d058c193","block_type":"box","text":"Cap ETF, iShares ESG Aware MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF, iShares MSCI Finland ETF, iShares","page_number":38,"box":{"x":89,"y":74,"width":840,"height":12}},{"id":"a414fd2d-6366-4e1a-9118-8a523ad7a93a","block_type":"box","text":"MSCI Indonesia ETF, iShares MSCI Ireland ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares MSCI","page_number":38,"box":{"x":89,"y":89,"width":859,"height":13}},{"id":"0380605a-7786-4acf-8885-7b8dfd01960e","block_type":"box","text":"Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF, iShares MSCI United Kingdom Small-Cap ETF,","page_number":38,"box":{"x":89,"y":104,"width":860,"height":13}},{"id":"eeb69f82-64dd-4b06-82a1-5607f79b44a0","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF","page_number":38,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"71c19053-a20d-4295-bec2-b9cf08bc8024","block_type":"box","text":"(the “No-Action Letter Funds”) may also have investments in “underlying funds” (and such underlying funds themselves may","page_number":38,"box":{"x":89,"y":135,"width":879,"height":12}},{"id":"1e7d91e9-f0db-42bf-85b6-5671fcf3b6c2","block_type":"box","text":"invest in underlying funds) not advised by BFA (the term “underlying fund” for purposes of the no-action letter referenced","page_number":38,"box":{"x":89,"y":150,"width":853,"height":12}},{"id":"b02179f6-2f35-4610-a0f7-34806c5f2b76","block_type":"box","text":"below may include, but is not limited to, certain securitized vehicles, mortgage or international real estate investment trusts","page_number":38,"box":{"x":89,"y":165,"width":862,"height":12}},{"id":"edce065b-c397-4616-b45f-90c2f4a0b7a2","block_type":"box","text":"(“REITs”), business development companies and investment companies that may invest in CFTC Derivatives or in any of the","page_number":38,"box":{"x":89,"y":180,"width":864,"height":12}},{"id":"bb1f3c43-27df-4153-9dab-269e4dac2343","block_type":"box","text":"foregoing), and therefore may be viewed by the CFTC as commodity pools. BFA may not have transparency into the holdings","page_number":38,"box":{"x":88,"y":195,"width":873,"height":12}},{"id":"ed85e318-b2a6-4b7f-afbb-0d10f08bdcd3","block_type":"box","text":"of these underlying funds because they are not advised by BFA. To address this issue of lack of transparency, the CFTC staff","page_number":38,"box":{"x":89,"y":210,"width":863,"height":13}},{"id":"d8c528cb-ce21-4893-810d-9295f5c5d2f5","block_type":"box","text":"issued a no-action letter on November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and","page_number":38,"box":{"x":89,"y":225,"width":851,"height":13}},{"id":"5c1e6df2-420f-4b85-9ca1-5401d5e9f30d","block_type":"box","text":"that would otherwise have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay registration as a “commodity pool","page_number":38,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"d7fc73e4-7e01-4977-b501-cd58c8049bc2","block_type":"box","text":"operator” until six months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives","page_number":38,"box":{"x":89,"y":256,"width":875,"height":12}},{"id":"5b3d6210-bfc3-41db-92c2-426b87907d15","block_type":"box","text":"held by underlying funds. BFA, the adviser of the No-Action Letter Funds, has filed a claim with the CFTC for such funds to","page_number":38,"box":{"x":89,"y":271,"width":855,"height":12}},{"id":"a8f26d84-08a2-4566-b75b-e9c913f2d3c0","block_type":"box","text":"rely on this no-action relief. Accordingly, BFA is not currently subject to registration or regulation as a “commodity pool","page_number":38,"box":{"x":89,"y":286,"width":830,"height":12}},{"id":"33c9e2e6-c306-42f1-8e67-d3882f236b4a","block_type":"box","text":"operator” under the CEA in respect of such funds.","page_number":38,"box":{"x":89,"y":301,"width":347,"height":12}},{"id":"a080ab56-7332-4d90-81d5-8385aaee6423","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":38,"box":{"x":89,"y":327,"width":849,"height":13}},{"id":"b42a92d0-3e0f-45f7-a068-41632bba4f47","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":38,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"d72083a4-1e81-4a97-8500-47dd5f137630","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":38,"box":{"x":89,"y":358,"width":838,"height":12}},{"id":"7618bc42-4dee-40a6-91f3-ac730dcdab1d","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":38,"box":{"x":89,"y":373,"width":863,"height":12}},{"id":"1fd545fd-e7b6-4b6e-971d-810c71d7e47b","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":38,"box":{"x":89,"y":388,"width":867,"height":12}},{"id":"d88ceefc-75a0-4e26-9881-d1e3a2acfeb2","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":38,"box":{"x":89,"y":403,"width":863,"height":12}},{"id":"1b5f8f74-74a2-4126-beb5-c920ce11c639","block_type":"box","text":"and, as a result, may affect returns to investors in such Fund.","page_number":38,"box":{"x":89,"y":418,"width":423,"height":12}},{"id":"9ab2ba81-3a93-477c-b4ae-4e6fd96067cd","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":38,"box":{"x":89,"y":445,"width":866,"height":12}},{"id":"f9a795ff-b779-47f2-acaa-8f53ecc19846","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":38,"box":{"x":89,"y":460,"width":842,"height":12}},{"id":"aff58bb1-40a3-483b-b221-3dcbb0719d39","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":38,"box":{"x":89,"y":475,"width":823,"height":12}},{"id":"58cb0212-d23b-4061-8b72-4c3d3657372e","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":38,"box":{"x":89,"y":490,"width":879,"height":12}},{"id":"745395b2-8579-4f87-8489-0ebaf86b4351","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":38,"box":{"x":88,"y":505,"width":257,"height":12}},{"id":"e04af040-b8f9-4510-8907-555d723c1b14","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":38,"box":{"x":89,"y":531,"width":862,"height":13}},{"id":"d44fc724-2ad3-4470-bbcd-862c954b0a3a","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":38,"box":{"x":88,"y":547,"width":871,"height":12}},{"id":"2d7e3f0d-360f-4bc0-bd7c-0f57777c8166","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":38,"box":{"x":89,"y":562,"width":871,"height":12}},{"id":"9d6226a4-99b5-47d5-b41c-28e4dc9d02ad","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":38,"box":{"x":89,"y":577,"width":867,"height":12}},{"id":"6444568b-4e04-488c-bd14-27ab2002e9ed","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":38,"box":{"x":89,"y":592,"width":864,"height":12}},{"id":"babf993d-5820-4931-beee-7946c0be5e12","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":38,"box":{"x":89,"y":607,"width":863,"height":12}},{"id":"1b224775-0649-41c8-8409-280d51e60f4b","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":38,"box":{"x":89,"y":622,"width":863,"height":12}},{"id":"488a6df5-4520-4ac7-a253-d8d02e3ef68b","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":38,"box":{"x":89,"y":637,"width":870,"height":13}},{"id":"322d8131-0ab1-466e-b0d2-f4acf58f8cf1","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":38,"box":{"x":89,"y":652,"width":834,"height":13}},{"id":"01853ae1-fd54-478a-b58e-d60bd295056e","block_type":"box","text":"Securities Provision”).","page_number":38,"box":{"x":88,"y":668,"width":152,"height":12}},{"id":"1dfd9801-cf57-43d3-aeb2-b80b80b381de","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":38,"box":{"x":89,"y":694,"width":872,"height":12}},{"id":"5509c516-4425-4ca6-8079-2dab1ce5ac3d","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":38,"box":{"x":88,"y":709,"width":830,"height":12}},{"id":"3159e67f-11cc-4dca-bde5-61dceb977a2c","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":38,"box":{"x":89,"y":724,"width":875,"height":13}},{"id":"89ee060f-8b2b-4b4d-b725-17b182d3b027","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":38,"box":{"x":89,"y":739,"width":846,"height":13}},{"id":"54405f8b-e198-4459-b431-f644ea7ea19c","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":38,"box":{"x":89,"y":754,"width":839,"height":13}},{"id":"36315d99-4fd8-4f69-983c-39f0d8e7d928","block_type":"box","text":"reports to the Board.","page_number":38,"box":{"x":89,"y":770,"width":142,"height":12}},{"id":"d375f4f7-716f-4570-a5a5-c2d76b9e4442","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":38,"box":{"x":89,"y":796,"width":868,"height":12}},{"id":"71fc2126-a008-4bc8-9efd-f28eeae0727d","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":38,"box":{"x":89,"y":811,"width":830,"height":12}},{"id":"b9ffa907-7ae1-4016-9245-3103b67d5836","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":38,"box":{"x":89,"y":826,"width":850,"height":13}},{"id":"f8317f89-5d34-477d-9091-5a2422410283","block_type":"box","text":"Derivatives User Exception”).","page_number":38,"box":{"x":89,"y":841,"width":201,"height":13}},{"id":"bc084811-ecda-49f3-9cd9-b70db701540c","block_type":"box","text":"8","page_number":38,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"4b07b522-8e6a-4a21-a8de-7f49d9fe7e64","block_type":"box","text":"Repurchase Agreements.","page_number":39,"box":{"x":89,"y":44,"width":180,"height":12}},{"id":"776e9b7e-d2fe-48ac-9609-5f8b31343db1","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":39,"box":{"x":278,"y":44,"width":494,"height":12}},{"id":"d22a9f09-7486-4ddf-87e5-bf83116d699c","block_type":"box","text":"i.e.","page_number":39,"box":{"x":773,"y":45,"width":18,"height":9}},{"id":"0ba02e21-33ac-4267-abd7-25fa054dae37","block_type":"box","text":", a Fund) acquires a","page_number":39,"box":{"x":793,"y":44,"width":136,"height":12}},{"id":"14390f91-7416-41d7-a5ce-5abbd136cc93","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":39,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"bef4455d-ea11-45cd-9d2a-c05fb5d203b3","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":39,"box":{"x":88,"y":74,"width":822,"height":12}},{"id":"12a3a6ea-3e10-4dbf-8a3c-01c2c4ed87f8","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":39,"box":{"x":89,"y":89,"width":828,"height":13}},{"id":"9adafd97-2d88-43dc-abd8-9c7f9f90e5e3","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":39,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"ac6af44e-efd7-4c71-bbfc-647b64eef2f0","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":39,"box":{"x":89,"y":119,"width":860,"height":13}},{"id":"54810750-0da1-4e11-b9b0-588713f6ff2d","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":39,"box":{"x":88,"y":135,"width":761,"height":12}},{"id":"7b810c94-a0c1-441d-ac74-b490eb349f37","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":39,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"1c00a036-6985-449a-a90f-644e3da1b96c","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":39,"box":{"x":88,"y":176,"width":841,"height":13}},{"id":"5dfc7aba-d157-4256-b961-a72e0d3408de","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":39,"box":{"x":89,"y":191,"width":811,"height":13}},{"id":"3014c2a8-66da-4574-b68c-973ff8ddbbf3","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":39,"box":{"x":89,"y":206,"width":856,"height":13}},{"id":"7ff0190f-c27a-43d1-9fb8-3fbcaaec7de6","block_type":"box","text":"seven days.","page_number":39,"box":{"x":89,"y":222,"width":78,"height":12}},{"id":"7d59801f-5129-499e-b704-79fc98bf55e2","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that utilizes them. Such risks are not unique to the Funds, but are","page_number":39,"box":{"x":89,"y":248,"width":831,"height":12}},{"id":"4bfe6ea7-8f7c-4df6-9e60-361247decc5a","block_type":"box","text":"inherent in repurchase agreements. The Funds seek to minimize such risks, but because of the inherent legal uncertainties","page_number":39,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"0dbdb560-b294-4ca8-a551-fceffc3266a9","block_type":"box","text":"involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with a longer","page_number":39,"box":{"x":89,"y":278,"width":839,"height":13}},{"id":"eba649e5-00c5-468a-86d3-1853de56e45f","block_type":"box","text":"maturity may be subject to greater price fluctuations than higher quality collateral and collateral with a shorter maturity. If","page_number":39,"box":{"x":89,"y":293,"width":855,"height":13}},{"id":"fe01538b-3a32-4393-98c7-6ac0a0bdae0c","block_type":"box","text":"the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher","page_number":39,"box":{"x":88,"y":308,"width":878,"height":13}},{"id":"0e7524f4-a8c1-412d-83b2-68ec8abb62ac","block_type":"box","text":"quality collateral. Should the counterparty default and the amount of collateral not be sufficient to cover the counterparty’s","page_number":39,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"9dddef17-d0a0-4a03-88f9-9abedd06ed5f","block_type":"box","text":"repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":39,"box":{"x":89,"y":339,"width":739,"height":12}},{"id":"b7b18293-97d6-4f58-9618-0dac2bc3169b","block_type":"box","text":"i.e.","page_number":39,"box":{"x":829,"y":340,"width":17,"height":8}},{"id":"6ee2244b-b568-4d33-b7c7-1cae1be258ba","block_type":"box","text":", the position a","page_number":39,"box":{"x":849,"y":339,"width":102,"height":12}},{"id":"83d3da4c-3058-41ed-970a-2b97744383e4","block_type":"box","text":"Fund would normally be in if it were to hold, pursuant to its investment policies, other unsecured debt securities of the","page_number":39,"box":{"x":89,"y":354,"width":828,"height":12}},{"id":"79afc65f-cdf9-43d5-a292-62442477f722","block_type":"box","text":"defaulting counterparty) with respect to the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of","page_number":39,"box":{"x":89,"y":369,"width":847,"height":12}},{"id":"c64960b7-bf7b-4716-be40-bf6a34ad4edf","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":39,"box":{"x":89,"y":384,"width":511,"height":12}},{"id":"8e41c118-c902-4663-ad0f-4edcb67eb707","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":39,"box":{"x":89,"y":410,"width":240,"height":13}},{"id":"915d6ee6-4945-4c90-b17d-851f1d891112","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":39,"box":{"x":339,"y":410,"width":577,"height":13}},{"id":"6a9c638e-b30b-42a5-9379-919102700c59","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":39,"box":{"x":89,"y":426,"width":839,"height":12}},{"id":"51e591f8-ff10-4d25-bcd9-ef832616bf52","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":39,"box":{"x":89,"y":441,"width":869,"height":12}},{"id":"e1e6fbaa-a4b6-4844-a438-3681cdc63de5","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":39,"box":{"x":89,"y":456,"width":840,"height":12}},{"id":"8f9ea1af-43a7-4aed-9aae-173c212ac0ff","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":39,"box":{"x":89,"y":471,"width":853,"height":12}},{"id":"3cd3fbfe-486d-41b3-9597-50523f7e6cf9","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":39,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"0cca837f-2170-474a-b7d1-5a13d0d6f784","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":39,"box":{"x":89,"y":501,"width":868,"height":13}},{"id":"7574e27f-db8e-428a-9b26-4896cd469ef4","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":39,"box":{"x":88,"y":516,"width":878,"height":13}},{"id":"2d6dd48c-f416-4cf0-b43a-94e698522a5d","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":39,"box":{"x":88,"y":531,"width":875,"height":13}},{"id":"a7bb79f8-bcc4-47cd-b150-0e98a31d3f19","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":39,"box":{"x":88,"y":547,"width":846,"height":12}},{"id":"2944ebb2-9166-44d3-85d1-de82ec15540e","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":39,"box":{"x":89,"y":562,"width":602,"height":12}},{"id":"86f9cd01-038d-4ad3-af81-ee5d3c3b7473","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":39,"box":{"x":89,"y":588,"width":832,"height":12}},{"id":"5808d7b2-b36e-4326-a64c-f302ee16a7dc","block_type":"box","text":"financing transactions (","page_number":39,"box":{"x":88,"y":603,"width":166,"height":13}},{"id":"3bb5472a-7b40-46a7-b300-843fe8581eaa","block_type":"box","text":"e.g.,","page_number":39,"box":{"x":255,"y":606,"width":26,"height":10}},{"id":"201a6b17-d9a4-4e49-ba5c-8dbeb739d258","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":39,"box":{"x":288,"y":603,"width":613,"height":13}},{"id":"d5883d40-752c-42ef-9335-48040dbae66d","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":39,"box":{"x":89,"y":618,"width":855,"height":13}},{"id":"894800de-cb1d-48d9-bec2-9d00f11ba6d8","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":39,"box":{"x":89,"y":633,"width":878,"height":13}},{"id":"4de08c2f-7ec3-46ad-9a8c-c3b93325e6cb","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":39,"box":{"x":89,"y":649,"width":556,"height":12}},{"id":"2910c06c-271e-4e8b-a8f5-e2dd34715e63","block_type":"box","text":"Regulation Regarding Derivatives","page_number":39,"box":{"x":647,"y":649,"width":230,"height":12}},{"id":"b458e402-1c86-4080-805b-1798a081cd03","block_type":"box","text":"” above.)","page_number":39,"box":{"x":878,"y":649,"width":61,"height":12}},{"id":"70ff5260-6072-4c78-b61a-70176122ee74","block_type":"box","text":"Securities of Investment Companies.","page_number":39,"box":{"x":88,"y":675,"width":263,"height":12}},{"id":"9657b8ae-02cc-4a6d-9159-5ff49486c805","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":39,"box":{"x":361,"y":675,"width":563,"height":12}},{"id":"76b9bfa4-ddff-4600-8ecc-d37dfd09f96e","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":39,"box":{"x":89,"y":690,"width":873,"height":13}},{"id":"394e2bd5-d222-4102-aff0-7b458cf8b85b","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":39,"box":{"x":89,"y":705,"width":828,"height":13}},{"id":"68e9e0c6-3148-42c8-90ca-979e45c59ae0","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":39,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"88c0b09e-87b2-4006-b015-bbeecf057507","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":39,"box":{"x":88,"y":736,"width":877,"height":12}},{"id":"3c6ad13f-f60b-4011-be6e-7d43c01bf610","block_type":"box","text":"can be expected to incur fees and expenses for operations, such as investment advisory and administration fees, which","page_number":39,"box":{"x":89,"y":751,"width":833,"height":12}},{"id":"2b66458a-ed57-439a-9fdd-2abd6507a07d","block_type":"box","text":"would be in addition to those incurred by the Fund. Pursuant to guidance issued by the SEC staff, fees and expenses of","page_number":39,"box":{"x":88,"y":766,"width":831,"height":12}},{"id":"ef6490ca-10e4-4f2f-8e8d-a0d24fd3cbff","block_type":"box","text":"money market funds used for cash collateral received in connection with loans of securities are not treated as Acquired Fund","page_number":39,"box":{"x":89,"y":781,"width":873,"height":12}},{"id":"8fb836a9-1f0d-454f-803e-c49a55181683","block_type":"box","text":"Fees and Expenses, which reflect a Fund’s","page_number":39,"box":{"x":89,"y":796,"width":291,"height":12}},{"id":"f61a11ba-fca3-496d-add1-31f97ba3f9ef","block_type":"box","text":"pro rata","page_number":39,"box":{"x":385,"y":797,"width":55,"height":11}},{"id":"fec15d00-76b7-41b7-aa7a-ff874c358ced","block_type":"box","text":"share of the fees and expenses incurred by investing in other investment","page_number":39,"box":{"x":445,"y":796,"width":506,"height":12}},{"id":"5a862749-db19-4e20-9504-68406b7e9589","block_type":"box","text":"companies (as disclosed in the Prospectus, as applicable).","page_number":39,"box":{"x":89,"y":811,"width":404,"height":12}},{"id":"87418eed-4372-4296-9860-e697b0ea48c1","block_type":"box","text":"9","page_number":39,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"b261257b-fb3b-4ee5-b4c0-25a096a8854f","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":40,"box":{"x":88,"y":44,"width":386,"height":12}},{"id":"59c45d94-f90e-4d7a-b49e-8ec8350c0fda","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":40,"box":{"x":484,"y":44,"width":464,"height":12}},{"id":"89772ad6-00c1-473e-aa64-f5c26fe19ec9","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":40,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"b02c5e55-e665-41e9-bd1a-4e0889467790","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":40,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"a73b93d4-1fc9-4148-8878-a62be9320fe6","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":40,"box":{"x":89,"y":89,"width":814,"height":13}},{"id":"a070c2e1-1038-41b0-8170-253d309f806b","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit, bankers’ acceptances,","page_number":40,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"65538d64-7439-4db1-b52a-33d86ddb272c","block_type":"box","text":"fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar institutions;","page_number":40,"box":{"x":88,"y":119,"width":862,"height":13}},{"id":"3160c753-b8b3-4414-b5e9-1123f65f10af","block_type":"box","text":"(iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":40,"box":{"x":89,"y":135,"width":526,"height":12}},{"id":"83f7ee6e-a0a6-4dfa-9879-18ec71856b6e","block_type":"box","text":"®","page_number":40,"box":{"x":616,"y":133,"width":9,"height":6}},{"id":"d80dc8ef-9349-4a11-a92a-03b91b2cd0dd","block_type":"box","text":"Investors Service, Inc., “F-1” by Fitch Ratings,","page_number":40,"box":{"x":631,"y":135,"width":312,"height":12}},{"id":"0aa38310-cb82-48b7-95cc-09333f52630c","block_type":"box","text":"Inc., or “A-1” by Standard & Poor’s","page_number":40,"box":{"x":89,"y":150,"width":237,"height":12}},{"id":"ddac7360-9336-47bc-956f-9fd3b3781564","block_type":"box","text":"®","page_number":40,"box":{"x":327,"y":148,"width":9,"height":6}},{"id":"b6690f3d-18bb-46ef-8cf7-11566c8b7753","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc., or if unrated, of comparable","page_number":40,"box":{"x":342,"y":150,"width":580,"height":12}},{"id":"3ff3edce-2220-4430-81e1-c2fa1693761a","block_type":"box","text":"quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":40,"box":{"x":89,"y":165,"width":534,"height":12}},{"id":"168ab069-c5be-4b29-b7d0-731634e280d6","block_type":"box","text":"e.g.","page_number":40,"box":{"x":624,"y":168,"width":23,"height":9}},{"id":"5c3bb315-e0c3-4059-98b4-a3e6c988894b","block_type":"box","text":", bonds and debentures) with remaining","page_number":40,"box":{"x":649,"y":165,"width":280,"height":12}},{"id":"20e342fa-38a4-42a3-9f60-aa5f35f796fc","block_type":"box","text":"maturities at the date of purchase of not more than 397 days and that have been determined to present minimal credit risks,","page_number":40,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"b7e14df6-d7e3-429b-832f-a46fc6f6db1c","block_type":"box","text":"in accordance with the requirements set forth in Rule 2a-7 under the 1940 Act; (vi) repurchase agreements; and (vii) short","page_number":40,"box":{"x":89,"y":195,"width":861,"height":12}},{"id":"eff39edd-5db7-4016-a543-d5696d1d5ef7","block_type":"box","text":"term U.S. dollar-denominated obligations of non-U.S. banks (including U.S. branches) that, in the opinion of BFA, are of","page_number":40,"box":{"x":88,"y":210,"width":836,"height":13}},{"id":"c1d6c7ca-a1ad-41eb-a32d-81273a17c2b3","block_type":"box","text":"comparable quality to obligations of U.S. banks that may be purchased by a Fund. Any of these instruments may be","page_number":40,"box":{"x":89,"y":225,"width":807,"height":13}},{"id":"402b941d-a196-4738-bd93-f09ee2bd6d8a","block_type":"box","text":"purchased on a current or forward-settled basis. Time deposits are non-negotiable deposits maintained in banking","page_number":40,"box":{"x":89,"y":240,"width":801,"height":13}},{"id":"a6814a9a-23bc-4d4b-9767-bdf6e6fe34e3","block_type":"box","text":"institutions for specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial","page_number":40,"box":{"x":89,"y":256,"width":861,"height":12}},{"id":"cc561a04-dc37-48b7-b86f-19928f4333de","block_type":"box","text":"banks by borrowers, usually in connection with international transactions.","page_number":40,"box":{"x":89,"y":271,"width":516,"height":12}},{"id":"7afa9f1c-6113-4760-a98a-657b69104707","block_type":"box","text":"Swap Agreements.","page_number":40,"box":{"x":88,"y":298,"width":134,"height":11}},{"id":"93b06e26-a3a2-4295-9d5f-a344f7f8be1b","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":40,"box":{"x":231,"y":297,"width":735,"height":12}},{"id":"af051e9f-50bf-47b5-8bfb-d116bf581ae5","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":40,"box":{"x":88,"y":312,"width":850,"height":13}},{"id":"aca31cea-296f-4ccd-ba5e-fba379a65bc3","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":40,"box":{"x":89,"y":327,"width":843,"height":13}},{"id":"63ba6269-8d18-4c07-95b7-e5dbf489f178","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":40,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"5901e077-459b-4be4-9fd0-b1c27d811993","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":40,"box":{"x":89,"y":358,"width":843,"height":12}},{"id":"b7a5764f-f309-4331-b7e2-2d8f2a520d10","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":40,"box":{"x":89,"y":373,"width":464,"height":12}},{"id":"e14a5190-74bc-498e-a00d-66f658090f46","block_type":"box","text":"The Funds may enter into swap agreements, including currency swaps, interest rate swaps and index swaps, or total return","page_number":40,"box":{"x":88,"y":399,"width":862,"height":13}},{"id":"add8f304-d818-4ce1-9ae7-d0f098f110f1","block_type":"box","text":"swaps (some of which may be referred to as contracts for difference or (“CFDs”)). The use of swaps is a highly specialized","page_number":40,"box":{"x":89,"y":414,"width":853,"height":13}},{"id":"5d2ce4fd-df2f-4b77-881f-0774ba6ffbf8","block_type":"box","text":"activity that involves investment techniques and risks different from those associated with ordinary portfolio security","page_number":40,"box":{"x":89,"y":429,"width":816,"height":13}},{"id":"e7ca7520-3c07-4068-9df0-64a92413df4b","block_type":"box","text":"transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":40,"box":{"x":88,"y":445,"width":762,"height":12}},{"id":"9ae84148-7183-4b75-a6ea-2dfbde1c4dad","block_type":"box","text":"Tracking Stocks.","page_number":40,"box":{"x":88,"y":471,"width":119,"height":12}},{"id":"4cf33561-eb36-4181-a674-57df902eb45c","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":40,"box":{"x":215,"y":471,"width":728,"height":12}},{"id":"a3e2990d-7783-4a5f-a6a6-0328d9b6aa83","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":40,"box":{"x":89,"y":486,"width":869,"height":12}},{"id":"45c03c83-796a-444b-b901-c8a3e50b8bf4","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":40,"box":{"x":88,"y":501,"width":867,"height":13}},{"id":"5b47e930-a7a5-4768-9d26-cc247d6c53f1","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":40,"box":{"x":89,"y":516,"width":851,"height":13}},{"id":"4f662080-8f4b-4084-9230-9ab93005fb08","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":40,"box":{"x":89,"y":531,"width":395,"height":13}},{"id":"97773322-4fbd-495a-aea8-067800fb0e9a","block_type":"box","text":"Future Developments.","page_number":40,"box":{"x":89,"y":558,"width":157,"height":12}},{"id":"7ebd4c3a-811c-4796-8f4c-9e4c74cca1e6","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":40,"box":{"x":255,"y":558,"width":694,"height":12}},{"id":"474f9704-c8ed-49dd-88cd-5a1397a805c1","block_type":"box","text":"other than those listed in this SAI and in the applicable Prospectuses, provided they are consistent with each Fund’s","page_number":40,"box":{"x":89,"y":573,"width":809,"height":12}},{"id":"69b6f417-945b-4b94-8424-4217037cc6a1","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":40,"box":{"x":89,"y":588,"width":586,"height":12}},{"id":"59c392f8-9fe6-4e60-b10b-1e869f2fdeb8","block_type":"box","text":"General Considerations and Risks","page_number":40,"box":{"x":90,"y":619,"width":559,"height":23}},{"id":"fa9164b5-8155-429d-8480-badd29a2d585","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":40,"box":{"x":88,"y":660,"width":876,"height":12}},{"id":"66295f8d-e7e0-45d0-8786-a4c86da64f17","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":40,"box":{"x":88,"y":686,"width":817,"height":13}},{"id":"4ae680bc-3c80-4ea5-8a9d-590e46b49ce3","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":40,"box":{"x":88,"y":702,"width":874,"height":12}},{"id":"351df656-1a1d-4b6e-8427-15df91956744","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":40,"box":{"x":89,"y":717,"width":873,"height":12}},{"id":"ce860b24-6c38-4353-9669-681a05fb708c","block_type":"box","text":"particular risk factor.","page_number":40,"box":{"x":89,"y":732,"width":142,"height":12}},{"id":"68805b71-0f1f-4c23-937d-d82cfa8b2296","block_type":"box","text":"Borrowing Risk.","page_number":40,"box":{"x":89,"y":758,"width":112,"height":13}},{"id":"37a8449c-c5f8-44b7-9f2f-658b2187cc3a","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":40,"box":{"x":211,"y":758,"width":712,"height":13}},{"id":"352757f6-3bd6-4664-844a-9c09a38b7368","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":40,"box":{"x":89,"y":773,"width":850,"height":13}},{"id":"141ecf23-e9b5-4286-9a5c-8e9e1492e2fd","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":40,"box":{"x":89,"y":788,"width":831,"height":13}},{"id":"2fcbf3fc-a4a4-4a95-8358-e6e0e0d05e6e","block_type":"box","text":"Commodities Investment Risk.","page_number":40,"box":{"x":89,"y":815,"width":218,"height":10}},{"id":"23d3983e-a98b-4ded-963a-3c890c650ae6","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":40,"box":{"x":317,"y":815,"width":641,"height":12}},{"id":"92286b51-432c-4ae5-a26f-dc24de61f0e5","block_type":"box","text":"in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market","page_number":40,"box":{"x":89,"y":830,"width":830,"height":12}},{"id":"cf3cf934-285e-4b99-9fd3-12f119bb4918","block_type":"box","text":"conditions may result in rapid and substantial valuation increases or decreases in a Fund’s holdings.","page_number":40,"box":{"x":89,"y":845,"width":697,"height":12}},{"id":"88085630-773f-41dc-8041-d2f433b27700","block_type":"box","text":"10","page_number":40,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"92ce55ba-156f-4ecc-8b74-4db2f6d11c16","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices","page_number":41,"box":{"x":88,"y":44,"width":857,"height":12}},{"id":"5e3b191f-ca59-41ab-bab2-4886f6ad841e","block_type":"box","text":"are outside of a Fund’s control and may not be anticipated by BFA. Price movements may be influenced by, among other","page_number":41,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"d0f4f340-bddf-4d9a-8f2a-59bbaf44ab5f","block_type":"box","text":"things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and","page_number":41,"box":{"x":88,"y":74,"width":875,"height":12}},{"id":"2ee0b914-04b2-40dd-a89a-b188e609dcf5","block_type":"box","text":"economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease;","page_number":41,"box":{"x":89,"y":89,"width":841,"height":13}},{"id":"8908ccd0-86fa-4c12-a0f5-8e0815b1689f","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; changes in","page_number":41,"box":{"x":89,"y":104,"width":823,"height":13}},{"id":"a229b23f-117a-430e-8fb5-61c89d9009c1","block_type":"box","text":"storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":41,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"483b674f-de1c-4333-ab9e-b537c51253b2","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation;","page_number":41,"box":{"x":89,"y":135,"width":823,"height":12}},{"id":"7ea6e48d-5189-42b5-a41b-a2905b4b2f68","block_type":"box","text":"currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest","page_number":41,"box":{"x":89,"y":150,"width":858,"height":12}},{"id":"e771304b-375c-49e2-bdc7-650b39e36a5b","block_type":"box","text":"rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign","page_number":41,"box":{"x":89,"y":165,"width":814,"height":12}},{"id":"1e1ffd38-5b5f-47d1-a4cd-9670f4feab8b","block_type":"box","text":"governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental","page_number":41,"box":{"x":89,"y":180,"width":818,"height":12}},{"id":"4de8b8b9-fa22-428d-9366-ee6a09290f03","block_type":"box","text":"expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; and changes in","page_number":41,"box":{"x":89,"y":195,"width":827,"height":12}},{"id":"01a3ef43-70ef-47c5-b6ae-d5879ab33f76","block_type":"box","text":"philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":41,"box":{"x":89,"y":210,"width":835,"height":13}},{"id":"7e092129-042f-4ea5-a806-d3e125b539b3","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":41,"box":{"x":88,"y":237,"width":798,"height":12}},{"id":"957a810b-3bc1-46fa-ba11-9cdb599d864b","block_type":"box","text":"consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be","page_number":41,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"ba451d5c-81f9-4bf2-ae4f-07625ef42917","block_type":"box","text":"controlled by a small number of producers or groups of producers. As a result, political, economic, regulatory and supply","page_number":41,"box":{"x":89,"y":267,"width":851,"height":12}},{"id":"16ffd12c-a9aa-4913-a63e-f6f07caaff31","block_type":"box","text":"related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":41,"box":{"x":89,"y":282,"width":738,"height":12}},{"id":"1d577081-b522-41a1-9143-04c350ff47fc","block_type":"box","text":"A decrease in the production of a physical commodity or a decrease in the volume of such commodity available for","page_number":41,"box":{"x":88,"y":308,"width":806,"height":13}},{"id":"a725f6fd-f5e3-44fb-939d-f1df18913808","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a commodity","page_number":41,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"b7b9beba-8f62-4db9-a4f8-f718e0fea839","block_type":"box","text":"or commodity-related company that devotes a portion of its business to that commodity. Production declines and volume","page_number":41,"box":{"x":89,"y":339,"width":853,"height":12}},{"id":"7440843b-49e2-4103-b21a-984198a70d36","block_type":"box","text":"decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources,","page_number":41,"box":{"x":89,"y":354,"width":843,"height":12}},{"id":"7e5a40a4-6d2b-4fcd-8359-c65d766ebe46","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":41,"box":{"x":89,"y":369,"width":820,"height":12}},{"id":"a32d0168-db9a-41a9-a80d-4c3e078b5bca","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":41,"box":{"x":89,"y":384,"width":842,"height":12}},{"id":"a247d1a3-b97d-44c6-b8e4-2d98ba181e87","block_type":"box","text":"from alternative energy sources or commodity prices. Agricultural commodities may be adversely affected by weather or","page_number":41,"box":{"x":88,"y":399,"width":845,"height":13}},{"id":"541bd259-72d7-41a0-a4ad-9775b6b6fbbc","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":41,"box":{"x":89,"y":414,"width":427,"height":13}},{"id":"cdc334e1-c5b5-49c5-8a70-525811aa96ec","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity","page_number":41,"box":{"x":88,"y":441,"width":856,"height":12}},{"id":"b7056b9c-69d8-492f-836c-b83cc42e9d75","block_type":"box","text":"related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic","page_number":41,"box":{"x":89,"y":456,"width":851,"height":12}},{"id":"b5026051-35df-480b-9d8e-5c3511785c95","block_type":"box","text":"conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts","page_number":41,"box":{"x":89,"y":471,"width":868,"height":12}},{"id":"70e508d6-793c-48e6-8e8b-a1c1d6ec052d","block_type":"box","text":"to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.","page_number":41,"box":{"x":88,"y":486,"width":670,"height":12}},{"id":"37440847-ad55-4329-a00a-1f6709716f4c","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of","page_number":41,"box":{"x":88,"y":513,"width":841,"height":12}},{"id":"a9696745-8e01-4a8d-89cd-ac279325db9d","block_type":"box","text":"liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some","page_number":41,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"5af38ad7-e038-44b6-9cce-8bf9ae7fe877","block_type":"box","text":"foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day","page_number":41,"box":{"x":88,"y":543,"width":822,"height":12}},{"id":"c643866c-d182-4fb4-b8e1-4764494d2ca6","block_type":"box","text":"(generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a contract as a result of these","page_number":41,"box":{"x":89,"y":558,"width":853,"height":12}},{"id":"66756191-1bbd-46a7-9bdd-6caf2b231592","block_type":"box","text":"limits is referred to as a “limit price.” If the limit price has been reached in a particular contract, no trades may be made","page_number":41,"box":{"x":89,"y":573,"width":831,"height":12}},{"id":"fd19f3d6-c40b-4de7-8ddb-fd5a1ccc203d","block_type":"box","text":"beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of","page_number":41,"box":{"x":89,"y":588,"width":860,"height":12}},{"id":"f18677b3-17e1-4d69-8bba-9e81b62a2900","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":41,"box":{"x":89,"y":603,"width":317,"height":13}},{"id":"fef93886-9eeb-43e1-a22f-7b6ca9ac4554","block_type":"box","text":"Currency Risk.","page_number":41,"box":{"x":89,"y":630,"width":103,"height":12}},{"id":"fe9fcf2c-ba33-43dc-9c83-67be7cad64eb","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the","page_number":41,"box":{"x":202,"y":630,"width":716,"height":12}},{"id":"eba1f689-1c09-4d14-b546-88c8ffd96a03","block_type":"box","text":"currency of a non-U.S. market in which a Fund invests depreciates against the U.S. dollar, even if the local currency value of a","page_number":41,"box":{"x":89,"y":645,"width":872,"height":12}},{"id":"b7d7cf53-057d-4e80-b891-306a5175d044","block_type":"box","text":"Fund’s holdings in that market increases. Generally, when the U.S. dollar rises in value against a foreign currency, a security","page_number":41,"box":{"x":89,"y":660,"width":859,"height":12}},{"id":"bb8947a2-cfbf-4f3a-9444-169f9c401f9b","block_type":"box","text":"denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar","page_number":41,"box":{"x":89,"y":675,"width":861,"height":12}},{"id":"c0255e67-981c-41b1-8df2-b98c23a6edca","block_type":"box","text":"decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is","page_number":41,"box":{"x":89,"y":690,"width":852,"height":13}},{"id":"b38bd193-a71f-4310-b03b-26a7b2ad37e6","block_type":"box","text":"worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":41,"box":{"x":88,"y":705,"width":864,"height":13}},{"id":"700e34a0-f3b9-4d2c-a5d5-e6f69094786b","block_type":"box","text":"U.S. investors, while a weak U.S. dollar will increase those returns.","page_number":41,"box":{"x":89,"y":720,"width":457,"height":12}},{"id":"3a15fd3f-f064-42e9-99be-39bff02dd2b3","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":41,"box":{"x":89,"y":747,"width":879,"height":12}},{"id":"290af756-d8a8-49ef-83c0-5fb86e765ded","block_type":"box","text":"effected are highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":41,"box":{"x":89,"y":762,"width":846,"height":12}},{"id":"b2c8a76b-0fa2-465d-ac0f-f19042479148","block_type":"box","text":"prices, can occur in such markets within very short periods of time, often within minutes. If BFA utilizes foreign exchange","page_number":41,"box":{"x":89,"y":777,"width":846,"height":12}},{"id":"52997cfa-49a9-4c38-8c75-b403b27753f9","block_type":"box","text":"transactions at an inappropriate time or judges market conditions, trends or correlations incorrectly, foreign exchange","page_number":41,"box":{"x":88,"y":792,"width":826,"height":13}},{"id":"bd3431c2-148e-408a-bf35-da52ef22c8d1","block_type":"box","text":"transactions may not serve their intended purpose of improving the Fund’s performance and may lower a Fund’s return. A","page_number":41,"box":{"x":88,"y":807,"width":856,"height":13}},{"id":"098b9e24-03b1-489a-bfd6-338c6b3cf9df","block_type":"box","text":"Fund could experience losses if the value of its currency forward positions are poorly correlated with its other investments or","page_number":41,"box":{"x":89,"y":822,"width":872,"height":13}},{"id":"aecf344d-e923-4a74-a443-3165b680fb78","block_type":"box","text":"if it cannot close out its positions because of an illiquid market. In addition, a Fund could incur transaction costs, including","page_number":41,"box":{"x":89,"y":838,"width":855,"height":12}},{"id":"73179742-21d3-4f73-bb0e-3586f45daff7","block_type":"box","text":"trading commissions, in connection with certain non-U.S. currency transactions.","page_number":41,"box":{"x":88,"y":853,"width":563,"height":12}},{"id":"17b50e8c-b2d1-48c6-bde1-91025ee53ee1","block_type":"box","text":"11","page_number":41,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"efb36dd1-6c83-48d2-8a91-35e51e99b953","block_type":"box","text":"Custody Risk.","page_number":42,"box":{"x":89,"y":44,"width":96,"height":12}},{"id":"2087cd3c-3cd5-4ca0-aa7d-a48c0fe975ce","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":42,"box":{"x":195,"y":44,"width":741,"height":12}},{"id":"10b699cc-5da6-459a-882e-1254a1d8ca60","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":42,"box":{"x":89,"y":59,"width":838,"height":12}},{"id":"e8df00ec-c60f-49dd-9fbc-79bb9f6732a3","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":42,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"cf750305-a03c-45ac-aa69-9e4eef773e9d","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":42,"box":{"x":89,"y":89,"width":857,"height":13}},{"id":"de81386e-f767-4463-8df4-02d191d972df","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":42,"box":{"x":88,"y":104,"width":880,"height":13}},{"id":"b2e79b81-d6e2-403a-8868-37ebf3bf335a","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":42,"box":{"x":89,"y":119,"width":854,"height":13}},{"id":"bb2ced33-e72c-44b0-9d6b-3d29cbd639ab","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":42,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"0098afad-2e58-4036-8377-453940314eda","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":42,"box":{"x":89,"y":150,"width":837,"height":12}},{"id":"662ad380-4691-40ff-814b-18131c40f5a9","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":42,"box":{"x":88,"y":165,"width":868,"height":12}},{"id":"e3d6b32d-624e-4e70-9bf9-476e04eca043","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":42,"box":{"x":89,"y":180,"width":814,"height":12}},{"id":"343e8bc3-97d1-44fd-8633-beeceb41d2ab","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":42,"box":{"x":89,"y":195,"width":845,"height":12}},{"id":"b111e06f-f01e-47dc-b8b0-ff67e345bf67","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":42,"box":{"x":89,"y":210,"width":860,"height":13}},{"id":"c50fa732-6e93-45cd-87e8-459b9e7cbcd9","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":42,"box":{"x":89,"y":225,"width":851,"height":13}},{"id":"66267277-d333-4eb3-90c8-672f6f8e914d","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":42,"box":{"x":89,"y":240,"width":858,"height":13}},{"id":"b722f90d-6a6a-46c7-a34b-bed6a5833d6a","block_type":"box","text":"compensation.","page_number":42,"box":{"x":89,"y":256,"width":103,"height":12}},{"id":"73aa157a-6a3f-4053-9437-066a95c0fea6","block_type":"box","text":"Illiquid Investments Risk.","page_number":42,"box":{"x":89,"y":282,"width":178,"height":12}},{"id":"e9d8b9ec-fa35-4483-bd59-a946ced2c901","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":42,"box":{"x":277,"y":282,"width":673,"height":12}},{"id":"116499cd-ff66-4ec6-9fc7-e08f612081e1","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":42,"box":{"x":88,"y":297,"width":856,"height":12}},{"id":"afacd9af-581f-4691-bcd9-924104a0b4dc","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":42,"box":{"x":89,"y":312,"width":859,"height":13}},{"id":"d044b53f-26b5-43ee-ad62-bd1852957b37","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":42,"box":{"x":89,"y":327,"width":820,"height":13}},{"id":"e0cb3435-d1c5-4725-9cb2-fb77b46f04dd","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":42,"box":{"x":89,"y":342,"width":818,"height":13}},{"id":"1793feb7-e48a-4d5c-96be-520632236b05","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":42,"box":{"x":89,"y":358,"width":856,"height":12}},{"id":"33e79e21-c965-453a-87f4-fb519c05b256","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":42,"box":{"x":89,"y":373,"width":858,"height":12}},{"id":"0ae1f569-c860-457c-9332-628b14b9ca77","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":42,"box":{"x":89,"y":388,"width":790,"height":12}},{"id":"bc405a96-7a3f-4390-ba85-5a9001c53aa4","block_type":"box","text":"Infectious Illness Risk.","page_number":42,"box":{"x":89,"y":414,"width":159,"height":10}},{"id":"3a4fd1de-fda1-490f-8a56-3d95ad5a52db","block_type":"box","text":"A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely affect","page_number":42,"box":{"x":257,"y":414,"width":708,"height":13}},{"id":"40655f48-3157-476a-a56d-bce1a9e2c068","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":42,"box":{"x":88,"y":429,"width":868,"height":13}},{"id":"b0783740-7bbe-483b-b2f2-77796bee3b76","block_type":"box","text":"cannot be foreseen. An infectious illness outbreak may result in travel restrictions, closed international borders, disruption of","page_number":42,"box":{"x":89,"y":445,"width":871,"height":12}},{"id":"f96a3407-cba9-4b3b-b7e6-0a4827be1eaa","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":42,"box":{"x":89,"y":460,"width":838,"height":12}},{"id":"141bd318-db9c-4473-b7be-4d50f88d9721","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":42,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"da4f28e0-fc5c-47ff-9be3-d23f1ac3e3de","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":42,"box":{"x":89,"y":490,"width":865,"height":12}},{"id":"f563fd9e-8dc3-4f7b-94f9-2e46c93b6af3","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":42,"box":{"x":89,"y":505,"width":863,"height":12}},{"id":"ad648063-fcf8-467d-a975-e25438d028d6","block_type":"box","text":"could be present for an extended period of time.","page_number":42,"box":{"x":89,"y":520,"width":337,"height":12}},{"id":"79810c68-04bb-4005-8199-85d57d837dba","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":42,"box":{"x":89,"y":547,"width":845,"height":12}},{"id":"361169e9-e11d-47bf-96e3-9346f1506104","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":42,"box":{"x":88,"y":562,"width":857,"height":12}},{"id":"d255a0f6-44e2-4d19-90e5-76557723fe93","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":42,"box":{"x":89,"y":577,"width":861,"height":12}},{"id":"5d25a79d-435f-407e-93e4-2d26e2c7c56a","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":42,"box":{"x":89,"y":592,"width":853,"height":12}},{"id":"9b89fcad-afd0-4f83-b824-44d9297f3152","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":42,"box":{"x":89,"y":607,"width":832,"height":12}},{"id":"c1a88540-cd08-4740-a0a6-15083e2e6c42","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":42,"box":{"x":89,"y":622,"width":820,"height":12}},{"id":"47d1c14c-e296-4de9-a648-9cf2c7ba7b5f","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":42,"box":{"x":89,"y":637,"width":845,"height":13}},{"id":"54127755-beff-4644-b99e-632f6972fbab","block_type":"box","text":"investments.","page_number":42,"box":{"x":89,"y":653,"width":87,"height":9}},{"id":"70a297be-0293-4bfc-8756-f3028302eff7","block_type":"box","text":"Money Market Instruments Risk.","page_number":42,"box":{"x":89,"y":679,"width":234,"height":12}},{"id":"87ff9bda-613e-472b-9f7a-a1e96857b287","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":42,"box":{"x":332,"y":679,"width":628,"height":12}},{"id":"b72077f6-c372-4e9a-a422-51aa78cacce0","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":42,"box":{"x":88,"y":694,"width":843,"height":12}},{"id":"3f2e817f-3510-4308-9fa0-8d94bc36379c","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":42,"box":{"x":89,"y":709,"width":835,"height":12}},{"id":"348be8c4-c453-4143-9571-fe76742ce186","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":42,"box":{"x":89,"y":724,"width":874,"height":13}},{"id":"6d95a031-7f12-4eca-b4e2-bb9c23ad0d9f","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":42,"box":{"x":89,"y":739,"width":879,"height":13}},{"id":"aa644e8d-458d-46f0-986d-dd4a4117f269","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":42,"box":{"x":88,"y":754,"width":709,"height":13}},{"id":"734dcab8-1561-499d-96cc-e1c6b0f7bcb5","block_type":"box","text":"National Closed Market Trading Risk.","page_number":42,"box":{"x":89,"y":781,"width":266,"height":12}},{"id":"0b4262a9-49e9-42b1-8882-0323c6170dab","block_type":"box","text":"To the extent that the underlying securities held by a Fund trade on foreign exchanges","page_number":42,"box":{"x":363,"y":781,"width":604,"height":12}},{"id":"1e2bb6b3-4c27-4b08-ac4b-b4b23431fc58","block_type":"box","text":"or in foreign markets that are closed when the securities exchange on which a Fund’s shares trade is open, there are likely to","page_number":42,"box":{"x":89,"y":796,"width":870,"height":12}},{"id":"92931f5c-2766-40b7-819f-cb04ad1c9cc8","block_type":"box","text":"be deviations between the current price of such an underlying security and the last quoted price for the underlying security","page_number":42,"box":{"x":89,"y":811,"width":862,"height":12}},{"id":"2c27be96-9a98-4d05-8703-6cac8409820d","block_type":"box","text":"(","page_number":42,"box":{"x":89,"y":826,"width":4,"height":13}},{"id":"d409b061-7f56-4abb-96fd-83f12d054687","block_type":"box","text":"i.e.","page_number":42,"box":{"x":94,"y":827,"width":18,"height":9}},{"id":"b42046a6-9b2c-4c95-8be4-9ef1e1ac7a11","block_type":"box","text":", a Fund’s quote from the closed foreign market). The impact of a closed foreign market on a Fund is likely to be greater","page_number":42,"box":{"x":114,"y":826,"width":836,"height":13}},{"id":"b4f19b19-e3a7-438e-b094-5c96bf140036","block_type":"box","text":"12","page_number":42,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"5b0d26ec-38b9-4728-8dc7-2e9798f5a988","block_type":"box","text":"where a large portion of a Fund’s underlying securities and/or other assets trade on that closed foreign market or when the","page_number":43,"box":{"x":88,"y":44,"width":865,"height":12}},{"id":"185169ad-c1e0-4f67-b1e7-12483bf34455","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations may result in premiums or discounts to a Fund’s NAV","page_number":43,"box":{"x":88,"y":59,"width":848,"height":12}},{"id":"b766d91b-921c-4f01-879d-c9ecf849fab2","block_type":"box","text":"that may be greater than those experienced by other ETFs.","page_number":43,"box":{"x":88,"y":74,"width":409,"height":12}},{"id":"719e6cf0-465e-41e7-b0ce-27484c7002d1","block_type":"box","text":"Operational and Technology Risks.","page_number":43,"box":{"x":89,"y":101,"width":250,"height":12}},{"id":"74c1f2ad-3571-495b-81a8-6500ded42b89","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":43,"box":{"x":348,"y":101,"width":593,"height":12}},{"id":"1931775e-b117-44b0-8338-7ca94dfc21c3","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":43,"box":{"x":89,"y":116,"width":874,"height":12}},{"id":"7217733a-95a1-41e7-b3c9-3abbd271a0c4","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":43,"box":{"x":88,"y":131,"width":864,"height":12}},{"id":"241a36a6-12c0-42ba-a48c-d3d29ef1a251","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":43,"box":{"x":88,"y":146,"width":839,"height":12}},{"id":"b850a94f-37a0-44e5-9078-1b928fab53ef","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":43,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"b02c380f-9a86-48bd-bf70-d2ff9ae6a7b2","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":43,"box":{"x":88,"y":176,"width":853,"height":13}},{"id":"a934465b-cb44-46b5-b0dd-6561733cb96f","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":43,"box":{"x":88,"y":191,"width":859,"height":13}},{"id":"2263e834-e143-4389-ac8d-df4573a8650a","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":43,"box":{"x":89,"y":206,"width":852,"height":13}},{"id":"125c1fdc-2f86-4fcc-a7a4-a2df4a0a63df","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":43,"box":{"x":89,"y":222,"width":770,"height":12}},{"id":"48bac075-86b8-4dd2-a26f-25455e4925ab","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":43,"box":{"x":89,"y":248,"width":862,"height":12}},{"id":"2d0698c9-5a7b-4e2b-a1d4-b5d512fe317b","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":43,"box":{"x":88,"y":263,"width":816,"height":12}},{"id":"636519ef-868a-4a96-a473-642772901291","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":43,"box":{"x":89,"y":278,"width":808,"height":13}},{"id":"bdc37a14-81ee-4885-8b20-3719a33ff743","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":43,"box":{"x":89,"y":293,"width":862,"height":13}},{"id":"4db525de-0927-4c89-a3f3-ed2bdf689a18","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":43,"box":{"x":88,"y":308,"width":798,"height":13}},{"id":"07fcd8e1-e680-4e7c-8f84-925b7616b160","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":43,"box":{"x":89,"y":324,"width":815,"height":12}},{"id":"d5031fda-b4e5-4a11-9c4f-fbaba009581f","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":43,"box":{"x":89,"y":339,"width":831,"height":12}},{"id":"0c92ef9e-e32a-4bc9-b55b-7657e360149d","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":43,"box":{"x":89,"y":354,"width":874,"height":12}},{"id":"4782409d-c80d-44dc-8ff1-381488092b5d","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":43,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"457cfcf5-e241-4400-b56d-dc1e8da0b435","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":43,"box":{"x":89,"y":384,"width":857,"height":12}},{"id":"f7b8049e-aeba-4507-8924-a3acd540039a","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":43,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"0afad845-3886-4a4b-a186-1705bcc98fb4","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":43,"box":{"x":89,"y":414,"width":871,"height":13}},{"id":"d1b3ae9f-742d-4222-90da-879f02af7e1f","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":43,"box":{"x":89,"y":429,"width":850,"height":13}},{"id":"2748cce2-84f5-48b2-9916-118c29fda5c2","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":43,"box":{"x":89,"y":445,"width":821,"height":12}},{"id":"cb11f626-d5af-4d8c-bb4d-4940496133a9","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":43,"box":{"x":89,"y":460,"width":863,"height":12}},{"id":"e3ccedd4-81f7-47d5-91a9-e92408731b2f","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":43,"box":{"x":88,"y":475,"width":838,"height":12}},{"id":"e0b4ff64-4602-43d8-a91d-805e5683941f","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":43,"box":{"x":89,"y":490,"width":847,"height":12}},{"id":"79e080df-fbe6-449c-94d0-80a40b600eec","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":43,"box":{"x":88,"y":505,"width":875,"height":12}},{"id":"04823316-ed2a-458a-90ea-1d7844378f1f","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":43,"box":{"x":89,"y":520,"width":798,"height":12}},{"id":"eae5afe6-dbcc-4173-bc19-5a045c4338f8","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":43,"box":{"x":89,"y":535,"width":807,"height":13}},{"id":"8bdb064f-e097-42ee-b868-9effeebe7b69","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":43,"box":{"x":89,"y":550,"width":832,"height":13}},{"id":"2cf6b69c-e984-43f6-9963-0cd4177fab2d","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":43,"box":{"x":88,"y":565,"width":877,"height":13}},{"id":"fff92c12-08db-4a8a-af56-aba43eead122","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":43,"box":{"x":89,"y":581,"width":380,"height":12}},{"id":"77c5315a-b502-448b-94d2-e72a9736da97","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":43,"box":{"x":88,"y":607,"width":846,"height":12}},{"id":"cfd9dd02-b2a6-4bde-ba19-5962c9b5c7d4","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":43,"box":{"x":89,"y":622,"width":872,"height":12}},{"id":"c0b6da0e-8386-49dc-adc3-bbbd21c1f0da","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":43,"box":{"x":89,"y":637,"width":852,"height":13}},{"id":"cef71cd9-6e6e-479d-8066-c27899585c32","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":43,"box":{"x":89,"y":652,"width":837,"height":13}},{"id":"f7c4620d-a498-488c-ab28-83ca0303f838","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":43,"box":{"x":89,"y":668,"width":828,"height":12}},{"id":"aa8236c3-83d0-435b-b123-8afd07b9e6ed","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":43,"box":{"x":89,"y":683,"width":861,"height":12}},{"id":"f15a87f5-4b78-412e-89a9-a0c8448e76bf","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":43,"box":{"x":89,"y":698,"width":864,"height":12}},{"id":"ce5372a0-8a1e-41bc-b131-b1a457c50c6f","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":43,"box":{"x":89,"y":713,"width":824,"height":12}},{"id":"784af553-728b-44a8-96d1-a1b0fadf87a7","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":43,"box":{"x":89,"y":728,"width":868,"height":12}},{"id":"b03f835d-ae94-4b1a-93e0-76c344affe90","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":43,"box":{"x":89,"y":743,"width":660,"height":12}},{"id":"5317e5c7-4dcf-4783-ae47-2cbd4b496250","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":43,"box":{"x":89,"y":770,"width":858,"height":12}},{"id":"7413d101-75e8-4af4-8cd4-5b25a6df04d5","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":43,"box":{"x":89,"y":785,"width":852,"height":12}},{"id":"f84394cd-9aaa-4cf1-8481-b225f0717365","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":43,"box":{"x":89,"y":800,"width":806,"height":12}},{"id":"bfd8d9a6-fe8d-4fc4-8f60-ab8b6be1f4e0","block_type":"box","text":"implement required changes.","page_number":43,"box":{"x":89,"y":815,"width":204,"height":12}},{"id":"8005e450-18c0-4cfa-8d64-6410cde6f492","block_type":"box","text":"13","page_number":43,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"6fab54f5-d659-42d9-a26d-4229005f29bd","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":44,"box":{"x":89,"y":44,"width":244,"height":12}},{"id":"cf0a5b61-fb48-46b9-9cb2-5a2e85f0899a","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":44,"box":{"x":342,"y":44,"width":581,"height":12}},{"id":"b4d8dd92-38f2-44d3-899a-2de96211e3cc","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":44,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"25431495-fec3-4e94-92aa-8a5927e3e0f4","block_type":"box","text":"hedging strategies or investment value. The FCA , which regulates LIBOR, has ceased publishing all LIBOR settings. In April","page_number":44,"box":{"x":89,"y":74,"width":856,"height":12}},{"id":"d09164c5-dd28-4ccc-be6f-ba7a085a8d8c","block_type":"box","text":"2023, however, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic","page_number":44,"box":{"x":89,"y":89,"width":796,"height":13}},{"id":"ff54f732-a0c9-41d3-8edf-b33af3ddd20c","block_type":"box","text":"methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”), which","page_number":44,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"f9543345-9e79-4f10-aae2-aafd9cf55cff","block_type":"box","text":"is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase","page_number":44,"box":{"x":89,"y":119,"width":821,"height":13}},{"id":"c49684ed-2bfd-4ab9-b0a9-2ebbfeea363d","block_type":"box","text":"agreement market, has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.","page_number":44,"box":{"x":89,"y":135,"width":812,"height":12}},{"id":"836b0210-63c4-4533-9ba3-5be99737648c","block_type":"box","text":"regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced","page_number":44,"box":{"x":89,"y":150,"width":873,"height":12}},{"id":"24bc3f01-8331-48a5-828b-fdfe497c41ec","block_type":"box","text":"LIBOR in different categories of financial contracts.","page_number":44,"box":{"x":89,"y":165,"width":354,"height":12}},{"id":"ee7f86f3-e272-41bc-bb6b-aaa2c20638b4","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing LIBOR","page_number":44,"box":{"x":89,"y":191,"width":842,"height":13}},{"id":"17c5a63d-3cc0-4b8f-ab16-213ac2232392","block_type":"box","text":"based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting","page_number":44,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"ba0588ad-7375-484f-ad0a-136cf5bd033b","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":44,"box":{"x":89,"y":222,"width":836,"height":12}},{"id":"a8eb1408-f023-4e06-8d00-9126d5056400","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":44,"box":{"x":89,"y":237,"width":844,"height":12}},{"id":"36ef0012-6909-455a-93a3-8519845bd629","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":44,"box":{"x":89,"y":252,"width":823,"height":12}},{"id":"415fcf79-868d-475b-8582-a402b3cfa373","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":44,"box":{"x":89,"y":267,"width":820,"height":12}},{"id":"4e29ef09-a8a0-4f39-bf35-32e13b714d97","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":44,"box":{"x":89,"y":282,"width":877,"height":12}},{"id":"f0b1b28d-4e2d-4f4b-8c39-42e1de3a730c","block_type":"box","text":"may have instruments linked to other interbank offered rates that may also cease to be published in the future.","page_number":44,"box":{"x":89,"y":297,"width":773,"height":12}},{"id":"4f00cb64-1717-479e-9882-8a7331246308","block_type":"box","text":"Risk of Derivatives.","page_number":44,"box":{"x":89,"y":324,"width":135,"height":9}},{"id":"e3b738a5-4107-415c-91cd-cbbb11bef562","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":44,"box":{"x":233,"y":324,"width":701,"height":12}},{"id":"97200811-ea1b-4d34-b71c-3af2c3948664","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":44,"box":{"x":89,"y":339,"width":877,"height":12}},{"id":"5649994a-427a-45d6-982c-29f49728d1c9","block_type":"box","text":"such as the S&P 500","page_number":44,"box":{"x":89,"y":354,"width":142,"height":10}},{"id":"417a4cec-fb21-4fd8-9136-dfa2dc773f1c","block_type":"box","text":"®","page_number":44,"box":{"x":232,"y":352,"width":9,"height":6}},{"id":"e4de18bb-0f96-4630-a71d-9cd3d5ac3d90","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs and other","page_number":44,"box":{"x":247,"y":354,"width":707,"height":12}},{"id":"1f7b5724-99ea-4398-868a-1f0478c8c442","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":44,"box":{"x":89,"y":369,"width":874,"height":12}},{"id":"e30cecf2-4fd0-462c-b776-c423aaf93511","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":44,"box":{"x":89,"y":384,"width":813,"height":12}},{"id":"544b6ad5-3e98-4be2-932b-21ce59df4e8a","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":44,"box":{"x":89,"y":399,"width":852,"height":13}},{"id":"9bedb5ad-3bde-4cb5-9171-268fa11c00bd","block_type":"box","text":"fulfill its contractual obligations. Derivatives generally involve the incurrence of leverage.","page_number":44,"box":{"x":88,"y":414,"width":616,"height":13}},{"id":"d7fed9f5-ff35-4f56-a8ec-7808d790afb9","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":44,"box":{"x":88,"y":441,"width":875,"height":12}},{"id":"44307b20-8c47-418c-a5ed-4f48632c38eb","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":44,"box":{"x":88,"y":456,"width":867,"height":12}},{"id":"953ae4b0-a642-4f30-98cd-19928eb6893b","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":44,"box":{"x":89,"y":471,"width":851,"height":12}},{"id":"dfb038f2-59de-4ae6-9b6f-b86b317f118b","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":44,"box":{"x":89,"y":486,"width":848,"height":12}},{"id":"921b2b99-1038-47c7-b2de-bb0329d4a9fe","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":44,"box":{"x":89,"y":501,"width":875,"height":13}},{"id":"05fa76af-d8a0-4678-a54d-6ab3a40e8ee1","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":44,"box":{"x":88,"y":516,"width":497,"height":12}},{"id":"d13c5d7b-2081-42af-a485-eb17f1cae451","block_type":"box","text":"Risk of Equity Securities.","page_number":44,"box":{"x":89,"y":543,"width":176,"height":12}},{"id":"7d65e0f7-15be-49bd-9592-ce9732110057","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":44,"box":{"x":274,"y":543,"width":633,"height":12}},{"id":"6708b4f3-7435-4ab6-9c68-4f38e461d24a","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":44,"box":{"x":89,"y":558,"width":843,"height":12}},{"id":"ab71b2ee-00d5-40b7-961a-b3a9489e8490","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":44,"box":{"x":89,"y":573,"width":825,"height":12}},{"id":"724606c0-e9ea-44e3-9cfa-16364085b70b","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":44,"box":{"x":89,"y":588,"width":865,"height":12}},{"id":"d1120cf8-9d5b-4290-a945-6de868c92d02","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":44,"box":{"x":89,"y":603,"width":822,"height":13}},{"id":"bc950ec5-b6d5-4722-ad21-0bb4dac3b193","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":44,"box":{"x":89,"y":618,"width":823,"height":13}},{"id":"8b53643a-c66e-48e9-862d-da57f4e528f7","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":44,"box":{"x":89,"y":633,"width":866,"height":13}},{"id":"f4ca7a1b-b5a7-4c3b-9912-92b06063f4d0","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":44,"box":{"x":89,"y":649,"width":831,"height":12}},{"id":"6e177bc1-7032-481b-bccf-f26b33979c8a","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":44,"box":{"x":89,"y":664,"width":861,"height":12}},{"id":"d36d57d6-3d22-4b28-85a9-b70ea017c9f3","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":44,"box":{"x":89,"y":679,"width":422,"height":12}},{"id":"2b37a637-1343-4eba-9153-a61e892d453a","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":44,"box":{"x":89,"y":705,"width":812,"height":13}},{"id":"83588217-16a8-44ab-b73d-39ef7e6e7911","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":44,"box":{"x":89,"y":720,"width":825,"height":13}},{"id":"105a5cdf-7901-4f4b-bfec-578f25ca5157","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":44,"box":{"x":89,"y":736,"width":871,"height":12}},{"id":"b0b4e2fb-1430-42f1-8044-7fcf5b48b964","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":44,"box":{"x":89,"y":751,"width":843,"height":12}},{"id":"8cf34639-9038-4d88-b462-ac70f911ee37","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":44,"box":{"x":88,"y":766,"width":834,"height":12}},{"id":"268c4122-de5b-4839-9171-d45d6f3b9378","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":44,"box":{"x":89,"y":781,"width":865,"height":12}},{"id":"5799be1c-6fca-44a6-be62-5fc41c247ac0","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":44,"box":{"x":88,"y":796,"width":779,"height":12}},{"id":"30d91a02-a54c-42d1-bfc2-2db15a2129d5","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":44,"box":{"x":88,"y":822,"width":871,"height":13}},{"id":"172575a5-dd5a-417d-bab2-eede7e475c91","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":44,"box":{"x":89,"y":838,"width":864,"height":12}},{"id":"7bee45b9-6927-434a-846f-909d29580377","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":44,"box":{"x":89,"y":853,"width":803,"height":9}},{"id":"b4284dea-4db6-414a-8167-c35d813794e3","block_type":"box","text":"14","page_number":44,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"6a70375c-3775-4bc3-9e55-ddd7a35a5d31","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":45,"box":{"x":89,"y":44,"width":840,"height":12}},{"id":"0cfa2977-0802-483d-bd7d-0f8207127ad1","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":45,"box":{"x":89,"y":59,"width":824,"height":12}},{"id":"19a637cc-895d-4fa6-9d3c-ef901965da2f","block_type":"box","text":"bid/ask spreads are wide.","page_number":45,"box":{"x":89,"y":74,"width":178,"height":12}},{"id":"6c4eaa56-ae72-4181-8cfe-4581849d909f","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":45,"box":{"x":89,"y":101,"width":381,"height":12}},{"id":"744d6573-8f42-4337-8abb-3ba7a7ec8e33","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":45,"box":{"x":479,"y":101,"width":434,"height":12}},{"id":"3f0a91ed-578c-4852-afe1-1f204798319a","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":45,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"f00ba39e-1a95-4f20-b1f5-7bfaa9789ca1","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":45,"box":{"x":89,"y":131,"width":829,"height":12}},{"id":"cd0aaf4f-66e0-4e3a-b956-8f2825b5a17b","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":45,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"9b45c64f-ffb8-4004-90c8-c701796c26bf","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":45,"box":{"x":89,"y":161,"width":820,"height":12}},{"id":"b2f8cdad-97da-4946-a13e-16f25492d4af","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":45,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"8ef617b2-fee6-4276-8b4e-00f4230e96e0","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":45,"box":{"x":89,"y":191,"width":845,"height":13}},{"id":"26672739-ce92-48fa-82ba-edbdca64697c","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":45,"box":{"x":89,"y":206,"width":871,"height":13}},{"id":"eb0bf886-7bb9-467d-9e22-d54a96f198e6","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":45,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"0d92ef39-f025-4686-b967-f42dc68648a5","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":45,"box":{"x":89,"y":237,"width":550,"height":12}},{"id":"6419c9ea-b485-424b-bb91-c51267b44635","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":45,"box":{"x":88,"y":263,"width":623,"height":12}},{"id":"cd5beae5-732b-44ba-a982-b11c9ca3c3d1","block_type":"box","text":"e.g.","page_number":45,"box":{"x":713,"y":266,"width":22,"height":9}},{"id":"3b743921-26e8-4b4a-8df7-192095bee34c","block_type":"box","text":", selling uncovered stock index","page_number":45,"box":{"x":738,"y":263,"width":214,"height":12}},{"id":"59d5c910-8c7e-478f-a76e-f581641041e5","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":45,"box":{"x":88,"y":278,"width":876,"height":13}},{"id":"e9cffc5e-da9c-4015-946c-fb8143811e95","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":45,"box":{"x":89,"y":293,"width":832,"height":13}},{"id":"8fd1c1b5-4a84-443c-94da-0976f7ca4d8a","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":45,"box":{"x":89,"y":308,"width":842,"height":13}},{"id":"3cb790bf-8651-420e-b7de-71e6c1ea6f84","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":45,"box":{"x":89,"y":324,"width":832,"height":12}},{"id":"976559d8-2fe2-48b5-81ff-ecf683baf18a","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":45,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"a866b156-de33-46f9-ac90-261a8f03b3c5","block_type":"box","text":"invest.","page_number":45,"box":{"x":89,"y":355,"width":43,"height":9}},{"id":"a7caa9ff-266b-47cd-a435-c9ffc76bd6ae","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":45,"box":{"x":89,"y":380,"width":821,"height":13}},{"id":"4d98cf27-7a24-4f4c-b431-7dad5af7d8bf","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":45,"box":{"x":89,"y":395,"width":879,"height":13}},{"id":"3b3f9d72-f533-484f-a181-e492a2aeddd0","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":45,"box":{"x":89,"y":410,"width":848,"height":13}},{"id":"04aab3aa-d5b8-4e4a-b94a-d08935252948","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":45,"box":{"x":89,"y":426,"width":869,"height":12}},{"id":"2676b386-c82d-434a-9e62-7dbc68c6a5b5","block_type":"box","text":"could prove to be incorrect.","page_number":45,"box":{"x":89,"y":441,"width":191,"height":12}},{"id":"f06cd958-324d-4e52-940f-b0ed645b4a1f","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":45,"box":{"x":89,"y":467,"width":809,"height":13}},{"id":"23a65429-35cc-482b-bf33-4074d4a9497d","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":45,"box":{"x":89,"y":482,"width":845,"height":13}},{"id":"b0967d45-72c8-43eb-846c-1accefff027d","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":45,"box":{"x":88,"y":497,"width":864,"height":13}},{"id":"e10b495a-8c89-4cf6-921a-575a5e600e63","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":45,"box":{"x":89,"y":513,"width":816,"height":12}},{"id":"5d1b0e06-41f4-4a7c-9f48-433a6908ae89","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":45,"box":{"x":89,"y":528,"width":859,"height":12}},{"id":"6e7b1817-e443-438d-8ae6-86eadd0772fb","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":45,"box":{"x":89,"y":543,"width":839,"height":12}},{"id":"805004e4-4a9f-4862-bb6a-96105c00e6eb","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":45,"box":{"x":89,"y":558,"width":869,"height":12}},{"id":"a1ba33dc-79c2-47f3-82fd-581be155ccf8","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":45,"box":{"x":88,"y":573,"width":871,"height":12}},{"id":"93ccc0a9-0abe-4e64-ad91-de130b4c0187","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":45,"box":{"x":89,"y":588,"width":427,"height":12}},{"id":"b40e0cc5-7fbb-4b0d-b45b-95064f0b8c88","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":45,"box":{"x":89,"y":615,"width":332,"height":12}},{"id":"61be2335-8895-4156-b545-6769a83e3f0e","block_type":"box","text":"An investment in a Fund involves risks similar to those of investing in","page_number":45,"box":{"x":430,"y":615,"width":481,"height":12}},{"id":"7a47d270-c775-4a7d-acc3-64f4a8af585d","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":45,"box":{"x":89,"y":630,"width":866,"height":12}},{"id":"e85fede9-80ec-4d39-b004-67067d2d7651","block_type":"box","text":"as economic and political developments in those foreign countries, changes in interest rates and perceived trends in stock","page_number":45,"box":{"x":89,"y":645,"width":854,"height":12}},{"id":"05c6121f-beea-494a-b522-7f2ae19bf4d7","block_type":"box","text":"prices. Investing in securities issued by issuers domiciled in countries other than the domicile of the investor and","page_number":45,"box":{"x":89,"y":660,"width":785,"height":12}},{"id":"1754ccdd-32ee-416d-9e2c-7ea0727f419f","block_type":"box","text":"denominated in currencies other than an investor’s local currency entails certain considerations and risks not typically","page_number":45,"box":{"x":89,"y":675,"width":826,"height":12}},{"id":"be4adf54-d977-49d8-9a2e-635909fd1f16","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":45,"box":{"x":89,"y":690,"width":870,"height":13}},{"id":"53af2803-42f3-4af8-beb2-162a25bd4a1a","block_type":"box","text":"include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the","page_number":45,"box":{"x":89,"y":705,"width":849,"height":13}},{"id":"0834ea3f-ff0f-46f6-a8f3-bd3703370fa8","block_type":"box","text":"costs that may be incurred in connection with conversions between various currencies. Investing in any of the Funds also","page_number":45,"box":{"x":89,"y":720,"width":847,"height":13}},{"id":"a1648a79-f860-4bbc-ae6d-a79a7b6f54f9","block_type":"box","text":"involves certain risks and considerations not typically associated with investing in a fund whose portfolio contains exclusively","page_number":45,"box":{"x":89,"y":736,"width":876,"height":12}},{"id":"9d3195a0-b05e-43ca-8c64-3ccdfd82e3a5","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":45,"box":{"x":89,"y":751,"width":867,"height":12}},{"id":"88485936-109e-475d-842e-534c16efa951","block_type":"box","text":"volatility; less publicly available information about issuers; the imposition of withholding or other taxes; the imposition of","page_number":45,"box":{"x":88,"y":766,"width":847,"height":12}},{"id":"fc6e5d1b-fce3-4742-97bb-344a8b4f3f47","block_type":"box","text":"restrictions on the expatriation of funds or other assets of the Funds; higher transaction and custody costs; delays and risks","page_number":45,"box":{"x":89,"y":781,"width":864,"height":12}},{"id":"f3ff95fb-ce48-4531-9351-c71e7f1d9a73","block_type":"box","text":"attendant in settlement procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly smaller","page_number":45,"box":{"x":89,"y":796,"width":861,"height":12}},{"id":"9636a633-8c6f-41c2-ae2a-ff1db276a732","block_type":"box","text":"market capitalization; different accounting and disclosure standards; lower levels of regulation of the securities markets; more","page_number":45,"box":{"x":89,"y":811,"width":879,"height":12}},{"id":"4dfa029a-9362-4d1b-b729-fd40e5d21ecb","block_type":"box","text":"substantial government interference with the economy and businesses; higher rates of inflation; greater social, economic,","page_number":45,"box":{"x":89,"y":826,"width":850,"height":13}},{"id":"551109ef-ec80-478b-8aa2-e4c9bd67bde3","block_type":"box","text":"and political uncertainty; the risk of nationalization or expropriation of assets; and the risk of war.","page_number":45,"box":{"x":89,"y":841,"width":678,"height":13}},{"id":"bf7a9144-92b4-49be-b131-62f520369fcb","block_type":"box","text":"15","page_number":45,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"f816b09a-6258-4662-ad8f-a20661c68ff6","block_type":"box","text":"Risk of Swap Agreements.","page_number":46,"box":{"x":89,"y":44,"width":187,"height":12}},{"id":"df0e0b06-6eab-4dc2-9b45-488b29f03225","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":46,"box":{"x":284,"y":44,"width":666,"height":12}},{"id":"8fc86409-0510-4d47-add7-92e1ff2b1f88","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":46,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"b14ca880-dd13-4954-bc2e-b75f50a14267","block_type":"box","text":"its obligations to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the other party to the","page_number":46,"box":{"x":89,"y":74,"width":840,"height":12}},{"id":"936ad628-3f22-4c67-b4c3-d4c3f2a9ff06","block_type":"box","text":"agreement. If such a default occurs, a Fund will have contractual remedies pursuant to the agreements related to the","page_number":46,"box":{"x":89,"y":89,"width":817,"height":13}},{"id":"84e6e521-10bd-4d95-aa74-6284cf19aaf4","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":46,"box":{"x":88,"y":104,"width":878,"height":13}},{"id":"7f318a7e-8383-4c98-89a1-86a5eba019a6","block_type":"box","text":"a creditor (","page_number":46,"box":{"x":89,"y":119,"width":75,"height":13}},{"id":"0bc5c43e-82c3-424a-a5fc-b4512ba7b702","block_type":"box","text":"e.g.","page_number":46,"box":{"x":165,"y":123,"width":23,"height":9}},{"id":"257b1696-59e8-4b30-85a5-f4759bd8a7b5","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive). Swap","page_number":46,"box":{"x":190,"y":119,"width":712,"height":13}},{"id":"80316387-9fed-4031-b164-5e38e9b2961b","block_type":"box","text":"agreements may also involve the risk that there is an imperfect correlation between the return on the Fund’s obligation to its","page_number":46,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"38d22bf5-1197-4fc8-8b6e-643818be6206","block_type":"box","text":"counterparty and the return on the referenced asset. In addition, swap agreements are subject to market and liquidity risk,","page_number":46,"box":{"x":89,"y":150,"width":854,"height":12}},{"id":"13921097-dfba-4317-997e-f453f7659057","block_type":"box","text":"leverage risk and hedging risk.","page_number":46,"box":{"x":89,"y":165,"width":211,"height":12}},{"id":"fb393b5d-2244-4a17-a870-56b22ceb79e5","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":46,"box":{"x":88,"y":191,"width":863,"height":13}},{"id":"7b0e8d3e-5882-490e-b8e6-8bdbaf351905","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":46,"box":{"x":89,"y":206,"width":876,"height":13}},{"id":"7244163b-c865-4a11-8093-7f2de1576aa8","block_type":"box","text":"Tracking Error Risk.","page_number":46,"box":{"x":88,"y":233,"width":141,"height":12}},{"id":"5dd24da9-430c-41d8-bafa-5ca1b414da78","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":46,"box":{"x":238,"y":233,"width":716,"height":12}},{"id":"f4104ea6-7c6e-4b3a-adf6-d59c7fd5642d","block_type":"box","text":"the applicable underlying index. Tracking error may occur because of differences between the securities and other","page_number":46,"box":{"x":88,"y":248,"width":800,"height":12}},{"id":"222de640-6ac3-454a-8f4c-a3a0086e97cc","block_type":"box","text":"instruments held in a Fund’s portfolio and those included in its applicable underlying index, pricing differences, transaction","page_number":46,"box":{"x":89,"y":263,"width":858,"height":12}},{"id":"dfda3069-411c-457e-bcaf-e9391f0a1f4f","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":46,"box":{"x":89,"y":278,"width":834,"height":13}},{"id":"d12f39f4-3514-4d50-a71c-31673d83fc99","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":46,"box":{"x":89,"y":293,"width":853,"height":13}},{"id":"72855f7e-5d78-47d2-b423-382656942742","block_type":"box","text":"through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders,","page_number":46,"box":{"x":88,"y":308,"width":820,"height":13}},{"id":"fb60df94-4645-4a27-ae08-720837d8eb27","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":46,"box":{"x":89,"y":324,"width":865,"height":12}},{"id":"9f6786b3-d8c4-4430-acd5-a887676e9f55","block_type":"box","text":"new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other","page_number":46,"box":{"x":89,"y":339,"width":845,"height":12}},{"id":"f212a795-7f9d-4841-ab3f-3533e605b207","block_type":"box","text":"unusual market conditions. Tracking error also may result because a Fund incurs fees and expenses, while its applicable","page_number":46,"box":{"x":89,"y":354,"width":838,"height":12}},{"id":"73ddc135-c240-4548-9473-c8c7ae0e8547","block_type":"box","text":"underlying index does not. Tracking error may occur due to differences between the methodologies used in calculating the","page_number":46,"box":{"x":89,"y":369,"width":859,"height":12}},{"id":"fda4fb6e-a2f1-49a9-a998-fe8de10747af","block_type":"box","text":"value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":46,"box":{"x":88,"y":384,"width":501,"height":12}},{"id":"d4d41f0d-eeb8-4ece-8dfa-46d35e47522c","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":46,"box":{"x":88,"y":410,"width":846,"height":13}},{"id":"4d04697a-cae8-4a53-a30d-da0e7be0b102","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":46,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"7c6e474b-6083-4a5f-8907-69555c6592b7","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":46,"box":{"x":89,"y":441,"width":876,"height":12}},{"id":"9508ff9a-2fc9-4c98-937a-dcbec86ac256","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":46,"box":{"x":89,"y":456,"width":818,"height":12}},{"id":"cc8eb82f-f652-4669-b030-3787d4425e40","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":46,"box":{"x":89,"y":471,"width":867,"height":12}},{"id":"c6a01d10-51f0-4253-86ca-730e70a9f290","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":46,"box":{"x":89,"y":486,"width":867,"height":12}},{"id":"9c226a0d-6b87-476a-8a7b-017c22dabe3d","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":46,"box":{"x":89,"y":501,"width":873,"height":13}},{"id":"ee0e83b6-157a-46ef-90cb-b1d8da4ab1b0","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":46,"box":{"x":89,"y":516,"width":835,"height":13}},{"id":"e602066f-c7dc-4bf8-812c-f6109035fa6c","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":46,"box":{"x":89,"y":531,"width":817,"height":13}},{"id":"54cd8ee3-bc84-4350-82d3-ddca201ffd61","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":46,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"dd665caa-b37b-4988-b0f7-3a84072359bb","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":46,"box":{"x":89,"y":562,"width":869,"height":12}},{"id":"6f097bd0-5933-4780-a9bd-e78e764b3dd8","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":46,"box":{"x":89,"y":577,"width":848,"height":12}},{"id":"43d0079b-389d-4e5c-9c33-f254821d62fc","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":46,"box":{"x":89,"y":592,"width":410,"height":10}},{"id":"b9b1add0-4144-4362-a869-3bc2c655c073","block_type":"box","text":"Securities Lending Risk.","page_number":46,"box":{"x":88,"y":618,"width":171,"height":13}},{"id":"a08d78ca-bad8-44eb-a17e-e6c2f38a0470","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose","page_number":46,"box":{"x":268,"y":618,"width":683,"height":13}},{"id":"62481e8a-b791-4ab1-a357-274fcc72c111","block_type":"box","text":"money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could","page_number":46,"box":{"x":89,"y":633,"width":860,"height":13}},{"id":"896d61da-31de-4965-b3cf-2d3785b6b85b","block_type":"box","text":"also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of","page_number":46,"box":{"x":89,"y":649,"width":855,"height":12}},{"id":"f4b539f8-35c6-410c-a418-73bd04a910e6","block_type":"box","text":"any investments made with cash collateral. These events could also trigger adverse tax consequences for a Fund.","page_number":46,"box":{"x":89,"y":664,"width":791,"height":12}},{"id":"d19e8bed-dc7c-4351-93fd-395295281e18","block_type":"box","text":"Risk of Investing in Asia.","page_number":46,"box":{"x":89,"y":690,"width":175,"height":13}},{"id":"c99163d3-417b-43c1-9e28-ea7d0eb86f60","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":46,"box":{"x":278,"y":690,"width":682,"height":13}},{"id":"36f6674b-0214-4c41-8e7a-dff28e8b520e","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":46,"box":{"x":88,"y":705,"width":874,"height":13}},{"id":"129ed281-8fb7-4c96-b178-f04982ec9033","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":46,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"2fa1ffbb-1fa4-4d13-8a29-960bb628a8e4","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":46,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"7a519ae2-b019-4484-b1ce-af599458609e","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":46,"box":{"x":89,"y":751,"width":837,"height":12}},{"id":"c81297f1-07c5-4044-8a5d-3c4ed4f7eaa9","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":46,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"5f198572-1acd-464c-894a-b02ee0ad5cac","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":46,"box":{"x":88,"y":781,"width":538,"height":12}},{"id":"e25992bd-d6b7-4caf-9b99-18e941f24fd4","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":46,"box":{"x":89,"y":807,"width":852,"height":13}},{"id":"b2691946-7482-4d4f-9e91-57b58faf1e6d","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":46,"box":{"x":88,"y":822,"width":867,"height":13}},{"id":"e4a1f0f2-621e-42e9-a004-9e56e328d48f","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":46,"box":{"x":89,"y":838,"width":821,"height":12}},{"id":"53f00254-4433-477d-bf45-1fb86a308a0c","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":46,"box":{"x":89,"y":853,"width":855,"height":12}},{"id":"961f40ac-4f22-403e-bc6d-6d2befb7a84a","block_type":"box","text":"16","page_number":46,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"eb960348-b99c-46a8-827d-aa97727f4ad1","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":47,"box":{"x":89,"y":44,"width":825,"height":12}},{"id":"537fac1e-866b-43a4-afca-c6aa869291e2","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":47,"box":{"x":89,"y":59,"width":854,"height":11}},{"id":"04e78c4c-b090-4f42-ac6c-2e539069fd41","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":47,"box":{"x":88,"y":74,"width":860,"height":12}},{"id":"2292ceaa-afda-4f5a-bbd3-07a26b3dc97a","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":47,"box":{"x":88,"y":89,"width":875,"height":13}},{"id":"fd0d7c55-c7a6-4583-b021-47f8dc824edd","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":47,"box":{"x":89,"y":104,"width":847,"height":13}},{"id":"d243825d-5fd4-4231-a170-77c8c9b48de9","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":47,"box":{"x":88,"y":119,"width":880,"height":13}},{"id":"b40dd4b0-2403-4f3f-bfb7-38841db7fb65","block_type":"box","text":"the performance of investments in this region.","page_number":47,"box":{"x":88,"y":135,"width":323,"height":12}},{"id":"d87dc509-a6a6-4795-81e5-042da9393871","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":47,"box":{"x":89,"y":161,"width":822,"height":12}},{"id":"82ccb47d-291b-4549-9232-7d608e62a392","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":47,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"497f1b90-5b60-4095-8a69-9d2289b19eb0","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":47,"box":{"x":89,"y":191,"width":868,"height":13}},{"id":"7919c629-f861-4210-8d73-72f93bb16abb","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":47,"box":{"x":88,"y":206,"width":878,"height":13}},{"id":"6a7edd94-4917-4b66-b54c-d65e2eeca2ce","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":47,"box":{"x":88,"y":222,"width":617,"height":12}},{"id":"176f7e1a-035e-4f02-b087-f2a351b05063","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":47,"box":{"x":89,"y":248,"width":851,"height":12}},{"id":"1781a504-314d-4328-91fd-ca84f3e86350","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":47,"box":{"x":89,"y":263,"width":838,"height":12}},{"id":"7bc5ceec-a4b0-489a-9929-a67f9ae18d90","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":47,"box":{"x":89,"y":278,"width":830,"height":13}},{"id":"990e0b84-e50e-4a02-8a85-95697cdd310f","block_type":"box","text":"sectors.","page_number":47,"box":{"x":89,"y":295,"width":53,"height":8}},{"id":"b5968fcf-276b-42c6-87a9-bae637642773","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":47,"box":{"x":88,"y":320,"width":852,"height":12}},{"id":"a3ef2e3e-47f1-4e42-94a7-4c03f0f8dd35","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":47,"box":{"x":88,"y":335,"width":867,"height":12}},{"id":"3058d904-b71e-413c-ad32-85909b2b0820","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":47,"box":{"x":88,"y":350,"width":875,"height":12}},{"id":"45716370-7d6b-444f-88a9-da267eae6084","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":47,"box":{"x":89,"y":365,"width":874,"height":12}},{"id":"00549ef6-3dda-482f-be20-f1ed066ecccf","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":47,"box":{"x":89,"y":380,"width":874,"height":13}},{"id":"281c367b-9e9e-4ec9-8592-af0f5970e0d2","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":47,"box":{"x":89,"y":395,"width":867,"height":13}},{"id":"4d9e3082-9f6e-406b-b199-cba2be2b6d66","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":47,"box":{"x":88,"y":410,"width":840,"height":13}},{"id":"e120e25b-00bc-46b3-93ba-ccdf207b354a","block_type":"box","text":"Risk of Investing in Australasia.","page_number":47,"box":{"x":89,"y":437,"width":224,"height":12}},{"id":"0fddf5e9-e9b9-46ff-8081-c922da7724f2","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":47,"box":{"x":322,"y":437,"width":637,"height":12}},{"id":"26e59a26-48bc-4678-bb8b-78e0a40f9dce","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":47,"box":{"x":89,"y":452,"width":832,"height":12}},{"id":"6b6141aa-7dfe-4ab8-b135-0fb015254e6f","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":47,"box":{"x":89,"y":467,"width":805,"height":13}},{"id":"e47a0c5a-55ea-4bb3-be93-ce50a7e9566f","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":47,"box":{"x":89,"y":482,"width":863,"height":13}},{"id":"c458eb89-d7e7-4629-a063-1775c14f5f1c","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":47,"box":{"x":89,"y":497,"width":841,"height":13}},{"id":"710c4c79-8a2f-405b-9db1-a205ee73525a","block_type":"box","text":"Australia and New Zealand and affect the value of securities held by a relevant Fund. The economies of Australia and New","page_number":47,"box":{"x":88,"y":513,"width":853,"height":12}},{"id":"e47f9e07-80ac-4251-882e-6e059b3bb0a8","block_type":"box","text":"Zealand are dependent on trading with certain key trading partners, including Asia and the U.S. Economic events in the U.S.,","page_number":47,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"adfd5693-2e0d-43bc-9e62-0e93d225e61c","block_type":"box","text":"Asia, or in other key trading countries can have a significant economic effect on the Australasian economies. The economies","page_number":47,"box":{"x":88,"y":543,"width":872,"height":12}},{"id":"0ecafc93-e4ee-4a71-89b2-c5f0d07ce4df","block_type":"box","text":"of Australia and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign","page_number":47,"box":{"x":89,"y":558,"width":823,"height":12}},{"id":"fac6b5b4-b3b9-4218-af1d-bf5731c83ba0","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":47,"box":{"x":89,"y":573,"width":832,"height":12}},{"id":"5a2c38e6-b34e-49b9-8664-9c6d1fde016a","block_type":"box","text":"foreign investment, and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":47,"box":{"x":88,"y":588,"width":731,"height":12}},{"id":"85f182b4-3b7b-4bba-a899-2d3c8386889e","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":47,"box":{"x":89,"y":615,"width":295,"height":12}},{"id":"572921a0-bb7a-4061-a475-0489c07cb8f5","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":47,"box":{"x":393,"y":615,"width":544,"height":12}},{"id":"6b70043e-e181-418f-8f07-5860016ff9a0","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":47,"box":{"x":89,"y":630,"width":585,"height":12}},{"id":"9737c289-bd2e-414b-b352-777d4260b54e","block_type":"box","text":"e.g.","page_number":47,"box":{"x":675,"y":633,"width":23,"height":9}},{"id":"5906a098-7d46-46ad-96d0-06498b2130f9","block_type":"box","text":", the financial services sector) as the","page_number":47,"box":{"x":700,"y":630,"width":253,"height":12}},{"id":"9a8cc304-cf47-4cf5-93e9-dfd9f6d6f823","block_type":"box","text":"primary source of economic growth and may be susceptible to the risks of individual service sectors. For example, companies","page_number":47,"box":{"x":89,"y":645,"width":878,"height":12}},{"id":"db08ff91-aef8-4952-8d7a-028c4c55073e","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":47,"box":{"x":89,"y":660,"width":847,"height":12}},{"id":"91ca83c5-3e23-4419-a07c-087b45e80505","block_type":"box","text":"adversely affect the scope of their activities, the prices they can charge and amount of capital they must maintain.","page_number":47,"box":{"x":89,"y":675,"width":797,"height":12}},{"id":"8bac31da-d85c-48bb-abf6-91a322b8fee6","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":47,"box":{"x":89,"y":690,"width":876,"height":13}},{"id":"74634ed8-d397-4a52-8a68-e129e94483eb","block_type":"box","text":"to credit rating downgrades and, as a result, impact, among other things, revenue growth for such companies. If financial","page_number":47,"box":{"x":88,"y":705,"width":848,"height":13}},{"id":"f4f47eff-7348-483a-81a9-d73122ee090e","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":47,"box":{"x":89,"y":720,"width":832,"height":13}},{"id":"28f4d255-2b7b-4fde-92a5-01d433344dfc","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":47,"box":{"x":89,"y":736,"width":828,"height":12}},{"id":"e0a54813-b82a-4b1b-a932-e7878d8f12fb","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":47,"box":{"x":89,"y":751,"width":876,"height":12}},{"id":"f42b426d-1904-4d67-bac2-0b421171ec54","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":47,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"cd035957-4a4b-4cf0-8327-e3fae4bdae0e","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":47,"box":{"x":89,"y":781,"width":854,"height":12}},{"id":"72516c24-c969-4ed1-8607-7c1b91cdc10d","block_type":"box","text":"result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such","page_number":47,"box":{"x":89,"y":796,"width":864,"height":12}},{"id":"b1de3b37-b46e-4b68-ad1e-be17b0fd2479","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":47,"box":{"x":89,"y":811,"width":833,"height":12}},{"id":"6ea17601-3751-4484-9378-9cbb89c06cb6","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":47,"box":{"x":89,"y":826,"width":867,"height":13}},{"id":"9ef69558-f37f-4d24-9563-b970a01f8a64","block_type":"box","text":"in health care and pension costs. Any increase in health care and pension costs will likely have a negative impact on the","page_number":47,"box":{"x":89,"y":841,"width":835,"height":13}},{"id":"cffc8131-a9f0-4ece-a00f-99ce813d1cf6","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":47,"box":{"x":89,"y":856,"width":848,"height":13}},{"id":"8360ba4d-b9fb-4ab4-9bf9-9c74761b5857","block_type":"box","text":"17","page_number":47,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"781b52b7-88b6-48ec-8e6c-19e572c07de5","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":48,"box":{"x":89,"y":44,"width":811,"height":12}},{"id":"78a52554-841c-46cc-87c5-f2b98cf55425","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":48,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"3752f0e6-0219-4cb5-bd05-4aa48c883a7c","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":48,"box":{"x":88,"y":74,"width":820,"height":12}},{"id":"f961555d-9663-41c8-ad01-332bd92d9752","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":48,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"f0c4ccd0-7cca-48d0-81ee-c4f3aa759046","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":48,"box":{"x":89,"y":104,"width":856,"height":13}},{"id":"b44cc597-a320-403a-a29e-9bb15e10cea6","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":48,"box":{"x":89,"y":119,"width":531,"height":13}},{"id":"bcdd9040-a542-4fd5-b60f-0a41ffb34271","block_type":"box","text":"Risk of Investing in Eastern Europe.","page_number":48,"box":{"x":89,"y":146,"width":253,"height":12}},{"id":"ed7d7552-e86c-4aec-b368-91155564329a","block_type":"box","text":"Investing in the securities of issuers located or operating in Eastern Europe is highly","page_number":48,"box":{"x":352,"y":146,"width":583,"height":12}},{"id":"a4fd4a37-b358-48d7-9a98-96b9d3e8939f","block_type":"box","text":"speculative and involves risks not usually associated with investing in the more developed markets of Western Europe.","page_number":48,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"79a46592-25a9-4095-9456-92f0e0a4de23","block_type":"box","text":"Certain Eastern European countries have high public debt levels, significant underground economies, high unemployment","page_number":48,"box":{"x":89,"y":176,"width":853,"height":13}},{"id":"771ba3dc-1320-4dd3-bdce-a4e43965aaa4","block_type":"box","text":"and emigration of skilled workers. Such countries generally have a history of political instability, limited infrastructure and an","page_number":48,"box":{"x":89,"y":191,"width":869,"height":13}},{"id":"203223b8-611e-424c-8380-9233493eac9e","block_type":"box","text":"inefficient public sector prone to endemic corruption. Political and economic reforms are too recent to establish a definite","page_number":48,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"58063baf-f2b0-4ca0-b2cf-35a2ece369af","block_type":"box","text":"trend away from centrally planned economies and state-owned industries. In the past, some Eastern European governments","page_number":48,"box":{"x":88,"y":222,"width":870,"height":12}},{"id":"7f2fbbf5-e910-478a-8d37-b5a3497d05d0","block_type":"box","text":"have expropriated substantial amounts of private property, and many claims of the property owners have never been fully","page_number":48,"box":{"x":89,"y":237,"width":851,"height":12}},{"id":"3d9d0667-3e6a-408c-8ef3-2248c4e9f492","block_type":"box","text":"settled.","page_number":48,"box":{"x":89,"y":252,"width":49,"height":9}},{"id":"4ed857c7-48b6-4187-8e49-bfb163f2672c","block_type":"box","text":"Many Eastern European countries continue to move toward market economies at different paces with different","page_number":48,"box":{"x":89,"y":278,"width":774,"height":13}},{"id":"061a108e-3b60-44b8-a481-8d0dfb172bf1","block_type":"box","text":"characteristics. Many Eastern European securities markets are generally underdeveloped with low, irregular trading volumes,","page_number":48,"box":{"x":89,"y":293,"width":869,"height":13}},{"id":"3a7dff3e-cab1-494f-bc89-0ed81026e396","block_type":"box","text":"dubious investor protections, and often a dearth of reliable corporate information. Eastern European securities markets are","page_number":48,"box":{"x":89,"y":308,"width":858,"height":13}},{"id":"24cff363-f907-4612-bff0-78bf902713ff","block_type":"box","text":"generally subject to less government supervision and regulation and may be less liquid and more volatile than securities","page_number":48,"box":{"x":89,"y":324,"width":838,"height":12}},{"id":"f7dd3916-aaa8-43f2-a1bb-f515021c986d","block_type":"box","text":"markets in the U.S. or Western European countries. Legal institutions governing private and foreign investments and private","page_number":48,"box":{"x":89,"y":339,"width":863,"height":12}},{"id":"28d438fb-8d71-4512-b579-dc2160c39d87","block_type":"box","text":"property may be relatively nascent, inefficient, and unevenly enforced or inequitably enforced. Certain Eastern European","page_number":48,"box":{"x":89,"y":354,"width":836,"height":12}},{"id":"1bbf6046-a9e6-4b54-a1e6-bb2638e4c752","block_type":"box","text":"governments may exercise substantial influence over many aspects of the private sector and may own or control many","page_number":48,"box":{"x":89,"y":369,"width":832,"height":12}},{"id":"70c1a0f9-12af-4a8b-8960-aed434cb1be6","block_type":"box","text":"companies. Future government actions could have a significant effect on the economic conditions in such countries, which","page_number":48,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"fd414456-3d0b-4453-8f39-45a6b28af773","block_type":"box","text":"could have a negative impact on a Fund’s investments. Information and transaction costs, differential taxes, and sometimes","page_number":48,"box":{"x":89,"y":399,"width":863,"height":13}},{"id":"150fc252-5bf6-4a9f-b7a6-72402b8d925a","block_type":"box","text":"political or transfer risk give a comparative advantage to the domestic investor rather than the foreign investor.","page_number":48,"box":{"x":89,"y":414,"width":772,"height":13}},{"id":"c68c5b46-d05c-4092-b2e3-e2d55001605b","block_type":"box","text":"Eastern European economies may also be particularly susceptible to changes in the international credit markets due to their","page_number":48,"box":{"x":89,"y":441,"width":866,"height":12}},{"id":"53fbf770-6ea4-4b4b-be77-c36d194dd07a","block_type":"box","text":"reliance on bank related inflows of capital. Changes to the economies of countries with substantial foreign direct investment","page_number":48,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"1f90a5ac-8bb7-4b91-99cc-e6c0553d6666","block_type":"box","text":"in certain Eastern European countries may negatively affect the region’s economy. The economy of certain Eastern European","page_number":48,"box":{"x":89,"y":471,"width":870,"height":12}},{"id":"f9395ccb-8fb6-4a46-9f3f-6a7ce29df02d","block_type":"box","text":"countries may be adversely affected by global prices for manufactured goods or commodity price declines to the extent that","page_number":48,"box":{"x":89,"y":486,"width":869,"height":12}},{"id":"ebda9d39-521c-44bf-8b63-00bc4ec36088","block_type":"box","text":"a country relies on the export of such products.","page_number":48,"box":{"x":89,"y":501,"width":331,"height":13}},{"id":"6b82f65d-4cfa-455d-af65-ca666839694d","block_type":"box","text":"Geopolitical events, including war, and other instability in certain Eastern European countries may cause uncertainty in the","page_number":48,"box":{"x":89,"y":528,"width":856,"height":12}},{"id":"771fc4e0-8c00-412c-8365-43e301f0a415","block_type":"box","text":"region’s financial markets and adversely affect the performance of the issuers to which a Fund has exposure. These markets","page_number":48,"box":{"x":89,"y":543,"width":867,"height":12}},{"id":"d78b3177-6d68-4f29-89f9-267d1ba073a1","block_type":"box","text":"may be particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a","page_number":48,"box":{"x":89,"y":558,"width":848,"height":12}},{"id":"149e1259-897d-4d11-8c74-ea4c205d7316","block_type":"box","text":"result of their trading and investment links to the Russian economy and currency. Russia has historically asserted its influence","page_number":48,"box":{"x":89,"y":573,"width":879,"height":12}},{"id":"0471ecf7-704c-4bc1-9a56-b15f878c599a","block_type":"box","text":"in the region using diplomatic, informational, military, and economic instruments of national power, as it did with Georgia in","page_number":48,"box":{"x":89,"y":588,"width":867,"height":12}},{"id":"8cec7f0f-3dbf-4a15-9400-a14a6a4cf006","block_type":"box","text":"the summer of 2008 and Ukraine beginning in 2014, and most recently on February 24, 2022.","page_number":48,"box":{"x":88,"y":603,"width":650,"height":13}},{"id":"6a971582-ca03-451a-a2f7-8d6089e6c40c","block_type":"box","text":"Russian Invasion of Ukraine","page_number":48,"box":{"x":88,"y":630,"width":192,"height":11}},{"id":"d29e21ad-a53b-43df-bcb0-79477eda05fd","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":48,"box":{"x":281,"y":630,"width":680,"height":12}},{"id":"ec89bbb1-e9fc-4b3c-b5d8-f1a5b92416d9","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":48,"box":{"x":89,"y":645,"width":870,"height":12}},{"id":"301bd084-a03a-4bd4-814e-b96108de5aa9","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":48,"box":{"x":88,"y":660,"width":879,"height":12}},{"id":"5defabd7-60b6-4759-84d6-b24e33083390","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":48,"box":{"x":89,"y":675,"width":869,"height":12}},{"id":"98c26d05-4744-49bd-9ea0-022711f51f32","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":48,"box":{"x":89,"y":690,"width":811,"height":13}},{"id":"68b30729-ea10-4361-9534-15d0dd31cb0e","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":48,"box":{"x":89,"y":705,"width":862,"height":13}},{"id":"897b1f42-30f1-4e3e-9d7b-14568a662f18","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":48,"box":{"x":89,"y":720,"width":863,"height":13}},{"id":"c75bc5da-15e2-419e-bd06-8c641ec911b0","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":48,"box":{"x":89,"y":736,"width":879,"height":12}},{"id":"7d89371d-5aed-4edc-a078-6181f2d1dc8e","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":48,"box":{"x":89,"y":751,"width":858,"height":12}},{"id":"49bb1321-6ab5-4406-9541-abed3606e079","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":48,"box":{"x":89,"y":766,"width":468,"height":12}},{"id":"939b387e-f80c-4cb2-a842-4f6a00aee495","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":48,"box":{"x":89,"y":792,"width":276,"height":13}},{"id":"b07c8818-6152-4688-bfc2-d718e8cd1cb4","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":48,"box":{"x":375,"y":792,"width":550,"height":13}},{"id":"3361fd38-1db6-418e-ab42-11cbd9894e11","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":48,"box":{"x":89,"y":807,"width":865,"height":13}},{"id":"4095c68f-847f-4b91-980f-1bad559511e4","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":48,"box":{"x":89,"y":822,"width":868,"height":13}},{"id":"aac2d57f-45fa-4597-8b10-faf5ec15612b","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":48,"box":{"x":89,"y":838,"width":824,"height":12}},{"id":"56b2b023-1e20-4f6b-a7eb-021646daaf1b","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":48,"box":{"x":89,"y":853,"width":854,"height":12}},{"id":"72256043-c09b-45cd-899c-513fff362dc4","block_type":"box","text":"18","page_number":48,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"25fa75b0-9f4b-4115-bcf3-491769836c18","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":49,"box":{"x":89,"y":44,"width":864,"height":12}},{"id":"f53a77e0-5dca-4933-a95a-ec6feb43d716","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":49,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"591b0671-ebfa-4794-92d8-dd11db285407","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":49,"box":{"x":89,"y":74,"width":857,"height":12}},{"id":"79510321-fc66-4fde-8287-f7b89beb9c1b","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":49,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"e96c1b98-34a7-4830-889c-7abb55ce61bc","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":49,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"e5b5658b-2152-4f62-b552-df452edb6fd8","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":49,"box":{"x":89,"y":119,"width":825,"height":13}},{"id":"bfbb0e14-2af6-46f7-80bc-10988b453aab","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":49,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"9d55750d-64d0-4107-9df9-94d7f4ab5abb","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":49,"box":{"x":89,"y":150,"width":868,"height":12}},{"id":"7dab1a1a-d887-4de4-876e-b5bb9c614278","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":49,"box":{"x":89,"y":165,"width":865,"height":12}},{"id":"b1278449-16a1-4819-b1e2-8cb313dc50b7","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":49,"box":{"x":89,"y":180,"width":868,"height":12}},{"id":"22451724-7ed9-4277-ab8e-5e9884bba330","block_type":"box","text":"select investments based on investor protection considerations.","page_number":49,"box":{"x":89,"y":195,"width":444,"height":12}},{"id":"98b4a51b-5ebe-45ac-9400-5aea330f5327","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":49,"box":{"x":89,"y":222,"width":877,"height":12}},{"id":"e892fb4b-ca6f-4440-b0d3-c949ea41b4f7","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":49,"box":{"x":89,"y":237,"width":844,"height":12}},{"id":"6713712b-53ed-4eb4-a44a-ddb4b314e534","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":49,"box":{"x":89,"y":252,"width":829,"height":12}},{"id":"b0e1e547-6235-4f45-b8d0-50e14109bed9","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":49,"box":{"x":89,"y":267,"width":820,"height":12}},{"id":"87d7975b-e8c3-4a02-bf75-a59b854faeb8","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":49,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"bd87b997-7c3c-4521-a580-55d5231be5cd","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":49,"box":{"x":89,"y":297,"width":856,"height":12}},{"id":"db2bfe14-25c5-44f4-96a9-a8dcd1151204","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":49,"box":{"x":89,"y":312,"width":844,"height":13}},{"id":"0dea885e-eeac-46d7-afca-fd28364e3557","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":49,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"18bc21e8-4ae1-416e-9ad7-631dbfd4df9c","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":49,"box":{"x":88,"y":342,"width":876,"height":13}},{"id":"97a37fcb-48e0-4067-a2fc-a247ff9f56a5","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":49,"box":{"x":89,"y":358,"width":803,"height":12}},{"id":"0ffb61d9-0795-4eab-9785-0df9e5130f00","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":49,"box":{"x":89,"y":373,"width":830,"height":12}},{"id":"db1c22f0-097c-4f82-aefc-7dd8e3d9933e","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":49,"box":{"x":89,"y":388,"width":854,"height":12}},{"id":"329c6789-f6b8-4903-ae00-bc039bf1e0bb","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":49,"box":{"x":89,"y":403,"width":843,"height":12}},{"id":"5711d785-5169-4147-82f8-63a43a6691e5","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":49,"box":{"x":89,"y":418,"width":871,"height":12}},{"id":"5e5eb4ef-03d9-4b14-ae8f-2688c115dc06","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":49,"box":{"x":89,"y":433,"width":707,"height":13}},{"id":"9b67fea4-d462-4e83-adb1-e8adafefa305","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":49,"box":{"x":89,"y":460,"width":826,"height":12}},{"id":"01dc7d24-b3c7-4f45-88d4-3596db9453c2","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":49,"box":{"x":89,"y":475,"width":835,"height":12}},{"id":"6329e85e-a410-40dc-bf16-757522c5cda3","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":49,"box":{"x":89,"y":490,"width":812,"height":12}},{"id":"58bc4d2b-26fe-4a65-874d-63b4cdf05f51","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":49,"box":{"x":88,"y":505,"width":849,"height":12}},{"id":"694e30e8-f740-463e-bdc0-0469c888427d","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":49,"box":{"x":89,"y":520,"width":868,"height":12}},{"id":"e616835f-130a-4360-a2b0-dc3c9ced9da0","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":49,"box":{"x":88,"y":535,"width":546,"height":13}},{"id":"e7d9bb54-a24a-4f24-a9e8-08406c99260e","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":49,"box":{"x":89,"y":562,"width":834,"height":12}},{"id":"da80ff95-0472-4639-9575-93a9a81a694d","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":49,"box":{"x":88,"y":577,"width":871,"height":12}},{"id":"703c08c9-71b6-4524-98b8-e83ce5ea62a9","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":49,"box":{"x":89,"y":592,"width":841,"height":12}},{"id":"823f6327-0cce-4728-94b5-cd3abcbc62f1","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":49,"box":{"x":89,"y":607,"width":827,"height":12}},{"id":"922fb5b5-d032-458f-844e-b1ea56a836d3","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":49,"box":{"x":89,"y":622,"width":859,"height":12}},{"id":"afcc05a2-fea3-4bb0-8e58-4571a85676a0","block_type":"box","text":"by nationals.","page_number":49,"box":{"x":89,"y":637,"width":87,"height":13}},{"id":"41d32eee-acbc-41f1-a17f-09afaeb965ed","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":49,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"b34137d6-c66d-4a4e-bbc9-8080e0235672","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":49,"box":{"x":89,"y":679,"width":854,"height":12}},{"id":"a2d753c8-2f69-4909-8bd4-d36bdbd9d3fd","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":49,"box":{"x":89,"y":694,"width":870,"height":12}},{"id":"f0806798-08fc-43e8-8418-3696a235bb0d","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":49,"box":{"x":89,"y":709,"width":743,"height":12}},{"id":"a4be27f6-59cc-40e1-a822-07157527dd37","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":49,"box":{"x":89,"y":724,"width":800,"height":13}},{"id":"2a8a4ff2-6373-43cf-bf9d-6d4621d7fafc","block_type":"box","text":"imposition of trade barriers.","page_number":49,"box":{"x":89,"y":739,"width":193,"height":13}},{"id":"77f1a4e1-a1d3-401d-bb26-2e2534bd2761","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":49,"box":{"x":88,"y":766,"width":862,"height":12}},{"id":"acf5ebf7-b60e-4bad-a5d9-b76835754508","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":49,"box":{"x":88,"y":781,"width":861,"height":12}},{"id":"ef1316e7-dd28-4ca8-919c-b228f5d4bf4a","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":49,"box":{"x":89,"y":796,"width":394,"height":12}},{"id":"8bd55aff-c8fa-496e-a13e-d11907d8d4ab","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":49,"box":{"x":89,"y":822,"width":860,"height":13}},{"id":"c95c9ac3-c49a-4622-b3a0-d5ed48e90c07","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":49,"box":{"x":89,"y":838,"width":834,"height":12}},{"id":"478b5a50-3904-4a09-a3af-dffbac65fa1e","block_type":"box","text":"difficult to conduct such transactions.","page_number":49,"box":{"x":89,"y":853,"width":264,"height":9}},{"id":"d268a689-35d8-4201-bd39-129b2e448f61","block_type":"box","text":"19","page_number":49,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"24bb0f42-aaa2-47a6-8d46-fbb477929141","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":50,"box":{"x":89,"y":44,"width":822,"height":12}},{"id":"66305fee-f8c9-4fcc-82ec-858bba4fd592","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":50,"box":{"x":89,"y":59,"width":849,"height":12}},{"id":"4fa4fb36-5559-4d56-99fb-7163f2a26c72","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":50,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"92804ab6-cbf0-42cd-bf26-75a865df57aa","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":50,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"bc7e5115-f3c3-4296-b135-477f0498856c","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":50,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"28e055e0-2447-42e6-928e-eb8ebf384857","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":50,"box":{"x":88,"y":119,"width":856,"height":13}},{"id":"5a0cf215-cdcc-469b-9d5d-491b086dd087","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":50,"box":{"x":89,"y":135,"width":838,"height":12}},{"id":"b83f3b01-0ea7-405d-8c39-5abe09caf151","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":50,"box":{"x":89,"y":150,"width":853,"height":12}},{"id":"4c346a2c-818b-4872-b287-d57430418310","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":50,"box":{"x":88,"y":165,"width":829,"height":12}},{"id":"df5c42fe-8f7d-4cf3-8d24-127bf1e0140e","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":50,"box":{"x":89,"y":180,"width":404,"height":12}},{"id":"e8dc759a-1151-469a-ba66-badc904e6961","block_type":"box","text":"Risk of Investing in Europe.","page_number":50,"box":{"x":89,"y":206,"width":194,"height":13}},{"id":"e6f9c524-6de7-4553-8cd6-e246ef26a759","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":50,"box":{"x":293,"y":206,"width":656,"height":13}},{"id":"3a8b860c-4fc6-4bc1-ab58-a74e70d9ea6b","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":50,"box":{"x":88,"y":222,"width":838,"height":12}},{"id":"6b248932-96cf-4d80-b7b6-710effebbf97","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":50,"box":{"x":89,"y":237,"width":865,"height":12}},{"id":"dfe70ead-fb58-44c1-9197-691d7d229ac3","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":50,"box":{"x":89,"y":252,"width":822,"height":12}},{"id":"b41849f9-7e36-455a-94b0-829a107e9a8f","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":50,"box":{"x":89,"y":267,"width":877,"height":12}},{"id":"bd46125c-2dce-4eae-a345-67ecea43458c","block_type":"box","text":"number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) and have","page_number":50,"box":{"x":89,"y":282,"width":825,"height":12}},{"id":"d6e795ae-b6cd-4f45-b7da-ccd6cab2da29","block_type":"box","text":"adopted the euro as their currency. Eurozone membership requires member states to comply with restrictions on inflation","page_number":50,"box":{"x":89,"y":297,"width":851,"height":12}},{"id":"ca2dd2ba-82d2-4906-b5b2-76a7f0adc277","block_type":"box","text":"rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every","page_number":50,"box":{"x":89,"y":312,"width":822,"height":13}},{"id":"7bb726a1-898c-4a8b-8261-6355f473fcb2","block_type":"box","text":"country in Europe. Changes in import or export tariffs, changes in governmental or EU regulations on trade, changes in the","page_number":50,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"0b26973c-a9bd-437f-9350-0025123cfdd1","block_type":"box","text":"exchange rate of the euro and other currencies of certain EU countries which are not in the eurozone, the default or threat of","page_number":50,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"dd183b8a-a8cf-45b8-88d8-ceb6b9b61411","block_type":"box","text":"default by an EU member state on its sovereign debt, and/or an economic recession in an EU member state may have a","page_number":50,"box":{"x":89,"y":358,"width":834,"height":12}},{"id":"bc9b2dbb-18c7-4f8a-8d25-6cb040229e14","block_type":"box","text":"significant adverse effect on the economies of other EU member states and their trading partners. Although certain European","page_number":50,"box":{"x":89,"y":373,"width":876,"height":12}},{"id":"1ec4a0b5-a2bd-481f-a8ce-9a948dbfa320","block_type":"box","text":"countries are not in the eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":50,"box":{"x":89,"y":388,"width":802,"height":12}},{"id":"a0017bb0-bfb2-4e87-b557-102a59d17cc5","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":50,"box":{"x":89,"y":414,"width":870,"height":13}},{"id":"a1600933-4ff4-4d1b-8abd-c6b37a4ca8ca","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":50,"box":{"x":89,"y":429,"width":831,"height":13}},{"id":"49568914-4601-4eda-8371-3727b40c92bd","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":50,"box":{"x":89,"y":445,"width":850,"height":12}},{"id":"a1a00c8b-1def-4e54-9e8b-88b02c05e543","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":50,"box":{"x":89,"y":460,"width":812,"height":12}},{"id":"e2703bd8-8820-42f0-9d7e-3dbdeb8a8377","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":50,"box":{"x":89,"y":475,"width":814,"height":12}},{"id":"8c899613-7d5d-4e73-96c9-184acec553ab","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":50,"box":{"x":89,"y":490,"width":871,"height":12}},{"id":"818f6e21-cc8f-45eb-ab2e-fec8a25910f0","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":50,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"934165d3-3c56-488c-9ba2-1f31f5b9c65f","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":50,"box":{"x":89,"y":520,"width":862,"height":12}},{"id":"94bfe4f2-b405-403e-a0a5-4e03068d8ff8","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":50,"box":{"x":89,"y":535,"width":871,"height":13}},{"id":"9f6607d9-c5d8-4dd8-aaba-a828b9049e36","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":50,"box":{"x":88,"y":550,"width":860,"height":13}},{"id":"9e74af51-d674-4824-a468-cea114f93cb8","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":50,"box":{"x":89,"y":565,"width":857,"height":13}},{"id":"9f211398-fd07-4d80-9e19-7994d3366c0b","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":50,"box":{"x":89,"y":581,"width":871,"height":12}},{"id":"cd8ac650-5942-44d2-97ac-f3bbcb766b6a","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":50,"box":{"x":89,"y":596,"width":864,"height":12}},{"id":"4977effc-5fb8-47ca-83ed-d9228783ece5","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":50,"box":{"x":89,"y":611,"width":796,"height":12}},{"id":"dc09111f-94e8-47c1-87e5-0a2b9510a0bb","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":50,"box":{"x":89,"y":626,"width":850,"height":12}},{"id":"a3f5df01-e3e4-46c4-a9e6-9ac1e6063b2c","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":50,"box":{"x":89,"y":641,"width":856,"height":12}},{"id":"357031e5-f528-4d64-a996-21264acb0d0f","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":50,"box":{"x":89,"y":656,"width":816,"height":13}},{"id":"b2987339-0447-4756-8c01-196a6a55ca97","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":50,"box":{"x":88,"y":683,"width":813,"height":12}},{"id":"fd16f7c6-9064-4bb0-a73c-67fbb48c264e","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":50,"box":{"x":88,"y":698,"width":802,"height":12}},{"id":"32e9efdc-6c02-44d0-aa51-364ecf73982a","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":50,"box":{"x":89,"y":713,"width":382,"height":12}},{"id":"856729d7-3dce-4c35-918f-4ca82c9eed5a","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":50,"box":{"x":89,"y":739,"width":863,"height":13}},{"id":"7d241080-786d-4a61-aef3-55e9fe557142","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":50,"box":{"x":88,"y":754,"width":849,"height":13}},{"id":"bdb641f3-2361-4946-b481-ac1a880045b9","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":50,"box":{"x":89,"y":770,"width":872,"height":12}},{"id":"324946a2-485b-4da6-85be-7e9fe391005c","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":50,"box":{"x":89,"y":785,"width":818,"height":12}},{"id":"06ddf2f3-6baa-4ae3-a3e2-e3ce98e961e8","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":50,"box":{"x":89,"y":800,"width":845,"height":12}},{"id":"9d44d5d2-ec74-4b81-a3f1-ca0cde32f270","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":50,"box":{"x":89,"y":815,"width":873,"height":12}},{"id":"4a95252e-274c-488c-8722-71787ba28ea2","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":50,"box":{"x":88,"y":830,"width":876,"height":12}},{"id":"13b2a1a3-16b4-419b-a571-7df41f057761","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":50,"box":{"x":88,"y":845,"width":328,"height":12}},{"id":"b929bf26-ab42-443a-870b-deb6054da591","block_type":"box","text":"20","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"972e3e3b-9ab5-4833-baa1-b0ab8a90a0b3","block_type":"box","text":"Russian Invasion of Ukraine","page_number":51,"box":{"x":88,"y":44,"width":192,"height":11}},{"id":"d069a17d-f502-4ab9-a92a-2f8ab612398d","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":51,"box":{"x":281,"y":44,"width":680,"height":12}},{"id":"1d3b5567-e3e5-4180-b20c-ae831ea11f99","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":51,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"3e4b8e05-c674-4566-8e5a-2e82bc4d1aca","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":51,"box":{"x":88,"y":74,"width":879,"height":12}},{"id":"4b277dff-0588-47b1-a7c0-b6e433df26cd","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":51,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"b947d076-7561-4c86-b606-0d841685234e","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":51,"box":{"x":89,"y":104,"width":811,"height":13}},{"id":"0ec171f8-94dc-4b1a-bc3d-04cc80143218","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":51,"box":{"x":89,"y":119,"width":862,"height":13}},{"id":"d99329eb-9277-47c3-a8ab-31c875968308","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":51,"box":{"x":89,"y":135,"width":863,"height":12}},{"id":"e22cae36-165e-4d75-9000-8ddc9564e8e1","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":51,"box":{"x":89,"y":150,"width":879,"height":12}},{"id":"126db534-b3f3-4dc6-86b4-612a684b67f4","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":51,"box":{"x":89,"y":165,"width":858,"height":12}},{"id":"c1ef25a0-a57a-41de-823d-8d383e01d8fd","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":51,"box":{"x":89,"y":180,"width":468,"height":12}},{"id":"f841c763-b073-4d20-8669-9610e6182a6b","block_type":"box","text":"Risk of Investing in Finland.","page_number":51,"box":{"x":89,"y":206,"width":197,"height":13}},{"id":"82083d50-7a87-4dcc-acb2-f29d70880fb3","block_type":"box","text":"Investment in Finnish issuers involves risks that are specific to Finland, including, legal,","page_number":51,"box":{"x":296,"y":206,"width":604,"height":13}},{"id":"ffc8184c-21de-44c5-8b0a-32d59af3c42e","block_type":"box","text":"regulatory, political, currency, security and economic risks. Finland’s economy, among other things, depends on imported raw","page_number":51,"box":{"x":89,"y":222,"width":879,"height":12}},{"id":"8cb1341b-84ae-4f75-bb33-97068ae69fbe","block_type":"box","text":"materials, energy and components for its manufactured products. As a result, Finland is dependent on trading relationships","page_number":51,"box":{"x":89,"y":237,"width":864,"height":12}},{"id":"27c3c481-bed9-4d1e-b83f-edf927e804c4","block_type":"box","text":"with certain key trading partners, including other EU countries, Russia, China and the U.S. Metals, engineering and timber are","page_number":51,"box":{"x":88,"y":252,"width":876,"height":12}},{"id":"7e210298-ca7c-4932-88f2-77f7271eeec9","block_type":"box","text":"Finland’s main industries, and major exports include electronics and machinery. Finland’s reliance on these sectors makes it","page_number":51,"box":{"x":89,"y":267,"width":865,"height":12}},{"id":"45c9ec55-4002-4b67-aa15-66ffe9ec1161","block_type":"box","text":"vulnerable to economic downturns in, among other sectors, the technology and industrials sectors. Secessionist movements","page_number":51,"box":{"x":88,"y":282,"width":873,"height":12}},{"id":"b320b6c9-4d25-42dc-a158-4152fe277c91","block_type":"box","text":"in certain European countries, such as the Catalan movement in Spain and the independence movement in Scotland, may","page_number":51,"box":{"x":89,"y":297,"width":852,"height":12}},{"id":"f78fc731-f57f-4054-b946-d12cb0897311","block_type":"box","text":"have an adverse effect on the Finnish economy.","page_number":51,"box":{"x":89,"y":312,"width":329,"height":13}},{"id":"cb9dece5-c40f-46d5-914c-b03e56607c6d","block_type":"box","text":"Risk of Investing in Germany.","page_number":51,"box":{"x":89,"y":339,"width":208,"height":12}},{"id":"5bd4f069-84c7-4dbf-8190-71a69add99bf","block_type":"box","text":"Investment in German issuers will subject a Fund to legal, regulatory, political, currency,","page_number":51,"box":{"x":307,"y":339,"width":611,"height":12}},{"id":"affff84f-686a-4942-a815-0e8e147d1644","block_type":"box","text":"security, and economic risks specific to Germany. Ongoing concerns in relation to the economic health of the EU continue to","page_number":51,"box":{"x":89,"y":354,"width":871,"height":12}},{"id":"87293d18-7ec0-4613-9647-3b65caf96446","block_type":"box","text":"constrain the economic resilience of certain EU member states, including Germany. Germany has a large export-reliant","page_number":51,"box":{"x":89,"y":369,"width":829,"height":12}},{"id":"050c64cd-6949-447f-aa87-16f9b97cbc90","block_type":"box","text":"manufacturing and industrials sector and the German economy is dependent to a significant extent on the economies of","page_number":51,"box":{"x":89,"y":384,"width":847,"height":12}},{"id":"f15fb032-ed63-4454-84b4-87729681b0ef","block_type":"box","text":"certain key trading partners, including the U.S., France, Italy and other European countries. Reduction in spending on German","page_number":51,"box":{"x":89,"y":399,"width":876,"height":13}},{"id":"355288d0-7ece-4e69-b1cd-36eaca09b630","block_type":"box","text":"products and services, or changes in any of the economies may have an adverse impact on the German economy. In addition,","page_number":51,"box":{"x":89,"y":414,"width":878,"height":13}},{"id":"9405da81-f220-48de-845f-d7531cbbe012","block_type":"box","text":"heavy regulation of labor and product markets in Germany may have an adverse effect on German issuers. Such regulations","page_number":51,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"42dcad82-3fbe-40ab-b30b-d1b3a7cc2dae","block_type":"box","text":"may negatively impact economic growth or cause prolonged periods of recession.","page_number":51,"box":{"x":89,"y":445,"width":573,"height":12}},{"id":"0248da8a-ec22-4fea-98b5-823d6f57bf9f","block_type":"box","text":"Risk of Investing in Indonesia.","page_number":51,"box":{"x":89,"y":471,"width":214,"height":12}},{"id":"124ff221-e0c1-44d6-982e-1e3e2406a64a","block_type":"box","text":"Investment in securities of Indonesian issuers involves risks not typically associated with","page_number":51,"box":{"x":313,"y":471,"width":616,"height":12}},{"id":"7dd14803-eb33-434f-b0ce-d90702b3df97","block_type":"box","text":"investments in securities of issuers in developed countries. Such heightened risks include, among others, expropriation","page_number":51,"box":{"x":89,"y":486,"width":832,"height":12}},{"id":"0f40894d-e72f-4c8d-b34b-405a2ef7b8ae","block_type":"box","text":"and/or nationalization of assets, confiscatory taxation, political instability, including authoritarian and/or military","page_number":51,"box":{"x":89,"y":501,"width":791,"height":13}},{"id":"9f03cc06-2df4-4142-8b3e-1f2fb933841f","block_type":"box","text":"involvement in governmental decision-making, armed conflict and social instability as a result of religious, ethnic and/or","page_number":51,"box":{"x":89,"y":516,"width":843,"height":13}},{"id":"0fdabe50-eb20-4b54-8d33-e9f4a6b19f4c","block_type":"box","text":"socioeconomic unrest.","page_number":51,"box":{"x":89,"y":532,"width":157,"height":9}},{"id":"f1ac6244-e38a-4c9f-8417-626e89e5c837","block_type":"box","text":"The securities market of Indonesia is considered an emerging market characterized by a small number of listed companies,","page_number":51,"box":{"x":88,"y":558,"width":860,"height":12}},{"id":"4a9e63bf-5b90-40e9-ab13-708d91b0ae48","block_type":"box","text":"high price volatility and a relatively illiquid secondary trading market. These factors, coupled with restrictions on foreign","page_number":51,"box":{"x":89,"y":573,"width":836,"height":12}},{"id":"e6167ab8-84a0-45e4-8e0c-b5e34696512d","block_type":"box","text":"investment and other factors, limit the supply of securities available for investment by a Fund. This will affect the rate at","page_number":51,"box":{"x":89,"y":588,"width":835,"height":12}},{"id":"e7722d89-da2a-4858-8d0f-b121496c30e7","block_type":"box","text":"which a Fund is able to invest in Indonesia, the purchase and sale prices for such securities and the timing of purchases and","page_number":51,"box":{"x":88,"y":603,"width":867,"height":13}},{"id":"928c077a-94c5-4184-a37e-719b770d8fbd","block_type":"box","text":"sales.","page_number":51,"box":{"x":89,"y":618,"width":36,"height":10}},{"id":"caffb16d-c0cf-4ea8-8bb3-91906957a833","block_type":"box","text":"Indonesia’s political institutions and democracy have a relatively short history, increasing the risk of political instability. In the","page_number":51,"box":{"x":89,"y":645,"width":871,"height":12}},{"id":"73baadb5-07ff-4b7a-a7bd-2da4ba3e6b22","block_type":"box","text":"recent past, Indonesia has faced political and militant unrest, and further unrest could present a risk to the local economy","page_number":51,"box":{"x":89,"y":660,"width":850,"height":12}},{"id":"33831dec-8e79-460c-95bf-44df14035aa0","block_type":"box","text":"and securities markets. Indonesia has also experienced acts of terrorism, predominantly targeted at foreigners, which has","page_number":51,"box":{"x":89,"y":675,"width":849,"height":12}},{"id":"a1d304ff-497c-40a4-99b5-0fbbc023660a","block_type":"box","text":"had a negative impact on tourism and consequently has negatively impacted the economy of Indonesia. Corruption and the","page_number":51,"box":{"x":89,"y":690,"width":867,"height":13}},{"id":"44a48297-b7d8-4b48-ac39-f6e072330394","block_type":"box","text":"perceived lack of a rule of law in dealings with international companies may discourage foreign direct investment and could","page_number":51,"box":{"x":89,"y":705,"width":864,"height":13}},{"id":"4da1976c-e815-4033-afea-1a0da63a3bc1","block_type":"box","text":"negatively impact the long-term growth of the economy of Indonesia. In addition, many economic development problems","page_number":51,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"dd86541b-5d53-4c35-bf79-03d7fc56ea59","block_type":"box","text":"remain, including high unemployment, a fragile banking sector, endemic corruption, inadequate infrastructure, a poor","page_number":51,"box":{"x":89,"y":736,"width":825,"height":12}},{"id":"7a3b3eb8-c2f9-44de-982e-913122456d69","block_type":"box","text":"investment climate, and unequal resource distribution among regions.","page_number":51,"box":{"x":89,"y":751,"width":491,"height":12}},{"id":"0d514a87-7bf8-43ab-bc41-63c7f28bf9cd","block_type":"box","text":"The Indonesian economy is dependent on a range of commodities including oil, natural gas and coal. Accordingly, it is","page_number":51,"box":{"x":88,"y":777,"width":827,"height":12}},{"id":"1efd88ee-95ba-4b7d-af1d-0ccdd7b04512","block_type":"box","text":"strongly affected by international commodity prices and is particularly vulnerable to any weakening in global demand for","page_number":51,"box":{"x":89,"y":792,"width":844,"height":13}},{"id":"c46e210a-32e9-4ab2-a043-d9fbf262783b","block_type":"box","text":"these products. Any acts of terrorism or armed conflicts in Indonesia or internationally could have an adverse effect on the","page_number":51,"box":{"x":88,"y":807,"width":857,"height":13}},{"id":"cac52f14-e797-44cd-951b-494397e86847","block_type":"box","text":"financial and commodities markets and the global economy.","page_number":51,"box":{"x":88,"y":822,"width":422,"height":13}},{"id":"71a11b0b-b53a-4427-81a5-5c8436cdca5b","block_type":"box","text":"The Indonesian government plays a significant role in Indonesia’s economy, including administering prices on several basic","page_number":51,"box":{"x":88,"y":849,"width":861,"height":12}},{"id":"54c99553-dee2-4a7d-b680-80a63e6ff23f","block_type":"box","text":"goods, including fuel, rice and electricity. The Indonesian government may exercise substantial influence over many aspects","page_number":51,"box":{"x":89,"y":864,"width":865,"height":12}},{"id":"9a6f9151-13cd-4d36-927a-bae37a3a9f2b","block_type":"box","text":"21","page_number":51,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"a461e1e1-5b67-4bcf-a3b1-e4cf5a7e914e","block_type":"box","text":"of the private sector and may own or control many companies. Future government actions could have a significant effect on","page_number":52,"box":{"x":89,"y":44,"width":868,"height":12}},{"id":"72eaf08a-934d-46b5-9c32-2166c47f3b91","block_type":"box","text":"the economic conditions in Indonesia, which could have a negative impact on private sector companies. There is also the","page_number":52,"box":{"x":88,"y":59,"width":848,"height":12}},{"id":"4b757f64-ead6-4db0-8f3f-ad999d203397","block_type":"box","text":"possibility of diplomatic developments that could adversely affect investments in Indonesia.","page_number":52,"box":{"x":89,"y":74,"width":640,"height":12}},{"id":"5a759529-ac59-4f82-918d-a914e590014f","block_type":"box","text":"The market for Indonesian securities is directly influenced by the flow of international capital, and economic and market","page_number":52,"box":{"x":88,"y":101,"width":841,"height":12}},{"id":"6c5aa332-80f5-429b-a843-5c8798405a16","block_type":"box","text":"conditions of certain countries, especially emerging market countries in Southeastern Asia. Adverse economic conditions or","page_number":52,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"8467cd62-2bd2-430a-8b62-e937a13946e3","block_type":"box","text":"developments in other emerging market countries have at times significantly affected the availability of credit in the","page_number":52,"box":{"x":89,"y":131,"width":808,"height":12}},{"id":"ce6abccb-a0b8-4699-93ee-06ff49bd84cc","block_type":"box","text":"Indonesian economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested","page_number":52,"box":{"x":89,"y":146,"width":870,"height":12}},{"id":"02950a28-dfe4-471d-a2fe-8d4092af8935","block_type":"box","text":"in Indonesia. A crisis in neighboring emerging market countries also may increase investors’ perception of risk in Indonesia,","page_number":52,"box":{"x":89,"y":161,"width":863,"height":12}},{"id":"0c8618a6-a7e8-46fc-83c1-98287ca309fe","block_type":"box","text":"which may adversely impact the market value of the securities issued by Indonesian companies, including securities in which","page_number":52,"box":{"x":88,"y":176,"width":875,"height":13}},{"id":"a7d1c216-d2d1-4cd6-8e8f-b63b99e55caf","block_type":"box","text":"a Fund may invest.","page_number":52,"box":{"x":89,"y":191,"width":129,"height":13}},{"id":"612f79d9-3ba8-4cd7-bba0-d091f9a6bf97","block_type":"box","text":"Risk of Investing in Ireland.","page_number":52,"box":{"x":89,"y":218,"width":194,"height":12}},{"id":"eaa67f29-a9df-41a4-87cf-b313d522af83","block_type":"box","text":"Investing in securities of companies domiciled in Ireland involves special considerations not","page_number":52,"box":{"x":293,"y":218,"width":638,"height":12}},{"id":"535d78a0-62a2-4130-84e3-98fb389d3710","block_type":"box","text":"typically associated with investing in the U.S. market. Such heightened risks include, among others, ongoing sectarian","page_number":52,"box":{"x":88,"y":233,"width":825,"height":12}},{"id":"ae040fcc-52fa-4f4c-8f1b-4d4abefdfbd6","block_type":"box","text":"conflict, social instability as a result of religious, ethnic and/or socioeconomic unrest, potential armed conflict and/or threats","page_number":52,"box":{"x":89,"y":248,"width":875,"height":12}},{"id":"fd23813b-3561-4609-bd40-3095d55c1cf6","block_type":"box","text":"of terrorism within the country, continued lack of unification as a country, and internal hostile relations, all which can","page_number":52,"box":{"x":89,"y":263,"width":818,"height":12}},{"id":"34642a99-8c3e-4eb7-86d5-ece569c4bfcc","block_type":"box","text":"adversely impact the Irish economy. Consumer indebtedness in Ireland has been high and increasing in recent years, leading","page_number":52,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"7d63f381-a877-4b85-a077-d633584fa228","block_type":"box","text":"to concern with respect to overall economic growth in Ireland.","page_number":52,"box":{"x":88,"y":293,"width":435,"height":13}},{"id":"fb065012-52d6-44ac-a928-f77bc4706d5e","block_type":"box","text":"Ireland relies heavily on exports to its key trading partners that include the other members of the EU and the U.S. Reduction in","page_number":52,"box":{"x":89,"y":320,"width":878,"height":12}},{"id":"170cf127-d559-4baa-803a-908815745a97","block_type":"box","text":"spending by these economies on Irish products and services or negative changes in any of these economies may cause an","page_number":52,"box":{"x":89,"y":335,"width":854,"height":12}},{"id":"bdd6c05b-e930-4235-af32-57d270310f5f","block_type":"box","text":"adverse impact on the Irish economy. Any changes in the price or demand for Irish exports could adversely impact Ireland’s","page_number":52,"box":{"x":89,"y":350,"width":862,"height":12}},{"id":"dad3aa73-0bb3-4573-af84-62f462a9f704","block_type":"box","text":"economy. Ireland’s economy may also be negatively affected if trade barriers, exchange controls, or other protectionist","page_number":52,"box":{"x":89,"y":365,"width":828,"height":12}},{"id":"664d0d39-46cd-4aa8-9a20-20506f8fdb15","block_type":"box","text":"measures are imposed or negotiated by the countries with which they trade.","page_number":52,"box":{"x":89,"y":380,"width":534,"height":13}},{"id":"18496eee-9295-426a-b35e-421f1714abea","block_type":"box","text":"As a member of the EU, Ireland is heavily dependent on the other member states both economically and politically. The","page_number":52,"box":{"x":88,"y":407,"width":834,"height":12}},{"id":"26dfdda6-738b-4f7c-bfe0-c7da26df4c7a","block_type":"box","text":"referendum by the U.K. in June 2016 resolving to leave the EU may have an adverse impact on a Fund and its shareholders.","page_number":52,"box":{"x":89,"y":422,"width":852,"height":12}},{"id":"ff3f44cb-1bae-4104-be31-2e0b687f9cfb","block_type":"box","text":"The European Central Bank has control over each member country’s monetary policies, including inflation rates, deficit levels,","page_number":52,"box":{"x":88,"y":437,"width":878,"height":12}},{"id":"b9986039-f7a6-44f3-98d5-e9012ee0da37","block_type":"box","text":"interest rates, debt levels and fiscal and monetary controls. However, the Irish government has retained the authority to set","page_number":52,"box":{"x":89,"y":452,"width":859,"height":12}},{"id":"63af1206-0777-495f-9895-2c2e9a3b8cd7","block_type":"box","text":"tax and spending policies and public debt levels. Any event within the EU, including economic and political developments,","page_number":52,"box":{"x":88,"y":467,"width":853,"height":13}},{"id":"361b346e-eb17-4376-b85d-11ef8f7290cc","block_type":"box","text":"can cause market disruptions, and can adversely affect the values of securities held by a Fund.","page_number":52,"box":{"x":89,"y":482,"width":657,"height":13}},{"id":"292f3ab2-8e46-41e2-8371-648055b467c2","block_type":"box","text":"Risk of Investing in Japan.","page_number":52,"box":{"x":89,"y":509,"width":184,"height":12}},{"id":"f65a4c4e-c010-45ad-818e-ed9a19505b8a","block_type":"box","text":"Japan may be subject to political, economic, labor and other risks. Any of these risks, individually","page_number":52,"box":{"x":281,"y":509,"width":676,"height":12}},{"id":"1a4716f9-6044-45fa-8f2e-298d2b09212c","block_type":"box","text":"or in the aggregate, can impact an investment made in Japan.","page_number":52,"box":{"x":89,"y":524,"width":429,"height":12}},{"id":"a82cfa2e-ddcb-4fc7-a8dc-87c32b31c5e6","block_type":"box","text":"Currency Risk","page_number":52,"box":{"x":89,"y":550,"width":95,"height":13}},{"id":"0b77a789-4c29-40bc-8494-256745fe15ce","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":52,"box":{"x":184,"y":550,"width":763,"height":13}},{"id":"bfff5eb2-5386-451f-8d8c-e1b21cefe771","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":52,"box":{"x":88,"y":565,"width":863,"height":13}},{"id":"55992417-ddbe-4ce3-b5de-b37d4c2c9e34","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":52,"box":{"x":89,"y":581,"width":852,"height":12}},{"id":"ae001c4b-5c75-4ea6-bf3d-37a5c26c1b34","block_type":"box","text":"sharply and unpredictably and could cause losses to investors.","page_number":52,"box":{"x":89,"y":596,"width":436,"height":12}},{"id":"32c91e73-0658-4a5b-8765-1b9847f90f1b","block_type":"box","text":"Economic Risk","page_number":52,"box":{"x":88,"y":622,"width":101,"height":10}},{"id":"0e3c086b-983e-4d06-b148-bae05d941ae3","block_type":"box","text":". The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed","page_number":52,"box":{"x":190,"y":622,"width":752,"height":12}},{"id":"31d695f9-ca06-41f8-8d08-d622ab5c6992","block_type":"box","text":"economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":52,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"b4fc0c08-408d-4ac9-bb8b-bbdd93db4eb5","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":52,"box":{"x":89,"y":652,"width":857,"height":13}},{"id":"e61ce9ab-abe7-4b38-9dc2-f1568e77a09c","block_type":"box","text":"affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions","page_number":52,"box":{"x":89,"y":668,"width":863,"height":12}},{"id":"927791f6-0549-4e49-9daa-de3a6c0be724","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":52,"box":{"x":89,"y":683,"width":853,"height":12}},{"id":"f9718784-a0c0-44f2-9afd-4db444a36ea8","block_type":"box","text":"negative impact on the Japanese economy.","page_number":52,"box":{"x":89,"y":698,"width":298,"height":12}},{"id":"4da9d269-a05d-43d5-816c-29a01fd156e0","block_type":"box","text":"Geographic Risk","page_number":52,"box":{"x":89,"y":724,"width":113,"height":13}},{"id":"862576fc-8d16-45ac-bc77-d845f4d172dd","block_type":"box","text":". Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or","page_number":52,"box":{"x":202,"y":724,"width":756,"height":13}},{"id":"0322257b-7ee7-4d8e-bf99-35cafa65927e","block_type":"box","text":"surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect a Fund.","page_number":52,"box":{"x":89,"y":739,"width":790,"height":13}},{"id":"3d5bb827-8d59-412b-90af-28a012ba6ada","block_type":"box","text":"Labor Risk","page_number":52,"box":{"x":88,"y":766,"width":74,"height":9}},{"id":"a3e9bc84-35f3-4e13-8475-b59272727bc6","block_type":"box","text":". Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor","page_number":52,"box":{"x":162,"y":766,"width":791,"height":12}},{"id":"6c33f1fa-4e01-4850-9bc4-b7de2a679b21","block_type":"box","text":"market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime","page_number":52,"box":{"x":89,"y":781,"width":845,"height":12}},{"id":"9eefd9cd-5151-45af-bb9e-6d83f682c53e","block_type":"box","text":"employment adjusts to meet the need for increased labor mobility, which may adversely affect Japan’s economic","page_number":52,"box":{"x":89,"y":796,"width":786,"height":12}},{"id":"09418418-598e-48a8-93dd-4ccbbd0d990f","block_type":"box","text":"competitiveness.","page_number":52,"box":{"x":89,"y":812,"width":116,"height":11}},{"id":"95d2a906-3769-4a0b-990a-951d56d97221","block_type":"box","text":"Large Government and Corporate Debt Risk","page_number":52,"box":{"x":88,"y":838,"width":306,"height":12}},{"id":"8187d5fd-a8e7-42ee-b3ce-16c2c250b348","block_type":"box","text":". The Japanese economy faces several concerns, including a financial system with","page_number":52,"box":{"x":394,"y":838,"width":568,"height":12}},{"id":"f97d87f1-0dce-4b07-b7fa-858e9d2e970a","block_type":"box","text":"large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major","page_number":52,"box":{"x":89,"y":853,"width":799,"height":12}},{"id":"bca9853d-91c6-4703-bac2-63357f23c409","block_type":"box","text":"22","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"30826087-cf7e-4e3c-a123-c4cf459632a7","block_type":"box","text":"corporations, a changing corporate governance structure, and large government deficits. These issues may cause a","page_number":53,"box":{"x":89,"y":44,"width":806,"height":12}},{"id":"b51f87c2-e2a4-4d88-83d2-505971322232","block_type":"box","text":"slowdown of the Japanese economy.","page_number":53,"box":{"x":89,"y":59,"width":253,"height":12}},{"id":"e4141f37-677c-44b0-a203-205f98c147b7","block_type":"box","text":"Political Risk","page_number":53,"box":{"x":88,"y":85,"width":88,"height":10}},{"id":"4d5dec40-6840-4695-9676-488c1bf28319","block_type":"box","text":". Historically, Japan has had unpredictable national politics and may experience frequent political turnover. Future","page_number":53,"box":{"x":176,"y":85,"width":790,"height":13}},{"id":"0767ab4b-8a96-48f1-82eb-73fab2bb3ba7","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":53,"box":{"x":89,"y":101,"width":873,"height":12}},{"id":"4a34e066-fb89-4731-a9e7-2ca73da7716d","block_type":"box","text":"become an important trading partner with Japan. Japan’s political relationship with China, however, has been strained. Should","page_number":53,"box":{"x":89,"y":116,"width":877,"height":12}},{"id":"efd599f0-8c16-443a-88c8-24e5f45b5d17","block_type":"box","text":"political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.","page_number":53,"box":{"x":89,"y":131,"width":773,"height":12}},{"id":"5bfff8c0-de77-4b30-821f-80fc7350e350","block_type":"box","text":"Security Risk.","page_number":53,"box":{"x":88,"y":157,"width":91,"height":13}},{"id":"92838f3c-7c16-4be3-9352-c9602f1b6ad3","block_type":"box","text":"Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been","page_number":53,"box":{"x":184,"y":157,"width":780,"height":13}},{"id":"acb1478f-972d-41c0-a9c0-a09816d5ac84","block_type":"box","text":"strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has","page_number":53,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"accd5d53-ec49-4ab5-a401-49874c09df3d","block_type":"box","text":"shown concern over the increased nuclear and military activity by North Korea and China. Strained relations may cause","page_number":53,"box":{"x":89,"y":188,"width":831,"height":12}},{"id":"db4e707d-3622-42be-abb0-2df4be5093f6","block_type":"box","text":"uncertainty in the Japanese markets and adversely affect the overall Japanese economy, particularly in times of crisis.","page_number":53,"box":{"x":89,"y":203,"width":812,"height":12}},{"id":"f1ff13d8-9a31-437c-9a03-ff4b21480700","block_type":"box","text":"Risk of Investing in New Zealand.","page_number":53,"box":{"x":89,"y":229,"width":237,"height":12}},{"id":"af964f15-64d2-4159-91f3-edf570a0c121","block_type":"box","text":"Investment in the New Zealand market involves special considerations not typically","page_number":53,"box":{"x":336,"y":229,"width":580,"height":12}},{"id":"8fcdfa39-ac22-4cbb-8564-60f1b6a72f4a","block_type":"box","text":"associated with investing in the U.S. market. Although New Zealand encourages foreign investment, its Overseas Investment","page_number":53,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"aae396c8-820c-4159-a6ab-b430d89e884c","block_type":"box","text":"Office must give consent to certain foreign investments based on a national interest determination. A delay in obtaining such","page_number":53,"box":{"x":89,"y":259,"width":874,"height":13}},{"id":"b2b936de-44ec-42b9-9e73-556e67d1bd4a","block_type":"box","text":"approval can delay investments in New Zealand and, as a result, a Fund may not be able to invest in certain securities while","page_number":53,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"89830b9e-8546-44f4-9af2-eae87ae04f23","block_type":"box","text":"approval is pending. Furthermore, approval could be rejected or a Fund’s investments may be affected by a limitation in the","page_number":53,"box":{"x":89,"y":290,"width":860,"height":12}},{"id":"95d5a9ae-7cb0-474e-97f2-80ed5ed94497","block_type":"box","text":"number of investors interested in a particular industry and/or issuer, and any one of these factors could cause a decline in the","page_number":53,"box":{"x":89,"y":305,"width":879,"height":12}},{"id":"14fa4c2c-eac8-4ccd-a7f5-2937e5e34832","block_type":"box","text":"value of the Fund.","page_number":53,"box":{"x":88,"y":320,"width":125,"height":10}},{"id":"ac01994c-c0c8-4603-9cba-016613a3419d","block_type":"box","text":"New Zealand’s economy historically has been based on a foundation of agricultural exports. Accordingly, natural disasters,","page_number":53,"box":{"x":89,"y":346,"width":857,"height":13}},{"id":"1041e54b-06a4-4816-9249-d264b6f6dc4c","block_type":"box","text":"particularly earthquakes which occur regularly in New Zealand, can have a significant adverse impact on the economy. New","page_number":53,"box":{"x":89,"y":361,"width":864,"height":13}},{"id":"51f4b9db-67d7-4257-8169-993c03323bbc","block_type":"box","text":"Zealand is heavily dependent upon international trade and, consequently, has been and may continue to be adversely","page_number":53,"box":{"x":89,"y":376,"width":820,"height":13}},{"id":"b2934fdf-7ed4-4f5e-a741-7409dfac38b1","block_type":"box","text":"affected by economic conditions in the countries with which it trades. Reduction in spending, particularly by key trading","page_number":53,"box":{"x":89,"y":392,"width":837,"height":12}},{"id":"2c93cda3-ee48-4a53-b74d-c99bba78622c","block_type":"box","text":"partners, on New Zealand products and services may cause an adverse impact on the New Zealand economy. New Zealand’s","page_number":53,"box":{"x":89,"y":407,"width":871,"height":12}},{"id":"b5174115-38e4-42cb-ad44-3cda6f4dcb1a","block_type":"box","text":"economy may be negatively affected if trade barriers, exchange controls, managed adjustments in relative currency values or","page_number":53,"box":{"x":89,"y":422,"width":873,"height":12}},{"id":"c8340df7-dbdb-456c-a5c0-9959a5abc050","block_type":"box","text":"other protectionist measures are imposed or negotiated by the countries with which it trades.","page_number":53,"box":{"x":89,"y":437,"width":654,"height":12}},{"id":"fbee01e6-0a7d-4549-8ce7-5c22aba13302","block_type":"box","text":"Risk of Investing in North America.","page_number":53,"box":{"x":89,"y":463,"width":250,"height":13}},{"id":"0a73eacd-8c04-44a8-9ade-99c5d688cc50","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":53,"box":{"x":348,"y":463,"width":619,"height":13}},{"id":"0b609ac3-1dba-4894-ad92-7588b3df1f83","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":53,"box":{"x":89,"y":479,"width":862,"height":12}},{"id":"9db0f11d-b7a4-41b1-91c2-41fa3de790a0","block_type":"box","text":"all of the North American countries in which a Fund invests.","page_number":53,"box":{"x":89,"y":494,"width":418,"height":9}},{"id":"7ae1c9fd-cdbe-4a45-946b-67339ee1bdd7","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":53,"box":{"x":88,"y":520,"width":817,"height":12}},{"id":"60df8ea6-a348-49a0-8097-43ef87b87fac","block_type":"box","text":"significantly affected by developments in the U.S. economy. Since the implementation of the North American Free Trade","page_number":53,"box":{"x":89,"y":535,"width":838,"height":13}},{"id":"b60d50a2-068a-4801-9b31-89fc728332fc","block_type":"box","text":"Agreement (“NAFTA”) in 1994 among Canada, the U.S. and Mexico, total merchandise trade among the three countries has","page_number":53,"box":{"x":88,"y":550,"width":866,"height":13}},{"id":"e527fcbd-fb23-4f6f-8347-cce869afa6ae","block_type":"box","text":"increased. However, political developments including the implementation of tariffs by the U.S., and the renegotiation of","page_number":53,"box":{"x":89,"y":565,"width":832,"height":13}},{"id":"e34622cb-ee90-4cc9-a903-2d9ae414d617","block_type":"box","text":"NAFTA in the form of the United States-Mexico-Canada Agreement (“USMCA”), which replaced NAFTA on July 1, 2020, could","page_number":53,"box":{"x":89,"y":581,"width":877,"height":12}},{"id":"8a37e252-84aa-45c8-851f-3f9695c7e811","block_type":"box","text":"negatively affect North America’s economic outlook and, as a result, the value of securities held by a Fund. Policy and","page_number":53,"box":{"x":89,"y":596,"width":819,"height":12}},{"id":"f4150076-2ff2-4c4d-a8fa-3381cd68a08a","block_type":"box","text":"legislative changes in one country may have a significant effect on North American markets generally, as well as on the value","page_number":53,"box":{"x":89,"y":611,"width":872,"height":12}},{"id":"6c716e86-0034-4ad3-9f12-b975ea32e15e","block_type":"box","text":"of certain securities held by a Fund.","page_number":53,"box":{"x":89,"y":626,"width":246,"height":12}},{"id":"dce7e58e-38a8-4236-b54f-d4d66e1fff66","block_type":"box","text":"Risk of Investing in the Philippines.","page_number":53,"box":{"x":89,"y":652,"width":250,"height":13}},{"id":"037b6203-7f2c-4945-a430-a333b9b9b13a","block_type":"box","text":"Investment in securities of Philippine issuers involves risks not typically associated with","page_number":53,"box":{"x":349,"y":652,"width":608,"height":13}},{"id":"aa45fdf5-890b-46f3-ba0c-f0670d827282","block_type":"box","text":"investments in securities of issuers in developed countries. The Philippines has experienced a high level of debt and public","page_number":53,"box":{"x":89,"y":668,"width":853,"height":12}},{"id":"db954743-bd83-4368-aff7-d24e6dbb448e","block_type":"box","text":"spending, which may stifle economic growth, contribute to prolonged periods of recession or lower the country’s sovereign","page_number":53,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"e65e0799-c872-4110-80fb-ed3415e464dc","block_type":"box","text":"debt rating and adversely impact investments in a Fund. Large, unprofitable public enterprises, especially in the energy sector,","page_number":53,"box":{"x":89,"y":698,"width":878,"height":12}},{"id":"6d06e763-ed1d-497f-804d-0875b2e551f2","block_type":"box","text":"contribute to the government’s debt because of slow progress on privatization.","page_number":53,"box":{"x":89,"y":713,"width":551,"height":12}},{"id":"78fcc960-ddbb-46b6-996b-edb6326454cc","block_type":"box","text":"The Philippines’ democracy has a relatively short history, increasing the risk of political instability. The Philippines has in the","page_number":53,"box":{"x":88,"y":739,"width":863,"height":13}},{"id":"9b747d4d-0bdb-492a-9f77-3dc971109022","block_type":"box","text":"past faced political and militant unrest, and further unrest could present a risk to the local economy and securities markets.","page_number":53,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"365d5c4d-569d-40a7-b219-30ed576599e1","block_type":"box","text":"The Philippines’ political history is marred with widespread fraud and violence. The Philippines has periodically experienced","page_number":53,"box":{"x":88,"y":770,"width":864,"height":12}},{"id":"3d862910-ad30-4202-b72c-e270a465d8e3","block_type":"box","text":"and is currently experiencing violence and terrorism, including international terrorist organizations. Any acts of terrorism or","page_number":53,"box":{"x":89,"y":785,"width":863,"height":12}},{"id":"310ae52e-8ff6-4512-b933-09ccca50457b","block_type":"box","text":"armed conflicts in the Philippines or internationally could have an adverse effect on the financial and commodities markets","page_number":53,"box":{"x":89,"y":800,"width":859,"height":12}},{"id":"fae1c8c3-d866-4a41-b8d6-ce1781b52949","block_type":"box","text":"and the global economy. Furthermore, the geopolitical conflict created by China’s claims in the South China Sea has created","page_number":53,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"63ce945b-1069-42b0-a20e-93bc1bc1393d","block_type":"box","text":"diplomatic tension. Such increased political and social unrest in any neighboring country could cause further economic and","page_number":53,"box":{"x":89,"y":830,"width":865,"height":12}},{"id":"07be5cd9-7814-4e38-aa65-2dd2b1df1158","block_type":"box","text":"market uncertainty in the region.","page_number":53,"box":{"x":89,"y":845,"width":229,"height":12}},{"id":"b2df4f73-a966-4654-a12d-a5e1d9276023","block_type":"box","text":"23","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b28b917e-8dc0-4e34-ad4b-704fd3aae861","block_type":"box","text":"The Philippines’ economy is heavily dependent on exports, particularly electronics and semiconductors. The Philippines’","page_number":54,"box":{"x":88,"y":44,"width":840,"height":12}},{"id":"a9048eee-a7e7-4d15-8edd-8aaa879819a5","block_type":"box","text":"reliance on these sectors makes it vulnerable to economic downturns during periods of slumps in the information technology","page_number":54,"box":{"x":89,"y":59,"width":879,"height":12}},{"id":"b8d33076-f142-4f80-94ac-c0d77521a5fc","block_type":"box","text":"sectors. In addition, many economic development problems remain, including high unemployment, inadequate","page_number":54,"box":{"x":89,"y":74,"width":779,"height":12}},{"id":"c1090b97-eebc-4754-b5d9-e4b9e446e31a","block_type":"box","text":"infrastructure, endemic corruption, poverty, and intensifying global competition from neighboring countries.","page_number":54,"box":{"x":89,"y":89,"width":758,"height":13}},{"id":"ac34ecf7-bb29-4a44-b53c-3406bbe2073a","block_type":"box","text":"The Philippine government may exercise substantial influence over many aspects of the private sector and may own or","page_number":54,"box":{"x":88,"y":116,"width":832,"height":12}},{"id":"36010972-23a1-4220-9039-0f3982b05a8f","block_type":"box","text":"control many companies. Future government actions could have a significant effect on the economic conditions in the","page_number":54,"box":{"x":89,"y":131,"width":828,"height":12}},{"id":"a700aa27-9037-4e26-b242-a094d27ebf4e","block_type":"box","text":"Philippines, which could have a negative impact on private sector companies. There is also the possibility of diplomatic","page_number":54,"box":{"x":89,"y":146,"width":830,"height":12}},{"id":"e1271692-e04a-412c-9a52-3e5e5e3e7f14","block_type":"box","text":"developments that could adversely affect investments in the Philippines.","page_number":54,"box":{"x":89,"y":161,"width":504,"height":12}},{"id":"4d888d32-4e46-4749-bd2e-9371a67570b3","block_type":"box","text":"The market for Philippine securities is directly influenced by the flow of international capital, and economic and market","page_number":54,"box":{"x":88,"y":188,"width":833,"height":12}},{"id":"d9b62c64-c358-4a5b-846a-6992de786fc7","block_type":"box","text":"conditions of certain countries, especially emerging market countries in Southeastern Asia. Adverse economic conditions or","page_number":54,"box":{"x":89,"y":203,"width":868,"height":12}},{"id":"e9e801f1-7489-42bf-9441-feae5f9a0e17","block_type":"box","text":"developments in other emerging market countries have at times significantly affected the availability of credit in the","page_number":54,"box":{"x":89,"y":218,"width":808,"height":12}},{"id":"b9f46540-dadf-4b4a-b0a6-dea86821f305","block_type":"box","text":"Philippine economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested in","page_number":54,"box":{"x":89,"y":233,"width":878,"height":12}},{"id":"4f0c410d-5986-44f1-bb4c-1b5627b1e59c","block_type":"box","text":"the Philippines. A crisis in neighboring emerging market countries also may increase investors’ perception of risk in the","page_number":54,"box":{"x":88,"y":248,"width":832,"height":12}},{"id":"1eda0236-7b22-4c81-82d7-66149ca69f12","block_type":"box","text":"Philippines, which may adversely impact the market value of the securities issued by Philippine companies, including","page_number":54,"box":{"x":89,"y":263,"width":815,"height":12}},{"id":"4e0530f1-8a2f-4c13-92db-d4f1459d3005","block_type":"box","text":"securities in which a Fund may invest.","page_number":54,"box":{"x":89,"y":278,"width":264,"height":13}},{"id":"87c93e63-d5ef-4faa-baaa-3a224abc6e8f","block_type":"box","text":"Risk of Investing in Poland.","page_number":54,"box":{"x":89,"y":305,"width":193,"height":12}},{"id":"3fdeb7ca-6e66-46c0-a0ef-8db4777f8112","block_type":"box","text":"Investment in securities of Polish issuers involves risks not typically associated with investments","page_number":54,"box":{"x":292,"y":305,"width":669,"height":12}},{"id":"d5e43f79-d6b4-421a-879a-23fb73265bfc","block_type":"box","text":"in securities of issuers in developed countries. Such heightened risks include, among others, a relatively short history of","page_number":54,"box":{"x":89,"y":320,"width":836,"height":12}},{"id":"94fad00b-51f9-468b-bdae-28f6badfec04","block_type":"box","text":"democracy, expropriation and/or nationalization of assets, confiscatory taxation, less publicly available financial and other","page_number":54,"box":{"x":89,"y":335,"width":854,"height":12}},{"id":"c3c17b53-01b8-4925-a600-4f0517e8d088","block_type":"box","text":"information, and potential difficulties in enforcing contractual obligations. In addition, Poland faces many economic","page_number":54,"box":{"x":89,"y":350,"width":808,"height":12}},{"id":"d2acc296-4cb5-4f21-8e32-3a7a74ea29e7","block_type":"box","text":"development problems, including high unemployment, inadequate infrastructure, endemic corruption, poverty, and","page_number":54,"box":{"x":89,"y":365,"width":807,"height":12}},{"id":"6d4300ab-55ff-48d7-8403-3c2be3ccc17f","block_type":"box","text":"intensifying global competition from neighboring countries.","page_number":54,"box":{"x":89,"y":380,"width":417,"height":13}},{"id":"f82ad617-456f-429b-9052-a22553baea1e","block_type":"box","text":"Securities laws in Poland are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change","page_number":54,"box":{"x":88,"y":407,"width":876,"height":12}},{"id":"0afe374b-0452-4b3b-866d-600379fe0e3d","block_type":"box","text":"in laws regarding foreign investment, securities regulation, custody and title to securities and shareholder rights. Accordingly,","page_number":54,"box":{"x":89,"y":422,"width":875,"height":12}},{"id":"e6fe9eff-5dee-468c-bf17-2576476fd738","block_type":"box","text":"foreign investors may be adversely affected by new or amended laws and regulations. In circumstances where adequate laws","page_number":54,"box":{"x":88,"y":437,"width":875,"height":12}},{"id":"bee71e06-7aed-48ab-9f63-b6f62099a4f9","block_type":"box","text":"and shareholder rights exist, it may not be possible to obtain swift and equitable enforcement of the law.","page_number":54,"box":{"x":89,"y":452,"width":730,"height":12}},{"id":"df955fba-e7f3-4dbb-8e5a-b8b1c0ecec1c","block_type":"box","text":"The securities market of Poland is considered an emerging market characterized by a small number of listed companies and a","page_number":54,"box":{"x":88,"y":479,"width":879,"height":12}},{"id":"cbbc2e8a-d824-426d-bbd5-649fdca1e3ca","block_type":"box","text":"relatively illiquid secondary trading market, particularly for corporate bonds. These factors, coupled with restrictions on","page_number":54,"box":{"x":89,"y":494,"width":833,"height":12}},{"id":"1fc8f118-add8-4a37-b280-6dcd540bd13b","block_type":"box","text":"foreign investment and other factors, limit the supply of securities available for investment by a Fund. This will affect the rate","page_number":54,"box":{"x":88,"y":509,"width":871,"height":12}},{"id":"afbcda17-4115-489b-8d39-96b8a282e14b","block_type":"box","text":"at which a Fund is able to invest in Poland, the purchase and sale prices for such securities and the timing of purchases and","page_number":54,"box":{"x":89,"y":524,"width":863,"height":12}},{"id":"4c11c839-6297-405b-b4de-d4e5e07bd3d2","block_type":"box","text":"sales.","page_number":54,"box":{"x":89,"y":539,"width":36,"height":10}},{"id":"616b1bc1-3217-4436-8de0-8aefce12781d","block_type":"box","text":"The government in Poland may restrict or control to varying degrees the ability of foreign investors to invest in securities of","page_number":54,"box":{"x":88,"y":565,"width":862,"height":13}},{"id":"8ebaa1a2-108e-43e2-8f85-b5e977188ea0","block_type":"box","text":"issuers located or operating in Poland. Moreover, governmental approval or special licenses prior to investments by foreign","page_number":54,"box":{"x":89,"y":581,"width":856,"height":12}},{"id":"b729e971-0928-4f3c-9ecc-0ec8efdd3977","block_type":"box","text":"investors may be required and may limit the amount of investments by foreign investors in a particular industry and/or issuer.","page_number":54,"box":{"x":89,"y":596,"width":878,"height":12}},{"id":"894884d7-3db0-4352-a89c-6c8eb12a1d18","block_type":"box","text":"A delay in obtaining a required government approval or license would delay investments in Poland, and, as a result, a Fund","page_number":54,"box":{"x":88,"y":611,"width":855,"height":12}},{"id":"2f4380fd-03ed-4014-9ac0-c3c5260a080a","block_type":"box","text":"may not be able to invest in certain securities while approval is pending. The government of Poland may also withdraw or","page_number":54,"box":{"x":89,"y":626,"width":848,"height":12}},{"id":"ee069cea-4c70-4f4f-bc31-5d1a988936da","block_type":"box","text":"decline to renew a license that enables a Fund to invest in Poland. Any one of these factors could cause a decline in the value","page_number":54,"box":{"x":89,"y":641,"width":873,"height":12}},{"id":"7445a7e7-6e00-4091-8340-68ad28076baa","block_type":"box","text":"of a Fund.","page_number":54,"box":{"x":89,"y":656,"width":68,"height":10}},{"id":"b95d60a7-44aa-491c-ad04-d340c4400871","block_type":"box","text":"The Polish government may exercise substantial influence over many aspects of the private sector and may own or control","page_number":54,"box":{"x":88,"y":683,"width":858,"height":12}},{"id":"ea93e67b-570c-4767-aabe-6d03120f54ca","block_type":"box","text":"many companies. Future government actions could have a significant effect on the economic conditions in Poland, which","page_number":54,"box":{"x":89,"y":698,"width":849,"height":12}},{"id":"7da30253-00c9-498a-a3a4-50b2746e5fd6","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":54,"box":{"x":89,"y":713,"width":878,"height":12}},{"id":"daa5ba47-72d4-436c-89c8-8fbf5960db1e","block_type":"box","text":"adversely affect investments in Poland.","page_number":54,"box":{"x":89,"y":728,"width":269,"height":12}},{"id":"66dfc28a-8eeb-4c82-90e8-877c3c413130","block_type":"box","text":"The market for Polish securities is directly influenced by the flow of international capital, and economic and market","page_number":54,"box":{"x":88,"y":754,"width":805,"height":13}},{"id":"1eb519fb-818a-4f8e-982e-c2c987a13c69","block_type":"box","text":"conditions of certain countries, especially emerging market countries in Eastern Europe. Adverse economic conditions or","page_number":54,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"6e19268d-93bd-457d-936a-8590615f5226","block_type":"box","text":"developments in other emerging market countries have at times significantly affected the availability of credit in the Polish","page_number":54,"box":{"x":89,"y":785,"width":853,"height":12}},{"id":"07715544-1b01-451c-a2d6-efc177f9ad3b","block_type":"box","text":"economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested in Poland.","page_number":54,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"68a3221e-061d-4c5e-a874-f1d795712e1c","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":54,"box":{"x":89,"y":826,"width":264,"height":13}},{"id":"c1344374-8013-4b9e-aa80-842f07ea3dc7","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":54,"box":{"x":362,"y":826,"width":597,"height":13}},{"id":"568a0806-c793-4852-a27f-d614e4df0c05","block_type":"box","text":"foreign investor in, certain countries in which a Fund invests. As a result, economic conditions of such countries may be","page_number":54,"box":{"x":88,"y":841,"width":838,"height":13}},{"id":"2c309677-f608-4855-a30e-b8d1f927fc90","block_type":"box","text":"particularly affected by changes in the U.S. economy. A decrease in U.S. imports or exports, new trade and financial","page_number":54,"box":{"x":89,"y":856,"width":803,"height":13}},{"id":"e24b1e85-c1c6-49fb-8834-36c155f63847","block_type":"box","text":"24","page_number":54,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4f7bae83-06da-473e-aec1-21cb5c760f17","block_type":"box","text":"regulations or tariffs, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":55,"box":{"x":89,"y":44,"width":838,"height":12}},{"id":"dcc5fd51-f198-4bd1-ba0e-5e962c29a5cb","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which a Fund has exposure. Circumstances","page_number":55,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"faa56398-70f5-466b-972b-fbfa99018a2f","block_type":"box","text":"could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":55,"box":{"x":89,"y":74,"width":838,"height":12}},{"id":"636db010-74c4-4f8c-a6e2-e6df34af2297","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":55,"box":{"x":89,"y":89,"width":874,"height":13}},{"id":"dcaaca90-5e77-4863-a87f-bbe96910e6f4","block_type":"box","text":"global financial system.","page_number":55,"box":{"x":89,"y":104,"width":162,"height":13}},{"id":"c73209de-665d-4a07-8cff-385cf580c871","block_type":"box","text":"There are strained relations between the U.S. and a number of foreign countries. If these relations were to worsen, it could","page_number":55,"box":{"x":88,"y":131,"width":854,"height":12}},{"id":"80e862ad-1c69-4a9d-aa1e-ba149fe6ac74","block_type":"box","text":"adversely affect U.S. issuers as well as non-U.S. issuers that rely on the U.S. for trade. The U.S. has also experienced increased","page_number":55,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"2a4ad06a-6066-4e76-8e58-8c592bbaf1fc","block_type":"box","text":"internal unrest and discord. If this trend were to continue, it may have an adverse impact on the U.S. economy and many of","page_number":55,"box":{"x":89,"y":161,"width":862,"height":12}},{"id":"2062347a-40cc-46a9-8a9a-f8aaa942c29e","block_type":"box","text":"the issuers in which a Fund invests.","page_number":55,"box":{"x":88,"y":176,"width":247,"height":10}},{"id":"456dcfd4-31bd-456e-ba90-859f29ffaa40","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":55,"box":{"x":89,"y":203,"width":401,"height":12}},{"id":"c4dcead9-0c55-447c-b5d2-b76ab650c305","block_type":"box","text":"The communication services sector consists of both companies in","page_number":55,"box":{"x":498,"y":203,"width":464,"height":12}},{"id":"740977ce-af2d-4729-ac11-342b29117941","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":55,"box":{"x":88,"y":218,"width":877,"height":12}},{"id":"a33613dc-91c7-4207-8953-08fb72d5ff90","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":55,"box":{"x":88,"y":233,"width":774,"height":12}},{"id":"56a30260-830d-496a-bb56-bd54d61217cf","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":55,"box":{"x":88,"y":248,"width":860,"height":12}},{"id":"39d65151-45a0-4c33-8c95-e2989bdd0df5","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":55,"box":{"x":89,"y":263,"width":841,"height":12}},{"id":"b1a30620-19ec-432f-9f86-a03d8aeb88ee","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":55,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"4e0b2482-0256-4a6b-95c6-4732335869e1","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":55,"box":{"x":89,"y":293,"width":822,"height":13}},{"id":"6e38fc9e-d8cc-4872-b78f-846c3fac5594","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":55,"box":{"x":89,"y":308,"width":803,"height":13}},{"id":"904751cd-816c-462a-a011-5c48c63bb01a","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":55,"box":{"x":89,"y":324,"width":808,"height":12}},{"id":"43001589-e131-49d3-99dc-ff7a7616d379","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":55,"box":{"x":89,"y":339,"width":870,"height":12}},{"id":"7a7f3767-4051-4f70-ad08-db46400360e0","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":55,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"d94e3dfe-8611-4bd3-a91b-361fcfb2154b","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":55,"box":{"x":89,"y":369,"width":702,"height":12}},{"id":"dd84896d-ed3e-4a97-81be-b4fbc7d1e340","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":55,"box":{"x":88,"y":395,"width":879,"height":13}},{"id":"5040f4ec-db38-43a8-934a-7d39ecdca268","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":55,"box":{"x":89,"y":410,"width":875,"height":13}},{"id":"1e457929-884a-47a7-9281-f8725e73c085","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":55,"box":{"x":89,"y":426,"width":867,"height":12}},{"id":"7500551c-3629-4bda-b380-fb6b90f7b1ef","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":55,"box":{"x":88,"y":441,"width":843,"height":12}},{"id":"f582ad9d-fcdb-4df5-92e0-6ada0a66a6c9","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":55,"box":{"x":89,"y":456,"width":828,"height":12}},{"id":"e06144e5-7663-4657-ae1a-c2de0ed52f8c","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":55,"box":{"x":89,"y":471,"width":837,"height":12}},{"id":"56351087-c4ca-445a-a53c-9a224b536d24","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":55,"box":{"x":89,"y":486,"width":857,"height":12}},{"id":"27d1039b-5e4d-4f6c-b9ca-246cf08d08a0","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":55,"box":{"x":89,"y":501,"width":803,"height":13}},{"id":"efe37cf8-40d5-499b-9b7d-077df81d8060","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":55,"box":{"x":89,"y":516,"width":864,"height":13}},{"id":"a214f3ce-76b1-47a0-8cc0-be663b62e017","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":55,"box":{"x":89,"y":531,"width":799,"height":13}},{"id":"321eb3d0-5d2c-4025-86e8-01b8f2a0f1da","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":55,"box":{"x":89,"y":547,"width":683,"height":12}},{"id":"a53b4a55-b4d1-40c7-a60d-80ca5599c571","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":55,"box":{"x":88,"y":573,"width":850,"height":12}},{"id":"321797ed-b68b-4a68-8554-c41a753d6c2c","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":55,"box":{"x":89,"y":588,"width":864,"height":12}},{"id":"511e0131-d250-4a2d-8957-6f5d350be049","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":55,"box":{"x":89,"y":603,"width":863,"height":13}},{"id":"8891cdf1-4ac9-4130-9282-e153ca73a552","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":55,"box":{"x":89,"y":618,"width":818,"height":13}},{"id":"1108fb3e-0b2d-4374-ba8d-3a77d7ffe921","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":55,"box":{"x":89,"y":633,"width":826,"height":13}},{"id":"5df01c04-bb68-4d09-8e79-ecf65198ecea","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":55,"box":{"x":89,"y":649,"width":873,"height":12}},{"id":"a546a8bc-b01c-4d1e-8af0-f418edde685f","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":55,"box":{"x":89,"y":664,"width":856,"height":12}},{"id":"bfa4c552-cb28-435b-922a-3fe3818428ed","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":55,"box":{"x":89,"y":690,"width":868,"height":13}},{"id":"dafdc43d-3d8c-4f83-ad4a-d7595a519d1d","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":55,"box":{"x":89,"y":705,"width":866,"height":13}},{"id":"857f8dd8-247a-48fe-adf1-19c8babb0db6","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":55,"box":{"x":89,"y":720,"width":833,"height":13}},{"id":"2874dd11-d42d-432c-9d68-4009a0a18e8e","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":55,"box":{"x":89,"y":736,"width":840,"height":12}},{"id":"8e6341fd-8e24-449f-8496-0b9c1018321d","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":55,"box":{"x":88,"y":751,"width":823,"height":12}},{"id":"2c3e9f6a-64e8-4f34-a573-18bb729020b7","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":55,"box":{"x":89,"y":766,"width":859,"height":12}},{"id":"f13a6727-d87c-4614-aa03-f512f9d36315","block_type":"box","text":"less revenue.","page_number":55,"box":{"x":89,"y":781,"width":88,"height":10}},{"id":"749e7ef6-f8b9-4bb5-875d-c43e757d16af","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":55,"box":{"x":89,"y":807,"width":397,"height":13}},{"id":"b3a1d0c9-e441-4ec2-9a3f-444a781f0b7b","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":55,"box":{"x":495,"y":807,"width":446,"height":13}},{"id":"ba1b3b9f-fafd-46a7-a614-f33abda7a976","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":55,"box":{"x":89,"y":822,"width":861,"height":13}},{"id":"fdc10c5e-4915-4a0d-8f6a-abd67968f377","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":55,"box":{"x":89,"y":838,"width":872,"height":12}},{"id":"21acf720-b156-45af-b367-ceac73fc9177","block_type":"box","text":"25","page_number":55,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f8ce7b30-da2c-460c-8321-2a52b3d29572","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":56,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"faf2971f-268b-47f6-9723-071dce6579dd","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":56,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"9aef0113-b43a-452a-9176-ce74abd69030","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":56,"box":{"x":89,"y":74,"width":827,"height":12}},{"id":"9b056c95-680a-465b-b369-50e7118d508e","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":56,"box":{"x":89,"y":89,"width":850,"height":13}},{"id":"aec8d235-aa05-4558-95f9-acacba9a3680","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":56,"box":{"x":89,"y":104,"width":838,"height":13}},{"id":"2621e288-c5aa-4e3e-bfb8-2aafbae76ecd","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":56,"box":{"x":89,"y":119,"width":870,"height":13}},{"id":"3204ca3e-52cd-431f-bec8-5fd158994dbc","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":56,"box":{"x":89,"y":135,"width":823,"height":12}},{"id":"c47e1b36-b8db-4db2-9f47-5422fcd1fc26","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":56,"box":{"x":89,"y":150,"width":834,"height":12}},{"id":"83ad60d9-aeaf-430c-a6a4-611b91aaacab","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":56,"box":{"x":89,"y":165,"width":741,"height":12}},{"id":"299dc7a8-dc5a-46dd-80e6-5cb7a00153c2","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":56,"box":{"x":89,"y":191,"width":352,"height":13}},{"id":"d9b456e9-e861-4847-991e-b48caa13dc61","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":56,"box":{"x":450,"y":191,"width":504,"height":13}},{"id":"34ad6b8e-ad12-43d0-8ce2-d86c0b018a1f","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":56,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"cad7cd08-618d-4b35-8259-686e55613c01","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":56,"box":{"x":89,"y":222,"width":848,"height":12}},{"id":"9bfcda7b-f3dc-4eb3-b7ff-97026daf0b22","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":56,"box":{"x":89,"y":237,"width":867,"height":12}},{"id":"00c631f4-ff97-4ec7-8104-d7e8a414756f","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":56,"box":{"x":89,"y":252,"width":850,"height":12}},{"id":"cd9c2df8-eea7-475e-8894-8c662e5c2022","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":56,"box":{"x":88,"y":267,"width":849,"height":12}},{"id":"5ae7489e-d4e9-4ee9-bd01-6e66bec50ab0","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":56,"box":{"x":89,"y":282,"width":869,"height":12}},{"id":"114f8d4b-3907-4391-99c9-a6d8477c34b7","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":56,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"2bc4ff84-84bd-4fa3-87d2-935c9dd24952","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":56,"box":{"x":89,"y":312,"width":838,"height":13}},{"id":"87afe46b-a4b9-434b-b673-049099f43d8e","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":56,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"ddeff458-cfa8-4809-a5eb-979b26da8f76","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":56,"box":{"x":89,"y":342,"width":872,"height":13}},{"id":"a994fe8f-8a4d-4efe-9652-4313cb92f050","block_type":"box","text":"their profitability.","page_number":56,"box":{"x":88,"y":358,"width":118,"height":12}},{"id":"27726b4a-04b8-4bea-a883-449ee20a72b1","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":56,"box":{"x":89,"y":384,"width":270,"height":12}},{"id":"bdbf1be7-bf5f-4dc0-9a20-fa2ab9a319be","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":56,"box":{"x":369,"y":384,"width":590,"height":12}},{"id":"ef51d3fb-e3c1-41e1-b8f9-ca1a8c24982a","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":56,"box":{"x":89,"y":399,"width":788,"height":13}},{"id":"92b1a203-2f3a-404f-9467-85aa07783947","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":56,"box":{"x":89,"y":414,"width":853,"height":13}},{"id":"4c5a5813-fa07-4555-b031-dbc32d69125a","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":56,"box":{"x":89,"y":429,"width":852,"height":13}},{"id":"de06d080-244c-4f8f-8882-e3371c45eebf","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":56,"box":{"x":88,"y":445,"width":822,"height":12}},{"id":"fd224e39-173c-4123-8788-7796674d4e95","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":56,"box":{"x":89,"y":460,"width":807,"height":12}},{"id":"dcfc1cf9-e770-4aaa-bdad-ba729bf1d918","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":56,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"08753682-4634-4c43-addf-0f8f3341011c","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":56,"box":{"x":88,"y":490,"width":874,"height":12}},{"id":"6c02b205-6c82-4a39-ac01-7a390641860c","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":56,"box":{"x":89,"y":505,"width":820,"height":12}},{"id":"e4787ae2-d64f-4d3e-a450-26acafb3e1a7","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":56,"box":{"x":89,"y":520,"width":864,"height":12}},{"id":"fb61f4eb-a1da-4b19-8979-77352f8a7776","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":56,"box":{"x":89,"y":535,"width":823,"height":13}},{"id":"89495473-b6b4-4ce9-b370-547db40ed284","block_type":"box","text":"terrorism, cyber incidents, natural disasters or other catastrophes. While certain Funds seek to invest in companies with","page_number":56,"box":{"x":88,"y":550,"width":837,"height":13}},{"id":"dfcbd0f8-7f24-49a4-81e5-53412c2b1fbc","block_type":"box","text":"positive or favorable environmental and social characteristics, companies in the energy sector are at risk of liability from","page_number":56,"box":{"x":89,"y":565,"width":836,"height":13}},{"id":"b4f4448e-a510-4d7d-a4cb-14fb4d2465fb","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":56,"box":{"x":89,"y":581,"width":859,"height":12}},{"id":"3d950706-59c9-4d0b-87e4-764d3afb06f4","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":56,"box":{"x":89,"y":596,"width":860,"height":12}},{"id":"49d58cdc-89ee-4883-aacc-5bc516736777","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":56,"box":{"x":88,"y":611,"width":861,"height":12}},{"id":"525eb1dc-8045-433b-8216-c8631ad549ac","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":56,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"5e9ddda6-cbe6-4df6-a06d-4a07f51e9713","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":56,"box":{"x":89,"y":641,"width":836,"height":12}},{"id":"b4161c4f-1139-4afe-8ec2-1a12519c5e3c","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":56,"box":{"x":89,"y":656,"width":755,"height":13}},{"id":"4b9f95b9-dddc-479c-b76e-bdc496117df5","block_type":"box","text":"e.g","page_number":56,"box":{"x":845,"y":659,"width":20,"height":10}},{"id":"3281ad41-c3b3-4457-b149-a401a6304092","block_type":"box","text":".,","page_number":56,"box":{"x":866,"y":664,"width":6,"height":4}},{"id":"d31ea34c-6162-4c07-b85c-a106929f1b54","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":56,"box":{"x":89,"y":671,"width":849,"height":13}},{"id":"3cff4a0d-e31f-4963-9701-fb515fa79850","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":56,"box":{"x":89,"y":686,"width":879,"height":13}},{"id":"de7a396c-27a1-41c5-8c26-b95f2adafe74","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":56,"box":{"x":89,"y":702,"width":860,"height":12}},{"id":"9f60b94a-7b1b-46a3-a9b8-059352defb8c","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":56,"box":{"x":89,"y":717,"width":873,"height":12}},{"id":"dda3fde9-7cea-4bee-b7e5-56b4f3b3b132","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":56,"box":{"x":89,"y":732,"width":878,"height":12}},{"id":"08a6d967-8ac9-4134-8b97-0a267dded996","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":56,"box":{"x":88,"y":747,"width":839,"height":12}},{"id":"bacd78ca-5a40-464f-9f9e-9ac7ac1e8d76","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":56,"box":{"x":88,"y":762,"width":858,"height":12}},{"id":"672e7507-1547-43c8-9d7b-395ed359fa61","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":56,"box":{"x":89,"y":777,"width":611,"height":12}},{"id":"447e411c-16f1-4323-8bb3-6368eef89e70","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":56,"box":{"x":88,"y":804,"width":831,"height":12}},{"id":"fecdcfaf-71de-4b3e-acd5-3436ea054e97","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":56,"box":{"x":89,"y":819,"width":843,"height":12}},{"id":"6faaa2db-ec4a-4e1b-b218-9512c55b50af","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":56,"box":{"x":89,"y":834,"width":853,"height":12}},{"id":"b085be18-d830-4229-9d56-7535ac3286ff","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":56,"box":{"x":89,"y":849,"width":875,"height":12}},{"id":"0456c45a-731b-41ae-928d-fbc7fdbff358","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":56,"box":{"x":89,"y":864,"width":871,"height":12}},{"id":"2763673a-2ad9-4d22-98ca-fc7f34a68ec7","block_type":"box","text":"26","page_number":56,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ff91bc26-99ba-49e8-bfc3-8e8fd9a24eb8","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":57,"box":{"x":89,"y":44,"width":873,"height":12}},{"id":"fbe1c932-b8d1-4b89-9ef4-45ee67eabe1d","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":57,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"3a5036e6-cf70-4069-82dc-1155dd85810e","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":57,"box":{"x":89,"y":74,"width":445,"height":12}},{"id":"6a59cfd6-3a5f-4818-8436-15d9c13c80f5","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":57,"box":{"x":89,"y":101,"width":292,"height":12}},{"id":"9c96c604-9fc2-44c4-bda4-cba17f9c3d1c","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":57,"box":{"x":391,"y":101,"width":533,"height":12}},{"id":"ed59cc97-1d91-457b-962b-3fc485e5bd5f","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":57,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"65d6aae9-6021-4ebc-8cbb-87fc3a355569","block_type":"box","text":"companies (","page_number":57,"box":{"x":89,"y":131,"width":85,"height":12}},{"id":"0263ed52-0bef-4c6e-978b-cd3ff40da394","block_type":"box","text":"e.g.","page_number":57,"box":{"x":175,"y":134,"width":23,"height":9}},{"id":"7e7d248e-1866-44fe-8347-f6d89ca402f6","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":57,"box":{"x":200,"y":131,"width":706,"height":12}},{"id":"1216542a-72de-4800-a746-94bdb32092ca","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":57,"box":{"x":88,"y":146,"width":491,"height":12}},{"id":"d2cdc865-d71b-46b9-9f92-a6b0ab185904","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":57,"box":{"x":89,"y":172,"width":865,"height":13}},{"id":"41df778f-7686-47c9-8f71-8816fe0f048a","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":57,"box":{"x":89,"y":188,"width":869,"height":12}},{"id":"1cd9cf85-468e-427a-86cf-ec97925f704a","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":57,"box":{"x":89,"y":203,"width":813,"height":12}},{"id":"135d5970-106e-4b48-8924-f2e769c087cb","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":57,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"7270f46b-1c86-4ac5-a59f-ea1cb682627d","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":57,"box":{"x":88,"y":233,"width":848,"height":12}},{"id":"cf2f36f2-c681-4f9c-bf5d-bf3c0159c5d9","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":57,"box":{"x":89,"y":248,"width":827,"height":12}},{"id":"8e4c4373-d62d-4a73-a55c-095899b2b01c","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":57,"box":{"x":88,"y":263,"width":871,"height":12}},{"id":"5ae611db-0e94-4e03-aacd-9a223abb98af","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":57,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"23a5eeee-d2bd-4e3b-b417-4b94134ae949","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":57,"box":{"x":89,"y":293,"width":833,"height":13}},{"id":"e2e0ceaa-5b97-4bbc-b22a-4c4586ffd37c","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":57,"box":{"x":89,"y":308,"width":839,"height":13}},{"id":"aba36599-9a98-4726-8ce5-0335f9cb8254","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":57,"box":{"x":89,"y":324,"width":872,"height":12}},{"id":"b40f267a-0419-4276-a82a-afa1272bfa0e","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":57,"box":{"x":89,"y":339,"width":810,"height":12}},{"id":"daf4c073-eb1b-4163-93d5-0431689d7d63","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":57,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"848536bb-21b4-4995-b3a6-21e00341acbd","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":57,"box":{"x":88,"y":369,"width":847,"height":12}},{"id":"db042e0b-8909-4ec0-b7d8-f8876d613e68","block_type":"box","text":"businesses.","page_number":57,"box":{"x":89,"y":384,"width":78,"height":10}},{"id":"0bc73cf5-f8a1-43c8-ae78-44fd69affc27","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":57,"box":{"x":88,"y":410,"width":879,"height":13}},{"id":"cb2845ae-8f0d-4a76-832a-9a668479982e","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":57,"box":{"x":89,"y":426,"width":863,"height":12}},{"id":"29c47ed2-5dab-4b29-b238-7af358363c72","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":57,"box":{"x":88,"y":441,"width":831,"height":12}},{"id":"b5579127-f164-4247-b415-e4bb698cf75d","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":57,"box":{"x":88,"y":456,"width":873,"height":12}},{"id":"e9b224de-0572-4ff5-88b0-fa41ac391baf","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":57,"box":{"x":89,"y":471,"width":855,"height":12}},{"id":"e4a9d508-8a3c-4d44-b201-a13dd3ebbb32","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":57,"box":{"x":89,"y":486,"width":730,"height":12}},{"id":"a739d8a3-d4ec-489b-8dbf-047357c455e6","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":57,"box":{"x":89,"y":513,"width":845,"height":12}},{"id":"1b7dd1f3-2b88-4f9f-aa47-d64e5eec8053","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":57,"box":{"x":89,"y":528,"width":835,"height":12}},{"id":"aa1fe63a-8a25-42cb-913b-6e41fcda4fe1","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":57,"box":{"x":89,"y":543,"width":831,"height":12}},{"id":"be67d1fa-45c6-4c13-9fec-1dc79954a1b2","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":57,"box":{"x":89,"y":558,"width":850,"height":12}},{"id":"56db4778-de58-4584-b088-3c95461efb98","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":57,"box":{"x":88,"y":573,"width":821,"height":12}},{"id":"1cdbcb29-ec7d-4ff7-8493-fbe250aa8b45","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":57,"box":{"x":89,"y":588,"width":875,"height":12}},{"id":"a5caa71a-31aa-4758-a078-6a61bb630183","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":57,"box":{"x":89,"y":603,"width":836,"height":13}},{"id":"37e988e7-7e56-41ad-82b4-414cc8dfae3a","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":57,"box":{"x":89,"y":618,"width":841,"height":13}},{"id":"dabce90f-5c6a-49f4-ac8e-8071e25136ce","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":57,"box":{"x":89,"y":633,"width":814,"height":13}},{"id":"b69e1ddb-83b6-4636-9190-c0b9676e7763","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":57,"box":{"x":89,"y":649,"width":827,"height":12}},{"id":"af467b50-8e66-462a-a249-8cf14cdb9808","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":57,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"e72b32f8-1521-4932-acdf-740bd5373142","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":57,"box":{"x":88,"y":679,"width":837,"height":12}},{"id":"3a3de0ff-b767-4433-a6c1-0f60d99222e2","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":57,"box":{"x":89,"y":694,"width":862,"height":12}},{"id":"f261afd8-0558-4f3a-a29d-2697f8682992","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":57,"box":{"x":89,"y":709,"width":853,"height":12}},{"id":"081718fc-2724-41f4-a1db-e269880605c9","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":57,"box":{"x":89,"y":724,"width":865,"height":13}},{"id":"26394c69-712b-46c3-94af-9b055aa47dbd","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":57,"box":{"x":89,"y":739,"width":863,"height":13}},{"id":"4bdedb5d-19e9-46f8-8239-691d09ad22db","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":57,"box":{"x":89,"y":754,"width":872,"height":13}},{"id":"fddefed4-6f17-4597-9b1a-4859fefca63d","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":57,"box":{"x":89,"y":770,"width":665,"height":12}},{"id":"6f45bb18-2a45-4966-ab27-06b7f986ae28","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":57,"box":{"x":89,"y":796,"width":299,"height":12}},{"id":"abde0639-e71e-4880-b82e-0b0932eb2411","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":57,"box":{"x":397,"y":796,"width":557,"height":12}},{"id":"9a4c2631-254c-4406-8eab-2f244c8aed37","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":57,"box":{"x":89,"y":811,"width":839,"height":12}},{"id":"616d498c-0db9-4353-adaa-cc3042ef5a1c","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":57,"box":{"x":88,"y":826,"width":834,"height":13}},{"id":"3c915498-d1d6-4754-b2a2-87d9c9621641","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":57,"box":{"x":89,"y":841,"width":816,"height":13}},{"id":"8c22b10f-336a-47ba-83c9-3d4ed12057f7","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":57,"box":{"x":89,"y":856,"width":849,"height":13}},{"id":"15569a1c-e48a-4ecf-acac-07651855896c","block_type":"box","text":"27","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e9b90bfc-87ec-4793-9666-97f1353a37bf","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":58,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"e0eff293-fd90-4e93-b156-75d67d63020a","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":58,"box":{"x":88,"y":59,"width":854,"height":12}},{"id":"5b360bd3-bb1a-4570-8d22-9acf3cc57c96","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":58,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"84fa0114-bb08-417f-8b5b-bf0ebfe64f91","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":58,"box":{"x":89,"y":89,"width":621,"height":13}},{"id":"62401575-e731-4c24-bd8b-9e9d55908faa","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":58,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"ddcd139f-be49-48f1-b0c8-896a30ffe1da","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":58,"box":{"x":89,"y":131,"width":860,"height":12}},{"id":"0352ef84-da5d-4c82-830c-6fc42bdbc343","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":58,"box":{"x":89,"y":146,"width":842,"height":12}},{"id":"a77b891c-ec56-48d9-aa73-6987d7494b33","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":58,"box":{"x":89,"y":161,"width":868,"height":12}},{"id":"c0b96ffe-c7a4-4362-8747-515b7fa0090b","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":58,"box":{"x":89,"y":176,"width":867,"height":13}},{"id":"d324ab51-c61c-4e48-a237-c42f377fc707","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":58,"box":{"x":89,"y":191,"width":845,"height":13}},{"id":"826f54ee-7ca6-455f-807e-82f7b629b26c","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":58,"box":{"x":89,"y":206,"width":857,"height":13}},{"id":"29ae093d-537c-41c0-a20c-8a2258fb5b49","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":58,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"c13716a6-2fbc-4c00-bfa9-f831f1de62b2","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":58,"box":{"x":89,"y":237,"width":811,"height":12}},{"id":"841778ba-8f4e-4ab2-964e-739d3cd258d1","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":58,"box":{"x":89,"y":252,"width":834,"height":12}},{"id":"f814cf89-9ab2-451d-96f1-43f2bfc34830","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":58,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"d7e31580-519e-4c07-8640-edb239c2d1d7","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":58,"box":{"x":89,"y":282,"width":861,"height":12}},{"id":"00b1ee09-a759-46d8-b784-0bfc2823add5","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":58,"box":{"x":89,"y":297,"width":844,"height":12}},{"id":"ffc15838-6a82-4382-90ca-fa961b8f1dae","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":58,"box":{"x":89,"y":312,"width":845,"height":13}},{"id":"73ac1980-10ff-4d92-9ebf-d9096c6d91ba","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":58,"box":{"x":89,"y":327,"width":841,"height":13}},{"id":"62a948c6-9f1b-4634-ae9c-02439f14828a","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":58,"box":{"x":89,"y":342,"width":793,"height":13}},{"id":"e949f1ed-2ce3-450c-9052-29bc31af2e0c","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":58,"box":{"x":88,"y":369,"width":872,"height":12}},{"id":"8e36bcec-31b5-46a6-a603-8bc73cd00cbc","block_type":"box","text":"government authorities. 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Moreover, in recent years, both local and national","page_number":58,"box":{"x":89,"y":414,"width":788,"height":13}},{"id":"749dec40-154a-49b8-9982-05a75ba14ed0","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":58,"box":{"x":89,"y":429,"width":821,"height":13}},{"id":"b93dca9c-6339-4d9e-b888-6a3b5544ad53","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":58,"box":{"x":89,"y":445,"width":786,"height":12}},{"id":"daf81acc-919d-4947-82f5-7412c97f6082","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":58,"box":{"x":89,"y":471,"width":297,"height":12}},{"id":"107c9072-0524-4f06-9359-49dc29e626e5","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":58,"box":{"x":395,"y":471,"width":530,"height":12}},{"id":"1edead12-e4c2-4469-97a0-cfe60fb2e0b7","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":58,"box":{"x":89,"y":486,"width":869,"height":12}},{"id":"64936042-d0c2-4391-9ffb-759e7d3692be","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":58,"box":{"x":89,"y":501,"width":848,"height":13}},{"id":"f57199ae-27df-4e78-b83d-076ee78df46d","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":58,"box":{"x":88,"y":516,"width":844,"height":13}},{"id":"5b2c8e85-9b0b-4f6b-8ab9-05554a52e14e","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":58,"box":{"x":89,"y":531,"width":824,"height":13}},{"id":"0e961528-3511-4f8d-b51a-6bfe3795a471","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":58,"box":{"x":89,"y":547,"width":852,"height":12}},{"id":"f6cc3ad2-82dd-48c6-81e0-5afba47c08e9","block_type":"box","text":"declines and unit volume reductions resulting from an over-supply of materials used in the industrials sector can adversely","page_number":58,"box":{"x":89,"y":562,"width":858,"height":12}},{"id":"33274720-30f7-4de5-adb6-087e0d451b87","block_type":"box","text":"affect the sector. Furthermore, while certain Funds seek to invest in companies with positive or favorable environmental,","page_number":58,"box":{"x":89,"y":577,"width":839,"height":12}},{"id":"39ed397c-1655-446b-8895-a18eee15c119","block_type":"box","text":"social, and governance (“ESG”) characteristics, companies in the industrials sector may be subject to liability for","page_number":58,"box":{"x":89,"y":592,"width":783,"height":12}},{"id":"5206b68f-cbf6-42a5-bc98-be4ffad21159","block_type":"box","text":"environmental damage, product liability claims, depletion of resources, and mandated expenditures for safety and pollution","page_number":58,"box":{"x":89,"y":607,"width":863,"height":12}},{"id":"e41d1da2-3bd8-43fb-a337-8fb117db522e","block_type":"box","text":"control.","page_number":58,"box":{"x":89,"y":622,"width":52,"height":10}},{"id":"3b0e15d3-2250-4db4-a64f-de67c0229058","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":58,"box":{"x":89,"y":649,"width":288,"height":12}},{"id":"c1bdebb3-df1e-477a-8ca5-66773fc3bc34","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":58,"box":{"x":386,"y":649,"width":568,"height":12}},{"id":"86b38aaf-34f1-4165-b924-7480f7838e46","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":58,"box":{"x":88,"y":664,"width":824,"height":12}},{"id":"353e1aea-c69f-4e05-84cd-84667dc8f44a","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":58,"box":{"x":89,"y":679,"width":878,"height":12}},{"id":"ca67ff1b-37f1-4982-922c-dd1573b0da07","block_type":"box","text":"and pollution control, among other factors. Such risks may adversely affect the issuers to which a Fund has exposure. While","page_number":58,"box":{"x":89,"y":694,"width":866,"height":12}},{"id":"602ad62e-9cb2-4548-a57a-df298de2fe88","block_type":"box","text":"certain Funds seek to invest in companies with positive or favorable ESG characteristics, companies in the materials sector","page_number":58,"box":{"x":89,"y":709,"width":855,"height":12}},{"id":"4956b244-b60e-44be-97ea-79e6c66d4873","block_type":"box","text":"are also at risk of liability for environmental damage and product liability claims. Production of materials may exceed demand","page_number":58,"box":{"x":89,"y":724,"width":877,"height":13}},{"id":"4cf03595-205c-4e8c-af0e-81f81e97e042","block_type":"box","text":"as a result of market imbalances or economic downturns, leading to poor investment returns. These risks are heightened for","page_number":58,"box":{"x":89,"y":739,"width":870,"height":13}},{"id":"32444794-8ad8-420e-9902-15810f87adfb","block_type":"box","text":"companies in the materials sector located in foreign markets.","page_number":58,"box":{"x":89,"y":754,"width":427,"height":13}},{"id":"3f599db2-c84e-49dc-bd8b-e59425206d48","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":58,"box":{"x":89,"y":781,"width":313,"height":12}},{"id":"85bf580c-2a3d-4d13-903c-9ee09711c931","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":58,"box":{"x":411,"y":781,"width":520,"height":12}},{"id":"a3d04377-d5fa-4103-b5ac-8e07a8f70942","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":58,"box":{"x":89,"y":796,"width":867,"height":12}},{"id":"1f22b12d-bf80-4d2e-a45d-7dfe41c7b1a3","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":58,"box":{"x":89,"y":811,"width":859,"height":12}},{"id":"5e35f66d-330f-488d-917a-746467e769db","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":58,"box":{"x":89,"y":826,"width":837,"height":13}},{"id":"1d624d3c-6d6d-4c52-b523-50dc7c9395ff","block_type":"box","text":"28","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b13830a0-a167-46c5-889f-240b227931a4","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":59,"box":{"x":89,"y":44,"width":819,"height":12}},{"id":"337bf084-81c3-430a-a625-4f7e43faea8a","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":59,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"8326a873-c578-4c28-9007-80c6acabb9a8","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":59,"box":{"x":88,"y":74,"width":439,"height":12}},{"id":"88fa114b-6c98-45bc-9790-4f22fc0a2215","block_type":"box","text":"Concentration Risk.","page_number":59,"box":{"x":89,"y":101,"width":134,"height":9}},{"id":"7eafdb00-e272-427c-967a-29bce7206e29","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":59,"box":{"x":230,"y":101,"width":718,"height":12}},{"id":"f6944601-89ce-4334-b7b1-b9a8efb742ce","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":59,"box":{"x":89,"y":116,"width":854,"height":12}},{"id":"ba22f0ed-fd67-4527-b55e-2d3667bf6dba","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":59,"box":{"x":89,"y":131,"width":416,"height":12}},{"id":"ebc0d1f1-9d84-43e5-a14a-26d9e450fe96","block_type":"box","text":"Distressed Investment Risk.","page_number":59,"box":{"x":88,"y":157,"width":189,"height":10}},{"id":"28b42f28-c4b0-4834-9133-74269f004a0f","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":59,"box":{"x":284,"y":157,"width":595,"height":13}},{"id":"a1a127bf-e162-48d2-bcf6-cfbbe42712d0","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":59,"box":{"x":89,"y":172,"width":859,"height":13}},{"id":"72977374-c58b-42a8-9a91-8b1e81b747c4","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":59,"box":{"x":89,"y":188,"width":806,"height":12}},{"id":"1fec6f88-5f14-4cea-b28e-9c5dd640b30a","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":59,"box":{"x":89,"y":203,"width":856,"height":12}},{"id":"f9cab53f-67a0-4742-9fed-cf9225ff00c6","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":59,"box":{"x":88,"y":218,"width":879,"height":12}},{"id":"9578fada-32c4-4710-a2d9-2851ea013583","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":59,"box":{"x":89,"y":233,"width":587,"height":12}},{"id":"43ef19ea-279f-421b-b1e7-e2f075d35482","block_type":"box","text":"Illiquidity Risk.","page_number":59,"box":{"x":88,"y":259,"width":98,"height":13}},{"id":"0ef14d4b-9003-4325-97d2-c95af43b40da","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":59,"box":{"x":193,"y":259,"width":722,"height":13}},{"id":"221bcd3f-4d81-422c-8c9d-1a07399358af","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":59,"box":{"x":89,"y":274,"width":867,"height":13}},{"id":"5746a302-c292-4765-b20d-8d163d22fcbb","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":59,"box":{"x":88,"y":290,"width":870,"height":12}},{"id":"e00ab7bf-a9f1-411d-b23c-bd0402eb42ea","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":59,"box":{"x":89,"y":305,"width":865,"height":12}},{"id":"f8143bc7-1beb-49a9-8f3c-de3a27f18ef7","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":59,"box":{"x":89,"y":320,"width":819,"height":12}},{"id":"2017d202-bdd8-4c35-b38c-d269cd9af3e8","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":59,"box":{"x":89,"y":335,"width":857,"height":12}},{"id":"598689ca-6552-4ab1-9dcb-65186e9797b6","block_type":"box","text":"Interest Rate Risk.","page_number":59,"box":{"x":88,"y":361,"width":124,"height":10}},{"id":"43156239-3b5c-45ec-9eca-a4e148a4df31","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":59,"box":{"x":218,"y":361,"width":680,"height":13}},{"id":"7e9e7d33-e099-4b95-b44d-b5ed93572adc","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":59,"box":{"x":89,"y":376,"width":843,"height":13}},{"id":"dfc0c42a-ea70-4f4a-b24a-f7e9ac65c6b5","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":59,"box":{"x":89,"y":392,"width":679,"height":12}},{"id":"0ba68ecf-5505-48ae-af52-11969330fae0","block_type":"box","text":"Leverage Risk.","page_number":59,"box":{"x":88,"y":418,"width":98,"height":12}},{"id":"ce000428-5eb5-4631-81d4-c84bc992debe","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":59,"box":{"x":192,"y":418,"width":774,"height":12}},{"id":"f5e5de5b-c302-4375-8cbd-e0e5acc54590","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":59,"box":{"x":89,"y":433,"width":875,"height":13}},{"id":"3575dea5-38bd-474f-b214-98adc060cebe","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":59,"box":{"x":89,"y":448,"width":875,"height":13}},{"id":"0e8b5735-a297-481a-8780-3083de5df85d","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":59,"box":{"x":89,"y":463,"width":872,"height":13}},{"id":"9ecb38c6-3bb5-4e76-bb4a-73bdc135aa29","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":59,"box":{"x":89,"y":479,"width":857,"height":12}},{"id":"19b3c567-0fc7-4547-9771-5803520a082d","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":59,"box":{"x":89,"y":494,"width":877,"height":12}},{"id":"4e5357b4-5eee-4383-8fc6-946257aae329","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":59,"box":{"x":88,"y":509,"width":851,"height":12}},{"id":"c2703511-b319-44d7-bd8e-deb428f187b6","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":59,"box":{"x":89,"y":524,"width":599,"height":12}},{"id":"a8001c10-12d9-4906-8036-92a4e0d0abe9","block_type":"box","text":"Loan Foreclosure Risk.","page_number":59,"box":{"x":88,"y":550,"width":154,"height":10}},{"id":"ff563d67-1bb8-43d6-a608-7903cf467c33","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":59,"box":{"x":249,"y":550,"width":664,"height":13}},{"id":"ca9c6516-e608-497e-b413-ebfa43e5277c","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":59,"box":{"x":89,"y":565,"width":870,"height":13}},{"id":"820897b3-bfa6-478a-a705-a17836eee3fc","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":59,"box":{"x":88,"y":581,"width":819,"height":12}},{"id":"97a47dfd-d1f5-4d00-93f7-b57982d2f9cf","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":59,"box":{"x":88,"y":596,"width":868,"height":12}},{"id":"768ae418-3097-4f0d-bedb-0df4ba1aa2d2","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":59,"box":{"x":89,"y":611,"width":872,"height":12}},{"id":"cd35fd01-c8ad-414f-9e47-2cb712652e41","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":59,"box":{"x":89,"y":626,"width":796,"height":12}},{"id":"3a8e778b-2bb7-4d3f-860f-fa10160b7e2a","block_type":"box","text":"Management Risk.","page_number":59,"box":{"x":88,"y":652,"width":130,"height":13}},{"id":"48b6f690-7bb1-4611-9e5f-8fe99a71be48","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":59,"box":{"x":225,"y":652,"width":733,"height":13}},{"id":"06806ed6-b0b3-4caa-b3fa-2837580364c6","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":59,"box":{"x":89,"y":668,"width":872,"height":12}},{"id":"3e6c40d9-d91c-4448-a03f-7af7a359c274","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":59,"box":{"x":89,"y":683,"width":838,"height":12}},{"id":"020bdfcf-23b5-408e-a516-85efcea9d663","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":59,"box":{"x":89,"y":698,"width":875,"height":12}},{"id":"5e010ccd-ef29-4313-8556-8b8aa1ad50ee","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":59,"box":{"x":88,"y":713,"width":822,"height":12}},{"id":"7e110b71-9cd1-4b30-8503-0b415ad9f8a1","block_type":"box","text":"properties may be limited.","page_number":59,"box":{"x":89,"y":728,"width":181,"height":12}},{"id":"e2de1acf-d79c-4287-9189-8d305694cd86","block_type":"box","text":"Property Risk.","page_number":59,"box":{"x":88,"y":754,"width":94,"height":13}},{"id":"c8c4e9cb-7ffa-4570-93d5-7645566f68cd","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":59,"box":{"x":189,"y":754,"width":752,"height":13}},{"id":"385fe4ba-fc5e-4ab1-817f-62c0483f2580","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":59,"box":{"x":89,"y":770,"width":794,"height":12}},{"id":"ffa0cd8f-958c-4bf6-a5c2-314cbdb64fa4","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":59,"box":{"x":89,"y":785,"width":867,"height":12}},{"id":"60accf6e-8f3f-4292-b416-04999102c3fb","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":59,"box":{"x":89,"y":800,"width":819,"height":12}},{"id":"5104b060-462b-4009-b6d3-8026a1f396a2","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":59,"box":{"x":89,"y":815,"width":860,"height":12}},{"id":"c967fc9e-2aa0-421e-9f36-1e347684738c","block_type":"box","text":"Regulatory Risk.","page_number":59,"box":{"x":88,"y":841,"width":110,"height":13}},{"id":"5552598c-69d3-4b47-a709-19676d8ac085","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":59,"box":{"x":205,"y":841,"width":754,"height":13}},{"id":"3d50c122-2269-461f-84fa-a4b2f83298a1","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":59,"box":{"x":89,"y":856,"width":828,"height":13}},{"id":"28e1ce75-b601-402b-b806-79d76fd21bd1","block_type":"box","text":"29","page_number":59,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8d25e46d-d651-4b47-801b-bd39ff0e3e56","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":60,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"12ac48be-93fc-4610-8fc0-fff39576d5cb","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":60,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"a21e9326-6830-4fbc-a1ba-96d3443e8a06","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":60,"box":{"x":89,"y":74,"width":867,"height":12}},{"id":"7b563e81-bb71-477d-a526-43c6bbfba6ff","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":60,"box":{"x":89,"y":89,"width":432,"height":13}},{"id":"d27e767f-2345-448a-8022-d6c3b27519c7","block_type":"box","text":"Underlying Investment Risk.","page_number":60,"box":{"x":89,"y":116,"width":192,"height":12}},{"id":"e68d933d-8b2d-4535-8d13-65803d391bbe","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":60,"box":{"x":287,"y":116,"width":626,"height":12}},{"id":"892eefc8-df6d-45d8-afda-a6d21ad7d907","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":60,"box":{"x":88,"y":131,"width":849,"height":12}},{"id":"c875a69f-1fb0-4113-8541-d657ba70d675","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":60,"box":{"x":88,"y":146,"width":877,"height":12}},{"id":"abb3556e-8913-40d8-80c3-a7b71b01e8cf","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":60,"box":{"x":88,"y":161,"width":877,"height":12}},{"id":"9587d05c-fc68-48d6-a63e-4c52f2adecca","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":60,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"365bc420-c94d-4ae0-97d2-e9ca4a7f12a7","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":60,"box":{"x":88,"y":191,"width":868,"height":13}},{"id":"c07ba11b-142b-4ef1-8e98-bac6fa43e015","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":60,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"36d284c0-8e66-46b3-bb60-7a1a79c26b3a","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":60,"box":{"x":89,"y":222,"width":821,"height":12}},{"id":"7a30964a-03e0-4208-bf67-ab103a76c1b4","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":60,"box":{"x":89,"y":237,"width":862,"height":12}},{"id":"3a4a1a28-afaa-4a4f-8df8-c6db75d9c77a","block_type":"box","text":"similar proceedings. Investments in senior loans may be effectively subordinated if the senior loan is pledged as collateral.","page_number":60,"box":{"x":89,"y":252,"width":849,"height":12}},{"id":"468dd245-5701-445c-a0e1-47f02b589a54","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":60,"box":{"x":88,"y":267,"width":859,"height":12}},{"id":"b0ce589d-e86d-46e4-8ad7-7d27b5b00375","block_type":"box","text":"contractual arrangement, which vary considerably from transaction to transaction.","page_number":60,"box":{"x":89,"y":282,"width":578,"height":12}},{"id":"58ccbc92-71e2-4259-8689-c550f72262f9","block_type":"box","text":"U.S. Tax Risk.","page_number":60,"box":{"x":89,"y":308,"width":89,"height":10}},{"id":"b8122bbc-c02e-4af2-82c4-0e3b3de776e6","block_type":"box","text":"Certain U.S. Real Estate Companies are subject to special U.S. federal tax requirements. 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Portfolio","page_number":63,"box":{"x":122,"y":387,"width":821,"height":12}},{"id":"f77762ee-52d3-4079-84d8-38729bc7d8f6","block_type":"box","text":"level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of","page_number":63,"box":{"x":122,"y":402,"width":810,"height":12}},{"id":"dc67002e-7376-40a0-99be-cd8bd7991889","block_type":"box","text":"portfolio management and must be disclosed to all parties requesting the information if disclosed to any party.","page_number":63,"box":{"x":121,"y":417,"width":774,"height":12}},{"id":"e57c0715-3282-40a2-b620-8667609faf03","block_type":"box","text":"The Trust’s Chief Compliance Officer or his delegate may authorize disclosure of portfolio holdings information pursuant to","page_number":63,"box":{"x":88,"y":443,"width":863,"height":13}},{"id":"503c3f9d-a935-40b0-b1e6-8962fe67ffdd","block_type":"box","text":"the above policy and procedures, subject to restrictions on selective disclosure imposed by applicable law. The Board reviews","page_number":63,"box":{"x":88,"y":458,"width":873,"height":13}},{"id":"7cafd0df-07f3-4c52-a719-b2e79fbf4bc5","block_type":"box","text":"the policy and procedures for disclosure of portfolio holdings information at least annually.","page_number":63,"box":{"x":88,"y":473,"width":635,"height":13}},{"id":"126f97f7-364e-4cba-84cb-4bb9f1288d8b","block_type":"box","text":"Construction and Maintenance of the Underlying","page_number":63,"box":{"x":90,"y":504,"width":822,"height":30}},{"id":"65889443-f919-4af0-a742-fae4b0f2850d","block_type":"box","text":"Indexes","page_number":63,"box":{"x":91,"y":534,"width":125,"height":24}},{"id":"79fba139-658d-4e4e-868c-606ed9b8c34d","block_type":"box","text":"Descriptions of the Underlying Indexes are provided below.","page_number":63,"box":{"x":89,"y":576,"width":410,"height":12}},{"id":"2d1b8e9e-51f9-42c0-89c3-abd11f44e7b2","block_type":"box","text":"With respect to certain underlying indexes of the iShares funds, BFA or its affiliates have held discussions with the applicable","page_number":63,"box":{"x":88,"y":602,"width":870,"height":12}},{"id":"7a0179d9-3091-4d6a-9f9d-6784861544e7","block_type":"box","text":"index provider regarding their business interest in licensing an index to track a particular market segment and conveyed","page_number":63,"box":{"x":89,"y":617,"width":837,"height":12}},{"id":"406de52c-fc4e-43a8-8ded-94421d7acb38","block_type":"box","text":"investment concepts and strategies that could be considered for the index. The index provider designed and constituted such","page_number":63,"box":{"x":89,"y":632,"width":878,"height":13}},{"id":"f85405c7-8460-4f9a-882b-03d1f86718da","block_type":"box","text":"indices using concepts conveyed by BFA or its affiliates. For certain of these indices, the relevant fund may be the first or sole","page_number":63,"box":{"x":89,"y":647,"width":871,"height":13}},{"id":"1cf7483d-9a05-41be-80a3-aabf2e02a754","block_type":"box","text":"user of the underlying index. In its sole discretion, the index provider determines the composition of the securities and other","page_number":63,"box":{"x":89,"y":662,"width":868,"height":13}},{"id":"407d390f-3789-4548-8f23-9e51b560d229","block_type":"box","text":"instruments in such underlying index, the rebalance protocols of the underlying index, the weightings of the securities and","page_number":63,"box":{"x":89,"y":678,"width":857,"height":12}},{"id":"857110fd-87f7-45e7-873e-d83d6ab9992e","block_type":"box","text":"other instruments in the underlying index, and any updates to the methodology. From time to time, BFA or its affiliates may","page_number":63,"box":{"x":89,"y":693,"width":863,"height":12}},{"id":"e662d7ee-8b3b-4e1f-8255-d147d20f4e1b","block_type":"box","text":"also provide input relating to possible methodology changes of such underlying index pursuant to the index provider’s","page_number":63,"box":{"x":89,"y":708,"width":828,"height":12}},{"id":"83c2a909-9a55-4214-be11-b7b2f7e59af6","block_type":"box","text":"consultation process or pursuant to other communications with the index provider.","page_number":63,"box":{"x":89,"y":723,"width":583,"height":12}},{"id":"b57a2962-fea7-42d1-a5c1-4ff46ed97af8","block_type":"box","text":"The MSCI Indexes","page_number":63,"box":{"x":88,"y":751,"width":227,"height":17}},{"id":"d795413f-730e-48f7-aa8d-652b0faecd39","block_type":"box","text":"The MSCI indexes were founded in 1969 by Capital International S.A. as international performance benchmarks constructed","page_number":63,"box":{"x":88,"y":785,"width":869,"height":12}},{"id":"f60760ec-fa83-433a-a4e2-f066daa1732e","block_type":"box","text":"to facilitate comparison of world markets. The MSCI single country standard equity indexes have covered the world’s","page_number":63,"box":{"x":88,"y":800,"width":819,"height":12}},{"id":"87b0543d-0aef-4aea-acb4-be2375684418","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":63,"box":{"x":89,"y":815,"width":654,"height":12}},{"id":"1912b569-f45b-4b79-8f1d-7ec09e10b0df","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":63,"box":{"x":89,"y":841,"width":875,"height":13}},{"id":"24404ccf-489e-4d54-9e83-81fbd319f7db","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":63,"box":{"x":88,"y":856,"width":843,"height":13}},{"id":"3ba008a9-acb7-4543-a33e-cc17a6f26f40","block_type":"box","text":"33","page_number":63,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"78288b90-69e2-4299-a185-229de625704b","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":64,"box":{"x":89,"y":44,"width":838,"height":12}},{"id":"836a1686-13c7-4f19-8553-c6e24d82a475","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":64,"box":{"x":89,"y":59,"width":322,"height":12}},{"id":"b1ebe7dc-6a8b-4a1b-a26d-9cf481c186bd","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":64,"box":{"x":89,"y":85,"width":281,"height":10}},{"id":"cc1c6dfa-155b-4307-bcaf-fdbbdaec12ab","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":64,"box":{"x":89,"y":112,"width":867,"height":12}},{"id":"d11be45e-ea47-4dbc-90d2-009a4e2a4c1a","block_type":"box","text":"market capitalization size and by style. The MSCI GIMI intend to target approximately 99% coverage of the free float-adjusted","page_number":64,"box":{"x":89,"y":127,"width":877,"height":12}},{"id":"f838f876-0fdf-46ae-afd5-2843d25e4388","block_type":"box","text":"market capitalization in each market of large-, mid- and small-cap securities. In each market, MSCI creates an Investable","page_number":64,"box":{"x":89,"y":142,"width":842,"height":12}},{"id":"dc9c1e88-9381-405d-aa60-0106190eec54","block_type":"box","text":"Market Index, Standard Index, Large Cap Index, Mid Cap Index and Small Cap Index. The Standard Index, Large Cap Index,","page_number":64,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"d590d599-7ddb-44ec-9bf7-458db4535985","block_type":"box","text":"Mid Cap Index and Small Cap Index are each subsets of the Investable Market Index for a market. The MSCI Global Standard","page_number":64,"box":{"x":89,"y":172,"width":868,"height":13}},{"id":"9d12c3c9-b277-45b9-bcdc-81123bff0c21","block_type":"box","text":"Index is the aggregation of the Large Cap Index and Mid Cap Index and the MSCI GIMI is the aggregation of the MSCI Global","page_number":64,"box":{"x":89,"y":188,"width":871,"height":12}},{"id":"c5d922bf-6089-4df4-a09e-9c700f16989d","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":64,"box":{"x":88,"y":203,"width":348,"height":12}},{"id":"b52593ee-2785-4232-bcda-0aa0b19a7f77","block_type":"box","text":"Selection Criteria.","page_number":64,"box":{"x":88,"y":229,"width":127,"height":10}},{"id":"d4dbcecd-db9e-4394-b501-9e4242664e3c","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":64,"box":{"x":221,"y":229,"width":723,"height":12}},{"id":"fc260643-6f73-4a53-a656-9b435ad4042f","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":64,"box":{"x":89,"y":244,"width":814,"height":13}},{"id":"75f95e7a-0cb5-4fcf-969e-3ac696af2c4a","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":64,"box":{"x":89,"y":259,"width":860,"height":13}},{"id":"a4ad7fdc-4c43-4ccf-af30-2fb8b3f096d1","block_type":"box","text":"Index.","page_number":64,"box":{"x":89,"y":274,"width":41,"height":10}},{"id":"45a282ec-c602-4cfc-8e37-5f3965a16d85","block_type":"box","text":"Defining the Equity Universe","page_number":64,"box":{"x":89,"y":301,"width":204,"height":12}},{"id":"63e48735-f5d8-4757-89fd-300ae582d02a","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":64,"box":{"x":294,"y":301,"width":643,"height":12}},{"id":"5ec0ffc4-f4b9-4923-869c-2f5fb68dc955","block_type":"box","text":"classified as developed markets, 24 as emerging markets, and 28 as frontier markets. All listed equity securities and listed","page_number":64,"box":{"x":89,"y":316,"width":847,"height":12}},{"id":"6299c418-ef74-4a21-9e7d-b0ad418419e8","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":64,"box":{"x":89,"y":331,"width":863,"height":12}},{"id":"26f8bf22-004a-4ec1-b31f-21ebdf54b7ed","block_type":"box","text":"and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income","page_number":64,"box":{"x":89,"y":346,"width":835,"height":13}},{"id":"fcbcfd03-80f2-4111-ae6a-c98616ecc588","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":64,"box":{"x":88,"y":361,"width":559,"height":13}},{"id":"4e1bb19f-2f7d-4c7c-b863-755774c7f736","block_type":"box","text":"i.e","page_number":64,"box":{"x":648,"y":362,"width":15,"height":9}},{"id":"94272e22-7bdf-45b2-b634-4036f76b9caf","block_type":"box","text":"., share classes) are classified in only one","page_number":64,"box":{"x":665,"y":361,"width":284,"height":13}},{"id":"290be9ce-4f06-4ab5-9b8e-69a28fa76228","block_type":"box","text":"country.","page_number":64,"box":{"x":89,"y":378,"width":55,"height":11}},{"id":"1afa35f5-69cd-4eec-8eb8-7a3066829849","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":64,"box":{"x":89,"y":403,"width":489,"height":12}},{"id":"a78bcdfb-a954-463e-a2c2-b4ad3e43a98b","block_type":"box","text":"The equity universe in any market is derived by","page_number":64,"box":{"x":583,"y":403,"width":328,"height":12}},{"id":"e8080837-1bf3-4767-a0f1-e4d2ba7bf079","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":64,"box":{"x":89,"y":418,"width":838,"height":12}},{"id":"ee19d8e3-15d7-4183-8421-5a3f66fa4682","block_type":"box","text":"applied at the individual security level and some at the overall company level, represented by the aggregation of individual","page_number":64,"box":{"x":89,"y":433,"width":851,"height":13}},{"id":"2bd9068f-80ce-4a7b-90e2-38e0d62cb75d","block_type":"box","text":"securities of the company. As a result, the inclusion or exclusion of one security does not imply the automatic inclusion or","page_number":64,"box":{"x":89,"y":448,"width":852,"height":13}},{"id":"8a482ecd-03fc-4a52-9047-376dabf727df","block_type":"box","text":"exclusion of other securities of the same company.","page_number":64,"box":{"x":89,"y":463,"width":353,"height":13}},{"id":"c5372085-8320-4f41-bf38-aebb72159ca6","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":64,"box":{"x":89,"y":490,"width":479,"height":12}},{"id":"170bb2c8-02b9-4fc1-86f4-3b18dd7a06ea","block_type":"box","text":"In order to create size components that can be","page_number":64,"box":{"x":574,"y":490,"width":325,"height":12}},{"id":"42c85f8b-a51c-4333-9bcc-dc8d56ed8d16","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":64,"box":{"x":89,"y":505,"width":786,"height":12}},{"id":"d5f32406-a43b-4913-bd8b-78a5796cb381","block_type":"box","text":"• Achieving global size integrity by ensuring that companies of comparable and relevant sizes are included in a given size","page_number":64,"box":{"x":89,"y":525,"width":863,"height":12}},{"id":"23e5f6fb-ff2d-45f4-ada8-c9656244dcf9","block_type":"box","text":"segment across all markets in a composite index; and","page_number":64,"box":{"x":121,"y":540,"width":375,"height":13}},{"id":"18087fc6-28a7-4e69-b548-67659881eedf","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":64,"box":{"x":89,"y":560,"width":846,"height":13}},{"id":"f15ce6bb-040e-40de-b45b-767c41519c42","block_type":"box","text":"weight in the composite universe.","page_number":64,"box":{"x":121,"y":576,"width":236,"height":12}},{"id":"d66bcd83-20ed-4a62-ae8e-4480c49e5875","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":64,"box":{"x":88,"y":602,"width":787,"height":12}},{"id":"b31efef1-eb3d-497d-a01b-a2ab91ed2d92","block_type":"box","text":"capitalization size segments:","page_number":64,"box":{"x":89,"y":617,"width":197,"height":12}},{"id":"bcfec793-4f5c-46d7-995c-235ca411eef9","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":64,"box":{"x":89,"y":637,"width":809,"height":13}},{"id":"1ea1fcf0-aac8-4db7-abe1-e399fc56b863","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":64,"box":{"x":121,"y":652,"width":627,"height":13}},{"id":"eb88ed02-8f8e-435e-ad3a-d944aca11e5e","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":64,"box":{"x":89,"y":673,"width":848,"height":12}},{"id":"ed20150f-c918-4e3b-bd23-fc29559c8961","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":64,"box":{"x":121,"y":688,"width":627,"height":12}},{"id":"bcf7ff5f-b015-43ba-bd70-e56cadb7de60","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":64,"box":{"x":89,"y":708,"width":865,"height":12}},{"id":"5641fded-c201-4f63-bfc2-b3320eb51798","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":64,"box":{"x":121,"y":723,"width":614,"height":12}},{"id":"8be56efd-da90-4523-8640-d13cd688c29d","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":64,"box":{"x":89,"y":743,"width":876,"height":12}},{"id":"c3d8504b-304b-4234-9227-fb587621da8b","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":64,"box":{"x":121,"y":758,"width":577,"height":10}},{"id":"65540fd0-3885-4aba-85de-b7528be934a0","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":64,"box":{"x":88,"y":785,"width":404,"height":12}},{"id":"4b309482-1622-4c66-b7ae-2d0a53d8052f","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":64,"box":{"x":498,"y":785,"width":430,"height":12}},{"id":"4394c66e-b95c-489c-b912-375f2758f7e5","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":64,"box":{"x":89,"y":800,"width":796,"height":12}},{"id":"8f3ad5ce-6c29-4321-9147-80a7e9233989","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":64,"box":{"x":89,"y":815,"width":842,"height":12}},{"id":"a25c0fd2-64c7-4c9d-b777-0e82aa36416f","block_type":"box","text":"minimum length of trading.","page_number":64,"box":{"x":89,"y":830,"width":192,"height":12}},{"id":"e32105b1-88d6-4619-9d89-05ad1b9aaf32","block_type":"box","text":"34","page_number":64,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3127a1ff-c1ef-45b6-be82-b4e119abb835","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":65,"box":{"x":88,"y":44,"width":404,"height":12}},{"id":"47d86df1-487b-4440-beb0-43c2295d2b30","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":65,"box":{"x":498,"y":44,"width":456,"height":12}},{"id":"391afb28-a2bb-4638-bff8-b048f7f871a7","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":65,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"ff8629c1-3fb0-4052-bb4f-c0c015461143","block_type":"box","text":"minimum number of five constituents will be maintained for a developed market Standard Index and a minimum number of","page_number":65,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"45995824-4cbc-4d23-aa36-0a529dd72a0b","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":65,"box":{"x":88,"y":89,"width":544,"height":13}},{"id":"9bca9f1a-25ea-4608-a503-f0976165c4ad","block_type":"box","text":"Weighting.","page_number":65,"box":{"x":88,"y":116,"width":77,"height":12}},{"id":"e7daca14-da9d-4769-9166-09e95738fd39","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":65,"box":{"x":171,"y":116,"width":365,"height":12}},{"id":"22c04948-b2bc-40e1-8a39-94f1566bb3ee","block_type":"box","text":"i.e.,","page_number":65,"box":{"x":541,"y":117,"width":21,"height":10}},{"id":"8239e8af-aa5d-4e28-80e6-ef4ec1dc2d02","block_type":"box","text":"companies are included in the indexes at the value of","page_number":65,"box":{"x":568,"y":116,"width":373,"height":12}},{"id":"ab4bb856-6aab-458c-8d71-e5f478ee9ccd","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":65,"box":{"x":88,"y":131,"width":420,"height":12}},{"id":"fbf55089-88c1-4111-b505-1bdd5566549c","block_type":"box","text":"Regional Weights.","page_number":65,"box":{"x":89,"y":157,"width":128,"height":13}},{"id":"cc63ea0e-0f5b-4644-bda3-5bb36597e974","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":65,"box":{"x":223,"y":157,"width":720,"height":13}},{"id":"1e62883c-0867-41bb-88e3-ef5919b9bc5d","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":65,"box":{"x":89,"y":172,"width":878,"height":13}},{"id":"e272810e-d177-4bda-b05c-3707ed0bb785","block_type":"box","text":"weight in the total universe of developing and emerging markets. A market is equivalent to a single country except for","page_number":65,"box":{"x":88,"y":188,"width":826,"height":12}},{"id":"a6dbec31-b74d-4800-a208-7cc51d2f2015","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":65,"box":{"x":89,"y":203,"width":873,"height":12}},{"id":"f4ebe995-b160-4ba2-9b7a-c4e40638d9de","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":65,"box":{"x":89,"y":218,"width":768,"height":12}},{"id":"2f059d6a-63ee-4dbd-bd7b-7ed3779be614","block_type":"box","text":"Free Float.","page_number":65,"box":{"x":89,"y":244,"width":73,"height":10}},{"id":"a51f9e1e-1c64-4c79-87f1-788f5c805261","block_type":"box","text":"MSCI defines the free float of a security as the proportion of shares outstanding that are deemed to be available","page_number":65,"box":{"x":167,"y":244,"width":781,"height":13}},{"id":"240a89f1-436f-4876-a91b-cbbea64c89cd","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":65,"box":{"x":88,"y":259,"width":803,"height":13}},{"id":"c075e53a-af48-4c7b-ac62-72ae07bdca18","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":65,"box":{"x":89,"y":274,"width":865,"height":13}},{"id":"242784f4-95a7-4b4b-b512-627af7a5dbed","block_type":"box","text":"on share ownership for foreigners.","page_number":65,"box":{"x":89,"y":290,"width":239,"height":12}},{"id":"e15da67d-33f1-4476-b865-8b27b0c7cb8c","block_type":"box","text":"MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe by (i) defining and","page_number":65,"box":{"x":89,"y":316,"width":865,"height":12}},{"id":"d17affa3-2824-4692-9540-901dfe27c805","block_type":"box","text":"estimating the free float available to foreign investors; (ii) assigning a free float-adjustment factor to each security; and (iii)","page_number":65,"box":{"x":89,"y":331,"width":856,"height":12}},{"id":"70a64b63-ab21-4521-a939-3e4872a711e8","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":65,"box":{"x":89,"y":346,"width":503,"height":13}},{"id":"1159109f-be2a-4ac5-87b4-a79561e809c0","block_type":"box","text":"Under MSCI’s free float-adjustment methodology, a constituent’s inclusion factor is equal to its estimated free float, rounded","page_number":65,"box":{"x":89,"y":373,"width":872,"height":12}},{"id":"263e646f-ea09-4404-a21c-728182e4f85f","block_type":"box","text":"up to the closest 5% for constituents with free float equal to or exceeding 15%. For example, a constituent security with a","page_number":65,"box":{"x":89,"y":388,"width":852,"height":12}},{"id":"baee753b-6819-41db-8609-8744340bd2ab","block_type":"box","text":"free float of 23.2% will be included in the index at 25% of its market capitalization. For securities with a free float of less than","page_number":65,"box":{"x":88,"y":403,"width":872,"height":12}},{"id":"ae316f0c-607f-49cf-bff5-69c27ea87519","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":65,"box":{"x":90,"y":418,"width":412,"height":12}},{"id":"e77f2bf2-4c85-4c4b-b08a-f601f6c2f6dd","block_type":"box","text":"Price and Exchange Rates","page_number":65,"box":{"x":89,"y":445,"width":184,"height":12}},{"id":"11c08cf5-649e-473a-87bf-74dd19c63eb6","block_type":"box","text":"Prices.","page_number":65,"box":{"x":89,"y":472,"width":46,"height":9}},{"id":"a7590d8f-f427-49af-bbe0-a6518a62701b","block_type":"box","text":"The prices used to calculate all MSCI indexes are the official exchange closing prices or those figures accepted as","page_number":65,"box":{"x":140,"y":471,"width":791,"height":12}},{"id":"9041412c-d662-492e-9999-e1e10eb0cfba","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":65,"box":{"x":89,"y":486,"width":578,"height":12}},{"id":"7ae09f80-f175-46fb-b5d2-1c25a5393576","block_type":"box","text":"Exchange Rates.","page_number":65,"box":{"x":89,"y":513,"width":116,"height":12}},{"id":"0fe1faee-5a09-4108-a2fb-00586529f488","block_type":"box","text":"MSCI uses the World Markets/Reuters Closing Spot Rates taken at 4:00 p.m. London time. In case World","page_number":65,"box":{"x":211,"y":513,"width":730,"height":12}},{"id":"a76e2f82-c934-456f-9039-03b09d06fea4","block_type":"box","text":"Markets/Reuters does not provide rates for specific markets on given days (for example, Christmas Day and New Year’s Day),","page_number":65,"box":{"x":89,"y":528,"width":876,"height":12}},{"id":"44a81597-f65b-4ae7-ba2c-8032612a27a2","block_type":"box","text":"the previous business day’s rates are normally used. MSCI independently monitors the exchange rates on all its indexes.","page_number":65,"box":{"x":88,"y":543,"width":839,"height":12}},{"id":"85cb256c-f364-40f0-a21c-eb7698de3492","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":65,"box":{"x":89,"y":558,"width":864,"height":12}},{"id":"d306c01e-096c-4389-ae94-395d4a401769","block_type":"box","text":"rates are not available, or if MSCI determines that the World Markets/Reuters rates are not reflective of market circumstances","page_number":65,"box":{"x":89,"y":573,"width":877,"height":11}},{"id":"dc18acd3-1823-4258-be09-81c52feb9551","block_type":"box","text":"for a given currency on a particular day. In such circumstances, an announcement would be sent to clients with the related","page_number":65,"box":{"x":88,"y":588,"width":859,"height":12}},{"id":"391facae-4876-4271-a6ef-b7a678a31664","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":65,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"148f39c0-0ef3-484d-afc0-32e26355ea91","block_type":"box","text":"most relevant exchange rate.","page_number":65,"box":{"x":89,"y":618,"width":201,"height":13}},{"id":"f43fe722-e650-4de0-b108-cdeab250e549","block_type":"box","text":"Changes to the Indexes.","page_number":65,"box":{"x":89,"y":645,"width":172,"height":12}},{"id":"ba31b85e-28f2-4857-a3d0-96e2fc303a85","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":65,"box":{"x":266,"y":645,"width":678,"height":12}},{"id":"bf8b5b37-1649-470e-a23e-9c8b4c67c47e","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":65,"box":{"x":88,"y":660,"width":833,"height":12}},{"id":"d99ef7b0-b1d4-493a-ad17-3022abe2286c","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":65,"box":{"x":89,"y":675,"width":839,"height":12}},{"id":"7d83590c-f8f4-437c-82a6-1d6c0be9adab","block_type":"box","text":"deletions from, the indexes; (ii) changes in number of shares; and (iii) changes in inclusion factors as a result of updated free","page_number":65,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"fa1383b8-c614-426e-b40c-954eeeb93197","block_type":"box","text":"float estimates.","page_number":65,"box":{"x":88,"y":705,"width":106,"height":10}},{"id":"a7648a24-d222-4c05-af65-7779f98c9479","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":65,"box":{"x":89,"y":732,"width":524,"height":12}},{"id":"16d6a834-10a2-4deb-9d94-782f00b302f4","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":65,"box":{"x":89,"y":752,"width":841,"height":12}},{"id":"4ee1371c-8710-4cbb-8fb4-eb27c4020436","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":65,"box":{"x":121,"y":767,"width":399,"height":12}},{"id":"bd7fc3ac-b4c1-4d6c-8f8c-e022ae63b9b5","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":65,"box":{"x":89,"y":787,"width":728,"height":13}},{"id":"48197fe4-4a8b-4af4-af44-6bd7d6c886b2","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":65,"box":{"x":89,"y":807,"width":876,"height":13}},{"id":"512dc535-2e37-4e9d-b3d8-b4e2d71d05a1","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":65,"box":{"x":121,"y":822,"width":560,"height":13}},{"id":"f8a33256-ef85-4b11-bdb7-25969e1bd7ca","block_type":"box","text":"35","page_number":65,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"19aa73ef-bc0c-4544-a19e-f601d277f789","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":66,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"696c0788-4ca6-4099-8c32-069e147fc757","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":66,"box":{"x":88,"y":59,"width":839,"height":12}},{"id":"7e29b734-2404-4e8c-9678-62391f052ed8","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":66,"box":{"x":89,"y":74,"width":387,"height":12}},{"id":"95007179-9f21-41b3-8964-9572a8c23247","block_type":"box","text":"MSCI conducts SAIRs generally as of the close of the last business day of May and November. During the SAIRs, MSCI","page_number":66,"box":{"x":89,"y":101,"width":823,"height":12}},{"id":"a4f429e8-ca2e-4c98-ac30-ac2bd2384494","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":66,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"85265855-c82e-4976-9a17-548626f9739e","block_type":"box","text":"generally as of the close of the last business day of February and August. During the QIRs, MSCI reflects changes in the index","page_number":66,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"4d5a08b9-6aaf-47f2-a0ad-8267a139c050","block_type":"box","text":"that were not captured at the time of their actual occurrence, but are significant enough to be included before the next SAIR.","page_number":66,"box":{"x":88,"y":146,"width":873,"height":12}},{"id":"635ef2d9-fec0-456e-847e-7751a12395b4","block_type":"box","text":"The results of the SAIR and QIR are generally announced at least ten business days in advance of implementation.","page_number":66,"box":{"x":88,"y":161,"width":798,"height":12}},{"id":"192d03c9-b031-4020-90f9-69e323fbc2fb","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":66,"box":{"x":89,"y":188,"width":689,"height":12}},{"id":"393319b8-7a80-4e0e-94b8-29400198d3a6","block_type":"box","text":"®","page_number":66,"box":{"x":779,"y":186,"width":9,"height":6}},{"id":"971493d6-26a9-47a4-aaa5-5715735979d7","block_type":"box","text":")","page_number":66,"box":{"x":789,"y":188,"width":5,"height":12}},{"id":"6d281585-dc3b-47b1-8684-8b17e3c679aa","block_type":"box","text":"All securities in the Global Investable Equity Universe are assigned to the industry that best describes their business activities","page_number":66,"box":{"x":88,"y":214,"width":871,"height":12}},{"id":"09128d90-0b3d-4387-8ffe-35af280a67f7","block_type":"box","text":"using the GICS. The GICS consists of sectors, industry groups, industries and sub-industries. Under the GICS, each company","page_number":66,"box":{"x":89,"y":229,"width":867,"height":12}},{"id":"65c532f9-663b-4d31-9bd2-29c5a40cc2a8","block_type":"box","text":"is assigned to one unique sub-industry according to its principal business activity (generally defined as the business activity","page_number":66,"box":{"x":89,"y":244,"width":865,"height":13}},{"id":"4e346f8c-1f5a-4b09-9ca2-ba9bcb14221c","block_type":"box","text":"that generates 60% or more of the company’s revenues). Narrower indexes may be derived based on industry classification,","page_number":66,"box":{"x":88,"y":259,"width":866,"height":13}},{"id":"49b82985-91f5-49c8-8e2d-2f25cc27b2bd","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":66,"box":{"x":89,"y":274,"width":878,"height":13}},{"id":"badcc3d2-4b9f-4687-b677-6aabb9c1729a","block_type":"box","text":"MSCI 25/50 Indexes","page_number":66,"box":{"x":89,"y":301,"width":147,"height":10}},{"id":"e06de683-3966-4388-8de2-3519693a0a3c","block_type":"box","text":"Each of the MSCI 25/50 Indexes (the “25/50 Indexes”) is a sub-index of either an MSCI Global Standard Index or an MSCI","page_number":66,"box":{"x":89,"y":327,"width":854,"height":13}},{"id":"dfa42a6c-d295-4391-960f-0aa351670c34","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":66,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"d50990fd-53df-4a63-91ba-a250b37f222f","block_type":"box","text":"Revenue Code. MSCI uses the concept of “group entities” for the concentration limits of the capping methodologies in the","page_number":66,"box":{"x":89,"y":358,"width":854,"height":12}},{"id":"be657cc9-bd54-4afe-99ff-97d99998eb20","block_type":"box","text":"25/50 Indexes. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue","page_number":66,"box":{"x":89,"y":373,"width":873,"height":12}},{"id":"ef1c7ba9-47aa-4a51-b1a1-b48e2628df35","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":66,"box":{"x":89,"y":388,"width":863,"height":12}},{"id":"ebe8afae-9df0-4da3-b16b-d98bb774145e","block_type":"box","text":"or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":66,"box":{"x":89,"y":403,"width":857,"height":12}},{"id":"bd6130cb-4006-4e02-8bd4-cb89ce81cd8a","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":66,"box":{"x":89,"y":418,"width":845,"height":12}},{"id":"71809c25-0e94-402c-94e9-eba1bfbe1a9a","block_type":"box","text":"there is reasonable evidence of control based on other information. The 25/50 Indexes are free float-adjusted market","page_number":66,"box":{"x":88,"y":433,"width":821,"height":13}},{"id":"0feb5145-67e1-45f4-9619-16183bf3e289","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":66,"box":{"x":89,"y":448,"width":861,"height":13}},{"id":"d0ec33f9-db59-4669-832c-3f98fe756422","block_type":"box","text":"exceeds 25% of index weight, and all group entities with a weight above 5% do not cumulatively exceed 50% of the index","page_number":66,"box":{"x":89,"y":463,"width":854,"height":13}},{"id":"c09fb9ee-6c1d-49d5-a409-5862e016ea82","block_type":"box","text":"weight. A buffer of 10% of the value of each of these caps is used in order to reduce the risk of noncompliance due to short","page_number":66,"box":{"x":88,"y":479,"width":865,"height":12}},{"id":"a886a9c0-2133-4615-a275-40e265d542ef","block_type":"box","text":"term market movements between rebalances. As a result, at the point of constructing or rebalancing the 25/50 Indexes, the","page_number":66,"box":{"x":88,"y":494,"width":869,"height":12}},{"id":"8290318f-9d16-4afb-85ab-9c4a5b5cb03b","block_type":"box","text":"weight of any single group entity cannot exceed 22.5% of the index weight and all group entities with weight above 4.5%","page_number":66,"box":{"x":88,"y":509,"width":851,"height":12}},{"id":"aa449434-f294-4369-943a-68ac69049697","block_type":"box","text":"cannot exceed 45% of the index weight. A software application called the Barra Optimizer is utilized to calculate the capped","page_number":66,"box":{"x":89,"y":524,"width":865,"height":12}},{"id":"b3616604-9cfe-47dd-b64b-081a9639eeca","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":66,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"5ce7fa2e-c36d-4ae4-82e7-6d8fca4ff881","block_type":"box","text":"deviation from the uncapped index.","page_number":66,"box":{"x":89,"y":554,"width":248,"height":12}},{"id":"1fe79877-ab10-45fa-ab4a-683a86e49e09","block_type":"box","text":"MSCI All Ireland Capped Index","page_number":66,"box":{"x":89,"y":581,"width":220,"height":12}},{"id":"51565114-9fc6-4b8d-8eb4-3bca4a363908","block_type":"box","text":"Number of Components: approximately 25","page_number":66,"box":{"x":89,"y":607,"width":308,"height":12}},{"id":"4b93c433-be61-42a0-984d-db090f62926d","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":633,"width":131,"height":13}},{"id":"d688c962-1516-42b4-9a8e-6e0b6f6a5caf","block_type":"box","text":"The MSCI All Ireland Capped Index is a free float-adjusted market capitalization-weighted index that aims","page_number":66,"box":{"x":225,"y":633,"width":739,"height":13}},{"id":"5790b861-3ea3-4002-9e65-2089bf4409d8","block_type":"box","text":"to reflect the performance of securities of companies that: (i) are classified in Ireland according to the MSCI Global Investable","page_number":66,"box":{"x":88,"y":649,"width":876,"height":12}},{"id":"d55441c9-1d23-4291-8aa6-9f1107eb444d","block_type":"box","text":"Market Index Methodology; (ii) are not classified in Ireland according to the MSCI Global Investable Market Index","page_number":66,"box":{"x":89,"y":664,"width":790,"height":12}},{"id":"29aca084-c6ab-42b9-910c-92cb0f64ca32","block_type":"box","text":"Methodology but are either headquartered or listed in Ireland and carry out the majority of their operations in Ireland, as","page_number":66,"box":{"x":89,"y":679,"width":841,"height":12}},{"id":"33ce5793-63d3-497e-8098-4dfce560867d","block_type":"box","text":"defined by MSCI; or (iii) have economic exposure greater than 10% to Ireland, as defined by MSCI, where the criteria outlined","page_number":66,"box":{"x":89,"y":694,"width":875,"height":12}},{"id":"655eb340-3936-49ce-bc1f-5e78be24bef3","block_type":"box","text":"in (i) and (ii) do not result in the target number of securities and issuers. The Index Provider generally applies a capping","page_number":66,"box":{"x":89,"y":709,"width":833,"height":12}},{"id":"31379639-9730-45cf-b1a1-becbc4a33d14","block_type":"box","text":"methodology to the Underlying Index so that no single issuer exceeds 25% of the Underlying Index weight, and all issuers","page_number":66,"box":{"x":89,"y":724,"width":852,"height":13}},{"id":"7d05643d-36c5-4ce8-b6e1-89d858bdd619","block_type":"box","text":"with a weight above 5% do not cumulatively exceed 50% of the Underlying Index weight. However, this capping","page_number":66,"box":{"x":88,"y":739,"width":785,"height":13}},{"id":"7449e1b5-13af-4e0d-9ef4-36fd1610d943","block_type":"box","text":"methodology does not apply to constituents that (1) are not classified as a Large, Mid or Small-Capitalization securities as","page_number":66,"box":{"x":89,"y":754,"width":854,"height":13}},{"id":"672df34a-5e8b-487d-93b9-7480c72945f3","block_type":"box","text":"per the MSCI Global Investment Market Index Methodology and either (2) have a 3-month annual traded value ratio","page_number":66,"box":{"x":89,"y":770,"width":812,"height":12}},{"id":"62d4ba5d-84b1-4b6d-8613-589d9da412d0","block_type":"box","text":"(“ATVR”) less than or equal to 20% or (3) have a market capitalization lower than the size-segment cutoff of the MSCI Ireland","page_number":66,"box":{"x":89,"y":785,"width":877,"height":12}},{"id":"7684feb2-5863-4b82-b93c-ceef8ef0dcad","block_type":"box","text":"IMI. ATVR is a measure of traded value in a security as a proportion of its free float-adjusted market capitalization.","page_number":66,"box":{"x":89,"y":800,"width":796,"height":12}},{"id":"7d1e9b28-ce30-4ff5-a4cc-411c4c17e2bc","block_type":"box","text":"Constituents that meet the first criteria, along with either the second or the third criteria, are represented at their weight in","page_number":66,"box":{"x":89,"y":815,"width":855,"height":12}},{"id":"f33dded2-3373-4212-9940-8b445a00a917","block_type":"box","text":"the MSCI All Ireland Index.","page_number":66,"box":{"x":88,"y":830,"width":185,"height":10}},{"id":"8f438e9b-0d64-4cea-9cd6-93f298c9200f","block_type":"box","text":"36","page_number":66,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7fb6cc19-56c0-473b-80df-abd89e992bdd","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"13208a4c-63d6-4c1d-89aa-3a03213ddf3c","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":67,"box":{"x":278,"y":44,"width":662,"height":12}},{"id":"ccc96a1c-e985-401e-b70d-cb4a9cdcbb3c","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":67,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"c40cea4c-cd96-4cdb-8e76-8a45a202e833","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":67,"box":{"x":88,"y":74,"width":864,"height":12}},{"id":"e4677ef7-2674-4d8b-92f3-29074b101ae5","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":67,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"edb9445d-c15b-45ee-b960-a2f78645ff35","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":67,"box":{"x":88,"y":104,"width":868,"height":13}},{"id":"a8d04eb5-4d46-47f2-9913-194a6824288c","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"a8c07a78-1d23-4b39-acdd-0a8ab374d1a1","block_type":"box","text":"MSCI Denmark IMI 25/50 Index","page_number":67,"box":{"x":89,"y":146,"width":231,"height":10}},{"id":"d10a1a0b-1a5c-4bed-b40e-bf1d431681b7","block_type":"box","text":"Number of Components: approximately 41","page_number":67,"box":{"x":89,"y":172,"width":305,"height":13}},{"id":"2fc7b486-91bf-4ebb-b54f-4d2c5a0f5ed9","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":199,"width":131,"height":12}},{"id":"81e07ae3-5803-44a3-ac04-b61345e37dde","block_type":"box","text":"The MSCI Denmark IMI 25/50 Index is designed to measure the performance of the large-, mid- and","page_number":67,"box":{"x":225,"y":199,"width":705,"height":12}},{"id":"8aff3505-d05c-4407-8299-3d4b61a961f8","block_type":"box","text":"small-capitalization segments of the equity market in Denmark. The Underlying Index is rebalanced quarterly using an","page_number":67,"box":{"x":89,"y":214,"width":826,"height":12}},{"id":"2a6d8ee2-57a6-4b8e-a203-4f52d9eb65e3","block_type":"box","text":"optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":67,"box":{"x":89,"y":229,"width":858,"height":12}},{"id":"6684ae14-5452-469d-aed9-f231aafa65de","block_type":"box","text":"Denmark Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":67,"box":{"x":89,"y":244,"width":820,"height":13}},{"id":"c5dfe0d8-2c3d-4a27-b17d-201e3ce6f240","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and","page_number":67,"box":{"x":89,"y":259,"width":862,"height":13}},{"id":"1d21bee8-a746-4a00-ae10-1b320e75ac6f","block_type":"box","text":"the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity","page_number":67,"box":{"x":88,"y":274,"width":869,"height":13}},{"id":"9d7566ce-23f6-4291-abad-7437d6604757","block_type":"box","text":"is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":67,"box":{"x":89,"y":290,"width":871,"height":12}},{"id":"2c85e84f-e8c5-4ead-9079-88e536c16d88","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":67,"box":{"x":89,"y":305,"width":810,"height":12}},{"id":"fe2eb5b8-f4e7-49c2-a836-2dee8b8cc626","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated","page_number":67,"box":{"x":89,"y":320,"width":871,"height":12}},{"id":"1ddfb410-90a5-4ff3-88ef-427d46195d2d","block_type":"box","text":"accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence","page_number":67,"box":{"x":89,"y":335,"width":873,"height":12}},{"id":"032eba52-adb6-4bbe-9c4b-bdd2868f10a9","block_type":"box","text":"of control based on other information. All group entities are reviewed on an annual basis.","page_number":67,"box":{"x":89,"y":350,"width":622,"height":12}},{"id":"3c01a498-70c4-45fb-9456-4f8e4f6fc881","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":376,"width":184,"height":13}},{"id":"c758793c-188f-48ce-a819-bb0df592e519","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":67,"box":{"x":278,"y":376,"width":662,"height":13}},{"id":"7fe4fd82-9958-4e25-9299-e14a8b5812cd","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":67,"box":{"x":89,"y":392,"width":878,"height":12}},{"id":"b6c4bbd2-9427-490a-8a80-f45a4864e752","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":67,"box":{"x":88,"y":407,"width":864,"height":12}},{"id":"887e25ec-5312-4d06-bbd1-f09df3c330c0","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":67,"box":{"x":89,"y":422,"width":849,"height":12}},{"id":"36299cf6-4b1a-47ce-be54-f09d72af4cb8","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":67,"box":{"x":88,"y":437,"width":868,"height":12}},{"id":"9944b9fc-85d9-44e5-91cb-9bed8adee811","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":452,"width":474,"height":12}},{"id":"7e6aa1d2-cb20-4820-8652-1699d3082843","block_type":"box","text":"MSCI EAFE Choice ESG Screened Index","page_number":67,"box":{"x":89,"y":479,"width":281,"height":9}},{"id":"5a620c95-4113-4ee9-b42c-6f579ac25491","block_type":"box","text":"Number of Components: approximately 409","page_number":67,"box":{"x":89,"y":505,"width":318,"height":12}},{"id":"fa6cb476-d174-429b-b26a-bf2f19b91b00","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":531,"width":131,"height":13}},{"id":"637c640e-b2cc-4d60-8c71-238a4b94865b","block_type":"box","text":"The MSCI EAFE Choice ESG Screened Index is a free float-adjusted market capitalization-weighted index","page_number":67,"box":{"x":225,"y":531,"width":730,"height":13}},{"id":"adceea09-bd91-47a2-b90f-17712b4583e0","block_type":"box","text":"that is designed to reflect the equity performance of large- and mid-capitalization developed market companies, excluding","page_number":67,"box":{"x":88,"y":547,"width":857,"height":12}},{"id":"03a07835-b0c4-41b8-a6fe-4456375476be","block_type":"box","text":"the U.S. and Canada, with favorable environmental, social and governance (“ESG”) ratings (as determined by MSCI Solutions","page_number":67,"box":{"x":88,"y":562,"width":872,"height":12}},{"id":"7d831bd6-c237-4c66-a027-e2ebe84a950b","block_type":"box","text":"LLC) while applying extensive screens, including a focus on removing fossil fuel exposure. MSCI begins with the MSCI EAFE","page_number":67,"box":{"x":89,"y":577,"width":864,"height":12}},{"id":"18a6b02e-f5c6-4d93-b7eb-d0f2f169297e","block_type":"box","text":"Index and selects companies with favorable ESG ratings while excluding:","page_number":67,"box":{"x":89,"y":592,"width":506,"height":12}},{"id":"510a84ff-07a4-4019-965f-c0b3fd893997","block_type":"box","text":"• All companies that derive 5% or more aggregate revenue from the production, distribution and retail, and all companies","page_number":67,"box":{"x":89,"y":612,"width":871,"height":12}},{"id":"035767dc-ee5a-4bf7-bf44-a76f0f13aa06","block_type":"box","text":"that produce, direct, or publish adult entertainment materials that fall into the following categories: producer of X-rated","page_number":67,"box":{"x":121,"y":627,"width":837,"height":13}},{"id":"c10f9166-63f5-4ceb-b7c7-64af69d8068e","block_type":"box","text":"films, pay-per-view programming or channels, sexually explicit video games, books or magazines with adult content, live","page_number":67,"box":{"x":121,"y":642,"width":845,"height":13}},{"id":"3e311028-c97a-4df4-bc01-d5b9d71da4b6","block_type":"box","text":"entertainment of an adult nature, and adults-only material on the internet;","page_number":67,"box":{"x":121,"y":657,"width":521,"height":13}},{"id":"7306fc6f-f4a8-40b6-9cad-f3076935f899","block_type":"box","text":"• All companies deriving 5% or more revenue from the manufacture of alcoholic products, all companies classified as a","page_number":67,"box":{"x":89,"y":678,"width":854,"height":12}},{"id":"d8530e4d-99bf-45cb-a314-c7498677e6fd","block_type":"box","text":"“producer” that derive $500 million or more in revenue from manufacturing, distributing, retailing, licensing, and","page_number":67,"box":{"x":121,"y":693,"width":789,"height":12}},{"id":"1dc071d5-6dd4-4957-bc51-ff500f99ed40","block_type":"box","text":"supplying alcoholic products, and all companies deriving 15% or more aggregate revenue from the manufacture,","page_number":67,"box":{"x":121,"y":708,"width":791,"height":12}},{"id":"67815c26-48f1-4437-88da-e7c7f4c3c39a","block_type":"box","text":"distribution, retailing, licensing, and supply of alcoholic products;","page_number":67,"box":{"x":121,"y":723,"width":455,"height":12}},{"id":"7ce5230f-e740-4180-99fe-4e78b914b8ae","block_type":"box","text":"• All companies deriving 5% or more revenue from ownership or operation of gambling facilities such as casinos,","page_number":67,"box":{"x":89,"y":743,"width":812,"height":12}},{"id":"1defb641-05f0-415c-ae8c-b40f294fd788","block_type":"box","text":"racetracks, bingo parlors, or other betting establishments, all companies classified as involved in “operations” that derive","page_number":67,"box":{"x":122,"y":758,"width":842,"height":13}},{"id":"07e36295-fc5e-4866-b893-6069dbaf67c9","block_type":"box","text":"$500 million or more in revenue from ownership or operation of gambling facilities, provision of key products or services","page_number":67,"box":{"x":121,"y":773,"width":844,"height":13}},{"id":"35071cd0-6f33-43a9-baf2-e54f1d41d314","block_type":"box","text":"fundamental to gambling operations, and licensing of gambling products, and all companies deriving 15% or more","page_number":67,"box":{"x":121,"y":788,"width":805,"height":13}},{"id":"eae58a48-edd2-43a7-9497-60b94946c62b","block_type":"box","text":"aggregate revenue from ownership or operation of gambling facilities, provision of key products or services fundamental","page_number":67,"box":{"x":121,"y":804,"width":844,"height":12}},{"id":"d9259bda-7977-4b7b-a2fe-7d4ffb5411bb","block_type":"box","text":"to gambling operations, and licensing of gambling products;","page_number":67,"box":{"x":121,"y":819,"width":423,"height":12}},{"id":"a2ad71e7-94fa-41b4-b6f8-beda8ea7b603","block_type":"box","text":"• All companies that manufacture tobacco products, such as cigars, blunts, cigarettes, e-cigarettes, inhalers, beedis,","page_number":67,"box":{"x":89,"y":839,"width":831,"height":12}},{"id":"b9bfec7c-2b69-4c02-bb87-f12fe73e2ff1","block_type":"box","text":"kreteks, smokeless tobacco, snuff, snus, dissolvable and chewing tobacco (including companies that grow or process","page_number":67,"box":{"x":122,"y":854,"width":819,"height":12}},{"id":"f8556377-2911-43d7-bf18-1d6a4c4fc210","block_type":"box","text":"37","page_number":67,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a39bf542-1151-483f-a5de-6f01198b9a5a","block_type":"box","text":"raw tobacco leaves), and all companies deriving 5% or more aggregate revenue from the manufacture, distribution,","page_number":68,"box":{"x":122,"y":44,"width":807,"height":12}},{"id":"1e7ef95f-6402-4dc1-8c94-407da80465ed","block_type":"box","text":"retailing, licensing, and supply of tobacco products;","page_number":68,"box":{"x":122,"y":59,"width":359,"height":12}},{"id":"917135dc-0063-4b67-9eb6-239ddd89a745","block_type":"box","text":"• All companies deriving revenue from genetically modifying plants, such as seeds and crops, and other organisms","page_number":68,"box":{"x":89,"y":79,"width":823,"height":13}},{"id":"884390b8-f617-4223-9b0b-9aceb85ff09b","block_type":"box","text":"intended for agricultural use or human consumption;","page_number":68,"box":{"x":122,"y":94,"width":371,"height":13}},{"id":"b16234e7-6342-45b4-9162-d305e9a1b481","block_type":"box","text":"• All companies with any tie to “controversial weapons” (cluster munitions, landmines, depleted uranium weapons,","page_number":68,"box":{"x":89,"y":114,"width":826,"height":13}},{"id":"24c8d30b-5576-4446-b11d-67989db717f2","block_type":"box","text":"biological/chemical weapons, blinding lasers, non-detectable fragments and incendiary weapons), as defined by MSCI;","page_number":68,"box":{"x":122,"y":130,"width":833,"height":12}},{"id":"39db52ce-edd5-4da1-b18d-6e5088dde1c8","block_type":"box","text":"• All companies that manufacture nuclear warheads and/or whole nuclear missiles (including assembly and integration of","page_number":68,"box":{"x":89,"y":150,"width":879,"height":12}},{"id":"44919ed7-2017-4339-a9c0-ee0a647339e9","block_type":"box","text":"warhead and missile body, as well as companies with contracts to operate/manage government-owned facilities that","page_number":68,"box":{"x":121,"y":165,"width":822,"height":12}},{"id":"c8a5adde-d634-4c04-8909-d9de196f6ed0","block_type":"box","text":"manufacture nuclear warheads and missiles), all companies that manufacture components that were developed or are","page_number":68,"box":{"x":122,"y":180,"width":829,"height":12}},{"id":"e1fa1431-fe6b-4b42-936b-3b8553f85301","block_type":"box","text":"significantly modified for exclusive use in nuclear weapons (warheads and missiles) (including companies with contracts","page_number":68,"box":{"x":121,"y":195,"width":847,"height":12}},{"id":"8978b6f8-8ca3-4b9f-9723-8d81dba72af3","block_type":"box","text":"to operate/manage government-owned facilities that manufacture components for nuclear warheads and missiles), all","page_number":68,"box":{"x":121,"y":210,"width":833,"height":13}},{"id":"122b8822-c25f-4760-9207-7b0675dc4f57","block_type":"box","text":"companies that manufacture or assemble delivery platforms that were developed or significantly modified for the","page_number":68,"box":{"x":121,"y":225,"width":793,"height":13}},{"id":"e6f8c59e-82f4-4213-8e6b-07f0ddb20747","block_type":"box","text":"exclusive delivery of nuclear weapons, all companies that provide auxiliary services related to nuclear weapons (such as","page_number":68,"box":{"x":121,"y":240,"width":837,"height":13}},{"id":"5701d12f-cf8d-4105-b204-97a59afe7729","block_type":"box","text":"repairing and maintaining nuclear weapons, providing overhaul and upgrade services, stockpiling and stewardship, R&D","page_number":68,"box":{"x":122,"y":256,"width":839,"height":12}},{"id":"6b4d8e89-8e07-4b56-8717-c1fa6263bce4","block_type":"box","text":"work, testing and simulations, etc.) (including companies with contracts to operate/manage government-owned","page_number":68,"box":{"x":121,"y":271,"width":793,"height":12}},{"id":"fddc1214-1d83-48ad-be48-cad104c6555b","block_type":"box","text":"facilities that conduct R&D, testing, simulations, and other essential sciences on nuclear weapons), all companies that","page_number":68,"box":{"x":121,"y":286,"width":825,"height":12}},{"id":"688dd37f-e19f-42ec-891f-2dcde18d5bd3","block_type":"box","text":"manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons","page_number":68,"box":{"x":122,"y":301,"width":818,"height":12}},{"id":"93951b07-c5fe-4121-a794-260dd1cbbe87","block_type":"box","text":"(warheads and missiles) but can be used in nuclear weapons, all companies that manufacture or assemble delivery","page_number":68,"box":{"x":122,"y":316,"width":805,"height":12}},{"id":"0f42dc71-6155-444c-893e-4d31e5e50379","block_type":"box","text":"platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but have","page_number":68,"box":{"x":121,"y":331,"width":826,"height":12}},{"id":"44643025-f004-4f17-b21d-56d1af29dddc","block_type":"box","text":"the capability to deliver nuclear weapons, and all companies that manufacture components for nuclear-exclusive","page_number":68,"box":{"x":121,"y":346,"width":791,"height":13}},{"id":"5c152248-16dc-4010-8209-7b4964afafb1","block_type":"box","text":"delivery platforms;","page_number":68,"box":{"x":121,"y":361,"width":129,"height":13}},{"id":"bfa62afe-e978-4cd6-98d3-24b68df2ff55","block_type":"box","text":"• All companies that manufacture firearms and small arms ammunitions for civilian markets (but not including companies","page_number":68,"box":{"x":89,"y":382,"width":877,"height":12}},{"id":"57998f4b-83f1-41e6-8f84-9059de31d40a","block_type":"box","text":"that cater to the military, government, and law enforcement markets), all companies deriving 5% or more aggregate","page_number":68,"box":{"x":121,"y":397,"width":813,"height":12}},{"id":"f0b43dc0-d238-4058-8c27-fc52d25060b6","block_type":"box","text":"revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for","page_number":68,"box":{"x":122,"y":412,"width":821,"height":12}},{"id":"45fff871-eb4c-449b-b339-795b6a9a0eb2","block_type":"box","text":"civilian use, and all companies deriving $20 million or more revenue from the production and distribution (wholesale or","page_number":68,"box":{"x":121,"y":427,"width":836,"height":12}},{"id":"2d83e5a6-d9ae-413c-9c0c-ab3cc3a7e9b7","block_type":"box","text":"retail) of firearms or small arms ammunition intended for civilian use;","page_number":68,"box":{"x":122,"y":442,"width":484,"height":12}},{"id":"7aa3256d-d63d-4a1a-b9f6-c9013df4ee65","block_type":"box","text":"• All companies deriving 5% or more revenue from the production of conventional weapons and components, all","page_number":68,"box":{"x":89,"y":462,"width":812,"height":12}},{"id":"1071ac0a-322f-4fd2-8079-1d8519bdacba","block_type":"box","text":"companies deriving 10% or more aggregate revenue from weapons systems, components, and support systems and","page_number":68,"box":{"x":121,"y":477,"width":816,"height":13}},{"id":"704d128c-5b77-4898-a02c-4f66502b5630","block_type":"box","text":"services for conventional weapons;","page_number":68,"box":{"x":121,"y":492,"width":245,"height":13}},{"id":"93c39ab1-7a0e-41fb-a80b-6030dedeefd8","block_type":"box","text":"• All companies deriving 50% or more revenue from involvement in the operation of “for profit prisons” (also known as","page_number":68,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"fc16c55d-e35e-425b-a9c1-32f61b71222b","block_type":"box","text":"“private prisons”) or the provision of integral services to these types of facilities;","page_number":68,"box":{"x":121,"y":528,"width":558,"height":12}},{"id":"bd91f9d3-11ff-44de-9ecc-662709bf3af8","block_type":"box","text":"• All companies deriving 5% or more revenue from products and services associated with certain controversial lending","page_number":68,"box":{"x":89,"y":548,"width":851,"height":12}},{"id":"c57a257f-5ab5-444d-bccd-8f48b903de2d","block_type":"box","text":"practices;","page_number":68,"box":{"x":121,"y":564,"width":66,"height":11}},{"id":"c92af150-8ab8-4479-826e-c342a35b1296","block_type":"box","text":"• All companies deriving revenue from cultivating oil palm trees and harvesting fresh fruit bunches (FFBs) used to produce","page_number":68,"box":{"x":89,"y":583,"width":877,"height":12}},{"id":"1cbc4a50-1e83-4368-8460-497fa7a39c5f","block_type":"box","text":"palm oil products, or 5% or more revenue from distributing palm oil products, such as crude palm oil, crude palm kernel","page_number":68,"box":{"x":121,"y":598,"width":839,"height":13}},{"id":"05fe07a3-785c-4ad3-87bd-8b9fb66592df","block_type":"box","text":"oil, refined, bleached, and/or deodorized palm oil and palm kernel oil (however, companies that have 75% or more of","page_number":68,"box":{"x":121,"y":613,"width":819,"height":13}},{"id":"ed92b1d0-5801-4347-8c08-5924836d838b","block_type":"box","text":"their palm oil holdings or estates certified by the Roundtable on Sustainable Palm Oil are added back in);","page_number":68,"box":{"x":121,"y":628,"width":730,"height":13}},{"id":"def8a9da-bd1a-4f8e-a608-18a231c400d4","block_type":"box","text":"• All companies that own or operate nuclear power plants, own or operate active uranium mines, are involved in uranium","page_number":68,"box":{"x":89,"y":649,"width":868,"height":12}},{"id":"c1a07410-f620-48c6-9f39-9db487d185b2","block_type":"box","text":"enrichment and processing, are involved in the design and engineering of nuclear power reactors, or derive 15% or more","page_number":68,"box":{"x":121,"y":664,"width":845,"height":12}},{"id":"064cfb49-36dc-46d6-b583-12017f685503","block_type":"box","text":"aggregate revenue from ownership or operation of nuclear power plants and supply of key nuclear-specific products or","page_number":68,"box":{"x":121,"y":679,"width":836,"height":12}},{"id":"15c86ce7-1ea6-4be1-8251-d1e61ad415ef","block_type":"box","text":"services (however, companies that derive 50% or more revenue from products, services, or infrastructure projects","page_number":68,"box":{"x":121,"y":694,"width":795,"height":12}},{"id":"9cb7d253-deea-445d-9c92-ff37e583084b","block_type":"box","text":"supporting the development or delivery of renewable energy and alternative fuels are added back in); and","page_number":68,"box":{"x":121,"y":709,"width":737,"height":12}},{"id":"0640afaa-813c-4777-b50f-238aa9d5d2e8","block_type":"box","text":"• All companies with an industry tie to fossil fuels (thermal coal, oil and gas) - in particular, reserve ownership, related","page_number":68,"box":{"x":89,"y":729,"width":842,"height":13}},{"id":"52591a5b-6a23-4bc4-85ec-ababee5d0fc6","block_type":"box","text":"revenues and power generation, but not including companies providing evidence of owning metallurgical coal reserves","page_number":68,"box":{"x":122,"y":744,"width":831,"height":13}},{"id":"e48ea3a6-751d-4840-bc3b-87742fa20c2a","block_type":"box","text":"(however, all companies that derive 50% or more revenue from products, services, or infrastructure projects supporting","page_number":68,"box":{"x":122,"y":759,"width":834,"height":13}},{"id":"c89a14eb-056c-4ef5-818b-49576664ce82","block_type":"box","text":"the development or delivery of renewable energy and alternative fuels, but that do not have an industry tie to thermal","page_number":68,"box":{"x":121,"y":775,"width":820,"height":12}},{"id":"7ccb41c6-0730-4f08-adb3-b5145aa4cb0a","block_type":"box","text":"coal (i.e., reserve ownership, production, and power generation), an industry tie to oil sands (i.e., reserve ownership and","page_number":68,"box":{"x":121,"y":790,"width":836,"height":12}},{"id":"0a4f8444-ad35-4291-bf04-804549936f73","block_type":"box","text":"production activities), or evidence of owning fossil fuel reserves used most likely for energy applications are added back","page_number":68,"box":{"x":121,"y":805,"width":838,"height":12}},{"id":"072a85d4-6c73-432b-86a7-a3121330027e","block_type":"box","text":"in).","page_number":68,"box":{"x":122,"y":820,"width":20,"height":12}},{"id":"5f94f9d8-f97b-4f0e-97ed-971a542a9f37","block_type":"box","text":"Additionally, MSCI excludes companies involved in very serious business controversies.","page_number":68,"box":{"x":88,"y":846,"width":607,"height":13}},{"id":"16322fe4-5bcc-4f12-8422-5579106c9c63","block_type":"box","text":"38","page_number":68,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"75a05825-bd67-4faa-af6b-1e22019a39ec","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"1d563473-1409-4f79-b6f4-5d8a637e55e9","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":44,"width":662,"height":12}},{"id":"c271e704-66aa-4c69-8510-3e8401c22206","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":69,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"4e238071-fbe4-4009-971a-7f67bb9a7e44","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":69,"box":{"x":88,"y":74,"width":864,"height":12}},{"id":"569ec795-de2f-4d15-b14d-200cf46ca8c6","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":69,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"d3dad7f7-fff2-4bff-b697-abe100286243","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":69,"box":{"x":88,"y":104,"width":868,"height":13}},{"id":"cc088441-dde1-4a15-bbe7-113627b53a29","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"6ff27346-35aa-43a6-be94-9a79dddfd07e","block_type":"box","text":"MSCI EAFE Extended ESG Focus Index","page_number":69,"box":{"x":89,"y":146,"width":273,"height":10}},{"id":"c945ab17-cfbc-4ab4-b1f4-a319232fe074","block_type":"box","text":"Number of Components: approximately 381","page_number":69,"box":{"x":89,"y":172,"width":314,"height":13}},{"id":"7f8cd0a2-8e02-42d5-b5df-75a4b180fadf","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":199,"width":131,"height":12}},{"id":"9b42acb1-c245-4b14-9881-afb22715e813","block_type":"box","text":"The MSCI EAFE Extended ESG Focus Index is an optimized index that is designed to reflect the equity","page_number":69,"box":{"x":225,"y":199,"width":707,"height":12}},{"id":"bc963415-074d-4f7a-92bc-1f885dc752fa","block_type":"box","text":"performance of developed market companies (excluding the U.S. and Canada)that have favorable ESG characteristics, which","page_number":69,"box":{"x":89,"y":214,"width":870,"height":12}},{"id":"50e93f01-b686-42e4-a05f-ee97da9cdc88","block_type":"box","text":"exhibit risk and return characteristics similar to the MSCI EAFE Index. The index is constructed by selecting constituents from","page_number":69,"box":{"x":89,"y":229,"width":876,"height":12}},{"id":"6d6f42a8-2c5c-4e80-a7bf-d0146eef453e","block_type":"box","text":"the MSCI EAFE Index, the parent index, through an optimization process that aims to maximize exposure to ESG factors,","page_number":69,"box":{"x":88,"y":244,"width":841,"height":13}},{"id":"5ff24d4f-fd2a-4a9e-a9bc-83f52b265c3c","block_type":"box","text":"subject to a target tracking error constraint of 50 basis points relative to the parent index. The Fund’s Index Provider begins","page_number":69,"box":{"x":89,"y":259,"width":861,"height":13}},{"id":"4ec79abb-1803-45c1-9b85-e86cc8adc6ff","block_type":"box","text":"with the parent index and excludes securities of companies involved in the business of tobacco, companies involved with","page_number":69,"box":{"x":88,"y":274,"width":845,"height":13}},{"id":"6090fd25-fc98-4276-890e-7540cf7ee5b3","block_type":"box","text":"controversial weapons, producers and retailers of civilian firearms, and companies involved in certain fossil fuels-related","page_number":69,"box":{"x":89,"y":290,"width":837,"height":12}},{"id":"9b41c5d8-00b9-4831-9703-40654f3a26dd","block_type":"box","text":"activity such as the production of thermal coal, thermal coal-based power generation and extraction of oil sands based on","page_number":69,"box":{"x":89,"y":305,"width":853,"height":12}},{"id":"0c2bf47b-0dd4-4875-99f0-5e9c4d3136bf","block_type":"box","text":"revenue or percentage of revenue thresholds for certain categories (","page_number":69,"box":{"x":89,"y":320,"width":475,"height":12}},{"id":"1c8113b9-dcdd-42d1-b0aa-18a46ea6a73a","block_type":"box","text":"e.g.,","page_number":69,"box":{"x":566,"y":323,"width":26,"height":9}},{"id":"57dab17d-aeca-4bc5-bdf9-bd806a35fdad","block_type":"box","text":"$20 million or 5%) and categorical exclusions for","page_number":69,"box":{"x":598,"y":320,"width":344,"height":12}},{"id":"4cd110f5-12fe-428c-865e-6e58db57f886","block_type":"box","text":"others (","page_number":69,"box":{"x":89,"y":335,"width":53,"height":12}},{"id":"30588dd9-2976-4cae-b493-ca1d6ba70815","block_type":"box","text":"e.g.,","page_number":69,"box":{"x":143,"y":338,"width":27,"height":9}},{"id":"8e5b3168-6ad6-4186-9dec-50f64e3e49d0","block_type":"box","text":"controversial weapons). The Index Provider also excludes companies involved in very severe business","page_number":69,"box":{"x":176,"y":335,"width":707,"height":12}},{"id":"0f7b21eb-a9f9-452f-86dc-8206a27db306","block_type":"box","text":"controversies (in each case as determined by the Index Provider), and then follows a quantitative process that is designed to","page_number":69,"box":{"x":89,"y":350,"width":868,"height":12}},{"id":"96adf8eb-622d-4df8-9efb-02323250c440","block_type":"box","text":"determine optimal weights for securities to maximize exposure to securities of companies with higher ESG ratings, subject to","page_number":69,"box":{"x":89,"y":365,"width":874,"height":12}},{"id":"7353f467-666a-4ac3-a504-442798ce84b8","block_type":"box","text":"maintaining risk and return characteristics similar to the parent index. At each quarterly review, the Underlying Index must","page_number":69,"box":{"x":89,"y":380,"width":856,"height":13}},{"id":"2ff4284a-5a9e-46af-9903-b87db1db04f9","block_type":"box","text":"have an ESG score of at least 10% better than that of the parent index, as determined by the Index Provider. For each industry,","page_number":69,"box":{"x":89,"y":395,"width":878,"height":13}},{"id":"43f5837f-f14a-4986-b35a-53b51ad1361f","block_type":"box","text":"the Index Provider identifies key ESG issues that can lead to unexpected costs for companies in the medium to long term.","page_number":69,"box":{"x":88,"y":410,"width":849,"height":13}},{"id":"02b36faf-64a7-4375-aee5-2078d0acbfd7","block_type":"box","text":"The Index Provider then calculates the size of each company’s exposure to each key issue based on the company’s business","page_number":69,"box":{"x":88,"y":426,"width":866,"height":12}},{"id":"467e7680-941f-4537-9bde-8fd9de8f075c","block_type":"box","text":"segment and geographic risk and analyzes the extent to which companies have developed robust strategies and programs to","page_number":69,"box":{"x":89,"y":441,"width":875,"height":12}},{"id":"3d8c10af-5cce-49e5-9ccf-71e8029a436b","block_type":"box","text":"manage ESG risks and opportunities. Using a sector-specific key issue weighting model, companies are rated and ranked in","page_number":69,"box":{"x":89,"y":456,"width":861,"height":12}},{"id":"0303e962-c73b-40b1-9b14-f09cdb2cbb6b","block_type":"box","text":"comparison to their industry peers.","page_number":69,"box":{"x":89,"y":471,"width":244,"height":12}},{"id":"562289c5-7c37-443b-b72c-b7324613fef7","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":497,"width":184,"height":13}},{"id":"463ddfe9-44f3-4904-86e7-be2203e0fd77","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":497,"width":662,"height":13}},{"id":"700200c7-1f2b-4299-b018-3456e7ae4306","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":69,"box":{"x":89,"y":513,"width":878,"height":12}},{"id":"8ea355a2-5338-4f9e-85d3-4b70f8f2a61c","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":69,"box":{"x":88,"y":528,"width":864,"height":12}},{"id":"53eb3c55-f1d1-4c5d-86d4-6f62ba3b4433","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":69,"box":{"x":89,"y":543,"width":849,"height":12}},{"id":"847d70c9-7a96-4959-a153-43ce7b7e78ea","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":69,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"ff5df52a-ae0f-42ef-b4e4-5de5ee7f81f4","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":573,"width":474,"height":12}},{"id":"7a95f28e-2539-4de8-ba3b-1b62056882e8","block_type":"box","text":"MSCI Finland IMI 25/50 Index","page_number":69,"box":{"x":89,"y":599,"width":217,"height":10}},{"id":"b1f62c98-37c0-43cc-a9c5-362514bb6ce7","block_type":"box","text":"Number of Components: approximately 35","page_number":69,"box":{"x":89,"y":626,"width":308,"height":12}},{"id":"cf14e6b9-5e4f-4990-bd99-bc5ac962b085","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":652,"width":131,"height":13}},{"id":"94bfae1c-945a-4da2-9f36-0b2bb2835d89","block_type":"box","text":"The MSCI Finland IMI 25/50 Index is designed to measure the performance of the large-, mid- and small","page_number":69,"box":{"x":225,"y":652,"width":739,"height":13}},{"id":"0ea08ec6-1220-41f7-8e65-b012113bc7ec","block_type":"box","text":"capitalization segments of the equity market in Finland. The Underlying Index is rebalanced quarterly using an optimization","page_number":69,"box":{"x":89,"y":668,"width":861,"height":12}},{"id":"1cfbf5aa-ed70-43dd-9598-4583b620f559","block_type":"box","text":"process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Finland Index.","page_number":69,"box":{"x":89,"y":683,"width":869,"height":12}},{"id":"c10fbefa-273f-4512-bc7e-d274f237e6a6","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI","page_number":69,"box":{"x":88,"y":698,"width":877,"height":12}},{"id":"7a41da03-d3e7-4ac2-b841-c728c9ba65cc","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group","page_number":69,"box":{"x":89,"y":713,"width":836,"height":12}},{"id":"546759eb-d674-4147-b74f-e0cea6c7720b","block_type":"box","text":"entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of","page_number":69,"box":{"x":89,"y":728,"width":815,"height":12}},{"id":"a0c3bfd6-0861-4642-9a25-9fc0a8de56cc","block_type":"box","text":"companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group","page_number":69,"box":{"x":89,"y":743,"width":831,"height":12}},{"id":"7aada3f4-fc81-4a0c-9dc7-a2e223c49995","block_type":"box","text":"entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to","page_number":69,"box":{"x":89,"y":758,"width":858,"height":13}},{"id":"7a6900ba-770e-4bb4-a1a5-8a049b304016","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":69,"box":{"x":89,"y":773,"width":844,"height":13}},{"id":"71cfb72f-5815-4ee2-bad6-06548efd22ba","block_type":"box","text":"MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control","page_number":69,"box":{"x":89,"y":788,"width":872,"height":13}},{"id":"13406c53-ee86-40eb-992a-ee5f77dc2077","block_type":"box","text":"based on other information. All group entities are reviewed on an annual basis.","page_number":69,"box":{"x":89,"y":804,"width":550,"height":12}},{"id":"1107e657-177b-46e3-8da1-0d97eb1eab94","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":830,"width":184,"height":12}},{"id":"260f3c0a-ca01-4111-b8bd-f4d1b03bdf69","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":830,"width":662,"height":12}},{"id":"4e0c003e-4c80-45c8-9724-609370056a0c","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":69,"box":{"x":89,"y":845,"width":878,"height":12}},{"id":"bc38ded2-5f45-4815-9750-cb91339ec4d5","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":69,"box":{"x":88,"y":860,"width":864,"height":13}},{"id":"52a2d276-9d0e-4ee3-b11b-c388eabb857a","block_type":"box","text":"39","page_number":69,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ae447c3b-e529-4b73-a1fa-0c0a5ba0a189","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":70,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"1cade044-770c-47b0-997b-9d975db8b1f7","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":70,"box":{"x":88,"y":59,"width":868,"height":12}},{"id":"ab197f64-3818-4b71-8e16-3bfeac8a861d","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":74,"width":474,"height":12}},{"id":"4c4dd383-91a5-43e1-9ed8-7a608a526a98","block_type":"box","text":"MSCI Indonesia IMI 25/50 Index","page_number":70,"box":{"x":89,"y":101,"width":235,"height":9}},{"id":"097e15eb-c39e-456d-94dd-5646f92ecc0a","block_type":"box","text":"Number of Components: approximately 71","page_number":70,"box":{"x":89,"y":127,"width":305,"height":12}},{"id":"9c02c191-16a8-436a-9ea8-8c973ff09ff1","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":153,"width":131,"height":13}},{"id":"9a41e246-e332-40c7-918d-bee052dcdf0d","block_type":"box","text":"The MSCI Indonesia IMI 25/50 Index is designed to measure the performance of the large-, mid- and","page_number":70,"box":{"x":225,"y":153,"width":708,"height":13}},{"id":"aac87bbb-1c96-41b6-a0f6-ce1ed4593352","block_type":"box","text":"small-capitalization segments of the equity market in Indonesia. The Underlying Index is a free float-adjusted market","page_number":70,"box":{"x":89,"y":169,"width":816,"height":12}},{"id":"78396c9a-da1a-4ace-8931-3248e27753cc","block_type":"box","text":"capitalization-weighted index with a capping methodology applied to issuer weights so that no single “group entity”","page_number":70,"box":{"x":89,"y":184,"width":813,"height":12}},{"id":"8a71ca6d-df2c-48c1-8012-63290c9a8998","block_type":"box","text":"(constituents that MSCI determines have a control relationship) exceeds 25% of the Underlying Index weight and all group","page_number":70,"box":{"x":89,"y":199,"width":860,"height":12}},{"id":"5c08967f-1007-4c86-94d7-92fa2c2a273e","block_type":"box","text":"entities with a weight above 5% do not, in the aggregate, exceed 50% of the Underlying Index weight. A group entity is a","page_number":70,"box":{"x":89,"y":214,"width":846,"height":12}},{"id":"616cd40e-9e13-4699-a54e-11622fa5237f","block_type":"box","text":"group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":70,"box":{"x":89,"y":229,"width":844,"height":12}},{"id":"83dc5415-06ed-4120-8508-34b258a4516f","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":70,"box":{"x":89,"y":244,"width":810,"height":13}},{"id":"52681fdd-5348-4393-80f7-762b4a815da9","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated","page_number":70,"box":{"x":89,"y":259,"width":871,"height":13}},{"id":"aec7b194-cc82-4347-ab43-2684b3a0d0d3","block_type":"box","text":"accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence","page_number":70,"box":{"x":89,"y":274,"width":873,"height":13}},{"id":"80802aee-bea7-4ed7-8512-7457f961c4cc","block_type":"box","text":"of control based on other information. All group entities are reviewed on an annual basis. The Underlying Index covers","page_number":70,"box":{"x":89,"y":290,"width":826,"height":12}},{"id":"9440290d-2068-40f9-8897-94f75bc90967","block_type":"box","text":"approximately 99% of the free float-adjusted market capitalization in Indonesia.","page_number":70,"box":{"x":89,"y":305,"width":557,"height":12}},{"id":"60a05aff-3f13-4082-ba6a-2abe791b5638","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":331,"width":184,"height":12}},{"id":"f0d174d7-40f4-4fb3-9318-ffbc7c78dd8c","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":70,"box":{"x":278,"y":331,"width":662,"height":12}},{"id":"91c72ab4-b402-4062-89ec-86fe90be537f","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":70,"box":{"x":89,"y":346,"width":878,"height":13}},{"id":"1345e7f9-72e3-475f-b67c-56c16cc6cfd4","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":70,"box":{"x":88,"y":361,"width":864,"height":13}},{"id":"07717c00-f5b6-4687-b5a4-417b2772595c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":70,"box":{"x":89,"y":376,"width":849,"height":13}},{"id":"b784b975-cfc1-4077-8317-0d1dc3915252","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":70,"box":{"x":88,"y":392,"width":868,"height":12}},{"id":"73e8b825-270d-4611-a215-e403aff1f897","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":407,"width":474,"height":12}},{"id":"0048ebb0-67bc-4f8b-8c58-ca32d9b254fc","block_type":"box","text":"MSCI Japan Value Index (USD)","page_number":70,"box":{"x":89,"y":433,"width":218,"height":13}},{"id":"5f4616fb-4d9b-4eba-b3ce-788591d9566a","block_type":"box","text":"Number of Components: approximately 115","page_number":70,"box":{"x":89,"y":460,"width":316,"height":12}},{"id":"37abc524-23ad-4c24-82c8-f1ea3357299e","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":486,"width":131,"height":12}},{"id":"b9e6e48c-0987-4fe0-a954-2479e47503f5","block_type":"box","text":"The MSCI Japan Value Index is a subset of the MSCI Japan Index. The Underlying Index targets","page_number":70,"box":{"x":225,"y":486,"width":658,"height":12}},{"id":"6bec3faa-9b88-450b-b6bb-e35c63136160","block_type":"box","text":"approximately 50% coverage of the free float-adjusted market capitalization of the MSCI Japan Index and consists of","page_number":70,"box":{"x":89,"y":501,"width":816,"height":13}},{"id":"60d21924-8b5c-4443-8ed8-4d9f873c6f3a","block_type":"box","text":"securities that generally tend to have higher value characteristics","page_number":70,"box":{"x":89,"y":516,"width":453,"height":13}},{"id":"c7192c31-a3ab-4251-9542-55cecffdba25","block_type":"box","text":"i.e.","page_number":70,"box":{"x":547,"y":517,"width":17,"height":9}},{"id":"95f35fef-5424-4a3d-9256-8295aa454935","block_type":"box","text":"higher book value to price ratio, 12-month forward","page_number":70,"box":{"x":571,"y":516,"width":354,"height":13}},{"id":"df9ff861-be79-46c5-953d-1c29343535c1","block_type":"box","text":"earnings to price ratio and dividend yield. Each security is evaluated based on certain value factors and growth factors, which","page_number":70,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"5e4c658d-d80b-45fc-90cc-160ecd0ee254","block_type":"box","text":"are then used to calculate a growth score and value score. Based upon these two scores, MSCI determines the extent to","page_number":70,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"c8e611a2-1298-436c-8d44-3acd14fae7d8","block_type":"box","text":"which each security is assigned to the value or growth style. It is possible for a single security to have representation in both","page_number":70,"box":{"x":88,"y":562,"width":866,"height":12}},{"id":"6c59ff05-393f-4c07-8bf8-77302f0433dc","block_type":"box","text":"the value and growth style indexes; however, no more than 100% of a security’s float-adjusted market capitalization will be","page_number":70,"box":{"x":88,"y":577,"width":861,"height":12}},{"id":"8e641df4-ec11-4318-9049-afbed22f6543","block_type":"box","text":"included within the combined style framework.","page_number":70,"box":{"x":89,"y":592,"width":329,"height":12}},{"id":"88a28dea-5f2c-4be8-805a-97ca2e8d0782","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":618,"width":184,"height":13}},{"id":"cc337029-cc77-474f-af9f-9f2c5ae98c11","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":70,"box":{"x":278,"y":618,"width":662,"height":13}},{"id":"22785132-b95d-43a2-a43a-d73b1ea85fd1","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":70,"box":{"x":89,"y":633,"width":878,"height":13}},{"id":"7febb3b5-96a3-47d3-973b-af27a7f59c3e","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":70,"box":{"x":88,"y":649,"width":864,"height":12}},{"id":"e400131d-8aed-4f3c-942c-cf7cc850a5ec","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":70,"box":{"x":89,"y":664,"width":849,"height":12}},{"id":"28c1ddd2-ad40-4ecb-b888-1e2df41b9d0f","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":70,"box":{"x":88,"y":679,"width":868,"height":12}},{"id":"aa26a39c-fa4f-4c08-9fb6-ab60d14297cb","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":694,"width":474,"height":12}},{"id":"64f9a8bb-35c6-4b5f-a990-8e2d7a8586eb","block_type":"box","text":"MSCI New Zealand All Cap Top 25 Capped Index","page_number":70,"box":{"x":89,"y":720,"width":350,"height":13}},{"id":"ececd871-8c2c-40ab-83f5-a1f060e749cb","block_type":"box","text":"Number of Components: approximately 25","page_number":70,"box":{"x":89,"y":747,"width":308,"height":12}},{"id":"61c5f54c-3b1f-41d7-85dc-bca1e8c14f86","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":773,"width":131,"height":13}},{"id":"c68917a8-2ec6-41e0-b845-de2b439779aa","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI New Zealand All Cap Top 25 Capped Index.","page_number":70,"box":{"x":225,"y":773,"width":720,"height":13}},{"id":"11f4de29-f257-4127-b82c-64a3f06a79cc","block_type":"box","text":"The Underlying Index is a subset of the MSCI New Zealand All Cap Index, the parent index, which comprises all large-, mid-,","page_number":70,"box":{"x":88,"y":788,"width":866,"height":13}},{"id":"ba6f3b1e-72ca-44fd-b550-8bbf5406fd53","block_type":"box","text":"small-, and micro-capitalization stocks listed in New Zealand. The Underlying Index is a free float-adjusted market","page_number":70,"box":{"x":89,"y":804,"width":797,"height":12}},{"id":"89660dbe-ee0f-46a8-bee2-4075027ea6ad","block_type":"box","text":"capitalization weighted index that includes the 25 largest constituents in the parent index and is constrained such that no","page_number":70,"box":{"x":89,"y":819,"width":851,"height":12}},{"id":"91d58e91-78b2-4857-a0f4-f36493bb81ed","block_type":"box","text":"single “group entity” exceeds 25% of the Underlying Index weight and the sum of all group entities with a weight above 5%","page_number":70,"box":{"x":89,"y":834,"width":865,"height":12}},{"id":"3300fea5-653d-44a5-a95a-ba648f5f1ab9","block_type":"box","text":"does not exceed an aggregate of 50% of the Underlying Index weight, as determined by MSCI. The Underlying Index also","page_number":70,"box":{"x":89,"y":849,"width":847,"height":12}},{"id":"a6555aa8-1f18-40bf-8987-bacb6b5633e5","block_type":"box","text":"40","page_number":70,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"be94e26b-b3da-4ffa-b1ed-d63ac11e2960","block_type":"box","text":"implements a buffer of 10% of the value of each constraint, such that the weight of any single group entity cannot exceed","page_number":71,"box":{"x":89,"y":44,"width":853,"height":12}},{"id":"d4f2b358-a152-4fc4-8d67-7127258b96f4","block_type":"box","text":"22.5% of the Underlying Index weight and all group entities with a weight above 4.5% cannot exceed 45% of the Underlying","page_number":71,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"d99d3d8f-fbac-48f9-aeda-bdc12f4166b2","block_type":"box","text":"Index weight.","page_number":71,"box":{"x":89,"y":74,"width":93,"height":12}},{"id":"f8dfd0d7-1938-47c2-9dda-c6a5c16b2cf9","block_type":"box","text":"MSCI defines a group entity as a group of companies that operate as an affiliated corporate group but may separately issue","page_number":71,"box":{"x":89,"y":101,"width":862,"height":12}},{"id":"79cebdd5-a12d-46e2-a790-17145c681bce","block_type":"box","text":"listed securities. To determine whether constituents are “group entities,” MSCI analyzes the financial accounts of listed","page_number":71,"box":{"x":89,"y":116,"width":829,"height":12}},{"id":"a2571c3f-7e25-40c6-bc67-49d6d37bc99a","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to identify whether these stakes are controlling in nature","page_number":71,"box":{"x":89,"y":131,"width":877,"height":12}},{"id":"aa888274-8cdf-473e-9e91-2e971121ebb8","block_type":"box","text":"and, consequently, whether both companies should be considered as belonging to the same group entity. In certain cases,","page_number":71,"box":{"x":89,"y":146,"width":855,"height":12}},{"id":"31c80b8e-572e-4f46-8b1b-cc1e9ce36950","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":71,"box":{"x":89,"y":161,"width":879,"height":12}},{"id":"1308bc47-d9eb-460b-8e50-629e04eda216","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis,","page_number":71,"box":{"x":88,"y":176,"width":873,"height":13}},{"id":"a2007514-95d6-4dba-861c-8d17bb589cb3","block_type":"box","text":"though any change in a group entity resulting from a corporate event (","page_number":71,"box":{"x":88,"y":191,"width":495,"height":13}},{"id":"caa2dc1a-c4e0-4775-a696-977aa2f56cdd","block_type":"box","text":"e.g.","page_number":71,"box":{"x":585,"y":194,"width":22,"height":10}},{"id":"c53b1984-af3f-4609-b3b3-812572174e5e","block_type":"box","text":", spin offs) or public disclosure will be","page_number":71,"box":{"x":610,"y":191,"width":261,"height":13}},{"id":"492e9525-eb4b-4d9b-8127-219ace77397f","block_type":"box","text":"implemented at the time of the event or as of the close of the last business day of the month, respectively. The Underlying","page_number":71,"box":{"x":89,"y":206,"width":852,"height":13}},{"id":"41ab5d4e-91ff-49fb-81df-c204513237be","block_type":"box","text":"Index is rebalanced on a quarterly basis.","page_number":71,"box":{"x":89,"y":222,"width":278,"height":12}},{"id":"f98be41b-274a-4a9b-bdb0-6cb74883c11f","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":248,"width":184,"height":12}},{"id":"eb553127-69be-4a2b-91c3-c7b1c7664b93","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":71,"box":{"x":278,"y":248,"width":662,"height":12}},{"id":"f4a71198-0f61-4d82-a57a-a4b69ba3728f","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":71,"box":{"x":89,"y":263,"width":878,"height":12}},{"id":"c37daa35-3c08-4277-b40d-8d10393e9e3a","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":71,"box":{"x":88,"y":278,"width":864,"height":13}},{"id":"0cfc56fb-affa-4b70-bef4-61d88ae9e05a","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":71,"box":{"x":89,"y":293,"width":849,"height":13}},{"id":"410945a5-14bc-4a0f-82cf-35404f9ed86f","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":71,"box":{"x":88,"y":308,"width":868,"height":13}},{"id":"b0aeba80-3d6a-449e-b46d-f2e7a7a44b5b","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":324,"width":474,"height":12}},{"id":"149980ae-6c82-4b30-9071-20ad22cbcb2d","block_type":"box","text":"MSCI Norway IMI 25/50 Index","page_number":71,"box":{"x":89,"y":350,"width":220,"height":12}},{"id":"1a4bff13-9d81-414a-bef4-98c4c84cacfd","block_type":"box","text":"Number of Components: approximately 57","page_number":71,"box":{"x":89,"y":376,"width":308,"height":13}},{"id":"42f17ec8-f26b-4232-aada-1cbebd1bb043","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":403,"width":131,"height":12}},{"id":"f4f97e78-5343-41e7-811c-7e6551c3f6a1","block_type":"box","text":"The MSCI Norway IMI 25/50 Index is designed to measure the performance of the large-, mid- and small","page_number":71,"box":{"x":225,"y":403,"width":741,"height":12}},{"id":"333e197f-4231-4748-b108-e9a5640cbc10","block_type":"box","text":"capitalization segments of the equity market in Norway. The Underlying Index is rebalanced quarterly using an optimization","page_number":71,"box":{"x":89,"y":418,"width":862,"height":12}},{"id":"e8450a17-9011-4441-b0d8-9a3cd93f9fe3","block_type":"box","text":"process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Norway Index.","page_number":71,"box":{"x":89,"y":433,"width":872,"height":13}},{"id":"da521a14-63cc-4b8c-a805-3b8685acb511","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI","page_number":71,"box":{"x":88,"y":448,"width":877,"height":13}},{"id":"76fc8bcd-80b8-474b-89d5-7accc0c25432","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group","page_number":71,"box":{"x":89,"y":463,"width":836,"height":13}},{"id":"7923078a-43a9-42e9-8793-80be3ab90214","block_type":"box","text":"entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of","page_number":71,"box":{"x":89,"y":479,"width":815,"height":12}},{"id":"ffe87049-915e-4566-a620-87d7bba673df","block_type":"box","text":"companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group","page_number":71,"box":{"x":89,"y":494,"width":831,"height":12}},{"id":"c481c059-37f8-4dd9-9ff5-4c841f9c6ace","block_type":"box","text":"entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to","page_number":71,"box":{"x":89,"y":509,"width":858,"height":12}},{"id":"341c6003-d349-4c59-a50c-8d127cbc92cf","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":71,"box":{"x":89,"y":524,"width":844,"height":12}},{"id":"5adb0b9a-e63b-48f3-a7bd-4525003b4997","block_type":"box","text":"MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control","page_number":71,"box":{"x":89,"y":539,"width":872,"height":12}},{"id":"c49b3b17-335d-4863-b4e3-b1971a0c7234","block_type":"box","text":"based on other information. All group entities are reviewed on an annual basis.","page_number":71,"box":{"x":89,"y":554,"width":550,"height":12}},{"id":"a1e153c4-ae66-4c39-91fa-457b415b5201","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":581,"width":184,"height":12}},{"id":"addbca2d-4b18-4c8d-a3b6-b427209b6455","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":71,"box":{"x":278,"y":581,"width":662,"height":12}},{"id":"9e21a4af-5f61-4c73-bcca-41e491225f87","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":71,"box":{"x":89,"y":596,"width":878,"height":12}},{"id":"7ac28448-4e01-406f-a3cc-4c42afe7d91c","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":71,"box":{"x":88,"y":611,"width":864,"height":12}},{"id":"f7474680-3698-4391-b362-a252ec0bafe5","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":71,"box":{"x":89,"y":626,"width":849,"height":12}},{"id":"12a00520-d80c-4880-a8e7-63e1795f6f8f","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":71,"box":{"x":88,"y":641,"width":868,"height":12}},{"id":"d0a969d8-548f-48d1-8d53-b43fcd753a32","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":656,"width":474,"height":13}},{"id":"9f8324f9-f2c9-4cf8-8856-7f31f7a1f2cc","block_type":"box","text":"MSCI Philippines IMI 25/50 Index","page_number":71,"box":{"x":89,"y":683,"width":243,"height":12}},{"id":"f5d98d32-295c-445d-af30-dc470f894c68","block_type":"box","text":"Number of Components: approximately 33","page_number":71,"box":{"x":89,"y":709,"width":308,"height":12}},{"id":"0859c210-a651-46d0-9578-ef8d6e632ff4","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":736,"width":131,"height":12}},{"id":"b5efb156-c3ce-4725-9102-511a75b0986a","block_type":"box","text":"The MSCI Philippines IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":71,"box":{"x":225,"y":736,"width":739,"height":12}},{"id":"21263a4c-d7a7-4bee-b93c-d336494a7be5","block_type":"box","text":"designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in the","page_number":71,"box":{"x":89,"y":751,"width":833,"height":12}},{"id":"5468d32c-fdb0-4195-af33-00ed95025cfa","block_type":"box","text":"Philippines. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent","page_number":71,"box":{"x":89,"y":766,"width":879,"height":12}},{"id":"9e64398f-0349-49d0-b506-6601cd66c8ad","block_type":"box","text":"weight differences between the Underlying Index and the MSCI Philippines Index. The Underlying Index uses a capping","page_number":71,"box":{"x":88,"y":781,"width":832,"height":12}},{"id":"4bc598e6-a640-4af4-8e13-9468b585dd78","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":71,"box":{"x":89,"y":796,"width":799,"height":12}},{"id":"72e0d890-5142-4d01-927f-82dc0b815e6e","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":71,"box":{"x":89,"y":811,"width":878,"height":12}},{"id":"9f95034d-a3ef-4305-8bdc-1b5ad0879d21","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":71,"box":{"x":88,"y":826,"width":863,"height":13}},{"id":"a27db32c-b876-480c-83f5-147607ef1825","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":71,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"6139ef30-b608-4a67-bb61-aef379295b04","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":71,"box":{"x":89,"y":856,"width":871,"height":13}},{"id":"03fc21d0-5625-4b1b-bcf9-de0d8b563d1c","block_type":"box","text":"41","page_number":71,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"b58e9da1-fd6d-46aa-bfbf-b105fdc0c39d","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":72,"box":{"x":89,"y":44,"width":814,"height":12}},{"id":"303d5567-ffa2-40a7-b014-10522f58f7e0","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":72,"box":{"x":89,"y":59,"width":837,"height":12}},{"id":"fd414fb5-1666-4cd7-bafc-ef2f039e562f","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":72,"box":{"x":89,"y":74,"width":281,"height":10}},{"id":"efba509e-3ba8-4ddf-aff9-aabdf22120c5","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":101,"width":184,"height":12}},{"id":"307f6b11-2922-455a-96b1-f0aabb556808","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":101,"width":662,"height":12}},{"id":"93be126d-576d-4c66-afbd-cf791d5c8f8e","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":116,"width":878,"height":12}},{"id":"8036ceca-e367-412c-8dca-9a53f7c848eb","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":131,"width":864,"height":12}},{"id":"f5638d8e-fc52-4448-b000-ed9b798ad5a6","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":146,"width":849,"height":12}},{"id":"44386965-678c-4d25-88b2-a3c53d51ff71","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":72,"box":{"x":88,"y":161,"width":868,"height":12}},{"id":"9d26671b-e56d-468d-934d-30efc186f674","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":176,"width":474,"height":13}},{"id":"2959dc65-3cf3-46b1-8d55-fcd12af3e2a0","block_type":"box","text":"MSCI Poland IMI 25/50 Index","page_number":72,"box":{"x":89,"y":203,"width":213,"height":9}},{"id":"b0578bc9-397c-4bed-81a7-840bfced5517","block_type":"box","text":"Number of Components: approximately 33","page_number":72,"box":{"x":89,"y":229,"width":308,"height":12}},{"id":"33f26812-3d05-4f34-853a-b558f0553bf7","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":256,"width":131,"height":12}},{"id":"bc613431-4b83-481d-a0cd-0a4852e1f5a6","block_type":"box","text":"The MSCI Poland IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":72,"box":{"x":225,"y":256,"width":711,"height":12}},{"id":"939a02bf-ed12-4311-bf05-739827d2fcab","block_type":"box","text":"designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Poland.","page_number":72,"box":{"x":89,"y":271,"width":861,"height":12}},{"id":"14371826-860a-4f05-8ca5-1fd210fb5058","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":72,"box":{"x":88,"y":286,"width":848,"height":12}},{"id":"2015a27c-9dd2-4194-a33d-6907569d3fb7","block_type":"box","text":"differences between the Underlying Index and the MSCI Poland Index. The Underlying Index uses a capping methodology","page_number":72,"box":{"x":89,"y":301,"width":850,"height":12}},{"id":"66824101-b1d7-4701-9711-40f8c420052f","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":72,"box":{"x":88,"y":316,"width":826,"height":12}},{"id":"086abd5e-be75-4d98-93b4-6cb95540e7dd","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":72,"box":{"x":89,"y":331,"width":870,"height":12}},{"id":"60beae3f-8118-4b18-b776-8ef027a44611","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":72,"box":{"x":89,"y":346,"width":865,"height":13}},{"id":"eb5c62a4-44c2-42d9-9253-b46f808c6f72","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":72,"box":{"x":89,"y":361,"width":799,"height":13}},{"id":"6375a852-0915-4971-bc49-c3b000a89d90","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":72,"box":{"x":89,"y":376,"width":846,"height":13}},{"id":"467e9442-e21c-44f7-888e-92fde77af20a","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":72,"box":{"x":89,"y":392,"width":871,"height":12}},{"id":"386036f7-1f55-4e96-887b-623f5aa3b03b","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":72,"box":{"x":88,"y":407,"width":845,"height":12}},{"id":"68f4d707-420f-4012-9d7c-d3589dd2f781","block_type":"box","text":"reviewed on an annual basis.","page_number":72,"box":{"x":89,"y":422,"width":200,"height":10}},{"id":"7bee7ca0-0706-4e38-b237-ba2fb88e4c2e","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":448,"width":184,"height":13}},{"id":"72c6cdc2-c7ff-4059-9db0-c0d1906d6289","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":448,"width":662,"height":13}},{"id":"3723e698-fb41-46cb-b1c1-5420a2cfa542","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":463,"width":878,"height":13}},{"id":"3bbfa7e7-4b82-448c-8aa1-b6eea88752eb","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":479,"width":864,"height":12}},{"id":"f0bd132b-e613-4aa0-a870-4470297e2f7f","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":494,"width":849,"height":12}},{"id":"8926d8ae-df88-4d64-94e7-1af7e4abd30b","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":72,"box":{"x":88,"y":509,"width":868,"height":12}},{"id":"ebaa81e4-fa2a-4844-8b57-0c690403b37b","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":524,"width":474,"height":12}},{"id":"9499fdae-4de5-4561-9f04-daa0fed03869","block_type":"box","text":"MSCI United Kingdom Index","page_number":72,"box":{"x":89,"y":550,"width":203,"height":13}},{"id":"16bec572-540c-477e-99f3-b4228189b606","block_type":"box","text":"Number of Components: approximately 73","page_number":72,"box":{"x":89,"y":577,"width":308,"height":12}},{"id":"6043f9cf-de13-4346-b1b0-c83df0189717","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":603,"width":131,"height":13}},{"id":"7c7a495b-35fb-4940-ac74-e92250746f4f","block_type":"box","text":"The MSCI United Kingdom Index is designed to measure the performance of the large- and mid","page_number":72,"box":{"x":225,"y":603,"width":675,"height":13}},{"id":"93b256d9-a8d1-4690-9eb7-df29dd0585a0","block_type":"box","text":"capitalization segments of the U.K. market.","page_number":72,"box":{"x":89,"y":618,"width":298,"height":13}},{"id":"46d93e02-b2e3-41a5-a9ba-91023358328a","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":645,"width":184,"height":12}},{"id":"d4596823-d538-4bb2-9455-208adb7278fa","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":645,"width":662,"height":12}},{"id":"f2c55011-6752-4834-a6a8-336605437426","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":660,"width":878,"height":12}},{"id":"d994f0d7-9e20-498f-b303-69afa82ddcfb","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":675,"width":864,"height":12}},{"id":"17e03b74-5d07-4931-85b7-c6266bce68f3","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":690,"width":849,"height":13}},{"id":"8f1c36ad-fada-4005-8e1d-7fd9f481a347","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":72,"box":{"x":88,"y":705,"width":868,"height":13}},{"id":"1d24ac69-a509-4e00-8382-a2688042f3d3","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":720,"width":474,"height":13}},{"id":"c860f386-6252-4f7b-842a-ce6179c6a028","block_type":"box","text":"MSCI United Kingdom Small Cap Index","page_number":72,"box":{"x":89,"y":747,"width":280,"height":12}},{"id":"c09e8ec4-ea4a-4c4b-8103-2c2cff48ff61","block_type":"box","text":"Number of Components: approximately 203","page_number":72,"box":{"x":89,"y":773,"width":317,"height":13}},{"id":"d3359cdb-db54-4518-9e3a-8b94e1b38af7","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":800,"width":131,"height":12}},{"id":"0a5df2e4-c186-4ce4-b4a7-94817a97b31e","block_type":"box","text":"The MSCI United Kingdom Small Cap Index is a free float-adjusted market capitalization-weighted index","page_number":72,"box":{"x":225,"y":800,"width":729,"height":12}},{"id":"b22520b1-bd36-44db-b421-d571b9de166d","block_type":"box","text":"that is designed to measure the performance of equity securities of small capitalization companies in the U.K. securities","page_number":72,"box":{"x":88,"y":815,"width":835,"height":12}},{"id":"6cdd55f1-c40d-4899-9265-0e6dedcd2061","block_type":"box","text":"market. Free-float market capitalization is calculated by taking the security’s price and multiplying it by the number of shares","page_number":72,"box":{"x":89,"y":830,"width":872,"height":12}},{"id":"e8769fa7-aae1-4d0d-b029-f314627af295","block_type":"box","text":"readily available in the market rather than the total number of shares outstanding.","page_number":72,"box":{"x":89,"y":845,"width":573,"height":12}},{"id":"b1fb3400-2997-4edd-b9fe-221500484142","block_type":"box","text":"42","page_number":72,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8a45e63e-0691-4aaf-956d-c21f07548079","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"0c88715f-984a-4b14-ba26-36238bb39b91","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":73,"box":{"x":278,"y":44,"width":662,"height":12}},{"id":"f9de3857-f42b-47e9-ad4e-d1b9e5e16086","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":73,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"03c8cdb3-4563-4583-b0f0-45e00df813cb","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":73,"box":{"x":88,"y":74,"width":864,"height":12}},{"id":"c9351e4e-98e4-429a-a139-2baf5bf09253","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":73,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"4383f6ba-9ab5-4bb7-af5e-9e9ab91a604a","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":73,"box":{"x":88,"y":104,"width":868,"height":13}},{"id":"d51b455e-b14c-4ab5-863b-d6734ad43cb0","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"029d285d-d5a9-434e-bd8d-b0425cb2e177","block_type":"box","text":"MSCI USA Choice ESG Screened Index","page_number":73,"box":{"x":89,"y":146,"width":275,"height":10}},{"id":"dc26c6e5-e006-499a-aef4-69c5f27af357","block_type":"box","text":"Number of Components: approximately 297","page_number":73,"box":{"x":89,"y":172,"width":317,"height":13}},{"id":"32f57cad-e168-4994-b48a-d2b77565397c","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":199,"width":131,"height":12}},{"id":"f589945c-80f7-4624-9f26-f4d23e404424","block_type":"box","text":"The MSCI USA Choice ESG Screened Index is a free float-adjusted market capitalization-weighted index","page_number":73,"box":{"x":225,"y":199,"width":724,"height":12}},{"id":"bc22fd8c-9d9e-4c50-bf69-8d403fc1b434","block_type":"box","text":"that is designed to reflect the equity performance of large- and mid-capitalization U.S. companies with favorable ESG ratings","page_number":73,"box":{"x":88,"y":214,"width":871,"height":12}},{"id":"fa6f4d23-dbce-46a7-88fa-30eddb1ac81c","block_type":"box","text":"(as determined by MSCI Solutions LLC) while applying extensive screens, including a focus on removing fossil fuel exposure.","page_number":73,"box":{"x":89,"y":229,"width":869,"height":12}},{"id":"31805e1e-0f4d-4d6c-9c78-fa935c048b8c","block_type":"box","text":"MSCI begins with the MSCI Emerging Markets Index and selects companies with favorable ESG ratings while excluding:","page_number":73,"box":{"x":89,"y":244,"width":835,"height":13}},{"id":"6e49ac59-f66f-43ed-8d4a-c3c80ff8bb9c","block_type":"box","text":"• All companies that derive 5% or more aggregate revenue from the production, distribution and retail, and all companies","page_number":73,"box":{"x":89,"y":264,"width":871,"height":13}},{"id":"5c0b193f-f73c-4189-9b30-b8f56f40a205","block_type":"box","text":"that produce, direct, or publish adult entertainment materials that fall into the following categories: producer of X-rated","page_number":73,"box":{"x":121,"y":279,"width":837,"height":13}},{"id":"40f192ae-eaa4-41db-9ce3-9ac3bbb714f0","block_type":"box","text":"films, pay-per-view programming or channels, sexually explicit video games, books or magazines with adult content, live","page_number":73,"box":{"x":121,"y":295,"width":845,"height":12}},{"id":"ebd0445e-b748-4d69-a081-839a30c0199e","block_type":"box","text":"entertainment of an adult nature, and adults-only material on the internet;","page_number":73,"box":{"x":121,"y":310,"width":521,"height":12}},{"id":"4cec5eb3-4bdf-4d6d-b552-3789c20a4e14","block_type":"box","text":"• All companies deriving 5% or more revenue from the manufacture of alcoholic products, all companies classified as a","page_number":73,"box":{"x":89,"y":330,"width":854,"height":12}},{"id":"796ccf60-3bc7-469e-99da-ebda079fc079","block_type":"box","text":"“producer” that derive $500 million or more in revenue from manufacturing, distributing, retailing, licensing, and","page_number":73,"box":{"x":121,"y":345,"width":789,"height":12}},{"id":"2b91a753-b0cc-4f00-bc9a-b252a3f56471","block_type":"box","text":"supplying alcoholic products, and all companies deriving 15% or more aggregate revenue from the manufacture,","page_number":73,"box":{"x":121,"y":360,"width":791,"height":12}},{"id":"0184b734-a7bf-44d6-be00-dea765cd1c92","block_type":"box","text":"distribution, retailing, licensing, and supply of alcoholic products;","page_number":73,"box":{"x":121,"y":375,"width":455,"height":13}},{"id":"ff854ad5-2356-4cbd-b948-4cdab66049c8","block_type":"box","text":"• All companies deriving 5% or more revenue from ownership or operation of gambling facilities such as casinos,","page_number":73,"box":{"x":89,"y":395,"width":812,"height":13}},{"id":"83ded925-2edd-4995-99a0-40af104ff9c3","block_type":"box","text":"racetracks, bingo parlors, or other betting establishments, all companies classified as involved in “operations” that derive","page_number":73,"box":{"x":122,"y":410,"width":842,"height":13}},{"id":"50b8d524-d375-4dc0-ba84-f7c91eb5ff67","block_type":"box","text":"$500 million or more in revenue from ownership or operation of gambling facilities, provision of key products or services","page_number":73,"box":{"x":121,"y":426,"width":844,"height":12}},{"id":"f7456a66-483c-4d10-8443-7b31a3348e38","block_type":"box","text":"fundamental to gambling operations, and licensing of gambling products, and all companies deriving 15% or more","page_number":73,"box":{"x":121,"y":441,"width":805,"height":12}},{"id":"d6fa9141-e20b-4e32-9006-8fee5ce2e043","block_type":"box","text":"aggregate revenue from ownership or operation of gambling facilities, provision of key products or services fundamental","page_number":73,"box":{"x":121,"y":456,"width":844,"height":12}},{"id":"0efc5035-572c-4845-8ce6-b36762246214","block_type":"box","text":"to gambling operations, and licensing of gambling products;","page_number":73,"box":{"x":121,"y":471,"width":423,"height":12}},{"id":"bb88adfe-d136-43c9-bd5d-5618df48fe38","block_type":"box","text":"• All companies that manufacture tobacco products, such as cigars, blunts, cigarettes, e-cigarettes, inhalers, beedis,","page_number":73,"box":{"x":89,"y":491,"width":831,"height":12}},{"id":"ab1c49b5-a180-451a-b85b-50a2a1b3050e","block_type":"box","text":"kreteks, smokeless tobacco, snuff, snus, dissolvable and chewing tobacco (including companies that grow or process","page_number":73,"box":{"x":122,"y":506,"width":819,"height":13}},{"id":"447d41ab-b99b-4c0f-8623-f54c558fb7d0","block_type":"box","text":"raw tobacco leaves), and all companies deriving 5% or more aggregate revenue from the manufacture, distribution,","page_number":73,"box":{"x":122,"y":521,"width":807,"height":13}},{"id":"b3ca3946-7bbf-4854-a203-d2c3a4938389","block_type":"box","text":"retailing, licensing, and supply of tobacco products;","page_number":73,"box":{"x":122,"y":536,"width":359,"height":13}},{"id":"82e353a8-8268-4231-9a0d-b287696e66e9","block_type":"box","text":"• All companies deriving revenue from genetically modifying plants, such as seeds and crops, and other organisms","page_number":73,"box":{"x":89,"y":557,"width":823,"height":12}},{"id":"9bcac351-ec7e-4824-a83f-bfa5bdaabbd9","block_type":"box","text":"intended for agricultural use or human consumption;","page_number":73,"box":{"x":122,"y":572,"width":371,"height":12}},{"id":"ef37a0e9-0ba9-4d98-b999-90942d631c57","block_type":"box","text":"• All companies with any tie to “controversial weapons” (cluster munitions, landmines, depleted uranium weapons,","page_number":73,"box":{"x":89,"y":592,"width":826,"height":12}},{"id":"75fee88c-3d0e-4dcd-bf48-1469e032c0c7","block_type":"box","text":"biological/chemical weapons, blinding lasers, non-detectable fragments and incendiary weapons), as defined by MSCI;","page_number":73,"box":{"x":122,"y":607,"width":833,"height":12}},{"id":"13ae3644-0062-46ad-9054-fa8d8b52e294","block_type":"box","text":"• All companies that manufacture nuclear warheads and/or whole nuclear missiles (including assembly and integration of","page_number":73,"box":{"x":89,"y":627,"width":879,"height":13}},{"id":"4e252f89-d870-4031-932e-2a25dbd8b693","block_type":"box","text":"warhead and missile body, as well as companies with contracts to operate/manage government-owned facilities that","page_number":73,"box":{"x":121,"y":642,"width":822,"height":13}},{"id":"fb40411b-c663-469e-8231-af12d546a169","block_type":"box","text":"manufacture nuclear warheads and missiles), all companies that manufacture components that were developed or are","page_number":73,"box":{"x":122,"y":657,"width":829,"height":13}},{"id":"b543747b-89ff-47e6-adf6-3ad703fae769","block_type":"box","text":"significantly modified for exclusive use in nuclear weapons (warheads and missiles) (including companies with contracts","page_number":73,"box":{"x":121,"y":673,"width":847,"height":12}},{"id":"54bef275-2b34-4c02-98b4-134567603ce4","block_type":"box","text":"to operate/manage government-owned facilities that manufacture components for nuclear warheads and missiles), all","page_number":73,"box":{"x":121,"y":688,"width":833,"height":12}},{"id":"a8b3a96e-5e74-4977-b2b3-d7bb8fc06d0f","block_type":"box","text":"companies that manufacture or assemble delivery platforms that were developed or significantly modified for the","page_number":73,"box":{"x":121,"y":703,"width":793,"height":12}},{"id":"0d19149c-dc4f-47bf-90ad-277c4f339205","block_type":"box","text":"exclusive delivery of nuclear weapons, all companies that provide auxiliary services related to nuclear weapons (such as","page_number":73,"box":{"x":121,"y":718,"width":837,"height":12}},{"id":"604e69a4-fbcc-48a5-acde-5f4aadf8710c","block_type":"box","text":"repairing and maintaining nuclear weapons, providing overhaul and upgrade services, stockpiling and stewardship, R&D","page_number":73,"box":{"x":122,"y":733,"width":839,"height":12}},{"id":"bfa8379c-5045-40b3-8412-48ba5e23cc0b","block_type":"box","text":"work, testing and simulations, etc.) (including companies with contracts to operate/manage government-owned","page_number":73,"box":{"x":121,"y":748,"width":793,"height":12}},{"id":"0a478866-f30e-402b-bd77-b7d2f01bff05","block_type":"box","text":"facilities that conduct R&D, testing, simulations, and other essential sciences on nuclear weapons), all companies that","page_number":73,"box":{"x":121,"y":763,"width":825,"height":13}},{"id":"2d2cf723-8fbd-420e-8f55-334e2a03162a","block_type":"box","text":"manufacture components that were not 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evidence of owning metallurgical coal reserves","page_number":74,"box":{"x":122,"y":392,"width":831,"height":12}},{"id":"3546a13d-709f-45b7-a64a-f5b791f24f0c","block_type":"box","text":"(however, all companies that derive 50% or more revenue from products, services, or infrastructure projects supporting","page_number":74,"box":{"x":122,"y":407,"width":834,"height":12}},{"id":"8ca4a79c-5a90-4d4b-b362-202b033e1430","block_type":"box","text":"the development or delivery of renewable energy and alternative fuels, but that do not have an industry tie to thermal","page_number":74,"box":{"x":121,"y":422,"width":820,"height":12}},{"id":"8cd139ae-8a8d-4718-ab3a-6c505f758df9","block_type":"box","text":"coal (i.e., reserve ownership, production, and power generation), an industry tie to oil sands (i.e., reserve ownership and","page_number":74,"box":{"x":121,"y":437,"width":836,"height":12}},{"id":"6ae5ac63-397e-47c9-9ad6-eb88820022cd","block_type":"box","text":"production activities), or evidence of owning fossil fuel reserves used most likely for energy applications are added back","page_number":74,"box":{"x":121,"y":452,"width":838,"height":12}},{"id":"47cd25a6-0b5b-472e-bdd5-2e33cc802103","block_type":"box","text":"in).","page_number":74,"box":{"x":122,"y":467,"width":20,"height":13}},{"id":"aa0e6e93-56a2-4770-adca-9e68a085fce3","block_type":"box","text":"Additionally, MSCI excludes companies involved in very serious business controversies.","page_number":74,"box":{"x":88,"y":494,"width":607,"height":12}},{"id":"af4fe927-f200-4d5c-8976-dc4934639645","block_type":"box","text":"Calculation Methodology","page_number":74,"box":{"x":89,"y":520,"width":182,"height":12}},{"id":"7d495d6b-2f24-4e1e-b567-86aa8f618888","block_type":"box","text":". The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":74,"box":{"x":272,"y":520,"width":659,"height":12}},{"id":"daf31117-bab2-42c1-815f-a5b5b1aa85e4","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":74,"box":{"x":89,"y":535,"width":832,"height":13}},{"id":"09b07a0f-eb37-4af1-9c4f-0c4e9e4633a5","block_type":"box","text":"without any adjustment for taxes or withholding. The Underlying Index is rebalanced on a quarterly basis coinciding with the","page_number":74,"box":{"x":88,"y":550,"width":874,"height":13}},{"id":"28190073-8222-4844-9862-1b0d5ede9d94","block_type":"box","text":"regular Index Reviews of the MSCI Global Investable Market Indexes.","page_number":74,"box":{"x":89,"y":565,"width":478,"height":13}},{"id":"c25d5e14-46e2-4a51-881b-e2ee4c2d6109","block_type":"box","text":"MSCI USA Climate Paris Aligned Benchmark Extended Select Index","page_number":74,"box":{"x":89,"y":592,"width":482,"height":12}},{"id":"05d3b853-d6f9-447c-aaaa-c7b1476088ec","block_type":"box","text":"Number of Components: approximately 173","page_number":74,"box":{"x":89,"y":618,"width":316,"height":13}},{"id":"59401d8d-30ea-48ea-a016-92f6d54a72f3","block_type":"box","text":"Index Description.","page_number":74,"box":{"x":89,"y":645,"width":131,"height":12}},{"id":"7fc143b4-1ac2-4da9-a714-56ac2ad937f9","block_type":"box","text":"The MSCI USA Climate Paris Aligned Benchmark Extended Select Index is an optimized equity index","page_number":74,"box":{"x":225,"y":645,"width":699,"height":12}},{"id":"44e22e65-7c11-42e8-8e90-11cbd43e79a2","block_type":"box","text":"designed to reflect the performance characteristics of a subset of U.S. large- and mid-capitalization equity securities within","page_number":74,"box":{"x":89,"y":660,"width":858,"height":12}},{"id":"a5019e96-6f9c-42dc-87c6-f7e96376604e","block_type":"box","text":"the MSCI USA Index. The components of the Underlying Index are selected and weighted so that, in the aggregate, the","page_number":74,"box":{"x":88,"y":675,"width":831,"height":12}},{"id":"a9d363be-d87c-4be6-8004-b67a4661d661","block_type":"box","text":"portfolio is compatible with the objectives of the Paris Agreement by following a decarbonization trajectory, reducing","page_number":74,"box":{"x":89,"y":690,"width":816,"height":13}},{"id":"65de4400-1f33-4a0b-974a-61fe0195ca8e","block_type":"box","text":"exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the","page_number":74,"box":{"x":89,"y":705,"width":862,"height":13}},{"id":"ab009314-41f5-4fe3-a285-000ed66b0a99","block_type":"box","text":"transition to a low-carbon economy.","page_number":74,"box":{"x":88,"y":720,"width":254,"height":13}},{"id":"cbe10d60-bfb4-4027-8310-d092c46efd24","block_type":"box","text":"The Underlying Index aims to exceed the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European","page_number":74,"box":{"x":88,"y":747,"width":865,"height":12}},{"id":"290436c4-ca09-45b1-be2e-d4124e27a9a7","block_type":"box","text":"Union’s Low Carbon Benchmark Regulation. PABs are designed to align with the principal objective of the Paris Agreement,","page_number":74,"box":{"x":89,"y":762,"width":860,"height":12}},{"id":"8413f0aa-30e9-4e56-a27a-9342f10f5484","block_type":"box","text":"which is to limit global warming in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre","page_number":74,"box":{"x":88,"y":777,"width":869,"height":12}},{"id":"150ad900-32ea-4016-bb7f-bcf2cd41351a","block_type":"box","text":"industrial levels. Providers of PABs must use the 1.5 degrees Celsius scenario (with no or limited overshoot,","page_number":74,"box":{"x":89,"y":792,"width":747,"height":13}},{"id":"9ffa762a-4f9c-4380-9201-95ee7c611a36","block_type":"box","text":"i.e","page_number":74,"box":{"x":841,"y":793,"width":15,"height":9}},{"id":"3e786aea-9cbd-4ae8-be04-e4646e9e2d3f","block_type":"box","text":"., a temporary","page_number":74,"box":{"x":857,"y":794,"width":96,"height":11}},{"id":"248ff0ca-6246-4156-93b7-f1e6a5a43b27","block_type":"box","text":"rise above 1.5 degrees Celsius) as the reference temperature scenario to design the index methodology.","page_number":74,"box":{"x":89,"y":807,"width":723,"height":13}},{"id":"f8d4cae8-9496-44ba-9757-f4ed860fb95a","block_type":"box","text":"The Index Provider begins with the MSCI USA Index and excludes the securities of issuers that it identifies as being involved","page_number":74,"box":{"x":88,"y":834,"width":865,"height":12}},{"id":"ebd87455-8426-4bab-96de-e231a02744f3","block_type":"box","text":"in any of the business activities summarized below:","page_number":74,"box":{"x":89,"y":849,"width":357,"height":12}},{"id":"4eeb5008-3fbb-49a9-94c7-af9fbf80b688","block_type":"box","text":"44","page_number":74,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"2ddda3c9-04f1-4865-af12-fafa097e4410","block_type":"box","text":"• Producing tobacco; deriving 5% or more aggregate revenue from the production, distribution, retail and supply of","page_number":75,"box":{"x":121,"y":44,"width":830,"height":12}},{"id":"b2685dad-0624-4d00-80e9-21ce6b48a893","block_type":"box","text":"tobacco-related products; or owning at least 20% of, or being at least 50% owned by, a tobacco company.","page_number":75,"box":{"x":153,"y":59,"width":742,"height":12}},{"id":"dbe989a3-6966-4da1-bfd9-a68a6c0e4913","block_type":"box","text":"• Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding laser weapons,","page_number":75,"box":{"x":121,"y":79,"width":823,"height":13}},{"id":"bc152e55-fa6a-4cac-adaa-901006f7ddfd","block_type":"box","text":"non-detectable fragments or incendiary weapons; producing key components of cluster bombs, landmines,","page_number":75,"box":{"x":154,"y":94,"width":754,"height":13}},{"id":"532f7948-bc89-433a-8c03-c1e591e5545d","block_type":"box","text":"depleted uranium weapons, or chemical or biological weapons; owning 20% or more (50% for financial companies)","page_number":75,"box":{"x":154,"y":109,"width":812,"height":13}},{"id":"b0d9e2f9-f84f-41de-b17a-c5b5169939f6","block_type":"box","text":"of a weapons or components producer; or being 50% or more owned by a company involved in weapons or","page_number":75,"box":{"x":154,"y":125,"width":755,"height":12}},{"id":"3c83a178-238a-497e-a079-ef7269e552ac","block_type":"box","text":"components production.","page_number":75,"box":{"x":154,"y":140,"width":173,"height":12}},{"id":"df0a6716-3821-46d4-8d10-b208fa83c617","block_type":"box","text":"• Manufacturing of the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear","page_number":75,"box":{"x":121,"y":160,"width":799,"height":12}},{"id":"5fe2d18c-3bb2-4a29-8488-0baeeb89f74d","block_type":"box","text":"warheads, whole nuclear missiles, nuclear weapon delivery systems or components, or providing auxiliary services","page_number":75,"box":{"x":153,"y":175,"width":802,"height":12}},{"id":"9656baf7-e316-4f13-8353-ae16edd716c7","block_type":"box","text":"related to nuclear weapons.","page_number":75,"box":{"x":154,"y":190,"width":193,"height":12}},{"id":"30ea325b-7282-4fcd-9b9f-b3087c34ba87","block_type":"box","text":"• Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue, or $20 million","page_number":75,"box":{"x":121,"y":210,"width":832,"height":13}},{"id":"c2f1c3a0-7d21-46de-852f-ed6ec009005c","block_type":"box","text":"or more revenue, from the production or distribution (wholesale or retail) of such firearms or ammunition.","page_number":75,"box":{"x":154,"y":225,"width":743,"height":13}},{"id":"e9e3ed6c-770d-404c-99c5-af9be37857d5","block_type":"box","text":"• Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all revenue from","page_number":75,"box":{"x":121,"y":245,"width":830,"height":13}},{"id":"01bf1018-62b8-454b-aed2-705738750c25","block_type":"box","text":"metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal and coal","page_number":75,"box":{"x":154,"y":261,"width":789,"height":12}},{"id":"cc6b9583-e44a-4a0f-8f22-5aa8ad666a78","block_type":"box","text":"trading.","page_number":75,"box":{"x":153,"y":276,"width":53,"height":12}},{"id":"7f9504aa-0cc2-4268-a3fb-919963e795f1","block_type":"box","text":"• Deriving 10% or more revenue from oil- or gas-related activities, including distribution, equipment, production,","page_number":75,"box":{"x":121,"y":296,"width":810,"height":12}},{"id":"b64b6286-0d7b-476b-a790-7689746f2462","block_type":"box","text":"transportation or refining, but excluding biofuel production, sales and trading.","page_number":75,"box":{"x":153,"y":311,"width":546,"height":12}},{"id":"938fa28f-534e-4811-84d8-739821a9f60b","block_type":"box","text":"• Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural gas.","page_number":75,"box":{"x":121,"y":331,"width":754,"height":12}},{"id":"dcb8c9ed-3607-42c6-8259-13bcf3362304","block_type":"box","text":"• Deriving 5% or more revenue from oil sands extraction.","page_number":75,"box":{"x":121,"y":351,"width":420,"height":13}},{"id":"d631ea4b-92dd-487f-a543-547734997569","block_type":"box","text":"The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies","page_number":75,"box":{"x":88,"y":378,"width":831,"height":12}},{"id":"5d0a535a-cab4-48a8-b1f8-54565184d80c","block_type":"box","text":"related to the ESG impact of the company’s actions, products or operations. 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The Index Provider uses data provided by MSCI Solutions LLC and other sources to assess","page_number":76,"box":{"x":89,"y":670,"width":798,"height":12}},{"id":"ae97fcab-aae5-42b0-be52-07a89f8d076f","block_type":"box","text":"companies for eligibility for inclusion in the Underlying Index and to rank and select securities based primarily on current","page_number":76,"box":{"x":89,"y":685,"width":844,"height":12}},{"id":"db7bc99b-9a74-49e1-ba26-bb34a1672a34","block_type":"box","text":"emissions intensity, emissions reduction targets, green revenue, and/or climate risk management.","page_number":76,"box":{"x":89,"y":700,"width":685,"height":13}},{"id":"6f906cd7-9313-461f-a045-25ec4d2ef7b2","block_type":"box","text":"The Underlying Index seeks to reflect the overall sector composition of the MSCI USA Index (the “parent index”) by including","page_number":76,"box":{"x":88,"y":727,"width":874,"height":12}},{"id":"31589556-68e5-4632-b939-496910226e64","block_type":"box","text":"approximately 50% of the companies from each Global Industry Classification Standard (“GICS”) sector in the parent index.","page_number":76,"box":{"x":89,"y":742,"width":864,"height":12}},{"id":"585e52e0-7d21-4769-9957-a241ea637cb7","block_type":"box","text":"The parent index is a float-adjusted market capitalization weighted index designed to measure the performance of the large","page_number":76,"box":{"x":88,"y":757,"width":872,"height":12}},{"id":"8b703bcb-a142-4ccf-a206-87539062be65","block_type":"box","text":"and mid-capitalization companies in the U.S. market, irrespective of their climate impact. 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Additionally, companies that","page_number":77,"box":{"x":154,"y":261,"width":800,"height":12}},{"id":"fd7d3b6c-9207-4f58-a284-a27cf72c1ac0","block_type":"box","text":"own oil sands reserves with no associated revenue are not excluded.","page_number":77,"box":{"x":154,"y":276,"width":477,"height":9}},{"id":"5340d7c0-b663-4df2-9319-03cc07884b5b","block_type":"box","text":"• Companies that manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration","page_number":77,"box":{"x":121,"y":296,"width":837,"height":12}},{"id":"9150beab-cd20-4bc3-88d9-5333f2b68449","block_type":"box","text":"of warhead and missile body; companies with contracts to operate/manage government-owned facilities that","page_number":77,"box":{"x":154,"y":311,"width":770,"height":12}},{"id":"0bde9088-b1dc-41cb-bd9d-e89a19521af4","block_type":"box","text":"manufacture nuclear warheads and missiles or their components; companies that manufacture components that","page_number":77,"box":{"x":154,"y":326,"width":794,"height":12}},{"id":"5847a2b9-b4b1-4fe3-b6f9-15017357bc72","block_type":"box","text":"were developed or are significantly modified for exclusive use in nuclear weapons; companies that manufacture or","page_number":77,"box":{"x":153,"y":341,"width":801,"height":13}},{"id":"d8ebb2a2-3bc8-4128-9029-ad9e72ea57d6","block_type":"box","text":"assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear","page_number":77,"box":{"x":154,"y":356,"width":767,"height":13}},{"id":"71b5201d-8409-43c0-9e00-2666ff81114b","block_type":"box","text":"weapons; companies that provide auxiliary services related to nuclear weapons, such as repairing and maintaining","page_number":77,"box":{"x":153,"y":371,"width":800,"height":13}},{"id":"4a01f9c1-9f3e-4e79-acd2-85391951897e","block_type":"box","text":"nuclear weapons, providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and","page_number":77,"box":{"x":154,"y":387,"width":781,"height":12}},{"id":"f31279a5-b5b9-4840-bec6-8f5bacf632e7","block_type":"box","text":"simulations; companies with contracts to operate/manage government-owned facilities that conduct R&D, testing,","page_number":77,"box":{"x":154,"y":402,"width":806,"height":12}},{"id":"9c03ba41-0064-4d41-aace-416159744fb0","block_type":"box","text":"simulations, and other essential sciences on nuclear weapons; companies that manufacture components that were","page_number":77,"box":{"x":154,"y":417,"width":806,"height":12}},{"id":"faf8b2ae-ec41-404d-a376-344c5ad175f1","block_type":"box","text":"not developed or not significantly modified for exclusive use in nuclear weapons but that can be used in nuclear","page_number":77,"box":{"x":154,"y":432,"width":784,"height":12}},{"id":"ea77f1e8-69d4-471c-82ea-a2c1553a0b4c","block_type":"box","text":"weapons; companies that manufacture or assemble delivery platforms that were not developed or not significantly","page_number":77,"box":{"x":153,"y":447,"width":804,"height":12}},{"id":"06450cc3-7c2c-437f-a5a0-fef57a93af70","block_type":"box","text":"modified for the exclusive delivery of nuclear weapons but that have the capability to deliver nuclear weapons; and","page_number":77,"box":{"x":154,"y":462,"width":801,"height":12}},{"id":"f7f07b07-e7ee-4e38-b84e-8d42b66a7486","block_type":"box","text":"companies that manufacture components for nuclear-exclusive delivery platforms.","page_number":77,"box":{"x":154,"y":477,"width":579,"height":13}},{"id":"4872cb60-da0e-4869-a29b-4ede39322835","block_type":"box","text":"The Index Provider also excludes companies that it determines are directly involved in ongoing, “very severe” ESG","page_number":77,"box":{"x":88,"y":504,"width":793,"height":12}},{"id":"0baa9366-7edc-48cc-883a-70ed60a19292","block_type":"box","text":"controversies, defined as an instance or ongoing situation in which company operations and/or products allegedly are","page_number":77,"box":{"x":89,"y":519,"width":828,"height":12}},{"id":"ad3ec844-7c76-4540-8d09-9fcda20d5bbf","block_type":"box","text":"directly implicated in having a negative ESG impact, including alleged violations of laws, regulations, or accepted","page_number":77,"box":{"x":89,"y":534,"width":786,"height":12}},{"id":"c74bf7e3-e8bc-44e3-9f71-d4a95054f8a7","block_type":"box","text":"international norms (","page_number":77,"box":{"x":89,"y":549,"width":147,"height":12}},{"id":"f7d8643f-7ed3-4f3f-ae41-4cc75c5a5496","block_type":"box","text":"e.g.,","page_number":77,"box":{"x":237,"y":552,"width":27,"height":9}},{"id":"850f65e2-00a2-40aa-a2b1-57a34f7dadc1","block_type":"box","text":"human rights violations or toxic emissions and waste). To evaluate ESG controversies, the Index","page_number":77,"box":{"x":270,"y":549,"width":670,"height":12}},{"id":"83d6edce-fc26-43cf-9a2e-9262f0cacb86","block_type":"box","text":"Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and","page_number":77,"box":{"x":89,"y":564,"width":836,"height":13}},{"id":"dd382089-98fc-49ce-aa5c-b072fb886630","block_type":"box","text":"supply chain, customers and governance – and 28 sub-categories. The Index Provider also excludes companies that are not","page_number":77,"box":{"x":89,"y":579,"width":865,"height":13}},{"id":"433b1285-4886-4cae-acb6-edec7980e6fe","block_type":"box","text":"assessed by the Index Provider regarding ESG controversies.","page_number":77,"box":{"x":89,"y":594,"width":418,"height":13}},{"id":"76ffff0b-5923-4645-88db-d44e4724a537","block_type":"box","text":"Another screen excludes issuers that have high “emissions intensity” or high “total potential carbon emissions,” meaning","page_number":77,"box":{"x":88,"y":621,"width":848,"height":12}},{"id":"9f446756-899f-46f9-b4e8-f4056f331f37","block_type":"box","text":"that the issuer is in the worst 5% of the MSCI ACWI Index for the emissions metric, as determined by the Index Provider.","page_number":77,"box":{"x":88,"y":636,"width":840,"height":12}},{"id":"fe955469-2215-4fdf-9160-0ee0f9650b0f","block_type":"box","text":"However, high emitters are not excluded by this screen if they have emissions reduction targets that have been approved by","page_number":77,"box":{"x":89,"y":651,"width":863,"height":12}},{"id":"59913117-f517-40fc-809a-3ddbf6909c56","block_type":"box","text":"the Science-Based Targets initiative (“SBTi”). SBTi does not monitor whether companies modify their targets or make","page_number":77,"box":{"x":88,"y":666,"width":820,"height":13}},{"id":"570746fe-0159-4a8b-92c4-a63ded81c24e","block_type":"box","text":"progress toward the targets. “Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas","page_number":77,"box":{"x":89,"y":681,"width":849,"height":13}},{"id":"804cff31-ef98-4fd5-beda-6597eeef5105","block_type":"box","text":"(“GHG”) emissions (","page_number":77,"box":{"x":89,"y":696,"width":142,"height":13}},{"id":"863c4dec-641e-45f0-a351-40cc13e7cfad","block_type":"box","text":"i.e.,","page_number":77,"box":{"x":232,"y":697,"width":21,"height":11}},{"id":"19690c81-2ce2-40a3-b25e-41bad8f9d6cf","block_type":"box","text":"direct emissions from sources that an issuer owns or controls and indirect emissions from the","page_number":77,"box":{"x":259,"y":696,"width":657,"height":10}},{"id":"a87cbf17-9b56-4aef-be33-3535489f97a6","block_type":"box","text":"purchase of energy and a company’s value chain) as a percentage of the issuer’s enterprise value and cash. “Total potential","page_number":77,"box":{"x":89,"y":712,"width":861,"height":12}},{"id":"50885c2c-0766-42fb-91e2-15292c347c57","block_type":"box","text":"carbon emissions” are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal","page_number":77,"box":{"x":89,"y":727,"width":835,"height":12}},{"id":"559a9f7c-9ac2-471f-822a-68825871cb59","block_type":"box","text":"reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers most likely to use their","page_number":77,"box":{"x":89,"y":742,"width":872,"height":12}},{"id":"6f20842e-ad1f-4999-b0c2-f5b5faaacec2","block_type":"box","text":"fossil fuel reserves for energy applications (","page_number":77,"box":{"x":88,"y":757,"width":302,"height":12}},{"id":"36aca408-6c95-4f26-a77c-56f46b1ab69e","block_type":"box","text":"i.e.,","page_number":77,"box":{"x":391,"y":758,"width":21,"height":10}},{"id":"650a66af-bc76-4f41-8fe9-b5d0b3caf713","block_type":"box","text":"burned or combusted to produce power or heat). Issuers without data on","page_number":77,"box":{"x":419,"y":757,"width":513,"height":12}},{"id":"42ac56fb-f61a-46b1-8e64-90111df44940","block_type":"box","text":"their emissions intensity are excluded from the Underlying Index.","page_number":77,"box":{"x":88,"y":772,"width":455,"height":12}},{"id":"9e7a8afd-ee8f-4f45-adc1-bfa40306c633","block_type":"box","text":"The Index Provider also excludes issuers that are in the worst quartile of their GICS sector within the parent index based on","page_number":77,"box":{"x":88,"y":799,"width":860,"height":12}},{"id":"5b129420-b58a-4c06-b953-bd16a45ff283","block_type":"box","text":"their management of climate change risks and opportunities (“climate risk management”). The Index Provider assesses","page_number":77,"box":{"x":88,"y":814,"width":837,"height":12}},{"id":"c75c8781-0b9d-4ae9-acdf-e8118bc79b94","block_type":"box","text":"issuers according to their management of one or more of the following factors, to which it assigns security-specific weights:","page_number":77,"box":{"x":89,"y":829,"width":870,"height":12}},{"id":"073f17d2-408c-40d2-ad36-2316a61072cb","block_type":"box","text":"carbon emissions, product carbon footprint, climate change vulnerability, biodiversity and land use, and opportunities in","page_number":77,"box":{"x":89,"y":844,"width":840,"height":12}},{"id":"a0cbcf3b-6b90-442b-8141-2651cb1ad54d","block_type":"box","text":"clean tech, green building and renewable energy.","page_number":77,"box":{"x":89,"y":859,"width":341,"height":12}},{"id":"04567934-832d-493c-8ca5-9665cbedb76e","block_type":"box","text":"47","page_number":77,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1397a697-8746-45d0-bb54-9f529b3b29d4","block_type":"box","text":"Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity Score,” which","page_number":78,"box":{"x":89,"y":44,"width":800,"height":12}},{"id":"ea9dabd7-38cb-4a24-8694-f82e5122274a","block_type":"box","text":"corresponds to the issuer’s sector-relative quartile position within the parent index based on its Scope 1+2+3 GHG intensity.","page_number":78,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"5f0ca8c8-9d11-43d9-8101-6363871b7048","block_type":"box","text":"The score may be improved with a one-quartile or two-quartile adjustment based on an issuer’s emissions reduction targets,","page_number":78,"box":{"x":88,"y":74,"width":873,"height":12}},{"id":"da3d446d-0dcf-427c-acec-955dcc484a31","block_type":"box","text":"emissions track record, green revenue or climate risk management, each as described further below. The final GHG Intensity","page_number":78,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"2411967d-d12a-4e3c-9582-1707cc697630","block_type":"box","text":"Score, after any adjustment, is used for ranking and selecting securities for inclusion in the Underlying Index.","page_number":78,"box":{"x":88,"y":104,"width":760,"height":13}},{"id":"7772bf57-730f-4981-9be7-79a142ca524c","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has approved science","page_number":78,"box":{"x":88,"y":131,"width":871,"height":12}},{"id":"7b128c14-7547-49f1-a2f8-75ca95a9a680","block_type":"box","text":"based targets (“SBTs”) for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track record” of","page_number":78,"box":{"x":89,"y":146,"width":865,"height":12}},{"id":"71edc689-e327-4a49-92a8-38a46e245394","block_type":"box","text":"reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with certain criteria set by SBTi","page_number":78,"box":{"x":89,"y":161,"width":846,"height":12}},{"id":"8a6aa06b-b863-4811-af71-f875ad0fd6ba","block_type":"box","text":"based on climate science. As noted above, SBTi does not monitor whether companies modify their targets or make progress","page_number":78,"box":{"x":89,"y":176,"width":868,"height":13}},{"id":"e837bea4-90ff-49cb-bd20-be1261ab637b","block_type":"box","text":"toward the targets.","page_number":78,"box":{"x":88,"y":191,"width":132,"height":13}},{"id":"f5d1031a-3d17-47cb-b56b-1d70eab62237","block_type":"box","text":"To be considered to have a credible track record of emissions reduction, an issuer must meet the following criteria: (i) have","page_number":78,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"af5bbec4-4f5d-4d23-809a-c39723132028","block_type":"box","text":"published emissions data; (ii) have a published (not approved or validated) emissions reduction target; (iii) over the past four","page_number":78,"box":{"x":89,"y":233,"width":872,"height":12}},{"id":"a31c7d11-ee00-4585-88e0-6cd32418e8a2","block_type":"box","text":"years, have an average yearly emissions reduction of at least 2%; and (iv) be ranked in the best quartile of all sector peers in","page_number":78,"box":{"x":88,"y":248,"width":864,"height":12}},{"id":"686c963b-c430-423d-90f7-06ee5f332cde","block_type":"box","text":"the parent index with an average 2% or greater yearly emissions reduction over the past four years. An issuer’s average yearly","page_number":78,"box":{"x":88,"y":263,"width":879,"height":12}},{"id":"976de929-b760-4580-9f3e-ca5038ff2aa3","block_type":"box","text":"emissions change is calculated as a geometric average of the last three year-over-year changes. Issuers with less than four","page_number":78,"box":{"x":89,"y":278,"width":857,"height":13}},{"id":"ad6c073b-5830-474f-a2b6-0ca656bcb9c3","block_type":"box","text":"years of emissions data are not evaluated on the credible track record metric.","page_number":78,"box":{"x":88,"y":293,"width":540,"height":13}},{"id":"b427f42f-9da8-4030-a7e6-c1503ceaff2a","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer that is within the best","page_number":78,"box":{"x":89,"y":320,"width":872,"height":12}},{"id":"e09fdee3-21f9-4452-a6c0-c9c61409d9ef","block_type":"box","text":"quartile, on a sector-relative basis within the parent index, for either (i) climate risk management or (ii) “green revenue,” each","page_number":78,"box":{"x":89,"y":335,"width":875,"height":12}},{"id":"4b27bc5a-150b-42e8-9cc1-c2bcb4a135af","block_type":"box","text":"as determined by the Index Provider. An issuer must have at least 5% green revenue to receive the improvement to its GHG","page_number":78,"box":{"x":89,"y":350,"width":859,"height":12}},{"id":"7bfa6f35-f207-491f-a783-be41ee7ccca9","block_type":"box","text":"Intensity Score. “Green revenue” is defined as the cumulative revenue percentage that a company derives from alternative","page_number":78,"box":{"x":89,"y":365,"width":853,"height":12}},{"id":"5b554cd8-f83f-4192-9af1-6585a14180e6","block_type":"box","text":"energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture.","page_number":78,"box":{"x":89,"y":380,"width":757,"height":13}},{"id":"3941adf9-df17-46dd-81eb-816c241e0fc6","block_type":"box","text":"Eligible securities of each GICS sector are sorted in ascending order of their final GHG Intensity Score (after any","page_number":78,"box":{"x":89,"y":407,"width":777,"height":12}},{"id":"ca9e80f1-e04e-4219-ab7d-80ac3c197ca1","block_type":"box","text":"improvement) and descending order of float-adjusted market capitalization. For each sector, securities are selected from the","page_number":78,"box":{"x":89,"y":422,"width":868,"height":12}},{"id":"5cded30c-6c17-4b5a-a1f5-2674ad13adb6","block_type":"box","text":"top until the total number of selected securities (by count) is approximately 50% of the number of securities in that sector in","page_number":78,"box":{"x":88,"y":437,"width":873,"height":12}},{"id":"92867145-2224-4368-95c2-acd125405162","block_type":"box","text":"the parent index. Any securities selected in this step that are producers of civilian firearms or ammunition, as determined by","page_number":78,"box":{"x":88,"y":452,"width":868,"height":12}},{"id":"87019a41-e390-4025-83ea-5b3e324c92f7","block_type":"box","text":"the Index Provider, are removed from the Underlying Index.","page_number":78,"box":{"x":88,"y":467,"width":413,"height":13}},{"id":"a23011f0-dcb7-4025-ae5b-02d5603d9d82","block_type":"box","text":"The parent index weights of the remaining selected securities are renormalized to 100%. Sector weights are limited to +/- 5%","page_number":78,"box":{"x":88,"y":494,"width":878,"height":12}},{"id":"2665e588-9a92-403a-b510-a92f1a915d76","block_type":"box","text":"the weight of that sector in the parent index, and individual issuer weights are capped at 5% of the Underlying Index.","page_number":78,"box":{"x":88,"y":509,"width":819,"height":12}},{"id":"98841e29-1a85-471a-b529-927017ff28e0","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement and firearms","page_number":78,"box":{"x":88,"y":535,"width":814,"height":13}},{"id":"728104a4-ed4a-4fe6-addb-7bc4ef15b0e2","block_type":"box","text":"exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed monthly. Existing constituents that meet","page_number":78,"box":{"x":89,"y":550,"width":877,"height":13}},{"id":"7846f637-96f2-4975-b5c6-84f3e9769e8c","block_type":"box","text":"the exclusion criteria are deleted from the Underlying Index, and the weights of the remaining constituents are renormalized","page_number":78,"box":{"x":88,"y":565,"width":869,"height":13}},{"id":"a11ff163-8c35-480b-8563-ac5cf8f70db3","block_type":"box","text":"to 100%.","page_number":78,"box":{"x":88,"y":581,"width":63,"height":9}},{"id":"32ce8759-1501-4b5b-b68e-6d585f0c7957","block_type":"box","text":"MSCI USA Extended ESG Focus Index","page_number":78,"box":{"x":89,"y":607,"width":267,"height":10}},{"id":"d5d02cca-6da0-44e5-b630-b01428cebe0d","block_type":"box","text":"Number of Components: approximately 282","page_number":78,"box":{"x":89,"y":633,"width":317,"height":13}},{"id":"9460d5d2-2592-4bda-ace4-67c2f4c1db71","block_type":"box","text":"Index Description.","page_number":78,"box":{"x":89,"y":660,"width":131,"height":12}},{"id":"338e24f9-5baf-4bfb-953c-c81efb416a74","block_type":"box","text":"The MSCI USA Extended ESG Focus Index is designed to maximize exposure to favorable ESG","page_number":78,"box":{"x":225,"y":660,"width":652,"height":12}},{"id":"1f34aaf9-a747-4076-9dbb-94ac7ef0b0a4","block_type":"box","text":"characteristics while exhibiting risk and return characteristics similar to those of the MSCI USA Index, the parent index. The","page_number":78,"box":{"x":89,"y":675,"width":862,"height":12}},{"id":"f72c3598-2a15-42e6-88a1-a4790b10a2f0","block_type":"box","text":"Underlying Index is constructed by selecting constituents from the parent index through an optimization process that aims to","page_number":78,"box":{"x":89,"y":690,"width":878,"height":13}},{"id":"c773b5fb-a198-422c-9dd2-b609f047c287","block_type":"box","text":"maximize exposure to ESG factors for a target tracking error constraint of 50 basis points relative to the parent index. 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The Index Provider also excludes companies involved in","page_number":78,"box":{"x":389,"y":781,"width":560,"height":12}},{"id":"d34af021-e61f-4b8b-a275-4146d0554915","block_type":"box","text":"very severe business controversies (in each case as determined by the Index Provider), and then follows a quantitative","page_number":78,"box":{"x":88,"y":796,"width":824,"height":12}},{"id":"3932b96f-fd4b-4a60-822c-93a872a43118","block_type":"box","text":"process that is designed to determine optimal weights for securities to maximize exposure to securities of companies with","page_number":78,"box":{"x":89,"y":811,"width":855,"height":12}},{"id":"9f6245f8-91f6-4414-afb8-663434b9263a","block_type":"box","text":"higher ESG ratings, subject to maintaining risk and return characteristics similar to the parent index. At each quarterly review,","page_number":78,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"466e9f71-2db5-44b6-a940-a35307fea90e","block_type":"box","text":"the Underlying Index must have an ESG score of at least 10% better than that of the parent index, as determined by the Index","page_number":78,"box":{"x":88,"y":841,"width":878,"height":13}},{"id":"0e477593-b30a-4409-956f-5c71d43a12ca","block_type":"box","text":"Provider. For each industry, the Index Provider identifies key ESG issues that can lead to unexpected costs for companies in","page_number":78,"box":{"x":89,"y":856,"width":856,"height":13}},{"id":"efb0d42f-98f6-4738-80ec-f9b82891424a","block_type":"box","text":"48","page_number":78,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"cf902bf5-f9b6-4972-a6d8-65d29b053c26","block_type":"box","text":"the medium- to long-term. The Index Provider then calculates the size of each company’s exposure to each key issue based","page_number":79,"box":{"x":88,"y":44,"width":865,"height":12}},{"id":"44f54545-20df-41ec-b70d-9a3d99ce4a70","block_type":"box","text":"on the company’s business segment and geographic risk and analyzes the extent to which companies have developed robust","page_number":79,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"0e2fbc2e-a962-48c8-9108-ddcd5a1aa874","block_type":"box","text":"strategies and programs to manage ESG risks and opportunities. Using a sector-specific key issue weighting model,","page_number":79,"box":{"x":89,"y":74,"width":807,"height":12}},{"id":"228a27dd-afe5-4410-9e9f-9db0b5c4bf5c","block_type":"box","text":"companies are rated and ranked in comparison to their industry peers.","page_number":79,"box":{"x":89,"y":89,"width":491,"height":13}},{"id":"f8788864-12a8-4bb1-85ea-810885a1e7f8","block_type":"box","text":"Calculation Methodology.","page_number":79,"box":{"x":89,"y":116,"width":184,"height":12}},{"id":"f7cb8fbd-b382-47dc-91c8-4bca5ef51c0e","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. 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The Underlying Index is rebalanced on a quarterly basis coinciding with the","page_number":79,"box":{"x":88,"y":146,"width":874,"height":12}},{"id":"cddeafc9-4a35-4214-a8a9-3a36d101a6af","block_type":"box","text":"regular Index Reviews of the MSCI Global Investable Market Indexes.","page_number":79,"box":{"x":89,"y":161,"width":478,"height":12}},{"id":"72d3d03a-4123-4e50-9474-7b4ac28e057d","block_type":"box","text":"MSCI USA Extended ESG Leaders Index","page_number":79,"box":{"x":89,"y":188,"width":282,"height":9}},{"id":"3bb0954c-39af-4bc9-aaa7-23db1ce5d236","block_type":"box","text":"Number of Components: approximately 273","page_number":79,"box":{"x":89,"y":214,"width":316,"height":12}},{"id":"b5545c1d-9717-4d2b-8fbd-2df57307e679","block_type":"box","text":"Index Description.","page_number":79,"box":{"x":89,"y":240,"width":131,"height":13}},{"id":"990581a3-1da2-47cc-8a97-9885f70bbec8","block_type":"box","text":"The MSCI USA Extended ESG Leaders Index is designed to reflect the equity performance of U.S.","page_number":79,"box":{"x":225,"y":240,"width":674,"height":13}},{"id":"748d31a8-0a7e-4f39-841c-077a09635c24","block_type":"box","text":"companies that have favorable ESG characteristics (as determined by the Index Provider). The Underlying Index is","page_number":79,"box":{"x":89,"y":256,"width":793,"height":12}},{"id":"19974ea0-f38a-425f-b8ec-bf9ad5fd3f9e","block_type":"box","text":"constructed by selecting constituents from the parent index that aims to include securities of companies with the highest","page_number":79,"box":{"x":89,"y":271,"width":850,"height":12}},{"id":"d17bdc7d-0e27-441e-8ad9-456b99708e2a","block_type":"box","text":"ESG ratings, as determined by the Index Provider, representing 50% of the market capitalization in each sector of the parent","page_number":79,"box":{"x":89,"y":286,"width":865,"height":12}},{"id":"168414ed-23fd-4033-b471-cd913c8cc830","block_type":"box","text":"index. The Fund’s Index Provider begins with the parent index and excludes securities of companies involved in the business","page_number":79,"box":{"x":89,"y":301,"width":868,"height":12}},{"id":"89073005-5503-4ab0-b317-0e5091cf9959","block_type":"box","text":"of tobacco, alcohol, gambling, nuclear power, palm oil, arctic oil and gas, thermal coal and unconventional oil and gas","page_number":79,"box":{"x":89,"y":316,"width":822,"height":12}},{"id":"424c1723-e3b1-4fa9-adf5-0e7942e88a17","block_type":"box","text":"businesses (","page_number":79,"box":{"x":89,"y":331,"width":85,"height":12}},{"id":"5abf2bb1-5a47-469c-aa19-7d1797a21c0a","block_type":"box","text":"e.g.","page_number":79,"box":{"x":175,"y":334,"width":23,"height":9}},{"id":"f71ff720-d0e2-4cdd-8dc3-b70b327b5e03","block_type":"box","text":", thermal coal extraction and generation or oil sands extraction), companies involved with conventional and","page_number":79,"box":{"x":200,"y":331,"width":752,"height":12}},{"id":"ed41029c-2b39-4e44-b58f-50724b6098ac","block_type":"box","text":"controversial weapons, producers and major retailers of civilian firearms, as well as companies involved in very severe","page_number":79,"box":{"x":89,"y":346,"width":821,"height":13}},{"id":"9048aae1-a85c-4fc8-a00e-1f8b78537a2b","block_type":"box","text":"business controversies. The Index Provider defines a controversy as an instance or ongoing situation in which company","page_number":79,"box":{"x":89,"y":361,"width":835,"height":13}},{"id":"7d78400e-327c-49c7-aa86-4c716142ccbb","block_type":"box","text":"operations and/or products allegedly have a negative environmental, social and/or governance impact. Each controversy","page_number":79,"box":{"x":89,"y":376,"width":847,"height":13}},{"id":"d5e45529-fd5b-465e-b882-6dae0401cb26","block_type":"box","text":"case is assessed for the severity of its impact on society. The Index Provider generally classifies companies as “involved” in a","page_number":79,"box":{"x":89,"y":392,"width":865,"height":12}},{"id":"2d257623-409d-4425-9639-6cd5f439d847","block_type":"box","text":"particular business based on revenue or percentage of revenue thresholds (","page_number":79,"box":{"x":89,"y":407,"width":526,"height":12}},{"id":"47bf0ad8-1fc8-4d1d-98cd-a4a90a5ccc08","block_type":"box","text":"e.g.,","page_number":79,"box":{"x":617,"y":410,"width":26,"height":9}},{"id":"4ad114c9-e6a6-4cf3-93dd-5c5b8dfe6d79","block_type":"box","text":"$1 billion or 50%) for certain products and","page_number":79,"box":{"x":649,"y":407,"width":298,"height":12}},{"id":"e49cdbf8-aa69-4f02-8b8b-10478889ca52","block_type":"box","text":"activities in an excluded industry. The securities of certain companies may be excluded regardless of revenue measures (","page_number":79,"box":{"x":89,"y":422,"width":842,"height":12}},{"id":"e3b4c974-fc04-4a69-a668-372f4eb1a756","block_type":"box","text":"e.g.","page_number":79,"box":{"x":932,"y":425,"width":23,"height":9}},{"id":"18e20637-69de-4f99-b0f4-96d89bed7c67","block_type":"box","text":",","page_number":79,"box":{"x":957,"y":430,"width":2,"height":3}},{"id":"2bfefb66-4068-4541-b669-a7e909fc2688","block_type":"box","text":"all companies involved in the manufacturing of nuclear weapons are excluded). The Index Provider then follows a","page_number":79,"box":{"x":89,"y":437,"width":793,"height":12}},{"id":"0bf49c41-d1ca-4a00-ac9e-0738d392a2b2","block_type":"box","text":"quantitative process that is designed to determine optimal weights for securities to maximize exposure to securities of","page_number":79,"box":{"x":89,"y":452,"width":829,"height":12}},{"id":"1a0ab0ae-fd42-4a1e-b589-95bcd0c7383a","block_type":"box","text":"companies with higher ESG ratings, subject to maintaining 50% of the free float-adjusted market capitalization within each","page_number":79,"box":{"x":89,"y":467,"width":861,"height":13}},{"id":"5f6780c7-47b4-42f5-83ce-41b236acaef6","block_type":"box","text":"sector of the parent index. In order to evaluate a security’s ESG rating for a given sector, the Index Provider identifies key ESG","page_number":79,"box":{"x":89,"y":482,"width":870,"height":13}},{"id":"597f9f02-9b46-4472-a9fa-da454e84e1e4","block_type":"box","text":"issues that can lead to unexpected costs for companies in the medium- to long-term. The Index Provider then calculates the","page_number":79,"box":{"x":89,"y":497,"width":870,"height":13}},{"id":"380d258a-6d75-488c-9af8-006443364456","block_type":"box","text":"size of each company’s exposure to each key issue based on the company’s business segment and geographic risk and","page_number":79,"box":{"x":89,"y":513,"width":831,"height":12}},{"id":"9d39a002-ba0b-4780-9a42-677b19cf0931","block_type":"box","text":"analyzes the extent to which companies have developed robust strategies and programs to manage ESG risks and","page_number":79,"box":{"x":89,"y":528,"width":796,"height":12}},{"id":"8a864602-e97c-40f3-8746-a05a8ba47f7e","block_type":"box","text":"opportunities. Using a sector-specific key issue weighting model, companies are rated and ranked in comparison to their","page_number":79,"box":{"x":89,"y":543,"width":844,"height":12}},{"id":"e43c0d93-5ddb-4acf-b846-56bb35e304ce","block_type":"box","text":"industry peers. Because ESG ratings are calculated in comparison to a company’s sector peers, securities in one sector may","page_number":79,"box":{"x":89,"y":558,"width":861,"height":12}},{"id":"e2abd691-e2b7-4cff-b5f0-ec8f68342281","block_type":"box","text":"have a lower average ESG rating than securities in another sector.","page_number":79,"box":{"x":89,"y":573,"width":455,"height":12}},{"id":"afb467ff-ea2f-4bb3-8e98-bf9116690f6a","block_type":"box","text":"Calculation Methodology.","page_number":79,"box":{"x":89,"y":599,"width":184,"height":13}},{"id":"1599df8b-c0c0-4aeb-8d8f-ac394d1409d8","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":79,"box":{"x":278,"y":599,"width":652,"height":13}},{"id":"2948d7c5-9857-4a87-a58d-e82b3d6bacc1","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":79,"box":{"x":89,"y":615,"width":832,"height":12}},{"id":"82beb942-2176-4d20-9a74-0d47dd6d76f3","block_type":"box","text":"without any adjustment for taxes or withholding. The Underlying Index is rebalanced on a quarterly basis coinciding with the","page_number":79,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"3fd1e77d-5f8d-48a7-879d-39b51dd99880","block_type":"box","text":"regular Index Reviews of the MSCI Global Investable Market Indexes.","page_number":79,"box":{"x":89,"y":645,"width":478,"height":12}},{"id":"1fb370f8-275b-445f-b681-ddc7862a5272","block_type":"box","text":"MSCI USA Growth Extended ESG Focus Index","page_number":79,"box":{"x":89,"y":671,"width":325,"height":10}},{"id":"855a740f-8783-4bc8-928f-01aaabca88c3","block_type":"box","text":"Number of Components: approximately 105","page_number":79,"box":{"x":89,"y":698,"width":317,"height":12}},{"id":"d252992e-50dc-49ab-8e6f-fd363208a915","block_type":"box","text":"Index Description.","page_number":79,"box":{"x":89,"y":724,"width":131,"height":13}},{"id":"bbaf7df0-98be-43df-97c0-b9f2d1a98a7f","block_type":"box","text":"The Underlying Index is an optimized equity index designed to reflect the equity performance of U.S.","page_number":79,"box":{"x":225,"y":724,"width":702,"height":13}},{"id":"eb762e66-2e56-480e-88a0-f482646d2e37","block_type":"box","text":"companies that exhibit growth characteristics as well as positive ESG characteristics, as determined by the Index Provider and","page_number":79,"box":{"x":89,"y":739,"width":878,"height":13}},{"id":"addb4d9b-09ee-45f1-a66b-fa3c1d446d3f","block_type":"box","text":"risk and return characteristics similar to those of the MSCI USA Growth Index (the “parent index”). The parent index includes","page_number":79,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"547b89f7-ff0a-4016-8e21-335136e84bf1","block_type":"box","text":"U.S. large- and mid-capitalization stocks that generally represent approximately 50% of the free float-adjusted market","page_number":79,"box":{"x":89,"y":770,"width":825,"height":12}},{"id":"ec4a6d9d-d4e3-4a6e-935e-cf245a2fa729","block_type":"box","text":"capitalization of the MSCI USA Index and that are identified by MSCI as exhibiting overall growth style characteristics.","page_number":79,"box":{"x":89,"y":785,"width":820,"height":12}},{"id":"163b056c-0c6b-4ccb-8564-cbfe27d2272e","block_type":"box","text":"MSCI uses five variables to identify growth style securities: long-term forward earnings per share (“EPS”) growth rate, short","page_number":79,"box":{"x":89,"y":811,"width":868,"height":12}},{"id":"7643bb9f-7130-4996-9050-e328b2039a4f","block_type":"box","text":"term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend and long-term historical","page_number":79,"box":{"x":88,"y":826,"width":858,"height":13}},{"id":"a1e8b8b9-d27f-4575-bdba-295637146469","block_type":"box","text":"sales per share growth trend. MSCI uses a specialized framework to determine the extent to which a security is assigned to","page_number":79,"box":{"x":89,"y":841,"width":860,"height":13}},{"id":"036cb05e-5fa8-445c-b2de-e1d3064ade85","block_type":"box","text":"49","page_number":79,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c3992382-f38e-46f7-978c-926580e059cc","block_type":"box","text":"the value or growth style. It is possible for a single security to have representation in both value and growth style indexes;","page_number":80,"box":{"x":88,"y":44,"width":848,"height":12}},{"id":"f12d8441-1f37-414d-b6c1-78eb75a46187","block_type":"box","text":"however, no more than 100% of a security’s float-adjusted market capitalization is included within the combined style","page_number":80,"box":{"x":89,"y":59,"width":825,"height":12}},{"id":"0eeb55f0-bf1c-4dc0-ad85-595863110cd9","block_type":"box","text":"framework.","page_number":80,"box":{"x":88,"y":74,"width":80,"height":10}},{"id":"0e4d96d1-a750-47ff-930b-0f92656dc981","block_type":"box","text":"Index Methodology.","page_number":80,"box":{"x":89,"y":101,"width":143,"height":12}},{"id":"036c2183-9430-4601-908c-f190b41a719f","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with the parent index and excludes","page_number":80,"box":{"x":237,"y":101,"width":674,"height":12}},{"id":"706e65e2-5384-4e06-94e4-389993055d0f","block_type":"box","text":"securities of issuers that it identifies as being involved in any of the business activities summarized below:","page_number":80,"box":{"x":89,"y":116,"width":736,"height":12}},{"id":"6473c80a-dbde-40aa-880e-0b7ce14240d6","block_type":"box","text":"• Companies that meet the Index Provider’s determination of “tobacco involvement,” including companies classified as a","page_number":80,"box":{"x":89,"y":136,"width":866,"height":12}},{"id":"7d615084-b757-419b-bd34-0ebc29f19820","block_type":"box","text":"producer or licensor, companies that own or are owned by a tobacco company, and companies that earn 15% or more of","page_number":80,"box":{"x":121,"y":151,"width":848,"height":12}},{"id":"03fe6cc9-32d6-4e4a-b7dc-a8bf83ccd6ef","block_type":"box","text":"their revenue from tobacco products.","page_number":80,"box":{"x":121,"y":166,"width":260,"height":12}},{"id":"3eb05c6d-b8a2-4ef1-8f24-929ac97e950e","block_type":"box","text":"• Companies with any tie to controversial weapons (defined by the Index Provider as cluster munitions, landmines,","page_number":80,"box":{"x":89,"y":186,"width":822,"height":13}},{"id":"2541d84a-a9b0-4753-b4c3-1a215ef5b5d0","block_type":"box","text":"biological and chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons and non","page_number":80,"box":{"x":122,"y":201,"width":817,"height":13}},{"id":"7cb135a6-9b4c-4688-8c27-ceb88a328aeb","block_type":"box","text":"detectable fragments).","page_number":80,"box":{"x":121,"y":216,"width":158,"height":13}},{"id":"35d5e956-994b-4157-b80b-50ef199fb981","block_type":"box","text":"• Companies classified as a producer of civilian firearms (as defined by the Index Provider) as well as companies classified","page_number":80,"box":{"x":89,"y":237,"width":871,"height":12}},{"id":"4b61cedf-5fff-45e2-be36-28e14e2a2321","block_type":"box","text":"as retailers of civilian firearms if such retailers earn 5% or more, or more than $20 million, in revenue from civilian","page_number":80,"box":{"x":121,"y":252,"width":793,"height":11}},{"id":"7e713bbb-a66c-4168-808c-f7f8bdfa6790","block_type":"box","text":"firearms-related products.","page_number":80,"box":{"x":121,"y":267,"width":182,"height":12}},{"id":"cdb4b0b2-bc13-4773-9d9d-9b329023db10","block_type":"box","text":"• Companies that derive 5% or more in revenue from the mining or sales to external parties of thermal coal (excluding","page_number":80,"box":{"x":89,"y":287,"width":847,"height":12}},{"id":"81bc4290-f65e-439c-a281-f69fa8d6aef4","block_type":"box","text":"metallurgical coal) or from thermal coal-based power generation (as defined by the Index Provider).","page_number":80,"box":{"x":122,"y":302,"width":696,"height":12}},{"id":"10f8f82b-5ae2-4330-ac93-ccc3d14d7f8e","block_type":"box","text":"• Companies that own oil sands reserves and derive more than 5% in revenue from oil sands extraction.","page_number":80,"box":{"x":89,"y":322,"width":746,"height":13}},{"id":"dad07d44-01ed-4de3-a7ba-61d051d5c678","block_type":"box","text":"The Index Provider also excludes companies that are directly involved in very severe, ongoing business controversies, defined","page_number":80,"box":{"x":88,"y":349,"width":874,"height":12}},{"id":"ed2e4ac4-1ec1-4903-873f-b1c55f38ebea","block_type":"box","text":"as an instance or ongoing situation in which company operations and/or products allegedly have a negative ESG impact,","page_number":80,"box":{"x":89,"y":364,"width":845,"height":12}},{"id":"c15bca72-0d77-49aa-8c7d-f044e2b32d9e","block_type":"box","text":"including alleged violations of laws, regulations, or accepted international norms (","page_number":80,"box":{"x":89,"y":379,"width":573,"height":12}},{"id":"114e2e15-e732-4fdc-a0d0-ce5dc4b7d025","block_type":"box","text":"e.g.","page_number":80,"box":{"x":664,"y":382,"width":22,"height":9}},{"id":"80c836ca-9495-41ef-a4c3-ab78dda0dc66","block_type":"box","text":", human rights violations or toxic","page_number":80,"box":{"x":689,"y":379,"width":229,"height":12}},{"id":"6b82c19b-e843-4e68-970c-c46153046194","block_type":"box","text":"emissions and waste). In each case, severe business controversies are determined by the Index Provider based on an MSCI","page_number":80,"box":{"x":89,"y":394,"width":854,"height":12}},{"id":"1e21c7f0-de90-4434-a564-4a41b37e14a5","block_type":"box","text":"ESG Controversy Score. The Index Provider also excludes companies that are not assessed by the Index Provider to determine","page_number":80,"box":{"x":89,"y":409,"width":876,"height":13}},{"id":"4a97ff9d-64ef-4637-a6b8-cd9c1a2b5c53","block_type":"box","text":"their involvement in severe business controversies or their management of ESG risks and opportunities (“ESG Score,” in each","page_number":80,"box":{"x":88,"y":424,"width":873,"height":13}},{"id":"c2930220-f826-43a6-8dcf-5df170bc30e5","block_type":"box","text":"case determined by the Index Provider).","page_number":80,"box":{"x":89,"y":439,"width":277,"height":13}},{"id":"48dd6457-f9da-46b9-af94-d11a9998bd38","block_type":"box","text":"For ESG scoring, the Index Provider identifies, for each industry, key ESG issues that may generate unanticipated costs for a","page_number":80,"box":{"x":89,"y":466,"width":859,"height":12}},{"id":"118ac844-fe75-4065-895e-aa66c7f09f8c","block_type":"box","text":"given company or industry (as determined by the Index Provider). The Index Provider has identified 35 key ESG issues across","page_number":80,"box":{"x":89,"y":481,"width":871,"height":12}},{"id":"6548d921-39ec-48d7-8f12-cac4cf7feea5","block_type":"box","text":"the following 10 themes: climate change, natural capital, pollution and waste, environmental opportunities, human capital,","page_number":80,"box":{"x":88,"y":496,"width":859,"height":13}},{"id":"354c3dcf-d4cf-43e4-b60f-df45cf307aff","block_type":"box","text":"product liability, stakeholder opposition, social opportunities, corporate governance and corporate behavior. The Index","page_number":80,"box":{"x":89,"y":511,"width":829,"height":13}},{"id":"59d35455-4bbf-4869-ba8e-4ee2e8079772","block_type":"box","text":"Provider then calculates the size of each company’s exposure to each key issue based on the company’s business segment","page_number":80,"box":{"x":89,"y":526,"width":857,"height":13}},{"id":"085d8239-eac4-4abc-a6d7-00cae894e26e","block_type":"box","text":"and geographic risk and analyzes the extent to which the company has developed robust strategies and programs to manage","page_number":80,"box":{"x":89,"y":542,"width":878,"height":12}},{"id":"2f4913f7-269c-4450-a5bf-5439664b3d21","block_type":"box","text":"ESG risks and opportunities. Using a sector-specific weighting model, companies are rated and ranked in comparison to their","page_number":80,"box":{"x":89,"y":557,"width":875,"height":12}},{"id":"2aa1e051-4021-41aa-89a9-35f6032f58cb","block_type":"box","text":"industry peers. A higher rating indicates that a company exhibits more favorable ESG characteristics and greater resilience to","page_number":80,"box":{"x":89,"y":572,"width":872,"height":12}},{"id":"96d91efa-f5f3-4438-80a0-0dcd0b0ead56","block_type":"box","text":"long-term, material ESG risks specific to that industry.","page_number":80,"box":{"x":89,"y":587,"width":375,"height":12}},{"id":"32890613-b9df-4408-bcb3-044e4629b5e2","block_type":"box","text":"The Index Provider then follows a quantitative process that is designed to determine optimal weights for securities in order to","page_number":80,"box":{"x":88,"y":613,"width":878,"height":13}},{"id":"c213c3ab-d7dd-4ed0-987c-d5b71e1962b3","block_type":"box","text":"maximize exposure to securities of companies with higher ESG ratings, subject to maintaining risk and return characteristics","page_number":80,"box":{"x":89,"y":628,"width":869,"height":13}},{"id":"346907f6-1392-4a9f-91e8-522657d23f78","block_type":"box","text":"similar to the parent index. At each quarterly review, the Underlying Index must have an ESG score of at least 10% better than","page_number":80,"box":{"x":89,"y":644,"width":878,"height":12}},{"id":"60a7e660-8951-49e2-988d-a08791f1370e","block_type":"box","text":"that of the parent index, as determined by the Index Provider. At each quarterly index review and rebalance, the Index","page_number":80,"box":{"x":88,"y":659,"width":822,"height":12}},{"id":"c6a8a32e-6ccd-4343-9805-88e57b869456","block_type":"box","text":"Provider applies optimization constraints that include the following: (a) the weight of an index constituent is restricted to the","page_number":80,"box":{"x":89,"y":674,"width":872,"height":12}},{"id":"e7eb5843-e972-4380-a368-2ecc5ea52a93","block_type":"box","text":"lesser of a +/-2% deviation from the weight in the parent index and 20 times the weight in the parent index; (b) the minimum","page_number":80,"box":{"x":89,"y":689,"width":877,"height":12}},{"id":"5f7b9058-dbef-4820-b06a-07530c5ae5da","block_type":"box","text":"weight of an index constituent is 0.10%; (c) the sector weights of the Underlying Index do not deviate more than +/- 5%","page_number":80,"box":{"x":88,"y":704,"width":843,"height":12}},{"id":"a35dfb9a-ee65-4a18-b239-d27d79e286a2","block_type":"box","text":"from the sector weights of the parent index; (d) the predicted tracking error vs. the parent index is capped at 0.75%; and (e)","page_number":80,"box":{"x":88,"y":719,"width":867,"height":13}},{"id":"27e0c8e0-7d81-4dba-bf1e-50d120fc5745","block_type":"box","text":"the one-way turnover of the Underlying Index is capped at 10% for the May and November rebalances and 5% for the","page_number":80,"box":{"x":88,"y":734,"width":825,"height":13}},{"id":"52ae54d6-12d2-4f95-9358-cc7392d82ebd","block_type":"box","text":"February and August rebalances.","page_number":80,"box":{"x":89,"y":749,"width":229,"height":13}},{"id":"aff97fc3-18ef-4731-8a1b-74b0cd044086","block_type":"box","text":"During an index review, if there is no solution that satisfies all of the optimization constraints, the turnover constraint will be","page_number":80,"box":{"x":89,"y":776,"width":866,"height":12}},{"id":"75d43e5b-a340-469f-8eb8-3f578f68b899","block_type":"box","text":"relaxed, in steps of 1%, up to a maximum of 30%. If a feasible solution is not found at turnover of 30%, the predicted","page_number":80,"box":{"x":89,"y":791,"width":818,"height":12}},{"id":"e89fbf4f-d779-402e-992a-c050e076352c","block_type":"box","text":"tracking error will be relaxed, in steps of 0.10%, up to a maximum of 5 times the original predicted tracking error. If a feasible","page_number":80,"box":{"x":88,"y":806,"width":873,"height":12}},{"id":"6d7728db-5a20-499d-bc6b-14066448722e","block_type":"box","text":"solution is still not found, the Underlying Index will not be rebalanced for that index review.","page_number":80,"box":{"x":89,"y":821,"width":635,"height":13}},{"id":"6f4218ef-bf55-4236-bbe7-d50e0b21df74","block_type":"box","text":"MSCI USA Small Cap Extended ESG Focus Index","page_number":80,"box":{"x":89,"y":848,"width":344,"height":12}},{"id":"b359ffa5-b07f-48ff-95c7-7a1fdeb3bc4e","block_type":"box","text":"50","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7e88f58b-f63c-402c-8829-56909933f8f4","block_type":"box","text":"Number of Components: approximately 911","page_number":81,"box":{"x":89,"y":44,"width":313,"height":12}},{"id":"1fd20a7d-94a2-4e7c-a289-a0695b033e54","block_type":"box","text":"Index Description","page_number":81,"box":{"x":89,"y":70,"width":127,"height":13}},{"id":"55a2e9e1-79b8-432a-95cb-613d75caf8bb","block_type":"box","text":". The Underlying Index, the MSCI USA Small Cap Extended ESG Focus Index, is designed to produce","page_number":81,"box":{"x":218,"y":70,"width":695,"height":13}},{"id":"23b1f22c-bfbe-48d2-a06b-38c1b7bb8e97","block_type":"box","text":"investment results comparable to the MSCI USA Small Cap Index, the parent index, while reflecting a higher allocation than","page_number":81,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"4c531cff-b7ff-4489-81fa-b846fe9f7744","block_type":"box","text":"that of the parent index to U.S. small-capitalization companies with favorable ESG profiles. The Underlying Index is","page_number":81,"box":{"x":88,"y":101,"width":800,"height":12}},{"id":"d46774c3-d590-4b0d-8efc-b543abdfaa22","block_type":"box","text":"constructed by selecting constituents from the parent index through an optimization process that aims to maximize","page_number":81,"box":{"x":89,"y":116,"width":811,"height":12}},{"id":"95e18ea8-56a2-4e60-85db-0fc87e015e1e","block_type":"box","text":"exposure to ESG factors subject to a target tracking error constraint of 50 basis points relative to the parent index. In","page_number":81,"box":{"x":89,"y":131,"width":813,"height":12}},{"id":"123ddf37-5322-4aa4-aa18-83651f84dceb","block_type":"box","text":"constructing the Underlying Index, the Fund’s index provider begins with the parent index and excludes securities of","page_number":81,"box":{"x":89,"y":146,"width":815,"height":12}},{"id":"3305c771-1edb-44ef-99fe-2e627b609772","block_type":"box","text":"companies involved in the business of tobacco, companies involved with controversial weapons, producers and retailers of","page_number":81,"box":{"x":89,"y":161,"width":858,"height":12}},{"id":"3f58e73b-d9b7-4f14-a7d5-5c1fbe52518e","block_type":"box","text":"civilian firearms, and companies involved in certain fossil fuels-related activity such as the production of thermal coal,","page_number":81,"box":{"x":89,"y":176,"width":821,"height":13}},{"id":"efc865ef-aaab-4000-bdde-bfd752c595b6","block_type":"box","text":"thermal coal-based power generation and extraction of oil sands based on revenue or percentage of revenue thresholds for","page_number":81,"box":{"x":88,"y":191,"width":863,"height":13}},{"id":"5ad6fb35-29c1-49a5-a2a8-f1729b57dbd2","block_type":"box","text":"certain categories (","page_number":81,"box":{"x":89,"y":206,"width":134,"height":13}},{"id":"314f9f04-7e01-408a-aa99-8ed69dfb9833","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":224,"y":209,"width":26,"height":10}},{"id":"6d0e9003-5767-4e5e-bdd7-342065c5f2f4","block_type":"box","text":"$20 million or 5%) and categorical exclusions for others (","page_number":81,"box":{"x":257,"y":206,"width":401,"height":13}},{"id":"745f3e1f-8cbf-4399-8683-319a9b10e012","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":660,"y":209,"width":26,"height":10}},{"id":"17f4968f-ad0c-413d-b90c-80187e78d81e","block_type":"box","text":"controversial weapons). The Index","page_number":81,"box":{"x":692,"y":206,"width":241,"height":13}},{"id":"a14b4cf0-1d9f-45a2-afde-44cdeb39ae00","block_type":"box","text":"Provider also excludes companies involved in very severe business controversies (in each case as determined by the index","page_number":81,"box":{"x":89,"y":222,"width":850,"height":12}},{"id":"974f10b3-564a-4866-bf38-010dd7bb89af","block_type":"box","text":"provider). The index provider identifies key ESG controversies, including, among other things, issues involving: (i) the","page_number":81,"box":{"x":89,"y":237,"width":816,"height":12}},{"id":"ba7d9d69-4100-427e-b90a-5d53dc416d0b","block_type":"box","text":"environment (","page_number":81,"box":{"x":89,"y":252,"width":98,"height":12}},{"id":"e7b53818-5ac4-4b03-9abe-78ee3340d66f","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":188,"y":255,"width":26,"height":9}},{"id":"2f23dddb-330f-4201-83b3-bbbc01a6431e","block_type":"box","text":"biodiversity and land use, toxic emissions and waste, energy and climate change, water stress,","page_number":81,"box":{"x":221,"y":252,"width":658,"height":12}},{"id":"52c5f4cc-5035-472c-866f-49ca070a73fd","block_type":"box","text":"nonhazardous operational waste, and supply chain management); (ii) human rights and communities (","page_number":81,"box":{"x":89,"y":267,"width":723,"height":12}},{"id":"1abf3f32-8a8d-4d01-a8a7-6826d123b79c","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":813,"y":270,"width":27,"height":9}},{"id":"8b203e43-3cf7-4eac-a5f2-9fb6d4d8aeea","block_type":"box","text":"impact on local","page_number":81,"box":{"x":846,"y":267,"width":106,"height":12}},{"id":"5fb828c4-f4d8-4035-a85d-b6e9eb22d981","block_type":"box","text":"communities, human rights concerns, and civil liberties); (iii) labor rights and supply chains (","page_number":81,"box":{"x":89,"y":282,"width":649,"height":12}},{"id":"26568454-cf9d-44e5-b526-288af6520971","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":739,"y":285,"width":26,"height":9}},{"id":"4bee352c-110d-4ed0-9152-071753e63f29","block_type":"box","text":"child labor, collective","page_number":81,"box":{"x":772,"y":282,"width":144,"height":11}},{"id":"8cd0fb23-691f-4936-9d03-3d88519bab5d","block_type":"box","text":"bargaining and union, health and safety, discrimination and workforce diversity, and labor management relations); (iv)","page_number":81,"box":{"x":89,"y":297,"width":825,"height":12}},{"id":"b4e9df9a-f626-4344-8d8a-7dded951f671","block_type":"box","text":"customers (","page_number":81,"box":{"x":89,"y":312,"width":83,"height":13}},{"id":"45b824a8-73ad-4fad-8f1d-411f1244d070","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":173,"y":315,"width":26,"height":10}},{"id":"7c8703d4-f5b4-4026-8b31-ab0a7b4d2424","block_type":"box","text":"anti-competitive practices, customer relations, privacy and data security, product safety and quality, and","page_number":81,"box":{"x":205,"y":312,"width":728,"height":13}},{"id":"90edd2f6-7fd7-4b38-87f2-ef1ee0b4373a","block_type":"box","text":"marketing and advertising); and (v) governance (","page_number":81,"box":{"x":89,"y":327,"width":343,"height":13}},{"id":"0ed92c10-e6bc-4bb1-955c-b83cd4b1650c","block_type":"box","text":"e.g.,","page_number":81,"box":{"x":433,"y":330,"width":26,"height":10}},{"id":"799d154f-de85-4dda-bb46-0cdbe0eaf8c0","block_type":"box","text":"bribery and fraud, governance structures, and controversial","page_number":81,"box":{"x":466,"y":327,"width":413,"height":13}},{"id":"d9a0c4fc-b894-457b-a70b-1b6f3e8dc178","block_type":"box","text":"investments). The index provider then rates each company’s exposure to these ESG issues and evaluates the extent to which","page_number":81,"box":{"x":89,"y":342,"width":871,"height":13}},{"id":"2e902a69-440b-483c-b7bd-6473193ad8d3","block_type":"box","text":"the company has created strategies and programs to manage ESG risks and opportunities. Companies are scored by the","page_number":81,"box":{"x":88,"y":358,"width":840,"height":12}},{"id":"839f132f-3782-4b16-a5bb-ec647c5c293d","block_type":"box","text":"index provider based on both their risk exposure and risk management, and then ranked in comparison to their industry","page_number":81,"box":{"x":89,"y":373,"width":840,"height":12}},{"id":"cc6cea1d-f00e-472f-a16d-904a4790118b","block_type":"box","text":"peers. The index provider then follows a quantitative process that is designed to determine optimal weights for securities in","page_number":81,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"226cb60c-0387-418a-afe6-db43399319ac","block_type":"box","text":"the Underlying Index to maximize exposure to companies with higher ESG ratings, subject to maintaining risk and return","page_number":81,"box":{"x":88,"y":403,"width":844,"height":12}},{"id":"0896e61c-7277-44b6-ada8-e79dd9cc0bad","block_type":"box","text":"characteristics similar to the parent index. At each quarterly review, the Underlying Index must have an ESG score of at least","page_number":81,"box":{"x":89,"y":418,"width":866,"height":12}},{"id":"ca038439-e075-4342-836a-17471b04b568","block_type":"box","text":"10% better than that of the parent index, as determined by the Index Provider. Optimization is a quantitative process that","page_number":81,"box":{"x":90,"y":433,"width":845,"height":13}},{"id":"344961ae-9c0f-4a51-961d-e3e22a77f631","block_type":"box","text":"considers the market capitalization weights from the parent index, ESG scores and additional constraints, including","page_number":81,"box":{"x":89,"y":448,"width":804,"height":13}},{"id":"564de4e9-18d0-41f9-9eec-3d2491264ee5","block_type":"box","text":"constraints around predicted tracking error, constituent weights, sector weights, and risk aversion, to select and weight the","page_number":81,"box":{"x":89,"y":463,"width":861,"height":13}},{"id":"89706720-daa7-4b0b-aff7-68faf07480db","block_type":"box","text":"constituents of the Underlying Index.","page_number":81,"box":{"x":89,"y":479,"width":258,"height":12}},{"id":"9b92aac6-f68b-41cc-af7e-88768592c4e6","block_type":"box","text":"Calculation Methodology","page_number":81,"box":{"x":89,"y":505,"width":182,"height":12}},{"id":"d54c9f4b-aed3-4819-8d1b-d14acfb9f152","block_type":"box","text":". The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":81,"box":{"x":272,"y":505,"width":659,"height":12}},{"id":"c4687a59-7a2c-4ead-9bc0-81e88733de08","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":81,"box":{"x":89,"y":520,"width":832,"height":12}},{"id":"817a16f9-4b9b-4cac-85ee-7fa0b1500e43","block_type":"box","text":"without any adjustment for taxes or withholding. The Underlying Index is rebalanced on a quarterly basis coinciding with the","page_number":81,"box":{"x":88,"y":535,"width":874,"height":13}},{"id":"0faa1b3f-9ed1-4398-baeb-afde1e5d3b8e","block_type":"box","text":"regular Index Reviews of the MSCI Global Investable Market Indexes.","page_number":81,"box":{"x":89,"y":550,"width":478,"height":13}},{"id":"a1f146eb-f54b-4819-a50e-308933161e56","block_type":"box","text":"MSCI USA Value Extended ESG Focus Index","page_number":81,"box":{"x":89,"y":577,"width":312,"height":10}},{"id":"b859b7e0-723e-4191-9cc4-e58d860cd3d0","block_type":"box","text":"Number of Components: approximately 233","page_number":81,"box":{"x":89,"y":603,"width":317,"height":13}},{"id":"24d5c1ec-101f-4391-8839-47f0db08bf35","block_type":"box","text":"Index Description.","page_number":81,"box":{"x":89,"y":630,"width":131,"height":12}},{"id":"e0b25878-accc-49c9-b58d-8add02c6c70a","block_type":"box","text":"The Underlying Index is an optimized equity index designed to reflect the equity performance of U.S.","page_number":81,"box":{"x":225,"y":630,"width":702,"height":12}},{"id":"afb2e59d-bde0-4657-8abb-ad003cdac11e","block_type":"box","text":"companies that exhibit value characteristics as well as positive ESG characteristics, as determined by the Index Provider and","page_number":81,"box":{"x":89,"y":645,"width":864,"height":12}},{"id":"7632e599-e837-47b8-b204-e45b78a02bb8","block_type":"box","text":"risk and return characteristics similar to those of the MSCI USA Value Index (the “parent index”). The parent index includes","page_number":81,"box":{"x":89,"y":660,"width":860,"height":12}},{"id":"d6b9cbd1-01a4-4658-aaa2-e600227a9ea1","block_type":"box","text":"U.S. large- and mid-capitalization stocks that generally represent approximately 50% of the free float-adjusted market","page_number":81,"box":{"x":89,"y":675,"width":825,"height":12}},{"id":"23197352-23a3-4ea8-8f6c-6a15c77543fe","block_type":"box","text":"capitalization of the MSCI USA Index and that are identified by MSCI as exhibiting overall value style characteristics.","page_number":81,"box":{"x":89,"y":690,"width":806,"height":13}},{"id":"eb5dc23f-218d-4aaa-8bb0-87bb1b1023d8","block_type":"box","text":"MSCI uses three variables to identify value style securities: book value-to-price ratio, 12-month forward earnings-to-price","page_number":81,"box":{"x":89,"y":717,"width":847,"height":12}},{"id":"99c9ceb5-c239-4a07-9b11-33a4693b439f","block_type":"box","text":"ratio and dividend yield. MSCI uses a specialized framework to determine the extent to which a security is assigned to the","page_number":81,"box":{"x":89,"y":732,"width":850,"height":12}},{"id":"aa7518f0-27d7-4a5d-9b31-18552d3717be","block_type":"box","text":"value or growth style. It is possible for a single security to have representation in both value and growth style indexes;","page_number":81,"box":{"x":88,"y":747,"width":821,"height":12}},{"id":"5cf6b715-b9e8-4052-bed4-3513132789fd","block_type":"box","text":"however, no more than 100% of a security’s float-adjusted market capitalization is included within the combined style","page_number":81,"box":{"x":89,"y":762,"width":825,"height":12}},{"id":"368ff854-7a1d-4db1-9dff-256a90a5fb07","block_type":"box","text":"framework.","page_number":81,"box":{"x":88,"y":777,"width":80,"height":10}},{"id":"f5ad5184-ac9a-4b92-8a5d-1d9a16a98efa","block_type":"box","text":"Index Methodology.","page_number":81,"box":{"x":89,"y":804,"width":143,"height":12}},{"id":"729e7c8e-4d7f-41ac-acd2-5f9707c3e4e8","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with the parent index and excludes","page_number":81,"box":{"x":237,"y":804,"width":674,"height":12}},{"id":"617f08fd-e048-4a1b-8446-8ee905a65c65","block_type":"box","text":"securities of issuers that it identifies as being involved in any of the business activities summarized below:","page_number":81,"box":{"x":89,"y":819,"width":736,"height":12}},{"id":"333303b0-ef95-4f4d-9dca-0d48c1616518","block_type":"box","text":"• Companies that meet the Index Provider’s determination of “tobacco involvement,” including companies classified","page_number":81,"box":{"x":121,"y":839,"width":834,"height":12}},{"id":"f4411059-57f7-4e62-96e8-d9fefcb13969","block_type":"box","text":"51","page_number":81,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"fa16807e-30cf-44b7-998e-fa30b6f76043","block_type":"box","text":"as a producer or licensor, companies that own or are owned by a tobacco company, and companies that earn 15%","page_number":82,"box":{"x":154,"y":44,"width":800,"height":12}},{"id":"7e2a5100-aba1-4cef-aa54-e87b5d65b6fd","block_type":"box","text":"or more of their revenue from tobacco products.","page_number":82,"box":{"x":154,"y":59,"width":338,"height":12}},{"id":"47d729cc-bba3-4b63-84ac-127dddaa92b7","block_type":"box","text":"• Companies with any tie to controversial weapons (defined by the Index Provider as cluster munitions, landmines,","page_number":82,"box":{"x":121,"y":79,"width":822,"height":13}},{"id":"304340bf-9114-47a9-97e1-4af985498428","block_type":"box","text":"biological and chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons and","page_number":82,"box":{"x":154,"y":94,"width":780,"height":13}},{"id":"aade69fe-4765-4884-b991-cf22e371a8e4","block_type":"box","text":"non-detectable fragments).","page_number":82,"box":{"x":154,"y":109,"width":192,"height":13}},{"id":"6c25424f-553f-416b-96c3-91affdb5e981","block_type":"box","text":"• Companies classified as a producer of civilian firearms (as defined by the Index Provider) as well as companies","page_number":82,"box":{"x":121,"y":130,"width":804,"height":12}},{"id":"f52432bf-d088-4110-bd69-fab0a7f0bdf1","block_type":"box","text":"classified as retailers of civilian firearms if such retailers earn 5% or more, or more than $20 million, in revenue from","page_number":82,"box":{"x":154,"y":145,"width":809,"height":11}},{"id":"7f872a30-797b-4b9e-85a8-294c4899c7bb","block_type":"box","text":"civilian firearms-related products.","page_number":82,"box":{"x":154,"y":160,"width":234,"height":12}},{"id":"a20b4913-a156-4232-948d-ded504d48d92","block_type":"box","text":"• Companies that derive 5% or more in revenue from the mining or sales to external parties of thermal coal","page_number":82,"box":{"x":121,"y":180,"width":770,"height":12}},{"id":"90ad3260-f900-4dcb-bcfb-facb9a1992b2","block_type":"box","text":"(excluding metallurgical coal) or from thermal coal-based power 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accepted international norms (","page_number":82,"box":{"x":89,"y":272,"width":573,"height":12}},{"id":"8a48f9ba-1815-4df0-8fa5-8f7f084ca8e3","block_type":"box","text":"e.g.","page_number":82,"box":{"x":664,"y":275,"width":22,"height":9}},{"id":"eb4a45df-6628-49ab-a97b-18ee9ffcae74","block_type":"box","text":", human rights violations or toxic","page_number":82,"box":{"x":689,"y":272,"width":229,"height":12}},{"id":"7f344bdb-0d41-4657-83d3-fd782868d145","block_type":"box","text":"emissions and waste). 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The Index Provider also excludes companies that are not assessed by the Index Provider to determine","page_number":82,"box":{"x":89,"y":302,"width":876,"height":12}},{"id":"7d1dd4b7-bdde-4381-bbca-f29f0ec97e2b","block_type":"box","text":"their involvement in severe business controversies or their management of ESG risks and opportunities (“ESG Score,” in each","page_number":82,"box":{"x":88,"y":317,"width":873,"height":13}},{"id":"fed3e78a-bfc9-40f4-8a8a-e7158d8162d3","block_type":"box","text":"case determined by the Index Provider).","page_number":82,"box":{"x":89,"y":332,"width":277,"height":13}},{"id":"861bb4d0-bf41-417b-afae-627508e638e0","block_type":"box","text":"For ESG scoring, the Index Provider identifies, for each industry, key ESG issues that may generate unanticipated costs for a","page_number":82,"box":{"x":89,"y":359,"width":859,"height":12}},{"id":"259b31b7-52ae-4a48-b9dc-a97ddc291131","block_type":"box","text":"given company or industry (as determined by the Index Provider). The Index Provider has identified 35 key ESG issues across","page_number":82,"box":{"x":89,"y":374,"width":871,"height":12}},{"id":"f075c7ed-62ee-46f0-96d3-fdd0fcf6502c","block_type":"box","text":"the following 10 themes: climate change, natural capital, pollution and waste, environmental opportunities, human capital,","page_number":82,"box":{"x":88,"y":389,"width":859,"height":12}},{"id":"cd4902ae-b6fe-4665-9426-efa05b0f38df","block_type":"box","text":"product liability, stakeholder opposition, social opportunities, corporate governance and corporate behavior. 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The components of the Underlying Index","page_number":82,"box":{"x":89,"y":824,"width":865,"height":12}},{"id":"830b194e-e73f-43b6-b757-54f8f2bc7370","block_type":"box","text":"are selected and weighted so that, in the aggregate, the portfolio is compatible with the objectives of the Paris Agreement by","page_number":82,"box":{"x":89,"y":839,"width":873,"height":12}},{"id":"be69b24b-1472-45d4-ad73-7bdd8b0c507c","block_type":"box","text":"52","page_number":82,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9e4bbdaf-aad0-4813-9f3a-5abe31afd2ef","block_type":"box","text":"following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing","page_number":83,"box":{"x":88,"y":44,"width":836,"height":12}},{"id":"ef1fa44c-b2f2-442f-82d5-ea60e388e230","block_type":"box","text":"exposure to companies favorably positioned for the transition to a low-carbon economy.","page_number":83,"box":{"x":89,"y":59,"width":617,"height":12}},{"id":"7a57a9a0-8cd3-4128-9acb-50855dfa0b8d","block_type":"box","text":"The Underlying Index aims to exceed the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European","page_number":83,"box":{"x":88,"y":85,"width":865,"height":13}},{"id":"36ec86ad-8411-4e90-b730-2ac7d6a85349","block_type":"box","text":"Union’s Low Carbon Benchmark Regulation. PABs are designed to align with the principal objective of the Paris Agreement,","page_number":83,"box":{"x":89,"y":101,"width":860,"height":12}},{"id":"7a4d7df4-ebae-4360-9143-b38a9b6b6cbf","block_type":"box","text":"which is to limit global warming in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre","page_number":83,"box":{"x":88,"y":116,"width":869,"height":12}},{"id":"1e6d5e09-690d-4220-8483-f5f51fc29117","block_type":"box","text":"industrial levels. Providers of PABs must use the 1.5 degrees Celsius scenario (with no or limited overshoot,","page_number":83,"box":{"x":89,"y":131,"width":747,"height":12}},{"id":"00443a45-e351-4f9a-a7ba-88daa5781999","block_type":"box","text":"i.e","page_number":83,"box":{"x":841,"y":132,"width":15,"height":9}},{"id":"cb490ba0-b83b-4bac-a549-d50c27bd3b5b","block_type":"box","text":"., a temporary","page_number":83,"box":{"x":857,"y":132,"width":96,"height":11}},{"id":"f463beac-4bf4-4dbf-be6e-76393273629c","block_type":"box","text":"rise above 1.5 degrees Celsius) as the reference temperature scenario to design the index methodology.","page_number":83,"box":{"x":89,"y":146,"width":723,"height":12}},{"id":"6d106b4e-c6a1-49d7-b354-b9693e204bd4","block_type":"box","text":"The Index Provider begins with the MSCI World ex USA Index and excludes the securities of issuers that it identifies as being","page_number":83,"box":{"x":88,"y":172,"width":869,"height":13}},{"id":"f2e422cc-dea4-42a6-9c01-063631d7395e","block_type":"box","text":"involved in any of the business activities summarized below:","page_number":83,"box":{"x":89,"y":188,"width":419,"height":12}},{"id":"a4ded181-295f-4edf-9f6b-b72ab6b7b6ec","block_type":"box","text":"• Producing tobacco; deriving 5% or more aggregate revenue from the production, distribution, retail and supply of","page_number":83,"box":{"x":121,"y":208,"width":830,"height":12}},{"id":"037b9ed6-0627-4e7e-bb06-7aebdc6212b0","block_type":"box","text":"tobacco-related products; or owning at least 20% of, or being at least 50% owned by, a tobacco company.","page_number":83,"box":{"x":153,"y":223,"width":742,"height":12}},{"id":"027739ef-7ea3-4c92-9084-eb2ae833dc3c","block_type":"box","text":"• Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding laser weapons,","page_number":83,"box":{"x":121,"y":243,"width":823,"height":12}},{"id":"3b155c32-cbf6-4207-848f-e6ed26820d28","block_type":"box","text":"non-detectable fragments or incendiary weapons; producing key components of cluster bombs, landmines,","page_number":83,"box":{"x":154,"y":258,"width":754,"height":12}},{"id":"132fa137-a8d5-4b95-a29d-32856a430135","block_type":"box","text":"depleted uranium weapons, or chemical or biological weapons; owning 20% or more (50% for financial companies)","page_number":83,"box":{"x":154,"y":273,"width":812,"height":13}},{"id":"39a5f77d-8387-4bca-9b2a-a7d7dd614d15","block_type":"box","text":"of a weapons or components producer; or being 50% or more owned by a company involved in weapons or","page_number":83,"box":{"x":154,"y":288,"width":755,"height":13}},{"id":"a2a261ae-fcd4-4955-9346-d338bfbec1cc","block_type":"box","text":"components production.","page_number":83,"box":{"x":154,"y":303,"width":173,"height":13}},{"id":"75994f27-84b9-4383-838b-d0b55479a2ad","block_type":"box","text":"• Manufacturing of the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear","page_number":83,"box":{"x":121,"y":324,"width":799,"height":12}},{"id":"193c60e0-b4fc-4c1f-869b-663900ec22db","block_type":"box","text":"warheads, whole nuclear missiles, nuclear weapon delivery systems or components, or providing auxiliary services","page_number":83,"box":{"x":153,"y":339,"width":802,"height":12}},{"id":"bc943980-9441-4af8-a8cc-f6cd1fccd6d5","block_type":"box","text":"related to nuclear weapons.","page_number":83,"box":{"x":154,"y":354,"width":193,"height":12}},{"id":"865928a1-ed17-44b8-a26c-96427089dcec","block_type":"box","text":"• Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue, or $20 million","page_number":83,"box":{"x":121,"y":374,"width":832,"height":12}},{"id":"bffc20b1-8889-4879-ad39-fc296d918c74","block_type":"box","text":"or more revenue, from the production or distribution (wholesale or retail) of such firearms or ammunition.","page_number":83,"box":{"x":154,"y":389,"width":743,"height":12}},{"id":"f6f74ca0-a1ba-4916-bedd-4a8faad85099","block_type":"box","text":"• Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all revenue from","page_number":83,"box":{"x":121,"y":409,"width":830,"height":13}},{"id":"6009eddb-2e04-4713-a3eb-c30e0884e33b","block_type":"box","text":"metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal and coal","page_number":83,"box":{"x":154,"y":424,"width":789,"height":13}},{"id":"bcf65994-48e2-43f6-b293-a79ea6b3ca23","block_type":"box","text":"trading.","page_number":83,"box":{"x":153,"y":439,"width":53,"height":13}},{"id":"93679b54-811c-4b6b-8fe1-41e4f8164e3d","block_type":"box","text":"• Deriving 10% or more revenue from oil- or gas-related activities, including distribution, equipment, production,","page_number":83,"box":{"x":121,"y":460,"width":810,"height":12}},{"id":"99f484a8-2db4-40e0-8f69-ca41ab8f4ce9","block_type":"box","text":"transportation or refining, but excluding biofuel production, sales and trading.","page_number":83,"box":{"x":153,"y":475,"width":546,"height":12}},{"id":"a82db9ed-0e50-4e92-af45-9ec60e40569f","block_type":"box","text":"• Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural gas.","page_number":83,"box":{"x":121,"y":495,"width":754,"height":12}},{"id":"82e66c11-c659-4370-8f0a-28b56cb5fc97","block_type":"box","text":"• Deriving 5% or more revenue from oil sands extraction.","page_number":83,"box":{"x":121,"y":515,"width":420,"height":12}},{"id":"515a03b4-87fe-48d8-bbff-b65ecd2a1954","block_type":"box","text":"The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies","page_number":83,"box":{"x":88,"y":542,"width":831,"height":12}},{"id":"bf21c238-b067-48d4-bee6-e11df766df5b","block_type":"box","text":"related to the ESG impact of the company’s actions, products or operations. The Index Provider defines a controversy as an","page_number":83,"box":{"x":89,"y":557,"width":859,"height":12}},{"id":"5635d2ee-9c4a-4fec-819b-b5c1212cf7b2","block_type":"box","text":"instance or ongoing situation in which company operations and/or products allegedly have a negative ESG impact, including","page_number":83,"box":{"x":89,"y":572,"width":873,"height":12}},{"id":"22b3cb3c-c720-4bb4-be0c-15d086901062","block_type":"box","text":"alleged violations of laws, regulations or accepted international norms. 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For purposes of this limitation, securities of","page_number":85,"box":{"x":128,"y":446,"width":840,"height":12}},{"id":"1c43ba9f-1dba-49ea-9c46-8a852c3fca24","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":85,"box":{"x":127,"y":461,"width":783,"height":12}},{"id":"4a962a64-e5cd-4efb-b7ec-60da9919148b","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":85,"box":{"x":128,"y":476,"width":776,"height":12}},{"id":"cd949903-2d22-4ffc-aa6b-61b1aa91ed73","block_type":"box","text":"considered to be issued by members of any industry.","page_number":85,"box":{"x":128,"y":491,"width":367,"height":12}},{"id":"a658bbb0-5c9f-4dab-9fb9-01b12c3708dd","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":85,"box":{"x":89,"y":511,"width":815,"height":13}},{"id":"d6d00c09-a837-4b41-9685-82a33810d39c","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":85,"box":{"x":128,"y":526,"width":806,"height":13}},{"id":"0b847988-cdf6-4f2b-bb19-18ba06659323","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":85,"box":{"x":128,"y":542,"width":761,"height":12}},{"id":"0f264650-1388-4f9c-82b8-775187dd8045","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":85,"box":{"x":128,"y":557,"width":756,"height":12}},{"id":"95f49040-b8be-4c85-a785-18b1c32f2a81","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":85,"box":{"x":127,"y":572,"width":815,"height":12}},{"id":"d1d42bdb-9787-4364-abc2-846a140582b0","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":85,"box":{"x":128,"y":587,"width":827,"height":12}},{"id":"84c18b92-1e28-4532-93a1-6e3412fdf991","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":85,"box":{"x":127,"y":602,"width":717,"height":12}},{"id":"fc422b2c-e781-4521-a492-153170d66845","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":85,"box":{"x":89,"y":622,"width":857,"height":12}},{"id":"4d0807ec-db60-4090-b4b5-2e972e8d53e5","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":85,"box":{"x":128,"y":637,"width":407,"height":13}},{"id":"7282d807-9c9f-4cb6-aae2-72616fd3db30","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":85,"box":{"x":88,"y":657,"width":844,"height":13}},{"id":"15505002-7068-4fcb-b99e-ed61bde68415","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":85,"box":{"x":128,"y":673,"width":331,"height":12}},{"id":"f974c2b9-56d3-43f3-b07d-0b3c249a0050","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":85,"box":{"x":89,"y":693,"width":860,"height":12}},{"id":"96076669-d91f-4def-80da-373a5c57ba96","block_type":"box","text":"prevent each Fund from trading in futures contracts and options on futures contracts (including options on currencies","page_number":85,"box":{"x":128,"y":708,"width":828,"height":12}},{"id":"0fc5f392-142e-494b-8087-2579a33acabc","block_type":"box","text":"to the extent consistent with each Fund’s investment objective and policies).","page_number":85,"box":{"x":127,"y":723,"width":536,"height":12}},{"id":"478822eb-0a19-44b2-add6-56e2bfe4eea5","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":85,"box":{"x":89,"y":743,"width":846,"height":12}},{"id":"ebd4d09b-6fd4-42b3-b43c-58657e89ba5f","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":85,"box":{"x":127,"y":758,"width":694,"height":13}},{"id":"1709d8a4-1c8b-4a6f-933e-6b8fa22b592d","block_type":"box","text":"Each of the iShares MSCI Denmark ETF, iShares MSCI Finland ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway","page_number":85,"box":{"x":89,"y":785,"width":864,"height":12}},{"id":"7a7f5461-5d80-4b58-bd09-ad0cdf508300","block_type":"box","text":"ETF, iShares MSCI Philippines ETF and iShares MSCI United Kingdom Small-Cap ETF will not:","page_number":85,"box":{"x":89,"y":800,"width":665,"height":12}},{"id":"9b5c9e6d-e4fd-4c47-b80e-63d311f29726","block_type":"box","text":"1. Concentrate its investments (","page_number":85,"box":{"x":90,"y":820,"width":243,"height":12}},{"id":"49f206ee-4367-4ec2-8289-42d8b6500790","block_type":"box","text":"i.e.","page_number":85,"box":{"x":334,"y":821,"width":17,"height":9}},{"id":"ea9e06a8-d332-4f9f-a9f1-d4cb8650564e","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":85,"box":{"x":354,"y":820,"width":609,"height":12}},{"id":"f95752a5-d40c-4121-b71a-798e5d063fa8","block_type":"box","text":"of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":85,"box":{"x":128,"y":835,"width":789,"height":12}},{"id":"334a11bb-2ee0-49b0-aa6d-14832ccbfdf7","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":85,"box":{"x":128,"y":850,"width":771,"height":13}},{"id":"9f7ff692-3e2b-471b-92fc-6fa903a62527","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":85,"box":{"x":128,"y":865,"width":820,"height":13}},{"id":"b1a43cd4-5c9a-4cfb-8ec4-eb2604d9eef7","block_type":"box","text":"55","page_number":85,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"0b24f0d8-9cca-4f9c-a1ef-43a072454e29","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":86,"box":{"x":128,"y":44,"width":828,"height":12}},{"id":"db09eff0-5cc9-444a-a490-da6f78f49a7b","block_type":"box","text":"considered to be issued by members of any industry.","page_number":86,"box":{"x":128,"y":59,"width":367,"height":12}},{"id":"1cfa7d9e-ab9d-49d5-b05c-7b28d73ee884","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":86,"box":{"x":89,"y":79,"width":815,"height":13}},{"id":"4b1cb6c2-4391-467a-840f-4a22dbe77bcd","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":86,"box":{"x":128,"y":94,"width":806,"height":13}},{"id":"3775dc4e-c043-41b9-8008-20518883455b","block_type":"box","text":"securities; and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":86,"box":{"x":128,"y":109,"width":761,"height":13}},{"id":"15b24293-afd1-4161-85c2-27d80acd3555","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":86,"box":{"x":128,"y":125,"width":756,"height":12}},{"id":"e7c1810e-0112-42b1-b883-7e5d80c6b847","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":86,"box":{"x":127,"y":140,"width":815,"height":12}},{"id":"a8edee50-95ab-4090-9bda-a08d41934fd2","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":86,"box":{"x":128,"y":155,"width":827,"height":12}},{"id":"8ec959df-d6b6-4467-a323-0fa34357c8f6","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":86,"box":{"x":127,"y":170,"width":717,"height":12}},{"id":"d956aa58-0333-4bb8-a4fe-617bc359459d","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":86,"box":{"x":89,"y":190,"width":857,"height":12}},{"id":"cbc237c5-2e98-4e11-b48f-b8cfc663d2a1","block_type":"box","text":"any regulatory authority having jurisdiction, from time to time.","page_number":86,"box":{"x":128,"y":205,"width":436,"height":12}},{"id":"e4af7169-ca3f-4a75-8b5d-4cfaa488527d","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":86,"box":{"x":88,"y":225,"width":844,"height":13}},{"id":"0c903117-ec7b-40f4-bee5-85169fade270","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":86,"box":{"x":128,"y":240,"width":331,"height":13}},{"id":"d9bea1b4-b3c0-4be9-9ed5-85fb4e54765f","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":86,"box":{"x":89,"y":261,"width":811,"height":12}},{"id":"f743bc47-fa28-40eb-a6ee-e9f6180e1949","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":86,"box":{"x":128,"y":276,"width":830,"height":12}},{"id":"92d41cf9-b921-450d-b50f-3fab4a636dd1","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":86,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"9a1456b8-2e1d-4285-a0eb-26bea436974b","block_type":"box","text":"restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including","page_number":86,"box":{"x":128,"y":306,"width":809,"height":12}},{"id":"128246d7-5cdb-48b7-9304-ffb8eb1c30c0","block_type":"box","text":"options on currencies to the extent consistent with each Fund’s investment objective and policies).","page_number":86,"box":{"x":128,"y":321,"width":691,"height":12}},{"id":"01950ae0-2533-4b4b-825f-b88fb115a6bd","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":86,"box":{"x":89,"y":341,"width":846,"height":13}},{"id":"bf836ddb-e62d-42d3-8eb0-83402ad4d3d7","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":86,"box":{"x":127,"y":356,"width":694,"height":13}},{"id":"20fbfe52-a3a2-44a5-861c-0c0f8b1c3096","block_type":"box","text":"Each of the iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI EAFE ETF, iShares ESG","page_number":86,"box":{"x":89,"y":383,"width":849,"height":11}},{"id":"9721d0a9-d415-4b12-a7c6-726aac617dbc","block_type":"box","text":"Advanced MSCI USA ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG Aware MSCI USA ETF, iShares ESG Aware MSCI","page_number":86,"box":{"x":88,"y":398,"width":869,"height":11}},{"id":"45f7c668-e3ec-4c59-88d6-88ccddaa4e3e","block_type":"box","text":"USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware MSCI USA Value ETF, iShares ESG MSCI","page_number":86,"box":{"x":89,"y":413,"width":875,"height":12}},{"id":"d4043b90-db9b-442a-be74-d4e0be95895a","block_type":"box","text":"USA Leaders ETF, iShares MSCI Japan Value ETF, iShares Paris-Aligned Climate Optimized MSCI USA ETF and iShares","page_number":86,"box":{"x":89,"y":428,"width":838,"height":12}},{"id":"db710d60-e992-40c1-9b6b-ba0f9181e56e","block_type":"box","text":"Paris-Aligned Climate Optimized MSCI World ex USA ETFwill not:","page_number":86,"box":{"x":89,"y":443,"width":468,"height":13}},{"id":"e6263a54-f3f4-4b35-b2f7-34b45302dfad","block_type":"box","text":"1. Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that","page_number":86,"box":{"x":90,"y":470,"width":853,"height":12}},{"id":"4cd206ca-c57b-4614-a298-60caeaa22b77","block_type":"box","text":"the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a","page_number":86,"box":{"x":127,"y":485,"width":835,"height":12}},{"id":"ec57f30c-f4dc-4335-8240-02fb235066b6","block_type":"box","text":"particular industry or group of industries.","page_number":86,"box":{"x":128,"y":500,"width":287,"height":12}},{"id":"dbb2bcc7-307e-4714-9452-efd380e5f49a","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":86,"box":{"x":89,"y":526,"width":545,"height":13}},{"id":"c6e7e7ae-765a-4aac-b39d-6abab08e615c","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":86,"box":{"x":89,"y":553,"width":699,"height":12}},{"id":"1d8de1d0-c884-4489-a442-3f6dbb5dc565","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":86,"box":{"x":88,"y":579,"width":861,"height":13}},{"id":"ee70e9ee-1f23-40b5-bde8-8ad9c945f0e5","block_type":"box","text":"by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers","page_number":86,"box":{"x":128,"y":594,"width":826,"height":13}},{"id":"a29d42e8-db4e-45ba-a386-6a779cdeae26","block_type":"box","text":"engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of","page_number":86,"box":{"x":128,"y":610,"width":809,"height":12}},{"id":"9b6638ae-f4db-44f4-b7d4-159db4a3869b","block_type":"box","text":"securities or other instruments.","page_number":86,"box":{"x":128,"y":625,"width":218,"height":9}},{"id":"c583530c-0e43-4427-aafb-ecce5ffaac25","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":86,"box":{"x":89,"y":651,"width":839,"height":12}},{"id":"68a30423-30fe-4cf4-996b-17fa0cc7ff5b","block_type":"box","text":"deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":86,"box":{"x":128,"y":666,"width":523,"height":13}},{"id":"898b7344-ae39-4b44-bc82-6986a3cbe36f","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":86,"box":{"x":89,"y":693,"width":798,"height":12}},{"id":"fee54d8b-44d3-4635-bc02-e56ffa56c935","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":86,"box":{"x":89,"y":719,"width":521,"height":13}},{"id":"a2636584-a820-43db-b9bc-910b401587c6","block_type":"box","text":"Notations Regarding the iShares Climate Conscious & Transition MSCI USA ETF’s, iShares ESG Advanced MSCI EAFE","page_number":86,"box":{"x":88,"y":746,"width":840,"height":12}},{"id":"c9788c1d-a865-4df3-8b2d-b81de28d98a9","block_type":"box","text":"ETF’s, iShares ESG Advanced MSCI USA ETF’s, iShares ESG Aware MSCI EAFE ETF’s, iShares ESG Aware MSCI USA ETF’s,","page_number":86,"box":{"x":88,"y":761,"width":864,"height":11}},{"id":"40e91abc-7c73-4a60-be5e-9997e0ec17a2","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF’s, iShares ESG Aware MSCI USA Small-Cap ETF’s, iShares ESG Aware MSCI USA","page_number":86,"box":{"x":88,"y":776,"width":879,"height":12}},{"id":"795166d8-7697-4e8d-8aed-5e062d629534","block_type":"box","text":"Value ETF’s, iShares ESG MSCI USA Leaders ETF’s, iShares MSCI Japan Value ETF’s, iShares Paris-Aligned Climate","page_number":86,"box":{"x":89,"y":791,"width":818,"height":12}},{"id":"21f950bb-8664-45b0-9a04-e2be85500764","block_type":"box","text":"Optimized MSCI USA ETF’s and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF’s Fundamental","page_number":86,"box":{"x":89,"y":806,"width":816,"height":12}},{"id":"6731c404-e299-4f97-a171-afef6ef3a844","block_type":"box","text":"Investment Policies","page_number":86,"box":{"x":88,"y":821,"width":140,"height":10}},{"id":"27b7fdd1-cc2a-4fe5-9d14-d44750d68af7","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":86,"box":{"x":88,"y":848,"width":843,"height":12}},{"id":"204a306c-4ab9-44af-9d27-17badab422a5","block_type":"box","text":"change without shareholder approval.","page_number":86,"box":{"x":89,"y":863,"width":265,"height":12}},{"id":"7714be6e-3512-4ade-987f-3b30afeeae6a","block_type":"box","text":"56","page_number":86,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"33d9d666-86a7-4453-b157-db8c399915ef","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":87,"box":{"x":88,"y":44,"width":853,"height":12}},{"id":"e1add006-fc5e-411a-a5de-8f001c5fc2ed","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":87,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"255b009d-60d8-4c6f-a1ca-6286ffb9aad2","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":87,"box":{"x":89,"y":74,"width":840,"height":12}},{"id":"48fe6790-e63a-4592-9862-ef1ef23f5af1","block_type":"box","text":"industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy","page_number":87,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"575ceef9-f6ea-4d83-9e9d-1aed56a95129","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":87,"box":{"x":89,"y":104,"width":856,"height":13}},{"id":"3724899e-c870-4965-9dad-777049855346","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":87,"box":{"x":88,"y":119,"width":861,"height":13}},{"id":"0326560d-ff47-4004-aa2f-64a18f032e7e","block_type":"box","text":"instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":87,"box":{"x":89,"y":135,"width":805,"height":12}},{"id":"dd5dc737-d1bc-4f5c-9533-3a8cc4ee934d","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":87,"box":{"x":89,"y":150,"width":848,"height":12}},{"id":"bbd94d7c-4580-4d87-a7ba-322683432d09","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":87,"box":{"x":89,"y":165,"width":820,"height":12}},{"id":"956c29ac-fe22-47dc-8412-5183a812b5ab","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":87,"box":{"x":89,"y":180,"width":809,"height":12}},{"id":"176849b6-d13d-418c-987a-b88d72d0d5fa","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":87,"box":{"x":89,"y":195,"width":815,"height":12}},{"id":"ae8d921e-a671-410b-8876-43b2223c216c","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":87,"box":{"x":89,"y":210,"width":856,"height":13}},{"id":"70e6caec-a269-4f17-b103-cee0fe29538f","block_type":"box","text":"each Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized","page_number":87,"box":{"x":89,"y":225,"width":829,"height":13}},{"id":"767d470f-6d16-4f99-bb46-b3f5ef037496","block_type":"box","text":"market indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":87,"box":{"x":89,"y":240,"width":860,"height":13}},{"id":"7f5b8d0e-ebef-4eb4-9986-191fa79c2dab","block_type":"box","text":"broad authority to each Fund as to how to classify issuers within or among industries.","page_number":87,"box":{"x":89,"y":256,"width":600,"height":12}},{"id":"b2ef2a02-68b3-4924-81dc-f0298c987d0d","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":87,"box":{"x":88,"y":282,"width":844,"height":12}},{"id":"f5f81b31-0cd4-4ab7-9cd0-c99099f6b626","block_type":"box","text":"permits each Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any purpose,","page_number":87,"box":{"x":89,"y":297,"width":850,"height":12}},{"id":"95366a9c-c5fd-4661-8141-637fde694b9e","block_type":"box","text":"and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The Fund’s total","page_number":87,"box":{"x":89,"y":312,"width":844,"height":13}},{"id":"1c964ac5-feea-4b94-b57c-6082557a2e1d","block_type":"box","text":"assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires","page_number":87,"box":{"x":89,"y":327,"width":877,"height":13}},{"id":"4eaaf9c6-40b7-490f-9e49-53df1f17b038","block_type":"box","text":"each Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its borrowings. Asset coverage","page_number":87,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"e38c73d0-6115-45ab-aba8-72469fb226a8","block_type":"box","text":"means the ratio that the value of each Fund’s total assets (including amounts borrowed), minus liabilities other than","page_number":87,"box":{"x":89,"y":358,"width":813,"height":12}},{"id":"85ff7c26-fc2f-4bfd-897a-15a1e06aea82","block_type":"box","text":"borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as","page_number":87,"box":{"x":89,"y":373,"width":857,"height":12}},{"id":"1bda6730-2c99-4cdb-9798-bf78ac99c015","block_type":"box","text":"“leveraging.” Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be","page_number":87,"box":{"x":89,"y":388,"width":851,"height":12}},{"id":"8c478113-b7ef-4b13-bc5c-cea82fefdfb9","block_type":"box","text":"borrowings or involve leverage and thus are subject to the Investment Company Act restrictions. In accordance with Rule 18f","page_number":87,"box":{"x":89,"y":403,"width":878,"height":12}},{"id":"ebf07570-c17c-4133-a640-5ac6ff0e0065","block_type":"box","text":"4 under the Investment Company Act, when each Fund engages in reverse repurchase agreements and similar financing","page_number":87,"box":{"x":88,"y":418,"width":843,"height":12}},{"id":"c33ac89f-5f59-4b49-b51b-59fcb2e3d29f","block_type":"box","text":"transactions, the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any","page_number":87,"box":{"x":88,"y":433,"width":845,"height":13}},{"id":"439aa08e-aac4-4723-b5c4-5d0c00ecad58","block_type":"box","text":"other borrowings in the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4","page_number":87,"box":{"x":89,"y":448,"width":851,"height":13}},{"id":"4ed28532-a26a-402e-b0e7-88d06a741e71","block_type":"box","text":"with respect to such transactions. Short-term credits necessary for the settlement of securities transactions and","page_number":87,"box":{"x":88,"y":463,"width":784,"height":13}},{"id":"5091b0c3-bdd5-4373-928f-438dbcde7623","block_type":"box","text":"arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and","page_number":87,"box":{"x":89,"y":479,"width":834,"height":12}},{"id":"afb41aa3-4a5a-4c1e-ac8a-b5dfe17c031f","block_type":"box","text":"investments that may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":87,"box":{"x":89,"y":494,"width":754,"height":12}},{"id":"5f96d5ad-c2e6-4ff8-9dff-d87c504abf78","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":87,"box":{"x":88,"y":520,"width":875,"height":12}},{"id":"733b2475-2003-472b-9192-64dbc6970ad4","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":87,"box":{"x":89,"y":535,"width":876,"height":13}},{"id":"6a3c7426-73b4-4110-aeb2-4e38246d9bfc","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":87,"box":{"x":89,"y":550,"width":876,"height":13}},{"id":"5e7ca911-54da-45b6-bdee-f0e66e9c6e90","block_type":"box","text":"assets under certain circumstances. Those circumstances currently are that the amount of a fund’s underwriting","page_number":87,"box":{"x":89,"y":565,"width":788,"height":13}},{"id":"f8d2569b-729e-4ab3-b10b-a4f02ae541f2","block_type":"box","text":"commitments, when added to the value of a fund’s investments in issuers where a fund owns more than 10% of the","page_number":87,"box":{"x":89,"y":581,"width":813,"height":11}},{"id":"55d48094-1a1d-464d-a392-9b60c887c4db","block_type":"box","text":"outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the","page_number":87,"box":{"x":89,"y":596,"width":846,"height":12}},{"id":"68577a45-4464-4612-af5d-66a76b9a0396","block_type":"box","text":"acquisition or disposition of portfolio securities may be considered to be an underwriter under the 1933 Act. Although it is","page_number":87,"box":{"x":89,"y":611,"width":854,"height":12}},{"id":"e830a10c-6508-4312-81ea-1f6ac6714b7c","block_type":"box","text":"not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the","page_number":87,"box":{"x":89,"y":626,"width":822,"height":12}},{"id":"fed27703-f5a1-4b60-a7ad-737ca4e1cfb1","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions","page_number":87,"box":{"x":89,"y":641,"width":836,"height":12}},{"id":"7a00bd3b-8fec-4737-b2bf-0284d508b083","block_type":"box","text":"involving the acquisition or disposition of portfolio securities, regardless of whether a fund may be considered to be an","page_number":87,"box":{"x":89,"y":656,"width":829,"height":13}},{"id":"758e22b1-119d-44e9-8836-5a1c96387715","block_type":"box","text":"underwriter under the 1933 Act or is otherwise engaged in the underwriting business to the extent permitted by applicable","page_number":87,"box":{"x":89,"y":671,"width":860,"height":13}},{"id":"bafd6b13-badd-4ac6-b1a7-8bf56d5dfd5b","block_type":"box","text":"law.","page_number":87,"box":{"x":89,"y":686,"width":25,"height":10}},{"id":"13273c09-1e1e-42ca-b9ad-d1e3cafe3477","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":87,"box":{"x":88,"y":713,"width":836,"height":12}},{"id":"15b80270-d88b-439d-90ce-3ebe63acdf7b","block_type":"box","text":"prohibit each Fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit","page_number":87,"box":{"x":89,"y":728,"width":866,"height":12}},{"id":"0968a8b8-8b46-4973-ae58-cf975d3234fd","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":87,"box":{"x":88,"y":743,"width":878,"height":12}},{"id":"b98b1fd0-192a-4135-b9a7-f7fbfe4c95d3","block_type":"box","text":"debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward","page_number":87,"box":{"x":89,"y":758,"width":861,"height":13}},{"id":"13950fb5-2acc-4f9d-81de-0cf893d3a5b8","block_type":"box","text":"currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of","page_number":87,"box":{"x":89,"y":773,"width":841,"height":13}},{"id":"474e5a80-4032-4ebc-a852-18ddc7972f8d","block_type":"box","text":"securities transactions, will not be considered loans.","page_number":87,"box":{"x":89,"y":788,"width":363,"height":12}},{"id":"367e0c8d-6f80-42ec-b6e8-7f34fd250805","block_type":"box","text":"For the iShares MSCI United Kingdom ETF","page_number":87,"box":{"x":88,"y":815,"width":305,"height":12}},{"id":"549f7387-4d02-4927-9430-c49e376646af","block_type":"box","text":"The iShares MSCI United Kingdom ETF will not:","page_number":87,"box":{"x":88,"y":841,"width":340,"height":13}},{"id":"93ff7a33-ba4d-4f3b-bf62-8c4ebf95323c","block_type":"box","text":"57","page_number":87,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"93385189-9bec-4711-9ce9-239ab7bb1973","block_type":"box","text":"1. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":88,"box":{"x":90,"y":44,"width":842,"height":12}},{"id":"3f255073-bc75-42e4-bc4f-1c025ec0bb66","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":88,"box":{"x":128,"y":59,"width":331,"height":12}},{"id":"0c52d0e4-d712-4f50-8457-04fef6b69a67","block_type":"box","text":"2. Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by","page_number":88,"box":{"x":89,"y":85,"width":857,"height":13}},{"id":"e9aa5281-ea32-4adf-8b0f-b9c7a73d2b7b","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":88,"box":{"x":128,"y":101,"width":407,"height":12}},{"id":"d7f04315-f1ed-48f9-8dd1-101ef98eb475","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":88,"box":{"x":89,"y":127,"width":871,"height":12}},{"id":"103f8110-e5c0-4fb7-96ee-6a11327157e5","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":88,"box":{"x":128,"y":142,"width":790,"height":12}},{"id":"14997553-eca1-4e27-a5e9-69274f0efb9a","block_type":"box","text":"margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets);","page_number":88,"box":{"x":128,"y":157,"width":773,"height":13}},{"id":"aa1fa4c7-6484-40a9-920d-bf2bd37d3479","block_type":"box","text":"4. Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell","page_number":88,"box":{"x":88,"y":184,"width":812,"height":12}},{"id":"803c7d62-e329-4d2c-897a-3fb21bda7bed","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":88,"box":{"x":128,"y":199,"width":509,"height":12}},{"id":"e5d31d71-31cc-4199-b8a7-198c7d05b0ca","block_type":"box","text":"5. Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in","page_number":88,"box":{"x":89,"y":225,"width":848,"height":13}},{"id":"95118afd-957c-4db9-a14b-a0f92946fd28","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":88,"box":{"x":128,"y":240,"width":365,"height":13}},{"id":"0dc7fefb-9813-4f81-ba08-15047fcc33d7","block_type":"box","text":"6. Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions,","page_number":88,"box":{"x":89,"y":267,"width":850,"height":12}},{"id":"21f31ef6-2926-44c2-97e4-3d1cbb8de32c","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":88,"box":{"x":128,"y":282,"width":793,"height":12}},{"id":"19ad7da4-aafa-4f01-98ec-643014d5e1dd","block_type":"box","text":"options on futures;","page_number":88,"box":{"x":128,"y":297,"width":132,"height":12}},{"id":"88704371-02c6-40b9-ba0e-85cb32537a31","block_type":"box","text":"7. Sell securities short; or","page_number":88,"box":{"x":89,"y":324,"width":196,"height":11}},{"id":"9160c2ab-c161-401c-8f6a-da37e39652d5","block_type":"box","text":"8. Invest in commodities or commodity contracts, except that the Fund may buy and sell currencies and forward contracts","page_number":88,"box":{"x":89,"y":350,"width":878,"height":12}},{"id":"1bfeb6af-5a10-4b26-aa68-806a49d7f6a8","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":88,"box":{"x":127,"y":365,"width":821,"height":12}},{"id":"dc559820-6cb5-459a-9d07-11ae639df931","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":88,"box":{"x":128,"y":380,"width":593,"height":13}},{"id":"bccfd17e-9bd4-4180-b548-eb2599961e78","block_type":"box","text":"Industry concentration.","page_number":88,"box":{"x":89,"y":407,"width":169,"height":12}},{"id":"56272dc5-7502-421b-ad04-ec2263337c3f","block_type":"box","text":"The iShares MSCI United Kingdom ETF will not concentrate its investments (","page_number":88,"box":{"x":263,"y":407,"width":535,"height":12}},{"id":"b100771c-2336-40d1-b902-7eb9d121d945","block_type":"box","text":"i.e.","page_number":88,"box":{"x":799,"y":408,"width":18,"height":8}},{"id":"4947455d-83d7-4a45-ade7-b8d67b0a570b","block_type":"box","text":", hold 25% or more","page_number":88,"box":{"x":819,"y":407,"width":134,"height":11}},{"id":"6398bb20-9387-4aff-a9da-51c1520f935d","block_type":"box","text":"of its total assets in the stocks of a particular industry or group of industries), except that, to the extent practicable, the Fund","page_number":88,"box":{"x":89,"y":422,"width":871,"height":12}},{"id":"aff2b475-ca09-4bac-8e75-cba2345016f7","block_type":"box","text":"will concentrate to approximately the same extent that its benchmark MSCI Index concentrates in the stocks of such","page_number":88,"box":{"x":88,"y":437,"width":818,"height":12}},{"id":"b054ad59-c41f-46fe-a2df-0804bf31c0d4","block_type":"box","text":"particular industry or group of industries, provided that the Fund will comply with the diversification requirements of the","page_number":88,"box":{"x":89,"y":452,"width":843,"height":12}},{"id":"0789a54c-9944-4f19-9efe-a95df246ef0d","block_type":"box","text":"Internal Revenue Code applicable to RICs, any underlying Treasury regulations or any successor provision.","page_number":88,"box":{"x":89,"y":467,"width":739,"height":13}},{"id":"f2a2609e-6468-411f-ab46-b7568b2a6ce5","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds","page_number":88,"box":{"x":89,"y":494,"width":368,"height":9}},{"id":"0980786b-339a-494b-8b8d-c3a1343f7d03","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":88,"box":{"x":89,"y":520,"width":870,"height":12}},{"id":"47fb817c-8646-4d0f-8bf4-30b232baed69","block_type":"box","text":"Fund may not:","page_number":88,"box":{"x":89,"y":535,"width":100,"height":13}},{"id":"a57c5ec5-3350-46d9-8f2e-a15b634c39a7","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":88,"box":{"x":90,"y":555,"width":841,"height":13}},{"id":"2fe4198b-581a-4fc3-a557-404288603c74","block_type":"box","text":"Section 12(d)(1)(F) or (G) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":88,"box":{"x":128,"y":570,"width":800,"height":13}},{"id":"b5d23f22-a568-4c61-abeb-8ba43a608538","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":88,"box":{"x":128,"y":586,"width":785,"height":12}},{"id":"75ae364f-4f0d-4943-96d3-705413200644","block_type":"box","text":"12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of registered open-end","page_number":88,"box":{"x":129,"y":601,"width":773,"height":12}},{"id":"a73a960d-1480-4ad2-94ec-91a548f3ce07","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":88,"box":{"x":128,"y":616,"width":793,"height":12}},{"id":"856a25ec-3be6-4d74-8d62-9a97ce160f13","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":88,"box":{"x":128,"y":631,"width":659,"height":12}},{"id":"c1c92e9b-2e05-471b-b3a9-a464f6effe18","block_type":"box","text":"2. In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, invest less than 80% of the value of its","page_number":88,"box":{"x":89,"y":651,"width":878,"height":11}},{"id":"d9adc4a5-544c-41d2-9687-2f532f838a2a","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in component securities, and in ADRs based on","page_number":88,"box":{"x":128,"y":666,"width":838,"height":13}},{"id":"bc878e41-da82-49bd-9e33-c784db552eee","block_type":"box","text":"securities, in its Underlying Index (applicable to iShares MSCI United Kingdom ETF).","page_number":88,"box":{"x":128,"y":681,"width":585,"height":13}},{"id":"0efc8cd5-ae58-473e-a3a5-7c214c1bc0a6","block_type":"box","text":"3. In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, invest less than 80% of the value of its","page_number":88,"box":{"x":89,"y":702,"width":878,"height":11}},{"id":"3424ff6a-ffc3-4d75-893a-dc199ddf4721","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in the component securities of its Underlying","page_number":88,"box":{"x":128,"y":717,"width":822,"height":12}},{"id":"b05b05d9-76c9-46fd-8bb6-7af7a6c68bd7","block_type":"box","text":"Index (applicable to iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Aware MSCI USA Growth ETF,","page_number":88,"box":{"x":128,"y":732,"width":825,"height":12}},{"id":"cd558d22-ffe6-4d5f-9488-abebaeba3a91","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF and iShares ESG Aware MSCI USA Value ETF).","page_number":88,"box":{"x":128,"y":747,"width":638,"height":12}},{"id":"bf916fa7-00c1-4017-a388-77c7c2b7b9a0","block_type":"box","text":"4. In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, invest less than 80% of the value of its","page_number":88,"box":{"x":88,"y":767,"width":879,"height":11}},{"id":"e08c789b-6998-4a64-a41d-ddb8d78b2515","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in the component securities of its Underlying","page_number":88,"box":{"x":128,"y":782,"width":822,"height":12}},{"id":"07159451-ec7b-4cda-afed-340ec42014ab","block_type":"box","text":"Index or in depositary receipts representing component securities in its Underlying Index (applicable to iShares ESG","page_number":88,"box":{"x":128,"y":797,"width":807,"height":13}},{"id":"b82e9d2b-a366-4b30-bc87-a84aea8ce0c2","block_type":"box","text":"Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG Aware","page_number":88,"box":{"x":127,"y":812,"width":840,"height":12}},{"id":"115c3acb-7745-4944-ac2a-8764a9ca97a5","block_type":"box","text":"MSCI USA ETF, iShares ESG MSCI USA Leaders ETF, iShares MSCI Denmark ETF, iShares MSCI Finland ETF, iShares MSCI","page_number":88,"box":{"x":128,"y":828,"width":838,"height":11}},{"id":"297a8c90-4a91-4fa8-a179-a8d49879ac3c","block_type":"box","text":"Indonesia ETF, iShares MSCI Ireland ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares MSCI","page_number":88,"box":{"x":128,"y":843,"width":817,"height":12}},{"id":"1e3dd378-0866-4f0a-a9a1-2dfa34e3fdc1","block_type":"box","text":"58","page_number":88,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"129278d0-2e19-45c6-8d41-d5882f244e36","block_type":"box","text":"Norway ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom Small-Cap ETF,","page_number":89,"box":{"x":128,"y":44,"width":800,"height":12}},{"id":"4fd9598e-2c56-4f2a-b7a0-038584495c6e","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF and iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":89,"box":{"x":128,"y":59,"width":814,"height":12}},{"id":"222fb72b-93e7-4c5a-8100-7644a8da80db","block_type":"box","text":"USA ETF).","page_number":89,"box":{"x":128,"y":74,"width":69,"height":12}},{"id":"24789b05-27a9-4c0f-8778-a259afabfd0f","block_type":"box","text":"A Fund will notify its shareholders at least 60 days prior to any change in its restrictions described in 2 through 4 above.","page_number":89,"box":{"x":88,"y":101,"width":838,"height":12}},{"id":"6838f1cf-8637-4b9b-b222-616c8768d421","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":89,"box":{"x":88,"y":127,"width":656,"height":12}},{"id":"4c5b7266-4d5e-4210-87a3-e49714de7858","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment restrictions apply","page_number":89,"box":{"x":89,"y":153,"width":846,"height":13}},{"id":"3b1c0468-7bfa-4423-a1e8-1d0624cedd1b","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":89,"box":{"x":89,"y":169,"width":815,"height":12}},{"id":"636e81d1-183a-4e4f-b3da-b45f25947f9f","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":89,"box":{"x":89,"y":184,"width":856,"height":12}},{"id":"04b95ce9-cdf1-49e0-9a89-6196c8e764ac","block_type":"box","text":"the Fund to dispose of an investment.","page_number":89,"box":{"x":88,"y":199,"width":264,"height":12}},{"id":"6d7faaa1-0e57-4316-a656-afb410f969d8","block_type":"box","text":"Continuous Offering","page_number":89,"box":{"x":90,"y":230,"width":338,"height":29}},{"id":"2fc4dfd0-36dd-4307-89d8-8f955c62d997","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":89,"box":{"x":88,"y":271,"width":821,"height":12}},{"id":"6562a69a-770d-4314-96d0-785a30c959db","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":89,"box":{"x":89,"y":286,"width":873,"height":12}},{"id":"327e756c-7321-4ce2-8474-1f7c81169f8c","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":89,"box":{"x":89,"y":301,"width":849,"height":12}},{"id":"f79ebb81-9ab0-439b-b2ea-44d899bcdf37","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":89,"box":{"x":89,"y":316,"width":849,"height":12}},{"id":"41b31f23-583f-421b-ad1a-369bc1212b5c","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":89,"box":{"x":88,"y":331,"width":877,"height":12}},{"id":"7bfa537f-afe8-419f-940a-bb2cae5c18ba","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":89,"box":{"x":89,"y":358,"width":860,"height":12}},{"id":"5f5e5dda-b8dd-464a-9210-24f2a4901821","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":89,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"c23a5a6a-aa97-4d54-9df8-74d9bd5f0b62","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":89,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"b0809afa-fbda-4735-aaf6-31b7eb209ca8","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":89,"box":{"x":88,"y":403,"width":863,"height":12}},{"id":"830f0168-5e7e-4e14-8cde-8e12b373148e","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":89,"box":{"x":88,"y":418,"width":861,"height":12}},{"id":"961d3fb4-2af8-4b20-8fe9-343f57afe9df","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":89,"box":{"x":89,"y":433,"width":862,"height":13}},{"id":"989a89fb-b324-4171-a202-ad9d81192519","block_type":"box","text":"an underwriter.","page_number":89,"box":{"x":89,"y":448,"width":105,"height":10}},{"id":"87c7292b-f75a-44fd-b6bf-7b1d19b0d594","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":89,"box":{"x":89,"y":475,"width":817,"height":12}},{"id":"a088080f-31ce-4f0b-bba9-dee0e1d69f28","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":89,"box":{"x":88,"y":490,"width":858,"height":12}},{"id":"9415e0fb-ecd7-48e6-85e4-a06f3182dcd4","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":89,"box":{"x":89,"y":505,"width":875,"height":12}},{"id":"8d556b5c-72cc-409a-852d-bdd80453bc83","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":89,"box":{"x":88,"y":520,"width":831,"height":12}},{"id":"78ce4678-be80-4c75-9cab-3a0055df44b7","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":89,"box":{"x":89,"y":535,"width":864,"height":13}},{"id":"1d89e92a-b667-4c1d-b42e-9f5c58e263bf","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":89,"box":{"x":88,"y":550,"width":875,"height":13}},{"id":"40b0cd93-4bd4-4c90-b6b5-ac554bb5eba4","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":89,"box":{"x":89,"y":565,"width":845,"height":13}},{"id":"ba042826-8e3c-4b13-a6df-d3aa91994649","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":89,"box":{"x":89,"y":581,"width":412,"height":12}},{"id":"a94155a9-58cd-4b30-93f0-762faf8780fc","block_type":"box","text":"Management","page_number":89,"box":{"x":90,"y":613,"width":225,"height":28}},{"id":"a36c987b-366c-432c-9421-24b322caf3c8","block_type":"box","text":"Trustees and Officers.","page_number":89,"box":{"x":88,"y":652,"width":157,"height":10}},{"id":"c4f8276c-f4b3-43a9-b6c2-ce8fe9364946","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":89,"box":{"x":254,"y":652,"width":670,"height":13}},{"id":"157c2140-2c57-48e0-be51-c9ceee62af6d","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":89,"box":{"x":89,"y":668,"width":875,"height":12}},{"id":"677a1c36-d571-4be3-8adc-22cceec8e67a","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":89,"box":{"x":89,"y":683,"width":817,"height":12}},{"id":"4b36cd96-9ec6-429b-a293-0315f62652e7","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":89,"box":{"x":89,"y":698,"width":861,"height":12}},{"id":"93491a24-6d3b-4e0b-9e97-2d83dd7e3243","block_type":"box","text":"Act) of the Trust are referred to as independent trustees (“Independent Trustees”).","page_number":89,"box":{"x":88,"y":713,"width":578,"height":12}},{"id":"a9849ff1-83d9-400d-ac3c-78c7e4a1b26a","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":89,"box":{"x":88,"y":739,"width":867,"height":13}},{"id":"b7dc5923-15bc-4d28-bf2d-8a9748428b4a","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":89,"box":{"x":89,"y":754,"width":857,"height":13}},{"id":"b7283d77-f039-452a-8cc1-e96aa9ec82db","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":89,"box":{"x":89,"y":770,"width":861,"height":12}},{"id":"d1173b1a-d3c6-4407-bceb-5fbf0fb407f2","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":89,"box":{"x":89,"y":785,"width":869,"height":11}},{"id":"f327691e-77ef-43a2-8c35-2d1075ee0ca5","block_type":"box","text":"of the funds within the iShares Complex, which consists of 421 funds as of December 30, 2025. With the exception of","page_number":89,"box":{"x":89,"y":800,"width":823,"height":12}},{"id":"20141c20-c418-4fe5-b727-f302a3665b64","block_type":"box","text":"Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400","page_number":89,"box":{"x":88,"y":815,"width":861,"height":12}},{"id":"f88c48f9-7dfa-43ea-8b84-aca743f9a9e3","block_type":"box","text":"Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson","page_number":89,"box":{"x":89,"y":830,"width":849,"height":12}},{"id":"e3ec5659-e2a4-491f-ad4f-0d9b4635e346","block_type":"box","text":"Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue,","page_number":89,"box":{"x":88,"y":845,"width":840,"height":12}},{"id":"010300b5-b0a3-4b32-8f11-6fa2089e7994","block_type":"box","text":"London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional","page_number":89,"box":{"x":89,"y":860,"width":848,"height":13}},{"id":"d1b46115-d99c-44ee-81bc-15d38b12c7b7","block_type":"box","text":"59","page_number":89,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9dd39500-81e2-40b7-b866-5095b9cb8d7f","block_type":"box","text":"information about the Funds’ Trustees and officers may be found in this SAI, which is available without charge, upon request,","page_number":90,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"71776fe7-6181-479b-8ad8-e3c3d9abb7e4","block_type":"box","text":"by calling toll-free 1-800-iShares (1-800-474-2737).","page_number":90,"box":{"x":89,"y":59,"width":358,"height":12}},{"id":"34a87bf7-d491-42ec-b06c-aa4e0ee7aa49","block_type":"box","text":"Interested Trustees","page_number":90,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"d4283750-6dd6-4aaa-ab41-87bab9b97898","block_type":"box","text":"Name (Year of Birth) Position","page_number":90,"box":{"x":103,"y":125,"width":247,"height":10}},{"id":"ff74cb51-cb7a-4079-8665-e57abd427781","block_type":"box","text":"Principal Occupation(s)","page_number":90,"box":{"x":485,"y":115,"width":135,"height":10}},{"id":"e380daea-8954-4823-84ea-325830ead5a3","block_type":"box","text":"During the Past 5 Years","page_number":90,"box":{"x":486,"y":125,"width":134,"height":10}},{"id":"d7dc1086-9f85-43d5-9a5d-09e752c3a788","block_type":"box","text":"Other Directorships","page_number":90,"box":{"x":780,"y":115,"width":113,"height":10}},{"id":"db556ad4-4058-460b-9caa-64fef8a69b22","block_type":"box","text":"Held by Trustee","page_number":90,"box":{"x":792,"y":125,"width":89,"height":10}},{"id":"acf80cbd-adb7-40a7-926e-43d3115191cb","block_type":"box","text":"Robert S. Kapito","page_number":90,"box":{"x":89,"y":147,"width":111,"height":13}},{"id":"a23497bb-35bf-4ed0-9804-02368440b77e","block_type":"box","text":"1","page_number":90,"box":{"x":202,"y":146,"width":2,"height":5}},{"id":"43d05bd2-aead-40f5-90bc-9ffd948d5ecf","block_type":"box","text":"(1957)","page_number":90,"box":{"x":89,"y":162,"width":44,"height":13}},{"id":"69a5d794-4b20-4a80-92ff-cd3f3d1771db","block_type":"box","text":"Trustee","page_number":90,"box":{"x":254,"y":148,"width":52,"height":9}},{"id":"0642bedb-8223-4f42-8f51-bb7454605ae6","block_type":"box","text":"(since 2009).","page_number":90,"box":{"x":255,"y":162,"width":90,"height":13}},{"id":"7821651f-221c-4553-b439-9b1b96ea12e6","block_type":"box","text":"President of BlackRock, Inc. (since","page_number":90,"box":{"x":422,"y":147,"width":237,"height":13}},{"id":"59e1d012-0d1d-4d43-8271-0dbab6d2e0bf","block_type":"box","text":"2006); Vice Chairman of BlackRock,","page_number":90,"box":{"x":421,"y":162,"width":249,"height":13}},{"id":"f52c327b-da2d-4071-a75b-4d5d9e490a16","block_type":"box","text":"Inc. and Head of BlackRock’s","page_number":90,"box":{"x":422,"y":177,"width":200,"height":10}},{"id":"e3085b4a-c45b-4530-9902-3bb0d0c2dba0","block_type":"box","text":"Portfolio Management Group (since","page_number":90,"box":{"x":422,"y":193,"width":250,"height":12}},{"id":"fa480ca2-5a1a-4fbd-9522-994c1f32e48d","block_type":"box","text":"its formation in 1998) and BlackRock,","page_number":90,"box":{"x":422,"y":208,"width":261,"height":12}},{"id":"5671754d-d77c-4eca-92e6-53b37e53cc56","block_type":"box","text":"Inc.’s predecessor entities (since","page_number":90,"box":{"x":422,"y":223,"width":225,"height":12}},{"id":"a2d8df09-3a8b-4d1a-b58f-8859731bef08","block_type":"box","text":"1988); Trustee, University of","page_number":90,"box":{"x":423,"y":238,"width":196,"height":12}},{"id":"569bb084-e0f7-42dc-ab89-a73d87eb3478","block_type":"box","text":"Pennsylvania (since 2009); President","page_number":90,"box":{"x":422,"y":253,"width":255,"height":12}},{"id":"9db15d5f-eb1f-4ac0-8ea9-49a85a6bf779","block_type":"box","text":"of Board of Directors, Hope & Heroes","page_number":90,"box":{"x":421,"y":268,"width":258,"height":12}},{"id":"cd282bbf-261b-48da-a6e0-89685b84dab6","block_type":"box","text":"Children’s Cancer Fund (since 2002).","page_number":90,"box":{"x":421,"y":283,"width":257,"height":13}},{"id":"d37c999e-12b3-42fb-b517-1bf3b73702ab","block_type":"box","text":"Director of BlackRock, Inc. (since","page_number":90,"box":{"x":705,"y":147,"width":229,"height":13}},{"id":"b1cdf761-3077-473c-baf4-5a1996b43234","block_type":"box","text":"2006); Director of iShares, Inc. (since","page_number":90,"box":{"x":705,"y":162,"width":258,"height":13}},{"id":"99e91cb7-e87f-438d-bb5c-b2fe8391e145","block_type":"box","text":"2009); Trustee of iShares U.S. ETF","page_number":90,"box":{"x":705,"y":177,"width":236,"height":13}},{"id":"40691c36-d5ed-4759-950c-c59cae2e7c29","block_type":"box","text":"Trust (since 2011).","page_number":90,"box":{"x":704,"y":193,"width":130,"height":12}},{"id":"7607871d-7cc7-4bf4-af15-bb5310be9f2d","block_type":"box","text":"Stephen Cohen","page_number":90,"box":{"x":88,"y":303,"width":107,"height":13}},{"id":"fc4e1a09-79f7-467d-bf6c-d7ffcb2a117f","block_type":"box","text":"2","page_number":90,"box":{"x":197,"y":302,"width":5,"height":6}},{"id":"e04e04bc-ebe3-402b-91bb-84c8e5e9f2ab","block_type":"box","text":"(1975)","page_number":90,"box":{"x":89,"y":319,"width":44,"height":12}},{"id":"7323d2c2-7da3-465d-a937-636d2ca18743","block_type":"box","text":"Trustee (since","page_number":90,"box":{"x":254,"y":303,"width":99,"height":13}},{"id":"60fc2de7-c32c-4d9a-9b6d-0f1edb8f7487","block_type":"box","text":"2024).","page_number":90,"box":{"x":255,"y":319,"width":43,"height":12}},{"id":"31b586eb-7417-45b8-ad8b-bd95bbea94d3","block_type":"box","text":"Senior Managing Director, Head of","page_number":90,"box":{"x":421,"y":303,"width":243,"height":13}},{"id":"778b90ff-34ec-4ff3-bc0a-898b8054bd0f","block_type":"box","text":"Global Product Solutions of","page_number":90,"box":{"x":421,"y":319,"width":193,"height":9}},{"id":"33ccabfa-861d-41c6-825b-2f3cc338878a","block_type":"box","text":"BlackRock, Inc. 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(since 2020).","page_number":93,"box":{"x":706,"y":720,"width":118,"height":13}},{"id":"f3725299-f842-464e-890f-b290ed6ec768","block_type":"box","text":"Elise Terry","page_number":93,"box":{"x":89,"y":741,"width":70,"height":12}},{"id":"1f25f77e-5ed9-4fa6-93c5-a030d7a29717","block_type":"box","text":"(1977)","page_number":93,"box":{"x":89,"y":756,"width":45,"height":12}},{"id":"4b320f2c-ad66-4bd0-843f-f9065acc6237","block_type":"box","text":"Executive Vice","page_number":93,"box":{"x":397,"y":741,"width":99,"height":9}},{"id":"baf2c726-8ad8-42c5-979c-295245b1edb5","block_type":"box","text":"President (since","page_number":93,"box":{"x":397,"y":756,"width":111,"height":12}},{"id":"c7c94002-91b7-4e54-ab00-2f878dc9d77e","block_type":"box","text":"2025).","page_number":93,"box":{"x":397,"y":771,"width":43,"height":12}},{"id":"d9ef7bcf-b32e-45dd-a28d-e76878ec671b","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":93,"box":{"x":705,"y":741,"width":258,"height":12}},{"id":"5b3afc8f-db02-48f7-987c-42b1886086bd","block_type":"box","text":"(since 2016); Head of U.S. iShares","page_number":93,"box":{"x":705,"y":756,"width":234,"height":12}},{"id":"21caec03-c491-460e-888b-337b9298dfbc","block_type":"box","text":"(since 2024); Co-Head of Distribution","page_number":93,"box":{"x":705,"y":771,"width":261,"height":12}},{"id":"55fd4436-96f5-49f8-9953-29589b2b2dfa","block_type":"box","text":"for U.S. Wealth Advisory (2023-2024);","page_number":93,"box":{"x":704,"y":786,"width":264,"height":12}},{"id":"86592f27-32c9-4f05-905e-f7014f0b8374","block_type":"box","text":"National Sales Manager, Wirehouse","page_number":93,"box":{"x":705,"y":801,"width":247,"height":12}},{"id":"cca25d9f-fe2a-45fe-8b37-763fbcdf6c83","block_type":"box","text":"Channel (2020-2023).","page_number":93,"box":{"x":705,"y":816,"width":151,"height":13}},{"id":"bf1936ae-b898-4af3-947e-77a2801bae3c","block_type":"box","text":"63","page_number":93,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9867d847-c1d0-4dcd-96d9-0fce6ba0b68b","block_type":"box","text":"Name (Year of Birth) Position","page_number":94,"box":{"x":103,"y":55,"width":389,"height":9}},{"id":"f349db10-e7ab-4856-9678-ff99c148f4c8","block_type":"box","text":"Principal Occupation(s)","page_number":94,"box":{"x":769,"y":45,"width":135,"height":9}},{"id":"19516e2e-1d69-4ffc-9d28-28cc8fff3ecf","block_type":"box","text":"During the Past 5 Years","page_number":94,"box":{"x":770,"y":55,"width":133,"height":9}},{"id":"2ae3f8a8-0e55-4cff-a680-76bec511067e","block_type":"box","text":"Daniel Prince","page_number":94,"box":{"x":89,"y":77,"width":91,"height":9}},{"id":"a128664f-9d61-4280-b745-7c580c220046","block_type":"box","text":"(1981)","page_number":94,"box":{"x":89,"y":92,"width":44,"height":12}},{"id":"a2872210-5ccd-4c49-9781-04e8733059cc","block_type":"box","text":"Executive Vice","page_number":94,"box":{"x":397,"y":77,"width":99,"height":9}},{"id":"0807c9c0-4449-4509-aa03-1601c4db2c7b","block_type":"box","text":"President (since","page_number":94,"box":{"x":397,"y":92,"width":111,"height":12}},{"id":"454ecb73-93be-4177-a77a-b7969a1e13d9","block_type":"box","text":"2025).","page_number":94,"box":{"x":397,"y":107,"width":43,"height":12}},{"id":"1b643c05-2e10-4b2a-95f7-eecc5737f2c3","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":94,"box":{"x":705,"y":77,"width":258,"height":12}},{"id":"6cacdaa4-6eec-42f5-a39e-2336e50e9a06","block_type":"box","text":"(since 2023); Director of BlackRock,","page_number":94,"box":{"x":705,"y":92,"width":249,"height":12}},{"id":"fbf9ab89-377b-446b-a8c5-03f68a472636","block_type":"box","text":"Inc. (2015-2022); Head of U.S.","page_number":94,"box":{"x":706,"y":107,"width":207,"height":12}},{"id":"78e4ec59-409f-49f2-bcb1-118bd71e8802","block_type":"box","text":"iShares Product (since 2025); Head","page_number":94,"box":{"x":705,"y":122,"width":245,"height":12}},{"id":"f3ddc16d-2bdc-4dfa-87c0-49e2a762c802","block_type":"box","text":"of iShares Product Consulting","page_number":94,"box":{"x":705,"y":137,"width":207,"height":12}},{"id":"ca2cd0cc-2025-4d50-ab91-50b2e8b92edb","block_type":"box","text":"(2015-2025).","page_number":94,"box":{"x":705,"y":152,"width":89,"height":13}},{"id":"79ec529f-0629-420b-a3bc-195e5c336385","block_type":"box","text":"The Board has concluded that, based on each Trustee’s experience, qualifications, attributes or skills on an individual basis","page_number":94,"box":{"x":88,"y":185,"width":857,"height":12}},{"id":"fae1c910-f0ab-4cbe-942f-4f4691a8efa0","block_type":"box","text":"and in combination with those of the other Trustees, each Trustee should serve as a Trustee of the Board. Among the","page_number":94,"box":{"x":89,"y":200,"width":820,"height":12}},{"id":"56520bbd-136f-47c1-8e97-3a19b2a15920","block_type":"box","text":"attributes common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to","page_number":94,"box":{"x":89,"y":215,"width":867,"height":13}},{"id":"763c093d-e018-4248-82cd-1661ee3b9738","block_type":"box","text":"them, to interact effectively with the Funds’ investment adviser, other service providers, counsel and the independent","page_number":94,"box":{"x":88,"y":230,"width":819,"height":13}},{"id":"2dbf36c7-f015-4aec-aa41-9fa61d60d2d7","block_type":"box","text":"registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Trustees.","page_number":94,"box":{"x":89,"y":245,"width":872,"height":13}},{"id":"09e9187a-9812-4f28-bd5f-943f7da70f65","block_type":"box","text":"A Trustee’s ability to perform his or her duties effectively may have been attained through the Trustee’s educational","page_number":94,"box":{"x":88,"y":261,"width":807,"height":12}},{"id":"2b5549f1-268c-4379-b2c4-1ef18a01a53c","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":94,"box":{"x":89,"y":276,"width":869,"height":12}},{"id":"5aa71e5f-7644-49f6-b40b-1d9fac7fb62b","block_type":"box","text":"Board member of the Funds and the other funds in the Trust (and any predecessor funds), other investment funds, public","page_number":94,"box":{"x":89,"y":291,"width":850,"height":12}},{"id":"53eb78d8-d0ad-47c1-af0b-7756e3f0942d","block_type":"box","text":"companies, or non-profit entities or other organizations; and/or other life experiences. Also, set forth below is a brief","page_number":94,"box":{"x":89,"y":306,"width":816,"height":12}},{"id":"f2ce56ec-2021-4a5a-ba4b-33ee4b9537bc","block_type":"box","text":"discussion of the specific experience, qualifications, attributes or skills of each Trustee that led the Board to conclude that he","page_number":94,"box":{"x":89,"y":321,"width":872,"height":12}},{"id":"870efb7c-c63e-425d-87bc-70aeb8c4c7f7","block_type":"box","text":"or she should serve (or continue to serve) as a Trustee.","page_number":94,"box":{"x":89,"y":336,"width":383,"height":13}},{"id":"dbbec699-40ff-4ed7-a328-3a4ce972c57a","block_type":"box","text":"Robert S. Kapito has been a Trustee of the Trust since 2009. Mr. Kapito has also served as a Director of iShares, Inc. since","page_number":94,"box":{"x":89,"y":363,"width":842,"height":12}},{"id":"4dd3e0d1-4f29-47d1-9fb1-f32188901ffa","block_type":"box","text":"2009, a Trustee of iShares U.S. ETF Trust since 2011 and a Director of BlackRock, Inc. since 2006. Mr. Kapito served as a","page_number":94,"box":{"x":89,"y":378,"width":832,"height":12}},{"id":"4eae221c-6ecf-45bc-af22-78ac39ae2d28","block_type":"box","text":"Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. In addition, he has over 20 years of experience as part of","page_number":94,"box":{"x":89,"y":393,"width":877,"height":12}},{"id":"03c9b845-8a56-48a6-bc7a-6974ab846085","block_type":"box","text":"BlackRock, Inc. and BlackRock’s predecessor entities. Mr. Kapito serves as President of BlackRock, Inc., and is a member of","page_number":94,"box":{"x":89,"y":408,"width":855,"height":12}},{"id":"d8558b27-52ce-4e19-bfa6-8c19e4296dc9","block_type":"box","text":"the Global Executive Committee and Chairman of the Global Operating Committee. He is responsible for day-to-day oversight","page_number":94,"box":{"x":88,"y":423,"width":880,"height":12}},{"id":"7c24a3fa-27b7-4a79-9a64-a6f70938b9f0","block_type":"box","text":"of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk &","page_number":94,"box":{"x":89,"y":438,"width":865,"height":13}},{"id":"78c4ce04-1cba-4a14-82e9-adcb00ebbc85","block_type":"box","text":"Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock,","page_number":94,"box":{"x":89,"y":453,"width":876,"height":13}},{"id":"8b31c81c-ba07-4c5e-9dd9-2c8ab82754b0","block_type":"box","text":"Inc. and Head of BlackRock’s Portfolio Management Group. In that role, he was responsible for overseeing all portfolio","page_number":94,"box":{"x":89,"y":468,"width":823,"height":13}},{"id":"6f292110-d76e-4b01-be6f-e79da1fe5520","block_type":"box","text":"management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito","page_number":94,"box":{"x":89,"y":484,"width":864,"height":12}},{"id":"db89c868-9bb7-4ced-a085-3980dfa9d892","block_type":"box","text":"serves as a member of the Board of Trustees of the University of Pennsylvania and the Harvard Business School Board of","page_number":94,"box":{"x":89,"y":499,"width":841,"height":12}},{"id":"08b58483-7512-461f-abc4-1682d57885df","block_type":"box","text":"Dean’s Advisors. He has also been President of the Board of Directors for the Hope & Heroes Children’s Cancer Fund since","page_number":94,"box":{"x":89,"y":514,"width":853,"height":12}},{"id":"76b71e22-7650-49bd-857d-8b53366824cf","block_type":"box","text":"2002. Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in 1979, and an","page_number":94,"box":{"x":89,"y":529,"width":876,"height":12}},{"id":"763403d9-b47d-4bb8-957d-795e83043ab3","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":94,"box":{"x":89,"y":544,"width":360,"height":12}},{"id":"e2c535ea-dfb9-41f0-af7a-62029d1508db","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":94,"box":{"x":88,"y":570,"width":841,"height":13}},{"id":"1be1b2c5-bd10-49e7-bdc9-57928c1457f8","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":94,"box":{"x":88,"y":586,"width":865,"height":12}},{"id":"cfe536a3-90c4-4635-940d-d74e0f8ab83c","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":94,"box":{"x":89,"y":601,"width":854,"height":12}},{"id":"3390601b-08bd-41fc-8a84-701241b43c4e","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":94,"box":{"x":88,"y":616,"width":869,"height":12}},{"id":"8aa328c7-9d48-4698-a069-fc74dd37f24d","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":94,"box":{"x":89,"y":631,"width":856,"height":12}},{"id":"5afef432-9e25-4b35-9cf4-f3b40cbf939e","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":94,"box":{"x":89,"y":646,"width":846,"height":12}},{"id":"4029a238-4f4e-4635-a24f-a2687462f28e","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":94,"box":{"x":88,"y":661,"width":830,"height":13}},{"id":"4795596e-1a8e-4c2a-85d9-e8ef42e6118c","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":94,"box":{"x":89,"y":676,"width":866,"height":13}},{"id":"6a9773fa-3677-4068-812d-961ff5b63f3c","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":94,"box":{"x":89,"y":691,"width":857,"height":13}},{"id":"cccfcb77-6826-45f7-965a-392d2cd3ff64","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":94,"box":{"x":89,"y":707,"width":861,"height":12}},{"id":"6eb71d53-5fe3-43ea-8776-cb55ab8927e7","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":94,"box":{"x":89,"y":722,"width":865,"height":12}},{"id":"a4ee0b59-323a-4e06-a3da-b9390b6de60b","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":94,"box":{"x":89,"y":737,"width":861,"height":12}},{"id":"084ab4d6-c672-4ad7-9e2d-eeec2744e00a","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":94,"box":{"x":89,"y":752,"width":845,"height":12}},{"id":"9b886990-beee-4179-8104-54799fce6903","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":94,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"b9e9088a-4102-494c-b777-096f918bd918","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":94,"box":{"x":88,"y":782,"width":862,"height":12}},{"id":"49a57fc0-eb60-45b7-9618-cfcfe4c89c31","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":94,"box":{"x":89,"y":797,"width":410,"height":13}},{"id":"94c7ad66-2d0a-46e1-b51f-5815e114f3ff","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":94,"box":{"x":88,"y":824,"width":858,"height":12}},{"id":"384243c6-bd5f-4802-aa59-701ee8eb4275","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":94,"box":{"x":89,"y":839,"width":849,"height":12}},{"id":"bf1acfed-5234-4c2e-bb71-04eb50032317","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":94,"box":{"x":89,"y":854,"width":830,"height":12}},{"id":"056f509b-3807-40c1-981e-a92f3aae95f2","block_type":"box","text":"64","page_number":94,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"703560b1-7107-4b6c-a955-1ae6047b7be4","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":95,"box":{"x":89,"y":44,"width":822,"height":12}},{"id":"da7f5a28-fa45-4a08-8913-b5da5b4f62a5","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":95,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"59998ee1-3521-4d8f-92bb-eed4ca9f6301","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":95,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"ca369e37-dfd8-48a1-9399-54642a0fdf3a","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":95,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"717e30b3-0cca-488f-86dc-386202b92b7e","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":95,"box":{"x":89,"y":104,"width":618,"height":13}},{"id":"e7e281c5-8415-4cb0-995e-aff53b7ecd97","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":95,"box":{"x":88,"y":131,"width":837,"height":12}},{"id":"08d01b17-4686-45d7-b0ed-8cdf5e06d6ab","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":95,"box":{"x":89,"y":146,"width":819,"height":11}},{"id":"3d58c221-00e1-4685-a1c8-f837d3605247","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":95,"box":{"x":88,"y":161,"width":832,"height":12}},{"id":"ceae9707-a9e9-4ca9-a2a1-94856a7b415c","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":95,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"3a899980-ff98-49a1-ac59-c62e0ba8170d","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":95,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"412e8565-d291-4041-ad26-9224994d4159","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":95,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"4e0557ed-b99b-454a-ac85-832c2b714c5f","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":95,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"bc5884d7-92b4-40a2-99f3-d84c5028908e","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":95,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"b24f2459-d33e-4b05-b41b-d040a96cdb1d","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":95,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"6c174871-42e4-4636-9ccc-f51dda0bd82b","block_type":"box","text":"and as Chair of the Audit Committee since 2020. Ms. Carlin served as a member of the Audit Committee from 2012 to 2018,","page_number":95,"box":{"x":89,"y":267,"width":865,"height":11}},{"id":"2368cee7-3113-4864-bb2f-8b9e9ce43858","block_type":"box","text":"Chair of the Nominating and Governance Committee from 2017 to 2018 and as an Independent Director on the Board of PHH","page_number":95,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"aefe5904-de79-490a-a625-67e8c82f5f3a","block_type":"box","text":"Corporation from 2012 to 2018. She previously served as a Director on the Boards of Astoria Financial Corporation and","page_number":95,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"ca0662a9-5eb6-47ec-8b1d-21e96ca3aebc","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":95,"box":{"x":88,"y":312,"width":859,"height":13}},{"id":"1be9e9b3-442b-4e93-8406-d7b0b4648998","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":95,"box":{"x":88,"y":327,"width":854,"height":13}},{"id":"2055764b-8a94-4621-a66e-5dcd4f7e5970","block_type":"box","text":"Chair and Chair of the Cyber Security Committee from 2009 to 2010. Ms. Carlin has a BA degree in political science from","page_number":95,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"cb0c126f-1043-4c79-8971-d878e186defc","block_type":"box","text":"State University of New York at Stony Brook and a JD degree from Benjamin N. Cardozo School of Law.","page_number":95,"box":{"x":88,"y":358,"width":713,"height":12}},{"id":"8adfa8db-7f31-4c68-b5ec-8ee1b5917087","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":95,"box":{"x":89,"y":384,"width":866,"height":12}},{"id":"184b5d16-36f0-4d49-bb59-35060b44efb4","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":95,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"02070f31-d86d-473a-87d0-9f79c1b6fab5","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":95,"box":{"x":89,"y":414,"width":864,"height":13}},{"id":"1b09e20c-f5cd-453f-b3a2-1c0865353c4d","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":95,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"29b401cb-6f33-4ed1-8a18-45107689ea25","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":95,"box":{"x":89,"y":445,"width":868,"height":12}},{"id":"f55e36ff-1406-4dce-99cc-43f72ed0ca81","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":95,"box":{"x":89,"y":460,"width":837,"height":12}},{"id":"376b5d38-6e0c-4192-8cbc-a3cf2677d128","block_type":"box","text":"Andersen LLP, where he developed and managed the asset management audit practice in the Philadelphia office. Mr. Fagnani","page_number":95,"box":{"x":88,"y":475,"width":876,"height":12}},{"id":"09e1a627-137e-466a-b827-96a9d05920ea","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":95,"box":{"x":89,"y":490,"width":843,"height":12}},{"id":"16e3392b-c535-4179-be58-a699dbfe6dd5","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":95,"box":{"x":88,"y":505,"width":866,"height":12}},{"id":"06722f1b-a888-42e1-9dd5-ebd7c0b3dc93","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":95,"box":{"x":89,"y":520,"width":871,"height":12}},{"id":"d98e2490-f4e7-4af8-a760-880746c0f201","block_type":"box","text":"degree in Accounting from LaSalle University.","page_number":95,"box":{"x":89,"y":535,"width":316,"height":13}},{"id":"3301ba16-c867-47b1-98db-c41533e87797","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":95,"box":{"x":89,"y":562,"width":866,"height":12}},{"id":"d0c2ed8b-e361-49fe-bf1e-72715e6690ca","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":95,"box":{"x":89,"y":577,"width":867,"height":12}},{"id":"94f123aa-337b-4478-99d8-f4554d369d27","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":95,"box":{"x":89,"y":592,"width":854,"height":12}},{"id":"06061158-477a-4703-ae10-ac6587efb7cd","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":95,"box":{"x":89,"y":607,"width":850,"height":12}},{"id":"e6041ba4-775d-4c2d-a584-2ece7d7ab340","block_type":"box","text":"1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a Director,","page_number":95,"box":{"x":90,"y":622,"width":851,"height":12}},{"id":"75139eb0-d3db-4b27-97e2-7bc83a709e72","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":95,"box":{"x":89,"y":637,"width":856,"height":12}},{"id":"310cbc91-e44f-4224-899a-fda19c34e12b","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":95,"box":{"x":89,"y":652,"width":863,"height":13}},{"id":"6b94a1f6-db83-45c6-857c-7065f91f6aab","block_type":"box","text":"Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":95,"box":{"x":88,"y":668,"width":665,"height":12}},{"id":"139e5b55-d198-4948-a8e7-7e08edc48943","block_type":"box","text":"Cecilia H. Herbert has been a Trustee of the Trust since 2005. Ms. Herbert has also served as a Director of iShares, Inc. since","page_number":95,"box":{"x":89,"y":694,"width":863,"height":11}},{"id":"8f4ee9ba-56a2-4e34-86b1-21b5bcd258ec","block_type":"box","text":"2005, a Trustee of iShares U.S. ETF Trust since 2011 and Chair of the Trust’s Board from 2016 to 2021. Ms. Herbert served as a","page_number":95,"box":{"x":89,"y":709,"width":878,"height":11}},{"id":"a43bcdb2-bfd3-4124-a8ce-492385a15ffe","block_type":"box","text":"Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Previously, Ms. Herbert served as Trustee of the","page_number":95,"box":{"x":89,"y":724,"width":813,"height":13}},{"id":"9103c818-0d07-455a-981c-65dccb801cd0","block_type":"box","text":"Montgomery Funds from 1992 to 2003, the Pacific Select Funds from 2004 to 2005, the Forward Funds from 2009 to 2018,","page_number":95,"box":{"x":89,"y":739,"width":859,"height":13}},{"id":"0b8a7dfa-3d26-4ae2-94e6-eee976b9ef0c","block_type":"box","text":"the Salient Funds from 2015 to 2018 and the Thrivent Church Loan and Income Fund from 2019 to 2022. She has served as a","page_number":95,"box":{"x":88,"y":754,"width":874,"height":10}},{"id":"fe4c9f6d-5b10-4808-882f-28fea14a839c","block_type":"box","text":"member of the Finance, Audit and Quality Committees and Trustee of Stanford Health Care since 2016 and became Chair of","page_number":95,"box":{"x":89,"y":770,"width":869,"height":12}},{"id":"b1ec87d0-8aa5-410b-8a48-484c3b5c24ae","block_type":"box","text":"the Finance Committee of Stanford Health Care in 2019. She has served as a Trustee of WNET, New York’s public media","page_number":95,"box":{"x":88,"y":785,"width":834,"height":12}},{"id":"67f01a41-61e8-4325-a967-6ef4f9c221f7","block_type":"box","text":"station, since 2011 and a Member of its Audit Committee since 2018. She was appointed to the Wyoming State Investment","page_number":95,"box":{"x":89,"y":800,"width":860,"height":12}},{"id":"3d9a0656-c943-4d67-a908-f341c4377ef0","block_type":"box","text":"Funds Committee in 2022. She became a member of the Governing Council of the Independent Directors Council in 2018.","page_number":95,"box":{"x":89,"y":815,"width":851,"height":12}},{"id":"01e6339b-27ea-4d8e-94a8-64f26e603b21","block_type":"box","text":"She served as a Director of the Senior Center of Jackson Hole from 2020 to 2023 and of the Jackson Hole Center for the Arts","page_number":95,"box":{"x":88,"y":830,"width":865,"height":11}},{"id":"a250c750-0682-47a0-a7bb-9ea72566af85","block_type":"box","text":"since 2021. She was President of the Board of Catholic Charities CYO, the largest social services agency in the San Francisco","page_number":95,"box":{"x":89,"y":845,"width":864,"height":12}},{"id":"620cc242-9361-41e6-8534-0212436f5c70","block_type":"box","text":"Bay Area, from 2007 to 2011 and a member of that board from 1992 to 2013. From 1973 to 1990 she worked at J.P.","page_number":95,"box":{"x":89,"y":860,"width":801,"height":13}},{"id":"6e903825-bb12-4c94-842d-a07528e65e73","block_type":"box","text":"65","page_number":95,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c9614ff4-4f5e-4853-9913-abd8cb62c452","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":96,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"371961a2-8621-4080-9808-026eb41748e6","block_type":"box","text":"and Head of the West Coast Office. Ms. Herbert has been on numerous non-profit boards, chairing investment and finance","page_number":96,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"54466cfe-5dfa-4f54-a567-de3ff79a688a","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":96,"box":{"x":89,"y":74,"width":824,"height":12}},{"id":"85f85b04-840d-4123-9399-323cc43c4175","block_type":"box","text":"Harvard Business School.","page_number":96,"box":{"x":89,"y":89,"width":175,"height":10}},{"id":"de71a88c-4eb7-443b-b7ae-d04f464af62f","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":96,"box":{"x":88,"y":116,"width":867,"height":11}},{"id":"d4f9d6d9-07d8-4b3a-8967-5579974bf62c","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":96,"box":{"x":89,"y":131,"width":857,"height":11}},{"id":"0ed110ed-79c7-4f79-abfc-acbd8c075dd7","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":96,"box":{"x":89,"y":146,"width":856,"height":12}},{"id":"d2cd115e-81d7-4d86-9d0e-f4fefe7a4044","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":96,"box":{"x":89,"y":161,"width":850,"height":12}},{"id":"502a3f88-73d6-4cdc-b88b-285b81ff763d","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":96,"box":{"x":89,"y":176,"width":850,"height":13}},{"id":"08496392-b5fc-4d64-9ddb-f1f2a637aefb","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":96,"box":{"x":88,"y":191,"width":840,"height":13}},{"id":"806de902-eef5-4687-b1c3-7ab8119f4285","block_type":"box","text":"Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk management consulting firm serving","page_number":96,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"b6b00fed-351c-48fe-85ce-d2ea13d72876","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":96,"box":{"x":89,"y":222,"width":856,"height":12}},{"id":"6bfdcfd0-e10e-44b1-be49-fe73abafdd79","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":96,"box":{"x":89,"y":237,"width":838,"height":12}},{"id":"65706013-cefe-4beb-811e-7f369545c4a1","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":96,"box":{"x":89,"y":252,"width":867,"height":12}},{"id":"ac673608-b774-4c6d-b1f2-2649fdbbe80e","block_type":"box","text":"is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk Management,” leading risk management","page_number":96,"box":{"x":89,"y":267,"width":867,"height":12}},{"id":"87efb4c4-b11f-4960-880f-68bf21d68592","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":96,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"e8f0dfc0-cdb4-47bd-926b-2a5fda6bcb1f","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":96,"box":{"x":89,"y":297,"width":860,"height":12}},{"id":"b10794c2-634a-458d-a68b-a41244764cd2","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":96,"box":{"x":89,"y":312,"width":865,"height":13}},{"id":"aeaf9f12-f7f5-4e55-bdff-6bd72a4f585d","block_type":"box","text":"Los Angeles.","page_number":96,"box":{"x":89,"y":327,"width":87,"height":13}},{"id":"bc777610-e15a-4afe-ad81-0839d1473c8e","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":96,"box":{"x":89,"y":354,"width":865,"height":10}},{"id":"5fee2d21-8ad3-440f-8078-3c70dba59e97","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":96,"box":{"x":89,"y":369,"width":839,"height":11}},{"id":"7a4da9c7-5777-4d82-b788-c5c805ec6baf","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":96,"box":{"x":89,"y":384,"width":821,"height":12}},{"id":"187e2f6c-93b1-4004-8db9-4013dfcbc093","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":96,"box":{"x":89,"y":399,"width":848,"height":13}},{"id":"a7a42e85-5a5f-4363-996f-ce4303077f1b","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":96,"box":{"x":88,"y":414,"width":870,"height":13}},{"id":"f8155b33-2dd6-4b4b-b71c-199dcea81c7e","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":96,"box":{"x":89,"y":429,"width":839,"height":13}},{"id":"a30dc0a0-a92b-4f1b-86ff-dd07fe9f9db2","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":96,"box":{"x":89,"y":445,"width":846,"height":12}},{"id":"d4e062f8-89b5-4246-8aee-15e019f49a07","block_type":"box","text":"Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":96,"box":{"x":88,"y":460,"width":844,"height":12}},{"id":"7e00a798-0594-4196-9751-3f5e40ab0c48","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":96,"box":{"x":89,"y":475,"width":804,"height":12}},{"id":"ebbdea53-e2e4-4b21-b4d9-1ede1558f5b9","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":96,"box":{"x":89,"y":490,"width":859,"height":12}},{"id":"89ac04fb-5ea7-4ed0-982f-56deaffd0324","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":96,"box":{"x":89,"y":505,"width":806,"height":12}},{"id":"26a1813a-8fd3-46ab-964f-d61029cd458f","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":96,"box":{"x":88,"y":531,"width":863,"height":13}},{"id":"e487e641-251e-4a17-b5ba-e65e0ad8815d","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":96,"box":{"x":89,"y":547,"width":877,"height":11}},{"id":"4fef176a-b68f-4f99-8bcb-a1a663a235fb","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":96,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"d792e2dd-8c7c-40b6-81dd-2f2ef1702525","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":96,"box":{"x":89,"y":577,"width":852,"height":12}},{"id":"b51ee02d-f39f-478d-9519-eebcb6bc27e2","block_type":"box","text":"consulting services to this privately held firm that develops products and strategies for homeowners in managing the equity","page_number":96,"box":{"x":89,"y":592,"width":868,"height":12}},{"id":"07a24d16-906d-4b74-9328-69468ab62572","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":96,"box":{"x":89,"y":607,"width":825,"height":11}},{"id":"c0792d1e-5f20-46e7-bc4a-aaff9837a153","block_type":"box","text":"previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he provided governance oversight","page_number":96,"box":{"x":89,"y":622,"width":836,"height":12}},{"id":"c46bcce9-0b2e-48bd-9fd4-f2260d424d25","block_type":"box","text":"representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through oversight of BGI’s worldwide","page_number":96,"box":{"x":89,"y":637,"width":817,"height":13}},{"id":"2e568155-16ad-4209-8f67-ef31998750bd","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":96,"box":{"x":89,"y":652,"width":848,"height":13}},{"id":"7238fa5f-0a15-417e-9f88-476ec7fd6465","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":96,"box":{"x":89,"y":668,"width":867,"height":12}},{"id":"16956265-7a1f-44d9-a941-7e452166c8b9","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":96,"box":{"x":89,"y":683,"width":840,"height":11}},{"id":"49911c3c-f588-46e3-8974-623e10e45335","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":96,"box":{"x":88,"y":698,"width":853,"height":12}},{"id":"543edac5-61ac-42ac-a0a4-f7f5cba7875b","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":96,"box":{"x":89,"y":713,"width":866,"height":12}},{"id":"121f6e41-1437-4431-becf-49fd08308bfe","block_type":"box","text":"University of Chicago Booth School of Business.","page_number":96,"box":{"x":89,"y":728,"width":333,"height":12}},{"id":"0ab91cc1-0da4-4d37-8a0f-4ffcca2f5c2f","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":96,"box":{"x":89,"y":754,"width":866,"height":13}},{"id":"5de0115c-ecb5-4a4b-b58e-d2d24c1d1c1d","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":96,"box":{"x":88,"y":770,"width":854,"height":12}},{"id":"70edc05e-a83e-4a38-ad28-553f8252327d","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":96,"box":{"x":89,"y":785,"width":869,"height":12}},{"id":"7d945bd6-b7db-484d-bc71-673bfdbf1bd5","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":96,"box":{"x":89,"y":800,"width":858,"height":12}},{"id":"6a3ae3e4-fc98-4af9-b7e5-cda053b827bc","block_type":"box","text":"the University of Chicago Booth School of Business and also serves as Chair of the Board for the Center for Research in","page_number":96,"box":{"x":88,"y":815,"width":828,"height":12}},{"id":"b89999a3-1f67-4e9a-9f2a-9ed17bfc72ac","block_type":"box","text":"Security Prices, LLC, an affiliate of the University of Chicago Booth School of Business, since 2020. He has served on the","page_number":96,"box":{"x":88,"y":830,"width":835,"height":12}},{"id":"db7fc757-7996-4730-abc8-fd53bd243080","block_type":"box","text":"Advisory Board of C.M. Capital Corporation since 2016 and as a Director of C.M. Capital Corporation since 2020. Mr. Rajan","page_number":96,"box":{"x":88,"y":845,"width":852,"height":12}},{"id":"50528841-2dfa-4d4c-bd51-c3f9add75cc2","block_type":"box","text":"has served as a director of WellBe Senior Medical since 2023. From 2001 to 2017, Mr. Rajan was the Robert K. Jaedicke","page_number":96,"box":{"x":89,"y":860,"width":821,"height":13}},{"id":"829c5ce3-edd7-4435-beb4-9181aa9b40a4","block_type":"box","text":"66","page_number":96,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b4c69e6f-07e8-4bae-b2d5-28788e6defa8","block_type":"box","text":"Professor of Accounting at the Stanford University Graduate School of Business. In April 2017, he received the school’s Robert","page_number":97,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"1225136d-aa82-4d68-a0b6-ff7cdf4b8087","block_type":"box","text":"T. Davis Award for Lifetime Achievement and Service. He has taught accounting for over 25 years to undergraduate, MBA","page_number":97,"box":{"x":88,"y":59,"width":850,"height":12}},{"id":"864cff18-73d2-4181-ba4b-d721c3d28b52","block_type":"box","text":"and law students, as well as to senior executives. From 2010 to 2016, Mr. Rajan served as the Senior Associate Dean for","page_number":97,"box":{"x":89,"y":74,"width":833,"height":12}},{"id":"12cbf0dc-87ef-4917-9716-9fa06f5d03f9","block_type":"box","text":"Academic Affairs and head of the MBA Program at the Stanford University Graduate School of Business. Mr. Rajan served as","page_number":97,"box":{"x":88,"y":89,"width":867,"height":13}},{"id":"aea6f727-1634-4997-8342-aa135c99d2cc","block_type":"box","text":"editor of “The Accounting Review” from 2002 to 2008 and is co-author of “Cost Accounting: A Managerial Emphasis,” a","page_number":97,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"bc3fc721-1bee-4a71-abb5-0d663e1493e1","block_type":"box","text":"leading cost accounting textbook. From 2013 to 2018, Mr. Rajan served on the Board of Directors of Cavium Inc., a","page_number":97,"box":{"x":89,"y":119,"width":798,"height":13}},{"id":"09247d3a-8319-4bd7-8679-a088a6b46d2a","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":97,"box":{"x":89,"y":135,"width":775,"height":12}},{"id":"69935572-9e7a-4eb0-94d6-52bbf303f02e","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":97,"box":{"x":89,"y":161,"width":417,"height":12}},{"id":"7897ff80-88c1-4440-87ce-629653a14a1c","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":97,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"7cf00eb5-268c-4169-b1e6-6aded67d380e","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":97,"box":{"x":89,"y":203,"width":855,"height":12}},{"id":"1c39a883-7079-47c2-b33e-7a7d4be1d503","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":97,"box":{"x":89,"y":218,"width":847,"height":12}},{"id":"3dd56bf1-bebe-439a-8235-3509ad5c6e49","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Trustees. The Board currently conducts","page_number":97,"box":{"x":89,"y":233,"width":842,"height":12}},{"id":"2cfb8c4d-537d-40ee-a561-b8f4af18ea84","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":97,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"aaa11b1a-d893-485b-83d9-9f39b8617456","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":97,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"94d0dfbb-7627-40b9-8ddc-8d8c31540a5b","block_type":"box","text":"Independent Trustees meet regularly outside the presence of management, in executive session or with other service","page_number":97,"box":{"x":89,"y":278,"width":819,"height":13}},{"id":"cc80a00f-621f-43ea-ad6f-abcf03f6c65a","block_type":"box","text":"providers to the Trust.","page_number":97,"box":{"x":89,"y":293,"width":153,"height":13}},{"id":"31da9757-c53c-4212-863f-9531fb393c22","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":97,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"2335e31c-d572-4cf5-9f79-98b801eec988","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":97,"box":{"x":89,"y":335,"width":872,"height":12}},{"id":"05b7d995-dffe-4d1e-a4e3-286e94e13cfd","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":97,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"43e815bb-27de-4af7-ba6a-0d5c0dc9eb0a","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":97,"box":{"x":89,"y":365,"width":863,"height":12}},{"id":"93372967-8a82-4412-8595-49afc4ce405b","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":97,"box":{"x":89,"y":380,"width":803,"height":13}},{"id":"14de0a08-eed2-40b0-ad7e-96e6980272b5","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":97,"box":{"x":89,"y":395,"width":862,"height":13}},{"id":"567d1035-559f-4682-9add-3ad844c34270","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":97,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"cfc27cdb-d74b-4ea0-99b9-b781ca048c1c","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":97,"box":{"x":88,"y":426,"width":857,"height":12}},{"id":"80e1aa4e-08c4-4ee9-a487-fee2baeaaf9c","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":97,"box":{"x":89,"y":441,"width":816,"height":12}},{"id":"d016c990-4585-4669-8cb2-0091f3a92211","block_type":"box","text":"providers, officers, attorneys and other Trustees between meetings. Each standing Committee meets regularly to conduct the","page_number":97,"box":{"x":89,"y":456,"width":877,"height":12}},{"id":"4e810741-5041-43d3-bf21-7cdf2eaaecf9","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":97,"box":{"x":89,"y":471,"width":824,"height":12}},{"id":"7b781f4d-db1c-4c53-911e-f6b9977c22c7","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":97,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"590da33c-6956-4c4e-aa58-a1d319af4016","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":97,"box":{"x":88,"y":501,"width":798,"height":13}},{"id":"34da0f05-feca-42c4-9a1f-9430a663eb2e","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Trustees and the full Board to","page_number":97,"box":{"x":89,"y":516,"width":823,"height":13}},{"id":"3417f813-4622-446e-a325-13f525f2bc08","block_type":"box","text":"enhance effective oversight.","page_number":97,"box":{"x":89,"y":531,"width":194,"height":13}},{"id":"d023ad48-bc2f-44a5-be3e-45e370abeb18","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":97,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"0231b16d-a713-4d55-9783-b352ea5d8e5f","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":97,"box":{"x":88,"y":573,"width":845,"height":12}},{"id":"cd6373fa-456e-49dc-96b0-375dab3173b9","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":97,"box":{"x":89,"y":588,"width":836,"height":12}},{"id":"d8863733-d97e-49f2-bf85-c8c1ba6569db","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":97,"box":{"x":89,"y":603,"width":813,"height":13}},{"id":"a0d250c4-9e86-4811-a837-3b21916aee69","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":97,"box":{"x":89,"y":618,"width":860,"height":13}},{"id":"deec429a-3817-42ce-be3d-bb993bc93b29","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":97,"box":{"x":89,"y":633,"width":831,"height":13}},{"id":"8d2a792a-8eef-4179-8d99-9c35de20d7d7","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":97,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"d15c4b9b-bcc4-4252-b5be-47a481d47d63","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":97,"box":{"x":89,"y":664,"width":828,"height":12}},{"id":"fd68c76a-4c53-4b67-a4ed-240ec3d4fa16","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":97,"box":{"x":89,"y":679,"width":874,"height":12}},{"id":"03d133b5-ea91-41b9-ab10-b6315b3398bb","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":97,"box":{"x":89,"y":694,"width":871,"height":12}},{"id":"93e4cc66-53cb-4bbf-88f7-1c9a7c99a333","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":97,"box":{"x":89,"y":709,"width":858,"height":12}},{"id":"bbf9e1d8-dbab-4b33-bc74-316edbcd3106","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":97,"box":{"x":88,"y":724,"width":848,"height":13}},{"id":"3acd0550-7f46-48c4-be54-9d6daa4df011","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":97,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"110bb6ae-513b-4d22-8f0d-0f7fba0229de","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":97,"box":{"x":88,"y":754,"width":864,"height":13}},{"id":"337848d3-c3a9-4bb1-9100-f9aadf78e7f5","block_type":"box","text":"compliance program, including assessments by independent third parties, and reports to the Board regarding compliance","page_number":97,"box":{"x":89,"y":770,"width":850,"height":12}},{"id":"3c95d140-e16e-42ab-9d3e-b92715a75eea","block_type":"box","text":"matters for the Trust and its principal service providers. In testing and maintaining the compliance program, the Chief","page_number":97,"box":{"x":89,"y":785,"width":824,"height":12}},{"id":"0f116bd9-806e-4af7-adc0-4589d089d250","block_type":"box","text":"Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses them in","page_number":97,"box":{"x":89,"y":800,"width":841,"height":12}},{"id":"838272ab-894c-45b5-a03d-25fc715b8040","block_type":"box","text":"periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered public","page_number":97,"box":{"x":89,"y":815,"width":849,"height":12}},{"id":"5a6d8bc2-7297-4ed8-992a-acbdff824f60","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":97,"box":{"x":89,"y":830,"width":867,"height":12}},{"id":"81843ac8-f601-4c68-b14f-c3b31e6f9567","block_type":"box","text":"Board oversight of risk is also performed as needed between meetings through communications between BFA and the Board.","page_number":97,"box":{"x":89,"y":845,"width":876,"height":12}},{"id":"fc12022c-46aa-4568-8bea-27d99c4011d7","block_type":"box","text":"The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight","page_number":97,"box":{"x":88,"y":860,"width":783,"height":13}},{"id":"934d33bf-30e4-4b0a-af81-81608432e519","block_type":"box","text":"67","page_number":97,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"93ea9a26-6f90-4a1b-84ea-f822fc5e7850","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":98,"box":{"x":89,"y":44,"width":821,"height":12}},{"id":"baa355cc-bef3-4f80-adb6-3d58e37f2bff","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":98,"box":{"x":89,"y":59,"width":704,"height":12}},{"id":"a242da52-aac5-4773-b11e-8b0e04eacbc6","block_type":"box","text":"Committees of the Board of Trustees.","page_number":98,"box":{"x":89,"y":85,"width":268,"height":10}},{"id":"e168d9ec-6d72-4c4b-843a-60a57cb05c23","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":98,"box":{"x":366,"y":85,"width":555,"height":13}},{"id":"36c9da00-d30b-477f-b81b-127894fdbb3f","block_type":"box","text":"Fagnani (Co-Chair from January 1, 2025 to June 30, 2025), Cecilia H. Herbert and John E. Martinez, each of whom is an","page_number":98,"box":{"x":89,"y":101,"width":825,"height":12}},{"id":"396a8abb-a1d9-44ec-a50e-67280577bad6","block_type":"box","text":"Independent Trustee. The purposes of the Audit Committee are to assist the Board (i) in its oversight of the Trust’s","page_number":98,"box":{"x":89,"y":116,"width":800,"height":12}},{"id":"08411332-e94a-4f96-a44a-962546eb23df","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":98,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"f5550f64-eeb7-464f-a611-5f8b2d92bdeb","block_type":"box","text":"the Trust; (ii) in its oversight of the Trust’s financial statements and the independent audit thereof; (iii) in selecting, evaluating","page_number":98,"box":{"x":88,"y":146,"width":879,"height":12}},{"id":"da8bc6de-efca-4d2b-924c-ba2dafd1ecda","block_type":"box","text":"and, where deemed appropriate, replacing the independent accountants (or nominating the independent accountants to be","page_number":98,"box":{"x":89,"y":161,"width":868,"height":12}},{"id":"37a3b69a-fc47-4ba4-8ad5-785f72c0890b","block_type":"box","text":"proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the independent","page_number":98,"box":{"x":89,"y":176,"width":805,"height":13}},{"id":"34975e3f-5db3-488a-8436-871579f91e76","block_type":"box","text":"accountants; (v) in complying with legal and regulatory requirements that relate to the Trust’s accounting and financial","page_number":98,"box":{"x":89,"y":191,"width":835,"height":13}},{"id":"60aa9680-7b06-4877-a66f-fe2a83ccb77b","block_type":"box","text":"reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other responsibilities as","page_number":98,"box":{"x":89,"y":206,"width":854,"height":13}},{"id":"7ffc3597-4f0f-465d-9bd7-046116fbb482","block_type":"box","text":"may be delegated by the Board. The Audit Committee met five times during the fiscal year ended August 31, 2025.","page_number":98,"box":{"x":89,"y":222,"width":799,"height":12}},{"id":"61f0052e-2942-4cda-9715-56a6222cea94","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":98,"box":{"x":88,"y":248,"width":830,"height":12}},{"id":"4a3c5a52-29cb-4e97-a4af-52696e7cba0b","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Trustee. The Nominating and Governance Committee","page_number":98,"box":{"x":89,"y":263,"width":848,"height":12}},{"id":"8284d472-f68f-4909-93fc-e35a3d1d4753","block_type":"box","text":"nominates individuals for Independent Trustee membership on the Board and recommends appointments to the Advisory","page_number":98,"box":{"x":89,"y":278,"width":855,"height":13}},{"id":"acbe57c9-6de0-4ba2-bb18-721682835ca0","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":98,"box":{"x":89,"y":293,"width":866,"height":13}},{"id":"5b9b3de1-8d70-48ff-a096-e998f73a945e","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Trustee; (ii) recommending to the","page_number":98,"box":{"x":89,"y":308,"width":859,"height":13}},{"id":"36f11d53-89b6-44de-bc3d-fb32486debd1","block_type":"box","text":"Board and current Independent Trustees the nominee(s) for appointment as an Independent Trustee by the Board and","page_number":98,"box":{"x":89,"y":324,"width":827,"height":12}},{"id":"d6075a05-26c3-47a9-88e0-8c534dc4806e","block_type":"box","text":"current Independent Trustees and/or for election as Independent Trustees by shareholders to fill any vacancy for a position","page_number":98,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"9c1dc972-f987-4728-8a72-dd59f425af7b","block_type":"box","text":"of Independent Trustee(s) on the Board; (iii) recommending to the Board and current Independent Trustees the size and","page_number":98,"box":{"x":89,"y":354,"width":839,"height":12}},{"id":"be70ad18-9d50-4a3c-83ad-1d336b7b1fe7","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":98,"box":{"x":89,"y":369,"width":814,"height":12}},{"id":"be59ac0c-f87f-46e8-b31b-56ca17911c7b","block_type":"box","text":"recommending a current Independent Trustee to the Board and current Independent Trustees to serve as Board Chair; (v)","page_number":98,"box":{"x":89,"y":384,"width":849,"height":12}},{"id":"52366ba0-3896-4657-8d7b-982acfc5928b","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":98,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"9a0e2603-aaf4-472e-bba6-617673779cf7","block_type":"box","text":"Independent Trustees for their services as Trustees, members or chairpersons of committees of the Board, Board Chair and","page_number":98,"box":{"x":89,"y":414,"width":859,"height":13}},{"id":"eb2fc7e7-ea60-4e57-8dfa-8dd71986f6e8","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":98,"box":{"x":89,"y":429,"width":867,"height":13}},{"id":"58b9a1cf-1df6-4163-b0af-61f481d7ae15","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":98,"box":{"x":89,"y":445,"width":812,"height":12}},{"id":"0cfa01d3-f883-4666-8695-592ac4c7f9aa","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":98,"box":{"x":89,"y":460,"width":852,"height":12}},{"id":"7cdbca89-f4d1-41fc-b626-bc0983c93546","block_type":"box","text":"year ended August 31, 2025.","page_number":98,"box":{"x":88,"y":475,"width":199,"height":12}},{"id":"6273e52c-48df-4677-83eb-fbf8449f7945","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":98,"box":{"x":89,"y":501,"width":831,"height":13}},{"id":"9e87d087-5ed6-4cad-af58-8c083bf307f9","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":98,"box":{"x":89,"y":516,"width":865,"height":13}},{"id":"a8b64586-8095-40df-a80f-74da55995ab0","block_type":"box","text":"the annual review and renewal of the Trust’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":98,"box":{"x":88,"y":531,"width":823,"height":13}},{"id":"fdfc656a-7253-4fc1-8948-8891b96d2795","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":98,"box":{"x":89,"y":547,"width":877,"height":12}},{"id":"65e651d3-5cf2-46c1-94cb-1e25432052bb","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":98,"box":{"x":88,"y":562,"width":861,"height":12}},{"id":"e38bfa54-0511-45d2-b0ed-b9289ed73fbf","block_type":"box","text":"information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and information as","page_number":98,"box":{"x":89,"y":577,"width":868,"height":12}},{"id":"cd2c3281-ff6d-4b74-8ef5-53c279e5596d","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":98,"box":{"x":89,"y":592,"width":847,"height":12}},{"id":"5d2c1985-3324-488a-8dd5-869fe7f52cf7","block_type":"box","text":"Trust. The 15(c) Committee met two times during the fiscal year ended August 31, 2025.","page_number":98,"box":{"x":88,"y":607,"width":621,"height":12}},{"id":"09d5273d-2086-4609-bf1c-012243b49f52","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":98,"box":{"x":88,"y":633,"width":837,"height":13}},{"id":"2b9b6209-60a8-4fe1-88b1-797ba132fd14","block_type":"box","text":"Martinez, each of whom is an Independent Trustee. The principal responsibilities of the Securities Lending Committee are to","page_number":98,"box":{"x":89,"y":649,"width":868,"height":12}},{"id":"8ef1b0ea-8076-4c02-b51f-56c4ed2d540a","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":98,"box":{"x":89,"y":664,"width":840,"height":12}},{"id":"c8a0f1df-5611-436a-8a6b-8811bd52a4ab","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":98,"box":{"x":88,"y":679,"width":819,"height":12}},{"id":"e58a9b3f-794e-4013-9c3c-a56f7883178d","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":98,"box":{"x":89,"y":694,"width":877,"height":12}},{"id":"8da3b542-0107-494f-8fb1-02d2fa3773d7","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":98,"box":{"x":89,"y":709,"width":854,"height":12}},{"id":"77ef5444-e288-47d8-a74b-275152fcba24","block_type":"box","text":"activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the annual","page_number":98,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"f95eacfb-6fb7-45f9-b33e-ef30e14aa435","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":98,"box":{"x":89,"y":739,"width":855,"height":13}},{"id":"9d6d6ccb-b8d0-4e64-a20f-7f2983cd17e8","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":98,"box":{"x":88,"y":754,"width":865,"height":13}},{"id":"96fa2d64-e9ac-49e9-a41f-a70d643304dc","block_type":"box","text":"ended August 31, 2025.","page_number":98,"box":{"x":89,"y":770,"width":164,"height":12}},{"id":"2654cc37-790a-4fcd-9c1f-e9774751f020","block_type":"box","text":"The members of the Equity Plus Committee are John E. Martinez (Chair), Jane D. Carlin, Richard L. Fagnani, and Cecilia H.","page_number":98,"box":{"x":88,"y":796,"width":843,"height":12}},{"id":"6f255340-f97c-4741-b5bb-12201deb1b27","block_type":"box","text":"Herbert, each of whom is an Independent Trustee. The principal responsibilities of the Equity Plus Committee are to support,","page_number":98,"box":{"x":89,"y":811,"width":870,"height":12}},{"id":"0ce7e743-9ef7-4e84-8d65-048efd9f5596","block_type":"box","text":"oversee and organize on behalf of the Board the process for oversight of Trust performance and related matters for equity","page_number":98,"box":{"x":89,"y":826,"width":851,"height":13}},{"id":"2042be9e-5f17-42de-9eec-8803a211603d","block_type":"box","text":"funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance, secondary market trading","page_number":98,"box":{"x":88,"y":841,"width":865,"height":13}},{"id":"8b2d2cf1-b398-401c-b0d1-84bf4cc4a605","block_type":"box","text":"and changes in net assets to identify any matters that should be brought to the attention of the Board; and (ii) considering","page_number":98,"box":{"x":89,"y":856,"width":856,"height":13}},{"id":"65359ef4-3403-4c01-b02f-efacd6992b95","block_type":"box","text":"68","page_number":98,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"fd07d476-b5cf-4134-a66e-91f6c0ec1e12","block_type":"box","text":"any performance or investment related matters as may be delegated to the Committee by the Board from time to time and","page_number":99,"box":{"x":89,"y":44,"width":856,"height":12}},{"id":"2def0e09-1884-4e74-9a64-a755098f555e","block_type":"box","text":"providing a report or recommendation to the Board as appropriate. The Equity Plus Committee met four times during the","page_number":99,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"af719a30-b892-4544-a0ce-fab89a43cd5c","block_type":"box","text":"fiscal year ended August 31, 2025.","page_number":99,"box":{"x":88,"y":74,"width":239,"height":12}},{"id":"61deaad7-5431-45fa-a9eb-83732522264a","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":99,"box":{"x":88,"y":101,"width":880,"height":12}},{"id":"096f79e3-6838-4cd2-8f14-8782ee86addf","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":99,"box":{"x":88,"y":116,"width":862,"height":12}},{"id":"0f9c5e59-9c80-4a65-b4a0-6af15aaf3da9","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":99,"box":{"x":89,"y":131,"width":866,"height":12}},{"id":"dcda59e2-b5b0-4d1e-936a-dad7d4889c9f","block_type":"box","text":"fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance,","page_number":99,"box":{"x":88,"y":146,"width":879,"height":12}},{"id":"907d6e26-5832-4e05-82ee-d5b5f1c1f952","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":99,"box":{"x":89,"y":161,"width":852,"height":12}},{"id":"52a306a7-ffb9-4090-bd02-dcb5997bf959","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":99,"box":{"x":89,"y":176,"width":843,"height":13}},{"id":"7c00a006-289a-4319-ba42-c843c646f45e","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":99,"box":{"x":89,"y":191,"width":833,"height":13}},{"id":"32f24a49-7c35-47f3-b6dd-59cf93b31a22","block_type":"box","text":"Committee met four times during the fiscal year ended August 31, 2025.","page_number":99,"box":{"x":89,"y":206,"width":505,"height":13}},{"id":"46da02ff-16bd-4d7f-be24-b89b11c2d1fb","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":99,"box":{"x":88,"y":233,"width":838,"height":12}},{"id":"fee16db1-1261-48f8-90cc-ce75ccbe0af5","block_type":"box","text":"2025), Cecilia H. Herbert, Drew E. Lawton and Madhav V. Rajan, each of whom is an Independent Trustee. The principal","page_number":99,"box":{"x":89,"y":248,"width":834,"height":12}},{"id":"1b406cd4-7688-4b50-97b0-ab9ecd61ddc3","block_type":"box","text":"responsibility of the Risk Committee is to consider and organize on behalf of the Board risk related matters of the Funds so","page_number":99,"box":{"x":89,"y":263,"width":856,"height":12}},{"id":"badbe50f-54f6-4118-a965-083e20693c13","block_type":"box","text":"the Board may most effectively structure itself to oversee them. The Risk Committee commenced on January 1, 2016. The","page_number":99,"box":{"x":88,"y":278,"width":850,"height":13}},{"id":"c83826a1-0a51-4e90-9cba-3f167b7cda1e","block_type":"box","text":"Risk Committee met five times during the fiscal year ended August 31, 2025.","page_number":99,"box":{"x":89,"y":293,"width":534,"height":13}},{"id":"1e539f75-d7ab-4c0c-a037-d449760e867d","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":99,"box":{"x":88,"y":320,"width":685,"height":12}},{"id":"9a65d2e0-b246-49e3-af87-735dc51d77b9","block_type":"box","text":"The following table sets forth, as of December 31, 2024, the dollar range of equity securities beneficially owned by each","page_number":99,"box":{"x":88,"y":346,"width":833,"height":13}},{"id":"dd9ef50c-548b-4e8d-a03a-58f6aec88bc1","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":99,"box":{"x":88,"y":361,"width":824,"height":13}},{"id":"087070a0-d704-4d81-8317-d73011484469","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":99,"box":{"x":89,"y":376,"width":866,"height":13}},{"id":"f2b39ff7-def0-4408-be8c-6a08a4fcc19b","block_type":"box","text":"date indicated above:","page_number":99,"box":{"x":89,"y":392,"width":148,"height":9}},{"id":"50fd0c87-4257-4230-89fa-0a3be48833ec","block_type":"box","text":"Name Fund","page_number":99,"box":{"x":145,"y":482,"width":302,"height":7}},{"id":"04765289-dcc2-4829-924a-29738cb80687","block_type":"box","text":"Dollar Range of Equity","page_number":99,"box":{"x":647,"y":472,"width":128,"height":9}},{"id":"8b534395-0134-4960-a67b-4b1fdd60c895","block_type":"box","text":"Securities in Named Fund","page_number":99,"box":{"x":637,"y":482,"width":147,"height":7}},{"id":"495b5fc6-328d-4acc-b108-8950780c18fc","block_type":"box","text":"Aggregate Dollar Range","page_number":99,"box":{"x":821,"y":421,"width":138,"height":10}},{"id":"c2cb8281-9646-4a42-aaa3-dd97c3b727a1","block_type":"box","text":"of Equity Securities in all","page_number":99,"box":{"x":820,"y":431,"width":140,"height":10}},{"id":"840d4061-448c-41f3-b47d-bc119c02d680","block_type":"box","text":"Registered Investment","page_number":99,"box":{"x":826,"y":441,"width":129,"height":10}},{"id":"df6c3ca9-3b3b-42bf-b4c9-245f64b208c8","block_type":"box","text":"Companies Overseen by","page_number":99,"box":{"x":821,"y":451,"width":139,"height":10}},{"id":"1a96444b-12f7-400c-a236-b46883db2de9","block_type":"box","text":"Trustee","page_number":99,"box":{"x":868,"y":462,"width":43,"height":7}},{"id":"675a3188-4506-495a-b2dd-dc8833be8a2e","block_type":"box","text":"in Family of","page_number":99,"box":{"x":857,"y":472,"width":67,"height":9}},{"id":"1e6f19e9-f3d9-4278-bd57-e6c7d02a4a04","block_type":"box","text":"Investment Companies","page_number":99,"box":{"x":825,"y":482,"width":131,"height":10}},{"id":"650239a6-b55f-4761-9193-12207bf024dd","block_type":"box","text":"Robert S. 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The annual retainer for services as an Advisory Board Member is the same as the annual","page_number":102,"box":{"x":89,"y":736,"width":866,"height":12}},{"id":"d4ec488e-5327-468d-8593-72c8d4bfcbbc","block_type":"box","text":"retainer for services as a Board member. The Independent Chair of the Board is paid an additional annual retainer of","page_number":102,"box":{"x":89,"y":751,"width":809,"height":12}},{"id":"7242971b-fec5-41c1-946f-a0d3e71f8189","block_type":"box","text":"$125,000. The Chair of each of the Audit Committee, Risk Committee, Equity Plus Committee, Fixed Income Plus Committee,","page_number":102,"box":{"x":89,"y":766,"width":873,"height":12}},{"id":"24869fa0-07c0-4e8b-b10a-17539c52289e","block_type":"box","text":"Securities Lending Committee, Nominating and Governance Committee and 15(c) Committee is paid an additional annual","page_number":102,"box":{"x":88,"y":781,"width":854,"height":12}},{"id":"cbf32b48-d7f2-4e1a-9271-646579d107f1","block_type":"box","text":"retainer of $50,000. The Co-Chair of each of the Audit Committee and Risk Committee was paid an additional retainer of","page_number":102,"box":{"x":89,"y":796,"width":846,"height":12}},{"id":"7d5e4a3d-d647-4c0b-b102-74db34c90305","block_type":"box","text":"$25,000. 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BlackRock may, in certain cases, elect to","page_number":111,"box":{"x":89,"y":577,"width":821,"height":12}},{"id":"b0e1f0f0-b4df-4e74-8305-8d50fe24d74c","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":111,"box":{"x":89,"y":592,"width":858,"height":12}},{"id":"8b9a3087-cd63-4105-9ab8-254c6d58ec54","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":111,"box":{"x":89,"y":607,"width":866,"height":12}},{"id":"c68def3a-e9b9-420c-a569-b97278df2d96","block_type":"box","text":"so.","page_number":111,"box":{"x":89,"y":625,"width":18,"height":7}},{"id":"70f29825-3adc-4681-a3e2-3c195c4ced08","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by BlackRock. 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BlackRock may pursue rights, provide advice or engage in other","page_number":111,"box":{"x":88,"y":751,"width":854,"height":12}},{"id":"15dc344c-8be8-402a-8349-2ed08cbaa579","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":111,"box":{"x":89,"y":766,"width":835,"height":12}},{"id":"bcc973bc-2c99-4a61-990d-aa599980a6f3","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":111,"box":{"x":89,"y":781,"width":861,"height":12}},{"id":"b84e098d-4082-44a8-a854-78e3369cbc97","block_type":"box","text":"effect on the Fund. 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BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":112,"box":{"x":89,"y":188,"width":865,"height":12}},{"id":"62ff9de4-e346-42cf-a145-bf83e5ce6810","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":112,"box":{"x":89,"y":203,"width":804,"height":12}},{"id":"ef829e7e-26bd-4b4c-84c1-3f9623811656","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. 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It","page_number":112,"box":{"x":89,"y":376,"width":873,"height":13}},{"id":"67ccfa37-b767-4ebb-aeb3-27807c3144e1","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":112,"box":{"x":89,"y":392,"width":851,"height":12}},{"id":"70cddcaf-72cb-474d-9e6f-49d3a8cea43b","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":112,"box":{"x":89,"y":407,"width":859,"height":12}},{"id":"dfd60e8d-8938-488e-bbb0-e5c201d76f49","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":112,"box":{"x":88,"y":422,"width":840,"height":12}},{"id":"f05171b9-4c1e-4585-be28-f810ab1ac8c1","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":112,"box":{"x":89,"y":437,"width":433,"height":12}},{"id":"7f0719b7-b9cb-4bf2-8395-bed12437727f","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":112,"box":{"x":89,"y":463,"width":838,"height":13}},{"id":"b18095bf-ed31-4c40-bda5-3884c9a3e942","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":112,"box":{"x":89,"y":479,"width":845,"height":12}},{"id":"a4987e7e-96e2-452f-a62e-24785d30f68d","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":112,"box":{"x":89,"y":494,"width":839,"height":12}},{"id":"d28d97e1-fc26-4db9-9aa5-5facc6330d41","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":112,"box":{"x":88,"y":509,"width":850,"height":12}},{"id":"27a57aa9-eb02-4089-a411-ed7e7fe6bfc0","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":112,"box":{"x":89,"y":524,"width":867,"height":12}},{"id":"af8f6f2f-36b7-4fcc-ad5e-9a0f1d35f3b1","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":112,"box":{"x":89,"y":539,"width":850,"height":12}},{"id":"ca8c23a1-16fb-497c-a7fa-bcc39d2da5a1","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":112,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"5d073d96-3143-44c9-b092-2efe489cfe9f","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":112,"box":{"x":88,"y":569,"width":678,"height":13}},{"id":"0abade53-9b39-46c7-aeaa-c6bcaceb66e0","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":112,"box":{"x":89,"y":596,"width":859,"height":12}},{"id":"cc2c736b-3c41-45d4-879a-94d44b900586","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":112,"box":{"x":88,"y":611,"width":842,"height":12}},{"id":"e9e6c69a-1774-4b81-87f6-fbd5b4de8b33","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":112,"box":{"x":89,"y":626,"width":854,"height":12}},{"id":"69256907-60b2-4312-8a22-7a4eefe5bd00","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":112,"box":{"x":89,"y":641,"width":815,"height":12}},{"id":"e4fa85e6-5f81-489e-89af-f0079ac9ec1a","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":112,"box":{"x":89,"y":656,"width":858,"height":13}},{"id":"c872d32e-cbad-425c-a044-07e9d8b7606f","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":112,"box":{"x":89,"y":671,"width":818,"height":13}},{"id":"61b7023f-ba03-4fc3-8b9c-9584891b5efc","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":112,"box":{"x":89,"y":686,"width":845,"height":13}},{"id":"f5763774-2f84-4004-a59c-d74cb11e6b54","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":112,"box":{"x":88,"y":702,"width":568,"height":12}},{"id":"ba01e024-9f2b-412a-8647-694d7693db18","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":112,"box":{"x":88,"y":728,"width":852,"height":12}},{"id":"031e781b-2a90-4cea-bcb8-6aa9d2a8431c","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":112,"box":{"x":89,"y":743,"width":851,"height":12}},{"id":"4939d82a-f347-4685-bfc4-b7bf6875f1a6","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":112,"box":{"x":89,"y":758,"width":875,"height":13}},{"id":"31cc674c-14a9-440b-a430-54fd5e965031","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":112,"box":{"x":89,"y":773,"width":869,"height":13}},{"id":"adb327be-9863-4ddc-921a-566ebfcf71dc","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":112,"box":{"x":89,"y":788,"width":868,"height":13}},{"id":"2132617e-b3b3-4a0d-b2b9-187a554941e0","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":112,"box":{"x":89,"y":804,"width":815,"height":12}},{"id":"eb69221c-8662-45e1-bdb5-8b132db8af74","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":112,"box":{"x":89,"y":819,"width":865,"height":12}},{"id":"5cc80a9b-5d74-4416-90dd-fde86a77f848","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":112,"box":{"x":88,"y":834,"width":573,"height":12}},{"id":"01f51894-7eb5-4645-b690-435ed29958c4","block_type":"box","text":"82","page_number":112,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"98cca3ee-33ee-4e27-9e5c-e29be30a9b74","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":113,"box":{"x":89,"y":44,"width":835,"height":12}},{"id":"3ca2500e-7967-4987-8b31-f11b3631bebb","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":113,"box":{"x":89,"y":59,"width":817,"height":12}},{"id":"f62fd54a-eb0d-4138-97de-75bebc86ad77","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":113,"box":{"x":89,"y":74,"width":844,"height":12}},{"id":"1c6c0ac8-a6b1-415e-8761-138c915f3274","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":113,"box":{"x":89,"y":89,"width":851,"height":13}},{"id":"e58dafa5-e601-492e-88bf-9c273d71e4e8","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":113,"box":{"x":88,"y":104,"width":839,"height":13}},{"id":"2ed247e4-c488-4a67-9d3b-9cdbda293e10","block_type":"box","text":"BlackRock.","page_number":113,"box":{"x":89,"y":119,"width":74,"height":10}},{"id":"75c85ea9-30fc-4d22-952f-390547d595b8","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":113,"box":{"x":89,"y":146,"width":872,"height":12}},{"id":"1de924c7-2008-4289-a2c9-d21caa10428d","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":113,"box":{"x":89,"y":161,"width":848,"height":12}},{"id":"762390bd-3970-40be-8e24-52c415dacf89","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":113,"box":{"x":89,"y":176,"width":827,"height":13}},{"id":"826cfdae-030a-4a8d-b97d-fe08bd6deda3","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":113,"box":{"x":89,"y":191,"width":847,"height":13}},{"id":"c592dbd5-f04f-463b-b7d2-98a8bb15fbcb","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":113,"box":{"x":89,"y":206,"width":837,"height":13}},{"id":"ca5c1ce5-9311-42ae-8723-2304c5802cc6","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":113,"box":{"x":88,"y":222,"width":857,"height":12}},{"id":"ac92ef84-ac6e-4242-9acd-005004e78a13","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":113,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"e141766e-f303-4c02-b0a6-282c1b4f2796","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":113,"box":{"x":89,"y":252,"width":839,"height":12}},{"id":"30675df1-69f4-4609-8d8c-83a8ce357740","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":113,"box":{"x":88,"y":267,"width":859,"height":11}},{"id":"36aabd98-4223-4977-8030-4fe1c36b3943","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":113,"box":{"x":88,"y":282,"width":875,"height":12}},{"id":"96f0d92f-153c-48b7-a193-fac2a0f6d3af","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":113,"box":{"x":88,"y":297,"width":817,"height":12}},{"id":"8cf62763-9a6f-4f3b-85f7-0e6341e79b26","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":113,"box":{"x":89,"y":312,"width":248,"height":13}},{"id":"737e64a6-d158-4530-8054-f1ce1f40d1a0","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":113,"box":{"x":88,"y":339,"width":801,"height":12}},{"id":"7b25405b-a4e2-4321-858c-422b8ecb7759","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":113,"box":{"x":89,"y":354,"width":836,"height":12}},{"id":"7b83afd6-4c37-4a29-a54c-aea2b19554b2","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":113,"box":{"x":89,"y":369,"width":855,"height":12}},{"id":"39037d54-c5ab-4601-a870-a646fbcff780","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":113,"box":{"x":89,"y":384,"width":854,"height":12}},{"id":"7da160e5-388a-49f3-a78b-8a2b48d38c39","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":113,"box":{"x":89,"y":399,"width":855,"height":13}},{"id":"4d4c6ea2-739d-4e07-850f-fb0d21988026","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":113,"box":{"x":89,"y":414,"width":858,"height":13}},{"id":"876d7f66-462f-477f-9371-873a56842e88","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":113,"box":{"x":89,"y":429,"width":820,"height":13}},{"id":"ad547dc0-1f2e-46d3-9285-bfa58a34befd","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":113,"box":{"x":89,"y":445,"width":329,"height":12}},{"id":"2593be9c-4ce6-4418-bc5c-a8acffeeeba1","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":113,"box":{"x":88,"y":471,"width":821,"height":12}},{"id":"74f7274f-f473-49c4-8f46-74752d841cd2","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":113,"box":{"x":89,"y":486,"width":850,"height":12}},{"id":"d9acc6d8-859e-47bd-b29e-d2ce9e530466","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":113,"box":{"x":89,"y":501,"width":874,"height":13}},{"id":"21a86ae8-9960-406a-ba94-957476484654","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":113,"box":{"x":89,"y":516,"width":824,"height":13}},{"id":"5b9105eb-a59f-43b8-9be7-f4be09f719cb","block_type":"box","text":"amounts.","page_number":113,"box":{"x":89,"y":533,"width":65,"height":8}},{"id":"82956e8f-6911-4209-97b1-b091be4e94a8","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":113,"box":{"x":88,"y":558,"width":858,"height":12}},{"id":"2dadaec3-9444-40dd-931f-3618a4b22d13","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":113,"box":{"x":89,"y":573,"width":856,"height":12}},{"id":"60b49d29-6024-4a36-b4c5-35eab08a3fef","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":113,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"0584c63a-57bf-48f2-964c-cffaf9e685aa","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":113,"box":{"x":89,"y":603,"width":831,"height":13}},{"id":"610b106c-a1c1-4d1c-b645-d67b11b7c94b","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":113,"box":{"x":89,"y":618,"width":820,"height":13}},{"id":"868b47b0-1c23-441d-a90d-cbd3b247cba4","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":113,"box":{"x":89,"y":645,"width":851,"height":12}},{"id":"4508a2ef-e5af-4833-aa63-e8e2ecdf9150","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":113,"box":{"x":89,"y":660,"width":869,"height":12}},{"id":"cc38081f-b3fa-4e8c-bf92-27119188117f","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":113,"box":{"x":89,"y":675,"width":850,"height":12}},{"id":"1366dd98-e524-4320-9370-22a50fabb5ee","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":113,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"1c588cdd-e328-4c4c-8342-5d87d447931e","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":113,"box":{"x":89,"y":705,"width":837,"height":13}},{"id":"e0ede2c6-7c43-4478-b71b-3de8becac028","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":113,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"33724188-e39b-4833-8e8e-248beddd3307","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":113,"box":{"x":88,"y":736,"width":825,"height":12}},{"id":"243cf8e2-ab81-45c7-9992-9b2e10dd4562","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":113,"box":{"x":89,"y":751,"width":870,"height":12}},{"id":"40f40be6-fc29-4bbc-a4d8-cef38c4b92b9","block_type":"box","text":"allocation.","page_number":113,"box":{"x":89,"y":766,"width":71,"height":9}},{"id":"beefea67-aeb9-416a-b4d6-090f3aea6298","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":113,"box":{"x":88,"y":792,"width":864,"height":13}},{"id":"57c6cc81-9911-4b07-ba34-05b511462049","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":113,"box":{"x":89,"y":807,"width":880,"height":13}},{"id":"76fda1f2-a37b-47d8-ab30-ce3e3f92654a","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":113,"box":{"x":89,"y":822,"width":874,"height":13}},{"id":"a8ac9e4e-dc84-4bb8-9128-ea5f57766648","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":113,"box":{"x":89,"y":838,"width":869,"height":12}},{"id":"b6b92eb9-1f1c-4783-ad5b-4f8ba4e9eb61","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":113,"box":{"x":89,"y":853,"width":848,"height":12}},{"id":"9199ad45-e091-42b6-8c1a-556ed840dd1e","block_type":"box","text":"83","page_number":113,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b97f483d-7308-4a78-8a45-d3432b6b0bdd","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":114,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"4ae56f11-95c2-468d-836d-cce998580100","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":114,"box":{"x":89,"y":59,"width":818,"height":12}},{"id":"83481678-f646-475c-b279-9d917bf4de9c","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":114,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"81d8a9e3-52da-4ce7-846b-95f0b6ce55ee","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":114,"box":{"x":89,"y":89,"width":863,"height":13}},{"id":"918643f3-1ea8-493b-95b3-39b17cfc80d2","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":114,"box":{"x":89,"y":104,"width":443,"height":13}},{"id":"995fd176-7c56-46b6-8ea5-a9672fd023f2","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":114,"box":{"x":89,"y":131,"width":868,"height":12}},{"id":"08bc44b3-1e43-44b5-83f9-5aacdb4ad290","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":114,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"c26760aa-5e5f-485c-b3a5-0f84b07a04cc","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":114,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"f1216a3d-6531-4444-b4f2-498e9d04550d","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":114,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"0b697515-0f8f-481c-a1f5-8c0de61eb882","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":114,"box":{"x":89,"y":191,"width":857,"height":13}},{"id":"569462cd-5dd5-4923-a745-5e41d9dc3453","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":114,"box":{"x":89,"y":206,"width":422,"height":13}},{"id":"db33df44-3b0f-4f85-819a-24346856ba30","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":114,"box":{"x":89,"y":233,"width":876,"height":12}},{"id":"2e9f454c-cbe0-4aff-a8d6-b2a04590bfb1","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":114,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"5c6c7195-1dc5-4a45-8058-28344a841226","block_type":"box","text":"(","page_number":114,"box":{"x":89,"y":263,"width":4,"height":12}},{"id":"de3633dc-27c2-40f3-8135-e230bcf8956a","block_type":"box","text":"i.e","page_number":114,"box":{"x":94,"y":264,"width":15,"height":9}},{"id":"b4c64cfd-f775-45c0-9020-123877e78b81","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":114,"box":{"x":110,"y":263,"width":825,"height":12}},{"id":"222bf1a2-cd18-42ec-920b-ace675c3e62e","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":114,"box":{"x":89,"y":278,"width":799,"height":13}},{"id":"f77dff88-674b-45ae-8cec-fe19f155debd","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":114,"box":{"x":89,"y":293,"width":860,"height":13}},{"id":"fad9f384-510a-46b8-a40d-94f07aaaafd2","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":114,"box":{"x":89,"y":308,"width":838,"height":13}},{"id":"80d47c00-7bf8-49c2-9ab2-d1714e3d9b40","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":114,"box":{"x":89,"y":324,"width":836,"height":12}},{"id":"bbae6515-5754-4793-b1f9-a6beda5cd9c8","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":114,"box":{"x":89,"y":339,"width":858,"height":12}},{"id":"69109015-9dc5-436e-87ea-45f1bd15df7f","block_type":"box","text":"the firm.","page_number":114,"box":{"x":88,"y":354,"width":59,"height":10}},{"id":"5794052b-3531-4e18-aed9-6066da0af7c4","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":114,"box":{"x":89,"y":380,"width":875,"height":13}},{"id":"e88f10ea-5142-4f25-931b-fa95ba226488","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":114,"box":{"x":89,"y":395,"width":848,"height":13}},{"id":"7504d05a-8f90-4e6d-a4d5-42bd40c79e2c","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":114,"box":{"x":89,"y":410,"width":868,"height":13}},{"id":"b6999252-adec-4aa8-aded-f87a32ca00ab","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":114,"box":{"x":89,"y":426,"width":864,"height":12}},{"id":"f37d3575-70bd-4f90-bc3b-b436011cec3c","block_type":"box","text":"required, or in cases involving client direction.","page_number":114,"box":{"x":89,"y":441,"width":318,"height":12}},{"id":"78084743-f971-4520-9930-c80dee5fbed3","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":114,"box":{"x":89,"y":467,"width":873,"height":13}},{"id":"653f5da4-511c-4bd3-9d5c-e1d6d3c990bd","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":114,"box":{"x":89,"y":482,"width":818,"height":13}},{"id":"19ea2f7e-d642-43db-bf8e-60320cd658c7","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":114,"box":{"x":89,"y":497,"width":860,"height":13}},{"id":"d13936df-f752-4fc4-a9b0-d3b066af69a2","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":114,"box":{"x":88,"y":513,"width":844,"height":12}},{"id":"abcf5721-117b-40f0-9491-a9957868c098","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":114,"box":{"x":89,"y":528,"width":470,"height":12}},{"id":"c42b2bf0-83fc-44a7-8631-ad29d1dee8e0","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":114,"box":{"x":89,"y":554,"width":847,"height":12}},{"id":"84bfe845-56a7-4027-a182-e4c71764b6f6","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":114,"box":{"x":89,"y":569,"width":864,"height":13}},{"id":"fde43bc8-9e1a-457f-b351-a94b93e17673","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":114,"box":{"x":89,"y":584,"width":856,"height":13}},{"id":"d16fd053-94e1-4664-a013-ea8105ffb557","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":114,"box":{"x":88,"y":599,"width":844,"height":13}},{"id":"6e5f2471-f33c-41a1-aea1-8ff403117315","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":114,"box":{"x":89,"y":615,"width":814,"height":12}},{"id":"39eb8235-eb1e-4ebe-849c-1620e7181f8f","block_type":"box","text":"BlackRock.","page_number":114,"box":{"x":89,"y":630,"width":74,"height":9}},{"id":"3e57488a-f7f2-4593-8ea4-734f7d8556d0","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":114,"box":{"x":88,"y":656,"width":879,"height":13}},{"id":"34bc9a08-ad0e-43e2-9861-734a1a2b2734","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":114,"box":{"x":89,"y":671,"width":841,"height":13}},{"id":"60973015-4a69-43b5-982f-f3afba56dcd9","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":114,"box":{"x":89,"y":686,"width":868,"height":13}},{"id":"95336360-1039-4155-b624-f5c4225936b8","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":114,"box":{"x":88,"y":702,"width":868,"height":12}},{"id":"4946ed9b-8d1d-4d0b-8550-eecbedd99637","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":114,"box":{"x":89,"y":717,"width":836,"height":12}},{"id":"85d42401-075f-40de-8858-0ec0ffbb5145","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":114,"box":{"x":89,"y":732,"width":815,"height":12}},{"id":"1a39d70c-b9d0-4d67-b4c5-9f8a30cbd66f","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":114,"box":{"x":89,"y":758,"width":840,"height":13}},{"id":"9459c51d-3d42-4523-bbbd-942ccd21608f","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":114,"box":{"x":89,"y":773,"width":875,"height":13}},{"id":"52620c71-7c6d-4eb0-a645-071da7f20cb7","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":114,"box":{"x":89,"y":788,"width":839,"height":13}},{"id":"7511b4bd-752b-4605-a36f-e07f6831f225","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":114,"box":{"x":89,"y":804,"width":869,"height":12}},{"id":"f0bd0f80-4c62-4cf3-b94c-0824d1a4eed2","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":114,"box":{"x":89,"y":819,"width":863,"height":12}},{"id":"4e0fd8d0-e5a1-4827-89d4-b10358cfbfea","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":114,"box":{"x":89,"y":834,"width":841,"height":12}},{"id":"5f46c691-9b8f-48a8-9594-524dbed7b7bb","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":114,"box":{"x":89,"y":849,"width":861,"height":12}},{"id":"63494fc4-375d-4072-829c-1736119f129e","block_type":"box","text":"84","page_number":114,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"886fea98-c4c6-4904-82f9-08b31c6828ef","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":115,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"293e7b0a-83d7-4967-b89f-30d453e5c015","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":115,"box":{"x":88,"y":59,"width":400,"height":12}},{"id":"226469fe-78c5-4125-b099-122b6f327ea3","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":115,"box":{"x":89,"y":85,"width":833,"height":13}},{"id":"d3dee4fe-105f-4091-a7cc-96b6f0330b9f","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":115,"box":{"x":89,"y":101,"width":827,"height":12}},{"id":"0597e650-3edf-40ff-880c-f962e2db98af","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":115,"box":{"x":89,"y":116,"width":845,"height":12}},{"id":"551dc634-a829-4b4b-b03e-eee7f98b6063","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":115,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"43afbd52-5be5-48dd-bf75-6a6f7a0358c0","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":115,"box":{"x":89,"y":146,"width":870,"height":12}},{"id":"3dd7af08-1270-4a5a-9c4a-ac3cbef46d11","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":115,"box":{"x":89,"y":161,"width":845,"height":12}},{"id":"d84f2c29-eb98-4ee8-a401-bbd90eb9f0c3","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":115,"box":{"x":89,"y":176,"width":825,"height":13}},{"id":"0501c62f-d6e9-47e4-86ef-ed6bc023e84f","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":115,"box":{"x":89,"y":191,"width":361,"height":13}},{"id":"4d989a76-9151-434a-8f5d-4354553a0ecc","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":115,"box":{"x":89,"y":218,"width":869,"height":12}},{"id":"47f06e52-23ea-4876-8a05-c4c3d62f978a","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":115,"box":{"x":89,"y":233,"width":862,"height":12}},{"id":"9d734cc6-5836-4f95-aa30-b80cef508257","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":115,"box":{"x":89,"y":248,"width":845,"height":12}},{"id":"4f6eca98-8990-4258-b03c-ba23020e81bb","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":115,"box":{"x":88,"y":263,"width":843,"height":12}},{"id":"3d7bbb5a-1f83-4633-b7f2-0c29835867bf","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":115,"box":{"x":89,"y":278,"width":845,"height":13}},{"id":"feb1f3dc-af48-4bfc-b066-ee75b9650d68","block_type":"box","text":"may be paid by BlackRock even though incurred in connection with executing transactions on behalf of clients, including the","page_number":115,"box":{"x":89,"y":293,"width":872,"height":13}},{"id":"f87a6b58-83d9-4a8a-8dbb-7927a0bc26dd","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":115,"box":{"x":89,"y":308,"width":805,"height":13}},{"id":"d64bfcc5-c4c2-4914-a62f-79d1a10c2769","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":115,"box":{"x":89,"y":324,"width":793,"height":12}},{"id":"bf897866-5185-44fc-8a31-73fff2a7770c","block_type":"box","text":"transactions.","page_number":115,"box":{"x":88,"y":340,"width":90,"height":8}},{"id":"60ee6943-6091-4af8-831a-cf6d03aec342","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S. stock","page_number":115,"box":{"x":89,"y":365,"width":821,"height":12}},{"id":"1416ae29-8603-4f1b-91cd-d2ab43bd8891","block_type":"box","text":"exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the appropriate venue","page_number":115,"box":{"x":89,"y":380,"width":859,"height":13}},{"id":"e6c3c36d-5b14-4134-b69c-d16c59ad8260","block_type":"box","text":"for execution of orders placed by BlackRock traders on behalf of client portfolios. In addition, transactions in ETF shares may","page_number":115,"box":{"x":88,"y":395,"width":870,"height":13}},{"id":"69798a61-d77e-4fb6-8064-65f3a7f024b1","block_type":"box","text":"be executed on MEMX if third party brokers select MEMX as the appropriate venue for the execution of such orders.","page_number":115,"box":{"x":89,"y":410,"width":810,"height":13}},{"id":"883f97c7-c1be-4549-bfc3-5e96d80143c0","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting","page_number":115,"box":{"x":89,"y":437,"width":826,"height":12}},{"id":"7e07df50-9bc6-4d95-aea2-2c8ffd47d201","block_type":"box","text":"decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such decisions are made in","page_number":115,"box":{"x":89,"y":452,"width":872,"height":12}},{"id":"0495d372-f5e4-4f01-9820-d5a61e2404ca","block_type":"box","text":"accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and","page_number":115,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"74216857-9fd2-4ac9-8fc5-ab1b5d45e97a","block_type":"box","text":"procedures, actual proxy voting decisions of BlackRock may have the effect of favoring the interests of other clients or","page_number":115,"box":{"x":89,"y":482,"width":824,"height":13}},{"id":"330adf64-d91e-472d-8685-72a6ff9b5b1c","block_type":"box","text":"businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":115,"box":{"x":89,"y":497,"width":801,"height":13}},{"id":"e298f0b5-dcf5-4bb7-8dd0-84ef2c112858","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see “Proxy Voting","page_number":115,"box":{"x":89,"y":513,"width":865,"height":12}},{"id":"ca79b41f-8a2a-4df8-b4d5-0382fe3a055a","block_type":"box","text":"Policies.”","page_number":115,"box":{"x":89,"y":528,"width":61,"height":9}},{"id":"992818be-48b8-4cff-aa95-8928163317b4","block_type":"box","text":"It is also possible that, from time to time, BlackRock and /or its advisory clients (including other funds and separately","page_number":115,"box":{"x":89,"y":554,"width":819,"height":12}},{"id":"ab53a524-f848-4065-a4d7-fd2e00c2434e","block_type":"box","text":"managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund. Increasing a Fund’s","page_number":115,"box":{"x":89,"y":569,"width":875,"height":13}},{"id":"f31a29d2-2115-43dc-b7e5-eb38389e4a41","block_type":"box","text":"assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce","page_number":115,"box":{"x":89,"y":584,"width":860,"height":13}},{"id":"676aebf8-5204-4f8d-b6c9-e07278bef96c","block_type":"box","text":"the Fund’s expense ratio.","page_number":115,"box":{"x":88,"y":599,"width":174,"height":13}},{"id":"97e66ce5-e030-435c-9860-a7705912978f","block_type":"box","text":"BlackRock reserves the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units","page_number":115,"box":{"x":89,"y":626,"width":855,"height":12}},{"id":"3bdc88d3-b3bc-4542-bf85-18a4f64a8381","block_type":"box","text":"through an Authorized Participant at any time some or all of the shares of the Fund acquired for its own accounts or the","page_number":115,"box":{"x":88,"y":641,"width":840,"height":12}},{"id":"40e0168b-3032-4bbc-b2ce-c5ebf8adecd0","block_type":"box","text":"account of a BlackRock advisory client. A large sale or redemption of shares of the Fund by BlackRock itself or a BlackRock","page_number":115,"box":{"x":89,"y":656,"width":855,"height":13}},{"id":"07706916-8311-4c4c-800c-2c035c3a23ab","block_type":"box","text":"advisory client could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":115,"box":{"x":89,"y":671,"width":822,"height":13}},{"id":"4690bfe1-5c69-4030-ad57-61d4802531e6","block_type":"box","text":"liquidity, investment flexibility, portfolio diversification, expense ratio or ability to comply with the listing requirements for the","page_number":115,"box":{"x":89,"y":686,"width":872,"height":13}},{"id":"6cfd1041-59fa-478e-b544-6d5494c57f87","block_type":"box","text":"Fund.","page_number":115,"box":{"x":89,"y":702,"width":38,"height":9}},{"id":"d6756a44-55fd-43ac-8f64-b62c934622cc","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which BlackRock has","page_number":115,"box":{"x":89,"y":728,"width":828,"height":12}},{"id":"4b91d791-a460-403e-85f0-f22c91431110","block_type":"box","text":"significant debt or equity investments or other interests. A Fund may also invest in issuances (such as structured notes) by","page_number":115,"box":{"x":89,"y":743,"width":857,"height":12}},{"id":"9399bf01-ec6b-455f-a447-ada5c88f0f4d","block_type":"box","text":"entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the","page_number":115,"box":{"x":89,"y":758,"width":860,"height":13}},{"id":"326bfa8b-57ea-4bcd-ba60-f411b27613ce","block_type":"box","text":"sale of such issuances. In making investment decisions for a Fund, BlackRock is not permitted to obtain or use material non","page_number":115,"box":{"x":89,"y":773,"width":869,"height":13}},{"id":"314c7367-13a3-450e-acc4-ed3a1b6a256b","block_type":"box","text":"public information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to time, the","page_number":115,"box":{"x":89,"y":788,"width":839,"height":13}},{"id":"c04f09c4-4420-4278-a677-be8fbd73e446","block_type":"box","text":"activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As indicated below, BlackRock may","page_number":115,"box":{"x":89,"y":804,"width":859,"height":12}},{"id":"00bddddf-e360-44d4-8183-c8b31a65f7d3","block_type":"box","text":"engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":115,"box":{"x":89,"y":819,"width":866,"height":12}},{"id":"4c988fbb-0bfb-4deb-b311-285ff65ba4d1","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the Funds. With","page_number":115,"box":{"x":89,"y":845,"width":856,"height":12}},{"id":"7c1e1e45-fc40-4d9e-8873-b3117c606665","block_type":"box","text":"respect to BlackRock and its personnel, the remuneration and profitability relating to services to and sales of the Funds or","page_number":115,"box":{"x":89,"y":860,"width":850,"height":13}},{"id":"b128e611-1bfe-4ea7-9645-b0d37df26d8a","block_type":"box","text":"85","page_number":115,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"66b26f7b-9aca-45c0-96a8-f893e59c47f1","block_type":"box","text":"other products may be greater than remuneration and profitability relating to services to and sales of certain funds or other","page_number":116,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"6d17512f-092a-4414-87bf-4c2a2a5bd884","block_type":"box","text":"products that might be provided or offered. BlackRock and its sales personnel may directly or indirectly receive a portion of","page_number":116,"box":{"x":89,"y":59,"width":860,"height":12}},{"id":"a320e674-c20c-426e-8941-e30d01b713d5","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":116,"box":{"x":88,"y":74,"width":849,"height":12}},{"id":"9325920a-2dc8-4507-8153-b1aebd2432f8","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":116,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"b4bc2be5-6d49-4a7c-9a25-540378983522","block_type":"box","text":"products or services, and the remuneration and profitability to BlackRock and such personnel resulting from transactions on","page_number":116,"box":{"x":89,"y":104,"width":868,"height":13}},{"id":"8ee0d408-72cc-457a-9b89-8a51cd7db283","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":116,"box":{"x":89,"y":119,"width":865,"height":13}},{"id":"45c61979-b459-461d-8833-c0a4055110da","block_type":"box","text":"products.","page_number":116,"box":{"x":89,"y":135,"width":65,"height":12}},{"id":"3dfc42db-b012-49b9-bc7c-d037bdbe57b9","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not limited to,","page_number":116,"box":{"x":88,"y":161,"width":820,"height":12}},{"id":"3b332739-9635-4ee5-a382-61b98584d1c0","block_type":"box","text":"marketing and promotional activities and presentations, educational training programs and conferences) for registered","page_number":116,"box":{"x":89,"y":176,"width":832,"height":13}},{"id":"6a6e5edd-ab3b-4026-bfd3-6a3b590e661c","block_type":"box","text":"representatives, other professionals and individual investors. There is a potential conflict of interest as such sponsorships","page_number":116,"box":{"x":89,"y":191,"width":845,"height":13}},{"id":"e66a6cdb-d9d9-460e-a7e5-73e417804d4d","block_type":"box","text":"may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock to retain such third parties to","page_number":116,"box":{"x":89,"y":206,"width":876,"height":13}},{"id":"c0464309-d588-476a-895f-efea35a410de","block_type":"box","text":"provide services to the Fund.","page_number":116,"box":{"x":89,"y":222,"width":200,"height":12}},{"id":"71fa9fad-2a5e-4f4c-bbd1-fab2de5244a3","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the","page_number":116,"box":{"x":89,"y":248,"width":867,"height":12}},{"id":"6ba687a4-29bf-491f-ad96-1d7f84bc9a85","block_type":"box","text":"valuation recommendations made for such clients’ accounts may differ from the valuations for the same securities or","page_number":116,"box":{"x":88,"y":263,"width":821,"height":12}},{"id":"ad9accfa-1a75-4d2e-b702-3a8281116f1a","block_type":"box","text":"investments assigned by a Fund’s pricing vendors, especially if such valuations are based on broker-dealer quotes or other","page_number":116,"box":{"x":89,"y":278,"width":855,"height":13}},{"id":"46431c06-a8a7-4a54-abe1-41edaf15e5cc","block_type":"box","text":"data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally communicate its valuation information","page_number":116,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"18b92017-ae9c-4cf8-9597-447e8b618e79","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":116,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"f7f60dcb-2bbe-4bfb-ad83-a9aeba333012","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":116,"box":{"x":88,"y":324,"width":821,"height":12}},{"id":"e8b79f97-146c-404b-b90f-8165b0b7231f","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":116,"box":{"x":89,"y":339,"width":466,"height":12}},{"id":"2484a4fc-b97b-455b-8dac-f07d53d7a750","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":116,"box":{"x":88,"y":365,"width":817,"height":12}},{"id":"cf842342-29da-4913-bf8c-93a8230afbe9","block_type":"box","text":"available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at fair value by BlackRock. BlackRock","page_number":116,"box":{"x":89,"y":380,"width":869,"height":13}},{"id":"996d828a-286b-46b1-848e-90408c28e503","block_type":"box","text":"has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts","page_number":116,"box":{"x":89,"y":395,"width":851,"height":13}},{"id":"268c99b3-a8fd-4a4c-9110-457d63391eb4","block_type":"box","text":"through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock pricing committees","page_number":116,"box":{"x":88,"y":410,"width":879,"height":13}},{"id":"8802df6b-3cc1-414c-a957-31529697745d","block_type":"box","text":"and in accordance with BlackRock’s policies and procedures (the “Valuation Procedures”). When determining a “fair value","page_number":116,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"4e4451a1-fd50-4baf-a13d-3af5489d5ab4","block_type":"box","text":"price,” the 2a-5 Committee seeks to determine the price that a Fund might reasonably expect to receive from the current sale","page_number":116,"box":{"x":89,"y":441,"width":877,"height":12}},{"id":"bd8e0bbe-c9cc-4525-a43b-886a4370609c","block_type":"box","text":"of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what a Fund","page_number":116,"box":{"x":89,"y":456,"width":844,"height":12}},{"id":"08941d3f-e603-4db1-b711-c5b548e50b34","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":116,"box":{"x":89,"y":471,"width":863,"height":12}},{"id":"6193069d-1529-450b-9aba-bc3e48d148c3","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":116,"box":{"x":88,"y":486,"width":835,"height":12}},{"id":"ec0f5218-be0f-453d-9e64-f02079208228","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":116,"box":{"x":89,"y":501,"width":845,"height":13}},{"id":"33d275c2-a98d-4296-bf18-9a8cc42e1553","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":116,"box":{"x":89,"y":516,"width":876,"height":13}},{"id":"86ac2b59-f44f-4267-847d-680b77989b77","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":116,"box":{"x":89,"y":531,"width":842,"height":13}},{"id":"73556b83-a933-4f2c-a584-234abd5ff4a6","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":116,"box":{"x":89,"y":547,"width":864,"height":12}},{"id":"8a8a6e15-7d85-479e-baab-ef16fa99acc9","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":116,"box":{"x":89,"y":562,"width":873,"height":12}},{"id":"528f8976-c473-4c61-ba97-838ec781a0e6","block_type":"box","text":"diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by","page_number":116,"box":{"x":89,"y":577,"width":832,"height":12}},{"id":"4b623a87-642e-4000-8ea1-39cc4030bcf5","block_type":"box","text":"BlackRock with respect to services for which it receives an asset-based fee.","page_number":116,"box":{"x":89,"y":592,"width":522,"height":12}},{"id":"b3003c53-a66b-40d7-9fdb-d8ab8fb7cd74","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":116,"box":{"x":88,"y":618,"width":847,"height":13}},{"id":"b6dfb330-2009-44af-8671-b29fc865d0f1","block_type":"box","text":"market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments,","page_number":116,"box":{"x":89,"y":633,"width":870,"height":13}},{"id":"4804a150-96ce-45f2-b04b-6891ddaaf758","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":116,"box":{"x":89,"y":649,"width":857,"height":12}},{"id":"89f32f66-139e-4ae3-9647-703d5f8a2b8f","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":116,"box":{"x":89,"y":664,"width":831,"height":12}},{"id":"2f88fa48-206a-4d4b-895d-247ae7302435","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":116,"box":{"x":89,"y":690,"width":866,"height":13}},{"id":"14eb7a2f-8e3e-47c3-a146-64b113d3a098","block_type":"box","text":"and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of differing trading and","page_number":116,"box":{"x":89,"y":705,"width":865,"height":13}},{"id":"918e727b-d469-465c-88b2-27bcce6912b5","block_type":"box","text":"investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the","page_number":116,"box":{"x":89,"y":720,"width":855,"height":13}},{"id":"3409d7b2-abcb-47ea-b816-1424468014d9","block_type":"box","text":"same, different from or made at different times than positions taken for the Fund. To lessen the possibility that a Fund will be","page_number":116,"box":{"x":89,"y":736,"width":872,"height":12}},{"id":"dde327dc-e32a-4bbf-bc92-b48786d78e09","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":116,"box":{"x":89,"y":751,"width":867,"height":12}},{"id":"eea9aef2-e559-41f7-9f56-1540472941cf","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":116,"box":{"x":88,"y":766,"width":847,"height":12}},{"id":"356c51bb-b22a-40d0-9594-a3d905e23dea","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":116,"box":{"x":89,"y":781,"width":841,"height":12}},{"id":"9b701d53-762d-4efc-bd09-31fda36bd6a4","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":116,"box":{"x":89,"y":796,"width":851,"height":12}},{"id":"8baed12d-cf89-4de3-826b-ebe875aad23e","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":116,"box":{"x":89,"y":811,"width":562,"height":12}},{"id":"5e5acd58-f6ec-413e-8598-35513a86454f","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":116,"box":{"x":89,"y":838,"width":861,"height":12}},{"id":"cedfe3b7-04b2-4882-8eae-5b0c4d202ead","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":116,"box":{"x":89,"y":853,"width":847,"height":12}},{"id":"82ab9a45-a326-4211-9567-bf92bb3208f9","block_type":"box","text":"86","page_number":116,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"488b8b7d-e210-4c50-9d97-b7d70ecc2a77","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":117,"box":{"x":89,"y":44,"width":877,"height":11}},{"id":"6f7f52ca-8784-4634-bdc8-99553221c969","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":117,"box":{"x":89,"y":59,"width":852,"height":12}},{"id":"99ce3922-56ac-4224-ad0e-7f918ea9d533","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":117,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"049c589b-2b1c-4c07-b871-75a3239f5da3","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":117,"box":{"x":89,"y":89,"width":846,"height":13}},{"id":"cc7beb3d-e9d9-43b8-ab16-97a207a684f5","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":117,"box":{"x":89,"y":104,"width":839,"height":13}},{"id":"c11dd118-9d31-47ce-9807-ca550d74e869","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":117,"box":{"x":89,"y":119,"width":870,"height":13}},{"id":"4588bb43-6d81-4a54-a7a7-2568cb495786","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":117,"box":{"x":89,"y":135,"width":876,"height":12}},{"id":"66d3c9a7-0dda-41c7-8829-bae5958f6b65","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":117,"box":{"x":88,"y":150,"width":864,"height":12}},{"id":"1a86dabf-e1c7-48a0-9853-8071880c1dc4","block_type":"box","text":"certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":117,"box":{"x":89,"y":165,"width":834,"height":12}},{"id":"ef076ad7-4c40-4851-b9a3-dfe30373d8f0","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management","page_number":117,"box":{"x":89,"y":180,"width":834,"height":12}},{"id":"4f18c148-6b44-4c9e-9fd6-42e692ec9b35","block_type":"box","text":"services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on","page_number":117,"box":{"x":89,"y":195,"width":859,"height":12}},{"id":"d69544c2-c24e-41a4-bd9e-fdd90808be0d","block_type":"box","text":"behalf of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":117,"box":{"x":89,"y":210,"width":853,"height":13}},{"id":"07f886f7-2225-4b09-9350-5527ff091422","block_type":"box","text":"company (","page_number":117,"box":{"x":89,"y":225,"width":73,"height":13}},{"id":"b7c95f3f-662b-4212-9af4-c7c273f54040","block_type":"box","text":"e.g","page_number":117,"box":{"x":164,"y":228,"width":20,"height":10}},{"id":"064c6a2f-c32e-43ef-a1ab-067ee84a7fae","block_type":"box","text":"., in connection with participation in a creditors’ committee). Similar situations could arise if personnel of","page_number":117,"box":{"x":185,"y":225,"width":735,"height":13}},{"id":"c763b7ec-9638-4b08-ab1f-15eaa718827f","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":117,"box":{"x":89,"y":240,"width":860,"height":13}},{"id":"7055e86e-38a9-47f5-a609-f68849f9d520","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":117,"box":{"x":89,"y":256,"width":860,"height":12}},{"id":"0677e8ee-7b70-4e1f-b79b-9fff5e2ae08c","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":117,"box":{"x":89,"y":271,"width":857,"height":12}},{"id":"e26035ab-491f-4b90-9b86-53cfa5ee3329","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":117,"box":{"x":89,"y":286,"width":863,"height":12}},{"id":"1c7d761d-b20b-4e75-ad70-b7d198752cd0","block_type":"box","text":"or officers of the issuer.","page_number":117,"box":{"x":89,"y":301,"width":161,"height":10}},{"id":"5bdaef16-a5fa-4b87-86ff-ab6ff3c2c9d1","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":117,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"c0c30c4a-5553-490a-8971-63c65a0263df","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":117,"box":{"x":89,"y":342,"width":878,"height":13}},{"id":"0aad43e9-fe03-460f-b76f-db6bd7a21f0f","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":117,"box":{"x":89,"y":358,"width":829,"height":12}},{"id":"b9e7539b-be18-49b1-96f9-f4d838f8631a","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":117,"box":{"x":89,"y":373,"width":834,"height":12}},{"id":"4ccf2954-d1f5-4dc0-9dfe-649296d3060b","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":117,"box":{"x":88,"y":388,"width":870,"height":12}},{"id":"74f52938-c7f4-457f-8df4-18b2e31f42ef","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":117,"box":{"x":88,"y":403,"width":852,"height":12}},{"id":"8ec2ce9d-2d89-4d93-acfd-431df8cc618e","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":117,"box":{"x":89,"y":418,"width":843,"height":12}},{"id":"36e1c9c9-7795-4491-bde3-1a03c4b912c9","block_type":"box","text":"obligation or other duty to do so.","page_number":117,"box":{"x":89,"y":433,"width":230,"height":13}},{"id":"b14ca888-9a01-409f-9db6-e00ee4205d86","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":117,"box":{"x":89,"y":460,"width":838,"height":12}},{"id":"75d57b5d-97b5-4084-bb88-0216f9cf99df","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":117,"box":{"x":89,"y":475,"width":879,"height":12}},{"id":"4fc25102-f5b6-47a3-9f61-f3cc33c2c720","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":117,"box":{"x":88,"y":490,"width":834,"height":12}},{"id":"7ea179d1-d209-4939-b197-881f3ae39d65","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":117,"box":{"x":89,"y":505,"width":875,"height":12}},{"id":"d20645a2-ca08-46ca-8781-bbf8959c178d","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":117,"box":{"x":89,"y":520,"width":859,"height":12}},{"id":"0aea5649-ce0c-417b-aa30-3205e5f60f2b","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":117,"box":{"x":89,"y":535,"width":875,"height":13}},{"id":"bcbd15ae-e716-49b8-93d5-a8613d4ac4fb","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":117,"box":{"x":89,"y":550,"width":841,"height":13}},{"id":"89c73941-14ba-4aa1-86f3-349e817880df","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":117,"box":{"x":89,"y":565,"width":328,"height":13}},{"id":"2a2ed508-4d04-452a-9d43-1d48cd48c481","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":117,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"9525efa7-fa5c-456a-9364-f3397864fd5e","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":117,"box":{"x":88,"y":607,"width":862,"height":12}},{"id":"b128188f-0c0e-4d59-8db2-2547d0f9e5fa","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":117,"box":{"x":88,"y":622,"width":873,"height":12}},{"id":"6278b1ec-4093-4f06-9cc8-6e3cee666c77","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":117,"box":{"x":88,"y":637,"width":845,"height":13}},{"id":"f8b54f8c-2045-4035-8519-8434f002913b","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":117,"box":{"x":89,"y":652,"width":840,"height":13}},{"id":"390d0ef3-33d9-4a23-9e2f-9cafb6432d57","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":117,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"42ae8f5b-8ddb-4333-9b69-2ae2cbb85ba5","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":117,"box":{"x":89,"y":683,"width":800,"height":12}},{"id":"6234f46f-63f8-4f51-85e8-2aebfb57c1cd","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":117,"box":{"x":89,"y":698,"width":856,"height":12}},{"id":"703c1d2c-d011-4c40-8e2a-580f65858e44","block_type":"box","text":"personnel on the other side of a barrier.","page_number":117,"box":{"x":89,"y":713,"width":274,"height":12}},{"id":"6119ab6a-5be6-45a5-a5e7-06308f5f4b19","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":117,"box":{"x":88,"y":739,"width":861,"height":13}},{"id":"03221cd1-f638-4a2e-b97a-08b971e48e72","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":117,"box":{"x":88,"y":754,"width":803,"height":13}},{"id":"c70389f7-ad19-494b-af72-87f1b681d887","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":117,"box":{"x":89,"y":770,"width":862,"height":12}},{"id":"30f3b52a-de7c-41a6-b253-fca5edc7ee75","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":117,"box":{"x":89,"y":785,"width":845,"height":12}},{"id":"c32121c8-3a4f-40fe-9fcf-dcaa7272298a","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":117,"box":{"x":89,"y":800,"width":834,"height":12}},{"id":"638cd60d-25ad-4301-92f3-22bb524dab35","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":117,"box":{"x":89,"y":815,"width":811,"height":12}},{"id":"46f584a7-5a52-4462-b22f-93c2b2e41900","block_type":"box","text":"e.g","page_number":117,"box":{"x":901,"y":818,"width":21,"height":9}},{"id":"b505cd30-526d-4cac-abdd-932e9f67295d","block_type":"box","text":".,","page_number":117,"box":{"x":923,"y":823,"width":6,"height":3}},{"id":"3eb48826-a8fc-4ef1-a122-1449a65a7120","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":117,"box":{"x":89,"y":830,"width":849,"height":12}},{"id":"2585e7be-915d-4400-ad63-09829ded4c91","block_type":"box","text":"ownership restrictions (","page_number":117,"box":{"x":89,"y":845,"width":165,"height":12}},{"id":"ea6aa2d0-53fe-4e83-b4dd-7b22d1ed0d91","block_type":"box","text":"e.g","page_number":117,"box":{"x":255,"y":848,"width":20,"height":9}},{"id":"75ef0f83-867c-42c2-82dd-be9473db081c","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":117,"box":{"x":276,"y":845,"width":688,"height":12}},{"id":"c8c893c5-7afa-4f43-9184-26114e6bd52d","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":117,"box":{"x":89,"y":860,"width":857,"height":13}},{"id":"0b8c06ae-5952-45c8-9619-179f9372512a","block_type":"box","text":"87","page_number":117,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8cc3bc27-e965-4b81-a05c-20b8c23ef5fe","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":118,"box":{"x":89,"y":44,"width":815,"height":12}},{"id":"94990fc8-6988-4bef-a8c6-b1c197c50bbe","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":118,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"eab1dd59-5d43-4f89-bb3a-7c58efb1e2ec","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":118,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"537ab310-7bc8-418d-b671-c4522bf4e67d","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":118,"box":{"x":89,"y":89,"width":813,"height":13}},{"id":"a0f2578f-7b5e-4ac6-88c4-3e778c430d6a","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":118,"box":{"x":89,"y":104,"width":390,"height":13}},{"id":"7861b888-3854-4d13-89d2-1e304782f0a9","block_type":"box","text":"e.g","page_number":118,"box":{"x":480,"y":107,"width":20,"height":10}},{"id":"5b14e4c1-0556-473f-8545-c52ef513f8e5","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":118,"box":{"x":501,"y":104,"width":451,"height":13}},{"id":"117ce966-4184-4145-a494-7b12cb4073a3","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":118,"box":{"x":89,"y":119,"width":854,"height":13}},{"id":"5fc8a49c-0d50-493a-a777-8632c90500cd","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":118,"box":{"x":89,"y":135,"width":874,"height":12}},{"id":"35f8d4a7-f1e6-4a10-a39d-39abb51a8886","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":118,"box":{"x":89,"y":150,"width":866,"height":12}},{"id":"c944afbd-faac-4c37-97af-93eabeeb72ea","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":118,"box":{"x":89,"y":165,"width":831,"height":12}},{"id":"ae1107ed-240b-4a0b-b30c-bd0ffe7579e6","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":118,"box":{"x":89,"y":180,"width":854,"height":12}},{"id":"129f165c-aecc-4497-9b7a-09a77220754d","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":118,"box":{"x":89,"y":195,"width":547,"height":12}},{"id":"a8a0482a-afc2-4975-a353-da201498eaf7","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":118,"box":{"x":89,"y":222,"width":859,"height":12}},{"id":"e39d122f-574f-4752-a0c4-cbb62409fd96","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":118,"box":{"x":89,"y":237,"width":878,"height":12}},{"id":"b63e5c6d-4529-4027-8f85-23ca1b304a95","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":118,"box":{"x":89,"y":252,"width":793,"height":12}},{"id":"d90c4f6b-8fc5-4856-b5c0-e1bd2ef23204","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":118,"box":{"x":89,"y":267,"width":828,"height":12}},{"id":"3562ce90-60f5-470f-80b3-9fb99e6feea8","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":118,"box":{"x":89,"y":282,"width":852,"height":12}},{"id":"5deeabc8-5ffa-4ca5-8654-252bd649eb9b","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":118,"box":{"x":89,"y":297,"width":877,"height":12}},{"id":"0dcf96c8-bb5d-487c-bff9-fe6f0ec279d9","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":118,"box":{"x":89,"y":312,"width":810,"height":13}},{"id":"3e311dc0-1b03-4028-88e2-d9cdece3824b","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":118,"box":{"x":89,"y":327,"width":835,"height":13}},{"id":"7dccac6c-8a22-4297-9b97-e107d5c44459","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":118,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"8024320c-d853-4ef3-bbd6-a62f45d93b7b","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":118,"box":{"x":89,"y":358,"width":874,"height":12}},{"id":"8561f1f4-35cf-4978-9ad9-ded2499ead1e","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":118,"box":{"x":88,"y":373,"width":876,"height":12}},{"id":"a07a4fa4-a1c5-4096-bf5f-6d6ce377657d","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":118,"box":{"x":89,"y":388,"width":878,"height":12}},{"id":"2fd2c13b-0708-4c4d-a8d7-883624b24df0","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":118,"box":{"x":88,"y":403,"width":812,"height":12}},{"id":"77ca5450-a292-48b7-a6e8-831ae6b6b5d0","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":118,"box":{"x":88,"y":429,"width":867,"height":13}},{"id":"30191e94-57f0-43f9-9392-1cf3c267b58d","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":118,"box":{"x":88,"y":445,"width":840,"height":12}},{"id":"d4f9b696-bd8c-454c-b028-9aa2383b42eb","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":118,"box":{"x":89,"y":460,"width":868,"height":12}},{"id":"be69cfd6-21d6-4e0a-9647-c6da3dcb271d","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":118,"box":{"x":89,"y":475,"width":829,"height":12}},{"id":"38ba0dbf-89f3-4d43-af10-1b34cafc0d71","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":118,"box":{"x":89,"y":490,"width":876,"height":12}},{"id":"b61f0c49-2bfe-4f96-831e-0fabb4af0b21","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":118,"box":{"x":89,"y":505,"width":868,"height":12}},{"id":"538d192f-c6ac-434a-ab6b-51e6dc2789ee","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":118,"box":{"x":89,"y":520,"width":879,"height":12}},{"id":"4e07172d-a99d-4ca4-9ce7-988ead0d7855","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":118,"box":{"x":89,"y":535,"width":863,"height":13}},{"id":"df95bd9a-73cb-472d-bc1c-5c2f9bc895a3","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":118,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"216041e3-7d92-45e8-b10e-a64d91b96185","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":118,"box":{"x":89,"y":565,"width":868,"height":13}},{"id":"9540068e-b244-4e51-aefe-94ac2a3183b3","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":118,"box":{"x":88,"y":581,"width":875,"height":12}},{"id":"e34d2cdd-b3ff-4109-9d66-670d0b9592f0","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":118,"box":{"x":89,"y":596,"width":840,"height":12}},{"id":"9f91bb77-5c1c-495f-96c4-2cec1aa58b73","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":118,"box":{"x":89,"y":611,"width":872,"height":12}},{"id":"b0ad56d8-95eb-49ae-9dc0-38c56f0fe84e","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":118,"box":{"x":89,"y":626,"width":817,"height":12}},{"id":"ffd751bc-d160-4479-b7f3-6701e1d02a31","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":118,"box":{"x":89,"y":641,"width":613,"height":12}},{"id":"8129aaf5-5058-4ddc-8b9c-a8a58c7f9e1a","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":118,"box":{"x":89,"y":668,"width":861,"height":12}},{"id":"1fa719ca-9106-4bf1-aaf1-da6aa8d31165","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":118,"box":{"x":89,"y":683,"width":814,"height":12}},{"id":"d123b37e-5ea4-44ec-b484-a2697b5363ef","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":118,"box":{"x":89,"y":698,"width":481,"height":12}},{"id":"12f3b5a2-6b76-4335-b540-ee09c745a4a0","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":118,"box":{"x":89,"y":724,"width":872,"height":13}},{"id":"e5b2219a-4bba-48da-aaa9-2d437243a22f","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":118,"box":{"x":89,"y":739,"width":878,"height":13}},{"id":"19ee5c26-0dc4-4fc0-aa6f-9d9e399aa555","block_type":"box","text":"to such security or asset.","page_number":118,"box":{"x":88,"y":754,"width":174,"height":13}},{"id":"5019d1d4-42ab-43db-adf5-f86bcbbd2c36","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":118,"box":{"x":89,"y":781,"width":710,"height":12}},{"id":"c0fa4ffb-bb6d-462b-a831-4da5e82074d0","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have, when applicable, retained BRIL, an affiliate of BFA, to perform certain","page_number":118,"box":{"x":89,"y":807,"width":866,"height":13}},{"id":"55f102d3-8bd7-4ec6-b26e-40cda01b7d4c","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":118,"box":{"x":89,"y":822,"width":808,"height":13}},{"id":"aca30306-eb02-42d8-8040-8366594fc7e4","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor","page_number":118,"box":{"x":89,"y":838,"width":868,"height":12}},{"id":"04ccc71e-7a14-43e8-a7a5-af3372adbfc5","block_type":"box","text":"to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants","page_number":118,"box":{"x":88,"y":853,"width":861,"height":12}},{"id":"c35f216e-42dc-4ac5-a3b0-00eaf797bf83","block_type":"box","text":"88","page_number":118,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b91dce67-b59c-44ab-979c-2a2bdb93395d","block_type":"box","text":"on each creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated","page_number":119,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"f6fca864-8264-438a-90b0-874a630297fc","block_type":"box","text":"with, and received payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and","page_number":119,"box":{"x":88,"y":59,"width":853,"height":12}},{"id":"bf427aa2-5dff-428b-bb42-37c81617d1d8","block_type":"box","text":"from time to time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":119,"box":{"x":88,"y":74,"width":801,"height":12}},{"id":"b9f5c4f1-dec3-4bd1-ac92-255fda34dbe3","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Funds may collect certain fees","page_number":119,"box":{"x":89,"y":101,"width":867,"height":12}},{"id":"920dc2c0-922c-40d2-a379-66149970f0db","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. While","page_number":119,"box":{"x":88,"y":116,"width":809,"height":12}},{"id":"36de6f26-68b6-4fb1-95b0-0e96bbb23ed4","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":119,"box":{"x":89,"y":131,"width":844,"height":12}},{"id":"e46bbe09-fef4-47c7-aa0a-58bd7ae65278","block_type":"box","text":"Funds related to creation and redemption activity, BlackRock may have incentives to improve Fund performance through the","page_number":119,"box":{"x":89,"y":146,"width":871,"height":12}},{"id":"179caf4d-67a5-4864-a065-6054005adb70","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":119,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"d7fada23-eaeb-47dc-888e-fa103d42decb","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":119,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"a26a1c27-31d5-4f84-83e9-c2e8f1deb2e4","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":119,"box":{"x":89,"y":191,"width":566,"height":13}},{"id":"06327e66-b21c-4bec-9102-53fce7484895","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":119,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"061d0598-42c9-4bfa-af61-af07bb7447a3","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":119,"box":{"x":89,"y":233,"width":859,"height":12}},{"id":"490b3420-dbe6-476e-996a-7db067d9efd7","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":119,"box":{"x":89,"y":248,"width":861,"height":12}},{"id":"e7692247-84bb-4feb-a1fb-c2b51141621e","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":119,"box":{"x":89,"y":263,"width":859,"height":12}},{"id":"7e5ac22c-032b-4601-a63a-0c5c19daa9b9","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":119,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"31a63082-72e7-414a-9539-5caf1245e7c3","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":119,"box":{"x":89,"y":293,"width":846,"height":13}},{"id":"fcc38480-f1d0-40b4-bb2e-b2253f54eee5","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":119,"box":{"x":89,"y":308,"width":867,"height":13}},{"id":"466e9d4f-dbf4-420b-b9c5-87a6671f9535","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":119,"box":{"x":89,"y":324,"width":852,"height":12}},{"id":"8cdd6bde-9369-468e-bafc-f2af4278f52f","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":119,"box":{"x":88,"y":339,"width":876,"height":12}},{"id":"e046c524-85e0-491c-89a0-80d73b0fb62a","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":119,"box":{"x":89,"y":365,"width":681,"height":12}},{"id":"36a0b149-15ea-4e0f-b7fc-c694a9578ef5","block_type":"box","text":"e.g","page_number":119,"box":{"x":771,"y":368,"width":20,"height":9}},{"id":"c130ab52-72df-4b63-8fb9-cdcf4bc2e5ab","block_type":"box","text":"., custodians,","page_number":119,"box":{"x":793,"y":365,"width":90,"height":11}},{"id":"97a1c569-38f9-4d58-b9d5-af37436a8c2c","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":119,"box":{"x":89,"y":380,"width":846,"height":13}},{"id":"0022da06-a9a1-4ac9-844e-d4e71e813dc3","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":119,"box":{"x":89,"y":395,"width":853,"height":13}},{"id":"887178f3-b11f-4298-84fa-780284378805","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":119,"box":{"x":89,"y":410,"width":858,"height":13}},{"id":"b588367f-e15e-4504-b11a-ed7a679d5197","block_type":"box","text":"with respect to a Fund. 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These systems are, or will be, used by a Fund service provider in connection with the","page_number":119,"box":{"x":89,"y":630,"width":876,"height":12}},{"id":"93eb5bc5-2c11-44f8-b24f-2a4302c53009","block_type":"box","text":"provision of services to accounts managed by BlackRock and funds managed and sponsored by BlackRock, including the","page_number":119,"box":{"x":89,"y":645,"width":845,"height":12}},{"id":"8389b1b5-4383-42a5-9de7-7e748a5341ad","block_type":"box","text":"Funds, that engage the service provider (typically the custodian). A Fund’s service provider remunerates BlackRock for the","page_number":119,"box":{"x":89,"y":660,"width":854,"height":12}},{"id":"616d04a7-6ce8-408c-8639-0c60dfefcac2","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":119,"box":{"x":89,"y":675,"width":808,"height":12}},{"id":"9c252053-e77c-441e-bb11-f4c7c163bf06","block_type":"box","text":"profitability of BlackRock.","page_number":119,"box":{"x":89,"y":690,"width":176,"height":13}},{"id":"613eb756-5d1a-4624-a7a3-78d9e3933b3b","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":119,"box":{"x":89,"y":717,"width":863,"height":12}},{"id":"d20c33ae-4f6a-4c22-9e45-3c71c2dcc0e9","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":119,"box":{"x":89,"y":732,"width":810,"height":12}},{"id":"1547b1a3-c9f8-4ca3-91a0-ed2cb84cba0f","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":119,"box":{"x":89,"y":758,"width":861,"height":13}},{"id":"fa683a87-d5fc-4da6-b49d-bee237ae7d72","block_type":"box","text":"for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses","page_number":119,"box":{"x":88,"y":773,"width":845,"height":13}},{"id":"55a4c566-8b55-41d0-b520-0a2c8ce1331d","block_type":"box","text":"applicable to such client’s investment in a Fund.","page_number":119,"box":{"x":89,"y":788,"width":334,"height":13}},{"id":"49bd380e-a23a-4960-9d6f-1da52886ed20","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":119,"box":{"x":89,"y":815,"width":838,"height":12}},{"id":"ed9fb276-4e69-4e38-8387-d8c3fe418081","block_type":"box","text":"section, may give rise to additional conflicts of interest.","page_number":119,"box":{"x":89,"y":830,"width":383,"height":12}},{"id":"07b26582-59b7-468b-9164-bdc73c76fac2","block_type":"box","text":"89","page_number":119,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8aeddc9d-1252-40ba-a075-db1265611053","block_type":"box","text":"Investment Advisory, Administrative and","page_number":120,"box":{"x":91,"y":44,"width":676,"height":30}},{"id":"56e8f41a-994e-4813-b2e4-e0f03a99c828","block_type":"box","text":"Distribution Services","page_number":120,"box":{"x":91,"y":75,"width":343,"height":23}},{"id":"b463d2f6-6d7b-4b54-af98-b937715d6322","block_type":"box","text":"Investment Adviser.","page_number":120,"box":{"x":89,"y":116,"width":141,"height":10}},{"id":"34bd6054-c4ea-4f88-80bf-6c23d5c6462f","block_type":"box","text":"BFA serves as investment adviser to each Fund pursuant to an investment advisory agreement between","page_number":120,"box":{"x":240,"y":116,"width":722,"height":12}},{"id":"46542cdb-b727-416a-adc2-707395326397","block_type":"box","text":"the Trust, on behalf of each Fund, and BFA. BFA is a California corporation indirectly owned by BlackRock, Inc. and is","page_number":120,"box":{"x":88,"y":131,"width":813,"height":12}},{"id":"2cc22931-62d1-428d-9b43-a2ea948fc44c","block_type":"box","text":"registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the investment advisory","page_number":120,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"eb4b8395-015f-46be-be25-6b2bcce2e1e7","block_type":"box","text":"agreement, BFA, subject to the supervision of the Board and in conformity with the stated investment policies of each Fund,","page_number":120,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"754d21f6-4eec-4b06-a3f6-61685ea50f11","block_type":"box","text":"manages and administers the Trust and the investment of each Fund’s assets. BFA is responsible for placing purchase and","page_number":120,"box":{"x":89,"y":176,"width":853,"height":13}},{"id":"af14844d-0b98-48be-bb49-a7652c7393b9","block_type":"box","text":"sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":120,"box":{"x":89,"y":191,"width":634,"height":13}},{"id":"3888378b-eec3-4b2f-b7d7-c1191a011e01","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":120,"box":{"x":89,"y":218,"width":876,"height":12}},{"id":"f24e5ebe-402e-41ef-a5d8-38a9dd6ced71","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":120,"box":{"x":89,"y":233,"width":851,"height":12}},{"id":"3966f3a1-f304-4a23-a0a8-9c857487ee05","block_type":"box","text":"advisory or other services with respect to the Funds. In addition, BFA may delegate certain of its investment advisory","page_number":120,"box":{"x":89,"y":248,"width":815,"height":12}},{"id":"516202ac-b29a-4faf-be1f-c05fc7412d5b","block_type":"box","text":"functions under the investment advisory agreement to one or more of its affiliates to the extent permitted by applicable law.","page_number":120,"box":{"x":88,"y":263,"width":867,"height":12}},{"id":"b4d67327-685d-4e92-a898-c50248a239b7","block_type":"box","text":"BFA may terminate any or all sub-advisers or such delegation arrangements in its sole discretion upon appropriate notice at","page_number":120,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"d6308c13-cf26-4e79-8c1d-354dd53cb87a","block_type":"box","text":"any time to the extent permitted by applicable law.","page_number":120,"box":{"x":89,"y":293,"width":352,"height":13}},{"id":"fb6b61e6-1329-4a83-90c4-c56f0f1638f1","block_type":"box","text":"BFA is responsible, under the investment advisory agreement, for substantially all expenses of the Funds, including the cost","page_number":120,"box":{"x":89,"y":320,"width":862,"height":12}},{"id":"49752673-9270-4b57-9dd8-c9a7df90a161","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":120,"box":{"x":89,"y":335,"width":871,"height":12}},{"id":"ebb2d0ba-77ba-4a85-b7c5-86f34ccae250","block_type":"box","text":"bear, the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of","page_number":120,"box":{"x":89,"y":350,"width":848,"height":12}},{"id":"9abfced6-a552-4842-b7cb-80567c3d945a","block_type":"box","text":"portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or","page_number":120,"box":{"x":89,"y":365,"width":817,"height":12}},{"id":"c8f5140e-96fd-457d-a0b9-33de686e8c05","block_type":"box","text":"expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Independent Trustees).","page_number":120,"box":{"x":89,"y":380,"width":877,"height":13}},{"id":"a69203bb-e08c-4060-9a86-7d5dde34b245","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":120,"box":{"x":89,"y":407,"width":840,"height":12}},{"id":"8b870206-cb10-4ac2-a9a8-61015059ac55","block_type":"box","text":"equal to the rate indicated below of the average daily value of each Fund’s net assets. 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0.59%","page_number":120,"box":{"x":89,"y":685,"width":873,"height":12}},{"id":"3186e7d3-b151-4141-9ea5-16507ea70c7d","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF 0.10%","page_number":120,"box":{"x":89,"y":700,"width":873,"height":13}},{"id":"e166221d-812c-4fed-9f29-f99c342d2219","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF 0.12%","page_number":120,"box":{"x":89,"y":715,"width":873,"height":13}},{"id":"c55f8028-37c0-42c7-a64a-0627be87e32d","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":120,"box":{"x":89,"y":748,"width":851,"height":12}},{"id":"5b9a5417-d93a-4492-b6ab-b7604ec69ca2","block_type":"box","text":"accrued daily and typically paid monthly by the Fund. 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Accounts 0 N/A","page_number":123,"box":{"x":89,"y":319,"width":879,"height":9}},{"id":"a5e27f69-0802-4bca-b30f-9114b7a87a45","block_type":"box","text":"Pursuant to BFA’s policy, investment opportunities are allocated equitably among the Funds and other portfolios and","page_number":123,"box":{"x":89,"y":351,"width":814,"height":13}},{"id":"94a1a91e-059a-4990-aead-c39d1c3b157a","block_type":"box","text":"accounts. 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As a consequence, from time to","page_number":123,"box":{"x":88,"y":397,"width":855,"height":12}},{"id":"1d309988-c867-429c-95b7-e1f55c5ed040","block_type":"box","text":"time each Fund may receive a smaller allocation of an investment opportunity than it would have if the Portfolio Managers","page_number":123,"box":{"x":88,"y":412,"width":857,"height":12}},{"id":"27ed1b8e-17eb-4cb2-8d35-b9d6d8e48784","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":123,"box":{"x":89,"y":427,"width":489,"height":12}},{"id":"8f53cbf6-ee75-41ce-b6db-fe1fc3731edb","block_type":"box","text":"Like the Funds, the other portfolios or accounts for which the Portfolio Managers are primarily responsible for the day-to-day","page_number":123,"box":{"x":89,"y":453,"width":875,"height":13}},{"id":"a14b9a99-c0d9-4c55-905f-a64eab10fe3e","block_type":"box","text":"portfolio management generally pay an asset-based fee to BFA or its affiliates, as applicable, for its advisory services. One or","page_number":123,"box":{"x":89,"y":468,"width":866,"height":13}},{"id":"45c1e225-7c7d-4812-949f-4884cfb2d390","block_type":"box","text":"more of those other portfolios or accounts, however, may pay BFA or its affiliates a performance-based fee in lieu of, or in","page_number":123,"box":{"x":89,"y":484,"width":846,"height":12}},{"id":"784005b9-e3bf-40a2-b412-5c3fc63d2bfc","block_type":"box","text":"addition to, an asset-based fee for its advisory services. A portfolio or account with a performance-based fee would pay BFA","page_number":123,"box":{"x":89,"y":499,"width":866,"height":12}},{"id":"62965a1f-d2bb-42b2-beb2-e4346555f393","block_type":"box","text":"or its affiliates a portion of that portfolio’s or account’s gains, or would pay BFA or its affiliates more for its services than","page_number":123,"box":{"x":89,"y":514,"width":834,"height":12}},{"id":"72c4e67f-2a19-4535-9273-0b87eeca02da","block_type":"box","text":"would otherwise be the case if BFA or any of its affiliates meets or exceeds specified performance targets. Performance-based","page_number":123,"box":{"x":88,"y":529,"width":879,"height":12}},{"id":"8e3ea0d0-0703-4965-8b68-a0b25e523e88","block_type":"box","text":"fee arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more","page_number":123,"box":{"x":88,"y":544,"width":799,"height":12}},{"id":"2ec36d8c-1fe2-449e-828c-8fb45bc2e1a2","block_type":"box","text":"investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or","page_number":123,"box":{"x":89,"y":559,"width":832,"height":13}},{"id":"ae142222-9142-4a3c-b171-8958bb557c28","block_type":"box","text":"accounts, in order to earn larger fees. Although BFA and each of its affiliates have an obligation to allocate resources and","page_number":123,"box":{"x":89,"y":574,"width":843,"height":13}},{"id":"d7c14a68-8d3f-418d-83d8-0724cb08059f","block_type":"box","text":"opportunities equitably among portfolios and accounts and intend to do so, shareholders of the Funds should be aware that,","page_number":123,"box":{"x":89,"y":589,"width":872,"height":13}},{"id":"add71212-634f-448b-b2f3-8aeae515370e","block_type":"box","text":"as with any group of portfolios and accounts managed by an investment adviser and/or its affiliates pursuant to varying fee","page_number":123,"box":{"x":89,"y":605,"width":865,"height":12}},{"id":"93962347-6285-49d0-a346-ed2811464ddd","block_type":"box","text":"arrangements, including performance-based fee arrangements, there is the potential for a conflict of interest, which may","page_number":123,"box":{"x":89,"y":620,"width":845,"height":12}},{"id":"448b9340-198e-49d2-93d1-bfbfa56d8485","block_type":"box","text":"result in the Portfolio Managers favoring those portfolios or accounts with performance-based fee arrangements.","page_number":123,"box":{"x":89,"y":635,"width":791,"height":12}},{"id":"9ffdb482-bb0f-4e53-8834-d92679b1e3d5","block_type":"box","text":"The tables below show, for each Portfolio Manager, the number of portfolios or accounts of the types set forth in the above","page_number":123,"box":{"x":88,"y":661,"width":861,"height":13}},{"id":"ce913054-002a-47b7-8c24-501614200919","block_type":"box","text":"tables and the aggregate of total assets in those portfolios or accounts with respect to which the investment management","page_number":123,"box":{"x":88,"y":676,"width":858,"height":13}},{"id":"1ff8e12f-c1d7-490d-b27a-b1fd270bc0ce","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of August 31, 2025:","page_number":123,"box":{"x":88,"y":691,"width":623,"height":13}},{"id":"72d3be76-8b90-47d5-b8d4-54677a2db82d","block_type":"box","text":"Jennifer Hsui","page_number":123,"box":{"x":88,"y":720,"width":92,"height":12}},{"id":"aa557e2a-6b6b-4aa9-832b-c9b0ef2d2e4e","block_type":"box","text":"Types of Accounts","page_number":123,"box":{"x":88,"y":768,"width":107,"height":10}},{"id":"585002dc-93fb-40ef-afef-370ebd7fc2c4","block_type":"box","text":"Number of Other","page_number":123,"box":{"x":672,"y":737,"width":98,"height":8}},{"id":"f26fb93f-ab21-450c-935f-f1fc6f6c68b0","block_type":"box","text":"Accounts with","page_number":123,"box":{"x":679,"y":748,"width":82,"height":7}},{"id":"e7ee87fa-9b34-4823-b035-b3b044716c84","block_type":"box","text":"Performance Fees","page_number":123,"box":{"x":670,"y":758,"width":101,"height":7}},{"id":"e5a5e8fd-3735-4e53-9daf-47e72eb9e070","block_type":"box","text":"Managed by Portfolio 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the value senior management places on key resources. Compensation may include a variety of","page_number":124,"box":{"x":89,"y":480,"width":861,"height":12}},{"id":"12c9e489-c201-4ab1-84d1-ab457753cc06","block_type":"box","text":"components and may vary from year to year based on a number of factors. The principal components of compensation","page_number":124,"box":{"x":89,"y":495,"width":836,"height":12}},{"id":"d4a382dd-7eff-4e9c-a4aa-a7eb4d251c46","block_type":"box","text":"include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more","page_number":124,"box":{"x":89,"y":510,"width":865,"height":12}},{"id":"92d1d144-6bd0-42bd-9262-1ad5e46310fc","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":124,"box":{"x":89,"y":525,"width":496,"height":12}},{"id":"ac54e957-0699-4f01-9b41-39e31206ad4e","block_type":"box","text":"Each portfolio manager receives base compensation based on their position with the firm, as well as retirement and other","page_number":124,"box":{"x":89,"y":552,"width":850,"height":12}},{"id":"3629fb31-6d83-4bd6-8e90-d63aa98ec50d","block_type":"box","text":"benefits offered to all BlackRock employees. Additionally, each portfolio manager receives discretionary incentive","page_number":124,"box":{"x":89,"y":567,"width":787,"height":12}},{"id":"5897c847-b856-4d84-9e4f-b424d84259d0","block_type":"box","text":"compensation, determined based on several components, including: the performance of BlackRock, Inc., the performance of","page_number":124,"box":{"x":89,"y":582,"width":872,"height":12}},{"id":"807a7348-cd01-4cad-b9c1-609cb201aaef","block_type":"box","text":"the portfolio manager’s group within BlackRock, the performance of portfolios managed by the portfolio manager and the","page_number":124,"box":{"x":88,"y":597,"width":856,"height":12}},{"id":"8fc42154-b2e9-404a-bd2a-2db86053badc","block_type":"box","text":"team relative to the portfolios’ investment objectives (which in the case of index ETFs would be how closely the ETF tracks its","page_number":124,"box":{"x":88,"y":612,"width":876,"height":12}},{"id":"d6d8459b-23d9-4e47-978d-60f1fbf2feb8","block_type":"box","text":"underlying index), and the individual’s performance and contribution to the overall performance of these portfolios and","page_number":124,"box":{"x":89,"y":627,"width":835,"height":13}},{"id":"daececa7-4f8b-4fed-8187-a09b36dd60c0","block_type":"box","text":"BlackRock. Discretionary incentive compensation is paid in cash up to a certain threshold with the remaining portion","page_number":124,"box":{"x":89,"y":642,"width":815,"height":13}},{"id":"c1e1fdce-c1f4-43ac-950b-dd789ebfad40","block_type":"box","text":"represented by deferred BlackRock, Inc. stock awards. In some cases, additional deferred BlackRock, Inc. stock may be","page_number":124,"box":{"x":89,"y":657,"width":824,"height":13}},{"id":"7fdb7a0a-9ae7-4e34-a911-07446a389e69","block_type":"box","text":"granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term","page_number":124,"box":{"x":89,"y":673,"width":847,"height":12}},{"id":"04ee2e00-89ba-4e30-90e2-93a7d0519be1","block_type":"box","text":"shareholders and motivate performance.","page_number":124,"box":{"x":89,"y":688,"width":284,"height":12}},{"id":"9f5310e4-859b-4316-89d9-5f77aab3aedc","block_type":"box","text":"As of November 30, 2025, the Portfolio Managers did not beneficially own shares of the Funds.","page_number":124,"box":{"x":88,"y":714,"width":662,"height":12}},{"id":"32b513a4-2ca2-49f2-badc-78fb7d78c2ea","block_type":"box","text":"Codes of Ethics.","page_number":124,"box":{"x":89,"y":741,"width":114,"height":9}},{"id":"b2ef723c-039f-4f8b-be78-3e73da063644","block_type":"box","text":"The Trust, BFA and the Distributor have adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act.","page_number":124,"box":{"x":211,"y":741,"width":751,"height":12}},{"id":"04b918b3-3985-445a-a0e7-3c85610db348","block_type":"box","text":"The codes of ethics permit personnel subject to the codes of ethics to invest in securities, subject to certain limitations,","page_number":124,"box":{"x":88,"y":756,"width":833,"height":12}},{"id":"ede21802-5395-486a-abf0-38418656d2bd","block_type":"box","text":"including securities that may be purchased or held by the Funds. Each code of ethics is available by contacting BlackRock at","page_number":124,"box":{"x":89,"y":771,"width":865,"height":12}},{"id":"3d7d11f0-cb57-48a5-8002-39807526f908","block_type":"box","text":"the telephone number on the back cover of each Fund’s Prospectus or by accessing the EDGAR Database on the SEC’s","page_number":124,"box":{"x":88,"y":786,"width":829,"height":12}},{"id":"0e35c6e9-24c8-4928-81bf-30e25d5e96df","block_type":"box","text":"Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by e-mail at","page_number":124,"box":{"x":89,"y":801,"width":754,"height":12}},{"id":"a93fa632-d624-4250-9d5c-51153ea80e31","block_type":"box","text":"publicinfo@sec.gov.","page_number":124,"box":{"x":89,"y":816,"width":139,"height":13}},{"id":"d5ff6f0a-4a03-4b06-8254-9b1ffdab0f1d","block_type":"box","text":"94","page_number":124,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"68b9cc6d-fecc-4d41-b2cf-363711623713","block_type":"box","text":"Anti-Money Laundering Requirements.","page_number":125,"box":{"x":88,"y":44,"width":282,"height":12}},{"id":"201849d4-39f1-4fc2-992c-67e398001e28","block_type":"box","text":"The Funds are subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is","page_number":125,"box":{"x":379,"y":44,"width":588,"height":12}},{"id":"2f6735e7-31bc-464b-8e67-f059bc19e10c","block_type":"box","text":"intended to prevent the use of the U.S. financial system in furtherance of money laundering, terrorism or other illicit activities.","page_number":125,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"f3163623-cd77-4028-88fc-6439e1566aa4","block_type":"box","text":"Pursuant to requirements under the Patriot Act, a Fund may request information from Authorized Participants to enable it to","page_number":125,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"88363586-680e-4d38-8caf-a82969c0b8a3","block_type":"box","text":"form a reasonable belief that it knows the true identity of its Authorized Participants. This information will be used to verify","page_number":125,"box":{"x":88,"y":89,"width":860,"height":13}},{"id":"4ef1b9d0-c44c-4241-acd3-f27f18f39291","block_type":"box","text":"the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for","page_number":125,"box":{"x":88,"y":104,"width":807,"height":13}},{"id":"e4e01a10-1f61-463a-9ede-6b40923da424","block_type":"box","text":"compliance with the requirements of the Patriot Act.","page_number":125,"box":{"x":89,"y":119,"width":367,"height":13}},{"id":"274931ab-1cb9-4e00-b82c-be56b251a54b","block_type":"box","text":"The Funds reserve the right to reject purchase orders from persons who have not submitted information sufficient to allow a","page_number":125,"box":{"x":88,"y":146,"width":871,"height":12}},{"id":"79498d01-4940-447b-9e84-1565d38ae59d","block_type":"box","text":"Fund to verify their identity. Each Fund also reserves the right to redeem any amounts in a Fund from persons whose identity","page_number":125,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"59d6208e-0c1a-406a-a0a4-d19e1f9bf641","block_type":"box","text":"it is unable to verify on a timely basis. It is the Funds’ policy to cooperate fully with appropriate regulators in any","page_number":125,"box":{"x":89,"y":176,"width":782,"height":13}},{"id":"8fc7e3c9-e5d8-404e-a9a3-53f27800d2ce","block_type":"box","text":"investigations conducted with respect to potential money laundering, terrorism or other illicit activities.","page_number":125,"box":{"x":89,"y":191,"width":721,"height":13}},{"id":"42451396-a169-4ea3-978f-d5386631b274","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":125,"box":{"x":88,"y":218,"width":329,"height":12}},{"id":"1c5c1cc0-37df-4a49-8817-a06725ce5921","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares MSCI Denmark ETF, iShares MSCI","page_number":125,"box":{"x":88,"y":244,"width":839,"height":12}},{"id":"8a1ecb6b-60c7-47f7-a966-10dcad84cd7f","block_type":"box","text":"Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI","page_number":125,"box":{"x":88,"y":259,"width":853,"height":13}},{"id":"9826fb07-0c05-4910-8493-134d0df2f8ec","block_type":"box","text":"Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF and iShares Paris-Aligned Climate","page_number":125,"box":{"x":88,"y":274,"width":804,"height":13}},{"id":"4f3d1184-37cf-4ff5-a082-d0095a57c560","block_type":"box","text":"Optimized MSCI World ex USA ETF","page_number":125,"box":{"x":89,"y":290,"width":252,"height":12}},{"id":"ba49e09e-aa59-433f-b53f-4f46a3cf8e90","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as administrator, custodian and transfer agent for the above","page_number":125,"box":{"x":88,"y":316,"width":852,"height":12}},{"id":"335b3507-e76d-4208-9203-241f19496f8b","block_type":"box","text":"listed Funds under the Master Services Agreement and related Service Schedule (the “Service Module”). State Street’s","page_number":125,"box":{"x":89,"y":331,"width":824,"height":12}},{"id":"cd6bbafc-6d8d-4e59-bb7a-dbcac6e4e77e","block_type":"box","text":"principal address is One Congress Street, Suite 1, Boston, MA 02114-2016. Pursuant to the Service Module for Fund","page_number":125,"box":{"x":89,"y":346,"width":805,"height":13}},{"id":"265d1824-0d71-41a3-b6c1-3fb72a60dc45","block_type":"box","text":"Administration and Accounting Services with the Trust, State Street provides necessary administrative, legal, tax and","page_number":125,"box":{"x":88,"y":361,"width":816,"height":13}},{"id":"4bfefd50-17ea-4616-93f8-f8fb15f89979","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Trust and each Fund. In addition, State","page_number":125,"box":{"x":89,"y":376,"width":878,"height":13}},{"id":"7b37a299-0eac-49bb-9691-432cad914183","block_type":"box","text":"Street makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to the","page_number":125,"box":{"x":88,"y":392,"width":874,"height":12}},{"id":"c7cd53d7-96e9-415c-b457-20462bbf3b43","block_type":"box","text":"Service Module for Custodial Services with the Trust, State Street maintains, in separate accounts, cash, securities and other","page_number":125,"box":{"x":88,"y":407,"width":869,"height":12}},{"id":"da909b47-41ee-4fb1-a817-50062feb811c","block_type":"box","text":"assets of the Trust and each Fund, keeps all necessary accounts and records and provides other services. State Street is","page_number":125,"box":{"x":89,"y":422,"width":833,"height":12}},{"id":"47bf6448-47fa-4455-8d03-3d649f4513d2","block_type":"box","text":"required, upon the order of the Trust, to deliver securities held by State Street and to make payments for securities purchased","page_number":125,"box":{"x":89,"y":437,"width":875,"height":12}},{"id":"898a6a68-ccd6-4e8f-b064-2b64f255328b","block_type":"box","text":"by the Trust for each Fund. State Street is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":125,"box":{"x":89,"y":452,"width":861,"height":12}},{"id":"34b18aff-3cbe-40cc-98ed-d4a7bd22098a","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Service Module for Transfer Agency Services with the Trust, State Street","page_number":125,"box":{"x":89,"y":467,"width":858,"height":13}},{"id":"d3718b2a-bbdc-4309-9d29-c6d398f4f563","block_type":"box","text":"acts as a transfer agent for each Fund’s authorized and issued shares of beneficial interest, and as dividend disbursing agent","page_number":125,"box":{"x":89,"y":482,"width":868,"height":13}},{"id":"a38d1bf1-4d04-408b-b865-ac7d418384a5","block_type":"box","text":"of the Trust. As compensation for these services, State Street receives certain out-of-pocket costs, transaction fees and","page_number":125,"box":{"x":89,"y":497,"width":832,"height":13}},{"id":"8bad30a8-1bc4-4642-a040-3f2b98ef29ab","block_type":"box","text":"asset-based fees which are accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to pay","page_number":125,"box":{"x":89,"y":513,"width":872,"height":12}},{"id":"699d3fb0-c779-4f8c-9c2b-a6f1f8c3c1d7","block_type":"box","text":"these operating expenses under the Investment Advisory Agreement as described therein.","page_number":125,"box":{"x":88,"y":528,"width":631,"height":12}},{"id":"3f5f6241-24ad-4b49-8302-d4501ad836fd","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware MSCI","page_number":125,"box":{"x":88,"y":554,"width":854,"height":12}},{"id":"67c73ebf-bd0a-4bc9-8e0d-f7807ca7c381","block_type":"box","text":"USA ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware","page_number":125,"box":{"x":89,"y":569,"width":842,"height":13}},{"id":"6e01012a-9508-4ef2-9f61-998dcccd3128","block_type":"box","text":"MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF, iShares MSCI Finland ETF, iShares MSCI Ireland ETF, iShares","page_number":125,"box":{"x":88,"y":584,"width":848,"height":12}},{"id":"c729ac8f-b7cc-4532-8391-710af5fda4df","block_type":"box","text":"MSCI United Kingdom Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":125,"box":{"x":88,"y":599,"width":712,"height":13}},{"id":"e5aaafdc-fc77-4310-ae90-bcb53d533c07","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":125,"box":{"x":89,"y":626,"width":806,"height":12}},{"id":"658dbcb4-0a67-41db-8210-0cd8cdddf025","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":125,"box":{"x":88,"y":641,"width":853,"height":12}},{"id":"a5f12e27-e133-41ae-9c8e-f85d22cd81ca","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary administrative, tax and accounting","page_number":125,"box":{"x":89,"y":656,"width":857,"height":13}},{"id":"89dbc6d3-1782-46d6-97c8-31ac173b000d","block_type":"box","text":"and financial reporting services for the maintenance and operations of the Trust and each Fund. In addition, Citibank makes","page_number":125,"box":{"x":89,"y":671,"width":866,"height":13}},{"id":"f6d84ca3-f5ce-451b-b578-f2e36c9cdc22","block_type":"box","text":"available the office space, equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":125,"box":{"x":89,"y":686,"width":832,"height":13}},{"id":"ff6174e4-394b-476e-89d7-3b4dac483741","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities and other assets of the Trust","page_number":125,"box":{"x":88,"y":702,"width":855,"height":12}},{"id":"9b4ca09c-c710-4038-909c-bfe637c22ef6","block_type":"box","text":"and each Fund, keeps all necessary accounts and records and provides other services. Citibank is required, upon the order of","page_number":125,"box":{"x":89,"y":717,"width":872,"height":12}},{"id":"f93c72ca-1140-4e90-82f2-596e70d81827","block_type":"box","text":"the Trust, to deliver securities held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":125,"box":{"x":88,"y":732,"width":851,"height":12}},{"id":"3b0bb9aa-f4b6-4dd1-ae76-91359517ef51","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the","page_number":125,"box":{"x":89,"y":747,"width":856,"height":12}},{"id":"01e8a1b7-8b3a-4c43-9e36-60c3c6f4f721","block_type":"box","text":"U.S. Pursuant to the Master Services Agreement with the Trust, Citibank acts as a transfer agent for each Fund’s authorized","page_number":125,"box":{"x":89,"y":762,"width":862,"height":12}},{"id":"e9de177c-e199-4695-92e2-9607bc718eaa","block_type":"box","text":"and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":125,"box":{"x":89,"y":777,"width":855,"height":12}},{"id":"1734dc53-2b26-4c05-a892-b37971715285","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid","page_number":125,"box":{"x":89,"y":792,"width":818,"height":13}},{"id":"ddb74546-592d-4fdd-b097-ed301f71de46","block_type":"box","text":"monthly by BFA. BFA pays the compensation because it has agreed to pay these operating expenses under the Investment","page_number":125,"box":{"x":89,"y":807,"width":854,"height":13}},{"id":"46613c00-28d2-4ebf-a466-9d3e78d98948","block_type":"box","text":"Advisory Agreement as described therein.","page_number":125,"box":{"x":88,"y":822,"width":293,"height":13}},{"id":"94e9389c-acaa-4486-85d4-aa9fff600470","block_type":"box","text":"Prior to August 11, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Finland ETF,","page_number":125,"box":{"x":89,"y":849,"width":871,"height":12}},{"id":"178d1bc5-ba8f-4df5-a8da-37143329fed4","block_type":"box","text":"iShares MSCI Ireland ETF and iShares MSCI United Kingdom Small-Cap ETF.","page_number":125,"box":{"x":89,"y":864,"width":528,"height":12}},{"id":"71176946-b50f-449c-901e-8709f1a870bb","block_type":"box","text":"95","page_number":125,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"45079896-a6f7-4a1c-8c03-95467eda523c","block_type":"box","text":"JPMorgan serves as custodian for the Funds in connection with certain securities lending activities under a Custody Services","page_number":126,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"4e95b949-dce6-48d5-a0c9-b530465f3e2a","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":126,"box":{"x":88,"y":59,"width":479,"height":12}},{"id":"3b43eef0-0941-4d9f-b627-6df98bc16ed9","block_type":"box","text":"th","page_number":126,"box":{"x":570,"y":57,"width":10,"height":6}},{"id":"21acbf10-c923-4a9a-98a5-7bcc741a0c7f","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Custody","page_number":126,"box":{"x":586,"y":59,"width":362,"height":12}},{"id":"4bff40bd-c4f9-466e-a99c-9eb90fd19b9d","block_type":"box","text":"Services Agreement with BTC and the Trust, JPMorgan provides custody and related services required to facilitate securities","page_number":126,"box":{"x":88,"y":74,"width":863,"height":12}},{"id":"f8e38df4-78a8-4392-baf3-6050ad16dab1","block_type":"box","text":"lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending activity in","page_number":126,"box":{"x":89,"y":89,"width":828,"height":13}},{"id":"0fb47c8b-0b42-4e00-9f13-95bd8254297c","block_type":"box","text":"coordination with other funds, maintains custodial records and provides other services. As compensation for these services,","page_number":126,"box":{"x":89,"y":104,"width":867,"height":13}},{"id":"8d7f58d8-101d-4c6f-9cc8-b58aa893ac5d","block_type":"box","text":"JPMorgan receives certain fees and expenses paid by BTC from its compensation for its services as securities lending agent.","page_number":126,"box":{"x":88,"y":119,"width":861,"height":13}},{"id":"43737306-74c7-4ea3-8977-a435667b2445","block_type":"box","text":"Distributor.","page_number":126,"box":{"x":89,"y":146,"width":80,"height":10}},{"id":"bba78935-ff02-44d8-9512-0247d10bdd00","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":126,"box":{"x":178,"y":146,"width":783,"height":12}},{"id":"d272cd39-239d-4473-b4d1-ac648f3469ca","block_type":"box","text":"sale by the Funds through the Distributor or its agent only in Creation Units, as described in the applicable Prospectus and","page_number":126,"box":{"x":89,"y":161,"width":854,"height":12}},{"id":"289271ff-5eb7-4439-b95a-2b2d739dc50d","block_type":"box","text":"below in the","page_number":126,"box":{"x":89,"y":176,"width":85,"height":10}},{"id":"8f1e4262-909b-412c-ad9e-15b4f5ed6598","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":126,"box":{"x":179,"y":176,"width":300,"height":13}},{"id":"f304ed01-f12a-4008-bd5c-46f0f83a456e","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":126,"box":{"x":484,"y":176,"width":473,"height":10}},{"id":"19c2fd51-bf6e-402c-b09c-9f7549df193f","block_type":"box","text":"are generally not distributed by the Distributor or its agent. The Distributor or its agent will arrange for the delivery of the","page_number":126,"box":{"x":89,"y":191,"width":845,"height":13}},{"id":"e97716a2-57fd-4336-966e-d3328bac81b2","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":126,"box":{"x":89,"y":206,"width":846,"height":13}},{"id":"3df640ca-f72d-4bd7-bd71-d8e02eb8e509","block_type":"box","text":"orders placed with it or its agents and confirmations of acceptance furnished by it or its agents. The Distributor is a broker","page_number":126,"box":{"x":89,"y":222,"width":861,"height":12}},{"id":"e52de9ed-6153-4f1d-a6ea-e38d15347867","block_type":"box","text":"dealer registered under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and a member of the Financial","page_number":126,"box":{"x":89,"y":237,"width":852,"height":12}},{"id":"16cc92ff-77df-4619-97df-00020e21f066","block_type":"box","text":"Industry Regulatory Authority, Inc. (“FINRA”). The Distributor is also licensed as a broker-dealer in all 50 U.S. states, as well as","page_number":126,"box":{"x":89,"y":252,"width":876,"height":12}},{"id":"0fdac280-ac68-4dc3-8bda-8d94e66a8803","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":126,"box":{"x":89,"y":267,"width":462,"height":12}},{"id":"383f8b04-fcd4-4c04-9861-3b9fd02100e1","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":126,"box":{"x":88,"y":293,"width":829,"height":13}},{"id":"f2d26425-0cc3-4b59-8f3f-3d8a37310fb1","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":126,"box":{"x":89,"y":308,"width":840,"height":13}},{"id":"4df0c682-2285-4de4-9d84-3f56d580c380","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":126,"box":{"x":88,"y":324,"width":861,"height":12}},{"id":"601afecb-0162-48b9-8353-74ad7cd609fa","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":126,"box":{"x":88,"y":339,"width":811,"height":12}},{"id":"eb6eef9b-1a1b-497a-a4f5-2d155b461ebe","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":126,"box":{"x":88,"y":365,"width":848,"height":12}},{"id":"3ea66c66-c2b2-4946-bc86-336a0d6f3309","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":126,"box":{"x":89,"y":380,"width":818,"height":13}},{"id":"3c5288ac-e8f1-40e3-a149-41feffefeb38","block_type":"box","text":"participants and/or investor services organizations.","page_number":126,"box":{"x":89,"y":395,"width":357,"height":13}},{"id":"9427fca8-878f-40ad-b6fc-c2e8067479b6","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":126,"box":{"x":89,"y":422,"width":847,"height":12}},{"id":"acda5534-86d2-4053-9205-c1b79b3d7888","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":126,"box":{"x":89,"y":437,"width":743,"height":12}},{"id":"ef25bdf0-c08c-4b04-8af4-004cf1912808","block_type":"box","text":"Securities Lending.","page_number":126,"box":{"x":88,"y":463,"width":137,"height":13}},{"id":"b8562cb3-416d-4776-9360-fb14559f00fd","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":126,"box":{"x":234,"y":463,"width":681,"height":13}},{"id":"6121f437-81ff-4a48-a9b8-47b08fd99e9a","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":126,"box":{"x":89,"y":479,"width":872,"height":12}},{"id":"ac60d52d-f54e-4843-989a-4e842c542cad","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":126,"box":{"x":89,"y":494,"width":592,"height":12}},{"id":"db48b2fe-c22d-448f-b7bd-ea4147c8ae11","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":126,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"393f3874-57dc-4f4e-a9db-88e63c551096","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":126,"box":{"x":89,"y":535,"width":833,"height":13}},{"id":"bb75951d-bd5e-4100-9054-b01ecf573f60","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":126,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"9fd4577c-4e16-421c-a6f5-6631cfa922a2","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":126,"box":{"x":89,"y":565,"width":844,"height":13}},{"id":"5347d95c-a94f-479c-bc01-b4b25cd7a361","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":126,"box":{"x":89,"y":581,"width":859,"height":12}},{"id":"12fd7aec-aa20-400b-832a-5b03a6a8b2e6","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":126,"box":{"x":89,"y":596,"width":874,"height":12}},{"id":"d4a7dded-d953-4980-baaa-074fcec5cd5b","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":126,"box":{"x":89,"y":611,"width":820,"height":12}},{"id":"24e7779d-6451-4883-a6f9-8a8043d82235","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":126,"box":{"x":89,"y":626,"width":846,"height":12}},{"id":"5b66ffe4-76f8-4e0a-9ff9-a240fe672747","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":126,"box":{"x":89,"y":641,"width":357,"height":12}},{"id":"798ac96c-f361-4237-96bf-6340812ec2ae","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":126,"box":{"x":88,"y":668,"width":841,"height":12}},{"id":"c5ce4601-ac4f-4e71-8e44-2cd001a090b6","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":126,"box":{"x":89,"y":683,"width":858,"height":12}},{"id":"fd308c1a-68ba-4759-b29f-e8ef5b6f5374","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":126,"box":{"x":88,"y":698,"width":844,"height":12}},{"id":"cab54728-239c-4081-b61b-ce64ec25112f","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":126,"box":{"x":88,"y":713,"width":868,"height":12}},{"id":"4204cc1e-a8b9-4fbd-80f7-1d2e8a4e54f8","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":126,"box":{"x":89,"y":728,"width":865,"height":12}},{"id":"18e7f82b-0a00-4ae2-b81e-f28f9f5469bd","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":126,"box":{"x":88,"y":743,"width":415,"height":12}},{"id":"636df1f4-583a-4a9f-a571-637944dc0412","block_type":"box","text":"i.e","page_number":126,"box":{"x":504,"y":744,"width":15,"height":9}},{"id":"48101a4d-0d00-4265-8f5c-5426d07682cf","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":126,"box":{"x":520,"y":743,"width":429,"height":12}},{"id":"2b3bba7c-7968-4d8a-802e-3df1a5f4da9f","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":126,"box":{"x":88,"y":758,"width":879,"height":13}},{"id":"8d261d2d-bffa-4faa-8c94-1618c4456eb8","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":126,"box":{"x":88,"y":773,"width":861,"height":13}},{"id":"c996f3c0-bd1a-4fe5-9c14-4c256a6aa1f5","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":126,"box":{"x":88,"y":788,"width":841,"height":13}},{"id":"734eb457-7f1d-4d8b-a25e-50fa732ca4d7","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":126,"box":{"x":89,"y":804,"width":831,"height":12}},{"id":"c9af710e-ce3f-4fae-a848-652038f8f08b","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":126,"box":{"x":89,"y":819,"width":835,"height":12}},{"id":"56bf2bf3-a891-4590-a2c3-564bf72a17d9","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":126,"box":{"x":89,"y":834,"width":464,"height":12}},{"id":"c886bd12-4815-4284-bfac-bc15d9446ecf","block_type":"box","text":"96","page_number":126,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3b0e0180-76b0-45d9-b20b-80b65002ea71","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":127,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"5e8c8d46-81bb-4390-a54c-6d3e19bd73b9","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":127,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"3605bfcf-9778-4406-8b2f-d6c43fcf8e62","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Trust and BTC.","page_number":127,"box":{"x":89,"y":74,"width":685,"height":12}},{"id":"a31eb7e8-6e64-4760-8cee-16bd5145d378","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":127,"box":{"x":89,"y":101,"width":439,"height":12}},{"id":"626dfdef-8220-4c57-a5f7-e73cf2ddbd27","block_type":"box","text":"(i) domestic equity funds, such as the iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Aware MSCI USA","page_number":127,"box":{"x":89,"y":127,"width":862,"height":12}},{"id":"29df7ffd-bb5a-4cb2-8bda-2114036335b2","block_type":"box","text":"ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware MSCI USA","page_number":127,"box":{"x":89,"y":142,"width":861,"height":12}},{"id":"4104eb4c-02b5-403f-9bc4-4e19a31b8d80","block_type":"box","text":"Value ETF, iShares ESG MSCI USA Leaders ETF and iShares Paris-Aligned Climate Optimized MSCI USA ETF (the “Domestic","page_number":127,"box":{"x":88,"y":157,"width":858,"height":13}},{"id":"39f02682-7678-4323-8786-d799acf857aa","block_type":"box","text":"Equity Funds”), retain 81% of securities lending income (which excludes collateral investment fees) and (ii) this amount","page_number":127,"box":{"x":89,"y":172,"width":838,"height":13}},{"id":"3e81d7a7-1331-4cdd-93b6-de400074f0ab","block_type":"box","text":"could never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":127,"box":{"x":89,"y":188,"width":706,"height":12}},{"id":"1752968b-aa27-4b64-a21d-4365921eafa1","block_type":"box","text":"(i) international equity funds, such as all Funds except for the iShares Climate Conscious & Transition MSCI USA ETF, iShares","page_number":127,"box":{"x":89,"y":214,"width":870,"height":12}},{"id":"3fc5e62e-f162-4c6d-8af6-c8225df46495","block_type":"box","text":"ESG Aware MSCI USA ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares","page_number":127,"box":{"x":89,"y":229,"width":861,"height":12}},{"id":"291a610f-b9f3-4388-a102-39a6e3d2140d","block_type":"box","text":"ESG Aware MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF and iShares Paris-Aligned Climate Optimized MSCI USA","page_number":127,"box":{"x":89,"y":244,"width":873,"height":13}},{"id":"efdbb264-9589-46a7-a333-fd43b23fcfbe","block_type":"box","text":"ETF (the “International Equity Funds”), retain 82% of securities lending income (which excludes collateral investment fees)","page_number":127,"box":{"x":89,"y":259,"width":859,"height":13}},{"id":"706a72d5-f676-409b-9cda-f0d303a027af","block_type":"box","text":"and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":127,"box":{"x":89,"y":274,"width":836,"height":13}},{"id":"a72973bd-a4b5-44d2-9cff-4d40c75c443a","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":127,"box":{"x":89,"y":301,"width":863,"height":12}},{"id":"103d531f-d1f4-4031-a896-cae68901d769","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in the","page_number":127,"box":{"x":88,"y":316,"width":679,"height":12}},{"id":"7d6057ec-8e80-4270-82b5-057d1d598d5d","block_type":"box","text":"Management — Trustees","page_number":127,"box":{"x":772,"y":317,"width":178,"height":11}},{"id":"57f4405b-e2f9-4e77-aed1-90b4484760bc","block_type":"box","text":"and Officers","page_number":127,"box":{"x":88,"y":331,"width":84,"height":11}},{"id":"64760bf4-fbd3-4365-9cdb-9646be4e6421","block_type":"box","text":"section of this SAI) in a calendar year exceeds specified thresholds, each applicable domestic equity fund or","page_number":127,"box":{"x":177,"y":331,"width":753,"height":12}},{"id":"c01c2fcb-0753-444b-a275-8efda449ff7a","block_type":"box","text":"international equity fund, pursuant to the current Securities Lending Agency Agreement, will receive for the remainder of","page_number":127,"box":{"x":89,"y":346,"width":849,"height":13}},{"id":"af657a4a-5fe3-4e70-94d7-6d3a76b96f75","block_type":"box","text":"that calendar year securities lending income as follows:","page_number":127,"box":{"x":88,"y":361,"width":387,"height":13}},{"id":"f1770f59-8aa6-4c88-aa14-5b32cc57d816","block_type":"box","text":"Domestic Equity Funds","page_number":127,"box":{"x":88,"y":388,"width":159,"height":12}},{"id":"dcd33f22-c092-4a3c-9c76-9f6af7895ca3","block_type":"box","text":"Effective January 1, 2025: (i) 84% of securities lending income (which excludes collateral investment fees); and (ii) this","page_number":127,"box":{"x":89,"y":414,"width":826,"height":13}},{"id":"265b031c-ffae-486d-a7c9-0e8481f673bb","block_type":"box","text":"amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":127,"box":{"x":89,"y":429,"width":752,"height":13}},{"id":"2ac730c7-9945-4be8-aff2-bfff00caa038","block_type":"box","text":"International Equity Funds","page_number":127,"box":{"x":88,"y":456,"width":183,"height":12}},{"id":"e3502ca2-3365-47c7-845c-a48d379748dc","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":127,"box":{"x":89,"y":482,"width":866,"height":13}},{"id":"723d0e8e-5d50-4a1a-8e8b-d3ea846623d4","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":127,"box":{"x":89,"y":497,"width":532,"height":13}},{"id":"886f6fe8-8753-4e2d-a6dc-ad3c2368dc8c","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended August 31, 2025 primarily included the","page_number":127,"box":{"x":88,"y":524,"width":827,"height":12}},{"id":"0c80bbb7-9606-4622-af17-9df4a8150acb","block_type":"box","text":"following:","page_number":127,"box":{"x":88,"y":539,"width":68,"height":12}},{"id":"f0ebbddb-94b7-4aac-9f3c-e698353c7926","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":127,"box":{"x":109,"y":565,"width":817,"height":13}},{"id":"fa8444f8-0417-40be-bb9c-d04fe11887f7","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":127,"box":{"x":109,"y":581,"width":316,"height":11}},{"id":"58f2a7d3-f82f-4bbc-bead-eb5d5be40339","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":127,"box":{"x":109,"y":607,"width":519,"height":12}},{"id":"ce89fc3d-b54d-4deb-a4a6-5c1638a454aa","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":127,"box":{"x":109,"y":633,"width":314,"height":13}},{"id":"e1a2c79e-06cb-41c2-8eef-9b8387a5b27b","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":127,"box":{"x":109,"y":660,"width":836,"height":12}},{"id":"ad14640a-215e-47d3-819f-107b1920cba4","block_type":"box","text":"excess collateral, as necessary;","page_number":127,"box":{"x":108,"y":675,"width":214,"height":12}},{"id":"dfb29279-4a25-4748-b574-aecab562da1c","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":127,"box":{"x":109,"y":702,"width":543,"height":12}},{"id":"1c44dc52-74f6-4f9b-9668-a0942314670f","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":127,"box":{"x":109,"y":728,"width":652,"height":12}},{"id":"db1cc716-df3a-4ffa-b85d-e8ac670e8203","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":127,"box":{"x":109,"y":754,"width":821,"height":13}},{"id":"0e1ae4b3-48dd-4f76-ab54-d8c5f881b1d7","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":127,"box":{"x":109,"y":770,"width":839,"height":12}},{"id":"08f4a504-a326-441c-83b9-375ae244e382","block_type":"box","text":"securities; and","page_number":127,"box":{"x":108,"y":785,"width":100,"height":11}},{"id":"7fc3eaec-e28b-4353-9a2c-f1833ec8e9ee","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":127,"box":{"x":109,"y":811,"width":793,"height":12}},{"id":"d3ceb31a-c195-465b-abee-3144098f1ce3","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":127,"box":{"x":88,"y":838,"width":878,"height":12}},{"id":"830b6334-a752-450d-88f4-271368c7a954","block_type":"box","text":"each Fund during its most recent fiscal year ended August 31, 2025.","page_number":127,"box":{"x":89,"y":853,"width":475,"height":12}},{"id":"9306574e-4681-4ba3-ae1f-839d4c1f5654","block_type":"box","text":"97","page_number":127,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"cb1c7600-f276-45fb-8faa-8295c433243a","block_type":"box","text":"Fund","page_number":128,"box":{"x":89,"y":65,"width":27,"height":7}},{"id":"08683049-e51b-4e67-808c-3b42c527194c","block_type":"box","text":"iShares Climate","page_number":128,"box":{"x":457,"y":45,"width":88,"height":7}},{"id":"10af35c7-645f-4fad-abf7-c2037781ad13","block_type":"box","text":"Conscious & Transition","page_number":128,"box":{"x":434,"y":55,"width":133,"height":7}},{"id":"e4a90c14-2336-4f87-865d-c18fdfd5e7eb","block_type":"box","text":"MSCI USA 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BFA Entities make payments for Intermediaries’ participation in","page_number":132,"box":{"x":89,"y":701,"width":816,"height":12}},{"id":"fa360a30-5589-492f-bcbe-324f15b52f6f","block_type":"box","text":"activities that are designed to make registered representatives, other professionals and individual investors more","page_number":132,"box":{"x":89,"y":716,"width":785,"height":12}},{"id":"a5df978a-8cb0-43c3-8d9a-e86c7402a8dc","block_type":"box","text":"knowledgeable about exchange-traded products, including the Fund and other Products, or for other activities, such as","page_number":132,"box":{"x":89,"y":731,"width":834,"height":12}},{"id":"a987bfba-1bdb-42e0-b2a7-4651eb58b40a","block_type":"box","text":"participation in marketing activities and presentations, educational training programs, conferences, the development of","page_number":132,"box":{"x":89,"y":746,"width":836,"height":13}},{"id":"22a14f9f-4749-4da9-b87e-6b2b3f3f6503","block_type":"box","text":"technology platforms and reporting systems (“Education Costs”). BFA Entities also make payments to Intermediaries for","page_number":132,"box":{"x":88,"y":761,"width":841,"height":13}},{"id":"e8995b35-7321-4f41-a86d-607dff0e2de4","block_type":"box","text":"certain printing, publishing and mailing costs or materials relating to the Fund or other Products (“Publishing Costs”). In","page_number":132,"box":{"x":89,"y":776,"width":841,"height":13}},{"id":"9a9e4c1b-0d63-4d4c-b5e8-a7d340364ad3","block_type":"box","text":"addition, BFA Entities make payments to Intermediaries that make shares of the Fund or other Products available to their","page_number":132,"box":{"x":89,"y":792,"width":843,"height":12}},{"id":"59bee7b6-32db-4c5d-b4c9-324431f657e4","block_type":"box","text":"clients, in some cases at a waived or reduced commission rate or ticket charge, develop new products that feature iShares,","page_number":132,"box":{"x":89,"y":807,"width":856,"height":12}},{"id":"50b60e94-d2e2-4859-b8bc-0e64496d6e24","block_type":"box","text":"create educational content about the Fund or other Products that is featured on an Intermediary’s platform, or otherwise","page_number":132,"box":{"x":89,"y":822,"width":846,"height":12}},{"id":"ad922b07-4211-43f5-bc07-59e3c541585d","block_type":"box","text":"promote the Fund or other Products. BFA Entities may also reimburse expenses or make payments from their own assets to","page_number":132,"box":{"x":89,"y":837,"width":864,"height":12}},{"id":"420ae88c-2f75-4eed-9843-ee13da67d06e","block_type":"box","text":"102","page_number":132,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"a574b0eb-dc93-485c-afab-007474d9e97f","block_type":"box","text":"Intermediaries or other persons in consideration of services or other activities that the BFA Entities believe may benefit the","page_number":133,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"5424a0ee-41f5-41bd-9a4f-7e97a97c2a20","block_type":"box","text":"business of the BFA Entities or facilitate investment in the Fund or other Products. Payments of the type described above are","page_number":133,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"2d9e1594-0962-4b45-99dc-f8bbb8872ee9","block_type":"box","text":"sometimes referred to as revenue-sharing payments.","page_number":133,"box":{"x":89,"y":74,"width":369,"height":12}},{"id":"d3bc9098-6f12-434d-a71f-7c560567d6e7","block_type":"box","text":"Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your","page_number":133,"box":{"x":89,"y":101,"width":795,"height":12}},{"id":"822727e8-5633-46e2-a6ec-627495a8be31","block_type":"box","text":"salesperson or other investment professional may also be significant for your salesperson or other investment professional.","page_number":133,"box":{"x":89,"y":116,"width":861,"height":12}},{"id":"b4a7936e-6cde-4f83-a137-ae1bb86b7bc6","block_type":"box","text":"Because an Intermediary may make decisions about which investment options it will recommend or make available to its","page_number":133,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"2e14b53d-6dec-4f5a-8a10-861a0f4f3b84","block_type":"box","text":"clients, what services to provide for various products or what marketing content to make available to its clients based on","page_number":133,"box":{"x":89,"y":146,"width":842,"height":12}},{"id":"856a4da2-b9e4-47bc-9ed4-fbf0881adc30","block_type":"box","text":"payments it receives or is eligible to receive, such payments may create conflicts of interest between the Intermediary and its","page_number":133,"box":{"x":89,"y":161,"width":871,"height":12}},{"id":"bdcf1e73-c074-4e25-8b46-79e157450c76","block_type":"box","text":"clients. These financial incentives may cause the Intermediary to recommend the Fund or other Products or otherwise","page_number":133,"box":{"x":89,"y":176,"width":827,"height":13}},{"id":"7b1407c3-d958-49e4-8341-67010fdf3ff4","block_type":"box","text":"promote the Fund or other Products over other investments. The same conflicts of interest and financial incentives exist with","page_number":133,"box":{"x":89,"y":191,"width":874,"height":13}},{"id":"4c807b08-0081-4a3e-8e70-83603add9ec0","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":133,"box":{"x":89,"y":206,"width":798,"height":13}},{"id":"7593ab49-4299-463d-a8a2-5b61ad6600a2","block_type":"box","text":"Intermediary firm.","page_number":133,"box":{"x":89,"y":222,"width":125,"height":12}},{"id":"3f4aae28-7fd8-499e-8246-c86a52afd086","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":133,"box":{"x":89,"y":248,"width":802,"height":12}},{"id":"0b23521a-1a7f-41f2-ad0e-45e2ea44ff08","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":133,"box":{"x":89,"y":263,"width":812,"height":12}},{"id":"8acc366e-ae42-43b3-ac68-5f2e90530a82","block_type":"box","text":"Intermediaries. BlackRock may configure these tools and calculators and localize the content for Intermediaries as part of its","page_number":133,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"85a90dcb-406e-4929-8a07-90c87d69a520","block_type":"box","text":"customary digital marketing support and promotion of the Fund or other Products.","page_number":133,"box":{"x":89,"y":293,"width":581,"height":13}},{"id":"ced1303f-0945-4a97-bdb4-640fe92ba1c8","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":133,"box":{"x":88,"y":320,"width":862,"height":12}},{"id":"5a2b3b4e-d137-416e-bc8b-8e3fdc12b09d","block_type":"box","text":"Costs or Publishing Costs) to one Intermediary, Fidelity Brokerage Services LLC (“FBS”). Effective June 4, 2016, this","page_number":133,"box":{"x":89,"y":335,"width":795,"height":12}},{"id":"7561d15e-9fda-4028-b97a-fbe008e1dcff","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":133,"box":{"x":89,"y":350,"width":847,"height":12}},{"id":"e8cef077-753a-4da7-9190-56220d911b67","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":133,"box":{"x":89,"y":365,"width":824,"height":12}},{"id":"eab390c1-3726-4628-aa31-840386d182db","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":133,"box":{"x":89,"y":380,"width":826,"height":13}},{"id":"8e0a6479-246d-4a66-bbf9-54b22a43dcd8","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":133,"box":{"x":89,"y":395,"width":835,"height":13}},{"id":"76b80c9b-34dc-4670-be80-73e18bded4cc","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":133,"box":{"x":89,"y":410,"width":838,"height":13}},{"id":"051e8c72-54e7-4e5c-945c-8b6a0c381c9f","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":133,"box":{"x":89,"y":426,"width":844,"height":12}},{"id":"89f3c46e-6584-4b49-9615-ad1bc551e4cf","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":133,"box":{"x":89,"y":441,"width":831,"height":12}},{"id":"e65ac7eb-c118-4d99-9baf-fdfb2bbf204b","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":133,"box":{"x":89,"y":456,"width":840,"height":12}},{"id":"e32a9150-2370-42cc-8c76-5414818564a6","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":133,"box":{"x":89,"y":471,"width":856,"height":12}},{"id":"4d528c69-b331-4cce-b141-2ffb9d66451b","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":133,"box":{"x":88,"y":486,"width":529,"height":12}},{"id":"7a619605-3085-441e-a94a-813e26682747","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":133,"box":{"x":89,"y":513,"width":873,"height":12}},{"id":"cabeacae-82db-480a-a3fa-726590f111b7","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":133,"box":{"x":88,"y":528,"width":824,"height":12}},{"id":"f27ad1c5-3ba3-4e4a-9edd-e23b69ea7f96","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":133,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"37424427-6823-428f-80db-dcee12933070","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":133,"box":{"x":89,"y":558,"width":844,"height":12}},{"id":"31f3815f-a366-40df-9a7e-102a35344270","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":133,"box":{"x":89,"y":573,"width":871,"height":12}},{"id":"1eb0db09-5c9e-4e87-ab04-902b3867e866","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":133,"box":{"x":88,"y":588,"width":850,"height":12}},{"id":"adb7b26c-5382-4b9f-bbfc-706b512c9646","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":133,"box":{"x":89,"y":603,"width":863,"height":13}},{"id":"93d36a56-a4e3-4e46-9bb1-7b8aa0ecefa4","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":133,"box":{"x":89,"y":618,"width":864,"height":13}},{"id":"b13055b0-85a2-488a-bdcc-61930fe83ab5","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":133,"box":{"x":89,"y":633,"width":861,"height":13}},{"id":"ce0cfaf8-82cb-4500-a397-9986360ddbef","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":133,"box":{"x":89,"y":649,"width":807,"height":12}},{"id":"14204563-07be-475f-914f-47b3052efdfe","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":133,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"f5c95ab4-689a-456d-bc45-05bd93f9dba4","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":133,"box":{"x":89,"y":679,"width":875,"height":12}},{"id":"df45c341-4fcf-437b-b4c1-b32a6b043012","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":133,"box":{"x":89,"y":694,"width":851,"height":12}},{"id":"0259c2c4-41c7-4294-8547-c09f508f9b70","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":133,"box":{"x":89,"y":709,"width":855,"height":12}},{"id":"031332db-a94e-4926-ad3a-5ba8c5ed6d56","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":133,"box":{"x":88,"y":724,"width":821,"height":13}},{"id":"cf69b67a-d149-4853-8e58-e90e62e148b3","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":133,"box":{"x":89,"y":739,"width":780,"height":13}},{"id":"3a474f95-247e-45ca-986a-f1997b0839a2","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":133,"box":{"x":89,"y":754,"width":839,"height":13}},{"id":"c1fa1e2c-6dd1-4f5c-a554-5595ce62d1aa","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":133,"box":{"x":89,"y":770,"width":821,"height":12}},{"id":"12fa8432-624e-46d7-9bf9-7ea01db0ba9a","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":133,"box":{"x":89,"y":785,"width":847,"height":12}},{"id":"086e527d-034e-4653-aa89-63ebcf2d0f5e","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":133,"box":{"x":89,"y":800,"width":858,"height":12}},{"id":"52fda38d-0eaa-4b8f-a8f8-7791c76fd5ac","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":133,"box":{"x":89,"y":815,"width":877,"height":12}},{"id":"a1204f1a-f87d-4e7d-8e69-6a057af6a258","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":133,"box":{"x":89,"y":830,"width":862,"height":12}},{"id":"2bb6c670-c53d-4fcb-b77e-8c1ae985bea2","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":133,"box":{"x":88,"y":845,"width":878,"height":12}},{"id":"47ae8075-3f4c-4e61-8580-0c04ca591ec9","block_type":"box","text":"103","page_number":133,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"3231658b-06cc-4d0d-94bb-c969d54e0598","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":134,"box":{"x":88,"y":44,"width":842,"height":12}},{"id":"9adb2839-7b4a-4e93-b887-4020cc3dc3f1","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":134,"box":{"x":89,"y":59,"width":637,"height":12}},{"id":"4c3a3998-0ab2-43a6-9d51-388ec68cbfc0","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":134,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"257d479f-5f27-4c6d-8928-a718b2743306","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":134,"box":{"x":89,"y":101,"width":870,"height":12}},{"id":"d07eaf86-fada-4eeb-8216-93af3e3b941c","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":134,"box":{"x":89,"y":116,"width":826,"height":12}},{"id":"6aaee4ed-c44c-4306-ac1f-86538852064d","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":134,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"a88bcb9e-7823-4f72-954f-63fed39183b4","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":134,"box":{"x":89,"y":146,"width":805,"height":12}},{"id":"b88168d8-4bf4-4742-8f8f-ff0c1402a3a3","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":134,"box":{"x":89,"y":161,"width":862,"height":12}},{"id":"e2502c45-7172-4803-a928-c223f1239ba5","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":134,"box":{"x":88,"y":176,"width":835,"height":13}},{"id":"bad8ec62-0141-4320-97ee-50bd5f941cf8","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":134,"box":{"x":89,"y":191,"width":823,"height":13}},{"id":"8ed6feb8-cbc3-42b0-b8b5-1595c9740865","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":134,"box":{"x":89,"y":206,"width":578,"height":13}},{"id":"5b130c34-1de4-49c3-8f15-ec013fbdccc3","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":134,"box":{"x":88,"y":233,"width":864,"height":12}},{"id":"fd5cd8bf-f7a6-4a77-896d-9b7917a864aa","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":134,"box":{"x":89,"y":248,"width":814,"height":12}},{"id":"52b7b5ad-4101-4aaa-82f3-3bfb828914e7","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":134,"box":{"x":89,"y":263,"width":859,"height":12}},{"id":"35f4075a-c16a-4fd7-ba20-61637389a7dc","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":134,"box":{"x":88,"y":278,"width":865,"height":13}},{"id":"64840dad-493a-43f6-a8bf-3c1a61aa4bf5","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":134,"box":{"x":88,"y":293,"width":847,"height":13}},{"id":"3ef3a369-685d-4758-b453-d0ae6f0a4db3","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":134,"box":{"x":89,"y":308,"width":851,"height":13}},{"id":"f52b3941-f5f3-4911-960f-96c7f0085d64","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":134,"box":{"x":89,"y":324,"width":722,"height":12}},{"id":"f9020313-786f-41d3-a3ad-c84f5317fc28","block_type":"box","text":"Determination of Net Asset Value","page_number":134,"box":{"x":91,"y":354,"width":558,"height":24}},{"id":"11abecc4-5692-46e2-9417-7c86c98636b8","block_type":"box","text":"Valuation of Shares.","page_number":134,"box":{"x":88,"y":395,"width":144,"height":10}},{"id":"3edec787-2195-4580-9732-e396dab1098e","block_type":"box","text":"The NAV for each Fund is generally calculated as of the close of regular trading hours on the New York","page_number":134,"box":{"x":237,"y":395,"width":717,"height":13}},{"id":"4d408098-4c3d-4691-a34b-0054e31310da","block_type":"box","text":"Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time) on each business day the NYSE is open. Valuation of assets held","page_number":134,"box":{"x":88,"y":410,"width":877,"height":13}},{"id":"05455ba2-406b-444c-b291-c32e0f22eb45","block_type":"box","text":"by a Fund is as follows:","page_number":134,"box":{"x":89,"y":426,"width":159,"height":12}},{"id":"2ef8d2fa-82ff-4627-a450-9556e821002e","block_type":"box","text":"Equity Investments.","page_number":134,"box":{"x":89,"y":453,"width":139,"height":11}},{"id":"d3b6792e-6d30-452e-80cf-68b6b04bbefc","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":134,"box":{"x":235,"y":452,"width":429,"height":12}},{"id":"e152d879-3678-43ec-826b-66141ac5fe8b","block_type":"box","text":"e.g.","page_number":134,"box":{"x":665,"y":455,"width":23,"height":9}},{"id":"fae9377c-99a0-4148-9e8d-4d879c4b2624","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":134,"box":{"x":690,"y":452,"width":277,"height":12}},{"id":"50e0efb6-be54-427b-be41-a414f4328808","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":134,"box":{"x":89,"y":467,"width":853,"height":13}},{"id":"c00cb804-2537-4791-b3a7-c46421e4c0e2","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":134,"box":{"x":89,"y":482,"width":869,"height":13}},{"id":"48ec2016-da64-4b60-9bf3-f9baf6294044","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":134,"box":{"x":89,"y":497,"width":874,"height":13}},{"id":"c83372bf-c187-4812-b5d1-ae3839e357e8","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":134,"box":{"x":89,"y":513,"width":841,"height":12}},{"id":"01093852-ff87-409e-9bc6-87aa2b800830","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":134,"box":{"x":89,"y":528,"width":872,"height":12}},{"id":"41488d5e-09a5-496d-b22d-d55dea505f98","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":134,"box":{"x":88,"y":543,"width":838,"height":12}},{"id":"84c842ef-af20-498d-8be2-498a2b84b4a9","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":134,"box":{"x":88,"y":558,"width":848,"height":12}},{"id":"83333e48-8546-42a5-9fcc-90b58232eea6","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":134,"box":{"x":89,"y":573,"width":829,"height":12}},{"id":"845b643d-097a-44c3-be1f-a672d35beff4","block_type":"box","text":"below).","page_number":134,"box":{"x":89,"y":588,"width":50,"height":12}},{"id":"49f4f502-aeff-4090-8187-11b73fe65585","block_type":"box","text":"Fixed-Income Investments.","page_number":134,"box":{"x":89,"y":615,"width":194,"height":9}},{"id":"53f06cc0-da74-4636-9be1-9381cb954fab","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":134,"box":{"x":289,"y":615,"width":603,"height":12}},{"id":"e1d05986-51e0-462a-b0e3-1bb35ec33c24","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third","page_number":134,"box":{"x":89,"y":630,"width":846,"height":12}},{"id":"5f3a5673-0842-41db-9f7c-2f68b87d23d8","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":134,"box":{"x":89,"y":645,"width":854,"height":12}},{"id":"f4102fc3-f6ea-4926-a033-8862a89ed2d8","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":134,"box":{"x":88,"y":660,"width":737,"height":12}},{"id":"f9c8c265-6f07-4313-89ca-18a716c72f6c","block_type":"box","text":"e.g.","page_number":134,"box":{"x":826,"y":663,"width":23,"height":9}},{"id":"9fc3354f-0a79-49e1-9c21-6eddaac2274b","block_type":"box","text":", recent","page_number":134,"box":{"x":851,"y":661,"width":52,"height":10}},{"id":"4343c1ac-9a70-4509-95cc-865035375b00","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":134,"box":{"x":89,"y":675,"width":795,"height":12}},{"id":"861ff944-323a-4491-a816-68c6692857ba","block_type":"box","text":"information. Pricing services also may consider yields or prices of securities of comparable quality, coupon, maturity and","page_number":134,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"ce536aab-78cf-4e4b-a923-3f8633d976b9","block_type":"box","text":"type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services","page_number":134,"box":{"x":88,"y":705,"width":878,"height":13}},{"id":"d5c25e9e-633f-4a00-a021-d6e9712df0cb","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":134,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"41446435-8d73-43b9-8cc4-c965ef3c2843","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":134,"box":{"x":89,"y":736,"width":866,"height":12}},{"id":"589ce8ea-11b6-42de-94a6-48050d583833","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":134,"box":{"x":88,"y":751,"width":860,"height":12}},{"id":"c02c98b4-2de4-4ad4-8d9e-983943685fc8","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":134,"box":{"x":89,"y":766,"width":819,"height":12}},{"id":"3a49f44d-80a4-4621-b0a8-ab1beaa97b9e","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":134,"box":{"x":89,"y":781,"width":844,"height":12}},{"id":"1dc133fc-bf51-4770-b64b-d8f094d30bfe","block_type":"box","text":"income investments, including asset-backed and mortgage-related securities, may be valued based on valuation models that","page_number":134,"box":{"x":89,"y":796,"width":874,"height":12}},{"id":"ce838cd4-f009-4d2c-826a-1c1f37e34e75","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":134,"box":{"x":89,"y":811,"width":829,"height":12}},{"id":"a722f14c-6fef-4ce0-bced-9ccdc808fca3","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":134,"box":{"x":88,"y":826,"width":656,"height":13}},{"id":"6a4bbdb1-99aa-4bd9-b90a-30701f88cc1c","block_type":"box","text":"104","page_number":134,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"a8b55d5c-7c8d-470c-9b8c-a76f099c2465","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":135,"box":{"x":89,"y":44,"width":337,"height":12}},{"id":"5557e6d1-fa9f-4163-95bc-8a3ef5377802","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":135,"box":{"x":432,"y":44,"width":518,"height":12}},{"id":"fe13f7cc-2df3-4d93-9f91-52b4da180da0","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":135,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"b15e50d9-2ee2-4c30-88b7-baf982382d8d","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":135,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"6b37983f-9041-497f-956e-6c863762c8fd","block_type":"box","text":"price available for such exchange-traded equity option held by a Fund on a day on which a Fund values such option, the last","page_number":135,"box":{"x":89,"y":89,"width":868,"height":13}},{"id":"ff8c0c43-1eeb-4d4a-bd3b-9e3e3c555388","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask price is","page_number":135,"box":{"x":89,"y":104,"width":873,"height":13}},{"id":"b1d0400c-e6e5-42a9-ac93-905f709d8c00","block_type":"box","text":"available on a day on which a Fund values such option, the prior day’s price will be used, unless BFA determines that such","page_number":135,"box":{"x":89,"y":119,"width":850,"height":13}},{"id":"2cbfc4ee-8847-4acd-8e4f-6ed39163dc1f","block_type":"box","text":"prior day’s price no longer reflects the fair value of the option, in which case such option will be treated as a Fair Value Asset.","page_number":135,"box":{"x":89,"y":135,"width":871,"height":12}},{"id":"03a15b11-a4ea-4f0f-a483-9d428f89ac71","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued using a","page_number":135,"box":{"x":89,"y":150,"width":856,"height":12}},{"id":"84e7f15f-9a2d-4743-a3b0-7788cac6ba20","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":135,"box":{"x":89,"y":165,"width":824,"height":12}},{"id":"7f4f5a04-300f-4793-afdf-124766ccc518","block_type":"box","text":"thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such exchanges.","page_number":135,"box":{"x":88,"y":180,"width":857,"height":12}},{"id":"2c6306cf-ed4b-451a-b412-9a6c715f4fd4","block_type":"box","text":"Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing","page_number":135,"box":{"x":88,"y":195,"width":874,"height":12}},{"id":"b472a1ac-4a4e-46d7-9e40-c9a7f95ac6df","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":135,"box":{"x":89,"y":210,"width":368,"height":10}},{"id":"ec75785a-afb6-43b5-8301-0a5e1bb92c48","block_type":"box","text":"Underlying Funds.","page_number":135,"box":{"x":89,"y":237,"width":130,"height":12}},{"id":"e08a13b9-c119-4085-a879-5994122c7362","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":135,"box":{"x":224,"y":237,"width":694,"height":12}},{"id":"863aeefb-89f8-481d-9082-17878d46f517","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":135,"box":{"x":89,"y":252,"width":759,"height":12}},{"id":"69648948-d94c-46d7-8bfd-23b6109852cb","block_type":"box","text":"General Valuation Information.","page_number":135,"box":{"x":89,"y":278,"width":222,"height":10}},{"id":"cdd035d5-68f2-4ed8-9981-07ef5417a0cc","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":135,"box":{"x":317,"y":278,"width":612,"height":13}},{"id":"210db39d-a8a6-4fa4-8150-c8180166b353","block_type":"box","text":"makers to value a Fund’s securities and other assets and liabilities are based on information available at the time a Fund","page_number":135,"box":{"x":89,"y":293,"width":836,"height":10}},{"id":"ed32a42f-e22f-446a-87d8-693aedd002c4","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":135,"box":{"x":88,"y":308,"width":853,"height":13}},{"id":"e4e1c490-836c-4cbe-ac17-a91a56dd05f5","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":135,"box":{"x":88,"y":324,"width":813,"height":12}},{"id":"e2fbc637-3d6a-422b-b412-aa65c48a5574","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":135,"box":{"x":89,"y":339,"width":700,"height":12}},{"id":"214b42a4-033e-45b8-a09b-6821a90a5468","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":135,"box":{"x":88,"y":365,"width":867,"height":12}},{"id":"b259d3ed-88b8-4d98-9e2e-ddd61ecf73ce","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":135,"box":{"x":89,"y":380,"width":866,"height":13}},{"id":"68014bf0-ac9c-4469-9c32-f55c2df8150a","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":135,"box":{"x":89,"y":395,"width":859,"height":13}},{"id":"0b6dded5-0054-486a-95ae-3824336848bc","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":135,"box":{"x":89,"y":410,"width":846,"height":13}},{"id":"806b2e05-0c20-4e4e-b4fd-a54e225ea06f","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":135,"box":{"x":89,"y":426,"width":876,"height":12}},{"id":"a8d2126a-597c-416c-be63-0427e3a95305","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":135,"box":{"x":89,"y":441,"width":439,"height":12}},{"id":"84180c5a-f0b9-4b6c-b52f-6b8384b0eb0f","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":135,"box":{"x":88,"y":467,"width":627,"height":13}},{"id":"73e08de9-1c13-4a1d-8d85-f47fbd80d7a5","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":135,"box":{"x":89,"y":494,"width":871,"height":12}},{"id":"d054d1c4-7f85-40d6-ba3c-a9ba94a724a7","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":135,"box":{"x":88,"y":509,"width":823,"height":12}},{"id":"c3ccfe2c-101b-49d9-a0e6-3c18fba02658","block_type":"box","text":"accordance with a method approved by BFA, each Fund’s valuation designee, as reflecting fair value. All other assets and","page_number":135,"box":{"x":89,"y":524,"width":843,"height":12}},{"id":"d5bf535e-5369-4c33-b0e0-35234c74c0f3","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":135,"box":{"x":89,"y":539,"width":836,"height":12}},{"id":"74ce0b7e-42a5-4db3-95e0-ba7d5ececbf6","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":135,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"1e6eef7e-3600-4a19-9ecb-e057db8fb4c6","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":135,"box":{"x":89,"y":569,"width":805,"height":13}},{"id":"64ad7f5a-64e3-4bc6-aa8c-5063e17ad66a","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":135,"box":{"x":89,"y":596,"width":874,"height":12}},{"id":"930ed06e-a619-4960-8ebb-138770b1c6ed","block_type":"box","text":"a Fund’s NAV and the prices used in its Underlying Index, which, in turn, could result in a difference between a Fund’s","page_number":135,"box":{"x":89,"y":611,"width":820,"height":12}},{"id":"e49d8d45-0404-4612-ad3d-55e1c8736d2c","block_type":"box","text":"performance and the performance of its Underlying Index.","page_number":135,"box":{"x":89,"y":626,"width":407,"height":12}},{"id":"b5072bc0-f859-4c7f-ac2a-1da176d859bd","block_type":"box","text":"Fair Value.","page_number":135,"box":{"x":89,"y":652,"width":73,"height":10}},{"id":"3242ae8b-7aab-4ecc-a944-982f77bb4ce8","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":135,"box":{"x":167,"y":652,"width":796,"height":13}},{"id":"b330c845-5368-46fb-a695-f07af0e6dd6f","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":135,"box":{"x":88,"y":668,"width":854,"height":12}},{"id":"cc23e30b-a404-4500-b6cc-845f3653dd50","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":135,"box":{"x":89,"y":683,"width":820,"height":12}},{"id":"5bbbe511-11ea-4b08-b1f9-f49fa13f40dc","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":135,"box":{"x":89,"y":698,"width":837,"height":12}},{"id":"1c62bb20-0b76-4b30-a298-7baf4eeaa8fe","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":135,"box":{"x":89,"y":713,"width":855,"height":12}},{"id":"a28a3f3d-991b-4b7d-9b9f-98b3e5da04c1","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":135,"box":{"x":89,"y":728,"width":851,"height":12}},{"id":"2ef50110-dd22-4d6b-97bf-fecbeeba95c0","block_type":"box","text":"unreliable (","page_number":135,"box":{"x":89,"y":743,"width":77,"height":12}},{"id":"6162d0d8-4bf0-42a1-98e2-fbac38d3e973","block_type":"box","text":"e.g.","page_number":135,"box":{"x":167,"y":746,"width":23,"height":9}},{"id":"e8c28f2f-5c6e-43be-8916-2718f76b880a","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":135,"box":{"x":192,"y":743,"width":745,"height":12}},{"id":"48fd83e1-8338-4180-b568-d539975a56e9","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":135,"box":{"x":89,"y":758,"width":839,"height":13}},{"id":"ad211fbf-ac64-4b7a-9336-6eb8e14039e7","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":135,"box":{"x":88,"y":773,"width":822,"height":13}},{"id":"11abd87b-0879-4797-87bf-71e0af1848eb","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":135,"box":{"x":89,"y":788,"width":860,"height":13}},{"id":"fc327588-0f45-4f7a-8e13-09469db60d69","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":135,"box":{"x":89,"y":804,"width":862,"height":12}},{"id":"1d94e1e2-e14c-41d7-a329-b3b54503fe89","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":135,"box":{"x":89,"y":819,"width":864,"height":12}},{"id":"97e19cfb-b01f-4ca8-9597-bb69ce08161f","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":135,"box":{"x":89,"y":834,"width":864,"height":12}},{"id":"788e2d38-a516-412b-8dd1-28f3e48c9d71","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":135,"box":{"x":89,"y":849,"width":858,"height":12}},{"id":"140f94ad-7820-4fd6-958c-8be8411cc374","block_type":"box","text":"105","page_number":135,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"be7a98d0-1b85-4a39-b72b-8efaa9b7b605","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":136,"box":{"x":89,"y":44,"width":829,"height":12}},{"id":"abd3aedb-39c9-4fd9-a979-7cc0792038f6","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":136,"box":{"x":89,"y":59,"width":573,"height":12}},{"id":"4c4b99da-c0f8-4572-8bc7-f218ee6a82d4","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":136,"box":{"x":89,"y":85,"width":874,"height":13}},{"id":"b06078a2-9a48-4287-9836-3b6e30b6d8e0","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":136,"box":{"x":89,"y":101,"width":787,"height":12}},{"id":"30284165-90a1-4d28-880e-56b4a3f183ac","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":136,"box":{"x":89,"y":116,"width":867,"height":12}},{"id":"c65b96f5-8699-4602-a9ce-243b7bc38c2d","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":136,"box":{"x":89,"y":131,"width":559,"height":12}},{"id":"099c75d9-ffdd-43f0-af10-0580ef289f22","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":136,"box":{"x":89,"y":157,"width":843,"height":13}},{"id":"416ed400-d2cf-4350-befe-8a4aabf965df","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":136,"box":{"x":89,"y":172,"width":874,"height":13}},{"id":"ad1da23d-f40e-4fac-a20e-cc5c0bee0cba","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":136,"box":{"x":89,"y":188,"width":847,"height":12}},{"id":"77df0aca-4f78-4011-9792-62d4d337a234","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":136,"box":{"x":89,"y":203,"width":676,"height":12}},{"id":"6737a399-c7e8-43b2-b6b0-8f5ddc18313d","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":136,"box":{"x":88,"y":229,"width":868,"height":12}},{"id":"cd5ac04e-a0f1-4a88-b7be-0af60bd70d0c","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":136,"box":{"x":88,"y":244,"width":838,"height":13}},{"id":"2f76e315-ada6-401a-91b3-816ba7cf59bf","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":136,"box":{"x":89,"y":259,"width":847,"height":13}},{"id":"e844112d-dab7-4bd8-b4fb-d0513e00abb7","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":136,"box":{"x":89,"y":274,"width":856,"height":13}},{"id":"e998e929-9810-47d7-a9ae-0b2616d5d7f6","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":136,"box":{"x":89,"y":290,"width":877,"height":12}},{"id":"d6ef0b53-41a6-4555-ba94-ad14e9b9f7bf","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":136,"box":{"x":89,"y":305,"width":397,"height":12}},{"id":"45086822-c13f-4548-974f-cac2fae43d48","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":136,"box":{"x":89,"y":331,"width":848,"height":12}},{"id":"012f1ced-be80-49c3-8228-ff3e0b897cb6","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":136,"box":{"x":89,"y":346,"width":865,"height":13}},{"id":"2175fc91-8949-444b-8460-6bd2885748ef","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":136,"box":{"x":89,"y":361,"width":878,"height":13}},{"id":"033a8355-8b6e-4f04-8513-a440e2332b0c","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":136,"box":{"x":89,"y":376,"width":795,"height":13}},{"id":"12ba67f6-d0e2-4041-9c61-acd8d4ee463f","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":136,"box":{"x":88,"y":392,"width":839,"height":12}},{"id":"107320a4-a871-4049-b4c2-d0934631b88f","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":136,"box":{"x":89,"y":407,"width":801,"height":12}},{"id":"0b1d7da0-980a-4e12-ad9a-eedad5ea740f","block_type":"box","text":"investment.","page_number":136,"box":{"x":89,"y":423,"width":80,"height":9}},{"id":"549acd25-373e-41d2-a207-467e052df0c5","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":136,"box":{"x":88,"y":448,"width":865,"height":13}},{"id":"a09afbaf-26fd-47d1-987d-d6b918e4a0fd","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":136,"box":{"x":89,"y":463,"width":843,"height":13}},{"id":"dadef94d-f83b-4b5e-b57f-c6510371d248","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":136,"box":{"x":89,"y":479,"width":850,"height":12}},{"id":"a89aeac0-10cc-46ef-876d-8114f8d66e08","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":136,"box":{"x":89,"y":494,"width":540,"height":12}},{"id":"bc7d039d-a3da-40ba-bb6e-c760b855a3de","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":136,"box":{"x":89,"y":520,"width":843,"height":12}},{"id":"a613ba46-6dde-42e3-a43c-1b1a7f1eb49e","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":136,"box":{"x":89,"y":535,"width":795,"height":13}},{"id":"268a58cd-a06c-43a9-9ecf-401e3e26abe0","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":136,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"958f10b9-2504-4150-8650-e6c20880d0c5","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":136,"box":{"x":89,"y":565,"width":835,"height":13}},{"id":"21d31716-19b8-479e-91e3-c56c33029b02","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":136,"box":{"x":89,"y":581,"width":499,"height":12}},{"id":"f0b18b5b-4f72-4f44-9125-2684bf30f06f","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":136,"box":{"x":89,"y":607,"width":870,"height":12}},{"id":"01707517-a34e-4923-857d-7372faa3f4b2","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":136,"box":{"x":89,"y":622,"width":839,"height":12}},{"id":"93aa832d-7e8b-44e8-b2cc-2fd73f933b1d","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":136,"box":{"x":88,"y":637,"width":863,"height":13}},{"id":"f3900b8b-260e-40b6-b4b5-a56dad8b4256","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":136,"box":{"x":88,"y":652,"width":863,"height":13}},{"id":"171db3c6-5f9b-4213-a2ac-f76dc152a9f7","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":136,"box":{"x":89,"y":668,"width":778,"height":12}},{"id":"c4133740-bf73-4a01-8b59-d3dd713bb020","block_type":"box","text":"Brokerage Transactions","page_number":136,"box":{"x":91,"y":698,"width":390,"height":30}},{"id":"c112bd3b-bbc0-427c-bb4f-d14c9691f81e","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":136,"box":{"x":88,"y":739,"width":863,"height":13}},{"id":"25afdcff-8e6c-456c-a3ea-78ffb42c06c3","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":136,"box":{"x":89,"y":754,"width":835,"height":13}},{"id":"d4cbab1c-f001-4cf8-a0fa-f92b9a8f225b","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":136,"box":{"x":89,"y":770,"width":824,"height":12}},{"id":"117b520d-fe5b-45bd-ad52-ee195187532a","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":136,"box":{"x":89,"y":785,"width":877,"height":12}},{"id":"f98e964f-0a10-49a8-ac6b-fd9d4eafd060","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":136,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"d035f155-f6ad-42bd-b78c-6a237c0d03f2","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":136,"box":{"x":89,"y":815,"width":805,"height":12}},{"id":"fd1b277a-b8cb-4984-ab28-3c23522d4b0d","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":136,"box":{"x":89,"y":830,"width":851,"height":12}},{"id":"2adc0dfb-3213-42d7-91da-5138d18d019b","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":136,"box":{"x":89,"y":845,"width":876,"height":12}},{"id":"d5637b3b-039d-4e6e-8a5e-e1ed82eefced","block_type":"box","text":"106","page_number":136,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"b4c15ff8-1bb9-4a63-8d8b-1ad98a38c801","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":137,"box":{"x":89,"y":44,"width":807,"height":12}},{"id":"49cf999c-ef15-4c98-9061-fe88db2ecd65","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":137,"box":{"x":89,"y":59,"width":664,"height":12}},{"id":"95beadaf-4af5-4700-b802-dd706385c6c3","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":137,"box":{"x":89,"y":85,"width":825,"height":13}},{"id":"6f935e76-3305-4fae-9562-0547e97675a2","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":137,"box":{"x":89,"y":101,"width":878,"height":12}},{"id":"4c258c99-8561-4408-b6f4-0cb34f83ed40","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":137,"box":{"x":89,"y":116,"width":846,"height":12}},{"id":"aea03eca-f688-4693-af48-b247ebfd8dcf","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":137,"box":{"x":89,"y":131,"width":865,"height":12}},{"id":"8c4008fd-c38d-4639-935d-24c108740fdd","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":137,"box":{"x":88,"y":146,"width":835,"height":12}},{"id":"2ad2db20-4741-4e1a-b2cc-bc12b42b07f1","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":137,"box":{"x":89,"y":161,"width":860,"height":12}},{"id":"7ac06502-935c-47b3-bf42-f9a58530e0db","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":137,"box":{"x":89,"y":176,"width":816,"height":13}},{"id":"95fce43b-da89-4a3d-a6e7-c217f01ad136","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":137,"box":{"x":89,"y":191,"width":846,"height":13}},{"id":"1f317c29-5421-41bb-8bb6-efaecd0734bd","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":137,"box":{"x":88,"y":206,"width":870,"height":13}},{"id":"61515e44-b325-43ed-b560-e58a9a740b54","block_type":"box","text":"other circumstances.","page_number":137,"box":{"x":89,"y":222,"width":146,"height":9}},{"id":"941dbb67-97ee-4e8f-9ec6-90201b8cd461","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":137,"box":{"x":88,"y":248,"width":863,"height":12}},{"id":"cec16136-1a50-46ca-85c2-578342383d84","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":137,"box":{"x":89,"y":263,"width":844,"height":12}},{"id":"5a20be24-5b30-45d0-a2ac-b7b4747cecf8","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":137,"box":{"x":89,"y":278,"width":871,"height":13}},{"id":"230fe67f-9c62-4ac9-834f-01c57126ac57","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":137,"box":{"x":89,"y":293,"width":839,"height":13}},{"id":"58976405-50db-4885-90a3-5ac990058ed4","block_type":"box","text":"under certain conditions.","page_number":137,"box":{"x":89,"y":308,"width":174,"height":10}},{"id":"e3aa0d30-761b-4b2e-9cf1-edd466707fad","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":137,"box":{"x":89,"y":335,"width":869,"height":12}},{"id":"f0a39649-8904-4645-a467-159b2623878b","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":137,"box":{"x":89,"y":350,"width":844,"height":12}},{"id":"65634e48-6f49-41e4-bd1e-e73986e71d1f","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":137,"box":{"x":89,"y":365,"width":831,"height":12}},{"id":"0e21ca65-3c6b-473a-b9ec-9f78aa821dd5","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":137,"box":{"x":89,"y":380,"width":807,"height":13}},{"id":"b234fc28-4c22-4785-97e1-9e6b4fbff95a","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":137,"box":{"x":88,"y":395,"width":605,"height":13}},{"id":"26afefe6-9986-4513-ae3f-1b818594b05d","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":137,"box":{"x":88,"y":422,"width":868,"height":12}},{"id":"db368183-b967-43fa-972b-bc62613f16f0","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":137,"box":{"x":88,"y":437,"width":849,"height":12}},{"id":"a1d5a649-433f-4d02-b561-90feb8dc8ce5","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":137,"box":{"x":89,"y":452,"width":857,"height":12}},{"id":"c3f05edc-335c-4f2c-b092-17466e955d81","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":137,"box":{"x":89,"y":467,"width":865,"height":13}},{"id":"d4dce2f1-2b66-4599-934b-ed3aaa0992ca","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":137,"box":{"x":88,"y":482,"width":330,"height":13}},{"id":"d89138f3-e307-4e4c-a5b7-533897a94af8","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":137,"box":{"x":89,"y":509,"width":842,"height":12}},{"id":"7e4b8a97-4fe7-4a80-9c8b-9ff25c44570e","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":137,"box":{"x":88,"y":524,"width":861,"height":12}},{"id":"26d05a5c-8a9c-4022-a908-410be4b4bb15","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":137,"box":{"x":89,"y":539,"width":811,"height":12}},{"id":"feb2aca0-5125-4fd3-862d-a3e36562ee56","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":137,"box":{"x":89,"y":554,"width":853,"height":12}},{"id":"b00316dc-af31-4864-a923-cb97f5d494e1","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":137,"box":{"x":88,"y":569,"width":875,"height":13}},{"id":"39bf2769-18d9-45de-b96c-4541ced49200","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":137,"box":{"x":88,"y":584,"width":501,"height":13}},{"id":"14984015-7f25-4eed-a623-8763f3158071","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":137,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"9970ac56-7eb5-48ff-bb7c-d6547c985223","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":137,"box":{"x":88,"y":626,"width":820,"height":12}},{"id":"a0dc0fda-9605-4263-91e5-6a61f4da3239","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":137,"box":{"x":88,"y":641,"width":845,"height":12}},{"id":"4209695c-57c7-4eeb-9b9b-c1d7f6561519","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":137,"box":{"x":89,"y":656,"width":826,"height":13}},{"id":"8c8245ab-3c04-4145-8de9-efd425828f29","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":137,"box":{"x":89,"y":671,"width":854,"height":13}},{"id":"22192623-a342-4f94-bf5b-40730c1e6ea6","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":137,"box":{"x":89,"y":686,"width":853,"height":13}},{"id":"1cf45127-9526-4d05-9c73-d3311c44deeb","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":137,"box":{"x":88,"y":702,"width":875,"height":12}},{"id":"a9cef12a-50b2-4311-9795-7b54b57383e5","block_type":"box","text":"Act.","page_number":137,"box":{"x":88,"y":717,"width":27,"height":9}},{"id":"c442a92e-bfd3-44f9-9c2c-b35629de1106","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":137,"box":{"x":89,"y":743,"width":854,"height":12}},{"id":"f47e5608-4078-4aba-8daa-d504263178f8","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":137,"box":{"x":89,"y":758,"width":860,"height":13}},{"id":"118385e4-194d-4d2b-919f-b4237a6ccfdd","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":137,"box":{"x":89,"y":773,"width":855,"height":13}},{"id":"61cabfcb-8316-48b4-8375-75802a704b8e","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":137,"box":{"x":89,"y":788,"width":472,"height":13}},{"id":"a7ffab36-3e31-4379-9d4d-60db088bfd02","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":137,"box":{"x":89,"y":815,"width":831,"height":12}},{"id":"0e5ee4ef-a8d8-4642-afa9-dedc6d9a12fc","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":137,"box":{"x":89,"y":830,"width":865,"height":12}},{"id":"538b6501-b3d3-4765-a8d0-2feea844eea6","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":137,"box":{"x":89,"y":845,"width":867,"height":12}},{"id":"6aae387b-6146-4293-b8d7-9d7d715fba38","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":137,"box":{"x":89,"y":860,"width":364,"height":13}},{"id":"c5e1455f-bee1-4011-a603-0dddd8364d23","block_type":"box","text":"107","page_number":137,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"192ad6b3-57e4-4634-8d77-fc1fd172de89","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":138,"box":{"x":88,"y":44,"width":874,"height":12}},{"id":"bc889356-fa1d-4538-b019-f6d734cffd85","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":138,"box":{"x":88,"y":59,"width":824,"height":12}},{"id":"5688b277-4b85-4549-9fb4-ff1f54ffe30b","block_type":"box","text":"commissions or discounts are paid.","page_number":138,"box":{"x":89,"y":74,"width":246,"height":12}},{"id":"d1bc74a0-c9f5-44dd-a629-eb52c70783ab","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":138,"box":{"x":89,"y":101,"width":847,"height":12}},{"id":"a6ea731d-696c-486d-85e3-7bfb206248a5","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":138,"box":{"x":89,"y":116,"width":835,"height":12}},{"id":"cdf55505-04e1-4c95-9cb3-34bb47ed6fc0","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":138,"box":{"x":89,"y":131,"width":854,"height":12}},{"id":"63746a1e-2864-4c44-aef3-7456431c82ab","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":138,"box":{"x":89,"y":146,"width":854,"height":12}},{"id":"5aa52c90-ddb0-40ea-afef-da3050c233db","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":138,"box":{"x":89,"y":161,"width":842,"height":12}},{"id":"e33412b5-1d7d-4c02-b7b0-7093bc9fc7f7","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":138,"box":{"x":89,"y":176,"width":845,"height":13}},{"id":"aa5b30c4-c2a2-46f7-b1af-0ba83372d1aa","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":138,"box":{"x":89,"y":191,"width":812,"height":13}},{"id":"7dbcfaf7-88f3-4256-b8f6-1045977fe56c","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":138,"box":{"x":89,"y":206,"width":876,"height":13}},{"id":"a0296f5c-d808-4411-b637-6052e39eb907","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":138,"box":{"x":89,"y":222,"width":866,"height":12}},{"id":"853602b6-e619-4e57-bfe7-7606e37a1e78","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":138,"box":{"x":89,"y":237,"width":842,"height":12}},{"id":"4ef00837-0429-4c10-b9c3-878b71716304","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":138,"box":{"x":89,"y":252,"width":871,"height":12}},{"id":"450c3eb8-2174-4626-a94e-2c44bcd5a926","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":138,"box":{"x":89,"y":267,"width":817,"height":12}},{"id":"11d455a1-7073-4d62-9975-7a00a9e0d0a6","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":138,"box":{"x":89,"y":282,"width":862,"height":12}},{"id":"e5185487-4378-4ebe-acf3-3e3adb63a7f8","block_type":"box","text":"in which the Funds may invest.","page_number":138,"box":{"x":89,"y":297,"width":215,"height":12}},{"id":"87ec8b98-ede5-408a-8354-4111dd4f964c","block_type":"box","text":"Initial public offerings (“IPOs”) of securities may be over-subscribed and subsequently trade at a premium in the secondary","page_number":138,"box":{"x":89,"y":324,"width":862,"height":12}},{"id":"7a920ff5-0f7d-4863-bb04-e0d82b9d5cb6","block_type":"box","text":"market. When BFA is given an opportunity to invest in such an initial offering or “new” or “hot” issue, the supply of securities","page_number":138,"box":{"x":89,"y":339,"width":872,"height":12}},{"id":"8acc0cc9-d7ee-4461-aae6-6a967f6050f6","block_type":"box","text":"available for client accounts is often less than the amount of securities the accounts would otherwise take. In order to","page_number":138,"box":{"x":89,"y":354,"width":823,"height":10}},{"id":"3c94a99a-b381-4d74-ad62-58d123fab4df","block_type":"box","text":"allocate these investments fairly and equitably among client accounts over time, each portfolio manager or a member of his","page_number":138,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"feb3534f-0465-461a-a4dc-6231ff3d3c0c","block_type":"box","text":"or her respective investment team will indicate to BFA’s trading desk their level of interest in a particular offering with respect","page_number":138,"box":{"x":89,"y":384,"width":872,"height":12}},{"id":"49331305-84bf-4b48-b21f-18d334c6e488","block_type":"box","text":"to eligible clients’ accounts for which that team is responsible. IPOs of U.S. equity securities will be identified as eligible for","page_number":138,"box":{"x":88,"y":399,"width":855,"height":13}},{"id":"57014751-b03d-4c50-8cf8-d10c282c7f24","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":138,"box":{"x":89,"y":414,"width":859,"height":13}},{"id":"81b713bb-f2fb-436c-95d3-0823af06122d","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":138,"box":{"x":89,"y":429,"width":863,"height":13}},{"id":"8590b1d2-c8df-40ef-9e2a-e3d482c576b5","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":138,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"6c435f3b-e8d3-454c-a2db-578762423239","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":138,"box":{"x":89,"y":460,"width":856,"height":12}},{"id":"46743753-be94-44d9-ba8d-6b0313978f80","block_type":"box","text":"pro rata","page_number":138,"box":{"x":87,"y":476,"width":56,"height":11}},{"id":"dd224735-9b35-4e46-933e-dae5626587b3","block_type":"box","text":"basis. This","page_number":138,"box":{"x":149,"y":475,"width":71,"height":9}},{"id":"3f50eb61-a5e9-4d1f-9c16-9b8d1dee316e","block_type":"box","text":"pro rata","page_number":138,"box":{"x":224,"y":476,"width":56,"height":11}},{"id":"bd910464-115d-44ae-bb14-683c5b185a43","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":138,"box":{"x":285,"y":475,"width":656,"height":12}},{"id":"01db2a2a-3ce9-4099-b49f-85d9dacf72c4","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":138,"box":{"x":89,"y":490,"width":822,"height":12}},{"id":"a38fd0da-c054-4691-a3b3-8afc404e4d4e","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":138,"box":{"x":89,"y":505,"width":797,"height":12}},{"id":"53221305-581a-496d-8515-e14f43066aa7","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":138,"box":{"x":89,"y":520,"width":873,"height":12}},{"id":"42a373e2-66ea-4ade-88b8-5e3d0daa55b8","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":138,"box":{"x":88,"y":535,"width":814,"height":13}},{"id":"9d511f73-c127-4f0c-ac2a-85bfa32f878f","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":138,"box":{"x":89,"y":550,"width":510,"height":13}},{"id":"8026cf62-aef9-4fcb-8a11-078405390d54","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":138,"box":{"x":89,"y":577,"width":861,"height":12}},{"id":"ba622d9d-6b8f-45ac-ab36-54530e431f83","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":138,"box":{"x":89,"y":592,"width":811,"height":12}},{"id":"b7ecf8c6-95b1-4f2c-909c-35bfd7c0ee88","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":138,"box":{"x":89,"y":607,"width":850,"height":12}},{"id":"91ca3aff-b218-4f18-a162-2d20410ebd9d","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":138,"box":{"x":88,"y":622,"width":878,"height":12}},{"id":"838ea91b-f0d8-43a5-b93c-b705327afd1c","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":138,"box":{"x":88,"y":637,"width":860,"height":13}},{"id":"68250a9f-65fc-41b8-a7b9-82dc4ab0a6bf","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":138,"box":{"x":88,"y":652,"width":865,"height":13}},{"id":"ddaa28cf-97ed-460a-ae40-69b4696a54ea","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":138,"box":{"x":89,"y":668,"width":843,"height":12}},{"id":"5be10b80-9674-469b-a3fc-12c2c8b20df9","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":138,"box":{"x":89,"y":683,"width":831,"height":12}},{"id":"87da32cc-2b14-4329-82b3-e2d713154ae6","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":138,"box":{"x":89,"y":698,"width":854,"height":12}},{"id":"0f39beb7-46ea-4093-bb59-fcb12dfe1c92","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":138,"box":{"x":89,"y":713,"width":637,"height":12}},{"id":"c9604448-54e4-4815-90db-0a7c97a59cc6","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":138,"box":{"x":89,"y":739,"width":831,"height":13}},{"id":"4d734598-5397-4555-941a-97160e33d30b","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":138,"box":{"x":89,"y":754,"width":869,"height":13}},{"id":"0134f810-53e7-472a-84fa-697520c7bdcb","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":138,"box":{"x":89,"y":770,"width":864,"height":12}},{"id":"499ae994-de15-48ba-9076-eca4bf62f00f","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":138,"box":{"x":89,"y":785,"width":871,"height":12}},{"id":"22b5e0f9-82ba-4d91-ae30-5ad45f08e21e","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":138,"box":{"x":89,"y":800,"width":844,"height":12}},{"id":"f8d17906-bee5-472d-9da8-c834f8100a31","block_type":"box","text":"pro","page_number":138,"box":{"x":937,"y":803,"width":23,"height":9}},{"id":"92c96421-3684-49a3-9e5e-6bf21e40b5ac","block_type":"box","text":"rata","page_number":138,"box":{"x":88,"y":816,"width":28,"height":9}},{"id":"3faa13b5-89c8-4f9c-b1b7-220d339f74ab","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":138,"box":{"x":121,"y":815,"width":838,"height":12}},{"id":"71aa1153-e436-42b7-b1ed-e1a4db4543b4","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":138,"box":{"x":88,"y":830,"width":857,"height":12}},{"id":"ed2a0a40-f476-44e3-a265-676e912ef0fe","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":138,"box":{"x":89,"y":845,"width":877,"height":12}},{"id":"8f17cd79-0560-4a0f-820b-69119f5b17b1","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":138,"box":{"x":89,"y":860,"width":845,"height":13}},{"id":"fb18c16e-1035-45b9-8ab9-42620620f077","block_type":"box","text":"108","page_number":138,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"67ee88f4-7577-44f7-8199-853805feb762","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":139,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"1ec5f517-2856-497b-92ea-ac411809e377","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":139,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"1d749ba4-492a-4722-b8ea-05f5db16eb30","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":139,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"ea4cfe7c-5d45-4159-906b-254f51ec9cd6","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":139,"box":{"x":89,"y":89,"width":831,"height":13}},{"id":"21dcd5a0-1a23-45a5-bc6d-0d9366affb8d","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":139,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"e911a858-0988-4a4e-ba4a-c12cd82c2f36","block_type":"box","text":"order.","page_number":139,"box":{"x":89,"y":119,"width":38,"height":10}},{"id":"25cf74c1-5cd8-4304-8202-71cdae0c41bc","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":139,"box":{"x":88,"y":146,"width":822,"height":12}},{"id":"db1a8ff5-5a12-47b0-9ca0-134862279383","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":139,"box":{"x":89,"y":161,"width":858,"height":12}},{"id":"76d3dd60-d1f3-4d2f-82ab-3fe2d0a3aa1e","block_type":"box","text":"over those periods or the magnitude of changes to the components of a Fund’s Underlying Index:","page_number":139,"box":{"x":89,"y":176,"width":682,"height":13}},{"id":"b75987a6-2598-4a3e-aeda-cc6a058c38c0","block_type":"box","text":"Fund","page_number":139,"box":{"x":89,"y":249,"width":27,"height":7}},{"id":"5bdee354-d411-48ad-ad2e-0cb8540399eb","block_type":"box","text":"Brokerage","page_number":139,"box":{"x":508,"y":208,"width":57,"height":10}},{"id":"acc2b604-a494-4394-a074-358a7f1a429a","block_type":"box","text":"Commissions","page_number":139,"box":{"x":498,"y":219,"width":77,"height":7}},{"id":"483ef835-f720-4604-91c9-c461f4089a62","block_type":"box","text":"Paid During","page_number":139,"box":{"x":503,"y":228,"width":67,"height":10}},{"id":"336428d6-2dd2-49f2-86cc-3997d5ae1996","block_type":"box","text":"Fiscal Year","page_number":139,"box":{"x":507,"y":239,"width":60,"height":7}},{"id":"8125b82c-46da-4b94-b448-6ae6568cc714","block_type":"box","text":"Ended August 31, 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2024","page_number":139,"box":{"x":653,"y":249,"width":132,"height":10}},{"id":"2289a85b-d766-44c5-b4f3-7b1341a3819c","block_type":"box","text":"Brokerage","page_number":139,"box":{"x":873,"y":208,"width":57,"height":10}},{"id":"858d7ea8-cbf3-4cb4-be4d-0013b81962eb","block_type":"box","text":"Commissions","page_number":139,"box":{"x":863,"y":219,"width":77,"height":7}},{"id":"4e713f0b-fdb9-424f-8668-44eb8aa7b981","block_type":"box","text":"Paid During","page_number":139,"box":{"x":868,"y":228,"width":67,"height":10}},{"id":"86048e44-9eea-4108-9fcb-bf6230ab72fa","block_type":"box","text":"Fiscal Year","page_number":139,"box":{"x":872,"y":239,"width":60,"height":7}},{"id":"7cc031db-4e5c-4e19-8e7c-e820a6d701cd","block_type":"box","text":"Ended August 31, 2023","page_number":139,"box":{"x":835,"y":249,"width":132,"height":10}},{"id":"8e3d355f-4804-46aa-a0b7-816201de2a71","block_type":"box","text":"iShares Climate Conscious & Transition 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19%","page_number":141,"box":{"x":89,"y":234,"width":828,"height":10}},{"id":"d786fb26-6e72-434e-94c3-84bd62b46784","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF 26% 25%","page_number":141,"box":{"x":89,"y":249,"width":828,"height":10}},{"id":"7ebf68ee-cb66-4e86-ad2d-b037d2c048e2","block_type":"box","text":"iShares ESG Aware MSCI USA ETF 24% 22%","page_number":141,"box":{"x":89,"y":264,"width":828,"height":10}},{"id":"78962fb0-7a48-4f4b-958e-05f9d5387c27","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF 30% 36%","page_number":141,"box":{"x":89,"y":279,"width":828,"height":10}},{"id":"a71c51c0-2255-4a64-b584-570ca7c0254c","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF 35% 35%","page_number":141,"box":{"x":89,"y":295,"width":828,"height":12}},{"id":"f685a5fa-be40-4a8f-9edd-9dbb4ab6345a","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF 35% 38%","page_number":141,"box":{"x":89,"y":310,"width":828,"height":9}},{"id":"a62eeec0-e6bd-4e86-8a5c-30ca9988698f","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF 4% 8%","page_number":141,"box":{"x":89,"y":325,"width":828,"height":10}},{"id":"c89244e1-77f3-446a-b764-ebd7f9fac1b7","block_type":"box","text":"iShares MSCI Denmark ETF 24% 14%","page_number":141,"box":{"x":89,"y":340,"width":828,"height":10}},{"id":"73a90eb7-7a66-463c-8ac0-0b19c3325fd9","block_type":"box","text":"iShares MSCI Finland ETF 18% 29%","page_number":141,"box":{"x":89,"y":355,"width":828,"height":10}},{"id":"2fa34020-838e-4d3a-bcb1-a12c416b5d7e","block_type":"box","text":"iShares MSCI Indonesia ETF 16% 16%","page_number":141,"box":{"x":89,"y":370,"width":828,"height":10}},{"id":"5d701edc-5ca2-4cf5-a8fa-b5461a5c7d08","block_type":"box","text":"iShares MSCI Ireland ETF 46% 87%","page_number":141,"box":{"x":89,"y":385,"width":828,"height":10}},{"id":"fec2193a-87d5-4511-a015-4d15f70606e1","block_type":"box","text":"iShares MSCI Japan Value ETF 36% 31%","page_number":141,"box":{"x":89,"y":400,"width":828,"height":13}},{"id":"f5de3d16-b322-4bb0-926c-215ec78764b9","block_type":"box","text":"iShares MSCI New Zealand ETF 37% 47%","page_number":141,"box":{"x":89,"y":416,"width":828,"height":9}},{"id":"e6b76e9f-1b58-409f-bfb5-37980d233936","block_type":"box","text":"iShares MSCI Norway ETF 12% 13%","page_number":141,"box":{"x":89,"y":431,"width":828,"height":12}},{"id":"45d4c182-c84d-4a8d-bd15-bc3e822795d1","block_type":"box","text":"iShares MSCI Philippines ETF 21% 24%","page_number":141,"box":{"x":89,"y":446,"width":828,"height":12}},{"id":"99988e1d-92e0-4af5-a168-083ad8182fdf","block_type":"box","text":"iShares MSCI Poland ETF 12% 11%","page_number":141,"box":{"x":89,"y":461,"width":828,"height":10}},{"id":"65c7a069-d5df-4a25-9ba2-df08c40fb327","block_type":"box","text":"iShares MSCI United Kingdom ETF 5% 10%","page_number":141,"box":{"x":89,"y":476,"width":828,"height":12}},{"id":"c4198ba1-9a98-48ec-9b4b-b47d38fb5ec2","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF 26% 13%","page_number":141,"box":{"x":89,"y":491,"width":828,"height":12}},{"id":"436482ec-355b-411b-a1d7-08cab323f50c","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF 15% 11%","page_number":141,"box":{"x":89,"y":506,"width":828,"height":13}},{"id":"b625a7b1-4a03-486d-b116-2b88eac30aa4","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF 18% 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August","page_number":141,"box":{"x":137,"y":576,"width":816,"height":10}},{"id":"1f4ff90f-11d3-4791-ac1b-8f9a2cf6b12b","block_type":"box","text":"31, 2024 and is not annualized.","page_number":141,"box":{"x":137,"y":589,"width":172,"height":9}},{"id":"152c4582-7b38-4c18-87b6-a2711682898f","block_type":"box","text":"Additional Information Concerning the Trust","page_number":141,"box":{"x":88,"y":616,"width":750,"height":30}},{"id":"fe70f26f-097b-4df9-81b1-aa48bd423f86","block_type":"box","text":"Shares.","page_number":141,"box":{"x":88,"y":657,"width":52,"height":10}},{"id":"9ed6dfb7-d3d1-4ef2-bca8-45d82de4a7d9","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":141,"box":{"x":149,"y":657,"width":789,"height":13}},{"id":"dfae4e91-9feb-45a4-9b71-43b371eb0eb8","block_type":"box","text":"iShares funds.","page_number":141,"box":{"x":89,"y":673,"width":97,"height":9}},{"id":"e248b443-1f26-4e70-8391-a82d7a1100be","block_type":"box","text":"Each share issued by a fund has a","page_number":141,"box":{"x":89,"y":699,"width":234,"height":12}},{"id":"834efa92-628f-4d01-9636-2a9088101ecf","block_type":"box","text":"pro rata","page_number":141,"box":{"x":327,"y":700,"width":56,"height":11}},{"id":"e6be970b-1353-469c-a50c-da52c7b0aff5","block_type":"box","text":"interest in the assets of that fund. Shares have no preemptive, exchange,","page_number":141,"box":{"x":388,"y":699,"width":507,"height":12}},{"id":"acb62c4e-585e-4d1d-a90b-1dd2fbfce949","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":141,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"077581f1-8ba2-4de0-86c1-8d3c27236596","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":141,"box":{"x":89,"y":729,"width":835,"height":13}},{"id":"b44c029d-8862-44c3-beb3-0f09e92459f2","block_type":"box","text":"liquidation.","page_number":141,"box":{"x":89,"y":744,"width":76,"height":13}},{"id":"83ad1e5c-061a-45e5-8fa8-711c9a9d3426","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":141,"box":{"x":89,"y":771,"width":858,"height":12}},{"id":"aac688ad-d5f5-4271-aed5-e4f4d56d4104","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":141,"box":{"x":89,"y":786,"width":821,"height":12}},{"id":"75eb723d-a1db-40d6-abf9-e158fbeb2dd1","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":141,"box":{"x":88,"y":801,"width":864,"height":12}},{"id":"43e608cc-ca2f-45f4-80ea-8cd828e3ea8f","block_type":"box","text":"one fund.","page_number":141,"box":{"x":89,"y":816,"width":65,"height":10}},{"id":"94b13827-c6f1-47a2-bbca-d36720d4c52c","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":141,"box":{"x":89,"y":843,"width":861,"height":12}},{"id":"7f62a97d-de9e-4c95-a961-401dc7aa4306","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":141,"box":{"x":90,"y":858,"width":857,"height":12}},{"id":"ebaa024a-dec1-415b-88cf-d0946c4c9392","block_type":"box","text":"111","page_number":141,"box":{"x":518,"y":894,"width":19,"height":9}},{"id":"b71dd760-06d0-41b3-9505-ea9817beb4c6","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":142,"box":{"x":88,"y":44,"width":842,"height":12}},{"id":"86714c75-1d12-4ab4-8c33-b45f4e21f191","block_type":"box","text":"Delaware law, Trustees of the Trust may be removed by vote of the shareholders.","page_number":142,"box":{"x":89,"y":59,"width":563,"height":12}},{"id":"dc2a2f56-00ea-4672-a5f7-a36b8bb93a49","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":142,"box":{"x":89,"y":85,"width":837,"height":13}},{"id":"d1da1314-f392-4802-abfa-518b4f3678ce","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":142,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"8f11be65-ddba-4e5c-8092-8f3f66c20a14","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":142,"box":{"x":88,"y":116,"width":862,"height":12}},{"id":"a0eb0bfc-c9a0-480a-85e9-c775674de608","block_type":"box","text":"Shareholders may make inquiries by writing to iShares Trust, c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":142,"box":{"x":88,"y":142,"width":840,"height":12}},{"id":"71ec3a60-776a-46cd-b793-1f89abbf4da8","block_type":"box","text":"Princeton, NJ 08540.","page_number":142,"box":{"x":89,"y":158,"width":141,"height":11}},{"id":"9c229e4a-0dc0-4f2b-a840-78ef7f7e2039","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":142,"box":{"x":88,"y":184,"width":873,"height":12}},{"id":"d521c92b-f8ec-48f8-ae9d-4d1286bdc18b","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":142,"box":{"x":88,"y":199,"width":876,"height":12}},{"id":"75c20d2f-b7f1-401a-9475-c914d4b9926b","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":142,"box":{"x":89,"y":214,"width":875,"height":12}},{"id":"6d273c48-d024-4a22-bbca-19632b3c6333","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":142,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"499ae775-9751-4ed9-a5e7-ddc209013e8d","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":142,"box":{"x":89,"y":244,"width":864,"height":13}},{"id":"4cd5f15b-8592-4928-af86-f72426308278","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":142,"box":{"x":89,"y":259,"width":838,"height":13}},{"id":"ced9be82-bfd8-45ca-9d09-de981df018d3","block_type":"box","text":"guidance provided by the SEC staff.","page_number":142,"box":{"x":89,"y":274,"width":245,"height":13}},{"id":"56f67837-bc5a-4cfe-a274-a563ab469d2f","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":142,"box":{"x":89,"y":301,"width":831,"height":12}},{"id":"b3a80b77-bee6-45cd-b908-25a970834e34","block_type":"box","text":"without shareholder approval (unless such shareholder approval is required by the Declaration of Trust or applicable law,","page_number":142,"box":{"x":88,"y":316,"width":844,"height":12}},{"id":"24c26115-ae6a-42aa-ad46-e4de3a7c83a7","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":142,"box":{"x":89,"y":331,"width":879,"height":12}},{"id":"5969ea51-d9ce-424c-ba00-1f2e06972ac1","block_type":"box","text":"take other similar actions with, to or into another fund.","page_number":142,"box":{"x":88,"y":346,"width":384,"height":12}},{"id":"a0ba153c-6e4f-4e12-8692-8b332a865d8c","block_type":"box","text":"The Trust or a fund may be terminated by a majority vote of the Board, subject to the affirmative vote of a majority of the","page_number":142,"box":{"x":92,"y":373,"width":846,"height":12}},{"id":"33e139bb-8f1c-409f-8afd-beed412f641b","block_type":"box","text":"shareholders of the Trust or such fund entitled to vote on termination; however, in certain circumstances described in the","page_number":142,"box":{"x":89,"y":388,"width":849,"height":11}},{"id":"ea8ce4eb-1e39-4fc4-b1e4-f3fd463cb13a","block_type":"box","text":"Declaration of Trust, only a majority vote of the Board is required. Although the shares are not automatically redeemable","page_number":142,"box":{"x":89,"y":403,"width":842,"height":12}},{"id":"4924b8ed-d7e3-4675-b8f7-72abf69055c2","block_type":"box","text":"upon the occurrence of any specific event, the Declaration of Trust provides that the Board will have the unrestricted power","page_number":142,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"87e2f2cd-84bb-4514-bfba-acd5480f96ea","block_type":"box","text":"to alter the number of shares in a Creation Unit. Therefore, in the event of a termination of the Trust or a fund, the Board, in","page_number":142,"box":{"x":88,"y":433,"width":862,"height":12}},{"id":"83a2330e-3b0b-419b-9802-be8081a7c8dd","block_type":"box","text":"its sole discretion, could determine to permit the shares to be redeemable in aggregations smaller than Creation Units or to","page_number":142,"box":{"x":89,"y":448,"width":861,"height":13}},{"id":"a93c3823-9bb8-432a-87d8-e96b88f5ac05","block_type":"box","text":"be individually redeemable. In such circumstance, the Trust or a fund may make redemptions in-kind, for cash or for a","page_number":142,"box":{"x":89,"y":463,"width":825,"height":13}},{"id":"a66d6944-60a2-4899-a29b-72943ced21d8","block_type":"box","text":"combination of cash or securities. Further, in the event of a termination of the Trust or a fund, the Trust or a fund might elect","page_number":142,"box":{"x":89,"y":479,"width":873,"height":12}},{"id":"775608a1-22d1-46b1-967f-80239e2c0fb3","block_type":"box","text":"to pay cash redemptions to all shareholders, with an in-kind election for shareholders owning in excess of a certain stated","page_number":142,"box":{"x":88,"y":494,"width":853,"height":12}},{"id":"6f6bb0c1-ede4-4278-b4e4-aa941b885853","block_type":"box","text":"minimum amount.","page_number":142,"box":{"x":89,"y":510,"width":130,"height":8}},{"id":"e049a1f4-0f68-4e89-ab75-fee85bf12646","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":142,"box":{"x":89,"y":535,"width":383,"height":13}},{"id":"c3771c56-c698-45cd-9156-22aae892b6d2","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":142,"box":{"x":481,"y":535,"width":465,"height":13}},{"id":"d0db90ec-0480-4096-a37b-e665d63fed68","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":142,"box":{"x":89,"y":550,"width":486,"height":13}},{"id":"5e71c34b-acb1-4e8e-86bc-afe48fa17ca1","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":142,"box":{"x":89,"y":577,"width":836,"height":12}},{"id":"4a13f22a-8625-4d7a-bfd6-d57caa25f5a3","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":142,"box":{"x":89,"y":592,"width":790,"height":12}},{"id":"8eaa3309-5372-4fb7-b7fd-96fa9d8d5668","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":142,"box":{"x":89,"y":607,"width":872,"height":12}},{"id":"6b5b7c14-b3aa-431e-abc7-aa244e7ceecf","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":142,"box":{"x":88,"y":622,"width":837,"height":12}},{"id":"545115c5-e168-4586-bb4e-d45d4747e1ed","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":142,"box":{"x":89,"y":637,"width":864,"height":13}},{"id":"0c9a8b01-a847-46c5-8d2b-bb14340d68fa","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":142,"box":{"x":88,"y":652,"width":848,"height":13}},{"id":"1c46e1ee-0099-480d-909d-3f93aaea8320","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":142,"box":{"x":89,"y":668,"width":833,"height":12}},{"id":"a4825378-e14d-4b4a-a6b9-2c3556ebc0a3","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":142,"box":{"x":89,"y":683,"width":439,"height":12}},{"id":"21b3c8a0-3c74-4b5f-a398-f39e09d2ef8b","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":142,"box":{"x":89,"y":709,"width":873,"height":12}},{"id":"8f596b9f-a839-41c4-90c5-2cbaa07ccfb0","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":142,"box":{"x":89,"y":724,"width":840,"height":13}},{"id":"49cadfe4-db8f-44a0-942a-49d0e19cd1f9","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":142,"box":{"x":89,"y":739,"width":825,"height":13}},{"id":"ae861e38-a6f1-4313-858e-7ab48b30c7da","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":142,"box":{"x":89,"y":754,"width":822,"height":13}},{"id":"0eeda017-b56b-4a12-9a8b-340e9954b297","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":142,"box":{"x":89,"y":770,"width":848,"height":12}},{"id":"485793ae-8782-4aa5-9ef2-729633b7cbc8","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":142,"box":{"x":89,"y":785,"width":877,"height":12}},{"id":"0f2dba02-49c3-4b5a-bc70-e004e1fef24b","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":142,"box":{"x":89,"y":800,"width":872,"height":12}},{"id":"edcfacb3-07fc-4d32-b14a-9a73720ff026","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":142,"box":{"x":89,"y":815,"width":426,"height":12}},{"id":"003b4df8-556d-48e7-991c-1c9ab9ed335e","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":142,"box":{"x":89,"y":841,"width":873,"height":13}},{"id":"5d6f1191-47db-4b5b-900a-2e687417c6ce","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":142,"box":{"x":89,"y":856,"width":869,"height":13}},{"id":"6769fb3f-85ad-433a-a3bb-d8fdc74c31fd","block_type":"box","text":"112","page_number":142,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"374396ea-1825-46f1-a410-e4f27bf9b2ca","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":143,"box":{"x":88,"y":44,"width":856,"height":12}},{"id":"1e8e8b97-1f4c-4636-b347-e3d3249ee1b4","block_type":"box","text":"such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC","page_number":143,"box":{"x":89,"y":59,"width":807,"height":12}},{"id":"d1cc1b55-dd8d-452e-a276-3543c2d2526a","block_type":"box","text":"Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication,","page_number":143,"box":{"x":89,"y":74,"width":877,"height":12}},{"id":"bc8ab50b-fce3-42d5-9ac6-340dc970bd22","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":143,"box":{"x":89,"y":89,"width":803,"height":13}},{"id":"ebf7d572-7f95-44b8-8838-35d7629eed43","block_type":"box","text":"statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In","page_number":143,"box":{"x":89,"y":104,"width":874,"height":13}},{"id":"d52135e5-a09e-4130-94a9-691919966856","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":143,"box":{"x":89,"y":119,"width":861,"height":13}},{"id":"54b79338-05cf-4f5f-b3a1-c80c251f7dcb","block_type":"box","text":"attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":143,"box":{"x":89,"y":135,"width":652,"height":12}},{"id":"8897405b-a5a0-4a7f-854d-781ef7fda89d","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":143,"box":{"x":88,"y":161,"width":878,"height":12}},{"id":"d99b1bbb-ecbf-4d60-a750-1ccc703068d5","block_type":"box","text":"its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with payments in","page_number":143,"box":{"x":89,"y":176,"width":847,"height":13}},{"id":"c7fb509b-9908-46c8-b6e7-33520dff87f9","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":143,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"73aa372d-dfce-4586-a7d9-1baa506ff1fa","block_type":"box","text":"nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC","page_number":143,"box":{"x":89,"y":206,"width":836,"height":13}},{"id":"e75660dd-180d-46d5-b1a7-2fdca1642850","block_type":"box","text":"Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the","page_number":143,"box":{"x":89,"y":222,"width":877,"height":12}},{"id":"1975b5ee-e63c-4c58-ae21-d6474a04c29c","block_type":"box","text":"accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants.","page_number":143,"box":{"x":89,"y":237,"width":875,"height":12}},{"id":"d90d921b-77be-4dfe-82cb-068daedc267c","block_type":"box","text":"The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or","page_number":143,"box":{"x":88,"y":263,"width":813,"height":12}},{"id":"5b100a55-995b-43cb-aee9-8082a174cadf","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":143,"box":{"x":89,"y":278,"width":874,"height":13}},{"id":"eea6b876-02b6-4dd3-ab0f-1adff7160533","block_type":"box","text":"records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC","page_number":143,"box":{"x":89,"y":293,"width":866,"height":13}},{"id":"59697ab4-9099-426e-b04f-53a15fa93c30","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":143,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"4294c3f6-562b-4d42-8fe9-fcdf2cd74ea7","block_type":"box","text":"through such DTC Participants. DTC may decide to discontinue providing its service with respect to shares of the Trust at any","page_number":143,"box":{"x":88,"y":324,"width":876,"height":12}},{"id":"0f5ca091-b8da-4110-8fbd-0205de288877","block_type":"box","text":"time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law.","page_number":143,"box":{"x":88,"y":339,"width":855,"height":12}},{"id":"90386e1e-fdd4-43be-9b13-529fa77ef906","block_type":"box","text":"Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable","page_number":143,"box":{"x":89,"y":354,"width":873,"height":12}},{"id":"af768e6a-8ceb-45e9-954c-1c63c1a3ca4e","block_type":"box","text":"cost.","page_number":143,"box":{"x":89,"y":370,"width":32,"height":9}},{"id":"e85a7ad4-cc15-455b-8b27-0d712aa33b1e","block_type":"box","text":"Distribution of Shares.","page_number":143,"box":{"x":89,"y":395,"width":160,"height":10}},{"id":"469c08de-bca8-4dce-bea1-aa09f8abb8e0","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":143,"box":{"x":259,"y":395,"width":665,"height":13}},{"id":"9c073c6b-c4e6-4fc9-99d5-5443328fb43a","block_type":"box","text":"Creation Units by each Fund to one or more initial investors. Initial investors participating in the seeding may be Authorized","page_number":143,"box":{"x":89,"y":410,"width":859,"height":13}},{"id":"30b38c4d-ad29-4953-bb2f-9f7c5561cb8b","block_type":"box","text":"Participants, a lead market maker or other third party investor or an affiliate of each Fund or each Fund’s adviser. Each such","page_number":143,"box":{"x":89,"y":426,"width":861,"height":12}},{"id":"aa73ac0a-cee1-499b-90ae-5ea229eed056","block_type":"box","text":"initial investor may sell some or all of the shares underlying the Creation Unit(s) held by them pursuant to the registration","page_number":143,"box":{"x":89,"y":441,"width":848,"height":12}},{"id":"3bb58c73-b75a-468f-90ed-c3c4b6645a32","block_type":"box","text":"statement for each Fund (each, a “Selling Shareholder”), which shares have been registered to permit the resale from time to","page_number":143,"box":{"x":89,"y":456,"width":873,"height":12}},{"id":"6481f957-84e9-4d9d-9574-474349847d09","block_type":"box","text":"time after purchase. Each Fund will not receive any of the proceeds from the resale by the Selling Shareholders of these","page_number":143,"box":{"x":88,"y":471,"width":833,"height":12}},{"id":"a89e136e-ab79-48b1-9fd1-3a3045adfaa0","block_type":"box","text":"shares.","page_number":143,"box":{"x":89,"y":486,"width":47,"height":10}},{"id":"1bd23e98-f109-4386-bd79-149e6119fb22","block_type":"box","text":"Selling Shareholders may sell shares owned by them directly or through broker-dealers, in accordance with applicable law, on","page_number":143,"box":{"x":88,"y":513,"width":877,"height":12}},{"id":"6e511153-ee5d-4b8e-962e-9af315fafdcb","block_type":"box","text":"any national securities exchange on which the shares may be listed or quoted at the time of sale, through trading systems, in","page_number":143,"box":{"x":89,"y":528,"width":873,"height":12}},{"id":"a7d920a8-16c6-4eb1-9644-c42782b1ba45","block_type":"box","text":"the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the","page_number":143,"box":{"x":88,"y":543,"width":878,"height":12}},{"id":"a8bc22aa-3a7c-4dbc-aafb-be77be1103e9","block_type":"box","text":"time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through","page_number":143,"box":{"x":88,"y":558,"width":877,"height":12}},{"id":"fe7b0a3a-eb7b-4ca6-89c4-8735b41263bb","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":143,"box":{"x":89,"y":573,"width":822,"height":12}},{"id":"4d2ddf79-da69-4a33-a77f-2c9096688f8e","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":143,"box":{"x":88,"y":588,"width":875,"height":12}},{"id":"cff8a36c-68a1-407c-8922-0efe8d64328c","block_type":"box","text":"by them through an Authorized Participant.","page_number":143,"box":{"x":89,"y":603,"width":302,"height":13}},{"id":"11ad0506-2940-419e-b67b-3aed76105de3","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":143,"box":{"x":88,"y":630,"width":840,"height":12}},{"id":"52e9faef-9d0b-44ba-8e4f-e15486824093","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":143,"box":{"x":89,"y":645,"width":712,"height":12}},{"id":"976df52a-e89c-4224-82c3-5746c37f712d","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":143,"box":{"x":88,"y":671,"width":871,"height":13}},{"id":"aa78e055-a079-4c5a-9429-dbe43ba4b831","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":143,"box":{"x":90,"y":686,"width":354,"height":13}},{"id":"56c5ba55-7dba-4d90-a23a-3b94ffd6a4ac","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":143,"box":{"x":90,"y":717,"width":721,"height":30}},{"id":"a1d6f087-5154-422c-bff6-cba0bdf9829d","block_type":"box","text":"General.","page_number":143,"box":{"x":89,"y":758,"width":59,"height":10}},{"id":"89d0525e-a9cc-453e-afb5-a5bbe1f6f437","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":143,"box":{"x":156,"y":758,"width":804,"height":13}},{"id":"87e8005c-bb5d-42ef-ac9b-1cda961021a2","block_type":"box","text":"or its agent, without a sales load, at a price based on the Fund’s NAV next determined after receipt, on any Business Day (as","page_number":143,"box":{"x":89,"y":773,"width":864,"height":13}},{"id":"34e78d4b-98e9-4cda-95f6-1d71e2e3f913","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":143,"box":{"x":89,"y":788,"width":828,"height":13}},{"id":"c6c7e2f2-9642-44ae-896a-5336be520d13","block_type":"box","text":"Exchange closes earlier than normal, the Funds may require orders to be placed earlier in the day. The following table sets","page_number":143,"box":{"x":89,"y":804,"width":850,"height":12}},{"id":"449e62b3-7dae-4c64-bee2-8c9de9d7a73e","block_type":"box","text":"forth the number of shares of a Fund that constitute a Creation Unit for such Fund and the approximate value of such","page_number":143,"box":{"x":88,"y":819,"width":823,"height":12}},{"id":"14730b94-023d-46d2-ad90-07b1f44753cb","block_type":"box","text":"Creation Unit as of August 31, 2025:","page_number":143,"box":{"x":89,"y":834,"width":251,"height":12}},{"id":"646d28dc-c9a7-488d-a47a-377f3c68a50b","block_type":"box","text":"113","page_number":143,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"eb1ef495-e6ea-4030-a0ec-95c627c413fb","block_type":"box","text":"Fund","page_number":144,"box":{"x":89,"y":75,"width":27,"height":8}},{"id":"70acb5e9-e97f-47f1-8a38-5297cd691034","block_type":"box","text":"Shares Per","page_number":144,"box":{"x":721,"y":65,"width":61,"height":7}},{"id":"cc74f61e-1d69-466b-b5d1-bee469efb463","block_type":"box","text":"Creation Unit","page_number":144,"box":{"x":714,"y":75,"width":76,"height":8}},{"id":"33582955-6d55-4b67-8174-8fa6f32348b6","block_type":"box","text":"Approximate","page_number":144,"box":{"x":880,"y":45,"width":75,"height":9}},{"id":"a24b5f0e-7a89-427c-8d45-9048ca06e0d3","block_type":"box","text":"Value Per","page_number":144,"box":{"x":890,"y":55,"width":55,"height":7}},{"id":"0560ff60-47c1-48e9-8fe0-54189188963c","block_type":"box","text":"Creation","page_number":144,"box":{"x":893,"y":65,"width":48,"height":7}},{"id":"d4a2d578-9a4e-4aed-9750-afb8c1eebdac","block_type":"box","text":"Unit (U.S.$)","page_number":144,"box":{"x":885,"y":75,"width":65,"height":10}},{"id":"28dbaea7-8236-4437-9a4f-05d992ff117d","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF 25,000 $ 1,903,229.45","page_number":144,"box":{"x":89,"y":97,"width":878,"height":11}},{"id":"20eb4d54-ed5b-4abc-8e28-40d6b14eb4f7","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF 100,000 $ 7,400,425.40","page_number":144,"box":{"x":89,"y":112,"width":879,"height":11}},{"id":"e216a78f-4556-4824-99a1-d51e43082855","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF 50,000 $ 2,801,182.25","page_number":144,"box":{"x":89,"y":127,"width":878,"height":11}},{"id":"ff2cc770-322a-4e52-9e47-d09592bd54f7","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF 100,000 $9,078,245.00","page_number":144,"box":{"x":89,"y":142,"width":879,"height":11}},{"id":"242652f5-e449-4e21-970a-896f38879d28","block_type":"box","text":"iShares ESG Aware MSCI USA ETF 50,000 $ 7,048,443.05","page_number":144,"box":{"x":89,"y":157,"width":878,"height":12}},{"id":"4796acdf-f5b5-49f1-8e87-a7654c2a06ca","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF 40,000 $ 1,971,720.24","page_number":144,"box":{"x":89,"y":172,"width":879,"height":12}},{"id":"3a6e7350-099f-432d-9220-630a23ec4a2c","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF 50,000 $2,218,090.70","page_number":144,"box":{"x":89,"y":188,"width":879,"height":12}},{"id":"79693104-49fd-471a-8b26-60882c532459","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF 40,000 $ 1,242,808.72","page_number":144,"box":{"x":89,"y":203,"width":878,"height":11}},{"id":"c7bc4eca-e9f4-444d-9814-6374f5fe56af","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF 50,000 $ 5,645,316.60","page_number":144,"box":{"x":89,"y":218,"width":879,"height":11}},{"id":"c58a25fb-ac5e-4be2-b3b4-d998bcc6e2e9","block_type":"box","text":"iShares MSCI Denmark ETF 50,000 $ 5,486,957.55","page_number":144,"box":{"x":89,"y":233,"width":878,"height":11}},{"id":"2300814e-59a0-4d1a-b495-cfb91006283a","block_type":"box","text":"iShares MSCI Finland ETF 50,000 $ 2,089,497.60","page_number":144,"box":{"x":89,"y":248,"width":879,"height":11}},{"id":"403da277-27cc-4095-8c65-1846803f19f1","block_type":"box","text":"iShares MSCI Indonesia ETF 50,000 $ 882,237.85","page_number":144,"box":{"x":89,"y":263,"width":878,"height":11}},{"id":"a573c685-fd45-4242-8d23-517df61aeb8c","block_type":"box","text":"iShares MSCI Ireland ETF 50,000 $3,360,495.65","page_number":144,"box":{"x":89,"y":278,"width":878,"height":12}},{"id":"14a49df3-fe77-4272-90c7-387badd06eca","block_type":"box","text":"iShares MSCI Japan Value ETF 100,000 $3,799,626.70","page_number":144,"box":{"x":89,"y":293,"width":879,"height":13}},{"id":"4b91eaaf-d3b3-4198-a004-a0a34934f45b","block_type":"box","text":"iShares MSCI New Zealand ETF 50,000 $ 2,256,021.40","page_number":144,"box":{"x":89,"y":308,"width":879,"height":12}},{"id":"23a1d5e5-70ef-4001-8f58-b68967a573e2","block_type":"box","text":"iShares MSCI Norway ETF 50,000 $ 1,421,062.05","page_number":144,"box":{"x":89,"y":324,"width":878,"height":12}},{"id":"e644ff41-6566-4646-bfc1-c22dd72a0912","block_type":"box","text":"iShares MSCI Philippines ETF 50,000 $1,296,334.45","page_number":144,"box":{"x":89,"y":339,"width":878,"height":12}},{"id":"977c447a-bcf0-4b62-8228-89b40ab4229d","block_type":"box","text":"iShares MSCI Poland ETF 50,000 $ 1,584,916.15","page_number":144,"box":{"x":89,"y":354,"width":878,"height":11}},{"id":"e91a94eb-e53e-44b9-bf8a-d6371ac1f97d","block_type":"box","text":"iShares MSCI United Kingdom ETF 100,000 $ 4,145,029.70","page_number":144,"box":{"x":89,"y":369,"width":879,"height":12}},{"id":"d792f4ac-0bff-46d1-aad1-b3b5d06745ce","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF 50,000 $2,012,438.20","page_number":144,"box":{"x":89,"y":384,"width":879,"height":12}},{"id":"17d7443d-dc16-4c2a-888d-e6b29137b0e5","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF 50,000 $3,460,725.95","page_number":144,"box":{"x":89,"y":399,"width":878,"height":13}},{"id":"68a0abd6-3e5a-4e0a-87ca-53bbe0eec8ba","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF 30,000 $ 1,837,507.02","page_number":144,"box":{"x":89,"y":414,"width":878,"height":13}},{"id":"2a30fbab-9221-4864-8c39-813ad0464eab","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":144,"box":{"x":89,"y":447,"width":869,"height":12}},{"id":"7b9a45df-1687-4511-9ee9-6b1d3ba3afe4","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":144,"box":{"x":89,"y":462,"width":864,"height":12}},{"id":"74b766a8-c6f8-4624-8a2f-debcc8b59294","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":144,"box":{"x":88,"y":477,"width":874,"height":13}},{"id":"882a9f8a-649a-4d1c-b63a-d67ff1257378","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":144,"box":{"x":88,"y":492,"width":796,"height":13}},{"id":"93682d9f-501f-4d6e-a62c-f09344576464","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":144,"box":{"x":88,"y":519,"width":839,"height":12}},{"id":"9b06c902-0a35-4976-b4e8-143cab3a3a6c","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":144,"box":{"x":89,"y":534,"width":837,"height":12}},{"id":"11635937-6b05-4b7b-a5ff-5065d3fbfa01","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":144,"box":{"x":89,"y":549,"width":877,"height":12}},{"id":"b18495cd-17ad-4a21-a9db-92f9f63f533e","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":144,"box":{"x":89,"y":564,"width":821,"height":13}},{"id":"a5d85eb0-992e-48da-b3bf-38f0f4217522","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":144,"box":{"x":89,"y":579,"width":669,"height":13}},{"id":"0d1c55ec-9716-425c-8cde-f58faaf23c97","block_type":"box","text":"Fund Deposit.","page_number":144,"box":{"x":89,"y":606,"width":98,"height":12}},{"id":"8e46139a-caea-44db-ac27-61b602e59523","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund generally consists of Deposit Securities and the","page_number":144,"box":{"x":196,"y":606,"width":747,"height":12}},{"id":"13387235-da66-4324-adaa-41355af4cfc3","block_type":"box","text":"Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the","page_number":144,"box":{"x":89,"y":621,"width":852,"height":12}},{"id":"41526410-8673-41fa-a743-a507cbd3fb6a","block_type":"box","text":"“Fund Deposit,” which when combined with the Fund’s portfolio securities, is designed to generate performance that has a","page_number":144,"box":{"x":89,"y":636,"width":862,"height":12}},{"id":"a7b73b56-831d-4c79-89ea-430cbce0a89c","block_type":"box","text":"collective investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and","page_number":144,"box":{"x":89,"y":651,"width":848,"height":12}},{"id":"ca684a12-3825-45e1-bbeb-82c7a657dd6d","block_type":"box","text":"subsequent investment amount for a Creation Unit of any Fund. Such Fund Deposit is applicable, subject to any adjustments","page_number":144,"box":{"x":89,"y":666,"width":871,"height":13}},{"id":"6a822254-b936-47c1-a6c8-2e4f8e459704","block_type":"box","text":"as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund","page_number":144,"box":{"x":89,"y":681,"width":848,"height":13}},{"id":"97cd8aa5-8f42-46d6-b77a-8a38c5dbfb8c","block_type":"box","text":"Deposit is made available.","page_number":144,"box":{"x":89,"y":696,"width":179,"height":13}},{"id":"d67315a3-f67c-436b-8743-0a7837b2b019","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":144,"box":{"x":88,"y":723,"width":824,"height":12}},{"id":"ebbd83ec-b3fe-4138-bfc1-a0c1d3e2420a","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":144,"box":{"x":89,"y":738,"width":879,"height":12}},{"id":"ff77aeac-6fd6-4256-a55b-9e5251a2edab","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":144,"box":{"x":89,"y":753,"width":878,"height":13}},{"id":"e3884d04-855a-4961-88a8-650ad45ce755","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":144,"box":{"x":89,"y":768,"width":872,"height":13}},{"id":"b951b76b-b7af-4e71-9c6e-3f7f71bbf23f","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":144,"box":{"x":89,"y":783,"width":269,"height":13}},{"id":"48f68b35-740c-477d-a14f-9d718ed531de","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":144,"box":{"x":88,"y":810,"width":840,"height":12}},{"id":"82432ebd-da9c-4470-8534-3989d6b8e72b","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":144,"box":{"x":89,"y":825,"width":860,"height":12}},{"id":"a35a3f43-9a2b-4e18-ac18-1c1686a341a0","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":144,"box":{"x":88,"y":840,"width":876,"height":12}},{"id":"d81d5a73-5cf6-4575-8421-6972defe6cad","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":144,"box":{"x":88,"y":855,"width":730,"height":13}},{"id":"689ef126-4288-4e8f-a464-d07f48062669","block_type":"box","text":"114","page_number":144,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"26e5118e-1a5c-4f70-8c6f-9c13817e5bc3","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":145,"box":{"x":88,"y":44,"width":877,"height":12}},{"id":"0391cf8f-c7b5-4b41-9b55-1c2e2b69f12f","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":145,"box":{"x":89,"y":59,"width":824,"height":12}},{"id":"000bd5bd-31ee-4eae-896e-760fe3d7dff0","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":145,"box":{"x":89,"y":74,"width":869,"height":12}},{"id":"0043a563-6098-408e-a33b-dcc2970a7704","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":145,"box":{"x":89,"y":89,"width":690,"height":13}},{"id":"a5de7d9a-7438-4d09-bfc6-0dd19fc46eba","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":145,"box":{"x":89,"y":116,"width":879,"height":12}},{"id":"e8155867-fa42-41b8-ae97-b0ee083861bc","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":145,"box":{"x":89,"y":131,"width":295,"height":12}},{"id":"5aa6bb5d-53f6-45ad-8622-9d15b8feaf78","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":145,"box":{"x":88,"y":157,"width":854,"height":13}},{"id":"7a3f7927-31dd-404d-8971-b449fb3e951c","block_type":"box","text":"Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for delivery;","page_number":145,"box":{"x":89,"y":172,"width":870,"height":13}},{"id":"a43fcce1-c76a-41df-892e-05840e7ef3b3","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":145,"box":{"x":89,"y":188,"width":823,"height":12}},{"id":"2b9e78ad-f9fd-426b-9824-c87df0318c23","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":145,"box":{"x":89,"y":203,"width":873,"height":12}},{"id":"564bf3b0-5b11-49b7-bf45-529f8f1730cc","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":145,"box":{"x":88,"y":218,"width":847,"height":12}},{"id":"e7ec2ee3-77dc-4137-90b8-4515a78f4ed7","block_type":"box","text":"investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local","page_number":145,"box":{"x":89,"y":233,"width":859,"height":12}},{"id":"0a1b42da-600e-4718-a205-98758775c8f3","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":145,"box":{"x":89,"y":248,"width":745,"height":12}},{"id":"fffb2fc9-c46d-4929-8488-3bf213a6ce2a","block_type":"box","text":"Cash Purchase Method.","page_number":145,"box":{"x":89,"y":274,"width":170,"height":10}},{"id":"54257631-a427-438c-a82d-b08f86a10643","block_type":"box","text":"Although the Trust does not generally permit partial or full cash purchases of Creation Units of its","page_number":145,"box":{"x":268,"y":274,"width":682,"height":13}},{"id":"e3372090-634a-4d1c-9bb2-9f906133ad56","block_type":"box","text":"funds, when partial or full cash purchases of Creation Units are available or specified for a Fund, they will be effected in","page_number":145,"box":{"x":88,"y":290,"width":830,"height":12}},{"id":"8c3c716f-3e25-4469-8034-5c6500f9ae42","block_type":"box","text":"essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash purchase, the Authorized","page_number":145,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"2a448bda-896f-4e26-8003-509b61932dfd","block_type":"box","text":"Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in","page_number":145,"box":{"x":89,"y":320,"width":857,"height":12}},{"id":"491ba0a7-2f51-40ea-a5f5-5558bed20568","block_type":"box","text":"kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":145,"box":{"x":89,"y":335,"width":639,"height":12}},{"id":"b4002a5d-d2a7-4e9e-8dda-47e8bba43776","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":145,"box":{"x":89,"y":361,"width":301,"height":10}},{"id":"be162e82-6799-45c1-b714-8f64b6271bde","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":145,"box":{"x":398,"y":361,"width":568,"height":13}},{"id":"56437cb8-1fbd-42c6-b96c-518280c490fd","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":145,"box":{"x":88,"y":376,"width":385,"height":13}},{"id":"b1ba42f4-f2db-49df-a0de-ca0a496e19ce","block_type":"box","text":"i.e","page_number":145,"box":{"x":478,"y":377,"width":15,"height":9}},{"id":"4571f443-0664-440b-9724-807be52f7ea0","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":145,"box":{"x":494,"y":376,"width":420,"height":13}},{"id":"5cd6c4d4-e9ec-4085-9ec5-5a61301b8179","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":145,"box":{"x":88,"y":392,"width":847,"height":12}},{"id":"5e15c4ac-91fe-43c0-8d21-1c6311f3affc","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":145,"box":{"x":88,"y":407,"width":863,"height":12}},{"id":"933cb4f4-756d-4bb0-8cf9-df53e3bb31e0","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":145,"box":{"x":89,"y":422,"width":851,"height":12}},{"id":"cd4c923f-a11f-42ef-a593-30e5d0b5fde0","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":145,"box":{"x":89,"y":437,"width":866,"height":12}},{"id":"bbdd9b68-28a4-44de-8a5f-e68f02c24397","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":145,"box":{"x":89,"y":452,"width":843,"height":12}},{"id":"600b6e19-d1c5-4753-9741-f2c05f4d8af3","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":145,"box":{"x":89,"y":467,"width":873,"height":13}},{"id":"2cf15513-8fd6-46a4-9653-8073dd217e84","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":145,"box":{"x":89,"y":482,"width":295,"height":13}},{"id":"61aaf019-9bcc-41a5-b5e9-4d4afbfccda3","block_type":"box","text":"Role of the Authorized Participant.","page_number":145,"box":{"x":89,"y":509,"width":247,"height":12}},{"id":"091580b0-a424-4870-bc81-cee163ecceef","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":145,"box":{"x":346,"y":509,"width":570,"height":12}},{"id":"4f064cd8-73ea-4e84-9a69-73555ee54840","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":145,"box":{"x":89,"y":524,"width":870,"height":12}},{"id":"f7ab1e5e-3b57-4993-b82f-c9937d90f40c","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":145,"box":{"x":89,"y":539,"width":823,"height":12}},{"id":"e6189c97-83d2-4c15-9e09-e33e16b99f5c","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":145,"box":{"x":89,"y":554,"width":875,"height":12}},{"id":"0edef09b-f0d7-4860-90e9-80be4147499e","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":145,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"fd659af2-0d96-4aec-9d2f-521ccb082917","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":145,"box":{"x":89,"y":584,"width":848,"height":13}},{"id":"d069459f-893f-45f3-870e-74cdde74cb57","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":145,"box":{"x":89,"y":599,"width":854,"height":13}},{"id":"bc21f86c-85f4-401a-900b-72574757f371","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":145,"box":{"x":88,"y":615,"width":844,"height":12}},{"id":"70b06d40-dc85-473d-9da6-97aa9d682d2f","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":145,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"5fdfd77d-b5a7-4248-a695-fe89bb7020f6","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":145,"box":{"x":89,"y":645,"width":878,"height":12}},{"id":"9764aed7-f3e4-4c70-84ef-72c06593e675","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":145,"box":{"x":89,"y":660,"width":800,"height":12}},{"id":"ff6bb2e8-2953-4a39-8be6-07eea2cc2e9f","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":145,"box":{"x":89,"y":675,"width":870,"height":12}},{"id":"06b56cf0-b21d-4928-a33a-1e30c73223a5","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":145,"box":{"x":88,"y":690,"width":820,"height":13}},{"id":"3ceeaedc-4a88-44cd-be93-e2b991fe8793","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":145,"box":{"x":89,"y":705,"width":840,"height":13}},{"id":"7cce6066-c9ae-4691-85cf-79cc7003834c","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":145,"box":{"x":89,"y":720,"width":818,"height":13}},{"id":"a94ddd99-21f9-45f5-93be-17874bd1e4a8","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":145,"box":{"x":89,"y":736,"width":863,"height":12}},{"id":"227b1e11-a2a6-438a-8853-4f8f30f6c46d","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":145,"box":{"x":88,"y":751,"width":867,"height":12}},{"id":"72ce4089-d6b6-44eb-8130-38776823ed26","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":145,"box":{"x":88,"y":766,"width":872,"height":12}},{"id":"b437c316-b8cc-456d-b366-acd6a24c3829","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":145,"box":{"x":89,"y":781,"width":820,"height":12}},{"id":"27e911a9-fab9-4596-bede-6b0ccfb0582b","block_type":"box","text":"Participant Agreement.","page_number":145,"box":{"x":89,"y":797,"width":160,"height":11}},{"id":"7424bebf-89fa-49cf-8a6d-802c357451cd","block_type":"box","text":"Purchase Orders.","page_number":145,"box":{"x":89,"y":822,"width":122,"height":10}},{"id":"87b4cc8e-09ae-43c3-ac13-b4f19ca898c9","block_type":"box","text":"To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its","page_number":145,"box":{"x":224,"y":822,"width":708,"height":13}},{"id":"79223f8f-02ed-448e-a6f1-9b069ccae53c","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":145,"box":{"x":89,"y":838,"width":837,"height":12}},{"id":"3cdc31ea-812d-416a-9ad1-c44e79de0da0","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":145,"box":{"x":89,"y":853,"width":832,"height":12}},{"id":"c6aac7c9-805b-4429-983f-7f29d93c6d5d","block_type":"box","text":"115","page_number":145,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"29cb753f-6bc4-4326-ad74-19ef7fdbf7c2","block_type":"box","text":"custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the","page_number":146,"box":{"x":89,"y":44,"width":868,"height":12}},{"id":"9062684e-3466-440e-a25f-be1093aa4ace","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":146,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"e9704db5-ea4d-4606-8899-aaeeec4cd023","block_type":"box","text":"to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be","page_number":146,"box":{"x":88,"y":74,"width":862,"height":12}},{"id":"ecb554ab-ab6a-4a62-bffb-8891be5b3e18","block_type":"box","text":"made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants","page_number":146,"box":{"x":89,"y":89,"width":842,"height":13}},{"id":"a88fff4d-2528-40cc-90c3-577bc57f20d5","block_type":"box","text":"upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time","page_number":146,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"8cec7de1-25cf-4fc3-b2de-4bab257f9dde","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":146,"box":{"x":88,"y":119,"width":854,"height":13}},{"id":"a99c6b8b-d617-479b-9a35-e30ade28cf55","block_type":"box","text":"such Business Day.","page_number":146,"box":{"x":89,"y":135,"width":131,"height":12}},{"id":"33865fe1-2967-4b9b-b381-f829881b870c","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":146,"box":{"x":88,"y":161,"width":861,"height":12}},{"id":"2e903663-eae8-4833-a4ce-88bfa0e0e2f5","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":146,"box":{"x":88,"y":176,"width":875,"height":13}},{"id":"be9b60e3-339d-4318-a4c3-0541670a4e98","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":146,"box":{"x":89,"y":191,"width":851,"height":13}},{"id":"75b8b9d1-bf2e-47a7-8962-b9196dd915b0","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":146,"box":{"x":89,"y":206,"width":861,"height":13}},{"id":"2e31754c-9cdb-4d90-9f70-a0826162c752","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":146,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"1e797203-78d3-4d7e-9463-1f5f66056570","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":146,"box":{"x":88,"y":237,"width":862,"height":12}},{"id":"33f2cfdf-ac11-4a1c-930d-d150c8b774ea","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":146,"box":{"x":89,"y":252,"width":681,"height":12}},{"id":"1d8cb831-e0d9-425c-bb31-7f06e323c387","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":146,"box":{"x":88,"y":278,"width":879,"height":13}},{"id":"a51d1ab9-eb86-4b40-bbba-615c25cc152f","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":146,"box":{"x":89,"y":293,"width":342,"height":13}},{"id":"2cc3d4b2-79ca-4607-be76-c2c52632efbc","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":146,"box":{"x":88,"y":320,"width":304,"height":12}},{"id":"cc49deab-3414-4665-a048-88e171a9d913","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":146,"box":{"x":401,"y":320,"width":554,"height":12}},{"id":"778a0ff6-1075-4a95-a7ee-2fdf5da8d32d","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":146,"box":{"x":89,"y":335,"width":850,"height":12}},{"id":"ced3ceb4-2389-47c8-bb77-8f49621500fd","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":146,"box":{"x":89,"y":350,"width":878,"height":12}},{"id":"43a70766-ff00-41d1-81b3-e1085f2c3e0a","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":146,"box":{"x":89,"y":365,"width":859,"height":12}},{"id":"9167ac68-7c56-4cda-a985-72b0bab4b3e8","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":146,"box":{"x":89,"y":380,"width":875,"height":13}},{"id":"2d5f3ab9-41d4-49ee-84b9-e0a30fa4fcbf","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":146,"box":{"x":88,"y":395,"width":850,"height":13}},{"id":"01d4a047-6a49-4c48-a32b-72c7d273c23b","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":146,"box":{"x":88,"y":410,"width":852,"height":13}},{"id":"47a92103-a993-40d7-ab58-16497e80ff3a","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":146,"box":{"x":89,"y":426,"width":875,"height":12}},{"id":"bdbbf774-6662-41d9-8f0a-a2976b55619f","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":146,"box":{"x":89,"y":441,"width":849,"height":12}},{"id":"2522ee96-300e-4194-98bd-caef2a5bc8e6","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":146,"box":{"x":88,"y":456,"width":869,"height":12}},{"id":"f0686a75-7130-4a54-aacf-d8214668d184","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":146,"box":{"x":88,"y":471,"width":867,"height":12}},{"id":"280d77dc-5312-4204-a3d4-eb4323b796df","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":146,"box":{"x":89,"y":486,"width":837,"height":12}},{"id":"1428a587-1957-42f1-be79-821ce83696d7","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":146,"box":{"x":89,"y":501,"width":690,"height":13}},{"id":"79d700ad-50a4-4cb4-b5e3-b79cce4d9638","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":146,"box":{"x":88,"y":528,"width":293,"height":12}},{"id":"9a104201-e071-4024-bdc2-445ca90a1127","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":146,"box":{"x":394,"y":528,"width":507,"height":12}},{"id":"ec6e1da9-a897-4400-bf55-14077d77b5d6","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":146,"box":{"x":89,"y":543,"width":871,"height":12}},{"id":"32aa5e79-78aa-45ba-98b2-9bfc1bbad715","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":146,"box":{"x":88,"y":558,"width":858,"height":12}},{"id":"01a294ab-e7a5-49ce-b98f-2df09ba669a4","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":146,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"ebab9a1c-9de8-4628-b3ab-518df39f86f8","block_type":"box","text":"as set forth below.","page_number":146,"box":{"x":89,"y":588,"width":126,"height":10}},{"id":"2cd37546-da21-4d6e-8355-8985d06b64e2","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":146,"box":{"x":89,"y":615,"width":815,"height":12}},{"id":"8968c910-2e84-40ee-9a4e-0538995920b6","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":146,"box":{"x":89,"y":630,"width":812,"height":12}},{"id":"21fe2fed-3b20-4bcc-9a0a-7311f435440c","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":146,"box":{"x":89,"y":645,"width":552,"height":12}},{"id":"07a0f3ec-5ff0-461d-a511-b336f3da13d8","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":146,"box":{"x":89,"y":671,"width":870,"height":13}},{"id":"a2defad1-740f-4dcc-be9b-e13350fdcad8","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":146,"box":{"x":89,"y":686,"width":860,"height":13}},{"id":"4e759c54-79ad-4574-9108-0eef3f96152e","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":146,"box":{"x":89,"y":702,"width":877,"height":12}},{"id":"b79d31df-2c9d-4e37-ba2a-8d9f291e67ed","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":146,"box":{"x":89,"y":717,"width":853,"height":12}},{"id":"41efff81-75bc-4fde-994e-7f7d1e198c5c","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":146,"box":{"x":89,"y":732,"width":876,"height":12}},{"id":"1d814ba5-c857-4bb6-aa38-c28f0e31cfb6","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":146,"box":{"x":89,"y":747,"width":820,"height":12}},{"id":"a46514f2-d8c0-4753-87ec-744a606d209e","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":146,"box":{"x":89,"y":762,"width":810,"height":12}},{"id":"1ee70577-2d19-4225-b93a-eb3af9db3ccb","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":146,"box":{"x":89,"y":777,"width":852,"height":12}},{"id":"a19467d7-f6da-409e-8e92-8d1f378f43ea","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, State Street or Citibank, as applicable,","page_number":146,"box":{"x":89,"y":792,"width":876,"height":13}},{"id":"a7ed5778-0b56-4d0f-847c-0a2df8c5fd9d","block_type":"box","text":"the sub-custodian and the Distributor or its agent are under no duty, however, to give notification of any defects or","page_number":146,"box":{"x":88,"y":807,"width":804,"height":13}},{"id":"c1938733-ce64-4170-93aa-1c5aed08c724","block_type":"box","text":"irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.","page_number":146,"box":{"x":89,"y":822,"width":834,"height":13}},{"id":"fbe4426d-2345-48b9-a9b8-495c9dc77d1d","block_type":"box","text":"116","page_number":146,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"04602df6-caec-463b-b836-e87252d975fd","block_type":"box","text":"Issuance of a Creation Unit.","page_number":147,"box":{"x":89,"y":44,"width":197,"height":10}},{"id":"cbdccd32-6425-457e-a461-e27670b1b254","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":147,"box":{"x":300,"y":44,"width":645,"height":12}},{"id":"4aea3b3f-46a5-4cb8-869b-2dd6feeed27f","block_type":"box","text":"the applicable Fund of the Deposit Securities and the payment of the Cash Component have been completed. When the sub","page_number":147,"box":{"x":88,"y":59,"width":874,"height":12}},{"id":"8502b725-194b-4a0e-a29d-019a4bba68fe","block_type":"box","text":"custodian has confirmed to the custodian that the securities included in the Fund Deposit (or the cash value thereof ) have","page_number":147,"box":{"x":89,"y":74,"width":857,"height":12}},{"id":"de855231-82b4-4883-aa2c-cd1248c20faf","block_type":"box","text":"been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and BFA shall be","page_number":147,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"d21e5e0b-e519-449b-93d2-523386a88e5f","block_type":"box","text":"notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":147,"box":{"x":89,"y":104,"width":712,"height":13}},{"id":"e2e4ad5f-ea34-4f10-b141-fdce936cd9e2","block_type":"box","text":"For the iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware","page_number":147,"box":{"x":89,"y":131,"width":841,"height":11}},{"id":"170ee0f3-a1f8-435e-a3ba-06a838d50202","block_type":"box","text":"MSCI USA ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware","page_number":147,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"3885625e-4c89-4ac5-88ba-394d687808d8","block_type":"box","text":"MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF and iShares Paris-Aligned Climate Optimized MSCI USA ETF,","page_number":147,"box":{"x":89,"y":161,"width":824,"height":12}},{"id":"d85d9dea-93cc-4d30-9683-cd4ed60e4b33","block_type":"box","text":"Creation Units are generally issued on a “T+1 basis” (","page_number":147,"box":{"x":89,"y":176,"width":369,"height":13}},{"id":"514cec4f-269a-43f6-9c6e-f940fcd76081","block_type":"box","text":"i.e.","page_number":147,"box":{"x":459,"y":177,"width":18,"height":9}},{"id":"fb218a10-a4d6-4bca-b6b4-2a7f7aa7ab2d","block_type":"box","text":", one Business Day after trade date).","page_number":147,"box":{"x":479,"y":176,"width":251,"height":13}},{"id":"16a3c792-25bb-4b0e-a239-840568efc3e7","block_type":"box","text":"For the iShares ESG Advanced MSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares MSCI Denmark ETF, iShares MSCI","page_number":147,"box":{"x":89,"y":203,"width":868,"height":11}},{"id":"07a205b3-0744-4fda-adc4-5d6dcc71af7a","block_type":"box","text":"Finland ETF, iShares MSCI Indonesia ETF, iShares MSCI Ireland ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand","page_number":147,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"ab0d43d9-a595-405b-beda-5a712239d5ad","block_type":"box","text":"ETF, iShares MSCI Norway ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF,","page_number":147,"box":{"x":89,"y":233,"width":853,"height":12}},{"id":"b3172271-8b09-4dde-9753-92cb9d892777","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF, Creation","page_number":147,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"36c1625b-169c-4fe5-9670-a48befd0eff4","block_type":"box","text":"Units are generally issued on a “T+2 basis” (","page_number":147,"box":{"x":89,"y":263,"width":305,"height":12}},{"id":"198222f4-34c1-46d8-927c-efb0c37aba41","block_type":"box","text":"i.e.","page_number":147,"box":{"x":396,"y":264,"width":17,"height":9}},{"id":"daf8668c-8bc1-4c63-ac05-409b70ba536e","block_type":"box","text":", two Business Days after trade date).","page_number":147,"box":{"x":416,"y":263,"width":258,"height":12}},{"id":"dd5457bb-94c0-40a5-89f3-628b8e9d5e0d","block_type":"box","text":"However, each Fund reserves the right to settle Creation Unit transactions on a different basis, if necessary or appropriate","page_number":147,"box":{"x":89,"y":290,"width":846,"height":12}},{"id":"d2913b3d-dc81-42bb-9c02-cbcd7e00cc29","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":147,"box":{"x":89,"y":305,"width":772,"height":12}},{"id":"c4855634-0daf-46bd-af4d-667ac0c9f259","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":147,"box":{"x":89,"y":320,"width":878,"height":12}},{"id":"52291342-b3c8-43bc-8d07-5817483f912a","block_type":"box","text":"of dividend record dates and ex-dividend dates (","page_number":147,"box":{"x":89,"y":335,"width":338,"height":12}},{"id":"2ddf448b-cd05-4dc6-9687-37fa48f9b4ab","block_type":"box","text":"i.e.","page_number":147,"box":{"x":428,"y":336,"width":18,"height":9}},{"id":"3ebf1885-7a18-48c6-8f4f-51308825a7fd","block_type":"box","text":", the last day the holder of a security can sell the security and still receive","page_number":147,"box":{"x":448,"y":335,"width":507,"height":12}},{"id":"608cf19d-4830-4638-b2d1-d9eff9be85ce","block_type":"box","text":"dividends payable on the security).","page_number":147,"box":{"x":89,"y":350,"width":242,"height":12}},{"id":"22b4166a-c4d1-4b6f-b0b0-25d75073b7fb","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":147,"box":{"x":88,"y":376,"width":873,"height":13}},{"id":"6aab188a-87d8-4a52-a61b-5d9dd24a5807","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":147,"box":{"x":88,"y":392,"width":847,"height":12}},{"id":"d90a6979-5830-4c5a-ab2c-92632eaf43fb","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":147,"box":{"x":89,"y":407,"width":876,"height":12}},{"id":"fb71e8bb-4ce4-4db9-8ac1-a46e77ce7a62","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":147,"box":{"x":89,"y":422,"width":878,"height":12}},{"id":"1369d0a8-1268-41b2-a35e-8d3135c65d7c","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":147,"box":{"x":88,"y":437,"width":874,"height":12}},{"id":"6ee732bc-35b8-4f3d-ba08-0b2412c1d1a1","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":147,"box":{"x":88,"y":452,"width":850,"height":12}},{"id":"a456df5c-3c38-4392-98da-f656e35b080c","block_type":"box","text":"settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit Securities is","page_number":147,"box":{"x":89,"y":467,"width":859,"height":13}},{"id":"9fd43dab-bfb1-4e53-9f69-d79e8a96eedc","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":147,"box":{"x":89,"y":482,"width":851,"height":13}},{"id":"86a62060-b912-4a6d-98b7-5fedf7d12bce","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":147,"box":{"x":89,"y":497,"width":865,"height":13}},{"id":"a0a185be-20de-4f9b-ba04-a3ba498053e1","block_type":"box","text":"Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings","page_number":147,"box":{"x":89,"y":513,"width":875,"height":12}},{"id":"90ff7f3e-2a38-4cb9-b9ff-4fca21bacb0f","block_type":"box","text":"and other charges.","page_number":147,"box":{"x":89,"y":528,"width":130,"height":12}},{"id":"5703a1ca-1218-485a-8b4a-f4bf39f28d02","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":147,"box":{"x":89,"y":554,"width":809,"height":12}},{"id":"c1347802-5ffb-4c30-91ed-f6182e04dc0d","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":147,"box":{"x":89,"y":569,"width":811,"height":13}},{"id":"772f8232-2df8-4485-8327-aa7a0a464985","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":147,"box":{"x":88,"y":584,"width":869,"height":13}},{"id":"e5388534-76aa-4980-bcb6-702b9222301f","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":147,"box":{"x":88,"y":599,"width":876,"height":13}},{"id":"06623647-ac89-4651-98b6-b5cf650607d8","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":147,"box":{"x":89,"y":615,"width":837,"height":12}},{"id":"a47cda28-efb7-4942-9247-540f96f7b907","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":147,"box":{"x":89,"y":641,"width":325,"height":10}},{"id":"209de15d-32ca-4760-ab6c-1f3aa46e327d","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares MSCI Denmark ETF, iShares MSCI","page_number":147,"box":{"x":88,"y":668,"width":839,"height":11}},{"id":"c3515082-fbf7-423a-906b-3a6717ff2ba0","block_type":"box","text":"Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI","page_number":147,"box":{"x":88,"y":683,"width":853,"height":12}},{"id":"98b556f5-7a83-4a9e-ba99-613b257b692a","block_type":"box","text":"Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF and iShares Paris-Aligned Climate","page_number":147,"box":{"x":88,"y":698,"width":804,"height":12}},{"id":"7c88441d-29e6-479b-a2cb-1c81108ccd04","block_type":"box","text":"Optimized MSCI World ex USA ETF","page_number":147,"box":{"x":89,"y":713,"width":252,"height":12}},{"id":"aff03ed8-e7b5-47a5-9cfc-b7be3a62396f","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance","page_number":147,"box":{"x":88,"y":739,"width":876,"height":13}},{"id":"7f2ff1cc-107c-4c48-aa25-2d1a0b97eb74","block_type":"box","text":"of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":147,"box":{"x":89,"y":754,"width":867,"height":13}},{"id":"fa7b8948-1f0f-4a1e-81d3-a3aa1e4cbb52","block_type":"box","text":"Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized","page_number":147,"box":{"x":89,"y":770,"width":869,"height":12}},{"id":"1fe5cec0-893f-4787-9ded-0532a128db4f","block_type":"box","text":"Participant on the applicable Business Day.","page_number":147,"box":{"x":89,"y":785,"width":297,"height":12}},{"id":"0d399618-b7de-4005-bc08-60b3b976f0b3","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a creation transaction","page_number":147,"box":{"x":89,"y":811,"width":869,"height":12}},{"id":"c23a4e99-1700-4213-8f8c-024ed48043b1","block_type":"box","text":"consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount","page_number":147,"box":{"x":89,"y":826,"width":845,"height":13}},{"id":"68bfab35-fe3c-4874-b495-c5055cf6c3b5","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":147,"box":{"x":89,"y":841,"width":864,"height":13}},{"id":"c3f1734d-852c-49f0-9bad-cdcc98fbb4ba","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction","page_number":147,"box":{"x":88,"y":856,"width":845,"height":13}},{"id":"9a7a774f-3561-4618-b104-54ee0d2336c8","block_type":"box","text":"117","page_number":147,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"d7bca53b-f860-4e81-99a1-0e531f317cdf","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":148,"box":{"x":89,"y":44,"width":853,"height":12}},{"id":"4f15a97f-661d-407d-8801-e44d5942879f","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":148,"box":{"x":88,"y":59,"width":836,"height":12}},{"id":"b15a85ac-27f8-4516-8e8f-5a5dcb09090a","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":148,"box":{"x":89,"y":74,"width":866,"height":12}},{"id":"6e8e1b71-286a-4af7-911f-77333475e0b5","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":148,"box":{"x":89,"y":89,"width":834,"height":13}},{"id":"26de05d8-d109-436c-bc76-833648d96573","block_type":"box","text":"maximum amounts shown below.","page_number":148,"box":{"x":89,"y":104,"width":237,"height":10}},{"id":"f52512a2-b315-43c1-8107-1cc904957deb","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":148,"box":{"x":88,"y":131,"width":817,"height":12}},{"id":"4d7ae9e0-fee9-4f51-ac6b-8c132ee19668","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":148,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"25930535-f3fb-4c96-bcc3-e7e55825fa2d","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":148,"box":{"x":89,"y":161,"width":636,"height":12}},{"id":"baab5e53-d862-4966-a570-2ec3bc0c6066","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fee and maximum additional charge (as described","page_number":148,"box":{"x":88,"y":188,"width":860,"height":12}},{"id":"218c1bab-a1ae-4053-9d1e-da59b376440b","block_type":"box","text":"above):","page_number":148,"box":{"x":89,"y":203,"width":50,"height":12}},{"id":"043989b6-15b1-45b4-a3ee-bdca94a56929","block_type":"box","text":"Fund","page_number":148,"box":{"x":89,"y":242,"width":27,"height":8}},{"id":"c1c671e9-a70f-4b97-975c-841bfebc462b","block_type":"box","text":"Standard Creation","page_number":148,"box":{"x":665,"y":232,"width":103,"height":8}},{"id":"85ed5907-d98d-49c0-93ec-945bbbcdedf2","block_type":"box","text":"Transaction Fee","page_number":148,"box":{"x":671,"y":243,"width":91,"height":7}},{"id":"02c86382-fb82-4f1e-8416-335e6efb7a7f","block_type":"box","text":"Maximum Additional","page_number":148,"box":{"x":847,"y":232,"width":120,"height":8}},{"id":"74e02802-63ed-4328-a507-84cf680e9755","block_type":"box","text":"Charge*","page_number":148,"box":{"x":883,"y":242,"width":48,"height":10}},{"id":"4b16ac80-70da-4248-b506-f4acd3bcf710","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF 9,500 3.0%","page_number":148,"box":{"x":89,"y":264,"width":843,"height":12}},{"id":"223dd59d-b629-4694-b419-064049a74b2b","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF 7,800 3.0%","page_number":148,"box":{"x":89,"y":279,"width":843,"height":12}},{"id":"cd259aad-3caf-4c20-8065-f3f9aea08b72","block_type":"box","text":"iShares MSCI Denmark ETF 1,200 3.0%","page_number":148,"box":{"x":89,"y":295,"width":843,"height":11}},{"id":"3ad74e33-d6f6-4547-ad7f-c7821504d6cb","block_type":"box","text":"iShares MSCI Indonesia ETF 1,700 3.0%","page_number":148,"box":{"x":89,"y":310,"width":843,"height":11}},{"id":"47b0ffd3-04d5-43f6-ae71-82f07869cd4f","block_type":"box","text":"iShares MSCI Japan Value ETF 2,150 3.0%","page_number":148,"box":{"x":89,"y":325,"width":843,"height":12}},{"id":"5e9cd5e0-0ef0-4850-a07e-a49369120184","block_type":"box","text":"iShares MSCI New Zealand ETF 600 3.0%","page_number":148,"box":{"x":89,"y":340,"width":843,"height":10}},{"id":"782e63f4-084c-4be4-9b26-5c61245394d1","block_type":"box","text":"iShares MSCI Norway ETF 1,300 3.0%","page_number":148,"box":{"x":89,"y":355,"width":843,"height":12}},{"id":"e1206772-213d-47db-9300-1bd01e025fbf","block_type":"box","text":"iShares MSCI Philippines ETF 1,000 3.0%","page_number":148,"box":{"x":89,"y":370,"width":843,"height":13}},{"id":"149c9978-ec1d-4d16-92fd-7bd66ee348d0","block_type":"box","text":"iShares MSCI Poland ETF 600 3.0%","page_number":148,"box":{"x":89,"y":385,"width":843,"height":10}},{"id":"1a538b66-5413-441d-8437-5ccdcf9793a9","block_type":"box","text":"iShares MSCI United Kingdom ETF 3,500 3.0%","page_number":148,"box":{"x":89,"y":400,"width":843,"height":13}},{"id":"b501520b-bc54-42dd-a31b-4cc976f3f932","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF 8,550 3.0%","page_number":148,"box":{"x":89,"y":416,"width":843,"height":12}},{"id":"870a9e1f-d4e7-4b4d-8d26-610aa56464a1","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":148,"box":{"x":118,"y":455,"width":329,"height":10}},{"id":"17fe6f6f-e455-4f68-bf2d-eddc4ab3de85","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware MSCI","page_number":148,"box":{"x":88,"y":479,"width":854,"height":11}},{"id":"5a488ae3-82a1-40c8-99dd-f987889f2fda","block_type":"box","text":"USA ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware","page_number":148,"box":{"x":89,"y":494,"width":842,"height":12}},{"id":"c0491c2e-7311-41cf-8b03-23820dbd1cb7","block_type":"box","text":"MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF, iShares MSCI Finland ETF, iShares MSCI Ireland ETF, iShares","page_number":148,"box":{"x":88,"y":509,"width":848,"height":11}},{"id":"b8a16692-8f7d-4cca-b53d-2bb8147fbce1","block_type":"box","text":"MSCI United Kingdom Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":148,"box":{"x":88,"y":524,"width":712,"height":12}},{"id":"88dffbb6-7a2f-4d61-8a0c-cf23e08007d2","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance","page_number":148,"box":{"x":88,"y":550,"width":876,"height":13}},{"id":"95e0e9a4-198a-40ab-87c5-ca74e3d6d446","block_type":"box","text":"of Creation Units. Under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain","page_number":148,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"d9dec44a-6143-4997-9903-025d8b486666","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":148,"box":{"x":89,"y":581,"width":808,"height":12}},{"id":"8e148ce0-1485-487c-bfa5-0dd54453e2c9","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL will receive from an Authorized Participant a standard","page_number":148,"box":{"x":89,"y":596,"width":831,"height":12}},{"id":"14a400b0-2a5c-4a00-867b-f3fc3c825f46","block_type":"box","text":"transaction fee on each creation order, which consists of (1) a fee for providing the ETF Services (the “ETF Servicing Fee”)","page_number":148,"box":{"x":88,"y":611,"width":849,"height":12}},{"id":"5596435d-d9dc-4266-886b-f44dfa35f281","block_type":"box","text":"and (2) transfer, processing and other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":148,"box":{"x":89,"y":626,"width":843,"height":12}},{"id":"06c669a9-b7ee-4153-a740-b28d6e47913b","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain the ETF Servicing Fee pursuant","page_number":148,"box":{"x":89,"y":641,"width":876,"height":12}},{"id":"e2868fdd-fa83-403c-b5c0-6ed33ea411ed","block_type":"box","text":"to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian","page_number":148,"box":{"x":88,"y":656,"width":840,"height":13}},{"id":"9664d904-c380-4bf4-8c72-5b1d4cd6d58b","block_type":"box","text":"according to the amounts invoiced by such custodian.","page_number":148,"box":{"x":89,"y":671,"width":378,"height":13}},{"id":"6b14db3e-6adf-4c7c-ae50-28f2f6b66fd8","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":148,"box":{"x":88,"y":698,"width":862,"height":12}},{"id":"a2051d0a-221f-4533-928b-0be6c8db3f65","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":148,"box":{"x":88,"y":713,"width":879,"height":12}},{"id":"98cfae8c-af2a-4039-9d43-f2353aca7f3b","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":148,"box":{"x":89,"y":728,"width":834,"height":12}},{"id":"0a2ae499-eb67-4a0d-9394-9cef6d72257b","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":148,"box":{"x":89,"y":743,"width":874,"height":12}},{"id":"83768073-db09-42ec-89e8-114185a83b74","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":148,"box":{"x":89,"y":758,"width":877,"height":13}},{"id":"a0c66a3c-3a82-4528-b758-954fc276a9c0","block_type":"box","text":"Unit. The following table sets forth, for each Fund, either the actual creation transaction fee that was charged on December 1,","page_number":148,"box":{"x":89,"y":773,"width":879,"height":13}},{"id":"ed498fb4-cbac-4821-9fa4-afa266b96aaf","block_type":"box","text":"2025 or an estimate of the creation transaction fee that would have been charged if the Fund had issued a Creation Unit on","page_number":148,"box":{"x":89,"y":788,"width":861,"height":13}},{"id":"caded9c8-c867-4363-907b-5dd3f7612d94","block_type":"box","text":"that date. The actual fee that was or would have been charged to an Authorized Participant in connection with a creation","page_number":148,"box":{"x":88,"y":804,"width":847,"height":12}},{"id":"947a70d1-bd5c-4498-9261-ad71c47404f1","block_type":"box","text":"order will vary over time depending on the factors discussed above, and may be higher than the fee set forth below.","page_number":148,"box":{"x":89,"y":819,"width":807,"height":12}},{"id":"7eb0ba84-87d5-4eee-8eb3-1eb10b7e475a","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":148,"box":{"x":89,"y":845,"width":869,"height":12}},{"id":"4afa3d64-7f3c-41f6-86a3-95aa48c422c6","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":148,"box":{"x":89,"y":860,"width":845,"height":13}},{"id":"eea6943c-110c-49b0-b125-b354cf434be5","block_type":"box","text":"118","page_number":148,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"10a6b396-1210-44ab-a855-5297e08f0014","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":149,"box":{"x":89,"y":44,"width":864,"height":12}},{"id":"edfd52a3-e8d8-46a2-8228-4e59d64b2e29","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":149,"box":{"x":88,"y":59,"width":845,"height":12}},{"id":"b01a9452-4540-4516-bee2-0e06b3b961eb","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":149,"box":{"x":89,"y":74,"width":853,"height":12}},{"id":"2869fa5c-1d9d-47d3-a840-ce3dfbb0e2b8","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":149,"box":{"x":88,"y":89,"width":836,"height":13}},{"id":"94225d6e-5500-48b0-a20b-9ef4019a9808","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":149,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"0c3c6db6-84b6-4789-bb03-2836c35ce69b","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":149,"box":{"x":89,"y":119,"width":834,"height":13}},{"id":"daeb938f-4bba-49ce-a3c6-f5f6076543d3","block_type":"box","text":"maximum amounts shown below.","page_number":149,"box":{"x":89,"y":135,"width":237,"height":9}},{"id":"c8b9e66f-d4eb-4a71-b3c0-546a1f41595c","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee, as of December 1, 2025 and maximum","page_number":149,"box":{"x":88,"y":161,"width":817,"height":12}},{"id":"97448806-aba5-4cc4-b865-b9e2a5f7de60","block_type":"box","text":"additional charge (as described above):","page_number":149,"box":{"x":89,"y":176,"width":274,"height":13}},{"id":"c442e5b6-f8e7-462e-bd49-cd2433ef026b","block_type":"box","text":"Fund","page_number":149,"box":{"x":89,"y":216,"width":27,"height":8}},{"id":"5ae45808-05b4-48ee-beec-974ef697b6e0","block_type":"box","text":"Standard Creation","page_number":149,"box":{"x":665,"y":206,"width":103,"height":8}},{"id":"70c5489c-1b87-484a-94aa-202271ae9f6b","block_type":"box","text":"Transaction Fee","page_number":149,"box":{"x":671,"y":216,"width":91,"height":8}},{"id":"7be105d5-5f22-4931-8729-3b01442397d7","block_type":"box","text":"Maximum Additional","page_number":149,"box":{"x":847,"y":206,"width":120,"height":8}},{"id":"1517a0b4-82f1-48f6-87f0-c17aa0672e5f","block_type":"box","text":"Charge*","page_number":149,"box":{"x":883,"y":216,"width":48,"height":10}},{"id":"f7368aef-c5d9-46ba-b1fa-079be9531307","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF $ 492.50** 3.0%","page_number":149,"box":{"x":89,"y":238,"width":843,"height":10}},{"id":"fb22b395-727f-4fa1-9147-888ca8a27e37","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF 555.00** 3.0%","page_number":149,"box":{"x":89,"y":253,"width":843,"height":10}},{"id":"1f2447da-e1c1-4e50-982e-0ee148443747","block_type":"box","text":"iShares ESG Aware MSCI USA ETF 500.00** 3.0%","page_number":149,"box":{"x":89,"y":268,"width":843,"height":10}},{"id":"678ea3c3-95e6-4261-80f9-428cf02ed33e","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF 281.25** 3.0%","page_number":149,"box":{"x":89,"y":283,"width":843,"height":10}},{"id":"892b2f73-4c83-49fd-beb0-ba1f7fb63e90","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF 1,252.50** 3.0%","page_number":149,"box":{"x":89,"y":298,"width":843,"height":13}},{"id":"d2db5965-739c-45e7-a264-24a4629677a5","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF 440.00** 3.0%","page_number":149,"box":{"x":89,"y":313,"width":843,"height":10}},{"id":"3671bd70-7e13-4835-ae4c-4c0c68b96ec9","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF 477.50** 3.0%","page_number":149,"box":{"x":89,"y":329,"width":843,"height":9}},{"id":"ba67b641-7e5a-4d5f-8257-ec10b09bdf7b","block_type":"box","text":"iShares MSCI Finland ETF 440.00** 3.0%","page_number":149,"box":{"x":89,"y":344,"width":843,"height":9}},{"id":"977c13e1-efb7-449b-becf-46aaf7cde8bd","block_type":"box","text":"iShares MSCI Ireland ETF 450.00** 3.0%","page_number":149,"box":{"x":89,"y":359,"width":843,"height":10}},{"id":"b5f6bd7b-f1da-4bb9-bf8d-52d1fc69b2c3","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF 820.00** 3.0%","page_number":149,"box":{"x":89,"y":374,"width":843,"height":12}},{"id":"c1732739-306e-4843-8fac-e547d607f49c","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF 315.00** 3.0%","page_number":149,"box":{"x":89,"y":389,"width":843,"height":12}},{"id":"913e5aad-ee48-4d3f-afc2-471fda153cc2","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":149,"box":{"x":118,"y":429,"width":329,"height":10}},{"id":"02dd008e-43f0-4383-9328-28287bcf4309","block_type":"box","text":"** Estimated fee.","page_number":149,"box":{"x":118,"y":444,"width":92,"height":8}},{"id":"0f03ba57-91b2-40a3-852a-27e822eb2f8e","block_type":"box","text":"Redemption of Creation Units.","page_number":149,"box":{"x":89,"y":467,"width":216,"height":13}},{"id":"abb62696-a2d6-474b-9bd3-44aa3d6d728d","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":149,"box":{"x":88,"y":494,"width":836,"height":12}},{"id":"aaba1767-3d68-457e-9434-7ad1b9d95638","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":149,"box":{"x":89,"y":509,"width":869,"height":12}},{"id":"a981933f-f24f-49b5-b7e2-b270c3314c3a","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":149,"box":{"x":89,"y":524,"width":873,"height":12}},{"id":"1041a1ca-6eae-4d7c-a842-98acb4ea59b0","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":149,"box":{"x":89,"y":539,"width":855,"height":12}},{"id":"0ee60c6b-3c93-4dcd-8938-a79b92f358f7","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":149,"box":{"x":89,"y":554,"width":878,"height":12}},{"id":"a0450223-0fb2-4028-a0c0-e212e07b8886","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":149,"box":{"x":89,"y":569,"width":649,"height":13}},{"id":"3124fda5-a7c6-44ba-8cbb-504809d4de74","block_type":"box","text":"Each Fund generally redeems Creation Units for Fund Securities (as defined below). Please see the","page_number":149,"box":{"x":89,"y":596,"width":686,"height":12}},{"id":"bbd1461f-a728-4640-b2bf-14f88634e363","block_type":"box","text":"Cash Redemption Method","page_number":149,"box":{"x":780,"y":596,"width":183,"height":12}},{"id":"dca3d607-2a1f-491a-98de-b3f9ed39f09c","block_type":"box","text":"section below and the following discussion summarizing the in-kind method for further information on redeeming Creation","page_number":149,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"4ed11598-3a6b-45fb-918a-11c81c023be3","block_type":"box","text":"Units of the Funds.","page_number":149,"box":{"x":89,"y":626,"width":130,"height":10}},{"id":"b806d791-023d-4636-b654-f06f5646c202","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":149,"box":{"x":89,"y":652,"width":853,"height":13}},{"id":"9f2a32c6-5c41-416f-b8a3-c2db218b77a5","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":149,"box":{"x":89,"y":668,"width":849,"height":12}},{"id":"37e3b31e-2936-4b35-82d9-5138bd33755c","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":149,"box":{"x":88,"y":683,"width":841,"height":12}},{"id":"6936a161-fff0-4d16-95f9-0962867498a2","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":149,"box":{"x":89,"y":698,"width":863,"height":12}},{"id":"7aa7182e-ae6f-45f9-8c14-ce777d5b88cf","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":149,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"228ea4a1-fad2-4411-80fa-90750acbf93c","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":149,"box":{"x":88,"y":728,"width":855,"height":12}},{"id":"292f3f3e-da52-4fd6-a369-6afd478e9ad1","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":149,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"1c133d32-8f42-4a25-a169-02d6ed83858f","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":149,"box":{"x":88,"y":758,"width":738,"height":13}},{"id":"2a93003d-3d93-44f4-b907-700d93f85bc0","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":149,"box":{"x":89,"y":785,"width":866,"height":12}},{"id":"867d4a58-e052-4c09-8544-112d2bc00297","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":149,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"8acd8ea5-68a2-43d0-bcfc-a35cdaa2428d","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":149,"box":{"x":89,"y":815,"width":873,"height":12}},{"id":"e2441c68-7b19-4684-9395-df1a1baad8fb","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":149,"box":{"x":89,"y":830,"width":355,"height":12}},{"id":"9ddb7627-8cde-4f9c-b0ec-a7373e2ad5e3","block_type":"box","text":"119","page_number":149,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"769535cb-f48b-4b24-be54-7d51b3b75edf","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":150,"box":{"x":88,"y":44,"width":874,"height":12}},{"id":"fd1b6af1-14c0-467e-b37b-6727fd6800c2","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":150,"box":{"x":89,"y":59,"width":825,"height":12}},{"id":"d124e663-ee05-4a04-a9a9-1ff3a858e349","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":150,"box":{"x":88,"y":74,"width":823,"height":12}},{"id":"45ab7d23-74d8-48b2-8c5d-a954e3f72729","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":150,"box":{"x":89,"y":89,"width":863,"height":13}},{"id":"d7c0e1a7-fe68-449a-a949-90f42a3dc637","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":150,"box":{"x":88,"y":104,"width":880,"height":13}},{"id":"fdb54644-3a4e-461d-ac68-2fe730c94226","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":150,"box":{"x":89,"y":119,"width":868,"height":13}},{"id":"53bfdddf-5bbc-4797-b26f-ec7581121eaa","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":150,"box":{"x":89,"y":135,"width":867,"height":12}},{"id":"82fb9da1-b0df-4ca9-96fd-05a179de95db","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":150,"box":{"x":89,"y":150,"width":855,"height":12}},{"id":"679954f8-a01b-4e32-a599-ac1afef30ae5","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":150,"box":{"x":88,"y":165,"width":815,"height":12}},{"id":"65336213-cff3-4ccd-82eb-eb2815bb9314","block_type":"box","text":"difference is required to be made by or through an Authorized Participant by the redeeming shareholder. Each Fund generally","page_number":150,"box":{"x":89,"y":180,"width":874,"height":12}},{"id":"5b92f818-4357-49bf-bf20-9415a13ed11d","block_type":"box","text":"redeems Creation Units for Fund Securities, but the Fund reserves the right to utilize a cash option for redemption of Creation","page_number":150,"box":{"x":89,"y":195,"width":875,"height":12}},{"id":"7fda364f-d338-4a04-ac31-bc6389a95832","block_type":"box","text":"Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities that differs","page_number":150,"box":{"x":89,"y":210,"width":879,"height":13}},{"id":"53ab9f18-77ad-46a8-90f2-7d193cb11e52","block_type":"box","text":"from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified","page_number":150,"box":{"x":88,"y":225,"width":868,"height":13}},{"id":"bd2e613c-07a2-47c2-a37c-f96b8bca90f3","block_type":"box","text":"to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through","page_number":150,"box":{"x":88,"y":240,"width":876,"height":13}},{"id":"03eb2648-14e4-4693-b410-109f9f69d6b9","block_type":"box","text":"systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be “rounded","page_number":150,"box":{"x":89,"y":256,"width":868,"height":12}},{"id":"1d39f0ea-ca56-4bfd-9eb0-925182b147f5","block_type":"box","text":"up,” while limiting the maximum allowed percentage change in weight and share quantity of any given security in the","page_number":150,"box":{"x":89,"y":271,"width":823,"height":12}},{"id":"bcda6e3b-1e89-4a9a-9511-e66928ad9e8f","block_type":"box","text":"Redemption Basket. Redemption Baskets may also be modified to position a fund towards a forward index rebalance to","page_number":150,"box":{"x":89,"y":286,"width":833,"height":12}},{"id":"b1032df7-40c5-4d19-b73b-7d194fc5e5fe","block_type":"box","text":"reflect revisions that account for index additions, deletions, and re-weights.","page_number":150,"box":{"x":89,"y":301,"width":526,"height":12}},{"id":"3054e037-2ce0-4e8e-8055-bda6df718892","block_type":"box","text":"Cash Redemption Method.","page_number":150,"box":{"x":89,"y":327,"width":191,"height":13}},{"id":"9d9d529e-798e-4492-8bdb-32a0aa73a8b7","block_type":"box","text":"Although the Trust does not generally permit partial or full cash redemptions of Creation Units","page_number":150,"box":{"x":293,"y":327,"width":661,"height":13}},{"id":"29fb5770-40c8-4a1f-b839-911066ae0018","block_type":"box","text":"of its funds, when partial or full cash redemptions of Creation Units are available or specified for a Fund, they will be effected","page_number":150,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"15ef7b57-e90d-47f1-aad0-83ff4874fe08","block_type":"box","text":"in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized","page_number":150,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"26ebdcf1-00c7-4308-916f-f1e007165c3e","block_type":"box","text":"Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus","page_number":150,"box":{"x":89,"y":373,"width":878,"height":12}},{"id":"31f0b24f-06a5-4cef-8eb7-3351aa0e9be0","block_type":"box","text":"the same Cash Amount to be paid to an in-kind redeemer.","page_number":150,"box":{"x":88,"y":388,"width":406,"height":12}},{"id":"9fa658a7-134c-45be-b889-ebaaa702254b","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":150,"box":{"x":89,"y":414,"width":351,"height":13}},{"id":"7fd30422-b6e3-4a8f-85b1-648b0c64ce84","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares MSCI Denmark ETF, iShares MSCI","page_number":150,"box":{"x":88,"y":441,"width":839,"height":11}},{"id":"5700e409-0120-40d0-bba9-258b73155a6d","block_type":"box","text":"Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI","page_number":150,"box":{"x":88,"y":456,"width":853,"height":12}},{"id":"0025a4f6-25cb-43c2-8165-c31a11b5b07f","block_type":"box","text":"Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF and iShares Paris-Aligned Climate","page_number":150,"box":{"x":88,"y":471,"width":804,"height":12}},{"id":"79bce8b0-7daa-44f2-a03f-8da9239c2cbe","block_type":"box","text":"Optimized MSCI World ex USA ETF","page_number":150,"box":{"x":89,"y":486,"width":252,"height":12}},{"id":"df0df493-8d5c-4772-8eb9-06f0733b7029","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the","page_number":150,"box":{"x":88,"y":513,"width":866,"height":12}},{"id":"aacf0cdc-b770-47cc-856e-e219159e6b45","block_type":"box","text":"relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":150,"box":{"x":89,"y":528,"width":869,"height":12}},{"id":"a62909b1-2299-463e-afe6-5212ea4dad43","block_type":"box","text":"Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized","page_number":150,"box":{"x":89,"y":543,"width":866,"height":12}},{"id":"8ce88ab9-b8a0-469c-bf24-7e828cf23933","block_type":"box","text":"Participant on the applicable Business Day.","page_number":150,"box":{"x":89,"y":558,"width":297,"height":12}},{"id":"b9d59edc-bb88-45b9-9e40-d75b9ee8cf9d","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":150,"box":{"x":89,"y":584,"width":810,"height":13}},{"id":"61e8a3b3-428c-444a-add8-91ccdd1378b6","block_type":"box","text":"transaction consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum","page_number":150,"box":{"x":88,"y":599,"width":869,"height":13}},{"id":"989f13f6-97bf-49cd-b15b-d1513c3d5393","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":150,"box":{"x":89,"y":615,"width":831,"height":12}},{"id":"1ed88afc-3444-48ba-a144-7b6a0d1f4a8a","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of","page_number":150,"box":{"x":89,"y":630,"width":853,"height":12}},{"id":"b00544fd-f5fb-43b0-bede-2b89a2b6d569","block_type":"box","text":"transaction costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread","page_number":150,"box":{"x":88,"y":645,"width":873,"height":12}},{"id":"a0b6e831-0ed3-4201-90ff-45a825f5185e","block_type":"box","text":"between the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":150,"box":{"x":89,"y":660,"width":859,"height":12}},{"id":"2b662ea9-6f0b-44b5-9816-410898f80ddf","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":150,"box":{"x":88,"y":675,"width":817,"height":12}},{"id":"a2870c62-f30c-4e0c-a7b7-b6622a45b1b0","block_type":"box","text":"expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge,","page_number":150,"box":{"x":89,"y":690,"width":824,"height":13}},{"id":"2160d9d3-5156-4c8e-b1c8-7de688076bc2","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":150,"box":{"x":89,"y":705,"width":338,"height":13}},{"id":"58e20f07-1551-4d73-b8ed-a5f20d8a052b","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund to their account on their order.","page_number":150,"box":{"x":88,"y":732,"width":879,"height":12}},{"id":"73db86c4-45bf-49a5-86f0-84c04b5ba92e","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":150,"box":{"x":89,"y":747,"width":863,"height":12}},{"id":"ebf22a92-9d9e-4822-aa72-2809502d0e3b","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":150,"box":{"x":89,"y":762,"width":815,"height":12}},{"id":"d3884517-abc4-4120-9cb1-0250594a0dd4","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fee and maximum additional charge (as","page_number":150,"box":{"x":88,"y":788,"width":812,"height":13}},{"id":"46aed78b-1f9c-49da-a7e3-9cb7b902151d","block_type":"box","text":"described above):","page_number":150,"box":{"x":89,"y":804,"width":122,"height":12}},{"id":"3606c6ed-4050-492d-b304-6a35b7979fb5","block_type":"box","text":"120","page_number":150,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"292092e1-cc9d-4882-83e3-94a936d38ee5","block_type":"box","text":"Fund","page_number":151,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"17190ccf-32d5-4302-b496-322b6397b818","block_type":"box","text":"Standard Redemption","page_number":151,"box":{"x":643,"y":45,"width":125,"height":9}},{"id":"a9726357-dabb-45b0-8812-7aceb2513246","block_type":"box","text":"Transaction Fee","page_number":151,"box":{"x":660,"y":55,"width":91,"height":7}},{"id":"0e84fea4-e297-46fe-af69-28fbce52ed5f","block_type":"box","text":"Maximum Additional","page_number":151,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"74a16abd-c4a0-4e36-8789-5b09eda3c663","block_type":"box","text":"Charge*","page_number":151,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"cd0e5f95-9ec8-4243-a7c1-7d8ca014c54d","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF 9,500 2.0%","page_number":151,"box":{"x":89,"y":77,"width":843,"height":11}},{"id":"5780ccfe-81b5-4c2e-a803-b4e0f7f6d9e5","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF 7,800 2.0%","page_number":151,"box":{"x":89,"y":92,"width":843,"height":11}},{"id":"237fcf43-67f0-498c-ac39-061e259979b0","block_type":"box","text":"iShares MSCI Denmark ETF 1,200 2.0%","page_number":151,"box":{"x":89,"y":107,"width":843,"height":11}},{"id":"8ad54288-22cc-4c48-a8fb-deea418cab16","block_type":"box","text":"iShares MSCI Indonesia ETF 1,700 2.0%","page_number":151,"box":{"x":89,"y":122,"width":843,"height":11}},{"id":"d0722f15-67d7-4271-8eef-2a41ed8c8803","block_type":"box","text":"iShares MSCI Japan Value ETF 2,150 2.0%","page_number":151,"box":{"x":89,"y":137,"width":843,"height":12}},{"id":"8b29f6d4-41bd-4510-acde-2987a6287ee4","block_type":"box","text":"iShares MSCI New Zealand ETF 600 2.0%","page_number":151,"box":{"x":89,"y":152,"width":843,"height":10}},{"id":"4c314147-bdeb-405d-97b0-3a68137224aa","block_type":"box","text":"iShares MSCI Norway ETF 1,300 2.0%","page_number":151,"box":{"x":89,"y":167,"width":843,"height":13}},{"id":"aa514c71-dce5-4bce-ae32-5741a43450f0","block_type":"box","text":"iShares MSCI Philippines ETF 1,000 2.0%","page_number":151,"box":{"x":89,"y":182,"width":843,"height":13}},{"id":"dd7013da-5fe6-4a4b-9248-654f5043945a","block_type":"box","text":"iShares MSCI Poland ETF 600 2.0%","page_number":151,"box":{"x":89,"y":198,"width":843,"height":9}},{"id":"2bb93e25-7296-4fd5-846e-b0ae7e697342","block_type":"box","text":"iShares MSCI United Kingdom ETF 3,500 2.0%","page_number":151,"box":{"x":89,"y":213,"width":843,"height":12}},{"id":"c7de455d-a7fc-4870-967a-07ac8c2ef1da","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF 8,550 2.0%","page_number":151,"box":{"x":89,"y":228,"width":843,"height":12}},{"id":"a1cba3d2-c8dd-4976-8383-eb6c7c0c945e","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":151,"box":{"x":118,"y":268,"width":628,"height":9}},{"id":"47e7053e-9320-4be0-9226-66039c659e5b","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware MSCI","page_number":151,"box":{"x":88,"y":291,"width":854,"height":11}},{"id":"99e7a52f-c27a-4508-b44f-d816e35c2595","block_type":"box","text":"USA ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware","page_number":151,"box":{"x":89,"y":306,"width":842,"height":12}},{"id":"c0a73666-12de-4fe8-bc5b-68cb076d6e00","block_type":"box","text":"MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF, iShares MSCI Finland ETF, iShares MSCI Ireland ETF, iShares","page_number":151,"box":{"x":88,"y":321,"width":848,"height":11}},{"id":"39f69d54-e68f-44e6-9279-365bb7078faf","block_type":"box","text":"MSCI United Kingdom Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":151,"box":{"x":88,"y":336,"width":712,"height":13}},{"id":"8f354d92-12b1-4774-b75d-24ad7580e9d8","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the","page_number":151,"box":{"x":88,"y":363,"width":866,"height":12}},{"id":"237801a4-13b2-479a-8c07-74ada3ab085f","block_type":"box","text":"relevant Fund. As described above, under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to","page_number":151,"box":{"x":89,"y":378,"width":848,"height":12}},{"id":"cbb1e703-5a1b-4750-af02-29072adce916","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":151,"box":{"x":89,"y":393,"width":873,"height":12}},{"id":"d9cbda06-a7a2-4daa-a547-3e8edb9d8039","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is entitled to retain the ETF","page_number":151,"box":{"x":89,"y":408,"width":822,"height":12}},{"id":"6354f4cb-7c3d-497e-9671-e24ed234645e","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":151,"box":{"x":88,"y":423,"width":815,"height":12}},{"id":"38546f86-6669-4c21-bd30-9fbb0f29d36f","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":151,"box":{"x":89,"y":438,"width":567,"height":13}},{"id":"5127a34e-cdae-4f94-ac30-8506b79045ed","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":151,"box":{"x":88,"y":465,"width":859,"height":12}},{"id":"7276c542-6552-4a81-8acf-17779e849b19","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":151,"box":{"x":88,"y":480,"width":879,"height":12}},{"id":"cf4368d7-a2c6-42a9-8b86-cc4ff63453a5","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":151,"box":{"x":89,"y":495,"width":860,"height":12}},{"id":"e83220dd-4d31-4d16-89fc-f93ffe6a217b","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":151,"box":{"x":89,"y":510,"width":872,"height":12}},{"id":"677ebfc0-2aa8-4eff-a7c5-a3205c34b1a4","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":151,"box":{"x":89,"y":525,"width":866,"height":12}},{"id":"1f178894-33dd-4f4b-8bac-832a56e57b86","block_type":"box","text":"Creation Unit. The following table sets forth, for each Fund, either the actual redemption transaction fee that was charged on","page_number":151,"box":{"x":89,"y":540,"width":873,"height":13}},{"id":"9f8dd0ee-4db7-4e80-9e48-e33977a8ad8f","block_type":"box","text":"December 1, 2025 or an estimate of the redemption transaction fee that would have been charged if the Fund had redeemed","page_number":151,"box":{"x":89,"y":555,"width":873,"height":13}},{"id":"f630dbc1-ac19-43e4-9b63-f1287b3185c1","block_type":"box","text":"a Creation Unit on that date. The actual fee that was or would have been charged to an Authorized Participant in connection","page_number":151,"box":{"x":89,"y":570,"width":868,"height":13}},{"id":"65d11d75-054d-4144-80e2-3f744d71eb2a","block_type":"box","text":"with a redemption order will vary over time depending on the factors discussed above, and may be higher than the fee set","page_number":151,"box":{"x":88,"y":586,"width":854,"height":12}},{"id":"3e2233a9-073f-4a7a-90e4-12b606a9c3f2","block_type":"box","text":"forth below.","page_number":151,"box":{"x":88,"y":601,"width":83,"height":9}},{"id":"462d67c0-a2e0-4eb8-942e-d61b005310d1","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":151,"box":{"x":89,"y":627,"width":810,"height":13}},{"id":"720e1972-277d-4996-b93d-175e50319d64","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":151,"box":{"x":88,"y":642,"width":869,"height":13}},{"id":"e1c6d1e3-f373-4e23-9b21-39b4c925ec8d","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":151,"box":{"x":89,"y":657,"width":831,"height":13}},{"id":"0c46c85d-4aaa-4cd6-9558-a5df42672ef9","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":151,"box":{"x":89,"y":673,"width":853,"height":12}},{"id":"8590ab43-4f51-46e2-9672-902f4ebb3ad9","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":151,"box":{"x":88,"y":688,"width":873,"height":12}},{"id":"91167cfa-2dea-42ac-a204-79f2afd52ada","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":151,"box":{"x":89,"y":703,"width":859,"height":12}},{"id":"62639e53-5cff-44e8-9cdb-56ead61a2a70","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":151,"box":{"x":88,"y":718,"width":817,"height":12}},{"id":"85b13461-4bbb-4619-abea-565dfa848763","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":151,"box":{"x":89,"y":733,"width":824,"height":12}},{"id":"6ff3deb2-6299-4cc9-9183-b39328926032","block_type":"box","text":"subject to the maximum amounts shown below","page_number":151,"box":{"x":89,"y":748,"width":336,"height":12}},{"id":"8ea9e9ad-1646-4c1e-baa1-21f153ab8bbb","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee, as of December 1, 2025 and maximum","page_number":151,"box":{"x":88,"y":775,"width":842,"height":12}},{"id":"63dd77e6-1efa-43db-b576-b23bf96b2de6","block_type":"box","text":"additional charge (as described above):","page_number":151,"box":{"x":89,"y":790,"width":274,"height":12}},{"id":"07ba2d75-2120-4163-b586-9f95b4c748e4","block_type":"box","text":"Fund","page_number":151,"box":{"x":89,"y":829,"width":27,"height":8}},{"id":"484e5731-fb9d-41b4-a1ba-9c66ba835509","block_type":"box","text":"Standard Redemption","page_number":151,"box":{"x":643,"y":819,"width":125,"height":10}},{"id":"a8c88252-203f-4d54-b66b-770e9d8d071b","block_type":"box","text":"Transaction Fee","page_number":151,"box":{"x":660,"y":830,"width":91,"height":7}},{"id":"0eae12b4-5df6-478b-8dbc-1d1edba540f1","block_type":"box","text":"Maximum Additional","page_number":151,"box":{"x":847,"y":819,"width":120,"height":8}},{"id":"6e14a6d2-fbd6-4728-9a68-7abdc0f870f3","block_type":"box","text":"Charge*","page_number":151,"box":{"x":883,"y":829,"width":48,"height":10}},{"id":"18aaf9ee-d8c1-4f1d-b4e3-8cc821fbacff","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF $ 492.50** 2.0%","page_number":151,"box":{"x":89,"y":851,"width":843,"height":11}},{"id":"406c5bd9-d5b4-4aa8-a793-63414bd0be42","block_type":"box","text":"121","page_number":151,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"944c1470-d8ea-4165-888a-0ed60523ba9a","block_type":"box","text":"Fund","page_number":152,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"1ea9fa22-6bb3-4e3f-8230-6d28943d5db8","block_type":"box","text":"Standard Redemption","page_number":152,"box":{"x":643,"y":45,"width":125,"height":9}},{"id":"b2afdb08-e599-4759-ba92-4edd22022ad4","block_type":"box","text":"Transaction Fee","page_number":152,"box":{"x":660,"y":55,"width":91,"height":7}},{"id":"fabe1fdf-e7e6-4e38-9896-5835896dbffd","block_type":"box","text":"Maximum Additional","page_number":152,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"dfe05080-1cc9-4add-9fa5-5b9ecc08da4f","block_type":"box","text":"Charge*","page_number":152,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"20894212-27cc-48ee-ba6f-243204a2ef1e","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF 555.00** 2.0%","page_number":152,"box":{"x":89,"y":77,"width":843,"height":9}},{"id":"2cdd3b21-6908-4c68-9bfb-11b7abb45ea5","block_type":"box","text":"iShares ESG Aware MSCI USA ETF 500.00** 2.0%","page_number":152,"box":{"x":89,"y":92,"width":843,"height":9}},{"id":"27df5cf0-bc3b-4622-8ae6-a74874670653","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF 281.25** 2.0%","page_number":152,"box":{"x":89,"y":107,"width":843,"height":10}},{"id":"9353601f-0143-4df8-b687-22f9f4e1c0e1","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF 1,252.50** 2.0%","page_number":152,"box":{"x":89,"y":122,"width":843,"height":12}},{"id":"261531ee-16c1-4de8-af12-40ed5439b559","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF 440.00** 2.0%","page_number":152,"box":{"x":89,"y":137,"width":843,"height":10}},{"id":"204e6fed-492a-4f84-8350-de1d4e26dd9d","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF 477.50** 2.0%","page_number":152,"box":{"x":89,"y":152,"width":843,"height":10}},{"id":"ee4c8afc-1c0d-47a8-8150-61571f834d1e","block_type":"box","text":"iShares MSCI Finland ETF 440.00** 2.0%","page_number":152,"box":{"x":89,"y":167,"width":843,"height":10}},{"id":"8536389b-22f8-454c-be99-2fae5ea2baa3","block_type":"box","text":"iShares MSCI Ireland ETF 450.00** 2.0%","page_number":152,"box":{"x":89,"y":182,"width":843,"height":10}},{"id":"e387693c-40c0-4ccc-b8b5-18d28a081588","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF 820.00** 2.0%","page_number":152,"box":{"x":89,"y":198,"width":843,"height":12}},{"id":"3eabe5cd-eb31-405d-b791-cd047169853a","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF 315.00** 2.0%","page_number":152,"box":{"x":89,"y":213,"width":843,"height":12}},{"id":"8bff5d2a-e445-4e17-96f6-cade427bf665","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":152,"box":{"x":118,"y":252,"width":628,"height":10}},{"id":"1871bead-13da-49a4-ad22-c936bd1dc65a","block_type":"box","text":"** Estimated fee.","page_number":152,"box":{"x":118,"y":268,"width":92,"height":7}},{"id":"4d6056d8-cf10-4713-8e53-acb27fd58401","block_type":"box","text":"Placement of Redemption Orders.","page_number":152,"box":{"x":89,"y":291,"width":243,"height":12}},{"id":"f05671b7-fe83-4c1f-ac0f-c8acc5ad36c0","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":152,"box":{"x":342,"y":291,"width":550,"height":12}},{"id":"9e1f0d7e-66cc-48b2-a457-1dca571e9330","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":152,"box":{"x":89,"y":306,"width":825,"height":12}},{"id":"c17c6a08-0c6c-4cf8-8928-9e76e5f36aaf","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":152,"box":{"x":89,"y":321,"width":840,"height":12}},{"id":"28b0ed03-c09c-410c-988e-93d8731cbe10","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":152,"box":{"x":89,"y":336,"width":843,"height":13}},{"id":"9a0129e4-2953-4b79-902b-0e7eb7986b02","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":152,"box":{"x":89,"y":351,"width":875,"height":13}},{"id":"b988311d-b5df-490a-bcb8-7bbf5ac546b8","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":152,"box":{"x":89,"y":366,"width":869,"height":13}},{"id":"14d12408-f617-4d3c-901a-e73e92e38330","block_type":"box","text":"Authorized Participants upon request.","page_number":152,"box":{"x":88,"y":382,"width":264,"height":12}},{"id":"a3ced9aa-73a9-4661-9927-452af13486c0","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":152,"box":{"x":88,"y":408,"width":867,"height":12}},{"id":"94ddb7c9-c6ce-45e8-b8a9-1087c0017cf5","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":152,"box":{"x":89,"y":423,"width":854,"height":12}},{"id":"64e8641c-e992-4449-b305-8de66cb5fcbd","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":152,"box":{"x":88,"y":438,"width":862,"height":13}},{"id":"a044f5b6-e856-47bf-accd-18a9fa6080b7","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":152,"box":{"x":89,"y":453,"width":823,"height":13}},{"id":"adf5c036-9348-4202-898b-51a85d5262d5","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":152,"box":{"x":88,"y":468,"width":861,"height":13}},{"id":"5ecfe854-3fe8-4722-b697-55300db71b14","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":152,"box":{"x":88,"y":484,"width":877,"height":12}},{"id":"7a0cdeb9-56d1-49ee-8fb4-6b4c3655ec6b","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":152,"box":{"x":89,"y":499,"width":857,"height":12}},{"id":"a29837af-dc53-44ea-bab6-e60609c59367","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":152,"box":{"x":89,"y":514,"width":857,"height":12}},{"id":"563c6b63-d27c-4a85-9c99-8dc5e41c2a9d","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":152,"box":{"x":89,"y":529,"width":842,"height":12}},{"id":"bd1de946-7be9-4663-80d5-c5387a86bef6","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":152,"box":{"x":89,"y":544,"width":585,"height":12}},{"id":"665fce5c-5bc7-464d-9d4a-5b778a898504","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":152,"box":{"x":88,"y":570,"width":850,"height":13}},{"id":"6ed3afef-b5a8-4ff1-9754-2ea903a2cbaf","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":152,"box":{"x":88,"y":586,"width":829,"height":12}},{"id":"41aacf60-9a62-42f0-8daf-1f218d83fa75","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":152,"box":{"x":89,"y":601,"width":833,"height":12}},{"id":"a45a6a61-a5ec-4299-9559-4a96ccb91422","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":152,"box":{"x":89,"y":616,"width":866,"height":12}},{"id":"23afdaea-f388-4484-8b33-dd53933be61f","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":152,"box":{"x":89,"y":631,"width":848,"height":12}},{"id":"7dcd9b93-5d98-4aa1-ac91-a758545746f4","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":152,"box":{"x":88,"y":646,"width":477,"height":12}},{"id":"30907962-af3c-49c3-906a-771c2d3ec119","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":152,"box":{"x":89,"y":673,"width":843,"height":12}},{"id":"823b6203-7e24-48a3-9cee-c1c90bb0ffd1","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":152,"box":{"x":89,"y":688,"width":850,"height":12}},{"id":"5e8e6665-4378-4a58-b228-2ebab21299b5","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":152,"box":{"x":89,"y":703,"width":876,"height":12}},{"id":"0ec86cc0-281d-44b0-bf9b-b84c7a9ece75","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":152,"box":{"x":88,"y":718,"width":869,"height":12}},{"id":"c9654384-6b05-4574-b6c5-d090bec9aa74","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":152,"box":{"x":89,"y":733,"width":831,"height":12}},{"id":"ecf4c305-0e8c-4164-ac08-68d1890b5fa6","block_type":"box","text":"Participant submitting the redemption request.","page_number":152,"box":{"x":89,"y":748,"width":327,"height":12}},{"id":"1fd41351-6d2a-4875-825e-209eb9e89a04","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":152,"box":{"x":88,"y":775,"width":854,"height":12}},{"id":"b1498da5-4174-46de-8425-187ca9647e0a","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":152,"box":{"x":89,"y":790,"width":837,"height":12}},{"id":"b8aa3fd5-51e0-4861-bf59-0b7ad7602e0d","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":152,"box":{"x":88,"y":805,"width":836,"height":12}},{"id":"7cfd3107-c359-4c65-b420-4d9f5c3c69dc","block_type":"box","text":"For the iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware","page_number":152,"box":{"x":89,"y":831,"width":841,"height":12}},{"id":"ead07da1-430b-4c8a-a191-47c56dc1f36b","block_type":"box","text":"MSCI USA ETF, iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware","page_number":152,"box":{"x":89,"y":846,"width":861,"height":13}},{"id":"09655576-c693-4c8a-a226-b4ad3205c3d3","block_type":"box","text":"122","page_number":152,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"c38e465b-20fa-4d28-8fcf-f6a4b57f24e2","block_type":"box","text":"MSCI USA Value ETF, iShares ESG MSCI USA Leaders ETF and iShares Paris-Aligned Climate Optimized MSCI USA ETF,","page_number":153,"box":{"x":89,"y":44,"width":824,"height":12}},{"id":"011c6f4a-c5a8-4561-8c02-a5d8e246fd29","block_type":"box","text":"deliveries of redemption proceeds are generally made within one Business Day (","page_number":153,"box":{"x":89,"y":59,"width":559,"height":12}},{"id":"85c07a41-b0af-471f-93a0-2fe9f1c58ea3","block_type":"box","text":"i.e.","page_number":153,"box":{"x":649,"y":60,"width":17,"height":9}},{"id":"6b129dc3-af00-441e-a18f-060f562dc87d","block_type":"box","text":", “T+1”).","page_number":153,"box":{"x":669,"y":59,"width":56,"height":12}},{"id":"666c83c5-964b-411b-9189-cf1f4096a54f","block_type":"box","text":"For the iShares ESG Advanced MSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares MSCI Denmark ETF, iShares MSCI","page_number":153,"box":{"x":89,"y":85,"width":868,"height":12}},{"id":"a57ff6be-2f10-48b1-af3f-ca61e99c908d","block_type":"box","text":"Finland ETF, iShares MSCI Indonesia ETF, iShares MSCI Ireland ETF, iShares MSCI Japan Value ETF, iShares MSCI New Zealand","page_number":153,"box":{"x":89,"y":101,"width":873,"height":12}},{"id":"5e818f88-ff69-4aca-a9ee-50e417505648","block_type":"box","text":"ETF, iShares MSCI Norway ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI United Kingdom ETF,","page_number":153,"box":{"x":89,"y":116,"width":853,"height":12}},{"id":"81ca067f-3395-4147-9369-3065614c6fa1","block_type":"box","text":"iShares MSCI United Kingdom Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF, deliveries","page_number":153,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"ab65cd0d-47c6-4cfd-a83f-ea289aa29c14","block_type":"box","text":"of redemption proceeds are generally made within two Business Days (","page_number":153,"box":{"x":89,"y":146,"width":497,"height":12}},{"id":"160a83af-d429-46ca-afe2-aa54f0d019de","block_type":"box","text":"i.e.","page_number":153,"box":{"x":587,"y":147,"width":18,"height":9}},{"id":"dba4599e-1e14-46a5-b2ae-be6d89c974d9","block_type":"box","text":", “T+2”).","page_number":153,"box":{"x":607,"y":146,"width":56,"height":12}},{"id":"7b311e79-8085-4d7b-ba41-bc1bdc971540","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":153,"box":{"x":89,"y":172,"width":835,"height":13}},{"id":"ab034729-6eb2-4d08-8f51-71042c499511","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":153,"box":{"x":89,"y":188,"width":772,"height":12}},{"id":"16aae79a-f6a9-4a71-8962-5c02f4b0ec78","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":153,"box":{"x":89,"y":203,"width":878,"height":12}},{"id":"dc1d061b-53c8-4450-b5cd-f4738892baad","block_type":"box","text":"of dividend record dates and dividend ex-dates (","page_number":153,"box":{"x":89,"y":218,"width":338,"height":12}},{"id":"2bd306fe-cc80-4b0d-9ca0-afb3dfd97616","block_type":"box","text":"i.e.","page_number":153,"box":{"x":428,"y":219,"width":18,"height":8}},{"id":"3c53e0b4-ac26-40f5-aa4c-dcd361b32a3f","block_type":"box","text":", the last date the holder of a security can sell the security and still receive","page_number":153,"box":{"x":448,"y":218,"width":513,"height":12}},{"id":"e95a2119-ebc8-4fb5-84b3-073790a36ea9","block_type":"box","text":"dividends payable on the security).","page_number":153,"box":{"x":89,"y":233,"width":242,"height":12}},{"id":"592c4582-3ca4-4d26-8c2d-53fbe14b8da1","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":153,"box":{"x":89,"y":259,"width":826,"height":13}},{"id":"c15954d5-b755-46ee-b13e-d7abb28481af","block_type":"box","text":"appropriate arrangements to take delivery of Fund Securities in the applicable non-U.S. jurisdiction and it is not possible to","page_number":153,"box":{"x":89,"y":274,"width":856,"height":13}},{"id":"f254121e-9c37-4907-97cf-911e1d8558e0","block_type":"box","text":"make other such arrangements, or if it is not possible to effect deliveries of Fund Securities in such jurisdiction, a Fund may in","page_number":153,"box":{"x":89,"y":290,"width":877,"height":12}},{"id":"d5ec02f7-da12-40dc-b037-95516edf874c","block_type":"box","text":"its discretion exercise its option to redeem such shares in cash, and the Beneficial Owner will be required to receive its","page_number":153,"box":{"x":89,"y":305,"width":824,"height":12}},{"id":"074eb9cc-2814-45e8-b0e8-0b770cfe9cad","block_type":"box","text":"redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the net asset value of its shares","page_number":153,"box":{"x":89,"y":320,"width":868,"height":12}},{"id":"d17889bb-a4f4-4eaf-8017-ac82fa396464","block_type":"box","text":"based on the NAV of the relevant Fund next determined after the redemption request is received in proper form (minus a","page_number":153,"box":{"x":89,"y":335,"width":844,"height":12}},{"id":"16735ead-3ffe-4fa4-b066-f1e9e7720689","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":153,"box":{"x":89,"y":350,"width":877,"height":12}},{"id":"451f6b47-492d-455b-8301-00b499423778","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":153,"box":{"x":89,"y":365,"width":865,"height":12}},{"id":"41c7ce28-b0db-41b0-9e06-c4e3b6e46541","block_type":"box","text":"with applicable U.S. federal and state securities laws and each Fund (whether or not it otherwise permits cash redemptions)","page_number":153,"box":{"x":88,"y":380,"width":867,"height":13}},{"id":"59fc3a75-ae93-486a-9f98-a5ae85241d2c","block_type":"box","text":"reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully deliver specific Fund","page_number":153,"box":{"x":89,"y":395,"width":812,"height":13}},{"id":"ade88204-be44-4bbe-b026-85c052b5ff74","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":153,"box":{"x":88,"y":410,"width":746,"height":13}},{"id":"c40a7c3c-06a1-4d08-a851-529b4d321af8","block_type":"box","text":"Although the Trust does not ordinarily permit cash redemptions of Creation Units, in the event that cash redemptions are","page_number":153,"box":{"x":88,"y":437,"width":849,"height":12}},{"id":"410d8aed-d350-4d37-a05b-03a6fc75d4b1","block_type":"box","text":"permitted or required by the Trust, proceeds will be paid to the Authorized Participant redeeming shares as soon as","page_number":153,"box":{"x":89,"y":452,"width":804,"height":12}},{"id":"d8d2036e-c377-43f2-ad1b-93bc5d442b56","block_type":"box","text":"practicable after the date of redemption (within seven calendar days thereafter). If a Fund includes a foreign investment in its","page_number":153,"box":{"x":89,"y":467,"width":874,"height":13}},{"id":"96d9b9f3-1a1e-4cc1-b2ce-de26d730f96f","block_type":"box","text":"basket, and if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign","page_number":153,"box":{"x":89,"y":482,"width":870,"height":13}},{"id":"bbbca7e9-b982-4833-82fd-39b72b08820c","block_type":"box","text":"investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a","page_number":153,"box":{"x":89,"y":497,"width":816,"height":13}},{"id":"985efa9f-1e02-4210-b635-2a6874bf8673","block_type":"box","text":"redemption request, a Fund may delay delivery of the foreign investment more than seven days if a Fund delivers the foreign","page_number":153,"box":{"x":89,"y":513,"width":867,"height":12}},{"id":"3e617331-3fe9-497a-8f68-81fbe6329357","block_type":"box","text":"investment as soon as practicable, but in no event later than 15 days.","page_number":153,"box":{"x":89,"y":528,"width":482,"height":12}},{"id":"a5947914-7511-4de2-9d4c-14f7d247f8d9","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":153,"box":{"x":88,"y":554,"width":825,"height":12}},{"id":"ffd18832-e0ba-4a4f-9ba2-96fa66946543","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":153,"box":{"x":88,"y":569,"width":872,"height":13}},{"id":"ab82a25f-def6-4cf2-98f4-cf85ffa17b7b","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":153,"box":{"x":89,"y":584,"width":868,"height":13}},{"id":"267385f0-53ac-4192-915e-9c12add22bb8","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":153,"box":{"x":89,"y":599,"width":863,"height":13}},{"id":"0af2f72f-9080-4239-b87c-26434816d0c7","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":153,"box":{"x":89,"y":615,"width":825,"height":12}},{"id":"b585bc43-b55c-457a-be2f-3320bfb3a1d9","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":153,"box":{"x":89,"y":630,"width":851,"height":12}},{"id":"d6386163-0505-4874-9235-e45aa19044f9","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":153,"box":{"x":89,"y":645,"width":875,"height":12}},{"id":"de4cdf8b-d596-4ffe-bca2-ad4deffb7bb7","block_type":"box","text":"after the date of submission of such redemption request and shall be held by State Street or Citibank, as applicable, and","page_number":153,"box":{"x":89,"y":660,"width":836,"height":12}},{"id":"df48611a-7c85-49e2-83c9-010cf9a8453b","block_type":"box","text":"marked-to-market daily. The fees of State Street or Citibank, as applicable, and any sub-custodians in respect of the delivery,","page_number":153,"box":{"x":89,"y":675,"width":868,"height":12}},{"id":"91e1f87b-2d9f-4d51-86d2-89e28d2d7574","block_type":"box","text":"maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant","page_number":153,"box":{"x":89,"y":690,"width":825,"height":13}},{"id":"be6fbfe5-7ccb-47bf-963e-5d82dd325cee","block_type":"box","text":"Agreement permits the Funds to acquire shares of the Funds at any time and subjects the Authorized Participant to liability","page_number":153,"box":{"x":88,"y":705,"width":861,"height":13}},{"id":"61ffbeb1-d789-42b3-a47d-1be552e10337","block_type":"box","text":"for any shortfall between the aggregate of the cost to the Funds of purchasing such shares, plus the value of the Cash","page_number":153,"box":{"x":88,"y":720,"width":824,"height":13}},{"id":"daff19df-cdea-47b7-b679-2d136ce672bd","block_type":"box","text":"Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":153,"box":{"x":88,"y":736,"width":712,"height":12}},{"id":"2aec154d-a8ef-4c89-8a17-a1c92f871a5c","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":153,"box":{"x":89,"y":762,"width":826,"height":12}},{"id":"8a91965a-c978-4080-9e44-6f3087dacbf5","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":153,"box":{"x":89,"y":777,"width":861,"height":12}},{"id":"b962932b-f1e9-49a2-a205-8f88b8cb4bc7","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":153,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"f0396e12-7a29-434e-bbeb-cd0e3be8a174","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":153,"box":{"x":89,"y":807,"width":277,"height":10}},{"id":"fb572246-3d3f-4a17-8a46-e56476645dab","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":153,"box":{"x":88,"y":834,"width":852,"height":12}},{"id":"4e186518-5949-4060-85cb-46c1098fbebe","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":153,"box":{"x":89,"y":849,"width":844,"height":12}},{"id":"810dd592-3df4-4507-8b29-590e4cfdde5c","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":153,"box":{"x":89,"y":864,"width":878,"height":12}},{"id":"7ced3594-1cc1-4ff6-aaf9-cc39d2075f45","block_type":"box","text":"123","page_number":153,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"7907f4e5-a78c-4111-a195-5b2c5bab68cd","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":154,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"b87cc246-10c4-42d6-b7d5-4d97e039de3c","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":154,"box":{"x":89,"y":59,"width":619,"height":12}},{"id":"d3f0ac19-5a5b-429e-bee6-21f95683d0da","block_type":"box","text":"Custom Baskets.","page_number":154,"box":{"x":89,"y":85,"width":118,"height":10}},{"id":"3be10afe-40a0-4c9e-99a2-881187bd393a","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":154,"box":{"x":216,"y":85,"width":706,"height":13}},{"id":"1d64d8f6-7367-4e33-ab59-041704a4d64b","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":154,"box":{"x":89,"y":101,"width":868,"height":12}},{"id":"6e0264c1-ebe3-4355-9e48-8f9267688e69","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":154,"box":{"x":89,"y":116,"width":873,"height":12}},{"id":"7aa81d80-123b-427c-8803-75f072f4c143","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":154,"box":{"x":89,"y":131,"width":877,"height":12}},{"id":"039a9e43-2e76-4185-999c-243e19847b73","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":154,"box":{"x":89,"y":146,"width":865,"height":12}},{"id":"23555811-6988-4e06-b968-d0ced7b012a5","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":154,"box":{"x":89,"y":161,"width":823,"height":12}},{"id":"2312f9f5-b5e7-4d08-850e-0d4b7adae79e","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":154,"box":{"x":89,"y":176,"width":859,"height":13}},{"id":"e9a58c31-bf6d-4652-b46b-0ee7bac9eb4a","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":154,"box":{"x":89,"y":191,"width":871,"height":13}},{"id":"2cd04be8-3b69-41da-97eb-e55b2f4b9fc2","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":154,"box":{"x":89,"y":206,"width":854,"height":13}},{"id":"0e7eed20-4cd3-4d85-92a6-28855f4da998","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":154,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"b98cc516-1af6-4d42-ad77-6cdf7757b86e","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":154,"box":{"x":89,"y":237,"width":856,"height":12}},{"id":"f9e3b464-18f2-461d-bb85-33cb542b98a7","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":154,"box":{"x":89,"y":252,"width":877,"height":12}},{"id":"86aa6130-3818-4be3-8f36-ed46ebb309da","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":154,"box":{"x":89,"y":267,"width":728,"height":12}},{"id":"9be12483-ee4b-4a81-a4f4-68e43d879ab9","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":154,"box":{"x":88,"y":293,"width":418,"height":13}},{"id":"f13bd78c-f400-48e9-90db-86654b8965ac","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":154,"box":{"x":519,"y":293,"width":445,"height":13}},{"id":"4f277d26-765c-4ad7-a0a6-5cac26c19ad1","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":154,"box":{"x":89,"y":308,"width":864,"height":13}},{"id":"bf195ae5-6462-4048-bb8d-56246caba914","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":154,"box":{"x":88,"y":324,"width":869,"height":12}},{"id":"d0fa9dd9-64da-494f-9dc6-fb4f3a5e293c","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":154,"box":{"x":89,"y":339,"width":870,"height":12}},{"id":"b5176eeb-0627-434f-bf2c-4d4af90c7780","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":154,"box":{"x":88,"y":354,"width":753,"height":12}},{"id":"be23dcc9-4e3b-4da7-a74b-93cee211e709","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":154,"box":{"x":89,"y":380,"width":829,"height":13}},{"id":"f42d0dbd-62d3-4ae3-97f1-4e56e457d272","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":154,"box":{"x":89,"y":395,"width":861,"height":13}},{"id":"527f98c7-b41f-4474-91b7-f645971927f4","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":154,"box":{"x":89,"y":410,"width":859,"height":13}},{"id":"182a9436-a5b8-4427-8efc-cd28271ad1b9","block_type":"box","text":"assets.","page_number":154,"box":{"x":89,"y":427,"width":45,"height":8}},{"id":"f98eb1df-4679-4e70-8d61-63a8339836d7","block_type":"box","text":"Taxes","page_number":154,"box":{"x":88,"y":458,"width":94,"height":22}},{"id":"6f372fd7-9580-434a-80fa-5a37e2d35af9","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":154,"box":{"x":88,"y":497,"width":878,"height":13}},{"id":"36e78014-f275-48b5-8b21-b5e49c5d41e3","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":154,"box":{"x":89,"y":513,"width":847,"height":12}},{"id":"b54f6327-3729-4bce-a967-36b8860849be","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":154,"box":{"x":88,"y":528,"width":867,"height":12}},{"id":"13c18faf-733a-4180-ad89-f6a8cab1ccad","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":154,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"9f48bf20-1c64-4198-a8f1-12947fb54bfd","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":154,"box":{"x":89,"y":558,"width":845,"height":12}},{"id":"114aa48f-3f86-45cc-9c72-74ce0b9466c0","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":154,"box":{"x":89,"y":573,"width":846,"height":12}},{"id":"de3c778a-6df6-43b5-a684-cf85c44b288d","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":154,"box":{"x":89,"y":599,"width":338,"height":13}},{"id":"4be00c02-53f1-49d1-afd8-1de134e329f3","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":154,"box":{"x":437,"y":599,"width":465,"height":13}},{"id":"e6803a1f-90d8-41ce-8c4e-6840823b5790","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":154,"box":{"x":88,"y":615,"width":852,"height":12}},{"id":"5bcd9498-f1e7-4f21-a5d4-2d0f52bdf601","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":154,"box":{"x":89,"y":630,"width":847,"height":12}},{"id":"c7abe72c-e8e7-4a78-a46e-94ee2791d2d5","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":154,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"4b062f32-fab8-4292-abee-5fc1fe9f3e1a","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":154,"box":{"x":89,"y":660,"width":839,"height":12}},{"id":"98e8870e-796d-4682-b94f-b52dab3899d2","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":154,"box":{"x":89,"y":675,"width":878,"height":12}},{"id":"168016e6-98a4-435e-a42d-4d2c51905014","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":154,"box":{"x":88,"y":690,"width":868,"height":13}},{"id":"1d95f7ea-ca78-4872-9670-851cc19a218f","block_type":"box","text":"income derived from interests in qualified publicly-traded partnerships (","page_number":154,"box":{"x":89,"y":705,"width":502,"height":13}},{"id":"e817fa11-c734-4e93-8957-31d1b46cf8ae","block_type":"box","text":"i.e.,","page_number":154,"box":{"x":592,"y":706,"width":22,"height":11}},{"id":"22dffea5-7cc8-4144-8482-e02b3ab9a571","block_type":"box","text":"partnerships that are traded on an established","page_number":154,"box":{"x":620,"y":705,"width":322,"height":13}},{"id":"3514a125-05a5-4470-a82f-2e694b812ebd","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":154,"box":{"x":89,"y":720,"width":857,"height":13}},{"id":"3fd0b6d2-8e4e-4490-a0ad-389d6c838dc5","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":154,"box":{"x":89,"y":736,"width":856,"height":12}},{"id":"3d43bf50-8a0b-4a8f-aafd-c91e4711c0ab","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":154,"box":{"x":89,"y":751,"width":856,"height":12}},{"id":"8f197460-24b6-4b46-a052-e5e108d014a4","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":154,"box":{"x":89,"y":766,"width":879,"height":12}},{"id":"80e38106-0472-41e7-a844-0feddd26dace","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":154,"box":{"x":89,"y":781,"width":853,"height":12}},{"id":"558cadbd-7488-4213-89e8-578a08cd67bb","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":154,"box":{"x":89,"y":796,"width":868,"height":12}},{"id":"5194f345-5d2a-4e9a-beea-1b9f85e10066","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":154,"box":{"x":88,"y":811,"width":852,"height":12}},{"id":"38980e67-43d5-4742-ad36-c5e3263423de","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":154,"box":{"x":89,"y":826,"width":865,"height":13}},{"id":"45e3c417-30dc-43fb-9fd9-aa60a10f0870","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":154,"box":{"x":89,"y":841,"width":875,"height":13}},{"id":"69eaa4d3-4232-4917-b3ad-9080cee2027c","block_type":"box","text":"partnerships.","page_number":154,"box":{"x":89,"y":856,"width":90,"height":13}},{"id":"23dd44dc-2e09-4b40-883a-99de9d5abfcb","block_type":"box","text":"124","page_number":154,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"065441f5-8d23-4304-a93d-885586b0b411","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":155,"box":{"x":88,"y":44,"width":836,"height":12}},{"id":"a4ea0556-f7d5-4746-b2b6-dbe8318302c3","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":155,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"16a2b132-e50c-481c-95a8-8b8ba67e15d8","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":155,"box":{"x":88,"y":74,"width":850,"height":12}},{"id":"268f090a-bef2-4a5d-9171-25b642b58b33","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":155,"box":{"x":89,"y":89,"width":821,"height":13}},{"id":"ff897098-eeeb-4bac-b55a-2f8f5fb29b05","block_type":"box","text":"income.","page_number":155,"box":{"x":89,"y":105,"width":54,"height":9}},{"id":"3bab7a89-8f06-4b4e-91cc-c8608d44144c","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":155,"box":{"x":88,"y":131,"width":854,"height":12}},{"id":"dcd5e4c8-789a-4fc7-904e-5dcbfc434c63","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. A Fund’s investments in partnerships,","page_number":155,"box":{"x":88,"y":146,"width":871,"height":12}},{"id":"d5b2f012-255c-43e7-a028-e4c3a085fc27","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":155,"box":{"x":89,"y":161,"width":856,"height":12}},{"id":"bbcc8f4b-59de-4c49-b52c-5f5f224a5dd2","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":155,"box":{"x":88,"y":176,"width":265,"height":13}},{"id":"a5741542-d742-4a6d-a4ae-604a871068f5","block_type":"box","text":"Taxation of RICs.","page_number":155,"box":{"x":88,"y":203,"width":121,"height":9}},{"id":"8a0b4e73-6197-46c6-a503-491de545bb73","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":155,"box":{"x":218,"y":203,"width":710,"height":12}},{"id":"0d215e3b-16d1-4c6e-9e2b-4949bf16b7af","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":155,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"fbaeab93-2105-4f16-8b2a-04302ae8047e","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":155,"box":{"x":88,"y":233,"width":871,"height":12}},{"id":"e524d321-31cd-4803-b8f3-9192100e429f","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":155,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"28d64d4f-d28d-4822-8b46-b00bf7de0250","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":155,"box":{"x":89,"y":263,"width":847,"height":12}},{"id":"11c50326-8dc7-4686-83f5-af92a2448338","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":155,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"61e1c1c4-1ef9-45fc-8831-3f2592534584","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":155,"box":{"x":89,"y":293,"width":792,"height":13}},{"id":"c6023f27-a839-431a-8cae-e151ae3892c9","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":155,"box":{"x":89,"y":308,"width":859,"height":13}},{"id":"dc7f194c-34a4-42fb-9f69-aba54d3030ea","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":155,"box":{"x":89,"y":324,"width":849,"height":12}},{"id":"e2a70ab3-5ef7-4fc2-b33e-46f3ffa94589","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":155,"box":{"x":89,"y":339,"width":833,"height":12}},{"id":"9abacbdb-c4ed-4ceb-b727-6d70160e6dc0","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":155,"box":{"x":89,"y":354,"width":873,"height":12}},{"id":"38aab3f7-cbc2-4289-885d-c5dc892a8d78","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":155,"box":{"x":88,"y":369,"width":875,"height":12}},{"id":"0e4dde89-91fa-4a60-8e39-9111c10ca112","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":155,"box":{"x":89,"y":384,"width":869,"height":12}},{"id":"697919c3-c1ce-459a-a000-33535e8324e5","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":155,"box":{"x":88,"y":399,"width":874,"height":13}},{"id":"4efe3df9-5ce3-4a4c-9600-36dda1912188","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":155,"box":{"x":89,"y":414,"width":822,"height":13}},{"id":"89160a9c-135a-4469-9010-ccc0a078dedc","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":155,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"fba698a4-28e3-44a0-9ecb-1d85018f5a08","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":155,"box":{"x":89,"y":445,"width":877,"height":12}},{"id":"be915084-58f2-4a14-b359-d3a27bf434aa","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":155,"box":{"x":89,"y":460,"width":836,"height":12}},{"id":"374480d7-7654-4a83-a401-66d3c35dc3ce","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":155,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"73c6db88-d6a3-4cd4-b9d1-5d5db08eff2e","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":155,"box":{"x":89,"y":490,"width":840,"height":12}},{"id":"83adba5a-69fa-4272-8512-c501af22e690","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":155,"box":{"x":89,"y":505,"width":774,"height":12}},{"id":"d557a783-f2f0-4b84-b935-11e1a9589e5f","block_type":"box","text":"Excise Tax.","page_number":155,"box":{"x":89,"y":532,"width":77,"height":9}},{"id":"1d71badb-0d21-4624-a716-841dcee60b36","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":155,"box":{"x":175,"y":531,"width":716,"height":13}},{"id":"2d0685d2-1e88-49aa-a590-f655d1c1f540","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":155,"box":{"x":89,"y":547,"width":867,"height":12}},{"id":"1e761783-b898-47d5-ac8c-301e4145a96c","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":155,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"fb931b00-1667-42ce-9808-37d9e146b962","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":155,"box":{"x":89,"y":577,"width":847,"height":12}},{"id":"851651eb-6802-4bda-bc27-7f245e91a7dd","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":155,"box":{"x":88,"y":592,"width":869,"height":12}},{"id":"8fc95bf1-5e32-4ed8-b35b-818917f6f11d","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":155,"box":{"x":89,"y":607,"width":735,"height":12}},{"id":"159adfad-394d-4d99-9fc2-f325fce429fe","block_type":"box","text":"Net Capital Loss Carryforwards.","page_number":155,"box":{"x":89,"y":633,"width":227,"height":13}},{"id":"e35349e2-8b9c-44c3-aa22-1011f20476cd","block_type":"box","text":"Net capital loss carryforwards may be applied against any net realized capital gains in each","page_number":155,"box":{"x":326,"y":633,"width":632,"height":13}},{"id":"1803e89c-c346-415a-9eff-f55e5a35a26d","block_type":"box","text":"succeeding year, until they have been reduced to zero.","page_number":155,"box":{"x":89,"y":649,"width":376,"height":12}},{"id":"5b7ccbbc-792e-4197-86f4-49710091106d","block_type":"box","text":"In the event that a Fund were to experience an ownership change as defined under the Internal Revenue Code, the loss","page_number":155,"box":{"x":89,"y":675,"width":831,"height":12}},{"id":"03bfb6e0-fb93-424c-8e60-5b31f37c4075","block_type":"box","text":"carryforwards and other favorable tax attributes of a Fund, if any, may be subject to limitation.","page_number":155,"box":{"x":89,"y":690,"width":656,"height":13}},{"id":"e655ce58-f811-4e4d-a0a6-ace186fca5df","block_type":"box","text":"The following Funds had net capital loss carryforwards as set forth in the table below as of August 31, 2025, the tax year-end","page_number":155,"box":{"x":88,"y":717,"width":875,"height":12}},{"id":"b8d8cb14-3e53-471b-8411-b3b5d1550f31","block_type":"box","text":"for the Funds 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Distributions in excess of a Fund’s minimum distribution","page_number":157,"box":{"x":89,"y":233,"width":787,"height":12}},{"id":"9ed3d6aa-982c-4948-8a74-18e2ed716516","block_type":"box","text":"requirements, but not in excess of a Fund’s earnings and profits, will be taxable to shareholders and will not constitute","page_number":157,"box":{"x":89,"y":248,"width":828,"height":12}},{"id":"58fcc8df-9196-4fce-af4b-def5f5090123","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":157,"box":{"x":89,"y":263,"width":847,"height":12}},{"id":"1d91575b-488f-4c1e-ba08-7a9fcc67fd37","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":157,"box":{"x":88,"y":278,"width":867,"height":13}},{"id":"66d226b4-7b09-464a-9b70-85801f6fcbfb","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":157,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"35688c26-797d-41d3-b798-39d854a9ce22","block_type":"box","text":"such amount.","page_number":157,"box":{"x":89,"y":308,"width":95,"height":10}},{"id":"783803f1-27f6-43d6-b5ce-84b85b668f2a","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":157,"box":{"x":88,"y":335,"width":854,"height":12}},{"id":"6e8a3b14-7c29-4834-b148-e1ed032794e1","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":157,"box":{"x":89,"y":350,"width":858,"height":12}},{"id":"2f7c8a25-2121-4c0f-be9a-7b65dcf10476","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":157,"box":{"x":88,"y":365,"width":269,"height":12}},{"id":"49efcbd1-6e2d-4d35-b0d6-f4d1a7dea909","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":157,"box":{"x":89,"y":392,"width":851,"height":12}},{"id":"e9344da9-70af-46af-a77e-03ae524e5aee","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":157,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"d4624eda-f63b-4acc-8e81-8f099f3fa6b0","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":157,"box":{"x":89,"y":422,"width":849,"height":12}},{"id":"dbd36d70-4d56-40c2-b4d3-9fb3bb9ca09b","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":157,"box":{"x":89,"y":437,"width":866,"height":12}},{"id":"bb514d71-6292-4eda-9d06-2a0e1bf4097d","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":157,"box":{"x":89,"y":452,"width":698,"height":12}},{"id":"86588bd7-11dd-417c-a332-5dfadfb36a63","block_type":"box","text":"i.e.","page_number":157,"box":{"x":789,"y":453,"width":17,"height":9}},{"id":"9c6650db-e51e-4bd0-b096-efa73aab2b08","block_type":"box","text":", the date on which a","page_number":157,"box":{"x":808,"y":452,"width":146,"height":11}},{"id":"58d2ff7b-c997-4ce4-8768-17ac33b2a84d","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":157,"box":{"x":89,"y":467,"width":866,"height":13}},{"id":"f7ba5b6c-7f0c-4347-a662-21b19af35274","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":157,"box":{"x":89,"y":482,"width":863,"height":13}},{"id":"1cb592d4-b92d-4a7c-b022-a9dda87e746f","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":157,"box":{"x":89,"y":497,"width":862,"height":13}},{"id":"ed586722-dbcc-495b-a0aa-1dabda72fb51","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":157,"box":{"x":89,"y":524,"width":843,"height":12}},{"id":"2517e580-3f5c-45ff-a8d5-2628da6e835a","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":157,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"f5226612-db63-4e5d-a59f-36a402ff1909","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":157,"box":{"x":89,"y":554,"width":855,"height":12}},{"id":"d5cc2b56-0efb-445d-8898-86855c723830","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":157,"box":{"x":89,"y":569,"width":868,"height":13}},{"id":"fb94849e-5d92-49dc-83e2-9ef1c1311cf1","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":157,"box":{"x":89,"y":584,"width":845,"height":13}},{"id":"3fc2bcbc-1ea3-485e-a9ec-1879f402de59","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":157,"box":{"x":89,"y":599,"width":870,"height":13}},{"id":"be0b598b-26d7-4930-8b26-e9a2f6c260bf","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":157,"box":{"x":89,"y":615,"width":504,"height":12}},{"id":"492ae24d-20c0-45c4-bbe9-920511540c3b","block_type":"box","text":"Sales of Shares.","page_number":157,"box":{"x":88,"y":641,"width":113,"height":10}},{"id":"d6d95bce-bc2a-4ebc-a598-19dbe18812a0","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":157,"box":{"x":210,"y":641,"width":743,"height":12}},{"id":"85a9f540-0769-431d-bcf7-8b41727a2814","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":157,"box":{"x":89,"y":656,"width":868,"height":13}},{"id":"1fe59cbe-6890-44cb-957c-96b6cabaa8ab","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":157,"box":{"x":88,"y":671,"width":876,"height":13}},{"id":"5551dd95-df36-49f6-8f13-544c964de083","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":157,"box":{"x":89,"y":686,"width":866,"height":13}},{"id":"e606b8aa-5c79-469d-aa20-7df7a979bd01","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":157,"box":{"x":88,"y":702,"width":863,"height":12}},{"id":"93694d8d-74ef-40f9-bc91-52ad520698c4","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":157,"box":{"x":88,"y":717,"width":875,"height":12}},{"id":"f6f14929-4ea2-4143-a197-5499cac232fc","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":157,"box":{"x":89,"y":732,"width":860,"height":12}},{"id":"87f36496-9541-43b8-a167-d7c3d7ba6dd9","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":157,"box":{"x":89,"y":747,"width":810,"height":12}},{"id":"3f38b6a5-10f1-4cb3-ab26-f6160aa422ea","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":157,"box":{"x":89,"y":762,"width":871,"height":12}},{"id":"7f7db038-eaab-4ebb-8839-57e8a4024812","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":157,"box":{"x":88,"y":777,"width":841,"height":12}},{"id":"d3cf1008-2fe0-48bb-8e9d-65579bdbed5c","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":157,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"cc0bb827-1755-4faa-82a5-ed9b18d3c074","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":157,"box":{"x":89,"y":807,"width":557,"height":13}},{"id":"75417011-5624-4c79-a180-9a536bd2c216","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":157,"box":{"x":89,"y":834,"width":864,"height":12}},{"id":"df11ec3a-1de1-45af-9a4f-2e3e74346be6","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":157,"box":{"x":89,"y":849,"width":854,"height":12}},{"id":"13c9bcd0-c666-45aa-bd17-906fc56d45d4","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":157,"box":{"x":89,"y":864,"width":368,"height":12}},{"id":"7a54d559-f038-4968-b145-a26dff1cb478","block_type":"box","text":"e.g.","page_number":157,"box":{"x":458,"y":867,"width":23,"height":9}},{"id":"1c1315d6-619b-4c18-85ff-f43be60d9ad0","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":157,"box":{"x":483,"y":864,"width":463,"height":12}},{"id":"1134ef4e-a7c4-42bd-9f88-dbad1a4937b2","block_type":"box","text":"127","page_number":157,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"174c098c-564f-41b0-9120-c43b641fed9d","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":158,"box":{"x":89,"y":44,"width":875,"height":12}},{"id":"b2b3f99d-c2e0-48b5-b946-8c7063915d75","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":158,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"819e77e9-0597-4a8b-9fb8-53ae8fe517be","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":158,"box":{"x":89,"y":74,"width":839,"height":12}},{"id":"3e2bcdff-2826-4256-a6bd-a6b65292ba63","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":158,"box":{"x":89,"y":89,"width":874,"height":13}},{"id":"299378e2-e0a4-4bc6-b42d-cb5f4f1f8cea","block_type":"box","text":"mutual funds.","page_number":158,"box":{"x":89,"y":104,"width":96,"height":10}},{"id":"208f89f5-5ac7-4701-99ec-3cb914dabe47","block_type":"box","text":"Backup Withholding.","page_number":158,"box":{"x":89,"y":131,"width":150,"height":12}},{"id":"6f12192b-9193-49c1-96e9-0ed75ecc2e8e","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":158,"box":{"x":249,"y":131,"width":707,"height":12}},{"id":"edccbabd-ead9-4876-addc-bb72d9259abc","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":158,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"32d2def6-581b-4ca2-9a2b-6f8ebf143b79","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":158,"box":{"x":89,"y":161,"width":828,"height":12}},{"id":"f1bf215a-2c3a-4345-9db6-8c21b7b14b45","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":158,"box":{"x":89,"y":176,"width":874,"height":13}},{"id":"0a4e882e-7d68-4869-8e60-a75b10c51678","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":158,"box":{"x":89,"y":191,"width":853,"height":13}},{"id":"46a88a34-9d3e-4ac7-9300-96a441b0ec03","block_type":"box","text":"income tax liability.","page_number":158,"box":{"x":89,"y":206,"width":132,"height":13}},{"id":"283eb61d-def2-47a7-8943-5e25c4f6f6fc","block_type":"box","text":"Sections 351 and 362.","page_number":158,"box":{"x":88,"y":233,"width":159,"height":10}},{"id":"feda9ade-8582-4882-bae6-4adeb9a56cc3","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":158,"box":{"x":256,"y":233,"width":675,"height":12}},{"id":"574d8310-7d0f-4bc0-b9b0-1b6fc90bf1f0","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":158,"box":{"x":89,"y":248,"width":824,"height":12}},{"id":"254a11fd-7148-4d43-b50d-0f621123c264","block_type":"box","text":"outstanding shares of a given Fund and if, pursuant to Sections 351 and 362 of the Internal Revenue Code, that Fund would","page_number":158,"box":{"x":89,"y":263,"width":864,"height":12}},{"id":"7e709adb-bb64-45d6-9f03-e6cb6bec5e4a","block_type":"box","text":"have a basis in the securities different from the market value of such securities on the date of deposit. If a Fund’s basis in","page_number":158,"box":{"x":89,"y":278,"width":841,"height":13}},{"id":"3524c761-743f-4855-8126-179f3d225bd3","block_type":"box","text":"such securities on the date of deposit was less than market value on such date, the Fund, upon disposition of the securities,","page_number":158,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"92591457-83c8-4deb-a0b2-f2a75b14f619","block_type":"box","text":"would recognize more taxable gain or less taxable loss than if its basis in the securities had been equal to market value. It is","page_number":158,"box":{"x":88,"y":308,"width":861,"height":13}},{"id":"e5c9ed65-9899-4929-9f0c-431ab832b892","block_type":"box","text":"not anticipated that the Trust will exercise the right of rejection except in a case where the Trust determines that accepting","page_number":158,"box":{"x":89,"y":324,"width":858,"height":12}},{"id":"31bb1abb-b994-4d4b-989f-4cd9d2d8f0eb","block_type":"box","text":"the order could result in material adverse tax consequences to a Fund or its shareholders. The Trust also has the right to","page_number":158,"box":{"x":88,"y":339,"width":841,"height":12}},{"id":"82408877-034c-459d-80c1-e99986cbbb24","block_type":"box","text":"require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":158,"box":{"x":89,"y":354,"width":776,"height":12}},{"id":"4ca54c00-f4bc-4cfe-98da-ad2834de029e","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":158,"box":{"x":88,"y":380,"width":225,"height":10}},{"id":"3c9180f7-0301-41fe-ac25-ac5d5203c181","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":158,"box":{"x":322,"y":380,"width":612,"height":13}},{"id":"12f9b1e8-b1ab-478a-8af4-a174879a8678","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":158,"box":{"x":89,"y":395,"width":865,"height":13}},{"id":"8002d20f-704c-4f3b-9f77-7919ce2b3e23","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":158,"box":{"x":89,"y":410,"width":848,"height":13}},{"id":"b37be037-6259-46b0-9cdc-43f09db035ab","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":158,"box":{"x":89,"y":426,"width":789,"height":12}},{"id":"d55cd53d-915f-43ca-bd6b-cd29424504c1","block_type":"box","text":"i.e.","page_number":158,"box":{"x":879,"y":427,"width":18,"height":8}},{"id":"46c00cda-69e4-409d-a903-62a553748674","block_type":"box","text":", may","page_number":158,"box":{"x":899,"y":429,"width":37,"height":9}},{"id":"4ba819cc-b184-4d1b-8b56-dbad5b2a25c6","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":158,"box":{"x":89,"y":441,"width":856,"height":12}},{"id":"7303606c-852a-40d8-a7be-332c363e5cee","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":158,"box":{"x":88,"y":456,"width":856,"height":12}},{"id":"07764efd-acfc-4e32-b3e8-9027fd1fed88","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":158,"box":{"x":89,"y":471,"width":607,"height":12}},{"id":"c6d91b34-ecfb-4e03-8472-1dd89e7fc3ef","block_type":"box","text":"i.e.","page_number":158,"box":{"x":697,"y":472,"width":18,"height":9}},{"id":"326057da-577a-4bbe-94b4-46a9cddf8a4a","block_type":"box","text":", treat them as if they were closed","page_number":158,"box":{"x":717,"y":471,"width":235,"height":12}},{"id":"de05293d-8b34-4118-8fae-b7ca945f7805","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":158,"box":{"x":89,"y":486,"width":819,"height":12}},{"id":"2dde5549-5c39-43ed-bbbf-8ae2d8f09a80","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":158,"box":{"x":89,"y":501,"width":876,"height":13}},{"id":"c0e34646-00d4-4a46-93f1-25dd27d2bb02","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":158,"box":{"x":88,"y":516,"width":879,"height":13}},{"id":"a1bf4085-0d90-4fc0-bd37-350a13f9a085","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":158,"box":{"x":89,"y":531,"width":816,"height":13}},{"id":"8cb5567e-d678-47ff-91ae-946a0f8598bd","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":158,"box":{"x":89,"y":547,"width":856,"height":12}},{"id":"1e1ecddb-7dfc-4180-9cb1-d2261014403c","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":158,"box":{"x":88,"y":573,"width":846,"height":12}},{"id":"38970f3a-78c7-4380-bf77-bfcddb1d5666","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":158,"box":{"x":88,"y":588,"width":854,"height":12}},{"id":"2f9b5488-553e-4ad5-acd9-b2624d709527","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":158,"box":{"x":88,"y":603,"width":870,"height":13}},{"id":"1811ec3a-f69b-4783-b5ad-2b2ca4325809","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":158,"box":{"x":89,"y":618,"width":843,"height":13}},{"id":"44eccebe-b53e-45f0-af74-a9ebab93b002","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":158,"box":{"x":89,"y":633,"width":844,"height":13}},{"id":"6cb62f99-133b-47dd-87d6-10c75374f386","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":158,"box":{"x":89,"y":649,"width":854,"height":12}},{"id":"68a77570-671f-4eab-bd8f-dedda17b9094","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":158,"box":{"x":89,"y":664,"width":838,"height":12}},{"id":"043ff665-68d3-4544-8472-828c902bbc89","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":158,"box":{"x":88,"y":679,"width":860,"height":12}},{"id":"17ae1593-038e-4625-85e2-9e7971a27991","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":158,"box":{"x":89,"y":694,"width":520,"height":12}},{"id":"43c22230-ebf5-4c18-adeb-1d4446f8b3c2","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":158,"box":{"x":88,"y":720,"width":849,"height":13}},{"id":"49501646-84f8-41a8-bdc9-68974f3487cf","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":158,"box":{"x":89,"y":736,"width":808,"height":12}},{"id":"549230ff-369a-4c21-a00e-b4f6aa5a87e8","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":158,"box":{"x":88,"y":751,"width":864,"height":12}},{"id":"3347d56f-3aa0-48bd-ad25-8673a578bfa3","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":158,"box":{"x":89,"y":766,"width":878,"height":12}},{"id":"a512547c-60bf-40c8-aaac-a501e80ddff1","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":158,"box":{"x":89,"y":781,"width":855,"height":12}},{"id":"722ee0f2-7fed-4732-9373-990fc9892151","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":158,"box":{"x":88,"y":796,"width":845,"height":12}},{"id":"ebc8d9fe-c4a5-4fc7-9536-903138e8aa1d","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":158,"box":{"x":89,"y":811,"width":369,"height":12}},{"id":"c7385bd4-d2ac-4687-a2f0-bb0f0109a6eb","block_type":"box","text":"128","page_number":158,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"e2c06262-7940-4f50-86fb-a0f991edb8ef","block_type":"box","text":"Qualified Dividend Income.","page_number":159,"box":{"x":89,"y":44,"width":196,"height":11}},{"id":"2d7915ae-369c-4451-9f0a-1f4b19d8744b","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":159,"box":{"x":294,"y":44,"width":627,"height":12}},{"id":"83b5ef45-7153-41e9-9253-ce4efc239aa1","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":159,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"bacea1f4-b8ae-49e9-a93a-2dfb4a8c2c35","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":159,"box":{"x":88,"y":74,"width":850,"height":12}},{"id":"9f5ae345-146c-4e64-a7e4-bbbf96c5a97d","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":159,"box":{"x":89,"y":89,"width":861,"height":13}},{"id":"2680c232-f2d1-4e3b-8146-440e682a900d","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":159,"box":{"x":89,"y":104,"width":831,"height":13}},{"id":"88d2150a-97b8-44fe-b75a-e06b1491fc0b","block_type":"box","text":"e.g.","page_number":159,"box":{"x":921,"y":107,"width":23,"height":10}},{"id":"cc9fe507-4f55-486d-a5f8-52a9471d9f7c","block_type":"box","text":",","page_number":159,"box":{"x":946,"y":113,"width":2,"height":3}},{"id":"1e20c3ed-96d3-4b42-a586-70d567802de9","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":159,"box":{"x":89,"y":119,"width":872,"height":13}},{"id":"77ad17b2-5421-45d0-9394-bf5258d0c50b","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":159,"box":{"x":89,"y":135,"width":848,"height":12}},{"id":"cecfd3d3-0a1b-482f-ac6f-dc0bedd5850b","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":159,"box":{"x":89,"y":150,"width":879,"height":12}},{"id":"30aa664c-324d-4667-86d2-a0b08dbf38b6","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":159,"box":{"x":89,"y":165,"width":332,"height":12}},{"id":"636cc9bf-f41a-4cc7-aad7-6d398dbe5331","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":159,"box":{"x":88,"y":191,"width":855,"height":13}},{"id":"ccf52b73-5ce0-493d-a342-c28d7775ab51","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":159,"box":{"x":88,"y":206,"width":838,"height":13}},{"id":"6a5319fc-aad7-43d2-8584-f6380791aa0b","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":159,"box":{"x":89,"y":222,"width":823,"height":12}},{"id":"1a89747b-33a5-4343-9cac-1dadfe5f8bc5","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":159,"box":{"x":89,"y":237,"width":866,"height":12}},{"id":"508b0cd0-b5b2-47c1-b869-4570bbb81036","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":159,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"1713ba90-597c-4fd5-b1a5-b82f5fd798af","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":159,"box":{"x":88,"y":267,"width":847,"height":12}},{"id":"e6ea99ee-9eb1-4972-be3d-38d56ec8eb6c","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":159,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"bd5a58f6-6b56-4252-b0f8-18e1be3985f6","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":159,"box":{"x":89,"y":297,"width":843,"height":12}},{"id":"9d2b481b-5988-41b8-bc4c-37f3eb684e4d","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":159,"box":{"x":88,"y":312,"width":867,"height":13}},{"id":"d99f2b82-ad11-4b63-9e42-096eed5146e4","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":159,"box":{"x":89,"y":327,"width":825,"height":13}},{"id":"a3c2064e-f4ca-434d-b21a-322198b19e9c","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":159,"box":{"x":89,"y":342,"width":807,"height":13}},{"id":"61822115-fc52-46c0-a2a5-b64bf2b70b15","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":159,"box":{"x":89,"y":358,"width":843,"height":12}},{"id":"87aa27d5-4739-4fc4-aefe-ab6a04563faf","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":159,"box":{"x":89,"y":373,"width":864,"height":12}},{"id":"f4ba3d8f-fcff-4dd8-bc88-d43e69fee5a9","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":159,"box":{"x":89,"y":388,"width":877,"height":12}},{"id":"520277dc-1470-466a-83fe-9d63225c420b","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":159,"box":{"x":89,"y":403,"width":832,"height":12}},{"id":"5496f7d0-3263-4ae5-8e6a-dbefa32dbb66","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":159,"box":{"x":89,"y":418,"width":870,"height":12}},{"id":"19c5e6ed-fa50-488b-85f7-271764c94c46","block_type":"box","text":"income.","page_number":159,"box":{"x":89,"y":434,"width":54,"height":9}},{"id":"f4a40bfb-39bd-41ac-b5ed-f3b24a6a0aef","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":159,"box":{"x":89,"y":460,"width":300,"height":12}},{"id":"21924f3e-8f79-4676-b5b4-c3308cdaa229","block_type":"box","text":"Dividends paid by a Fund that are attributable to dividends received by the Fund","page_number":159,"box":{"x":399,"y":460,"width":557,"height":12}},{"id":"8c7a6299-0483-4fc4-adc9-5fa27c6f22b0","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":159,"box":{"x":88,"y":475,"width":847,"height":12}},{"id":"a7415c90-37f8-4822-8c8c-1836169604f5","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":159,"box":{"x":89,"y":490,"width":855,"height":12}},{"id":"62ed1ce3-8f71-4292-9747-355a96579d39","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":159,"box":{"x":89,"y":505,"width":869,"height":12}},{"id":"5337daf8-58ec-4157-9dca-b5e83fc80921","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":159,"box":{"x":89,"y":520,"width":835,"height":12}},{"id":"a3d76409-b64d-415a-bbe2-2d11c432337f","block_type":"box","text":"eligible for the dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to","page_number":159,"box":{"x":89,"y":535,"width":865,"height":13}},{"id":"3c8128a4-61ea-49d2-a2c0-76a43e0bd0d2","block_type":"box","text":"the investment.","page_number":159,"box":{"x":88,"y":550,"width":108,"height":10}},{"id":"bda253e9-0ec3-4c00-8cf0-2fd4dc975ee6","block_type":"box","text":"Excess Inclusion Income.","page_number":159,"box":{"x":89,"y":577,"width":180,"height":10}},{"id":"363936a9-f545-4883-91bc-69ce227a70d9","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":159,"box":{"x":278,"y":577,"width":652,"height":12}},{"id":"560000b0-32cc-4c3c-b093-7c99ca31fde2","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":159,"box":{"x":89,"y":592,"width":872,"height":12}},{"id":"1750c5cf-2048-4a83-b47c-da121dc5662f","block_type":"box","text":"by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt","page_number":159,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"ae001b42-7d2c-489f-98c4-a86cbba1d381","block_type":"box","text":"shareholder within the meaning of Section 514(b) of the Internal Revenue Code. Certain types of income received by a Fund","page_number":159,"box":{"x":89,"y":622,"width":865,"height":12}},{"id":"fe5596fb-beb3-492f-bbb5-2f5e2d86855f","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":159,"box":{"x":88,"y":637,"width":864,"height":13}},{"id":"fe864fdc-0b8e-4ef9-ac7c-1407b8eeb5bb","block_type":"box","text":"report some or all of its distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":159,"box":{"x":89,"y":652,"width":873,"height":13}},{"id":"b135f52e-0ed8-4111-b877-f502fb684730","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":159,"box":{"x":89,"y":668,"width":814,"height":12}},{"id":"acd6ab71-1474-4797-9427-5f74b59cad76","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":159,"box":{"x":89,"y":683,"width":816,"height":12}},{"id":"52e35515-c67c-4486-91c6-8be161c5bc48","block_type":"box","text":"otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders","page_number":159,"box":{"x":89,"y":698,"width":860,"height":12}},{"id":"d917f846-4a58-4172-9603-9dd480e530ef","block_type":"box","text":"even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,” as defined","page_number":159,"box":{"x":89,"y":713,"width":864,"height":12}},{"id":"37a1802a-9e36-4e93-9b2b-e73c248072be","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":159,"box":{"x":89,"y":728,"width":823,"height":12}},{"id":"ee5fc494-4296-40e2-a80b-f657f66b0115","block_type":"box","text":"unitrust (each as defined in Section 664 of the Internal Revenue Code) has UBTI for a taxable year, a 100% excise tax on the","page_number":159,"box":{"x":89,"y":743,"width":864,"height":12}},{"id":"741768f7-c5be-46c8-85d8-17395676252c","block_type":"box","text":"UBTI is imposed on the trust.","page_number":159,"box":{"x":89,"y":758,"width":201,"height":13}},{"id":"20881ba7-0ed7-40a7-bd28-8cf789268d42","block_type":"box","text":"Each Fund tries to avoid investing in REITs that are expected to generate excess inclusion income, but a Fund may not always","page_number":159,"box":{"x":89,"y":785,"width":875,"height":12}},{"id":"015a2f9c-b886-4ae6-9024-5a19a838c753","block_type":"box","text":"be successful in doing so. Because information about a REIT’s investments may be inadequate or inaccurate, or because a","page_number":159,"box":{"x":89,"y":800,"width":852,"height":12}},{"id":"fac6909e-9db5-4461-8ea1-63c455a31ed0","block_type":"box","text":"REIT may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":159,"box":{"x":89,"y":815,"width":838,"height":12}},{"id":"78d5daf6-5c9c-4723-9913-be89bf202ff6","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":159,"box":{"x":88,"y":830,"width":863,"height":12}},{"id":"c0c646ee-c7ac-4a2d-a9ed-f8d6d37d9d4e","block_type":"box","text":"investment opportunities.","page_number":159,"box":{"x":89,"y":846,"width":179,"height":11}},{"id":"56698db7-8fad-49a2-a17f-8b1fc7f7451c","block_type":"box","text":"129","page_number":159,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"0b774838-10f2-494b-ad7c-6cafff0bea0a","block_type":"box","text":"Non-U.S. Investments.","page_number":160,"box":{"x":89,"y":44,"width":159,"height":10}},{"id":"0c819a81-9c79-4605-b903-cbb7000a23c6","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":160,"box":{"x":257,"y":44,"width":656,"height":12}},{"id":"b26b06f0-6e42-4688-addb-673bfd6982d0","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":160,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"9815bfd0-6f1b-4635-80c5-c7217af5ebd9","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":160,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"b87d04cb-e028-43d7-a12f-49c97103e9ab","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":160,"box":{"x":89,"y":89,"width":850,"height":13}},{"id":"530c085e-82ae-4fb5-9579-6c47d5c56f78","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":160,"box":{"x":89,"y":104,"width":811,"height":13}},{"id":"4d97d028-aab1-40f0-a7f9-d83fb2ad1523","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":160,"box":{"x":89,"y":119,"width":830,"height":13}},{"id":"bd5be303-06d6-4b53-9cf3-29d299b5928d","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":160,"box":{"x":89,"y":135,"width":823,"height":12}},{"id":"ba1d0edc-b204-44f8-8c62-8bdc5e30d023","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":160,"box":{"x":88,"y":150,"width":842,"height":12}},{"id":"78b7a27f-e420-491d-923c-0fc4b70d2a18","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":160,"box":{"x":89,"y":165,"width":260,"height":10}},{"id":"8aaca07b-605a-47e8-85c8-44cfe094ec74","block_type":"box","text":"Certain Funds 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":160,"box":{"x":89,"y":191,"width":874,"height":13}},{"id":"0575312b-e8b5-401f-b882-80e8f6e1f8a3","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":160,"box":{"x":89,"y":206,"width":825,"height":13}},{"id":"bcf78f29-55d2-420c-8875-6f20182a5b93","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":160,"box":{"x":89,"y":222,"width":853,"height":12}},{"id":"bcce74c3-bdb9-44d6-9c9d-0bb9bebcf018","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":160,"box":{"x":89,"y":237,"width":873,"height":12}},{"id":"715a549e-090a-48fb-a9dd-60851f48a439","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":160,"box":{"x":89,"y":252,"width":644,"height":12}},{"id":"50c9c852-e0f3-4934-90d0-7950c97969fc","block_type":"box","text":"pro rata","page_number":160,"box":{"x":737,"y":253,"width":56,"height":11}},{"id":"a28bbdf7-2e95-4449-b25e-eaba2c3e20dc","block_type":"box","text":"share of the Fund’s","page_number":160,"box":{"x":798,"y":252,"width":133,"height":9}},{"id":"48db3d9c-5c4e-468b-91f0-8d291ab88282","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":160,"box":{"x":89,"y":267,"width":840,"height":12}},{"id":"ff02a808-1d6a-4e99-ac07-61979911f676","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":160,"box":{"x":89,"y":282,"width":722,"height":12}},{"id":"e23a43d6-bff4-49af-ae1d-b4ab520e29e8","block_type":"box","text":"pro rata","page_number":160,"box":{"x":815,"y":283,"width":56,"height":11}},{"id":"69a06866-71a7-40f3-970a-199f8667bfb9","block_type":"box","text":"share of the","page_number":160,"box":{"x":875,"y":282,"width":83,"height":10}},{"id":"397db4c0-379f-4d67-a209-ca7d8edf8a2c","block_type":"box","text":"Fund’s non-U.S. income taxes. Withholding taxes on dividends on non-U.S. securities while such securities are lent out by a","page_number":160,"box":{"x":89,"y":297,"width":861,"height":12}},{"id":"39cb0e0b-5e4e-44e9-9d5e-659d6ee5699d","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":160,"box":{"x":89,"y":312,"width":878,"height":13}},{"id":"9624693c-1842-441c-8952-f30224e63534","block_type":"box","text":"shareholders for foreign tax credit purposes. A non-U.S. person invested in the Fund in a year that the Fund elects to “pass","page_number":160,"box":{"x":89,"y":327,"width":855,"height":13}},{"id":"8bbd7c29-559d-4805-98c8-93452838205e","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":160,"box":{"x":88,"y":342,"width":855,"height":13}},{"id":"4565f0d3-2d03-4d42-ad27-efbd6d63c12c","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":160,"box":{"x":89,"y":358,"width":876,"height":12}},{"id":"fcd0bf3a-3bb1-4ff5-9ece-fc9a51d94b9b","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":160,"box":{"x":89,"y":373,"width":860,"height":12}},{"id":"78bff81a-2159-49e4-94d1-22b0e8d809bd","block_type":"box","text":"non-U.S. taxes paid by the Fund and (ii) the portion of any dividend paid by the Fund that represents income derived from","page_number":160,"box":{"x":89,"y":388,"width":850,"height":12}},{"id":"9406ff40-2351-483a-9054-e3dc63dca3cb","block_type":"box","text":"non-U.S. sources; the Fund’s gain from the sale of securities will generally be treated as U.S.-source income. Certain","page_number":160,"box":{"x":89,"y":403,"width":808,"height":12}},{"id":"e6a9b035-8381-4d70-a31e-b3e1b002fc7f","block_type":"box","text":"limitations will be imposed to the extent to which the non-U.S. tax credit may be claimed. If your Fund shares are loaned","page_number":160,"box":{"x":89,"y":418,"width":841,"height":12}},{"id":"acb07f4c-d166-43ca-9aba-b60b5ef516f9","block_type":"box","text":"pursuant to securities lending arrangements, you may lose the ability to use any non-U.S. tax credits passed through by a","page_number":160,"box":{"x":89,"y":433,"width":847,"height":13}},{"id":"ff48d4d4-126e-4860-919c-7be3d279935e","block_type":"box","text":"Fund or to treat Fund dividends (paid while the shares are held by the borrower) as qualified dividends. Regarding a short sale","page_number":160,"box":{"x":89,"y":448,"width":879,"height":13}},{"id":"dc45f7df-fa13-471d-8068-4a2883adfc03","block_type":"box","text":"with respect to shares of a Fund, substitute payments made to the lender of such shares may not be deductible under certain","page_number":160,"box":{"x":88,"y":463,"width":877,"height":13}},{"id":"e1b33117-d247-4ee2-8fde-3c8630c1ef9a","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":160,"box":{"x":89,"y":479,"width":457,"height":12}},{"id":"ed935412-8dde-49a0-b694-793fe1cfaae7","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":160,"box":{"x":89,"y":506,"width":284,"height":11}},{"id":"571821ee-5272-4dc9-b85a-f421179d8192","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":160,"box":{"x":383,"y":505,"width":577,"height":12}},{"id":"7120dd4b-397f-437b-bcf5-c87e707af371","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":160,"box":{"x":89,"y":520,"width":833,"height":12}},{"id":"f1582e3e-41a4-4517-8354-d5eafe669e13","block_type":"box","text":"taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in","page_number":160,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"af147ad8-e1a6-471f-ad40-2e85988ba655","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":160,"box":{"x":89,"y":550,"width":455,"height":13}},{"id":"95a2de83-5ae2-45c0-a58c-2808e8fef237","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":160,"box":{"x":89,"y":577,"width":873,"height":12}},{"id":"c473edb5-ba33-4f1d-85ee-c2b5debecadf","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":160,"box":{"x":89,"y":592,"width":818,"height":12}},{"id":"9845ff0f-7725-4556-98ed-debc5b06d3b5","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":160,"box":{"x":89,"y":607,"width":855,"height":12}},{"id":"e182f9ac-2df3-46e4-9361-edd3d7241234","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":160,"box":{"x":89,"y":622,"width":874,"height":12}},{"id":"92d22ec2-9959-4dbe-b1c5-22a30a4b73ef","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":160,"box":{"x":89,"y":637,"width":832,"height":13}},{"id":"bc539ef6-0326-44ff-833e-c57787f7b367","block_type":"box","text":"obtain.","page_number":160,"box":{"x":89,"y":652,"width":47,"height":10}},{"id":"9c67855a-83d8-4b38-9fc1-c09bff752917","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":160,"box":{"x":88,"y":679,"width":838,"height":12}},{"id":"95face46-25cb-4d28-80ee-1a370c367a05","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":160,"box":{"x":89,"y":694,"width":870,"height":12}},{"id":"9d883f76-dda4-4fb2-ba38-443dfcc6061e","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":160,"box":{"x":88,"y":709,"width":848,"height":12}},{"id":"a9afd152-5bdf-4715-ba51-b5b1a2273f21","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":160,"box":{"x":89,"y":724,"width":822,"height":13}},{"id":"e74ef3c9-5c3a-4180-9ffa-478f887f3c78","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":160,"box":{"x":89,"y":739,"width":783,"height":13}},{"id":"4deb6d6e-3eff-4114-b59e-5827656847d3","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":160,"box":{"x":89,"y":754,"width":830,"height":13}},{"id":"b8a0b2c1-4a6b-4f8f-8611-9f6e080deb68","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":160,"box":{"x":89,"y":770,"width":845,"height":12}},{"id":"13075e1e-498b-48de-b1bb-cb186d0c879b","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":160,"box":{"x":89,"y":785,"width":876,"height":12}},{"id":"75291b0f-0492-4b98-8113-72dd952057df","block_type":"box","text":"4% excise tax.","page_number":160,"box":{"x":88,"y":800,"width":99,"height":10}},{"id":"b5a8dbdc-3949-4bca-a856-cd46ae9227be","block_type":"box","text":"A Fund will make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the","page_number":160,"box":{"x":88,"y":826,"width":856,"height":13}},{"id":"f76ed7e6-deb1-41f8-985c-b35407231738","block_type":"box","text":"effects of these rules.","page_number":160,"box":{"x":89,"y":841,"width":147,"height":10}},{"id":"b92c0ded-1a24-48af-8119-0c8497cb111f","block_type":"box","text":"130","page_number":160,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"29edb789-c633-4b46-9afc-632b0162efbf","block_type":"box","text":"Reporting.","page_number":161,"box":{"x":89,"y":44,"width":74,"height":12}},{"id":"0010df2a-53c6-449d-9ed9-b3e7bf21f1fa","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":161,"box":{"x":173,"y":44,"width":720,"height":12}},{"id":"7eefe223-465b-4be7-90e8-0f596eb8d0e4","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":161,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"903f477e-e17e-4d00-aad8-0267457994b8","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":161,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"14d06701-3ea5-436b-afcf-18a1f7ff2e3e","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":161,"box":{"x":89,"y":89,"width":797,"height":13}},{"id":"006e7fed-55c4-4b92-884e-ad0621bf3068","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":161,"box":{"x":89,"y":104,"width":851,"height":13}},{"id":"3a9b57da-b226-4ef5-810c-fee76e74a6c4","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":161,"box":{"x":89,"y":119,"width":868,"height":13}},{"id":"41997480-ac09-4af0-ad07-fd43d3547ddb","block_type":"box","text":"Other Taxes.","page_number":161,"box":{"x":89,"y":146,"width":89,"height":10}},{"id":"92a34163-eed5-4aa7-afdc-66e4188ebd63","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":161,"box":{"x":188,"y":146,"width":758,"height":12}},{"id":"d8c43df2-3d9a-4998-a87e-d15e59c56c5b","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":161,"box":{"x":88,"y":161,"width":414,"height":12}},{"id":"c4fe8ffc-fa60-4810-a0aa-0c18e6a3ce95","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":161,"box":{"x":88,"y":188,"width":252,"height":9}},{"id":"8c7bcd7e-28e5-423d-b8e4-fce3119cff5f","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":161,"box":{"x":350,"y":188,"width":608,"height":12}},{"id":"11f3a6e1-cb17-4ba9-ae56-ed4acc491a00","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":161,"box":{"x":88,"y":203,"width":879,"height":12}},{"id":"c6fd509d-5dba-4876-82b9-5a9ead9d5d99","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":161,"box":{"x":89,"y":218,"width":869,"height":12}},{"id":"dd6109b2-df5b-4333-8115-fd1c582fdd25","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":161,"box":{"x":89,"y":233,"width":869,"height":12}},{"id":"2835f00b-af4d-4891-bc19-5297729ecefb","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":161,"box":{"x":88,"y":248,"width":864,"height":12}},{"id":"c7f133fa-c9b1-4489-b5a2-3b39ff645505","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":161,"box":{"x":88,"y":263,"width":868,"height":12}},{"id":"f6293124-6e21-4c9f-88e7-0fc5b932c589","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":161,"box":{"x":89,"y":278,"width":852,"height":13}},{"id":"db4d6d83-3b91-4a50-b0d0-d5c5e64d4f76","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":161,"box":{"x":88,"y":293,"width":828,"height":13}},{"id":"d1fd68d7-d853-4dea-bee1-97f9255f1599","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":161,"box":{"x":89,"y":308,"width":837,"height":13}},{"id":"5535080a-4e27-4465-9e93-f24933d4ba07","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":161,"box":{"x":89,"y":324,"width":876,"height":12}},{"id":"07e86b90-43c1-4873-836a-a595b7c282a0","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":161,"box":{"x":89,"y":339,"width":751,"height":12}},{"id":"684cd4ef-3d30-43e6-b76d-45849ac481a6","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":161,"box":{"x":89,"y":365,"width":845,"height":12}},{"id":"97802e8b-5019-495b-bda6-c4d9c31f7102","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":161,"box":{"x":89,"y":380,"width":827,"height":13}},{"id":"b521c66f-ee23-4adf-8d78-396a683e8671","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":161,"box":{"x":89,"y":395,"width":835,"height":13}},{"id":"9836e3aa-33e5-4463-be4c-81d63f6816fa","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":161,"box":{"x":89,"y":410,"width":853,"height":13}},{"id":"e90978ae-506b-477c-9b99-17056a51fb64","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":161,"box":{"x":89,"y":426,"width":866,"height":12}},{"id":"d20e3e7f-e067-4a2c-ac32-5e229f0653eb","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":161,"box":{"x":88,"y":441,"width":823,"height":12}},{"id":"1f7b56ab-2881-4684-be22-46372f4f8ae1","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":161,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"40b066e3-7892-407f-aa5a-fff204a7c798","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":161,"box":{"x":89,"y":471,"width":856,"height":12}},{"id":"b561e798-2160-4e89-a171-547a2b4c593b","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":161,"box":{"x":89,"y":486,"width":853,"height":12}},{"id":"8afa4609-b1e7-4d0b-9810-18fc906f6ec9","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":161,"box":{"x":89,"y":501,"width":838,"height":13}},{"id":"67fed2a2-022d-4c92-aa1a-63b2b5d2f7d6","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":161,"box":{"x":89,"y":516,"width":868,"height":13}},{"id":"4883943f-707f-475b-aa73-18e983314650","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":161,"box":{"x":89,"y":531,"width":854,"height":13}},{"id":"8f35101b-7c32-4e10-85d1-0d95daac7d84","block_type":"box","text":"rules to their accounts.","page_number":161,"box":{"x":89,"y":547,"width":159,"height":9}},{"id":"8a01270e-cd02-4ac3-9bb6-44ebe09020e5","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":161,"box":{"x":88,"y":573,"width":862,"height":12}},{"id":"e1e1dd66-851e-4094-bc04-2d8f8329cb79","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":161,"box":{"x":89,"y":588,"width":864,"height":12}},{"id":"e8988781-a85c-4fda-9293-2eaae5a6d5e6","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":161,"box":{"x":89,"y":603,"width":850,"height":13}},{"id":"ae099884-99f8-4019-b50c-21776cdb0443","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":161,"box":{"x":89,"y":618,"width":870,"height":13}},{"id":"4b823ff0-de8e-428e-a3c6-5f149b112fe0","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":161,"box":{"x":88,"y":633,"width":875,"height":13}},{"id":"cf4e37e0-c905-41e0-bda8-a3fda8026828","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":161,"box":{"x":88,"y":649,"width":835,"height":12}},{"id":"fe08c61a-d366-4f24-9453-6b480c16cf10","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":161,"box":{"x":89,"y":664,"width":822,"height":12}},{"id":"cd892212-b1d1-4340-9405-e3d1fddbf72d","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":161,"box":{"x":88,"y":679,"width":726,"height":12}},{"id":"0a9c112b-0bdd-43f7-b25c-0c2725c6ee7c","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":161,"box":{"x":88,"y":705,"width":846,"height":13}},{"id":"2d25bb00-b895-43aa-927b-1bc1e36c379b","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":161,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"41cbeb64-84eb-48d5-bec1-d19108c17b9f","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":161,"box":{"x":88,"y":736,"width":881,"height":12}},{"id":"a88fde84-c9f2-48cc-88e8-308b83a02fe2","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":161,"box":{"x":89,"y":751,"width":857,"height":12}},{"id":"21b32105-36b3-4ef3-8084-e136ccbbcf69","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":161,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"5b5d321b-563d-4563-afee-0e375ab16d2b","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":161,"box":{"x":88,"y":781,"width":664,"height":12}},{"id":"0984a8f3-1348-46b1-8ffd-54ef47894de6","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":161,"box":{"x":88,"y":807,"width":874,"height":13}},{"id":"39ca228e-15df-4994-9779-81f6afe3660f","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":161,"box":{"x":89,"y":822,"width":539,"height":13}},{"id":"33673a5f-3698-4c70-ae3c-a37beb8fa981","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":161,"box":{"x":88,"y":849,"width":825,"height":12}},{"id":"c08cf39a-ea15-47e0-8cfb-b51ae708cbe2","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":161,"box":{"x":89,"y":864,"width":450,"height":12}},{"id":"359916e7-81f2-4f10-8252-6d0379babd94","block_type":"box","text":"131","page_number":161,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"8b8b094b-6e0d-4190-b33f-1af4dd87a9c5","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":162,"box":{"x":88,"y":44,"width":871,"height":12}},{"id":"4247ce81-b99f-4020-9753-7a6d72a774da","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":162,"box":{"x":88,"y":59,"width":822,"height":12}},{"id":"dc90b47f-53e3-4359-b7b0-8a8520349258","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":162,"box":{"x":89,"y":74,"width":866,"height":12}},{"id":"4379848c-f42f-4738-9aa0-c66938ae7399","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":162,"box":{"x":89,"y":89,"width":846,"height":13}},{"id":"c50bf963-63fa-4c53-b1e4-4f47d64d12f3","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":162,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"ec8e9995-b6e8-49ee-b9b6-981fac782ee5","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":162,"box":{"x":89,"y":119,"width":817,"height":13}},{"id":"384a26dc-7839-4ed6-bc14-a3e232aeb989","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":162,"box":{"x":89,"y":135,"width":830,"height":12}},{"id":"81e1823f-6a0d-4472-b46f-297b3ae4e18d","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":162,"box":{"x":89,"y":150,"width":861,"height":12}},{"id":"308f75f0-d998-4f24-a7a0-b5d343856221","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":162,"box":{"x":89,"y":165,"width":835,"height":12}},{"id":"3f627ea0-bca3-4a2c-b8b8-8802fa3a1b10","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":162,"box":{"x":89,"y":180,"width":873,"height":12}},{"id":"3f36ed38-7f7d-4329-b2e3-da3f46696a3b","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":162,"box":{"x":89,"y":195,"width":849,"height":12}},{"id":"75916c80-bb8b-493e-b5bd-bca8f565ccbf","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":162,"box":{"x":89,"y":210,"width":862,"height":13}},{"id":"f4d81271-8d40-416b-9830-f1b1cd4b65b5","block_type":"box","text":"unless certain exceptions apply.","page_number":162,"box":{"x":89,"y":225,"width":220,"height":13}},{"id":"96cdb815-ed4b-4914-b27d-20118cc17826","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":162,"box":{"x":88,"y":252,"width":857,"height":12}},{"id":"3debbfb1-83db-4142-9290-8698b0cfcb69","block_type":"box","text":"estate tax.","page_number":162,"box":{"x":89,"y":268,"width":70,"height":9}},{"id":"2b90a771-8acd-4dec-aae1-e14e707d7c46","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":162,"box":{"x":88,"y":293,"width":872,"height":13}},{"id":"76569cc3-4dc5-4491-931a-70de9371f9d3","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":162,"box":{"x":89,"y":308,"width":864,"height":13}},{"id":"3994fc04-1e38-4448-82c0-f15ff45beaaa","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":162,"box":{"x":89,"y":324,"width":874,"height":12}},{"id":"6ff7bd26-0e73-46c9-83ef-e665fd2e0a23","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":162,"box":{"x":89,"y":339,"width":782,"height":12}},{"id":"a2b0b8fb-081f-46f0-97fa-5a65e5d90ea5","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":162,"box":{"x":89,"y":354,"width":826,"height":12}},{"id":"8ffb4152-6e93-4f10-81b7-bca2fdec0fa7","block_type":"box","text":"discussed above, and such changes often occur.","page_number":162,"box":{"x":89,"y":369,"width":336,"height":12}},{"id":"42bb5295-4ab6-47ed-8e93-e011f6d4bf38","block_type":"box","text":"Financial Statements","page_number":162,"box":{"x":91,"y":400,"width":348,"height":23}},{"id":"4ee6c7aa-4439-473c-97ba-844c15ac9766","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":162,"box":{"x":89,"y":441,"width":856,"height":12}},{"id":"c9dd0450-eea7-4ae7-bb3d-20030ec89737","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":162,"box":{"x":89,"y":456,"width":857,"height":12}},{"id":"095b6235-8b64-423a-8a58-b8077c9ca679","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":162,"box":{"x":89,"y":471,"width":825,"height":12}},{"id":"830f5bb5-84bb-47f5-a449-26a9d9770637","block_type":"box","text":"located here","page_number":162,"box":{"x":89,"y":486,"width":85,"height":10}},{"id":"a8bc5dc1-d1fe-496f-967e-ae1345f8d56c","block_type":"box","text":"1","page_number":162,"box":{"x":176,"y":484,"width":3,"height":6}},{"id":"b97eafb9-5758-4cf8-803f-6595ecc8ddc5","block_type":"box","text":"and here","page_number":162,"box":{"x":186,"y":486,"width":60,"height":10}},{"id":"c591f061-1d42-479b-b5ab-f6fb62e84bdc","block_type":"box","text":"2","page_number":162,"box":{"x":248,"y":484,"width":5,"height":6}},{"id":"d2120160-02bc-40a8-9398-18ba86829433","block_type":"box","text":". A copy of each Fund’s Annual and Semi-Annual Reports and Annual and Semi-Annual Financial","page_number":162,"box":{"x":255,"y":486,"width":677,"height":12}},{"id":"50c8a1da-5fa8-44ad-bafc-d8f1bbbfb485","block_type":"box","text":"Statements may be obtained without charge as described on the cover page of this SAI.","page_number":162,"box":{"x":88,"y":501,"width":613,"height":13}},{"id":"34cadf9a-b25b-46dc-9971-8a042e93c69a","block_type":"box","text":"1","page_number":162,"box":{"x":118,"y":534,"width":3,"height":4}},{"id":"c5ca5bff-8bcf-4a25-9e92-6ddadd7d6d8c","block_type":"box","text":"Form N-CSR for iShares Climate Conscious & Transition MSCI USA ETF, iShares ESG Advanced MSCI USA ETF, iShares ESG Aware MSCI USA ETF,","page_number":162,"box":{"x":133,"y":535,"width":808,"height":9}},{"id":"e6aee1b3-634d-422d-9db2-9cad62b6530e","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG Aware MSCI USA Value ETF, iShares ESG MSCI","page_number":162,"box":{"x":133,"y":547,"width":825,"height":10}},{"id":"0bc49d48-4ead-4613-930f-ba395250b6a4","block_type":"box","text":"USA Leaders ETF, iShares MSCI Finland ETF, iShares MSCI Ireland ETF, iShares MSCI United Kingdom Small-Cap ETF and iShares Paris-Aligned","page_number":162,"box":{"x":133,"y":560,"width":794,"height":10}},{"id":"3e2b6221-eed5-4056-a47e-92be5ba52f1d","block_type":"box","text":"Climate Optimized MSCI USA ETF.","page_number":162,"box":{"x":133,"y":572,"width":189,"height":10}},{"id":"21c90be6-0865-4725-82a3-bf08e7918571","block_type":"box","text":"2","page_number":162,"box":{"x":118,"y":587,"width":4,"height":4}},{"id":"ec68f2b9-297b-4848-8b16-c4a424e42fb2","block_type":"box","text":"Form N-CSR for iShares ESG Advanced MSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares MSCI Denmark ETF, iShares MSCI Indonesia ETF,","page_number":162,"box":{"x":133,"y":588,"width":828,"height":9}},{"id":"b97540b5-eb04-4cff-a23a-1b1a7f9e299f","block_type":"box","text":"iShares MSCI Japan Value ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF,","page_number":162,"box":{"x":133,"y":600,"width":810,"height":10}},{"id":"17f98d00-3d13-4e10-8d12-288780162353","block_type":"box","text":"iShares MSCI United Kingdom ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF.","page_number":162,"box":{"x":133,"y":613,"width":585,"height":10}},{"id":"116bc0b2-4ac5-4f09-b38d-648c5e28e97a","block_type":"box","text":"Miscellaneous Information","page_number":162,"box":{"x":90,"y":640,"width":446,"height":24}},{"id":"2acb19ad-66ac-41d6-a322-df9c4d6c0e89","block_type":"box","text":"Counsel.","page_number":162,"box":{"x":89,"y":681,"width":61,"height":10}},{"id":"2fe734db-25c6-4bfd-8e3e-4ccbc69224ed","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Trust.","page_number":162,"box":{"x":159,"y":681,"width":733,"height":13}},{"id":"f3305d20-72b1-4c09-98d1-c0322088ee1b","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":162,"box":{"x":89,"y":708,"width":349,"height":12}},{"id":"299d22a7-e18d-4702-bc68-eda6d281c0bd","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":162,"box":{"x":448,"y":708,"width":488,"height":12}},{"id":"61dd419d-4208-4ab5-a9de-d78d3b512deb","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Trust’s independent registered public accounting firm, audits the Funds’","page_number":162,"box":{"x":89,"y":723,"width":867,"height":12}},{"id":"f88116e5-b363-4b35-ae10-ee8cec42deeb","block_type":"box","text":"financial statements, and may perform other services.","page_number":162,"box":{"x":88,"y":738,"width":377,"height":12}},{"id":"6d42a34a-6cf4-4350-a52a-135d5cb30759","block_type":"box","text":"Shareholder Communications to the Board.","page_number":162,"box":{"x":88,"y":765,"width":313,"height":9}},{"id":"80e4ada5-98a2-4b61-9a8a-024716c430bb","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":162,"box":{"x":409,"y":765,"width":555,"height":12}},{"id":"7ebec6ee-7854-479e-9dcf-601b846cf4ab","block_type":"box","text":"Board. Shareholders may contact the Board by mail. Correspondence should be addressed to iShares Board of Trustees, c/o","page_number":162,"box":{"x":89,"y":780,"width":863,"height":12}},{"id":"79491260-2c03-4d47-a0ba-c4861259bcf0","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":162,"box":{"x":89,"y":795,"width":796,"height":11}},{"id":"0ba6dff0-9954-4a06-a5c6-6790bebb54cd","block_type":"box","text":"communications to the Board should include the following information: (i) the name and address of the shareholder; (ii) the","page_number":162,"box":{"x":89,"y":810,"width":868,"height":12}},{"id":"b9a0ee81-d7d3-43ac-8628-05746ce6b22b","block_type":"box","text":"number of shares owned by the shareholder; (iii) the Fund(s) of which the shareholder owns shares; and (iv) if these shares","page_number":162,"box":{"x":89,"y":825,"width":863,"height":12}},{"id":"cee57b58-d98f-4f79-acf1-25c3ce5db35f","block_type":"box","text":"132","page_number":162,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"d722a6c6-f31b-4aba-a144-b75f7a601ea2","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":163,"box":{"x":89,"y":44,"width":814,"height":12}},{"id":"fe5948ef-dcb0-4f72-9e8d-e22c71fe5ffe","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":163,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"b43d584e-bc0d-4a95-929d-114aed1603ef","block_type":"box","text":"Trust and reported to the Board.","page_number":163,"box":{"x":88,"y":74,"width":224,"height":12}},{"id":"8da6aab6-4e05-4cd2-9609-957da679719e","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":163,"box":{"x":89,"y":101,"width":509,"height":12}},{"id":"0747ffae-e977-4c8d-83f5-98934a7d80f7","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":163,"box":{"x":607,"y":101,"width":303,"height":12}},{"id":"3613b393-4dad-4f00-a299-c366059a49f5","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":163,"box":{"x":89,"y":116,"width":850,"height":12}},{"id":"bbe76eba-3ce8-4c4d-8c72-f1646e894934","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":163,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"b9f8d3bf-ccad-4718-9a4a-00bce587dbe2","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":163,"box":{"x":89,"y":146,"width":848,"height":12}},{"id":"555ce95e-7238-4a8a-bad1-97faef5dc9c5","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":163,"box":{"x":89,"y":161,"width":423,"height":12}},{"id":"672f6c62-86ba-42df-a641-d774fa66bdc2","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":163,"box":{"x":88,"y":188,"width":870,"height":12}},{"id":"29666aed-51ec-4acb-9f3d-01357b8469e3","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":163,"box":{"x":89,"y":203,"width":828,"height":12}},{"id":"09552e57-d52e-4df8-887f-1f02ad1f4ee9","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":163,"box":{"x":89,"y":218,"width":868,"height":12}},{"id":"81d10abd-b7fd-4c68-b5b1-0725badf4b79","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":163,"box":{"x":88,"y":244,"width":848,"height":13}},{"id":"e49f8013-c715-4652-bde0-9634180995a4","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":163,"box":{"x":89,"y":259,"width":857,"height":13}},{"id":"c523fd56-8bd5-4b74-b973-0772bc9e2e93","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":163,"box":{"x":88,"y":274,"width":862,"height":13}},{"id":"1d515ad9-1df7-4cae-882a-29bc87229c58","block_type":"box","text":"the AIFM.","page_number":163,"box":{"x":88,"y":290,"width":67,"height":9}},{"id":"58bb7355-5d94-460a-b94d-89a4593c56e6","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":163,"box":{"x":88,"y":316,"width":862,"height":12}},{"id":"a02c63d0-d69f-48bb-8ecf-d1596a3240d9","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":163,"box":{"x":89,"y":331,"width":865,"height":12}},{"id":"bca0eba2-88e2-4fd3-8c95-43b6fa027c67","block_type":"box","text":"liquidity management tools. Given that the Funds do not use any special arrangements or allow for collateral reuse, it is not","page_number":163,"box":{"x":89,"y":346,"width":862,"height":13}},{"id":"d9c3b84b-2088-46eb-b739-75baa3894754","block_type":"box","text":"intended that such disclosures will need to be made by the Funds. Each Fund will, however, to the extent relevant and","page_number":163,"box":{"x":89,"y":361,"width":822,"height":13}},{"id":"c7cd1ec2-7c42-49ec-a23f-1c3163c044f0","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":163,"box":{"x":89,"y":376,"width":831,"height":13}},{"id":"c5760fe0-c682-4d70-82d1-4a44fa82cd20","block_type":"box","text":"employed by BFA. Each Fund will also disclose material changes, if any, to the liquidity management systems and procedures","page_number":163,"box":{"x":89,"y":392,"width":872,"height":12}},{"id":"bd9b4833-f485-4aff-bd79-73bfc443f585","block_type":"box","text":"employed in respect of the Fund.","page_number":163,"box":{"x":89,"y":407,"width":228,"height":12}},{"id":"4550f2b8-9412-43bd-869d-be2bc1535f1b","block_type":"box","text":"BFA has registered the following Funds for marketing to investors in Finland, Sweden, and the U.K.:","page_number":163,"box":{"x":89,"y":433,"width":689,"height":13}},{"id":"e5824c3c-1696-4af0-b0b3-45d73faf5de9","block_type":"box","text":"iShares MSCI Philippines ETF","page_number":163,"box":{"x":89,"y":460,"width":202,"height":12}},{"id":"3113a483-cc6a-4c4b-a507-2a06b1487943","block_type":"box","text":"iShares MSCI United Kingdom ETF","page_number":163,"box":{"x":89,"y":475,"width":240,"height":12}},{"id":"9c894d9b-bdaf-4ab5-919e-334ab1040ce1","block_type":"box","text":"Investors’ Rights.","page_number":163,"box":{"x":89,"y":501,"width":122,"height":13}},{"id":"694eaeaf-d4d8-4ab9-87b6-c63a9fcec860","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":163,"box":{"x":221,"y":501,"width":668,"height":13}},{"id":"dc147847-2b33-4306-9229-a13eb7ddb1c7","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":163,"box":{"x":89,"y":516,"width":859,"height":13}},{"id":"c1532f5a-97b9-4064-a8fc-f982f1ea5e1f","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":163,"box":{"x":89,"y":531,"width":869,"height":13}},{"id":"cb289465-e489-4697-b403-a009ef9b2feb","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":163,"box":{"x":89,"y":547,"width":876,"height":12}},{"id":"52e78f93-aa06-4486-8d4f-9ecfac62e5f5","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":163,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"5d3c90bc-a7d9-42cd-9542-ca0675f88b58","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":163,"box":{"x":89,"y":577,"width":865,"height":12}},{"id":"37c78987-248b-4f60-aee9-de26f3b1d332","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":163,"box":{"x":89,"y":592,"width":870,"height":12}},{"id":"a65dc1cc-0ef3-49c9-8452-83ed96dd70eb","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":163,"box":{"x":89,"y":607,"width":722,"height":12}},{"id":"b0fafa93-fccc-46f0-a596-7c5ee8cd9fe7","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":163,"box":{"x":89,"y":633,"width":872,"height":13}},{"id":"05c64f7f-c879-433e-9fab-a4f956e967fa","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":163,"box":{"x":89,"y":649,"width":829,"height":12}},{"id":"e922d3e6-6969-4f5b-b227-ba04288bb70f","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":163,"box":{"x":88,"y":664,"width":828,"height":12}},{"id":"01bab73e-2dcb-43fe-a0d8-1c0d686fcfbd","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":163,"box":{"x":89,"y":679,"width":567,"height":12}},{"id":"2209da02-0105-4e25-9319-9ba99d38a186","block_type":"box","text":"133","page_number":163,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"e184e1b7-66b9-4dfe-b894-83fc35516051","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":164,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"1643ef7e-2860-4977-87b4-017ba3649e1f","block_type":"box","text":"A-1","page_number":164,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"fcc268bd-fc92-4f41-89c6-e2b1c44fb5f1","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":165,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"c72df6ad-6745-405a-9cc5-9a9e5a444991","block_type":"box","text":"Proxy Voting Policy","page_number":165,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"88d23d70-526c-4b0d-b49d-45236c011109","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":165,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"f2f26e9f-5d95-41ea-9a5b-f9148af96557","block_type":"box","text":"Effective Date: January 1, 2025","page_number":165,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"657fd854-cc3f-458b-b54a-40e394c8345a","block_type":"box","text":"________________________________________","page_number":165,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"ae460f90-62b6-46d0-9a24-65cab2b6a579","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":165,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"b1afffbe-33ed-4df7-bd49-d5bd49ed6382","block_type":"box","text":"□","page_number":165,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"ba42e5b4-b245-4425-8e9e-f857d4ec136a","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":165,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"9c22466d-d333-4961-805b-76a182cea249","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":165,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"e440d517-99fb-4baa-8296-0200b8a211c0","block_type":"box","text":"□","page_number":165,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"6d433db8-f28b-4797-b1dd-ce34d37fb897","block_type":"box","text":"Money Market Funds","page_number":165,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"462dd322-75de-4e63-9136-e063981ecfef","block_type":"box","text":"□","page_number":165,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"6f5e94a0-4c41-4a5e-ab13-850da5721728","block_type":"box","text":"Closed-End Funds","page_number":165,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"20d34092-0636-4169-a50b-de6ea527002b","block_type":"box","text":"□","page_number":165,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"b6b3e28a-2fee-42ef-a166-851c61d029d9","block_type":"box","text":"Other","page_number":165,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"4c31c868-4949-499a-9367-8cef5232155a","block_type":"box","text":"________________________________________","page_number":165,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"fb4a0a05-e669-4313-a52d-ccfbffcfc010","block_type":"box","text":"Objective and Scope","page_number":165,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"46b82644-f3b9-4e58-aa8d-a9d0fad2d5aa","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":165,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"7c81ee67-c683-439c-9134-993394b07e22","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":165,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"dace9306-b384-46e8-a763-4b1da99cd111","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":165,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"4a8e840a-f12e-4da1-b25d-f1cbf19b3e86","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":165,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"ca21f7d7-2064-4129-b56a-cd4c50443977","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":165,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"2c4a63e1-c24d-474d-baf0-33d82d340516","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":165,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"43c3728b-4fa4-43a6-b587-4d3f8a84780c","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":165,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"4fb79b8c-7b87-4d68-a73b-401e165279bc","block_type":"box","text":"agreements.","page_number":165,"box":{"x":89,"y":542,"width":85,"height":11}},{"id":"18a9df65-1019-45c1-90d2-2ece2a7d1cff","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":165,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"de8eff1d-8c68-4822-89ea-0cee648b3d8b","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":165,"box":{"x":88,"y":582,"width":821,"height":12}},{"id":"82892f1f-ef67-4e6c-93c7-72f1d5e23e60","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":165,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"ffc2ed4c-47a7-4169-923f-5b729f4b63aa","block_type":"box","text":"any.","page_number":165,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"965bd8e9-4d5f-46a7-b745-c4c95927f8ee","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":165,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"4b138f63-c3ce-4ec5-8c53-9c7bb6ec6323","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":165,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"97a03b34-9cbf-419b-b64e-0a31bbfc466d","block_type":"box","text":"Conflicts Management","page_number":165,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"4392bda5-c589-43aa-92c2-df999dd8adfb","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":165,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"6ca7e9a9-3e0c-4431-a976-d10adce931f8","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":165,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"c3f7e0c1-574c-4fdf-9cc2-649d0a2b970a","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":165,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"b4178bd2-25aa-4ffa-9e70-b11d67fd3ea5","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":165,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"d6acec85-421d-4bf3-b497-a64a2de5fe90","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":165,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"7b04312b-91b5-4ea2-91ca-6bb1eaaea6a4","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":165,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"63b0f489-58d0-48e4-889b-db6c57f65a9d","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":165,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"2ef3ebae-1bb8-481c-aded-b82c1a9d1cbb","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":165,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"cdd2c131-56bb-4c20-ac54-2c79096ec0e7","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":165,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"e9b8e1e9-3599-41f7-a2c3-af55dd8c7ce1","block_type":"box","text":"A-2","page_number":165,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"2c4d4539-ce48-4e94-97d5-1439f93db738","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":166,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"52511c58-27a4-4783-bf50-46418a5f8e36","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":166,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"2cce7efa-de89-48bd-8210-4739126f919e","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":166,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"d79fd310-b377-486a-8861-e1b36acd9831","block_type":"box","text":"Reports to the Board","page_number":166,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"b717f689-f2c5-42a0-a6e1-d80785d86c88","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":166,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"e9ddab80-d66e-4733-aff5-4cf5ef6ac95b","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":166,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"9f137fb3-ce96-4b26-ac03-4cd318326215","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":166,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"7034edaa-8337-4b5b-864f-7666f5fdc1c6","block_type":"box","text":"that have not previously been reported.","page_number":166,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"1d7c686b-08f0-4564-a09d-5065d00f6063","block_type":"box","text":"Appendix A","page_number":166,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"345430b9-aac8-4d1a-9c7e-9c0169775afe","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":166,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"f824bb9a-cc84-461f-bb00-d5aabfdbb187","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":166,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"9a1d2320-f10f-4fa2-9967-6017527db8bd","block_type":"box","text":"A-3","page_number":166,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"dba89a8c-4977-4141-bd7b-f32a634b34b3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":167,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"4f07ba49-b06a-43f2-bdb7-ab729078e699","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":167,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"c54b7b15-68f2-4870-bba3-8db0773fa621","block_type":"box","text":"Effective as of January 2025","page_number":167,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"902a10ef-51f3-4ae2-a104-7c969acfb13d","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":167,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"f2fa5410-e242-4399-a398-4751f69cd439","block_type":"box","text":"Introduction to BlackRock","page_number":167,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"00841d92-dab5-4d07-a71f-b424d872e808","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":167,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"9f110b99-895d-4ef1-9b2e-226c98604c91","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":167,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"05586ef1-a85d-4706-ab75-0c6806dacddd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":167,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"1d8eaa36-0409-472f-ba3c-58ce1d01e184","block_type":"box","text":"Our approach to stewardship within active equities","page_number":167,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"90d2a261-1aed-4181-ad26-ca7376980078","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":167,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"5cb8b0d3-d0d9-425b-8aef-127c2004e15d","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":167,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"c0274405-1624-4287-9b67-3ff649cef664","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":167,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"7c953f5f-9ff9-47f5-b0e9-2f0d8e717520","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":167,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"a9e1a0cb-afbd-4f95-9094-07edaa5658d8","block_type":"box","text":"Executive compensation","page_number":167,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"6a0a2969-aee6-4d4c-a29e-0c92f30c90a2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":167,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"3ccbebae-ce25-45e1-becd-aced30a163ad","block_type":"box","text":"Non-executive director compensation","page_number":167,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"c0ce31e6-d5c6-4940-a496-f35e07069117","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":167,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"9c4a9fd3-5972-42e2-b708-fc3b8143e84c","block_type":"box","text":"Capital structure","page_number":167,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"5bfb7e9c-94bd-44b2-a28b-84d8fc30916a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":167,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"b3e32d18-dae7-42c5-be6b-1bfaff23188b","block_type":"box","text":"Transactions and special situations","page_number":167,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"d9337046-355a-4cab-ba5d-55b37ab101ff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":167,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"c1eaeff0-12b2-485d-b768-a876350c13fc","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":167,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"45cc5371-728a-4118-b4ac-1ee0d059f2de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":167,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"98c135f6-19bd-4069-97f9-158314d252a4","block_type":"box","text":"Shareholder rights and protections","page_number":167,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"ae8eb7e8-b91c-4f85-b433-89a96e3bffb7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":167,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"8bba697d-5555-47ad-9202-325a43d0c54c","block_type":"box","text":"Shareholder proposals","page_number":167,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"72774acd-db63-4c23-8bff-7832a851bae4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":167,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"e8a0878d-e746-4378-8056-bf00d235c22a","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":167,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"49b57ab0-916c-4777-8d27-41ed6f3c53fd","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":167,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"3a99368d-3853-445a-98d4-e197b3b264d0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":167,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"51a7c7b4-1555-4f13-b90c-42ba60f962a1","block_type":"box","text":"Key stakeholders","page_number":167,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"f411790d-fffe-43c4-8067-7c04a53f82e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":167,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"21c10be0-9c87-430b-8745-973b0c00233f","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":167,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"e1cf64fe-b2bd-4082-89cb-bf764274b5a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":167,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"7eea7298-7774-4253-a75f-d2f77e0e0ed0","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":167,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"0d1dd12b-ff8c-4125-9127-39843fb13df6","block_type":"box","text":". . . . . . . . . .A-14","page_number":167,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"5f2578f2-9d94-4d13-ae82-5aed5145d6f6","block_type":"box","text":"Overview","page_number":167,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"5b853bb5-af9a-4ddf-9c4b-f50c055edea2","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":167,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"8417b785-d6c8-4472-9f7b-6178adddca98","block_type":"box","text":"governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers. BAIS works in","page_number":167,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"e7287eb5-ae43-495e-aaa3-2b3b7544135b","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":167,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"581ba815-339b-4f17-957f-a6e795354836","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":167,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"50dea501-4d79-450f-a109-80ea55824e34","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":167,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"bbf67593-e290-4ab8-8e39-160771143bba","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":167,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"88cf0b49-63a8-4781-ba62-5af696a5f1fe","block_type":"box","text":"strategies. It also may apply to holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies","page_number":167,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"86d51a58-23c4-4ccc-8eb3-6baa7e79047f","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":167,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"4512d947-7b34-4066-a396-15e7d4c7bd9d","block_type":"box","text":"discretion as to how they integrate these guidelines within their investment processes in light of their clients’ or funds’","page_number":167,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"fb1d0655-893e-47a0-84ce-a448b8f96ed9","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":167,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"cb261236-5aca-4cb2-bb21-42fe626f3708","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":167,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"0d46c41c-699c-4106-a5ed-ae80aa7fa580","block_type":"box","text":"Introduction to BlackRock","page_number":167,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"d1c446b5-f349-46d6-80b3-151c12c748eb","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on behalf of","page_number":167,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"b6b36481-7664-4f22-99d5-24ad5b53594f","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":167,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"5b63a303-491c-4570-afa1-1443747f3992","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":167,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"8da7bcfd-319e-41a0-93d0-af789362d534","block_type":"box","text":"well as individuals around the world.","page_number":167,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"42004171-a8d6-4fa9-8491-ee693aaf7d28","block_type":"box","text":"A-4","page_number":167,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"dbe68075-df9f-4601-a148-fc5913272fa0","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":168,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"f624c9f3-e007-4e3a-8afa-62be0d1976a8","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":168,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"11cbc210-14f1-4ec5-93f8-2c1ed96caa4f","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":168,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"6f4dfd51-4bdb-4cca-8c5b-2c10a62fb14a","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":168,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"5ef1e7d2-c496-419f-ad3b-70efb193afc9","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":168,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"d93016b0-28fb-4488-9d59-c30f7984d478","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":168,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"a5a872bb-43e3-47f9-b5a5-475a9f3a5435","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":168,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"a51a435b-863c-4641-bd0d-00086f6bfa14","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":168,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"a201e914-a4bf-473c-ab1a-5bc1d5f4d106","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":168,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"da2cfd37-8aab-4e58-9003-fb0232ce63b4","block_type":"box","text":"engage jointly on substantive matters. Our discussions focus on topics relevant to a company’s success over time including","page_number":168,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"5beb7943-3665-4e24-8da5-ccf99b305c4a","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":168,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"0f8f22f8-2441-4e0c-9d43-6d8fcc36ab9d","block_type":"box","text":"related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":168,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"08e8537f-7bbd-42a9-93db-17109be219ea","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":168,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"a5bf3fe4-16da-42c8-ae30-ca61fc1b478b","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":168,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"64467003-d545-4ed6-b1d5-5f700092c8f3","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":168,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"039ed8c2-0383-420c-a6ea-131046710433","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":168,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"f954eb48-ccf7-4fb4-b952-3fa6ca6cadb1","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":168,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"9043a335-6f11-49c2-93f9-15c55d64163f","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":168,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"22832f6c-a288-46b6-92fa-6e35ae3eeb20","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":168,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"02e99c8d-5f78-4c8e-96b9-97abc1153f97","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":168,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"7c87e3fe-f7df-4342-bc42-4d2bcd178c19","block_type":"box","text":"directors","page_number":168,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"da586346-c393-4694-9869-cb07ee540878","block_type":"box","text":"(1)","page_number":168,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"258e5a5b-9ebe-4a74-988c-3338e5959446","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":168,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"de980bdd-2dc3-4bd0-a723-999934d0197a","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":168,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"f3333231-b753-4b3b-8678-5148bcc0d926","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":168,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"184104ba-5ab9-4a5d-a51f-4cdf768f7851","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":168,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"a1deb9d9-2b5e-418e-9783-b9d672059a2a","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":168,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"8b9cf8aa-c370-4af4-af5b-02d284cf5237","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. We look to","page_number":168,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"d39900c4-702b-49ed-9567-88e3d9555d3f","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":168,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"540032e9-1e67-4d33-8d46-db5d43147d0c","block_type":"box","text":"interests of their investors.","page_number":168,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"bd58170c-4c04-4bdc-8a8c-0b705136379f","block_type":"box","text":"Our approach to stewardship within active equities","page_number":168,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"38acfab1-9c34-4372-9479-0cca908ba6d1","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":168,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"28059e3a-864f-4a64-87c3-3cebd6062f9a","block_type":"box","text":"proposals put forth by a company’s management or its shareholders. The voting rights attached to these clients’ holdings are","page_number":168,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"0981367f-ca60-4517-b567-a4d6a6821821","block_type":"box","text":"an important mechanism for investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":168,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"3582c66d-cf94-4f7e-9a5b-ba874ed538fe","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":168,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"04af1b0b-635f-4763-8545-df1a1cdb1445","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":168,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"d911947b-0c87-4b2b-a587-f12d488c378b","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":168,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"09497679-fc19-467b-9ee5-10bd11737927","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":168,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"82357249-7118-4182-bf33-227ca8954f59","block_type":"box","text":"interests of our clients as their shareholders. We take a globally consistent approach to voting but consider the different","page_number":168,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"728011ef-9e4f-40bb-b09e-22954c9d5d8e","block_type":"box","text":"corporate governance regulations and norms in various markets. Votes are determined on a case-by-case basis, in the","page_number":168,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"80728d33-4955-4d7d-bca4-07efb8262b55","block_type":"box","text":"context of a company’s situation and the investment mandate we have from clients. Please see page 16 for more information","page_number":168,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"177dabf0-2aab-4078-b7cd-8ce65308d960","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":168,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"0b396a22-b5cb-4208-9f3f-dd5534a8b491","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":168,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"d8262510-cb2b-4767-a36d-0f27e2e8895f","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":168,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"b0fc2d66-e98c-4caf-83f6-ebc6be29a331","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":168,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"784ce5dc-5b9d-4f47-869b-4bb8bfac64f6","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":168,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"abe6c68c-ca4f-4da1-9c5c-d9fd18e77dbd","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":168,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"92855778-8f5c-4f07-9712-a42d44e33b89","block_type":"box","text":"(1) References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where","page_number":168,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"7f0bcfa6-6da5-41ba-a991-b342a3b59edf","block_type":"box","text":"relevant.","page_number":168,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"aebaa4d8-e2cb-4aac-bf27-6963c144d0c7","block_type":"box","text":"A-5","page_number":168,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"9122719c-e25d-43ef-95fe-f79d63e81ef0","block_type":"box","text":"income investment teams can help inform an issuer’s approach to structuring specialist issuances, such as green bonds, and","page_number":169,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"d0e16f96-7d83-4a9c-aa78-2a1026694e31","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":169,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"e84041b5-4945-4791-bae7-478a008d7baf","block_type":"box","text":"Boards of Directors","page_number":169,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"1a2cefee-d124-486f-8782-bb52bed54320","block_type":"box","text":"Roles and responsibilities","page_number":169,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"aae7b3fa-192b-4217-b5d2-3cafbeaa7484","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":169,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"d62bc24f-ae00-4c36-8039-cb494cd2bff0","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":169,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"46e671b2-52eb-42f0-9b89-ed7aaac042c9","block_type":"box","text":"(2)","page_number":169,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"6f08db34-8a92-4a5f-a66f-6afe49564701","block_type":"box","text":".","page_number":169,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"3b928457-800b-46bf-920d-6ec849c84873","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":169,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"168e60a3-6f1a-414f-ac4a-d9cddaa4bed8","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":169,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"e82ff68c-7e41-4352-a85e-de7ba6a09bf7","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":169,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"231ced63-2183-47b2-a4ed-6d98b977d668","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":169,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"ff8a080e-8995-456e-85bd-7be1d69fb73a","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures are in place to","page_number":169,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"357d0ff7-ab82-4608-9855-8efc6cef1617","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":169,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"94cafe40-31e5-4e36-a391-6e68fec1d844","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":169,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"a2c94476-9c9d-4852-9088-55c493f46e4a","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":169,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"d46cca5d-968a-4420-b660-3f49ee184fd0","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":169,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"14bf41e3-28e4-4ab5-860c-80fb65123973","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":169,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"962e3d28-bd55-47f1-a720-4ea45b344862","block_type":"box","text":"Composition and effectiveness","page_number":169,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"b83ba180-2796-4a42-a02f-ed4bec4d0aae","block_type":"box","text":"Appointment process","page_number":169,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"f6c6cc40-a867-4bd2-83a0-efef1a78b535","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":169,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"8dccfa84-05c1-4f87-9814-95f1d13bcc1e","block_type":"box","text":"composed of directors with the appropriate mix of skills and experience. The board or a sub-committee should determine","page_number":169,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"d398b69e-36b6-499a-8c4c-7f3ea230a28b","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":169,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"994b3287-1bdc-4f9d-9556-5d781f799e71","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":169,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"3239662b-0087-457d-b0b9-e8f7e86f549a","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether a director candidate’s","page_number":169,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"0beaa3d9-941e-4d81-b706-5615fbb14350","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":169,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"1b191626-e840-4c8b-8c16-b502377c3390","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":169,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"36939b70-1ccd-4086-903a-3f1a6a6b966e","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":169,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"a81691a9-2443-44e3-92ff-de99e8aafe57","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote against the","page_number":169,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"0fe00477-10f7-4d43-b7fc-10ad5f9e5dd5","block_type":"box","text":"election of the most senior independent director, or the chair of the relevant committee, where a company has not","page_number":169,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"12c2ec0b-4832-4c5d-93da-12ff8b1e9591","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":169,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"f9f31c6b-de40-4dea-9e4e-f4d254949a8b","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":169,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"7d5595df-3de1-40de-8129-7d75228e62ec","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board’s","page_number":169,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"151525fd-5ceb-405e-880b-b063011567e3","block_type":"box","text":"effectiveness.","page_number":169,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"1300b563-0b4a-4310-af9e-34705fa5fad5","block_type":"box","text":"Independence","page_number":169,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"e0464e37-e89d-4b3f-bb20-05f0d45ec0fc","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":169,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"fe61d838-71cf-4608-b2d6-877aa50a1dfe","block_type":"box","text":"of paramount importance to the protection of the interests of minority shareholders such as BlackRock’s clients. At least half","page_number":169,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"3fe240ec-d3ea-4f17-985a-fa5dad02c9e0","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":169,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"8500c487-69d8-45db-b597-9bcca5addbdb","block_type":"box","text":"(3)","page_number":169,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"00dc1914-1369-4d1f-99e6-e14a3a733235","block_type":"box","text":". This ensures sufficient","page_number":169,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"c8a5b4c8-5d48-43c2-bab8-a22eaed317db","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":169,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"1974c5db-463e-41d5-b6ad-309a1fddfad9","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":169,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"f73473f2-a7a5-4fed-9b14-236020b658a9","block_type":"box","text":"(2) See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles of the US Business Roundtable as","page_number":169,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"9820f731-9e15-4907-9cc3-0cbbf9430d05","block_type":"box","text":"examples.","page_number":169,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"189d9217-5d10-44f8-8547-b1893d37b8d1","block_type":"box","text":"(3) Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or","page_number":169,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"71960dc8-e185-48fc-b5ad-7f6311363801","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":169,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"3a2f52ba-117c-46a1-b7f4-de905091dd19","block_type":"box","text":"rest,","page_number":169,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"f577acf8-4066-4d5a-8d2d-7c1fd4455877","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":169,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"593db714-8569-42bb-ac0c-777825103efa","block_type":"box","text":"terests","page_number":169,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"e3481ddb-07cd-400e-b365-82e6acdf234a","block_type":"box","text":"of the company and shareholders.","page_number":169,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"0f87127a-1bfa-4faf-af1c-4e2dc49aeb5b","block_type":"box","text":"A-6","page_number":169,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"32adf9b0-b92c-4e46-a6ff-7c206f5d1eaf","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":170,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"f23a175e-4ed3-498d-9ed0-b8a8197468da","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":170,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"cabe2142-0869-48c3-9913-c86470df7212","block_type":"box","text":"is a perennial issue.","page_number":170,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"3c51f8ae-1545-43e2-bb5d-0dced3ac9545","block_type":"box","text":"Independent board leadership","page_number":170,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"fde1cac4-9782-43eb-9c9b-f73fead0fade","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":170,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"37e80cf3-efef-4b6a-ac28-0e06ab632f7d","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":170,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"e0a62e31-c3f6-4335-a4bc-1c04a566d605","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":170,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"c5d62e30-2b90-40f5-8383-641a7bb4e58f","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":170,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"c4e5f735-2e99-48dd-982f-fb3fa3ae8328","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":170,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"e663d689-f2e4-4119-98bc-305b9e975f30","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":170,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"e08cb749-9618-412d-a6ec-17adb69b8c03","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":170,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"7ef856d1-0257-4b76-afcc-8592f2919467","block_type":"box","text":"We look to boards to explain their independent board leadership model and how it serves the interests of shareholders.","page_number":170,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"844e7db4-c1a7-427a-b196-dad5578699bb","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":170,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"b7880216-2b67-46dc-8c86-7d3a21d8507f","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":170,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"9ccbbea0-ba25-4852-9abe-c0ce5debff46","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":170,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"26b06580-0743-4e87-907d-764943d70c0e","block_type":"box","text":"Tenure and succession","page_number":170,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"f3a177c5-5f7c-4b60-85e1-51499a93ac5f","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market norms where","page_number":170,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"62182a4f-bfef-4f39-88c6-e66dd8cfc4fa","block_type":"box","text":"those exist. In such markets, we find it helpful when companies disclose their approach to director tenure particularly around","page_number":170,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"29ab8c9e-5417-4fd5-8765-196ec05ae334","block_type":"box","text":"the contributions of directors who have served for longer periods than provided for in local practices. In our experience, long","page_number":170,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"8fe9cad1-0896-4ea6-a643-39d0cdbd3812","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":170,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"16132f92-62c2-414b-a266-18720720cfbd","block_type":"box","text":"decisions.","page_number":170,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"19efe991-b3cf-4def-b7e2-fafddaf6302f","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":170,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"87611dc0-ff77-48e7-8414-524854a9a594","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":170,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"f9aac290-c593-434b-a11c-d5746dcfc5e1","block_type":"box","text":"long-term knowledge of the board and company.","page_number":170,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"773ef04c-3ba6-4f83-84a5-cc841578cb40","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of the","page_number":170,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"1c6cd4b3-be65-4ba0-b517-4dc8a26fada7","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":170,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"9f916b2c-ded5-4515-8508-90fac6e856ad","block_type":"box","text":"renewal. We may vote against the election of directors who have served for longer duration than typical in markets with","page_number":170,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"94c06db3-e9bf-4534-a150-b7889f954073","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":170,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"9bca5322-214e-4659-9537-13484211d6db","block_type":"box","text":"Capacity","page_number":170,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"6af50df4-9126-4fc1-bd7b-aad0198db322","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should assess the","page_number":170,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"264bab59-a9d7-4648-a121-c4e21756df87","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":170,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"9686a737-aea6-4820-9549-5bf0bb65a06a","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":170,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"2f89f8b0-642d-4b59-87ba-9b6fe3faf93b","block_type":"box","text":"commitment but note that they are generally more intensive than a standard directorship. We will take local norms and","page_number":170,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"ccfdb613-3215-42a3-bb26-02e6441bb443","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":170,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"f7bb8627-188d-45a5-bdec-4b8a71f1efa9","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":170,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"c1ee08af-0b8b-4197-a511-c1a2e1b86f7c","block_type":"box","text":"the board and company.","page_number":170,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"9ba13c81-ee37-46bd-bd8e-873e68044358","block_type":"box","text":"Director elections","page_number":170,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"b5b97cc0-c70d-447f-b88d-360a89525650","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis, ideally annually. A","page_number":170,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"f90d6fa5-9167-4532-8d9f-c84b6d2f0b87","block_type":"box","text":"classified board structure may be justified by a company when it needs consistency and stability during a time of transition,","page_number":170,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"20a83208-818d-4b96-8296-857a92afb86f","block_type":"box","text":"or on the basis of its business model, e.g., a non-operating company such as closed-end funds.","page_number":170,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"593b7559-bc99-440c-86f6-68e9fb872aa6","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":170,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"a43a2fb4-2df9-4264-9187-659a4e954657","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":170,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"d41460a9-a5d3-4c04-8c16-b7ae602b6bc6","block_type":"box","text":"capabilities and suitability. We will not support the election of directors whose names and biographical details have not been","page_number":170,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"ece2a7bf-2f0c-4055-b58a-6fb9697448c9","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":170,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"1b97e53a-a51f-45dd-b2be-004e743aaeb6","block_type":"box","text":"A-7","page_number":170,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"e28d5ef5-0f55-4489-ba11-59deab4d2292","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":171,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"dbc3ca8c-ec3a-4cfa-9f93-637420fd27ae","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":171,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"db7af4ff-ded7-457c-8f0b-9b23fcc333c7","block_type":"box","text":"best serves investors’ interests.","page_number":171,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"5f7d2189-e402-4f84-b5ab-8fe8c6b31d68","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":171,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"2a13ef85-a482-4788-87f6-b7790ec85721","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":171,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"fe4a32c7-1f87-4745-978c-6ea9f76255b5","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":171,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"dd03d5bf-f1eb-470a-9ca8-1e5de4e1d51f","block_type":"box","text":"Committees","page_number":171,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"2b4b959e-ffc6-4adb-a4ae-72f3001eb760","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":171,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"18037c63-33c2-4dc5-a9bb-ec9d48f77a49","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":171,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"610a9ce8-f8ac-4e54-97d5-cd11a493676f","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":171,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"5fee8d5d-e3dc-43ed-8ebf-7c7d9fa06f62","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":171,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"e8122715-86cb-4022-a589-4132163fb7ff","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":171,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"cade653d-cacc-4d7f-ad1b-d3526426e507","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":171,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"25a14451-422e-43de-afc7-def09aafedfd","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":171,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"80d32e18-1d80-44d6-93f9-c49310aa36db","block_type":"box","text":"include:","page_number":171,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"84790ea0-dbbf-419f-a9d1-97c1e72d67ac","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":171,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"f12014f1-89d8-43c2-b1da-26989d3b62dd","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":171,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"da7b097f-461c-4e71-acab-67ff2b9b4e41","block_type":"box","text":"whistleblowing mechanisms.","page_number":171,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"4d70cdee-16e1-4eef-a1a0-f5df9f4b204e","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":171,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"0de95051-6b7a-4adf-889b-b21ed87ac2db","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":171,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"100f5b7f-6d1a-4ec5-960e-5722142f1fbe","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":171,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"7aa93853-8d8c-4e25-a71b-5b0364449612","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":171,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"acf097af-3e37-4b1a-bd45-4acc7a9ba1bc","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":171,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"3d041107-316e-4e00-8b59-58ca28f14561","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":171,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"f096b952-4a38-40f1-85c5-9c39b2f15c49","block_type":"box","text":"wide compensation policies.","page_number":171,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"df75650e-17a7-49cb-b7c7-644cadbdc252","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":171,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"cf7d6348-fdd7-41d2-a114-3ff1e7351ffb","block_type":"box","text":"our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote against the election","page_number":171,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"5ea78962-f7c6-418a-b226-20dfbc53a4ca","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":171,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"9bb3c3b5-47fa-41f7-8578-1b1644f8e0b0","block_type":"box","text":"Board and director evaluation","page_number":171,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"c71c2e5e-1043-4085-81ae-859762a4e8f3","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":171,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"aab28c99-781e-489b-92c4-cecbf873de91","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":171,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"8fc8735d-c62d-460e-bb08-b164bf6cc66a","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":171,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"8cfdea91-893e-432f-a75b-9feef529efd5","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":171,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"8ca9eab2-9d3e-41b1-bba0-61f1c3b74103","block_type":"box","text":"Access to independent advice","page_number":171,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"8ac7ee5d-a298-4a2f-bad6-d306a86f91a0","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":171,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"b658c030-fcbd-4f26-a470-cb8e6a9ef1e4","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":171,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"a55af445-2296-4073-a1b0-e1be4fdca232","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":171,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"fe5733cb-9852-4f18-bae1-15e788063292","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":171,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"f7b61acc-b0e9-4d30-b82a-86afb39788bc","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":171,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"418f6c9c-5860-4757-8370-d7a423918d1f","block_type":"box","text":"succession planning.","page_number":171,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"8939b0d9-fcc3-480f-8e8f-3b01b4c53a18","block_type":"box","text":"Executive compensation","page_number":171,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"877e0596-5bd5-41f1-8ff1-54079f703100","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":171,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"0b770b2b-b718-4fc7-83df-f6f7dc8255dc","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":171,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"c62ec317-c6b0-4557-9874-3b0fe9842704","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":171,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"30834c88-8d58-48fe-96ee-ecd5dedb8b91","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":171,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"ced9b899-d5c7-43d1-8e93-a65ae9ecf3b7","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":171,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"7702c3ed-3d93-4195-875e-3d32c5327510","block_type":"box","text":"A-8","page_number":171,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"b899761d-3924-471f-9456-7af71ccea6cb","block_type":"box","text":"pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and","page_number":172,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"b077358e-f212-4161-b6e7-4e58794a58b7","block_type":"box","text":"benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its","page_number":172,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"44b47788-eb11-4149-b8f2-2dfb591ac654","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":172,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"71c44ab6-9e85-4ad8-a081-2af1eeb89b74","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":172,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"2ff257b7-6a31-422f-9923-69eefa1a62cf","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":172,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"429bc246-9300-4ab5-a91a-2352961522b0","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":172,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"173e13af-ae36-45d1-9e96-e67c5646f596","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":172,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"63d081c0-d50e-4d72-8f32-57366f8abd2e","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":172,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"1530f5d7-adc8-4c9c-b50a-7e06e4e5ab10","block_type":"box","text":"company’s size, sector and market.","page_number":172,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"163d3524-1a73-4dd7-a244-4e20cd88af10","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":172,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"3162a56a-0d33-40f4-9a32-95fb4b5cbac6","block_type":"box","text":"objectives.","page_number":172,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"f234d773-07bd-46ce-be7a-af0720e3d469","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":172,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"131bc3c7-096c-4c78-87fc-4501feee3d96","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":172,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"5f8a047d-7b3f-4923-b9b1-09898355484f","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":172,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"ed96f368-be91-4f72-86a0-a90353fcd4d4","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":172,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"22cb00b4-a71d-489a-a2f2-3421848225aa","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":172,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"62c01f98-e04d-4132-9c3b-b306260d9dc4","block_type":"box","text":"transparently.","page_number":172,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"5353d144-20bb-4ff5-acc1-c2305473780f","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":172,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"0b6d9d8a-b035-46bd-b4da-70e08fd6fd8f","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":172,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"d3b930f9-4c39-4e33-be45-9b976f2dd49a","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":172,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"c639cc0e-9d86-4e60-97f2-d3114171d9ce","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":172,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"705584d2-f566-48a9-814c-13830fc10614","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":172,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"72477ac5-2663-4a44-9894-768cf6ef56f8","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":172,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"acbba16c-97c4-453f-bb50-ba1060993825","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":172,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"8fdbfbec-4bd5-449c-ab02-91bb1bfb80f3","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":172,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"68dde295-f68e-401a-af69-d59e96b07f02","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":172,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"dd663504-5887-4301-9347-3fc68367e880","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":172,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"78e3e7ee-67cd-44c5-853f-21ec071c1477","block_type":"box","text":"independent director.","page_number":172,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"c76a4f0e-3b5d-4a7a-a9ce-bcb2b311625d","block_type":"box","text":"Non-executive director compensation","page_number":172,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"6101a63f-dc00-446b-a7ca-4927892234f9","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":172,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"3d0f514d-b3a6-4356-9f94-bd2a94b52805","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":172,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"94ddc5fb-7da4-4090-8f89-7930b6196cf7","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":172,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"228d6a5d-bc2f-4d13-8051-2b2a7a102bcc","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":172,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"2f22b1b8-2118-4a9e-9153-238ec18a036e","block_type":"box","text":"Capital structure","page_number":172,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"63ec9229-0387-40da-86aa-8f8d51ca5b5e","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":172,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"bf8ff0f1-fa9d-4ed1-83e8-af2771dc632d","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":172,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"3536c15c-4b96-448e-be90-8459bafa2b14","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":172,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"07861152-2ba5-4b56-9ba1-7262bffac7a6","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":172,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"d9eb4f9d-96c8-4e33-9b0a-4f1ebac71214","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":172,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"7c88104c-7152-4cec-ad14-665d580e8eb4","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":172,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"56ee0087-1c28-4108-b9a8-22ebd0de9a64","block_type":"box","text":"Share issuance","page_number":172,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"5b3dff93-2267-4fe5-b482-0c3680d0af17","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":172,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"1483acfa-c5a7-4897-bc99-35aa6edbde73","block_type":"box","text":"authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. Companies should","page_number":172,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"dc4d57ac-1d81-4be1-a5b2-1fffa15ee850","block_type":"box","text":"seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as","page_number":172,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"be917fda-3a01-4c65-9750-c6ee69a2730c","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":172,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"20a82276-bc40-4e9d-92b9-05b3d44aa87c","block_type":"box","text":"A-9","page_number":172,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"f273b144-41b3-47d6-b19d-294b0f24e076","block_type":"box","text":"Share buybacks","page_number":173,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"0f6a3751-8f51-4c3e-a8a9-24ee33fd9608","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":173,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"0c1614c1-dbf6-4df1-8f30-795d81638e35","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":173,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"ce89f098-613f-4a5d-a01d-2dff48e4e64d","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":173,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"1808eb28-09fc-4052-b0eb-c843dbe92fb4","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":173,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"c6080953-c549-4066-97a9-36d09031cac3","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":173,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"2385141e-5cf3-42eb-8bd9-d2c6ef4c74b2","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":173,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"cf2c9afc-32ec-4e58-b684-f073e6798eda","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as treasury shares,","page_number":173,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"0412389e-ccc0-4177-949c-4310a0850fd4","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":173,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"70b4bf5a-722e-4250-b91c-0b6ef96d103d","block_type":"box","text":"Dividends","page_number":173,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"cea6c814-b768-4847-8c72-f8572a273d87","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":173,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"34b6fe22-34db-4b86-bedf-911761754ac1","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":173,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"61ae989f-4c97-4767-bb71-78980574d5f5","block_type":"box","text":"Differentiated voting rights","page_number":173,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"147c4c1a-59d2-47c3-a127-0999eb629e49","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":173,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"83e848a0-8e55-448a-8211-033d51f8291b","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":173,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"f0baaf04-3efb-4728-925f-677533d67b94","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":173,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"2c6d0cc8-39c9-4d98-93b1-7b913da05554","block_type":"box","text":"periodic basis.","page_number":173,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"87fa37eb-f35a-4583-b1e1-e0b91b9e062c","block_type":"box","text":"Transactions and special situations","page_number":173,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"9c882ed4-d6f3-42f4-9589-9f02081f18a8","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":173,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"7b62585b-e675-4d05-85b7-4997dae941a5","block_type":"box","text":"proposals.","page_number":173,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"7af9028a-4480-44c6-a8d7-08319e2dc3b1","block_type":"box","text":"Mergers and acquisitions","page_number":173,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"a9e27e57-eeb0-4e4f-95de-43d4f34e3890","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":173,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"a0ea3c10-0fc8-42d1-bb54-7d804fb8f727","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":173,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"691f8fb4-489d-4f58-ab3c-82d78acccae5","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":173,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"7f9dc018-a029-479b-991a-631a457c13e0","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":173,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"0285514d-1b05-4e35-8154-b64137f5899e","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":173,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"eca547f8-e1d5-4ca7-8e60-a27e6786ef58","block_type":"box","text":"shareholders.","page_number":173,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"0f6db6ce-9250-4582-aa2d-1e3a16382f7c","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":173,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"11f0f7a8-83bb-49c6-b0c6-abf5778724e1","block_type":"box","text":"Anti-takeover defenses","page_number":173,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"5040bbdf-506f-4d0c-a8bd-39174e48df83","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":173,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"94123ee8-3f4d-417d-8af6-95ceb2e68c75","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":173,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"80609fa8-e7dc-4383-b7ba-a6911c809bbe","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":173,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"37f2aea9-300c-4413-9fb0-b98469fa714a","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":173,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"6562b6f2-fa5c-4fa8-85e4-7c776b113be5","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":173,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"0ab8f506-9ecc-4b50-9cfd-b950e95dd929","block_type":"box","text":"should be limited in term and threshold, and also be closely monitored by the independent members of the board. We look","page_number":173,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"19149796-3fc0-4912-9621-97ef815a0270","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":173,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"3807dbde-eb7b-4188-b351-f2e47fcbdbb1","block_type":"box","text":"Shareholder activism","page_number":173,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"ce0ed495-8b8d-42e4-aecd-a1a817b5cd84","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their analysis and","page_number":173,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"e26ab9c3-ca6e-45d7-addd-84363cc26b86","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":173,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"d62e8dab-b44b-41b2-a221-c4a4f6c4eb24","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":173,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"c3e6ff5f-cf52-44c5-bc56-87f885085c9b","block_type":"box","text":"concerns raised by the activist and the case for change; the quality of both the activist’s and management’s plans; and the","page_number":173,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"c87edf01-5e57-4d0c-8d0b-ee03b72d6f60","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":173,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"ca511967-5cea-4ca1-9b2a-02c9c6b4ed9c","block_type":"box","text":"for our clients as minority shareholders.","page_number":173,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"6076ba40-4613-48bb-8699-08a41e8a8eb8","block_type":"box","text":"A-10","page_number":173,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"59ec1071-3526-49b0-af4e-1313bda00f46","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their case for","page_number":174,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"fd848b10-49e5-4ccb-905a-a775c333b40f","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":174,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"f5d119ca-5552-497d-b675-57980b3c9380","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":174,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"43b46ba8-7848-4208-9ca6-0f1af45589dd","block_type":"box","text":"Significant shareholders and related party transactions","page_number":174,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"6ff8c635-2096-4619-a18e-76987829a74d","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":174,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"c3043f1a-b6c4-4044-a363-9dc015b6ec3d","block_type":"box","text":"shareholders are given equitable consideration.","page_number":174,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"3c730e20-6531-4dec-988f-f24677176334","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":174,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"37db95d7-cd32-46a4-a075-2d7332e46a0a","block_type":"box","text":"be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party.","page_number":174,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"c597d393-d0cd-4132-9835-9ef9b258e276","block_type":"box","text":"Such transactions should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":174,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"88f6f04b-fe58-450c-be19-78da858a3bbc","block_type":"box","text":"disinterested shareholders should vote.","page_number":174,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"61fb1742-8794-4e15-8200-60b81c360f25","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":174,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"90f96ad2-02e1-4075-ad37-9fc92ce39a56","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":174,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"abeea17f-f1fb-4b03-bf3e-0e75bbd16a2b","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":174,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"8363652a-cf1d-4b58-808f-37536fd6b080","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":174,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"ec346152-d2c0-40e2-aaed-df27922c6dec","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":174,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"5d44ee79-a073-4330-86bd-f66c2edc8339","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":174,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"e9296236-6b27-491f-9731-0261df13d5b0","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":174,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"86d35222-78cf-4ee4-baac-f030b880f859","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":174,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"f2fb6e37-8481-4380-b2f3-a4e7e73d5b65","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":174,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"a84f7519-51cb-4d76-869c-e92ebfa1eb44","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":174,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"1356e940-0cc5-4acd-b85c-9d55cdd298b3","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":174,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"57f866ba-0352-4420-abf9-89067c986267","block_type":"box","text":"and the implications of these, disclosed.","page_number":174,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"b076c49b-49c4-4fd1-ad53-a9f77a281668","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":174,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"b64c2159-1224-496b-a7a0-5949fbb63ef0","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":174,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"160fdffb-b3c0-4642-8ad3-330fb3225ac3","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":174,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"8a1245af-a265-4ada-aaa3-4e5b40191071","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":174,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"c46b5bbb-b281-4f32-8bf9-f3e37a3164ba","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":174,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"fb1ede75-6667-4785-8ba0-3fe3d9f69c31","block_type":"box","text":"external audit process annually.","page_number":174,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"a5565e4d-b8be-46ee-93c5-028a9a5724a7","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":174,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"ae9ba5ad-7a46-4d42-b91c-de41e29978de","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":174,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"5f902d9b-0fa3-4652-9eb8-754dc79ded0f","block_type":"box","text":"to companies in preparing such reports","page_number":174,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"2da7bf20-0c8e-41a5-a611-6f6ed9e71e0a","block_type":"box","text":"(4)","page_number":174,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"5f05e0c2-0e69-4243-8030-0a8df92963b9","block_type":"box","text":".","page_number":174,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"f99e016b-e857-49aa-99be-ba06172da3ef","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":174,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"cfb77d9a-f9e4-4efa-ac29-47ecd8079f6a","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":174,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"8fa9d653-7779-434c-8294-c5928b63ad68","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":174,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"24359ffd-f7be-4a8c-b4ed-b73613ae8516","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":174,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"499b0463-b418-46fc-ba88-7b590d67c9aa","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":174,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"aa84013c-4f38-48d0-884d-83f06f4a90df","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":174,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"83281748-9302-4078-a236-ae32384da6a8","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":174,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"03dbd40d-00e8-4565-8d36-d90d17ae54f8","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":174,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"0dc7e104-4419-4cd6-9841-170de8d3aa7e","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":174,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"8182a7cc-80b3-4a1b-9772-d647b9594070","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":174,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"dbe21fd8-655e-4646-8189-83482f509aed","block_type":"box","text":"(4) The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclos","page_number":174,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"b3c40763-f20d-43f8-8e19-aa2dafb8ff1c","block_type":"box","text":"e informa","page_number":174,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"f94625b8-02a0-4ff9-b355-97625e9ad9a5","block_type":"box","text":"tion about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decis","page_number":174,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"cd527cc1-4e54-46e1-97ac-e550c4a2f141","block_type":"box","text":"ions","page_number":174,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"357cc7a3-8493-4903-966f-523c05169586","block_type":"box","text":"relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information a","page_number":174,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"65eb40d8-f8fa-4e47-a9cc-bb871d1917cf","block_type":"box","text":"bout its","page_number":174,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"42e8642b-875b-4310-87b7-c85bff8850d1","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to provi","page_number":174,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"71720da2-4968-42c5-a2e2-70be1a5bc76d","block_type":"box","text":"ding","page_number":174,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"278a18af-10c5-4053-82ee-a2cfeaff57f7","block_type":"box","text":"resources to the entity.","page_number":174,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"3c36108a-4fbd-4ae3-89ff-c2e3a964dd48","block_type":"box","text":"A-11","page_number":174,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"fa27e0da-17ed-4947-b85d-44435f1eecb0","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":175,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"9537f22e-c03e-4346-86c7-50d0a9995617","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":175,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"9bd8bc2d-7c39-4c5a-88d6-ba7c36054ed1","block_type":"box","text":"statements or the discharge of the board when we are concerned about the quality of the reporting or the audit. We may","page_number":175,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"7c6f938e-9b33-4192-b7b2-4347efcf0a2c","block_type":"box","text":"vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the","page_number":175,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"43484ab7-1a65-4018-a986-caae46762a60","block_type":"box","text":"auditor’s independence, the quality of the audit, or there are material misstatements in financial reports and the board has","page_number":175,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"b29457e9-074c-48f5-9801-54a7e42c8a15","block_type":"box","text":"not established reasonable remediation plans.","page_number":175,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"b8ff2ecc-00a0-4e1d-b0b6-06b36e7e4027","block_type":"box","text":"Shareholder rights and protections","page_number":175,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"67c5347b-bac8-4e15-8254-dd51d1712b00","block_type":"box","text":"General shareholder meetings","page_number":175,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"80ae72f9-21cb-48fa-9be7-eb554d51fee7","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":175,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"19c9db6e-f865-4a0b-b79c-1f1b9ffbd1d9","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":175,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"421f363f-01c1-4309-a455-53ecc0a1cdcf","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":175,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"08a1a8a1-1fcd-49a3-abf8-fb23a802653a","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":175,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"19c28f59-ed2f-4569-919b-563d9dfa2a04","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":175,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"5aa0daf5-a8e2-451f-b8ab-8f44ff25d640","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":175,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"efa7ef00-1735-46a2-a84b-d3b34e10d5ff","block_type":"box","text":"manner or do not provide sufficient information for us to take an informed voting decision. We may vote against directors if","page_number":175,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"dc9038eb-74df-4304-961f-9887b8629feb","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":175,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"261448c7-8e1d-4f25-9fff-87060a18e03b","block_type":"box","text":"Bylaw amendments","page_number":175,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"9b1ab622-6fb9-45f5-bb79-a9b05a19fda9","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":175,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"302e7efa-ff3b-4e12-b9b5-0ff35abc8334","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":175,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"8d847ae7-1240-44eb-ba79-ef2d5728b9a6","block_type":"box","text":"to a shareholder vote.","page_number":175,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"bf2d299d-2f99-4dd2-a3a4-8101f483073e","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":175,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"7ebf4856-7d2d-4da0-bb8e-d702d7f3616b","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":175,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"07ddb839-fab5-4cc1-a131-8e2f59a0bbd3","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":175,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"87ce4b19-27ca-41db-a8fc-c0fc863d0aad","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":175,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"bc5e8e1d-d5d4-4f54-a15b-130c356d2a88","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":175,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"afd7fd15-ba5a-401f-b78e-a220214cfdb9","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":175,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"1d63ac93-7ece-42ef-9065-16acc50e5da2","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":175,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"3bca0743-e4c9-4f30-8434-b9f0a02b83fa","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":175,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"ac6cb4c7-95e0-4985-a491-b311ac2b0c41","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":175,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"a352843b-2ae7-4b6f-ad5f-7df139976f27","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":175,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"3aeee920-a733-471e-a15e-f0156bd5f090","block_type":"box","text":"Change of domicile","page_number":175,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"a46af7e3-f150-47d1-9ff2-f4a913cb0236","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":175,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"bb2e49fd-3246-4d9c-ad95-9cddef6e3213","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":175,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"838c8f58-4ef8-48d9-8daf-35f373b02159","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":175,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"17275b87-2d52-411c-ad42-adfce6947870","block_type":"box","text":"financial interests.","page_number":175,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"f05b155b-8a1e-4981-9437-50aa30c4b7e3","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":175,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"54db8852-ae2c-4922-aec3-44260b43ff6c","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":175,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"bafc0785-cc0d-4551-b6dd-9e5b70674de8","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":175,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"982522d5-60a5-4816-b1ec-d1b883dfadbe","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":175,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"6f10e6af-edf2-47b0-8296-d2c742f97afc","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":175,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"4657c16f-db28-478c-87ea-ccf3e72d4360","block_type":"box","text":"not provided a credible argument for change.","page_number":175,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"c0747a75-1591-4122-8b0e-f6fb8fff4c7b","block_type":"box","text":"A-12","page_number":175,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ff99ced5-9641-46b0-b91d-61c85f93b7b7","block_type":"box","text":"Shareholder proposals","page_number":176,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"19e1381d-5e9f-45c1-a713-62fc64d3ba3d","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":176,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"5d578a6f-e58a-445b-a9ba-86265a4c186f","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":176,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"8d180ea1-ce30-429f-9891-4613fb7ece67","block_type":"box","text":"majority of votes cast at the meeting. The topics raised address a range of governance, social and environmental matters that","page_number":176,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"56666fa6-27d9-4558-8d08-217ce19645d6","block_type":"box","text":"may be relevant to a company’s business. Shareholder proposals are considered by many investors to be an escalation tool","page_number":176,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"42c16cdf-2aa0-4c6a-b28b-0bf712085a8f","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":176,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"c046d427-5c29-4c5c-a1bd-3e1af89fc3b3","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":176,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"1e53821f-9266-43b8-8360-06fa6eaf3b98","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":176,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"2b3f25d1-2993-4bce-96f7-355dff325714","block_type":"box","text":"being acted upon might have on financial performance.","page_number":176,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"8cccb800-7508-4ea6-87b0-46d631bf09a3","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":176,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"3b8e91dd-f8cb-4b51-a7e5-9dfa67d86463","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":176,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"5c7eb0ff-bc6c-43e6-b6fb-83e9a3055eac","block_type":"box","text":"financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so","page_number":176,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"b5fae634-144b-45aa-b7b5-6a21adeeb368","block_type":"box","text":"reinforces the points made in our engagement or is aligned with our clients’ financial interests. We generally do not support","page_number":176,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"e2759eef-f7df-4543-97c5-48c724288dc6","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its operations, or","page_number":176,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"402071c5-3021-4dfd-9a47-875c7a915e06","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":176,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"68d71ba9-a0f2-41b0-bd0d-e540820838df","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how we can","page_number":176,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"6f3ff158-7c8e-4780-a24b-ed8560525fdb","block_type":"box","text":"interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals.","page_number":176,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"e691eb95-72d5-4374-b4bc-ff21c8ee5cf0","block_type":"box","text":"We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":176,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"9615b0f9-f72a-4b1b-bd7f-5b18e5e0f514","block_type":"box","text":"Corporate political activities","page_number":176,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"114f64f8-e9e4-4b0f-a99e-1605d86592de","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making process is","page_number":176,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"09f21098-51ed-4b90-a57a-28744a3dceb0","block_type":"box","text":"consistent with their public statements on policy matters important to the company’s long-term strategy. The board should","page_number":176,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"6c05011c-192d-42dc-9427-21aceca5fb19","block_type":"box","text":"be aware of the approach taken to corporate political activities as there can be reputational risks arising from inconsistencies.","page_number":176,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"2de4d516-75c6-49f3-b438-0fd580fab21f","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":176,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"7607d5aa-0a37-42c6-925d-07c9e06ad038","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":176,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"47532d59-f492-42a4-91a4-7a69aec112c9","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":176,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"985b08e4-87b1-4b19-9f10-8fe71234e06b","block_type":"box","text":"and the policy positions of the trade associations of which they are active members and any engagements undertaken by","page_number":176,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"b28cfe2b-fa85-4e8d-ae70-7f58ee0018ac","block_type":"box","text":"trade associations on behalf of members.","page_number":176,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"39c66c9b-3076-4e50-a601-e3b09dfbd5fe","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":176,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"a1e7bcca-c1cc-42ee-87d7-97b83ef81165","block_type":"box","text":"where a company’s disclosures are insufficient, or it becomes public that there is a material contradiction in a company’s","page_number":176,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"8470825e-4b1e-4e6f-9ec0-399c5ac1c1ac","block_type":"box","text":"public policy positions and its policy engagement.","page_number":176,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"e86eaaf4-3137-4d18-8399-729b543d02c5","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":176,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"15e5d141-d4e3-4548-8fb8-28d946f67637","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":176,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"ee107b03-2997-4eb3-a68f-6b11d4b2a274","block_type":"box","text":"experience, sustainability-related factors","page_number":176,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"afbbbd29-6f7b-4f16-9e03-a7d3a814815f","block_type":"box","text":"(5)","page_number":176,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"36421394-6aa2-4edc-946a-3c1a4fea2e90","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":176,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"d182f82d-2b97-4e19-b413-da1b3bdccd61","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":176,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"6b14f51f-4597-492e-b7f2-1684e36507fa","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":176,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"4e2dcac6-573a-4133-a39c-28a4e300a2d8","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":176,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"2ba0aa94-9450-46d5-91d1-9fe155677273","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":176,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"9b9e29bd-6958-4f8a-aa95-34231c436c7c","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":176,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"5467bb67-542d-4736-8079-7b53a1e59b28","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":176,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"a4f76aeb-903f-4411-b341-59b071785fd4","block_type":"box","text":"(5) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mod","page_number":176,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"ed57313e-f4cf-49f7-bfb6-63da6e30fc3f","block_type":"box","text":"el that","page_number":176,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"0fd600dc-e743-4965-9fd8-6fcde0a521e6","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":176,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"ec2867a0-d08f-4f99-81fc-790ac8e6e735","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":176,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"a66398a3-a11d-45e9-b717-c68ab611999e","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":176,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"b331a296-8ea4-4c88-b40e-5820188327da","block_type":"box","text":"e","page_number":176,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"624fc4e6-6d41-441b-8e03-9701e9813558","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":176,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"8fc25bd3-2bca-4d1b-9a79-92991befb2a6","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":176,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"94dfb5b7-1945-46c5-bc1c-22865ba79402","block_type":"box","text":"onsider","page_number":176,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"c6762eb8-653a-4b91-8b91-03682f8245c0","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":176,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"3a0ade7f-3251-4880-87dd-b2a977a643b2","block_type":"box","text":"A-13","page_number":176,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"53d99c89-74e1-4155-971b-262f8b83bc57","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":177,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"b8d8e4a9-2340-40d1-9871-3397132bd781","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":177,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"14588f64-1aa2-4f6f-ad96-bbdf4b5abfbd","block_type":"box","text":"investment.","page_number":177,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"7729467b-1d67-43e0-b13a-bc069f8f6c9d","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":177,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"fcc0b7df-7001-436b-9e67-03589192da10","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":177,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"c50b4580-df92-459f-8f76-0f3baf6a6048","block_type":"box","text":"Key stakeholders","page_number":177,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"6dfa5895-b632-412e-84ad-42fc3894aed8","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":177,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"c98e7752-f3e7-4afe-b5c9-aa186a5db63c","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":177,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"00bd70db-0f1b-456f-b1dc-be12b8732dd1","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":177,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"fab874b7-0ecd-4359-84a8-75d456bacf9a","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":177,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"fb607a98-7b0f-4582-b54f-94ee861222f4","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":177,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"fb476b54-467c-4ea8-8b06-51cc26c037e3","block_type":"box","text":"be financially resilient over time.","page_number":177,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"83e7d9d2-fde1-4fb9-9234-1d70f408f594","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":177,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"3e6a4f54-9731-4a36-84af-6bea491da678","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":177,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"9bae125b-ffa4-4996-90a0-cd724518ebbc","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":177,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"42f8d712-a9ad-43fc-bba7-513af9e23f2b","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":177,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"9d04fa58-bd51-4db5-b228-c37fc4510880","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":177,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"ea8edd1a-f94e-4e6d-b2f4-1e34ac13f465","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":177,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"53680f16-13f7-4841-983b-8ddb60c4fd42","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":177,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"27a4d724-b580-4ff8-9161-0bab4a473c89","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":177,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"aacda35e-6dae-4f66-92cb-60a39ca2af44","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":177,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"d5195fbf-7d53-4644-a5e9-17d3c3657d2f","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":177,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"831fb0b7-e2d5-4ab1-814a-c60af52672b1","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":177,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"756df7c4-aec4-48d4-8eca-7173206a75ea","block_type":"box","text":"These disclosures should include an explanation of the decarbonization scenarios a company is using in its near- and long","page_number":177,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"6da4aeb9-fd9c-4276-a841-2a890172e3cd","block_type":"box","text":"term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets","page_number":177,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"b913faf0-f37a-40c7-b9f0-9dad0b4d7cdb","block_type":"box","text":"for scope 1 and 2 emissions. As with the BAIS benchmark policies, we consider the climate-risk reporting standard issued by","page_number":177,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"e6f7285d-3f84-4542-bbf2-9d8af5aac8cd","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":177,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"fc95496e-d291-4eef-97ff-6a865c559e7b","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":177,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"83bd9555-7fa5-4672-8b66-55b9585ee7cb","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":177,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"c8fcb645-0248-4680-a791-818d1acba2d9","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":177,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"4a9524e9-74ef-4d20-9729-3fb4293fe51c","block_type":"box","text":"carbon transition strategy and targets that the company does not currently provide and that would be helpful to investment","page_number":177,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"1fc3dc60-ce2f-43b1-9e7b-4f116725f457","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":177,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"11ee6fa0-afe2-4d2b-89bd-3bffc87c05f7","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":177,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"cd4808a4-e882-4872-a2cf-4754af42dc6b","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":177,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"489d6176-e060-45a9-b275-37cb754c4023","block_type":"box","text":"Oversight","page_number":177,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"d8f70b82-7efd-49c6-98fc-b692ba594847","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":177,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"4967ab40-6895-4927-96eb-86bf3c090407","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":177,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"e261590f-941c-45cf-a89b-40453075a63b","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":177,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"b026b916-a73a-4ee6-9c50-297f06df1de6","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":177,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"a11accaa-c4c6-4b14-a2d4-4a90a89c3b6c","block_type":"box","text":"reporting lines, and oversight.","page_number":177,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"01aad51d-d341-424b-b14c-d49f1a9e9352","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":177,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"eaa84f4b-5bc0-4ee5-9c24-27e4370ce469","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":177,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"f463600b-233f-4fb9-8824-ce72e7325806","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":177,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"9d9530fe-61ef-475a-aaaa-fa61e9b15468","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":177,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"eaa8041e-6b59-46cc-8cfd-61be7e82541c","block_type":"box","text":"the relevant active equity investors.","page_number":177,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"8f9938f8-d762-4654-8560-9af72924b68d","block_type":"box","text":"A-14","page_number":177,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"0e3f7c33-6ae1-4b4e-8f59-0c81283bcb2a","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high-profile votes","page_number":178,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"86c7c761-46c0-45df-8190-e8dbd1e2328f","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":178,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"7af1ccba-55d6-4123-80f4-1fa602c490b2","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":178,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"5e085ce3-7abf-4b06-a7ba-c06497367314","block_type":"box","text":"part of its annual review.","page_number":178,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"82c562fa-4105-4668-b083-363db32bc1e6","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":178,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"ec2ba818-2e6b-443a-9fe3-bb7b32ddc513","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":178,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"42eeef2f-11fe-4a03-8225-b81c0af50284","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":178,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"ae7fa0e6-1325-40c4-b35c-4d4feb64b39a","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":178,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"8a0f8490-48c8-4f3b-beea-cb60dd2b1285","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":178,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"e9255af8-410b-4bd0-9dcb-39f99c9106eb","block_type":"box","text":"Voting guidelines and vote execution","page_number":178,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"66700694-10ac-4fff-9e43-852d2648052a","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":178,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"f7db3c14-9f86-4407-8896-8286891c4126","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":178,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"c526d939-03a8-43b7-ab03-81ae37ff49c0","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":178,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"3b31b1fc-4a79-4d9c-9678-04ba43e84209","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":178,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"d2f7b8e0-6179-4fa3-a11d-5b6dea7e8b40","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":178,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"ccd9e0bb-14f9-473f-881a-3006fab44a93","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":178,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"a3f860a7-362f-425c-a22f-b1660aedced9","block_type":"box","text":"below).","page_number":178,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"994b6ad1-e853-4b35-914c-35c4f2ab2ed2","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":178,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"1f4ee8f0-21e9-45d6-8094-18407ad392f9","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":178,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"d0d4c435-20f5-4f4d-b66b-3e6ff932d22e","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":178,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"9e5b80b8-11ac-45e7-8cc1-ffbe7af3d4a5","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":178,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"639c7d4f-1263-4e0a-8b49-c0877f26fe6a","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":178,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"d99db4c9-2ab6-4b4e-b5d9-6246df3922d1","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":178,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"fad4053c-56b1-447c-b15f-9418340d1c94","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":178,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"d9b81f41-6aa9-4f93-9b3a-932a16796e1a","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":178,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"946c8a53-97c9-454e-9467-518cffc8084e","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":178,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"6b9c5364-9381-4c61-9103-d53f9053a5f5","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":178,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"1639e28c-2756-4813-9348-06dde856feab","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":178,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"2765422b-6bc3-4475-bf23-42f8e66346f8","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":178,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"4ab95ce5-1c83-4667-9f56-fe54708a62bc","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":178,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"c9a30071-4912-4529-9c97-e620c2019883","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":178,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"4d03efaa-b477-4832-8bcd-d7a817042c27","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":178,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"05df46b7-913b-4a82-8cde-f76a0f7ca66b","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":178,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"e355661f-0b23-47e3-96cd-1b3a6cd0f4e7","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":178,"box":{"x":89,"y":611,"width":807,"height":12}},{"id":"93c52689-de43-406d-910d-240d2cbc440f","block_type":"box","text":"burdensome administrative requirements.","page_number":178,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"14aab650-a86c-4742-8b78-d8cdb77c2d1c","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":178,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"e5d03e54-1f87-4e6f-bfb5-1233ce46c8d0","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":178,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"11d0d691-0dd2-4521-bf24-89cc3fe01b59","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":178,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"08f3e302-2206-4786-827b-48db8ae866ac","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":178,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"376a977e-64b9-478b-996e-7eaae8a7c5fa","block_type":"box","text":"Voting Choice","page_number":178,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"3b3530a0-a6b6-4981-9f95-cca69c91126e","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":178,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"cb3990a1-c3f3-4d61-a0ce-1b0fa67b636d","block_type":"box","text":"voting process where legally and operationally viable.","page_number":178,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"af9c1249-f3d9-4c19-a5c3-119198344b11","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":178,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"47d51fef-e027-445b-95b6-35c8638af79b","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":178,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"353a55fe-67eb-41c7-959e-eba9b7b22959","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":178,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"f6f3b886-34a5-4784-9109-b5da49ef65f3","block_type":"box","text":"(6)","page_number":178,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"5d4c98c7-5498-440b-bc87-865c0532072b","block_type":"box","text":".","page_number":178,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"f89543e7-d1ef-496f-998a-ce6a1ec84e49","block_type":"box","text":"(6) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with th","page_number":178,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"eac7130a-d0fd-412e-ba0a-b4d360b45c7f","block_type":"box","text":"eir","page_number":178,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"9d56dabf-46b6-44fb-ab22-f50044349278","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":178,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"39bee585-6c3c-4845-963b-2c3ca606373a","block_type":"box","text":"A-15","page_number":178,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"35972b46-1839-48cc-a6b2-d8f868249a0a","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":179,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"1a30a18e-2a82-4677-ae9d-415fb12793f8","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":179,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"3f202a5c-0682-4ef4-9805-4e19f317f98c","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":179,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"1020a9c3-9862-45a9-bff5-b2a66cad78f7","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":179,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"8b87d147-4b99-413b-aecd-3681f79aafa1","block_type":"box","text":"without client consent.","page_number":179,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"b9a13561-caed-4700-8e43-269c682db156","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":179,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"0ab23e83-9ec0-4230-827b-a7e5a80eba55","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":179,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"8f154c79-e64a-423e-8faa-1cb90ec08f46","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":179,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"dddc3f09-f7e0-4c1c-b8b0-ade1d7b50820","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":179,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"3f889a93-9fb3-459e-a4e0-bd9c41efdeae","block_type":"box","text":"Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although proxy research","page_number":179,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"42cdc98d-7d77-45ad-88b0-ee8aa3b4ec26","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":179,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"f140c799-7110-4397-8672-500f1aabe983","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":179,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"72e1c391-2f03-4067-9ccb-f9c73abc0919","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":179,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"7d494847-ef64-4e3e-91af-df6ce233dbd2","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":179,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"81085925-f7fa-40f1-bc61-cd06647ce555","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":179,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"e9b30eb0-e612-4e6c-8966-883a4a153933","block_type":"box","text":"agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the","page_number":179,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"bbc380b5-1c7d-4728-a72b-f664832ae212","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":179,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"77d10e11-da82-41b6-ab60-cac451961df9","block_type":"box","text":"any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research","page_number":179,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"c1020dc8-0ff6-4c06-9267-132d78491aa6","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":179,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"d8fd3169-2204-477d-9b07-8ae88729b918","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":179,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"4d42cb57-8fe3-44db-9ed2-96ce4f3658d1","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":179,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"8adc44d7-847b-48b3-bdf1-091c10854381","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":179,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"3cea9640-83e7-458d-97b9-9a266c25fa4a","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":179,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"5fc24fa2-2c32-4ffd-9953-f4443d452de5","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":179,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"971d86a7-ce95-41aa-818e-1af19ff7cce1","block_type":"box","text":"Conflicts management policies and procedures","page_number":179,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"f82546e2-5cd4-41cb-82c4-b1b0df462f02","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":179,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"1f8cb836-f907-447d-a3f8-5311f1d995af","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":179,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"479067c0-5195-4f79-80d5-73d92e65a1bb","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":179,"box":{"x":89,"y":520,"width":855,"height":12}},{"id":"4dd8b402-f4a9-4108-9ac0-c22838f83697","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":179,"box":{"x":89,"y":535,"width":459,"height":13}},{"id":"23fd8f94-3df0-49ea-b8cf-291922ff7ba5","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":179,"box":{"x":121,"y":555,"width":676,"height":13}},{"id":"11cbc269-2213-4f20-bea1-e16d65d52640","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":179,"box":{"x":121,"y":576,"width":781,"height":12}},{"id":"5e072864-b2e9-4b8a-bf6f-90acd8bdbcfe","block_type":"box","text":"resolutions","page_number":179,"box":{"x":154,"y":591,"width":76,"height":9}},{"id":"8b4cdc8a-5173-4b85-9b3c-1123ab152830","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":179,"box":{"x":121,"y":611,"width":785,"height":12}},{"id":"e5d22af1-38b5-4cb7-8cb6-8c37987f70e2","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":179,"box":{"x":121,"y":631,"width":780,"height":12}},{"id":"45f91343-de10-47fd-81be-224f4514a728","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":179,"box":{"x":121,"y":651,"width":714,"height":12}},{"id":"68506699-cd70-437a-b694-c2876b6e4c56","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":179,"box":{"x":121,"y":671,"width":801,"height":13}},{"id":"c0fab6f3-ec0b-42ea-a846-b9cac39037fe","block_type":"box","text":"managed by BlackRock","page_number":179,"box":{"x":154,"y":686,"width":162,"height":13}},{"id":"191a2d87-bac1-456e-8225-a17cadc46a19","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":179,"box":{"x":89,"y":713,"width":839,"height":12}},{"id":"1845b390-516d-4974-9102-69305939f18c","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":179,"box":{"x":121,"y":733,"width":838,"height":12}},{"id":"6a8b210d-e5f9-43d0-b22f-d2478b91306d","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":179,"box":{"x":154,"y":748,"width":294,"height":10}},{"id":"8f038280-6060-43c8-a120-f59be1faa4c7","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business","page_number":179,"box":{"x":121,"y":768,"width":835,"height":13}},{"id":"9ab005dd-84a3-4295-8850-3ed535bb22bf","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":179,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"9998508a-3d22-43c7-afad-d9d1af4c5493","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":179,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"3cde923a-f4b9-4f8e-9437-a1dfb6ba41b8","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":179,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"753ccf13-43bf-4b30-a36b-b1c3356241ea","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":179,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"70c47e96-66bd-4a01-b404-06c21a79e83a","block_type":"box","text":"a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for","page_number":179,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"e0d4e6dd-965c-44ab-a1d9-5adaea1606a2","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":179,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"1e2465d9-77ea-4a8e-9ca0-28c3ed1044e5","block_type":"box","text":"A-16","page_number":179,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ff94c9e2-2d15-4ecd-9a2d-682ab425e99a","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":180,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"27b0f8f7-0277-4dc7-a67b-3d93c9f63638","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":180,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"afbd8062-1f5d-4c8c-b5f0-04818ece170f","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":180,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"34e5befb-9718-443b-ba60-96d09d3ff54c","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":180,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"e091a3f6-87cd-4b56-a40e-3ab8ce51ee42","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":180,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"7dcbcdf7-6f2f-4be4-84d6-aa653a7b9acc","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":180,"box":{"x":154,"y":125,"width":780,"height":12}},{"id":"d5365133-7cba-48c2-9754-78aa2dd85470","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":180,"box":{"x":154,"y":140,"width":793,"height":12}},{"id":"45dd72a2-56f3-4743-80ba-d8f51a86640e","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":180,"box":{"x":154,"y":155,"width":799,"height":12}},{"id":"1d7c2640-869c-4b56-8731-797c2fde1d0e","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":180,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"f5c9b3f8-b70b-4406-be40-66d133d3e668","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":180,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"6129e588-1755-4f03-8aa9-8e72a2581f5b","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":180,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"fcbf14b1-33b4-4005-a7ed-d52d5798edbd","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":180,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"2a18ba72-c8ea-4e1d-9408-16ea26c0d79e","block_type":"box","text":"the board of directors","page_number":180,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"c2ca6f40-87b4-4b2b-89a5-47d472c35813","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":180,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"b699e949-17b2-4086-9862-2b3378363bb0","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":180,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"f2be6178-05ae-475f-b0cc-8e84ad52f053","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":180,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"01b51b43-a9ba-4166-a1b8-1632d1e30423","block_type":"box","text":"party voting service provider","page_number":180,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"be146bfe-1a95-46fc-8754-5e2f47b2ed62","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":180,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"415a4e82-d5f4-4466-9a55-36a627dccc07","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":180,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"c5c098c6-dc68-4f58-9cc9-66a25ea0596c","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":180,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"bf7b90d3-4060-4033-8f7f-b3e520b9cb02","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":180,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"8065df87-5520-42c5-9aa0-d0f5ef9b0470","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Active","page_number":180,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"759f5662-d606-46c7-818f-e063a4e8d9db","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":180,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"5154bef7-30fa-45cb-8694-06d06a543f48","block_type":"box","text":"service providers, generally on an annual basis.","page_number":180,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"20542ad0-387b-4b1c-b9e3-b0216abdaa20","block_type":"box","text":"Securities lending","page_number":180,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"11d6adec-8747-406e-8069-d05c6fa1c7df","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated","page_number":180,"box":{"x":88,"y":486,"width":855,"height":12}},{"id":"bf02dd25-bbbb-4e99-ba5e-dd5a0cd71662","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":180,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"8e7f9d07-333e-423a-a90f-6da81b33f52e","block_type":"box","text":"providers to keep fund expenses lower.","page_number":180,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"658dd870-05d0-4aa9-bea3-b995467ea612","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":180,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"dfa613d1-5977-4523-8231-1bae9fa1033c","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":180,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"6ae65433-a186-4314-bb1f-88e0e1e2ba1b","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":180,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"c49681b7-f77f-4fa6-9c03-52b0bbc5345e","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":180,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"c22dbec3-3251-43a2-a9a2-07cd1172d6ee","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":180,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"8d8a47fa-34e0-4c9b-a847-8e3b31c767da","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration). 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All other trademarks are those of their respective owners.","page_number":181,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"785dbdd3-dffd-4cef-9582-1baa518b9ae6","block_type":"box","text":"A-18","page_number":181,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"b3ca272e-726f-4cf5-abf0-7190a0a97447","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":182,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"68948130-0ac1-4991-a5a9-4a1ecea94a0a","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":182,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"cc525bad-ac1b-4ec1-89b1-22a8fe4726d6","block_type":"box","text":"Effective Date: January 1, 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to the principles outlined in this Policy, as part of BlackRock’s authority","page_number":182,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"a948359b-ec7c-4d99-8565-bf0206433d18","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":182,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"315a40be-6216-4123-8730-e41bf62a130f","block_type":"box","text":"agreements.","page_number":182,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"bea3bb08-7313-48ea-962e-437e14573d84","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":182,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"b54f9434-fbd2-4ea1-98b6-bb992555f452","block_type":"box","text":"amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for the iShares","page_number":182,"box":{"x":89,"y":549,"width":843,"height":12}},{"id":"5ab75cc8-5427-433a-a24b-c1d139ca4acf","block_type":"box","text":"Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to time amended, the","page_number":182,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"39de4686-0312-48f9-9f41-2e71c6322d69","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":182,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"3ac75b8d-5f27-42c3-b483-0696ecbc0c5a","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":182,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"12c61d9c-d752-4a8f-9d2e-6fa3e528359d","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":182,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"dda2a645-8b8f-4698-bace-e00240a3d78b","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines and the BlackRock Climate and","page_number":182,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"b787e1c6-8237-4f37-ac1b-0861f9b350f4","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":182,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"175265f5-d966-4b91-87eb-83f237903179","block_type":"box","text":"Conflicts Management","page_number":182,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"1ec460a2-43d6-4db8-a08c-38ae90a0e961","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":182,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"4adf54f7-7e73-49bf-8bac-fcb0b9c265c9","block_type":"box","text":"BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of proxy voting responsibilities.","page_number":182,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"39ca2401-1fe9-4d69-bbc1-8e2ee0d37209","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":182,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"58a88211-6417-4bd5-9b91-6b29d256d526","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":182,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"f5b94d0a-8171-40e6-a36b-f50a64c33513","block_type":"box","text":"employees, or a Fund or a Fund’s affiliates. BlackRock has taken certain steps to mitigate potential conflicts, which are","page_number":182,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"395e39e9-4a19-4001-a0c7-3fbbafa2b720","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":182,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"2d8071e8-d32a-4846-b2a4-6f8df54a902e","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":182,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"c1703ee0-7a83-418e-9961-0dc0fdd3c998","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":182,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"856fa07c-9d8e-4da0-9749-f88477235011","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":182,"box":{"x":89,"y":836,"width":452,"height":13}},{"id":"a0526f52-1c76-42a6-a1b6-4d80bc18dd5b","block_type":"box","text":"A-19","page_number":182,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"17638816-598d-455e-bded-3dbf30bd4964","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":183,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"942449a5-9611-4e95-9c6f-07a9dc0853d8","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":183,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"6b3591c9-fb69-4566-bd7d-d0468ccc6174","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":183,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"5e0596eb-1d73-4542-aca8-8f4b76a00bef","block_type":"box","text":"Reports to the Board","page_number":183,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"9ea2a84d-7814-4f10-af1e-285850f66c7a","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":183,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"7cf8f2c5-74de-4ec7-9363-a6ccc2b705a3","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":183,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"8307c314-1cb6-40f2-b570-184d8871835a","block_type":"box","text":"Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable (2) any material changes to","page_number":183,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"82fde746-71e0-4957-99eb-008c3f595d37","block_type":"box","text":"the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, including material changes to","page_number":183,"box":{"x":88,"y":172,"width":826,"height":13}},{"id":"0c662c66-6ad8-4f39-bda6-10ed12617a38","block_type":"box","text":"conflicts management practices, that have not previously been reported.","page_number":183,"box":{"x":89,"y":188,"width":507,"height":12}},{"id":"ea03b8ae-b24a-4480-a49a-c0c2750ffdbd","block_type":"box","text":"Appendix A","page_number":183,"box":{"x":88,"y":214,"width":85,"height":12}},{"id":"1c956203-449c-4532-9a2f-f4230ecee82f","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":183,"box":{"x":89,"y":240,"width":380,"height":10}},{"id":"9565e2a5-071b-4192-b4af-e29e945403c9","block_type":"box","text":"iShares ESG Advanced MSCI EAFE 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":184,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"5611e9ef-99ff-477d-aebe-1145a4c16034","block_type":"box","text":"Conflicts management policies and procedures","page_number":184,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"b16b0e29-5991-4474-bc11-64c863405403","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":184,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"e89633bb-316a-4e0d-a793-25dfc636e38b","block_type":"box","text":"Securities lending","page_number":184,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"2111d734-5746-4021-a23b-8abf8859d8ec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":184,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"b409e9a6-3c37-44ae-bc83-227fc95ad6f8","block_type":"box","text":"Reporting and vote transparency","page_number":184,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"fe4da193-4daf-4262-a883-be4356705027","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":184,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"52ea4a9a-3d23-488b-8e32-6a7af7cc1b20","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":184,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"6d3d34a9-df7b-4781-a784-09bc34467a3f","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. 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Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":184,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"824b429e-6a1e-4ad6-9c83-da53d5a47c62","block_type":"box","text":"voting decisions.","page_number":184,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"6ecf4199-b111-4a79-8c16-79f721826f48","block_type":"box","text":"(1) BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality-based approach and are focuse","page_number":184,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"dd82f040-9d03-46d4-b8a4-4a19ddc5471f","block_type":"box","text":"d solely","page_number":184,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"46c8c298-38e6-4df5-bcad-639364e1fd14","block_type":"box","text":"on advancing clients’ financial interests. BIS’ Benchmark Policies– comprised of the BIS Global Principles, regional voting guidelines, and engag","page_number":184,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"c0a7fd25-abc9-4233-a552-01d0fc92e553","block_type":"box","text":"ement","page_number":184,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"1029dd74-f7c6-44fc-bf32-eb2f5239485a","block_type":"box","text":"priorities – apply to clients’ assets invested through index strategies and provide guidance on our position on common corporate governance matters","page_number":184,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"df2022d4-08c4-4d9f-af48-9aace654488b","block_type":"box","text":".","page_number":184,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"e20f7ad2-2acb-4ae3-ab47-447d38187de7","block_type":"box","text":"We take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate. BlackRock offers a wide range","page_number":184,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"7a4fe4eb-8b03-4d74-9fdc-ca1b3654d830","block_type":"box","text":"of investment products and funds to support our clients’ unique and varied investment objectives. Other materials on the BIS website might also pro","page_number":184,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"ee2dad61-f8a4-4820-b4c1-f6a91b0a565b","block_type":"box","text":"vide useful context.","page_number":184,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"7d453bf4-85b7-4d50-a2d0-1c27c986adf2","block_type":"box","text":"A-21","page_number":184,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"5da90e60-e8b7-4323-b7a9-2c848d9e6579","block_type":"box","text":"2. 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Reporting on our activities to inform clients about our stewardship efforts on their behalf through a range of","page_number":185,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"80d9f5f5-4828-4d2c-9041-764138c1fedb","block_type":"box","text":"publications and direct reporting.","page_number":185,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"7cd67b62-445c-48e8-8726-537e7543eff1","block_type":"box","text":"Philosophy on investment stewardship","page_number":185,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"8a39cbc9-7f76-4f6a-853c-266be0c64d1e","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term financial value","page_number":185,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"828f4b74-85c6-4e39-9890-7f88004baf88","block_type":"box","text":"creation. 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Our role, on behalf","page_number":185,"box":{"x":89,"y":254,"width":877,"height":13}},{"id":"915fca5b-2598-4832-8847-38da408c89e7","block_type":"box","text":"of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is managing material risks","page_number":185,"box":{"x":89,"y":269,"width":851,"height":13}},{"id":"64d9607c-1b8f-4368-90a8-3ee95da8e542","block_type":"box","text":"and capitalizing on opportunities to help protect and enhance the company’s ability to deliver long-term financial returns. We","page_number":185,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"c55e424c-d55b-4684-afb7-6d2fe7e04848","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":185,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"761fe14e-ac41-4b3b-9247-bb6ade4e91ae","block_type":"box","text":"Shareholder rights","page_number":185,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"99a30c57-ba28-4272-973c-892966704c4b","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":185,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"9089d71c-6c7b-43a9-989b-f841d7b6e2e0","block_type":"box","text":"Shareholders should have the right to:","page_number":185,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"2d191151-a53d-4626-b4b1-70a8ce14cb49","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":185,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"24828ef0-f62b-4bdc-b90b-efcc551dadbf","block_type":"box","text":"laws.","page_number":185,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"fcea2e23-7317-4d3b-9e3c-750b66e02cba","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":185,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"75aff239-c42f-4574-b249-f045713d64c6","block_type":"box","text":"to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income and capital","page_number":185,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"ccc1a2fc-f033-4280-b633-51b56c764aa9","block_type":"box","text":"structure.","page_number":185,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"c3ecc980-d2d9-4333-94ad-411c24ff3ceb","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":185,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"ae222e26-40a5-4f6c-9824-f192e074fa5c","block_type":"box","text":"decisions.","page_number":185,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"6f401c61-536d-4cb2-800f-ac451a2b76c5","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":185,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"ec77c71f-0fcd-4c76-86b7-99ce655da830","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":185,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"73356d31-5289-48a0-aea3-57e257d96186","block_type":"box","text":"Stewardship in practice","page_number":185,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"6944704b-d69c-4701-a84a-1fe9343c3c3a","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":185,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"0fc2a269-3398-481c-8d17-c05d07a16e39","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":185,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"db02fc28-cd71-4860-8964-35b13a5d1893","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":185,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"4da51185-cd91-4be7-bd32-cdf536a393a5","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":185,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"fbd7419d-3399-4b3c-b617-cae2b0ac0dac","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s management or","page_number":185,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"bd14fd4c-85cc-4dfb-95ce-17152a292078","block_type":"box","text":"its shareholders. Voting is an important mechanism for investors to express support for, or concern about, a company’s","page_number":185,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"fc3c15d3-d8ff-4925-b67b-1eefd5772822","block_type":"box","text":"performance and most of our clients authorize BlackRock to exercise this right on their behalf. For those clients, and as a","page_number":185,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"09397587-af38-4850-9e54-19e7d73a858f","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":185,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"ea8e9dc9-b22d-42b8-a54b-4320994d56ec","block_type":"box","text":"investment objectives. BIS does this by casting votes in favor of proposals that, in our assessment, will promote stronger","page_number":185,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"468d44a2-b8e4-43a1-9f80-84d42ffed49b","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":185,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"4252a647-8274-43bb-9f61-6b4c561d177d","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":185,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"600b29e9-8aa6-4d4a-bb65-f6fd6819002f","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":185,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"438e2733-0f48-4a3c-be42-013752408b30","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":185,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"8e8718d1-0d24-4691-a541-33a4a7fff45f","block_type":"box","text":"majority of our clients. An engagement is a meeting between BIS and a company’s board and management that helps","page_number":185,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"c4ba2115-4f54-4c78-8d5e-80a3102f9924","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":185,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"a115a0ee-51b2-4387-9713-4c012b75dc40","block_type":"box","text":"(2) PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set High-Performing Companies Apart”","page_number":185,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"34434eb2-2df7-471e-a6de-29cf42da4e6a","block_type":"box","text":",","page_number":185,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"0678d83a-6573-4321-ad26-c63c36c16714","block_type":"box","text":"March 2024.","page_number":185,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"d015a6eb-7542-4832-bc0d-49ed5d18a4f8","block_type":"box","text":"A-22","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"f865b80c-0b35-4435-86a8-dbe228f7038c","block_type":"box","text":"decisions on behalf of clients who authorize us to vote on their behalf. In these two-way conversations, we listen to and learn","page_number":186,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"b53e63cd-f0b8-4add-b4fd-0595005d76e5","block_type":"box","text":"directly from company directors and executives and ask questions relevant to their business. Either a company or BIS can","page_number":186,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"18aa88ad-1b43-42ee-9e76-719d6eb946e2","block_type":"box","text":"request an engagement. Many of the engagements are initiated by companies to discuss their long-term strategy, risk and","page_number":186,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"9b844c24-4c9f-48d9-a661-01cfb8ce6af0","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":186,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"5b2db416-f50d-4486-afc5-04b154f6b04b","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":186,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"7329fc4f-e13f-425a-829a-157d4b3f0b83","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":186,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"7c198a4d-6a19-476d-b0f7-960dceac3168","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":186,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"68ab9854-91f5-4e3f-bb78-f38b324759b4","block_type":"box","text":"typically raise these through dialogue with board members and management teams first. When we determine it is in our","page_number":186,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"918c9718-e2bf-45a0-8ae3-25fb207528d5","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we do so in two forms: we might not support the","page_number":186,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"e6bf76ee-67ed-43ab-9099-badeaeb99418","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":186,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"7fb6f20a-cf3c-4709-b8b7-55c4986907d6","block_type":"box","text":"shareholder proposal.","page_number":186,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"aeff4b82-06ab-406b-97d8-7091913e67b0","block_type":"box","text":"Key themes","page_number":186,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"660fde74-541f-471b-ac1c-bcf9eea2ac1d","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":186,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"bc5b5e10-ddb8-44a6-9bb0-8ac31cce9800","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":186,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"84e4c4c4-2003-455e-91c6-6f2084e73b70","block_type":"box","text":"long-term financial value for shareholders. These global themes are set out in this overarching set of principles (the","page_number":186,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"826a7738-bfea-4f2c-9c4d-18ca044a6d8a","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":186,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"edc50285-9331-4496-81c7-3bcb65d8a08a","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in their domestic","page_number":186,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"2fa6a6e1-219a-465f-9f73-798e3310dda9","block_type":"box","text":"market,","page_number":186,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"d0adfbba-1d3c-4c2e-b9b5-ee586dc232a9","block_type":"box","text":"(3)","page_number":186,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"500991ac-b924-4ad5-ac00-ba39cadbad11","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long-term financial value","page_number":186,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"5aae55c2-4b1c-4c2c-88b9-7d2e5d8029c2","block_type":"box","text":"creation.","page_number":186,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"59c3883d-3fd0-4c42-9e8c-284c49d2da18","block_type":"box","text":"These Principles cover seven key subjects:","page_number":186,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"9b038cec-2a02-4060-a1be-b1cb7a760bae","block_type":"box","text":"• Boards and directors","page_number":186,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"5c267952-cd9d-431b-bd02-83cd17333200","block_type":"box","text":"• Auditors and audit-related issues","page_number":186,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"b62be48b-1257-4b91-9db8-8cc35135d404","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":186,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"8cf011ab-a5eb-4197-b733-e4a8840217ca","block_type":"box","text":"• Executive compensation","page_number":186,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"dd587fb0-4d8f-44d7-a94b-aff5e7023d8b","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":186,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"4571a924-b91d-468c-82d2-aacace3feff5","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":186,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"3e18cee1-6db8-4142-9b95-75caa91ca7e0","block_type":"box","text":"• Shareholder proposals","page_number":186,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"04830e0f-c292-4a68-9a0f-427a97e18fda","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":186,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"7c26bffd-ecf3-4c18-b24f-c2f23ffc4e4b","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":186,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"16986e05-a87e-4f41-ae5a-ff2a6fdbd60a","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":186,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"7ea856b8-bff3-4ac8-9591-54c1bc56e494","block_type":"box","text":"they are relevant, as these can be a source of material business risk or opportunity. Collectively, these BIS policies set out the","page_number":186,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"4b3d9fe8-34bf-4bb2-875e-05818e6da90b","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":186,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"e4bcfbdf-3001-4f8f-b453-b69a0d4bbaba","block_type":"box","text":"BIS policies are not prescriptive, applied on a pragmatic, case-by-case basis, taking into consideration a number of factors,","page_number":186,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"704e73b4-9966-4575-83a3-a579e517d1f2","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":186,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"400098fd-0482-48a8-a724-d41a5ac1e0ef","block_type":"box","text":"Boards and directors","page_number":186,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"04672528-6b45-4f60-bfe5-8c4d6e8225e5","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":186,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"11db065d-3bef-4e47-8cf5-ceed0a65a845","block_type":"box","text":"relevant to a company’s business enhance the ability of the board to add value and be the voice of shareholders in board","page_number":186,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"31b6f04f-08d4-49d7-b48b-25dc6dde43bc","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":186,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"1ad9b8f5-728e-4eda-9a39-85c4cf6a3004","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":186,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"ae25b5a6-fd31-4c61-8259-d45ac7b73a4d","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":186,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"c4022d5e-2933-4c37-a5dd-29b0a8153d7e","block_type":"box","text":"company. This is why our investment stewardship efforts have always started with the performance of the board of directors,","page_number":186,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"e9b22761-2202-4f0a-b99e-105b4ad76acd","block_type":"box","text":"and why we see engagement with, and the election of, directors as one of our most important responsibilities. We engage, as","page_number":186,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"e5aa1a7d-ea26-4e47-a426-9c3436784810","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":186,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"77182772-807d-47cb-bdd7-80d6758bc727","block_type":"box","text":"(3) Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and norms. Depending on the market,","page_number":186,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"2d7281b7-cac8-45ee-b98b-008d5562fc01","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":186,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"31d2dcfc-4713-4071-9b27-7be6e3d70022","block_type":"box","text":"A-23","page_number":186,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"9ded4597-e6aa-4ec9-986d-ba9a38598da8","block_type":"box","text":"and board composition are appropriate given a company’s business model and we take into consideration a number of","page_number":187,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"7a46aca1-4ef8-40e7-bf0e-0ae7b272a1f3","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":187,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"25ef6dd0-6962-4e3a-bf26-7db80c2e6894","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective governance","page_number":187,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"fc46203f-f99a-4982-a330-c269b932b1a1","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":187,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"a7020c40-7539-48f4-ac06-9f823a6553e0","block_type":"box","text":"interests of investors. There should be clear descriptions of the role of the board and the committees of the board and how","page_number":187,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"2d898f40-8b3e-4ed3-b5a3-2eb9774c2d9f","block_type":"box","text":"directors engage with and oversee management. Disclosure of material risks that may affect a company’s long-term strategy","page_number":187,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"b043c6c0-1a17-4ca3-b5ed-54634d2e849b","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":187,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"7bf17ef2-106d-45d1-8724-fb2a554dcb6f","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":187,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"65019bae-0557-41e2-9271-7c97bd4f9012","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":187,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"2eb6c954-10e7-4a08-9aec-e3ad66e74bd4","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":187,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"467a9d2d-a745-40eb-a649-e50303522da9","block_type":"box","text":"disclosures provide a detailed explanation of the changes and an indication of the board’s role in reviewing the revised","page_number":187,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"97988a81-c577-40c4-b1ca-5b8f5519ad67","block_type":"box","text":"targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business","page_number":187,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"4a0f50d4-f806-4e66-8e8d-59bdd3b6fe40","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":187,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"1e894ffe-77e8-4dcf-8f1a-aa55cab2165a","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":187,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"ea883e3b-b126-4d99-be40-84bcacf72dca","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":187,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"ee227e8b-8900-4be2-8490-1691a88725a7","block_type":"box","text":"particular responsibility for the issues. We assess director performance on a case-by-case basis and in light of each","page_number":187,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"f8a7ca9e-2702-4bf4-a18c-108af0ad3301","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":187,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"38a0a676-78b2-4ec1-acef-b9b951dd554e","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":187,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"d5933eaa-c204-4aaf-b580-1fb33164f9fe","block_type":"box","text":"Regular accountability through director elections","page_number":187,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"ae43bfc0-6cd9-421e-88d9-92671466ed05","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a regular basis,","page_number":187,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"a40b83a0-7120-47c2-ad24-bfae6ddd0317","block_type":"box","text":"ideally annually.","page_number":187,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"d99c13e0-da05-426e-9acb-2c5d43c46791","block_type":"box","text":"(4)","page_number":187,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"f9a45923-da80-472e-8883-6fda77d5b9bd","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":187,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"8ad6a606-6abd-470f-a93a-1239f3d4557a","block_type":"box","text":"them accountable for their decisions in a timely manner. When board members are not elected annually, in our experience, it","page_number":187,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"6eb3802f-58c1-4768-9390-987b69f9cd30","block_type":"box","text":"is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their","page_number":187,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"e9b3738c-c29e-455b-b50f-e020a24d1beb","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":187,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"eb517df9-5b08-41c8-b2f4-79ecb8d1803a","block_type":"box","text":"Effective board composition","page_number":187,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"7e613a1a-3016-4f26-b013-3347780d48af","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":187,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"a005794f-9c34-497d-a1c8-ebd99987d1b0","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":187,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"64251475-df4d-4ddf-bd27-ffb2fa1b6d17","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":187,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"1a410031-d2df-4453-8209-ff2e423a3363","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":187,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"91b5ce04-3e12-42d1-9a5d-715e233b1fd1","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":187,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"9d53c5d1-e7da-40a9-968f-4d872012b431","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":187,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"6a27a8ae-7fcc-487b-b883-02f313ed5551","block_type":"box","text":"nominated for election in the context of the composition of the board as a whole. In our view, the company’s assessment","page_number":187,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"e7e97e24-62cf-41fb-892e-915d456f107b","block_type":"box","text":"should consider a number of factors, including each director’s independence and time commitments, as well as the breadth","page_number":187,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"043411f7-42a2-4984-ad14-dfb78803cffa","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":187,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"9fc19f26-a831-4e34-bf49-2b1797cc9104","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":187,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"6b29b344-2e61-4b13-a2f9-aa339e5fd556","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":187,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"28cfd621-dd2b-4278-bd30-3a0385bfcab8","block_type":"box","text":"corporate governance across markets.","page_number":187,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"72ecaef9-e31f-443d-9102-1718908c103c","block_type":"box","text":"(5)","page_number":187,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"daf4fc37-4f2a-4f64-aa6c-815f4bab230e","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":187,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"16ecdd0c-debf-4655-8e21-6918afa59567","block_type":"box","text":"from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board and its ability to","page_number":187,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"62d21b70-b175-4d73-bf9f-8190fa354e7a","block_type":"box","text":"oversee management. We generally consider it good practice for independent directors to make a majority of the board, or in","page_number":187,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"fe51e66d-fd6d-4265-9fbe-b6bde70f28e6","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":187,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"882bd9ed-1aae-42b9-b04f-35896f8f2feb","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":187,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"5971a683-2a00-4eb7-95c6-d08ece7e2a1a","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":187,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"0c3eb209-64b4-4e67-bbf1-0a76461238d1","block_type":"box","text":"(4) In most markets directors stand for re-election on an annual or triennial basis, as determined by corporate law, market regulation or voluntary be","page_number":187,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"6978b478-79f1-471f-9bce-352081b28752","block_type":"box","text":"st","page_number":187,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"d2f0a9de-7837-45b6-ae37-6e15c407cff6","block_type":"box","text":"practice.","page_number":187,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"a7a0c27e-29da-4493-82f8-f0e48eed51fa","block_type":"box","text":"(5) Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting Council. “UK Corporate Governance","page_number":187,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"052fa733-43b6-4bae-abf4-44f8f61ad4ba","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":187,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"0660cbd0-1660-4f9e-a291-a9ecc6db2c5e","block_type":"box","text":"A-24","page_number":187,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"d2d6fb3b-7a92-417d-b7a3-15510335f5fc","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":188,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"dc00b636-45b5-4f31-ad63-d23f328b621c","block_type":"box","text":"• Interlocking directorships","page_number":188,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"a2cc7127-9bc7-47ba-ab58-d2e2ccc6dc32","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":188,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"e3e21644-f944-44b0-ba94-ece9a0aed85c","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":188,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"e179a9e0-cbcb-4e9d-bf51-19a4f8abb9af","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":188,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"72554231-710a-4eb8-98a9-09c7a906ebfe","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":188,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"6eecc23f-7872-48de-b2cb-4c0c14a2be4a","block_type":"box","text":"designated as a lead independent director. The role of this director is to enhance the effectiveness of the independent","page_number":188,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"6df5594a-1778-47f4-873a-0b64bd5febd0","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":188,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"6967054d-a2b1-4a40-a06c-e13b1e8c2469","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":188,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"313204b0-16bd-45e6-8a18-63e07b779e84","block_type":"box","text":"director should be available to meet with shareholders in those situations where an independent director is best placed to","page_number":188,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"4e3ebaa8-e3ce-4091-b90a-1e73a9fa6e93","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":188,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"23703101-2a22-412b-be84-6b34e3b8de57","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated","page_number":188,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"e0549b9c-a099-4903-835c-2c8bf705fbfb","block_type":"box","text":"directors or require additional focus. It is our view that objective oversight of such matters is best achieved when the board","page_number":188,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"f68aa602-3843-423e-9c29-bffcd330bf91","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":188,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"3e340b05-61f4-4542-9fb4-2bb61a08edac","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":188,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"4e46a3d5-242f-4040-8915-e6dcccde2553","block_type":"box","text":"matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":188,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"2c0835b8-644f-41ac-9254-4bc655e0213a","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":188,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"f01527e4-cdb0-490d-893c-5fee57ee0843","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":188,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"39744c54-8d53-4564-9d39-c52eb750e41f","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":188,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"cd607bb2-4a86-4a4e-b448-f742455c4592","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":188,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"c933e746-8f33-4b3f-a5fe-1d8daf98e3bd","block_type":"box","text":"well as the particular skill sets of individual directors, aligns with the company’s long-term strategy and business model.","page_number":188,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"8fc0d34b-bd9c-4b41-b242-4dd6ed9da201","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":188,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"f143442f-147a-44ec-89d9-be4694e51f17","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":188,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"12fd9627-2156-48f2-933a-eec3c5534381","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":188,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"2169ae72-cf75-4042-95ff-5928de7ea453","block_type":"box","text":"as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its responsibilities to advise","page_number":188,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"47cb039d-23ec-409f-956a-4613a6dd0446","block_type":"box","text":"and oversee management.","page_number":188,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"c7dbee27-2294-49e1-8a07-dc7c05ebadd9","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business model,","page_number":188,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"49aa062f-9b4e-4882-b5f7-75cb4292c954","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":188,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"37f08c5c-16a7-44e6-9c9e-2a4a82b74952","block_type":"box","text":"supports the company’s governance practices.","page_number":188,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"d810df32-1ac7-4752-b2f4-0d2dbee8a029","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies,","page_number":188,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"06d62761-292f-4871-b608-ea950bffedea","block_type":"box","text":"particularly if there is a risk their board composition may be misaligned. We ask boards to disclose, consistent with local laws,","page_number":188,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"e12807e5-7b2b-4de7-989f-faf9200db285","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":188,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"ddedcb86-1df6-4afd-be9a-5066eb0e012d","block_type":"box","text":"long-term strategy and business model.","page_number":188,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"bf04fe33-e7b3-448c-aa55-78344e5ee81a","block_type":"box","text":"(6)","page_number":188,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"741ed2b7-380d-466c-8186-f378e5bc5ede","block_type":"box","text":"Sufficient capacity","page_number":188,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"3c201269-f29f-4837-8862-a4087c1a7415","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":188,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"4296e370-0512-427c-85fe-b8b7cdc7d8c6","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":188,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"930e86b4-3b3b-4a92-969d-c409c370516f","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":188,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"8a60827b-042c-4279-9789-e94e2397b9b3","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":188,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"5ebcb562-a742-4ff9-8e6f-24ef52854777","block_type":"box","text":"Auditors and audit-related issues","page_number":188,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"6e9d36b5-597a-4a3b-85d4-62d8be37d868","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":188,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"5bbf5e19-88bd-4155-975a-0c40113a2e03","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":188,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"294507c9-5b2f-480f-b113-8c3b0dcc4a0b","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":188,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"6f6287e6-4b70-4643-975d-cd721b463b23","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":188,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"b61bee2c-4277-4732-b2c5-99b92145a0e6","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":188,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"6477d05d-0662-4365-a64d-112af0235ce9","block_type":"box","text":"(6) Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status; LGBTQ+; and national, Indig","page_number":188,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"c915be5e-9cd4-468d-9239-8113d521abbe","block_type":"box","text":"enous, reli","page_number":188,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"7ec2a48a-b823-4183-95dc-1ffc5ae2b585","block_type":"box","text":"gious, or cultural identity.","page_number":188,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"e4585392-349d-44ca-94a4-758ad0eaa8a3","block_type":"box","text":"A-25","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1b767e3a-793e-4bad-bd51-491654166bdd","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":189,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"0a84f011-0504-4baf-9ebc-88759accf222","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":189,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"f582a857-60d3-483a-8422-ed1f51c70037","block_type":"box","text":"underlying financial statements, particularly those that pertain to the impact of the transition to a low-carbon economy on a","page_number":189,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"322dd26f-81e1-44ab-9870-ef1eaf9becef","block_type":"box","text":"company’s business model and asset mix. We recognize that this is an area of evolving practice and note that international","page_number":189,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"a10d3b32-5d22-4679-b485-86ea279ea17b","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":189,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"352882ef-2e73-405e-bb82-7283071e9b2b","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":189,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"6d3dc2c3-eb24-466d-96cd-91eb0f1897bc","block_type":"box","text":"(7)","page_number":189,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"d5f2506e-4e97-4210-8699-7f281773eb54","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by providing","page_number":189,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"f9f2c73a-ab14-4a00-b519-4028d73dd732","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":189,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"77889d4a-77e7-47e1-9846-2e76fef31679","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":189,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"594e6a01-6596-4f1c-8ad2-c03df1e44823","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":189,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"679ec3a5-cf99-494a-81b3-887af7de0219","block_type":"box","text":"(8)","page_number":189,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"77b82f23-8561-4bbb-a33b-e4a05c1c60c2","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":189,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"6dc01f80-8f6e-4cd8-b8e0-0453a0262ba0","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":189,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"3408542e-79ae-433d-87e3-f2f7415bacbc","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":189,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"9fb56411-26b2-42ca-b45a-742cfff82dea","block_type":"box","text":"plan in place that allows for a periodic refreshment of the committee membership to introduce fresh perspectives to audit","page_number":189,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"0c0205c5-55c9-429a-814a-443ebf00bdba","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":189,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"87b5bd89-be34-42f6-9ce0-848feefcd300","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":189,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"db166be4-d0e8-4fc1-b87d-d339ec9f4ff8","block_type":"box","text":"oversee the audit process and related activities.","page_number":189,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"2d2f2b6a-ff93-472b-932a-93b287ce5820","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":189,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"86e49fec-e0d1-4116-a0d4-4069a4412d5a","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":189,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"0ca19c9f-2838-4a3e-bee9-82704c3d6cc9","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":189,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"15ec01db-733d-4fa5-ac3d-c7c336289887","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on","page_number":189,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"c7435eb8-aaa1-4c98-9784-a9a5e5eae6b0","block_type":"box","text":"management. To that end, it is important that auditors are, and are seen to be, independent. Where an audit firm provides","page_number":189,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"29ec5086-c17b-4c91-8043-a4deaac241c0","block_type":"box","text":"services to the company in addition to the audit, we look for the fees earned to be disclosed and explained. We look for Audit","page_number":189,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"7520989b-959e-4636-87bf-ae31fcc8a649","block_type":"box","text":"committees to have in place a procedure for assessing annually the independence of the auditor and the quality of the","page_number":189,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"b087fff3-eccd-4522-b9f6-2657875bec44","block_type":"box","text":"external audit process.","page_number":189,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"6b9155f5-e176-4a6f-880b-28726fd9860d","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":189,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"1195f221-3345-43ab-957a-60e74404a081","block_type":"box","text":"practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee to periodically review","page_number":189,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"51f54ee3-88be-4600-8808-746596314c7d","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":189,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"83989fda-ba8c-492e-8846-aed22bcd902a","block_type":"box","text":"management, the internal auditors or the independent auditors and management’s steps to address them. In the absence of","page_number":189,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"3f8c2b34-02a9-4a7f-b9a7-62d879e48d91","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":189,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"3e958b93-0cde-498a-a152-c7dce6b5dbc1","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":189,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"35869f3d-0f31-4680-996f-079ea714e657","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":189,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"a7e3b018-0849-45e0-a3e4-881d6db54929","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":189,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"1074a62b-7ce4-46df-abcf-6f0adab6f383","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":189,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"6517d364-70f4-4162-a7ec-7c182cdbe511","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance. Shareholders, as the","page_number":189,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"0c63295c-16e7-45c0-b5a4-509b570c1e46","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":189,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"823a27d3-54ea-4d87-a0e9-467d13a76542","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":189,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"f9398810-ac7a-4e8e-9ab8-442fa6e630c3","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":189,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"562b0737-e0ef-40d6-b582-f4f47a52cbbe","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":189,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"e7bf5d7d-f752-4944-b7fa-4005b7962e75","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":189,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"c944ae07-4e82-4758-ae3f-35f3d3640f4c","block_type":"box","text":"amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time,","page_number":189,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"78850e0f-b6f0-4622-9335-1e012ad97d6e","block_type":"box","text":"companies may have a valid argument for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":189,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"b5926491-6e94-4d88-903e-c3d0fed9fa74","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":189,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"92a7e296-7750-4c78-9cd5-67e9e718263a","block_type":"box","text":"(7) IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and IAASB, “IAASB Launches Pu","page_number":189,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"c0317c91-796b-4e1d-b5f2-19125c4d38c0","block_type":"box","text":"blic","page_number":189,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"de01a690-3e5e-4d2d-858c-566c4ba6c30d","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":189,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"5eeb3672-ce10-4a13-aaec-426d7171166f","block_type":"box","text":"(8) Enterprise risk management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setti","page_number":189,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"afce9f4b-d7ae-4fe0-b64c-7fc4bc13021f","block_type":"box","text":"ng and","page_number":189,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"30f8a8b7-a518-4ed4-9ce6-4cd8b6bfe1d5","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":189,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"5877a3bb-32f4-4b45-b94b-d29f69955f2a","block_type":"box","text":"son","page_number":189,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"a0569886-a876-416e-b9b1-265950ca1739","block_type":"box","text":"able assurance regarding the achievement of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":189,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"3b368fe0-7a71-4929-8a93-79096dd162aa","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":189,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"69b91cbb-bc54-405d-aa28-f07b456e95fc","block_type":"box","text":"A-26","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"598ef21d-96bc-4e73-afd3-85a67149c71b","block_type":"box","text":"they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the","page_number":190,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"5166a5cc-c204-47c1-9952-343a31ebf26a","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":190,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"52057852-29cb-4917-a290-24eaddf7cba0","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":190,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"36caa7b9-5c21-4d64-ab7e-feb8ccef7a2c","block_type":"box","text":"to shareholders.","page_number":190,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"ebf08700-ac41-4973-bce2-e447b28e5aa7","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":190,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"14720844-dd3a-4657-bdec-6db97a47100a","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":190,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"5396bb1a-954f-4d99-bfef-bb7ba092abfa","block_type":"box","text":"rationale behind it. We will review a proposed transaction to determine the degree to which it can enhance long-term","page_number":190,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"43027333-b8ad-4fbf-aefd-bf976bdcdf7f","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":190,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"e048a998-edbc-482d-b187-6ea4b0516bd0","block_type":"box","text":"unanimous support of the board and have been negotiated at arm’s length. We may seek reassurance from the board that","page_number":190,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"130f7a6f-49e4-48e3-9105-62d9c36c0d44","block_type":"box","text":"the financial interests of executives and/or board members in a given transaction have not adversely affected their ability to","page_number":190,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"ad76198a-16d1-41e4-94ac-e744072920aa","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":190,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"6b6836e9-c1a8-4351-81a7-522081d91ba9","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should have","page_number":190,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"303b0d0e-85c4-4fd4-83cf-8a2a6085ef6d","block_type":"box","text":"been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate","page_number":190,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"1642c161-920a-471e-bee6-e300c7ec2361","block_type":"box","text":"vote of the non-conflicted parties.","page_number":190,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"bbba80c6-440f-4e9f-8d38-84c6a346c956","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":190,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"738487e3-3f60-4fce-a996-53ae10b0d540","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":190,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"fdf523c1-83a2-448c-a79d-3227f37849ff","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":190,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"254fa8c5-deab-4eaa-9225-a6a0637b7e21","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":190,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"fef8a7ae-2dab-4693-bf9e-ffb2d96bc53a","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":190,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"ebe7fe93-cd46-439b-a24b-ad78ec128427","block_type":"box","text":"introduction and periodically thereafter.","page_number":190,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"e688f20a-ef6e-42c4-859c-ff07923b0f3c","block_type":"box","text":"Executive compensation","page_number":190,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"76d3d4a5-fd86-4d3f-a02f-16fc693cb9e1","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a compensation","page_number":190,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"39d76b45-5bb8-4805-9edf-4ce1358ad027","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":190,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"7b2b4c5b-f02d-4199-aebd-45b363651907","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":190,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"ba871e62-0d57-4e07-81e9-5a5c6e4dec1f","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":190,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"d4605def-5690-4106-95ff-4739f0863ed0","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":190,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"97e78276-615d-49b9-904c-9a32075997c6","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance. Performance metrics","page_number":190,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"7f1386e6-f2d2-48ca-b4a9-615ae0fcf0cf","block_type":"box","text":"should be stretching and aligned with a company’s strategy and business model. BIS does not have a position on whether","page_number":190,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"1c0261b5-3c8b-42b1-be65-6db1bd800406","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":190,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"8e7eb8d7-6b91-473a-add3-6ebce0727309","block_type":"box","text":"companies to be as rigorous as they would be in setting other financial or operational targets. Long-term incentive plans","page_number":190,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"479dc1b7-2141-48bf-99ba-981157a4bb92","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":190,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"600b6efc-695c-489a-b380-72174ef0ea41","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":190,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"fc38e12f-d45c-4ec0-8973-6b94745075ff","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":190,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"dc3338bf-03d3-41fd-86cb-69089a691ecb","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":190,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"c1ba6b9b-36ac-4bee-aa06-91c49ed6c36d","block_type":"box","text":"such as its risk profile, the environment in which it operates, and the individuals the board is trying to attract, retain and","page_number":190,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"4b952ab5-cb4c-4a46-993d-be69cdc950a3","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":190,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"b2392ac2-062a-4cf5-92a7-533817cb24d0","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":190,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"09c24746-433f-4e90-b623-d8115d46c412","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":190,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"098fb877-56d1-4ee8-8636-2e1ab7b225d9","block_type":"box","text":"executive compensation strategies.","page_number":190,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"6a109f21-66eb-487f-8916-3a9c329d01db","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":190,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"598aa403-1837-4dcf-9b7a-066fd81730f1","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":190,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"08abcacc-962d-4873-9c99-db182e49742b","block_type":"box","text":"was used, and how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer","page_number":190,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"4378f63c-2d50-44f6-b705-3663fb990e72","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":190,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"3e528745-0fa1-45f0-92fa-38e1947aaee8","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":190,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"347ec12b-c5ae-4ab9-bb73-572717544380","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":190,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"f929ef39-233e-4300-9d48-71074996aa27","block_type":"box","text":"have rewarded performance.","page_number":190,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"6863181e-3be8-4326-bc12-0d89551b0eab","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":190,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"cbfd50b2-cfcb-4abe-88c0-fe2fc0d57a15","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":190,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"bd98b939-6c69-4e39-ba67-a51489d4bd41","block_type":"box","text":"deceptive business practices. We also favor recoupment from or the foregoing of the grant of any awards by any senior","page_number":190,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"c17a0097-0a24-4e8d-aeb3-6f526f3f6c68","block_type":"box","text":"A-27","page_number":190,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"19799edf-561a-4422-aaed-2759eb4db614","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":191,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"9970b64e-2202-43c6-ab50-dd64e18c61c6","block_type":"box","text":"resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results.","page_number":191,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"17e95b50-6d0d-4b4c-a57e-e8d1d626545f","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":191,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"6ab2d000-bf61-4d54-947c-b4020bd38779","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":191,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"5d4be9a8-ccf3-4ad7-8deb-98b165924022","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":191,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"37b1cf56-06c7-4e89-bc90-783f80a33186","block_type":"box","text":"charged with overseeing.","page_number":191,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"71bdfb99-2858-4452-aee3-8396d4680e06","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":191,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"557aa8ba-c662-4cfc-ad69-a0dc8b9b872a","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":191,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"815189e7-ae92-489f-91ca-009f3c269d27","block_type":"box","text":"compensation practices or structures.","page_number":191,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"fa28c5ea-9e84-4aa5-94e4-4658f6054e83","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":191,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"00dc96b3-1d31-4c25-8190-461ce3ea7412","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":191,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"5ebc3981-2eff-477e-9b6d-1e4a0372d4ee","block_type":"box","text":"opportunities relevant to their businesses.","page_number":191,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"65e04ab0-c0d9-4e16-b9e5-9d755e3613d3","block_type":"box","text":"(9)","page_number":191,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"4af115c8-7598-41d3-899d-2357fcfe4931","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":191,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"c7f4deb4-1d67-4408-a688-064486abb4ed","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":191,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"57741040-e1d8-46d6-a224-c8e74ea5a026","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":191,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"17791e86-a504-40f3-adc5-b13a1e5ba1e7","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":191,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"2cb2b813-af67-4bcb-b9d8-9912f1c24f76","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":191,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"270632db-e99c-4461-97ca-b525544a2814","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":191,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"53261ff1-a5d6-411e-9165-c5198e3fa593","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":191,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"670fec7c-7dbc-43cc-84cd-58ddd2862511","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":191,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"85e03b12-c7b4-4f21-9ff8-3a956bd94a7f","block_type":"box","text":"(10)","page_number":191,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"d2ddebf7-3bb8-49f0-a323-b81477adc44d","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":191,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"52192ed5-b784-46fe-923d-30f243ddeac7","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":191,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"9b62f2ee-ac6c-4dfc-8e98-f763a2272936","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":191,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"105cfaa7-40e9-41f7-8169-dd20535d07f8","block_type":"box","text":"may phase in reporting aligned with the ISSB standards over several years. We also recognize that some companies may","page_number":191,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"2299fb32-defa-4466-a75c-d401e401b8b4","block_type":"box","text":"report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such","page_number":191,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"1789904b-0e6d-440c-bb00-d8c4bd90a876","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":191,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"e292c5e4-2ae3-4b38-aff7-afa5ad5c47ee","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":191,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"74def0de-c299-4026-9104-91868304999a","block_type":"box","text":"various internal and external sources. We recognize that the practical realities of data collection and reporting may not line up","page_number":191,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"d7693360-d71c-4d3c-9cda-48e0ef67d106","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":191,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"020d85c4-6ac0-49aa-ac0a-2ebde11c0a03","block_type":"box","text":"analyze, and report this data to investors. That said, while we do not prescribe timelines regarding when companies make","page_number":191,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"463d7284-368b-44de-a014-5c66bf2a7d3f","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":191,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"598a6b18-556d-496d-b5e4-ec4cf150bbb7","block_type":"box","text":"of their annual meeting, to the best of their abilities to provide investors with time to assess the data and make informed","page_number":191,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"3019e4b5-f945-4b6b-80e0-c86e81ae5705","block_type":"box","text":"decisions.","page_number":191,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"b31e72d7-452e-4c45-9f17-5bf81bff9f49","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":191,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"a863c246-98f8-4b99-91bb-a84805cb9501","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":191,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"03cabeed-2c98-41e9-8067-b963989d0856","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":191,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"a6830013-a7d6-47ba-afcc-420513d56976","block_type":"box","text":"practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk when companies","page_number":191,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"0ff88fc3-bdaf-4809-9049-df43199e9641","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":191,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"490ad6ec-05b5-48de-8458-2c8fff0d42d0","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":191,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"8ac70c53-3222-43e5-8b71-8523b7d262be","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":191,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"79f26a9b-9f67-48d3-9454-8c4a0b3f670d","block_type":"box","text":"(9) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mod","page_number":191,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"3be573b6-e5f7-4b39-ae4e-774f578db0fc","block_type":"box","text":"el that","page_number":191,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"c55470aa-cdba-47ad-86c9-db61cf6c0ae9","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":191,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"603e94ae-0bd9-4458-95fe-789a351dbeb6","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":191,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"45ac99b1-ba48-42c8-b9f4-57919dc244b1","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":191,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"81ecb775-e936-4d39-b757-f5d90137d77d","block_type":"box","text":"(10) The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclo","page_number":191,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"2dad5e49-d58e-47bf-89fd-0ce60ed54943","block_type":"box","text":"se informa","page_number":191,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"a294a45e-dfb0-4e27-a32a-8fe763e6e9fd","block_type":"box","text":"tion about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decis","page_number":191,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"262f400c-ceef-4609-840b-299daa7420f3","block_type":"box","text":"ions","page_number":191,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"3a1ed1a3-c7f9-4d3d-bb24-478a58a49f5e","block_type":"box","text":"relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information a","page_number":191,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"d40dabe0-decf-4ea9-87bc-349ae5acfc65","block_type":"box","text":"bout its","page_number":191,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"90a986f6-b820-4455-9efb-daee106f37f1","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to provi","page_number":191,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"d64c6034-c161-4945-8b1b-0537d60859f0","block_type":"box","text":"ding","page_number":191,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"ec7eb37b-f481-485c-8934-88358789c0ee","block_type":"box","text":"resources to the entity.","page_number":191,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"d97fa3a1-c5f5-400c-b889-03efba1a1f8b","block_type":"box","text":"A-28","page_number":191,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b3969602-6e21-4e72-a799-9dadcd712aa2","block_type":"box","text":"Climate and nature-related risk","page_number":192,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"42b1c560-38e6-4753-9778-17c374199ad2","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":192,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"420347e9-1b13-425f-95be-b21d5fe522e3","block_type":"box","text":"(11)","page_number":192,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"4fb42967-7374-456b-8ef8-24feb39b00f3","block_type":"box","text":"Our research shows","page_number":192,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"c72ff2a8-0410-4fda-9fe0-71ca0589b775","block_type":"box","text":"that the low-carbon transition is a structural shift in the global economy that will be shaped by changes in government","page_number":192,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"d094f9ff-fcd7-447c-a18f-afa7103c96cd","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":192,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"6d03e5af-a71f-4097-9490-a3a703e7c2d1","block_type":"box","text":"(12)","page_number":192,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"41603da2-7ec2-4840-ad79-6434e3d3467c","block_type":"box","text":"Yet the path to","page_number":192,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"b5f1f3a8-13d2-48d6-b87d-7eee9388fd62","block_type":"box","text":"a low-carbon economy is uncertain and uneven, with different parts of the economy moving at different speeds. BIS","page_number":192,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"5c3d0514-7a27-4efc-8274-9ecc29fca320","block_type":"box","text":"recognizes that it can be challenging for companies to predict the impact of climate-related risk and opportunity on their","page_number":192,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"ba084880-5d38-4015-9366-9adc2d407120","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":192,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"9ddedbd5-6e3d-43f2-b440-1ef920f4abe9","block_type":"box","text":"delivering long-term financial value to investors. At companies where these climate-related risks are material, we find it","page_number":192,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"dcaf5689-325d-4232-8dc4-328a2eb9b37a","block_type":"box","text":"helpful when they publicly disclose, consistent with their business model and sector, how they intend to deliver long-term","page_number":192,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"4486f9ba-1941-48d9-9adc-09bef470d15d","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":192,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"4d967a86-b91f-427b-838b-285c0abb8a66","block_type":"box","text":"(13)","page_number":192,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"4bf0d6a5-352d-46dc-8a05-53ae6db026de","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":192,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"8c80da3e-004d-4213-aeb4-243ca93ef038","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":192,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"08d0b9b5-9f85-4bcc-8e65-9e1a1b8af0ea","block_type":"box","text":"(14)","page_number":192,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"cc7b3f01-4087-40e6-9100-d089bdee6a2c","block_type":"box","text":"Such disclosures also provide investors","page_number":192,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"160f3011-9c03-459e-9736-f139cd8aef81","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":192,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"a7817ff1-a1b2-4783-b831-15b6ff9ceffe","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":192,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"ddc2c92a-7440-4687-b770-2852adb172e5","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":192,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"e34c855d-c213-422b-95dc-a6a01ffdaa4c","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":192,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"1cd04a3b-3a74-4a38-8239-3e14eab4ac21","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":192,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"3bb89d9c-6f03-468e-aa6e-3576446ac5d0","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":192,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"3ab3344c-3650-4e78-85a1-3ee9ebbbc4c5","block_type":"box","text":"business model associated with a range of climate-related scenarios. This includes a scenario in which global warming is","page_number":192,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"c8ad33c3-3da7-4dcf-857f-ba5d23646205","block_type":"box","text":"limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal recently reaffirmed by G20","page_number":192,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"320fb07a-c759-466b-9ca0-f1adbe1aa98f","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":192,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"54e5fcc6-1430-441d-97bd-ff42a9eaa5d0","block_type":"box","text":"(15)","page_number":192,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"eaeb57ea-e281-4adf-a939-1e43180fbeea","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":192,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"98fadff3-8150-4fc1-9166-d52e6fee28dc","block_type":"box","text":"ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG)","page_number":192,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"46388f2f-aee7-4b5d-8297-b77403b29068","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":192,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"c593c480-bf5c-4827-becb-e98660ba19b4","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":192,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"ff19ff93-2900-4483-91e5-f9dbb7927ae9","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":192,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"a9c1bc54-75e2-48bd-9c4b-4cb83bd91025","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":192,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"02bd576b-20aa-4abf-a0f2-e6178a1eb510","block_type":"box","text":"make regarding material scope 3 emissions and recognize these are provided on a good-faith basis as methodology develops.","page_number":192,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"0cfefde1-a810-4333-abfe-99d26f22c439","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":192,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"280eb2c5-85f1-434d-a5d4-b48272e2c132","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":192,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"ca1c9b8f-d5cc-43fc-8cdb-8c2762abf6aa","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":192,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"59cdea18-0cf9-4b68-a9e8-a38d5f096625","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":192,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"aa0c2449-9eef-4fb3-904f-f212e5e11b44","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":192,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"2a059e65-3da0-4b76-b438-f6033604c049","block_type":"box","text":"(13) We have observed that more companies are developing such plans, and public policymakers in a number of markets are signaling their intentions to","page_number":192,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"9858f5d2-86eb-4745-8ade-e69baf312602","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union. We view transition plans as a method for a com","page_number":192,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"522a3302-5318-4ecc-999e-14eb5ef8fa52","block_type":"box","text":"pany to both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create financial value thro","page_number":192,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"f5129761-baa0-4feb-b283-f1027985f332","block_type":"box","text":"ugh","page_number":192,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"497010ec-b9a3-47cf-a290-7770f732dffe","block_type":"box","text":"the global transition towards a low-carbon economy. Transition plans are building momentum internationally, with increased focus from policy make","page_number":192,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"f9c4ff33-6f18-4fc6-815d-bebecd540303","block_type":"box","text":"rs","page_number":192,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"af40488e-ba90-4d21-bd9c-74f39f75d33f","block_type":"box","text":"and supervisors, including in the EU, UK, G7, G20, and from the financial industry. While many initiatives across jurisdictions outline a framework fo","page_number":192,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"f344d7d7-48da-4fb3-8985-b9c930ef4ba0","block_type":"box","text":"for","page_number":192,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"cf634e7e-1ded-4b35-8b99-88e997b56a94","block_type":"box","text":"transition plans, there is no consensus on the key elements these plans should contain. We view useful disclosure as one that communicates a compa","page_number":192,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"933f824d-e39e-48ac-97cf-ab511b59ae9e","block_type":"box","text":"ny’s approach to managing financially material business relevant risks and opportunities – including climate-related risks – to deliver long-term","page_number":192,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"3da0af14-1118-48bc-ba8a-63210afbd134","block_type":"box","text":"finan","page_number":192,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"882c8445-d201-41a6-8b59-c84eda3f68a6","block_type":"box","text":"cial performance, which allows investors to make more informed decisions. While transition plans can be helpful disclosure, BIS does not make the","page_number":192,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"ce3aa86b-864c-4f5a-a032-0a945a962b71","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":192,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"91648081-4250-49fd-b11c-b2cd70cc9317","block_type":"box","text":"their planned actions and resource implications.","page_number":192,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"f474ff6d-06f9-4f5d-a025-f118d841aefa","block_type":"box","text":"(14) BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that companies may phase in reporting alig","page_number":192,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"84d3268c-e181-45d1-9640-26bfbcc4f3db","block_type":"box","text":"ned","page_number":192,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"b99afaa3-c812-4393-bfc8-2ef76e392b5f","block_type":"box","text":"with the ISSB standards over several years, depending on local requirements. We also recognize and respect that some companies may report using","page_number":192,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"117b53a9-ab21-4eaa-9c6b-e7542fef7d62","block_type":"box","text":"different local standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies dis","page_number":192,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"29ee779d-def0-42f9-a0f8-ffdb86c3f404","block_type":"box","text":"close their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics that are industry- or company","page_number":192,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"693e0774-d895-4274-960e-71f7e0979bd9","block_type":"box","text":"specific.","page_number":192,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"9648dbf7-df80-401a-8e4a-8098155a9d70","block_type":"box","text":"(15) In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s Declaration. G20 members include the","page_number":192,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"d419fbd9-f86f-49fa-be44-70c00c82a245","block_type":"box","text":"world’s major economies (19 countries and two regional bodies, the European Union and African Union), representing 85% of global Gross Domestic","page_number":192,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"38a9489a-e4ce-40ed-8900-c3072cfb36ee","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":192,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"af2acb9b-2c62-43e3-bf68-96cc3b60618e","block_type":"box","text":"A-29","page_number":192,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"311b8c59-e7ae-4ef4-bf58-a3a948a7d7f8","block_type":"box","text":"strategy is heavily reliant on the availability of natural capital, or whose supply chains are exposed to locations with nature","page_number":193,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"5014ed6f-56a7-41f5-9a84-fbbbd78567fa","block_type":"box","text":"related risks. We look for such companies to disclose how they manage any reliance and impact on, as well as use of, natural","page_number":193,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"05d3f139-ba08-4982-a2d7-8d30385571f9","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":193,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"b843ff51-97b1-4c57-856b-e18742bccd24","block_type":"box","text":"into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related","page_number":193,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"685c2a6a-eede-4ed7-b34e-fd6c6ba9d17c","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":193,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"104dc2d3-c9ed-4471-b14d-5304bf819e32","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":193,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"f980356f-5d4d-45ca-a0a0-096765f51dff","block_type":"box","text":"(16)","page_number":193,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"76f3de7f-b6f2-48db-87ef-b2ee5312376d","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":193,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"07b60f31-e253-4ae3-b3a4-a499cdcbb6a6","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":193,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"7904750a-478c-4745-b4a3-ded09a55bc16","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is","page_number":193,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"d00d3c6a-99e7-4f0b-9320-d77e5c2c08ed","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":193,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"235cb65c-9627-4618-8d10-39cd147dfcc6","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":193,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"55b7b3d1-ded4-4b90-8478-92af124335d7","block_type":"box","text":"operate.","page_number":193,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"6a8bb620-6bdf-4a5e-97cb-9e626ce044be","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":193,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"b6c5d99f-8159-44ce-ad26-a7cc86920a21","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":193,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"f1cc96d7-79ae-4ad2-b3eb-d4bff68af2d7","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":193,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"0622a68a-bd39-43a7-964a-5a6117764197","block_type":"box","text":"and the skills required for their future business strategy. We are also interested to understand how the board monitors and","page_number":193,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"f63677b1-3a93-44da-893e-cc0f945849a0","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":193,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"8e11cfa3-bf4c-49f9-b040-950364bd06ce","block_type":"box","text":"aligns with the company’s strategy.","page_number":193,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"e79739c4-033e-4993-a334-1c4c63998b40","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":193,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"67158ef1-0261-4c07-88bc-f2b52a7ad4a7","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":193,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"ca389e8d-0f6c-4b19-838b-8ae55305ee36","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":193,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"1ac99b3e-0edb-43ea-85ca-8bf57656c137","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":193,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"4f761b93-bdf9-4fe2-b190-ace0a94cf754","block_type":"box","text":"contribute to a company’s long-term success.","page_number":193,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"68f2351e-5fee-4a93-a900-09919e1e7838","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":193,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"b7622464-1f9e-4c24-b3e0-c767753c9b20","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and viability of the","page_number":193,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"4614c8b4-60a9-4045-8f43-606e5b87e482","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":193,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"575b9c7a-af13-4e7b-b234-e722c7b985f7","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":193,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"79d5e569-a897-4cc1-a6c5-9c0ff738d1aa","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":193,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"ef026179-ec13-4dea-b6fa-572755815145","block_type":"box","text":"have been protected. As a general principle, we believe shareholders should have the right to vote on key corporate","page_number":193,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"e17c9bd9-703b-4d04-b2ed-7b0ae6a39c2b","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":193,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"99d89833-f222-4c15-97d4-12b6e82b14dc","block_type":"box","text":"to call special meetings of shareholders.","page_number":193,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"0b4dc784-3902-40d0-8cab-af8327863921","block_type":"box","text":"Corporate form","page_number":193,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"e42e3fff-c276-4bf3-99f1-e70ad00b1542","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":193,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"bdce87a4-e19a-4776-8678-d7a8d629dcdc","block_type":"box","text":"purpose and business model.","page_number":193,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"9362dfc6-d99b-4308-b137-15d0284ed363","block_type":"box","text":"(17)","page_number":193,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"68c4af36-7dbe-47c8-b27b-7321bf0b7749","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":193,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"d5dd5be7-4b4f-4b93-9179-32e9f7f673d4","block_type":"box","text":"similar entity should put it to a shareholder vote if not already required to do so under applicable law. We appreciate when","page_number":193,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"e9ff8112-b67f-4adf-a896-b6ca4ee1aa0a","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":193,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"a6749c60-f42d-499c-a8e1-0dc32e30762f","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":193,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"2420114e-d2fb-4696-8f29-c7f94f28feef","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":193,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"34a1ff05-f6ff-4d24-a3c9-88a04e7a2267","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":193,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"d4bf1082-1353-4426-9394-30137ba8164e","block_type":"box","text":"case basis.","page_number":193,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"293f3fcb-4f90-41ec-9a7a-a96f3d15e852","block_type":"box","text":"(16) Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital depend","page_number":193,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"7ecee4a7-53c8-4a25-a151-611f8b9e20d0","block_type":"box","text":"en","page_number":193,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"1572f580-342c-4c85-93e2-65c81f9285b2","block_type":"box","text":"cies and impacts would aid investors’ understanding. In our view, the final recommendations of the Taskforce on Nature-related Financial Disclosur","page_number":193,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"70e7fc1c-a813-4b0a-967b-ce04f4978f23","block_type":"box","text":"es","page_number":193,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"d19bb742-e163-4ef6-ade4-8cae9ab72321","block_type":"box","text":"(TNFD) may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by","page_number":193,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"5d5d8c25-e71b-4ec1-97a4-b66beadccd8e","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":193,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"69047fea-cea7-416b-8d45-de11b533c20f","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":193,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"87236902-7f18-4df7-931c-c24bf0c53392","block_type":"box","text":"A-30","page_number":193,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"7dd299b3-8fa8-41c7-9557-7264bdb3d349","block_type":"box","text":"Shareholder proposals","page_number":194,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"82d4343e-14a0-4d13-ae71-251331d9719c","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted","page_number":194,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"d86ca00d-d0af-47ac-90c5-ddd63e0c0ecd","block_type":"box","text":"on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters","page_number":194,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"23585ecf-6b57-4046-8ae7-eb46ba0037ec","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":194,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"bf0fa928-a44f-49ba-8ac5-d10a0a9831c0","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":194,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"fbe51206-99ae-45cf-a7b9-89f0d9b2e84f","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how BlackRock","page_number":194,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"fe5bf3f3-abe2-481d-9db0-526e575b58f9","block_type":"box","text":"can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder","page_number":194,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"74c056d3-4ab1-4e15-bf63-4b343fe960d2","block_type":"box","text":"proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":194,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"91f4f78b-f0cd-49e7-b918-db583453a2d4","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":194,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"b64eb220-eacd-4b24-b649-94203e36f718","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":194,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"f1b98fa7-742e-4ca8-b583-9b4594dd1807","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":194,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"be18fbea-b36a-4d81-9fe6-04c65ac10387","block_type":"box","text":"company’s long-term performance. We look for consistency between the specific request formally made in the proposal, the","page_number":194,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"858d8d40-97b8-4671-8ff2-a84f71223802","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":194,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"a12cf418-0de7-47f0-8424-b07d24aebec5","block_type":"box","text":"practices and disclosures and the costs and benefits to the company of meeting the request made in the proposal. We take","page_number":194,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"deb06616-778a-4a1d-af37-51432252ca24","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":194,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"c4453376-ccd3-46b5-b52a-da6ae7763f9a","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":194,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"c56f9b27-46f4-4f25-a59d-4ed67d79e3f3","block_type":"box","text":"advised on the proposal.","page_number":194,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"b234488d-4830-4130-90a3-c82ff0456652","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions of the","page_number":194,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"5bfa7903-ef47-43f5-badc-e45e2ecfe8bb","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":194,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"c9cf4779-6a41-4665-be79-df21cd8867b2","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":194,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"7fce1fc6-f24d-4cd3-a125-bb17503b6ca9","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":194,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"c3746302-c376-4dac-866b-95f81e9bc12f","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":194,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"e9c9abdb-2222-4422-9fdb-64cd586b93c6","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":194,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"c0aa66ab-4714-4dfb-8881-b0f88e1b07a3","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":194,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"28ce5780-b5a7-4ae2-b483-f394b711d30c","block_type":"box","text":"are focused on a material business risk that we agree needs to be addressed and the intended outcome is consistent with","page_number":194,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"cdd68358-b6c5-4f73-84c9-d8d091c2490d","block_type":"box","text":"long-term financial value creation.","page_number":194,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"59e9de13-4397-4237-b037-e4d9883ee5f5","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":194,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"9ea29335-3198-4af4-9a9f-55593c946548","block_type":"box","text":"statement may refer to topics that are not directly related to the request made in the proposal. In voting on behalf of clients,","page_number":194,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"c07fe88e-c9be-4407-ab73-2c6a8a7f2fdd","block_type":"box","text":"we do not submit or edit proposals or the supporting statements – we must vote yes or no on the proposal as phrased by the","page_number":194,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"68a72c43-4fcf-4b7f-8253-4c0d06a9af6b","block_type":"box","text":"proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of the proposal","page_number":194,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"593ed8e3-a054-4eee-a950-11df8f9e4f0e","block_type":"box","text":"or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for different reasons from","page_number":194,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"3d9bec80-fc69-4de5-b853-51f8fa69d35a","block_type":"box","text":"those put forth by the proponent, when we believe that, overall, it can advance our clients’ long-term financial interests. We","page_number":194,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"028542bc-37a6-496f-9838-b420b33c6a84","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":194,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"d204fc54-2822-4c7c-889e-304e0f55715d","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the board has","page_number":194,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"8151345f-7c2f-43cd-a33c-bb5fa043b835","block_type":"box","text":"not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support a proposal if","page_number":194,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"3afacaa6-9a65-4a57-a8b1-0d26fa0d0b82","block_type":"box","text":"management is on track, but we believe that voting in favor might accelerate efforts to address a material risk.","page_number":194,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"b065d85d-7593-4908-9dea-b075e8ef76d6","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":194,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"f412bb26-c34f-4f08-8731-40c567148791","block_type":"box","text":"Oversight","page_number":194,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"2b5e5b7b-778c-415d-b311-89ac23c5fc45","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":194,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"98364a06-4799-43c4-b029-a9ce19b2f412","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":194,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"60f4470c-5bb6-4a79-8e19-3695f271982d","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":194,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"69c656dc-04cb-4ff7-9be0-ec54793fc0cc","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":194,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"a19649e3-a2bd-49ff-86b8-a36a781ec3eb","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":194,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"a9caf48d-9988-41e2-8c79-3a74a785e055","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":194,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"47794be7-28ac-4fa3-9e49-5e303b6ca644","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":194,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"32376d6e-3aab-45d4-8b8f-5ec25477f1ac","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":194,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"eb5fb7d1-eeda-4ff0-bd91-f1ce9839d1d9","block_type":"box","text":"A-31","page_number":194,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"5f569b96-d0d5-409a-be57-4919e7686eca","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which","page_number":195,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"80759992-c7af-4c69-85cf-7ef209f16b96","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":195,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"7a8d4fdd-15fc-4f24-b70e-b7d7fa6ea59c","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":195,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"6c9cb761-fefe-4c5c-90aa-745ae888009c","block_type":"box","text":"amendments to the regional Guidelines.","page_number":195,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"9155e20c-6852-4986-90c5-6785421cd9c2","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on","page_number":195,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"c4949f92-e6dc-4abb-bc30-a9968a726a0d","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":195,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"7ab6cbcb-d023-4793-b225-0fef47683856","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":195,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"1b820f83-8248-4d0a-8192-f74418a0259e","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":195,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"9be0452c-2e73-400f-a053-ed38c41c4f5d","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":195,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"3b711cd1-cc7a-41ac-ba7f-827392365bdc","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":195,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"90e3f74f-6c22-4431-8e2f-bec5044cdf82","block_type":"box","text":"the corporate governance field. BIS may utilize third parties for certain of the foregoing activities and performs oversight of","page_number":195,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"dd9acba3-9f72-4d6c-8ba7-8a539d7b8245","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":195,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"7e7480d4-2c28-4e0a-803b-990a7ee506ef","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":195,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"06a8cae1-3b70-45fa-860f-a15e15d8911e","block_type":"box","text":"Voting guidelines and vote execution","page_number":195,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"e7c0e5ef-2d1e-4bda-a98e-0e4baa7d0875","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted to funds and","page_number":195,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"950eb4c6-5248-4fd5-b068-cda67a706801","block_type":"box","text":"other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting)","page_number":195,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"29e37489-d047-4962-8ce6-d52bfabeaa36","block_type":"box","text":"proxies for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with","page_number":195,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"b8503068-5867-4520-aa7f-1043a9c44620","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":195,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"412e3646-ace6-4207-999b-edf78f055ff5","block_type":"box","text":"the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund’s","page_number":195,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"7f9c2b39-f73a-4f59-9fac-39fb1a5e2653","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":195,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"5e46bb56-0ae3-410c-af3a-8c6b6a98dbf8","block_type":"box","text":"procedures,” below).","page_number":195,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"6ed25956-aad6-4592-a6ed-1bfff67790d1","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines for the","page_number":195,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"a385c1b2-9288-4c24-90ca-c468b5c3c792","block_type":"box","text":"relevant market, as well as the Principles. The voting guidelines published for each region/country in which we vote are","page_number":195,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"342adada-f34a-4adc-bf1c-08a14a6581dc","block_type":"box","text":"intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in the proxy voting","page_number":195,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"75fb6eae-4a4a-4619-9cb3-ba644f45dfe6","block_type":"box","text":"context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a","page_number":195,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"a4c3b14d-ef7d-4e04-b35b-0b8a0f87a463","block_type":"box","text":"case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As","page_number":195,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"926a1b82-7643-4d53-b5e7-e1ff1744528b","block_type":"box","text":"such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate","page_number":195,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"26f89ad8-ea4b-46d8-9407-a1a20bce22c9","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":195,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"df586fa1-3986-4516-82bb-40d4b352fc17","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":195,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"f9e17ca4-ecea-480c-8912-ea4c1bfbc145","block_type":"box","text":"in corporate governance and feedback from companies and clients. In this way, BIS aims to maintain policies that explain our","page_number":195,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"6549b952-e393-4ee9-9960-27a8917f6749","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":195,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"be61b204-ec1b-49ba-b5b0-6dac5e0726bc","block_type":"box","text":"professional judgment in determining how to vote if they conclude that the Guidelines do not cover the specific matter raised","page_number":195,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"d0460376-187f-4423-ba74-d914fd3dc231","block_type":"box","text":"by a ballot item or that an exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":195,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"bb58ce2e-47c4-4a05-9144-2cfa7176c1b3","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as well as the","page_number":195,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"c0517492-b82b-4415-938a-a3d09324b436","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":195,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"160a0394-20fd-4124-8edc-2a9025c6950f","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":195,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"1d305c89-6d3f-4681-a690-6804bb8c1835","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":195,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"26e6d684-fad8-4c06-b58d-fff7323da3f0","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":195,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"08953fc4-6501-4082-a2b3-d9fecd1483b9","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":195,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"74c06190-953b-4516-a90c-35841c6fe95e","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":195,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"bc821176-2374-4396-93e9-8c231adbf643","block_type":"box","text":"burdensome administrative requirements.","page_number":195,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"148be93e-6ec5-4819-ba46-860dff60d1bf","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally in the","page_number":195,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"7029036d-aeb2-4278-8ba9-8d481f781973","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":195,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"e48d8e4c-4518-464f-b3e8-d281ceb573cf","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":195,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"9d048d5b-b64b-4541-905c-f09ffe51d899","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":195,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"d8b50e0d-4dd3-4349-bbf8-a446de10329d","block_type":"box","text":"Voting Choice","page_number":195,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"2a93126d-713f-444a-b026-60aecd15825c","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":195,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"c1f7e77c-faa8-42a1-89ee-5fe46dcd74e3","block_type":"box","text":"voting process where legally and operationally viable.","page_number":195,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"f32e3cb8-0adf-46ce-8da3-7921cc4994c0","block_type":"box","text":"A-32","page_number":195,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"1802558a-8174-4955-bb2f-1f61635ee578","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland, and","page_number":196,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"03608645-cc53-4862-9172-c987601ef9e6","block_type":"box","text":"Canada that utilize certain equity index investment strategies, as well as eligible clients in certain institutional pooled funds in","page_number":196,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"ad559443-75e6-4b3c-a7ff-eef2189d1ad9","block_type":"box","text":"the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition, institutional clients in separately","page_number":196,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"8f6cf827-aad1-41c2-8c0d-138c288bae02","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":196,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"eaa635ff-eb77-4097-a732-171cd11c88cf","block_type":"box","text":"(18)","page_number":196,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"2ec22fcd-a32e-4826-b23a-f045d113324a","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible shareholder accounts in a U.S. Fund.","page_number":196,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"dd79b8bc-bcbc-4d37-a23d-b01bdc626c0a","block_type":"box","text":"(19)","page_number":196,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"fa54043d-81ba-4029-8ad1-a896fe30e390","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":196,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"b5ed36d9-f525-4b3b-99ac-a280baefec2f","block_type":"box","text":"clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third-party policy, or have","page_number":196,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"83eddcdb-3ad6-43a2-858e-564e01dcd731","block_type":"box","text":"elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of","page_number":196,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"1afd4841-f466-4679-a0b4-dee9a780d9d2","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":196,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"57ccacfd-283b-4b5b-9080-01afb0261e26","block_type":"box","text":"consent.","page_number":196,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"fa906340-453b-4779-addb-b4bf8620bbe1","block_type":"box","text":"Conflicts management policies and procedures","page_number":196,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"08cfaa20-73ef-4787-a2b5-cedd9e3d81e6","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":196,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"35920345-406a-48da-a9b7-a5d034b38c15","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":196,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"66f94079-2e6b-446f-b186-72dccc6f2445","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":196,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"8a2d1568-979a-4b31-8f9a-a1867650cac6","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":196,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"73789291-5465-41a5-980c-926513528c23","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":196,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"398505ee-2e04-45bf-9669-fdc5fe0dcbfd","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":196,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"492155b2-0107-4640-bfcb-9c991bf71017","block_type":"box","text":"resolutions","page_number":196,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"c66cac97-bc84-450b-b4e3-9b4d29cd723e","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":196,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"7a4464ef-ec9d-4f64-ab38-872163f5b9fc","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":196,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"27087616-437c-4371-9493-f62270f72e64","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":196,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"7f197299-b40c-41f8-b9e7-299f6f6035f0","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":196,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"98030003-ea68-4050-b3c6-06701fd539b3","block_type":"box","text":"managed by BlackRock","page_number":196,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"2173c430-2bf1-40df-8250-f147fc4dd930","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":196,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"9b245cee-a729-4134-a1cb-0207c5075b71","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":196,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"1c537738-f15b-41b1-8f2b-92fe7a6da371","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":196,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"5576b478-515c-4e9a-8129-39a0378ad30e","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":196,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"8dd3db54-031c-474c-bcbb-ae6de4e2e94b","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":196,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"27eb0d20-097c-4e2e-bbb5-cf3fe2669038","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":196,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"18c67903-2a47-4d96-8a59-4351f3505d21","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":196,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"3d8cb130-41ef-4bf6-ba17-71b4dca64530","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":196,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"6341e5a0-a36b-4156-8b78-4780182e6196","block_type":"box","text":"a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for","page_number":196,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"2cdd020b-ceb6-4de0-ad1b-d49ea3d2b071","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":196,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"5a248198-ace5-4547-8499-1be0db972d9e","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":196,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"588264e5-cd04-418a-8610-ff3395fa4915","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":196,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"a7624e67-d8de-441a-bbf5-1e6997d63660","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":196,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"b5607e01-4611-4de5-8057-d39104f5ddc8","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":196,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"f4e05c01-03cf-498a-a0bc-1a5cb0eeb9da","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":196,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"7abcd2a8-cd51-4570-8608-fc5f01cc8d95","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":196,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"6bfd4881-7666-4673-82c7-04fda9b15ea4","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":196,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"e605baf4-1420-4a94-9062-bd69ebd63c6a","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":196,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"76ea7bff-9c69-4ef3-8c43-ed1df53e225d","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":196,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"b6e6cabc-2ddb-4f4a-a5c6-0de2a0117168","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":196,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"d14a77c6-9c13-4264-b27a-57f074f7bc22","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":196,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"8f9a0ecb-bc08-4a89-aefb-6f19b1930f5a","block_type":"box","text":"(18) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with t","page_number":196,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"f5bf0008-c88f-4807-9a34-4d3c57b27588","block_type":"box","text":"heir","page_number":196,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"0c887e26-9b75-4c08-80d1-9f158ea725ef","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":196,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"7b274adf-5a5f-4203-88c6-0edf1c67c5b6","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":196,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"bbb8bfc8-34e4-4b8e-b398-4e531e93ae45","block_type":"box","text":"A-33","page_number":196,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"9aea5467-4564-4ade-b229-b31d6b24b980","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":197,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"fedea94b-efc5-4622-90c4-43fc706845a2","block_type":"box","text":"the board of directors","page_number":197,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"19f3b4ab-0d83-4d4a-8a3a-6a3d568f4a1b","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":197,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"6a8018aa-018d-40a5-9c63-d1fa4678ab43","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":197,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"951b80e0-8b0d-4d60-94ef-a0571a1c1900","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":197,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"f73802ae-f588-429d-b001-505a826b2ad5","block_type":"box","text":"party voting service provider","page_number":197,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"5a432105-f134-4d03-815c-6ac5a1988ed5","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":197,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"be76a909-3f02-43c5-8fb0-b3a0d9381ba7","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":197,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"1ec6ba89-1bc3-4f57-ac76-842d4e2fa800","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":197,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"26764aae-525b-4b27-90d0-f912de887e20","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":197,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"3b950234-e2f5-466e-8c19-83783001f8cc","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Global","page_number":197,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"ebda7c9d-b6a1-4cca-83ac-31903284a5b8","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":197,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"4c652a30-5fdb-49e0-ae35-9d8c75023c2c","block_type":"box","text":"annual basis.","page_number":197,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"1d0551af-a3e0-4530-a807-d9a093784665","block_type":"box","text":"Securities lending","page_number":197,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"e73fd083-f820-48c3-8d0b-e90109b34edf","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated","page_number":197,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"9c40771c-5d69-4b02-bc00-ed5bc6252ab0","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":197,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"a5ca3202-81c2-41a3-9d50-d410b62dab11","block_type":"box","text":"providers to keep fund expenses lower.","page_number":197,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"2dda50eb-dc0c-4398-b023-35e3f102b35b","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":197,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"9bd77709-7bef-48a5-9122-2d9c949e8d71","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":197,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"ff7a553e-aa09-4659-96a7-6988e1cee64a","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":197,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"d47be759-02e2-4de8-bd8d-b807c467dabd","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":197,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"88603831-9611-4d63-9533-d43712eb44cd","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":197,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"15411585-a36a-4927-8bc4-262c09bc65d5","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":197,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"6a9afbd1-69ee-4435-9746-48244f783a64","block_type":"box","text":"(20)","page_number":197,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"0e1269d8-68cb-47be-9268-5c1481045ec4","block_type":"box","text":"BIS works with","page_number":197,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"a823ec63-a808-4eb9-b608-846f5ec9d3d7","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":197,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"f314af6b-2be0-4acc-ad7b-3762e0f7f692","block_type":"box","text":"recalling shares on loan.","page_number":197,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"93779d1d-654c-440a-b011-87882f41cca2","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting shares would","page_number":197,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"6917a92d-a827-4840-b348-be83bacd3171","block_type":"box","text":"be less than the potential revenue the loan may provide the Fund. However, in certain instances, BlackRock may determine, in","page_number":197,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"e91c8496-9a46-4fd1-860b-2602a0849915","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to","page_number":197,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"64526143-34ff-425d-82cd-cb338c89a60c","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":197,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"32222d08-ad69-4b72-8460-ae496670360e","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":197,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"ff3cdbec-4e42-4a18-b11f-8ac01de1669c","block_type":"box","text":"modify it as necessary.","page_number":197,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"a5096111-15f5-40f0-841a-2002bff6a9b1","block_type":"box","text":"Reporting and vote transparency","page_number":197,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"2cbc97ba-1f22-4c24-bbb9-4198382e6a3a","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our","page_number":197,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"bc17038c-a6b9-4185-a2ed-d639b7ca5fa2","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":197,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"90cc96ca-da4f-4deb-85f8-3b13a5e79ca1","block_type":"box","text":"Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies in which we","page_number":197,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"0debcc00-bbc4-43bf-bced-c1182bab3b0b","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":197,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"9122654c-4b1d-4cc0-882c-ec7767e294a9","block_type":"box","text":"themes.","page_number":197,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"c0423699-b630-4bd1-9369-234f0cefb20b","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a shareholder meeting","page_number":197,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"c673ffc7-2f08-495e-8479-afbf13dc43dc","block_type":"box","text":"during the period, showing how BIS voted on each proposal and providing our rationale for any votes against management","page_number":197,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"a3a24ce9-f1c9-49da-a709-1cffad961a7b","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":197,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"d4ff5894-b284-4c81-afb8-2f0dbec4e253","block_type":"box","text":"(20) Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record date of a shareholder meeting typic","page_number":197,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"fa988afc-24ee-4663-b769-9bac4c314a27","block_type":"box","text":"ally","page_number":197,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"8c2eb58c-d4b4-4a8f-82f9-ca287fb51bed","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":197,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"bb42e5c6-4bf1-490f-bafc-7a18a688996f","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":197,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"88b82648-086f-4e26-9318-60e5a848470f","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":197,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"acab65d0-218a-48f9-8edf-5ae885fc713e","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":197,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"67125bce-2a1e-4231-9903-5bc942285033","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":197,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"644ccac7-6702-49d1-8918-ddf9b896aec9","block_type":"box","text":"A-34","page_number":197,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1cfa60c1-7841-43e2-a416-b64eef01b2d0","block_type":"box","text":"interest to clients, we may publish a vote bulletin after the meeting, disclosing and explaining our vote on key proposals. We","page_number":198,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"515272a8-31c1-49ca-8211-d6a047c5641e","block_type":"box","text":"also publish a quarterly list of all companies with which we engaged and the key topics addressed in the engagement","page_number":198,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"0c6cf4ab-fcb5-456a-b5d4-8be43d5c2401","block_type":"box","text":"meeting.","page_number":198,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"ea3d023f-dbe8-4b9a-9027-968fa1801754","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business","page_number":198,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"89992b45-040d-4c6c-a8d1-67a88635ce03","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":198,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"51af97ec-918e-4084-9353-5942f87ba2d6","block_type":"box","text":"Want to know more?","page_number":198,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"14c44831-4539-47bf-8825-855668055cbd","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":198,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"9509d957-5b51-49b7-8110-08fe50b04f7b","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":198,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"a4572221-868d-4eb3-a787-5b51e6225853","block_type":"box","text":"principal.","page_number":198,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"6188220d-2f05-45b6-8cc9-f2e1d3f84ce1","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":198,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"91d0915a-5654-450c-8496-b6e086523ead","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":198,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"bf602849-fede-49a8-b76e-c7bc3c27d0b7","block_type":"box","text":"BLACKROCK","page_number":198,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"3849fb9e-abcb-4a06-9f44-7bc13fa48e4d","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":198,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"fe91d687-d215-4dea-a7d5-237a7988baa3","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":198,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"86d71e3c-b82b-4781-99e4-32926645e378","block_type":"box","text":"A-35","page_number":198,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"3bce81b4-4a11-44db-8f20-e7c58fb62905","block_type":"box","text":"BlackRock Investment Stewardship","page_number":199,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"49e38a8d-d2c2-4323-b8d5-edfec75c8983","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":199,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"a770baf6-18c9-4a5f-b403-e8626f624b6a","block_type":"box","text":"Published July 2024","page_number":199,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"e33a5774-5fd4-4fe8-a045-a333dde4d864","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":199,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"0dfcf260-1c31-428e-96eb-ddad2ccfc138","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":199,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"29eb153b-750e-48bd-9875-f8436f43c754","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our responsibilities","page_number":199,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"a290d709-6313-4a87-be79-ffec9b1b53dc","block_type":"box","text":"to be an informed, engaged shareholder on their behalf, given the business decisions that companies make have a direct","page_number":199,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"8effeee8-b13d-4eba-b9a4-f08a234b6955","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":199,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"a5cfab71-e885-431a-91bf-a2ce62105ed8","block_type":"box","text":"dedicated function within BlackRock, which serves as a link between BlackRock’s clients and the companies we invest in on","page_number":199,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"d57efd01-ecea-405e-8174-80fd1909db02","block_type":"box","text":"their behalf. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of","page_number":199,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"62e825f1-205d-4dd2-8510-d3e30ed62cd0","block_type":"box","text":"our clients. BIS does this through:","page_number":199,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"5d93c50c-188a-4918-8b9d-c1311617b014","block_type":"box","text":"1.","page_number":199,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"8be69875-f506-434a-990f-bcc9d05f02de","block_type":"box","text":"Engaging with companies","page_number":199,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"6219e4ac-fea2-4ffe-8ec5-a3a8793b6f88","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":199,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"7b3df052-cb9c-42b2-ba89-62f75899c4de","block_type":"box","text":"voting decisions.","page_number":199,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"3439ad07-4c83-4016-95a0-d6509c70188d","block_type":"box","text":"2.","page_number":199,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"5a6a1e99-6fe5-4ac1-a1e7-c3351af2e2b6","block_type":"box","text":"Voting at shareholder meetings","page_number":199,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"e48c086f-771d-4554-8d5b-f811db3c5ac9","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":199,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"a97e17c8-d937-49b1-81fe-6a996d4136f1","block_type":"box","text":"voting authority to BlackRock.","page_number":199,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"d633fea3-acd4-40a8-bbcd-5108c6048a0c","block_type":"box","text":"3.","page_number":199,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"6507512a-a68d-44a5-8d6d-8930cf91f265","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":199,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"00f2e820-ed4a-4cad-be63-4658ee163b2b","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":199,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"27f8fca4-0c3d-4153-b77c-95bf1ffe621c","block_type":"box","text":"investments.","page_number":199,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"b83f5150-96d6-47d4-a4bc-01b28d208f05","block_type":"box","text":"4.","page_number":199,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"79d3746b-de61-4a25-86b3-b31a703a8b59","block_type":"box","text":"Reporting on our activities","page_number":199,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"7f3f2809-1be4-4168-ae4b-7a8967705b99","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":199,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"b018ff7e-7280-4353-b271-506be8eb8d13","block_type":"box","text":"publications and direct reporting.","page_number":199,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"2dbe474b-7a47-4f96-8c85-4edf3380b295","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":199,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"2df9282a-dfb2-4edb-8475-f16cfd93f9d9","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":199,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"820b3cb2-a460-4016-a607-7a70dbb9db73","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":199,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"503cf19b-96eb-4def-876c-fecd31e87a5d","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":199,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"9ab5f5f5-4ed3-4e5c-8cd2-cde46c818284","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":199,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"19f10fc3-e316-4216-bf99-deef8273360a","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":199,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"b7dc73c2-7b59-4c50-aa89-1456678a3b4c","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":199,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"0ea73c25-6b03-414c-b982-3832d77c0364","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":199,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"aca11b4d-44eb-48da-92f3-31e7d33f08b6","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":199,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"93794230-575c-400f-8282-ca0a5ade18c5","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":199,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"2c94eec1-4603-4da0-a21f-18a63e0009e9","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":199,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"8c04e326-5048-4f43-ac13-1078749f4583","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":199,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"ab77b929-d354-40ab-b0fe-6b64e572d389","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":199,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"f17ed4e1-baf8-4874-a4e9-b96607d85834","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":199,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"2c2ebae7-baf7-40ab-abef-618bad9e92d5","block_type":"box","text":"these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only","page_number":199,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"43b75e5c-5c0e-43de-bbbb-38077749e9b9","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":199,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"229d1c80-164e-42cc-9e92-1cb32db87e9e","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies and are focused on matters related to climate","page_number":199,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"81c52a4f-7c52-4b7a-a106-94d534ddd088","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by funds and clients who have selected these","page_number":199,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"9e703153-940a-42ca-887a-4cea3992c8e4","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":199,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"d8b8001d-1e7f-4191-ac11-d7c5bba202df","block_type":"box","text":"and consistent with the investment objective of each fund or account that has selected these guidelines, the alignment of","page_number":199,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"73e2ebd7-bf45-4f00-95c1-4f3906015ae7","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":199,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"16214ad1-c175-44f3-a69b-8e0c8325946b","block_type":"box","text":"economy and the more ambitious goal of the Paris Agreement, namely to limit average temperature rise to 1.5°C above pre","page_number":199,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"d24de358-63f7-4690-9a06-df431bbd3339","block_type":"box","text":"industrial levels.","page_number":199,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"a1de3f2d-afda-48b0-ae6c-c5e0f0efb21c","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":199,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"797f4ed5-5a89-4fc0-a63a-7db1feb38d20","block_type":"box","text":"have a carbon intensive business model and face outsized impacts from the low-carbon transition, based on reported and","page_number":199,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"0559132d-850f-4803-9749-ad07026865b4","block_type":"box","text":"estimated scopes 1, 2, and 3 greenhouse gas emissions. We estimate these companies represent the vast majority of the","page_number":199,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"4a124a94-51f5-42c8-a4d1-f70b4d1b824b","block_type":"box","text":"A-36","page_number":199,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"0ad35723-b59e-42b8-823e-de6a488078e6","block_type":"box","text":"value chain emissions of the companies held by funds and clients that have selected these guidelines. For all other companies","page_number":200,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"4a015ad4-0e33-4f25-87a6-f2cc484e1a8e","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":200,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"02224919-6615-4909-a2dd-3e42b6a43b77","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our benchmark","page_number":200,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"2f09990c-0f40-40ed-afff-e9e2f9cae9dd","block_type":"box","text":"policies.","page_number":200,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"563badd2-c8a4-47ab-bf50-7b086d6521fb","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment objective, BIS will","page_number":200,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"6905276f-b58d-4bfc-abaf-f9e485609877","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":200,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"0eaaabaa-abc6-495d-a037-9096baa08d7e","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":200,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"18d50b86-460d-46f5-9701-2a5ccbca905d","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":200,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"4769a613-51b5-4ebb-abad-6f6d5d9026c6","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization policies on items","page_number":200,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"217a5ecc-b0ad-40cc-91b9-500395dfc52b","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":200,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"a08ad67f-9e82-4dd6-8df2-4d1e2632edc2","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":200,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"d76cbbd3-d56e-45b6-9b77-01081954a4d5","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":200,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"aa2bfae7-4d6c-4453-9245-fac1f85956ca","block_type":"box","text":"consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are moving at","page_number":200,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"bff2e98b-60a1-45f5-aceb-3c52d189e4dd","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":200,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"bcc6cea0-8e72-4b67-8f39-5425b6386b24","block_type":"box","text":"deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon alternatives exist. We","page_number":200,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"e9e4dcf0-674c-47a9-91fd-dd3c76cb2835","block_type":"box","text":"have heard from certain clients that they see the low-carbon transition as a series of shifts over decades that will reshape","page_number":200,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"8e5c5925-2e35-415a-9d32-e4d345f76b0b","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":200,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"47d6d219-3ee5-433d-b919-7cb8a1c86a09","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":200,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"14ec8777-21aa-4fa1-9286-a899048f41d2","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding risks and","page_number":200,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"a00332f9-af26-4aab-88eb-423c4b28c6da","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":200,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"aced5a9d-ba1a-4b7a-b2c2-aaf92f88e6a7","block_type":"box","text":"®","page_number":200,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"ae02cab2-348d-45a9-8930-a1a6dc9d600c","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to play out based on","page_number":200,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"a1e83f78-6962-42d6-9214-92fb9c011a16","block_type":"box","text":"what we know and expect today. It can help inform a top-down assessment of a company’s business risk arising from the","page_number":200,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"fa181506-3371-434e-a8ca-b0acf296990b","block_type":"box","text":"transition. BII based its key assumptions on rigorous research, and the input of BlackRock’s portfolio managers and other","page_number":200,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"1bc92779-53d9-4541-8dc8-044eaf38720f","block_type":"box","text":"experts.","page_number":200,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"bb92092c-de77-4276-b8f1-1d7b8c4a5e9d","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will draw on the","page_number":200,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"c8da916e-d500-437a-85bf-bbcdeee59a45","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":200,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"34e9f7ea-53cb-499d-82c9-65fdd89dc8dd","block_type":"box","text":"®","page_number":200,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"a3d80c8d-a48a-44f3-af05-6032f8f2d157","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":200,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"2987f85c-f1a2-4407-a034-bb6e4754c9f5","block_type":"box","text":"In doing so, we will take into consideration the fact that the necessary data to assess individual companies currently has","page_number":200,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"b6cd8498-3a61-40dc-a21f-81de318eec7a","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":200,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"9bfd7abd-69d8-484d-9e5c-686f87408d29","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":200,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"ed1dbf44-e4a2-4159-8083-fd06a9ec1b83","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":200,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"786ddeba-2dca-4c66-9d86-0c0d0fdc1c67","block_type":"box","text":"•","page_number":200,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"e6f472a1-fa86-4c28-98ca-24af2cdc36e1","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":200,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"16e79aaa-90fb-418c-b242-6f2e133fd82a","block_type":"box","text":"This includes companies","page_number":200,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"89d58c91-bd33-4ceb-982c-4728d63ef326","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":200,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"9df921de-192e-4bd0-bb41-6467a1fb0b4c","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":200,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"44404980-a9db-436e-9212-702e2078c5ae","block_type":"box","text":"•","page_number":200,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"31ec2904-e8e6-46af-80bc-63ab48f82015","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":200,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"a9203223-ed87-4e46-876c-b2a1187b8b99","block_type":"box","text":"sectors and markets:","page_number":200,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"dbf36d72-cfd4-4305-ade1-d9fe03e667c2","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":200,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"2966086b-5c00-48d7-857e-18fcea385a5b","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":200,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"d5835557-f2ad-4aaa-8054-dd9749c5435f","block_type":"box","text":"Further, we recognize that these factors are uncertain and dynamic, which will require that we evolve our approach as","page_number":200,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"9fc97486-e326-4034-afdf-1031e591ce2a","block_type":"box","text":"necessary.","page_number":200,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"006cf505-dc11-49ca-805e-548823c5e628","block_type":"box","text":"•","page_number":200,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"5b12fad3-aeac-40f1-8233-58fae52112c5","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":200,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"c2a214c5-c6b3-456a-adc5-8ecbe1235678","block_type":"box","text":"stakeholders:","page_number":200,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"e4b52866-985d-4013-be74-d5326abb6fb5","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":200,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"b332a246-c79f-420d-b5b9-521b7f7d9cd1","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":200,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"5918b6dc-6d5e-432c-ad99-8efa72bf48ab","block_type":"box","text":"returns throughout, is a better long-term investment outcome for them, and less disruptive to a company’s other key","page_number":200,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"8ae6a5d7-d9f4-4b1b-a11e-16a29ad14323","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":200,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"69f0eaa1-8011-43d0-be7c-7ea03bc8d58a","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":200,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"4cab5504-9f1d-417a-9dea-f15fb5d31bc6","block_type":"box","text":"•","page_number":200,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"efb1d2de-f5bb-4b48-aa02-004fa68baa1b","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":200,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"fee07df2-d9e9-4e49-b4b5-f551b51b410c","block_type":"box","text":"The","page_number":200,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"4ac01f8a-907e-4a1d-8535-626619395b96","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":200,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"f1a9d918-1655-477c-a30c-7020f6abe4b1","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":200,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"46653c64-4ed7-4aa2-871d-e8a90dd78edf","block_type":"box","text":"A-37","page_number":200,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"e169380f-3aa7-453c-845d-889fc80fe26b","block_type":"box","text":"•","page_number":201,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"86daae1e-1f40-44f7-b8e1-569f30d7daf3","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":201,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"b6a4893d-528f-43f4-9f04-7d212a39739f","block_type":"box","text":"The boards and executive leadership of","page_number":201,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"a2d0b35c-42f6-4bb0-a802-7833359581fe","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":201,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"a85f56e3-8835-4ed0-bbf5-4cd4286d499e","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":201,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"43606370-4740-4a80-a57b-d80135b00be2","block_type":"box","text":"clients’ investment objectives.","page_number":201,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"34f73456-06ab-4064-81a6-b0dbf12c2396","block_type":"box","text":"Voting guidelines","page_number":201,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"02d239f4-c78a-4403-89b9-b98bdefb4b7b","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look to companies","page_number":201,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"36b17bcc-6136-4290-9165-ab029d030300","block_type":"box","text":"to demonstrate the following:","page_number":201,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"b77050a0-0d84-4e30-8ec7-f58892aac468","block_type":"box","text":"Corporate Disclosures","page_number":201,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"092daa28-56a8-4831-a3a2-c2c44db2f14c","block_type":"box","text":"In the context of these guidelines, we look for companies to provide sufficient corporate disclosure to allow us to determine","page_number":201,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"083714d1-33a2-472a-8396-23f8afea70c1","block_type":"box","text":"the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general point, we would","page_number":201,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"6243bbd3-b0e0-4d02-aec8-70be3f659c4c","block_type":"box","text":"expect companies that have disclosed their aim to participate in the transition to a low-carbon economy to make disclosures","page_number":201,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"7f017d00-f22f-4848-80c3-75b5c607a9ea","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":201,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"e35aeaad-eae5-435a-ae0b-ad6a2c1c59e3","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":201,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"c2a822d4-595d-4b2b-8f0f-c3eba3444995","block_type":"box","text":"rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term strategy to achieve net","page_number":201,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"b3fea0f6-3a2a-4539-959e-c867b1566af3","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":201,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"386981a0-8a82-4021-8e2c-4e0d80f9f693","block_type":"box","text":"progress.","page_number":201,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"30e48e0f-84b0-43d5-bf7d-40ca769a736c","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":201,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"ae86d11f-a32a-496f-9df9-620bf82ef92b","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":201,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"e27e2293-e84f-4def-9bbf-36aa6517a3c5","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":201,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"94a9bacc-8580-40be-8377-62cc93267eec","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":201,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"ddf21227-8701-4a87-b702-59004b5b3b76","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":201,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"e02e1144-d026-477d-ac3c-6c6cfda0bc11","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions. In addition, we look to companies to disclose their","page_number":201,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"f765e550-1c42-4547-9e77-55f0a6f9b535","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":201,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"0d85012b-4215-4b9a-a7d0-73eefde9a6fc","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":201,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"598f0613-e54d-489c-bb3d-193f4e082dcd","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":201,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"a523dd28-7864-4ea5-9881-7f86493042b9","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":201,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"93217dad-5331-48a5-b90e-0a5c49138c55","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":201,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"a56afb51-4f79-4257-936c-324b4bf3de28","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":201,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"a7ac21cf-40f6-4716-b17c-27cac648cc67","block_type":"box","text":"influence the emissions across the different parts of their value chain and it is helpful when disclosures explain the","page_number":201,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"6cb8bfa2-9403-47b4-b1d0-c9a0aa9b9511","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":201,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"4d33ea3f-5f64-4509-a777-ad2dcc74b51b","block_type":"box","text":"Transition plans","page_number":201,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"a500ad3e-c825-4b6a-9780-38a05d50117b","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":201,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"66d50ddd-4d89-41d6-b42f-0c615930e3db","block_type":"box","text":"transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its transition towards a","page_number":201,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"8aa10591-95f3-4c6b-986f-fbb4fce82347","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":201,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"c92b0935-d0d4-43a9-8646-e77f4f9f2a4d","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market to","page_number":201,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"65af5bb7-2820-430b-9a76-0eb71e9372fd","block_type":"box","text":"corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and production of","page_number":201,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"c1ab9e71-ef89-40fe-b203-3fd73754e8c7","block_type":"box","text":"transition plans a voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their","page_number":201,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"bd3ebf54-e2be-41b6-9586-97604165178a","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":201,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"00a4150c-d93a-4b8e-8056-eb94f2daf168","block_type":"box","text":"Boards and directors","page_number":201,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"95e99e02-5570-423c-bd52-68022d29bc6a","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":201,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"e4c47dbd-b6f1-4e67-a60c-bd124aa60767","block_type":"box","text":"management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon transition strategy.","page_number":201,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"3aaaa3e2-8443-4411-8631-74641556f498","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":201,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"b9855610-535c-49c2-b674-925fe80de201","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":201,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"f17d4a82-f3e5-4436-8fe0-5834f3df6bd9","block_type":"box","text":"company’s business model. We consider the whole board to have responsibility for oversight of the company’s long","page_number":201,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"6a564347-87a9-4dce-b8e7-1db003ceb9b7","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":201,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"2c1193ad-8ac4-497a-8008-cde974c534e0","block_type":"box","text":"A-38","page_number":201,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"4559c13e-6a84-4b2d-b6e9-0f73c90fb83b","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":202,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"ab84c687-8449-4717-87ac-46bee8b2349a","block_type":"box","text":"accountability for delivery by senior executives.","page_number":202,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"b5730926-d318-44e3-816b-7bed13a55135","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":202,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"69a580fd-38a3-4190-b64e-d81b58068bed","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":202,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"b66bc001-5661-4712-850b-2170377a6e28","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":202,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"0caeeffa-cab1-49e9-8ec8-4da2745a465c","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":202,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"77a56b93-79ee-4ffd-8896-b74df228d07b","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":202,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"e0966d8e-c25c-4a57-a311-87e3018d806e","block_type":"box","text":"possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no more than","page_number":202,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"e09c10b4-3dbc-4120-ad26-f32203f1d844","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":202,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"fc5f352d-c2b3-421b-9e2c-9c8d32e1aaf0","block_type":"box","text":"• There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its long-term","page_number":202,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"6baf3257-1aad-453a-9ff4-a0dce1651d3d","block_type":"box","text":"low-carbon transition strategy.","page_number":202,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"fad47bd7-1731-4d1f-8367-77601cc960c3","block_type":"box","text":"• The company is monitoring its material scope 3 emissions and disclosing these where it is confident in the data. Given","page_number":202,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"d5f95702-ca93-406f-98f2-fad9bcd1d471","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":202,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"57153e5e-be44-454f-a5ce-c5d93c92f70e","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":202,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"60d60130-9db1-4940-92ef-bff6301e1403","block_type":"box","text":"constituents in their value chain.","page_number":202,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"3b5d4478-2762-4d81-9b75-1b7b587900f0","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":202,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"42fe2f14-1755-49f8-81c6-4dfb5d673820","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":202,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"2bfac75b-0839-404e-af17-8378486e6f39","block_type":"box","text":"including those related to the low-carbon transition.","page_number":202,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"637a6f2b-12ec-4824-8ad5-ab43047b520b","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":202,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"adbfc920-ac41-42cd-bc60-186eb0889011","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":202,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"819eb4ca-fb01-4fa3-a3da-ff01dc87615d","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":202,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"939d64a2-89ec-4bc9-b68d-ab3ad2104290","block_type":"box","text":"transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we may vote against the","page_number":202,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"1ad904df-aa01-4aac-90d4-b2124787a446","block_type":"box","text":"election of one or more directors who have responsibility for the issue. The directors most likely to be in focus are the chair of","page_number":202,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"c339e1f3-53fa-49f5-b0e1-758450ac9360","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":202,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"56f0a287-ab65-4562-b347-54c73bfc066b","block_type":"box","text":"of the relevant committee, the lead independent director or the non-executive chair of the board. In certain markets, we may","page_number":202,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"b225bbae-02bc-4d65-b041-725f2d18e14e","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":202,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"650c039f-4f6f-4a68-9c52-2c5427910cf5","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not subsequently","page_number":202,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"57a1a391-dfe6-4d73-9df0-5b6f9b5bc886","block_type":"box","text":"made progress towards aligning with the transition to a low-carbon economy, we may escalate by voting against the re","page_number":202,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"72e9b4cb-2d58-4e3e-b2ef-13b0be624418","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":202,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"75702bb4-a24e-4304-979a-44f104ec88e1","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":202,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"3d900a6a-324e-4fbc-94da-1a19075a8902","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":202,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"0d3b3b5d-4ace-40e3-be3a-e1c1a7dfdffd","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":202,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"1a25fe59-5180-4440-bfde-15533cc6ed59","block_type":"box","text":"proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon transition. Similarly, we","page_number":202,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"7c21e7a5-9bf7-4b15-80de-fe3e9e65b86d","block_type":"box","text":"will generally support management’s proposal on a progress report if the company has clearly explained its progress against,","page_number":202,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"c6ce3065-42c1-4b34-a9d0-65a4d231b252","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":202,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"b8f1c444-1c80-4820-b17b-1fb1975a9d75","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":202,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"cbdcdcf0-f97c-4660-be4f-e4ab491c0c56","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered on their","page_number":202,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"67c09488-4eae-4fac-a222-96e9bc4c3276","block_type":"box","text":"merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s stated low","page_number":202,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"54180ff9-e691-4830-8d20-f6f79badf2e8","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":202,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"a8ac8347-2473-4516-bd26-54c1a7582bab","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":202,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"66ebf519-e485-45e1-9568-0954936674aa","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":202,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"7a3c6e3c-1d57-467f-b31f-d7fca8911008","block_type":"box","text":"• Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with,","page_number":202,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"7b37e9d1-c005-4f99-b597-eb305bab9952","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":202,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"50b70d61-b3bc-459d-a45b-cb3a07a67e10","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":202,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"8ea058cb-8b12-4725-9740-4016add1dc2c","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":202,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"828e3811-ed4b-4000-a78c-f44ee2b99d23","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":202,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"efb7e377-609d-4a21-950e-a3bc1389610e","block_type":"box","text":"A-39","page_number":202,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"0998891c-4c6d-45b8-bbcb-52eb197a8df8","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":203,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"275353d7-01c8-4a38-a2ce-5ebb26508aaf","block_type":"box","text":"business or strategic decisions. This includes proposals that seek to change a company’s articles of association or charter to","page_number":203,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"913bb5ee-f948-4ebc-b9cd-950b6c30dabc","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":203,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"a4abdfac-7267-4f57-9603-bd47874a37d0","block_type":"box","text":"Related matters","page_number":203,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"a0b3934b-5b2c-4aba-b39c-08ed21a78aee","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":203,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"837ed906-5283-4d97-8ad1-1b4762411342","block_type":"box","text":"to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage, where appropriate, if we seek","page_number":203,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"d61be2b7-4aa6-43d8-aeb3-766e9f188354","block_type":"box","text":"to enhance our understanding of a company’s approach. Generally, our voting on these matters would be covered by BIS’","page_number":203,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"ff021b56-ded8-4ce7-98a4-fed4f1d1cfe4","block_type":"box","text":"benchmark guidelines.","page_number":203,"box":{"x":89,"y":172,"width":157,"height":13}},{"id":"0141920c-c0d5-4e23-af10-31e20230d69f","block_type":"box","text":"Executive compensation","page_number":203,"box":{"x":106,"y":199,"width":173,"height":12}},{"id":"e2c0a253-adcd-445a-a9c8-96c704c1af9c","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives appropriately.","page_number":203,"box":{"x":88,"y":225,"width":871,"height":13}},{"id":"7fe645e8-ee20-4aef-b1f3-c70c2bc17431","block_type":"box","text":"Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions reduction targets or low","page_number":203,"box":{"x":88,"y":240,"width":878,"height":13}},{"id":"e3557c20-6603-4d0d-8c0e-1e70eaa9baaf","block_type":"box","text":"carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to understand the alignment","page_number":203,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"dbbaf02c-c3ca-4e23-93ac-f49f3bcf09df","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":203,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"9bb69f4c-36c8-40a3-a8c1-11edb1b9b51a","block_type":"box","text":"Auditors and audit-related issues","page_number":203,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"ab2cfc9d-337a-4fa3-8451-703c3c2964c5","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":203,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"a9bb34d0-dcd3-4214-bdf0-14436a7d750e","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":203,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"58e0e23e-e832-410c-97fb-56bebcb71a44","block_type":"box","text":"financial statements, including if the company explains such risks within the context of its audit report. We note that work is","page_number":203,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"0813a933-99fd-40ea-a83b-8ab688bf57f5","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":203,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"4aab007b-7d62-4b32-9bbb-0bf8b65b5fc1","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":203,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"d725443d-e4bb-4554-a54b-a8dfdb1829ae","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":203,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"e23e0443-4b61-415c-9f98-6af4389c3967","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":203,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"3fc9f348-ac2f-4b48-ab27-76daf12b4298","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors under these","page_number":203,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"1863df40-44ff-4ee2-b975-856757a7544e","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":203,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"7f48cb5d-2441-4d36-a6bd-0cb6944cd463","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":203,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"3f7ac045-7946-4cfe-9c52-248fda4354a3","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":203,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"cb2556c8-f15d-4eaf-8239-79f888543fda","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":203,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"aebbafb1-8eaa-4373-8c19-b5271076eaf0","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability-related","page_number":203,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"e112a5a1-28fa-4823-9ef0-bc7012f9dfd6","block_type":"box","text":"risks and opportunities that may be relevant to a company’s business model and long-term performance. These include a","page_number":203,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"01872e92-af32-4b56-84e0-edb68d386970","block_type":"box","text":"company’s impacts or dependencies on natural capital and key stakeholders. In the context of these guidelines, we may","page_number":203,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"5c9bc498-3fad-4d33-a635-42e8bec78011","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":203,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"93068b43-e29e-482d-b0cd-df3212986c7f","block_type":"box","text":"and communities) of any strategic or operational changes they are making in relation to their transition to a low-carbon","page_number":203,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"826fbaa3-388e-4214-9224-9cff435e5bfe","block_type":"box","text":"economy. Similarly, we may engage companies that face risks and opportunities related to land use and deforestation, access","page_number":203,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"adfceff4-2f7a-4a66-988f-c22393c97152","block_type":"box","text":"to fresh water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":203,"box":{"x":88,"y":641,"width":735,"height":12}},{"id":"4b4d01ca-75c9-4c1d-abf4-253d6b763a3c","block_type":"box","text":"Appendix 1","page_number":203,"box":{"x":88,"y":668,"width":80,"height":12}},{"id":"58415fb4-f4bb-43c3-9937-b455075505f9","block_type":"box","text":"Terminology","page_number":203,"box":{"x":104,"y":694,"width":92,"height":12}},{"id":"1f430b78-97e2-4f98-b4dd-c4f188f59741","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":203,"box":{"x":88,"y":720,"width":550,"height":13}},{"id":"7c789198-4d9f-4e51-a1a4-2e52dba37bc7","block_type":"box","text":"Climate risk:","page_number":203,"box":{"x":89,"y":747,"width":88,"height":10}},{"id":"ac100228-54b9-4953-8e39-b44ea7c6f53b","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":203,"box":{"x":183,"y":747,"width":743,"height":12}},{"id":"8b376d65-2c4f-41a1-a9e8-0bd0ae6a7dbb","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":203,"box":{"x":89,"y":762,"width":816,"height":12}},{"id":"3ae040ab-d45c-48c8-863a-352fc8d5cc1c","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":203,"box":{"x":89,"y":777,"width":340,"height":12}},{"id":"024b2219-260f-4905-a830-ed7d318442be","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":203,"box":{"x":88,"y":804,"width":455,"height":12}},{"id":"613bf2fd-f3cc-4160-a1a3-72e92fc2076f","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":203,"box":{"x":547,"y":804,"width":401,"height":12}},{"id":"b42a69e9-6217-4f09-be6d-0d212ce18bfd","block_type":"box","text":"many sectors and business models. 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