{"annotation_id":"e28dad6b-330a-46c2-8ca0-08e03e47865b","file_hash":"3dc788c13b38c0afbba6d607c5da79f0bdaa3f0908ef241d909cf96d3ca41b2a","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"5ba1ff66-6540-423f-a68e-8cf6004674ee","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"dc354957-35cb-49ad-a458-45680a1f8479","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"aff6e6ca-18fa-41df-abcf-f97423e0620a","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"c06d1cb4-22d0-4401-9666-a43fb21cf815","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"21b38344-eb5c-4691-8757-cd259eda2b74","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"b65b23cd-b5ce-4a6a-b2fc-8e1636b645dd","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"92173cb9-3ef9-43e6-a6ce-4d2e6412d002","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"adb3564a-1aaa-4af6-9c37-c7a296bb2cf7","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"3fa474ca-7bab-4617-83f3-8af92ed7ef57","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"cf74acd6-5828-4d79-94cb-c0ebd2601476","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"0016f538-bc7c-400d-abb6-a5a1cc1f8ae2","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"3e0de48d-f030-4758-91cb-0b1830232c34","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"a0521803-4c1d-4231-a163-06c1b97647bb","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"a0f9c00b-3e53-479a-a546-a07c3991b963","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"69980e1a-d230-44cf-afa1-b7d78cf227f3","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"ad04aabf-867a-45c6-8bb2-6bdcc5a7416c","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"ec4cff0e-0621-4197-8705-3762ea84dd51","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"d54b4e42-e507-4358-8d75-4c39871095c7","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"c6aa5d31-31f7-458b-8deb-d901db9c4e5a","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"e2022e6b-20bf-457f-bade-38ebec268ad2","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"7accf1c6-cf38-4c1a-8151-e6b59b162878","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"e66b7fdd-bec8-4a8a-b5f7-68a0b9c491fd","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"8f95cca7-7d23-4264-aefa-004ccfd4c5ed","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"1a7f487b-f681-475a-9249-1de1f2d9f100","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"598cd86b-553c-43c8-9c70-10dc358818ef","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"6ae43199-3612-492c-a608-b894fd97f4cb","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"fd60b366-78a9-4a28-8327-4111647049fb","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":1,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"91d6ea49-313f-45bf-bfcc-197b9fd042d1","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"ccfa2b28-e86c-4ea3-a7d0-b309e6f1b01c","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"5dbd9de6-14b0-4677-9583-a00fce8394b2","block_type":"box","text":"iShares MSCI Global Gold Miners 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(1-800-474-2737).","page_number":1,"box":{"x":117,"y":581,"width":521,"height":12}},{"id":"9108e74e-2c8b-4269-95dc-742624091308","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"4f58ad0b-42ef-4ded-9154-966508449d56","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"6348c718-e6c9-4e03-a3aa-57c2b5474c51","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"632478bf-4022-4b14-89ab-f0ef9ebfe13a","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"5f9cc4e5-ed8a-43dd-b0e1-b5f8a55707ab","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"c3626140-1a0d-4ed5-8b2d-0796012f7ca4","block_type":"box","text":"FOR FUTURE 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currently effective Summary Prospectus, Prospectus,","page_number":5,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"3c90722e-4ced-42e6-a034-a324c08230c9","block_type":"box","text":"and Statement of Additional Information (the “SAI”)","page_number":5,"box":{"x":302,"y":116,"width":400,"height":12}},{"id":"0d48f6a9-8c6a-4acb-b2b6-6873d9b4af41","block_type":"box","text":"for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA","page_number":5,"box":{"x":123,"y":131,"width":757,"height":13}},{"id":"8a3cf261-9aca-4e74-992b-c681e5b35471","block_type":"box","text":"Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S.","page_number":5,"box":{"x":144,"y":147,"width":716,"height":12}},{"id":"19730ea2-ccb6-458f-933f-4903f52ba1f3","block_type":"box","text":"Aerospace & Defense ETF (ITA) (each, a 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The Creation Unit size for each Fund will remain unchanged, as set out below.","page_number":5,"box":{"x":116,"y":201,"width":649,"height":13}},{"id":"0355b52d-9a5c-4ebf-b1e3-3037900e8bb6","block_type":"box","text":"Fund Name Ticker","page_number":5,"box":{"x":321,"y":228,"width":350,"height":10}},{"id":"bc2f30a0-fc9c-4ca4-becb-beb9cc089174","block_type":"box","text":"Forward","page_number":5,"box":{"x":692,"y":222,"width":67,"height":10}},{"id":"cb94157f-110c-44d7-82eb-f127f1d41317","block_type":"box","text":"Split Ratio","page_number":5,"box":{"x":684,"y":235,"width":82,"height":12}},{"id":"de570615-91d1-4792-ac86-4cc03c86d928","block_type":"box","text":"Shares Per","page_number":5,"box":{"x":786,"y":222,"width":84,"height":10}},{"id":"6711dbac-f095-4853-aa1a-fde660228487","block_type":"box","text":"Creation Unit","page_number":5,"box":{"x":776,"y":235,"width":104,"height":9}},{"id":"5c16ec4c-3338-4188-b824-81a7e1e178af","block_type":"box","text":"iShares MSCI EAFE Growth ETF EFG 3:1 400,000","page_number":5,"box":{"x":123,"y":255,"width":737,"height":12}},{"id":"ac3f284a-faf0-45c5-840b-75ad7914f972","block_type":"box","text":"iShares MSCI EAFE Value ETF EFV 2:1 400,000","page_number":5,"box":{"x":123,"y":278,"width":737,"height":12}},{"id":"79fbf241-ebc7-490b-be53-4d30d52627da","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000","page_number":5,"box":{"x":123,"y":302,"width":733,"height":11}},{"id":"d85c98f2-381f-4d7b-b842-694c0c53311a","block_type":"box","text":"iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000","page_number":5,"box":{"x":123,"y":325,"width":733,"height":13}},{"id":"29f80a17-7fcc-4a89-a5dc-689397b152a7","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000","page_number":5,"box":{"x":123,"y":348,"width":733,"height":13}},{"id":"7471ff24-ed29-4708-a27a-791136e5b6c4","block_type":"box","text":"The record date for the forward stock split will be November 3, 2026 and the stock split will be payable","page_number":5,"box":{"x":116,"y":379,"width":749,"height":13}},{"id":"97928003-7d8a-4293-b444-fadd8c82540a","block_type":"box","text":"after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading","page_number":5,"box":{"x":116,"y":395,"width":758,"height":12}},{"id":"35c763f6-1480-4bb5-a290-f23e19e43344","block_type":"box","text":"on a split-adjusted basis on November 5, 2026, the ex-date.","page_number":5,"box":{"x":116,"y":410,"width":436,"height":13}},{"id":"2accbda5-c5b5-4f2d-9890-a2d4edf81ac2","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":433,"width":521,"height":13}},{"id":"b864ef8d-c27a-47bb-99ac-60a9fda5e28b","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"f711d52d-9711-45a4-8cd0-35455f8c9ffc","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"2db9fcb9-aaa2-404e-9295-a2cd3199a0bc","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"89ddff0a-6409-4c72-b732-379fe44b70f4","block_type":"box","text":"IS-A-FS-1026","page_number":5,"box":{"x":805,"y":887,"width":78,"height":8}},{"id":"678a5d08-de75-4d36-a202-9efaf8f59cf4","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"d9855b32-74e8-4943-85c5-b4f0ff845a23","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"94dede6d-968d-484c-8b58-ecddcb018ca5","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":6,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"a7ce580e-afba-40ec-967f-82fa303c3acf","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":7,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"61c580d5-76cb-4a54-8db9-9777df714258","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":8,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"43f46314-bbb0-44fd-8564-f9ca2dd7c16b","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust","page_number":9,"box":{"x":298,"y":69,"width":408,"height":12}},{"id":"09d30235-3457-4c8f-8155-61bb9ac285d4","block_type":"box","text":"Supplement dated September 11, 2026","page_number":9,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"9a199370-aad3-48b0-a13c-bfefd50b298f","block_type":"box","text":"to the currently effective Statement of Additional Information (the “SAI”) for each series of","page_number":9,"box":{"x":153,"y":100,"width":696,"height":13}},{"id":"92ab3a4e-18a8-4bf4-b3bc-03f4d32fd584","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust (each, a “Fund”)","page_number":9,"box":{"x":234,"y":116,"width":536,"height":12}},{"id":"6388945b-3364-4902-b65c-a75226a70409","block_type":"box","text":"Effectively immediately, the fifth paragraph of the “Payments by BFA and its Affiliates” subsection of","page_number":9,"box":{"x":117,"y":139,"width":767,"height":13}},{"id":"c3ef6f84-0951-433c-abf8-7243e810fdac","block_type":"box","text":"the section entitled “Investment Advisory, Administrative and Distribution Services” of the SAI for","page_number":9,"box":{"x":116,"y":154,"width":748,"height":13}},{"id":"16e58bf5-6c1d-4eb9-bc3c-b3cd1540175e","block_type":"box","text":"each series is deleted in its entirety and replaced with the following:","page_number":9,"box":{"x":116,"y":170,"width":519,"height":13}},{"id":"09d54303-92ad-48b1-b72b-abb4616b9278","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and","page_number":9,"box":{"x":117,"y":193,"width":719,"height":13}},{"id":"1a341cc8-ba85-404f-9bca-9fe6b9f3884f","block_type":"box","text":"certain other third parties that the BFA Entities believe may benefit the business of the BFA Entities or","page_number":9,"box":{"x":116,"y":209,"width":737,"height":12}},{"id":"919573f9-ca5b-4592-9ffd-f248fc04a4e3","block_type":"box","text":"facilitate investment in the Fund or certain Products. Such agreements can include payments by BFA","page_number":9,"box":{"x":116,"y":224,"width":734,"height":13}},{"id":"77e57678-06f4-423e-a307-d12b26ca6f18","block_type":"box","text":"Entities to such Intermediaries and third parties for data collection and provision, technology support,","page_number":9,"box":{"x":117,"y":240,"width":739,"height":12}},{"id":"c9a99239-7c73-4456-9080-7c9d97214e96","block_type":"box","text":"platform enhancement, or educational content, co-marketing and cross-promotional efforts. In certain","page_number":9,"box":{"x":116,"y":255,"width":749,"height":13}},{"id":"b9cf136a-d7ee-4acc-b4d1-fd9e89105935","block_type":"box","text":"cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered","page_number":9,"box":{"x":116,"y":271,"width":701,"height":12}},{"id":"9f30dbf1-17a2-4919-a5d1-75d738310fb7","block_type":"box","text":"payments. With respect to certain funds and Products, payments by the BFA Entities may take the form","page_number":9,"box":{"x":116,"y":286,"width":754,"height":13}},{"id":"92bb70f4-cb5e-495d-ac22-5ec4d2886a06","block_type":"box","text":"of, among other things, “due diligence” payments for an Intermediary’s review of such funds and","page_number":9,"box":{"x":116,"y":302,"width":708,"height":12}},{"id":"73a2a80b-5fc2-48df-940b-cdb8c88ef339","block_type":"box","text":"Products; payment for providing employee training and information relating to such funds and Products;","page_number":9,"box":{"x":117,"y":317,"width":763,"height":13}},{"id":"212fb303-7424-42cc-90cf-17c3e97c698e","block_type":"box","text":"fees for access (in some cases on a preferential basis) to an Intermediary’s registered representatives,","page_number":9,"box":{"x":116,"y":333,"width":739,"height":12}},{"id":"ddcd8f6a-c9d9-4da5-b64f-c7a59031bd92","block_type":"box","text":"salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf space”","page_number":9,"box":{"x":116,"y":348,"width":753,"height":13}},{"id":"d19119fe-0ee6-4a4d-afa7-cd50792f5899","block_type":"box","text":"payments for making such funds and Products available on the Intermediary’s platform or fees for","page_number":9,"box":{"x":116,"y":364,"width":716,"height":12}},{"id":"b995bb80-d43d-4d1f-8e7b-4979a36b4d07","block_type":"box","text":"providing assistance in promoting the sale of such funds and Products. In such cases, the payments to","page_number":9,"box":{"x":116,"y":379,"width":747,"height":13}},{"id":"757dc3c0-a45c-47e7-ad7a-14a4f97320d3","block_type":"box","text":"Intermediaries may be tiered or based on a percentage of the value of the funds and Products held by","page_number":9,"box":{"x":117,"y":395,"width":738,"height":12}},{"id":"6925d007-f77b-4163-be4f-fed67678a5d6","block_type":"box","text":"customers of the applicable Intermediary and may also be subject to minimum payment levels. Payments","page_number":9,"box":{"x":116,"y":410,"width":769,"height":13}},{"id":"caac6761-011c-45e9-aca2-c5e5a1faaacf","block_type":"box","text":"made pursuant to such arrangements may vary in any year and may be different for different","page_number":9,"box":{"x":117,"y":426,"width":677,"height":12}},{"id":"7fb90b21-7161-466d-9fd5-d96bf9f66fa4","block_type":"box","text":"Intermediaries and third parties and may reflect different services provided. 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Any additions, modifications, or deletions","page_number":9,"box":{"x":116,"y":627,"width":767,"height":13}},{"id":"4a6f849b-58d7-45b0-bd09-4ea79f0dd3a3","block_type":"box","text":"to Intermediaries and other third parties listed above that have occurred since the date of this SAI are not","page_number":9,"box":{"x":116,"y":643,"width":766,"height":12}},{"id":"950b2585-6d63-474a-b2ec-a866e3e452e2","block_type":"box","text":"included in the list.","page_number":9,"box":{"x":117,"y":658,"width":139,"height":10}},{"id":"badc9ff0-b8d9-40b1-ad13-090bc06f3da2","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":9,"box":{"x":117,"y":682,"width":516,"height":12}},{"id":"4ad5f627-e2f9-42a0-a651-7964d9427d1e","block_type":"box","text":"iShares","page_number":9,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"027602a5-507c-46ef-bf6d-1b7e00b77f38","block_type":"box","text":"®","page_number":9,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"5798b9fa-2d9f-4cb3-8592-48d219b8a6f1","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":9,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"3d963af9-b25b-4491-b7bd-5aedd0437caa","block_type":"box","text":"IS-A-IntermSAI-0926","page_number":9,"box":{"x":761,"y":887,"width":122,"height":8}},{"id":"4162aacf-7cf8-42ad-98a1-9d4112f81f87","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":9,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"5c761d38-1637-4a60-8eb7-a8920965d9dd","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":9,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"487f5d90-430b-41ca-bbdd-d9a9ff886cb2","block_type":"box","text":"iShares Trust","page_number":10,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"215ffdbb-7623-48ab-a447-a657a848c401","block_type":"box","text":"Supplement dated August 4, 2026","page_number":10,"box":{"x":370,"y":85,"width":263,"height":12}},{"id":"5c5820d8-d133-4dea-8720-7acf0dc75c19","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":10,"box":{"x":259,"y":100,"width":484,"height":13}},{"id":"d7306f50-f3b8-46d4-8190-57ce3fb702f4","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":10,"box":{"x":290,"y":116,"width":423,"height":12}},{"id":"6594a968-38ac-467d-bded-e7156b48eeba","block_type":"box","text":"iShares MSCI USA Value Factor ETF (VLUE)","page_number":10,"box":{"x":339,"y":131,"width":326,"height":13}},{"id":"fe72b0b8-85c6-412a-8602-a580be6cf208","block_type":"box","text":"(the “Fund”)","page_number":10,"box":{"x":453,"y":147,"width":98,"height":12}},{"id":"e9c52aab-34f1-4cd8-a907-34ef322b6bad","block_type":"box","text":"The following changes to the Fund’s Prospectus, Summary Prospectus and SAI will take effect on","page_number":10,"box":{"x":116,"y":170,"width":710,"height":13}},{"id":"e0405d2f-92a3-411c-98a4-a2a3286232e1","block_type":"box","text":"September 1, 2026:","page_number":10,"box":{"x":116,"y":185,"width":146,"height":13}},{"id":"0d438383-532c-4758-8d4a-c7f1fe6971a4","block_type":"box","text":"1) The second paragraph of the “Principal Investment Strategies” section of the Prospectus and","page_number":10,"box":{"x":118,"y":209,"width":733,"height":12}},{"id":"04f92056-1487-41a3-9dad-d8dc7c5eee85","block_type":"box","text":"Summary Prospectus is deleted in its entirety and replaced with the following:","page_number":10,"box":{"x":150,"y":224,"width":588,"height":13}},{"id":"c6b0ecb7-8d6c-443d-b2b5-dbec5a34f782","block_type":"box","text":"To construct the Underlying Index, the Index Provider calculates a “value score” for each security in the","page_number":10,"box":{"x":116,"y":247,"width":752,"height":13}},{"id":"66b77e99-540c-4171-98bf-4db728e078f4","block_type":"box","text":"Parent Index using three variables: price-to-book value, price-to-forward earnings and enterprise","page_number":10,"box":{"x":117,"y":263,"width":705,"height":13}},{"id":"0d51308d-82ae-4690-8e9e-95160256c4b7","block_type":"box","text":"value-to-cash flow from operations. MSCI assigns weights by multiplying a component’s value score by","page_number":10,"box":{"x":116,"y":278,"width":755,"height":13}},{"id":"2a3afd14-e66f-40a8-8f01-75b375f9f907","block_type":"box","text":"its market capitalization. Weights in the Underlying Index are next normalized so that sectors in the","page_number":10,"box":{"x":117,"y":294,"width":721,"height":13}},{"id":"1d55d9bd-2ce5-41ce-bae9-a47256f77056","block_type":"box","text":"Underlying Index represent the same weight as in the Parent Index. On a month-end basis, the Index","page_number":10,"box":{"x":117,"y":309,"width":731,"height":13}},{"id":"433710c9-1f76-4393-8e75-f899f9ae3f1d","block_type":"box","text":"Provider applies a 25% cap to the weight of any single issuer. If an issuer’s weight on the monitoring date","page_number":10,"box":{"x":117,"y":325,"width":768,"height":13}},{"id":"2261651d-cce0-4000-979f-53361c3c0cbd","block_type":"box","text":"is greater than 25%, it will be reduced to 20%, with the excess weight redistributed proportionately","page_number":10,"box":{"x":117,"y":340,"width":723,"height":13}},{"id":"297891e1-4863-4c5e-a6b3-8078161b0bf4","block_type":"box","text":"among the other index constituents, effective the following trading day.","page_number":10,"box":{"x":116,"y":356,"width":524,"height":13}},{"id":"25cf066c-e8f8-44e1-b605-bbcc9325aa1a","block_type":"box","text":"MSCI uses an algorithm to determine the number of components in the Underlying Index based on the","page_number":10,"box":{"x":117,"y":379,"width":748,"height":13}},{"id":"69ad906f-6bcc-40ea-9af7-46241ef04ce3","block_type":"box","text":"number of constituents in the Parent Index. The number of components is evaluated semi-annually.","page_number":10,"box":{"x":117,"y":395,"width":728,"height":12}},{"id":"66bfb9b2-74ed-4322-97f8-5bed6437424a","block_type":"box","text":"2) In the “MSCI Indexes” section of the SAI, the following is added to the Index Description for the","page_number":10,"box":{"x":117,"y":418,"width":752,"height":13}},{"id":"6eb51ba6-7914-47e0-aae7-b4d357dbd56d","block_type":"box","text":"MSCI USA Enhanced Value Index:","page_number":10,"box":{"x":150,"y":433,"width":255,"height":10}},{"id":"9146b0fc-74d8-4d12-8c2a-85ecf4a6d5d6","block_type":"box","text":"On a month-end basis, the Index Provider applies a 25% ca","page_number":10,"box":{"x":116,"y":457,"width":419,"height":12}},{"id":"8449d501-c74d-46e7-997a-0741a58013b7","block_type":"box","text":"p to the weight of any single issuer. If an issuer’s","page_number":10,"box":{"x":536,"y":457,"width":346,"height":12}},{"id":"2bac0970-8c9d-4181-8d78-98fcb2b95f90","block_type":"box","text":"weight on the monitoring date is greater than 25%","page_number":10,"box":{"x":116,"y":472,"width":360,"height":13}},{"id":"79e420b3-5987-46d6-8fa6-57d7729d1a1b","block_type":"box","text":", it will be reduced to 20%, with the excess weight","page_number":10,"box":{"x":478,"y":472,"width":357,"height":13}},{"id":"787b1e12-34c1-4627-af40-a41011250cfb","block_type":"box","text":"redistributed proportionately among the other inde","page_number":10,"box":{"x":117,"y":488,"width":361,"height":12}},{"id":"5e602245-1131-4e12-b661-a338d0c75fe3","block_type":"box","text":"x constituents, effective the following trading day.","page_number":10,"box":{"x":479,"y":488,"width":358,"height":12}},{"id":"fb4d73a6-74d8-4fca-b7cd-13cfacb42fb5","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":10,"box":{"x":117,"y":511,"width":521,"height":13}},{"id":"a13e062d-c90d-45f6-9a36-826395800a21","block_type":"box","text":"iShares","page_number":10,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"4aef918c-9980-4c3e-8f31-3688ee9fbd81","block_type":"box","text":"®","page_number":10,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"021d63e2-bc60-4710-938d-552fb187ed36","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":10,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"268ff766-012b-4229-8450-8a93d2c29adb","block_type":"box","text":"IS-A-VLUE-0826","page_number":10,"box":{"x":788,"y":887,"width":95,"height":8}},{"id":"e5c2f92d-cb64-44cb-a94e-8c4d118b2169","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":10,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"75d5f15d-70ab-4837-b069-897e4336e3f8","block_type":"box","text":"FOR FUTURE 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(ICLN)","page_number":11,"box":{"x":117,"y":147,"width":288,"height":12}},{"id":"b819666c-fcc5-47c5-99e4-4c15c95cc082","block_type":"box","text":"iShares MSCI EAFE Growth ETF (EFG)","page_number":11,"box":{"x":117,"y":162,"width":275,"height":13}},{"id":"cc45de89-5c69-4689-9a9f-3fbdf3802c74","block_type":"box","text":"iShares MSCI EAFE Value ETF (EFV)","page_number":11,"box":{"x":117,"y":178,"width":260,"height":12}},{"id":"f35a9345-6d77-43bd-8c8a-b48fd5864df4","block_type":"box","text":"iShares U.S. Basic Materials ETF (IYM)","page_number":11,"box":{"x":117,"y":193,"width":278,"height":13}},{"id":"8d39d3c2-da4f-437e-b636-d0f8313bc97c","block_type":"box","text":"iShares U.S. Consumer Discretionary ETF (IYC)","page_number":11,"box":{"x":117,"y":209,"width":340,"height":12}},{"id":"97ad259e-afc0-46f2-846f-2029374a1bfc","block_type":"box","text":"iShares U.S. Consumer Staples ETF (IYK)","page_number":11,"box":{"x":117,"y":224,"width":295,"height":13}},{"id":"a45958cd-ebcb-4ef4-88e8-1cb1b06b9360","block_type":"box","text":"iShares U.S. Energy ETF (IYE)","page_number":11,"box":{"x":117,"y":240,"width":212,"height":12}},{"id":"10021e89-1cb5-4dbd-9ced-d8548e688f85","block_type":"box","text":"iShares U.S. Financials ETF (IYF)","page_number":11,"box":{"x":511,"y":147,"width":234,"height":12}},{"id":"ebfa38f7-f74f-4d63-b48b-2e9b047e239d","block_type":"box","text":"iShares U.S. Financial Services ETF (IYG)","page_number":11,"box":{"x":511,"y":162,"width":293,"height":13}},{"id":"4126526d-4edf-4d83-9e10-6e09f7a91553","block_type":"box","text":"iShares U.S. Healthcare ETF (IYH)","page_number":11,"box":{"x":511,"y":178,"width":244,"height":12}},{"id":"ff899ce8-ab16-4d41-beaa-3ae60cb6a5a2","block_type":"box","text":"iShares U.S. Industrials ETF 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Inc.","page_number":14,"box":{"x":386,"y":108,"width":232,"height":12}},{"id":"f9801596-ece5-46aa-8800-cf1e98cb6a87","block_type":"box","text":"Supplement dated May 26, 2026","page_number":14,"box":{"x":377,"y":123,"width":249,"height":13}},{"id":"1a07ba61-e425-49fd-98e2-e6af4594a96d","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":14,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"8021164a-0580-4229-a6cf-951cfbd22eec","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":14,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"ed9e65e7-f91b-4d2e-8f7c-b0727b7256e9","block_type":"box","text":"for the iShares MSCI USA Value Factor ETF (VLUE) and","page_number":14,"box":{"x":294,"y":170,"width":415,"height":13}},{"id":"1bcf43e0-d62d-48b2-ae20-d03d490e8610","block_type":"box","text":"the iShares ESG Aware MSCI EM ETF (ESGE) (each a “Fund”)","page_number":14,"box":{"x":273,"y":185,"width":457,"height":13}},{"id":"88f01be2-0fad-414b-af1d-ee936b294bf6","block_type":"box","text":"Each Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":14,"box":{"x":117,"y":209,"width":767,"height":12}},{"id":"84695694-d67b-4fa0-9f90-c5eb7895b9da","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":14,"box":{"x":116,"y":224,"width":700,"height":13}},{"id":"f6a5fd83-56eb-464f-b2f5-3dd9f6f6a198","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if a Fund crosses","page_number":14,"box":{"x":116,"y":240,"width":768,"height":12}},{"id":"4cd1b946-a05e-4e8f-a09c-5bd29ec3e9f0","block_type":"box","text":"from diversified to non-diversified status due solely to a change in the relative market capitalization or","page_number":14,"box":{"x":116,"y":255,"width":743,"height":13}},{"id":"b1143737-699d-407d-aaae-b61e8c8fe8ee","block_type":"box","text":"index weighting of the constituents of its Underlying Index.","page_number":14,"box":{"x":117,"y":271,"width":431,"height":12}},{"id":"928c4354-cd7f-4f4a-a2cb-75668220a577","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":14,"box":{"x":116,"y":294,"width":450,"height":13}},{"id":"9afddcf9-1a93-4dd3-9d17-dbd6c7b39b1b","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the sections entitled","page_number":14,"box":{"x":135,"y":317,"width":732,"height":13}},{"id":"65a0fcc2-33c8-4208-9369-81198b8fc106","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of each Fund:","page_number":14,"box":{"x":167,"y":333,"width":669,"height":12}},{"id":"bb1f724a-f5fc-45de-9d7d-50247de00603","block_type":"box","text":"Diversification Policy.","page_number":14,"box":{"x":167,"y":356,"width":169,"height":13}},{"id":"355aceec-36b0-4c66-87a2-daeba0344b85","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":14,"box":{"x":336,"y":356,"width":549,"height":13}},{"id":"9663869e-6632-486c-a2ad-4bf11888020f","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":14,"box":{"x":166,"y":371,"width":709,"height":13}},{"id":"3f22004e-3382-4488-82b9-4b9eca5fa0cf","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one","page_number":14,"box":{"x":168,"y":387,"width":706,"height":13}},{"id":"4551a0e5-699e-4978-acbb-013ae89e675b","block_type":"box","text":"or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":14,"box":{"x":167,"y":402,"width":710,"height":13}},{"id":"ec9e10aa-facc-4112-be26-652119381eef","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":14,"box":{"x":167,"y":418,"width":685,"height":13}},{"id":"487ea2a5-0eb2-4981-b360-6f580ef5e68a","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":14,"box":{"x":166,"y":433,"width":692,"height":13}},{"id":"7829dadc-98d7-49c0-8b7a-ea75494fba34","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":14,"box":{"x":167,"y":449,"width":340,"height":13}},{"id":"4fbb20d6-1a16-45de-a659-bc19afaab8f2","block_type":"box","text":"2. The following is added to the sections entitled “Summary of Principal Risks” in the Summary","page_number":14,"box":{"x":133,"y":472,"width":708,"height":13}},{"id":"6b3b58ba-225b-40f5-9c16-8d281fb2545b","block_type":"box","text":"Prospectus and Prospectus of each Fund:","page_number":14,"box":{"x":168,"y":488,"width":303,"height":12}},{"id":"e6243738-d6bd-4c1d-a08a-6e1332d744e6","block_type":"box","text":"Non-Diversification Risk.","page_number":14,"box":{"x":167,"y":511,"width":189,"height":10}},{"id":"7e8f8f42-b07d-46e9-bd1a-aabf2d170ceb","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":14,"box":{"x":356,"y":511,"width":512,"height":13}},{"id":"835dc054-2555-4c08-a411-59baaaf3b6f8","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":14,"box":{"x":167,"y":526,"width":705,"height":13}},{"id":"1d8fab8e-95ac-4d1c-bcc7-828efc1bda1c","block_type":"box","text":"or counterparties and thus may be more susceptible to the risks associated with these particular","page_number":14,"box":{"x":167,"y":542,"width":702,"height":13}},{"id":"09c2f82a-ac80-4323-bdb1-35ecc0feb3b6","block_type":"box","text":"issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on","page_number":14,"box":{"x":167,"y":557,"width":705,"height":13}},{"id":"489914c0-73b1-4c55-be3e-8723e00ac9dc","block_type":"box","text":"the performance of a small number of issuers or counterparties, which may lead to more volatility","page_number":14,"box":{"x":166,"y":573,"width":714,"height":13}},{"id":"d8f71c4e-1e08-4a1a-8e2c-42c5846de026","block_type":"box","text":"in the Fund’s NAV.","page_number":14,"box":{"x":167,"y":589,"width":138,"height":9}},{"id":"eaec8135-06c1-4406-ab44-0619edd011c6","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":14,"box":{"x":133,"y":612,"width":717,"height":10}},{"id":"d8ff8885-8244-4711-be13-5312c4dae88b","block_type":"box","text":"Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA","page_number":14,"box":{"x":168,"y":627,"width":683,"height":13}},{"id":"16ebe615-3600-4770-98e6-ba006cd5dc4c","block_type":"box","text":"Value Factor ETF and checked as a Principal Risk for each Fund.","page_number":14,"box":{"x":166,"y":643,"width":461,"height":12}},{"id":"d3b0480f-959a-4d72-a539-cb60e76d66be","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":14,"box":{"x":133,"y":666,"width":681,"height":13}},{"id":"b0c5d955-aa4b-4411-ac3a-043a2f1edf7a","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the iShares MSCI USA Value Factor ETF:","page_number":14,"box":{"x":168,"y":682,"width":704,"height":12}},{"id":"2b5fd533-2f4f-44a7-81f8-cdad28214806","block_type":"box","text":"Non-Diversification Risk.","page_number":14,"box":{"x":167,"y":705,"width":189,"height":10}},{"id":"04729461-868c-44b0-95d6-be8a6f7e2432","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":14,"box":{"x":361,"y":705,"width":471,"height":12}},{"id":"255aefd0-8675-40ce-95ec-fd1bdf0a0e0e","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":14,"box":{"x":167,"y":720,"width":700,"height":13}},{"id":"67ab1da0-835f-4d08-8bf2-363dc0d47779","block_type":"box","text":"or counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund","page_number":14,"box":{"x":167,"y":736,"width":705,"height":12}},{"id":"d5297e71-10c7-4943-941f-4c9a834cfe96","block_type":"box","text":"thus may be more susceptible to the risks associated with these particular issuers or","page_number":14,"box":{"x":166,"y":751,"width":611,"height":13}},{"id":"2c3bdbd4-0079-4570-a376-9946b723d444","block_type":"box","text":"counterparties. The gains and losses on such holdings may have a greater impact on a","page_number":14,"box":{"x":167,"y":767,"width":626,"height":12}},{"id":"e7ba325c-e061-4b43-8731-15c9a740ebca","block_type":"box","text":"non-diversified Fund’s performance than they would on the performance of a diversified Fund,","page_number":14,"box":{"x":167,"y":782,"width":684,"height":13}},{"id":"d05c6b22-1c1c-4aa2-86cb-c8452a6bcad3","block_type":"box","text":"and a non-diversified Fund’s NAV may be more volatile.","page_number":14,"box":{"x":167,"y":798,"width":402,"height":12}},{"id":"f7e16b3f-85a9-4708-9b4a-4f14dcdab323","block_type":"box","text":"5. For the iShares ESG Aware MSCI EM ETF, in the section entitled “Diversification Status” of the SAI","page_number":14,"box":{"x":133,"y":821,"width":739,"height":12}},{"id":"3ac9ce9a-7b28-4af7-84ec-8a57f24709d5","block_type":"box","text":"of the Fund:","page_number":14,"box":{"x":167,"y":837,"width":91,"height":10}},{"id":"cf79ccec-f4bf-487d-93b5-f59c31d90894","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":14,"box":{"x":184,"y":860,"width":667,"height":12}},{"id":"ee7497c3-9078-4135-83bb-cb820822abe6","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the corresponding","page_number":14,"box":{"x":218,"y":875,"width":640,"height":13}},{"id":"71ca62f4-2c4e-40d3-af9c-247f51343242","block_type":"box","text":"footnote.","page_number":14,"box":{"x":217,"y":891,"width":70,"height":10}},{"id":"23d3383e-2677-4c05-b0d6-292ffedbc90e","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":15,"box":{"x":184,"y":69,"width":658,"height":13}},{"id":"ac9175d8-94be-48a7-a8db-9f1be2a4a417","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":15,"box":{"x":217,"y":85,"width":654,"height":12}},{"id":"fa66c5a5-2fd3-402c-8b34-41647e927ae4","block_type":"box","text":"replaced with the following:","page_number":15,"box":{"x":218,"y":100,"width":205,"height":13}},{"id":"a8f966c2-fc1b-47eb-8fea-161ef0483301","block_type":"box","text":"Š","page_number":15,"box":{"x":185,"y":126,"width":9,"height":6}},{"id":"9c903b17-4fcb-42eb-9ab3-44ef30964bbd","block_type":"box","text":"However, while the","page_number":15,"box":{"x":218,"y":123,"width":138,"height":12}},{"id":"5de4495b-78fa-4f5a-924c-2aa1c43abdd7","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM","page_number":15,"box":{"x":361,"y":123,"width":522,"height":13}},{"id":"98b3763a-97df-413f-ba6a-a5300d5596a8","block_type":"box","text":"ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as","page_number":15,"box":{"x":218,"y":139,"width":611,"height":13}},{"id":"554b9b14-b528-42dd-8b4f-71f25cb56ea6","block_type":"box","text":"“diversified,” under applicable no-action relief from the SEC staff, the funds may become","page_number":15,"box":{"x":218,"y":154,"width":646,"height":13}},{"id":"5f5f3719-cb9e-4516-8fee-1fcb4b68ddc4","block_type":"box","text":"non-diversified, as defined under the 1940 Act, solely as a result of a change in relative","page_number":15,"box":{"x":218,"y":170,"width":631,"height":13}},{"id":"f829d87c-abf5-445b-b8fc-913d99a2c617","block_type":"box","text":"market capitalization or index weighting of one or more constituents of its Underlying","page_number":15,"box":{"x":218,"y":185,"width":625,"height":13}},{"id":"fe94fe63-d9e5-4d8b-b8c4-72176984c843","block_type":"box","text":"Index, and such a change does not require shareholder approval.","page_number":15,"box":{"x":218,"y":201,"width":473,"height":13}},{"id":"da67cf76-6d59-465b-991e-df205195206c","block_type":"box","text":"6. For the iShares MSCI USA Value Factor ETF","page_number":15,"box":{"x":133,"y":224,"width":346,"height":10}},{"id":"700ba1e0-f5ed-4654-9919-35e0487b8bcc","block_type":"box","text":"in the section entitled “Diversification Status” of the","page_number":15,"box":{"x":484,"y":224,"width":379,"height":10}},{"id":"2fe65723-14f9-499c-9451-cc8a81cdc625","block_type":"box","text":"SAI of the Fund:","page_number":15,"box":{"x":167,"y":240,"width":120,"height":10}},{"id":"484d2aa1-53b3-40aa-ac64-5ab067cd545f","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":15,"box":{"x":184,"y":263,"width":667,"height":13}},{"id":"59247a8f-fd2b-4f19-9e75-dfdc00b7c630","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the 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market capitalization or index weighting of one or more","page_number":15,"box":{"x":218,"y":418,"width":616,"height":13}},{"id":"a74dcd16-5a79-4d0d-bb3e-65bce2094167","block_type":"box","text":"constituents of its Underlying Index, and such a change does not require shareholder","page_number":15,"box":{"x":217,"y":433,"width":620,"height":13}},{"id":"2d908ea6-f3a1-4764-ab19-0ba44bdb7063","block_type":"box","text":"approval.","page_number":15,"box":{"x":217,"y":449,"width":71,"height":13}},{"id":"74582f3b-2653-4ff7-894f-d5b706953d64","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":472,"width":521,"height":13}},{"id":"be0703c5-687f-4454-ad0b-d742e1f3f38e","block_type":"box","text":"iShares","page_number":15,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"5dd18e9b-c8a0-45f1-99d7-b07cb4131839","block_type":"box","text":"®","page_number":15,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"9aa31d4d-329c-418b-a01f-33a0d829c079","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":"9187abb0-feae-4957-a86b-13ba30ed9d71","block_type":"box","text":"IS-SUPP-NAL-0526","page_number":15,"box":{"x":772,"y":887,"width":111,"height":8}},{"id":"dfa76dfb-3345-4db6-8495-12c7984b6281","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":15,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"e281a987-d72d-4e39-a9cc-13940789278c","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":15,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"bab98033-e6a3-46e9-acd3-d20944231ad2","block_type":"box","text":"iShares","page_number":16,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"d90161cc-5787-4dd2-ab4c-78bd553f69c0","block_type":"box","text":"®","page_number":16,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"0f697f02-baf4-4aff-bc6d-69c414a288ca","block_type":"box","text":"iShares Trust","page_number":16,"box":{"x":450,"y":107,"width":103,"height":10}},{"id":"e3e41d10-7708-403a-a23a-2cee77f1e38b","block_type":"box","text":"Supplement dated March 18, 2026","page_number":16,"box":{"x":369,"y":121,"width":265,"height":12}},{"id":"cfb85eae-bf8c-45b7-9946-abbac146c17a","block_type":"box","text":"to the currently effective Summary Prospectus,","page_number":16,"box":{"x":320,"y":135,"width":362,"height":13}},{"id":"cdf2ec12-077c-4010-8f51-ee7143458c36","block_type":"box","text":"Prospectus, and Statement of Additional Information (the “SAI”)","page_number":16,"box":{"x":256,"y":149,"width":492,"height":13}},{"id":"8d05b060-e32f-4852-b511-a79c9fb884ee","block_type":"box","text":"for the iShares MSCI USA Quality Factor ETF (QUAL) (the “Fund”)","page_number":16,"box":{"x":252,"y":163,"width":498,"height":13}},{"id":"0ddfbcb8-423d-41cc-a3b7-08ad0a4b1255","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":185,"width":761,"height":13}},{"id":"ca1cb3ba-250a-490d-b009-1c7d466b5ee3","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":199,"width":700,"height":13}},{"id":"4e5313e9-7ad2-4126-9aac-f94724e63e44","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":214,"width":724,"height":12}},{"id":"da75937a-563d-4f58-92a0-ea51aef17178","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":228,"width":681,"height":13}},{"id":"c1e1faf8-0185-4cf7-8267-77530921156c","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":16,"box":{"x":116,"y":242,"width":552,"height":13}},{"id":"a1588676-ec47-4fdf-ab80-1c7667647ca7","block_type":"box","text":"Accordingly, the following changes are effective on March 31, 2026:","page_number":16,"box":{"x":116,"y":264,"width":499,"height":13}},{"id":"fb46acda-2728-4236-9c9c-1d654df6e895","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":118,"y":286,"width":720,"height":13}},{"id":"0df5eab2-74a2-4ae4-9996-f7b73960fdc3","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":16,"box":{"x":150,"y":300,"width":653,"height":13}},{"id":"2e951911-0cd6-4612-8883-c7f920e06111","block_type":"box","text":"Diversification Policy.","page_number":16,"box":{"x":151,"y":322,"width":168,"height":13}},{"id":"2fbd6a27-f521-4322-923d-4c99d0973775","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":16,"box":{"x":319,"y":322,"width":545,"height":13}},{"id":"3139f6ca-ab33-4f0f-89f7-fdc10cccb797","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":16,"box":{"x":149,"y":336,"width":704,"height":13}},{"id":"12c0a462-5251-4fea-ae41-114e794b1d09","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or","page_number":16,"box":{"x":151,"y":350,"width":721,"height":13}},{"id":"ff3c78b2-2893-4aa6-8e50-f3b4bf37127b","block_type":"box","text":"more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":16,"box":{"x":151,"y":365,"width":684,"height":12}},{"id":"34bba2c4-8d86-4474-8aec-8db2500883d7","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":16,"box":{"x":151,"y":379,"width":680,"height":13}},{"id":"c2208759-bf05-470a-9b18-756691b869e4","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":16,"box":{"x":149,"y":393,"width":687,"height":13}},{"id":"70dc6b11-a8a0-4dac-b63e-ac65a65e78ca","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":16,"box":{"x":151,"y":407,"width":334,"height":13}},{"id":"f4dc5bd0-74bd-4131-8cfe-e7bc58b31048","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":117,"y":429,"width":696,"height":13}},{"id":"f1391033-1c35-4d9d-b270-055decf1962f","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":16,"box":{"x":151,"y":443,"width":287,"height":13}},{"id":"f690c654-fb92-4963-b1ef-4e2f81a4081f","block_type":"box","text":"Non-Diversification Risk.","page_number":16,"box":{"x":151,"y":465,"width":180,"height":10}},{"id":"1c5b6744-a415-4ca5-9d98-740d4e15c44b","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":16,"box":{"x":331,"y":465,"width":483,"height":13}},{"id":"f1778813-78a3-43af-94e0-6628fdf6130e","block_type":"box","text":"percentage of its assets in securities or other inst","page_number":16,"box":{"x":150,"y":480,"width":337,"height":12}},{"id":"b15a90a0-6a29-4e54-8fd9-b094626a914d","block_type":"box","text":"ruments representing a small number of issuers or","page_number":16,"box":{"x":488,"y":480,"width":349,"height":12}},{"id":"f650b120-47a0-4056-8bf2-cbfaaa1cff16","block_type":"box","text":"counterparties and thus may be more susceptible to","page_number":16,"box":{"x":150,"y":494,"width":361,"height":12}},{"id":"8030a3e2-0894-4135-84c9-c2fd616dcac6","block_type":"box","text":"the risks associated with these particular issuers or","page_number":16,"box":{"x":512,"y":494,"width":355,"height":12}},{"id":"c6dd1f3a-4f1d-4752-ba8e-59af6d3ae920","block_type":"box","text":"counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance","page_number":16,"box":{"x":150,"y":508,"width":719,"height":13}},{"id":"143e2a3d-3d27-4893-a940-08cda0d0022c","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":16,"box":{"x":150,"y":522,"width":688,"height":13}},{"id":"fe3ef0fd-9c76-4ecb-a98e-5b521636e3fb","block_type":"box","text":"3. In the table under the section entitled “Additional Info","page_number":16,"box":{"x":116,"y":544,"width":405,"height":10}},{"id":"3ae48014-7019-493b-9e20-a7af1ac58402","block_type":"box","text":"rmation About the Funds’ Risks” in the Prospectus","page_number":16,"box":{"x":522,"y":544,"width":349,"height":13}},{"id":"40434a5c-e901-4a1d-ad79-a3131993d7d8","block_type":"box","text":"of the Fund, Non-Diversification Risk is added as a row and checked as a Principal Risk of the Fund.","page_number":16,"box":{"x":150,"y":558,"width":684,"height":13}},{"id":"49426a92-a229-4231-b8dc-88c6c13a823c","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":16,"box":{"x":116,"y":580,"width":681,"height":13}},{"id":"64689461-b2e9-4656-9de8-99057c3c5c59","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the Fund:","page_number":16,"box":{"x":151,"y":594,"width":484,"height":13}},{"id":"5cc3caba-902b-4f68-a511-c200a72198ad","block_type":"box","text":"Non-Diversification Risk.","page_number":16,"box":{"x":151,"y":616,"width":188,"height":10}},{"id":"e9610fdc-2929-406c-850f-52fd91b91649","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":16,"box":{"x":340,"y":616,"width":475,"height":13}},{"id":"49f71480-f4db-49e3-8497-1fabfe0826c9","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers or","page_number":16,"box":{"x":150,"y":630,"width":721,"height":13}},{"id":"1685a135-0d9c-48a4-b831-20757a439b6a","block_type":"box","text":"counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund thus","page_number":16,"box":{"x":150,"y":645,"width":722,"height":12}},{"id":"cb3791cf-93df-47a9-be34-f05fbf6fafe8","block_type":"box","text":"may be more susceptible to the risks associated with these particular issuers or counterparties. The","page_number":16,"box":{"x":151,"y":659,"width":718,"height":13}},{"id":"64c50eaf-2b20-41bb-8361-7dbc443efaa1","block_type":"box","text":"gains and losses on such holdings may have a greater impact on a non-diversified Fund’s","page_number":16,"box":{"x":150,"y":673,"width":646,"height":13}},{"id":"40703454-0bf5-46b9-9956-bd11c237f8a6","block_type":"box","text":"performance than they would on the performance of a diversified Fund, and a non-diversified Fund’s","page_number":16,"box":{"x":150,"y":687,"width":729,"height":13}},{"id":"5e65e3d6-dcb9-496e-9502-971146220a18","block_type":"box","text":"NAV may be more volatile.","page_number":16,"box":{"x":151,"y":702,"width":191,"height":12}},{"id":"af87ca26-59b1-40f4-a624-ea5965bafd38","block_type":"box","text":"5. The following is added as the new last sentence of the first paragraph following the diversification","page_number":16,"box":{"x":116,"y":723,"width":743,"height":13}},{"id":"f5eed6b5-2562-4349-ac18-e64195c7c306","block_type":"box","text":"status table of the section entitled “Diversification Status” of the SAI of the Fund:","page_number":16,"box":{"x":150,"y":738,"width":584,"height":10}},{"id":"a3e002cd-07ae-49dd-8244-1e18c4a5416b","block_type":"box","text":"Š","page_number":16,"box":{"x":163,"y":762,"width":9,"height":6}},{"id":"111d481e-60f6-4dac-8d7d-a3c62923ec9b","block_type":"box","text":"However, while the iShares MSCI USA Quality Factor ETF is classified as “diversified,” under","page_number":16,"box":{"x":184,"y":760,"width":661,"height":12}},{"id":"745579ab-5c51-42c3-afab-195ad096e9fb","block_type":"box","text":"applicable no-action relief from the SEC staff, the Fund may become non-diversified, as defined","page_number":16,"box":{"x":184,"y":774,"width":689,"height":12}},{"id":"a02ed664-c53b-4234-844a-64640ec50483","block_type":"box","text":"under the 1940 Act, solely as a result of a change in relative market capitalization or index","page_number":16,"box":{"x":184,"y":788,"width":650,"height":13}},{"id":"00be45ec-b19c-402c-bcdd-24b3205dd8b0","block_type":"box","text":"weighting of one or more constituents of its Underlying Index, and such a change does not","page_number":16,"box":{"x":183,"y":802,"width":659,"height":13}},{"id":"0693f3b1-beb4-4f79-931c-b0d5cfdd691b","block_type":"box","text":"require shareholder approval.","page_number":16,"box":{"x":184,"y":816,"width":211,"height":13}},{"id":"16370c50-90b5-46d3-8fc2-cc4bf43d91c4","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":16,"box":{"x":117,"y":838,"width":521,"height":13}},{"id":"e98aae86-fa42-4071-bd35-4c4784b31b03","block_type":"box","text":"iShares","page_number":16,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"dffe0d32-c171-47db-b7e3-4796eb00da81","block_type":"box","text":"®","page_number":16,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"5cdfb875-b25c-4fa9-a4c9-378a04f27291","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":16,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"a390b337-e1cd-4b0d-bbb1-b0b26963a4ff","block_type":"box","text":"IS-A-QUAL-0326","page_number":16,"box":{"x":785,"y":887,"width":98,"height":9}},{"id":"0e3a5a4c-ed9b-479c-8171-9e6dd772a2ce","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":16,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"de1da5af-d445-4f02-ba24-156f0b075ece","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":16,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"ded2e4a3-1eee-4d18-b579-c1ca3877cd3c","block_type":"box","text":"iShares","page_number":17,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"0c35e42e-33be-4aab-9af5-2db5b9fc63d2","block_type":"box","text":"®","page_number":17,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"9313d47b-259e-48dd-a7be-729690f29819","block_type":"box","text":"iShares, Inc.","page_number":17,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"0893d4d9-a404-420f-abc8-425782c69d4e","block_type":"box","text":"iShares Trust","page_number":17,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"b2868dfa-8f03-4293-a4a0-ad80c753047e","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":17,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"d9ce4989-54f9-4447-af74-bb533775a1fe","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":17,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"da7d6615-53ea-494b-8ff5-a2d60621aca9","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":17,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"a0d7b175-cf21-4857-af5e-6796b43adcc1","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":17,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"73197b0e-33ea-4b6e-9f4d-8d07649cc5bf","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":17,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"ee586368-65d3-4b0b-88b9-1d5f15e5a611","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":17,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"6d139df0-039f-4ac3-b767-fd009da4bff1","block_type":"box","text":"is checked for the applicable Fund.","page_number":17,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"857e8c1a-7048-4fa9-82e0-e2e193a82664","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":17,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"dd07b391-83f8-4ef7-b932-49003fd57624","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":17,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"6d3ad024-3897-444a-acc6-0446a0e33c10","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":17,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"510803fd-fa0f-4121-8c5b-6cd502f88c17","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":17,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"550a1a4e-c1a2-4925-8aec-ebba23922679","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":17,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"b24c9c73-e884-486e-9d79-8854b16bc970","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":17,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"b0a2ba66-0484-4422-a0bf-ccc71290c04a","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":17,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"47b84089-d750-43cd-ba23-e014443d1781","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":17,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"095ed2e3-a7fe-4f0e-8513-917d3756befa","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":17,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"32a13375-59ce-42d6-91b4-b39ab8024039","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":17,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"4efd1a21-a15e-4791-8e8d-9d28027ca8d3","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":17,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"54009fab-25d2-4adb-9232-508c540c7370","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":17,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"ad3b9489-05f7-48fd-979e-fb4ceb9a9418","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":17,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"b29f7ff5-db35-4e51-aea4-40d5a13bdcf4","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":17,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"be8922f7-5d6e-409d-8f8e-2d688b9eb8c2","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":17,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"3a89dde5-6875-43cf-96b8-242aab4114e8","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":17,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"015fa4aa-7c81-4c72-a50f-b3559c3a11ca","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":17,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"ee39d22e-9082-4f7b-bb89-0ae6fcb1944e","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":17,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"cb5658a2-46f8-4ae0-b6bd-778ecca54c7f","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":17,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"1999b7b5-4077-4254-ac1b-39ae7aed6ea6","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":17,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"543d058e-379b-485e-88df-457f4a167ee5","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":17,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"2aa0f3cc-52f5-4a47-a86d-94c12749932e","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":17,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"94ca12d3-4eac-4433-8568-d170b24c2326","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":17,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"6ea35c42-2883-4160-9983-452627f3f538","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":17,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"b6f63b52-7502-4430-8d39-a4976be5a4cb","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":17,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"28f6f9b2-d2ca-490e-a727-e0e1ef83c20c","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":17,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"5a57e005-69f0-4de6-a403-85cbafbd8a73","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":17,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"e6249612-cbbe-4a34-b05f-42273aa38741","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":17,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"f6494877-7849-4d51-b427-99373ef29f14","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":17,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"6198764c-7f67-47a0-ba18-32dd18bc1316","block_type":"box","text":":","page_number":17,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"3233730b-7592-4f2e-8ed0-da1556c0cad1","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":17,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"4c1ccc5d-ccb7-4d18-9abd-8ec551c6752e","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":17,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"9eeb43dc-54a9-4e62-adb6-634008a27e66","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":17,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"ce7266ab-6544-43b2-8326-a2237d0eed3f","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":17,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"effc2fbb-5c61-43e0-943e-b9db2b11dd10","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":17,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"edfc2b6a-f2af-4140-b019-b52723bed6a5","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":17,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"7135d516-60ed-4ab0-8719-6ef26051d785","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":17,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"a24f8b9d-24bf-4ae0-a5a8-c77517805c3a","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":17,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"6aade887-8f91-42bb-b312-12cec360c428","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":17,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"8808ecbc-230a-4beb-ac6c-eaced7e68fb0","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":17,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"78e5b817-6efd-4880-8440-cf5945ddadc5","block_type":"box","text":"by such custodian.","page_number":17,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"a2a3956d-89b6-426b-888d-c5eae8c7fe7c","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":18,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"f75cbc48-4c57-478f-aa85-346bbba87c3d","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":18,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"ff59e618-7ff4-4754-842b-9cb0a5dc55bb","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":18,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"f67640b0-a5a3-438d-8daa-0f4bab75c9e1","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":18,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"ced9d23d-dbc2-4712-8189-bc72af9a43bc","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":18,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"7a250b9e-08aa-43e5-b267-eda261909204","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":18,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"d22658c8-98ac-42f9-b187-e9c7a30c1d6d","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":18,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"c1e42f2d-1f3f-48eb-b86a-a54f28d4cf31","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":18,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"0b3013cc-bc09-43c9-868b-e6bc19dff860","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":18,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"ac0c83e4-26c4-4dab-a001-8e1817d68628","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":18,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"261f8550-c979-4af2-9d31-8e5c86375fe0","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":18,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"b3e9a723-a261-4b54-874e-3706df455e82","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":18,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"02a5aaf7-fc1a-4495-b016-6a53c18f7192","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":18,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"d8dec8aa-6a40-46a6-9107-6728d59aef9e","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":18,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"10f60c3c-42c1-4bd7-90de-2912207ceef2","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":18,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"68acd7da-c44e-4304-8373-994ebb14823b","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":18,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"bf44352f-8155-40c0-a540-f892d4487321","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":18,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"ba9c9b09-4cab-46fb-8657-8bac2a120f1b","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":18,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"2d3f7d2f-1e0b-492f-8aa7-4a9bf1800c4b","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":18,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"4998ca78-f8ef-4afd-9728-bb6c5e8b033f","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":18,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"54180a98-507e-4d88-8924-460751546652","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":18,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"8fedebfe-5d92-496e-bde5-54f1dcbd4a7a","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":18,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"96b47f48-f4c4-4b4a-9fb6-335834c5238b","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":18,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"cff7450e-a255-48dc-ada8-3594aab0b425","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":18,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"79e990f4-acc8-4853-b386-44b3b94ab298","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":18,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"0f986417-3cee-4711-b3e8-5e83d2ea5880","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":18,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"81cd0491-3544-4159-9f2b-828b08d97c43","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":18,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"9668b262-e50f-4b31-ba33-d14877a4fc3a","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described 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7.0%","page_number":19,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"4fba41df-3888-44ae-a683-28242504643e","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":19,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"a90addd1-9f84-4455-b311-b7a7bc7b51e1","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":19,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"b7fc8ad4-8cd4-4074-a881-60ad61bd2506","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":19,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"5ba41eed-fedf-4579-9735-cebcb7e25257","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":19,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"b07eb28d-2d1b-438f-b37d-6bbeef3d5177","block_type":"box","text":"iShares MSCI Malaysia ETF $900 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3.0%","page_number":19,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"7459b048-6085-4e5b-ac2e-ffbf4215d87c","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":19,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"73aed938-4ea5-44c7-a03a-dca0f49f9646","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":19,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"88565276-7c29-4476-a7ab-2319550116d8","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":19,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"8d48bc84-f6fc-42ec-a5aa-3c84a4a7eb1b","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":19,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"2a3c6d77-19db-4e86-893b-2ca232f6ee15","block_type":"box","text":"Fund","page_number":20,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"031153d1-e837-47da-9574-2c0bf1cdbc45","block_type":"box","text":"Standard 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MSCI World ex","page_number":20,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"816498c1-9099-4a01-ad27-800e27bb98e0","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":20,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"5dfd0564-e6eb-47af-8df0-a2b3c75e369c","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":20,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"96dfeee0-b804-430c-a0cb-281056444f5d","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":20,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"c421ee9a-9dff-498b-bb1a-bb1926c6ee72","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":20,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"ba7d9728-d50d-4b18-a935-e321e6c6a5e4","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":20,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"cfe91c26-751b-4e55-8c49-c650f2c8ca15","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":20,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"94e12c70-56a3-434d-8827-e96a0e85aaea","block_type":"box","text":":","page_number":20,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"fa9b3431-066f-4601-890a-4a3d387596cf","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":20,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"a20d25d2-211c-42da-a662-331ebcbeec1e","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":20,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"46b15e43-f53a-408b-8ac0-7150fbfa9845","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":20,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"70d61682-9bd5-44f9-a203-83474323de05","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":20,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"f0fe657c-408e-45eb-ad89-5146cb8fcc50","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":20,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"6d6ff2c6-96c0-4e0c-83c6-207573685c3f","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":20,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"cf159295-e708-441d-8815-49493360ac8e","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":20,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"44048d00-8aab-43b6-8766-b77479a9e1b4","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":20,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"0b0ad202-54a4-4c71-88f6-fce87759f08e","block_type":"box","text":"amounts invoiced by such custodian.","page_number":20,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"c4681ab1-f839-4c67-9a73-8cc73e6d069e","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":20,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"c1f3ad18-d055-45bf-a809-413a917f83f8","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":20,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"5fd8a548-47bc-400d-a28e-44bce03a05f1","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":20,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"026939b9-0b22-450a-8205-8ef6a03faa2c","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":20,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"88a2a235-4210-4eec-8d7b-1c015244dd0f","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":20,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"52c54a7a-f3bd-4fae-901c-006c5d436fb2","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":20,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"d5ff55ad-d2f6-4a13-ad6a-55a376f11b03","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":20,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"ba25ce00-d9b1-44f6-a201-5b031d6299d7","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":20,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"f3c3d020-aeca-4127-862c-2be961689317","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":20,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"bbeb62ad-f08f-49e4-a3de-f3cf4700ddf5","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":20,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"a47839f2-a054-4365-aa61-94b8f873ab0f","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":20,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"476be832-d5f4-46c3-9337-4929a6a12505","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":20,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"17da14de-c141-402f-a807-02b060db0211","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":20,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"88cbea55-de31-4513-9227-67c1594e7e73","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":20,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"6eb77efa-112a-4cbe-ba9b-227e75e18199","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":20,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"44fd5b1d-f082-4079-806f-3a17ddee5f50","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":20,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"27153519-87db-4704-9097-ea1e124823b3","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":20,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"0cf3c212-ec84-4bc2-9740-4e2900234e1f","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":20,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"b8e64403-1c13-4610-8448-2d2e831ed564","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":20,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"59671ecc-62ff-4833-9122-153a9763d108","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":20,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"7746af89-f589-4ebc-b37c-dc4f99bb38e8","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":20,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"e401b91b-bf79-45b2-bb5a-afad2898bc7d","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":20,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"64254721-525b-4b8b-8047-4a8e131446ef","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":20,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"54001353-7f80-4b1a-8014-3d3907f64cbc","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":20,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"be0d8068-bf4c-465c-ba21-792f0f99194a","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":20,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"d1600837-fdec-493d-9788-9eca18b7fefd","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":20,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"933ea539-9bd7-4c24-9270-a5742db95e55","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":21,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"961b456c-fcce-49b9-b6e9-1601ae6ab374","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":21,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"8b683acf-0750-4e21-a0b4-65ebcb1bbbbe","block_type":"box","text":"Fund","page_number":21,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"de5c1c8f-e624-460e-9cce-611b7d55f9ed","block_type":"box","text":"Standard Redemption","page_number":21,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"c5470764-58fe-40f3-b208-1e63f83511bf","block_type":"box","text":"Transaction Fee","page_number":21,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"eabd59cb-742a-4f62-90db-3bfbde6da99d","block_type":"box","text":"Maximum Additional","page_number":21,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"352ee3c8-16a4-4f72-a7f9-3c6773d3532e","block_type":"box","text":"Charge*","page_number":21,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"49e8d6ba-de50-4b13-b385-f7ac79e14bed","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":21,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"f8c82de1-1b1b-44bb-ab13-aae2fe1d1280","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":21,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"277aa01d-7710-4dbe-a3e0-b31663d83771","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":21,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"2af3e79c-7e3b-4caf-aafd-638304d3c91b","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":21,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"859a8d76-b2e1-4731-8b33-078250ccbd67","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":21,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"f68ead68-aa64-49fc-b4bc-433a4f30c9de","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":21,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"b10d01f2-4522-4ea4-afc1-cd9f1c4f2cc2","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":21,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"b5f17972-4beb-493f-81ce-c4a5b39e496f","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":21,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"2b1fcf22-f499-4d72-9975-9cfea24424a2","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":21,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"df2508c7-138f-4891-9dc3-f45b6c7be4ce","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":21,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"b271b4fa-8a98-42eb-bd54-fffd3f1abd2c","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":21,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"0eb54fe4-a539-45cd-996e-b9abaa4c9f77","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":21,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"0a22036b-d944-46b2-8e0c-82aaa4bc8535","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":21,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"a2167b66-18a9-4450-b73f-4efbebd8710c","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":21,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"18d72933-42a2-4628-99fb-966a34f63fa9","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":21,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"33e78645-1dfe-4a10-8fd3-d36fe025efa5","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":21,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"41d6eba8-3527-4a0a-ba3e-f3e189191343","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":21,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"d6e404b4-d27c-4578-b902-c1464078ea7b","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":21,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"a66726fc-1b5b-45c7-8200-cf4b54b19748","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":21,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"cae09337-0338-45ba-8e7e-c42f41081fb4","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":21,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"970ce856-bccf-4186-ac0a-514e2542523e","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":21,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"4dc94bc3-4b61-42c0-aa64-0a91da552ad8","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":21,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"2624cf88-2fca-4def-9451-a78660b8e912","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":21,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"acaefc02-9e2a-4206-b31a-fb640db9acec","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":21,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"97ea7b37-0001-4ec1-b5e7-7e8c3aaaac81","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":21,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"f982e8c4-cfbc-4085-9c3e-bfd9067152fc","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":21,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"9dcc5bb7-492b-4ad5-ba89-afb174914765","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":21,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"1980d46a-0960-4220-be75-a5f8a239caf6","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":21,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"da9d3260-1010-43de-a3e8-8a432f757b16","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":21,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"8cd60aa5-959a-49c3-9116-02bcfcf79732","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":21,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"597db471-8cc0-4f75-97a0-46b535d47350","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":21,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"c196d350-a6e1-42d1-9a42-e811bbed4e0c","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":21,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"fc628257-b222-40eb-8b4c-254010daa0db","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":21,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"f86e687d-acf6-42f6-b725-fbf06d186049","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":21,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"5d427b62-ce11-40c7-b551-789a8809d05a","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":21,"box":{"x":184,"y":790,"width":379,"height":12}},{"id":"761001cf-84a3-4436-9582-f614ea28c8d3","block_type":"box","text":"ETF","page_number":21,"box":{"x":201,"y":806,"width":26,"height":9}},{"id":"dc8e55a0-2647-4d76-ad7d-f39dcb650f23","block_type":"box","text":"$1,420 2.0%","page_number":21,"box":{"x":627,"y":805,"width":220,"height":12}},{"id":"4176ed0e-c665-4e91-9bcb-b5acc17d6a20","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 2.0%","page_number":21,"box":{"x":184,"y":824,"width":663,"height":13}},{"id":"1f54f1e1-bed0-40e0-9527-d56ab5671519","block_type":"box","text":"iShares MSCI India ETF $1,230 2.0%","page_number":21,"box":{"x":184,"y":843,"width":668,"height":12}},{"id":"8eef34b9-701a-4a19-8744-306358cc3d31","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 2.0%","page_number":21,"box":{"x":184,"y":863,"width":668,"height":12}},{"id":"89ed5e3a-3a8e-4046-9807-1c97eaddfdb0","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 2.0%","page_number":21,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"14f0d38c-0961-4f3a-ad69-be05515dda53","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":21,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"9ceb9e7f-27e1-4505-8fd0-583faff75b6b","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":21,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"bdb05ef9-5d97-41b7-be73-f9de9a0e51fb","block_type":"box","text":"Fund","page_number":22,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"4c2d08ca-9024-4195-aff5-2badb8b9c0e5","block_type":"box","text":"Standard Redemption","page_number":22,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"0251ee7f-332b-4472-a3f3-e42dbd6c476e","block_type":"box","text":"Transaction Fee","page_number":22,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"cbc70b59-0e2d-4feb-bdc6-cfc7ed312d1a","block_type":"box","text":"Maximum Additional","page_number":22,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"8a2855a1-6cf8-47f1-a5ca-acba98e0e373","block_type":"box","text":"Charge*","page_number":22,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"183705bb-6a86-46e7-8838-0d6145ad2662","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 2.0%","page_number":22,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"925a7d39-e7a5-45d8-b276-612ad6af0467","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 2.0%","page_number":22,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"92297ad2-7d2f-4024-83e3-e2fee8f76f61","block_type":"box","text":"iShares MSCI Japan Value ETF $580 2.0%","page_number":22,"box":{"x":184,"y":138,"width":668,"height":12}},{"id":"783cf4a6-04ea-44bf-a506-633af51674ea","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 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Shares are redeemable","page_number":31,"box":{"x":88,"y":811,"width":875,"height":12}},{"id":"a731561d-986b-434c-a989-70f7daa9eed2","block_type":"box","text":"only in Creation Units by Authorized Participants (as defined in the","page_number":31,"box":{"x":89,"y":826,"width":464,"height":13}},{"id":"aea7286b-ca39-4168-9353-b7219e6e675f","block_type":"box","text":"Creation and Redemption of Creation Units-Role of the","page_number":31,"box":{"x":558,"y":826,"width":381,"height":13}},{"id":"39fba476-67b2-4d2d-b472-74a7b833bf5a","block_type":"box","text":"1","page_number":31,"box":{"x":526,"y":894,"width":3,"height":9}},{"id":"013cc993-677c-4990-8c6d-428385539e61","block_type":"box","text":"Authorized Participant","page_number":32,"box":{"x":87,"y":44,"width":158,"height":12}},{"id":"9ef6bda7-9cdc-40e4-aed7-98af302d5236","block_type":"box","text":"section of this SAI) and, generally, in exchange for portfolio securities and a Cash Amount (as defined","page_number":32,"box":{"x":249,"y":44,"width":710,"height":12}},{"id":"4578afc3-3e40-4b9e-bf07-fd758a7de1e9","block_type":"box","text":"in the","page_number":32,"box":{"x":89,"y":59,"width":38,"height":10}},{"id":"95115a5c-0108-4ef9-8d45-cec4258927e2","block_type":"box","text":"Redemption of Creation Units","page_number":32,"box":{"x":132,"y":59,"width":206,"height":12}},{"id":"6f47c6f0-632e-40ea-bf1a-c3b110d39532","block_type":"box","text":"section of this SAI). Creation Units typically are a specified number of shares, generally","page_number":32,"box":{"x":343,"y":59,"width":605,"height":12}},{"id":"480fd75e-35bb-4b05-949b-e41176c3163f","block_type":"box","text":"ranging from 50,000 to 600,000 or multiples thereof.","page_number":32,"box":{"x":89,"y":74,"width":370,"height":12}},{"id":"c2affe02-1e73-41af-9280-53e681ff0587","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":101,"width":878,"height":12}},{"id":"629b9f92-df24-4d02-a6fe-7ec0ecec0c77","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":116,"width":832,"height":12}},{"id":"1119415e-e4da-4fc1-81d1-d0809f1c7af4","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":131,"width":802,"height":12}},{"id":"c5d1937c-d81c-49e9-aa46-a509457efd6a","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":146,"width":842,"height":12}},{"id":"c78b33c0-ae5f-49da-9196-168e33fa0ed4","block_type":"box","text":"such collateral at any time to purchase Deposit Securities. See the","page_number":32,"box":{"x":89,"y":161,"width":459,"height":12}},{"id":"7d92d098-4499-49c8-83fa-99c8b0592361","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":32,"box":{"x":554,"y":161,"width":300,"height":12}},{"id":"3cde4c52-0ebd-4f54-b66b-9083b4b309e5","block_type":"box","text":"section of this","page_number":32,"box":{"x":859,"y":161,"width":97,"height":10}},{"id":"770108ac-0dc0-47fc-963d-11bd6a97b31b","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":176,"width":851,"height":13}},{"id":"d18b56c0-d732-42d8-bc49-b14b20c4a0d2","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":191,"width":836,"height":13}},{"id":"471ac993-74c1-4e74-9094-170d79972665","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":206,"width":873,"height":13}},{"id":"f0280c30-9ab5-4e64-957f-cfd782db974e","block_type":"box","text":"regulations applicable to management investment companies offering redeemable securities.","page_number":32,"box":{"x":89,"y":222,"width":652,"height":12}},{"id":"a8aef8e9-cef4-4635-9988-4b99b4d64176","block_type":"box","text":"Exchange Listing and Trading","page_number":32,"box":{"x":91,"y":252,"width":491,"height":30}},{"id":"8c5e9d9e-88d3-4c61-bdcf-4b6e23064dd1","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":293,"width":813,"height":13}},{"id":"5ab48a00-cc31-44e0-b05d-76b416a104f2","block_type":"box","text":"Shareholder Information","page_number":32,"box":{"x":88,"y":308,"width":170,"height":12}},{"id":"e6d66aa0-dd8b-4894-86f6-af82800d0d3f","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":308,"width":651,"height":13}},{"id":"88a8ed6e-e6d8-436c-8204-8547a7aac853","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":32,"box":{"x":89,"y":324,"width":415,"height":12}},{"id":"af53529d-5ec3-4d87-ab5e-16435a657256","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":350,"width":843,"height":12}},{"id":"5449d48d-0f92-4281-b585-c56057ea8df8","block_type":"box","text":"secondary markets. Shares of certain Funds may also be listed on certain non-U.S. exchanges. There can be no assurance","page_number":32,"box":{"x":89,"y":365,"width":850,"height":12}},{"id":"c5661635-977e-495d-9ca3-390b075e2ecb","block_type":"box","text":"that the requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met.","page_number":32,"box":{"x":88,"y":380,"width":876,"height":13}},{"id":"9f45db54-c48d-41c1-9226-87ba30204c45","block_type":"box","text":"The Listing Exchange may, but is not required to, remove the shares of a Fund from listing if, among other things: (i)","page_number":32,"box":{"x":88,"y":395,"width":811,"height":13}},{"id":"290b69c4-347f-4d62-9b5f-988c6e1b855e","block_type":"box","text":"following the initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50","page_number":32,"box":{"x":88,"y":410,"width":871,"height":13}},{"id":"d625e1e5-793f-442d-8bdc-e470a6964873","block_type":"box","text":"record and/or beneficial owners of shares of a Fund; (ii) a Fund is no longer eligible to operate in reliance on Rule 6c-11","page_number":32,"box":{"x":89,"y":426,"width":831,"height":12}},{"id":"188333bc-6eef-4aa6-9e09-8a8263b8cc9a","block_type":"box","text":"under the Investment Company Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any","page_number":32,"box":{"x":89,"y":441,"width":852,"height":12}},{"id":"f492856a-9137-41e0-aa8d-656977db79c4","block_type":"box","text":"event shall occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing","page_number":32,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"2b70240a-3484-4e8d-8139-0f41e56519eb","block_type":"box","text":"Exchange inadvisable. The Listing Exchange will also remove shares of a Fund from listing and trading upon termination of","page_number":32,"box":{"x":89,"y":471,"width":860,"height":12}},{"id":"dda4446e-8d66-44fe-b2e5-bdcba661c16f","block_type":"box","text":"the Fund.","page_number":32,"box":{"x":88,"y":486,"width":66,"height":10}},{"id":"be5409f6-5475-4784-a630-26b031580e61","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":"d331c1d3-1afd-4d01-9269-03dfb531dbca","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":"6812a4d7-1697-4122-ba0f-23c4d7336dd4","block_type":"box","text":"The Trust reserves the right to adjust the share price of the Funds in the future to maintain convenient trading ranges for","page_number":32,"box":{"x":88,"y":554,"width":845,"height":12}},{"id":"d61088dc-66e9-4d70-95ef-35c8f4d1bba3","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":"c6d28426-61fa-4528-93e6-ce61ffc2002f","block_type":"box","text":"on the net assets of the Funds or an investor’s equity interest in the Funds.","page_number":32,"box":{"x":89,"y":584,"width":520,"height":13}},{"id":"0bc4102a-55c6-4b3b-8526-10f76e8c0941","block_type":"box","text":"Investment Strategies and Risks","page_number":32,"box":{"x":91,"y":615,"width":531,"height":30}},{"id":"177fa159-d993-4dd5-953d-74a513d294dc","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":"52d3e292-15e7-4cb2-b597-c4ef3edc0666","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":"f9baceb9-a68c-4f4d-9ad1-ff1a7cb3026e","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":"317345e2-cad4-41ee-aba1-5697b5d7f241","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":"fc905676-5f91-4b0a-a47b-72f0f24c2108","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":"0a7ce3df-1a62-4257-891a-9bf5d68f1be9","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":"5ba3d3f3-893d-4a7c-bbc1-cff023463bbf","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":"a0dce786-4552-496f-ae5e-ffe68590f675","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":"3e9be9e8-51e2-47fe-afe3-10c801ad2602","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":"5d6a2ab3-d44b-4bde-8f8a-555ba7f48bef","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":"787a24fd-6909-440a-b65e-ff63a9cb2213","block_type":"box","text":"described below.","page_number":32,"box":{"x":89,"y":830,"width":116,"height":10}},{"id":"ace80f6e-f128-42b5-b2b2-6daa2168f61e","block_type":"box","text":"2","page_number":32,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"b1a8dfc4-a6a9-42b2-9e67-06004daaeca3","block_type":"box","text":"Borrowing.","page_number":33,"box":{"x":89,"y":44,"width":78,"height":12}},{"id":"7a9f569f-5a79-4516-86a8-a0ac170044b5","block_type":"box","text":"Each Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":33,"box":{"x":177,"y":44,"width":705,"height":12}},{"id":"7dafaf35-6c83-4e9a-8f40-6f7447c189fb","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions.","page_number":33,"box":{"x":89,"y":59,"width":538,"height":12}},{"id":"743f4eba-e9a8-49bb-b84e-070f59b165ce","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":85,"width":846,"height":13}},{"id":"7d3e65f6-c009-4bb0-8a5b-9fa634515ef9","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":101,"width":852,"height":12}},{"id":"2f9d9109-f359-45e2-a7f3-9faa7deeea52","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":116,"width":870,"height":12}},{"id":"f6dd6c47-17a7-43a9-8f7e-0aff7543fc51","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":131,"width":874,"height":12}},{"id":"fb6e5dd7-cc2d-4b12-858c-bc2740816d2d","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":146,"width":826,"height":12}},{"id":"e2feae32-9387-4fc7-bf1b-ff14827e45f7","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":161,"width":871,"height":12}},{"id":"555d2a43-2c30-4177-898e-de600163354a","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":33,"box":{"x":89,"y":176,"width":381,"height":13}},{"id":"fc082c3b-7d69-40ed-9744-3f9c85c460f5","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":203,"width":835,"height":12}},{"id":"7dc8e132-91a5-4bbb-b75b-a80dc0fb462e","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":218,"width":873,"height":12}},{"id":"29bfb080-f172-4c8d-8b5b-1cdd4f6a21ab","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":233,"width":800,"height":12}},{"id":"b6de1301-78b3-4c8d-899a-357c8767863c","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":248,"width":868,"height":12}},{"id":"24a73a70-96f0-4eb3-b2d0-aa9a7f588662","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":263,"width":856,"height":12}},{"id":"e5bba7fc-f83e-4f19-b47c-5d1ae61f28ff","block_type":"box","text":"may be disadvantageous to do so.","page_number":33,"box":{"x":89,"y":278,"width":237,"height":13}},{"id":"99cd1d64-26c9-4aff-84b1-fd3b6642988b","block_type":"box","text":"Currency Transactions.","page_number":33,"box":{"x":89,"y":305,"width":166,"height":12}},{"id":"1abe4275-d744-4f8e-a880-a4c11314397f","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":305,"width":696,"height":12}},{"id":"ce122fa7-7932-42f5-a296-8b226ee62078","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":320,"width":876,"height":12}},{"id":"2bb228e6-bcf7-4ab7-afc8-84ae974b4a56","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":335,"width":814,"height":12}},{"id":"a16c0658-df6e-41cc-aead-e346626dd785","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":350,"width":828,"height":12}},{"id":"d2185ba2-669d-4504-9eef-ce9849d695da","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":365,"width":854,"height":12}},{"id":"774679b2-5ee0-441d-833d-23a6050608e5","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":380,"width":863,"height":13}},{"id":"571b4a90-f8b2-45e3-9cd3-9658a9bee37d","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":395,"width":840,"height":13}},{"id":"61035842-fdaf-4137-92b0-37beb659a1fb","block_type":"box","text":"delivery of the underlying currency. Each Fund does not engage in currency transactions for the purpose of hedging against","page_number":33,"box":{"x":89,"y":410,"width":866,"height":13}},{"id":"18da2409-1226-4ab6-afcf-f3decb9734f6","block_type":"box","text":"declines in the value of each Fund’s assets that are denominated in a non-U.S. currency. A Fund may enter into non-U.S.","page_number":33,"box":{"x":89,"y":426,"width":839,"height":12}},{"id":"0d53e494-6616-47c2-8c6b-b342503d7969","block_type":"box","text":"currency forward and non-U.S. currency futures transactions to facilitate local securities settlements or to protect against","page_number":33,"box":{"x":89,"y":441,"width":849,"height":12}},{"id":"af2d2f1d-adc5-44c9-be01-c0974cb06596","block_type":"box","text":"currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for speculative","page_number":33,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"486ac9b8-419c-4393-a2e5-67d85dbc1324","block_type":"box","text":"purposes.","page_number":33,"box":{"x":89,"y":474,"width":67,"height":9}},{"id":"b83d495d-f413-41dd-b109-60c7503f890d","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":497,"width":879,"height":13}},{"id":"abe131df-3db2-410f-975e-789859d34832","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":513,"width":876,"height":12}},{"id":"348cae84-df35-4b41-84a4-cdc088212634","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":528,"width":842,"height":12}},{"id":"2cdd2fc8-ad4e-45c4-b44f-ca0ec672afbc","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":543,"width":877,"height":12}},{"id":"e37294ac-b38a-4175-9b33-6694e53f920b","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":558,"width":864,"height":12}},{"id":"4926028f-b549-4e1e-bfd7-56ea6e33834c","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":573,"width":853,"height":12}},{"id":"55ad9657-3e64-42d8-83c3-5a0874eb2d83","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":588,"width":877,"height":12}},{"id":"448d3d97-9204-4a2e-aef1-2dc2adff6d04","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":603,"width":873,"height":13}},{"id":"710af727-0996-4b5f-8012-252d371be064","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":618,"width":841,"height":13}},{"id":"16147d34-69b5-4a89-969c-eed8a64074c0","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":633,"width":870,"height":13}},{"id":"44dc5228-85dc-4874-b6b7-99cd9071eb10","block_type":"box","text":"including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":33,"box":{"x":89,"y":649,"width":632,"height":12}},{"id":"5ed4be52-61d7-47ad-84c9-1ccec68ce8eb","block_type":"box","text":"Diversification Status.","page_number":33,"box":{"x":89,"y":675,"width":156,"height":10}},{"id":"227f0908-6c3e-4ad9-b920-a3fe7cc5a136","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":33,"box":{"x":253,"y":675,"width":480,"height":12}},{"id":"a58a8622-d758-4ab5-aa8b-dbdbc741c198","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":33,"box":{"x":89,"y":705,"width":529,"height":7}},{"id":"213887e6-21b9-4534-89e8-36f77e6595cf","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF iShares China Large-Cap ETF","page_number":33,"box":{"x":89,"y":727,"width":594,"height":12}},{"id":"407de493-c513-43f4-b6dd-443d8841d044","block_type":"box","text":"iShares International Equity Factor ETF","page_number":33,"box":{"x":89,"y":747,"width":259,"height":12}},{"id":"f441524a-1f13-4235-bae0-cc4182e7581c","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF","page_number":33,"box":{"x":89,"y":767,"width":332,"height":12}},{"id":"63f8cc99-cd41-41cd-a707-5e072586fa3c","block_type":"box","text":"iShares MSCI EAFE ETF","page_number":33,"box":{"x":89,"y":787,"width":155,"height":10}},{"id":"1294acb1-1dac-4967-9a15-148483a8a519","block_type":"box","text":"iShares MSCI EAFE Growth ETF","page_number":33,"box":{"x":89,"y":807,"width":210,"height":10}},{"id":"04f45e59-d096-4c6c-99f9-013989cb2f09","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF","page_number":33,"box":{"x":89,"y":828,"width":256,"height":9}},{"id":"c707e4a6-249f-44b2-bfe4-50a84e192331","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF","page_number":33,"box":{"x":89,"y":848,"width":229,"height":12}},{"id":"0efca081-105b-4c5b-91cb-cbdddaa66365","block_type":"box","text":"3","page_number":33,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"8c46c80b-ced9-4ed9-aa07-b58853891369","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":34,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"fe1e9814-6902-425b-ba6b-7895910faac3","block_type":"box","text":"iShares MSCI EAFE Value ETF","page_number":34,"box":{"x":89,"y":67,"width":196,"height":9}},{"id":"3e2ffd17-9d37-4f70-bbbd-78f004f45e47","block_type":"box","text":"iShares MSCI Europe Financials ETF","page_number":34,"box":{"x":89,"y":87,"width":239,"height":12}},{"id":"f75be5e0-06e0-4b3f-b11a-86deb774ccba","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF","page_number":34,"box":{"x":89,"y":107,"width":242,"height":12}},{"id":"3a5edca7-8c07-49fe-918f-9854329482a8","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF","page_number":34,"box":{"x":89,"y":127,"width":273,"height":10}},{"id":"3b7656d6-92c3-4792-98f3-d0ef12b74afb","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF","page_number":34,"box":{"x":89,"y":147,"width":241,"height":13}},{"id":"cf70cd1d-97fd-4146-a369-51ee8d68401f","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":34,"box":{"x":89,"y":167,"width":230,"height":10}},{"id":"786661d3-298d-48c8-a982-cf5578fc6c2b","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF","page_number":34,"box":{"x":89,"y":188,"width":251,"height":9}},{"id":"ce45dfee-51a7-44fd-9827-77d7da81e29f","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF","page_number":34,"box":{"x":89,"y":208,"width":281,"height":9}},{"id":"bcbbc482-d151-4bd7-92e3-0f6ea843f0cb","block_type":"box","text":"iShares MSCI USA Quality Factor ETF","page_number":34,"box":{"x":89,"y":228,"width":248,"height":12}},{"id":"118f01cd-99fc-48ec-a5e8-69b6ba247ce2","block_type":"box","text":"iShares MSCI USA Size Factor ETF","page_number":34,"box":{"x":89,"y":248,"width":226,"height":10}},{"id":"b6e4b1c7-1a67-4345-825e-c98f97e314f6","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF","page_number":34,"box":{"x":89,"y":268,"width":325,"height":12}},{"id":"044ef8ef-019e-42b8-b9f5-2a0b85698614","block_type":"box","text":"iShares MSCI USA Value Factor ETF","page_number":34,"box":{"x":89,"y":288,"width":237,"height":10}},{"id":"44591b19-3452-4dd4-a651-ab65faf5b720","block_type":"box","text":"iShares U.S. Equity Factor ETF","page_number":34,"box":{"x":89,"y":308,"width":198,"height":13}},{"id":"b65f2294-16e9-4010-b725-84ac7ed14864","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF","page_number":34,"box":{"x":89,"y":329,"width":272,"height":12}},{"id":"0ce98165-ee58-41d9-8fc8-946ce03a29f6","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF","page_number":34,"box":{"x":89,"y":349,"width":319,"height":12}},{"id":"18506c78-0d55-4079-b71a-8ab5548e2103","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":382,"width":835,"height":12}},{"id":"11ce97b0-a6a9-41b2-91b5-525f823fe652","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":397,"width":813,"height":12}},{"id":"86df5bc4-a042-4154-ba27-3630e5bb2d05","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":412,"width":823,"height":12}},{"id":"fe5eb10b-8e53-422d-acd7-83845f91f6a4","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":427,"width":854,"height":12}},{"id":"ea24c0a2-2a37-40a7-a1e5-12962fd9800d","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":442,"width":876,"height":12}},{"id":"a09a9375-8488-4ea3-9f68-756f1ea77751","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval.","page_number":34,"box":{"x":88,"y":457,"width":757,"height":12}},{"id":"00075e19-1484-4835-bc76-2d794ac0ef4c","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":484,"width":864,"height":12}},{"id":"d0da3c2e-9d3f-47d7-8c37-7362fd479817","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":499,"width":876,"height":12}},{"id":"9a954107-593b-4859-9c21-dabac8198bfc","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":514,"width":840,"height":12}},{"id":"058c3855-f7b7-4cd4-8603-6bc94c29e716","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":529,"width":839,"height":12}},{"id":"43ddc59a-1d54-4349-a0a0-a69a151724e5","block_type":"box","text":"experienced by more diversified investment companies.","page_number":34,"box":{"x":89,"y":544,"width":387,"height":12}},{"id":"8c7d3cb4-bf74-4bfe-a8ae-ef9299e4271a","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":570,"width":841,"height":13}},{"id":"462d8afa-702d-45b8-a09e-c1f444df29a8","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":586,"width":865,"height":12}},{"id":"d4b8e33c-6c9e-4d9f-9d33-2e329385590f","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":601,"width":878,"height":12}},{"id":"6640e92b-dd27-4602-9095-720913c55c11","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":616,"width":806,"height":12}},{"id":"4798b2ec-dbe9-4e66-b4d5-bce2333ddbf3","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":631,"width":824,"height":12}},{"id":"2ea509d4-bb21-484e-a498-4c270093cc69","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":646,"width":790,"height":12}},{"id":"afd8eb8e-31f6-44c0-b6fa-2506dd9963fb","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":34,"box":{"x":89,"y":673,"width":371,"height":12}},{"id":"906914b1-7fcd-48d4-a643-de65db36152c","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":34,"box":{"x":470,"y":673,"width":473,"height":12}},{"id":"47144e26-6994-4480-b0d4-a52451737389","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":688,"width":866,"height":12}},{"id":"027fc986-ee55-479d-9f3f-bce6586b4e77","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":703,"width":853,"height":12}},{"id":"df47cd5f-b5dd-4cc5-9d3e-5000c92e1d23","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":34,"box":{"x":88,"y":718,"width":862,"height":12}},{"id":"2ea69b3d-5378-4a83-9e47-d18de6193152","block_type":"box","text":"options on futures in accordance with Rule 4.5 of the Commodity Futures Trading Commission (the “CFTC”) promulgated","page_number":34,"box":{"x":89,"y":733,"width":855,"height":12}},{"id":"f2dd0525-29e8-43ef-93c6-61f7e1cb88c8","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":34,"box":{"x":89,"y":748,"width":878,"height":12}},{"id":"40fc9d85-7520-4b16-985e-01647de602fc","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":34,"box":{"x":89,"y":763,"width":875,"height":13}},{"id":"6bd219ec-cbe9-4855-aaf0-57d0133e72c2","block_type":"box","text":"registration or regulation as a commodity pool operator under the CEA. See the","page_number":34,"box":{"x":89,"y":778,"width":555,"height":13}},{"id":"7f5f1f49-d63f-470e-9485-7a0c14d6b3f4","block_type":"box","text":"Regulation Regarding Derivatives","page_number":34,"box":{"x":649,"y":778,"width":230,"height":13}},{"id":"7312f97f-42e3-400b-a2ee-2f2140789d1d","block_type":"box","text":"section of","page_number":34,"box":{"x":884,"y":778,"width":70,"height":10}},{"id":"18f0ca4b-0d7b-49b1-9895-be7fbd7208f2","block_type":"box","text":"this SAI for more information.","page_number":34,"box":{"x":88,"y":793,"width":208,"height":10}},{"id":"6876885d-7fb3-4c3b-a2d4-a355ffff5f9d","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":34,"box":{"x":89,"y":820,"width":861,"height":12}},{"id":"c378e2cd-0364-438e-8a64-46e6a61482ef","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":34,"box":{"x":89,"y":835,"width":858,"height":12}},{"id":"81b99b2b-0c35-4dd7-9eff-3f9587eddcf2","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":34,"box":{"x":89,"y":850,"width":817,"height":13}},{"id":"5d4327f4-db96-43df-9aea-90afc372940c","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":34,"box":{"x":89,"y":865,"width":858,"height":13}},{"id":"2719a573-b439-452e-8d79-ea46a265d969","block_type":"box","text":"4","page_number":34,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"ae9b9461-b995-402c-9d43-9567bfff17bf","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":44,"width":834,"height":12}},{"id":"27857c3c-ebc7-4ff8-ae19-e6ec009c3a5d","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":59,"width":878,"height":12}},{"id":"4e9119c5-9fbc-49d8-8ae5-bee5dc43f4ac","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":74,"width":846,"height":12}},{"id":"c708d3d0-fb86-46ef-9b71-aa6a26716f91","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":89,"width":849,"height":13}},{"id":"7c0a84ae-7017-4902-8cb0-274ba34e194f","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":104,"width":878,"height":13}},{"id":"46603eae-a99d-4287-b11f-a036c203482f","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":119,"width":839,"height":13}},{"id":"263baacc-8b58-4ffc-8c91-3fdfa858683a","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":135,"width":878,"height":12}},{"id":"6b2796f9-0fa6-40ea-8e97-ac2e09859489","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":150,"width":859,"height":12}},{"id":"7bf943d5-72e5-42ff-81a3-f0f51dbcae0b","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":165,"width":825,"height":12}},{"id":"7d844c94-4fda-4d7b-b867-961bbf4125ad","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":180,"width":877,"height":12}},{"id":"dc7c13c1-f38c-42d1-9862-427d5b724dff","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":195,"width":864,"height":12}},{"id":"e57603a3-7a17-4dd4-9204-2f8bd3cdf788","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":210,"width":874,"height":13}},{"id":"2c36f1e2-1e12-40ff-9236-2a5f4da274b4","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":225,"width":843,"height":13}},{"id":"2448beca-72f0-4469-9e31-f3a3be441502","block_type":"box","text":"futures contract.","page_number":35,"box":{"x":88,"y":240,"width":116,"height":10}},{"id":"6c761c8f-8bba-46cf-93f9-3f98dc857909","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":267,"width":870,"height":12}},{"id":"c3bb614a-3a27-4dd6-9edc-9213169f08a8","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":282,"width":855,"height":12}},{"id":"7006ffe4-e1c0-4118-b247-aa9c517a6d4d","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":297,"width":867,"height":12}},{"id":"6b6fa8e5-450c-4036-8d05-3d5891a9a846","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":312,"width":845,"height":13}},{"id":"741458cd-fe51-4ef5-9a95-829b94fd58e3","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":327,"width":875,"height":13}},{"id":"1e68920b-5a9d-4d61-9e2a-09dadf87b303","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":342,"width":872,"height":13}},{"id":"baec7904-9019-44d6-82e7-85cf56756f22","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":358,"width":876,"height":12}},{"id":"14f21afb-1234-4442-b2ca-baa697485076","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":373,"width":819,"height":12}},{"id":"22a0b981-030f-4181-af90-434c4f13c1fa","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":35,"box":{"x":89,"y":388,"width":553,"height":12}},{"id":"f8f1dd45-b60f-4a3b-b829-39436cfe8482","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":414,"width":859,"height":13}},{"id":"7930f143-e8f2-4de1-a28f-6004fc5ae13f","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":429,"width":869,"height":13}},{"id":"60dd5d54-c574-47ed-a50b-5ef688ffaa52","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":445,"width":878,"height":12}},{"id":"10ffdd77-d3fb-4884-9c2a-3a12fa40ba3a","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":460,"width":873,"height":12}},{"id":"1c9d3e26-59b7-42e8-8596-509f11bf0fa4","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":475,"width":871,"height":12}},{"id":"73093171-9c6a-4854-adf4-62255b54a698","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":490,"width":860,"height":12}},{"id":"8b914d0b-8740-45f6-a897-b662e4f9ae43","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":505,"width":843,"height":12}},{"id":"0095c114-5039-428c-88c9-c9a1b7c70781","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":520,"width":864,"height":12}},{"id":"70603f35-4197-4d3e-addc-8cd3b2871303","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":535,"width":856,"height":13}},{"id":"525a39f6-52a2-4832-a721-ac9681f6a1fe","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":550,"width":860,"height":13}},{"id":"31c4f904-54c5-4ab1-b393-5d2b3604524d","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":565,"width":878,"height":13}},{"id":"b5974098-ec5b-41c2-aefe-89208ddcb298","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":581,"width":863,"height":12}},{"id":"9c3b62b8-dba9-400e-b19b-46bc5d5754cc","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":596,"width":868,"height":12}},{"id":"ccc98d36-fe2f-4f38-a5a8-97f21e9adcd3","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":611,"width":860,"height":12}},{"id":"7766857a-e09f-48e7-92a8-5b9b66fd43cc","block_type":"box","text":"structured to have conditions to exercise (","page_number":35,"box":{"x":89,"y":626,"width":294,"height":12}},{"id":"4426d778-26b9-413a-a1fb-fba33770423c","block_type":"box","text":"i.e.","page_number":35,"box":{"x":384,"y":627,"width":18,"height":9}},{"id":"d6bdc070-1811-4ee6-a4cc-d0e68db3f6ab","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":35,"box":{"x":404,"y":626,"width":416,"height":12}},{"id":"351f58fb-1dab-4fa9-a72e-9ffc787298ad","block_type":"box","text":"i.e.","page_number":35,"box":{"x":821,"y":627,"width":18,"height":9}},{"id":"9c1d2311-2a8e-4389-8ebd-cc3975038238","block_type":"box","text":", “Knock-out","page_number":35,"box":{"x":841,"y":626,"width":88,"height":11}},{"id":"079d3e85-a302-47ac-9810-39c9954b621a","block_type":"box","text":"Events”).","page_number":35,"box":{"x":89,"y":641,"width":61,"height":12}},{"id":"4c408cc5-3d90-4f42-adbc-72e8d61a8652","block_type":"box","text":"Lending Portfolio Securities.","page_number":35,"box":{"x":89,"y":668,"width":202,"height":12}},{"id":"ff0a6459-c7b9-47bf-affb-7d64eb8a2ce5","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":668,"width":609,"height":12}},{"id":"4d603870-6ba6-44e8-83e6-87eddc571557","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":683,"width":848,"height":12}},{"id":"17c3f8de-dca2-40b1-9171-bdb0d9595c21","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":698,"width":858,"height":12}},{"id":"ba875d69-e67a-4b5e-8124-4f8bb8b63b16","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":35,"box":{"x":89,"y":713,"width":849,"height":12}},{"id":"37ee6fdf-f5a1-4427-934b-6d868da62020","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":35,"box":{"x":89,"y":728,"width":859,"height":12}},{"id":"5ed4c3dd-a3d2-4bd9-9f62-3fed90803ee7","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":35,"box":{"x":89,"y":743,"width":794,"height":12}},{"id":"f235ef9f-3f6b-4a90-8b57-a746ca6588ae","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":35,"box":{"x":89,"y":758,"width":794,"height":13}},{"id":"a450b87d-5a9c-4fa1-8354-2f573ad89d5e","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":35,"box":{"x":88,"y":785,"width":854,"height":12}},{"id":"4ccd6d98-aeb2-494e-8487-7894c1b1651f","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":35,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"20fccabb-3232-4719-8382-774d2c93c9ff","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":35,"box":{"x":89,"y":815,"width":876,"height":12}},{"id":"b56b8204-963c-49a7-8347-f29db34ccae2","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":35,"box":{"x":89,"y":830,"width":863,"height":12}},{"id":"d9fa3698-8efc-4762-aa7c-efa58c387545","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":35,"box":{"x":88,"y":845,"width":850,"height":12}},{"id":"f8b2f509-9a3c-4f4f-804c-5f5bf469c9d9","block_type":"box","text":"5","page_number":35,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"5ab65157-2c1f-4dc3-9f9d-79442891f5cf","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":44,"width":855,"height":12}},{"id":"a060b140-9b23-4f96-be33-837df3835bbf","block_type":"box","text":"are subject to investment risk.","page_number":36,"box":{"x":89,"y":59,"width":208,"height":12}},{"id":"c94f208d-6e3b-4cc8-ae8b-d1ab5ee7b2cb","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":85,"width":818,"height":13}},{"id":"372a0ace-a46f-4143-84df-69f53e2a5287","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":101,"width":868,"height":12}},{"id":"58d7cc3a-6528-418a-ae65-b0487b1b3102","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":116,"width":832,"height":12}},{"id":"82cf147e-99ee-465f-b6db-2ae247b85b64","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":131,"width":846,"height":12}},{"id":"5cda5591-542f-43a8-a6e3-7eca7852aafa","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":146,"width":862,"height":12}},{"id":"b5ea3619-8ab1-410d-a192-3bf82b00e8dd","block_type":"box","text":"Chase Bank, N.A. (“JPMorgan”) serves as custodian for certain Funds in connection with certain securities lending activities.","page_number":36,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"d1620a02-0895-4068-8afa-cb746323fd02","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":188,"width":873,"height":12}},{"id":"608112b2-b16e-4abb-8d82-d3f545c60d07","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":203,"width":830,"height":12}},{"id":"dddbb5f8-77f4-4afe-85fd-e4756c9ebc37","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":218,"width":865,"height":12}},{"id":"648cdeec-54e8-47c5-92f8-5a7083f99c47","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":233,"width":852,"height":12}},{"id":"9b9249d6-f9c9-4d2c-aebc-c794bf5b20d0","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":248,"width":878,"height":12}},{"id":"4b6f92d4-9c48-4cb7-a4ca-9a1f70c64728","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":263,"width":848,"height":12}},{"id":"dc85aba9-e385-4f4b-82fc-2afb27c08d06","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":278,"width":852,"height":13}},{"id":"b03dbb08-7cd7-4968-aa1f-1c15347ae3cf","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":293,"width":870,"height":13}},{"id":"351d64b7-2b8e-45ad-bf66-f774db29c070","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":308,"width":875,"height":13}},{"id":"af4defc3-054d-44bf-9cf6-e508804ae733","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":324,"width":834,"height":12}},{"id":"c0cbf762-7fe6-4510-aa32-018d130ef146","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":339,"width":863,"height":12}},{"id":"0560b822-cdb5-4cd7-980e-2df9402ab954","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":354,"width":833,"height":12}},{"id":"2706715d-adec-406e-8d55-4535e7bbc1c8","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":369,"width":853,"height":12}},{"id":"af762730-4f34-4a1e-a94e-b9d7d1faaea0","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":384,"width":871,"height":12}},{"id":"eedff812-0192-4024-84f4-bbaa4fe6fa97","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":399,"width":806,"height":13}},{"id":"60697244-c37a-4529-bbeb-c9db1f84757d","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":414,"width":857,"height":13}},{"id":"d6b1fe30-58af-4d60-b19c-af06cfe81e70","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":429,"width":866,"height":13}},{"id":"26e8741c-8f26-4b73-8bf7-53c373efef27","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":445,"width":858,"height":12}},{"id":"c8f428af-f575-43ce-b8e7-3bbe7d64ac09","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":460,"width":844,"height":12}},{"id":"69545900-8b35-4067-8523-54199fa48017","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":475,"width":873,"height":12}},{"id":"bd9fa124-a962-4ac6-a08e-fb2e3d0492ef","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":490,"width":841,"height":12}},{"id":"29ee26b0-959e-484b-9821-fcac895495ff","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":505,"width":804,"height":12}},{"id":"ec8ee390-3e14-4477-9ce2-be2b6537e0b9","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":36,"box":{"x":89,"y":520,"width":490,"height":12}},{"id":"f069681f-20ba-47ea-b0e3-b8a7d4d3096d","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":547,"width":824,"height":12}},{"id":"557c0f70-8e9b-4fc7-9765-67f03b729a57","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":562,"width":859,"height":12}},{"id":"84930b8f-ea96-435d-bf34-5572c1fec881","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":577,"width":879,"height":12}},{"id":"d1c9b052-211d-4f0a-be13-1f467048aae0","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":592,"width":869,"height":12}},{"id":"df19fd93-c2bc-42a9-af17-9f2010d607cd","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":607,"width":846,"height":12}},{"id":"46318318-feb5-490b-a2e9-1dba67094e34","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":622,"width":847,"height":12}},{"id":"b97711b7-798b-4b2d-9bc1-7719cb21e1ae","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":637,"width":825,"height":13}},{"id":"a8aea266-5747-438f-b09d-41997c3483b6","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":652,"width":834,"height":13}},{"id":"6f973a2f-55d6-44fe-a796-61731728a728","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":668,"width":831,"height":12}},{"id":"e8365c5d-21ae-4a6c-9237-9609d744c0ba","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":683,"width":571,"height":12}},{"id":"a47946f8-6ade-4fb7-bef7-306cf40411f5","block_type":"box","text":"Liquidity Risk Management.","page_number":36,"box":{"x":89,"y":709,"width":200,"height":12}},{"id":"7242e372-7353-4693-a333-b96dd614a4ec","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":36,"box":{"x":299,"y":709,"width":662,"height":12}},{"id":"9f082be6-1ac3-41f7-8048-dae541b4b237","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":36,"box":{"x":89,"y":724,"width":811,"height":13}},{"id":"0ba9e11e-55e3-47d8-b127-423bc9ee010f","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":36,"box":{"x":89,"y":739,"width":837,"height":13}},{"id":"f37c5d8b-e82b-4a8f-9993-2a146b86ff9a","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Trustees of the Trust, has","page_number":36,"box":{"x":89,"y":754,"width":807,"height":13}},{"id":"1790ba88-1ed1-45fc-8f2a-42c0a1ce3362","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":36,"box":{"x":89,"y":770,"width":834,"height":12}},{"id":"697630e1-04d9-48c6-97fc-0a2b6e19d224","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":36,"box":{"x":89,"y":785,"width":859,"height":12}},{"id":"ae831d5e-1fa9-40a6-80e0-8572a6d85db6","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":36,"box":{"x":89,"y":800,"width":866,"height":12}},{"id":"5e634b74-32eb-4e98-bbee-f7136f47b462","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":36,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"76a83310-5add-48be-9d53-3cf074aeb04e","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":36,"box":{"x":89,"y":830,"width":860,"height":12}},{"id":"69f85c13-0de1-4b03-99dc-dab28e7dc5b8","block_type":"box","text":"6","page_number":36,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"6d6b7cb5-a9fa-4725-8ffe-1f7144f263c2","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":44,"width":825,"height":12}},{"id":"c2eb6b7a-c9a6-4e70-998b-848558ed02ba","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":59,"width":850,"height":12}},{"id":"c1dec683-b01d-44b8-902f-4b0a1692421d","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":74,"width":845,"height":12}},{"id":"b5960669-db02-4dac-8866-de46bde6c23e","block_type":"box","text":"liquidity risk.","page_number":37,"box":{"x":89,"y":89,"width":87,"height":13}},{"id":"ca702d72-71a8-4e07-b198-ad11c207a900","block_type":"box","text":"Non-U.S. Securities.","page_number":37,"box":{"x":89,"y":116,"width":141,"height":10}},{"id":"f06f1bdc-2f85-4c0c-9440-435d6daa3188","block_type":"box","text":"Each Fund may purchase publicly traded common stocks of non-U.S. issuers. To the extent a Fund","page_number":37,"box":{"x":240,"y":116,"width":689,"height":12}},{"id":"0941685b-17ad-4971-b648-ef49d1a97f52","block_type":"box","text":"invests in stocks of non-U.S. issuers, certain of the Fund’s investments in such stocks may be in the form of American","page_number":37,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"17e6ff18-d77d-470b-97e6-506644af4486","block_type":"box","text":"Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively,","page_number":37,"box":{"x":89,"y":146,"width":872,"height":12}},{"id":"9a4d331c-3a62-480f-8ab1-aa84324a30be","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":161,"width":879,"height":12}},{"id":"4bb927b0-6d80-4023-b71b-dcaf4b54fbbc","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":176,"width":826,"height":13}},{"id":"da60edde-7f90-41dd-a6df-4bfe04e0fb9e","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":191,"width":872,"height":13}},{"id":"de56bda7-56b6-4925-a7f1-4ae0bf8f030c","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":206,"width":859,"height":13}},{"id":"a2169f38-240a-4c65-adf2-150fb4ba6062","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":222,"width":849,"height":12}},{"id":"a489a264-1d92-42c6-80a9-a89730935df1","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":237,"width":838,"height":12}},{"id":"e4bc99ac-3410-4036-afd0-a5e61f1f3193","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":252,"width":863,"height":12}},{"id":"bcbfe209-b694-4e8e-9bc6-1051f48221e2","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":267,"width":864,"height":12}},{"id":"60b4bc63-95fb-4796-b98c-f5dad6434aaa","block_type":"box","text":"and are designed for use throughout the world.","page_number":37,"box":{"x":89,"y":282,"width":330,"height":12}},{"id":"54ca3892-7617-465e-a447-a0de215f614c","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":308,"width":877,"height":13}},{"id":"bd0a6079-727b-4f1d-9a46-1415837b844a","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":324,"width":839,"height":12}},{"id":"b54fb28d-8389-440d-a18b-c2ded095495f","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":339,"width":841,"height":12}},{"id":"bf32c34f-97af-42c4-909e-dd5a1cd9642b","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":354,"width":859,"height":12}},{"id":"9c9d7ab7-75cd-405c-be0d-ebe90fc6d425","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":369,"width":833,"height":12}},{"id":"79b19b6b-380f-401a-9c0f-815edf1357d6","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":384,"width":795,"height":12}},{"id":"4268c56c-87e3-440a-897e-2917731afd6c","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":37,"box":{"x":89,"y":399,"width":571,"height":13}},{"id":"72a64576-0d8d-4b28-8b89-d995a9168ac6","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":426,"width":868,"height":12}},{"id":"f4bdf830-f96c-4cb6-8c0a-43c0e14fa501","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":441,"width":808,"height":12}},{"id":"a5419406-3cdb-4d63-87bf-9d020a130067","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":456,"width":853,"height":12}},{"id":"9a6c2355-0c15-4fcd-951d-ed8d1ac8119f","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":471,"width":873,"height":12}},{"id":"1c69a9f9-af3a-447f-8b1a-609f8774889a","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":486,"width":864,"height":12}},{"id":"d0a2372e-369a-4989-a2e4-9d2e4264b085","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":501,"width":870,"height":13}},{"id":"eda26083-fa6b-4d91-8378-85c6f6f4cc2d","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":37,"box":{"x":89,"y":516,"width":629,"height":13}},{"id":"8497e6f2-38d2-410d-b79e-2375a9e198b4","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":37,"box":{"x":89,"y":543,"width":242,"height":12}},{"id":"9d8f28d2-1913-44f8-92dd-d196bf463ed5","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":37,"box":{"x":340,"y":543,"width":588,"height":12}},{"id":"7641a656-c2d8-4d49-8fae-f9aff202b3fe","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":558,"width":812,"height":12}},{"id":"dc2c0602-48b4-406c-9245-b714a708946d","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":573,"width":819,"height":12}},{"id":"cb2a752b-a97b-4133-a51b-e0fc73d7863d","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":588,"width":872,"height":12}},{"id":"a6189188-9570-4f46-8407-b27206873ded","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":603,"width":866,"height":13}},{"id":"141b8c4f-4242-4122-a515-a7a6a8b3ea94","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":618,"width":834,"height":13}},{"id":"23098a84-f23b-4003-afb6-c4a4c7103e50","block_type":"box","text":"vehicle for trading such instruments.","page_number":37,"box":{"x":88,"y":633,"width":256,"height":13}},{"id":"91dd349a-1a08-49d6-bc4d-7b05c4870cc8","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":660,"width":873,"height":12}},{"id":"5fdd4126-df73-459a-b060-4efd612163b8","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":675,"width":868,"height":12}},{"id":"fbe12856-8dbe-4624-bd81-58f10944a209","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":37,"box":{"x":89,"y":690,"width":393,"height":13}},{"id":"8c42787f-b7eb-4a95-93a7-f0511180e15b","block_type":"box","text":"The iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor ETF, iShares International Small","page_number":37,"box":{"x":88,"y":717,"width":878,"height":12}},{"id":"4029f5e6-789f-4999-97e2-e12ba7a99f71","block_type":"box","text":"Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF,","page_number":37,"box":{"x":89,"y":732,"width":824,"height":12}},{"id":"a047592e-088a-469f-87c7-b229cb8da027","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":37,"box":{"x":89,"y":747,"width":859,"height":12}},{"id":"43fff3b8-465e-41d6-a3e8-6de80367c076","block_type":"box","text":"Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Value Factor","page_number":37,"box":{"x":88,"y":762,"width":870,"height":12}},{"id":"c51ce038-e286-4ad5-92a0-c3897e16104e","block_type":"box","text":"ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor","page_number":37,"box":{"x":89,"y":777,"width":853,"height":12}},{"id":"bc1cc862-133f-4c57-8438-243a43bca1f6","block_type":"box","text":"ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares","page_number":37,"box":{"x":89,"y":792,"width":869,"height":13}},{"id":"1521ce7a-127d-437b-b994-c527af232b59","block_type":"box","text":"U.S. Tech Breakthrough Multisector ETF (the “No-Action Letter Funds”) may also have investments in “underlying funds”","page_number":37,"box":{"x":89,"y":807,"width":847,"height":13}},{"id":"19d336d0-bed4-4bde-8c1f-930cb64ae610","block_type":"box","text":"(and such underlying funds themselves may invest in underlying funds) not advised by BFA (the term “underlying fund” for","page_number":37,"box":{"x":89,"y":822,"width":863,"height":13}},{"id":"608e7e40-7978-4e15-9a8c-54143f21939b","block_type":"box","text":"purposes of the no-action letter referenced below may include, but is not limited to, certain securitized vehicles, mortgage or","page_number":37,"box":{"x":89,"y":838,"width":872,"height":12}},{"id":"9d47b455-e221-4684-a317-8356f0efce27","block_type":"box","text":"international real estate investment trusts, business development companies and, investment companies that may invest in","page_number":37,"box":{"x":89,"y":853,"width":862,"height":12}},{"id":"d927734f-5700-49e5-9250-efd73b4caebd","block_type":"box","text":"7","page_number":37,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"cbf6b042-d7c9-47a5-81a9-30a7f40cc4d7","block_type":"box","text":"CFTC Derivatives or in any of the foregoing), and therefore may be viewed by the CFTC as commodity pools. BFA may not","page_number":38,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"317ffd28-1ea7-4827-982f-f37abc267efc","block_type":"box","text":"have transparency into the holdings of these underlying funds because they are not advised by BFA. To address this issue of","page_number":38,"box":{"x":89,"y":59,"width":866,"height":12}},{"id":"1842ba0d-bbce-4586-8cf5-57e057c097f9","block_type":"box","text":"lack of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that","page_number":38,"box":{"x":89,"y":74,"width":843,"height":12}},{"id":"d1d308bb-1232-43b0-9f16-8d9b170c04f8","block_type":"box","text":"invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay","page_number":38,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"1ae6a769-b10e-4349-ac4d-55965bd53942","block_type":"box","text":"registration as a “commodity pool operator” until six months from the date on which the CFTC issues additional guidance on","page_number":38,"box":{"x":89,"y":104,"width":874,"height":13}},{"id":"dc13cb5d-52d2-4221-abac-9b50708c6afa","block_type":"box","text":"the treatment of CFTC Derivatives held by underlying funds. BFA, the adviser of the No-Action Letter Funds, has filed a claim","page_number":38,"box":{"x":88,"y":119,"width":870,"height":13}},{"id":"6f4c293c-9633-4428-9134-42513f9088a2","block_type":"box","text":"with the CFTC for the Funds to rely on this no-action relief. Accordingly, BFA is not currently subject to registration or","page_number":38,"box":{"x":88,"y":135,"width":820,"height":12}},{"id":"a16fc7fe-e3d5-4185-870a-14ff59c4954f","block_type":"box","text":"regulation as a “commodity pool operator” under the CEA in respect of the Funds.","page_number":38,"box":{"x":89,"y":150,"width":573,"height":12}},{"id":"9ded4aa0-6f81-4fc5-a380-a9c0ebc5698c","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":176,"width":849,"height":13}},{"id":"f78e9a0d-d21b-4ea9-a8d2-089c50bfca30","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":191,"width":873,"height":13}},{"id":"325a8a55-1f49-4d93-9dd8-65792a7e6ce3","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":206,"width":838,"height":13}},{"id":"c5310797-8275-4cff-b678-1eabd63cebee","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":222,"width":863,"height":12}},{"id":"58ffe4a3-fe73-4fcc-8a5f-2ff51ac7292b","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":237,"width":867,"height":12}},{"id":"d2e0f2b2-3c2d-4b3c-95f7-8bf344d006df","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":252,"width":863,"height":12}},{"id":"e60f17f6-2781-49ba-abaf-c47346aa55b7","block_type":"box","text":"and, as a result, may affect returns to investors in a Fund.","page_number":38,"box":{"x":89,"y":267,"width":398,"height":12}},{"id":"d4214dcc-fa36-47e8-9acb-5f46cf744d32","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":293,"width":866,"height":13}},{"id":"8644c1ec-94bc-41c8-91d5-8afc4d5d186f","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":308,"width":842,"height":13}},{"id":"cd7adcb0-ed7b-449c-af0d-b34ba0703cfb","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":324,"width":823,"height":12}},{"id":"b347a864-9d68-4108-9eac-e68279ee5a63","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":339,"width":879,"height":12}},{"id":"811dfd6b-0ea5-4159-8785-3fcab7892765","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":38,"box":{"x":88,"y":354,"width":257,"height":12}},{"id":"8d3a7ccf-f774-4127-84ea-3272d7a085d6","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":380,"width":862,"height":13}},{"id":"101dd623-4bb8-42e0-a297-d0ff3a7eefd3","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":395,"width":871,"height":13}},{"id":"2a422ff1-09f1-46c7-8fa5-84cdee3492b8","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":410,"width":871,"height":13}},{"id":"f32561c4-962f-444a-97d5-d213715b54e6","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":426,"width":867,"height":12}},{"id":"39f7a5a3-4e9a-406c-b1b5-6620de5688a8","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":441,"width":864,"height":12}},{"id":"bb7be545-01a8-4707-8fd9-6cb68e3bb023","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":456,"width":863,"height":12}},{"id":"4f9cc2f6-e083-4adb-ae31-33738289993e","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":471,"width":863,"height":12}},{"id":"e49cecbd-1898-4113-b09b-23b8cec432ab","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":486,"width":870,"height":12}},{"id":"7d7d650a-82be-4151-b082-be8d37a39279","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":501,"width":834,"height":13}},{"id":"8c176565-697f-47f2-8f55-415bdac4deab","block_type":"box","text":"Securities Provision”).","page_number":38,"box":{"x":88,"y":516,"width":152,"height":13}},{"id":"5deb35a4-2f0f-4eda-8a63-97bd82a9a184","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":543,"width":872,"height":12}},{"id":"9b5e57ac-ddf5-4a30-b92f-cfc5664679ec","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":558,"width":830,"height":12}},{"id":"92ebcb23-beef-4e05-927a-d21b8156270c","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":573,"width":875,"height":12}},{"id":"567bc43f-35d5-4840-a9c9-6096daa2dfe4","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":588,"width":846,"height":12}},{"id":"28a31ae9-4ccf-4d63-a56b-5fc89b00e0e9","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":603,"width":839,"height":13}},{"id":"48fed4a2-5ec6-4da2-8c8b-b6b4e2b0ef57","block_type":"box","text":"reports to the Board.","page_number":38,"box":{"x":89,"y":618,"width":142,"height":13}},{"id":"2690d3b8-cfb3-42d0-9206-07c198f5e81f","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":645,"width":868,"height":12}},{"id":"f8204b23-9895-41a9-a0b5-105ae6eaac22","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":660,"width":830,"height":12}},{"id":"899d3c41-ea97-4b45-8f3e-927fd4986b60","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":675,"width":850,"height":12}},{"id":"39b19c94-39bf-470e-a78b-19ad6ab50a89","block_type":"box","text":"Derivatives User Exception”).","page_number":38,"box":{"x":89,"y":690,"width":201,"height":13}},{"id":"b9577701-84ce-42ea-8251-e5d3a013d517","block_type":"box","text":"Repurchase Agreements.","page_number":38,"box":{"x":89,"y":717,"width":180,"height":12}},{"id":"4c6a7b8c-f74a-4930-abb0-429c9614cb22","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":38,"box":{"x":278,"y":717,"width":494,"height":12}},{"id":"bbb9c003-a2bc-4282-97b2-c9f636658eac","block_type":"box","text":"i.e.","page_number":38,"box":{"x":773,"y":718,"width":18,"height":8}},{"id":"5954c5ac-8ff2-4d58-95b4-0158ec184bae","block_type":"box","text":", a Fund) acquires a","page_number":38,"box":{"x":793,"y":717,"width":136,"height":12}},{"id":"9f7d3e7e-70ce-4dcb-bbad-075ed62daccf","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":38,"box":{"x":89,"y":732,"width":854,"height":12}},{"id":"9d5ab092-9c88-493e-a621-47e481086961","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":38,"box":{"x":88,"y":747,"width":822,"height":12}},{"id":"a785a35b-e541-46d2-aaf2-2afd14147428","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":38,"box":{"x":89,"y":762,"width":828,"height":12}},{"id":"a4d11ee9-ca61-4eed-90d8-08b75128c9d0","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":38,"box":{"x":89,"y":777,"width":878,"height":12}},{"id":"d2676d16-2f97-4f3c-a919-7f73c21dbc12","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":38,"box":{"x":89,"y":792,"width":860,"height":13}},{"id":"28f7d6dc-fea0-4006-b3a7-66067bcecae3","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":38,"box":{"x":88,"y":807,"width":761,"height":13}},{"id":"f8fea48f-bbb8-412b-950a-298b2ab9ee8a","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":38,"box":{"x":89,"y":834,"width":875,"height":12}},{"id":"d0474ad0-c1b8-4963-9169-1cec8bc60147","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":38,"box":{"x":88,"y":849,"width":841,"height":12}},{"id":"7922375d-d81c-42c4-b60c-0e5f86967774","block_type":"box","text":"8","page_number":38,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"495ee6b0-d915-48ad-a5bb-737d22f2087f","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":44,"width":811,"height":12}},{"id":"99f6e0ad-7b9f-437c-9437-3c3d4c559552","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":59,"width":856,"height":12}},{"id":"ec89c927-0c27-4507-bbf9-f1248e134348","block_type":"box","text":"seven days.","page_number":39,"box":{"x":89,"y":74,"width":78,"height":12}},{"id":"22458ccc-4672-4703-a158-ab67c357d97c","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":101,"width":831,"height":12}},{"id":"477ae6a6-01ab-4c77-8bda-65679f52cd81","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":116,"width":855,"height":12}},{"id":"0f48fdaa-35f0-4209-b311-25b2841340e6","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":131,"width":839,"height":12}},{"id":"9bca54ff-040f-4400-a710-6cdaa8d0d7fd","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":146,"width":855,"height":12}},{"id":"d2617355-57e6-4bd6-b046-6e492ecaa885","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":161,"width":878,"height":12}},{"id":"d7b7972c-4a04-4fd1-b945-5dbc2f603122","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":176,"width":860,"height":13}},{"id":"c45541e1-fd18-4721-b25a-808ba981a4f9","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":191,"width":739,"height":13}},{"id":"0877c62b-043e-4f86-9c7a-9822cd166cbd","block_type":"box","text":"i.e.","page_number":39,"box":{"x":829,"y":192,"width":17,"height":9}},{"id":"a18ae70b-bf72-4b3e-aef9-c8ff25bf1c1c","block_type":"box","text":", the position a","page_number":39,"box":{"x":849,"y":191,"width":102,"height":13}},{"id":"00873011-8617-4b3d-bd01-d5f617276858","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":206,"width":828,"height":13}},{"id":"61828647-4eeb-49b1-a0a8-0ef8d1bd2083","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":222,"width":847,"height":12}},{"id":"a6a1165d-b596-460b-b3dc-b4381193eb6b","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":39,"box":{"x":89,"y":237,"width":511,"height":12}},{"id":"7001be67-3940-46e1-a8a6-58a1cf198648","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":39,"box":{"x":89,"y":263,"width":240,"height":12}},{"id":"5ef3cfd0-15a9-45ec-ae7e-6632bba86baa","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":39,"box":{"x":339,"y":263,"width":577,"height":12}},{"id":"cacd1065-85e7-43d2-a834-c954ab47666e","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":278,"width":839,"height":13}},{"id":"de12c19e-53a4-4460-a0c0-60e7e789df53","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":293,"width":869,"height":13}},{"id":"10452bf2-6fd9-4d93-a151-404159370937","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":308,"width":840,"height":13}},{"id":"c92e869e-86d2-49cd-9cb0-827bec085e41","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":324,"width":853,"height":12}},{"id":"b39a5203-10ce-4735-8e05-d3be2bcc02c4","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":339,"width":874,"height":12}},{"id":"7f9abde1-7ff6-4461-a8c7-70cb872b132a","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":354,"width":868,"height":12}},{"id":"84ca9c49-98cc-4927-b9c0-5ece6ed3d845","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":369,"width":878,"height":12}},{"id":"ff970ce7-8d74-4f1a-80be-b1cdd23a1f8b","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":384,"width":875,"height":12}},{"id":"d144589e-d6a0-4c3b-af97-c63ea3091bfb","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":399,"width":846,"height":13}},{"id":"375a15c1-6121-4623-a543-312d665f039b","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":39,"box":{"x":89,"y":414,"width":602,"height":13}},{"id":"f195e9be-ba73-4941-93ed-90f618efead7","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":441,"width":832,"height":12}},{"id":"232b4251-a6ea-45ee-8d92-417b823c282d","block_type":"box","text":"financing transactions (","page_number":39,"box":{"x":88,"y":456,"width":166,"height":12}},{"id":"f1636c88-7672-41ca-8cd4-258300e776f0","block_type":"box","text":"e.g.,","page_number":39,"box":{"x":255,"y":459,"width":26,"height":9}},{"id":"6109b04b-db8b-432f-b03d-092d68f3a918","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":39,"box":{"x":288,"y":456,"width":613,"height":12}},{"id":"601caed3-9484-4136-9347-fbba3bf57a65","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":471,"width":855,"height":12}},{"id":"4d265870-f091-495f-a6db-9738511e9c95","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":486,"width":878,"height":12}},{"id":"3cb5353b-db37-4bf9-b0d1-8929b3fce68d","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":39,"box":{"x":89,"y":501,"width":556,"height":13}},{"id":"434396e2-2522-485f-bc22-4e2ecb885999","block_type":"box","text":"Regulation Regarding Derivatives","page_number":39,"box":{"x":647,"y":501,"width":230,"height":13}},{"id":"34d3a6c9-edc3-4e54-9bf5-0ec901e9aa5e","block_type":"box","text":"” above.)","page_number":39,"box":{"x":878,"y":501,"width":61,"height":13}},{"id":"97285fc2-2396-4d16-8081-34d8245af83b","block_type":"box","text":"Securities of Investment Companies.","page_number":39,"box":{"x":88,"y":528,"width":263,"height":12}},{"id":"e7e82b0e-33c0-477b-b3c8-835ce96aa2d3","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":39,"box":{"x":361,"y":528,"width":563,"height":12}},{"id":"e68da508-669b-4327-8af4-159f0ba5bc6a","block_type":"box","text":"money market funds) and real estate investment trusts (“REITs”) to the extent permitted by law. Pursuant to the 1940 Act, a","page_number":39,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"48251615-9eaf-4b4a-9e4d-d48533836c62","block_type":"box","text":"Fund’s investment in registered investment companies is generally limited to, subject to certain exceptions: (i) 3% of the total","page_number":39,"box":{"x":89,"y":558,"width":876,"height":12}},{"id":"c6def66b-e7dc-4566-894b-ecd56866ab44","block_type":"box","text":"outstanding voting stock of any one investment company; (ii) 5% of a Fund’s total assets with respect to any one investment","page_number":39,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"54ac9ade-f0d0-4d0a-858c-4968bf448d1d","block_type":"box","text":"company; and (iii) 10% of a Fund’s total assets with respect to investment companies in the aggregate. Other investment","page_number":39,"box":{"x":89,"y":588,"width":848,"height":12}},{"id":"d528f0c0-c116-42b8-8fb1-d81efbbc4913","block_type":"box","text":"companies in which a Fund may invest can be expected to incur fees and expenses for operations, such as investment","page_number":39,"box":{"x":89,"y":603,"width":826,"height":13}},{"id":"687591f6-3f02-43db-823b-7dba77bc54cf","block_type":"box","text":"advisory and administration fees, which would be in addition to those incurred by the Fund. Pursuant to guidance issued by","page_number":39,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"bf16ad16-36d3-4453-b3ad-688d2593842e","block_type":"box","text":"the SEC staff, fees and expenses of money market funds used for cash collateral received in connection with loans of","page_number":39,"box":{"x":88,"y":633,"width":817,"height":13}},{"id":"a9d4104d-fbac-46f2-b784-c7b51bfda3b7","block_type":"box","text":"securities are not treated as Acquired Fund Fees and Expenses, which reflect a Fund’s","page_number":39,"box":{"x":89,"y":649,"width":597,"height":12}},{"id":"a7dc5fd8-1394-4369-87e1-854282bf5e46","block_type":"box","text":"pro rata","page_number":39,"box":{"x":690,"y":650,"width":56,"height":11}},{"id":"6caabf3b-cab5-4440-9d2d-680eab210e80","block_type":"box","text":"share of the fees and expenses","page_number":39,"box":{"x":751,"y":649,"width":214,"height":12}},{"id":"a3b7e4b3-cad5-456b-94bf-6927c5e60ab5","block_type":"box","text":"incurred by investing in other investment companies (as disclosed in the Prospectus, as applicable).","page_number":39,"box":{"x":89,"y":664,"width":695,"height":12}},{"id":"75ab29e1-a73d-4079-87fa-b31ceb8eb332","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":39,"box":{"x":88,"y":690,"width":386,"height":13}},{"id":"c98cf26d-61ee-4b0e-9475-a87b160269f6","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":39,"box":{"x":484,"y":690,"width":464,"height":13}},{"id":"6ef7cf89-6b90-42dc-9301-f66f3326bab6","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":39,"box":{"x":89,"y":705,"width":858,"height":13}},{"id":"eb1682a3-8f01-4a4f-9a27-fd20e89e58e2","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":39,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"bc860e94-19eb-40b6-8e51-4cfca30410cd","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":39,"box":{"x":89,"y":736,"width":814,"height":12}},{"id":"96f317b4-c1c0-47fd-b1a6-11eb001a40ef","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit (“CDs”), bankers’","page_number":39,"box":{"x":89,"y":751,"width":840,"height":12}},{"id":"4560fd16-08dd-4d24-a88e-8c082608f219","block_type":"box","text":"acceptances, fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar","page_number":39,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"d7c7f7c7-0a75-44d8-986b-0419e1c23159","block_type":"box","text":"institutions; (iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":39,"box":{"x":89,"y":781,"width":612,"height":12}},{"id":"a850e0fd-996b-4258-ba7d-0b8d9d73653e","block_type":"box","text":"®","page_number":39,"box":{"x":702,"y":779,"width":9,"height":6}},{"id":"4483b3c0-09e4-4ff1-953e-c1bba4a58f87","block_type":"box","text":"Investors Service, Inc., “F-1” by","page_number":39,"box":{"x":717,"y":781,"width":214,"height":12}},{"id":"5b6f5dd3-f8e0-4fcd-b5f5-91da0cc2d772","block_type":"box","text":"Fitch Ratings, Inc., or “A-1” by Standard & Poor’s","page_number":39,"box":{"x":89,"y":796,"width":336,"height":12}},{"id":"f28f213c-acd7-47aa-be2d-79ebc881b197","block_type":"box","text":"®","page_number":39,"box":{"x":426,"y":794,"width":9,"height":6}},{"id":"0359eadc-bb0e-43ec-a206-bcf97558f80b","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc. (“S&P Global","page_number":39,"box":{"x":441,"y":796,"width":471,"height":12}},{"id":"24c4a772-b9c2-4f53-b84d-dfd423b5a7e6","block_type":"box","text":"Ratings”), or if unrated, of comparable quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":39,"box":{"x":89,"y":811,"width":808,"height":12}},{"id":"0f2bf366-935f-470e-a270-e8418fc2396a","block_type":"box","text":"e.g.","page_number":39,"box":{"x":898,"y":814,"width":23,"height":9}},{"id":"edc3d6f7-2a53-4895-8d4b-9ca25dd7c2c4","block_type":"box","text":",","page_number":39,"box":{"x":923,"y":819,"width":2,"height":3}},{"id":"762e86fd-cd13-417a-b315-c61747626f29","block_type":"box","text":"bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that have been","page_number":39,"box":{"x":89,"y":826,"width":843,"height":13}},{"id":"b1cf7b9b-1755-48f3-b441-881534b85820","block_type":"box","text":"determined to present minimal credit risks, in accordance with the requirements set forth in Rule 2a-7 under the 1940 Act;","page_number":39,"box":{"x":89,"y":841,"width":856,"height":13}},{"id":"6f06b6d3-59eb-486f-9be7-e12a88546ba8","block_type":"box","text":"(vi) repurchase agreements; and (vii) short-term U.S. dollar-denominated obligations of non-U.S. banks (including U.S.","page_number":39,"box":{"x":89,"y":856,"width":830,"height":13}},{"id":"aba23291-9223-45d7-9114-4b4434dfb054","block_type":"box","text":"9","page_number":39,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"645e0caa-bbd3-410d-a051-7f41f0f7c117","block_type":"box","text":"branches) that, in the opinion of BFA, are of comparable quality to obligations of U.S. banks that may be purchased by a","page_number":40,"box":{"x":89,"y":44,"width":836,"height":12}},{"id":"fe026930-2bed-427d-80e4-eb9d97608e82","block_type":"box","text":"Fund. Any of these instruments may be purchased on a current or forward-settled basis. Time deposits are non-negotiable","page_number":40,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"1c2bb012-5258-42b5-8db4-a1f8a6bd854c","block_type":"box","text":"deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers’ acceptances are","page_number":40,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"62330beb-5a74-4abe-80e9-929ee6912b2c","block_type":"box","text":"time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.","page_number":40,"box":{"x":88,"y":89,"width":755,"height":13}},{"id":"835f901a-8e22-460f-afd9-cfdeb7189193","block_type":"box","text":"Swap Agreements.","page_number":40,"box":{"x":88,"y":116,"width":134,"height":12}},{"id":"bdf19168-8576-4ca3-84f9-ef675ba75762","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":116,"width":735,"height":12}},{"id":"0a2e7987-2b1b-41b3-95bd-f424c79eac5e","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":131,"width":850,"height":12}},{"id":"72bf42f1-af73-4f9f-9174-6d1817ddd2fc","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":146,"width":843,"height":12}},{"id":"189664e7-5f3b-42ef-b2eb-456212b56ed3","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":161,"width":869,"height":12}},{"id":"86aa5d68-8894-421c-bb8f-e2ea2ff24b2e","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":176,"width":843,"height":13}},{"id":"4dee6e9c-cdd6-4e6e-9e8b-116154ffbe21","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":40,"box":{"x":89,"y":191,"width":464,"height":13}},{"id":"d0f6b56b-8906-4d51-9224-2752794ed948","block_type":"box","text":"Certain of the Funds or Underlying Funds may enter into currency swaps, interest rate swaps and index swaps, or total return","page_number":40,"box":{"x":89,"y":218,"width":875,"height":12}},{"id":"629e92f8-d22c-415b-8e4b-97a44a5f6e4a","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":233,"width":840,"height":12}},{"id":"d9c0ba06-c4be-4fa0-a669-c8534e42e19d","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":248,"width":816,"height":12}},{"id":"e69f9826-1339-48e9-a0af-960db2c32f62","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":263,"width":762,"height":12}},{"id":"dd2c5680-eda7-4960-bc73-e26369c86c53","block_type":"box","text":"Tracking Stocks.","page_number":40,"box":{"x":88,"y":290,"width":119,"height":12}},{"id":"4a4e6964-f7c2-44b9-a7b0-805894537bf0","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":290,"width":728,"height":12}},{"id":"1f2b3b13-8c27-4ce1-a5c6-c9e1982aee77","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":305,"width":869,"height":12}},{"id":"ff97e60d-b5df-4843-b59d-e44176b9f15b","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":320,"width":867,"height":12}},{"id":"194c9849-cbaf-4ab1-928f-5682af47dbe6","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":335,"width":851,"height":12}},{"id":"a78354fc-3ad8-4680-9571-9e078d84e445","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":40,"box":{"x":89,"y":350,"width":395,"height":12}},{"id":"8e81b238-7339-42a1-a556-1619b3a47be2","block_type":"box","text":"Future Developments.","page_number":40,"box":{"x":89,"y":376,"width":157,"height":13}},{"id":"7b4f5f01-e96e-42a9-9948-0cf6937c4477","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":376,"width":694,"height":13}},{"id":"4292c498-8bd9-444a-ad46-ede553cc6672","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":392,"width":809,"height":12}},{"id":"016c0b13-281c-4a0e-8465-c9046f6471bd","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":40,"box":{"x":89,"y":407,"width":586,"height":12}},{"id":"8116c827-d021-4611-838c-3d78ff4fe8dc","block_type":"box","text":"General Considerations and Risks","page_number":40,"box":{"x":90,"y":437,"width":559,"height":24}},{"id":"b944f138-eb62-4589-88b0-35bb2af1eda4","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":479,"width":876,"height":12}},{"id":"f217bd18-24e7-40bd-987a-9dcb951e812b","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":505,"width":817,"height":12}},{"id":"7ae2d200-5d2a-4cd2-970b-4bf2fb3083b4","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":520,"width":874,"height":12}},{"id":"cdd91557-c384-4a73-9bcd-93bd9f58d428","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":535,"width":873,"height":13}},{"id":"bbd97528-5b7c-45ba-affa-10e62b2bfdd8","block_type":"box","text":"particular risk factor.","page_number":40,"box":{"x":89,"y":550,"width":142,"height":13}},{"id":"33815556-682b-4f27-9cef-646db647ffcf","block_type":"box","text":"Borrowing Risk.","page_number":40,"box":{"x":89,"y":577,"width":112,"height":12}},{"id":"31c6c666-7897-4d75-b4d2-9d74c85a99ef","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":577,"width":712,"height":12}},{"id":"a783cdd0-fab6-4051-bd62-52dcc19a3b93","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":592,"width":850,"height":12}},{"id":"fef3f246-4986-4770-a79f-dfe3eeaa7b28","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":607,"width":831,"height":12}},{"id":"bc18d124-b947-4972-ad70-071ce2534453","block_type":"box","text":"Commodities Investment Risk.","page_number":40,"box":{"x":89,"y":633,"width":218,"height":10}},{"id":"18a794ee-8ccd-45a8-a6b9-1c4593149db1","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":40,"box":{"x":317,"y":633,"width":641,"height":13}},{"id":"6c0cf50a-ba10-40de-8f20-c557914915e7","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":649,"width":830,"height":12}},{"id":"6b76cd6b-4982-48ec-9c42-a61bf0f07dd7","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":664,"width":697,"height":12}},{"id":"06181ee9-ec47-4953-8a10-864e4b6f8cc7","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices","page_number":40,"box":{"x":88,"y":690,"width":857,"height":13}},{"id":"2a2a9b12-bff4-408c-af7b-3eace1a25d8c","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":40,"box":{"x":89,"y":705,"width":842,"height":13}},{"id":"768e9439-c332-4bd1-8ca5-562a05ce3b1a","block_type":"box","text":"things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and","page_number":40,"box":{"x":88,"y":720,"width":875,"height":13}},{"id":"af1daf4e-d673-47f4-8292-856063c3ba16","block_type":"box","text":"economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease;","page_number":40,"box":{"x":89,"y":736,"width":841,"height":12}},{"id":"b0de28ea-43f5-48df-81de-d6bc74b26649","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; changes in","page_number":40,"box":{"x":89,"y":751,"width":823,"height":12}},{"id":"9a2b5bc4-7819-45cb-9009-3472d8af9675","block_type":"box","text":"storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":40,"box":{"x":89,"y":766,"width":858,"height":12}},{"id":"fdeff9c2-3af9-435f-ab4a-fb2ea0e10f5a","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation;","page_number":40,"box":{"x":89,"y":781,"width":823,"height":12}},{"id":"86b28cdc-8c60-46a5-9333-3551e400b6ac","block_type":"box","text":"currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest","page_number":40,"box":{"x":89,"y":796,"width":858,"height":12}},{"id":"dc9fca55-f9b3-4c79-86b9-e872d4f7f2a9","block_type":"box","text":"rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign","page_number":40,"box":{"x":89,"y":811,"width":814,"height":12}},{"id":"6e88eadb-11d4-4287-9ff4-4841eb68ebce","block_type":"box","text":"governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental","page_number":40,"box":{"x":89,"y":826,"width":818,"height":13}},{"id":"0b37d237-9994-48ca-a62b-8caf4f755c72","block_type":"box","text":"expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; and changes in","page_number":40,"box":{"x":89,"y":841,"width":827,"height":13}},{"id":"de19dca9-052c-4e2f-b14f-04c68ab8848e","block_type":"box","text":"philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":40,"box":{"x":89,"y":856,"width":835,"height":13}},{"id":"108b73ba-04fc-4bbe-a227-8b91af3f0115","block_type":"box","text":"10","page_number":40,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"6ce95d94-53cc-4678-b61c-c9818d92aeeb","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":44,"width":798,"height":12}},{"id":"ef338b34-85cb-48c1-a2ce-3e03bd72733e","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":59,"width":875,"height":12}},{"id":"47131838-5c51-4cb2-9c87-7dcb2578f505","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":74,"width":851,"height":12}},{"id":"a9b8714d-384f-4ba7-a829-74b41c3e2376","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":89,"width":738,"height":13}},{"id":"0964f7ed-3fe4-4449-9d4d-e9b12d7f8a69","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":116,"width":806,"height":12}},{"id":"805a8927-d287-4749-8f0e-2c1305b3a6ba","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":131,"width":864,"height":12}},{"id":"1381840a-dbe2-4efb-a475-34135277bfe4","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":146,"width":853,"height":12}},{"id":"e4f68a66-3657-449c-bcdb-d6ba3f93e207","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":161,"width":843,"height":12}},{"id":"d7e2a27a-ec90-43db-a0f8-f301485a8c2d","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":41,"box":{"x":89,"y":176,"width":820,"height":13}},{"id":"8c479eba-78ea-45f9-be51-7348f317b788","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":41,"box":{"x":89,"y":191,"width":842,"height":13}},{"id":"06ac1abf-f384-4b85-937c-73b587f286f2","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":206,"width":845,"height":13}},{"id":"30936925-07b0-4cdb-8eb2-63c627ec4930","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":41,"box":{"x":89,"y":222,"width":427,"height":12}},{"id":"1256fa52-71e3-43db-921f-64daba6ea6ff","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":248,"width":856,"height":12}},{"id":"860b1c7a-ed09-4f10-a1e2-d99aa58887cc","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":263,"width":851,"height":12}},{"id":"1f4612a7-2f17-4e63-9945-55f42b6bc118","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":278,"width":868,"height":13}},{"id":"edcb06c2-80c6-4d91-972f-7e6042e12d25","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":293,"width":670,"height":13}},{"id":"3213ca86-cb7d-43be-836e-f732a7092115","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":320,"width":841,"height":12}},{"id":"c81bf455-967d-4e9b-9397-52db4bbadbc5","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":335,"width":848,"height":12}},{"id":"5d82c9ce-f3a5-47f5-8440-4d818a0fc82b","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":350,"width":822,"height":12}},{"id":"0a91e734-deb3-4c4e-a2d3-48a2bf0e0428","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":365,"width":853,"height":12}},{"id":"028ba718-4323-4e63-b644-2e97ccfa9b00","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":380,"width":831,"height":13}},{"id":"ab6861a0-a396-4af0-b895-bd735823ebe0","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":395,"width":860,"height":13}},{"id":"c30aef29-8f22-4db2-b1f8-4bb124e17fc2","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":41,"box":{"x":89,"y":410,"width":317,"height":13}},{"id":"6423e6c7-1db5-4e67-a2c2-cdb6321a830d","block_type":"box","text":"Custody Risk.","page_number":41,"box":{"x":89,"y":437,"width":96,"height":12}},{"id":"232780e4-0bef-4a9d-8e3f-d2892038e385","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":41,"box":{"x":195,"y":437,"width":741,"height":12}},{"id":"661e2440-b154-4a30-aa24-eaa01d9fe798","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":41,"box":{"x":89,"y":452,"width":838,"height":12}},{"id":"4d04bb15-1e65-4503-b380-3a86cdcfa471","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":41,"box":{"x":89,"y":467,"width":875,"height":13}},{"id":"5bdd0184-7190-498f-a813-5d391daa3930","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":41,"box":{"x":89,"y":482,"width":857,"height":13}},{"id":"ebf7a576-aef6-4d06-b5f7-a8e9c05a04b4","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":41,"box":{"x":88,"y":497,"width":880,"height":13}},{"id":"4c4b2b4e-c0ef-486e-859b-ff88ad09ec09","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":41,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"fe265ab2-b1e9-4392-947a-6e6634645a6b","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":41,"box":{"x":89,"y":528,"width":833,"height":12}},{"id":"58e75975-d28f-4725-b9b7-4a306ab79329","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":41,"box":{"x":89,"y":543,"width":837,"height":12}},{"id":"96a8cec7-4995-4d7e-b6d1-2009f9cb2ddc","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":41,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"59665165-4d75-489d-b7b0-eb0218d16ef4","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":41,"box":{"x":89,"y":573,"width":814,"height":12}},{"id":"9792e073-b37c-41b1-800a-7352aef531c3","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":41,"box":{"x":89,"y":588,"width":845,"height":12}},{"id":"26edb7c6-630c-4fe7-8ab9-1ab14d449b89","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":41,"box":{"x":89,"y":603,"width":860,"height":13}},{"id":"2aa201e0-424c-48ee-a3a5-c3ffbc05f6ea","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":41,"box":{"x":89,"y":618,"width":851,"height":13}},{"id":"f1bfb4c6-85fe-4550-baf9-bb158578aaca","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":41,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"4c957276-e88a-4889-a214-37c61108d71a","block_type":"box","text":"compensation.","page_number":41,"box":{"x":89,"y":650,"width":103,"height":11}},{"id":"66d8b954-f954-4afa-8761-57b44f367b14","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":41,"box":{"x":89,"y":675,"width":201,"height":12}},{"id":"c9b00fd6-2c0d-44c8-a888-9d44de2b39ce","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":41,"box":{"x":300,"y":675,"width":660,"height":12}},{"id":"d2821725-4453-4bc1-b1a9-023e9ab5fa7a","block_type":"box","text":"investors and underperform the broader market. Companies that issue dividend-paying stocks are not required to pay or","page_number":41,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"4fd851cc-9f4a-408c-a786-7e317591c8a2","block_type":"box","text":"continue paying dividends on such stocks. It is possible that issuers of the stocks held by a Fund will not declare dividends in","page_number":41,"box":{"x":89,"y":705,"width":871,"height":13}},{"id":"97039443-2e03-46ae-a128-ed23a32499d3","block_type":"box","text":"the future or will reduce or eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or","page_number":41,"box":{"x":88,"y":720,"width":879,"height":13}},{"id":"92acf060-8f61-489c-bb57-eebade0a5eb5","block_type":"box","text":"increases in the payment of dividends) in the future.","page_number":41,"box":{"x":89,"y":736,"width":363,"height":12}},{"id":"504db226-d639-409d-a83d-69360723badc","block_type":"box","text":"Illiquid Investments Risk.","page_number":41,"box":{"x":89,"y":762,"width":178,"height":12}},{"id":"3e89d7b4-6b4e-46e7-90c3-aa72f442e4aa","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":41,"box":{"x":277,"y":762,"width":673,"height":12}},{"id":"511eddd2-9fdc-4df9-a37a-34f764f61cc6","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":41,"box":{"x":88,"y":777,"width":856,"height":12}},{"id":"c9a506f2-2385-4aec-816e-45e83ec32c4a","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":41,"box":{"x":89,"y":792,"width":859,"height":13}},{"id":"0e1b7152-fa72-4da0-ada4-576fc965f576","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":41,"box":{"x":89,"y":807,"width":820,"height":13}},{"id":"ddb3a7f8-cbb7-4c93-88e3-b172042d2375","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":41,"box":{"x":89,"y":822,"width":818,"height":13}},{"id":"c82bdc45-1804-4788-93df-f3e66c480ef7","block_type":"box","text":"11","page_number":41,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"a80a3244-207b-4905-9a14-e16d3d1944ff","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":44,"width":856,"height":12}},{"id":"f31ba1d8-b694-42fa-8dd2-1597773c1399","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":59,"width":858,"height":12}},{"id":"b9ae9a61-7360-4fa0-963a-b0551c61b6f7","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":74,"width":790,"height":12}},{"id":"4d998701-747f-4f6d-9d67-7ef70062f5c2","block_type":"box","text":"Money Market Instruments Risk.","page_number":42,"box":{"x":89,"y":101,"width":234,"height":12}},{"id":"1e354657-9d97-4e90-9fdb-eca1a1780107","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":101,"width":628,"height":12}},{"id":"779e6e8f-9fcf-4951-a613-d23b22c78817","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":116,"width":843,"height":12}},{"id":"0d956c78-9353-479c-a251-7da229a8c924","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":131,"width":835,"height":12}},{"id":"eeb808d1-d848-450e-ac7f-89cc2d7d9ad8","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":146,"width":874,"height":12}},{"id":"c579e3bf-729b-48cd-a56e-9e3c7c992b83","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":161,"width":879,"height":12}},{"id":"5430148f-9348-45cd-beee-5fcad1e10ee0","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":176,"width":709,"height":13}},{"id":"b5b1fa71-ea9b-42ad-9452-60fcc5c6c5c9","block_type":"box","text":"National Closed Market Trading Risk.","page_number":42,"box":{"x":89,"y":203,"width":266,"height":12}},{"id":"6b0a38aa-79b4-42bd-a586-6b2e7561fc4d","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":203,"width":604,"height":12}},{"id":"b8629743-7776-44e3-8531-9d3fe876cd90","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":218,"width":870,"height":12}},{"id":"1855ee18-80ee-46de-91ef-388270c8199c","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":233,"width":862,"height":12}},{"id":"96f61adc-b71e-4ade-ad44-c517a324f689","block_type":"box","text":"(","page_number":42,"box":{"x":89,"y":248,"width":4,"height":12}},{"id":"3e4e45ba-cce8-4a70-b828-75a3cf4f254c","block_type":"box","text":"i.e.","page_number":42,"box":{"x":94,"y":249,"width":18,"height":9}},{"id":"ef964374-ba43-4618-91ef-c0435c9496e3","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":248,"width":836,"height":12}},{"id":"83b41295-b6ab-4c6b-aa89-8366a4386e56","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":42,"box":{"x":88,"y":263,"width":865,"height":12}},{"id":"e425bef3-9c1f-40e9-bf80-c7e241be427d","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":42,"box":{"x":88,"y":278,"width":848,"height":13}},{"id":"70847b49-e555-4fdd-ae56-f86b9f96751f","block_type":"box","text":"that may be greater than those experienced by other ETFs.","page_number":42,"box":{"x":88,"y":293,"width":409,"height":13}},{"id":"e0a9f86b-2f8f-4a65-bcef-49eaecff1113","block_type":"box","text":"Operational and Technology Risks.","page_number":42,"box":{"x":89,"y":320,"width":250,"height":12}},{"id":"4423a7cd-b7f0-48a4-a031-4b5b9f259f33","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":42,"box":{"x":348,"y":320,"width":593,"height":12}},{"id":"c6ab80b1-7191-42f5-b072-5e2573a02060","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":42,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"fdb3a0a5-c8d4-4765-a57b-83d1024bd944","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":42,"box":{"x":88,"y":350,"width":864,"height":12}},{"id":"8f7bd426-384a-4557-9f7e-118fb63848ed","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":42,"box":{"x":88,"y":365,"width":839,"height":12}},{"id":"a4a8ae75-80e3-4437-a637-e9a3e78adf23","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":42,"box":{"x":89,"y":380,"width":876,"height":13}},{"id":"2824338d-def3-4288-9c3b-1a7d410e6fe3","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":42,"box":{"x":88,"y":395,"width":853,"height":13}},{"id":"e8bb6cf2-be11-434c-8834-748cc2f0282e","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":42,"box":{"x":88,"y":410,"width":859,"height":13}},{"id":"32d7d43b-1dd0-4112-9024-0bfca8d8dc43","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":42,"box":{"x":89,"y":426,"width":852,"height":12}},{"id":"67cb12b6-ee0f-4b94-b079-08499876980e","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":42,"box":{"x":89,"y":441,"width":770,"height":12}},{"id":"b0c44adb-8661-4c9a-9e16-411bdcf0d70b","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":42,"box":{"x":89,"y":467,"width":862,"height":13}},{"id":"2cc51a61-f80b-4c17-958c-f601817b004e","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":42,"box":{"x":88,"y":482,"width":816,"height":13}},{"id":"7f22b60c-49b5-4156-8177-85e4d759b282","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":42,"box":{"x":89,"y":497,"width":808,"height":13}},{"id":"5da9da7e-742b-4c43-b5bd-e8ad0382206f","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":42,"box":{"x":89,"y":513,"width":862,"height":12}},{"id":"c54c2e91-278d-4f10-a5ea-bf13265ab13d","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":42,"box":{"x":88,"y":528,"width":798,"height":12}},{"id":"539d3363-39a9-4134-8f1c-8ed784e5983b","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":42,"box":{"x":89,"y":543,"width":815,"height":12}},{"id":"c954f190-ce76-48d6-8e66-fd8e4f9c386d","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":42,"box":{"x":89,"y":558,"width":831,"height":12}},{"id":"2f100fbe-cce4-4ff4-af2b-3d853461b70b","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":42,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"027ec7d3-eb55-4404-a583-b58ef5801d27","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":42,"box":{"x":89,"y":588,"width":876,"height":12}},{"id":"0717b566-6a28-4e72-a700-b7ba3df1978d","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":42,"box":{"x":89,"y":603,"width":857,"height":13}},{"id":"b3ea3f39-3c0c-44d7-8f1d-c93b9d9986c1","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":42,"box":{"x":89,"y":618,"width":864,"height":13}},{"id":"67fac4b9-9d85-47f7-bb54-46c45ec8ac68","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":42,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"c713187b-9d30-415e-93aa-291977ff9099","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":42,"box":{"x":89,"y":649,"width":850,"height":12}},{"id":"edc8e749-5c5a-4fd4-9f13-530dd1ba7053","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":42,"box":{"x":89,"y":664,"width":821,"height":12}},{"id":"905f7052-674b-450a-98fa-c5c2fcfbf286","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":42,"box":{"x":89,"y":679,"width":863,"height":12}},{"id":"20f51d8d-57f0-4e2f-a9a3-957a056cbe63","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":42,"box":{"x":88,"y":694,"width":838,"height":12}},{"id":"cb2a8a72-2122-4088-bc4f-07d6deab1e05","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":42,"box":{"x":89,"y":709,"width":847,"height":12}},{"id":"17eb2feb-47b3-4df5-adb7-09c5610b2aec","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":42,"box":{"x":88,"y":724,"width":875,"height":13}},{"id":"cb8ba36a-3a73-4e5d-ac62-7bfb3cedb0c3","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":42,"box":{"x":89,"y":739,"width":798,"height":13}},{"id":"cf205a73-d875-4dda-822b-c13cd68e9343","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":42,"box":{"x":89,"y":754,"width":807,"height":13}},{"id":"86edbff8-66e1-47f5-b7f4-40a3c33d3ff2","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":42,"box":{"x":89,"y":770,"width":832,"height":12}},{"id":"bd56e1b7-3223-4f59-afb8-8e4c71ca5e20","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":42,"box":{"x":88,"y":785,"width":877,"height":12}},{"id":"40c23fb6-708c-4fe7-99f6-c2b10b47dac5","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":42,"box":{"x":89,"y":800,"width":380,"height":12}},{"id":"d932a3ff-5abb-4251-972a-3ec0bd4136fe","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":42,"box":{"x":88,"y":826,"width":846,"height":13}},{"id":"d6754214-7858-4264-a186-f05829a2f962","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":42,"box":{"x":89,"y":841,"width":872,"height":13}},{"id":"214de13d-f763-44c0-91d8-ec095f6b63c6","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":42,"box":{"x":89,"y":856,"width":852,"height":13}},{"id":"9b399084-99b9-41f0-96fd-e00351c730e3","block_type":"box","text":"12","page_number":42,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"4be68a1a-4045-478c-bb16-f21f1899c797","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":44,"width":837,"height":12}},{"id":"0ef15584-68ac-4aab-91a7-84c44e3d0298","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":59,"width":828,"height":12}},{"id":"4d0ec705-f40a-4df5-8e50-272a44291121","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":74,"width":861,"height":12}},{"id":"6a9e716a-5aaf-41b5-a697-6865bd4e3788","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":89,"width":864,"height":13}},{"id":"bf37ec07-c12b-4dfa-a587-e75002d59bf8","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":104,"width":824,"height":13}},{"id":"277acf1f-aa48-4a20-94d8-13a81ff16c5e","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":119,"width":868,"height":13}},{"id":"52a949f8-4be0-46f2-9fc1-b4a0d69f9c54","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":135,"width":660,"height":12}},{"id":"abb1287e-c3bc-4281-b8bd-638709fa3fd4","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":161,"width":858,"height":12}},{"id":"dc54dfee-1cd9-4af0-8f8e-9861a15e0557","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":176,"width":852,"height":13}},{"id":"a73ff060-42b1-44fd-9799-c73a48dd63d7","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":191,"width":806,"height":13}},{"id":"398b5368-d934-48bc-89d9-dda60088d200","block_type":"box","text":"implement required changes.","page_number":43,"box":{"x":89,"y":206,"width":204,"height":13}},{"id":"3541dc11-2fd2-41b7-b5be-84dfc16f4342","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":43,"box":{"x":89,"y":233,"width":244,"height":12}},{"id":"59e2dccd-8317-440f-b246-d3b07a0c53e5","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":43,"box":{"x":342,"y":233,"width":581,"height":12}},{"id":"439fe952-c210-4eb3-b022-6d356dece5ab","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":43,"box":{"x":89,"y":248,"width":839,"height":12}},{"id":"bb1327b0-5364-4fc3-b388-63002eb86159","block_type":"box","text":"hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR,","page_number":43,"box":{"x":89,"y":263,"width":863,"height":12}},{"id":"15f641ab-3d17-417a-95c6-501f105b67e5","block_type":"box","text":"has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will","page_number":43,"box":{"x":89,"y":278,"width":835,"height":13}},{"id":"d31069eb-3108-4902-84cd-9881334d61a4","block_type":"box","text":"continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":43,"box":{"x":89,"y":293,"width":869,"height":13}},{"id":"ac7d165f-da70-46e0-a456-687a4198eaf0","block_type":"box","text":"Overnight Financing Rate (“SOFR”), which is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":43,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"4762316c-8e08-478c-91b2-8c148f23fee7","block_type":"box","text":"Treasury securities in the repurchase agreement market, has been used increasingly on a voluntary basis in new instruments","page_number":43,"box":{"x":88,"y":324,"width":872,"height":12}},{"id":"f1fa6af5-8e41-4fda-b4a2-35cb7a18fe84","block_type":"box","text":"and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates","page_number":43,"box":{"x":89,"y":339,"width":865,"height":12}},{"id":"dbfa6acf-1df6-4f2b-843c-df26630e1f71","block_type":"box","text":"based on SOFR have replaced LIBOR in different categories of financial contracts.","page_number":43,"box":{"x":89,"y":354,"width":565,"height":12}},{"id":"e329de73-db34-445a-af71-da7a39fe0436","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":43,"box":{"x":89,"y":380,"width":842,"height":13}},{"id":"0ab8ebdb-8bd0-4785-b7c2-69b496153bf4","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":43,"box":{"x":89,"y":395,"width":877,"height":13}},{"id":"3ad557ca-8dde-4eb4-ae1e-9e040974920c","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":43,"box":{"x":89,"y":410,"width":836,"height":13}},{"id":"90c804ca-eac6-4450-81e6-f913d765ab14","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":43,"box":{"x":89,"y":426,"width":844,"height":12}},{"id":"a3152e7b-f606-4b86-b8e0-8c1a15f132f0","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":43,"box":{"x":89,"y":441,"width":823,"height":12}},{"id":"dd9d956b-442c-4061-b60a-1ef8684b16c3","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":43,"box":{"x":89,"y":456,"width":820,"height":12}},{"id":"fbb4d575-a288-45c7-9807-0b45afb4c627","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":43,"box":{"x":89,"y":471,"width":877,"height":12}},{"id":"d3d1b4fe-54fc-4b84-8d69-f19426f9248d","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":43,"box":{"x":89,"y":486,"width":773,"height":12}},{"id":"7c1ef26a-8835-433e-834b-301ab067aa7c","block_type":"box","text":"Risk of Derivatives.","page_number":43,"box":{"x":89,"y":513,"width":135,"height":9}},{"id":"c6e40dd8-abbb-4fa4-8adb-5aa7ff9091f7","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":43,"box":{"x":233,"y":513,"width":701,"height":12}},{"id":"0ca86dde-abf8-4ef3-b88e-e2bf4a0ade58","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":43,"box":{"x":89,"y":528,"width":877,"height":12}},{"id":"109419c8-9485-4a0e-9227-abcb0570394b","block_type":"box","text":"such as the S&P 500","page_number":43,"box":{"x":89,"y":543,"width":142,"height":10}},{"id":"7af47099-0ae4-47f4-88ea-d2344c59c9e0","block_type":"box","text":"®","page_number":43,"box":{"x":232,"y":541,"width":9,"height":6}},{"id":"4b5c56d3-5ee7-458b-9faa-7c06ad35be4c","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs (for the","page_number":43,"box":{"x":247,"y":543,"width":691,"height":12}},{"id":"cc969934-3ef8-4a7b-9d98-603d231f8cdb","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF) and other derivatives. Compared to securities, derivatives can be more sensitive to","page_number":43,"box":{"x":89,"y":558,"width":868,"height":12}},{"id":"92fea345-533d-439e-8b24-aa727770152b","block_type":"box","text":"changes in interest rates or to sudden fluctuations in market prices and thus a Fund’s losses may be greater if it invests in","page_number":43,"box":{"x":89,"y":573,"width":848,"height":12}},{"id":"33a4b89d-13b7-488c-adfd-211e3f6038ed","block_type":"box","text":"derivatives than if it invests only in conventional securities. Derivatives are also subject to counterparty risk, which is the risk","page_number":43,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"e78713a2-bb43-45f2-91cd-ecd6ee1417cd","block_type":"box","text":"that the other party in the transaction will not fulfill its contractual obligations. Derivatives generally involve the incurrence of","page_number":43,"box":{"x":88,"y":603,"width":876,"height":13}},{"id":"8f84a29e-be3c-47bf-a437-691095fdaa16","block_type":"box","text":"leverage.","page_number":43,"box":{"x":89,"y":618,"width":60,"height":13}},{"id":"d4ec57d7-2315-4099-9da5-deb469d4b93b","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":43,"box":{"x":88,"y":645,"width":875,"height":12}},{"id":"e5cd1c12-f4e7-47b0-8713-5945760c5c7a","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":43,"box":{"x":88,"y":660,"width":867,"height":12}},{"id":"47567603-9981-4dbd-9f55-1d73fbede6a2","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":43,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"bb7f9a0d-fc9c-4c46-8241-1b19481966b8","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":43,"box":{"x":89,"y":690,"width":848,"height":13}},{"id":"5f8a6400-d7bd-46dc-8b17-17f834695c3e","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":43,"box":{"x":89,"y":705,"width":875,"height":13}},{"id":"2501c35f-12bc-4eb7-af22-af4bfc3a29c7","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":43,"box":{"x":88,"y":720,"width":497,"height":12}},{"id":"e9c0a320-5e87-4144-994f-c6edd4b074e8","block_type":"box","text":"Risk of Equity Securities.","page_number":43,"box":{"x":89,"y":747,"width":176,"height":12}},{"id":"a6568a48-ea01-47df-b681-9dc0e86dc49c","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":43,"box":{"x":274,"y":747,"width":633,"height":12}},{"id":"72311c7d-ce67-4dab-a526-91cf67366fde","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":43,"box":{"x":89,"y":762,"width":843,"height":12}},{"id":"dd2dcfc2-6908-45e0-b0b1-d450c71396ce","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":43,"box":{"x":89,"y":777,"width":825,"height":12}},{"id":"b8a68890-664f-40d1-a2c6-d80db38ec960","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":43,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"f6125246-9d03-4bbb-974e-b8d250d68b74","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":43,"box":{"x":89,"y":807,"width":822,"height":13}},{"id":"852141d5-713b-4bfd-b15d-2b58b7c17c68","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":43,"box":{"x":89,"y":822,"width":823,"height":13}},{"id":"a2de3488-afc9-49fb-bc51-c31f84a04c08","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":43,"box":{"x":89,"y":838,"width":866,"height":12}},{"id":"6662853d-e513-469b-9707-be307226ac84","block_type":"box","text":"13","page_number":43,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"ea493a0f-0a19-469a-8cf7-0f958214f5f7","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":44,"width":831,"height":12}},{"id":"45bb9093-eea6-4cea-a811-46ffd8ddedfb","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":59,"width":861,"height":12}},{"id":"82f6c6e7-18a6-4e9b-9746-32a1a42fbd51","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":44,"box":{"x":89,"y":74,"width":422,"height":12}},{"id":"0431e940-8110-476e-9a6f-4b276adc8306","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":101,"width":812,"height":12}},{"id":"8f52c0d0-5b71-4139-93fc-b20bcdcfbda4","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":116,"width":825,"height":12}},{"id":"9ff7ab6f-619d-4db3-96be-7c9587cb9c72","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":131,"width":871,"height":12}},{"id":"43fce6b1-0fe7-4c32-8965-57024fd9253e","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":146,"width":843,"height":12}},{"id":"12803144-62b0-4cd2-b25f-29ac40fa0b8f","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":161,"width":834,"height":12}},{"id":"abfc9c85-df9c-44fd-8b87-6c702e766178","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":176,"width":865,"height":13}},{"id":"fe5fb3aa-04b2-4d20-8f51-533bbb9fcc58","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":191,"width":779,"height":13}},{"id":"69588809-d9cb-40ec-9134-a94d33d20f6b","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":218,"width":871,"height":12}},{"id":"a4e79dd4-2540-4ee8-8126-c0c0bafdb54d","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":233,"width":864,"height":12}},{"id":"cae9495d-ab86-42a9-bb7a-d010d6d03c91","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":248,"width":803,"height":10}},{"id":"f5b040ca-0597-41e8-b78a-b1b9afaabb93","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":44,"box":{"x":89,"y":263,"width":840,"height":12}},{"id":"6a230579-5957-4a84-815d-270ba49aa319","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":44,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"832e0774-3f26-40f7-b934-cfe9fe0adf49","block_type":"box","text":"bid/ask spreads are wide.","page_number":44,"box":{"x":89,"y":293,"width":178,"height":13}},{"id":"53ed34cb-beb7-40ba-8ea0-652e57e930d1","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":44,"box":{"x":89,"y":320,"width":381,"height":12}},{"id":"b72f967b-54d7-488f-a029-cc82669a0611","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":44,"box":{"x":479,"y":320,"width":434,"height":12}},{"id":"b85614ee-4937-4c20-a600-4b0d204faa32","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":44,"box":{"x":89,"y":335,"width":858,"height":12}},{"id":"eabd8eed-aa38-4c65-93ca-19f9460ad115","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":44,"box":{"x":89,"y":350,"width":829,"height":12}},{"id":"d7162181-981d-4d21-8e3a-f6020b678617","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":44,"box":{"x":89,"y":365,"width":820,"height":12}},{"id":"441b7b90-6783-4eea-ac3c-299282ca5c97","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":44,"box":{"x":89,"y":380,"width":820,"height":13}},{"id":"a44eed78-079d-41b6-a2e1-280811f0415d","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":44,"box":{"x":88,"y":395,"width":870,"height":13}},{"id":"627487d8-3ddb-444f-8c11-597883296831","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":44,"box":{"x":89,"y":410,"width":845,"height":13}},{"id":"ecd3dc40-9ed3-48da-bed7-956288cc8d90","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":44,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"0d03fce8-ddd8-42e8-a956-c45503fb891d","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":44,"box":{"x":89,"y":441,"width":868,"height":12}},{"id":"676ee651-4b84-4f8e-aeb5-4e68d7fba1de","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":44,"box":{"x":89,"y":456,"width":550,"height":12}},{"id":"e5be7c21-8e6d-4c62-83dd-1f0bd86736e7","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":44,"box":{"x":88,"y":482,"width":623,"height":13}},{"id":"92c0c0f0-0f10-4255-808f-091b5fa8e627","block_type":"box","text":"e.g.","page_number":44,"box":{"x":713,"y":485,"width":22,"height":10}},{"id":"989f84ed-76b7-4c6f-98a8-974af1901ae0","block_type":"box","text":", selling uncovered stock index","page_number":44,"box":{"x":738,"y":482,"width":214,"height":13}},{"id":"30786a97-2e67-4837-9dcb-85200635cf24","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":44,"box":{"x":88,"y":497,"width":876,"height":13}},{"id":"7a43805e-fda0-4b94-a95f-395caa47ce2d","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":44,"box":{"x":89,"y":513,"width":832,"height":12}},{"id":"011b63f6-e313-4861-b9ac-b304c5fa1feb","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":44,"box":{"x":89,"y":528,"width":842,"height":12}},{"id":"8b8101f6-55e2-4560-95f9-9bb605f939db","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":44,"box":{"x":89,"y":543,"width":832,"height":12}},{"id":"10a7726c-54c4-4911-9479-75dc32ecb62b","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":44,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"9c9e222a-f143-4c75-903b-f39bb99f85ad","block_type":"box","text":"invest.","page_number":44,"box":{"x":89,"y":574,"width":43,"height":9}},{"id":"558d6d51-d0a4-45f1-ab6f-1ed7e1b103f9","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":44,"box":{"x":89,"y":599,"width":821,"height":13}},{"id":"a6211bce-716c-4667-9058-7819eefe02c9","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":44,"box":{"x":89,"y":615,"width":879,"height":12}},{"id":"4f22281a-906a-45ed-91d0-15a88c89e401","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":44,"box":{"x":89,"y":630,"width":848,"height":12}},{"id":"a0d2100f-e8fc-4ad5-932d-8708f5a668f0","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":44,"box":{"x":89,"y":645,"width":869,"height":12}},{"id":"3c0cf059-1bb5-4c40-ba72-6506b702c411","block_type":"box","text":"could prove to be incorrect.","page_number":44,"box":{"x":89,"y":660,"width":191,"height":12}},{"id":"e2415a13-69d9-4edc-abc4-cbc5cb4eac66","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":44,"box":{"x":89,"y":686,"width":809,"height":13}},{"id":"be46433a-dbb9-4dfa-a7f0-ed49b96a0d74","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":44,"box":{"x":89,"y":702,"width":845,"height":12}},{"id":"cfed19bd-7a21-402c-a3d7-40bd99bcdb30","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":44,"box":{"x":88,"y":717,"width":864,"height":12}},{"id":"ce872571-2a9a-43d6-b733-afc83301bd99","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":44,"box":{"x":89,"y":732,"width":816,"height":12}},{"id":"c1acdd6a-8ba5-4000-a03a-8f80bbd97746","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":44,"box":{"x":89,"y":747,"width":859,"height":12}},{"id":"459e68a9-dcf0-442e-9f89-73b6de304f51","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":44,"box":{"x":89,"y":762,"width":839,"height":12}},{"id":"41dce51f-4583-4840-916d-272eaae1822a","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":44,"box":{"x":89,"y":777,"width":869,"height":12}},{"id":"a8a01701-5b9f-4b6f-bd77-c282e04f8221","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":44,"box":{"x":88,"y":792,"width":871,"height":13}},{"id":"8de9f198-2266-45fb-b8e9-6516c74d72c1","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":44,"box":{"x":89,"y":807,"width":427,"height":13}},{"id":"a6c19a90-436a-493d-93ca-4f1d440ee06a","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":44,"box":{"x":89,"y":834,"width":332,"height":12}},{"id":"c1a9f51a-e2e6-4623-b581-edee9f3cbb88","block_type":"box","text":"An investment in any of the Funds that invest, directly or indirectly, in non","page_number":44,"box":{"x":430,"y":834,"width":520,"height":12}},{"id":"6b92e562-7639-49df-9e39-234a8fdcf658","block_type":"box","text":"U.S. equity securities involves risks similar to those of investing in portfolios of equity securities traded on non-U.S.","page_number":44,"box":{"x":89,"y":849,"width":799,"height":12}},{"id":"d95169c4-78e8-498f-b603-cb577525e420","block_type":"box","text":"exchanges. These risks include market fluctuations caused by such factors as economic and political developments in those","page_number":44,"box":{"x":89,"y":864,"width":868,"height":12}},{"id":"0d269e0b-b27b-4c67-a796-f74a7420a072","block_type":"box","text":"14","page_number":44,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"2b720132-ded8-45ba-9771-9322c1e4d336","block_type":"box","text":"foreign countries, changes in interest rates and perceived trends in stock prices. Investing in securities issued by issuers","page_number":45,"box":{"x":88,"y":44,"width":835,"height":12}},{"id":"653070e1-df13-488e-8009-aa534d86b948","block_type":"box","text":"domiciled in countries other than the domicile of the investor and denominated in currencies other than an investor’s local","page_number":45,"box":{"x":89,"y":59,"width":857,"height":10}},{"id":"c824cace-6c3c-4c44-bc0c-d3f1a06d3c81","block_type":"box","text":"currency entails certain considerations and risks not typically encountered by the investor in making investments in its home","page_number":45,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"ea29d182-4f69-43bd-9d39-798d030e8901","block_type":"box","text":"country and in that country’s currency. These considerations include favorable or unfavorable changes in interest rates,","page_number":45,"box":{"x":89,"y":89,"width":833,"height":13}},{"id":"796b19a5-910a-4410-a37f-9aa3588225ac","block_type":"box","text":"currency exchange rates, exchange control regulations and the costs that may be incurred in connection with conversions","page_number":45,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"c5ee5888-d522-4a77-852c-622b9dc7f8ac","block_type":"box","text":"between various currencies. Investing in any of the Funds also involves certain risks and considerations not typically","page_number":45,"box":{"x":89,"y":119,"width":810,"height":13}},{"id":"bd670466-ef3b-4286-a0a6-6a6c46363d6c","block_type":"box","text":"associated with investing in a fund whose portfolio contains exclusively securities of U.S. issuers. These risks include","page_number":45,"box":{"x":89,"y":135,"width":813,"height":12}},{"id":"54a89e20-e64b-4999-b758-cc53767bd83b","block_type":"box","text":"generally less liquid and less efficient securities markets; generally greater price volatility; less publicly available information","page_number":45,"box":{"x":89,"y":150,"width":859,"height":12}},{"id":"f77b6344-983e-4c57-a62a-a7288d32d031","block_type":"box","text":"about issuers; the imposition of withholding or other taxes; the imposition of restrictions on the expatriation of funds or","page_number":45,"box":{"x":89,"y":165,"width":839,"height":12}},{"id":"9f0d02a1-55f2-43cc-a952-a503a41ab1ec","block_type":"box","text":"other assets of the Funds; higher transaction and custody costs; delays and risks attendant in settlement procedures;","page_number":45,"box":{"x":89,"y":180,"width":819,"height":12}},{"id":"0df4a41c-a75f-4049-a0f6-cb9d916f2405","block_type":"box","text":"difficulties in enforcing contractual obligations; lower liquidity and significantly smaller market capitalization; different","page_number":45,"box":{"x":89,"y":195,"width":823,"height":12}},{"id":"e514caad-d54d-4bd4-807c-66767bced15b","block_type":"box","text":"accounting and disclosure standards; lower levels of regulation of the securities markets; more substantial government","page_number":45,"box":{"x":89,"y":210,"width":832,"height":13}},{"id":"ed2a0bc1-8c4d-4cac-a4e2-087ede099b87","block_type":"box","text":"interference with the economy and businesses; higher rates of inflation; greater social, economic, and political uncertainty;","page_number":45,"box":{"x":89,"y":225,"width":858,"height":13}},{"id":"05cebb75-cbfb-416e-a4eb-0613174fd4bc","block_type":"box","text":"the risk of nationalization or expropriation of assets; and the risk of war.","page_number":45,"box":{"x":88,"y":240,"width":501,"height":13}},{"id":"60347232-7360-43b9-9796-97201a96c69b","block_type":"box","text":"Risk of Swap Agreements.","page_number":45,"box":{"x":89,"y":267,"width":187,"height":12}},{"id":"3f5c1787-f9f0-4b9c-a97b-07f9bca2d283","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":45,"box":{"x":284,"y":267,"width":666,"height":12}},{"id":"9e7c73ed-13de-4af7-888e-f22094c5fabe","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":45,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"c05a8171-259c-44df-b1e4-1163ab86cd2a","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":45,"box":{"x":89,"y":297,"width":840,"height":12}},{"id":"3f276ff4-ec1f-4699-b288-11f8abe673e5","block_type":"box","text":"agreement. If such a default occurs, the parties will have contractual remedies pursuant to the agreements related to the","page_number":45,"box":{"x":89,"y":312,"width":844,"height":13}},{"id":"97115f29-c29d-47e6-aadc-fb2bc13a2192","block_type":"box","text":"transaction. However, such remedies may be subject to bankruptcy and insolvency laws, which could affect such Fund’s","page_number":45,"box":{"x":88,"y":327,"width":840,"height":13}},{"id":"eb40f861-4c9e-475e-9bf2-5a482a202ee7","block_type":"box","text":"rights as a creditor (","page_number":45,"box":{"x":89,"y":342,"width":139,"height":13}},{"id":"a9b12ad9-71cb-4dab-a7d6-7ce3337d0570","block_type":"box","text":"e.g.","page_number":45,"box":{"x":229,"y":346,"width":23,"height":9}},{"id":"ec9efdd4-5fdd-4616-9367-754bc8844be5","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive). Swap","page_number":45,"box":{"x":254,"y":342,"width":712,"height":13}},{"id":"d49a1119-057b-4a2b-816e-f8783afbffd9","block_type":"box","text":"agreements may also involve the risk that there is an imperfect correlation between the return on a Fund’s obligation to its","page_number":45,"box":{"x":89,"y":358,"width":855,"height":12}},{"id":"6f3b6ff3-9418-48b7-ab52-c1e3a165d76e","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":45,"box":{"x":89,"y":373,"width":854,"height":12}},{"id":"5e13bcf1-c51d-4f34-b506-19a32edde787","block_type":"box","text":"leverage risk and hedging risk.","page_number":45,"box":{"x":89,"y":388,"width":211,"height":12}},{"id":"6faef1a4-8ec0-49be-a89b-75e649ea2a4c","block_type":"box","text":"A Fund is required to post and collect variation margin and initial margin (comprised of specified liquid securities subject to","page_number":45,"box":{"x":88,"y":414,"width":864,"height":13}},{"id":"94711a49-bf1d-4bfe-8508-e050718a5c9c","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":45,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"5e9463ea-3c00-437b-834f-1951bd59043c","block_type":"box","text":"Tracking Error Risk.","page_number":45,"box":{"x":88,"y":456,"width":141,"height":12}},{"id":"08c55d5a-5074-40e2-923d-9c74581865fa","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":45,"box":{"x":238,"y":456,"width":716,"height":12}},{"id":"33631be9-607c-4636-97a3-450032a4a41a","block_type":"box","text":"the applicable underlying index. Tracking error may occur because of differences between the securities and other","page_number":45,"box":{"x":88,"y":471,"width":800,"height":12}},{"id":"0a566dfd-d530-4c96-807a-a61ac0958685","block_type":"box","text":"instruments held in a Fund’s portfolio and those included in its applicable underlying index, pricing differences, transaction","page_number":45,"box":{"x":89,"y":486,"width":858,"height":12}},{"id":"730bfc14-4cea-4058-91b9-5c466ad271fb","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":45,"box":{"x":89,"y":501,"width":834,"height":13}},{"id":"445a77b0-547f-46bd-8a6f-835fab9f5b8a","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":45,"box":{"x":89,"y":516,"width":853,"height":13}},{"id":"d8d1dd7b-17c2-49fd-9425-27c7ee4eb636","block_type":"box","text":"through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders,","page_number":45,"box":{"x":88,"y":531,"width":820,"height":13}},{"id":"c4dc49f5-953b-4fad-a2b4-c078e48b9f6c","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":45,"box":{"x":89,"y":547,"width":865,"height":12}},{"id":"5d99ed9b-2c13-48ea-a029-1ffe20bfedd8","block_type":"box","text":"new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other","page_number":45,"box":{"x":89,"y":562,"width":845,"height":12}},{"id":"c4d489e0-de38-47c5-b4b4-4ed32856b015","block_type":"box","text":"unusual market conditions. Tracking error also may result because a Fund incurs fees and expenses, while its applicable","page_number":45,"box":{"x":89,"y":577,"width":838,"height":12}},{"id":"44f474e2-cf59-4b80-96d3-cf1429f375e6","block_type":"box","text":"underlying index does not. Tracking error may occur due to differences between the methodologies used in calculating the","page_number":45,"box":{"x":89,"y":592,"width":859,"height":12}},{"id":"ba96974a-c0ab-435a-85b1-76b3603a75b1","block_type":"box","text":"value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":45,"box":{"x":88,"y":607,"width":501,"height":12}},{"id":"ebc232be-dc06-4296-aebc-d563c0948faf","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":45,"box":{"x":88,"y":633,"width":846,"height":13}},{"id":"53774433-c9bf-4e53-b94d-0d85cea44cea","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":45,"box":{"x":89,"y":649,"width":853,"height":12}},{"id":"c1d162ff-dc0c-4674-89ab-a7b226df5cbc","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":45,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"c00777d5-ec6f-4907-9092-7b0283bab6e4","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":45,"box":{"x":89,"y":679,"width":818,"height":12}},{"id":"9a92f746-082b-4ead-910f-d4a322037317","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":45,"box":{"x":89,"y":694,"width":867,"height":12}},{"id":"c6ca5f94-2f86-49b0-85e3-6f6752af799c","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":45,"box":{"x":89,"y":709,"width":867,"height":12}},{"id":"0ae34c41-f385-45ea-a58e-3568663b4ac5","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":45,"box":{"x":89,"y":724,"width":873,"height":13}},{"id":"14e31d44-a375-4e68-9ab7-9c9b0a8fb90e","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":45,"box":{"x":89,"y":739,"width":835,"height":13}},{"id":"78ca3486-dcd9-4cf2-ab6d-50cd4fdb8bd9","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":45,"box":{"x":89,"y":754,"width":817,"height":13}},{"id":"4e9ddaa0-58a5-4424-8309-184d1553ab27","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":45,"box":{"x":89,"y":770,"width":866,"height":12}},{"id":"f004032b-7c90-43ec-8c18-cecad9d343e7","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":45,"box":{"x":89,"y":785,"width":869,"height":12}},{"id":"f7e8af6c-76df-47eb-b5d3-be63b545dfea","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":45,"box":{"x":89,"y":800,"width":848,"height":12}},{"id":"8c815aa5-f07b-4006-9152-d012af5ab6a7","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":45,"box":{"x":89,"y":815,"width":410,"height":10}},{"id":"036e89d4-11b1-4681-a03c-ac15a822f277","block_type":"box","text":"15","page_number":45,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"7986810e-28a5-4fa2-b2a1-212ab687ce1e","block_type":"box","text":"Volatility Risk.","page_number":46,"box":{"x":88,"y":44,"width":101,"height":12}},{"id":"87f66db1-91a9-48e4-bf0b-fe6dd728b99b","block_type":"box","text":"The value of a security may fluctuate due to factors affecting markets generally or particular industries. This","page_number":46,"box":{"x":198,"y":44,"width":754,"height":12}},{"id":"76549eb2-0471-42a6-8ab6-9c4a0b2998bf","block_type":"box","text":"volatility may affect a Fund’s NAV. Although certain of the Underlying Indexes were created to seek lower absolute volatility,","page_number":46,"box":{"x":88,"y":59,"width":863,"height":12}},{"id":"bc9f0b0d-cb28-4422-8301-f423e05a8d1b","block_type":"box","text":"there is no guarantee that these strategies will be successful. An underlying index’s index provider may be unsuccessful in","page_number":46,"box":{"x":88,"y":74,"width":854,"height":12}},{"id":"34e14b5c-2e08-4071-a9d0-0efc87a39999","block_type":"box","text":"creating an index that minimizes volatility, and there is a risk that each Fund may experience more than minimum volatility.","page_number":46,"box":{"x":89,"y":89,"width":859,"height":13}},{"id":"678e5ebf-657b-476b-a495-87ee594edeeb","block_type":"box","text":"Securities in the Funds’ portfolios may be subject to price volatility and their prices may not be any less volatile than the","page_number":46,"box":{"x":88,"y":104,"width":836,"height":13}},{"id":"68d9bdf5-e4d7-404c-88c7-1b3455b3041a","block_type":"box","text":"market as a whole and could be more volatile. Events or financial circumstances affecting individual securities or sectors may","page_number":46,"box":{"x":89,"y":119,"width":875,"height":13}},{"id":"00aea4db-fe31-4dff-9206-207ac98cd3b4","block_type":"box","text":"increase the volatility of the Funds.","page_number":46,"box":{"x":89,"y":135,"width":242,"height":12}},{"id":"8f7c179d-823f-4033-9108-530e0e10a9e8","block_type":"box","text":"Risk of Investing in Asia.","page_number":46,"box":{"x":89,"y":161,"width":175,"height":12}},{"id":"e945c334-d57a-4611-b04d-7534a8386fa0","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":161,"width":682,"height":12}},{"id":"efcbbda6-254f-4c20-8d32-f42df263a18b","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":176,"width":874,"height":13}},{"id":"a4392a20-0679-4bd2-901f-aa4952d10fef","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":191,"width":873,"height":13}},{"id":"c5494005-cf75-4042-94a5-477de7e0c805","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":206,"width":870,"height":13}},{"id":"c4f475a8-d3dc-4afc-862e-7120ab08d4c2","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":222,"width":837,"height":12}},{"id":"38d8f8b6-7185-416c-9a24-c3d662a6845e","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":237,"width":867,"height":12}},{"id":"612a504f-559e-44cd-b05d-e43282b5e70c","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":46,"box":{"x":88,"y":252,"width":538,"height":12}},{"id":"9ee15204-9410-42c4-a92e-e7bcb4741173","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":278,"width":852,"height":13}},{"id":"97264c5a-4b3f-407a-b2b4-9d89cfe21b8f","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":293,"width":867,"height":13}},{"id":"7fe87953-68b8-4e7d-9b22-114910d62775","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":308,"width":821,"height":13}},{"id":"9235abaf-fe9a-488d-b7a2-f165c8c3a7c0","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":324,"width":855,"height":12}},{"id":"2196b862-e8b6-440f-9e02-58b3b8851d6b","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":46,"box":{"x":89,"y":339,"width":825,"height":12}},{"id":"6efec8e6-3c76-4eb5-95f4-8a4649686a11","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":46,"box":{"x":89,"y":354,"width":854,"height":11}},{"id":"db0b3518-c326-47e1-8c48-3948354f471f","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":46,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"537a1672-ee39-4553-8634-086afb8cef4f","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":46,"box":{"x":88,"y":384,"width":875,"height":12}},{"id":"066ab6b6-3ec7-44b7-88c8-e0951da9d229","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":46,"box":{"x":89,"y":399,"width":847,"height":13}},{"id":"aa731db9-749c-4028-b375-9051eff4b567","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":46,"box":{"x":88,"y":414,"width":880,"height":13}},{"id":"65b8de6d-4e6d-419d-91f7-3473d2c4db44","block_type":"box","text":"the performance of investments in this region.","page_number":46,"box":{"x":88,"y":429,"width":323,"height":13}},{"id":"bcaef60b-be43-4871-85de-74903b0cd11d","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":46,"box":{"x":89,"y":456,"width":822,"height":12}},{"id":"40541f21-b4ef-4cbc-960b-8c0d1cdd1c1e","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":46,"box":{"x":89,"y":471,"width":873,"height":12}},{"id":"87350677-f5e2-429f-b360-278789435e2a","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":46,"box":{"x":89,"y":486,"width":868,"height":12}},{"id":"353dd0ee-6134-4fcc-8ced-3977a7a211f7","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":46,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"f4ae8408-a8b3-47ff-8027-de3015461560","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":46,"box":{"x":88,"y":516,"width":617,"height":13}},{"id":"32c0961c-dfff-47e6-9214-61f1a24dc365","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":46,"box":{"x":89,"y":543,"width":851,"height":12}},{"id":"deeb5a93-a899-4d48-a00f-5c0cbab719a1","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":46,"box":{"x":89,"y":558,"width":838,"height":12}},{"id":"81c730e9-ac0c-4681-8fbb-d5a0248a0a33","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":46,"box":{"x":89,"y":573,"width":830,"height":12}},{"id":"ebc2e8ab-fcf0-449d-b8a9-fbace07c0c43","block_type":"box","text":"sectors.","page_number":46,"box":{"x":89,"y":589,"width":53,"height":9}},{"id":"b0ca5901-8f8b-4708-94d1-a015337e3e3c","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":46,"box":{"x":88,"y":615,"width":852,"height":12}},{"id":"8cd62ecc-f17e-4c78-b632-4257bb85eb51","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":46,"box":{"x":88,"y":630,"width":867,"height":12}},{"id":"4181b0a8-bb98-4023-91dd-cc950df4cc72","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":46,"box":{"x":88,"y":645,"width":875,"height":12}},{"id":"9f8808a4-9b21-4be6-90b5-0065f77f9e71","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":46,"box":{"x":89,"y":660,"width":874,"height":12}},{"id":"f41a9f09-b943-4fa4-8223-b60cbc1abc2d","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":46,"box":{"x":89,"y":675,"width":874,"height":12}},{"id":"b886734f-fbe1-4a45-a4ba-8ea088f55864","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":46,"box":{"x":89,"y":690,"width":867,"height":13}},{"id":"edcc36be-dba8-4e75-a390-07ef605c3597","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":46,"box":{"x":88,"y":705,"width":840,"height":13}},{"id":"c2be86d4-c7cc-49c2-b822-7345fccb4259","block_type":"box","text":"Risk of Investing in Australasia.","page_number":46,"box":{"x":89,"y":732,"width":224,"height":12}},{"id":"b3aaec7a-e126-4ee4-b9e0-8cf473c592fc","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":46,"box":{"x":322,"y":732,"width":637,"height":12}},{"id":"b02e1540-cdac-4e64-9d3e-f23093c5156e","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":46,"box":{"x":89,"y":747,"width":832,"height":12}},{"id":"75496268-b91f-442e-b960-edf57dbc6d3e","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":46,"box":{"x":89,"y":762,"width":805,"height":12}},{"id":"5d1dcc0d-1e8e-43e4-a83a-3e3f1902f751","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":46,"box":{"x":89,"y":777,"width":863,"height":12}},{"id":"35b43b46-7257-4064-bd58-3702d97fd905","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":46,"box":{"x":89,"y":792,"width":841,"height":13}},{"id":"552176e5-0bba-4c62-b335-518c396b3e25","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":46,"box":{"x":88,"y":807,"width":853,"height":13}},{"id":"e236dab3-98ca-48a1-95d3-6b369345cce3","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":46,"box":{"x":89,"y":822,"width":867,"height":13}},{"id":"539591eb-bb5b-49d0-932c-4e1acd945a69","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":46,"box":{"x":88,"y":838,"width":872,"height":12}},{"id":"2a0754c8-6c35-40be-8ddb-4322c632529d","block_type":"box","text":"16","page_number":46,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"753b14c0-4ce0-4f02-8991-d4baabf17b80","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":44,"width":823,"height":12}},{"id":"447f67ed-51d1-4070-acec-906083d2aab1","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":59,"width":832,"height":12}},{"id":"39cd974b-b6f0-4843-bcf2-0862f036ab1f","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":74,"width":731,"height":12}},{"id":"0728e537-4eb5-40f9-b7b3-cba635c59f6f","block_type":"box","text":"Risk of Investing in China.","page_number":47,"box":{"x":89,"y":101,"width":185,"height":12}},{"id":"f0031b24-276d-4d75-ac92-97053d692543","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":47,"box":{"x":284,"y":101,"width":636,"height":12}},{"id":"11f9adc6-e987-44dd-a14b-b24b6acb2dd7","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":47,"box":{"x":89,"y":116,"width":852,"height":12}},{"id":"9ede62ca-a1d1-4682-b852-64bc6121acd5","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":47,"box":{"x":89,"y":131,"width":863,"height":12}},{"id":"4fb8846e-6715-4adc-ae52-aa73372e0fc8","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":47,"box":{"x":89,"y":146,"width":750,"height":12}},{"id":"b0de63f9-6e2e-41b7-9a8e-50dadadb18cf","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":47,"box":{"x":89,"y":172,"width":820,"height":13}},{"id":"6487ba47-c6c3-46a6-8415-aa0163feccee","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":47,"box":{"x":89,"y":188,"width":862,"height":12}},{"id":"df2d0d03-05df-41c8-a936-653148de4fa9","block_type":"box","text":"with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese government and many people","page_number":47,"box":{"x":88,"y":203,"width":870,"height":12}},{"id":"4a28ec27-c791-4b0c-8774-1c73483efb6a","block_type":"box","text":"in Hong Kong who perceive China as tightening control over Hong Kong’s semi-autonomous liberal political, economic, legal,","page_number":47,"box":{"x":89,"y":218,"width":875,"height":12}},{"id":"4c57684b-e097-456d-9033-24da70d3bd52","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":47,"box":{"x":89,"y":233,"width":842,"height":10}},{"id":"cad4c85c-09ab-441e-ba57-5398178ac8a8","block_type":"box","text":"Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese","page_number":47,"box":{"x":89,"y":248,"width":835,"height":12}},{"id":"27be536e-b267-49f4-9b8e-35b238ad532f","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":47,"box":{"x":89,"y":263,"width":830,"height":12}},{"id":"81f5f38e-d168-43c3-b463-2de2b2f74b79","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":47,"box":{"x":88,"y":278,"width":834,"height":13}},{"id":"3891fe6e-8599-4ddd-b95a-5dd0be07e2a9","block_type":"box","text":"Taiwan may have an adverse impact on the value of the value of the Fund’s investments in China or Taiwan, may cause a","page_number":47,"box":{"x":88,"y":293,"width":845,"height":13}},{"id":"2da61165-06a2-4509-8276-ee6fa90d0170","block_type":"box","text":"suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such investments","page_number":47,"box":{"x":89,"y":308,"width":811,"height":13}},{"id":"3c84a6d8-6b89-4889-8476-592c92c261ed","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":47,"box":{"x":89,"y":324,"width":846,"height":12}},{"id":"17bb329b-9d73-4d15-802e-4210810c6f90","block_type":"box","text":"impact on the value of the Fund’s investments in both countries and the region. In addition, China has strained international","page_number":47,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"3b6a5eaa-2e74-48ab-a0ed-8e5e98ce0076","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":47,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"de523289-31cd-4dc3-ba33-770b4f9dfb58","block_type":"box","text":"defense concerns. Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially","page_number":47,"box":{"x":89,"y":369,"width":851,"height":12}},{"id":"07e8211e-3a5d-4500-aeba-e81c2f44d44f","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":47,"box":{"x":89,"y":384,"width":871,"height":12}},{"id":"6b10d3c3-955a-4b02-875d-b1124e2f6f77","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":47,"box":{"x":89,"y":399,"width":860,"height":13}},{"id":"088bfad5-bcff-425e-8172-6550e35775a9","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":47,"box":{"x":89,"y":414,"width":861,"height":13}},{"id":"e2ff8e0e-37c2-413b-8b7a-274b4f584394","block_type":"box","text":"impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be affected by military events","page_number":47,"box":{"x":89,"y":429,"width":873,"height":13}},{"id":"e38fb83e-987d-4524-80f7-9d05671b479c","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":47,"box":{"x":89,"y":445,"width":843,"height":12}},{"id":"573162ee-619e-45ea-8c7e-3c01c5933ca6","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":47,"box":{"x":89,"y":460,"width":524,"height":12}},{"id":"12569665-91fa-49ff-ba90-110cfc0bff25","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":47,"box":{"x":88,"y":486,"width":866,"height":12}},{"id":"c184b1f8-b68a-4a09-a8cc-597f9c5517da","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":47,"box":{"x":89,"y":501,"width":816,"height":13}},{"id":"abf433eb-0317-4f0f-a4b8-e05b765ad02a","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":47,"box":{"x":89,"y":516,"width":826,"height":13}},{"id":"a2f4e481-6ae8-46c2-aaaa-e90982ac1f53","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":47,"box":{"x":89,"y":531,"width":873,"height":13}},{"id":"bf7a782f-c3f2-4043-bc4b-7ea5d19e727e","block_type":"box","text":"the future, are subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese","page_number":47,"box":{"x":88,"y":547,"width":824,"height":12}},{"id":"3731b992-7ff7-4802-b413-8234899f1862","block_type":"box","text":"government continues to maintain a major role in economic policymaking, and investing in China involves risk of loss due to","page_number":47,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"4b351aed-4bcb-4e7b-91d5-c18fff0510ea","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":47,"box":{"x":89,"y":577,"width":849,"height":12}},{"id":"bc0c06b8-b541-4d99-9b0e-56c314afbd3f","block_type":"box","text":"and on repatriation of capital invested.","page_number":47,"box":{"x":89,"y":592,"width":268,"height":12}},{"id":"045159b4-5e26-482e-aa6b-a2f27bb66882","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors, brokers and","page_number":47,"box":{"x":89,"y":618,"width":861,"height":13}},{"id":"bbc24621-ab4a-420a-89f7-70f820616887","block_type":"box","text":"other participants than in the U.S. Accordingly, issuers of securities in China, including Chinese companies that are listed on","page_number":47,"box":{"x":89,"y":633,"width":863,"height":13}},{"id":"ddebb69c-dc6c-4bcd-aac5-24faeb6f4660","block_type":"box","text":"U.S. exchanges, are not subject to the same degree of regulation as are U.S. issuers with respect to such matters as insider","page_number":47,"box":{"x":89,"y":649,"width":855,"height":12}},{"id":"152b07fe-f07f-47c7-be30-8e8fa9b1e340","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":47,"box":{"x":88,"y":664,"width":846,"height":12}},{"id":"a7d33c84-bc64-4168-b9d6-e260a66224aa","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":47,"box":{"x":89,"y":679,"width":842,"height":12}},{"id":"75619ec2-0365-46d9-99b6-8c8dc809644d","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":47,"box":{"x":89,"y":694,"width":872,"height":12}},{"id":"ca2699b8-e7c9-4396-a43c-53d359154171","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":47,"box":{"x":89,"y":709,"width":454,"height":12}},{"id":"49c0ddad-389c-4576-980b-69abd5281946","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":47,"box":{"x":88,"y":736,"width":849,"height":12}},{"id":"c8addb27-bdac-4d46-af51-922befd37346","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":47,"box":{"x":89,"y":751,"width":827,"height":12}},{"id":"30adeede-a255-44e4-b622-4dd3d09349cf","block_type":"box","text":"protection considerations.","page_number":47,"box":{"x":89,"y":766,"width":182,"height":12}},{"id":"49d8ddc9-4385-4ddf-b575-123577c70afd","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":47,"box":{"x":89,"y":792,"width":835,"height":13}},{"id":"7be45f70-1f87-4800-8544-af9f68a37758","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":47,"box":{"x":88,"y":807,"width":830,"height":13}},{"id":"acce0ade-aede-47da-bf6a-c35143e29bc3","block_type":"box","text":"jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to list its stock in the","page_number":47,"box":{"x":88,"y":822,"width":858,"height":13}},{"id":"bf39abe9-4827-46cd-be83-3040292163b0","block_type":"box","text":"U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell company directly or indirectly enters","page_number":47,"box":{"x":89,"y":838,"width":879,"height":12}},{"id":"8011ad50-64a8-41ba-989d-a3ea7aaa6857","block_type":"box","text":"17","page_number":47,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"bed335f5-2b88-4fc1-b80e-10f151e65a04","block_type":"box","text":"into contracts with the Chinese operating company under Chinese law. These contracts provide the U.S.-listed shell company","page_number":48,"box":{"x":89,"y":44,"width":875,"height":12}},{"id":"5d26bb1d-bdb1-4c47-8c30-ace7395b0a0a","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":48,"box":{"x":88,"y":59,"width":845,"height":12}},{"id":"89972fe1-1bef-4923-8223-d8f2519da58b","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally","page_number":48,"box":{"x":88,"y":85,"width":846,"height":13}},{"id":"9defc057-982a-4465-98e6-b19d748b75f8","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":48,"box":{"x":89,"y":101,"width":867,"height":12}},{"id":"4c2f120b-2a52-4796-9d02-f648dddfbfcd","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":48,"box":{"x":89,"y":116,"width":854,"height":12}},{"id":"a89c68aa-4c2f-4532-8d84-b69bc264ad39","block_type":"box","text":"released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The","page_number":48,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"ed835606-a7dd-461e-ac3d-08bb0b5bd4ba","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":48,"box":{"x":89,"y":146,"width":838,"height":12}},{"id":"ab22e9b9-bb39-4bcb-8bc2-3d4e8aeaf9c8","block_type":"box","text":"rulemaking or guidance by the Chinese government with respect to VIE structures or the non-enforcement of VIE-related","page_number":48,"box":{"x":89,"y":161,"width":847,"height":12}},{"id":"01d902af-1c84-4854-b9ab-92f5836e6b44","block_type":"box","text":"contractual rights could significantly affect the operating company’s business in China, the enforceability of the U.S.-listed","page_number":48,"box":{"x":89,"y":176,"width":853,"height":13}},{"id":"f1e7df68-5bed-4893-a168-2dd7de9bf5a9","block_type":"box","text":"shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock. Further, the VIE","page_number":48,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"4b788b99-e8fe-447f-9391-ab256b7ebe90","block_type":"box","text":"contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":48,"box":{"x":89,"y":206,"width":843,"height":13}},{"id":"ed6a0860-4eb9-44ca-9973-b3047e804c05","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":48,"box":{"x":89,"y":222,"width":875,"height":12}},{"id":"093f3252-e087-4071-93e9-fb262d1fb158","block_type":"box","text":"a VIE structure are subject to the risk that the China-based company (or its officers, directors, or Chinese equity owners) may","page_number":48,"box":{"x":89,"y":237,"width":875,"height":12}},{"id":"ab5a2be6-aa8e-4e55-8368-8459ea051d2f","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":48,"box":{"x":89,"y":252,"width":851,"height":12}},{"id":"5a3bdb00-78e9-4bd8-b7fc-6ed4320999dd","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":48,"box":{"x":89,"y":267,"width":827,"height":12}},{"id":"9d6d865d-da5e-45c7-92cd-e2a050c110e9","block_type":"box","text":"significant losses on its investments through a VIE structure with little or no recourse available. Any change in the operations","page_number":48,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"2415be75-5978-4315-a981-67d4c568c929","block_type":"box","text":"of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":48,"box":{"x":89,"y":297,"width":838,"height":12}},{"id":"ba35da9f-bd2a-42f6-9bc1-b1b7b01ee107","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total, losses to a","page_number":48,"box":{"x":89,"y":312,"width":853,"height":13}},{"id":"c5ca78e3-c388-4bfe-8fee-710767fd75c5","block_type":"box","text":"Fund.","page_number":48,"box":{"x":89,"y":327,"width":38,"height":10}},{"id":"8a37f5c8-5e1b-4349-bfd5-95440a0f2daf","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such growth rates will","page_number":48,"box":{"x":88,"y":354,"width":864,"height":12}},{"id":"775e9150-5527-4e83-bb04-4b4fe8ef895c","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":48,"box":{"x":89,"y":369,"width":819,"height":12}},{"id":"e2b09d1d-141b-4bb7-a4fa-acbef94efba4","block_type":"box","text":"negative effect on the economy and securities market. China’s economy is heavily dependent on export growth. Reduction in","page_number":48,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"6f9f363a-5124-4acb-9ba8-a7c8b6b029f9","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":48,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"553cd362-097e-482b-9874-7012c3084160","block_type":"box","text":"trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to actual or","page_number":48,"box":{"x":88,"y":414,"width":835,"height":13}},{"id":"aa6da446-a276-4f4b-bde1-f7798d6be761","block_type":"box","text":"alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse","page_number":48,"box":{"x":89,"y":429,"width":858,"height":13}},{"id":"2cba4a60-5407-46a0-8296-6426b4b0ddaa","block_type":"box","text":"impact on the Chinese economy and the companies in which a Fund invests. Certain Chinese companies (which may change","page_number":48,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"e5e9a1ad-9850-465e-9146-56eb5ded2457","block_type":"box","text":"from time to time) are directly or indirectly subject to economic or trade restrictions imposed by the U.S. or other","page_number":48,"box":{"x":88,"y":460,"width":791,"height":12}},{"id":"aa5d4160-01d3-4f66-8aa5-56dc7f5514b3","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":48,"box":{"x":89,"y":475,"width":840,"height":12}},{"id":"51cd193b-50b5-4db3-8443-03b7b1bf4ec0","block_type":"box","text":"technology companies are subject to U.S. export controls as those companies are believed to pose a risk to U.S. interests. The","page_number":48,"box":{"x":88,"y":490,"width":877,"height":12}},{"id":"932be9da-072e-478d-a818-fc43cb5452e7","block_type":"box","text":"U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":48,"box":{"x":89,"y":505,"width":876,"height":12}},{"id":"0b9c0cf7-43e8-4e56-9b34-3336087701e6","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":48,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"8a7a8a16-c754-4a3e-b218-0f901dc054d7","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":48,"box":{"x":89,"y":535,"width":873,"height":13}},{"id":"72f22dcd-abe6-4dac-bbca-cb94aff37eeb","block_type":"box","text":"cause market disruptions. The Underlying Index of a Fund may include companies that are subject to economic or trade","page_number":48,"box":{"x":89,"y":550,"width":840,"height":13}},{"id":"ba5b4933-bb1b-40aa-b56a-38a8d56f0512","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S. or other governments. So long as these restrictions do not","page_number":48,"box":{"x":89,"y":565,"width":865,"height":13}},{"id":"32afc14d-0a53-4e16-b503-a725d5ad4db8","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":48,"box":{"x":89,"y":581,"width":867,"height":12}},{"id":"ca9c5871-ebca-49d1-b70e-ed72c6a46103","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":48,"box":{"x":88,"y":596,"width":340,"height":12}},{"id":"441ff992-cbff-40d7-b729-4ac3f9275501","block_type":"box","text":"The tax laws and regulations in the People’s Republic of China (“PRC”) are subject to change, including the issuance of","page_number":48,"box":{"x":88,"y":622,"width":833,"height":12}},{"id":"8dc65205-89d4-4255-afac-b1727d04b84e","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":48,"box":{"x":89,"y":637,"width":863,"height":13}},{"id":"26c45e58-47ed-4c32-9de1-06f73b277ea0","block_type":"box","text":"such laws by PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary","page_number":48,"box":{"x":89,"y":652,"width":849,"height":13}},{"id":"d4cbd001-3ea9-4527-933c-f355e83df95f","block_type":"box","text":"over time and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":48,"box":{"x":89,"y":668,"width":876,"height":12}},{"id":"9aacb2d3-811c-4a2e-b205-1c4084fa4bf8","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In addition,","page_number":48,"box":{"x":89,"y":683,"width":867,"height":12}},{"id":"094b2d89-7d97-4a69-b46b-575913a5fa98","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":48,"box":{"x":88,"y":698,"width":826,"height":12}},{"id":"e3ba733f-0ade-41ab-81a7-e0f0aa9f35c0","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":48,"box":{"x":89,"y":713,"width":874,"height":12}},{"id":"e6db84ec-ed3a-4db4-9026-6b4a27a0a9a2","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":48,"box":{"x":89,"y":728,"width":691,"height":12}},{"id":"8623b635-2af6-4d4c-b27d-0897b772932f","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":48,"box":{"x":89,"y":754,"width":313,"height":13}},{"id":"dc205c02-40c6-4666-8aba-1de6d6c8e162","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":48,"box":{"x":411,"y":754,"width":360,"height":13}},{"id":"4582d1ef-17ef-4b5d-ad21-651c04e481c4","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":48,"box":{"x":121,"y":775,"width":819,"height":12}},{"id":"9863bbaa-1152-4771-a46a-9709009c978a","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":48,"box":{"x":154,"y":790,"width":404,"height":12}},{"id":"3038ab0a-49e9-4dd6-b160-cef630ed50a8","block_type":"box","text":"• A-shares, which are securities of companies incorporated in the PRC that are denominated in renminbi and listed on","page_number":48,"box":{"x":121,"y":810,"width":846,"height":12}},{"id":"4b03b895-8d5e-4c9e-9c05-ecd11eec8f90","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":48,"box":{"x":153,"y":825,"width":579,"height":12}},{"id":"c77af07d-a8c6-4eb2-8350-853d747a8058","block_type":"box","text":"• B-shares, which are securities of companies incorporated in the PRC that are denominated in U.S. dollars (in the","page_number":48,"box":{"x":121,"y":845,"width":815,"height":12}},{"id":"66ba1a8a-a1bd-49b5-b343-6ef6b0300f4b","block_type":"box","text":"case of the SSE) or Hong Kong dollars (in the case of the SZSE) and listed on the SSE and the SZSE;","page_number":48,"box":{"x":154,"y":860,"width":692,"height":13}},{"id":"b1119d88-5f28-4c80-987a-eb1d839bdde2","block_type":"box","text":"18","page_number":48,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"489b0d89-78f4-4c7a-aa39-6732d4bf6358","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":49,"box":{"x":121,"y":44,"width":803,"height":12}},{"id":"998e1a65-726c-452e-939f-0ef4ff2d45bb","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":49,"box":{"x":153,"y":59,"width":779,"height":12}},{"id":"a5f6a294-461f-4946-ba1b-f03e76395441","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":49,"box":{"x":154,"y":74,"width":748,"height":12}},{"id":"e464365c-70e6-44fd-8ef2-f6b99e7ef72f","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":49,"box":{"x":121,"y":94,"width":786,"height":13}},{"id":"a076511d-994f-412c-b988-27cfd6df5313","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":49,"box":{"x":153,"y":109,"width":800,"height":13}},{"id":"8c82bbdf-dd84-418d-8bfb-63379334078b","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":49,"box":{"x":153,"y":125,"width":320,"height":9}},{"id":"52e83c63-35c5-49f9-9811-15053ec9cc4a","block_type":"box","text":"Securities listed on the SSE or the SZSE are divided into two classes: A-shares, which are mostly limited to domestic investors,","page_number":49,"box":{"x":88,"y":151,"width":880,"height":12}},{"id":"ef313d82-aba7-41d0-b894-8c52a2db6bd2","block_type":"box","text":"and B-shares, which are allocated for both international and domestic investors. The A-shares market is generally subject to","page_number":49,"box":{"x":89,"y":166,"width":867,"height":12}},{"id":"57a04fe4-e8a8-45bf-838d-781e47762673","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":49,"box":{"x":89,"y":181,"width":843,"height":13}},{"id":"a1462af5-cfd9-40e5-8540-32668b581019","block_type":"box","text":"market is generally smaller and less liquid and has a smaller issuer base than the A-shares market, which may lead to","page_number":49,"box":{"x":89,"y":196,"width":819,"height":13}},{"id":"bfca6851-35bc-47c4-8bfc-279a85e0b63a","block_type":"box","text":"significant price volatility. B-shares, H-shares, P-Chips or Red-Chips of issuers that also issue A-shares may trade at","page_number":49,"box":{"x":89,"y":211,"width":804,"height":13}},{"id":"9c2ef0e3-c494-4777-9194-a7f74a063af6","block_type":"box","text":"significant discounts to their A-shares counterparts. The issuance of B-shares and H-shares by Chinese companies and the","page_number":49,"box":{"x":89,"y":227,"width":860,"height":12}},{"id":"8023145f-be01-4b89-a34f-80914d55f64e","block_type":"box","text":"ability to obtain a “back-door listing” through Red-Chips or P-Chips is still regarded by the Chinese authorities as an","page_number":49,"box":{"x":89,"y":242,"width":809,"height":12}},{"id":"39a06e9a-164b-416a-a104-1dcd84f638fc","block_type":"box","text":"experiment in economic reform. “Back-door listing” is a means by which a mainland Chinese company issues Red-Chips or","page_number":49,"box":{"x":89,"y":257,"width":861,"height":12}},{"id":"84a9bbde-1590-4dfc-8fec-2189aa4e09ab","block_type":"box","text":"P-Chips to obtain quick access to international listing and international capital. These share mechanisms are subject to the","page_number":49,"box":{"x":89,"y":272,"width":859,"height":12}},{"id":"e3f894c5-6ab7-4c04-a261-8cc910bce490","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":49,"box":{"x":89,"y":287,"width":847,"height":12}},{"id":"85904dda-4dfc-4528-a538-faf62778ef8c","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":49,"box":{"x":89,"y":302,"width":867,"height":12}},{"id":"9e7a2287-cc7f-49b3-8ec4-bcde3e8deb6e","block_type":"box","text":"make it difficult to acquire, dispose of or value Chinese securities, which would lead to adverse effects to a Fund.","page_number":49,"box":{"x":89,"y":317,"width":785,"height":13}},{"id":"393a46f8-3f63-4632-a7ba-6ec81cd64cba","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":49,"box":{"x":88,"y":344,"width":362,"height":12}},{"id":"7cac010c-2039-439b-ba02-1227e6edaedc","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":49,"box":{"x":451,"y":344,"width":486,"height":12}},{"id":"6f1fa9c2-8e4f-4581-a40e-4abab9b985fc","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":49,"box":{"x":89,"y":359,"width":826,"height":12}},{"id":"aa499066-ff00-4607-980c-98413f6ca69c","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":49,"box":{"x":89,"y":374,"width":815,"height":12}},{"id":"f7be7706-b303-4a22-abcd-609cdd181d74","block_type":"box","text":"program with an aim to achieve mutual stock market access between the PRC and Hong Kong. Stock Connect was developed","page_number":49,"box":{"x":89,"y":389,"width":879,"height":12}},{"id":"625af09b-710a-4bae-ac7c-874519687fe5","block_type":"box","text":"by Hong Kong Exchanges and Clearing Limited, the SSE (in the case of Shanghai Connect) or the SZSE (in the case of","page_number":49,"box":{"x":89,"y":404,"width":820,"height":13}},{"id":"d51c3276-5977-4693-b405-7cad8647c954","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":49,"box":{"x":88,"y":419,"width":862,"height":13}},{"id":"b16d3e36-16b3-4ed2-bfe8-ff63c124554c","block_type":"box","text":"Fund’s trading of eligible A-shares listed on the SSE or the SZSE, as applicable, would be effectuated through its Hong Kong","page_number":49,"box":{"x":89,"y":434,"width":862,"height":13}},{"id":"cb98ce41-cfa5-458f-8a6c-2c66ed153103","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":49,"box":{"x":89,"y":450,"width":833,"height":12}},{"id":"c78284e0-6201-48ae-a967-20023b037505","block_type":"box","text":"which could pose risks to a Fund.","page_number":49,"box":{"x":88,"y":465,"width":233,"height":12}},{"id":"b3c29947-aa3f-4231-bed6-834f37c0e425","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":49,"box":{"x":88,"y":491,"width":847,"height":12}},{"id":"0cb91ea1-a0bb-4b83-ad68-9f44cd814576","block_type":"box","text":"Stock Connect is subject to a daily quota (the “Daily Quota”), which limits the maximum net purchases under Stock Connect","page_number":49,"box":{"x":88,"y":506,"width":876,"height":13}},{"id":"fc964e8f-e9f8-4b76-b57f-98feed23055c","block_type":"box","text":"each day. The Daily Quota does not belong to a Fund and is utilized on a first-come-first-serve basis. As such, buy orders for","page_number":49,"box":{"x":89,"y":521,"width":868,"height":13}},{"id":"763141c6-5cd7-4fb5-a0b9-05ad38280a3f","block_type":"box","text":"A-shares would be rejected once the Daily Quota is exceeded (although a Fund will be permitted to sell A-shares regardless","page_number":49,"box":{"x":88,"y":536,"width":865,"height":13}},{"id":"33820ce8-6e1d-4239-aa36-c026595cbe58","block_type":"box","text":"of the Daily Quota balance). The Daily Quota may restrict a Fund’s ability to invest in A-shares through Stock Connect on a","page_number":49,"box":{"x":89,"y":552,"width":859,"height":12}},{"id":"f691a094-a550-419f-801c-067e08fa83f7","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy. The Daily Quota is also subject","page_number":49,"box":{"x":88,"y":567,"width":875,"height":12}},{"id":"f054ab89-3b84-4c95-8aef-24fa54e8cbec","block_type":"box","text":"to change.","page_number":49,"box":{"x":88,"y":582,"width":73,"height":12}},{"id":"49e88d19-41ce-4441-9aac-f4e24da22213","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":49,"box":{"x":88,"y":608,"width":869,"height":13}},{"id":"dbff742f-fcdb-4769-8186-de749fc7fc12","block_type":"box","text":"in accordance with applicable rules. In order to comply with applicable local market rules and to facilitate orderly operations","page_number":49,"box":{"x":89,"y":623,"width":867,"height":13}},{"id":"269d7314-04af-4e24-9a5a-e6eb03517e68","block_type":"box","text":"of a Fund, including the timely settlement of Stock Connect trades placed by or on behalf of the Fund, BFA utilizes an","page_number":49,"box":{"x":89,"y":639,"width":816,"height":12}},{"id":"66884399-a3d4-4c31-8814-614615aecabf","block_type":"box","text":"operating model that will only be used by iShares ETFs with investments in A-shares through Stock Connect. Such operating","page_number":49,"box":{"x":89,"y":654,"width":870,"height":12}},{"id":"18f35904-2afd-43ce-a6bc-ea29ab17e3bd","block_type":"box","text":"model may reduce the risks of trade failures; however, it will also allow Stock Connect trades to be settled without the prior","page_number":49,"box":{"x":89,"y":669,"width":860,"height":12}},{"id":"662ae4c2-b4c6-41dc-b0c8-37ceedaf6b74","block_type":"box","text":"verification by a Fund. Accordingly, this operating model may subject a Fund to additional risks, including an increased risk of","page_number":49,"box":{"x":88,"y":684,"width":879,"height":12}},{"id":"53db059c-c306-4303-986a-4963e8748c48","block_type":"box","text":"inadvertently exceeding certain trade or other restrictions or limits placed on the Fund and/or its affiliates, and a heightened","page_number":49,"box":{"x":89,"y":699,"width":869,"height":12}},{"id":"0b56c381-182d-418c-8238-0562009c8ffc","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":49,"box":{"x":89,"y":714,"width":448,"height":12}},{"id":"ce0fde22-0121-4527-b012-ab28f6bad847","block_type":"box","text":"While A-shares must be designated as eligible to be traded through Stock Connect (such eligible A-shares listed on the SSE,","page_number":49,"box":{"x":88,"y":741,"width":867,"height":12}},{"id":"bc1a2680-1870-4359-8a13-4bfce53e5e88","block_type":"box","text":"the “SSE Securities,” and such eligible A-shares listed on the SZSE, the “SZSE Securities”), those A-shares may also lose such","page_number":49,"box":{"x":88,"y":756,"width":873,"height":12}},{"id":"e303aacd-ec81-4a64-8648-35067fae84c9","block_type":"box","text":"designation, and if this occurs, such A-shares may be sold but could no longer be purchased through Stock Connect. With","page_number":49,"box":{"x":89,"y":771,"width":856,"height":12}},{"id":"5c1d561c-7664-4d66-bead-c76a6760ecc2","block_type":"box","text":"respect to sell orders through Stock Connect, the SEHK carries out pre-trade checks to ensure an investor has sufficient A","page_number":49,"box":{"x":89,"y":786,"width":854,"height":12}},{"id":"957a5ce9-a2fe-4813-82ed-e5717d204bec","block_type":"box","text":"shares in its account before the market opens on the trading day. Accordingly, if there are insufficient A-shares in an","page_number":49,"box":{"x":89,"y":801,"width":810,"height":12}},{"id":"74aac455-b906-4066-8059-f5fadb2fdc25","block_type":"box","text":"investor’s account before the market opens on the trading day, the sell order will be rejected, which may adversely impact a","page_number":49,"box":{"x":89,"y":816,"width":862,"height":13}},{"id":"4454b9a2-b50d-417d-99aa-a61a4b4e285c","block_type":"box","text":"Fund’s performance.","page_number":49,"box":{"x":89,"y":831,"width":143,"height":13}},{"id":"9bbd1fa2-cabd-408e-939d-e35f7b09feef","block_type":"box","text":"19","page_number":49,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"ea0ce79e-28ae-4af8-a1d5-6ae2436a4438","block_type":"box","text":"In addition, Stock Connect operates only on days when both the Chinese and the Hong Kong markets are open for trading","page_number":50,"box":{"x":89,"y":44,"width":853,"height":12}},{"id":"4715c72a-2d68-4e0a-a809-b5efc3617625","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":50,"box":{"x":89,"y":59,"width":865,"height":12}},{"id":"575c9e79-8acb-4ea4-9e12-d9c6d0e27a4c","block_type":"box","text":"A-shares through Stock Connect may subject a Fund to the risk of price fluctuations on days when the Chinese markets are","page_number":50,"box":{"x":88,"y":74,"width":866,"height":12}},{"id":"dbfa47bf-5e05-4480-af83-3fae8b3101ae","block_type":"box","text":"open, but Stock Connect is not trading. Each of the SEHK, SSE and SZSE reserves the right to suspend trading through Stock","page_number":50,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"13164701-d7bd-4ad8-81af-0d56c9fba392","block_type":"box","text":"Connect under certain circumstances. Where such a suspension of trading is effected, a Fund’s ability to access A-shares","page_number":50,"box":{"x":89,"y":104,"width":846,"height":13}},{"id":"c8cec7f4-13a4-4884-8332-28022b3d6b46","block_type":"box","text":"through Stock Connect will be adversely affected. In addition, if one or both of the Chinese and Hong Kong markets are","page_number":50,"box":{"x":88,"y":119,"width":834,"height":13}},{"id":"d88e3eb0-a277-4dc6-b078-5aeed1d0d742","block_type":"box","text":"closed on a U.S. trading day, a Fund may not be able to acquire or dispose of A-shares through Stock Connect in a timely","page_number":50,"box":{"x":89,"y":135,"width":845,"height":12}},{"id":"f30f14a7-1e78-44d0-ad56-7f0dd90e51cb","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":50,"box":{"x":89,"y":150,"width":435,"height":12}},{"id":"44a45484-151a-4100-b529-ad6f1ad4fc5c","block_type":"box","text":"A Fund’s investments in A-shares through Stock Connect are held by its custodian in accounts in the Central Clearing and","page_number":50,"box":{"x":88,"y":176,"width":853,"height":13}},{"id":"edce8e9f-6fc1-4ea5-aeb5-e07559b69264","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":50,"box":{"x":88,"y":191,"width":867,"height":13}},{"id":"f886517e-456a-4f4b-b4df-31be8f18ec75","block_type":"box","text":"holds the A-shares, as the nominee holder, through an omnibus securities account in its name registered with the CSDCC.","page_number":50,"box":{"x":89,"y":206,"width":853,"height":13}},{"id":"347ca903-92a7-4d27-8dfb-4ad9d48b73f3","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as","page_number":50,"box":{"x":88,"y":233,"width":853,"height":12}},{"id":"fef09470-6102-411e-8be1-f35a24a171f0","block_type":"box","text":"nominee is not well defined under PRC law. There is a lack of a clear definition of, and distinction between, legal ownership","page_number":50,"box":{"x":89,"y":248,"width":857,"height":12}},{"id":"e95c104b-0265-42a0-8fcf-c744e7d6e051","block_type":"box","text":"and beneficial ownership under PRC law and there have been few cases involving a nominee account structure in the PRC","page_number":50,"box":{"x":89,"y":263,"width":850,"height":12}},{"id":"3ed04f5c-dfdb-46b7-bb6c-514fe7eb774e","block_type":"box","text":"courts. The exact nature and methods of enforcement of the rights and interests of a Fund under PRC law is also uncertain.","page_number":50,"box":{"x":89,"y":278,"width":862,"height":13}},{"id":"35ba43a6-4b4f-4097-8d0e-6b264d6be561","block_type":"box","text":"In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE","page_number":50,"box":{"x":89,"y":305,"width":829,"height":12}},{"id":"cf9564d9-438e-47ef-8570-94b318dbcb2f","block_type":"box","text":"Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general","page_number":50,"box":{"x":88,"y":320,"width":843,"height":12}},{"id":"d5db59f8-8f50-4b41-ac70-8d09b938f746","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":50,"box":{"x":89,"y":335,"width":452,"height":12}},{"id":"f8e06da6-591f-4144-81e0-779536bbe245","block_type":"box","text":"Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":50,"box":{"x":89,"y":361,"width":861,"height":13}},{"id":"4b2d0371-9077-4b5e-ad4d-7686b8df0d91","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat","page_number":50,"box":{"x":89,"y":376,"width":834,"height":13}},{"id":"818fa6db-3ac9-4f9f-a3d1-c3efdf6892f6","block_type":"box","text":"HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities or SZSE Securities.","page_number":50,"box":{"x":89,"y":392,"width":845,"height":12}},{"id":"8c9c4de6-11cd-4add-ade4-455f60a94d35","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":50,"box":{"x":89,"y":418,"width":812,"height":12}},{"id":"11c20008-ccb9-4410-bdd4-ff7ac84604b4","block_type":"box","text":"informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. A Fund","page_number":50,"box":{"x":89,"y":433,"width":857,"height":13}},{"id":"3a294fe6-0363-4d2b-b84e-d25a168ebc06","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":50,"box":{"x":88,"y":448,"width":775,"height":13}},{"id":"42b48586-aca1-49fa-b00d-299f37e17833","block_type":"box","text":"The HKSCC is responsible for the clearing, settlement and provision of depositary, nominee and other related services of the","page_number":50,"box":{"x":88,"y":475,"width":866,"height":12}},{"id":"794ecad3-e7ad-4616-9e19-286b9ad158a9","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":50,"box":{"x":88,"y":490,"width":860,"height":12}},{"id":"ea3a1e78-2978-4094-a103-95a8cc82bc61","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":50,"box":{"x":88,"y":505,"width":833,"height":12}},{"id":"24b00d48-fa0c-45ec-b8a1-894421747e38","block_type":"box","text":"CSDCC establish clearing links and each has become a participant of the other to facilitate clearing and settlement of cross","page_number":50,"box":{"x":89,"y":520,"width":865,"height":12}},{"id":"0b309525-41ee-4ad3-bf62-d1db36baaf4f","block_type":"box","text":"border trades. Should CSDCC default and the CSDCC be declared as a defaulter, HKSCC’s liabilities in Stock Connect under its","page_number":50,"box":{"x":89,"y":535,"width":875,"height":12}},{"id":"cb1bed29-d51d-4106-a1e4-5a11b08b6fa6","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":50,"box":{"x":89,"y":550,"width":857,"height":13}},{"id":"e48685e2-7b13-4ff2-bec7-859c51006836","block_type":"box","text":"the CSDCC. In that event, a Fund may suffer delays in the recovery process or may not be able to fully recover its losses from","page_number":50,"box":{"x":88,"y":565,"width":869,"height":13}},{"id":"017b3150-8137-493e-b787-1c8defecea44","block_type":"box","text":"the CSDCC.","page_number":50,"box":{"x":88,"y":581,"width":80,"height":9}},{"id":"c7846742-70ee-492a-a2be-2a8a7d56b6a4","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":50,"box":{"x":89,"y":607,"width":876,"height":12}},{"id":"13a2c6bf-b366-4078-af48-30aa29ed662b","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":50,"box":{"x":89,"y":622,"width":833,"height":12}},{"id":"7e8dc66a-5897-4045-8f71-6e02937223c1","block_type":"box","text":"“connectivity” in Stock Connect requires the routing of orders across the borders of Hong Kong and the PRC. This requires","page_number":50,"box":{"x":89,"y":637,"width":853,"height":13}},{"id":"6bdeff14-b461-4a29-971e-23bedec3eb2b","block_type":"box","text":"the development of new information technology systems on the part of the SEHK and exchange participants. There is no","page_number":50,"box":{"x":88,"y":652,"width":845,"height":13}},{"id":"7446ddc4-7826-4c06-a157-6b844e4ee7ae","block_type":"box","text":"assurance that these systems will function properly or will continue to be adapted to changes and developments in both","page_number":50,"box":{"x":89,"y":668,"width":842,"height":12}},{"id":"68348082-bac2-4ed1-8afa-4953c3c34c83","block_type":"box","text":"markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock Connect could be","page_number":50,"box":{"x":89,"y":683,"width":868,"height":12}},{"id":"8e2c42da-4e96-4f05-87ac-f33d53bc729f","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":50,"box":{"x":89,"y":698,"width":644,"height":12}},{"id":"92b64734-27fb-4462-ba50-25ab81e90790","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":50,"box":{"x":88,"y":724,"width":857,"height":13}},{"id":"407aaa3d-51d7-415c-ad63-f0c75b92c34b","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":50,"box":{"x":89,"y":739,"width":812,"height":13}},{"id":"0c35c5a6-096c-451b-8807-77254684871d","block_type":"box","text":"authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. There is no certainty as to","page_number":50,"box":{"x":89,"y":754,"width":850,"height":13}},{"id":"ce9203c9-c380-4164-a741-464afac32fa6","block_type":"box","text":"how the current regulations will be applied or interpreted going forward, and new or revised regulations may be issued from","page_number":50,"box":{"x":89,"y":770,"width":868,"height":12}},{"id":"5367e578-a593-4509-bedf-374468ef83ea","block_type":"box","text":"time to time by the regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":50,"box":{"x":88,"y":785,"width":789,"height":12}},{"id":"c26d9d92-dce3-4ef5-84c0-a3bb831444c9","block_type":"box","text":"enforcement and cross-border trades under Stock Connect. In addition, there can be no assurance that Stock Connect will","page_number":50,"box":{"x":89,"y":800,"width":855,"height":11}},{"id":"51e304c1-9ecd-4c89-84d2-2a8fb6ceb8a5","block_type":"box","text":"not be discontinued. A Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and","page_number":50,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"1d0bf125-f6a5-45f7-85ad-c86d4cf71999","block_type":"box","text":"legal systems of China and Hong Kong differ significantly and issues may arise based on these differences. Further, different","page_number":50,"box":{"x":89,"y":830,"width":863,"height":12}},{"id":"52aada4e-3071-4d57-a55f-941e4cbf2236","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring A-shares through Stock Connect, and these fees, costs and","page_number":50,"box":{"x":88,"y":845,"width":866,"height":12}},{"id":"025898ab-115f-4bfe-a919-44ccf09773f1","block_type":"box","text":"20","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5ab6f7d2-8793-41c9-a2a1-70d5a63a7a44","block_type":"box","text":"taxes may be higher than comparable fees, costs and taxes imposed on owners of other Chinese securities providing similar","page_number":51,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"93eec548-24e8-4b02-8180-a6b3614815b3","block_type":"box","text":"investment exposure.","page_number":51,"box":{"x":89,"y":60,"width":148,"height":11}},{"id":"052dbbae-9f40-4ed0-97fd-013bfcdb186a","block_type":"box","text":"A-Share Market Suspension Risk","page_number":51,"box":{"x":87,"y":85,"width":229,"height":13}},{"id":"41d0ca4e-651e-45d7-9fb4-c33ea8868159","block_type":"box","text":". A-shares may only be bought from, or sold to, a Fund at times when the relevant A-shares","page_number":51,"box":{"x":317,"y":85,"width":639,"height":13}},{"id":"e42e0edb-88e1-455e-9d6c-f63e73d7d156","block_type":"box","text":"may be sold or purchased on the relevant Chinese stock exchange. The A-shares market can have a higher propensity for","page_number":51,"box":{"x":89,"y":101,"width":848,"height":12}},{"id":"7c7699ea-ffff-4b5b-8d96-4683c6fbaa68","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":51,"box":{"x":88,"y":116,"width":838,"height":12}},{"id":"b496f464-4352-4753-86e8-9a0c1359cc00","block_type":"box","text":"market execution risk, valuation risks and liquidity risks and costs for a Fund, as well as for Authorized Participants that","page_number":51,"box":{"x":89,"y":131,"width":832,"height":12}},{"id":"48f2f2b2-dd55-426e-8a2a-4d3be59f6c33","block_type":"box","text":"create and redeem Creation Units of the Fund. The SSE and SZSE currently apply a daily limit, set at 10%, of the amount of","page_number":51,"box":{"x":89,"y":146,"width":858,"height":12}},{"id":"d6ddab9f-f1eb-4862-950c-5649d303851c","block_type":"box","text":"fluctuation permitted in the prices of A-shares during a single trading day. The daily limit refers to price movements only and","page_number":51,"box":{"x":88,"y":161,"width":873,"height":12}},{"id":"d9569da0-87c0-4b4d-b6b6-b1cffe69c116","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for","page_number":51,"box":{"x":89,"y":176,"width":879,"height":13}},{"id":"6ea9ef3e-f6ff-40d8-981a-a964d9273b2d","block_type":"box","text":"any particular A-share or for any particular time. This could increase a Fund’s tracking error and/or cause a Fund to trade in","page_number":51,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"a495161d-8287-4cf1-a635-f3fc603bbb0a","block_type":"box","text":"the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Given that the A-shares market is","page_number":51,"box":{"x":88,"y":206,"width":875,"height":13}},{"id":"1647aed0-a947-4897-8763-e3b89b330810","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":51,"box":{"x":89,"y":222,"width":865,"height":12}},{"id":"55b45487-812a-49b4-9a66-3730e1814079","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":51,"box":{"x":89,"y":237,"width":395,"height":12}},{"id":"b79c58ff-69bf-44a5-b9d7-f8020669213e","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":51,"box":{"x":89,"y":263,"width":295,"height":12}},{"id":"8b7ccfe4-6e01-4714-a0f7-4a62a01e427e","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":51,"box":{"x":393,"y":263,"width":544,"height":12}},{"id":"b7347890-3a1c-4233-a89d-6275794672bb","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":51,"box":{"x":89,"y":278,"width":585,"height":13}},{"id":"de2fe912-0c39-45ed-a13a-75cb8e13d753","block_type":"box","text":"e.g.","page_number":51,"box":{"x":675,"y":281,"width":23,"height":10}},{"id":"779cde89-1188-4334-a57f-0e7b51fb2039","block_type":"box","text":", the financial services sector) as the","page_number":51,"box":{"x":700,"y":278,"width":253,"height":13}},{"id":"ac86ea04-60dd-43af-b10d-3a006dfddcc8","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":51,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"96314041-ec98-4c1c-82a8-e171af3edf64","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":51,"box":{"x":89,"y":308,"width":847,"height":13}},{"id":"c5e1ceef-518a-4a26-9b2f-23f6e968d6de","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":51,"box":{"x":89,"y":324,"width":797,"height":12}},{"id":"898ed437-e8b4-49c0-970b-16be2a7ba84c","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":51,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"ee1100bd-c958-4dfa-8b25-506b370f76c0","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":51,"box":{"x":88,"y":354,"width":848,"height":12}},{"id":"3fea4a64-53e2-4b84-8b47-bd882f0a33d8","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":51,"box":{"x":89,"y":369,"width":832,"height":12}},{"id":"e106156e-1fa7-4940-a50a-96439e6cdb97","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":51,"box":{"x":89,"y":384,"width":828,"height":12}},{"id":"9ad4e959-29e0-408e-ac9f-8a2edfc1e918","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":51,"box":{"x":89,"y":399,"width":876,"height":13}},{"id":"f909ccd5-0bb6-4291-8927-83a6fa8a71a0","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":51,"box":{"x":89,"y":414,"width":870,"height":13}},{"id":"478453b5-7fac-40f8-8e98-a3e31b3b289f","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":51,"box":{"x":89,"y":429,"width":854,"height":13}},{"id":"0eaf4310-293e-4151-9ede-5d7b5d8748ce","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":51,"box":{"x":89,"y":445,"width":864,"height":12}},{"id":"02b393bd-1814-4466-9152-2097acf76392","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":51,"box":{"x":89,"y":460,"width":833,"height":12}},{"id":"a6a3cf05-c4bd-44a5-85c0-13e2ca57fb81","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":51,"box":{"x":89,"y":475,"width":867,"height":12}},{"id":"80a54063-8ba0-4dc1-8a00-d5be1d748896","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":51,"box":{"x":89,"y":490,"width":835,"height":12}},{"id":"62efa405-06ce-4424-a12c-ffac2ccb9ca8","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":51,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"0582cf4a-798a-4a89-b893-1a79c76a7ec7","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":51,"box":{"x":89,"y":520,"width":811,"height":12}},{"id":"155fd562-4346-4a6e-8b65-007cee5d99fa","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":51,"box":{"x":89,"y":535,"width":861,"height":13}},{"id":"9f480dee-30ed-40f1-8c80-d69e1d25c0ee","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":51,"box":{"x":88,"y":550,"width":820,"height":13}},{"id":"3b30ed7d-2ddb-47fa-b836-089517c870b0","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":51,"box":{"x":89,"y":565,"width":862,"height":13}},{"id":"1046cfc6-303b-40bc-81e0-6d4bcd67cb88","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":51,"box":{"x":89,"y":581,"width":856,"height":12}},{"id":"ea995cec-2c74-4c82-91fd-d10bb60cbd18","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":51,"box":{"x":89,"y":596,"width":531,"height":12}},{"id":"bce5838f-f0d2-44da-9889-0731a7478150","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":51,"box":{"x":89,"y":622,"width":276,"height":12}},{"id":"be1ac275-5724-40be-8f09-1d93f66ce8cf","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":51,"box":{"x":375,"y":622,"width":550,"height":12}},{"id":"50654183-eb84-4372-bf5d-c009ac5f9330","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":51,"box":{"x":89,"y":637,"width":865,"height":13}},{"id":"48cdfff6-bc75-451c-ba3a-a5b8b147afca","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":51,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"7f7c0e52-58a0-43a0-8873-f2696f457ce6","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":51,"box":{"x":89,"y":668,"width":824,"height":12}},{"id":"c0c41428-133d-4ab5-b7cd-259dc11d5673","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":51,"box":{"x":89,"y":683,"width":854,"height":12}},{"id":"076a588c-760d-4eec-b509-4db45bb674fb","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":51,"box":{"x":89,"y":698,"width":864,"height":12}},{"id":"a812e600-0ed9-44d5-87f0-3f1495913a86","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":51,"box":{"x":89,"y":713,"width":843,"height":12}},{"id":"99b9940d-1ff7-466c-8090-f2b36487abcc","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":51,"box":{"x":89,"y":728,"width":857,"height":12}},{"id":"0d458621-456c-4e10-8e7b-2fde59a8ecad","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":51,"box":{"x":89,"y":743,"width":862,"height":12}},{"id":"80c6daa3-7ed1-4278-b2be-aba83a7c7569","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":51,"box":{"x":89,"y":758,"width":855,"height":13}},{"id":"e0be8eb2-ccd4-48f0-a8dd-c6517863e167","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":51,"box":{"x":89,"y":773,"width":825,"height":13}},{"id":"7b4ae4c6-999a-449e-9c42-0118f4e8bd5e","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":51,"box":{"x":89,"y":788,"width":861,"height":13}},{"id":"407d55f2-7910-49ad-a81a-fce397b7ddf7","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":51,"box":{"x":89,"y":804,"width":868,"height":12}},{"id":"6f2e7d77-5f0e-4ab6-ac79-4ee33a81235e","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":51,"box":{"x":89,"y":819,"width":865,"height":12}},{"id":"49e16a87-8f05-402f-8b52-6d79df16e2c2","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":51,"box":{"x":89,"y":834,"width":868,"height":12}},{"id":"8384295d-c9fd-486c-b0ed-4766be010700","block_type":"box","text":"select investments based on investor protection considerations.","page_number":51,"box":{"x":89,"y":849,"width":444,"height":12}},{"id":"a600e0d8-8a84-4d17-870c-56ed91252dd3","block_type":"box","text":"21","page_number":51,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"21afe15d-3956-4111-8fbe-10c5c813f291","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":52,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"94389418-65bc-4538-8a18-0558d6384b6a","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":52,"box":{"x":89,"y":59,"width":844,"height":12}},{"id":"8e7ec947-9783-4e3e-9e8c-6ab2da46a57f","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":52,"box":{"x":89,"y":74,"width":829,"height":12}},{"id":"9ece32a7-d42a-4079-9775-b358ae4ba63d","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":52,"box":{"x":89,"y":89,"width":820,"height":13}},{"id":"55431253-9b4c-4d9a-aba4-a042eb377ac6","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":52,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"57d1be16-f446-4d60-a28c-40a7ae90a857","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":52,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"d2ce1eb9-04d3-45eb-af9d-ebb743e71e72","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":52,"box":{"x":89,"y":135,"width":844,"height":12}},{"id":"2eabcfb6-b432-4364-9936-a92ab2808f7a","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":52,"box":{"x":89,"y":150,"width":863,"height":12}},{"id":"de84dd47-e80a-4836-9350-6c4cda6f9235","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":52,"box":{"x":88,"y":165,"width":876,"height":12}},{"id":"e343e727-e754-4911-99de-b981b8fb30a2","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":52,"box":{"x":89,"y":180,"width":803,"height":12}},{"id":"4a955b6c-539a-44d4-9fe3-f8ad39c3882f","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":52,"box":{"x":89,"y":195,"width":830,"height":12}},{"id":"62593e14-b169-4f10-9be6-3c693cd8a232","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":52,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"3abe7d40-36e2-4d37-b8ff-87637b499992","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":52,"box":{"x":89,"y":225,"width":843,"height":13}},{"id":"d9356652-8d8c-4590-85a8-a5a083b7031f","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":52,"box":{"x":89,"y":240,"width":871,"height":13}},{"id":"fc76d920-978a-4947-b59b-beff5ef87776","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":52,"box":{"x":89,"y":256,"width":707,"height":12}},{"id":"9dbb7eed-2052-43b7-acfd-c884ff8befe1","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":52,"box":{"x":89,"y":282,"width":826,"height":12}},{"id":"18f3246e-1309-4ef0-89b2-9b9f390f1f9f","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":52,"box":{"x":89,"y":297,"width":835,"height":12}},{"id":"e4872be7-af37-486e-9c74-f9d4352c9249","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":52,"box":{"x":89,"y":312,"width":812,"height":13}},{"id":"f7098971-2e26-4722-80d5-9d2c0be59bb6","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":52,"box":{"x":88,"y":327,"width":849,"height":13}},{"id":"f077f6d9-35d6-476c-9c75-8b4e98c70233","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":52,"box":{"x":89,"y":342,"width":868,"height":13}},{"id":"698fde33-443e-42b7-9573-94dbf17d7681","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":52,"box":{"x":88,"y":358,"width":546,"height":12}},{"id":"ad8183fc-0e39-432f-a72c-98bed1e5ee66","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":52,"box":{"x":89,"y":384,"width":834,"height":12}},{"id":"f1824044-b6b4-49d9-b39b-0b88012b8ae5","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":52,"box":{"x":88,"y":399,"width":871,"height":13}},{"id":"ab5d7b68-d97a-455c-823e-6b6e5e3f7700","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":52,"box":{"x":89,"y":414,"width":841,"height":13}},{"id":"8f5d410d-5605-4edd-ac72-4d18a0711f76","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":52,"box":{"x":89,"y":429,"width":827,"height":13}},{"id":"15169dd7-0a0a-46fd-8146-caaa5eadc9dc","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":52,"box":{"x":89,"y":445,"width":859,"height":12}},{"id":"08f0a634-995d-4a8e-9d68-7165cf592f1a","block_type":"box","text":"by nationals.","page_number":52,"box":{"x":89,"y":460,"width":87,"height":12}},{"id":"e2760110-3e1d-49c0-9ee4-d698c1a4c3d5","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":52,"box":{"x":89,"y":486,"width":870,"height":12}},{"id":"766e95aa-2d61-42cc-b4be-72545f0d49f5","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":52,"box":{"x":89,"y":501,"width":854,"height":13}},{"id":"1eeff0fd-c022-4378-a05b-ddc2bf08b7c3","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":52,"box":{"x":89,"y":516,"width":870,"height":13}},{"id":"a0049215-c858-4d50-8177-fc21a22fce8d","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":52,"box":{"x":89,"y":531,"width":743,"height":13}},{"id":"c0b5b2a8-57d5-4b44-a165-4be0c3245e24","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":52,"box":{"x":89,"y":547,"width":800,"height":12}},{"id":"1c4611c0-cf3d-4c1e-a334-98c29699b32a","block_type":"box","text":"imposition of trade barriers.","page_number":52,"box":{"x":89,"y":562,"width":193,"height":12}},{"id":"97b3ad5c-2854-4723-b990-9e02048579bf","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":52,"box":{"x":88,"y":588,"width":862,"height":12}},{"id":"dac78333-957f-474f-a63c-96404593764a","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":52,"box":{"x":88,"y":603,"width":861,"height":13}},{"id":"e6e6bf4f-2ed0-4907-8b4f-41d29d6b0d6b","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":52,"box":{"x":89,"y":618,"width":394,"height":13}},{"id":"ba066c4a-603e-472d-bd5f-aecf73b4ef54","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":52,"box":{"x":89,"y":645,"width":860,"height":12}},{"id":"82b6efcf-71e1-4dd5-8f1f-194e8b077f2f","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":52,"box":{"x":89,"y":660,"width":834,"height":12}},{"id":"02c9a2be-b207-4477-8f44-32aef2b3e956","block_type":"box","text":"difficult to conduct such transactions.","page_number":52,"box":{"x":89,"y":675,"width":264,"height":10}},{"id":"868cfd89-46cf-4bd8-b0cd-9dda63962468","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":52,"box":{"x":89,"y":702,"width":822,"height":12}},{"id":"63233a09-3aea-423c-b669-8e84028c1e8d","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":52,"box":{"x":89,"y":717,"width":849,"height":12}},{"id":"a28da3a6-b5d8-4eb0-9e52-245f08f7e5dd","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":52,"box":{"x":89,"y":732,"width":846,"height":12}},{"id":"16cdc19d-f687-430f-861b-6780a596e4bf","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":52,"box":{"x":89,"y":747,"width":872,"height":12}},{"id":"2c491801-102d-4108-99dc-c45301e8f0f8","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":52,"box":{"x":89,"y":762,"width":878,"height":12}},{"id":"d681f44d-89da-4dd4-875f-fed47c0851ac","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":52,"box":{"x":88,"y":777,"width":856,"height":12}},{"id":"6a409b32-fb8a-4fc5-96a9-abaa22bc9f0f","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":52,"box":{"x":89,"y":792,"width":838,"height":13}},{"id":"59697b8c-4454-40d0-ab00-607a672e3d38","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":52,"box":{"x":89,"y":807,"width":853,"height":13}},{"id":"61475110-57c6-4a2b-8012-80bed293573a","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":52,"box":{"x":88,"y":822,"width":829,"height":13}},{"id":"78ab2142-f7b0-4299-91f2-b3cea83aa774","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":52,"box":{"x":89,"y":838,"width":404,"height":12}},{"id":"ea5b550d-47b0-40d3-bba5-4c969b0fc869","block_type":"box","text":"22","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5847f410-958a-4d94-904c-9cca20fef42d","block_type":"box","text":"Risk of Investing in Europe.","page_number":53,"box":{"x":89,"y":44,"width":194,"height":12}},{"id":"6abf93be-d9e8-4aa6-abe9-e95f9ce1a12c","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":53,"box":{"x":293,"y":44,"width":656,"height":12}},{"id":"64ebc198-f72b-4388-81bf-0cdc0645133a","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":53,"box":{"x":88,"y":59,"width":838,"height":12}},{"id":"2b4fc034-795b-40ba-8674-9eba92f453c5","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":53,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"8f485823-1adc-4d1c-85f7-50659f17ffc5","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":53,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"534ff0b6-5be6-40ae-8480-489ba6612933","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":53,"box":{"x":89,"y":104,"width":877,"height":13}},{"id":"5cd758f7-75b3-4c22-8de6-1fbc10fedfac","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":53,"box":{"x":89,"y":119,"width":825,"height":13}},{"id":"fb4df923-414c-4f2d-a4eb-6b753647d3d6","block_type":"box","text":"adopted the euro as their currency. Eurozone membership requires member states to comply with restrictions on inflation","page_number":53,"box":{"x":89,"y":135,"width":851,"height":12}},{"id":"1c5ea526-f056-4cb5-bf45-335959698c0d","block_type":"box","text":"rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every","page_number":53,"box":{"x":89,"y":150,"width":822,"height":12}},{"id":"842f4b9e-4b6c-44bc-9542-133e929a1317","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":53,"box":{"x":89,"y":165,"width":858,"height":12}},{"id":"6c468d42-427c-46b7-aeb6-3b02a7765bad","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":53,"box":{"x":89,"y":180,"width":873,"height":12}},{"id":"ac1bfca9-e6c7-4904-ac7a-e2550219c7fb","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":53,"box":{"x":89,"y":195,"width":834,"height":12}},{"id":"3431c3b3-c704-43e9-b60b-e61582803c10","block_type":"box","text":"significant adverse effect on the economies of other EU member states and their trading partners. Although certain European","page_number":53,"box":{"x":89,"y":210,"width":876,"height":13}},{"id":"bcdd5c75-9218-4c06-99fe-e2c12220369c","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":53,"box":{"x":89,"y":225,"width":802,"height":13}},{"id":"36bce043-7684-4a15-a953-c8e17df6dd33","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":53,"box":{"x":89,"y":252,"width":870,"height":12}},{"id":"c51f3a38-9346-481d-9bfa-f8281f114085","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":53,"box":{"x":89,"y":267,"width":831,"height":12}},{"id":"41746d43-39b3-4c2d-9b5e-5ad608dba228","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":53,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"2ad88ffb-8e81-4207-b476-f566a1de3658","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":53,"box":{"x":89,"y":297,"width":812,"height":12}},{"id":"68490bc7-960c-44dc-99f7-ee758c48097c","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":53,"box":{"x":89,"y":312,"width":814,"height":13}},{"id":"feaa27be-20c4-4626-b441-6f8d5fea0125","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":53,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"b853fcc3-3d17-42ab-ac39-823dc06cf967","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":53,"box":{"x":89,"y":342,"width":848,"height":13}},{"id":"0ba49fbe-418f-43d5-aca0-4a199eac9b04","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":53,"box":{"x":89,"y":358,"width":862,"height":12}},{"id":"0a3cb9fe-52fb-465d-b979-080977e86f2b","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":53,"box":{"x":89,"y":373,"width":871,"height":12}},{"id":"ec8fb3fc-f16f-45d7-a015-c6b4f1536cd4","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":53,"box":{"x":88,"y":388,"width":860,"height":12}},{"id":"616779ba-376d-4215-bd27-e2777a191a3f","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":53,"box":{"x":89,"y":403,"width":857,"height":12}},{"id":"fb1147cc-d200-4582-9184-fec314ee0331","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":53,"box":{"x":89,"y":418,"width":871,"height":12}},{"id":"090f1b7a-a3df-4295-b535-9f07ae25f869","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":53,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"632abf41-46de-470c-bff3-c374977be3fc","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":53,"box":{"x":89,"y":448,"width":796,"height":13}},{"id":"25367aa7-2835-4086-8699-5f8c1057cfa1","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":53,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"7288d7db-e927-4c71-bec0-3af2b495489e","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":53,"box":{"x":89,"y":479,"width":856,"height":12}},{"id":"4432fef9-c9bf-4811-b5eb-c9da066ef3f5","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":53,"box":{"x":89,"y":494,"width":816,"height":12}},{"id":"cec0cc07-7d05-455d-8c19-428132073825","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":53,"box":{"x":88,"y":520,"width":813,"height":12}},{"id":"9dae019e-8208-4ac9-b149-0b07ae46b8ba","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":53,"box":{"x":88,"y":535,"width":802,"height":13}},{"id":"73ab1752-2c59-431e-becb-c1c5f88da224","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":53,"box":{"x":89,"y":550,"width":382,"height":13}},{"id":"7336c8c5-0b92-4fd2-9df7-5d4aaffb3f0a","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":53,"box":{"x":89,"y":577,"width":863,"height":12}},{"id":"d0ab5ecd-62f4-4d26-8d33-404c29f5dd48","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":53,"box":{"x":88,"y":592,"width":849,"height":12}},{"id":"093b6a60-ad19-4ab2-ba0b-bc63b0e7a52e","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":53,"box":{"x":89,"y":607,"width":872,"height":12}},{"id":"887db5b1-3a57-4e55-9e7f-b1567a1af74a","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":53,"box":{"x":89,"y":622,"width":818,"height":12}},{"id":"e532ee71-f4d5-47f8-aaa6-ff8cfb7ab704","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":53,"box":{"x":89,"y":637,"width":845,"height":13}},{"id":"fc53d597-1b63-4e4e-ac2e-cfede71c5903","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":53,"box":{"x":89,"y":652,"width":873,"height":13}},{"id":"36024624-c36a-428c-8f44-1c5b06802869","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":53,"box":{"x":88,"y":668,"width":876,"height":12}},{"id":"63a9480a-236a-4d5e-abea-4ffd4567c341","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":53,"box":{"x":88,"y":683,"width":328,"height":12}},{"id":"d5b78070-f35a-435c-806b-75a726fc42cc","block_type":"box","text":"Russian Invasion of Ukraine","page_number":53,"box":{"x":88,"y":709,"width":192,"height":11}},{"id":"1cd29847-ae6c-4772-b4c8-6d4367f69d60","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":53,"box":{"x":281,"y":709,"width":680,"height":12}},{"id":"c49ba2bb-6265-4905-93ae-ca0c0ec5f38d","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":53,"box":{"x":89,"y":724,"width":870,"height":13}},{"id":"e430be71-3a7a-4fd4-b49c-dab576116e83","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":53,"box":{"x":88,"y":739,"width":879,"height":13}},{"id":"db3a4840-3705-4c55-bedb-6db3c43300fa","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":53,"box":{"x":89,"y":754,"width":869,"height":13}},{"id":"866e1756-f6bf-40a8-8751-5cdcf7cb7983","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":53,"box":{"x":89,"y":770,"width":811,"height":12}},{"id":"5566505f-a1ff-4b8d-9604-19246a9c9c80","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":53,"box":{"x":89,"y":785,"width":862,"height":12}},{"id":"fc27f21a-7197-44f8-9be8-1c587544c797","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":53,"box":{"x":89,"y":800,"width":863,"height":12}},{"id":"1d540fc8-e0a6-4942-86c9-a95fad20fadf","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":53,"box":{"x":89,"y":815,"width":879,"height":12}},{"id":"84156bd0-efd8-4e9a-95c2-95c89e709dba","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":53,"box":{"x":89,"y":830,"width":858,"height":12}},{"id":"97d554e0-7ea3-48a3-ab69-ac01d66abc89","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":53,"box":{"x":89,"y":845,"width":468,"height":12}},{"id":"3154b4a6-d0c3-4928-8405-c918c930bce5","block_type":"box","text":"23","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"99387809-3f46-4ad8-beca-5dea9d947623","block_type":"box","text":"Risk of Investing in Japan.","page_number":54,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"d76f24aa-ed53-4421-97f4-754ee3d77459","block_type":"box","text":"Japan may be subject to political, economic, labor and other risks. Any of these risks, individually","page_number":54,"box":{"x":281,"y":44,"width":676,"height":12}},{"id":"8445908a-26dc-403f-8fa0-105b7d14f79b","block_type":"box","text":"or in the aggregate, can impact an investment made in Japan.","page_number":54,"box":{"x":89,"y":59,"width":429,"height":12}},{"id":"3a0b9ba6-4de4-462f-a465-ad23695b42fb","block_type":"box","text":"Currency Risk","page_number":54,"box":{"x":89,"y":85,"width":95,"height":13}},{"id":"28e56e06-a8d9-4352-8d7e-a08bca7301d7","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":54,"box":{"x":184,"y":85,"width":763,"height":13}},{"id":"cffe9cd8-3a89-45c3-9ec0-a7743b1b70ed","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":54,"box":{"x":88,"y":101,"width":863,"height":12}},{"id":"48f23b54-a7f2-4057-a6b6-bb7fe4c4d457","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":54,"box":{"x":89,"y":116,"width":852,"height":12}},{"id":"910f1b93-a1c4-4368-b273-92ddc3f13596","block_type":"box","text":"sharply and unpredictably and could cause losses to investors.","page_number":54,"box":{"x":89,"y":131,"width":436,"height":12}},{"id":"11bc20e5-f4dc-4a1d-a9ad-83e87dff6f0c","block_type":"box","text":"Economic Risk","page_number":54,"box":{"x":88,"y":157,"width":101,"height":10}},{"id":"fecb1bbe-b112-4ed6-9d6b-a352940cf030","block_type":"box","text":". The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed","page_number":54,"box":{"x":190,"y":157,"width":752,"height":13}},{"id":"362386f9-6477-4f3f-bade-97ee9fb4c5ad","block_type":"box","text":"economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":54,"box":{"x":89,"y":172,"width":876,"height":13}},{"id":"d46096e5-b8b0-4382-8236-fe733efca6bf","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":54,"box":{"x":89,"y":188,"width":857,"height":12}},{"id":"e27ec4fa-4a89-469a-990a-ccfd964e277c","block_type":"box","text":"affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions","page_number":54,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"4d164bba-d5b3-4207-a219-7892e2a76e93","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":54,"box":{"x":89,"y":218,"width":853,"height":12}},{"id":"e7bf9ea5-4867-44f8-9d87-063b5c9f9ca8","block_type":"box","text":"negative impact on the Japanese economy.","page_number":54,"box":{"x":89,"y":233,"width":298,"height":12}},{"id":"855e559f-fee6-4dd8-a922-d781aa0ff304","block_type":"box","text":"Geographic Risk","page_number":54,"box":{"x":89,"y":259,"width":113,"height":13}},{"id":"67beae00-b499-46d5-be4f-b9dc451f2e30","block_type":"box","text":". Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or","page_number":54,"box":{"x":202,"y":259,"width":756,"height":13}},{"id":"916dcba1-b35d-4f00-b01f-a57bf6ba4755","block_type":"box","text":"surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect a Fund.","page_number":54,"box":{"x":89,"y":274,"width":790,"height":13}},{"id":"10e924b0-d3b0-4eb7-989d-c105591ca823","block_type":"box","text":"Labor Risk","page_number":54,"box":{"x":88,"y":301,"width":74,"height":10}},{"id":"c29ddf00-b7ee-4a40-be85-a6f7887c19d8","block_type":"box","text":". Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor","page_number":54,"box":{"x":162,"y":301,"width":791,"height":12}},{"id":"ce27acdd-b246-41b7-831c-af9b02ee4f6b","block_type":"box","text":"market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime","page_number":54,"box":{"x":89,"y":316,"width":845,"height":12}},{"id":"8e7146b7-f2b1-45cc-a7f1-e25ef85a3334","block_type":"box","text":"employment adjusts to meet the need for increased labor mobility, which may adversely affect Japan’s economic","page_number":54,"box":{"x":89,"y":331,"width":786,"height":12}},{"id":"c89b8ca5-c5e5-414d-884f-fb7f3f4e2d9c","block_type":"box","text":"competitiveness.","page_number":54,"box":{"x":89,"y":347,"width":116,"height":12}},{"id":"3a25457a-371c-46ab-a780-818a5db69755","block_type":"box","text":"Large Government and Corporate Debt Risk","page_number":54,"box":{"x":88,"y":373,"width":306,"height":12}},{"id":"7b8c1192-ac02-489b-b1fb-3a088fe7493c","block_type":"box","text":". The Japanese economy faces several concerns, including a financial system with","page_number":54,"box":{"x":394,"y":373,"width":568,"height":12}},{"id":"a784b7fc-283d-4909-9286-56e4a3c64be9","block_type":"box","text":"large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major","page_number":54,"box":{"x":89,"y":388,"width":799,"height":12}},{"id":"bfe93f06-487d-4882-b3ed-3c2fa12789fe","block_type":"box","text":"corporations, a changing corporate governance structure, and large government deficits. These issues may cause a","page_number":54,"box":{"x":89,"y":403,"width":806,"height":12}},{"id":"ff0e986c-4699-4ccb-a132-55f73ebf9554","block_type":"box","text":"slowdown of the Japanese economy.","page_number":54,"box":{"x":89,"y":418,"width":253,"height":12}},{"id":"466c991a-7bb8-440d-94c8-3ab59c7c070e","block_type":"box","text":"Political Risk","page_number":54,"box":{"x":88,"y":445,"width":88,"height":9}},{"id":"eb0f52b8-9d60-42c4-aa48-b39d04a1eeff","block_type":"box","text":". Historically, Japan has had unpredictable national politics and may experience frequent political turnover. Future","page_number":54,"box":{"x":176,"y":445,"width":790,"height":12}},{"id":"e068dea6-a3fd-4bd8-b9be-bbab8e76c194","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":54,"box":{"x":89,"y":460,"width":873,"height":12}},{"id":"d161bd63-b190-44bd-97d3-0d3695048784","block_type":"box","text":"become an important trading partner with Japan. Japan’s political relationship with China, however, has been strained. Should","page_number":54,"box":{"x":89,"y":475,"width":877,"height":12}},{"id":"5671eeff-9f63-4138-8dc5-9129282bd60a","block_type":"box","text":"political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.","page_number":54,"box":{"x":89,"y":490,"width":773,"height":12}},{"id":"c9d64c82-1617-498f-bb56-8884fc160d26","block_type":"box","text":"Security Risk.","page_number":54,"box":{"x":88,"y":516,"width":91,"height":13}},{"id":"6e3cf0ef-6e7e-42bc-b84e-71d3d243bf7a","block_type":"box","text":"Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been","page_number":54,"box":{"x":184,"y":516,"width":780,"height":13}},{"id":"9b995abb-2f61-4544-a748-7c7da93995b4","block_type":"box","text":"strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has","page_number":54,"box":{"x":89,"y":531,"width":869,"height":13}},{"id":"7ecd8881-e5e7-4639-a943-c6f7ec934b87","block_type":"box","text":"shown concern over the increased nuclear and military activity by North Korea and China. Strained relations may cause","page_number":54,"box":{"x":89,"y":547,"width":831,"height":12}},{"id":"1851fef3-3c32-4d49-b16f-4fcefaf7149e","block_type":"box","text":"uncertainty in the Japanese markets and adversely affect the overall Japanese economy, particularly in times of crisis.","page_number":54,"box":{"x":89,"y":562,"width":812,"height":12}},{"id":"9375d980-9067-4f17-bcc8-73cd347b09d7","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":54,"box":{"x":89,"y":588,"width":255,"height":12}},{"id":"4e42b9ba-d805-4595-8bc4-9ac357397868","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":54,"box":{"x":353,"y":588,"width":596,"height":12}},{"id":"fe921f73-1311-4c92-a41d-c51494ccf845","block_type":"box","text":"and legal systems in such countries may have an adverse impact on a Fund. Many economies in the Middle East are highly","page_number":54,"box":{"x":89,"y":603,"width":857,"height":13}},{"id":"862a1785-affd-4503-8acf-f5fa631657cd","block_type":"box","text":"reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas, and","page_number":54,"box":{"x":89,"y":618,"width":857,"height":13}},{"id":"a6b5accc-156c-4c9c-9fab-ed28165e907a","block_type":"box","text":"their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As","page_number":54,"box":{"x":88,"y":633,"width":844,"height":13}},{"id":"281d5a1d-e0b8-4c67-827a-2a56eb6845bc","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":54,"box":{"x":89,"y":649,"width":789,"height":12}},{"id":"f7605b72-3bce-4ced-b267-d182eeaf37d4","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":54,"box":{"x":89,"y":675,"width":837,"height":12}},{"id":"4950b93e-0b6f-4c61-be89-e22127e616da","block_type":"box","text":"aspects of the private sector. In certain cases, a Middle Eastern country’s government may own or control many companies,","page_number":54,"box":{"x":89,"y":690,"width":866,"height":13}},{"id":"1372546f-bfba-4a58-a6a7-94ed4043b51e","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":54,"box":{"x":89,"y":705,"width":819,"height":13}},{"id":"5b90ae12-172e-48d5-97f3-e3981e962f49","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":54,"box":{"x":89,"y":720,"width":875,"height":13}},{"id":"28bf6433-9691-440e-8919-e48974ad96a6","block_type":"box","text":"as well as the value of securities in a Fund’s portfolio.","page_number":54,"box":{"x":89,"y":736,"width":369,"height":12}},{"id":"240c65ea-a085-426b-87c5-995ead35dbaa","block_type":"box","text":"Certain Middle Eastern markets are in the earliest stages of development. As a result, there may be a high concentration of","page_number":54,"box":{"x":89,"y":762,"width":858,"height":12}},{"id":"547b1bbe-0813-4da8-b1cd-85571c6949c6","block_type":"box","text":"market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as","page_number":54,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"b1be0e81-c32b-4156-8715-77dd0345fc98","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":54,"box":{"x":89,"y":792,"width":832,"height":13}},{"id":"d594bb89-dbb7-4a97-9b26-2b0e1dbce24f","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":54,"box":{"x":89,"y":807,"width":361,"height":13}},{"id":"cca6a9e5-fe3c-41ad-86b9-a84d72da5585","block_type":"box","text":"The legal systems in certain Middle Eastern countries also may have an adverse impact on a Fund. For example, the potential","page_number":54,"box":{"x":88,"y":834,"width":874,"height":12}},{"id":"dccf687b-3fe0-4978-992b-d555a0b1f804","block_type":"box","text":"liability of a shareholder in a U.S. corporation with respect to acts of the corporation generally is limited to the amount of the","page_number":54,"box":{"x":89,"y":849,"width":871,"height":12}},{"id":"472bb903-2475-4ea8-960e-e824fb0eb184","block_type":"box","text":"shareholder’s investment. However, the notion of limited liability is less clear in certain Middle Eastern countries. A Fund","page_number":54,"box":{"x":89,"y":864,"width":838,"height":12}},{"id":"4f4eaf26-72a6-4e94-bc69-1ea8f0ed6075","block_type":"box","text":"24","page_number":54,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b0177866-eff4-4777-87c4-231eeccc30a7","block_type":"box","text":"therefore may be liable in certain Middle Eastern countries for the acts of a corporation in which it invests for an amount","page_number":55,"box":{"x":88,"y":44,"width":843,"height":12}},{"id":"93fc23f7-8c23-4cff-bf18-756a2503dc35","block_type":"box","text":"greater than its actual investment in that corporation. Similarly, the rights of investors in Middle Eastern issuers may be more","page_number":55,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"d1b38c16-bfa3-4920-828e-f5e7021974b3","block_type":"box","text":"limited than those of shareholders of a U.S. corporation. It may be difficult or impossible to obtain or enforce a legal","page_number":55,"box":{"x":89,"y":74,"width":807,"height":12}},{"id":"096fe983-e498-4fba-a076-d89a205045d4","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":55,"box":{"x":88,"y":89,"width":809,"height":13}},{"id":"93d6d80a-9ed8-4023-be66-c53bce21ffaf","block_type":"box","text":"investments in their capital markets, particularly their equity markets, by foreign entities such as a Fund. For example, certain","page_number":55,"box":{"x":89,"y":104,"width":872,"height":13}},{"id":"e29d13ba-cc72-484b-9698-a49eee0b80b6","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":55,"box":{"x":89,"y":119,"width":852,"height":13}},{"id":"73c02a3c-b7d3-4173-a08e-3159de0f4680","block_type":"box","text":"foreign persons in a particular issuer. Certain Middle Eastern countries may also limit investment by foreign persons to only a","page_number":55,"box":{"x":88,"y":135,"width":873,"height":12}},{"id":"7a7ab6cb-12f2-4024-918d-7f03ab47ef7b","block_type":"box","text":"specific class of securities of an issuer that may have less advantageous terms (including price) than securities of the issuer","page_number":55,"box":{"x":89,"y":150,"width":863,"height":12}},{"id":"2b6a118e-97a8-4c67-abac-ee9456650dbd","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":55,"box":{"x":89,"y":165,"width":515,"height":12}},{"id":"58a095ce-d1cc-462d-bfe8-e0369c037e62","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain Middle Eastern countries, as well as limitations on","page_number":55,"box":{"x":88,"y":191,"width":870,"height":13}},{"id":"e242a063-99ee-434d-8f64-61b7adde1e95","block_type":"box","text":"those investments, may have an adverse impact on the operations of a Fund. For example, in certain of these countries, a","page_number":55,"box":{"x":88,"y":206,"width":847,"height":13}},{"id":"0eb65178-c273-448c-a7cb-a4c3398003fb","block_type":"box","text":"Fund may be required to invest initially through a local broker or other entity and then have the shares that were purchased","page_number":55,"box":{"x":89,"y":222,"width":861,"height":12}},{"id":"caf7375a-9885-4fc7-be22-bf5cd33ffeab","block_type":"box","text":"re-registered in the name of a Fund. Re-registration in some instances may not be possible on a timely basis. This may result","page_number":55,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"f52e8dc7-364f-4295-92a4-16126015ccd6","block_type":"box","text":"in a delay during which a Fund may be denied certain of its rights as an investor, including rights as to dividends or to be","page_number":55,"box":{"x":89,"y":252,"width":842,"height":12}},{"id":"28aa9212-1764-4055-bdd1-0bc444708d51","block_type":"box","text":"made aware of certain corporate actions. There also may be instances where a Fund places a purchase order but is","page_number":55,"box":{"x":89,"y":267,"width":803,"height":12}},{"id":"888401ca-3153-46da-a7de-49ebce242d08","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":55,"box":{"x":89,"y":282,"width":853,"height":12}},{"id":"d22657ad-b9e6-4b02-8bed-c70de4103765","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":55,"box":{"x":89,"y":297,"width":697,"height":12}},{"id":"a744c8fa-2bd6-4a6f-b76f-43edbe0d0203","block_type":"box","text":"Substantial limitations may exist in certain Middle Eastern countries with respect to a Fund’s ability to repatriate investment","page_number":55,"box":{"x":88,"y":324,"width":866,"height":12}},{"id":"78c7936e-b1fe-4f54-9cc5-7b12a0d62cd3","block_type":"box","text":"income or capital gains. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental","page_number":55,"box":{"x":89,"y":339,"width":844,"height":12}},{"id":"0c5f727d-96cc-490b-b953-1060223fae0f","block_type":"box","text":"approval for repatriation of capital, as well as by the application to a Fund of any restrictions on investment.","page_number":55,"box":{"x":89,"y":354,"width":750,"height":12}},{"id":"eab38ca7-cc55-413d-8256-1352d4dbe341","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":55,"box":{"x":89,"y":380,"width":867,"height":13}},{"id":"49da73b5-02d2-4537-ba42-eeb5be237e63","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":55,"box":{"x":89,"y":395,"width":873,"height":13}},{"id":"dc0eceee-f306-4df9-9f59-88e67fa49b2a","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":55,"box":{"x":89,"y":410,"width":866,"height":13}},{"id":"a1e283a7-c0b4-4a96-9484-2ef59be373de","block_type":"box","text":"and may continue to be adversely impacted by economic conditions in the countries with which they trade. In addition,","page_number":55,"box":{"x":89,"y":426,"width":835,"height":12}},{"id":"6c2014c2-8423-4368-ae1f-c77d6ca0f4d5","block_type":"box","text":"certain issuers located in Middle Eastern countries in which a Fund invests may operate in, or have dealings with, countries","page_number":55,"box":{"x":89,"y":441,"width":859,"height":12}},{"id":"71487cbb-0ad3-4ed9-bd05-10f0896fa691","block_type":"box","text":"subject to sanctions and/or embargoes imposed by the U.S. government and the United Nations, and/or countries identified","page_number":55,"box":{"x":89,"y":456,"width":871,"height":12}},{"id":"3202d200-f608-4d77-9583-12f4984ee2f8","block_type":"box","text":"by the U.S. government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":55,"box":{"x":89,"y":471,"width":835,"height":12}},{"id":"2d6594b6-15dd-48a7-8259-5b1d67052844","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be","page_number":55,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"c43fbf85-e75d-4289-b929-2acf6249a122","block_type":"box","text":"indirectly subject to those risks.","page_number":55,"box":{"x":89,"y":501,"width":219,"height":13}},{"id":"a8b22721-f77b-4f1a-abdc-5dbd181577ea","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":55,"box":{"x":89,"y":528,"width":830,"height":12}},{"id":"6f14150e-4dc8-4ad2-afa4-3ca3983d90a5","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":55,"box":{"x":89,"y":543,"width":865,"height":12}},{"id":"4700054d-8b6c-42af-8b6d-9f1420566ea7","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":55,"box":{"x":89,"y":558,"width":814,"height":12}},{"id":"832dc136-c7bc-4e9e-b1f8-71d20d0781ce","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":55,"box":{"x":88,"y":573,"width":832,"height":12}},{"id":"0736891f-bbfd-4e4f-8748-11f3ffdd39f2","block_type":"box","text":"territorial control by terrorist groups in the region, which has led to an outbreak of warfare and hostilities. Warfare in Syria has","page_number":55,"box":{"x":88,"y":588,"width":880,"height":12}},{"id":"5bb9a1f5-7900-4845-a8cb-96d5b3901025","block_type":"box","text":"spread to surrounding areas, including many portions of Iraq and Turkey. Such hostilities may continue into the future or may","page_number":55,"box":{"x":89,"y":603,"width":878,"height":13}},{"id":"04e05382-6877-4e57-8e8f-be0f62ccffb7","block_type":"box","text":"escalate at any time due to ethnic, racial, political, religious or ideological tensions between groups in the region or foreign","page_number":55,"box":{"x":89,"y":618,"width":855,"height":13}},{"id":"3dbd3236-835e-4d77-873b-70c69ae02cac","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":55,"box":{"x":89,"y":633,"width":397,"height":13}},{"id":"e9f6734a-450d-4b9d-8829-b18c47277a81","block_type":"box","text":"Risk of Investing in the United Kingdom.","page_number":55,"box":{"x":89,"y":660,"width":288,"height":12}},{"id":"3f5061ee-6a8b-4be3-82af-50a62c5166e2","block_type":"box","text":"Investment in U.K. issuers will subject a Fund to regulatory, political, currency,","page_number":55,"box":{"x":387,"y":660,"width":541,"height":12}},{"id":"8dd16f4e-ab04-4f77-8ea4-d0451e7b7ab3","block_type":"box","text":"security, and economic risks specific to the U.K. The U.K. economy relies heavily on the export of financial services to the U.S.","page_number":55,"box":{"x":89,"y":675,"width":872,"height":12}},{"id":"7d5d1294-5567-439d-9fe6-a7103ca53aec","block_type":"box","text":"and other European countries. A prolonged slowdown in the financial services sector may have a negative impact on the","page_number":55,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"028a6133-ac34-44fd-9224-21e7cfa8dc3a","block_type":"box","text":"U.K.’s economy. In the past, the U.K. has been a target of terrorism. Acts of terrorism in the U.K. or against U.K. interests","page_number":55,"box":{"x":89,"y":705,"width":833,"height":13}},{"id":"c69de82f-43b0-4f87-b879-9aa683e4b28c","block_type":"box","text":"abroad may cause uncertainty in the U.K. financial markets and adversely affect the performance of the issuers to which a","page_number":55,"box":{"x":89,"y":720,"width":851,"height":13}},{"id":"d99333cf-9a2c-45f5-b1fb-61013b01a041","block_type":"box","text":"Fund has exposure. Secessionist movements, such as the Catalan movement in Spain and the independence movement in","page_number":55,"box":{"x":89,"y":736,"width":855,"height":12}},{"id":"7e937fdf-8c24-4304-a75c-c7b9ec43a2f2","block_type":"box","text":"Scotland, may have an adverse effect on the U.K. economy.","page_number":55,"box":{"x":88,"y":751,"width":411,"height":12}},{"id":"5dc7d500-5fd1-4d18-9b57-f60408ed3157","block_type":"box","text":"On January 31, 2020, the U.K. officially left the EU (Brexit), subject to a transitional period that ended December 31, 2020. The","page_number":55,"box":{"x":89,"y":777,"width":873,"height":12}},{"id":"001d8e43-d625-4559-be53-daa38e645d4a","block_type":"box","text":"U.K. and EU have reached an agreement on the terms of their future trading relationship effective January 1, 2021, which","page_number":55,"box":{"x":89,"y":792,"width":839,"height":13}},{"id":"f3ffa775-43c4-483a-809a-1621626fbf9c","block_type":"box","text":"principally relates to the trading of goods rather than services, including financial services. Further discussions are to be held","page_number":55,"box":{"x":89,"y":807,"width":870,"height":13}},{"id":"dd9d1d3e-30c6-43f7-a80a-b2f05011051f","block_type":"box","text":"between the U.K. and the EU in relation to matters not covered by the trade agreement, such as financial services. A Fund will","page_number":55,"box":{"x":89,"y":822,"width":874,"height":13}},{"id":"54fcd003-d789-4af5-88cd-d4b6676a587d","block_type":"box","text":"face risks associated with the potential uncertainty and consequences that may follow Brexit, including with respect to","page_number":55,"box":{"x":88,"y":838,"width":831,"height":12}},{"id":"61236fa5-a164-4763-aafd-5f134788d0b4","block_type":"box","text":"volatility in exchange rates and interest rates. Brexit could adversely affect European or worldwide political, regulatory,","page_number":55,"box":{"x":88,"y":853,"width":825,"height":12}},{"id":"2899c0a6-169e-46ec-a78f-5b2263fa27d5","block_type":"box","text":"25","page_number":55,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e7172f7d-070b-4d55-bba3-114c58c5054f","block_type":"box","text":"economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and","page_number":56,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"83e407a6-8d72-4bb3-be9f-a107a33a000b","block_type":"box","text":"financial markets. Brexit has also led to legal uncertainty and could lead to politically divergent national laws and regulations","page_number":56,"box":{"x":88,"y":59,"width":870,"height":12}},{"id":"e2119373-5b88-46ff-8814-24bfa15dd3bf","block_type":"box","text":"as a new relationship between the U.K. and EU is defined and the U.K. determines which EU laws to replace or replicate. Any","page_number":56,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"b75f4893-0410-4870-86ee-f4d4dcddfca0","block_type":"box","text":"of these effects of Brexit could adversely affect any of the companies to which a Fund has exposure and any other assets that","page_number":56,"box":{"x":89,"y":89,"width":876,"height":13}},{"id":"907495f0-c40d-4ae9-9059-e52a57f8f27c","block_type":"box","text":"a Fund invests in. The political, economic and legal consequences of Brexit are not yet known. In the short term, financial","page_number":56,"box":{"x":89,"y":104,"width":846,"height":13}},{"id":"7a4cdb69-26cb-442e-bff6-19b2d804cb3a","block_type":"box","text":"markets may experience heightened volatility, particularly those in the U.K. and Europe, but possibly worldwide. The U.K. and","page_number":56,"box":{"x":89,"y":119,"width":872,"height":13}},{"id":"279efe79-61ec-4430-8598-ce83c9d67708","block_type":"box","text":"Europe may be less stable than they have been in recent years, and investments in the U.K. and the EU may be difficult to","page_number":56,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"5f800015-7567-4be8-8a15-cc1c1015ae57","block_type":"box","text":"value or subject to greater or more frequent volatility. In the longer term, there is likely to be a period of significant political,","page_number":56,"box":{"x":88,"y":150,"width":860,"height":12}},{"id":"270ed491-44f4-4df3-ad1c-88649f797a28","block_type":"box","text":"regulatory and commercial uncertainty as the U.K. continues to negotiate the terms of its future trading relationships.","page_number":56,"box":{"x":89,"y":165,"width":822,"height":12}},{"id":"a46b2692-2616-4c9d-8865-cf2e0f24ea8b","block_type":"box","text":"Recently, the U.K.’s real estate sector has experienced significant volatility and declines in the value of many real estate","page_number":56,"box":{"x":89,"y":180,"width":827,"height":12}},{"id":"6533b671-ac3f-4506-8cc0-2cd631a27cc6","block_type":"box","text":"securities, including real estate funds, REITs and real estate holding companies. Increased volatility and investor redemption","page_number":56,"box":{"x":89,"y":195,"width":864,"height":12}},{"id":"6ed99364-ab80-42b9-a22e-d11883ee5d34","block_type":"box","text":"requests in real estate funds may result in the continued decline in the value and liquidity of real estate securities, which may","page_number":56,"box":{"x":89,"y":210,"width":872,"height":13}},{"id":"2120232e-6178-4265-9f1c-bc5b3e33dc72","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities.","page_number":56,"box":{"x":89,"y":225,"width":508,"height":13}},{"id":"b6933a08-9fb3-45ef-8c93-616a6fe2ac6d","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":56,"box":{"x":89,"y":252,"width":264,"height":12}},{"id":"6b0b53b8-ba0f-46bb-b2c4-4a543cead63e","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":56,"box":{"x":362,"y":252,"width":597,"height":12}},{"id":"d8f15ce7-5b8e-46db-8473-2bf625d608cb","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":56,"box":{"x":88,"y":267,"width":838,"height":12}},{"id":"9f5e376d-be5f-48a4-9b33-aaf417e1906b","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":56,"box":{"x":89,"y":282,"width":803,"height":12}},{"id":"fe3a81db-6e5b-4fda-948e-941a658c36e5","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":56,"box":{"x":89,"y":297,"width":838,"height":12}},{"id":"fd4259a3-f606-4a19-b68c-14463fbbbe20","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":56,"box":{"x":89,"y":312,"width":862,"height":13}},{"id":"8ccaf1d4-21c5-4752-ad62-af2e546f0fc9","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":56,"box":{"x":89,"y":327,"width":838,"height":13}},{"id":"e1aece1f-5df5-4cb3-aa66-d4c858b08ca5","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":56,"box":{"x":89,"y":342,"width":874,"height":13}},{"id":"41446634-0dea-4dc0-89fb-6e34ae5d3028","block_type":"box","text":"global financial system.","page_number":56,"box":{"x":89,"y":358,"width":162,"height":12}},{"id":"aeed1919-87fa-464b-8547-382e4ddf5099","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":56,"box":{"x":88,"y":384,"width":854,"height":12}},{"id":"bb15f273-1fca-4977-a7c1-3c97d234e282","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":56,"box":{"x":89,"y":399,"width":873,"height":13}},{"id":"9384b069-1c68-4d87-b784-49984444ace1","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":56,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"22b81382-b7a4-4145-b239-260797231cbb","block_type":"box","text":"the issuers in which a Fund invests.","page_number":56,"box":{"x":88,"y":429,"width":247,"height":10}},{"id":"fbbcde95-5ff4-4611-931b-90380f2ba533","block_type":"box","text":"Risk of Investing in the Basic Materials Industry.","page_number":56,"box":{"x":89,"y":456,"width":344,"height":12}},{"id":"2df3c263-4564-4e2e-9c37-0162045f8a5d","block_type":"box","text":"Issuers in the basic materials industry could be adversely affected by","page_number":56,"box":{"x":443,"y":456,"width":477,"height":12}},{"id":"d53f58d9-69c0-4db7-ad0d-93b34b89d374","block_type":"box","text":"commodity price volatility, inflation, exchange rate fluctuations, social and political unrest, import controls and increased","page_number":56,"box":{"x":89,"y":471,"width":845,"height":12}},{"id":"40850bc8-d03d-4296-9a9f-1f9616f10bf9","block_type":"box","text":"competition. Companies in the basic materials industry may be subject to swift fluctuations in supply and demand.","page_number":56,"box":{"x":89,"y":486,"width":804,"height":12}},{"id":"05f7eb22-a3cd-4bb2-9fd7-71ac351fc015","block_type":"box","text":"Fluctuations may be caused by events relating to political and economic developments, the environmental impact of basic","page_number":56,"box":{"x":89,"y":501,"width":854,"height":13}},{"id":"0de2ab6c-3235-445c-8f37-7dbc0ce609b4","block_type":"box","text":"materials operations, and the success of exploration projects. Production of industrial materials often exceeds demand as a","page_number":56,"box":{"x":89,"y":516,"width":862,"height":13}},{"id":"0927c076-6ee2-49e4-8320-2cda8c4d8c98","block_type":"box","text":"result of over-building or economic downturns, leading to poor investment returns. Issuers in the basic materials industry are","page_number":56,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"e3f3d42c-4fce-46ee-baef-f2248d3a9fbe","block_type":"box","text":"at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, delays","page_number":56,"box":{"x":89,"y":547,"width":874,"height":12}},{"id":"33870a24-515f-474e-a77d-76210a0a4645","block_type":"box","text":"in technical progress, labor relations, tax and government regulations related to changes to, among other things, energy and","page_number":56,"box":{"x":89,"y":562,"width":871,"height":12}},{"id":"8176f448-a86b-4e37-a07d-6f6dad8708b7","block_type":"box","text":"environmental policies.","page_number":56,"box":{"x":89,"y":577,"width":160,"height":12}},{"id":"8ed6901c-3e9e-4ac6-ae4f-e8696276ceb5","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":56,"box":{"x":89,"y":603,"width":401,"height":13}},{"id":"7af31a88-ba45-4b8a-a5a2-073348141a23","block_type":"box","text":"The communication services sector consists of both companies in","page_number":56,"box":{"x":498,"y":603,"width":464,"height":13}},{"id":"b82d5990-2f3d-4079-a8cb-5b141cda9363","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":56,"box":{"x":88,"y":618,"width":877,"height":13}},{"id":"2efc092a-6718-4f26-9395-ebdba8283d2d","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":56,"box":{"x":88,"y":633,"width":774,"height":13}},{"id":"493e92f8-ebff-4fc6-a9f4-8e6bccd0307a","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":56,"box":{"x":88,"y":649,"width":860,"height":12}},{"id":"14e2d934-a578-4799-9a64-930c474a6fa3","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":56,"box":{"x":89,"y":664,"width":841,"height":12}},{"id":"ff7083cc-d2a5-4262-97ff-4026ef13f9c9","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":56,"box":{"x":89,"y":679,"width":851,"height":12}},{"id":"c1dd0691-8aae-49f5-a42e-2c0aae62864d","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":56,"box":{"x":89,"y":694,"width":822,"height":12}},{"id":"6b17f164-a8f9-4068-bb62-7426989a1b4f","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":56,"box":{"x":89,"y":709,"width":803,"height":12}},{"id":"be0bd0e3-7f12-407b-bd8f-dcf2a269c7a9","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":56,"box":{"x":89,"y":724,"width":808,"height":13}},{"id":"a530da54-f5ed-4b55-a57b-be395bad5af2","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":56,"box":{"x":89,"y":739,"width":870,"height":13}},{"id":"32b29b1f-8773-4b4e-8e4d-b839d0ebb053","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":56,"box":{"x":89,"y":754,"width":848,"height":13}},{"id":"16051ff1-45ec-4939-a916-742802d68405","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":56,"box":{"x":89,"y":770,"width":702,"height":12}},{"id":"5af4d987-57fb-42d9-aef9-780bf27364f9","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":56,"box":{"x":88,"y":796,"width":879,"height":12}},{"id":"5b7ebc02-d949-4963-8ee4-4664c7351ff3","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":56,"box":{"x":89,"y":811,"width":875,"height":12}},{"id":"b4333a05-91f0-46a8-8db4-1a4e8016d79a","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":56,"box":{"x":89,"y":826,"width":867,"height":13}},{"id":"24f28850-fe6a-42a0-ad8b-c95b914a2499","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":56,"box":{"x":88,"y":841,"width":843,"height":13}},{"id":"cb3cedc1-5075-4b98-925f-aef925a02420","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":56,"box":{"x":89,"y":856,"width":828,"height":13}},{"id":"db172d43-c94e-429a-aabc-f1a9c0801d3b","block_type":"box","text":"26","page_number":56,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"84b31e07-a671-442a-a5de-4d8f9462ada9","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":57,"box":{"x":89,"y":44,"width":837,"height":12}},{"id":"660dde86-c190-450b-b0bb-2e4f022c3d26","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":57,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"fb8ddde4-2d3c-4e15-ae39-74c88573306a","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":57,"box":{"x":89,"y":74,"width":803,"height":12}},{"id":"c90f3198-c9d2-495f-85b7-c3bdc7602600","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":57,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"4aaf41db-ad7c-4678-9db6-db2ff2164dca","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":57,"box":{"x":89,"y":104,"width":799,"height":13}},{"id":"4a2b4d03-cb87-421c-ae87-d7725640a08d","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":57,"box":{"x":89,"y":119,"width":683,"height":13}},{"id":"59a36602-7aaf-4156-a633-97ac2ade2a2f","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":57,"box":{"x":88,"y":146,"width":850,"height":12}},{"id":"343a1cfe-b56e-4b42-ad16-d481e3698441","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":57,"box":{"x":89,"y":161,"width":864,"height":12}},{"id":"d01f02ef-f296-41b6-b95b-e0c3a6ed9c51","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":57,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"34dbec7f-1811-414c-8d55-b272039a39a8","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":57,"box":{"x":89,"y":191,"width":818,"height":13}},{"id":"b8982ceb-8aa8-481c-8ab7-88605e02bf84","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":57,"box":{"x":89,"y":206,"width":826,"height":13}},{"id":"7995c237-72ff-4898-9ec4-56f38c086a74","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":57,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"414f1b4a-cfa2-4c67-bc7e-32779f412d77","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":57,"box":{"x":89,"y":237,"width":856,"height":12}},{"id":"b71d2b95-e10a-4910-a117-8cac0268e7c5","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":57,"box":{"x":89,"y":263,"width":868,"height":12}},{"id":"f86e5c2e-8c92-4704-93a0-9f80deb73b25","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":57,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"5badc49d-7d8c-47bc-a957-d3c6b7a33c8b","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":57,"box":{"x":89,"y":293,"width":833,"height":13}},{"id":"397942aa-771a-4900-bbb3-8341aaadabcd","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":57,"box":{"x":89,"y":308,"width":840,"height":13}},{"id":"852a397a-e7b2-492c-a9ee-01a17b20de6e","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":57,"box":{"x":88,"y":324,"width":823,"height":12}},{"id":"faf8e856-2099-4937-9723-1c31d76a06cc","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":57,"box":{"x":89,"y":339,"width":859,"height":12}},{"id":"3f6f53fa-0ea5-4140-bc6b-97ef430d7f1b","block_type":"box","text":"less revenue.","page_number":57,"box":{"x":89,"y":354,"width":88,"height":10}},{"id":"502d4f41-eae8-441b-8da1-afdec54c1d0e","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":57,"box":{"x":89,"y":380,"width":397,"height":13}},{"id":"c2c7823b-c2f6-499a-9712-0c7ba257d991","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":57,"box":{"x":495,"y":380,"width":446,"height":13}},{"id":"86b7b750-26b1-4780-8c14-b2b1aacf27b7","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":57,"box":{"x":89,"y":395,"width":861,"height":13}},{"id":"71013aa8-0fb3-440c-9160-f0c4d8ed65a9","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":57,"box":{"x":89,"y":410,"width":872,"height":13}},{"id":"e428b86f-5e02-4924-bcc3-5f5e863be589","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":57,"box":{"x":89,"y":426,"width":850,"height":12}},{"id":"7de737a8-0acb-4bfd-bf1e-229d217d7e8d","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":57,"box":{"x":89,"y":441,"width":822,"height":12}},{"id":"6a0f3109-781f-421b-86c1-4ec03a9519f9","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":57,"box":{"x":89,"y":456,"width":827,"height":12}},{"id":"354fae97-15ce-49a1-bab2-f3962ed47eeb","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":57,"box":{"x":89,"y":471,"width":850,"height":12}},{"id":"ec5f81e3-ea83-446a-a3a4-039aa6ffbed9","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":57,"box":{"x":89,"y":486,"width":838,"height":12}},{"id":"5adfc3b0-474b-4aaf-b601-0385d0e05255","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":57,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"67d64b48-ca6a-49ed-b8f8-af854a6a4ae1","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":57,"box":{"x":89,"y":516,"width":823,"height":13}},{"id":"bf070386-31d7-4b7c-80b9-27a907be24eb","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":57,"box":{"x":89,"y":531,"width":834,"height":13}},{"id":"553ca3ec-4e97-4a45-a62f-f616ee1e9a6b","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":57,"box":{"x":89,"y":547,"width":741,"height":12}},{"id":"a068cf43-fcec-404c-a14d-5864ccbc6864","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":57,"box":{"x":89,"y":573,"width":352,"height":12}},{"id":"b7631e7c-0bea-4dc4-85a7-bed00bda87b4","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":57,"box":{"x":450,"y":573,"width":504,"height":12}},{"id":"514192be-f80d-4cf9-a4c9-24699f277fac","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":57,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"f2e2e72b-5430-4510-af2e-79a8afab56ec","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":57,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"990f2fdc-617d-465e-9f9c-d7abbfb0b391","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":57,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"2374a356-f28c-485b-8102-51fe36416ef1","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":57,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"9f0e7d88-19c8-446a-b15a-346ae14b9c54","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":57,"box":{"x":88,"y":649,"width":849,"height":12}},{"id":"3e711871-cd92-4205-9678-4a6fe257d322","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":57,"box":{"x":89,"y":664,"width":869,"height":12}},{"id":"33dd3874-f8b8-400b-81a8-23ec5b664829","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":57,"box":{"x":89,"y":679,"width":847,"height":12}},{"id":"4d94dc82-d19e-477f-bafd-799b42a18b31","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":57,"box":{"x":89,"y":694,"width":838,"height":12}},{"id":"496072f3-6699-4387-86d2-2eec7be7cdb3","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":57,"box":{"x":89,"y":709,"width":864,"height":12}},{"id":"7c950cfc-50e1-4556-92c6-96185f72e32b","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":57,"box":{"x":89,"y":724,"width":872,"height":13}},{"id":"34b16bc2-e359-4d4f-adad-12c0081fdda8","block_type":"box","text":"their profitability.","page_number":57,"box":{"x":88,"y":739,"width":118,"height":13}},{"id":"12dda3ef-7cf3-4511-a6bc-52bd93b93233","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":57,"box":{"x":89,"y":766,"width":270,"height":12}},{"id":"87a31be6-d139-484d-a0b3-0e7f34a1a84a","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":57,"box":{"x":369,"y":766,"width":590,"height":12}},{"id":"fe711bea-da1a-4db7-8820-429134a67500","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":57,"box":{"x":89,"y":781,"width":788,"height":12}},{"id":"bba67786-57a7-4f7c-a543-88fafd9d1493","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":57,"box":{"x":89,"y":796,"width":853,"height":12}},{"id":"b4b4fae7-f98d-49e7-8a67-0580b6b1d953","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":57,"box":{"x":89,"y":811,"width":852,"height":12}},{"id":"167801e6-8a00-413e-8f98-76701a32879b","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":57,"box":{"x":88,"y":826,"width":822,"height":13}},{"id":"70578015-8387-42ad-9353-a4cdd68c1a48","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":57,"box":{"x":89,"y":841,"width":807,"height":13}},{"id":"c87a0a34-f140-4f5d-8450-70e2314f61ef","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":57,"box":{"x":89,"y":856,"width":846,"height":13}},{"id":"94f280ba-4de9-4cf9-b2ab-7931eb317748","block_type":"box","text":"27","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"06762055-78ed-423a-9925-effd96f22f43","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":58,"box":{"x":88,"y":44,"width":874,"height":12}},{"id":"dcf36246-85b9-4360-99c4-6b600aaffc4f","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":58,"box":{"x":89,"y":59,"width":820,"height":12}},{"id":"bb7df454-a020-412f-96df-ecba0de38347","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":58,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"f754239e-bdf9-49d0-82bb-41bb9e1bf2ff","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":58,"box":{"x":89,"y":89,"width":823,"height":13}},{"id":"575b9696-8fc4-4389-a38b-8e1dfd432498","block_type":"box","text":"terrorism, cyber incidents, natural disasters or other catastrophes. Companies in the energy sector are at risk of liability from","page_number":58,"box":{"x":88,"y":104,"width":870,"height":13}},{"id":"a4167983-1382-400b-87d0-e86140fc73c6","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":58,"box":{"x":89,"y":119,"width":859,"height":13}},{"id":"e34c0be9-8c50-4e76-aa72-589dda2ff57b","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":58,"box":{"x":89,"y":135,"width":860,"height":12}},{"id":"e4c1bbb0-54ee-485d-8f88-22a5ee6f36e1","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":58,"box":{"x":88,"y":150,"width":861,"height":12}},{"id":"e57f18da-6742-4b75-8e6b-8a06e426b87e","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":58,"box":{"x":89,"y":165,"width":876,"height":12}},{"id":"2d0138cd-77df-4fa8-9f38-00413aae17e4","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":58,"box":{"x":89,"y":180,"width":836,"height":12}},{"id":"9590b232-8a2f-4b28-89cf-d06d99240bcf","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":58,"box":{"x":89,"y":195,"width":755,"height":12}},{"id":"3be082fb-8882-43f8-ade4-3ab356153323","block_type":"box","text":"e.g","page_number":58,"box":{"x":845,"y":198,"width":20,"height":9}},{"id":"61f01064-313f-4740-97a9-7e646a4fd3e2","block_type":"box","text":".,","page_number":58,"box":{"x":866,"y":203,"width":6,"height":3}},{"id":"ed8bb931-ebc5-4d7a-bb6f-4e57673ed0b8","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":58,"box":{"x":89,"y":210,"width":849,"height":13}},{"id":"62dbca41-67a0-4fc4-a235-f106a10c1617","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":58,"box":{"x":89,"y":225,"width":879,"height":13}},{"id":"9580be7d-7a28-410a-864a-ad2650bdc962","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":58,"box":{"x":89,"y":240,"width":860,"height":13}},{"id":"49239cbf-5bbb-4183-a673-2e7f8814c99c","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":58,"box":{"x":89,"y":256,"width":873,"height":12}},{"id":"cdd1de3a-824c-43bf-8cfe-77471fe52d04","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":58,"box":{"x":89,"y":271,"width":878,"height":12}},{"id":"4d57e757-230d-4efe-91dd-bb9257338e4d","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":58,"box":{"x":88,"y":286,"width":839,"height":12}},{"id":"fb515dba-1603-406e-82d1-8b58b551e06c","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":58,"box":{"x":88,"y":301,"width":858,"height":12}},{"id":"f43e99ea-c7ba-4c37-8508-be6089764030","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":58,"box":{"x":89,"y":316,"width":611,"height":12}},{"id":"820f582e-7a37-47b8-b72a-794aed15e0d2","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":58,"box":{"x":88,"y":342,"width":831,"height":13}},{"id":"d394ec0d-59bb-4a43-ae76-456589994d30","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":58,"box":{"x":89,"y":358,"width":843,"height":12}},{"id":"d40d2881-f5ce-433e-846d-a0f9bf56baec","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":58,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"8e779230-39b1-4cf4-93d2-dbfd7f4788f5","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":58,"box":{"x":89,"y":388,"width":875,"height":12}},{"id":"a55271c6-2574-4737-b551-084db8057ea3","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":58,"box":{"x":89,"y":403,"width":871,"height":12}},{"id":"eaf79e44-eadd-428a-80b3-4b6b070eee02","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":58,"box":{"x":89,"y":418,"width":873,"height":12}},{"id":"ce048dd8-7a19-4389-9516-f8702daeb791","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":58,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"3686c7fc-3b85-4a58-bab5-3f9539ca1c62","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":58,"box":{"x":89,"y":448,"width":445,"height":13}},{"id":"820ab5ee-638d-4001-89d3-b0fb2c200f61","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":58,"box":{"x":89,"y":475,"width":292,"height":12}},{"id":"fc933cc1-4699-4f38-8326-a084ef349557","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":58,"box":{"x":391,"y":475,"width":533,"height":12}},{"id":"53fad08f-8f9e-4a30-846e-813f08e6f75a","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":58,"box":{"x":89,"y":490,"width":836,"height":12}},{"id":"68ceba1d-a76e-480f-a789-d82d72779f12","block_type":"box","text":"companies (","page_number":58,"box":{"x":89,"y":505,"width":85,"height":12}},{"id":"7190fbae-bc50-4db7-aefa-8b0c74bde671","block_type":"box","text":"e.g.","page_number":58,"box":{"x":175,"y":508,"width":23,"height":9}},{"id":"0cac8d7d-2fc6-4c66-a9e9-61de80d166db","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":58,"box":{"x":200,"y":505,"width":706,"height":12}},{"id":"4740b80c-5165-4ac2-bff9-fe300882b7b5","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":58,"box":{"x":88,"y":520,"width":491,"height":12}},{"id":"8ca84801-7697-4b46-85ed-cb40de56862b","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":58,"box":{"x":89,"y":547,"width":865,"height":12}},{"id":"62c34aa9-55a8-4cff-906b-cf5e1e584190","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":58,"box":{"x":89,"y":562,"width":869,"height":12}},{"id":"b8925559-74b8-45dc-8e92-714a84f43970","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":58,"box":{"x":89,"y":577,"width":813,"height":12}},{"id":"378b8899-5db2-4b3d-838b-77e483448f82","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":58,"box":{"x":89,"y":592,"width":877,"height":12}},{"id":"bc5e9ddc-deeb-4f07-be2a-90d76bcbebe0","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":58,"box":{"x":88,"y":607,"width":848,"height":12}},{"id":"792d423d-6b9f-49e9-8d95-1a8f104e0340","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":58,"box":{"x":89,"y":622,"width":827,"height":12}},{"id":"a47bea1e-8584-4905-b6da-bef1145a4a84","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":58,"box":{"x":88,"y":637,"width":871,"height":13}},{"id":"a0f3e742-a987-4a34-a977-4eabf3bec62a","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":58,"box":{"x":89,"y":652,"width":853,"height":13}},{"id":"449e32af-e837-4e1f-9049-01e3401ead7e","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":58,"box":{"x":89,"y":668,"width":833,"height":12}},{"id":"be4508e9-b707-4198-8bf8-51f6abc726a7","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":58,"box":{"x":89,"y":683,"width":839,"height":12}},{"id":"67cde53d-b53d-46dc-a2f1-f4ae47db2002","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":58,"box":{"x":89,"y":698,"width":872,"height":12}},{"id":"8870b62f-d11d-4575-bf5a-a9a92abe1bc5","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":58,"box":{"x":89,"y":713,"width":810,"height":12}},{"id":"ce460a95-bf60-43c2-a97f-290989ddf48f","block_type":"box","text":"restrictions on currency transfers. Market conditions and regulation of the financial sector in China may be particularly","page_number":58,"box":{"x":89,"y":728,"width":829,"height":12}},{"id":"100c3bdb-a9e8-4431-8fd1-2436afef3a7d","block_type":"box","text":"subject to change based on government policy. In addition, companies in the financials sector may be the targets of hacking","page_number":58,"box":{"x":89,"y":743,"width":868,"height":12}},{"id":"a49b7c99-5ece-4fe8-84c4-e86a9b4172ec","block_type":"box","text":"and potential theft of proprietary or customer information or disruptions in service, which could have a material adverse","page_number":58,"box":{"x":89,"y":758,"width":841,"height":13}},{"id":"db8f5ef3-ce5a-4ae2-b444-6543074d0b26","block_type":"box","text":"effect on their businesses.","page_number":58,"box":{"x":89,"y":773,"width":180,"height":10}},{"id":"1caf4f50-21ce-4b02-90c2-297991d4b65d","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":58,"box":{"x":88,"y":800,"width":879,"height":12}},{"id":"b9f2b47e-c979-4431-9139-255dbcfe60c4","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":58,"box":{"x":89,"y":815,"width":863,"height":12}},{"id":"12243faf-97fc-4aac-bf9e-25748c8d77b2","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":58,"box":{"x":88,"y":830,"width":831,"height":12}},{"id":"9615fb75-330d-4b3a-a9e5-7cc54e8cb705","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":58,"box":{"x":88,"y":845,"width":873,"height":12}},{"id":"3c39afb7-a5a8-437f-a1d8-a194de091a4f","block_type":"box","text":"28","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"68dddf1f-2e2d-4436-81de-57cbe2905531","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":59,"box":{"x":89,"y":44,"width":855,"height":12}},{"id":"b0733c62-9fe5-443e-a290-4b3bbcfe4cb5","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":59,"box":{"x":89,"y":59,"width":730,"height":12}},{"id":"b733d391-91bf-4a3a-8cea-940c61c710a5","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":59,"box":{"x":89,"y":85,"width":845,"height":13}},{"id":"6b30947c-98a0-4a71-a2f2-33a8a74820cb","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":59,"box":{"x":89,"y":101,"width":835,"height":12}},{"id":"18553ef3-521d-42cb-8e10-fb558bfa981c","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":59,"box":{"x":89,"y":116,"width":831,"height":12}},{"id":"d0ab7b5b-7b09-415c-ba05-7a70db2ea693","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":59,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"420e3396-ecd6-4091-bad9-400f746177d7","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":59,"box":{"x":88,"y":146,"width":821,"height":12}},{"id":"5d1c6cd7-e9d4-4814-8496-617ba9a64215","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":59,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"491a6f48-185d-4876-89eb-7595b4abf0ca","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":59,"box":{"x":89,"y":176,"width":836,"height":13}},{"id":"262ab921-0cf6-4d8e-b7b4-8706654a2cbc","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":59,"box":{"x":89,"y":191,"width":841,"height":13}},{"id":"f49dfcde-17f6-4414-b5b2-829c51ca2ea6","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":59,"box":{"x":89,"y":206,"width":814,"height":13}},{"id":"07f92628-57cd-406d-94ea-8ed42cf3b965","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":59,"box":{"x":89,"y":222,"width":827,"height":12}},{"id":"914bf1f1-9f8d-4052-adce-59606cbe6b96","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":59,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"f126a990-5852-481a-9536-31a2608a6b31","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":59,"box":{"x":88,"y":252,"width":837,"height":12}},{"id":"1264649b-ce1f-4ad5-b56e-97a50c5f0a43","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":59,"box":{"x":89,"y":267,"width":862,"height":12}},{"id":"43de4f12-8698-4f46-a100-29c8c088ed33","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":59,"box":{"x":89,"y":282,"width":853,"height":12}},{"id":"f42d7e8b-f1bb-420b-a436-f1bebacabf71","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":59,"box":{"x":89,"y":297,"width":865,"height":12}},{"id":"5234af34-9b2b-41b7-a244-d12674595817","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":59,"box":{"x":89,"y":312,"width":863,"height":13}},{"id":"65c687ec-1a2d-4253-b3b1-e5793d963a0b","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":59,"box":{"x":89,"y":327,"width":872,"height":13}},{"id":"353efb09-e11e-4c72-bd1f-ed195ed6c5de","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":59,"box":{"x":89,"y":342,"width":665,"height":13}},{"id":"549f571e-25df-4d9b-b441-0fc153148c3e","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":59,"box":{"x":89,"y":369,"width":299,"height":12}},{"id":"a2514b7f-0ca5-4351-98d8-bc1932a981ff","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":59,"box":{"x":397,"y":369,"width":557,"height":12}},{"id":"6c9cd434-43e7-4f7f-b3e1-a4e5bc319e9a","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":59,"box":{"x":89,"y":384,"width":839,"height":12}},{"id":"6b263624-5db1-4cf4-9f75-0a10f0efa29a","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":59,"box":{"x":88,"y":399,"width":834,"height":13}},{"id":"e354651b-51cd-4c94-8127-3bef0e295a77","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":59,"box":{"x":89,"y":414,"width":816,"height":13}},{"id":"79805276-7451-4de6-b5bc-5c12f692f94e","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":59,"box":{"x":89,"y":429,"width":849,"height":13}},{"id":"0761399e-059d-4769-935b-e1f63021ebe2","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":59,"box":{"x":89,"y":456,"width":863,"height":12}},{"id":"33965b24-1a50-4e0c-a990-25e7e6ef8fca","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":59,"box":{"x":88,"y":471,"width":854,"height":12}},{"id":"e46e4921-2024-43b2-85a3-1b0aa6658c1d","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":59,"box":{"x":89,"y":486,"width":860,"height":12}},{"id":"55e58015-adea-4063-8b37-d9d9d141d992","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":59,"box":{"x":89,"y":501,"width":621,"height":13}},{"id":"b484512b-f08d-4c99-93d8-bc8ef7d5d977","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":59,"box":{"x":89,"y":528,"width":862,"height":12}},{"id":"b9458352-9881-4786-92d7-d73dd5f3ab72","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":59,"box":{"x":89,"y":543,"width":860,"height":12}},{"id":"1961e4af-8f4b-4554-a8d8-2787a9f67070","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":59,"box":{"x":89,"y":558,"width":842,"height":12}},{"id":"e9db1bdc-74e3-4543-bc35-a1ab7a63d1de","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":59,"box":{"x":89,"y":573,"width":868,"height":12}},{"id":"b6a78345-99ea-4313-8b9d-2c76aaa42006","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":59,"box":{"x":89,"y":588,"width":867,"height":12}},{"id":"305e48ef-30be-42df-baa0-d8bfb14bfdd6","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":59,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"34fe632f-b81b-4f99-a82c-709ec0c46413","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":59,"box":{"x":89,"y":618,"width":857,"height":13}},{"id":"5c042c70-afd2-4915-b910-27ff2f51fc5a","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":59,"box":{"x":89,"y":633,"width":870,"height":13}},{"id":"c3d19a93-bdd0-4188-ac25-c1709aaa2688","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":59,"box":{"x":89,"y":649,"width":811,"height":12}},{"id":"1987f2f0-e8c9-4afd-8c03-2f5d72cb95a7","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":59,"box":{"x":89,"y":664,"width":834,"height":12}},{"id":"f4150ce9-22dc-4407-a69a-0554c2761275","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":59,"box":{"x":89,"y":679,"width":878,"height":12}},{"id":"a12917d3-b7c0-41cb-a56e-83c743b5bd45","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":59,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"ddeb8058-7d80-4e27-99a2-a0a6620b5ac9","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":59,"box":{"x":89,"y":709,"width":844,"height":12}},{"id":"c9e0f321-890c-4978-a2f3-f2c0d8606a86","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":59,"box":{"x":89,"y":724,"width":845,"height":13}},{"id":"ee071b9a-44de-44b5-8714-6a4de4c20583","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":59,"box":{"x":89,"y":739,"width":841,"height":13}},{"id":"4f04cc28-3b53-4514-8898-4dcf94d011ef","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":59,"box":{"x":89,"y":754,"width":793,"height":13}},{"id":"91d7e49a-def1-405f-a669-38df85b57411","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":59,"box":{"x":88,"y":781,"width":872,"height":12}},{"id":"4422383a-b209-4e35-9172-b38b975359f0","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":59,"box":{"x":89,"y":796,"width":861,"height":12}},{"id":"c7114d13-dde2-4527-a612-98e63ee59ccd","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":59,"box":{"x":89,"y":811,"width":828,"height":12}},{"id":"e610e043-45e8-4f1c-95f7-f582bafcc87f","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":59,"box":{"x":89,"y":826,"width":788,"height":13}},{"id":"44f79d8a-7fda-4dbc-a2c8-1b0fd7bd02ee","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":59,"box":{"x":89,"y":841,"width":821,"height":13}},{"id":"c91413e8-9a70-46b9-8148-d03a05c4c2e2","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":59,"box":{"x":89,"y":856,"width":786,"height":13}},{"id":"4878afbe-802a-47c9-89ba-1b4a21067872","block_type":"box","text":"29","page_number":59,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2d0c2c8c-584a-4afc-aa65-fcc2c0afb551","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":60,"box":{"x":89,"y":44,"width":297,"height":12}},{"id":"b4ce8c8d-4571-49c6-bd9f-c89a1e81f028","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":60,"box":{"x":395,"y":44,"width":530,"height":12}},{"id":"679da36e-5236-4ca4-a7c5-1b78cd6e5573","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":60,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"b94b46e2-f50f-418a-9c5d-666cd62f556c","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":60,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"8fc80fc1-12d1-434c-8684-499d42cb1609","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":60,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"0d84ba8b-63b1-47ee-b7e7-fc7240c34e9b","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":60,"box":{"x":89,"y":104,"width":824,"height":13}},{"id":"f870f390-3bf7-4381-972c-d9c97e972262","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":60,"box":{"x":89,"y":119,"width":852,"height":13}},{"id":"1b1adb2e-dc2e-43e4-bfd7-263b444ce629","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":60,"box":{"x":89,"y":135,"width":858,"height":12}},{"id":"9b00ce06-2e72-4946-acd9-6f86e6f44d71","block_type":"box","text":"affect the sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage,","page_number":60,"box":{"x":89,"y":150,"width":837,"height":12}},{"id":"789ebd44-93a0-4b1b-86c5-0384fe9e9070","block_type":"box","text":"product liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":60,"box":{"x":89,"y":165,"width":751,"height":12}},{"id":"25b39ff7-4206-42b6-ab65-54a657a9bfc0","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":60,"box":{"x":89,"y":191,"width":288,"height":13}},{"id":"b065134d-5486-4a18-86a3-f14fd7768dd2","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":60,"box":{"x":386,"y":191,"width":568,"height":13}},{"id":"93cf1d0c-5170-48b2-892d-e5c8569c3e22","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":60,"box":{"x":88,"y":206,"width":824,"height":13}},{"id":"54bbd481-7aac-4434-bf95-d3d4168cad28","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":60,"box":{"x":89,"y":222,"width":878,"height":12}},{"id":"43cc38dd-c808-4ebb-b8db-c62818edd736","block_type":"box","text":"and pollution control, among other factors. Such risks may adversely affect the issuers to which a Fund has exposure.","page_number":60,"box":{"x":89,"y":237,"width":822,"height":12}},{"id":"f6221168-e1cd-4242-8b84-7de696e5cf70","block_type":"box","text":"Companies in the materials sector are also at risk of liability for environmental damage and product liability claims.","page_number":60,"box":{"x":89,"y":252,"width":801,"height":12}},{"id":"2ab4c0cd-e191-4eee-8c2d-906d134a809b","block_type":"box","text":"Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor","page_number":60,"box":{"x":89,"y":267,"width":832,"height":12}},{"id":"a2439e2c-5992-4e50-922e-6fcde4725a62","block_type":"box","text":"investment returns. These risks are heightened for companies in the materials sector located in foreign markets.","page_number":60,"box":{"x":89,"y":282,"width":783,"height":12}},{"id":"e95cb182-23e7-4baf-93ea-65a105c54449","block_type":"box","text":"Risk of Investing in the Media Sub-Industry.","page_number":60,"box":{"x":89,"y":308,"width":314,"height":13}},{"id":"39629abb-62ee-41ac-9edf-a8fd6f73f7e3","block_type":"box","text":"Companies in the media sub-industry may encounter distressed cash flows","page_number":60,"box":{"x":412,"y":308,"width":527,"height":13}},{"id":"eabe15bf-f25f-47a2-8365-c1815bf22145","block_type":"box","text":"due to the need to commit substantial capital to meet increasing competition, particularly in formulating new products and","page_number":60,"box":{"x":89,"y":324,"width":864,"height":12}},{"id":"6c1bc45c-ceaa-4dac-8f74-3a0a505b1ddd","block_type":"box","text":"services using new technology. Media companies are subject to risks that include cyclicality of revenues and earnings, a","page_number":60,"box":{"x":89,"y":339,"width":837,"height":12}},{"id":"fc1620a3-cc1c-462b-a19f-44a3bdbd5636","block_type":"box","text":"potential decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, competition","page_number":60,"box":{"x":89,"y":354,"width":865,"height":12}},{"id":"f6a3855c-a835-4322-8a49-b9de41d28410","block_type":"box","text":"in the industry and the potential for increased state and federal regulation. Advertising spending is an important source of","page_number":60,"box":{"x":89,"y":369,"width":854,"height":12}},{"id":"e47f2120-1282-4162-8282-8cf9fb5b9c15","block_type":"box","text":"revenue for media companies. During economic downturns, advertising spending typically decreases and, as a result, media","page_number":60,"box":{"x":89,"y":384,"width":868,"height":12}},{"id":"70619b70-d274-4e33-867c-6837389e4186","block_type":"box","text":"companies tend to generate less revenue.","page_number":60,"box":{"x":89,"y":399,"width":289,"height":13}},{"id":"a4f3937d-1427-451e-9a83-91e276c7d5f1","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":60,"box":{"x":89,"y":426,"width":313,"height":12}},{"id":"8a2cc4c5-b3b3-4b19-9a01-e7f991e82b1f","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":60,"box":{"x":411,"y":426,"width":520,"height":12}},{"id":"315c8747-3e37-4c2c-95fa-cc3073fd5dd4","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":60,"box":{"x":89,"y":441,"width":867,"height":12}},{"id":"b4080d63-4e5b-4424-869b-85a7a600496b","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":60,"box":{"x":89,"y":456,"width":859,"height":12}},{"id":"8749d823-95b7-422e-8611-229355f65952","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":60,"box":{"x":89,"y":471,"width":837,"height":12}},{"id":"395194c1-d440-4002-9230-8ab35312258c","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":60,"box":{"x":89,"y":486,"width":819,"height":12}},{"id":"0f56a41c-a245-494b-9f49-fb32e4f9cfe9","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":60,"box":{"x":89,"y":501,"width":869,"height":13}},{"id":"710a88b5-ae48-4442-9fba-bf0e0fced2e4","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":60,"box":{"x":88,"y":516,"width":439,"height":13}},{"id":"260f0970-64b1-420b-b95c-635189cc4de7","block_type":"box","text":"Concentration Risk.","page_number":60,"box":{"x":89,"y":543,"width":134,"height":10}},{"id":"18cbeee5-18cf-44eb-947b-f65bd1ff58d0","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":60,"box":{"x":230,"y":543,"width":718,"height":12}},{"id":"1c51b10f-007a-41d1-804f-cee985c5dc28","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":60,"box":{"x":89,"y":558,"width":854,"height":12}},{"id":"faf4ca19-14e6-4dc6-af8c-be03c363a4f5","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":60,"box":{"x":89,"y":573,"width":416,"height":12}},{"id":"0fafbcd1-8038-4c4e-95af-634dcb822ed7","block_type":"box","text":"Distressed Investment Risk.","page_number":60,"box":{"x":88,"y":599,"width":189,"height":10}},{"id":"73a61c73-e2e0-43e3-96b8-f6fc36a192f3","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":60,"box":{"x":284,"y":599,"width":595,"height":13}},{"id":"a42104ac-05e0-4c5f-bc50-f0bb9cc0395a","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":60,"box":{"x":89,"y":615,"width":859,"height":12}},{"id":"61de8f6c-5541-4195-804a-cd3a6d29b635","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":60,"box":{"x":89,"y":630,"width":806,"height":12}},{"id":"08892512-7031-4560-adad-f80b95022488","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":60,"box":{"x":89,"y":645,"width":856,"height":12}},{"id":"84265715-df4d-4eaa-993f-2d15d53f6227","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":60,"box":{"x":88,"y":660,"width":879,"height":12}},{"id":"157f7a07-bb7b-4e3f-9d20-dc9208742777","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":60,"box":{"x":89,"y":675,"width":587,"height":12}},{"id":"1f1932ec-5fc0-4e21-b196-658bb96e35f4","block_type":"box","text":"Illiquidity Risk.","page_number":60,"box":{"x":88,"y":702,"width":98,"height":12}},{"id":"dd500d08-8250-4557-b8d2-3b3d2a064c76","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":60,"box":{"x":193,"y":702,"width":722,"height":12}},{"id":"a03e2e2d-d3e3-4714-b5ef-51c5bf86db9d","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":60,"box":{"x":89,"y":717,"width":867,"height":12}},{"id":"e0ca85ee-2cef-423a-9c69-a8572742e50d","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":60,"box":{"x":88,"y":732,"width":870,"height":12}},{"id":"7f7562b7-f31d-4b18-9e52-b10b325e5843","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":60,"box":{"x":89,"y":747,"width":865,"height":12}},{"id":"db861d68-5e5c-4a48-968c-6b7c7c5803bc","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":60,"box":{"x":89,"y":762,"width":819,"height":12}},{"id":"06677044-a112-4ede-8bc1-2e8b99894493","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":60,"box":{"x":89,"y":777,"width":857,"height":12}},{"id":"7160bb0d-7c0a-46d5-b4f6-d642dffd9e14","block_type":"box","text":"Interest Rate Risk.","page_number":60,"box":{"x":88,"y":804,"width":124,"height":9}},{"id":"82c3d783-e352-4c6e-a87f-1a11000af44a","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":60,"box":{"x":218,"y":804,"width":680,"height":12}},{"id":"a4a2442a-f2cc-4b62-b787-6fac3c6c9727","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":60,"box":{"x":89,"y":819,"width":843,"height":12}},{"id":"e2bf9a60-9893-43eb-a407-2ac93f86aeea","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":60,"box":{"x":89,"y":834,"width":679,"height":12}},{"id":"cb20cf06-f7f0-4d73-9fb1-4a2e007bc963","block_type":"box","text":"30","page_number":60,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"24738e5d-f02f-425e-b59f-cd171f9e31c8","block_type":"box","text":"Leverage Risk.","page_number":61,"box":{"x":88,"y":44,"width":98,"height":12}},{"id":"bac90424-2f68-444b-800c-a58c2968ad02","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":61,"box":{"x":192,"y":44,"width":774,"height":12}},{"id":"c79fc3ac-a932-4cb9-858e-724a2dd0016a","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":61,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"2bd67c62-80a6-40f5-a367-7e3647c7561d","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":61,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"bff1213a-31ee-48c0-a514-27514b9b85e6","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":61,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"00044f1a-6034-4ae1-a22e-b62b5e01caa4","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":61,"box":{"x":89,"y":104,"width":857,"height":13}},{"id":"18cf93aa-4342-482d-be06-c47d64c667c5","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":61,"box":{"x":89,"y":119,"width":877,"height":13}},{"id":"d2c35773-f292-450f-8378-5ba5dd4ba891","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":61,"box":{"x":88,"y":135,"width":851,"height":12}},{"id":"a4ed4820-a504-45c4-b4d0-9e3c82ab7622","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":61,"box":{"x":89,"y":150,"width":599,"height":12}},{"id":"be8c6c29-c0d7-412f-b076-155cb5c61a03","block_type":"box","text":"Loan Foreclosure Risk.","page_number":61,"box":{"x":88,"y":176,"width":154,"height":10}},{"id":"2f404107-1c9b-4eee-be65-fc9ad7493dcb","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":61,"box":{"x":249,"y":176,"width":664,"height":13}},{"id":"25c73849-b917-4e75-b71c-a4581b9f249a","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":61,"box":{"x":89,"y":191,"width":870,"height":13}},{"id":"cee9d51a-37d8-435a-95b1-45a8c8fbebfa","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":61,"box":{"x":88,"y":206,"width":819,"height":13}},{"id":"9e6c63c6-9c3f-420b-9315-dba7a9a82ac1","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":61,"box":{"x":88,"y":222,"width":868,"height":12}},{"id":"be5fea9a-646e-449b-9951-90b2e7669a68","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":61,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"787f4f27-8ea0-4910-8f5d-11f4c63f84bd","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":61,"box":{"x":89,"y":252,"width":796,"height":12}},{"id":"acd0e4cc-2b4a-490d-b78e-a50ed45eb97a","block_type":"box","text":"Management Risk.","page_number":61,"box":{"x":88,"y":278,"width":130,"height":13}},{"id":"ec71f4bc-157a-439b-acba-ec1ffce8083f","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":61,"box":{"x":225,"y":278,"width":733,"height":13}},{"id":"11adf430-4a12-4f8d-afca-60efbf2199ea","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":61,"box":{"x":89,"y":293,"width":872,"height":13}},{"id":"e00c8fe1-e9ec-4b88-ab08-32e9115c54dc","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":61,"box":{"x":89,"y":308,"width":838,"height":13}},{"id":"f6e3cbad-36bc-4fc4-bac6-9986bb7db4ef","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":61,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"a401ac80-cea0-4be7-aa87-859ea56c6867","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":61,"box":{"x":88,"y":339,"width":822,"height":12}},{"id":"139ae1aa-4b2e-4611-ad82-4aa7e48ff430","block_type":"box","text":"properties may be limited.","page_number":61,"box":{"x":89,"y":354,"width":181,"height":12}},{"id":"5e6dd7b1-e387-4917-a795-d9ad9cc105d9","block_type":"box","text":"Property Risk.","page_number":61,"box":{"x":88,"y":380,"width":94,"height":13}},{"id":"c369211d-76b7-4719-9e4a-b550bb373b2c","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":61,"box":{"x":189,"y":380,"width":752,"height":13}},{"id":"d74af005-940b-4d5f-a458-169f6e55eb86","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":61,"box":{"x":89,"y":395,"width":794,"height":13}},{"id":"c75e5b06-b655-4c1a-883c-36f4374cf999","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":61,"box":{"x":89,"y":410,"width":867,"height":13}},{"id":"28dbb81b-5c53-40f7-92b6-ec93e40451f3","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":61,"box":{"x":89,"y":426,"width":819,"height":12}},{"id":"ff7f692a-df57-4f38-84ec-11a2161b9edd","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":61,"box":{"x":89,"y":441,"width":860,"height":12}},{"id":"4129bf95-6cce-415a-8460-1a32269cd02b","block_type":"box","text":"Regulatory Risk.","page_number":61,"box":{"x":88,"y":467,"width":110,"height":13}},{"id":"a9fcda3f-c140-4506-acd2-fb226e329892","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":61,"box":{"x":205,"y":467,"width":754,"height":13}},{"id":"11a25a19-42aa-4916-a115-cad94d7aa055","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":61,"box":{"x":89,"y":482,"width":828,"height":13}},{"id":"1c968aeb-6b18-46cf-985e-9c4ff83b0702","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":61,"box":{"x":89,"y":497,"width":843,"height":13}},{"id":"ec83d0ff-0bc1-4620-a5cc-209ac59fb52e","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":61,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"15c0497e-cf55-4264-b3f6-8ca1ac1a5aaa","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":61,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"d01829c4-1f5c-40ff-bff2-194232423c20","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":61,"box":{"x":89,"y":543,"width":432,"height":12}},{"id":"4da56ae4-029a-4f60-bff9-116e40f3abdc","block_type":"box","text":"Underlying Investment Risk.","page_number":61,"box":{"x":89,"y":569,"width":192,"height":13}},{"id":"c9a610cb-4877-4f2e-b56d-8b76b8381a9f","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":61,"box":{"x":287,"y":569,"width":626,"height":13}},{"id":"1a0541bf-42be-4d75-9e52-91789482b938","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":61,"box":{"x":88,"y":584,"width":849,"height":13}},{"id":"5eac0b9d-acb2-40ab-b745-32e3532bd164","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":61,"box":{"x":88,"y":599,"width":877,"height":13}},{"id":"8d012756-9017-49bd-b3c7-4f7a78ff6664","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":61,"box":{"x":88,"y":615,"width":877,"height":12}},{"id":"7a06c188-7e1f-46eb-a7f4-2502dad55ab3","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":61,"box":{"x":89,"y":630,"width":871,"height":12}},{"id":"1080937e-a73a-4992-9a3f-36e2c74df8d6","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":61,"box":{"x":88,"y":645,"width":868,"height":12}},{"id":"0c3c2c68-cfa2-465b-ba02-9a96921547de","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":61,"box":{"x":89,"y":660,"width":867,"height":12}},{"id":"d2dabd4c-e99d-448d-a493-f4448de59086","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":61,"box":{"x":89,"y":675,"width":821,"height":12}},{"id":"add33458-8fdc-4570-a12e-1efe24aa632b","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":61,"box":{"x":89,"y":690,"width":862,"height":13}},{"id":"f2e5ba36-aa18-4da9-988e-80deac8b226e","block_type":"box","text":"similar proceedings. 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In its sole discretion, the index provider determines the composition of the securities and other","page_number":65,"box":{"x":89,"y":461,"width":868,"height":12}},{"id":"803964e6-f34a-4dc7-b9ab-728c33915f7a","block_type":"box","text":"instruments in such underlying index, the rebalance protocols of the underlying index, the weightings of the securities and","page_number":65,"box":{"x":89,"y":476,"width":857,"height":12}},{"id":"5b546f4f-d1eb-45a3-a702-9a19906d9804","block_type":"box","text":"other instruments in the underlying index, and any updates to the methodology. 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The FTSE Global","page_number":66,"box":{"x":89,"y":301,"width":804,"height":12}},{"id":"09d011ea-95c4-47d7-aa1f-d3b1c4023b70","block_type":"box","text":"Classification Committee may approve changes to the FTSE Global Classification System and Management Rules. FTSE","page_number":66,"box":{"x":89,"y":316,"width":832,"height":12}},{"id":"30f20c65-d9b4-4eb8-9a7b-f8bc78d950f2","block_type":"box","text":"appoints the Chairman and Deputy Chairman of the Underlying Index. The Chairman, or in his absence Deputy Chairman,","page_number":66,"box":{"x":89,"y":331,"width":852,"height":12}},{"id":"dfd88034-49b3-40e6-8320-037a41249d5a","block_type":"box","text":"will chair meetings of the Committee and will represent that Committee outside meetings. The Chairman and Deputy","page_number":66,"box":{"x":88,"y":346,"width":823,"height":13}},{"id":"b4c710ce-e326-44ae-9b69-a6e6e34b92af","block_type":"box","text":"Chairman of the Index Committee are collectively responsible for approving constituent changes to the Underlying Index","page_number":66,"box":{"x":89,"y":361,"width":845,"height":13}},{"id":"eb0ae43e-b1d4-4a39-bd36-0926e7f790b8","block_type":"box","text":"between meetings of the Committee on advice from the Secretary to the Committee and as permitted and as specified by the","page_number":66,"box":{"x":89,"y":376,"width":877,"height":13}},{"id":"1d60ed4e-69da-42a2-a2c3-22c1e9cadede","block_type":"box","text":"Underlying Index’s Ground Rules.","page_number":66,"box":{"x":89,"y":392,"width":232,"height":12}},{"id":"5503e57e-5474-4834-b0f3-d62da86eec61","block_type":"box","text":"Additions.","page_number":66,"box":{"x":88,"y":418,"width":73,"height":10}},{"id":"c1fda089-2953-4d35-ad38-88afc0d01bd2","block_type":"box","text":"A company is added to the Underlying Index at the periodic review if it rises to the 40th position or above when","page_number":66,"box":{"x":166,"y":418,"width":779,"height":12}},{"id":"a3f2efe7-7c8c-4b52-9f88-cab82b08c023","block_type":"box","text":"the eligible companies are ranked by full market value before the application of any investability weightings.","page_number":66,"box":{"x":88,"y":433,"width":752,"height":13}},{"id":"b1eaaa88-50c1-471f-9948-dfe1e31bb34e","block_type":"box","text":"Deletions.","page_number":66,"box":{"x":89,"y":460,"width":71,"height":9}},{"id":"bed2ea56-ba73-460a-b579-5bd257f148da","block_type":"box","text":"A company in the Underlying Index is deleted at the periodic review if it falls to the 61st position or below when","page_number":66,"box":{"x":165,"y":460,"width":779,"height":12}},{"id":"04db5b0f-4c13-4a3f-a865-4238f48e1bcf","block_type":"box","text":"the eligible companies are ranked by full market value before the application of any investability weighting. Any deletion to","page_number":66,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"0cf8a5e3-402f-424b-a2db-eead21a1eca9","block_type":"box","text":"the Underlying Index will simultaneously entail an addition to the Underlying Index in order to maintain 50 Index constituents","page_number":66,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"19c517bc-26dd-44c1-8395-43b9b1cdcf76","block_type":"box","text":"at all times.","page_number":66,"box":{"x":89,"y":505,"width":78,"height":10}},{"id":"c397d3e1-4a4b-4573-8dff-2a341c3bb17b","block_type":"box","text":"Revisions to the Float Adjustments.","page_number":66,"box":{"x":89,"y":531,"width":253,"height":13}},{"id":"ec6c31f1-99fa-4c51-9a7c-e3500296c83e","block_type":"box","text":"The Underlying Index is reviewed quarterly for changes in free float. These reviews","page_number":66,"box":{"x":347,"y":531,"width":577,"height":13}},{"id":"4ffb9778-678c-4b86-9ffc-ea54118059a3","block_type":"box","text":"coincide with quarterly reviews undertaken of the Underlying Index. Implementation of any changes takes place after the","page_number":66,"box":{"x":89,"y":547,"width":847,"height":12}},{"id":"f620ab0a-08d1-4a4b-b9cd-32d9b3cfef2c","block_type":"box","text":"close of the Underlying Index calculation on the third Friday in March, June, September and December.","page_number":66,"box":{"x":89,"y":562,"width":716,"height":12}},{"id":"e0d4cf7d-6eda-4d1f-9659-f4a06469c0c8","block_type":"box","text":"Quarterly Index Rebalancing.","page_number":66,"box":{"x":89,"y":588,"width":209,"height":12}},{"id":"2adfb358-cba5-4b1e-8b55-2bcceed82782","block_type":"box","text":"The quarterly review of the Underlying Index constituents takes place in March, June,","page_number":66,"box":{"x":303,"y":588,"width":595,"height":12}},{"id":"ffca0416-1aca-460d-a766-973551481030","block_type":"box","text":"September and December. Any constituent changes are implemented on the next trading day following the third Friday of","page_number":66,"box":{"x":88,"y":603,"width":856,"height":13}},{"id":"04d34219-cefa-447a-a9f3-35d7407ab57f","block_type":"box","text":"the same month of the review meeting. Details of the outcome of the review and the dates on which any changes are to be","page_number":66,"box":{"x":88,"y":618,"width":863,"height":13}},{"id":"8f92403c-a1c0-4f2e-a8e7-c1b27d882854","block_type":"box","text":"implemented are published as soon as possible after the Index Committee meeting has concluded. Significant Underlying","page_number":66,"box":{"x":89,"y":633,"width":849,"height":13}},{"id":"716445ee-2c77-44ee-98a0-a9073e038039","block_type":"box","text":"Index rebalancing may cause funds based on the Underlying Index to experience trading error.","page_number":66,"box":{"x":89,"y":649,"width":658,"height":12}},{"id":"3e6baa30-82c1-404b-8082-5dcdf3165648","block_type":"box","text":"Index Availability.","page_number":66,"box":{"x":89,"y":675,"width":125,"height":12}},{"id":"5fe10dbf-5318-4725-9b4c-87b688d2a750","block_type":"box","text":"The Underlying Index is calculated continuously during Hong Kong trading hours and is widely","page_number":66,"box":{"x":219,"y":675,"width":664,"height":12}},{"id":"2d4bb4e3-946f-4a8f-afe7-0fe9c4a0aa42","block_type":"box","text":"disseminated to major data vendors. The Underlying Index will not be calculated on Hong Kong public holidays.","page_number":66,"box":{"x":89,"y":690,"width":780,"height":13}},{"id":"ff30d27c-d802-488e-9e43-3cae5f79bf60","block_type":"box","text":"Exchange Rates and Pricing.","page_number":66,"box":{"x":89,"y":717,"width":203,"height":12}},{"id":"99eb1612-de83-4157-b8a3-0a0f9434f2af","block_type":"box","text":"The Underlying Index uses Reuters’ real-time foreign exchange spot rates and Reuters’ real","page_number":66,"box":{"x":297,"y":717,"width":640,"height":12}},{"id":"718e3f7c-9483-4f33-99f6-2443893bbae4","block_type":"box","text":"time security prices. The Underlying Index is calculated in Hong Kong Dollars. Non-Hong Kong Dollar denominated","page_number":66,"box":{"x":88,"y":732,"width":805,"height":12}},{"id":"db4a04bf-c089-4f2d-a2b0-135016b0c1a4","block_type":"box","text":"constituent prices are converted to Hong Kong Dollars in order to calculate the Underlying Index. The foreign exchange rates","page_number":66,"box":{"x":89,"y":747,"width":872,"height":12}},{"id":"68f570f3-57cc-4d7d-85e5-e16ba7161a28","block_type":"box","text":"and security prices received from Reuters at the closing time of the Underlying Index are used to calculate the final index","page_number":66,"box":{"x":89,"y":762,"width":844,"height":12}},{"id":"8749efe8-7977-4b9c-9400-8768647cdd29","block_type":"box","text":"levels.","page_number":66,"box":{"x":89,"y":777,"width":40,"height":10}},{"id":"8dfacba9-9d7e-41da-a2e4-d5335622afad","block_type":"box","text":"36","page_number":66,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"418e0ce2-3748-4e72-aa53-c27b1d0f0981","block_type":"box","text":"The MSCI Indexes","page_number":67,"box":{"x":88,"y":44,"width":227,"height":17}},{"id":"5f2e7cf8-bf8f-4711-9eaf-116129951879","block_type":"box","text":"The MSCI indexes were founded in 1969 by Capital International S.A. as international performance benchmarks constructed","page_number":67,"box":{"x":88,"y":78,"width":869,"height":12}},{"id":"d287d4f9-ca76-423b-ac13-f5fda5a5e5cb","block_type":"box","text":"to facilitate comparison of world markets. The MSCI single country standard equity indexes have covered the world’s","page_number":67,"box":{"x":88,"y":93,"width":819,"height":12}},{"id":"e046d847-4e81-48b7-aa5e-b4e06865548e","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":67,"box":{"x":89,"y":108,"width":654,"height":12}},{"id":"1ed0c90c-3a5e-48a4-854e-53bb9bf50714","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":67,"box":{"x":89,"y":135,"width":875,"height":12}},{"id":"fa46aff0-e6f6-4388-bb99-4a8523118730","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":67,"box":{"x":88,"y":150,"width":843,"height":12}},{"id":"40e586cb-84c6-4359-9b95-4b0e67368c16","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":67,"box":{"x":89,"y":165,"width":838,"height":12}},{"id":"6b493da3-6976-4de9-980f-98f96fcdd281","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":67,"box":{"x":89,"y":180,"width":322,"height":12}},{"id":"67a7865e-4421-493e-8559-c95a06c1fe19","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":67,"box":{"x":89,"y":206,"width":281,"height":10}},{"id":"7fa0d5eb-2ba4-4c29-82ca-e5e290673c6e","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":67,"box":{"x":89,"y":233,"width":867,"height":12}},{"id":"450cd65f-f353-496e-8dcd-9286aece7eef","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":67,"box":{"x":89,"y":248,"width":877,"height":12}},{"id":"90a03da9-769e-407d-9612-dccf9fff29c5","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":67,"box":{"x":89,"y":263,"width":842,"height":12}},{"id":"6e7edbb8-8a3f-486b-9adc-ffc36e5bb969","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":67,"box":{"x":89,"y":278,"width":854,"height":13}},{"id":"6abeca89-3d35-4c93-be9b-030d2d75e362","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":67,"box":{"x":89,"y":293,"width":868,"height":13}},{"id":"2ebacd2b-2749-4e78-936b-418d48a46334","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":67,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"fb32f46d-5234-49c7-bace-b56363c4848c","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":67,"box":{"x":88,"y":324,"width":348,"height":12}},{"id":"a3824860-8151-40d3-a380-163a95b21387","block_type":"box","text":"Selection Criteria.","page_number":67,"box":{"x":88,"y":350,"width":127,"height":10}},{"id":"c500be30-8ff8-48c0-89e6-f87830c3b9e1","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":67,"box":{"x":221,"y":350,"width":723,"height":12}},{"id":"cf8689d6-8411-431c-b920-ec4ae88540b8","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":67,"box":{"x":89,"y":365,"width":814,"height":12}},{"id":"994f8e9c-dc31-4ec9-9d85-10792c4b5f2c","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":67,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"84b8a01e-dbfd-42d5-b8c0-b3980816fc84","block_type":"box","text":"Index.","page_number":67,"box":{"x":89,"y":395,"width":41,"height":10}},{"id":"1798ed9a-fc23-4566-acab-e22f0e1731ce","block_type":"box","text":"Defining the Equity Universe","page_number":67,"box":{"x":89,"y":422,"width":204,"height":12}},{"id":"d10a3557-6f9e-40c0-9137-523dbc0d8553","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":67,"box":{"x":294,"y":422,"width":643,"height":12}},{"id":"e087a619-d0bd-4d06-9ccb-ca1142708984","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":67,"box":{"x":89,"y":437,"width":847,"height":12}},{"id":"68b1ebfd-6afe-4123-8f5c-f6c2d781a307","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":67,"box":{"x":89,"y":452,"width":863,"height":12}},{"id":"4af42ae5-af80-4eb6-9418-34ebdffc07b3","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":67,"box":{"x":89,"y":467,"width":835,"height":13}},{"id":"8ae6c5f0-8e9c-4452-bd76-3d23e8fcc023","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":67,"box":{"x":88,"y":482,"width":559,"height":13}},{"id":"9b809e96-740c-422f-bbcc-0134563d6186","block_type":"box","text":"i.e","page_number":67,"box":{"x":648,"y":483,"width":15,"height":9}},{"id":"cbb157fe-4669-4a6c-ada0-2e7cc35f3cfd","block_type":"box","text":"., share classes) are classified in only one","page_number":67,"box":{"x":665,"y":482,"width":284,"height":13}},{"id":"31996024-2136-4831-9d61-09e962d39bba","block_type":"box","text":"country.","page_number":67,"box":{"x":89,"y":499,"width":55,"height":11}},{"id":"fe33466a-a090-4f34-af66-f79a833e2f7e","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":67,"box":{"x":89,"y":524,"width":489,"height":12}},{"id":"1efb67eb-0ecb-4d0c-bb36-85f660babdfd","block_type":"box","text":"The equity universe in any market is derived by","page_number":67,"box":{"x":583,"y":524,"width":328,"height":12}},{"id":"8ea93fc1-51a3-4627-98bd-e8862387e95b","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":67,"box":{"x":89,"y":539,"width":838,"height":12}},{"id":"74b57a6d-2609-4b53-ace2-c1a5168b0ebb","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":67,"box":{"x":89,"y":554,"width":851,"height":12}},{"id":"2cc45798-7830-4a9f-8d28-7cfbf35a79fd","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":67,"box":{"x":89,"y":569,"width":852,"height":13}},{"id":"bb8b5f2e-1bdf-4f88-b6ad-9065353d651e","block_type":"box","text":"exclusion of other securities of the same company.","page_number":67,"box":{"x":89,"y":584,"width":353,"height":13}},{"id":"4cd66fc2-c465-4cbc-b195-488d9d848a6c","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":67,"box":{"x":89,"y":611,"width":479,"height":12}},{"id":"7f88078d-1df2-45dd-b410-3ed66544b871","block_type":"box","text":"In order to create size components that can be","page_number":67,"box":{"x":574,"y":611,"width":325,"height":12}},{"id":"cc8ab6ed-e376-44fa-bc17-15d741ef1a87","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":67,"box":{"x":89,"y":626,"width":786,"height":12}},{"id":"988a02b8-fcd7-4454-adc3-ca3f51a0ca26","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":67,"box":{"x":89,"y":646,"width":863,"height":12}},{"id":"2cfc02d2-a00a-4dae-a554-f1d381e94730","block_type":"box","text":"segment across all markets in a composite index; and","page_number":67,"box":{"x":121,"y":661,"width":375,"height":13}},{"id":"3e04658a-20ee-4444-9198-cfbef486ad48","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":67,"box":{"x":89,"y":681,"width":846,"height":13}},{"id":"7d14bb40-0959-42e0-9831-f50edaad3033","block_type":"box","text":"weight in the composite universe.","page_number":67,"box":{"x":121,"y":696,"width":236,"height":13}},{"id":"2110fc70-0cb9-47cc-bbd1-cef41a28172d","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":67,"box":{"x":88,"y":723,"width":787,"height":12}},{"id":"9467246c-777a-468c-b0ab-ed1b447478e9","block_type":"box","text":"capitalization size segments:","page_number":67,"box":{"x":89,"y":738,"width":197,"height":12}},{"id":"25a224e3-db62-47be-bc32-df531ea8e923","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":67,"box":{"x":89,"y":758,"width":809,"height":13}},{"id":"b6bef427-8966-46bf-a1e9-07a57391c3d4","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":67,"box":{"x":121,"y":773,"width":627,"height":13}},{"id":"162e74ee-f23f-4cb6-ac9c-c1ec81d56d46","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":67,"box":{"x":89,"y":793,"width":848,"height":13}},{"id":"be7db29a-8fab-497a-a80a-01c3850b1c08","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":67,"box":{"x":121,"y":809,"width":627,"height":12}},{"id":"f142a249-e9e0-462c-b1ed-2de01fe3e6b7","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":67,"box":{"x":89,"y":829,"width":865,"height":12}},{"id":"502517c0-f5eb-40f2-b835-229312611f42","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":67,"box":{"x":121,"y":844,"width":614,"height":12}},{"id":"95957a65-498b-4922-b43c-ea329dd7bd17","block_type":"box","text":"37","page_number":67,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b8eac6d4-3aa1-4f18-85e8-ee60d431518c","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":68,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"df230b82-6c86-42e7-a88b-835ec8a6d231","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":68,"box":{"x":121,"y":59,"width":577,"height":10}},{"id":"3cb7620b-4f98-4a1c-8d5b-2c1a2ab45746","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":68,"box":{"x":88,"y":85,"width":404,"height":13}},{"id":"22fe6c52-4e27-43da-8498-e00339fa6a0d","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":68,"box":{"x":498,"y":85,"width":430,"height":13}},{"id":"bbacfe43-5292-4670-bc05-eef6a5f81b89","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":68,"box":{"x":89,"y":101,"width":796,"height":12}},{"id":"172cea1c-4d0b-4ffc-8993-cf5f8dd95044","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":68,"box":{"x":89,"y":116,"width":842,"height":12}},{"id":"69f66875-3589-47e5-9ad7-6dd4fb436308","block_type":"box","text":"minimum length of trading.","page_number":68,"box":{"x":89,"y":131,"width":192,"height":12}},{"id":"fa8cbef8-d004-46e2-aad1-2a991d0423c2","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":68,"box":{"x":88,"y":157,"width":404,"height":13}},{"id":"f4930627-5ab2-4de8-a878-7ee87bb7d4db","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":68,"box":{"x":498,"y":157,"width":456,"height":13}},{"id":"d20897be-9d66-4130-a402-828c12468299","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":68,"box":{"x":89,"y":172,"width":873,"height":13}},{"id":"1f7b8fb0-a2cc-4a8e-adbf-84c040116352","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":68,"box":{"x":89,"y":188,"width":870,"height":12}},{"id":"da51293c-55b4-4727-a98b-3302dacfe6c4","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":68,"box":{"x":88,"y":203,"width":544,"height":12}},{"id":"58b78d0b-a697-48b8-8548-6c84611bb6a0","block_type":"box","text":"Weighting.","page_number":68,"box":{"x":88,"y":229,"width":77,"height":12}},{"id":"08f939d1-4bf6-42b2-bc65-8278088548d8","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":68,"box":{"x":171,"y":229,"width":365,"height":12}},{"id":"2ca9a76e-06f8-4b17-992c-93e760c7c3b1","block_type":"box","text":"i.e.,","page_number":68,"box":{"x":541,"y":230,"width":21,"height":10}},{"id":"78fc7b43-7e98-4a52-942d-6efa76b8692f","block_type":"box","text":"companies are included in the indexes at the value of","page_number":68,"box":{"x":568,"y":229,"width":373,"height":12}},{"id":"a3f7ad9a-1289-4cdd-81ad-4a72b493dbb2","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":68,"box":{"x":88,"y":244,"width":420,"height":13}},{"id":"2376e7f5-2034-4b64-8e09-829da4dfaf6a","block_type":"box","text":"Regional Weights.","page_number":68,"box":{"x":89,"y":271,"width":128,"height":12}},{"id":"05c303bf-7520-4fa7-aa66-f261ae6e9c81","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":68,"box":{"x":223,"y":271,"width":720,"height":12}},{"id":"f6d379f3-8ab4-4bd3-b743-28ad296be5a9","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":68,"box":{"x":89,"y":286,"width":878,"height":12}},{"id":"d84d690c-99d1-49f0-9315-bdce34f9398b","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":68,"box":{"x":88,"y":301,"width":826,"height":12}},{"id":"684d714b-76fe-41ca-ab12-c5c5248351ea","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":68,"box":{"x":89,"y":316,"width":873,"height":12}},{"id":"66083538-bcb0-4181-b85b-ce0648a49a00","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":68,"box":{"x":89,"y":331,"width":768,"height":12}},{"id":"254e520c-c974-4086-abd0-eb024b51574d","block_type":"box","text":"Free Float.","page_number":68,"box":{"x":89,"y":358,"width":73,"height":9}},{"id":"6aa70579-ec27-4571-a579-0a2f40659bf7","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":68,"box":{"x":167,"y":358,"width":781,"height":12}},{"id":"dd2b047a-d8b4-496e-9889-69757449cb15","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":68,"box":{"x":88,"y":373,"width":803,"height":12}},{"id":"3fb95e6d-16be-4931-b39a-a30b17a5550c","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":68,"box":{"x":89,"y":388,"width":865,"height":12}},{"id":"bff91e86-e157-48a4-ba62-a0ec7953feb0","block_type":"box","text":"on share ownership for foreigners.","page_number":68,"box":{"x":89,"y":403,"width":239,"height":12}},{"id":"ca5fe1ff-53b2-42b9-9d4c-64c43e14030d","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":68,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"ac617e79-f9a3-4151-b785-c076889f857f","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":68,"box":{"x":89,"y":445,"width":856,"height":12}},{"id":"f0818db2-b898-41a3-883c-1b12c0387732","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":68,"box":{"x":89,"y":460,"width":503,"height":12}},{"id":"02e79529-0856-4c3f-a940-5f7105b3075e","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":68,"box":{"x":89,"y":486,"width":872,"height":12}},{"id":"672a4089-83d1-4c40-b105-3cc9bbec537c","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":68,"box":{"x":89,"y":501,"width":852,"height":13}},{"id":"20ba2622-ad52-44ca-8f87-c282854b4946","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":68,"box":{"x":88,"y":516,"width":872,"height":13}},{"id":"5c76f2f1-95e8-40ad-8f52-d52020291e97","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":68,"box":{"x":90,"y":531,"width":412,"height":13}},{"id":"ad8a487a-19a0-4147-b3ef-e7a9a337874b","block_type":"box","text":"Price and Exchange Rates","page_number":68,"box":{"x":89,"y":558,"width":184,"height":12}},{"id":"8084e682-2530-45fa-a578-f9880e7c9936","block_type":"box","text":"Prices.","page_number":68,"box":{"x":89,"y":585,"width":46,"height":9}},{"id":"c4f400f4-fc23-407e-a2e3-1215c8d0f1d5","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":68,"box":{"x":140,"y":584,"width":791,"height":13}},{"id":"be1a1301-137c-42e4-98e6-1baeb19e322d","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":68,"box":{"x":89,"y":599,"width":578,"height":13}},{"id":"2f3ec849-cf36-4471-b305-f6de60d305a7","block_type":"box","text":"Exchange Rates.","page_number":68,"box":{"x":89,"y":626,"width":116,"height":12}},{"id":"b20a8f91-f2a6-4b0e-a450-ae6b8231369f","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":68,"box":{"x":211,"y":626,"width":730,"height":12}},{"id":"b30b1ad7-6055-4859-8e75-d7118568a322","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":68,"box":{"x":89,"y":641,"width":876,"height":12}},{"id":"904d6575-efeb-471d-b9f2-e37408acc425","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":68,"box":{"x":88,"y":656,"width":839,"height":13}},{"id":"575c40ee-f744-439a-a514-ff743170d0c7","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":68,"box":{"x":89,"y":671,"width":864,"height":13}},{"id":"6a55ae32-566b-4033-98e1-500c2a6b14f8","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":68,"box":{"x":89,"y":686,"width":877,"height":12}},{"id":"16194d13-dcc1-442a-9b59-8c2f51ff1a53","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":68,"box":{"x":88,"y":702,"width":859,"height":12}},{"id":"f99d3b69-cc03-423a-b8d5-67fffde971a7","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":68,"box":{"x":89,"y":717,"width":845,"height":12}},{"id":"0560d03b-c989-483c-9eff-f430fecc4429","block_type":"box","text":"most relevant exchange rate.","page_number":68,"box":{"x":89,"y":732,"width":201,"height":12}},{"id":"3a37af00-c0e7-45cc-b3bd-9d24aa937d7c","block_type":"box","text":"Changes to the Indexes.","page_number":68,"box":{"x":89,"y":758,"width":172,"height":13}},{"id":"c5aaa96d-1cd6-4eff-aa4b-90960ae8ca0f","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":68,"box":{"x":266,"y":758,"width":678,"height":13}},{"id":"7f44a55e-5f86-4fe2-b383-62e19d508d44","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":68,"box":{"x":88,"y":773,"width":833,"height":13}},{"id":"79a522c4-056e-41e9-9e27-d1de6c85536d","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":68,"box":{"x":89,"y":788,"width":839,"height":13}},{"id":"75a3ae37-c0f0-4200-81bd-3902b4134293","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":68,"box":{"x":89,"y":804,"width":872,"height":12}},{"id":"c07d56b1-4141-4119-8b52-2011214a2530","block_type":"box","text":"float estimates.","page_number":68,"box":{"x":88,"y":819,"width":106,"height":9}},{"id":"40a585ec-b0af-45e3-bd87-09a36ac5837c","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":68,"box":{"x":89,"y":845,"width":524,"height":12}},{"id":"caca69a5-d192-4017-9b1e-5ee3fde1b67f","block_type":"box","text":"38","page_number":68,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4b345271-f315-49a7-a48e-370cf5547ecb","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":69,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"fc678e57-b554-4b8c-a312-9edc8b8f5589","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":69,"box":{"x":121,"y":59,"width":399,"height":12}},{"id":"82268300-5056-4be6-bb78-4c9e1fa2f5f0","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":69,"box":{"x":89,"y":79,"width":728,"height":13}},{"id":"b27de5d2-f7be-42d3-82b6-d7dc8b207070","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":69,"box":{"x":89,"y":99,"width":876,"height":13}},{"id":"0b20547e-1395-4c4a-9c3a-2c6cfad9d5ea","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":69,"box":{"x":121,"y":114,"width":560,"height":13}},{"id":"738c9dd2-7872-4156-a7cd-1ed6bb9327be","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":69,"box":{"x":89,"y":141,"width":876,"height":12}},{"id":"0791f166-d8be-4a2a-b92d-a3f241b8aa16","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":69,"box":{"x":88,"y":156,"width":839,"height":12}},{"id":"b432685e-cea2-4e27-9f39-ff6e261b7bfd","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":69,"box":{"x":89,"y":171,"width":387,"height":12}},{"id":"1f284a1d-ea16-4498-8e3d-d7e708d1255e","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":69,"box":{"x":89,"y":198,"width":823,"height":12}},{"id":"973f60e3-757d-4c16-acf6-b4a6285bfdec","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":69,"box":{"x":89,"y":213,"width":876,"height":12}},{"id":"c0c917c3-ab1d-430b-ac58-6e7af4a1f744","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":69,"box":{"x":89,"y":228,"width":876,"height":12}},{"id":"e64de5a5-d977-445c-850e-b5f4c4e29a3f","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":69,"box":{"x":88,"y":243,"width":873,"height":12}},{"id":"aefb12ee-7a38-450f-a62a-a43f972c4d4e","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":69,"box":{"x":88,"y":258,"width":798,"height":12}},{"id":"3dcef680-0077-489f-8e1c-757b4d1e9ec4","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":69,"box":{"x":89,"y":285,"width":689,"height":12}},{"id":"cc9cc83a-2518-4195-a266-89cabb68b60b","block_type":"box","text":"®","page_number":69,"box":{"x":779,"y":283,"width":9,"height":6}},{"id":"bf192324-e613-4441-8c15-df3d8cb97611","block_type":"box","text":")","page_number":69,"box":{"x":789,"y":285,"width":5,"height":12}},{"id":"3877c64c-c05d-4f7d-908c-6ecf212072da","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":69,"box":{"x":88,"y":311,"width":871,"height":12}},{"id":"22ff25c7-4a63-443e-a934-a5395761133a","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":69,"box":{"x":89,"y":326,"width":867,"height":12}},{"id":"688f9d26-2b34-4998-8b1a-a6b52bc3c963","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":69,"box":{"x":89,"y":341,"width":865,"height":13}},{"id":"778eeb3e-1bd9-41a3-898b-04f659405642","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":69,"box":{"x":88,"y":356,"width":866,"height":13}},{"id":"0ac68b9e-c10f-4169-8437-75951b2c4a9c","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":69,"box":{"x":89,"y":371,"width":878,"height":13}},{"id":"23d9ea25-d9b9-4778-84ee-982f03c5b732","block_type":"box","text":"MSCI 25/50 Indexes","page_number":69,"box":{"x":89,"y":398,"width":147,"height":10}},{"id":"3c16953f-010d-437a-a987-53c603da12dc","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":69,"box":{"x":89,"y":424,"width":854,"height":13}},{"id":"a72c1ee9-a71a-4549-b118-3c752da22f8d","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":69,"box":{"x":89,"y":439,"width":873,"height":13}},{"id":"8bf48e70-d36b-4055-971d-cc1c1552b9a4","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":69,"box":{"x":89,"y":455,"width":854,"height":12}},{"id":"4be0459b-d583-46be-b4f1-12333882c250","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":69,"box":{"x":89,"y":470,"width":873,"height":12}},{"id":"0507bf00-d14a-4c43-b28e-a3470248a184","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":69,"box":{"x":89,"y":485,"width":863,"height":12}},{"id":"db40b7e8-30de-4f8f-b483-e134fc8fc2d9","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":69,"box":{"x":89,"y":500,"width":857,"height":12}},{"id":"fb29fa09-c354-48e9-bfec-2d19cadb35aa","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":69,"box":{"x":89,"y":515,"width":845,"height":12}},{"id":"ebcc7a03-9d43-46ff-9788-20be9be75d76","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":69,"box":{"x":88,"y":530,"width":821,"height":13}},{"id":"0d0a80a5-60f2-4291-921b-9758c4e1caeb","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":69,"box":{"x":89,"y":545,"width":861,"height":13}},{"id":"c511bd54-f0b9-4e54-9dc3-640989072642","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":69,"box":{"x":89,"y":560,"width":854,"height":13}},{"id":"ab8ff8dd-3196-4123-912d-adab495c75c6","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":69,"box":{"x":88,"y":576,"width":865,"height":12}},{"id":"e110229f-3fa6-4bf5-b401-a6abaeea83c6","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":69,"box":{"x":88,"y":591,"width":869,"height":12}},{"id":"06dd6098-031a-470e-97f2-5f6999891a85","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":69,"box":{"x":88,"y":606,"width":851,"height":12}},{"id":"b6ee7d43-b79c-40e3-8601-576032e6bde1","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":69,"box":{"x":89,"y":621,"width":865,"height":12}},{"id":"a5e784a3-0c74-429a-b199-f0d80de49050","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":69,"box":{"x":89,"y":636,"width":843,"height":12}},{"id":"d72353a7-110f-4c90-890f-7083133100c9","block_type":"box","text":"deviation from the uncapped index.","page_number":69,"box":{"x":89,"y":651,"width":248,"height":12}},{"id":"52777ba2-5b5d-4b64-93bd-43d8b4df9d21","block_type":"box","text":"MSCI EAFE Growth Index","page_number":69,"box":{"x":89,"y":678,"width":181,"height":9}},{"id":"1971d1fc-8ebc-43d2-9abc-e3bf2e397450","block_type":"box","text":"Number of Components: approximately 361","page_number":69,"box":{"x":89,"y":696,"width":315,"height":13}},{"id":"ee5009f3-7bd7-4a61-805f-366575cee2d9","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":719,"width":131,"height":13}},{"id":"d6434bb1-2e0a-4f43-909b-10ca85ea7b5c","block_type":"box","text":"The MSCI EAFE Growth Index is an MSCI Global Standard Index. The Underlying Index is a subset of the","page_number":69,"box":{"x":225,"y":719,"width":726,"height":13}},{"id":"8ceb630d-08ee-4562-8de8-955340c4c4c9","block_type":"box","text":"MSCI EAFE Index and constituents of the Underlying Index include securities from Europe, Australasia and the Far East. The","page_number":69,"box":{"x":89,"y":734,"width":864,"height":13}},{"id":"20ba2398-3a16-407f-9571-35ed8271d86a","block_type":"box","text":"Underlying Index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE","page_number":69,"box":{"x":89,"y":749,"width":860,"height":13}},{"id":"e04efcd3-dbba-41cc-9f88-e85037922f78","block_type":"box","text":"Index and consists of those securities classified by MSCI as most representing the growth style. Securities classified in this","page_number":69,"box":{"x":89,"y":765,"width":853,"height":12}},{"id":"8216f9f2-005d-43fe-92f1-32209935bb27","block_type":"box","text":"style generally tend to have higher growth characteristics (","page_number":69,"box":{"x":89,"y":780,"width":410,"height":12}},{"id":"4d534dea-88dd-403a-96cd-91467ba78dd4","block_type":"box","text":"i.e.","page_number":69,"box":{"x":500,"y":781,"width":17,"height":8}},{"id":"9f9dace3-196c-490f-b04d-eda0a053648c","block_type":"box","text":", higher long-term forward earnings-per-share (“EPS”) growth","page_number":69,"box":{"x":520,"y":780,"width":435,"height":12}},{"id":"59d374b2-00c0-44f7-af6b-e027de120420","block_type":"box","text":"rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long","page_number":69,"box":{"x":89,"y":795,"width":860,"height":12}},{"id":"c1af96b7-5a45-42ea-bd42-fac2ae98e8f9","block_type":"box","text":"term historical sales per share growth trend). MSCI uses a specialized framework to attribute both growth and value style","page_number":69,"box":{"x":88,"y":810,"width":849,"height":12}},{"id":"f4d51959-9987-466c-9083-d7327ed9e4bf","block_type":"box","text":"characteristics to each security within the MSCI EAFE Index. Each security is evaluated based on certain value factors and","page_number":69,"box":{"x":89,"y":825,"width":848,"height":12}},{"id":"fd61507c-6535-4489-9ca0-b6159d9ebdeb","block_type":"box","text":"growth factors, which are then used to calculate a growth score and value score. Based upon these two scores, MSCI","page_number":69,"box":{"x":89,"y":840,"width":818,"height":12}},{"id":"fc4a255f-f487-4e16-8ce0-61b92aef4cd6","block_type":"box","text":"determines the extent to which each security is assigned to the growth or value style. It is possible for a single security to","page_number":69,"box":{"x":89,"y":855,"width":846,"height":13}},{"id":"0872ab1e-2ae3-47f0-81f6-e4e35fa763e2","block_type":"box","text":"39","page_number":69,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6c66d424-965e-4d6c-9d13-8e62fed9e998","block_type":"box","text":"have representation in both the growth and value style indexes, however, no more than 100% of a security’s float-adjusted","page_number":70,"box":{"x":89,"y":44,"width":857,"height":12}},{"id":"07b85652-8306-4fed-bf4f-5d992f5eed46","block_type":"box","text":"market capitalization will be included within the combined style framework.","page_number":70,"box":{"x":89,"y":59,"width":529,"height":12}},{"id":"c2cf8f30-b64e-4e6d-b283-d76a38d13650","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":85,"width":184,"height":13}},{"id":"b6adc640-6b6a-4b4b-82bf-d6039648c896","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":85,"width":662,"height":13}},{"id":"10a2207e-5849-4622-9108-38887fe11748","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":101,"width":878,"height":12}},{"id":"70e93327-7ac2-4436-9739-9bb53c5314aa","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":116,"width":864,"height":12}},{"id":"2f08c31f-a672-4bd4-b8ee-77c4311a9cd4","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":131,"width":849,"height":12}},{"id":"eea40105-9892-4175-bfdc-bd3e6ed778ee","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":146,"width":868,"height":12}},{"id":"c7c4fdc7-e949-4307-b45d-cfbe89992edf","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":161,"width":474,"height":12}},{"id":"dd1af73b-6571-49b3-bf5f-3f52e9fc186f","block_type":"box","text":"MSCI EAFE Index","page_number":70,"box":{"x":89,"y":188,"width":123,"height":9}},{"id":"e690ce9d-2f86-4002-8415-67a6b5516402","block_type":"box","text":"Number of Components: approximately 695","page_number":70,"box":{"x":89,"y":206,"width":317,"height":13}},{"id":"2600e6e9-63bf-4ff3-aed5-87f3117f8c2e","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":229,"width":131,"height":12}},{"id":"d55b4491-d03a-4925-bb89-e64ad3f24d95","block_type":"box","text":"The MSCI EAFE Index is an MSCI Global Standard Index. The Underlying Index is commonly used as a","page_number":70,"box":{"x":225,"y":229,"width":711,"height":12}},{"id":"26c20a6f-3b19-4186-a369-2e939b73e0b5","block_type":"box","text":"measure of international stock performance. Constituents of the Underlying Index include securities from Europe, Australasia","page_number":70,"box":{"x":89,"y":244,"width":876,"height":13}},{"id":"90b821cb-6cc1-4bfe-88e6-497877e44174","block_type":"box","text":"and the Far East.","page_number":70,"box":{"x":89,"y":259,"width":114,"height":10}},{"id":"905b7976-d24a-42f8-ab31-b2a1a8ecce2d","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":286,"width":184,"height":12}},{"id":"44dbc2c3-9207-40b8-bf2b-9653cd6ee3f9","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":286,"width":662,"height":12}},{"id":"29390c70-b695-490d-9da9-c911a384815d","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":301,"width":878,"height":12}},{"id":"f5160819-e405-4cff-a2f1-a2649f545129","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":316,"width":864,"height":12}},{"id":"945bbb6e-4185-4bbd-99f7-b51afa690947","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":331,"width":849,"height":12}},{"id":"7cc166b4-9015-41e0-828c-efb25eb117bf","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":346,"width":868,"height":13}},{"id":"4ec7a09c-a15c-48d1-8d80-f06600c5fd5f","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":361,"width":474,"height":13}},{"id":"7ef0ef49-c62f-4b25-a81f-ff926992b312","block_type":"box","text":"MSCI EAFE Minimum Volatility (USD) Index","page_number":70,"box":{"x":89,"y":388,"width":312,"height":12}},{"id":"1b040255-2afe-4c81-a26e-7d24fcfa08dc","block_type":"box","text":"Number of Components: approximately 229","page_number":70,"box":{"x":89,"y":407,"width":318,"height":12}},{"id":"1d4d95fa-08b6-4e16-ac13-153082e017bf","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":429,"width":131,"height":13}},{"id":"5d194a3c-5f54-42da-8d65-78de00bbf6d5","block_type":"box","text":"The MSCI EAFE Minimum Volatility (USD) Index is an MSCI Global Standard Index. The Underlying Index","page_number":70,"box":{"x":225,"y":429,"width":732,"height":13}},{"id":"a76dfe5e-83b4-4756-9bdb-eabdbfaeee98","block_type":"box","text":"measures the performance of international equity securities from Europe, Australasia, the Middle East and the Far East that,","page_number":70,"box":{"x":89,"y":445,"width":864,"height":12}},{"id":"01640ec0-dac8-4d88-9458-5b498674058f","block_type":"box","text":"in the aggregate, have lower relative volatility. Each security included in the Underlying Index is a current constituent of the","page_number":70,"box":{"x":89,"y":460,"width":857,"height":12}},{"id":"a098b883-7d7c-43f2-910a-3f3421a8c430","block_type":"box","text":"MSCI EAFE Index. The Underlying Index is reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.","page_number":70,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"ee0c9b81-5019-4818-8820-56df0953fd70","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":501,"width":184,"height":13}},{"id":"379f2eaa-cdaf-40c5-860e-c9e6be5ca8ac","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":501,"width":662,"height":13}},{"id":"c476ba91-14b6-40f9-8d21-4c881c37c6f3","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":516,"width":878,"height":13}},{"id":"f2f0464a-681f-465c-9489-6d86000c19c3","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":531,"width":864,"height":13}},{"id":"d19576aa-0c76-4f3e-95ad-b79ca9b1bde1","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":547,"width":849,"height":12}},{"id":"12384cdc-0691-4e96-9395-3ebaa1eedfe9","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":562,"width":868,"height":12}},{"id":"f2c8b31c-59fe-45dd-a31f-d7df34803ff0","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":577,"width":474,"height":12}},{"id":"3bee746c-932d-4c77-86a6-2b96e7da065f","block_type":"box","text":"MSCI EAFE Small Cap Index","page_number":70,"box":{"x":89,"y":603,"width":199,"height":13}},{"id":"2bf858e4-0af6-48c0-be0e-dd3f40dc2f93","block_type":"box","text":"Number of Components: approximately 1,991","page_number":70,"box":{"x":89,"y":622,"width":327,"height":12}},{"id":"08bce8a9-fb7f-4ad6-b827-62d0a2cb2c29","block_type":"box","text":"The MSCI EAFE Small Cap Index is an MSCI Global Small Cap Index. The Underlying Index represents the small-cap universe","page_number":70,"box":{"x":88,"y":645,"width":869,"height":12}},{"id":"1656c969-41c4-4032-8e26-454c2433314f","block_type":"box","text":"(","page_number":70,"box":{"x":89,"y":660,"width":4,"height":12}},{"id":"37b82d4e-9afa-44d3-837d-bce453dd048a","block_type":"box","text":"i.e.","page_number":70,"box":{"x":94,"y":661,"width":18,"height":9}},{"id":"5d2d2f24-74e0-4040-b54f-95ddb7e923a5","block_type":"box","text":", listed securities with a market capitalization in the range of $81 million - $9 billion) of the MSCI EAFE IMI Index, and","page_number":70,"box":{"x":114,"y":660,"width":816,"height":12}},{"id":"1955970f-c9f7-4c05-8a4c-ee376d1f71d4","block_type":"box","text":"consists of the securities of those companies whose securities are included in the MSCI GIMI but not the MSCI Global","page_number":70,"box":{"x":89,"y":675,"width":821,"height":12}},{"id":"0bdd40c3-4720-48d1-a66e-8624bf4e1bdf","block_type":"box","text":"Standard Index in a particular market.","page_number":70,"box":{"x":88,"y":690,"width":263,"height":13}},{"id":"0fc4a328-5771-4780-8171-8ab60c13c1b1","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":717,"width":184,"height":12}},{"id":"2d862458-b9e4-4a8f-9b7b-5f4b5c2a533f","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":717,"width":662,"height":12}},{"id":"a3318b37-eb55-44f9-8357-56dd3dbd238a","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":732,"width":878,"height":12}},{"id":"c00cedf6-72be-46b1-8ce6-777503cda5a7","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":747,"width":864,"height":12}},{"id":"3216e92a-53e0-443d-8a8c-2d603bbfd0e6","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":762,"width":849,"height":12}},{"id":"53439e17-1094-457f-b93c-34562e6fe6d9","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":777,"width":868,"height":12}},{"id":"0e7ead21-17b8-4952-ae53-a0d975d23548","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":792,"width":474,"height":13}},{"id":"7d324e0c-dfa9-4fcd-b75d-c33371e2da21","block_type":"box","text":"MSCI EAFE Value Index","page_number":70,"box":{"x":89,"y":819,"width":167,"height":9}},{"id":"542d7f34-fbbf-4479-9f4a-0d65e1851615","block_type":"box","text":"Number of Components: approximately 425","page_number":70,"box":{"x":89,"y":838,"width":317,"height":12}},{"id":"96b7fee5-2935-430d-a13b-42927f42edfd","block_type":"box","text":"40","page_number":70,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"1d0cae1b-861c-4f8b-a2f5-7b3dc2a29867","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"f2ac728f-1e16-491f-9715-0be3b9602c8f","block_type":"box","text":"The MSCI EAFE Value Index is an MSCI Global Standard Index. The Underlying Index is a subset of the","page_number":71,"box":{"x":225,"y":44,"width":712,"height":12}},{"id":"5a545728-26e0-4001-9e81-6a1e9d997313","block_type":"box","text":"MSCI EAFE Index and constituents of the Underlying Index include securities from Europe, Australasia and the Far East. The","page_number":71,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"e1071df1-abea-4d27-95eb-dae597c8d2ba","block_type":"box","text":"Underlying Index targets approximately 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index","page_number":71,"box":{"x":89,"y":74,"width":879,"height":12}},{"id":"276dc5b2-02be-4640-b868-8e909d8192a9","block_type":"box","text":"and consists of those securities classified by MSCI as most representing the value style. Securities classified in this style","page_number":71,"box":{"x":89,"y":89,"width":833,"height":13}},{"id":"96a038b4-ebc5-4356-b94d-8a203df6a12b","block_type":"box","text":"generally tend to have higher value characteristics (","page_number":71,"box":{"x":89,"y":104,"width":359,"height":13}},{"id":"2bf31355-d4bb-4195-9781-2b82d632a4eb","block_type":"box","text":"i.e.","page_number":71,"box":{"x":450,"y":105,"width":17,"height":9}},{"id":"53f42c73-03da-4661-af3f-f45015b4f9e7","block_type":"box","text":", higher book value to price, 12-month forward earnings to price and","page_number":71,"box":{"x":469,"y":104,"width":479,"height":13}},{"id":"91ad85ba-badd-47aa-b386-36d7fa04faf8","block_type":"box","text":"dividend yield). Each security is evaluated based on certain value factors and growth factors, which are then used to calculate","page_number":71,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"eec4de8f-674d-433e-8fe3-9b2c26bab2d6","block_type":"box","text":"a growth score and value score. Based upon these two scores, MSCI determines the extent to which each security is assigned","page_number":71,"box":{"x":89,"y":135,"width":877,"height":12}},{"id":"b96dd5c3-efe8-4118-8e1d-2e03f5a35daa","block_type":"box","text":"to the value or growth style. It is possible for a single security to have representation in both the value and growth style","page_number":71,"box":{"x":88,"y":150,"width":832,"height":12}},{"id":"3ae7646e-3705-4720-af5b-9cef2f5c90c9","block_type":"box","text":"indexes; however, no more than 100% of a security’s float-adjusted market capitalization will be included within the","page_number":71,"box":{"x":89,"y":165,"width":809,"height":12}},{"id":"d930ca09-46d4-4f4d-be6e-28877b6daaa8","block_type":"box","text":"combined style framework.","page_number":71,"box":{"x":89,"y":180,"width":190,"height":12}},{"id":"beb28e1e-513f-4f3e-98dd-0ac6a87b13c0","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":206,"width":184,"height":13}},{"id":"88be855d-648d-4b3d-948a-fef2c895602e","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":206,"width":662,"height":13}},{"id":"14e737fe-dbbc-4316-8eab-538a110993de","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":222,"width":878,"height":12}},{"id":"5d77c075-8abf-42aa-b8ec-7880a860508d","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":237,"width":864,"height":12}},{"id":"c0fc48ad-162e-43f0-880a-23d8e057c99c","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":252,"width":849,"height":12}},{"id":"1099d8c0-94c4-4d69-ad5c-48a9e0b41214","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":267,"width":868,"height":12}},{"id":"77650a55-581f-45cc-9fd0-2a65f2c8da73","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":282,"width":474,"height":12}},{"id":"98893333-197a-460e-b556-7d13b06f8780","block_type":"box","text":"MSCI Europe Financials Index","page_number":71,"box":{"x":89,"y":308,"width":214,"height":13}},{"id":"4d6d9f64-ad2a-42b5-a42b-66b1d26e77a2","block_type":"box","text":"Number of Components: approximately 84","page_number":71,"box":{"x":89,"y":335,"width":308,"height":12}},{"id":"5814f7e0-612a-48a0-b03b-8a44ef8c7ddf","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":361,"width":131,"height":13}},{"id":"eb0c91c2-c5fa-477d-ace8-3f7469803842","block_type":"box","text":"The MSCI Europe Financials Index is an MSCI Global Standard Index. The Underlying Index is a free float","page_number":71,"box":{"x":225,"y":361,"width":734,"height":13}},{"id":"33687314-8b36-4490-be20-a1c1a3fdfd76","block_type":"box","text":"adjusted market capitalization-weighted index designed to measure the combined equity market performance of the","page_number":71,"box":{"x":89,"y":376,"width":817,"height":13}},{"id":"27cf8a26-dc8b-407c-a08b-ce24b87f1e5b","block_type":"box","text":"financials sector of developed market countries in Europe.","page_number":71,"box":{"x":88,"y":392,"width":406,"height":12}},{"id":"bf6dba29-879f-48d5-8872-1539e6c8f789","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":418,"width":184,"height":12}},{"id":"3ed6a9a9-ebdf-4d5b-9e24-813314f5763c","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":418,"width":662,"height":12}},{"id":"d55113a1-54fc-401e-8d35-e88476324f23","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":433,"width":878,"height":13}},{"id":"6e82721d-5d55-408d-950f-89de0d534822","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":448,"width":864,"height":13}},{"id":"ef308b5b-635e-428c-a88d-fbac8c595ea3","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":463,"width":849,"height":13}},{"id":"43f24529-9c25-4ee0-8a02-7891b909bb52","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":479,"width":868,"height":12}},{"id":"787004ff-7186-4094-9963-de4a047ce0c2","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":494,"width":474,"height":12}},{"id":"aded1fa7-6cbd-4a5b-bbf6-4609362373d2","block_type":"box","text":"MSCI Europe Small Cap Index","page_number":71,"box":{"x":89,"y":520,"width":214,"height":12}},{"id":"bc9b0f7d-953f-49c6-ad2a-9684bc425336","block_type":"box","text":"Number of Components: approximately 826","page_number":71,"box":{"x":89,"y":547,"width":318,"height":12}},{"id":"53e835b7-c0f3-432b-b0e5-aa06b5255e27","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":573,"width":131,"height":12}},{"id":"c181964f-473c-4005-a6c5-ae082d2948e3","block_type":"box","text":"The MSCI Europe Small Cap Index is an MSCI Global Small Cap Index. The Underlying Index is a free float","page_number":71,"box":{"x":225,"y":573,"width":741,"height":12}},{"id":"49f8132b-280c-4658-a13c-b949388f03be","block_type":"box","text":"adjusted, market capitalization-weighted index that captures small-cap representation across the 15 developed market","page_number":71,"box":{"x":89,"y":588,"width":832,"height":12}},{"id":"2cc8bfcd-2d52-444b-9c60-d6627cff0f56","block_type":"box","text":"countries in Europe. The Index covers approximately 14% of the free float-adjusted market capitalization in the European","page_number":71,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"c349dd5d-4f6b-41bd-96b2-54c97998d1c7","block_type":"box","text":"equity universe. As of July 31, 2025, the Index consisted of securities from the following countries or regions: Austria,","page_number":71,"box":{"x":89,"y":618,"width":816,"height":13}},{"id":"ee640f50-f9d0-4767-a5e8-512f67d82515","block_type":"box","text":"Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland","page_number":71,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"14630ba7-1547-4b52-b002-04e06f70998b","block_type":"box","text":"and the U.K.","page_number":71,"box":{"x":89,"y":649,"width":83,"height":9}},{"id":"f655fb53-9d93-4887-9277-c95461412d95","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":675,"width":184,"height":12}},{"id":"2e17f1bb-7d11-4388-a3cf-16e161ba38ad","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":675,"width":662,"height":12}},{"id":"a6f54fe5-3f1d-4173-8964-138085a3add0","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":690,"width":878,"height":13}},{"id":"fd12fbbd-c439-44bd-a315-67d74b790664","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":705,"width":864,"height":13}},{"id":"9a190f11-7427-48c6-9357-f13e8a0c531e","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":720,"width":849,"height":13}},{"id":"52646e2a-7904-4835-9ece-db2f828f321b","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":736,"width":868,"height":12}},{"id":"dfff6992-f2e2-4d2d-bfdd-f00e90cb6b84","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":751,"width":474,"height":12}},{"id":"c105c238-8d53-4058-b11a-5b831d115383","block_type":"box","text":"MSCI USA Enhanced Value Index","page_number":71,"box":{"x":89,"y":777,"width":237,"height":10}},{"id":"909d6bfe-763a-4ad5-aa11-152489124455","block_type":"box","text":"Number of Components: approximately 149","page_number":71,"box":{"x":89,"y":796,"width":317,"height":12}},{"id":"3dfc0d85-b0a0-4fa2-8455-7080cdd0efbc","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":819,"width":131,"height":12}},{"id":"efe40301-4a71-4e0b-8269-1e89319b6516","block_type":"box","text":"The MSCI USA Enhanced Value Index is an MSCI Global Standard Index. The Underlying Index is based on","page_number":71,"box":{"x":225,"y":819,"width":740,"height":12}},{"id":"c7bb5267-630e-4874-b41c-9508f65f4c8b","block_type":"box","text":"a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid","page_number":71,"box":{"x":89,"y":834,"width":803,"height":12}},{"id":"5c53b62e-d449-4319-9557-895acb914cea","block_type":"box","text":"capitalization stocks. The Underlying Index is designed to measure the performance of securities in the parent index that","page_number":71,"box":{"x":89,"y":849,"width":844,"height":12}},{"id":"eb5a7aea-3938-484c-87f9-f08ae11cd55b","block_type":"box","text":"exhibit higher value characteristics relative to their peers within the corresponding Global Industry Classification Standard","page_number":71,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"54db6d36-d3ce-4096-b0e5-e131f26f5f3b","block_type":"box","text":"41","page_number":71,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"27a6a725-055b-43fe-8455-432fea522784","block_type":"box","text":"(GICS","page_number":72,"box":{"x":89,"y":44,"width":39,"height":12}},{"id":"c305dc0f-f5a9-426c-a265-2c11482e1e2f","block_type":"box","text":"®","page_number":72,"box":{"x":129,"y":42,"width":9,"height":6}},{"id":"64796c00-0631-485d-aaf6-7193d804d632","block_type":"box","text":") sector. To construct the Underlying Index, the index provider determines the value weighting of each security in the","page_number":72,"box":{"x":139,"y":44,"width":817,"height":12}},{"id":"984d48b6-006a-42d2-82d9-458a82122aa0","block_type":"box","text":"parent index using three variables: price-to-book value, price-to-forward earnings and enterprise value-to-cash flow from","page_number":72,"box":{"x":89,"y":59,"width":849,"height":12}},{"id":"484819b6-9ac3-4ed0-bee5-ad0575e1e81b","block_type":"box","text":"operations. MSCI uses an algorithm to determine the number of components in the Underlying Index based on the number","page_number":72,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"ed91cd34-93be-4967-a3a6-14ba904965e3","block_type":"box","text":"of constituents in the Parent Index. The number of components is evaluated semi-annually. MSCI assigns weights by","page_number":72,"box":{"x":89,"y":89,"width":817,"height":13}},{"id":"39068f24-86e9-44fc-bdd1-416279198cd4","block_type":"box","text":"multiplying a component’s value score by its market capitalization. Weights in the Underlying Index are next normalized so","page_number":72,"box":{"x":89,"y":104,"width":856,"height":13}},{"id":"78bc9a5d-1d27-4e50-9775-211f52880939","block_type":"box","text":"that sectors in the Underlying Index represent the same weight as in the parent index.","page_number":72,"box":{"x":88,"y":119,"width":600,"height":13}},{"id":"42c518ee-b8d0-43fd-bbcf-30691a842b25","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":146,"width":184,"height":12}},{"id":"85db4450-db72-456e-b81d-0ab647460c98","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":72,"box":{"x":278,"y":146,"width":652,"height":12}},{"id":"6ac3d5f7-4422-4789-938c-9afef09e0daf","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":72,"box":{"x":89,"y":161,"width":832,"height":12}},{"id":"777a3518-93d4-4ad1-96ef-c969e2c04a0d","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":72,"box":{"x":88,"y":176,"width":343,"height":13}},{"id":"ea9cb962-4b61-4c7f-9a09-6f7581ba91fc","block_type":"box","text":"MSCI USA Low Size Index","page_number":72,"box":{"x":89,"y":203,"width":183,"height":9}},{"id":"d17376ac-b9fa-49be-89d4-70be55c5bfb8","block_type":"box","text":"Number of Components: approximately 544","page_number":72,"box":{"x":89,"y":222,"width":318,"height":12}},{"id":"258a931b-e75d-4567-85d1-1beb20aba97e","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":244,"width":131,"height":13}},{"id":"b951027a-f1a9-4190-bc36-43484bad1cd3","block_type":"box","text":"The MSCI USA Low Size Index is an MSCI Global Standard Index. As of July 31, 2025, the MSCI USA Low","page_number":72,"box":{"x":225,"y":244,"width":726,"height":13}},{"id":"15373d53-dac2-471e-92ab-3ec4972aa9b5","block_type":"box","text":"Size Index is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S.","page_number":72,"box":{"x":88,"y":259,"width":848,"height":13}},{"id":"44eb895d-eed2-46e4-aadf-9878a1c63e8f","block_type":"box","text":"large- and mid-capitalization stocks. The Underlying Index is constructed by applying a mathematical formula at each","page_number":72,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"e8dfef3e-f6f4-4a03-809a-49d51e0b02c6","block_type":"box","text":"rebalancing that reweights the components of its market capitalization-weighted Parent Index, such that the representation","page_number":72,"box":{"x":89,"y":290,"width":865,"height":12}},{"id":"73ae2a77-0446-4392-9f2b-4134de40fd56","block_type":"box","text":"of smaller capitalization companies is increased relative to larger capitalization companies. In addition, at each rebalancing,","page_number":72,"box":{"x":89,"y":305,"width":859,"height":12}},{"id":"d70759c9-866a-40ac-86e6-74257851e36f","block_type":"box","text":"the Index Provider calculates a “constraint factor” for each component. The constraint factor is the ratio of the component’s","page_number":72,"box":{"x":88,"y":320,"width":869,"height":12}},{"id":"cd75ae92-8859-4acb-a3fd-d814d1001f1a","block_type":"box","text":"weight in the Underlying Index to that component’s weight in the Parent Index. The constraint factor is held constant","page_number":72,"box":{"x":88,"y":335,"width":822,"height":12}},{"id":"0c13d453-2d9c-4677-9159-fc1cb57db42a","block_type":"box","text":"between each rebalancing, except in the case of corporate events (as defined by the Index Provider). Changes in the relative","page_number":72,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"f2d30f7a-7d8a-49a0-9389-91e85a167841","block_type":"box","text":"weight of an individual component in the Parent Index due to market appreciation/depreciation result in that component","page_number":72,"box":{"x":88,"y":365,"width":850,"height":12}},{"id":"0f2ebf2d-facc-49c4-b55a-70f099ccfc94","block_type":"box","text":"increasing/decreasing in weight in the Underlying Index to hold the constraint factor for that component constant between","page_number":72,"box":{"x":89,"y":380,"width":865,"height":13}},{"id":"36eb359c-21d0-48b5-af0a-2ac3eaf8a176","block_type":"box","text":"each rebalancing. The Underlying Index is rebalanced semiannually in May and November.","page_number":72,"box":{"x":89,"y":395,"width":631,"height":13}},{"id":"cc10c575-5112-4e71-9384-2fb2209bbc2b","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":422,"width":184,"height":12}},{"id":"7ac85726-b98a-4e03-8c57-7cffdef616a4","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":72,"box":{"x":278,"y":422,"width":652,"height":12}},{"id":"257e0e4f-decd-4ca1-987d-9cbd3188aec7","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":72,"box":{"x":89,"y":437,"width":832,"height":12}},{"id":"f93ad896-e04a-4a47-b44c-06f62372bcc5","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":72,"box":{"x":88,"y":452,"width":343,"height":12}},{"id":"4f6d7ec8-567e-4543-8b21-e4bf0fbd5bfc","block_type":"box","text":"MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index","page_number":72,"box":{"x":89,"y":479,"width":537,"height":12}},{"id":"9525b1fd-66cf-439f-9721-db7b444cd1bd","block_type":"box","text":"Number of Components: approximately 152","page_number":72,"box":{"x":89,"y":497,"width":317,"height":13}},{"id":"04a767bd-ec72-4b63-802e-e4c498d31b0d","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":520,"width":131,"height":12}},{"id":"071cb8ea-20c0-4f14-baa7-b2fde37107df","block_type":"box","text":"The MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index is designed to maximize","page_number":72,"box":{"x":225,"y":520,"width":726,"height":12}},{"id":"f222c9e2-b759-4b85-8ba7-440400e9f345","block_type":"box","text":"its exposure to favorable environmental, social, and governance (“ESG”) characteristics (as defined by the Index Provider)","page_number":72,"box":{"x":89,"y":535,"width":848,"height":13}},{"id":"12e14896-5e91-4fc8-9232-717e66f95800","block_type":"box","text":"while reflecting the performance of a minimum volatility strategy, as well as reducing carbon exposure and improving","page_number":72,"box":{"x":88,"y":550,"width":823,"height":13}},{"id":"76a79f4e-59e8-46e1-b623-c12d24cac608","block_type":"box","text":"weighted-average, industry-adjusted ESG scores relative to the MSCI USA Index.","page_number":72,"box":{"x":88,"y":565,"width":562,"height":13}},{"id":"2cdd09b5-4187-467a-bb46-8af01764471a","block_type":"box","text":"Index Methodology.","page_number":72,"box":{"x":89,"y":592,"width":143,"height":12}},{"id":"0b7e20c3-5e60-4a7d-9a3d-996f8b96f63c","block_type":"box","text":"The Index Provider begins with the MSCI USA Index and excludes securities of issuers that it identifies","page_number":72,"box":{"x":237,"y":592,"width":714,"height":12}},{"id":"4f6f266d-6af6-4e1f-9acd-cce4b25b1f69","block_type":"box","text":"as being involved in any of the business activities summarized below:","page_number":72,"box":{"x":89,"y":607,"width":481,"height":12}},{"id":"5a2167ad-5f12-4b57-90ad-cae2207e65da","block_type":"box","text":"• Companies that meet the Index Provider’s determination of “tobacco involvement,” including companies classified","page_number":72,"box":{"x":121,"y":627,"width":834,"height":13}},{"id":"7c0acf74-777e-4a6c-a5b1-1e0e8a0bc25b","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":72,"box":{"x":154,"y":642,"width":800,"height":13}},{"id":"317d02fa-d3e8-46f4-ad25-64dc4af8cf15","block_type":"box","text":"or more of their revenue from tobacco products.","page_number":72,"box":{"x":154,"y":657,"width":338,"height":13}},{"id":"e5cf2571-9b7e-4015-8fd1-4e50c5a5fd77","block_type":"box","text":"• Companies with any tie to controversial weapons (as defined by the Index Provider).","page_number":72,"box":{"x":121,"y":678,"width":621,"height":12}},{"id":"81ab2dfb-1995-4cde-8d00-2c93f5a3946d","block_type":"box","text":"• Companies classified as a producer of civilian firearms (as defined by the Index Provider) as well as companies","page_number":72,"box":{"x":121,"y":698,"width":804,"height":12}},{"id":"05219057-9308-481d-8dd2-58225630258e","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":72,"box":{"x":154,"y":713,"width":809,"height":11}},{"id":"940b4eef-9c2f-4e18-8316-eaec4b2d1379","block_type":"box","text":"civilian firearms-related products.","page_number":72,"box":{"x":154,"y":728,"width":234,"height":12}},{"id":"61f7655b-8e00-4497-ad59-11ec7248abc9","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":72,"box":{"x":121,"y":748,"width":770,"height":12}},{"id":"afd93e89-712f-4bd2-bdc6-7b1ecaa1c5d2","block_type":"box","text":"(excluding metallurgical coal) or from thermal coal-based power generation (as defined by the Index Provider).","page_number":72,"box":{"x":154,"y":763,"width":775,"height":13}},{"id":"e3e27cd4-4a93-4661-ad02-ea5ee4d6a6c3","block_type":"box","text":"• Companies that own oil sands reserves and derive more than 5% in revenue from oil sands extraction.","page_number":72,"box":{"x":121,"y":783,"width":746,"height":13}},{"id":"b94bd9aa-0799-482d-9d0d-f7d4dd6c4fea","block_type":"box","text":"The Index Provider also excludes companies involved in very severe business controversies, defined as an instance or","page_number":72,"box":{"x":88,"y":810,"width":818,"height":12}},{"id":"4179c2f1-c9ce-4c93-a3ad-be7eefdaf80e","block_type":"box","text":"ongoing situation in which company operations and/or products allegedly have a negative ESG impact, including alleged","page_number":72,"box":{"x":89,"y":825,"width":846,"height":12}},{"id":"41113215-094f-461c-afa0-561d870ad0f0","block_type":"box","text":"violations of laws, regulations, or accepted international norms (","page_number":72,"box":{"x":88,"y":840,"width":451,"height":12}},{"id":"fa6d0f87-610c-411c-8fcb-b12852a7ea79","block_type":"box","text":"e.g","page_number":72,"box":{"x":540,"y":843,"width":20,"height":9}},{"id":"a8c6ba86-c4e3-47df-90de-0032b92e1e2e","block_type":"box","text":"., human rights violations or toxic emissions and waste).","page_number":72,"box":{"x":561,"y":840,"width":393,"height":12}},{"id":"1ce1af3c-e2c8-45e1-9263-718fba0933eb","block_type":"box","text":"In each case, severe business controversies are determined by the Index Provider based on an MSCI ESG Controversy Score.","page_number":72,"box":{"x":89,"y":855,"width":863,"height":13}},{"id":"d3c0561f-8a6e-448d-a763-30f0c829018b","block_type":"box","text":"42","page_number":72,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3e2d8d10-4393-4d7b-b04d-38e901165701","block_type":"box","text":"The Index Provider also excludes companies that are not assessed by the Index Provider to determine their involvement in","page_number":73,"box":{"x":88,"y":44,"width":852,"height":12}},{"id":"239d8320-e629-48bd-b63b-bd71b0200a61","block_type":"box","text":"severe business controversies or their management of ESG risks and opportunities (“ESG Score,” in each case determined by","page_number":73,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"dedc3859-c18c-458c-82fe-2539c037f687","block_type":"box","text":"the Index Provider). For ESG scoring, the Index Provider identifies, for each industry, key ESG issues that may generate","page_number":73,"box":{"x":88,"y":74,"width":824,"height":12}},{"id":"53229c56-c9d8-4137-9817-24d1ea5daf25","block_type":"box","text":"unanticipated costs for a given company or industry (as determined by the Index Provider). The Index Provider has identified","page_number":73,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"f81aaf7b-44c7-4368-b310-22492b1f5f54","block_type":"box","text":"35 key ESG issues across the following 10 themes: climate change, natural capital, pollution and waste, environmental","page_number":73,"box":{"x":89,"y":104,"width":825,"height":13}},{"id":"482ef99d-b6f1-426b-9ca1-0aa99133843b","block_type":"box","text":"opportunities, human capital, product liability, stakeholder opposition, social opportunities, corporate governance and","page_number":73,"box":{"x":89,"y":119,"width":825,"height":13}},{"id":"75c51b75-0926-4374-8855-88b2c0cf08d8","block_type":"box","text":"corporate behavior. The Index Provider then calculates the size of each company’s exposure to each key issue based on the","page_number":73,"box":{"x":89,"y":135,"width":859,"height":12}},{"id":"c12d8f44-9ef9-4037-a5c5-879a9d46382e","block_type":"box","text":"company’s business segment and geographic risk and analyzes the extent to which the company has developed robust","page_number":73,"box":{"x":89,"y":150,"width":834,"height":12}},{"id":"be138939-9365-447c-8cd1-2cc854b6422f","block_type":"box","text":"strategies and programs to manage ESG risks and opportunities. Using a sector-specific weighting model, companies are","page_number":73,"box":{"x":89,"y":165,"width":847,"height":12}},{"id":"d1e16b4c-10c7-494c-a4a4-b79a6c9add1b","block_type":"box","text":"rated and ranked in comparison to their industry peers. A higher rating indicates that a company exhibits more favorable ESG","page_number":73,"box":{"x":89,"y":180,"width":875,"height":12}},{"id":"636f2cdd-8920-4ba2-a8e8-04b73361f3d8","block_type":"box","text":"characteristics and greater resilience to long-term, material ESG risks specific to that industry.","page_number":73,"box":{"x":89,"y":195,"width":654,"height":12}},{"id":"840dfd32-94da-4d7a-aa38-f09e4909d0a8","block_type":"box","text":"The Index Provider then follows a quantitative process that is designed to determine the carbon exposure of a security in","page_number":73,"box":{"x":88,"y":222,"width":845,"height":12}},{"id":"fb8971d2-9a96-4f5d-bb44-0e0d7c0b3b1f","block_type":"box","text":"terms of its greenhouse gas emissions and its potential carbon emissions from fossil fuel reserves, such that the Index","page_number":73,"box":{"x":88,"y":237,"width":827,"height":12}},{"id":"65d09c04-0624-4da0-b86d-c3d221e4bf77","block_type":"box","text":"Provider can determine the level of climate-related risk exposure and management assessment of those companies.","page_number":73,"box":{"x":89,"y":252,"width":811,"height":12}},{"id":"4fdb1174-86ee-4988-b4b8-fa8a4dddfbd9","block_type":"box","text":"Greenhouse gas emissions data is collected by the Index Provider and includes company-specific direct (Scope 1) and","page_number":73,"box":{"x":89,"y":267,"width":824,"height":12}},{"id":"d99b4ff9-df0a-4f97-9d7c-bca5bb56ae9f","block_type":"box","text":"indirect (Scope 2) greenhouse gas (“GHG”) emissions data from company public documents and/or the Carbon Disclosure","page_number":73,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"12916f85-1f3e-4ca7-adfd-d2a899df5437","block_type":"box","text":"Project. If a company does not report GHG emissions, then the Index Provider uses a proprietary methodology to estimate","page_number":73,"box":{"x":89,"y":297,"width":853,"height":12}},{"id":"7ae29f4c-8019-4efe-83c3-bec461dc6bd1","block_type":"box","text":"Scope 1 and Scope 2 GHG emissions. To determine a security’s potential carbon emissions from fossil fuel reserves, the Index","page_number":73,"box":{"x":88,"y":312,"width":879,"height":13}},{"id":"a4371098-f61e-412b-8587-3b3d7001294c","block_type":"box","text":"Provider collects fossil fuel reserves data where relevant for companies that have reserves, typically in the oil and gas, coal","page_number":73,"box":{"x":89,"y":327,"width":849,"height":13}},{"id":"00fdda7c-3d39-4745-b585-55b0e8530f12","block_type":"box","text":"mining and electric utilities industries. While fossil fuel reserves can be used for several applications, including energy or","page_number":73,"box":{"x":89,"y":342,"width":838,"height":13}},{"id":"0caaf8a3-1b25-4a79-ab12-d549573bcc5a","block_type":"box","text":"industrial (","page_number":73,"box":{"x":89,"y":358,"width":74,"height":12}},{"id":"d1ff23a3-569d-40fc-843a-7ca097ecb5a6","block_type":"box","text":"e.g.","page_number":73,"box":{"x":164,"y":361,"width":23,"height":9}},{"id":"b50897b4-7e45-423e-9981-c38cdc6b5858","block_type":"box","text":", coking coal used for steel production), for the Underlying Index, only fossil fuel reserves used for energy are","page_number":73,"box":{"x":189,"y":358,"width":759,"height":12}},{"id":"2c670a1f-efa0-41bf-892a-623ab638306b","block_type":"box","text":"taken into account. Sources include company publications, other public records and third-party data providers.","page_number":73,"box":{"x":88,"y":373,"width":776,"height":12}},{"id":"4f93e53d-4947-4128-bb97-0201a65aed41","block_type":"box","text":"The Index Provider further refines the Underlying Index through an optimization process that aims to achieve (1) the lowest","page_number":73,"box":{"x":88,"y":399,"width":866,"height":13}},{"id":"363492b3-22e7-4f61-abca-b48409b60d5a","block_type":"box","text":"volatility in light of certain replicability and investability constraints as defined by the Index Provider; (2) at least a 20%","page_number":73,"box":{"x":88,"y":414,"width":826,"height":13}},{"id":"f2c4186f-64ae-450c-b38b-886fe82c595c","block_type":"box","text":"improvement in its weighted-average, industry-adjusted ESG score relative to the MSCI USA Index; and (3) a reduction in","page_number":73,"box":{"x":89,"y":429,"width":845,"height":13}},{"id":"e0d09d78-ecad-4281-9c7d-15fbd0f00f1d","block_type":"box","text":"carbon exposure as represented by at least a 30% reduction in carbon emissions relative to the overall size of a company and","page_number":73,"box":{"x":89,"y":445,"width":873,"height":12}},{"id":"18e0e8b0-8b1e-410f-9950-dd22a179e295","block_type":"box","text":"in potential carbon emissions from fossil fuel reserves used for potential energy production per dollar of market capitalization","page_number":73,"box":{"x":89,"y":460,"width":876,"height":12}},{"id":"f0b4d5d3-9358-4ef2-8628-1c16345dda4f","block_type":"box","text":"relative to the MSCI USA Index. At each semi-annual index review, additional optimization constraints that aim to ensure","page_number":73,"box":{"x":89,"y":475,"width":843,"height":12}},{"id":"b65df4ab-0e61-4b81-813b-53b9aaa72def","block_type":"box","text":"replicability and investability are employed, including the following: (a) the weight of an index constituent will be restricted to","page_number":73,"box":{"x":89,"y":490,"width":875,"height":12}},{"id":"94d910c9-0978-4216-a0f9-ab80421e1bcd","block_type":"box","text":"the lower of 1.5% and 20 times the weight of the security in the MSCI USA Index; (b) the minimum weight of an index","page_number":73,"box":{"x":88,"y":505,"width":828,"height":12}},{"id":"9927d609-4200-4665-86cb-e80503767420","block_type":"box","text":"constituent will be 0.05%; (c) the sector weights of the Underlying Index will not deviate more than +/- 5% from the sector","page_number":73,"box":{"x":89,"y":520,"width":862,"height":12}},{"id":"b989363d-8121-4bea-9e9e-0ec2398bb885","block_type":"box","text":"weights of the MSCI USA Index; (d) the one-way turnover of the Underlying Index is capped at 10% at each semi-annual","page_number":73,"box":{"x":88,"y":535,"width":843,"height":13}},{"id":"99f8e643-0a32-4c69-8696-89eba3ad9c9e","block_type":"box","text":"index review. The Underlying Index is also optimized using Barra style factors, which aim to capture the systematic factors","page_number":73,"box":{"x":89,"y":550,"width":853,"height":13}},{"id":"692d0b83-72f2-4f0e-83bb-303bbdbcc729","block_type":"box","text":"driving the risk and return of a security, including, but not limited to, size, momentum, leverage, profitability, dividend yield","page_number":73,"box":{"x":89,"y":565,"width":855,"height":13}},{"id":"65391b5f-44e0-4e87-9eb5-b9224c289238","block_type":"box","text":"and investment quality. No constraint is applied on the exposure of the Underlying Index to the two Barra volatility style","page_number":73,"box":{"x":89,"y":581,"width":834,"height":12}},{"id":"e36a76f5-9e12-42ab-b558-3005e677d145","block_type":"box","text":"factors (as defined by the Index Provider), but exposure to the other 14 Barra style factors is restricted to +/-0.25 standard","page_number":73,"box":{"x":88,"y":596,"width":854,"height":12}},{"id":"7c9f4073-6fd5-497c-aa5f-a5227bb2c772","block_type":"box","text":"deviations relative to the MSCI USA Index.","page_number":73,"box":{"x":89,"y":611,"width":293,"height":10}},{"id":"f912bb8b-9b58-4587-843b-c99d1f1aec9f","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":637,"width":184,"height":13}},{"id":"b75cf55f-6414-428c-afc8-125c2a8de904","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":73,"box":{"x":278,"y":637,"width":652,"height":13}},{"id":"261f41e0-8a02-485b-984d-8e57158d71f4","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":73,"box":{"x":89,"y":652,"width":832,"height":13}},{"id":"c6b3841e-eafb-4a8c-bfc7-068a94112258","block_type":"box","text":"without any adjustment for taxes or withholding. The Underlying Index is reconstituted quarterly. At each reconstitution,","page_number":73,"box":{"x":88,"y":668,"width":844,"height":12}},{"id":"889e7ccd-418c-480e-9379-8d5c419d0f90","block_type":"box","text":"one-way turnover is capped at 5%. A constituent that is removed from the MSCI USA Index will be removed simultaneously","page_number":73,"box":{"x":89,"y":683,"width":865,"height":12}},{"id":"c2fcf950-0316-4711-ab35-4777ca11c66c","block_type":"box","text":"from the Underlying Index, and its weight will be distributed pro rata among the remaining constituents. Additions to the","page_number":73,"box":{"x":88,"y":698,"width":848,"height":12}},{"id":"a9cf2474-b8db-4531-89b7-0f55c29de9d3","block_type":"box","text":"MSCI USA Index will be considered for inclusion in the Underlying Index at the next review.","page_number":73,"box":{"x":89,"y":713,"width":634,"height":12}},{"id":"cbf3a2d5-400e-43e7-9614-df9e19e58152","block_type":"box","text":"MSCI USA Minimum Volatility (USD) Index","page_number":73,"box":{"x":89,"y":739,"width":306,"height":13}},{"id":"fab85fab-a674-4b9b-9668-29bc86fe4876","block_type":"box","text":"Number of Components: approximately 176","page_number":73,"box":{"x":89,"y":758,"width":316,"height":13}},{"id":"c6c611e1-fa1f-4913-9782-41e4275fa8b3","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":781,"width":131,"height":12}},{"id":"3623ce5a-dfdf-4e47-88b0-a04f2215f93b","block_type":"box","text":"The MSCI USA Minimum Volatility (USD) Index is an MSCI Global Standard Index. The Underlying Index","page_number":73,"box":{"x":225,"y":781,"width":726,"height":12}},{"id":"6004b278-9d1d-481c-93e7-48244c025cf2","block_type":"box","text":"aims to reflect the performance characteristics of a minimum volatility strategy applied to the large- and mid-capitalization","page_number":73,"box":{"x":89,"y":796,"width":860,"height":12}},{"id":"d38eb1b9-d7bf-48b0-8bba-ef43ec8c933c","block_type":"box","text":"U.S. equity universe. The Underlying Index is calculated by optimizing the MSCI USA Index, its Parent Index, in USD for the","page_number":73,"box":{"x":89,"y":811,"width":852,"height":12}},{"id":"ac2c84ff-f46e-4ce1-8d44-5b94b006aac3","block_type":"box","text":"lowest absolute risk (within a given set of constraints). Historically, the Underlying Index has shown lower beta and volatility","page_number":73,"box":{"x":89,"y":826,"width":868,"height":13}},{"id":"7d1eb48f-8b09-40f5-a608-59214cfe3710","block_type":"box","text":"characteristics relative to the MSCI USA Index. The Underlying Index is reconstituted quarterly. At each reconstitution, one","page_number":73,"box":{"x":89,"y":841,"width":861,"height":13}},{"id":"b5bd6b04-be85-40a2-8434-8a1f2a1c79e8","block_type":"box","text":"way turnover is capped at 5%.","page_number":73,"box":{"x":88,"y":856,"width":211,"height":13}},{"id":"63bd67b0-e7d4-495c-ad16-f11217550a2e","block_type":"box","text":"43","page_number":73,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e6ae7ef7-49d9-46b4-861e-93d1d3540f63","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"9772cb9c-4b8e-421f-bd5b-f2c46c12d599","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":74,"box":{"x":278,"y":44,"width":652,"height":12}},{"id":"725d4fc2-af35-4e39-980b-647e048e2142","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":59,"width":832,"height":12}},{"id":"ada7c3a2-c775-4ca6-b500-01da8f67aa6c","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":74,"box":{"x":88,"y":74,"width":343,"height":12}},{"id":"986d3f5f-58f4-447c-a98c-dda95916327c","block_type":"box","text":"MSCI USA Momentum SR Variant Index","page_number":74,"box":{"x":89,"y":101,"width":285,"height":9}},{"id":"80d487dd-9ec0-4fe2-94ba-b8707e3b12d1","block_type":"box","text":"Number of Components: approximately 125","page_number":74,"box":{"x":89,"y":127,"width":317,"height":12}},{"id":"f5b3babd-ab66-4194-a8b2-d7c00c7210d8","block_type":"box","text":"Index Description.","page_number":74,"box":{"x":89,"y":153,"width":131,"height":13}},{"id":"7444fa61-a819-449d-b1fb-458555cd80f7","block_type":"box","text":"The MSCI USA Momentum SR Variant Index is an MSCI Global Standard Index. The Underlying Index","page_number":74,"box":{"x":225,"y":153,"width":706,"height":13}},{"id":"132e023d-fc25-4c6c-866b-4dd4ece51960","block_type":"box","text":"consists of stocks exhibiting relatively higher momentum characteristics from the MSCI USA Index (the “Parent Index”), as","page_number":74,"box":{"x":89,"y":169,"width":858,"height":12}},{"id":"1d840344-b7f2-4f16-b307-2948ed97f3d1","block_type":"box","text":"determined by MSCI Inc. The MSCI USA Momentum SR Variant Index is a version of the MSCI USA Momentum Index, which","page_number":74,"box":{"x":89,"y":184,"width":870,"height":12}},{"id":"960b6740-45f5-440f-8526-ccf64fe91653","block_type":"box","text":"rebalances quarterly and applies turnover caps at each rebalance.","page_number":74,"box":{"x":89,"y":199,"width":457,"height":12}},{"id":"a27033fa-c381-4a75-a08b-b6b393a1beba","block_type":"box","text":"A risk-adjusted price momentum, defined by MSCI as the excess return over the risk-free rate (","page_number":74,"box":{"x":88,"y":225,"width":664,"height":13}},{"id":"c166e36b-c102-44cc-8717-816bd8aa9dc4","block_type":"box","text":"i.e.","page_number":74,"box":{"x":753,"y":226,"width":18,"height":9}},{"id":"eb975bda-e13c-48b8-b9c3-bf1225ea8866","block_type":"box","text":", the 3 Month Treasury Bill","page_number":74,"box":{"x":773,"y":225,"width":182,"height":13}},{"id":"86d0602d-d4df-4fb4-ba4e-16a005749c0a","block_type":"box","text":"Rate) divided by the annualized standard deviation of weekly returns over the past 3 years, is calculated for each security in","page_number":74,"box":{"x":89,"y":240,"width":859,"height":13}},{"id":"f3492895-b3cd-4d3e-bc02-c233cf351d52","block_type":"box","text":"the Parent Index over 6- and 12- month time periods. The 6- and 12-month risk-adjusted price momentum calculations are","page_number":74,"box":{"x":88,"y":256,"width":864,"height":12}},{"id":"11d6d42d-5052-414e-a15b-bc5f1072916f","block_type":"box","text":"then standardized at +/-3 standard deviations and translated into an average momentum score. The 125 securities with the","page_number":74,"box":{"x":88,"y":271,"width":864,"height":12}},{"id":"b0d39eeb-ac97-4489-8243-30085319d1c1","block_type":"box","text":"highest positive momentum scores are predetermined for the Underlying Index at initial construction with an aim to attain a","page_number":74,"box":{"x":89,"y":286,"width":869,"height":12}},{"id":"a5810549-a2f6-4739-b4fc-842684c6d2e9","block_type":"box","text":"high exposure to the momentum factor while maintaining sufficient market capitalization and number of securities","page_number":74,"box":{"x":89,"y":301,"width":805,"height":12}},{"id":"51486434-1ec2-4c89-bdea-c785d9b7e3fc","block_type":"box","text":"coverages. The weight of each Underlying Index constituent is determined based on the product of the security’s momentum","page_number":74,"box":{"x":89,"y":316,"width":877,"height":12}},{"id":"7d1465ca-4e8a-4f20-8655-e17dd9c1755f","block_type":"box","text":"score and its market capitalization weight in the Parent Index and further adjusted to, among others, mitigate the impact of","page_number":74,"box":{"x":89,"y":331,"width":864,"height":12}},{"id":"6224e349-0fc9-47b9-b99d-65361d48a6f2","block_type":"box","text":"stock-specific risk. Additionally, a capping methodology is applied so that each individual issuer is capped at 5% weight at","page_number":74,"box":{"x":89,"y":346,"width":855,"height":13}},{"id":"ba50496c-21fc-40cf-ad11-ed848602dc37","block_type":"box","text":"reconstitution. The Index Provider also takes into account certain diversification rules. At reconstitution, if the aggregate","page_number":74,"box":{"x":89,"y":361,"width":841,"height":13}},{"id":"b83147a7-de83-4f71-ac78-5aacb3044626","block_type":"box","text":"weight of stocks representing more than 4.5% weight is greater than 22.5% of the Underlying Index weight, the Underlying","page_number":74,"box":{"x":88,"y":376,"width":864,"height":13}},{"id":"30697dd1-0017-4271-9bc1-37afd3032828","block_type":"box","text":"Index is rebalanced such that the aggregate weight of stocks greater than 4.5% does not exceed 22.5% of the Underlying","page_number":74,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"72f53680-b7b5-49b5-a165-8e4ca9afd644","block_type":"box","text":"Index weight. Between constitution dates, if the aggregate weight of stocks representing more than 5% weight is greater","page_number":74,"box":{"x":89,"y":407,"width":846,"height":12}},{"id":"ab41d1dc-11fa-4f19-9195-6c238ebd67b7","block_type":"box","text":"than 25% of the Underlying Index weight, the Underlying Index is rebalanced such that the aggregate weight of stocks","page_number":74,"box":{"x":88,"y":422,"width":831,"height":12}},{"id":"be992e62-d5dc-4c2e-8c76-a2a6d9ed738b","block_type":"box","text":"greater than 4.5% does not exceed 22.5% of the Underlying Index weight. The Underlying Index is reconstituted quarterly. To","page_number":74,"box":{"x":89,"y":437,"width":877,"height":12}},{"id":"ddc9c2e4-aa04-415b-8823-7af35ea1fc74","block_type":"box","text":"determine the constituent changes at each quarterly reconstitution, the Index Provider applies an iterative algorithm to cap","page_number":74,"box":{"x":89,"y":452,"width":861,"height":12}},{"id":"99631e58-90f9-4daa-8932-66f56ed8fa4f","block_type":"box","text":"the one-way turnover per reconstitution at 30%.","page_number":74,"box":{"x":88,"y":467,"width":339,"height":13}},{"id":"476c1aeb-5c0e-4917-9a94-f761fc5f9d7c","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":494,"width":184,"height":12}},{"id":"e5e04e47-8f51-42c4-b300-38f3bf480ce7","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":74,"box":{"x":278,"y":494,"width":652,"height":12}},{"id":"01777d06-ac5e-48f8-badb-f26e3d3945e1","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":509,"width":832,"height":12}},{"id":"9af2d44c-67cf-4403-ae0c-6acf80759ff7","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":74,"box":{"x":88,"y":524,"width":343,"height":12}},{"id":"80e22981-1a61-484f-ab80-dc9ed23e3f3a","block_type":"box","text":"MSCI USA Sector Neutral Quality Index","page_number":74,"box":{"x":89,"y":550,"width":281,"height":13}},{"id":"00b35d1b-31f1-469c-94fc-994458c3107e","block_type":"box","text":"Number of Components: approximately 125","page_number":74,"box":{"x":89,"y":577,"width":317,"height":12}},{"id":"a2d71340-a209-4c01-b640-c9b9f31919a4","block_type":"box","text":"Index Description.","page_number":74,"box":{"x":89,"y":603,"width":131,"height":13}},{"id":"0ee2fefb-b4e1-4e43-9de0-7496a3501331","block_type":"box","text":"The MSCI USA Sector Neutral Quality Index is an MSCI Global Standard Index. The Underlying Index is","page_number":74,"box":{"x":225,"y":603,"width":715,"height":13}},{"id":"0572b2e0-82d7-473f-abc3-0bfc6ff790d2","block_type":"box","text":"based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid","page_number":74,"box":{"x":89,"y":618,"width":871,"height":13}},{"id":"22cba6f4-99a8-4601-bb73-f83117f5c3c8","block_type":"box","text":"capitalization stocks. The Underlying Index seeks to measure the performance of securities in the parent index that exhibit","page_number":74,"box":{"x":89,"y":633,"width":855,"height":13}},{"id":"18026e5c-0f2d-401c-93fc-43dd6b8ec512","block_type":"box","text":"higher quality characteristics relative to their peers within the corresponding Global Industry Classification Standard (GICS","page_number":74,"box":{"x":89,"y":649,"width":854,"height":12}},{"id":"5562b5d1-b984-4ef1-b82f-a00597677337","block_type":"box","text":"®","page_number":74,"box":{"x":944,"y":647,"width":9,"height":6}},{"id":"78637b7e-d466-41dd-8399-3ce7da83f8ef","block_type":"box","text":")","page_number":74,"box":{"x":955,"y":649,"width":4,"height":12}},{"id":"d892980a-de2d-4e7b-8cef-b29831a0218a","block_type":"box","text":"sector. To construct the Underlying Index, the quality score of each security in the parent index is determined based on three","page_number":74,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"3ba2eba3-caf7-4e3f-8ad1-1bb6ffbc8418","block_type":"box","text":"main fundamental variables: high return on equity, low earnings variability and low leverage. A fixed number of securities","page_number":74,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"de0906c0-0791-4b82-8bee-b6f9e6413897","block_type":"box","text":"with the highest positive quality scores are predetermined for the Underlying Index at initial construction with an aim to","page_number":74,"box":{"x":88,"y":694,"width":839,"height":12}},{"id":"e9ab4b89-d16c-4549-98ae-98137b8daa84","block_type":"box","text":"attain a high exposure to the quality factor while maintaining sufficient index market capitalization and number of securities","page_number":74,"box":{"x":89,"y":709,"width":868,"height":12}},{"id":"8a750c47-84b2-462d-b6f8-6bc4a9ef5583","block_type":"box","text":"coverage. The weight of each Underlying Index constituent is determined based on the product of the security’s quality score","page_number":74,"box":{"x":89,"y":724,"width":876,"height":13}},{"id":"0f0f93ea-40b8-4e55-b8b7-5cf98c40d941","block_type":"box","text":"and its market capitalization weight in the parent index and further adjusted to, among others, mitigate concentration risk.","page_number":74,"box":{"x":89,"y":739,"width":857,"height":13}},{"id":"13834304-7cec-4359-acdf-803ac9d1ab00","block_type":"box","text":"Weights in the Underlying Index are normalized so that sectors in the Underlying Index represent the same weight as in the","page_number":74,"box":{"x":88,"y":754,"width":861,"height":13}},{"id":"c5336f97-67b5-4135-ba54-a97d35f69b33","block_type":"box","text":"Parent Index. Additionally, each individual issuer is capped at 5%.","page_number":74,"box":{"x":89,"y":770,"width":456,"height":12}},{"id":"b711c371-0941-450d-95e2-67d62b3f1a80","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":796,"width":184,"height":12}},{"id":"a47552cb-6abb-4fd0-8607-e674cf7818a6","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":74,"box":{"x":278,"y":796,"width":652,"height":12}},{"id":"ca18c75a-dccf-48ba-8d19-de44a50b891b","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":811,"width":832,"height":12}},{"id":"0a1f8e77-cf24-4673-8d90-6ea6433de6fb","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":74,"box":{"x":88,"y":826,"width":343,"height":13}},{"id":"f623a80d-8e19-4dcb-9755-4b201b654a65","block_type":"box","text":"MSCI USA Small Cap Minimum Volatility (USD) Index","page_number":74,"box":{"x":89,"y":853,"width":383,"height":12}},{"id":"d701be7c-c02b-4806-b145-470e3639e3bf","block_type":"box","text":"44","page_number":74,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"e51a72da-d25d-499d-8f29-d16ff3e8b46b","block_type":"box","text":"Number of Components: approximately 304","page_number":75,"box":{"x":89,"y":44,"width":318,"height":12}},{"id":"7578ab8f-5036-422f-b8d4-2c49229519a0","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":67,"width":131,"height":12}},{"id":"69c04be7-ed6e-440d-ac08-824cbb313653","block_type":"box","text":"The MSCI USA Small Cap Minimum Volatility (USD) Index is an MSCI Global Small Cap Index. The","page_number":75,"box":{"x":225,"y":67,"width":683,"height":12}},{"id":"0964346d-7ed5-4bc0-8879-4e5f6d282f80","block_type":"box","text":"Underlying Index aims to reflect the performance of small-capitalization U.S. equities that in the aggregate are expected to","page_number":75,"box":{"x":89,"y":82,"width":856,"height":12}},{"id":"64b77447-d0a8-4b4c-ad1f-4f42b8fc1cab","block_type":"box","text":"have lower volatility characteristics relative to the small-capitalization U.S. equity market. Each security included in the","page_number":75,"box":{"x":89,"y":97,"width":825,"height":12}},{"id":"c972ca31-8c37-4cde-8966-d1af319cd782","block_type":"box","text":"Underlying Index is a current constituent of the MSCI USA Small Cap Index, the parent index.","page_number":75,"box":{"x":89,"y":112,"width":649,"height":12}},{"id":"4ac0b01c-434b-4bf3-a3c5-87a2f1d8995a","block_type":"box","text":"Index Methodology.","page_number":75,"box":{"x":89,"y":138,"width":143,"height":13}},{"id":"f0473e99-93da-41a1-a8fe-34b71fc829d0","block_type":"box","text":"The Underlying Index is designed to provide the lowest expected return variance using MSCI’s multi","page_number":75,"box":{"x":237,"y":138,"width":705,"height":13}},{"id":"99eec4ba-e55f-40d5-8023-47f22432d8aa","block_type":"box","text":"factor risk model, and then it is further refined by an optimization tool that seeks to optimize the parent index for the lowest","page_number":75,"box":{"x":88,"y":153,"width":866,"height":13}},{"id":"1a88e2fe-9cf4-4812-a6e8-f5d6fddf779f","block_type":"box","text":"absolute volatility with a certain set of constraints. These constraints help maintain Underlying Index replicability and","page_number":75,"box":{"x":89,"y":169,"width":818,"height":12}},{"id":"c86e1b38-fd62-475c-a5c2-e2b2c534b6f1","block_type":"box","text":"investability and include Underlying Index turnover limits, for example, along with minimum and maximum constituent,","page_number":75,"box":{"x":89,"y":184,"width":838,"height":12}},{"id":"b8cca685-b90e-41cd-a44a-f0cb51967d7e","block_type":"box","text":"sector and/or country weights relative to the parent index, and other factor constraints, as measured by MSCI, including","page_number":75,"box":{"x":89,"y":199,"width":841,"height":12}},{"id":"e9d6e2b9-1154-4fc2-b7c5-b57c6315e036","block_type":"box","text":"those related to momentum, value, size, size non-linearity (","page_number":75,"box":{"x":88,"y":214,"width":413,"height":12}},{"id":"bea35725-9f0d-43d0-9c11-00b2dd98dcf6","block_type":"box","text":"i.e.","page_number":75,"box":{"x":502,"y":215,"width":18,"height":9}},{"id":"f43b3c6f-20ed-44ab-bdd8-c2b2f56aa46d","block_type":"box","text":", the performance differential between mid-capitalization","page_number":75,"box":{"x":522,"y":214,"width":397,"height":12}},{"id":"23b8edb0-2fc2-413b-880c-cccf1670f3b4","block_type":"box","text":"companies versus large- and small-capitalization companies), growth, liquidity and financial leverage The Underlying Index is","page_number":75,"box":{"x":89,"y":229,"width":876,"height":12}},{"id":"61b7be8b-d627-4146-b3b5-0c1254eccd57","block_type":"box","text":"reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.","page_number":75,"box":{"x":89,"y":244,"width":575,"height":13}},{"id":"fd40bccf-915b-49bf-85b7-197df232d3bf","block_type":"box","text":"Calculation Methodology.","page_number":75,"box":{"x":89,"y":271,"width":184,"height":12}},{"id":"105c1391-a532-4b51-8669-4f6f2d700551","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of","page_number":75,"box":{"x":278,"y":271,"width":652,"height":12}},{"id":"8278691f-5989-4666-935e-38471b962c52","block_type":"box","text":"gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock,","page_number":75,"box":{"x":89,"y":286,"width":832,"height":12}},{"id":"265441c0-fbe1-4a40-963e-ffbbf15d97ac","block_type":"box","text":"without any adjustment for taxes or withholding.","page_number":75,"box":{"x":88,"y":301,"width":343,"height":12}},{"id":"31287fa5-9b22-4980-ba50-e42ac2ffffa7","block_type":"box","text":"MSCI World ex USA Enhanced Value Index","page_number":75,"box":{"x":89,"y":327,"width":306,"height":10}},{"id":"45885cb6-edda-4b78-b556-a3b92b9be4e5","block_type":"box","text":"Number of Components: approximately 351","page_number":75,"box":{"x":89,"y":346,"width":314,"height":13}},{"id":"26601243-8c88-4af6-ab08-910d0974d8e5","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":369,"width":131,"height":12}},{"id":"43c03ddb-a745-4551-9311-5061ed651f3f","block_type":"box","text":"The MSCI World ex USA Enhanced Value Index is an MSCI Global Standard Index. The investment results","page_number":75,"box":{"x":225,"y":369,"width":733,"height":10}},{"id":"6bf759cc-3c3e-4ca5-90ec-d144ced0554d","block_type":"box","text":"of the MSCI World ex USA Enhanced Value Index are based on a traditional market capitalization-weighted parent index, the","page_number":75,"box":{"x":89,"y":384,"width":867,"height":12}},{"id":"4c46fce9-5bd3-495f-b48a-fd44b0e7e896","block_type":"box","text":"MSCI World ex USA Index, which as of July 31, 2025 included large- and mid- capitalization stocks across the following 21","page_number":75,"box":{"x":89,"y":399,"width":848,"height":13}},{"id":"a0e5fae5-1acc-404c-9fa9-aabacc4618a7","block_type":"box","text":"developed market countries or regions: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong,","page_number":75,"box":{"x":89,"y":414,"width":873,"height":13}},{"id":"e85f2923-a04c-4c4d-ad4f-3f4797641047","block_type":"box","text":"Ireland, Israel, Italy, Japan, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the U.K. The","page_number":75,"box":{"x":89,"y":429,"width":819,"height":13}},{"id":"71270db4-598a-4cb8-a364-920b26677310","block_type":"box","text":"Underlying Index is designed to represent the performance of securities that exhibit higher value style characteristics relative\r\n®","page_number":75,"box":{"x":89,"y":445,"width":871,"height":12}},{"id":"3b2eba6f-92b9-43fc-b6eb-dde4b4abf453","block_type":"box","text":"to their peers within the corresponding Global Industry Classification Standard (GICS","page_number":75,"box":{"x":88,"y":460,"width":594,"height":12}},{"id":"8f452854-a15c-4d22-8899-8e0f9d13e4e6","block_type":"box","text":"®","page_number":75,"box":{"x":683,"y":456,"width":6,"height":5}},{"id":"f3477b99-b4bb-4301-85c2-057d3c015623","block_type":"box","text":") sector.","page_number":75,"box":{"x":690,"y":460,"width":55,"height":12}},{"id":"c8d07e63-3d87-49b4-bf83-c1f6ef02c5e0","block_type":"box","text":"Index Methodology.","page_number":75,"box":{"x":89,"y":486,"width":143,"height":12}},{"id":"512d525f-bd53-4c4f-a68d-5167cf1d62db","block_type":"box","text":"The Underlying Index is designed to represent the performance of securities that exhibit relatively","page_number":75,"box":{"x":237,"y":486,"width":683,"height":12}},{"id":"6d9a734c-6e2f-4aaa-b47d-8f987b6530ce","block_type":"box","text":"higher value characteristics within the parent index. The value score for each security is calculated by combining the scores","page_number":75,"box":{"x":89,"y":501,"width":862,"height":13}},{"id":"9bd12905-998d-407c-a703-5cd19617ca77","block_type":"box","text":"of three valuation descriptors based on publicly reported financial data: price-to-book value, price-to-forward earnings and","page_number":75,"box":{"x":89,"y":516,"width":860,"height":13}},{"id":"13c050ee-e4d5-443b-939e-11ef87c98480","block_type":"box","text":"enterprise value-to-cash flow from operations. The Underlying Index is constructed with a fixed number of securities","page_number":75,"box":{"x":89,"y":531,"width":817,"height":13}},{"id":"cba8c82d-7137-48d8-9781-5a4d22a408a8","block_type":"box","text":"constituting a subset of the parent index based on their final value scores. The fixed number of securities is evaluated semi","page_number":75,"box":{"x":89,"y":547,"width":863,"height":12}},{"id":"cdcff73e-b534-490a-a60b-5e0b39e318dc","block_type":"box","text":"annually. MSCI assigns weights by multiplying a component’s final value score by its market capitalization. Weights in the","page_number":75,"box":{"x":89,"y":562,"width":848,"height":12}},{"id":"71773652-64a6-4d2b-9e3c-647eec15174d","block_type":"box","text":"Underlying Index are next normalized so that sectors in the Underlying Index represent the same weight as in the Parent","page_number":75,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"f5ba564b-cd26-4902-8edc-bb9d392b3539","block_type":"box","text":"Index. Coinciding with the SAIRs of the parent index, the Underlying Index is rebalanced on the last business day of May and","page_number":75,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"0920736c-c0b2-43cd-a70b-3656ea770adc","block_type":"box","text":"November.","page_number":75,"box":{"x":89,"y":607,"width":73,"height":10}},{"id":"1f7e6a49-c471-4f95-89fa-84d89d96b526","block_type":"box","text":"Calculation Methodology.","page_number":75,"box":{"x":89,"y":633,"width":184,"height":13}},{"id":"73c15f38-5313-4c21-a95a-2561d4410250","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":75,"box":{"x":278,"y":633,"width":662,"height":13}},{"id":"7904944a-a0fd-4589-a6c5-d486b595d1b7","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":75,"box":{"x":89,"y":649,"width":878,"height":12}},{"id":"49ff7e31-6d3f-4428-84b3-a93df8ca3d09","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":75,"box":{"x":88,"y":664,"width":864,"height":12}},{"id":"a4106658-b0cd-4039-9fd2-564ec0ceb02d","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":75,"box":{"x":89,"y":679,"width":849,"height":12}},{"id":"3ef8e162-a0a5-454c-a35f-897208f529ac","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":75,"box":{"x":88,"y":694,"width":868,"height":12}},{"id":"ee91d946-b37d-4fed-8535-e0f021803d5c","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":75,"box":{"x":88,"y":709,"width":474,"height":12}},{"id":"3acfe636-109c-42c3-95b6-8bec0f3fe533","block_type":"box","text":"MSCI World ex USA Momentum Index","page_number":75,"box":{"x":89,"y":736,"width":275,"height":9}},{"id":"81de4659-d923-4bc0-9a1b-fffcf179906f","block_type":"box","text":"Number of Components: approximately 301","page_number":75,"box":{"x":89,"y":754,"width":314,"height":13}},{"id":"e429624d-4193-446a-a7ed-60f0f862cef5","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":777,"width":131,"height":12}},{"id":"01961cc2-690b-4483-8dbe-25410a594ccb","block_type":"box","text":"The MSCI World ex USA Momentum Index is an MSCI Global Standard Index. The index consists of","page_number":75,"box":{"x":225,"y":777,"width":695,"height":10}},{"id":"97f1d4f4-d87b-45bc-af06-e1fa74f91d40","block_type":"box","text":"stocks exhibiting relatively higher momentum characteristics than the traditional market capitalization-weighted parent","page_number":75,"box":{"x":89,"y":792,"width":837,"height":13}},{"id":"0108611c-cc18-4e0f-b8da-ab794488a63b","block_type":"box","text":"index, the MSCI World ex USA Index, which includes large- and mid-capitalization equity securities in developed market","page_number":75,"box":{"x":89,"y":807,"width":837,"height":13}},{"id":"77e92314-f5a3-4323-8c3a-4cdc21aba5ea","block_type":"box","text":"countries, excluding the U.S. It is designed to reflect the performance of an equity momentum strategy that emphasizes","page_number":75,"box":{"x":89,"y":822,"width":837,"height":13}},{"id":"fa866b4e-03cb-4561-a094-d9e867f9732e","block_type":"box","text":"stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate","page_number":75,"box":{"x":89,"y":838,"width":854,"height":12}},{"id":"2a5a849c-4cde-4b70-b4ef-4cdcc659ffdd","block_type":"box","text":"index turnover. As of July 31, 2025, the Underlying Index consisted of companies in the following 21 countries or regions:","page_number":75,"box":{"x":89,"y":853,"width":843,"height":12}},{"id":"3669e85c-8483-4892-95c6-dea613fef314","block_type":"box","text":"45","page_number":75,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b907bc56-29a0-4154-9b5a-05967b3b6add","block_type":"box","text":"Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the","page_number":76,"box":{"x":88,"y":44,"width":806,"height":12}},{"id":"9d07aa30-2f7c-4741-9570-7896cfb2d3c9","block_type":"box","text":"Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland and the U.K.","page_number":76,"box":{"x":89,"y":59,"width":610,"height":12}},{"id":"34341c74-83f4-4349-a896-51b5d7d6a35f","block_type":"box","text":"Index Methodology.","page_number":76,"box":{"x":89,"y":85,"width":143,"height":13}},{"id":"79fdd2e9-a594-43e9-a777-bfa9282e17ef","block_type":"box","text":"The MSCI World ex USA Momentum Index holds a fixed number of securities that are chosen from","page_number":76,"box":{"x":237,"y":85,"width":692,"height":10}},{"id":"dd6e6a34-9ea5-4f28-a243-138ba679dc74","block_type":"box","text":"constituents within the parent index. A risk-adjusted price momentum score, defined as the excess return over the risk-free","page_number":76,"box":{"x":89,"y":101,"width":863,"height":12}},{"id":"97651ed8-6ad1-4e0b-958d-9964193765fc","block_type":"box","text":"rate divided by the annualized standard deviation of weekly returns over the past 3 years, is calculated for each security in the","page_number":76,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"430de1b0-29b8-4053-b6d6-8db46a909f63","block_type":"box","text":"parent index over 6- and 12-month time periods. The 6- and 12- month risk-adjusted price momentum calculations are then","page_number":76,"box":{"x":89,"y":131,"width":872,"height":12}},{"id":"65cb0118-20d5-474c-9b18-6b51abf4a3af","block_type":"box","text":"standardized at +/-3 standard deviations and the standardized z-scores are translated into an average momentum score. A","page_number":76,"box":{"x":89,"y":146,"width":857,"height":12}},{"id":"4f0ad106-b779-4b94-a7ef-8c784b0858ff","block_type":"box","text":"fixed number of securities with the highest positive momentum scores are predetermined for the Underlying Index at initial","page_number":76,"box":{"x":88,"y":161,"width":862,"height":12}},{"id":"0b20fb64-5186-4f3d-8ef1-e0c1f5edbcd5","block_type":"box","text":"construction with an aim to attain a high exposure to the momentum factor while maintaining sufficient market","page_number":76,"box":{"x":89,"y":176,"width":785,"height":13}},{"id":"c0232232-3031-44ff-b7b6-d3516bf2a9c4","block_type":"box","text":"capitalization and number of securities coverage.","page_number":76,"box":{"x":89,"y":191,"width":342,"height":13}},{"id":"5c37b9d0-ea1e-4ce1-bbe8-b0f7fbb4ef8e","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced quarterly. At each reconstitution, MSCI uses an algorithm to determine","page_number":76,"box":{"x":88,"y":218,"width":875,"height":12}},{"id":"fa99a12f-79e7-4bbf-88ae-4e38f483af44","block_type":"box","text":"the number of components in the Underlying Index based on the number of constituents in the Parent Index, momentum","page_number":76,"box":{"x":88,"y":233,"width":852,"height":12}},{"id":"25a8baed-f719-4c89-85fe-23be9a41e163","block_type":"box","text":"score and market capitalization coverage. The weight of each Underlying Index constituent is initially determined by","page_number":76,"box":{"x":89,"y":248,"width":810,"height":12}},{"id":"a38011b0-ec4f-4733-b13f-0dc548297750","block_type":"box","text":"multiplying the security’s momentum score by its market capitalization weight in the Parent Index, subject to a 5% cap on","page_number":76,"box":{"x":89,"y":263,"width":853,"height":12}},{"id":"cb82075a-9c99-40a1-a712-abc6effff710","block_type":"box","text":"each issuer. A 50% turnover buffer is then applied to each constituent security that has a change in weight based on the","page_number":76,"box":{"x":89,"y":278,"width":841,"height":13}},{"id":"dee8a14d-3880-4dcf-a830-4a18226315b4","block_type":"box","text":"previous reconstitution steps. With this buffer, each relevant security receives only half of its designated weight change. The","page_number":76,"box":{"x":89,"y":293,"width":866,"height":13}},{"id":"108f615f-71ac-42e9-be95-04ee3e49e868","block_type":"box","text":"buffer is not applied to deletions. After the buffer is applied, the constituents’ weights are normalized to 100%, subject to a","page_number":76,"box":{"x":89,"y":308,"width":857,"height":13}},{"id":"b83ded06-c938-4a12-8bbc-c4580c4cec97","block_type":"box","text":"5% cap on each issuer.","page_number":76,"box":{"x":89,"y":324,"width":159,"height":12}},{"id":"38b3230f-0f39-43b7-8775-15fb997c1dc3","block_type":"box","text":"Calculation Methodology.","page_number":76,"box":{"x":89,"y":350,"width":184,"height":12}},{"id":"17e5a22e-81c7-4675-b837-a3b9733bd6d8","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":76,"box":{"x":278,"y":350,"width":662,"height":12}},{"id":"f5162f5e-1751-4a3c-bc2e-d29be1c847a7","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":76,"box":{"x":89,"y":365,"width":878,"height":12}},{"id":"e2acfc9a-6761-4c56-99f4-b4c53549ca05","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":76,"box":{"x":88,"y":380,"width":864,"height":13}},{"id":"cbd03df3-5968-4be2-80a9-f981b651914e","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":76,"box":{"x":89,"y":395,"width":849,"height":13}},{"id":"03a9fa7c-c8e7-4c56-b5b3-4422c1f39edb","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":76,"box":{"x":88,"y":410,"width":868,"height":13}},{"id":"c2afec02-6c56-4a4b-b1f9-764cbbb11554","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":76,"box":{"x":88,"y":426,"width":474,"height":12}},{"id":"6cf18455-e1f5-445e-816c-4a16f4ae31d1","block_type":"box","text":"MSCI World ex USA Sector Neutral Quality Index","page_number":76,"box":{"x":89,"y":452,"width":350,"height":12}},{"id":"d523bfd9-6b82-48c6-8412-22d585921bcd","block_type":"box","text":"Number of Components: approximately 301","page_number":76,"box":{"x":89,"y":471,"width":314,"height":12}},{"id":"21ab310e-9ecb-4c04-ad7b-e69223bb91a5","block_type":"box","text":"Index Description.","page_number":76,"box":{"x":89,"y":494,"width":131,"height":12}},{"id":"06d6470a-6318-4da8-a7c3-f0c637d1a50b","block_type":"box","text":"The MSCI World ex USA Sector Neutral Quality Index is an MSCI Global Standard Index. The Underlying","page_number":76,"box":{"x":225,"y":494,"width":723,"height":12}},{"id":"68e57e20-fefc-47bb-92a6-cd5c3899efe9","block_type":"box","text":"Index is based on a traditional market capitalization-weighted parent index, the MSCI World ex USA Index, which includes","page_number":76,"box":{"x":89,"y":509,"width":851,"height":12}},{"id":"1cc1722f-9078-402e-ab0c-585ef9655a42","block_type":"box","text":"large- and mid-capitalization equity securities in developed market countries, excluding the U.S. The Underlying Index seeks","page_number":76,"box":{"x":89,"y":524,"width":867,"height":12}},{"id":"c9a19dd8-5a19-4bd4-8daa-8385e41ad02c","block_type":"box","text":"to capture the performance of quality stocks by identifying common stocks with high quality scores while maintaining","page_number":76,"box":{"x":88,"y":539,"width":829,"height":12}},{"id":"43e0e1c0-ee5e-4218-9fc6-ba9025fb95be","block_type":"box","text":"reasonably high trading liquidity, investment capacity and moderate index turnover. As of July 31, 2025, the Underlying Index","page_number":76,"box":{"x":89,"y":554,"width":870,"height":12}},{"id":"870a0807-1239-43e3-91c1-400b716105c9","block_type":"box","text":"consisted of companies in the following 22 countries or regions: Australia, Austria, Belgium, Canada, Denmark, Finland,","page_number":76,"box":{"x":89,"y":569,"width":835,"height":13}},{"id":"27148cb0-d9bb-430b-b830-c8982f25c719","block_type":"box","text":"France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,","page_number":76,"box":{"x":89,"y":584,"width":863,"height":13}},{"id":"82425cdc-18e2-4907-9143-f74b3b36f3f1","block_type":"box","text":"Sweden, Switzerland and the U.K.","page_number":76,"box":{"x":88,"y":599,"width":232,"height":12}},{"id":"377e6c7c-9e3e-42b7-9b98-4432901b32f9","block_type":"box","text":"Index Methodology.","page_number":76,"box":{"x":89,"y":626,"width":143,"height":12}},{"id":"aabcc1a1-4ed0-4328-b586-d0a8e6797dc9","block_type":"box","text":"The MSCI World ex USA Sector Neutral Quality Index holds a fixed number of securities that are chosen","page_number":76,"box":{"x":237,"y":626,"width":724,"height":12}},{"id":"c3eff51a-11e6-4aa3-8dab-fe06dba4d58d","block_type":"box","text":"from constituents within the parent index. The MSCI World ex USA Sector Neutral Quality Index aims to capture the","page_number":76,"box":{"x":88,"y":641,"width":811,"height":12}},{"id":"4b978813-d396-4a25-a590-1e1910d1d395","block_type":"box","text":"performance of high quality stocks by identifying common stocks with high “quality scores” based on three variables:","page_number":76,"box":{"x":89,"y":656,"width":821,"height":13}},{"id":"986de341-5d12-4a7a-9ecd-ac8358ba6dae","block_type":"box","text":"Return on equity: Trailing 12-month earnings per share divided by the latest book value per share.","page_number":76,"box":{"x":89,"y":683,"width":681,"height":12}},{"id":"f5d489fb-1603-4fe3-bda0-21bd4b52c12b","block_type":"box","text":"Earnings variability: Standard deviation of year-over-year earnings per share growth over last five fiscal years.","page_number":76,"box":{"x":89,"y":709,"width":761,"height":12}},{"id":"177988c3-dc3a-433c-9cba-52fbf2281b88","block_type":"box","text":"Debt-to-equity: Latest fiscal year total debt-to-book value.","page_number":76,"box":{"x":89,"y":736,"width":407,"height":12}},{"id":"46206af1-b798-40f6-9b3f-020137062dc2","block_type":"box","text":"The methodology calculates a “quality score” for each security in the parent index by averaging the z-scores of the three","page_number":76,"box":{"x":88,"y":762,"width":841,"height":12}},{"id":"892fb623-7928-4fae-8f45-567b9c51955c","block_type":"box","text":"fundamental variables above. A sector relative quality score is then derived by standardizing the composite quality z-scores","page_number":76,"box":{"x":88,"y":777,"width":860,"height":12}},{"id":"91dc0017-6f30-47c0-9dc2-7450ee11e79f","block_type":"box","text":"within each sector. The sector-relative quality scores are then standardized at +/- 3 standard deviations and the standardized","page_number":76,"box":{"x":88,"y":792,"width":874,"height":13}},{"id":"de40d552-8d66-4bc3-90f7-3c5d13f4bcf3","block_type":"box","text":"z-scores are translated into an average quality score. A fixed number of securities with the highest positive quality scores are","page_number":76,"box":{"x":88,"y":807,"width":871,"height":13}},{"id":"655aa210-9f9f-42ec-882b-95d1e8cbf987","block_type":"box","text":"predetermined for the Underlying Index at initial construction with an aim to attain a high exposure to the quality factor","page_number":76,"box":{"x":89,"y":822,"width":838,"height":13}},{"id":"b2c49a74-6b46-48fa-a402-014d7af3b168","block_type":"box","text":"while maintaining sufficient index market capitalization and number of securities coverage. 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Constituents selected must belong to one of the five thematic segments and","page_number":77,"box":{"x":88,"y":555,"width":852,"height":13}},{"id":"a0a8f2f6-e6ed-4b00-bc97-3f64b5fd606e","block_type":"box","text":"must meet the eligibility requirements of the segment the company is classified under as defined by FactSet Revere Business","page_number":77,"box":{"x":89,"y":570,"width":869,"height":13}},{"id":"fa57203f-7040-4fde-9f0e-6b15d3902662","block_type":"box","text":"Industry Classification systems (“RBICS”).","page_number":77,"box":{"x":89,"y":586,"width":291,"height":12}},{"id":"521c5da1-f1b3-4a34-97e0-566a14151536","block_type":"box","text":"Eligibility.","page_number":77,"box":{"x":89,"y":612,"width":67,"height":12}},{"id":"05727f1b-56c6-499a-95e4-f2e3d88cfa2d","block_type":"box","text":"The following rules are used for the initial constituent selection and ongoing reconstitution:","page_number":77,"box":{"x":161,"y":612,"width":640,"height":12}},{"id":"c85269fd-7e97-4bff-a794-ac1e3a8d49d8","block_type":"box","text":"The starting universe are common stocks, American Depositary Receipts, or Global Depositary Receipts of companies that","page_number":77,"box":{"x":88,"y":639,"width":857,"height":12}},{"id":"73c6c4d9-159e-4765-ae99-4cdce47cd085","block_type":"box","text":"are primarily listed for trading and electronically quoted on a major stock market that is accessible by foreign investors in one","page_number":77,"box":{"x":89,"y":654,"width":875,"height":12}},{"id":"203f0b2e-6771-4486-a947-350d10bd7ab2","block_type":"box","text":"of the following countries: Australia, Hungary, Poland, Austria, Iceland, Portugal, Belgium, India, Singapore, Brazil, Indonesia,","page_number":77,"box":{"x":89,"y":669,"width":866,"height":12}},{"id":"1c65068d-9beb-4458-849e-cbf6a4f76122","block_type":"box","text":"South Africa, Canada, Ireland, Republic of Korea (South Korea), Chile, Israel, Spain, Colombia, Italy, Sweden, Czech Republic,","page_number":77,"box":{"x":88,"y":684,"width":862,"height":12}},{"id":"26d79e39-cd0a-40e1-90c5-78e054795b11","block_type":"box","text":"Japan, Switzerland, Denmark, Malaysia, Taiwan, Egypt, Mexico, Thailand, Finland, Netherlands, Turkey, France, New Zealand,","page_number":77,"box":{"x":88,"y":699,"width":868,"height":12}},{"id":"459baa87-8982-4d2c-b913-e57e15bdaf54","block_type":"box","text":"the U.K., Germany, Norway, U.S., Greece, Peru, Hong Kong and Philippines. Companies are selected that belong to one of the","page_number":77,"box":{"x":88,"y":714,"width":867,"height":12}},{"id":"c808b7b2-5f6d-47f9-ad51-91d002ccfe68","block_type":"box","text":"five following thematic segments: (i) Robotics and Artificial Intelligence, (ii) Cyber Security, (iii) Cloud and Data Tech, (iv)","page_number":77,"box":{"x":88,"y":729,"width":844,"height":13}},{"id":"bf1a8db1-cb26-4b98-a6cc-b778873436d2","block_type":"box","text":"Financial Technology, and (v) Genomics and Immunology.","page_number":77,"box":{"x":89,"y":744,"width":406,"height":13}},{"id":"bbc46356-99c9-4d05-83df-a7e0a3029b48","block_type":"box","text":"Robotics and Artificial Intelligence:","page_number":77,"box":{"x":89,"y":771,"width":251,"height":12}},{"id":"137b58e7-4006-49c5-98b6-285e274e0cfc","block_type":"box","text":"• Companies must have a float-adjusted market capitalization of $500 million or greater, and a three-month 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The STOXX","page_number":79,"box":{"x":89,"y":839,"width":861,"height":12}},{"id":"53cc7bd0-1078-4b1e-8f59-9a5f72e1cc93","block_type":"box","text":"global equity universe includes all common stocks and equities with similar characteristics from financial markets that","page_number":79,"box":{"x":89,"y":854,"width":828,"height":12}},{"id":"2394f3d1-4e48-4228-95f9-87b0082095b0","block_type":"box","text":"49","page_number":79,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7a36d5b4-7eeb-447c-9ca2-65af2fdba2fd","block_type":"box","text":"provide real-time and historical component and currency pricing. The Global TMI is the fraction of the STOXX investable","page_number":80,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"0ff0c80e-a6ea-4dab-a5ea-907b12fb12df","block_type":"box","text":"universe listed on eligible stock exchanges. The STOXX Country Total Market indexes form the basis for all regional STOXX","page_number":80,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"85122d75-de88-4307-81c9-866617991c7c","block_type":"box","text":"Total Market indexes (each, a “Regional TMI”). Each STOXX Country Total Market index aims to represent a broad market","page_number":80,"box":{"x":88,"y":74,"width":851,"height":12}},{"id":"2acdbc0c-a652-4345-9a76-0b6772d4dfb5","block_type":"box","text":"and covers at least 95 percent of the free float market capitalization of the respective country’s investable universe. Each of","page_number":80,"box":{"x":89,"y":89,"width":859,"height":13}},{"id":"b2cd4491-3340-4e52-8576-986a5959fc6e","block_type":"box","text":"the STOXX Total Market Indexes is derived from its respective Regional TMI(s).","page_number":80,"box":{"x":88,"y":104,"width":550,"height":13}},{"id":"52e486ab-99dc-4e0c-b2e9-54f0844695eb","block_type":"box","text":"STOXX World Equity Indexes","page_number":80,"box":{"x":88,"y":131,"width":207,"height":12}},{"id":"a53f3f31-939b-4bb2-9928-b83868765b9b","block_type":"box","text":"The STOXX World Equity Indexes includes a number of regional, country and sector equity indexes which are modular","page_number":80,"box":{"x":88,"y":157,"width":827,"height":13}},{"id":"a9d87634-5921-46ca-8f9d-ccf0a5842d06","block_type":"box","text":"components of the STOXX World AC All Cap Index (AC stands for All Countries). The STOXX World AC All Cap Index aims to","page_number":80,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"26ebb286-b444-4ed3-8e12-2c051ff44963","block_type":"box","text":"provide a broad universe that includes all investable stocks, ADR’s and GDR’s from all developed and emerging markets in the","page_number":80,"box":{"x":89,"y":188,"width":878,"height":12}},{"id":"8101eb37-b912-48c5-920b-fa81559fb6be","block_type":"box","text":"world. Large Cap, Mid Cap and Small Cap Indexes provide coverage of approximately the top 70 percent, 85 percent and 95","page_number":80,"box":{"x":88,"y":203,"width":863,"height":12}},{"id":"ebced47b-2bec-4827-a0a3-1ac799809c2f","block_type":"box","text":"percent of each respective countries’ free float-adjusted market capitalization. The universe for all countries besides China, is","page_number":80,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"a3948094-e2e7-40c8-9090-031017732528","block_type":"box","text":"the combination of the respective STOXX Country Total Market Index, the respective country’s constituents in the STOXX","page_number":80,"box":{"x":88,"y":233,"width":850,"height":12}},{"id":"06a097b9-c3f4-4083-b54f-05ad3a9a9a28","block_type":"box","text":"GCC Total Market Index (a Regional TMI that aims to represent the Gulf Cooperation Council countries market, which","page_number":80,"box":{"x":89,"y":248,"width":821,"height":12}},{"id":"b0e6f479-8814-4993-bf00-f9210e1f1e7e","block_type":"box","text":"consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) and the respective country’s","page_number":80,"box":{"x":89,"y":263,"width":800,"height":12}},{"id":"352dbb57-c958-4648-b44d-a2cb969710a8","block_type":"box","text":"constituents of the STOXX World DR Index (a free-float market capitalization-weighted index of depositary receipts whose","page_number":80,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"06d8beb9-78fa-4895-8339-439321c6ebf2","block_type":"box","text":"universe includes ADRs and GDRs that are traded on the New York Stock Exchange, NASDAQ, or the London Stock","page_number":80,"box":{"x":89,"y":293,"width":803,"height":13}},{"id":"74c8713d-93d1-4937-9df8-7bf6300edbdc","block_type":"box","text":"Exchange). For China the universe is the aggregate of the STOXX China Total Market Index, the STOXX China A Total Market","page_number":80,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"48117872-a44b-4b2b-99ac-eb54c8dde15b","block_type":"box","text":"Index, the STOXX China P-Chip Total Market Index, and the China constituents in the STOXX Global DR Index.","page_number":80,"box":{"x":89,"y":324,"width":768,"height":12}},{"id":"51dac4d4-9287-4237-9576-d7d54b2c762e","block_type":"box","text":"STOXX International Equity Factor Index","page_number":80,"box":{"x":88,"y":350,"width":291,"height":12}},{"id":"b763b221-3446-459e-8902-b0784d78aa03","block_type":"box","text":"Number of Components: approximately 457","page_number":80,"box":{"x":89,"y":369,"width":318,"height":12}},{"id":"b837bd5d-a1da-4e44-93f8-0b28488cd651","block_type":"box","text":"Index Description.","page_number":80,"box":{"x":89,"y":392,"width":131,"height":12}},{"id":"a54a21d5-762c-4bd4-8e67-2019f83f5af2","block_type":"box","text":"The STOXX International Equity Factor Index is a rules-based equity index provided by STOXX Ltd. The","page_number":80,"box":{"x":225,"y":392,"width":716,"height":12}},{"id":"7f27458b-91c7-41f8-b407-facf5551833b","block_type":"box","text":"Underlying Index is a subset of the STOXX Global 1800 ex-USA (the “Parent Index”). The Parent Index is a subset of the","page_number":80,"box":{"x":89,"y":407,"width":833,"height":12}},{"id":"bb3d0daf-f64f-4a45-9cab-0b8d1f1455c5","block_type":"box","text":"STOXX Global 1800, which is a fixed component index that measures the performance of the largest developed market","page_number":80,"box":{"x":88,"y":422,"width":833,"height":12}},{"id":"160810d3-2bcc-451b-83c5-6e2e8bfb410f","block_type":"box","text":"stocks and is an aggregation of these indices: STOXX North America 600, STOXX Asia/Pacific 600 and STOXX Europe 600.","page_number":80,"box":{"x":89,"y":437,"width":858,"height":12}},{"id":"dc9710e6-f78f-4b8b-be9a-4bb86532c010","block_type":"box","text":"The Parent Index is a free float market capitalization-weighted index that measures the performance of the largest","page_number":80,"box":{"x":88,"y":452,"width":800,"height":12}},{"id":"480010ce-be31-49bf-b118-307e87307c93","block_type":"box","text":"companies of the developed equity market excluding the U.S., as defined by STOXX. Free float market capitalization is","page_number":80,"box":{"x":89,"y":467,"width":821,"height":13}},{"id":"4a8cdfa5-8dcf-42fe-be11-644dd94d5447","block_type":"box","text":"calculated by multiplying the total market capitalization of a security by a free float factor, as determined by the Index","page_number":80,"box":{"x":89,"y":482,"width":820,"height":13}},{"id":"7d30f28f-9705-4b72-9e77-b976baf014ef","block_type":"box","text":"Provider, to reflect the market capitalization of the number of shares available in the market (rather than that of the total","page_number":80,"box":{"x":89,"y":497,"width":839,"height":13}},{"id":"c07d1d31-2644-4f1c-ade8-f4204a6fda8c","block_type":"box","text":"number of shares outstanding).","page_number":80,"box":{"x":89,"y":513,"width":221,"height":12}},{"id":"2923b86d-dc91-45e7-8a17-52a721b2fbac","block_type":"box","text":"The Underlying Index is composed of large- and mid-capitalization equity securities from the Parent Index that are selected","page_number":80,"box":{"x":88,"y":539,"width":863,"height":12}},{"id":"4e124019-1b37-46d0-b9d0-99a1e1aef3dd","block_type":"box","text":"and weighted using an optimization process designed to maximize exposure to five target factors: momentum, quality, value,","page_number":80,"box":{"x":89,"y":554,"width":875,"height":12}},{"id":"e7db8368-6d81-4874-9880-883ebdc6ddfb","block_type":"box","text":"low volatility and size. The Underlying Index also seeks to mitigate exposure to unintended systematic exposures, limit","page_number":80,"box":{"x":89,"y":569,"width":827,"height":13}},{"id":"f54c959e-175a-4171-bcee-ebef8830d29a","block_type":"box","text":"turnover and maintain a level of risk similar to that of the Parent Index.","page_number":80,"box":{"x":88,"y":584,"width":494,"height":10}},{"id":"700f628f-835f-4ffe-aef0-4c2b1898ae7f","block_type":"box","text":"Index Methodology.","page_number":80,"box":{"x":89,"y":611,"width":143,"height":12}},{"id":"bea487da-801d-40eb-aa54-83b591517469","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":80,"box":{"x":237,"y":611,"width":720,"height":12}},{"id":"14bd9ff8-c9e8-4af2-b8dc-a3141454be32","block_type":"box","text":"and earnings announcement drift (","page_number":80,"box":{"x":89,"y":626,"width":244,"height":12}},{"id":"dbbea291-f718-4adc-9121-70d942d02427","block_type":"box","text":"i.e.","page_number":80,"box":{"x":335,"y":627,"width":17,"height":9}},{"id":"7b58c428-8a30-4e11-8a61-825873839276","block_type":"box","text":", the difference between a stock’s performance on and immediately following an","page_number":80,"box":{"x":354,"y":626,"width":561,"height":12}},{"id":"eab91ee7-34af-46a8-9d08-7a65340c1e4f","block_type":"box","text":"earnings announcement date).","page_number":80,"box":{"x":89,"y":641,"width":215,"height":12}},{"id":"1e4c58e8-26ee-4a4b-bfab-d4ba8e8ecb24","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":80,"box":{"x":88,"y":668,"width":877,"height":12}},{"id":"77686a48-d623-47b7-b828-d65cc1f119f9","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":80,"box":{"x":89,"y":683,"width":852,"height":12}},{"id":"1f7675a6-b4b5-4f55-b8cc-9995b90906f9","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":80,"box":{"x":88,"y":698,"width":351,"height":12}},{"id":"979196cd-a9a0-4573-bbab-6b21d52b3845","block_type":"box","text":"i.e.","page_number":80,"box":{"x":440,"y":699,"width":18,"height":8}},{"id":"46c95831-ebd9-410b-a0f7-31f6ec36d65e","block_type":"box","text":", direct emissions from sources that an issuer owns or controls and","page_number":80,"box":{"x":460,"y":698,"width":468,"height":11}},{"id":"24fc71c5-eb6e-4559-9d13-94006e7e378e","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":80,"box":{"x":89,"y":713,"width":841,"height":12}},{"id":"c6091445-d58a-4c62-b61d-f77a72dc8712","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":80,"box":{"x":88,"y":728,"width":863,"height":12}},{"id":"76a2a3c7-b964-47bf-860f-d33d0e8a0dcf","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":80,"box":{"x":89,"y":743,"width":876,"height":12}},{"id":"2dcefb55-6e83-4838-8dd7-e03740c92a0f","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":80,"box":{"x":88,"y":758,"width":500,"height":13}},{"id":"3da0ce11-390d-4baa-9d43-a7f5391cd460","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":80,"box":{"x":88,"y":785,"width":738,"height":12}},{"id":"fc1540d3-8484-45df-9952-db4b0b1b6b23","block_type":"box","text":"i.e.","page_number":80,"box":{"x":827,"y":786,"width":18,"height":8}},{"id":"87f235df-4ed7-49e6-96f4-6921ce4cfa5b","block_type":"box","text":", 12-month","page_number":80,"box":{"x":847,"y":785,"width":76,"height":11}},{"id":"a7199f33-2dfd-49ec-83b0-cc791103bd18","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":80,"box":{"x":88,"y":800,"width":496,"height":12}},{"id":"c770ae00-b0fb-42ad-bf5c-dd7fd9569a0f","block_type":"box","text":"i.e.","page_number":80,"box":{"x":585,"y":801,"width":17,"height":9}},{"id":"ebec0379-6816-46ad-b76c-a843f9167fe5","block_type":"box","text":", 12-month net income divided by total market","page_number":80,"box":{"x":605,"y":800,"width":325,"height":12}},{"id":"7c68be5e-4bc1-4923-bddc-8daec9eca2da","block_type":"box","text":"capitalization), cash flow yield (","page_number":80,"box":{"x":89,"y":815,"width":219,"height":12}},{"id":"603fb3d9-8072-4f1f-95e5-1d993abe082e","block_type":"box","text":"i.e.","page_number":80,"box":{"x":309,"y":816,"width":18,"height":9}},{"id":"6dc5f76d-90da-4bd4-bb82-b8fc46b75e33","block_type":"box","text":", 12-month cash flow divided by total market capitalization) and time series normalized","page_number":80,"box":{"x":329,"y":815,"width":608,"height":12}},{"id":"60ca3962-d2f4-4879-9131-e00cd504092c","block_type":"box","text":"cash flow yield over the previous 36 months. The low volatility score is based on prior 12-month volatility, as calculated by","page_number":80,"box":{"x":89,"y":830,"width":853,"height":12}},{"id":"6ced450b-8afc-4fc3-b25f-f44c949b710a","block_type":"box","text":"the Index Provider. The size score seeks to measure an issuer’s market capitalization relative to other companies in the Parent","page_number":80,"box":{"x":88,"y":845,"width":876,"height":12}},{"id":"d8f10581-7034-4f69-acee-9501bb2e29f4","block_type":"box","text":"Index.","page_number":80,"box":{"x":89,"y":860,"width":41,"height":10}},{"id":"80c73746-c951-40ca-90b8-9de5db33f2ae","block_type":"box","text":"50","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"cc6a522a-b06f-4f99-8b32-369b63ba0a62","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the five factors at the following weights:","page_number":81,"box":{"x":88,"y":44,"width":794,"height":12}},{"id":"f916151f-c509-44b1-b2d2-fb335f4715ca","block_type":"box","text":"momentum, 27%; quality, 36%; value, 27%; low volatility, 5%; and size, 5%. The composite score is an input to the","page_number":81,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"772633d2-9a6e-4fe7-91c7-85da8132cb6e","block_type":"box","text":"optimization process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":81,"box":{"x":89,"y":74,"width":813,"height":12}},{"id":"f27b079f-a26c-47be-bca1-9a8e50580252","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the five factors while applying certain constraints, which","page_number":81,"box":{"x":88,"y":101,"width":872,"height":12}},{"id":"b0a6e277-92ed-4d2a-bb53-07e8c2266185","block_type":"box","text":"include the following:","page_number":81,"box":{"x":89,"y":116,"width":149,"height":12}},{"id":"4b0a9b06-afb9-4bc3-b96e-e381cf9a40f9","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":81,"box":{"x":89,"y":136,"width":722,"height":12}},{"id":"5a2634c7-86a0-4958-9e0d-8cd2565e6bc0","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":81,"box":{"x":89,"y":156,"width":848,"height":12}},{"id":"cd8d87df-4bc7-4585-ba1c-c40ee9796e97","block_type":"box","text":"weight.","page_number":81,"box":{"x":121,"y":171,"width":50,"height":12}},{"id":"e3e29d83-4047-4d3a-8b6c-c8564e56832b","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":81,"box":{"x":89,"y":191,"width":536,"height":13}},{"id":"bf9b0286-6787-46c9-b200-e8035f99197c","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":81,"box":{"x":89,"y":211,"width":839,"height":13}},{"id":"2d600565-fd29-49cf-aaf5-bb2a92e175ae","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":81,"box":{"x":89,"y":232,"width":837,"height":12}},{"id":"b356ed79-634f-4356-b677-0adca2cdb1aa","block_type":"box","text":"exposure in the Parent Index.","page_number":81,"box":{"x":121,"y":247,"width":203,"height":12}},{"id":"ab79a925-2be0-4572-b284-27ea89894de7","block_type":"box","text":"• The exposure to a particular country must be within 5% of the exposure in the Parent Index.","page_number":81,"box":{"x":89,"y":267,"width":677,"height":12}},{"id":"e441006a-159a-46db-959f-6ed79c52bfb6","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":81,"box":{"x":89,"y":287,"width":504,"height":12}},{"id":"46c41120-514d-41e7-b55d-8ebab11a15fb","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":81,"box":{"x":89,"y":307,"width":527,"height":13}},{"id":"8b15bbfc-2ec3-41a3-909c-a49f2844f557","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the five factors relative to the Parent Index.","page_number":81,"box":{"x":89,"y":327,"width":853,"height":13}},{"id":"02fb274a-efc4-4f42-ab0b-3064d2c696b8","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":81,"box":{"x":88,"y":354,"width":663,"height":12}},{"id":"f87c6242-e079-4994-87f4-9e3dab8d19e3","block_type":"box","text":"STOXX International Small-Cap Equity Factor Index","page_number":81,"box":{"x":88,"y":380,"width":370,"height":13}},{"id":"4016caf3-1692-4376-bb5b-629bfc6154ef","block_type":"box","text":"Number of Components: approximately 1,092","page_number":81,"box":{"x":89,"y":399,"width":330,"height":13}},{"id":"844669b4-d821-4445-ab09-8ae18e80649c","block_type":"box","text":"Index Description.","page_number":81,"box":{"x":89,"y":422,"width":131,"height":12}},{"id":"8b07033a-486f-4310-9b65-d915365e7f44","block_type":"box","text":"The STOXX International Small-Cap Equity Factor Index (the “Underlying Index”) is a subset of the STOXX","page_number":81,"box":{"x":225,"y":422,"width":742,"height":12}},{"id":"a4c9d6b9-f053-46f6-8e58-8be562676283","block_type":"box","text":"International Developed Markets Small Cap Index (the “Parent Index”), which is a free float market capitalization-weighted","page_number":81,"box":{"x":89,"y":437,"width":857,"height":12}},{"id":"bcdf8752-8ac2-46b5-9b98-fe6553e02936","block_type":"box","text":"index designed to measure the performance of small-capitalization companies from developed market countries excluding","page_number":81,"box":{"x":89,"y":452,"width":858,"height":12}},{"id":"a8658009-9aaa-47f3-a9d4-d01ed537bb47","block_type":"box","text":"the U.S. Small-capitalization companies, as calculated by the Index Provider, represent approximately the bottom 15% of the","page_number":81,"box":{"x":88,"y":467,"width":869,"height":13}},{"id":"969ff8a8-9ccd-44dd-9a98-e282294e75fd","block_type":"box","text":"investable market capitalization of each developed market country included in the Parent Index, as defined by STOXX. Free","page_number":81,"box":{"x":89,"y":482,"width":856,"height":13}},{"id":"621ec724-0b98-4427-9f0a-19b764c4f362","block_type":"box","text":"float market capitalization is calculated by multiplying the total market capitalization of a security by a free float factor, as","page_number":81,"box":{"x":88,"y":497,"width":847,"height":13}},{"id":"0d5aa7d9-5c59-4762-82e9-1c8bb4fb3ca7","block_type":"box","text":"determined by the Index Provider, to reflect the market capitalization of the number of shares available in the market (rather","page_number":81,"box":{"x":89,"y":513,"width":866,"height":12}},{"id":"08486c3e-ae7c-4b82-980a-4187dd2f493f","block_type":"box","text":"than that of the total number of shares outstanding). The Underlying Index is composed of small-capitalization equity","page_number":81,"box":{"x":88,"y":528,"width":826,"height":12}},{"id":"93b559ff-33c8-4103-932c-2f9b0ce3e966","block_type":"box","text":"securities from the Parent Index that are selected and weighted using an optimization process designed to maximize","page_number":81,"box":{"x":89,"y":543,"width":814,"height":12}},{"id":"04b21448-b6a0-42be-a0b1-5f7a89778141","block_type":"box","text":"exposure to four target factors: momentum, quality, value, and low volatility. The Underlying Index also seeks to mitigate","page_number":81,"box":{"x":89,"y":558,"width":843,"height":12}},{"id":"849f7b28-0498-4237-b5d3-9ad075fe3571","block_type":"box","text":"exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent Index.","page_number":81,"box":{"x":89,"y":573,"width":858,"height":12}},{"id":"d83d299d-e796-42ba-bc78-a8649ed52030","block_type":"box","text":"Index Methodology.","page_number":81,"box":{"x":89,"y":599,"width":143,"height":13}},{"id":"7e6c3853-789a-4a9f-85bc-f097ce032674","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":81,"box":{"x":237,"y":599,"width":720,"height":13}},{"id":"ea79894a-cf08-4b78-b5bc-7ec33407104e","block_type":"box","text":"and earnings announcement drift (i.e., the difference between a stock’s performance on and immediately following an","page_number":81,"box":{"x":89,"y":615,"width":827,"height":12}},{"id":"c1f9c259-4731-421b-ab83-6495aa0b7d3c","block_type":"box","text":"earnings announcement date).","page_number":81,"box":{"x":89,"y":630,"width":215,"height":12}},{"id":"7b447a24-06ea-4989-827b-f2a500b44996","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":81,"box":{"x":88,"y":656,"width":877,"height":13}},{"id":"95a7c606-9e76-40ac-a3da-c5eb0bdc3715","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":81,"box":{"x":89,"y":671,"width":852,"height":13}},{"id":"55b06994-0a7c-43bc-bb0f-47c0fd6f13e1","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":81,"box":{"x":88,"y":686,"width":351,"height":13}},{"id":"9f4cf212-3f85-4704-85d9-865fdf21079c","block_type":"box","text":"i.e.,","page_number":81,"box":{"x":440,"y":687,"width":21,"height":11}},{"id":"ed94447e-8ada-478b-be3d-402768e1031b","block_type":"box","text":"direct emissions from sources that an issuer owns or controls and","page_number":81,"box":{"x":467,"y":686,"width":461,"height":10}},{"id":"aa25423b-3f21-44cc-8cfe-f3421d650390","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":81,"box":{"x":89,"y":702,"width":841,"height":12}},{"id":"90a00118-92b5-48a4-a78e-ce02e6581b15","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":81,"box":{"x":88,"y":717,"width":863,"height":12}},{"id":"a51cb36c-587c-41b3-aa04-777f3f4fad15","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":81,"box":{"x":89,"y":732,"width":876,"height":12}},{"id":"c036e530-a4d3-49c5-b987-45c21cb6df98","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":81,"box":{"x":88,"y":747,"width":500,"height":12}},{"id":"9aa02f60-494e-44d1-8ed4-7cf3daeed40b","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":81,"box":{"x":88,"y":773,"width":738,"height":13}},{"id":"34c52c81-8dbe-408a-b306-0c98e1dc8ca7","block_type":"box","text":"i.e.,","page_number":81,"box":{"x":827,"y":774,"width":22,"height":11}},{"id":"4f25bf59-823a-4ac3-b8a1-abbea3aa7d3f","block_type":"box","text":"12-month","page_number":81,"box":{"x":856,"y":773,"width":67,"height":10}},{"id":"d3749424-6417-4a6e-aa3e-606e64fed383","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (i.e., 12-month net income divided by total market","page_number":81,"box":{"x":88,"y":788,"width":842,"height":13}},{"id":"3bb0cd19-5a83-4915-8e39-4804d2979893","block_type":"box","text":"capitalization), cash flow yield (","page_number":81,"box":{"x":89,"y":804,"width":219,"height":12}},{"id":"90d416cc-1626-41bc-b306-81ef5e6fb1d3","block_type":"box","text":"i.e.,","page_number":81,"box":{"x":309,"y":805,"width":21,"height":10}},{"id":"41602862-e328-46c3-8538-1f48b603774e","block_type":"box","text":"12-month cash flow divided by total market capitalization) and time series normalized","page_number":81,"box":{"x":338,"y":804,"width":599,"height":12}},{"id":"46bf2f60-55a8-41dc-90b0-fe0fdaca08ed","block_type":"box","text":"cash flow yield over the previous 36 months.","page_number":81,"box":{"x":89,"y":819,"width":311,"height":12}},{"id":"86e5b228-e7aa-448f-8cec-61ee183f8a62","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider.","page_number":81,"box":{"x":88,"y":845,"width":670,"height":12}},{"id":"efb794c9-1792-4631-a98c-a97844df3ca8","block_type":"box","text":"51","page_number":81,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"7300e017-46bb-426f-9672-eaa4f48b70ba","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the four factors at the following weights:","page_number":82,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"ef98281e-147a-4e36-b6aa-85f5fdfb6955","block_type":"box","text":"momentum, 30%; quality, 35%; value, 30%; and low volatility, 5%. The composite score is an input to the optimization","page_number":82,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"e3081416-4510-41d0-84dc-22419f42d363","block_type":"box","text":"process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":82,"box":{"x":89,"y":74,"width":721,"height":12}},{"id":"4716a5c1-4235-4a74-9861-4c412665889a","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the four factors while applying certain constraints, which","page_number":82,"box":{"x":88,"y":101,"width":876,"height":12}},{"id":"d9068d4c-98b2-49db-8aa0-32575d778715","block_type":"box","text":"include the following:","page_number":82,"box":{"x":89,"y":116,"width":149,"height":12}},{"id":"b01e2e16-72a5-4598-b3e9-e54bb935405e","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":82,"box":{"x":89,"y":136,"width":722,"height":12}},{"id":"10988e41-8362-4f95-a89c-8a08aacd37eb","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":82,"box":{"x":89,"y":156,"width":848,"height":12}},{"id":"861f916c-42de-48cc-aa30-a53f5e017ef9","block_type":"box","text":"weight.","page_number":82,"box":{"x":121,"y":171,"width":50,"height":12}},{"id":"3471f00a-a26a-4ff1-bc6e-960d93c29cdc","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":82,"box":{"x":89,"y":191,"width":536,"height":13}},{"id":"dd81e611-e034-4b43-b92a-1bdd4ebd1634","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":82,"box":{"x":89,"y":211,"width":839,"height":13}},{"id":"f8c8e162-8e3f-4f80-b4cd-c0e948e92db8","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":82,"box":{"x":89,"y":232,"width":837,"height":12}},{"id":"78573d7f-e8b6-41e7-af01-f20ca842b3cc","block_type":"box","text":"exposure in the Parent Index.","page_number":82,"box":{"x":121,"y":247,"width":203,"height":12}},{"id":"067c5a5f-4b43-4229-ab69-634d86e3e54a","block_type":"box","text":"• The exposure to a particular country must be within 5% of the exposure in the Parent Index.","page_number":82,"box":{"x":89,"y":267,"width":677,"height":12}},{"id":"33f89ea6-f429-44a8-a4d6-7a10a75f81fb","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":82,"box":{"x":89,"y":287,"width":504,"height":12}},{"id":"70d1debf-98cb-414c-ac43-ba7195fd05bf","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":82,"box":{"x":89,"y":307,"width":527,"height":13}},{"id":"bd3136c1-8bbd-474c-8849-13100e79e654","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the four factors relative to the Parent Index.","page_number":82,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"e2acf197-3337-4274-9441-1d8c04ad9e3a","block_type":"box","text":"• A constituent’s maximum weight is also subject to liquidity constraints.","page_number":82,"box":{"x":89,"y":348,"width":532,"height":12}},{"id":"72f5a658-1d88-44b3-ae5a-5c4decb1f8ba","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":82,"box":{"x":88,"y":374,"width":663,"height":12}},{"id":"238e2384-3332-49a1-98dd-a291b7c1954d","block_type":"box","text":"STOXX U.S. Equity Factor Index","page_number":82,"box":{"x":88,"y":400,"width":225,"height":13}},{"id":"3e1465fd-662a-4129-9620-5394bb86a921","block_type":"box","text":"Number of Components: approximately 285","page_number":82,"box":{"x":89,"y":419,"width":317,"height":13}},{"id":"b5754593-8acb-40cf-8d83-dcf22b31984e","block_type":"box","text":"Index Description.","page_number":82,"box":{"x":89,"y":442,"width":131,"height":12}},{"id":"4c413c8e-40f2-4779-840e-090f4ba49481","block_type":"box","text":"The STOXX U.S. Equity Factor Index is a rules-based equity index provided by STOXX Ltd. The Underlying","page_number":82,"box":{"x":225,"y":442,"width":734,"height":12}},{"id":"ff0a2732-6ff7-49e0-aa43-88b2f4792fc8","block_type":"box","text":"Index is a subset of the STOXX USA 900 index (the “Parent Index”), which is a free float market capitalization-weighted index","page_number":82,"box":{"x":89,"y":457,"width":876,"height":12}},{"id":"0dedd922-6f50-4d89-bd8a-697555649685","block_type":"box","text":"that measures the performance of the largest 900 companies of the U.S. equity market, as defined by STOXX. Free float","page_number":82,"box":{"x":88,"y":472,"width":835,"height":13}},{"id":"a9c37663-f1c0-42a7-b25e-5f4d0c376a8f","block_type":"box","text":"market capitalization is calculated by multiplying the total market capitalization of a security by a free float factor, as","page_number":82,"box":{"x":89,"y":487,"width":810,"height":13}},{"id":"86934f71-3295-4405-bda4-41f72426560b","block_type":"box","text":"determined by the Index Provider, to reflect the market capitalization of the number of shares available in the market (rather","page_number":82,"box":{"x":89,"y":502,"width":866,"height":13}},{"id":"8a09075b-06da-4f9d-9749-be9938de4d6d","block_type":"box","text":"than that of the total number of shares outstanding). The Underlying Index is composed of large- and mid-capitalization","page_number":82,"box":{"x":88,"y":518,"width":843,"height":12}},{"id":"aaea9027-9b70-4c0c-9522-1ca5dee13bbf","block_type":"box","text":"equity securities from the Parent Index that are selected and weighted using an optimization process designed to maximize","page_number":82,"box":{"x":89,"y":533,"width":862,"height":12}},{"id":"ce8a3b96-af4f-4f6b-b7dd-fb6a61fe51a9","block_type":"box","text":"exposure to five target factors: momentum, quality, value, low volatility and size. The Underlying Index also seeks to mitigate","page_number":82,"box":{"x":89,"y":548,"width":870,"height":12}},{"id":"038b3eb6-85ed-4fe5-b8f2-212c7e8feaf0","block_type":"box","text":"exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent Index.","page_number":82,"box":{"x":89,"y":563,"width":858,"height":12}},{"id":"28358ba6-a11b-4415-a5ee-86939370b98e","block_type":"box","text":"Index Methodology.","page_number":82,"box":{"x":89,"y":589,"width":143,"height":13}},{"id":"e0e2b654-a669-46d3-9785-4dea273d8d5e","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":82,"box":{"x":237,"y":589,"width":720,"height":13}},{"id":"6ff1a245-a62c-458d-a004-c6e47cecd93f","block_type":"box","text":"and earnings announcement drift (","page_number":82,"box":{"x":89,"y":605,"width":244,"height":12}},{"id":"f4a1030f-8c12-4854-976c-eb73933a9d51","block_type":"box","text":"i.e.","page_number":82,"box":{"x":335,"y":605,"width":17,"height":9}},{"id":"b77ddc90-61dd-47e1-a1c3-9bc31bba6368","block_type":"box","text":", the difference between a stock’s performance on and immediately following an","page_number":82,"box":{"x":354,"y":605,"width":561,"height":12}},{"id":"2a8e51e2-a4cb-42a0-9a97-8a1396bd9f6a","block_type":"box","text":"earnings announcement date).","page_number":82,"box":{"x":89,"y":620,"width":215,"height":12}},{"id":"53bcc0d7-6a3f-490f-af6f-d231675a2b8d","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":82,"box":{"x":88,"y":646,"width":877,"height":12}},{"id":"809dde1f-5ff1-4eb6-b9bb-35d3b0c6ca35","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":82,"box":{"x":89,"y":661,"width":852,"height":13}},{"id":"614f53a9-e381-432c-bff0-399f43190ec4","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":82,"box":{"x":88,"y":676,"width":351,"height":13}},{"id":"a60c84e8-d361-466c-a10f-b05c2511b5fd","block_type":"box","text":"i.e.","page_number":82,"box":{"x":440,"y":677,"width":18,"height":9}},{"id":"d10aaf70-360c-4513-8a9d-ac09cd9c7c91","block_type":"box","text":", direct emissions from sources that an issuer owns or controls and","page_number":82,"box":{"x":460,"y":676,"width":468,"height":12}},{"id":"8280f1dc-98a6-48bb-8a34-cd6c5d13efc4","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":82,"box":{"x":89,"y":691,"width":841,"height":13}},{"id":"e82609aa-4223-4ae5-8d08-e89807dab1b6","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":82,"box":{"x":88,"y":707,"width":863,"height":12}},{"id":"ca20d855-d82e-4ac3-ab57-d769ad200013","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":82,"box":{"x":89,"y":722,"width":876,"height":12}},{"id":"c2ae5f83-e996-4f3d-b586-53c0ad8d9b33","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":82,"box":{"x":88,"y":737,"width":500,"height":12}},{"id":"5568433e-27c2-4b3b-bf83-f00b58b61589","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":82,"box":{"x":88,"y":763,"width":738,"height":13}},{"id":"e9ed82a8-98d5-47f3-a2e6-147febe89858","block_type":"box","text":"i.e.","page_number":82,"box":{"x":827,"y":764,"width":18,"height":9}},{"id":"e3fa6e3c-6bb8-4e09-ba91-6951d2bf010c","block_type":"box","text":", 12-month","page_number":82,"box":{"x":847,"y":763,"width":76,"height":12}},{"id":"8be8f149-25fd-4de9-97bc-fd3452337538","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":82,"box":{"x":88,"y":778,"width":496,"height":13}},{"id":"56cfa65a-6328-4ae9-9146-64a132786301","block_type":"box","text":"i.e.","page_number":82,"box":{"x":585,"y":779,"width":17,"height":9}},{"id":"56c785fc-9231-49f3-a971-ad0a3afbc83c","block_type":"box","text":", 12-month net income divided by total market","page_number":82,"box":{"x":605,"y":778,"width":325,"height":13}},{"id":"6b702369-28a3-4d73-9a55-d9d8c09ef8f2","block_type":"box","text":"capitalization), cash flow yield (","page_number":82,"box":{"x":89,"y":793,"width":219,"height":13}},{"id":"dffb92d9-ae64-42a1-9231-08df51a155e6","block_type":"box","text":"i.e.","page_number":82,"box":{"x":309,"y":794,"width":18,"height":9}},{"id":"657a8eac-f109-40bf-88c3-2d989f9aea55","block_type":"box","text":", 12-month cash flow divided by total market capitalization) and time series normalized","page_number":82,"box":{"x":329,"y":793,"width":608,"height":13}},{"id":"befee09e-ef5a-4592-82b9-11a84e4b3517","block_type":"box","text":"cash flow yield over the previous 36 months. The low volatility score is based on prior 12-month volatility, as calculated by","page_number":82,"box":{"x":89,"y":809,"width":853,"height":12}},{"id":"167d9cd4-fb39-44a4-b2e5-448a713c5429","block_type":"box","text":"the Index Provider. The size score seeks to measure an issuer’s market capitalization relative to other companies in the Parent","page_number":82,"box":{"x":88,"y":824,"width":876,"height":12}},{"id":"f884d488-64a8-49ea-83f7-034fd42b5086","block_type":"box","text":"Index.","page_number":82,"box":{"x":89,"y":839,"width":41,"height":10}},{"id":"970225ea-f8f4-4a8e-944f-390adbbd272a","block_type":"box","text":"52","page_number":82,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5d7e6087-e261-4c5e-9d9b-3bac1dcb708c","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the five factors at the following weights:","page_number":83,"box":{"x":88,"y":44,"width":794,"height":12}},{"id":"2daf853a-bfb8-492c-925b-3fc5385e8c2e","block_type":"box","text":"momentum, 27%; quality, 36%; value, 27%; low volatility, 5%; and size, 5%. The composite score is an input to the","page_number":83,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"ae0b73d6-0281-4b09-ac36-d2c49fa9e81e","block_type":"box","text":"optimization process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":83,"box":{"x":89,"y":74,"width":813,"height":12}},{"id":"e1545fd2-55c5-4f20-b324-fafa2e791a2d","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the five factors while applying certain constraints, which","page_number":83,"box":{"x":88,"y":101,"width":872,"height":12}},{"id":"1dca403d-6378-4ff3-aa6d-7d7e65e1b059","block_type":"box","text":"include the following:","page_number":83,"box":{"x":89,"y":116,"width":149,"height":12}},{"id":"9f675b31-c981-49b2-b507-66d301303554","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":83,"box":{"x":89,"y":136,"width":722,"height":12}},{"id":"c6ef82aa-4362-480e-ad2c-221a02d57d98","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":83,"box":{"x":89,"y":156,"width":848,"height":12}},{"id":"dccb040b-6877-47bd-8587-792ffa965324","block_type":"box","text":"weight.","page_number":83,"box":{"x":121,"y":171,"width":50,"height":12}},{"id":"fa9e2342-464d-46a0-b6ae-5558d97a7a51","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":83,"box":{"x":89,"y":191,"width":536,"height":13}},{"id":"44403f75-d591-46d4-8823-491ffe20a359","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":83,"box":{"x":89,"y":211,"width":839,"height":13}},{"id":"d566714a-7acd-48b2-8019-f97b19af4b9f","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":83,"box":{"x":89,"y":232,"width":837,"height":12}},{"id":"d2eb33d8-315a-42e3-b6d9-986283404d13","block_type":"box","text":"exposure in the Parent Index.","page_number":83,"box":{"x":121,"y":247,"width":203,"height":12}},{"id":"ce74c088-77c8-496c-a102-93f206aa234c","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":83,"box":{"x":89,"y":267,"width":504,"height":12}},{"id":"2ee63baa-207d-4682-9d99-729b7096784d","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":83,"box":{"x":89,"y":287,"width":527,"height":12}},{"id":"143c14e6-bec7-4bb4-ab01-e0af9f087e55","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the five factors relative to the Parent Index.","page_number":83,"box":{"x":89,"y":307,"width":853,"height":13}},{"id":"77f7b80c-5c55-4fcf-8ed7-a77cf3a52319","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":83,"box":{"x":88,"y":334,"width":663,"height":12}},{"id":"13c58466-9b71-4f79-84c8-f5f0eafbfee4","block_type":"box","text":"STOXX U.S. Small-Cap Equity Factor Index","page_number":83,"box":{"x":88,"y":360,"width":304,"height":12}},{"id":"a237ba77-76b0-43aa-b8c9-9a84d7a7ef3a","block_type":"box","text":"Number of Components: approximately 842","page_number":83,"box":{"x":89,"y":379,"width":317,"height":12}},{"id":"7d71d38c-fa8a-48cc-8338-51c9d14985bb","block_type":"box","text":"Index Description.","page_number":83,"box":{"x":89,"y":402,"width":131,"height":12}},{"id":"82beb37d-f388-4725-8fff-08a55a7cc87a","block_type":"box","text":"The STOXX U.S. Small-Cap Equity Factor Index (the “Underlying Index”) is a subset of the STOXX US","page_number":83,"box":{"x":225,"y":402,"width":702,"height":12}},{"id":"60ab7843-c0ff-4582-af46-2f339f44fbc7","block_type":"box","text":"Small Cap Index (the “Parent Index”), which is a free float market capitalization-weighted index designed to measure the","page_number":83,"box":{"x":88,"y":417,"width":845,"height":12}},{"id":"44933582-9b7d-400a-8f95-2f85e046a0db","block_type":"box","text":"performance of small-capitalization companies in the U.S. Small-capitalization companies, as calculated by the Index","page_number":83,"box":{"x":89,"y":432,"width":816,"height":12}},{"id":"a3994f0c-292f-4aed-a564-a8cb45b25c2b","block_type":"box","text":"Provider, represent approximately the bottom 15% of the investable market capitalization in the U.S. securities market, as","page_number":83,"box":{"x":89,"y":447,"width":845,"height":12}},{"id":"f4b6407f-e79a-4ffc-be7b-1ff62c1e1890","block_type":"box","text":"defined by STOXX. Free float market capitalization is calculated by multiplying the total market capitalization of a security by","page_number":83,"box":{"x":89,"y":462,"width":868,"height":12}},{"id":"fc7d369d-f4a6-471e-beec-5f8f8bd717eb","block_type":"box","text":"a free float factor, as determined by the Index Provider, to reflect the market capitalization of the number of shares available in","page_number":83,"box":{"x":89,"y":477,"width":878,"height":13}},{"id":"685a48a6-e236-4add-bbd2-cceec76ebef2","block_type":"box","text":"the market (rather than that of the total number of shares outstanding). The Underlying Index is composed of small","page_number":83,"box":{"x":88,"y":492,"width":818,"height":13}},{"id":"ba90b643-bee3-4eab-80a2-b0e9bad7865c","block_type":"box","text":"capitalization equity securities from the Parent Index that are selected and weighted using an optimization process designed","page_number":83,"box":{"x":89,"y":508,"width":869,"height":12}},{"id":"b0bda370-5645-4a32-ae2a-0f68e05704dd","block_type":"box","text":"to maximize exposure to four target factors: momentum, quality, value, and low volatility. The Underlying Index also seeks to","page_number":83,"box":{"x":88,"y":523,"width":871,"height":12}},{"id":"d56512da-b489-45b3-9078-32c83237099c","block_type":"box","text":"mitigate exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent","page_number":83,"box":{"x":89,"y":538,"width":875,"height":12}},{"id":"0c7c79e3-db11-4162-ab91-944f3063c4ee","block_type":"box","text":"Index.","page_number":83,"box":{"x":89,"y":553,"width":41,"height":10}},{"id":"6bb44857-171a-4abb-874b-24fb5ebbd8db","block_type":"box","text":"Index Methodology.","page_number":83,"box":{"x":89,"y":579,"width":143,"height":13}},{"id":"eccd47b9-e264-4296-b409-3e31c4a1e82d","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":83,"box":{"x":237,"y":579,"width":720,"height":13}},{"id":"81256ffd-8df0-495d-8a3e-e4fd93630c6b","block_type":"box","text":"and earnings announcement drift (","page_number":83,"box":{"x":89,"y":594,"width":244,"height":13}},{"id":"8d6931de-fea2-4512-ae00-b3b9c08a80e4","block_type":"box","text":"i.e.,","page_number":83,"box":{"x":335,"y":595,"width":21,"height":11}},{"id":"79116204-c965-4889-a341-1a4e5d2d3d43","block_type":"box","text":"the difference between a stock’s performance on and immediately following an","page_number":83,"box":{"x":361,"y":594,"width":554,"height":13}},{"id":"c991a836-8b5b-44dd-9e12-da76f80b8418","block_type":"box","text":"earnings announcement date).","page_number":83,"box":{"x":89,"y":610,"width":215,"height":12}},{"id":"100a4ef4-66d5-4eda-bf17-f7656ae3ec95","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":83,"box":{"x":88,"y":636,"width":877,"height":12}},{"id":"61442787-0f52-40c3-b0f8-6e30cd2c53fe","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":83,"box":{"x":89,"y":651,"width":852,"height":12}},{"id":"f4160fef-a564-4688-b8e3-fc1c88b4a62b","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (","page_number":83,"box":{"x":88,"y":666,"width":351,"height":13}},{"id":"27e2b6e1-6ee2-4ac7-b6ec-0f31435bc1ff","block_type":"box","text":"i.e.,","page_number":83,"box":{"x":440,"y":667,"width":21,"height":11}},{"id":"968ba40e-9e79-4171-bfc9-c53f21dba013","block_type":"box","text":"direct emissions from sources that an issuer owns or controls and","page_number":83,"box":{"x":467,"y":666,"width":461,"height":10}},{"id":"2fe220ab-76da-46f4-b71b-752ceaa784d3","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":83,"box":{"x":89,"y":681,"width":841,"height":13}},{"id":"bbc5d765-f596-461b-b7ac-90587058ba77","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":83,"box":{"x":88,"y":696,"width":863,"height":13}},{"id":"2adb848f-c34c-4f8c-86a5-6bfd4396d06b","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":83,"box":{"x":89,"y":712,"width":876,"height":12}},{"id":"3b9ef547-b5e9-4c62-9e16-508722ce6718","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":83,"box":{"x":88,"y":727,"width":500,"height":12}},{"id":"a0a481c6-39e2-4514-ab93-3e1fbddeee4d","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":83,"box":{"x":88,"y":753,"width":738,"height":13}},{"id":"92e500eb-d087-4001-bf81-755beb0226d5","block_type":"box","text":"i.e.,","page_number":83,"box":{"x":827,"y":754,"width":22,"height":11}},{"id":"cc0cd161-7e0f-4a33-bf31-3bd109e9274c","block_type":"box","text":"12-month","page_number":83,"box":{"x":856,"y":753,"width":67,"height":10}},{"id":"1430301f-3fe4-45ed-8543-381e7b12b0f6","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":83,"box":{"x":88,"y":768,"width":496,"height":13}},{"id":"4165c924-05d9-4dd5-9093-3ae6a2243069","block_type":"box","text":"i.e.,","page_number":83,"box":{"x":585,"y":769,"width":21,"height":11}},{"id":"994cf93f-fa31-405d-9cf2-586df2776a8b","block_type":"box","text":"12-month net income divided by total market","page_number":83,"box":{"x":614,"y":768,"width":316,"height":13}},{"id":"c159f0d7-8bc8-43ea-8f19-b2ed9c26d7c1","block_type":"box","text":"capitalization), cash flow yield (","page_number":83,"box":{"x":89,"y":783,"width":219,"height":13}},{"id":"e9e7f423-ba47-45db-9e1b-791957f93253","block_type":"box","text":"i.e.,","page_number":83,"box":{"x":309,"y":784,"width":21,"height":11}},{"id":"285859d6-23b7-45ce-bc4d-a2d9c5d3eed8","block_type":"box","text":"12-month cash flow divided by total market capitalization) and time series normalized","page_number":83,"box":{"x":338,"y":783,"width":599,"height":13}},{"id":"29f3829d-0c34-4b41-bf79-200199660dbe","block_type":"box","text":"cash flow yield over the previous 36 months.","page_number":83,"box":{"x":89,"y":799,"width":311,"height":12}},{"id":"2c14340b-8a5b-48e4-b055-1915bb640681","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider.","page_number":83,"box":{"x":88,"y":825,"width":670,"height":12}},{"id":"e1dbea02-3adc-42a9-850a-8734f307b538","block_type":"box","text":"53","page_number":83,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b9fd6061-1cc3-468c-9b27-55a164304677","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the four factors at the following weights:","page_number":84,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"736b5b22-89ba-4cf7-b208-90f174c343ce","block_type":"box","text":"momentum, 30%; quality, 35%; value, 30%; and low volatility, 5%. The composite score is an input to the optimization","page_number":84,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"c2806161-a1d9-4d71-ba09-21558dbf85ce","block_type":"box","text":"process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":84,"box":{"x":89,"y":74,"width":721,"height":12}},{"id":"d7cfcbe0-5baf-48fe-a555-a3cf7d2af46c","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the four factors while applying certain constraints, which","page_number":84,"box":{"x":88,"y":101,"width":876,"height":12}},{"id":"d908b561-75af-4d8b-8286-cf857b43fd35","block_type":"box","text":"include the following:A constituent’sminimum weight is the greater of 0% and its weight in the Parent Indexminus 2%.A constituent’s","page_number":84,"box":{"x":89,"y":116,"width":879,"height":12}},{"id":"da0489c3-fe8d-40a4-ba3d-4a5971c7dec5","block_type":"box","text":"maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index weight.The maximum","page_number":84,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"3b30faaa-ebec-47e6-b81e-6eb44e05485d","block_type":"box","text":"weight for a single issuer is 10% of the Underlying Index.The sum of issuer weights that are individually greater than 4.5% must","page_number":84,"box":{"x":88,"y":146,"width":880,"height":12}},{"id":"0adae383-5f9f-4b04-94f7-94f6a63d2cd0","block_type":"box","text":"be less than 22.5% of the Underlying Index.The maximum exposure to each ICB Industry (Level 1) (as defined by the Index","page_number":84,"box":{"x":89,"y":161,"width":879,"height":12}},{"id":"d25fb717-45e5-4b27-98bc-0766a0cd41ce","block_type":"box","text":"Provider) must be within 2% of the exposure in the Parent Index.The maximum one way turnover at each quarterly rebalance","page_number":84,"box":{"x":89,"y":176,"width":879,"height":13}},{"id":"814b862c-197a-4433-924a-19aa2ba0fe51","block_type":"box","text":"is 5%.The maximum ex ante tracking error relative to the Parent Index is 1%.Constraints are also applied for the minimum and","page_number":84,"box":{"x":89,"y":191,"width":879,"height":13}},{"id":"c98d2755-f0c1-47ce-8ec8-6615783dc5eb","block_type":"box","text":"maximum exposures to the four factors relative to the Parent Index.A constituent’s maximum weight is also subject to liquidity","page_number":84,"box":{"x":89,"y":206,"width":879,"height":13}},{"id":"c70e0f35-9ba0-4697-992d-7dfabc9e2d61","block_type":"box","text":"constraints.The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":84,"box":{"x":89,"y":222,"width":745,"height":12}},{"id":"a1e69f87-5500-4452-8a7c-13be27f7adb7","block_type":"box","text":"Investment Policies","page_number":84,"box":{"x":91,"y":252,"width":318,"height":24}},{"id":"635f3f59-535a-4c34-8e13-bd18ab35cad5","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":84,"box":{"x":88,"y":293,"width":835,"height":13}},{"id":"4cba7b4a-f591-4845-989b-778797ace1ef","block_type":"box","text":"without the approval of the holders of a majority of the applicable Fund’s outstanding voting securities. A vote of a majority","page_number":84,"box":{"x":88,"y":308,"width":866,"height":13}},{"id":"e52ba1b4-a3bc-420a-9b5f-186bdd917a21","block_type":"box","text":"of the outstanding voting securities of a Fund is defined in the 1940 Act as the lesser of (i) 67% or more of the voting","page_number":84,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"2ae59c6d-ca52-446b-b6f7-ca1410beb03c","block_type":"box","text":"securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the Fund","page_number":84,"box":{"x":89,"y":339,"width":872,"height":12}},{"id":"6a5754ba-a5b7-4912-bee4-8d88feb6bbea","block_type":"box","text":"are present or represented by proxy, or (ii) more than 50% of outstanding voting securities of the Fund. Each Fund has also","page_number":84,"box":{"x":89,"y":354,"width":860,"height":12}},{"id":"41116a56-3522-4ded-be33-0abde415afcf","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":84,"box":{"x":89,"y":369,"width":835,"height":12}},{"id":"4591f50a-0077-4973-a2bd-b73a464099dd","block_type":"box","text":"policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its investment","page_number":84,"box":{"x":89,"y":384,"width":825,"height":12}},{"id":"f0c008c7-37e7-41c0-912d-06a5e237c57b","block_type":"box","text":"objective and its Underlying Index without shareholder approval.","page_number":84,"box":{"x":89,"y":399,"width":450,"height":13}},{"id":"960d256e-4b13-450c-9d59-9ef256bbd63f","block_type":"box","text":"Fundamental Investment Policies","page_number":84,"box":{"x":89,"y":426,"width":237,"height":9}},{"id":"c90367e9-36aa-4704-9b1b-66280032535e","block_type":"box","text":"The iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF will not:","page_number":84,"box":{"x":88,"y":452,"width":738,"height":12}},{"id":"7bcc16ff-b4d6-4843-9b7b-8c767b81ce86","block_type":"box","text":"1. Concentrate its investments (","page_number":84,"box":{"x":90,"y":472,"width":243,"height":13}},{"id":"eaa1bf3f-4c64-4c20-bd5a-defbfb6f2688","block_type":"box","text":"i.e.","page_number":84,"box":{"x":334,"y":473,"width":17,"height":9}},{"id":"9095a74a-fc87-47b8-b62b-7b586b888dc5","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":84,"box":{"x":354,"y":472,"width":597,"height":13}},{"id":"cb0bd07c-75ea-4078-898c-96346532b8b8","block_type":"box","text":"industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":84,"box":{"x":128,"y":487,"width":771,"height":13}},{"id":"22a27bd5-59e8-4d63-963c-abf4f994ded5","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":84,"box":{"x":128,"y":502,"width":840,"height":13}},{"id":"b1fad4b6-f7cc-4156-9942-48b57b1f5d5b","block_type":"box","text":"the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S.","page_number":84,"box":{"x":127,"y":518,"width":783,"height":12}},{"id":"d2ec5129-ad31-4ca2-ab78-331ee9eb4230","block_type":"box","text":"government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":84,"box":{"x":128,"y":533,"width":776,"height":12}},{"id":"8f07d960-4997-4384-b8ea-3bc542d244f8","block_type":"box","text":"considered to be issued by members of any industry.","page_number":84,"box":{"x":128,"y":548,"width":367,"height":12}},{"id":"a3ec741d-96f8-4559-84bc-7fee3da5956b","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":84,"box":{"x":89,"y":568,"width":815,"height":12}},{"id":"d299b13a-a176-4e52-a18d-857a0eb43b4c","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":84,"box":{"x":128,"y":583,"width":806,"height":12}},{"id":"1b5f3b92-9820-4c57-aa32-e5fb22422c8c","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":84,"box":{"x":128,"y":598,"width":761,"height":13}},{"id":"d4bc5e4b-1ab2-4e5f-99d5-0a03c307f3d0","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":84,"box":{"x":128,"y":613,"width":756,"height":13}},{"id":"d1c22fa8-7f27-4d07-a79d-74d4c0bb48d9","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":84,"box":{"x":127,"y":628,"width":815,"height":13}},{"id":"527894ec-58b4-49b1-887f-c721bf931903","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":84,"box":{"x":128,"y":644,"width":827,"height":12}},{"id":"51cc02a7-f033-491a-9b3f-755c0343fbeb","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":84,"box":{"x":127,"y":659,"width":717,"height":12}},{"id":"07e0af54-d542-46e4-94ce-b2b8a36f253b","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":84,"box":{"x":89,"y":679,"width":857,"height":12}},{"id":"64c29b79-2244-4e3b-8be1-5ed9922dc1bc","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":84,"box":{"x":128,"y":694,"width":407,"height":12}},{"id":"0c891dd4-43be-4bfa-9251-f10a6e23c551","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":84,"box":{"x":88,"y":714,"width":844,"height":12}},{"id":"773a5fa1-d60a-4253-8680-c51592fbe595","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":84,"box":{"x":128,"y":729,"width":331,"height":13}},{"id":"91c92f77-4eed-406e-9d00-a6f56d306360","block_type":"box","text":"5. Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not","page_number":84,"box":{"x":89,"y":749,"width":860,"height":13}},{"id":"e96f36a4-0291-436e-8876-bcab56fb6fd7","block_type":"box","text":"prevent each Fund from trading in futures contracts and options on futures contracts (including options on currencies","page_number":84,"box":{"x":128,"y":765,"width":828,"height":12}},{"id":"4e8be81d-d86c-48be-bc3e-7f58362d1094","block_type":"box","text":"to the extent consistent with each Fund’s investment objective and policies).","page_number":84,"box":{"x":127,"y":780,"width":536,"height":12}},{"id":"8963e912-bdd4-46c5-b532-7bc876841773","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":84,"box":{"x":89,"y":800,"width":846,"height":12}},{"id":"4074da49-a46c-43ec-ae2b-bdaa64f4cbcb","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":84,"box":{"x":127,"y":815,"width":694,"height":12}},{"id":"42d371c8-bec0-47bd-b8e8-d3cc539323c6","block_type":"box","text":"The iShares China Large-Cap ETF will not:","page_number":84,"box":{"x":88,"y":841,"width":302,"height":13}},{"id":"cbc58609-412c-4c12-a904-ceffd1d40368","block_type":"box","text":"1. Concentrate its investments (","page_number":84,"box":{"x":90,"y":862,"width":243,"height":12}},{"id":"ac61b982-f801-4d2c-a742-1b79f1d6d25f","block_type":"box","text":"i.e.","page_number":84,"box":{"x":334,"y":862,"width":17,"height":9}},{"id":"cb3ce761-5aee-4291-8f3a-111689eec9d6","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry or group of","page_number":84,"box":{"x":354,"y":862,"width":597,"height":12}},{"id":"0b1c77af-bfae-4666-802f-1f52a5402e35","block_type":"box","text":"54","page_number":84,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"95e9934c-a716-46da-87d4-16e75334e6b8","block_type":"box","text":"industries), except that the Fund will concentrate to approximately the same extent that its Underlying Index","page_number":85,"box":{"x":128,"y":44,"width":760,"height":12}},{"id":"6c7c3e9b-3154-4108-a2c1-e902e27aa164","block_type":"box","text":"concentrates in the stocks of such particular industry or group of industries. For purposes of this limitation, securities of","page_number":85,"box":{"x":128,"y":59,"width":840,"height":12}},{"id":"7ede80ba-ea5e-435f-a9bb-e709c2347710","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":74,"width":783,"height":12}},{"id":"f9e87633-b410-4dfb-9f78-b90dcf9ffddc","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":89,"width":776,"height":13}},{"id":"efe6bda9-0074-4647-915e-e5146b9d3275","block_type":"box","text":"considered to be issued by members of any industry.","page_number":85,"box":{"x":128,"y":104,"width":367,"height":13}},{"id":"bdb5f7d5-baad-4104-9708-c87befc11274","block_type":"box","text":"2. Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes,","page_number":85,"box":{"x":89,"y":125,"width":877,"height":12}},{"id":"db2fd4bc-28b8-4736-9130-085d73d8187b","block_type":"box","text":"including the meeting of redemption requests which might otherwise require the untimely disposition of securities, and","page_number":85,"box":{"x":128,"y":140,"width":837,"height":12}},{"id":"c341720e-a110-4125-9d53-79eb08c75f3d","block_type":"box","text":"(ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse","page_number":85,"box":{"x":128,"y":155,"width":791,"height":12}},{"id":"6b037a53-27f7-4229-9c47-703d6e6aabd0","block_type":"box","text":"repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it","page_number":85,"box":{"x":128,"y":170,"width":838,"height":12}},{"id":"8cb94528-18b7-4516-b171-bec22a303ea0","block_type":"box","text":"engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of","page_number":85,"box":{"x":128,"y":185,"width":825,"height":12}},{"id":"f8039100-31cf-455d-ac9e-6b4443d60b12","block_type":"box","text":"its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to","page_number":85,"box":{"x":128,"y":200,"width":803,"height":12}},{"id":"a1862c51-2574-4cb6-9da5-d73e7e63727a","block_type":"box","text":"exceed this amount will be reduced in accordance with applicable law.","page_number":85,"box":{"x":128,"y":215,"width":491,"height":13}},{"id":"1964ffee-26e1-401c-aa5f-9efa935ae626","block_type":"box","text":"3. Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as","page_number":85,"box":{"x":89,"y":235,"width":809,"height":13}},{"id":"cdc8d89b-51f3-461b-9c5c-f1eb1d6f53f9","block_type":"box","text":"permitted under the 1940 Act and the rules, regulations and orders thereunder.","page_number":85,"box":{"x":128,"y":250,"width":554,"height":13}},{"id":"6b823cb2-95c1-48dd-87ea-5519074c2857","block_type":"box","text":"4. Make loans. This restriction does not apply to: (i) the purchase of debt obligations in which the Fund may invest","page_number":85,"box":{"x":88,"y":271,"width":823,"height":12}},{"id":"2e71befb-316e-4dc2-b312-b2b755a5a826","block_type":"box","text":"consistent with its investment objectives and policies; (ii) repurchase agreements and reverse repurchase agreements;","page_number":85,"box":{"x":128,"y":286,"width":826,"height":12}},{"id":"b10feb45-4ec9-49e6-8f69-52b8d5d7b301","block_type":"box","text":"and (iii) loans of its portfolio securities, to the fullest extent permitted under the 1940 Act.","page_number":85,"box":{"x":128,"y":301,"width":628,"height":12}},{"id":"5fe128b2-4317-475a-9ab9-aad13eef44b8","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":321,"width":860,"height":12}},{"id":"662cac4d-5137-42e6-8906-2ef91fa1a06b","block_type":"box","text":"prevent the Fund from trading in futures contracts and options on futures contracts (including options on currencies to","page_number":85,"box":{"x":128,"y":336,"width":836,"height":13}},{"id":"57c19868-d44d-494d-8d32-644d2bb549ed","block_type":"box","text":"the extent consistent with the Fund’s investment objective and policies).","page_number":85,"box":{"x":127,"y":351,"width":507,"height":13}},{"id":"38c8caf7-8561-4f90-bb6d-9938823cbd6e","block_type":"box","text":"6. Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may","page_number":85,"box":{"x":89,"y":371,"width":836,"height":13}},{"id":"c6d767d6-ec46-4cb7-8d8d-05b349363e7b","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":387,"width":690,"height":12}},{"id":"1192f5d0-ba56-41d0-8931-b98fc7a1767c","block_type":"box","text":"Each of the iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI Europe Financials ETF,","page_number":85,"box":{"x":89,"y":413,"width":879,"height":12}},{"id":"a09d1ad9-b195-4a66-84eb-d6eb491c506d","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF and iShares MSCI USA Min Vol Factor ETF will not:","page_number":85,"box":{"x":89,"y":428,"width":625,"height":12}},{"id":"a6ba78dd-4b19-4678-9098-a007ce3c0345","block_type":"box","text":"1. Concentrate its investments (","page_number":85,"box":{"x":90,"y":448,"width":243,"height":13}},{"id":"3d75d0d1-1ff6-4fdd-a86e-5be0b25d853d","block_type":"box","text":"i.e.","page_number":85,"box":{"x":334,"y":449,"width":17,"height":9}},{"id":"5f3dd121-1e9d-450e-8df6-b94c9d4c361f","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":448,"width":609,"height":13}},{"id":"e3e368d7-330a-44ac-afa6-08bc03a5330b","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":463,"width":789,"height":13}},{"id":"dac22f08-7a6c-4004-b825-de5b522f8eed","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":479,"width":771,"height":12}},{"id":"f398230d-e4c7-438a-8285-a933bd9639f1","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":494,"width":820,"height":12}},{"id":"4fab0d02-93ea-4dbb-9c08-2e5094c586ab","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":85,"box":{"x":128,"y":509,"width":828,"height":12}},{"id":"6dbbf284-4e76-4855-adee-bd2a781a6a74","block_type":"box","text":"considered to be issued by members of any industry.","page_number":85,"box":{"x":128,"y":524,"width":367,"height":12}},{"id":"ed8d1a32-af51-4713-831e-c866ab988838","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":544,"width":815,"height":12}},{"id":"c36d4419-fddc-4712-953b-3666b639d5d7","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":559,"width":806,"height":13}},{"id":"6c2dc48e-807e-4681-bf88-25e07ade5d22","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":574,"width":761,"height":13}},{"id":"41f1646b-e9c0-4a65-8825-9a414feef141","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":85,"box":{"x":128,"y":589,"width":756,"height":13}},{"id":"12cc9312-0e07-4cd7-8c95-b0690d4f1d8c","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":605,"width":815,"height":12}},{"id":"99e4f6d7-effe-431a-ae45-7820f7a21181","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":620,"width":827,"height":12}},{"id":"fef7d780-1242-45e5-9273-2c73c022199a","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":635,"width":717,"height":12}},{"id":"cd5d8e04-d5ab-4161-84b3-6de0a9ee9690","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":655,"width":857,"height":12}},{"id":"9de35461-d596-4c5e-a505-37d2c2dcf090","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":85,"box":{"x":128,"y":670,"width":407,"height":12}},{"id":"c44de848-45c8-4a04-b7cc-9d50182b9844","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":690,"width":844,"height":13}},{"id":"33b14f96-0a7d-4026-82a4-5368a64279a2","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":85,"box":{"x":128,"y":705,"width":331,"height":13}},{"id":"4c203463-2d7c-4cf0-9f80-35d5fa61f092","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":85,"box":{"x":89,"y":725,"width":811,"height":13}},{"id":"d3d8eb85-7db2-4f25-aff4-6f0699f24a14","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":85,"box":{"x":128,"y":741,"width":830,"height":12}},{"id":"ab365213-5806-4b14-9e17-3c1a0432b6f8","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":85,"box":{"x":128,"y":756,"width":827,"height":12}},{"id":"1d775d44-900d-45c4-8537-b612f2c11195","block_type":"box","text":"restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including","page_number":85,"box":{"x":128,"y":771,"width":809,"height":12}},{"id":"d9bf2365-46bf-42f2-af27-5c1d8c24fa3d","block_type":"box","text":"options on currencies to the extent consistent with each Fund’s investment objective and policies).","page_number":85,"box":{"x":128,"y":786,"width":691,"height":12}},{"id":"88e1ba6b-b4f8-4259-9e0a-aa0ba49d57b1","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":806,"width":846,"height":12}},{"id":"55e33bc8-3df9-4e78-9cb7-03fb39096d43","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":821,"width":694,"height":13}},{"id":"dd55c80b-767a-45ec-8cdb-cf99945261ee","block_type":"box","text":"Each of the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor ETF, iShares","page_number":85,"box":{"x":89,"y":848,"width":810,"height":12}},{"id":"6d283a51-727e-441b-b5be-b853d2b7b157","block_type":"box","text":"International Small-Cap Equity Factor ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF,","page_number":85,"box":{"x":89,"y":863,"width":868,"height":12}},{"id":"3171a955-ecd8-4ade-86b5-2ae6eb2e5ba1","block_type":"box","text":"55","page_number":85,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"528cba1b-6993-48d6-b2df-2b4d84c00cf5","block_type":"box","text":"iShares MSCI Intl Value Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF,","page_number":86,"box":{"x":89,"y":44,"width":828,"height":12}},{"id":"dea9b108-d735-468f-9d56-d63eb799286f","block_type":"box","text":"iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF,","page_number":86,"box":{"x":89,"y":59,"width":860,"height":12}},{"id":"d7f144eb-5c2f-4297-9c36-a61ccd5018f0","block_type":"box","text":"iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech Breakthrough Multisector","page_number":86,"box":{"x":89,"y":74,"width":862,"height":12}},{"id":"cfbff4be-8763-42bc-9c4d-acb09b872632","block_type":"box","text":"ETF will not:","page_number":86,"box":{"x":89,"y":89,"width":86,"height":10}},{"id":"e0cc435f-8864-4117-a1f9-daf07040674e","block_type":"box","text":"1. Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the","page_number":86,"box":{"x":90,"y":116,"width":857,"height":12}},{"id":"9a5fd0a9-af02-4e21-8561-63700768ff47","block_type":"box","text":"Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular","page_number":86,"box":{"x":89,"y":131,"width":879,"height":12}},{"id":"1e609f32-e06f-403f-af06-fc93b97f7f61","block_type":"box","text":"industry or group of industries.","page_number":86,"box":{"x":89,"y":146,"width":216,"height":12}},{"id":"5f9aefb2-c3d3-4f4e-837b-d232713394ed","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":86,"box":{"x":89,"y":172,"width":523,"height":13}},{"id":"da984603-9334-49f2-b823-4eb2508a019e","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":199,"width":676,"height":12}},{"id":"6686fcc7-4b5f-4fd5-8dbe-66b31a2c9a83","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by,","page_number":86,"box":{"x":88,"y":225,"width":862,"height":13}},{"id":"6c51931b-fd08-400f-bd0e-b285391d6a88","block_type":"box","text":"or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged","page_number":86,"box":{"x":89,"y":240,"width":868,"height":13}},{"id":"3289beb4-14e0-411a-95f5-d62c43a95912","block_type":"box","text":"in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other","page_number":86,"box":{"x":89,"y":256,"width":874,"height":12}},{"id":"4132b10b-df24-45c7-879e-95f362750d0b","block_type":"box","text":"instruments.","page_number":86,"box":{"x":89,"y":272,"width":87,"height":8}},{"id":"de44332b-1acc-497c-98d3-a85b669e2b8c","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed","page_number":86,"box":{"x":89,"y":297,"width":877,"height":12}},{"id":"f37255bb-a182-4608-99d2-3f4f4c8fb725","block_type":"box","text":"to be an underwriting or as otherwise permitted by applicable law.","page_number":86,"box":{"x":88,"y":312,"width":463,"height":13}},{"id":"cd0b971a-ce74-432a-a157-4e98c460a73d","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":339,"width":776,"height":12}},{"id":"e7997c60-1194-4503-b056-33646bfad45d","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":86,"box":{"x":89,"y":365,"width":497,"height":12}},{"id":"32822069-4d86-4668-ad69-2d2814db37c2","block_type":"box","text":"Notations Regarding each Fund’s Fundamental Investment Policies","page_number":86,"box":{"x":88,"y":392,"width":487,"height":12}},{"id":"d961c746-2628-4829-8d80-fa89a3b442f0","block_type":"box","text":"The following notations are not considered to be part of a Fund’s fundamental investment policies and are subject to change","page_number":86,"box":{"x":88,"y":418,"width":874,"height":12}},{"id":"e379966c-1cc5-4aff-a6ab-4daaacb04eee","block_type":"box","text":"without shareholder approval.","page_number":86,"box":{"x":88,"y":433,"width":210,"height":13}},{"id":"873e8bea-c90a-464d-abc0-47dc9c1d5e40","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":86,"box":{"x":88,"y":460,"width":853,"height":12}},{"id":"6e4f9145-802b-410a-a81b-28a8b5ec07fb","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":86,"box":{"x":89,"y":475,"width":855,"height":12}},{"id":"18469959-3515-4e85-8ced-6ab63b952a95","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":86,"box":{"x":89,"y":490,"width":840,"height":12}},{"id":"28c050e0-d514-42e6-b344-b05b572c568a","block_type":"box","text":"industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy","page_number":86,"box":{"x":89,"y":505,"width":877,"height":12}},{"id":"d9922bd9-a48d-42ba-ac76-f0d8f9671ad4","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":86,"box":{"x":89,"y":520,"width":856,"height":12}},{"id":"b5a20d6e-f04a-4d63-97ea-b01aaa2a2dc0","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":86,"box":{"x":88,"y":535,"width":861,"height":13}},{"id":"b7fdcf87-6b5f-41de-a0c9-87463b110d22","block_type":"box","text":"instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":86,"box":{"x":89,"y":550,"width":805,"height":13}},{"id":"acc19abc-b806-4cf8-9dce-2dfc7be05ffc","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":86,"box":{"x":89,"y":565,"width":848,"height":13}},{"id":"6e0ff443-d21b-4f06-bec3-e7f29a32e201","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":86,"box":{"x":89,"y":581,"width":820,"height":12}},{"id":"4716c58b-df42-4020-b760-b1fbd7b637b5","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":86,"box":{"x":89,"y":596,"width":809,"height":12}},{"id":"a6ef90e9-e2ed-4c75-866e-dd4c4b5516eb","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":86,"box":{"x":89,"y":611,"width":815,"height":12}},{"id":"feef9be4-6eea-46dc-986b-d17c2bc28833","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":86,"box":{"x":89,"y":626,"width":856,"height":12}},{"id":"6da0024f-15f9-4948-9ade-b6975a544d93","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":86,"box":{"x":89,"y":641,"width":829,"height":12}},{"id":"589f68c0-13ad-487a-be59-13b643081452","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":86,"box":{"x":89,"y":656,"width":860,"height":13}},{"id":"71bf5333-9fd5-48af-8875-b63916b0565e","block_type":"box","text":"broad authority to each Fund as to how to classify issuers within or among industries.","page_number":86,"box":{"x":89,"y":671,"width":600,"height":13}},{"id":"b2a18a27-62ec-4d98-8259-4160f3ccd37d","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":86,"box":{"x":88,"y":698,"width":844,"height":12}},{"id":"da09ea7f-a26c-4755-9ec0-244867789960","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":86,"box":{"x":89,"y":713,"width":850,"height":12}},{"id":"215f11f9-b228-4485-8865-006329a9a477","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":86,"box":{"x":89,"y":728,"width":844,"height":12}},{"id":"61682f49-5ae4-4f2e-a8f4-b80eb859f584","block_type":"box","text":"assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires","page_number":86,"box":{"x":89,"y":743,"width":877,"height":12}},{"id":"4943e711-4722-4594-846a-b40ebbefe8ae","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":86,"box":{"x":89,"y":758,"width":841,"height":13}},{"id":"66051ac2-ad3c-4990-82a0-fa1383d3931c","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":86,"box":{"x":89,"y":773,"width":813,"height":13}},{"id":"832b0cd0-6907-47a5-8e9a-1d27699ddcb8","block_type":"box","text":"borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as","page_number":86,"box":{"x":89,"y":788,"width":857,"height":13}},{"id":"8f96859f-096f-45f2-addc-bbcf4b029857","block_type":"box","text":"“leveraging.” Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be","page_number":86,"box":{"x":89,"y":804,"width":851,"height":12}},{"id":"73a3d600-94fb-4f59-8315-7c9ec135b3e8","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":86,"box":{"x":89,"y":819,"width":878,"height":12}},{"id":"2af1c3a3-c431-4d3d-9fad-6f790cf5c17b","block_type":"box","text":"4 under the Investment Company Act, when each Fund engages in reverse repurchase agreements and similar financing","page_number":86,"box":{"x":88,"y":834,"width":843,"height":12}},{"id":"16348c3d-274b-42b4-84b1-0e467ba83daa","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":86,"box":{"x":88,"y":849,"width":845,"height":12}},{"id":"e94df7e5-3050-4e19-a613-6be7aace04cd","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":86,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"010b24ff-849d-4a73-b186-cbe5d248fbab","block_type":"box","text":"56","page_number":86,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"736f11c8-35b0-42ca-8741-b0b8fb46500d","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":44,"width":784,"height":12}},{"id":"2794d3cc-3b08-4209-b9fd-adc09e07bdd6","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":59,"width":834,"height":12}},{"id":"d3720fe7-67fc-4bc7-895a-11c3c74bba85","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":74,"width":754,"height":12}},{"id":"bcdc3c30-e312-4eb4-8b8d-f7927c2d3909","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":101,"width":875,"height":12}},{"id":"496fd71d-3a63-4e93-9e33-5c29ac49b3b8","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":116,"width":876,"height":12}},{"id":"040f6d70-b5a6-4ef6-b1eb-f5c018b9fbda","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":131,"width":876,"height":12}},{"id":"c8d2dd79-1e88-48fe-b5cc-20c7c8c53040","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":146,"width":788,"height":12}},{"id":"2a356c46-5158-4c19-b7b3-c14153a2dccb","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":161,"width":813,"height":11}},{"id":"1653dacf-a498-4a6a-8387-d9ec8625d1f0","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":176,"width":846,"height":13}},{"id":"17d6cd29-85c1-44c0-9435-0d9fc3967689","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":191,"width":854,"height":13}},{"id":"1158cc22-607b-4add-8d70-a54dd86bccbc","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":206,"width":822,"height":13}},{"id":"f15908fc-0da7-4cd7-8b49-42d3c47dd2aa","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":222,"width":836,"height":12}},{"id":"3af22fe2-3ad1-4406-9454-d1c8d2c4fa59","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":237,"width":829,"height":12}},{"id":"be05aca7-5dff-4d4d-ac79-3b56910ae419","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":252,"width":860,"height":12}},{"id":"3329cf7a-7010-400a-bcce-99263a0c570b","block_type":"box","text":"law.","page_number":87,"box":{"x":89,"y":267,"width":25,"height":10}},{"id":"bc50ce6e-01d8-4dba-bf13-e9415712da8a","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":293,"width":836,"height":13}},{"id":"583e7d97-f7c0-4f06-a218-f23d9dc3c643","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":308,"width":866,"height":13}},{"id":"8b49afc6-682b-4da6-bff9-7caf46ce21f5","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":324,"width":878,"height":12}},{"id":"22e92710-7a6a-4845-a777-30909fded9d3","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":339,"width":861,"height":12}},{"id":"d1e911bb-c33b-4a20-91e2-9d56b184b202","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":354,"width":841,"height":12}},{"id":"df12d953-dea9-4c91-99df-c0c7c053fe7f","block_type":"box","text":"securities transactions, will not be considered loans.","page_number":87,"box":{"x":89,"y":369,"width":363,"height":11}},{"id":"2727cd92-9397-428e-93d3-4d0ae6f5f5a3","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds.","page_number":87,"box":{"x":89,"y":395,"width":372,"height":10}},{"id":"f4dd6b75-bef5-42da-86f5-3aec1f742f84","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":87,"box":{"x":89,"y":422,"width":870,"height":12}},{"id":"3955508d-6b68-4deb-9ba3-f1b1b385fcaa","block_type":"box","text":"Fund may not:","page_number":87,"box":{"x":89,"y":437,"width":100,"height":12}},{"id":"215850b7-4882-4e24-9b19-530f29b26efe","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":87,"box":{"x":90,"y":457,"width":841,"height":12}},{"id":"834f7d6a-2721-4143-a3e3-5ec09ed4de69","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":87,"box":{"x":128,"y":472,"width":800,"height":13}},{"id":"a2c388e3-2558-4a7d-b377-b053d1ff1329","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":87,"box":{"x":128,"y":487,"width":785,"height":13}},{"id":"8a347684-c5be-49ba-9ed3-6cdb660de95d","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":87,"box":{"x":129,"y":502,"width":773,"height":13}},{"id":"1cc4952c-324a-42fe-a142-6daf333c1ff0","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":87,"box":{"x":128,"y":518,"width":793,"height":12}},{"id":"22f65a27-060a-4a12-b4bc-f7b14ab72a69","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":87,"box":{"x":128,"y":533,"width":659,"height":12}},{"id":"7313d4ef-0c32-4ce7-a401-eb61c74541ab","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":87,"box":{"x":89,"y":553,"width":878,"height":11}},{"id":"0b069519-4d5a-48a0-aa5f-91738605f220","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in component securities of its Underlying Index","page_number":87,"box":{"x":128,"y":568,"width":839,"height":12}},{"id":"43e78ddd-e3a3-4dd5-9372-70f37ae24a76","block_type":"box","text":"or in Depositary Receipts representing component securities in the Underlying Index.","page_number":87,"box":{"x":128,"y":583,"width":593,"height":12}},{"id":"5a309439-91a4-468d-8bd5-7483f7dd9cc5","block_type":"box","text":"A Fund will notify its shareholders at least 60 days prior to any change in its restrictions described in 2 above.","page_number":87,"box":{"x":88,"y":610,"width":764,"height":12}},{"id":"03b64ada-bf6c-4bd7-8bc3-2fcb74bbbd38","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":87,"box":{"x":88,"y":636,"width":656,"height":12}},{"id":"0ad9aba2-292e-4d55-aa4a-c770ee31641d","block_type":"box","text":"Unless otherwise indicated, all limitations under each Fund’s fundamental or non-fundamental investment restrictions apply","page_number":87,"box":{"x":89,"y":662,"width":871,"height":13}},{"id":"2519656f-cd79-43b6-9cc8-38c1d0b35842","block_type":"box","text":"only at the time that a transaction is undertaken. Any change in the percentage of each Fund’s assets invested in certain","page_number":87,"box":{"x":89,"y":678,"width":840,"height":12}},{"id":"55ca7783-a7a8-49ae-821b-fb369e003acd","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in each Fund’s total assets will not","page_number":87,"box":{"x":89,"y":693,"width":829,"height":12}},{"id":"658f165d-d67e-489f-bf90-aece69b3dc3f","block_type":"box","text":"require the Fund to dispose of an investment.","page_number":87,"box":{"x":89,"y":708,"width":316,"height":12}},{"id":"8be53cf2-3db9-4a5e-9750-e333e1a89b4d","block_type":"box","text":"Continuous Offering","page_number":87,"box":{"x":90,"y":738,"width":338,"height":30}},{"id":"3adb9711-df56-420c-a2ea-1b681424d3f5","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":87,"box":{"x":88,"y":780,"width":821,"height":12}},{"id":"c5fc187d-06b6-4cd8-9788-ad32752e4f53","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":87,"box":{"x":89,"y":795,"width":873,"height":12}},{"id":"9759a263-b678-4c12-9f9c-5e1681db2e37","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":87,"box":{"x":89,"y":810,"width":849,"height":12}},{"id":"ba39473d-8877-4707-bf95-3a935b34a6d1","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":87,"box":{"x":89,"y":825,"width":849,"height":12}},{"id":"cfb4d966-2dc9-4d45-b08d-76043656319e","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":87,"box":{"x":88,"y":840,"width":877,"height":12}},{"id":"eaa9c351-e9a3-43ba-93e1-93a803e2b262","block_type":"box","text":"57","page_number":87,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c6e88a3c-12ab-4591-a65a-8d7a3f8d926c","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":88,"box":{"x":89,"y":44,"width":860,"height":12}},{"id":"c7b9f6c5-a5ff-4f3e-8d19-070ab17a8d66","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":88,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"0564e455-f642-450f-87de-96b7cf884adb","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":88,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"9ef225fb-3a55-4f9b-bda5-e43cf93cb0e5","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":88,"box":{"x":88,"y":89,"width":863,"height":13}},{"id":"34a84ef8-1fdf-4619-82f6-d8ca622d09af","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":88,"box":{"x":88,"y":104,"width":861,"height":13}},{"id":"5ead4116-0d77-477d-a38d-d4b12e382144","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":88,"box":{"x":89,"y":119,"width":862,"height":13}},{"id":"00db0042-7a9c-4590-8d61-04f5d8b90a1d","block_type":"box","text":"an underwriter.","page_number":88,"box":{"x":89,"y":135,"width":105,"height":9}},{"id":"c93aab73-8380-4ba9-bb3d-640f0d15324e","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":88,"box":{"x":89,"y":161,"width":817,"height":12}},{"id":"99f1861e-010e-4072-b6a8-9456022a7298","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":88,"box":{"x":88,"y":176,"width":858,"height":13}},{"id":"c33fdb6b-3967-4321-bcb4-d011299e8ea3","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":88,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"97f53763-ca02-4e28-b286-f180f0f66279","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":88,"box":{"x":88,"y":206,"width":831,"height":13}},{"id":"20301135-18a1-40fd-b44a-4d1b673fba9f","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":88,"box":{"x":89,"y":222,"width":864,"height":12}},{"id":"dfd63339-5b5a-4a6e-9136-ffb7d9411abd","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":88,"box":{"x":88,"y":237,"width":875,"height":12}},{"id":"c4d1fb76-10dd-4aee-8b88-8836366ef226","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":88,"box":{"x":89,"y":252,"width":845,"height":12}},{"id":"dd924434-b12d-4152-9c5c-4a5a25a8b1fe","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":88,"box":{"x":89,"y":267,"width":412,"height":12}},{"id":"786c9c62-21a2-4d80-816c-57fc7d3d65e8","block_type":"box","text":"Management","page_number":88,"box":{"x":90,"y":299,"width":225,"height":28}},{"id":"c79c812c-af06-4c77-9d1f-b724ca2caa13","block_type":"box","text":"Trustees and Officers.","page_number":88,"box":{"x":88,"y":339,"width":157,"height":10}},{"id":"7dba4d6a-6e66-40fb-967f-d4c629f17ffe","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":88,"box":{"x":254,"y":339,"width":670,"height":12}},{"id":"e88617e0-fa56-4328-a652-2da2b7fe3f61","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":88,"box":{"x":89,"y":354,"width":875,"height":12}},{"id":"340d281a-e9bc-499c-99ab-aae83ad15368","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":88,"box":{"x":89,"y":369,"width":817,"height":12}},{"id":"e53a027c-9bb7-4578-a335-3b0eb0872ad8","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":88,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"4c474c0e-d943-4103-8522-9dfbdc5aa8f0","block_type":"box","text":"Act) of the Trust are referred to as independent trustees (“Independent Trustees”).","page_number":88,"box":{"x":88,"y":399,"width":578,"height":13}},{"id":"15a03511-24b4-48da-9715-f23ab1c52483","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":88,"box":{"x":88,"y":426,"width":867,"height":12}},{"id":"b2098c9c-0845-4f41-bbc1-8f6ea8d8733d","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":88,"box":{"x":89,"y":441,"width":857,"height":12}},{"id":"60a652b4-2e04-410a-9825-3762cd5d9568","block_type":"box","text":"Complex”). 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Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in 1979, and an","page_number":93,"box":{"x":89,"y":165,"width":876,"height":12}},{"id":"97590e35-8764-4682-8b56-2284766f8257","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":93,"box":{"x":89,"y":180,"width":360,"height":12}},{"id":"5a1143d8-2953-4113-92f3-1db66681c873","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":93,"box":{"x":88,"y":206,"width":841,"height":13}},{"id":"c61d9a72-ab55-4203-8a3d-69faaf89a42f","block_type":"box","text":"Trustee of iShares U.S. ETF Trust since 2024. 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Mr. Cohen","page_number":93,"box":{"x":88,"y":252,"width":869,"height":12}},{"id":"150b4b8d-c671-4911-afe9-513371fd47d0","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":93,"box":{"x":89,"y":267,"width":856,"height":12}},{"id":"665ad994-304c-4e25-ba9c-a39d6b7e67e3","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":93,"box":{"x":89,"y":282,"width":846,"height":12}},{"id":"bb4dc03e-514f-4211-a93b-bb723d491438","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":93,"box":{"x":88,"y":297,"width":830,"height":12}},{"id":"ad3843fc-06f6-48c1-a6d2-ab2f9b6840d9","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":93,"box":{"x":89,"y":312,"width":866,"height":13}},{"id":"b9452c6a-93f9-4d9a-9704-363c20a663a9","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":93,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"1ff8437a-0b15-43ec-b18a-c1b4358da723","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":93,"box":{"x":89,"y":342,"width":861,"height":13}},{"id":"95f23e25-a81c-4618-8f82-c035f322cfe1","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":93,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"f0484490-2d5f-477b-af52-42dc19ee6654","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":93,"box":{"x":89,"y":373,"width":861,"height":12}},{"id":"b169dc94-b433-455c-a7ff-a27ed77f9293","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":93,"box":{"x":89,"y":388,"width":845,"height":12}},{"id":"b1ea1d02-7c53-4087-9319-99697d2c3da6","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":93,"box":{"x":89,"y":403,"width":844,"height":12}},{"id":"4c4f06a3-82d3-4da6-9ca6-49119426c307","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":93,"box":{"x":88,"y":418,"width":862,"height":12}},{"id":"7d8c5b1e-5246-42ae-889a-5b2dabbff9b9","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":93,"box":{"x":89,"y":433,"width":410,"height":13}},{"id":"e4d64545-5a3f-4d1c-8909-802f6a97d570","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":93,"box":{"x":88,"y":460,"width":858,"height":12}},{"id":"0a9efb21-0cbe-4b11-8c1c-5347171bbfa4","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":93,"box":{"x":89,"y":475,"width":849,"height":12}},{"id":"ebb5698b-492d-4416-8c3f-280aee251fac","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":93,"box":{"x":89,"y":490,"width":830,"height":12}},{"id":"3816134e-04ba-415a-ac00-df134ebefbae","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":93,"box":{"x":89,"y":505,"width":822,"height":12}},{"id":"e4b928a2-7e9e-4fdf-9836-3692ee2be36c","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":93,"box":{"x":89,"y":520,"width":842,"height":12}},{"id":"0b44f68f-2da2-42e8-959b-99bb965f1fc9","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":93,"box":{"x":89,"y":535,"width":861,"height":13}},{"id":"dc067c83-6724-408b-9d2d-a60df97f16e1","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":93,"box":{"x":89,"y":550,"width":869,"height":13}},{"id":"b416c041-a2cd-495e-9bb7-f04a02a04426","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":93,"box":{"x":89,"y":565,"width":618,"height":13}},{"id":"2aae34bd-e2fc-4054-bbec-800702487f2b","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":93,"box":{"x":88,"y":592,"width":837,"height":12}},{"id":"2b70397b-9511-4c4f-bca4-8c5f12c00974","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":93,"box":{"x":89,"y":607,"width":819,"height":11}},{"id":"31315274-4625-4b3c-9880-d2f62bc07c48","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":93,"box":{"x":88,"y":622,"width":832,"height":12}},{"id":"aff0dab9-f172-421b-a07b-0e67e4fb75d1","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":93,"box":{"x":89,"y":637,"width":864,"height":13}},{"id":"927ef4f5-4c23-4e43-a65b-4e39b28d8f73","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":93,"box":{"x":89,"y":652,"width":867,"height":13}},{"id":"9e906186-cc8e-45de-8322-c2867f018294","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":93,"box":{"x":89,"y":668,"width":872,"height":12}},{"id":"54cb1d78-79f7-48e1-8f72-49fb55001dfe","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":93,"box":{"x":89,"y":683,"width":835,"height":12}},{"id":"b74c1c56-12e7-47b6-bdc0-3b6d81a921e1","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":93,"box":{"x":89,"y":698,"width":869,"height":12}},{"id":"f5ecd9bd-1989-47c1-85af-40a46f195689","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":93,"box":{"x":89,"y":713,"width":852,"height":12}},{"id":"1f8139a5-e8cd-424d-92fa-6aadfed8cf69","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":93,"box":{"x":89,"y":728,"width":865,"height":11}},{"id":"9b89a453-28ef-4df2-a740-f361c1cff3b9","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":93,"box":{"x":89,"y":743,"width":876,"height":12}},{"id":"ac6cfdb5-8dbc-4584-bc3c-fb456e412f4f","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":93,"box":{"x":89,"y":758,"width":828,"height":13}},{"id":"57c7b103-fdf0-4562-bfc2-c869b4c990a0","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":93,"box":{"x":88,"y":773,"width":859,"height":13}},{"id":"80b23cc7-908d-458b-a54f-3f1d0f30d8e7","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":93,"box":{"x":88,"y":788,"width":854,"height":13}},{"id":"961e1879-1f3c-4d25-8920-c71ce9ecc776","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":93,"box":{"x":89,"y":804,"width":841,"height":12}},{"id":"0b747cde-d19f-47f6-95b4-35ab1b67de3e","block_type":"box","text":"State University of New York at Stony Brook and a JD degree from Benjamin N. 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Mr. Fagnani served as an Advisory Board Member of the Trust, iShares U.S. ETF Trust and iShares,","page_number":94,"box":{"x":89,"y":44,"width":864,"height":12}},{"id":"3792e6e1-d27d-4d9e-9217-fc4e2f597c70","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":94,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"1dfaf26f-2806-43b2-a35b-977a202870e2","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":94,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"423057bd-a86e-42a2-920c-e25dd6e3dadc","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":94,"box":{"x":89,"y":89,"width":837,"height":13}},{"id":"cbacd3e3-05e8-41b9-b66d-4861fbbf06ff","block_type":"box","text":"Andersen LLP, where he developed and managed the asset management audit practice in the Philadelphia office. Mr. Fagnani","page_number":94,"box":{"x":88,"y":104,"width":876,"height":13}},{"id":"8b1966b5-0a95-43c4-876d-6dc5178b08d2","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":94,"box":{"x":89,"y":119,"width":843,"height":13}},{"id":"cc7845cd-7fbb-4dd6-8b04-47bb76ffd2aa","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":94,"box":{"x":88,"y":135,"width":866,"height":12}},{"id":"465c88cd-d49d-4572-9f51-f2915361c6b8","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":94,"box":{"x":89,"y":150,"width":871,"height":12}},{"id":"86697020-0c84-45d3-a32b-0c6fe363eec5","block_type":"box","text":"degree in Accounting from LaSalle University.","page_number":94,"box":{"x":89,"y":165,"width":316,"height":12}},{"id":"7022bd88-53c0-44cd-9894-69960e291f47","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":94,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"fcd71b84-2bd6-415d-9dfe-1514270fe954","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":94,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"e0a3cf5b-bde2-4379-bf77-c7d7d388a7ba","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":94,"box":{"x":89,"y":222,"width":854,"height":12}},{"id":"911e1152-700f-444a-8b8f-df49b80a4d03","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":94,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"1fb165cc-990c-426b-995e-886d8043c401","block_type":"box","text":"1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a Director,","page_number":94,"box":{"x":90,"y":252,"width":851,"height":12}},{"id":"463abf6a-a4d1-443d-91c9-3e2355e3b287","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":94,"box":{"x":89,"y":267,"width":856,"height":11}},{"id":"040a799f-88a2-4797-b1e0-8e1cee6efc13","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":94,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"a47e571f-75f1-429d-8dfd-551b43d8f800","block_type":"box","text":"Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":94,"box":{"x":88,"y":297,"width":665,"height":12}},{"id":"fc9122e4-9b45-4e0c-9e3c-8e9305d0da65","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":94,"box":{"x":89,"y":324,"width":863,"height":11}},{"id":"75478427-2b94-4ac0-8af3-cda1cf075cd7","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":94,"box":{"x":89,"y":339,"width":878,"height":11}},{"id":"0985ec75-5d7a-43b4-a91c-d9e520a1f7c6","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":94,"box":{"x":89,"y":354,"width":813,"height":12}},{"id":"5bcb8f48-429c-4510-b18f-54dc31af4134","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":94,"box":{"x":89,"y":369,"width":859,"height":12}},{"id":"4142c422-d1ac-4b50-85bf-dda75a84c4b9","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":94,"box":{"x":88,"y":384,"width":874,"height":10}},{"id":"9f435397-19c2-4bbc-8c1d-c0d9f42533db","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":94,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"21fa084b-1f55-45b6-9cdd-78ac9f56d01b","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":94,"box":{"x":88,"y":414,"width":834,"height":13}},{"id":"bf2213c5-0a17-4293-ace3-9aed60a40520","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":94,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"8b122315-fbfb-44e3-9bd3-ad9ef21c1254","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":94,"box":{"x":89,"y":445,"width":851,"height":12}},{"id":"a3bf8b2a-dd63-455f-93ea-4eb0b9dd1147","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":94,"box":{"x":88,"y":460,"width":865,"height":11}},{"id":"302c9000-3bd8-4c76-a5c6-73927cf99a20","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":94,"box":{"x":89,"y":475,"width":864,"height":12}},{"id":"c1c9ddfa-291f-44dc-878d-496387659f4d","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":94,"box":{"x":89,"y":490,"width":801,"height":12}},{"id":"1b4fde5e-1f27-4a99-bbb0-abd79df67dc2","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":94,"box":{"x":89,"y":505,"width":867,"height":12}},{"id":"8fef9fe9-568b-43e5-832f-218bd4cf8455","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":94,"box":{"x":89,"y":520,"width":857,"height":12}},{"id":"a4fa2ae0-c85b-4561-809d-ce6ff96514c0","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":94,"box":{"x":89,"y":535,"width":824,"height":13}},{"id":"d2d6344d-e5d1-4a79-a8dc-1766a04d61ae","block_type":"box","text":"Harvard Business School.","page_number":94,"box":{"x":89,"y":550,"width":175,"height":10}},{"id":"e649b339-d92c-4e8c-8a9b-a279e827334c","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":94,"box":{"x":88,"y":577,"width":867,"height":11}},{"id":"98a373c5-55c8-44f9-b20f-dad627261d23","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":94,"box":{"x":89,"y":592,"width":857,"height":11}},{"id":"fe9175be-abb0-4c13-a4fa-592441f44f79","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":94,"box":{"x":89,"y":607,"width":856,"height":12}},{"id":"bd1afffa-fa47-4fcb-9fd1-ada7486c01aa","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":94,"box":{"x":89,"y":622,"width":850,"height":12}},{"id":"b8648a64-c078-439a-8556-67002ec7f8d7","block_type":"box","text":"boards, including leadership roles as the chair of the risk, audit, and compliance committees. 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Previously, Mr. Lam served as Founder and President of ERisk, a","page_number":94,"box":{"x":89,"y":683,"width":856,"height":12}},{"id":"f98dbb35-b450-4e38-bdb9-c1808690466a","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":94,"box":{"x":89,"y":698,"width":838,"height":12}},{"id":"d90486f5-2211-4ec8-a51b-86f0f9aceb23","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":94,"box":{"x":89,"y":713,"width":867,"height":12}},{"id":"5b5c7b5f-2fbe-4d56-a3ea-02a0fd96d752","block_type":"box","text":"is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk Management,” leading risk management","page_number":94,"box":{"x":89,"y":728,"width":867,"height":12}},{"id":"dfa232a9-6865-4d6d-8700-3bc8e53e4e15","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":94,"box":{"x":89,"y":743,"width":850,"height":12}},{"id":"3d314c35-43df-4936-af6d-769267c1032a","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":94,"box":{"x":89,"y":758,"width":860,"height":13}},{"id":"c9942c81-a195-487b-81c7-7b8723517acc","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":94,"box":{"x":89,"y":773,"width":865,"height":13}},{"id":"2601a617-a1cd-4e5b-9666-f2d3b6000b9c","block_type":"box","text":"Los Angeles.","page_number":94,"box":{"x":89,"y":788,"width":87,"height":13}},{"id":"93a572ab-0acc-4e70-89e2-12738ada1fed","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":94,"box":{"x":89,"y":815,"width":865,"height":10}},{"id":"2da8228a-8d35-4dc7-9f76-906713667f17","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":94,"box":{"x":89,"y":830,"width":839,"height":11}},{"id":"4277e64d-58b2-4d10-bff0-d4f1420d7741","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":94,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"db6dd5fe-2e79-49b5-8482-2e05cc116153","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":94,"box":{"x":89,"y":860,"width":848,"height":13}},{"id":"723ff744-05a7-493b-9bb6-702bd4fe6e47","block_type":"box","text":"64","page_number":94,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"21020022-f95e-4a36-ad16-a1fe8f5f7ea6","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":95,"box":{"x":88,"y":44,"width":870,"height":12}},{"id":"5a867c96-a560-4209-92fa-7cf28a01a9ea","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":95,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"e7adae8e-8d3f-4214-833e-70fd1d0cd22c","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":95,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"b8bd846f-f0e9-4bae-8a40-d376576f6659","block_type":"box","text":"Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":95,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"1f7bf359-1106-4030-a396-df6b5d5d4602","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":95,"box":{"x":89,"y":104,"width":804,"height":13}},{"id":"706eb6ad-96d8-4737-97d6-d905d6f9152a","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":95,"box":{"x":89,"y":119,"width":859,"height":13}},{"id":"bc54736d-addd-488a-a47f-dc258df0cfbf","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":95,"box":{"x":89,"y":135,"width":806,"height":12}},{"id":"5a32c9eb-e010-489b-97ea-49265b2ac646","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":95,"box":{"x":88,"y":161,"width":863,"height":12}},{"id":"855f0a8e-d253-4f9d-8c54-9d7fad7274a4","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":95,"box":{"x":89,"y":176,"width":877,"height":12}},{"id":"bc3a89b1-1425-47d2-9b5a-5acc01871f0e","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":95,"box":{"x":89,"y":191,"width":877,"height":13}},{"id":"ef81b247-8cbb-4cbd-9cbb-9ec91a9a1d06","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":95,"box":{"x":89,"y":206,"width":852,"height":13}},{"id":"99e308c8-e849-4ab1-bbf5-11cb2505516e","block_type":"box","text":"consulting services to this privately held firm that develops products and strategies for homeowners in managing the equity","page_number":95,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"70f0a5e3-1ea9-4df9-9b5a-86befd025075","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":95,"box":{"x":89,"y":237,"width":825,"height":11}},{"id":"1187eb31-5154-4110-ae04-70ec25d4caed","block_type":"box","text":"previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he provided governance oversight","page_number":95,"box":{"x":89,"y":252,"width":836,"height":12}},{"id":"8e2010bf-873f-4151-b110-2c5ca5bcf128","block_type":"box","text":"representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through oversight of BGI’s worldwide","page_number":95,"box":{"x":89,"y":267,"width":817,"height":12}},{"id":"f862db50-079e-4b5e-9562-a0edd0cc2260","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":95,"box":{"x":89,"y":282,"width":848,"height":12}},{"id":"532c03bb-1e86-443a-9f7e-cce55027e81e","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":95,"box":{"x":89,"y":297,"width":867,"height":12}},{"id":"d38af9dd-9793-4655-a097-cf6ba472cbe5","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":95,"box":{"x":89,"y":312,"width":840,"height":12}},{"id":"65d0c39c-7100-4e78-b0c7-023ee3fa48d6","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":95,"box":{"x":88,"y":327,"width":853,"height":13}},{"id":"5aef66bf-6b26-4790-8112-f5971ec7f2e3","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":95,"box":{"x":89,"y":342,"width":866,"height":13}},{"id":"a3e3f6e6-ec66-4bb1-812f-1a0e77c1808f","block_type":"box","text":"University of Chicago Booth School of Business.","page_number":95,"box":{"x":89,"y":358,"width":333,"height":12}},{"id":"5da0ae13-8ef2-4f43-b8e3-620a44802a43","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":95,"box":{"x":89,"y":384,"width":866,"height":12}},{"id":"aaf7bc96-f411-4a73-a5a7-588026a687d3","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":95,"box":{"x":88,"y":399,"width":854,"height":13}},{"id":"83f650f0-a31f-42e4-9505-29493a861830","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":95,"box":{"x":89,"y":414,"width":869,"height":13}},{"id":"290c6c13-3116-4dd3-8d25-12dbbaf715e7","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":95,"box":{"x":89,"y":429,"width":858,"height":13}},{"id":"e7095ae7-e37b-4396-bf47-441b714accac","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":95,"box":{"x":88,"y":445,"width":828,"height":12}},{"id":"c5beed9d-4fd4-4516-b70d-1ccfa8cfe9b8","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":95,"box":{"x":88,"y":460,"width":835,"height":12}},{"id":"b7be0f9c-d771-499d-be82-45813b2db001","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":95,"box":{"x":88,"y":475,"width":852,"height":12}},{"id":"89c4930a-848c-4f27-a898-f4756d409f19","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":95,"box":{"x":89,"y":490,"width":821,"height":12}},{"id":"9530dad7-64e1-4a9e-bf73-903cedb65e73","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":95,"box":{"x":89,"y":505,"width":877,"height":12}},{"id":"defdbc74-69b7-4250-84cb-4a7d542a2b5d","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":95,"box":{"x":88,"y":520,"width":850,"height":12}},{"id":"9f797525-4d31-4b9a-b6fe-022274d83f9b","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":95,"box":{"x":89,"y":535,"width":833,"height":13}},{"id":"ea13733c-e4de-4e3f-93fd-a2e8e198e2bf","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":95,"box":{"x":88,"y":550,"width":867,"height":13}},{"id":"783f63cd-e075-47cd-aeb9-99ee5dc7f1a1","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":95,"box":{"x":89,"y":565,"width":842,"height":13}},{"id":"8e85e14d-3a2d-41f2-b0a7-66ef118f2750","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":95,"box":{"x":89,"y":581,"width":798,"height":12}},{"id":"10109c8c-0910-41d5-8ba8-5ba2e67907ab","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":95,"box":{"x":89,"y":596,"width":775,"height":12}},{"id":"56929e94-4387-4d99-abfe-26bdc823efda","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":95,"box":{"x":89,"y":622,"width":417,"height":12}},{"id":"b9474102-e0f2-443a-93f6-4243c7c42f8e","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":95,"box":{"x":89,"y":649,"width":867,"height":12}},{"id":"fb0dfac1-1f49-4520-8d9c-d42d9da292c8","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":95,"box":{"x":89,"y":664,"width":855,"height":12}},{"id":"fe6f872e-3391-4ad7-9e92-bd5a263225a8","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":95,"box":{"x":89,"y":679,"width":847,"height":12}},{"id":"ef0e3d4b-f082-48c7-a05e-1e53d590b2e9","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Trustees. The Board currently conducts","page_number":95,"box":{"x":89,"y":694,"width":842,"height":12}},{"id":"03e0af05-14f2-4882-abda-6dc2bfee47b0","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":95,"box":{"x":89,"y":709,"width":872,"height":12}},{"id":"095bff53-122a-4b23-a745-8c331d516b1f","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":95,"box":{"x":89,"y":724,"width":829,"height":13}},{"id":"cb40e5d5-521d-4620-9a63-490ec13cb048","block_type":"box","text":"Independent Trustees meet regularly outside the presence of management, in executive session or with other service","page_number":95,"box":{"x":89,"y":739,"width":819,"height":13}},{"id":"5f88d0a9-3a1e-4509-a671-44d22a213aa2","block_type":"box","text":"providers to the Trust.","page_number":95,"box":{"x":89,"y":754,"width":153,"height":13}},{"id":"99ffca24-34ec-440f-957c-5f348783c7cd","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":95,"box":{"x":88,"y":781,"width":871,"height":12}},{"id":"e2a7763f-3324-4688-91e7-8e710940b7bd","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":95,"box":{"x":89,"y":796,"width":872,"height":12}},{"id":"df359cb1-bfc6-46a8-98a7-6b316f727e9f","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":95,"box":{"x":89,"y":811,"width":865,"height":12}},{"id":"15f844cf-9096-4d09-b4d3-627e505f4a55","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":95,"box":{"x":89,"y":826,"width":863,"height":13}},{"id":"e61534b1-8745-42e4-a994-fee6a02dcd78","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":95,"box":{"x":89,"y":841,"width":803,"height":13}},{"id":"bfe957c3-c0aa-4ca5-b644-4dfd93fe943d","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":95,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"99a0c2a1-eb17-4e34-88ad-9d2961bfd63c","block_type":"box","text":"65","page_number":95,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ae937ade-cd4a-41c0-a169-d34f76524517","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":96,"box":{"x":88,"y":44,"width":863,"height":12}},{"id":"2acc9388-a898-4d41-bacc-7294a4d5423d","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":96,"box":{"x":88,"y":59,"width":857,"height":12}},{"id":"da74b720-cd4a-44ad-8257-6dba1ea92461","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":96,"box":{"x":89,"y":74,"width":816,"height":12}},{"id":"79f92f84-2541-403b-a55d-c6073875a8e2","block_type":"box","text":"providers, officers, attorneys and other Trustees between meetings. Each standing Committee meets regularly to conduct the","page_number":96,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"d2c720b1-8437-4923-b6f0-822764a2ccb8","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":96,"box":{"x":89,"y":104,"width":824,"height":13}},{"id":"3dad84ac-18ad-4fbc-9ed1-8d286f113808","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":96,"box":{"x":89,"y":119,"width":862,"height":13}},{"id":"f908a8ff-3b4c-4c06-badc-ddba76795d83","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":96,"box":{"x":88,"y":135,"width":798,"height":12}},{"id":"ce7ec419-333e-455f-8845-a53cbace31fa","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Trustees and the full Board to","page_number":96,"box":{"x":89,"y":150,"width":823,"height":12}},{"id":"f6de6e92-624a-468b-8e1e-75305fc6bae8","block_type":"box","text":"enhance effective oversight.","page_number":96,"box":{"x":89,"y":165,"width":194,"height":12}},{"id":"829b01a3-70f6-4128-b378-3f5c2efc2435","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":96,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"22a3a364-8b14-40bc-9c59-88fc2620ef0e","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":96,"box":{"x":88,"y":206,"width":845,"height":13}},{"id":"343949d7-2ec3-4327-9493-e3f897088742","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":96,"box":{"x":89,"y":222,"width":836,"height":12}},{"id":"4ce63fb1-84b5-4938-a116-ae6f1114fd8e","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":96,"box":{"x":89,"y":237,"width":813,"height":12}},{"id":"203ddd96-22a2-4cae-8c2c-851d53148c1e","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":96,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"1a908fd4-f14e-4073-8788-2b77bf6bef7e","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":96,"box":{"x":89,"y":267,"width":831,"height":12}},{"id":"fc9811f8-e949-45e1-a512-1c73769051b5","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":96,"box":{"x":89,"y":282,"width":824,"height":12}},{"id":"66322a9e-da0f-4e96-a7f8-795cb53ac721","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":96,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"d92aaa63-8a34-4e61-9791-764c4ca92d29","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":96,"box":{"x":89,"y":312,"width":874,"height":13}},{"id":"a54db3bd-b599-4ddb-bd9c-36d989d379ff","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":96,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"0993d7a7-ad16-47d0-a568-4b768e7847d3","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":96,"box":{"x":89,"y":342,"width":858,"height":13}},{"id":"374a73bc-1bac-4578-a50f-87f7b0b4e394","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":96,"box":{"x":88,"y":358,"width":848,"height":12}},{"id":"2db7a713-1bc9-4c55-b903-eaf98bf432f1","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":96,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"c0619c32-d6ae-4559-9cdb-655a52493bcb","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":96,"box":{"x":88,"y":388,"width":864,"height":12}},{"id":"f28e6487-3baf-41a4-8b38-29b170ab4128","block_type":"box","text":"compliance program, including assessments by independent third parties, and reports to the Board regarding compliance","page_number":96,"box":{"x":89,"y":403,"width":850,"height":12}},{"id":"b4737077-2e29-4174-953f-780bbb97bfb4","block_type":"box","text":"matters for the Trust and its principal service providers. In testing and maintaining the compliance program, the Chief","page_number":96,"box":{"x":89,"y":418,"width":824,"height":12}},{"id":"016c15b5-08db-4653-b997-b1a0e111d9a5","block_type":"box","text":"Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses them in","page_number":96,"box":{"x":89,"y":433,"width":841,"height":13}},{"id":"867f29d4-27e2-41fb-a556-5f6b5de5c19d","block_type":"box","text":"periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered public","page_number":96,"box":{"x":89,"y":448,"width":849,"height":13}},{"id":"49dd6ab6-7b37-4f8c-a9a4-a19998f1feef","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":96,"box":{"x":89,"y":463,"width":867,"height":13}},{"id":"216dea0c-d292-4109-ac74-c476aa9abe3c","block_type":"box","text":"Board oversight of risk is also performed as needed between meetings through communications between BFA and the Board.","page_number":96,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"21f96b6e-a4e5-4a0b-94dd-5c33751953e8","block_type":"box","text":"The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight","page_number":96,"box":{"x":88,"y":494,"width":783,"height":12}},{"id":"5b1917fe-e330-4d88-83ef-48700c59644f","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":96,"box":{"x":89,"y":509,"width":821,"height":12}},{"id":"b2c72dc2-78bc-4f39-ad3d-61de953155bf","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":96,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"759a4281-7ee8-4d5f-a189-783f0fba3e94","block_type":"box","text":"Committees of the Board of Trustees.","page_number":96,"box":{"x":89,"y":550,"width":268,"height":10}},{"id":"223e445f-6bb2-47f0-b51f-c02952cb247d","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":96,"box":{"x":366,"y":550,"width":555,"height":13}},{"id":"1dcbe050-ffec-4d9b-abe6-e22c0958e546","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":96,"box":{"x":89,"y":565,"width":825,"height":13}},{"id":"d16d6dc7-33c8-45b0-a065-929c5dad10a9","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":96,"box":{"x":89,"y":581,"width":800,"height":12}},{"id":"e7f9056f-d5e8-4194-81bd-1105dcfc43bc","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":96,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"28d81568-47fd-4e76-a310-737f36e08dc6","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":96,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"a0f84e5f-6eec-4163-987f-65ff562afbbf","block_type":"box","text":"and, where deemed appropriate, replacing the independent accountants (or nominating the independent accountants to be","page_number":96,"box":{"x":89,"y":626,"width":868,"height":12}},{"id":"4e41eeaa-4c6a-474d-8810-12722cf3f321","block_type":"box","text":"proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the independent","page_number":96,"box":{"x":89,"y":641,"width":805,"height":12}},{"id":"55ad8cf9-f144-4765-b4fa-32877af1f9de","block_type":"box","text":"accountants; (v) in complying with legal and regulatory requirements that relate to the Trust’s accounting and financial","page_number":96,"box":{"x":89,"y":656,"width":835,"height":13}},{"id":"7c8892b2-5134-4b51-b39f-0a40d78f6638","block_type":"box","text":"reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other responsibilities as","page_number":96,"box":{"x":89,"y":671,"width":854,"height":13}},{"id":"311d12b5-e093-4557-b50b-d1bb5acadb3a","block_type":"box","text":"may be delegated by the Board. The Audit Committee met five times during the fiscal year ended July 31, 2025.","page_number":96,"box":{"x":89,"y":686,"width":773,"height":13}},{"id":"c8cbb7be-09b9-4e61-a39c-b699d8638389","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":96,"box":{"x":88,"y":713,"width":830,"height":12}},{"id":"b24f0c3c-6301-4cf2-941f-83be2bce87b4","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Trustee. The Nominating and Governance Committee","page_number":96,"box":{"x":89,"y":728,"width":848,"height":12}},{"id":"dd142f55-6778-4688-966a-9910e0cbe254","block_type":"box","text":"nominates individuals for Independent Trustee membership on the Board and recommends appointments to the Advisory","page_number":96,"box":{"x":89,"y":743,"width":855,"height":12}},{"id":"4b79a835-a00c-49b3-86f7-67044688e3ba","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":96,"box":{"x":89,"y":758,"width":866,"height":13}},{"id":"410188b0-fc42-42dd-80fe-008b9b958de2","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Trustee; (ii) recommending to the","page_number":96,"box":{"x":89,"y":773,"width":859,"height":13}},{"id":"3d1fcc08-3986-4ca2-8737-6b1dec24e013","block_type":"box","text":"Board and current Independent Trustees the nominee(s) for appointment as an Independent Trustee by the Board and","page_number":96,"box":{"x":89,"y":788,"width":827,"height":13}},{"id":"1f0e5f49-85ba-4352-9b1f-ccf1290549a1","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":96,"box":{"x":89,"y":804,"width":861,"height":12}},{"id":"75113550-29ef-40c4-8730-65cc538682dc","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":96,"box":{"x":89,"y":819,"width":839,"height":12}},{"id":"94970ac7-da9a-4bbc-9658-db60d576d3a0","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":96,"box":{"x":89,"y":834,"width":814,"height":12}},{"id":"c8b3c088-d683-4b3d-a7d9-cf201963291b","block_type":"box","text":"recommending a current Independent Trustee to the Board and current Independent Trustees to serve as Board Chair; (v)","page_number":96,"box":{"x":89,"y":849,"width":849,"height":12}},{"id":"a20c5f32-0e43-4f50-9a87-52f2f1c16428","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":96,"box":{"x":89,"y":864,"width":820,"height":12}},{"id":"bafae9a0-9fa5-42de-bd68-e4dcb19669d6","block_type":"box","text":"66","page_number":96,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"cbbdb75d-fc98-42b4-b397-7ad7cc55719e","block_type":"box","text":"Independent Trustees for their services as Trustees, members or chairpersons of committees of the Board, Board Chair and","page_number":97,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"d0899063-449e-4a2e-bfae-8967e668d091","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":97,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"96ced0a0-3ad1-406f-a661-59f6351b8709","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":97,"box":{"x":89,"y":74,"width":812,"height":12}},{"id":"efe211e3-a349-4fdb-8c99-9aeef95142a1","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":97,"box":{"x":89,"y":89,"width":852,"height":13}},{"id":"01ef741f-1e31-4969-acde-440f734da638","block_type":"box","text":"year ended July 31, 2025.","page_number":97,"box":{"x":88,"y":104,"width":173,"height":13}},{"id":"64e939fe-3994-4711-80cc-03ba202d1ac3","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":97,"box":{"x":89,"y":131,"width":831,"height":12}},{"id":"b32faf00-27b0-49ab-a751-7c29342fa880","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":97,"box":{"x":89,"y":146,"width":865,"height":12}},{"id":"d2637978-0a87-48cb-8316-d64dbcd72cef","block_type":"box","text":"the annual review and renewal of the Trust’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":97,"box":{"x":88,"y":161,"width":823,"height":12}},{"id":"eb837994-a20d-4d92-9f65-9736361a2026","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":97,"box":{"x":89,"y":176,"width":877,"height":13}},{"id":"c3951f7a-efce-4ecf-8ae5-5990eef17840","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":97,"box":{"x":88,"y":191,"width":861,"height":13}},{"id":"50364ddc-2695-4b29-8eac-f7ec473b9e48","block_type":"box","text":"information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and information as","page_number":97,"box":{"x":89,"y":206,"width":868,"height":13}},{"id":"7b2beba3-490b-477f-a249-6fac45a8d3e5","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":97,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"5416ecef-726b-4be1-a539-c7bbb6724cb9","block_type":"box","text":"Trust. The 15(c) Committee met two times during the fiscal year ended July 31, 2025.","page_number":97,"box":{"x":88,"y":237,"width":595,"height":12}},{"id":"901ee684-4e85-475d-9bac-a1479b4efd53","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":97,"box":{"x":88,"y":263,"width":837,"height":12}},{"id":"be24ac0e-9c39-4b2b-bd0b-99e5e8e140ce","block_type":"box","text":"Martinez, each of whom is an Independent Trustee. The principal responsibilities of the Securities Lending Committee are to","page_number":97,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"4745d49a-3046-4bea-8074-d5d42ed12c1c","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":97,"box":{"x":89,"y":293,"width":840,"height":13}},{"id":"f49f0f89-9903-4ab6-adb6-ae8028e0e1fa","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":97,"box":{"x":88,"y":308,"width":819,"height":13}},{"id":"fbff8a80-985d-4546-9639-9455f30c6707","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":97,"box":{"x":89,"y":324,"width":877,"height":12}},{"id":"1bf091fa-a8ef-498a-93f2-3f2ae3fe4634","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":97,"box":{"x":89,"y":339,"width":854,"height":12}},{"id":"27f9ba3a-bd5a-41df-bb23-9dd13cf208dd","block_type":"box","text":"activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the annual","page_number":97,"box":{"x":89,"y":354,"width":869,"height":12}},{"id":"3cfdd21f-da97-445d-b8f8-5513a862070c","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":97,"box":{"x":89,"y":369,"width":855,"height":12}},{"id":"a9c66580-41ef-461b-94f4-c3ab469a2548","block_type":"box","text":"Trust’s agreement with the securities lending agent. The Securities Lending Committee met six times during the fiscal year","page_number":97,"box":{"x":88,"y":384,"width":859,"height":12}},{"id":"14621cd4-50a2-4de5-96fc-bd058c1fffef","block_type":"box","text":"ended July 31, 2025.","page_number":97,"box":{"x":89,"y":399,"width":138,"height":13}},{"id":"614fcbee-bb36-4c75-b6fb-4053b71eaab0","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":97,"box":{"x":88,"y":426,"width":843,"height":12}},{"id":"ca736dc8-8602-4157-a564-319411d039ac","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":97,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"1272a4a6-24bc-4610-b480-e8c3a42e6a56","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":97,"box":{"x":89,"y":456,"width":851,"height":12}},{"id":"6e457db8-ffe3-483c-9107-30635ea0a3a2","block_type":"box","text":"funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance, secondary market trading","page_number":97,"box":{"x":88,"y":471,"width":865,"height":12}},{"id":"d6081e24-cb4f-425a-8ced-88cdec23c64b","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":97,"box":{"x":89,"y":486,"width":856,"height":12}},{"id":"3d34f8c1-91ef-4b49-adb6-69b11a892aee","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":97,"box":{"x":89,"y":501,"width":856,"height":13}},{"id":"ed180e2e-352d-47b9-b774-c00b6c230dbf","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":97,"box":{"x":89,"y":516,"width":847,"height":13}},{"id":"2d1281c6-d46a-4e43-87c7-2c362186af35","block_type":"box","text":"fiscal year ended July 31, 2025.","page_number":97,"box":{"x":88,"y":531,"width":213,"height":13}},{"id":"8272696a-0d14-4103-ae53-bb60bb2a32a4","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":97,"box":{"x":88,"y":558,"width":880,"height":12}},{"id":"bdc17585-c566-448e-84b9-a51772d842cf","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":97,"box":{"x":88,"y":573,"width":862,"height":12}},{"id":"31d29637-7acb-42d3-a932-545fe6a2e9dc","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":97,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"f05a091a-b278-4b45-a349-c0e34d439b28","block_type":"box","text":"fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance,","page_number":97,"box":{"x":88,"y":603,"width":879,"height":13}},{"id":"1aa94cb9-a1ac-4b5d-9f06-e968fa425052","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":97,"box":{"x":89,"y":618,"width":852,"height":13}},{"id":"656e9689-9b25-4c13-9d84-b4dd8057f9ab","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":97,"box":{"x":89,"y":633,"width":843,"height":13}},{"id":"84b75ad4-33a6-4e7e-b602-8233b5b74816","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":97,"box":{"x":89,"y":649,"width":833,"height":12}},{"id":"95c14404-cbe7-4aca-a6fd-3b24800ca1d2","block_type":"box","text":"Committee met four times during the fiscal year ended July 31, 2025.","page_number":97,"box":{"x":89,"y":664,"width":479,"height":12}},{"id":"24519cf9-82f6-486e-b72e-8f7c591bc5e3","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":97,"box":{"x":88,"y":690,"width":838,"height":13}},{"id":"d9c58d7e-800d-40e3-910b-b691ea1904b6","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":97,"box":{"x":89,"y":705,"width":834,"height":13}},{"id":"ed24b6a4-a0b7-418a-8478-a9588d8515a0","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":97,"box":{"x":89,"y":720,"width":856,"height":13}},{"id":"ac8017dd-6c55-4f24-8325-c08f2b5bfcca","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":97,"box":{"x":88,"y":736,"width":850,"height":12}},{"id":"583034d3-b385-463b-afc7-bf81dfa34af0","block_type":"box","text":"Risk Committee met five times during the fiscal year ended July 31, 2025.","page_number":97,"box":{"x":89,"y":751,"width":508,"height":12}},{"id":"c1699adb-3832-4ac0-b11f-00337649f17f","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":97,"box":{"x":88,"y":777,"width":685,"height":12}},{"id":"db103603-9f49-41b9-94c4-817a63416f71","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":97,"box":{"x":88,"y":804,"width":833,"height":12}},{"id":"77c2cf2c-dcca-45a4-9123-2e8aa92ee0d0","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":97,"box":{"x":88,"y":819,"width":824,"height":12}},{"id":"44036159-bc72-4e2b-87b4-fe60ac096366","block_type":"box","text":"investment companies as the Trust. 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As such, BlackRock is or may be actively engaged in transactions in the same","page_number":110,"box":{"x":89,"y":74,"width":839,"height":12}},{"id":"93023794-ab63-4f72-a508-484b5231ef2a","block_type":"box","text":"securities, currencies, and instruments in which a Fund invests.","page_number":110,"box":{"x":89,"y":89,"width":441,"height":12}},{"id":"b69474e9-86f6-4d50-97af-6ce322edcf94","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a Fund invests,","page_number":110,"box":{"x":88,"y":116,"width":859,"height":12}},{"id":"b5f2560a-b580-42ea-8266-3ec7c77e8626","block_type":"box","text":"which could have an adverse impact on a Fund’s performance. 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In situations in which clients of BlackRock (including the Funds) hold positions in multiple parts of the","page_number":110,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"9a5c865d-3106-4ce9-8fb4-8ac867fce14a","block_type":"box","text":"capital structure of an issuer, BlackRock may not pursue certain actions or remedies that may be available to a Fund, as a","page_number":110,"box":{"x":89,"y":649,"width":845,"height":12}},{"id":"7fb3e3d7-37aa-46ba-a5e7-3d2ec1b3a5a7","block_type":"box","text":"result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest","page_number":110,"box":{"x":89,"y":664,"width":864,"height":12}},{"id":"1e623fa6-24f4-4b0a-bc7d-35f56fc0c41c","block_type":"box","text":"based on the facts and circumstances of particular situations. 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BlackRock may also determine to rely on the","page_number":110,"box":{"x":89,"y":694,"width":831,"height":12}},{"id":"d6afba5c-c83b-4ce0-b840-350c36b412cd","block_type":"box","text":"actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on","page_number":110,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"7e36b1a5-046b-4018-847f-5196860b4ede","block_type":"box","text":"behalf of the Funds.","page_number":110,"box":{"x":89,"y":724,"width":138,"height":10}},{"id":"decd036b-ac8c-468a-9ba0-21a169c50888","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds advised by","page_number":110,"box":{"x":89,"y":751,"width":815,"height":12}},{"id":"58adbfad-957d-487b-9b6b-7b57c14597d5","block_type":"box","text":"BlackRock, including funds that are managed by one or more of the same portfolio managers, which could result in conflicts","page_number":110,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"bc22a14d-d93e-41b6-bcbe-83de6604528e","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":110,"box":{"x":89,"y":781,"width":863,"height":12}},{"id":"9a97122a-2c23-418e-8d17-5b5efd0c159a","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":110,"box":{"x":89,"y":796,"width":541,"height":12}},{"id":"199085ed-f385-4541-a741-b63a6996e132","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another fund or","page_number":110,"box":{"x":89,"y":822,"width":827,"height":13}},{"id":"e4779a0a-c81f-477a-813c-ff5e14c9ac2b","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":110,"box":{"x":89,"y":838,"width":865,"height":12}},{"id":"0ff38dba-6adf-4d23-8230-99f17846bb11","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":110,"box":{"x":89,"y":853,"width":804,"height":12}},{"id":"586d39e4-a066-42eb-8e77-7a8c8405847e","block_type":"box","text":"80","page_number":110,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c8567b92-9773-43a8-ad5a-a645f89afde0","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. 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BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":111,"box":{"x":89,"y":74,"width":788,"height":12}},{"id":"ebd94b26-4443-4311-8cf0-0bdd5a7ff9ed","block_type":"box","text":"transactions.","page_number":111,"box":{"x":88,"y":90,"width":90,"height":9}},{"id":"576f8469-85bd-4ca6-9878-4e6a9f3a28a7","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested, and those","page_number":111,"box":{"x":89,"y":116,"width":839,"height":12}},{"id":"cdbfcb46-03da-4436-bd7c-0d429e1cca8d","block_type":"box","text":"activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund’s investments","page_number":111,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"3d05af3c-dd49-491e-b19e-85101e9052e3","block_type":"box","text":"may be negatively impacted by the activities of BlackRock or its clients, and transactions for the Fund may be impaired or","page_number":111,"box":{"x":89,"y":146,"width":847,"height":12}},{"id":"062e3ae6-6f62-48af-9329-1cec8ec8debf","block_type":"box","text":"effected at prices or terms that may be less favorable than would otherwise have been the case.","page_number":111,"box":{"x":89,"y":161,"width":667,"height":12}},{"id":"34d67228-1911-4923-b0b9-331c4634a054","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for its proprietary","page_number":111,"box":{"x":88,"y":188,"width":874,"height":12}},{"id":"ccc47a0c-86f5-480c-896f-bfe5f0635c8e","block_type":"box","text":"accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It","page_number":111,"box":{"x":89,"y":203,"width":873,"height":12}},{"id":"7e0871d1-8bc0-42c5-a5c3-1fe5248490a5","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":111,"box":{"x":89,"y":218,"width":851,"height":12}},{"id":"0e8d69c5-f7ad-4942-87cd-ec6df05d356b","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":111,"box":{"x":89,"y":233,"width":859,"height":12}},{"id":"5baa060b-1f83-482d-abaa-37a6ecc75531","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":111,"box":{"x":88,"y":248,"width":840,"height":12}},{"id":"91b1cff4-3c22-47ea-8971-49e7d9a5b86d","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":111,"box":{"x":89,"y":263,"width":433,"height":12}},{"id":"958a38fe-3cc4-48b5-b3b2-b2e581103bf7","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":111,"box":{"x":89,"y":290,"width":838,"height":12}},{"id":"da876e02-1eea-4f19-bd56-b99dedc799b8","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":111,"box":{"x":89,"y":305,"width":845,"height":12}},{"id":"14c78b74-8142-4c0c-a7d2-1ca77d8bc4ee","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":111,"box":{"x":89,"y":320,"width":839,"height":12}},{"id":"c5e8f6d9-3c83-43b0-993f-5e1810c965bc","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":111,"box":{"x":88,"y":335,"width":850,"height":12}},{"id":"d1e273e9-fafe-47aa-be06-2af927be1936","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":111,"box":{"x":89,"y":350,"width":867,"height":12}},{"id":"a8576419-d433-44a0-b624-32f6bbd64f5d","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":111,"box":{"x":89,"y":365,"width":850,"height":12}},{"id":"36f8c06c-94ff-426a-9a39-8498e6729dff","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":111,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"0a765554-44d8-48a3-b60a-6133af14dc7b","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":111,"box":{"x":88,"y":395,"width":678,"height":13}},{"id":"cc9254ef-6063-48ed-93d0-acb44837439f","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":111,"box":{"x":89,"y":422,"width":859,"height":12}},{"id":"cb7c6eb2-29ff-4164-a3bf-2dd6661ca82a","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":111,"box":{"x":88,"y":437,"width":842,"height":12}},{"id":"78d3e727-cf37-4de7-8c5a-1b2a7b7a99b6","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":111,"box":{"x":89,"y":452,"width":854,"height":12}},{"id":"8aeefc80-454c-4fa7-8c84-cc751427e8b7","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":111,"box":{"x":89,"y":467,"width":815,"height":13}},{"id":"a8ca8d6d-e020-4553-8f08-ae9273273c79","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":111,"box":{"x":89,"y":482,"width":858,"height":13}},{"id":"368f7cbb-7d23-4f21-be1b-f72886d849d7","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":111,"box":{"x":89,"y":497,"width":818,"height":13}},{"id":"9a054fb6-93bd-4357-9a9f-b3a0694fe88f","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":111,"box":{"x":89,"y":513,"width":845,"height":12}},{"id":"7404d9fe-f4e3-4df9-a5b0-9a60acd068b2","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":111,"box":{"x":88,"y":528,"width":568,"height":12}},{"id":"8ddb26e1-9091-495a-af3a-5cedb0495d32","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":111,"box":{"x":88,"y":554,"width":852,"height":12}},{"id":"5891a855-ef8d-47ba-86b1-376de4e2302b","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":111,"box":{"x":89,"y":569,"width":851,"height":13}},{"id":"21f1be61-c7fa-4c95-af55-0eebae4ae9d4","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":111,"box":{"x":89,"y":584,"width":875,"height":13}},{"id":"ca5f5634-9f93-435e-a054-555217b3082e","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":111,"box":{"x":89,"y":599,"width":869,"height":13}},{"id":"582bffca-0375-4590-a518-327347ad2599","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":111,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"3c6552ca-2e08-4607-adf1-01333b550b47","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":111,"box":{"x":89,"y":630,"width":815,"height":12}},{"id":"a936ae5d-2cf2-498d-9614-956281965a87","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":111,"box":{"x":89,"y":645,"width":865,"height":12}},{"id":"d8d0ffdd-dea7-4867-8543-5deecdd03e49","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":111,"box":{"x":88,"y":660,"width":573,"height":12}},{"id":"e37ac0f5-1c3d-4747-b35c-266dd58a948e","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":111,"box":{"x":89,"y":686,"width":835,"height":13}},{"id":"13e125b3-cb03-4c20-92d4-2bec436df2e4","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":111,"box":{"x":89,"y":702,"width":817,"height":12}},{"id":"8a9c427d-83b2-4fb9-bff9-58e3d1b4e189","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":111,"box":{"x":89,"y":717,"width":844,"height":12}},{"id":"9b03ee40-edb5-46b6-8c2e-bf38cdb774e9","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":111,"box":{"x":89,"y":732,"width":851,"height":12}},{"id":"b3b42a84-f759-44f8-a4bc-5e7c260b0d65","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":111,"box":{"x":88,"y":747,"width":839,"height":12}},{"id":"7c21cfa3-9edd-4088-ae83-667ec0923152","block_type":"box","text":"BlackRock.","page_number":111,"box":{"x":89,"y":762,"width":74,"height":10}},{"id":"8b4646ab-282f-4f99-8af3-84cc2c4dd2aa","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":111,"box":{"x":89,"y":788,"width":872,"height":13}},{"id":"90131a6b-86eb-4be0-b2d6-052964eafb03","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":111,"box":{"x":89,"y":804,"width":848,"height":12}},{"id":"6659f907-cd0f-4799-b1c3-338ca22c9f38","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":111,"box":{"x":89,"y":819,"width":827,"height":12}},{"id":"68da2088-ead6-4c85-8878-a4eb9b8e46b6","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":111,"box":{"x":89,"y":834,"width":847,"height":12}},{"id":"1d2e77e1-73cd-4d0f-86cd-1f262ac76858","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":111,"box":{"x":89,"y":849,"width":837,"height":12}},{"id":"8edea9de-e300-4923-9aff-58b85a1b555d","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":111,"box":{"x":88,"y":864,"width":857,"height":12}},{"id":"e4479d4e-ce29-491e-ae9c-e1c5bce99e53","block_type":"box","text":"81","page_number":111,"box":{"x":521,"y":894,"width":12,"height":9}},{"id":"68e8c6ae-e861-4c52-b22c-ae6e0a7912bc","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":112,"box":{"x":89,"y":44,"width":870,"height":12}},{"id":"8acf6241-842f-4308-b075-7dc1aa052a63","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":112,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"0bea5c6a-c8d5-446d-b226-0be2ccb84ebb","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":112,"box":{"x":88,"y":74,"width":859,"height":11}},{"id":"15b1b16d-b0bc-4cd3-9365-10ca2e93b6e3","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":112,"box":{"x":88,"y":89,"width":875,"height":13}},{"id":"1dac3f14-146a-4d65-bc0d-7b92f50f5364","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":112,"box":{"x":88,"y":104,"width":817,"height":13}},{"id":"62984de7-be63-40e7-9600-c607a74f0f16","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":112,"box":{"x":89,"y":119,"width":248,"height":13}},{"id":"cf607bfd-dd7c-4e6c-82e9-6821df57d0cb","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":112,"box":{"x":88,"y":146,"width":801,"height":12}},{"id":"6798942a-310a-4c74-8553-13da0967454d","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":112,"box":{"x":89,"y":161,"width":836,"height":12}},{"id":"53ec1f9d-5315-4585-af24-f5dbb9706dfe","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":112,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"a00f0c4b-6c44-4852-9fdd-21be9443e83e","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":112,"box":{"x":89,"y":191,"width":854,"height":13}},{"id":"a3ef7741-f54a-4fbf-9ec5-6021738a6c85","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":112,"box":{"x":89,"y":206,"width":855,"height":13}},{"id":"a429b3e8-35c8-4d3b-b6c6-ba76cea4356a","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":112,"box":{"x":89,"y":222,"width":858,"height":12}},{"id":"5ea7bdc6-6d51-495d-a7d5-b64b0e931e9f","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":112,"box":{"x":89,"y":237,"width":820,"height":12}},{"id":"0c551d3e-afec-4ab2-8086-5b0feb7b4bcd","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":112,"box":{"x":89,"y":252,"width":329,"height":12}},{"id":"8f01b404-07e7-40aa-8111-4dffa87e49f0","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":112,"box":{"x":88,"y":278,"width":821,"height":13}},{"id":"78f52958-0366-4fa4-b6f1-552948d812e6","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":112,"box":{"x":89,"y":293,"width":850,"height":13}},{"id":"c084a55b-6b79-4015-a78c-8080da3341b4","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":112,"box":{"x":89,"y":308,"width":874,"height":13}},{"id":"d54bc201-f167-4a93-88a2-11b530c79952","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":112,"box":{"x":89,"y":324,"width":824,"height":12}},{"id":"3108c88c-6abc-4409-9142-0b02ce53e182","block_type":"box","text":"amounts.","page_number":112,"box":{"x":89,"y":340,"width":65,"height":8}},{"id":"ee86b787-3879-4c36-a419-c2131e32094f","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":112,"box":{"x":88,"y":365,"width":858,"height":12}},{"id":"a73c2977-d417-4c60-b552-093c354d8205","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":112,"box":{"x":89,"y":380,"width":856,"height":13}},{"id":"98945622-2faa-4a7f-8f15-fd0db8c06351","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":112,"box":{"x":89,"y":395,"width":873,"height":13}},{"id":"ddc205d9-fda0-408b-8d8c-30b693ad3ffc","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":112,"box":{"x":89,"y":410,"width":831,"height":13}},{"id":"0e9006dc-f529-4f72-8a7d-19302e07b642","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":112,"box":{"x":89,"y":426,"width":820,"height":12}},{"id":"cd3216de-389b-42a3-938b-e2341671f08c","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":112,"box":{"x":89,"y":452,"width":851,"height":12}},{"id":"64b1601e-ea82-4fed-9db9-0bc31fad8ea8","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":112,"box":{"x":89,"y":467,"width":869,"height":13}},{"id":"6853dba8-65eb-432a-adda-c80cb9a250e4","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":112,"box":{"x":89,"y":482,"width":850,"height":13}},{"id":"5b9e8b90-c296-462c-b9f4-e6212b436408","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":112,"box":{"x":89,"y":497,"width":872,"height":13}},{"id":"2d3d42d9-8c7c-4aba-b77e-38178431b636","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":112,"box":{"x":89,"y":513,"width":837,"height":12}},{"id":"cbe4652e-b867-43a8-b6fd-c47ea3638560","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":112,"box":{"x":89,"y":528,"width":871,"height":12}},{"id":"70609a86-a0bb-4dc8-852d-bb1b31829bc5","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":112,"box":{"x":88,"y":543,"width":825,"height":12}},{"id":"208309e9-a44f-4996-a1ab-626445cf708c","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":112,"box":{"x":89,"y":558,"width":870,"height":12}},{"id":"d4b745a4-39d1-424d-88d7-049f9f2807f8","block_type":"box","text":"allocation.","page_number":112,"box":{"x":89,"y":573,"width":71,"height":10}},{"id":"4dcb3eae-3b01-4013-ab64-97187852ed29","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":112,"box":{"x":88,"y":599,"width":864,"height":13}},{"id":"524a10da-62a3-4e90-9eb3-5222748149e4","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":112,"box":{"x":89,"y":615,"width":880,"height":12}},{"id":"f8c23296-7629-45a1-af5d-535b584d346c","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":112,"box":{"x":89,"y":630,"width":874,"height":12}},{"id":"717f3290-385c-4d27-9413-e5fd942f880b","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":112,"box":{"x":89,"y":645,"width":869,"height":12}},{"id":"aa6515b6-dc65-4a86-b17d-4abc7dbe4800","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":112,"box":{"x":89,"y":660,"width":848,"height":12}},{"id":"9fae3629-6886-4ef6-aafd-541f00b0f41d","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":112,"box":{"x":89,"y":675,"width":845,"height":12}},{"id":"41f35a62-6d7d-44b0-a019-838aa379b37b","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":112,"box":{"x":89,"y":690,"width":818,"height":13}},{"id":"f575becc-2061-4767-b34a-769bc26fe5db","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":112,"box":{"x":89,"y":705,"width":865,"height":13}},{"id":"39409653-4b64-483e-a21a-1a364e1aae90","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":112,"box":{"x":89,"y":720,"width":863,"height":13}},{"id":"07192747-3c78-4a97-b751-61a165c5b548","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":112,"box":{"x":89,"y":736,"width":443,"height":12}},{"id":"2d26a75b-b3e2-4f57-a5b3-5fd74bacb1e9","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":112,"box":{"x":89,"y":762,"width":868,"height":12}},{"id":"07eede50-0a18-40ca-b9c6-55d9e1e3458b","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":112,"box":{"x":89,"y":777,"width":866,"height":12}},{"id":"b78f2991-821a-4b9a-b582-7cf53a15239e","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":112,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"8f2a1991-1362-48cf-b68f-5cf023c93e0f","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":112,"box":{"x":89,"y":807,"width":866,"height":13}},{"id":"93e6b5d8-c999-4383-9f15-08dae587b552","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":112,"box":{"x":89,"y":822,"width":857,"height":13}},{"id":"280277de-9b80-48e3-a266-50a1bfc23dd6","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":112,"box":{"x":89,"y":838,"width":422,"height":12}},{"id":"4712ea98-2697-45c4-bb57-6770228778ef","block_type":"box","text":"82","page_number":112,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"83d35922-defc-4e7b-857e-a6347a07c046","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":113,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"ef5ca6c5-b14f-433d-a5ab-a47a77f1a055","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":113,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"05f42948-1373-4e77-9c54-d29ec905868c","block_type":"box","text":"(","page_number":113,"box":{"x":89,"y":74,"width":4,"height":12}},{"id":"e8311486-84ee-4fa2-bccb-5328330a52c5","block_type":"box","text":"i.e","page_number":113,"box":{"x":94,"y":75,"width":15,"height":9}},{"id":"7ceab701-b6b0-4fe6-932a-036fce2cd65b","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":113,"box":{"x":110,"y":74,"width":825,"height":12}},{"id":"e5979e57-ddb6-4498-a8e6-b467e958ca7c","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":113,"box":{"x":89,"y":89,"width":799,"height":13}},{"id":"8bebc784-1891-4422-8a20-879112ec7ac6","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":113,"box":{"x":89,"y":104,"width":860,"height":13}},{"id":"4fe5bf41-75f7-4c25-9cb4-8b3536af5897","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":113,"box":{"x":89,"y":119,"width":838,"height":13}},{"id":"ef71e549-9c1f-4d80-a025-2eac6cda043b","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":113,"box":{"x":89,"y":135,"width":836,"height":12}},{"id":"01811f01-2c3a-48da-84c5-ee8463812778","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":113,"box":{"x":89,"y":150,"width":858,"height":12}},{"id":"6939eb34-1cc6-48f8-bf51-3f3bd51756a4","block_type":"box","text":"the firm.","page_number":113,"box":{"x":88,"y":165,"width":59,"height":10}},{"id":"802c8a13-17c0-4222-9183-2f0e58d84c61","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":113,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"de9add27-76a1-40bd-a7f4-def0dee308ac","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":113,"box":{"x":89,"y":206,"width":848,"height":13}},{"id":"fc21a5bb-b373-48c5-a07c-f4b01169f3ac","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":113,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"1a4613ab-2ed4-424d-a30a-2fa527336a67","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":113,"box":{"x":89,"y":237,"width":864,"height":12}},{"id":"7b192cd7-e922-4336-ad3d-218a06e9a09b","block_type":"box","text":"required, or in cases involving client direction.","page_number":113,"box":{"x":89,"y":252,"width":318,"height":12}},{"id":"89ca7b1e-47ba-4b3f-aa48-0d769ca49c6f","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":113,"box":{"x":89,"y":278,"width":873,"height":13}},{"id":"6aa7961b-8228-48fb-b8a1-8fe91916d3e1","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":113,"box":{"x":89,"y":293,"width":818,"height":13}},{"id":"a098eab3-911d-45a2-baac-d53a255fd315","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":113,"box":{"x":89,"y":308,"width":860,"height":13}},{"id":"1f385567-b0a9-4098-85f6-f0264a1ebb63","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":113,"box":{"x":88,"y":324,"width":844,"height":12}},{"id":"3f6a227a-5295-4df7-a539-69e342f93c75","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":113,"box":{"x":89,"y":339,"width":470,"height":12}},{"id":"449389e9-e383-4ecd-91af-cf6d33e1e8e2","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":113,"box":{"x":89,"y":365,"width":847,"height":12}},{"id":"8ecbba02-a3e9-4cd9-98ce-dc27c0d8af61","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":113,"box":{"x":89,"y":380,"width":864,"height":13}},{"id":"a4637f22-132e-431b-9053-d57550778cf3","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":113,"box":{"x":89,"y":395,"width":856,"height":13}},{"id":"5dfb215f-e395-4ea7-ab9b-67eca81b1270","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":113,"box":{"x":88,"y":410,"width":844,"height":13}},{"id":"efbc54c0-e565-4b62-9ac9-1bda1f1708cc","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":113,"box":{"x":89,"y":426,"width":814,"height":12}},{"id":"8eb7051c-d2c1-4a79-82e5-4b1e042dce93","block_type":"box","text":"BlackRock.","page_number":113,"box":{"x":89,"y":441,"width":74,"height":9}},{"id":"d38c6af7-79c5-4211-9a1a-0f1133e2c99f","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":113,"box":{"x":88,"y":467,"width":879,"height":13}},{"id":"f9a3537c-4707-4418-a665-422513bb365e","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":113,"box":{"x":89,"y":482,"width":841,"height":13}},{"id":"700a55e1-84fd-4362-8cfa-ec5080044405","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":113,"box":{"x":89,"y":497,"width":868,"height":13}},{"id":"54040603-b343-41d5-b1a2-4cf11d7003cb","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":113,"box":{"x":88,"y":513,"width":868,"height":12}},{"id":"af8f3e0a-8e0e-438c-b88e-a249283febe1","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":113,"box":{"x":89,"y":528,"width":836,"height":12}},{"id":"39a809b6-f1e4-4350-a25a-386983e832ec","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":113,"box":{"x":89,"y":543,"width":815,"height":12}},{"id":"2cd9bb6d-5365-4274-b7a6-cf7a48529a98","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":113,"box":{"x":89,"y":569,"width":840,"height":13}},{"id":"5f399cd2-24d8-4e79-b622-768611e6c4b8","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":113,"box":{"x":89,"y":584,"width":875,"height":13}},{"id":"65a9107f-085b-4826-a8b0-5206dfed72bc","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":113,"box":{"x":89,"y":599,"width":839,"height":13}},{"id":"f887fa09-1739-4065-b351-643350ecd1e1","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":113,"box":{"x":89,"y":615,"width":869,"height":12}},{"id":"154bf5d3-6198-47aa-8943-b7a3f617b435","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":113,"box":{"x":89,"y":630,"width":863,"height":12}},{"id":"5b8dec74-554b-4eb4-b828-1de77d70d472","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":113,"box":{"x":89,"y":645,"width":841,"height":12}},{"id":"92f81bc6-b584-4234-8f4f-f53a4abcb94d","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":113,"box":{"x":89,"y":660,"width":861,"height":12}},{"id":"c549496b-f0a1-4d58-9b17-0090f96f455e","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":113,"box":{"x":89,"y":675,"width":867,"height":12}},{"id":"ca156f2f-9d29-4019-bbf3-d672a2d5c912","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":113,"box":{"x":88,"y":690,"width":400,"height":13}},{"id":"b6786d93-96d2-41f1-bd2e-82425eb22382","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":113,"box":{"x":89,"y":717,"width":833,"height":12}},{"id":"3fb19100-c820-4796-950b-81ba77b95ec0","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":113,"box":{"x":89,"y":732,"width":827,"height":12}},{"id":"ceffb8bf-7365-4f25-995e-02b3a088c3c4","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":113,"box":{"x":89,"y":747,"width":845,"height":12}},{"id":"596cc1ce-28c1-4c34-a86e-8a8a62c76083","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":113,"box":{"x":89,"y":762,"width":850,"height":12}},{"id":"4bedd67f-4f2f-4e55-9549-33a9652f0399","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":113,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"25462285-c053-43f8-b73e-4109df8723b4","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":113,"box":{"x":89,"y":792,"width":845,"height":13}},{"id":"dfc2e795-6d38-4516-abf1-6969b12da67c","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":113,"box":{"x":89,"y":807,"width":825,"height":13}},{"id":"ddb603c8-fb53-45e2-9f3a-900ddc6c8fba","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":113,"box":{"x":89,"y":822,"width":361,"height":13}},{"id":"53f5d3b8-4018-4a8b-9a98-e4ce4bbf5133","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":113,"box":{"x":89,"y":849,"width":869,"height":12}},{"id":"2c210ebb-0c77-4f8d-816a-f5bb5ed4529e","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":113,"box":{"x":89,"y":864,"width":862,"height":12}},{"id":"fbb4957c-3170-43fe-80ea-c618993f9124","block_type":"box","text":"83","page_number":113,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"453b9767-b783-40a8-bbb2-4c553f56e51d","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":114,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"b8cf37fa-25b5-462b-8555-516c26d36eb5","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":114,"box":{"x":88,"y":59,"width":843,"height":12}},{"id":"005fbee6-fb05-48bb-9aa9-f1ffd7dbeba1","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":114,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"0df905fd-31d8-4de6-98fd-fff14591020b","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":114,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"53c07aaf-5134-4774-bc7f-9ca020267cfe","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":114,"box":{"x":89,"y":104,"width":805,"height":13}},{"id":"5e3a64f1-5b77-4bbf-bb47-ea178c72c8dc","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":114,"box":{"x":89,"y":119,"width":793,"height":13}},{"id":"e68cb34b-0c6e-463e-8bef-35a7e5ecf610","block_type":"box","text":"transactions.","page_number":114,"box":{"x":88,"y":136,"width":90,"height":8}},{"id":"28c8e8f0-9465-4449-b486-9fbf319b9da6","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":114,"box":{"x":89,"y":161,"width":821,"height":12}},{"id":"517a1dc3-7232-41c9-9a20-2a632e0b4d85","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":114,"box":{"x":89,"y":176,"width":859,"height":13}},{"id":"5a0703ef-5c1f-48ea-b7c2-1eafb4b57937","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":114,"box":{"x":88,"y":191,"width":870,"height":13}},{"id":"fcc423e5-7b1a-418a-9fe9-bc177d7df167","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":114,"box":{"x":89,"y":206,"width":810,"height":13}},{"id":"69f3b3a3-fe72-49a6-b9dc-d506bb30a641","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting","page_number":114,"box":{"x":89,"y":233,"width":826,"height":12}},{"id":"453ec35e-565e-466e-b0a5-355c28a8c48d","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":114,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"0056fd49-6824-456c-979c-edda7a2083d0","block_type":"box","text":"accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and","page_number":114,"box":{"x":89,"y":263,"width":876,"height":12}},{"id":"577d2b84-d6af-44db-8a82-f4151761501d","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":114,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"134d0f1c-60bc-4542-9ee8-d10f16ee2a9e","block_type":"box","text":"businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":114,"box":{"x":89,"y":293,"width":801,"height":13}},{"id":"200ba688-d90e-4f32-95dc-0a585a388083","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see “Proxy Voting","page_number":114,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"438ee456-7e44-4405-b494-1ffc07dd2847","block_type":"box","text":"Policies.”","page_number":114,"box":{"x":89,"y":324,"width":61,"height":9}},{"id":"f92da4d0-b873-4566-9cf5-3bc324a25224","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":114,"box":{"x":89,"y":350,"width":819,"height":12}},{"id":"bdc0377b-7a10-4893-9068-f77d2492ce34","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":114,"box":{"x":89,"y":365,"width":875,"height":12}},{"id":"a63c5a4c-997a-43ae-80aa-ca980a121eb9","block_type":"box","text":"assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce","page_number":114,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"e268f9e3-4fe4-4080-9b8c-5af7248be8b7","block_type":"box","text":"the Fund’s expense ratio.","page_number":114,"box":{"x":88,"y":395,"width":174,"height":13}},{"id":"a60f61fe-cd6c-496b-863a-8d0ff21c6728","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":114,"box":{"x":89,"y":422,"width":855,"height":12}},{"id":"f9ecf5db-6c7b-473e-8f5e-28f5009facc8","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":114,"box":{"x":88,"y":437,"width":840,"height":12}},{"id":"712bb5ce-0378-4f0f-a437-03d5f53cd586","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":114,"box":{"x":89,"y":452,"width":855,"height":12}},{"id":"17430ed9-61b0-457c-9cd6-1ec4c88c0193","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":114,"box":{"x":89,"y":467,"width":822,"height":13}},{"id":"265f9225-4cba-4fef-8bbc-f66ec9eb98af","block_type":"box","text":"liquidity, investment flexibility, portfolio diversification, expense ratio or ability to comply with the listing requirements for the","page_number":114,"box":{"x":89,"y":482,"width":872,"height":13}},{"id":"87c04c4b-4ba9-45a3-bd4e-6c8f7701eba9","block_type":"box","text":"Fund.","page_number":114,"box":{"x":89,"y":497,"width":38,"height":10}},{"id":"36caede8-7f93-489f-9f03-7db5b718f66e","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":114,"box":{"x":89,"y":524,"width":828,"height":12}},{"id":"38f5d22d-d850-4549-bb38-ac1b02a6598b","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":114,"box":{"x":89,"y":539,"width":857,"height":12}},{"id":"de4a1fdf-eafd-4549-b583-5fb738cce61c","block_type":"box","text":"entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the","page_number":114,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"8249429e-d41b-4dc5-9660-0943b4983771","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":114,"box":{"x":89,"y":569,"width":869,"height":13}},{"id":"ceb16302-f080-4577-8483-4e43d63a42b8","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":114,"box":{"x":89,"y":584,"width":839,"height":13}},{"id":"cab6c0f7-6766-4845-9938-20801cf58be6","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":114,"box":{"x":89,"y":599,"width":859,"height":13}},{"id":"63185316-285c-4643-b154-f41b47d09d38","block_type":"box","text":"engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":114,"box":{"x":89,"y":615,"width":866,"height":12}},{"id":"d95ec5ed-f801-400a-a313-1b0a927cd738","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the Funds. 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BlackRock and its sales personnel may directly or indirectly receive a portion of","page_number":114,"box":{"x":89,"y":686,"width":860,"height":13}},{"id":"6fc8914a-79fd-4f45-8669-b33f859e150e","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":114,"box":{"x":88,"y":702,"width":849,"height":12}},{"id":"bbfc5be6-6cdc-4669-8f0a-cb3267c6e137","block_type":"box","text":"also benefit from increased amounts of assets under management. 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While BlackRock will generally communicate its valuation information","page_number":115,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"8520c064-841a-4aa1-81d0-f5f5ad68f493","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":115,"box":{"x":89,"y":104,"width":848,"height":13}},{"id":"6a20b0d9-2549-42fa-b41b-9a42072c41ae","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":115,"box":{"x":88,"y":119,"width":821,"height":13}},{"id":"22edf24b-c4a4-4a8f-b688-89930ac9b626","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":115,"box":{"x":89,"y":135,"width":466,"height":12}},{"id":"5d3d84c5-5b0e-48a3-ac0f-17a4eaccaa4d","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":115,"box":{"x":88,"y":161,"width":817,"height":12}},{"id":"d4610bbe-1e57-421e-bb6e-c42d743b7c93","block_type":"box","text":"available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at fair value by BlackRock. 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The price generally may not be determined based on what a Fund","page_number":115,"box":{"x":89,"y":252,"width":844,"height":12}},{"id":"20a63c50-7e4e-4d27-aaf6-6ee83b4b1382","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":115,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"cd673004-026f-431e-9d03-80059f2ab560","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":115,"box":{"x":88,"y":282,"width":835,"height":12}},{"id":"d99f3bf5-d58d-4565-9715-9068f0489feb","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":115,"box":{"x":89,"y":297,"width":845,"height":12}},{"id":"9a12b396-b94f-451b-a283-d735233b65f9","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":115,"box":{"x":89,"y":312,"width":876,"height":13}},{"id":"f4b8dd1e-5407-4dfa-a716-e35ee0aef1bb","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":115,"box":{"x":89,"y":327,"width":842,"height":13}},{"id":"cb6e75d0-b8a1-4f35-8beb-731b34c1e26b","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. 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These transactions would be effected in","page_number":115,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"ee3b9663-0fc5-4ea8-b59d-769429149da8","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":115,"box":{"x":89,"y":694,"width":855,"height":12}},{"id":"dfa1c6f3-e22e-4791-81be-c6e06881c91a","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":115,"box":{"x":89,"y":709,"width":846,"height":12}},{"id":"bb07f901-0df1-4aa1-8465-ca663d7fff09","block_type":"box","text":"same day. 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Certain BlackRock advisory personnel","page_number":116,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"c3a21089-8989-4c4c-a41b-d2736f266757","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":116,"box":{"x":89,"y":146,"width":829,"height":12}},{"id":"35054e4e-6c43-4b37-832d-52ec0a6e8302","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":116,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"88aede2e-f06d-403f-be71-ab1fd2d08311","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":116,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"8020c668-bf1c-4ec8-a83c-fff4358d9994","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":116,"box":{"x":88,"y":191,"width":852,"height":13}},{"id":"d96581e8-6a18-4d0b-acf7-c33bd311d880","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":116,"box":{"x":89,"y":206,"width":843,"height":13}},{"id":"2dd26455-c912-4d4d-97c4-c5609ad32435","block_type":"box","text":"obligation or other duty to do so.","page_number":116,"box":{"x":89,"y":222,"width":230,"height":12}},{"id":"db9afde6-0329-48a2-9357-da3ef818aead","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":116,"box":{"x":89,"y":248,"width":838,"height":12}},{"id":"fbd70cb4-b776-4ba5-8005-57931571a093","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":116,"box":{"x":89,"y":263,"width":879,"height":12}},{"id":"ae60b6c3-64e4-467f-a89d-7a315a79e42c","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":116,"box":{"x":88,"y":278,"width":834,"height":13}},{"id":"8c7a00da-aed6-485c-b680-2a0a350bd972","block_type":"box","text":"managing portfolios and voting proxies with respect to all other portfolios. 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In connection therewith, BlackRock personnel, businesses, and business units that","page_number":116,"box":{"x":88,"y":395,"width":862,"height":13}},{"id":"825ad24a-a1b0-43b6-85c6-1a3601125e82","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":116,"box":{"x":88,"y":410,"width":873,"height":13}},{"id":"87362199-bf88-4ec8-bd8a-64607b84f513","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":116,"box":{"x":88,"y":426,"width":845,"height":12}},{"id":"85b806f0-a9b9-4cbe-a999-cac0a3de547b","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":116,"box":{"x":89,"y":441,"width":840,"height":12}},{"id":"fc07c853-eef1-4ad6-914f-82b8254f158b","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":116,"box":{"x":89,"y":456,"width":845,"height":12}},{"id":"b720e2ec-9eed-4ab1-aa87-b299c0cd1ed6","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":116,"box":{"x":89,"y":471,"width":800,"height":12}},{"id":"e68f594f-d882-4fca-9d9b-c0e338172504","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":116,"box":{"x":89,"y":486,"width":856,"height":12}},{"id":"8b731d64-b78e-4f28-8c86-4e2fdb1bc806","block_type":"box","text":"personnel on the other side of a barrier.","page_number":116,"box":{"x":89,"y":501,"width":274,"height":13}},{"id":"69b81d2a-f8de-4dec-80bf-83a1f1429459","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":116,"box":{"x":88,"y":528,"width":861,"height":12}},{"id":"a3f43db2-bd3f-40a2-8b11-42d8955ec258","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":116,"box":{"x":88,"y":543,"width":803,"height":12}},{"id":"f0994a5d-7f77-460d-a41a-36562221432a","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":116,"box":{"x":89,"y":558,"width":862,"height":12}},{"id":"4f96ea4b-e979-4d98-9f8e-172b5ac89a03","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":116,"box":{"x":89,"y":573,"width":845,"height":12}},{"id":"825d942c-d1d7-45e4-a78f-90bd152237f4","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":116,"box":{"x":89,"y":588,"width":834,"height":12}},{"id":"ce2f1a29-2b15-46a3-8afd-5ac0da1d53ad","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":116,"box":{"x":89,"y":603,"width":811,"height":13}},{"id":"d8e4f9da-92ad-462f-83a9-e0ee339dd2a6","block_type":"box","text":"e.g","page_number":116,"box":{"x":901,"y":606,"width":21,"height":10}},{"id":"3045637c-7929-4a1e-b1c2-f34ceb539626","block_type":"box","text":".,","page_number":116,"box":{"x":923,"y":611,"width":6,"height":4}},{"id":"aa8afef5-1cbc-4883-9511-1532b48036cf","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":116,"box":{"x":89,"y":618,"width":849,"height":13}},{"id":"1389f7f7-eb48-4789-8096-4751bbd52a93","block_type":"box","text":"ownership restrictions (","page_number":116,"box":{"x":89,"y":633,"width":165,"height":13}},{"id":"6999c1ba-c759-4d50-bb80-d13ccd052c25","block_type":"box","text":"e.g","page_number":116,"box":{"x":255,"y":637,"width":20,"height":9}},{"id":"88385498-a978-4b2c-b7fd-beb21a25489e","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":116,"box":{"x":276,"y":633,"width":688,"height":13}},{"id":"a2ea0870-fc9c-4573-8b8d-d27abcfab840","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":116,"box":{"x":89,"y":649,"width":857,"height":12}},{"id":"e63fe995-f41f-4a0b-a540-2694ff3650ef","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":116,"box":{"x":89,"y":664,"width":815,"height":12}},{"id":"5d72ef52-e773-49b6-bab8-3d7209385a68","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":116,"box":{"x":89,"y":679,"width":864,"height":12}},{"id":"600c54ae-b0a5-4139-b27c-1652a17208a0","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":116,"box":{"x":89,"y":694,"width":846,"height":12}},{"id":"54786327-de32-47db-b315-7c3b0e9af0cd","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":116,"box":{"x":89,"y":709,"width":813,"height":12}},{"id":"07875f9a-25ea-43cc-a8b8-946e11f23988","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":116,"box":{"x":89,"y":724,"width":390,"height":13}},{"id":"7b26e89c-a519-4e00-9b01-b44be9e35d2e","block_type":"box","text":"e.g","page_number":116,"box":{"x":480,"y":727,"width":20,"height":10}},{"id":"13880810-6415-4c4c-bbe2-27364f02ab0a","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":116,"box":{"x":501,"y":724,"width":451,"height":13}},{"id":"497a221c-9674-418e-9ccc-b22652574073","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":116,"box":{"x":89,"y":739,"width":854,"height":13}},{"id":"4f44db41-a690-4ed6-88ef-d1546b30cf49","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":116,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"1f655fe8-fdd0-4786-952b-b37bf2eca97c","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":116,"box":{"x":89,"y":770,"width":866,"height":12}},{"id":"0383ba2d-f680-4c7b-bd85-4925c92996fd","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":116,"box":{"x":89,"y":785,"width":831,"height":12}},{"id":"99362dcc-debd-4f1d-952c-7e51e599d0ec","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":116,"box":{"x":89,"y":800,"width":854,"height":12}},{"id":"2fccb01b-0d28-4669-99dc-19ba05aa5813","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":116,"box":{"x":89,"y":815,"width":547,"height":12}},{"id":"4f4218a7-f13b-4134-ae4a-87a816624575","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":116,"box":{"x":89,"y":841,"width":859,"height":13}},{"id":"8884bfd1-ff18-4b3f-af10-a55fcd75b1db","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":116,"box":{"x":89,"y":856,"width":878,"height":13}},{"id":"88f4fb3a-00f0-4045-a8c4-ffeeb3c23c79","block_type":"box","text":"86","page_number":116,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a1a343a7-a169-4c59-80f3-4e8abfb765b9","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":117,"box":{"x":89,"y":44,"width":793,"height":12}},{"id":"7eac672b-b4b4-4501-8d17-7e42ec7b0b08","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":117,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"8432c8c2-669d-4edd-b32b-141e7e446afc","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":117,"box":{"x":89,"y":74,"width":852,"height":12}},{"id":"1e27eab3-4474-4108-b950-c1589b91ab79","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":117,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"77cfd86b-c463-4066-807a-9a7384b5c1e8","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":117,"box":{"x":89,"y":104,"width":810,"height":13}},{"id":"0d661499-6cb6-4e06-b588-5fa144692f89","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":117,"box":{"x":89,"y":119,"width":835,"height":13}},{"id":"e58bf947-318e-4b3f-a736-8cb1a07ac7ea","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":117,"box":{"x":89,"y":135,"width":841,"height":12}},{"id":"a6e3b917-01ae-4f90-b865-377e9ada1f80","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":117,"box":{"x":89,"y":150,"width":874,"height":12}},{"id":"ba65807a-10d9-4217-ac66-a60c494dc4e7","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":117,"box":{"x":88,"y":165,"width":876,"height":12}},{"id":"2810667b-ad32-4908-8f1f-20685c83b3be","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":117,"box":{"x":89,"y":180,"width":878,"height":12}},{"id":"63b15286-3655-443f-9876-92237288e512","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":117,"box":{"x":88,"y":195,"width":812,"height":12}},{"id":"57e3a77d-889d-4d28-8314-12a8ee4614a1","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":117,"box":{"x":88,"y":222,"width":867,"height":12}},{"id":"5d2a3577-dd08-4f49-973b-f96f1e98bdc5","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":117,"box":{"x":88,"y":237,"width":840,"height":12}},{"id":"c467fe4f-8eb0-4799-96dc-cf862b6e647e","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":117,"box":{"x":89,"y":252,"width":868,"height":12}},{"id":"d2ed8f8c-e0cf-4790-806a-76cd3d084fac","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":117,"box":{"x":89,"y":267,"width":829,"height":12}},{"id":"d86364a8-be65-4f7f-a5a9-e9426953e369","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":117,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"87861a94-f0ae-41dc-ab29-7a310baf100d","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":117,"box":{"x":89,"y":297,"width":868,"height":12}},{"id":"2dfe4b17-58ab-4c37-a2fa-abc622813e65","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":117,"box":{"x":89,"y":312,"width":879,"height":13}},{"id":"fa839c28-fdc5-4283-a910-e8970716bc3f","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":117,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"b8bd032b-f9c4-45e0-affc-dd33814d650f","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":117,"box":{"x":89,"y":342,"width":874,"height":13}},{"id":"af9d2e88-31ac-4fa6-8d3b-8c7ae3d1ceca","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":117,"box":{"x":89,"y":358,"width":868,"height":12}},{"id":"8780e11f-6294-4920-a65d-71f3afb8bde4","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":117,"box":{"x":88,"y":373,"width":875,"height":12}},{"id":"8469f750-f89f-4c45-b446-1b296dd80729","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":117,"box":{"x":89,"y":388,"width":840,"height":12}},{"id":"a28b826d-85c5-4252-a00b-d82785c4b03b","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":117,"box":{"x":89,"y":403,"width":872,"height":12}},{"id":"acaf0778-f978-42c5-90fc-45f27da8ebc9","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":117,"box":{"x":89,"y":418,"width":817,"height":12}},{"id":"fe26d388-9b98-4734-a1ad-d830f781e879","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":117,"box":{"x":89,"y":433,"width":613,"height":13}},{"id":"483ac9eb-af06-4928-a2c2-6b6ee8757093","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":117,"box":{"x":89,"y":460,"width":861,"height":12}},{"id":"ed86b035-3cd7-4af6-996c-4adc072ef097","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":117,"box":{"x":89,"y":475,"width":814,"height":12}},{"id":"f5e14427-7278-446b-8561-5ba5fc073692","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":117,"box":{"x":89,"y":490,"width":481,"height":12}},{"id":"3ff45d5f-5f17-4da9-b5b0-d8532137ab1d","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":117,"box":{"x":89,"y":516,"width":872,"height":13}},{"id":"8d561959-78ad-467c-bd4a-8d6a78798180","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":117,"box":{"x":89,"y":531,"width":878,"height":13}},{"id":"d7bd1c14-ec2a-4b3d-90e6-5a597a0740b4","block_type":"box","text":"to such security or asset.","page_number":117,"box":{"x":88,"y":547,"width":174,"height":12}},{"id":"b8d87eb0-0d6b-4a63-b1fb-663f6ecab038","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":117,"box":{"x":89,"y":573,"width":710,"height":12}},{"id":"368676f1-aa36-4871-9ccb-1ef84ff871cb","block_type":"box","text":"Under an ETF Services Agreement, the Fund has, when applicable, retained BRIL, an affiliate of BFA, to perform certain order","page_number":117,"box":{"x":89,"y":599,"width":868,"height":13}},{"id":"52e8a580-d4c5-482d-bfef-79813dd1b6b0","block_type":"box","text":"processing, Authorized Participant communications, and related services in connection with the issuance and redemption of","page_number":117,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"f39471a3-4b70-4b3d-a95d-adc9fe813e81","block_type":"box","text":"Creation Units of the Fund (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide","page_number":117,"box":{"x":89,"y":630,"width":831,"height":12}},{"id":"94cc7be0-0eaf-47a3-8854-51c937cb5988","block_type":"box","text":"certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each","page_number":117,"box":{"x":89,"y":645,"width":845,"height":12}},{"id":"fea1a8c0-4921-4783-ab17-83605c505f36","block_type":"box","text":"creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and","page_number":117,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"519b712c-ff54-4f79-834b-4e3abee24f60","block_type":"box","text":"received payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and from time to","page_number":117,"box":{"x":89,"y":675,"width":875,"height":12}},{"id":"a59f76b9-0f56-46ec-b6b1-371ffdb2b146","block_type":"box","text":"time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":117,"box":{"x":88,"y":690,"width":709,"height":13}},{"id":"06b22268-08fd-471c-8df4-0135684de4d5","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Fund may collect certain fees","page_number":117,"box":{"x":89,"y":717,"width":859,"height":12}},{"id":"9371aa84-6530-4159-9de5-b021ddea6595","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. While","page_number":117,"box":{"x":88,"y":732,"width":809,"height":12}},{"id":"a5b99280-8e42-4796-8627-9573fa6e6469","block_type":"box","text":"BlackRock uses good faith estimates of the expected costs to the Fund in determining the rates for fees collected by the Fund","page_number":117,"box":{"x":89,"y":747,"width":877,"height":12}},{"id":"223af90a-dd35-4694-84e8-fe51cb86d97f","block_type":"box","text":"related to creation and redemption activity, BlackRock may have incentives to improve Fund performance through the","page_number":117,"box":{"x":89,"y":762,"width":824,"height":12}},{"id":"15fef846-bd51-41ac-87a4-32532d756d9a","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":117,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"302bcd21-8c78-428f-9ced-e5d26c6ae496","block_type":"box","text":"and/or expenses incurred by the Fund, Fund performance could improve as a result. BlackRock has established processes to","page_number":117,"box":{"x":89,"y":792,"width":869,"height":13}},{"id":"a96b3342-ca51-4b2c-b61c-ffd2ef523835","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":117,"box":{"x":89,"y":807,"width":566,"height":13}},{"id":"ff686f4c-f3e8-458a-9265-dc37e73c2df8","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":117,"box":{"x":89,"y":834,"width":877,"height":12}},{"id":"8f4e74cd-7dd9-433f-aa46-ab42cacfd8ca","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":117,"box":{"x":89,"y":849,"width":859,"height":12}},{"id":"cd6ead47-6f26-4c76-b83c-93ef94fee417","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":117,"box":{"x":89,"y":864,"width":861,"height":12}},{"id":"c5ad839a-ea59-4e5a-8cd4-2b440a42a6ce","block_type":"box","text":"87","page_number":117,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"871688c4-ccb3-43ae-8f64-36c359a62b8d","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":118,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"b71b6752-81ce-4b89-addf-bb95fafe5581","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":118,"box":{"x":89,"y":59,"width":856,"height":12}},{"id":"e61b0091-382b-4412-be0b-b1cadfb5b045","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":118,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"9dee1de1-f9dd-4d98-84b8-f3bdf8e54e78","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":118,"box":{"x":89,"y":89,"width":867,"height":13}},{"id":"d13cb6c6-3673-45d4-ae1d-be161ccf857b","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":118,"box":{"x":89,"y":104,"width":852,"height":13}},{"id":"e8146499-f447-4c0d-b302-3097e58c6818","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":118,"box":{"x":88,"y":119,"width":876,"height":13}},{"id":"302a1cf5-fa1b-45f7-b519-a4c845fe6164","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":118,"box":{"x":89,"y":146,"width":681,"height":12}},{"id":"efddb4b3-bf69-4991-bec1-24aa08e747a7","block_type":"box","text":"e.g","page_number":118,"box":{"x":771,"y":149,"width":20,"height":9}},{"id":"3b474c58-88dd-4a64-b6b5-c47248f7119e","block_type":"box","text":"., custodians,","page_number":118,"box":{"x":793,"y":146,"width":90,"height":11}},{"id":"280ba3b4-1530-4c34-af5b-21c5e7b250d7","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":118,"box":{"x":89,"y":161,"width":846,"height":12}},{"id":"07df887e-2e1a-4a65-925c-0ba62b9c7a5e","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":118,"box":{"x":89,"y":176,"width":853,"height":13}},{"id":"186eb7b4-efcd-44bd-ae4f-791df515c70c","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":118,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"5fef98e7-2603-438d-87fe-24e29a0a2b59","block_type":"box","text":"with respect to a Fund. 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BFA may","page_number":118,"box":{"x":89,"y":860,"width":862,"height":13}},{"id":"b68623bc-a205-4aed-82a4-04120159ea5a","block_type":"box","text":"88","page_number":118,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d6e0165d-6b5a-4c75-8b15-ff3e4c0ac1f0","block_type":"box","text":"terminate any or all sub-advisers or such delegation arrangements in its sole discretion upon appropriate notice at any time","page_number":119,"box":{"x":88,"y":44,"width":865,"height":12}},{"id":"48d6f830-82c2-4c09-b044-7024316213f0","block_type":"box","text":"to the extent permitted by applicable law.","page_number":119,"box":{"x":88,"y":59,"width":289,"height":12}},{"id":"9c272442-a8b7-484b-9aa6-ae44f0820763","block_type":"box","text":"BFA is responsible, under the investment advisory agreement, for substantially all expenses of the Funds, including the cost","page_number":119,"box":{"x":89,"y":85,"width":862,"height":13}},{"id":"e72146fd-a4a3-4398-b77c-9c4488e7f78d","block_type":"box","text":"of transfer agency, custody, fund administration, legal, audit and other services. 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The investment advisory fee for each Fund equals the ratio of that","page_number":119,"box":{"x":89,"y":544,"width":839,"height":12}},{"id":"c410215c-120e-49a5-8be2-8abbf61b6fce","block_type":"box","text":"Fund’s average daily net assets over the aggregate average daily net assets of the Fund and other Funds in the same fund","page_number":119,"box":{"x":89,"y":559,"width":848,"height":13}},{"id":"19fe3ce6-cb0b-42d8-8dd8-b1c91b478861","block_type":"box","text":"group as indicated in each table below multiplied by the applicable assets in each tier then multiplied by the related tier rate","page_number":119,"box":{"x":89,"y":574,"width":863,"height":13}},{"id":"9e1059f4-abeb-42e3-8b10-fc63c52c06c1","block_type":"box","text":"for the Fund indicated in the table. Only information that is applicable to a Fund is considered to form a part of that Fund’s","page_number":119,"box":{"x":88,"y":589,"width":857,"height":13}},{"id":"a74e3626-6eb2-446d-9673-a4bb5133d196","block_type":"box","text":"SAI.","page_number":119,"box":{"x":88,"y":605,"width":27,"height":9}},{"id":"cd929bad-def3-4d63-ad29-4a2adcc42349","block_type":"box","text":"Fund First $6 billion Greater than $6","page_number":119,"box":{"x":95,"y":634,"width":535,"height":9}},{"id":"2f6c6fe1-1056-4896-b633-5b7338cee908","block_type":"box","text":"billion to $9 billion","page_number":119,"box":{"x":529,"y":645,"width":120,"height":10}},{"id":"230ee02e-c653-4a96-bea5-cbf90bb7d2d9","block_type":"box","text":"Greater than $9","page_number":119,"box":{"x":677,"y":634,"width":101,"height":9}},{"id":"9503629c-2bbb-45d6-96a1-c7fe7e2fc437","block_type":"box","text":"billion to $12 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92,677,100,000","page_number":122,"box":{"x":89,"y":432,"width":879,"height":11}},{"id":"612a151d-d43a-4554-b783-af19b99a225f","block_type":"box","text":"Other Accounts 0 N/A","page_number":122,"box":{"x":89,"y":447,"width":879,"height":10}},{"id":"23d354bb-b82a-4b9f-ac35-f524ef9ff1c4","block_type":"box","text":"Matt Waldron","page_number":122,"box":{"x":89,"y":482,"width":97,"height":10}},{"id":"eb6f5990-7942-4499-b7e2-9de7f52e5ec8","block_type":"box","text":"Types of Accounts","page_number":122,"box":{"x":88,"y":499,"width":107,"height":10}},{"id":"9d64b782-a458-4359-9d77-59b70ff4fd87","block_type":"box","text":"Number Total Assets","page_number":122,"box":{"x":671,"y":499,"width":262,"height":8}},{"id":"92a8b2c4-573e-4ffc-a8b4-8a920fc30366","block_type":"box","text":"Registered Investment Companies 344 $2,615,529,200,000","page_number":122,"box":{"x":89,"y":520,"width":879,"height":12}},{"id":"a9f6d273-7687-4669-9c43-708119768c11","block_type":"box","text":"Other Pooled Investment Vehicles 146 354,643,100,000","page_number":122,"box":{"x":89,"y":535,"width":879,"height":12}},{"id":"4166079a-1f19-4864-9dfa-1dc8bdd3d8a7","block_type":"box","text":"Other Accounts 74 166,574,100,000","page_number":122,"box":{"x":89,"y":550,"width":879,"height":12}},{"id":"2d751d98-921b-48df-ba0d-35a3e108b6e9","block_type":"box","text":"Peter Sietsema","page_number":122,"box":{"x":89,"y":586,"width":105,"height":9}},{"id":"c73642e9-c731-4c32-8914-fb75b856a1bf","block_type":"box","text":"Types of Accounts","page_number":122,"box":{"x":88,"y":603,"width":107,"height":10}},{"id":"a43213d8-a275-4b5b-9067-21fa45c7d39a","block_type":"box","text":"Number Total Assets","page_number":122,"box":{"x":669,"y":603,"width":263,"height":7}},{"id":"aff0ba2b-83d4-419f-86df-fd13063287f3","block_type":"box","text":"Registered Investment Companies 351 $2,622,868,400,000","page_number":122,"box":{"x":89,"y":623,"width":879,"height":13}},{"id":"6e3efce8-2fb4-458a-a2ec-d07824325668","block_type":"box","text":"Other Pooled Investment Vehicles 210 898,693,700,000","page_number":122,"box":{"x":89,"y":639,"width":879,"height":11}},{"id":"e3285e7d-6b1f-4676-8fe6-47dc8e6405e6","block_type":"box","text":"Other Accounts 63 657,918,500,000","page_number":122,"box":{"x":89,"y":654,"width":879,"height":11}},{"id":"3adbe1db-f83d-49c6-bfe5-70918c2260ba","block_type":"box","text":"Steven White","page_number":122,"box":{"x":88,"y":689,"width":94,"height":10}},{"id":"74b2486c-7fd9-450d-ae65-1f9d57910e3a","block_type":"box","text":"Types of Accounts","page_number":122,"box":{"x":88,"y":706,"width":107,"height":10}},{"id":"fac3e6ee-e646-459f-80fa-ef5cee80502e","block_type":"box","text":"Number Total Assets","page_number":122,"box":{"x":671,"y":706,"width":262,"height":8}},{"id":"ed55c6b4-af4a-4555-9870-07c204513f51","block_type":"box","text":"Registered Investment Companies 343 $2,615,253,300,000","page_number":122,"box":{"x":89,"y":727,"width":879,"height":12}},{"id":"171ab62c-0581-4884-a676-29cfc4d19dcc","block_type":"box","text":"Other Pooled Investment Vehicles 7 191,800,000","page_number":122,"box":{"x":89,"y":742,"width":879,"height":11}},{"id":"f8337d5e-125f-4a5d-a11f-4dc99f7cbb35","block_type":"box","text":"Other Accounts 0 N/A","page_number":122,"box":{"x":89,"y":757,"width":879,"height":10}},{"id":"1b532e12-4852-446e-9b68-e89766bd606c","block_type":"box","text":"Pursuant to BFA’s policy, investment opportunities are allocated equitably among the Funds and other portfolios and","page_number":122,"box":{"x":89,"y":790,"width":814,"height":12}},{"id":"ddd592a3-930e-4553-ba44-bd5a865d89d5","block_type":"box","text":"accounts. For example, under certain circumstances, an investment opportunity may be restricted due to limited supply in","page_number":122,"box":{"x":89,"y":805,"width":854,"height":12}},{"id":"b034aafd-fc52-4ef5-bbc5-329f9c895e59","block_type":"box","text":"the market, legal constraints or other factors, in which event the investment opportunity will be allocated equitably among","page_number":122,"box":{"x":88,"y":820,"width":858,"height":12}},{"id":"16d4122c-25f3-4fa6-9e5b-ae3ec2094f1e","block_type":"box","text":"those portfolios and accounts, including the Funds, seeking such investment opportunity. As a consequence, from time to","page_number":122,"box":{"x":88,"y":835,"width":855,"height":12}},{"id":"11395965-2685-49cc-be6d-6c1807e74dc1","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":122,"box":{"x":88,"y":850,"width":857,"height":13}},{"id":"56577ffe-054a-42b1-8197-564d9111ddd4","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":122,"box":{"x":89,"y":865,"width":489,"height":13}},{"id":"ca7f367d-6308-4e5f-a543-e40bb009f9c5","block_type":"box","text":"92","page_number":122,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c70b6428-da15-4f3e-b11e-46bb5d2d76af","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":44,"width":875,"height":12}},{"id":"bcb72a36-627d-4efa-89ae-c0cdb2e47cb9","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":59,"width":866,"height":12}},{"id":"17e4b138-825d-4fb8-98c7-65ce7d702a1f","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":74,"width":846,"height":12}},{"id":"c2b83c6c-0180-46c6-82eb-00f2af6b3b1e","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":89,"width":866,"height":13}},{"id":"0895ed0d-b3c0-4067-b578-b3be3f57fc2d","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":104,"width":834,"height":13}},{"id":"d293c857-63f4-4d20-96a5-a84beff1748e","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":119,"width":879,"height":13}},{"id":"356292f5-0a66-4520-9fea-6d1687e85fc2","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":135,"width":799,"height":12}},{"id":"e70e0a9a-5416-4ccc-a42f-f101413ac4ea","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":150,"width":832,"height":12}},{"id":"b34fc112-0488-4c4a-aed4-8e98569149c0","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":165,"width":843,"height":12}},{"id":"da1e25a5-6d0e-4683-a7cf-0d743e69165c","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":180,"width":872,"height":12}},{"id":"0b841344-404b-4f4d-b805-3ee6e817b12d","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":195,"width":865,"height":12}},{"id":"bd291bd6-1bcd-4f6a-b6a8-6238a45d38b1","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":210,"width":845,"height":13}},{"id":"3c538d76-e1b5-4002-8b49-b3820a2bdeb4","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":225,"width":791,"height":13}},{"id":"e1e07f8e-655a-4bc2-bbac-9ba7f1371db2","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":252,"width":861,"height":12}},{"id":"4ff55553-b51e-41b7-8df3-deff6515c95d","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":267,"width":858,"height":12}},{"id":"b216cb00-d51c-4da8-a351-0394d388157c","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of July 31, 2025:","page_number":123,"box":{"x":88,"y":282,"width":597,"height":12}},{"id":"2fcc3c28-57b4-4535-bb4b-0e1b579132f3","block_type":"box","text":"Jennifer Hsui","page_number":123,"box":{"x":88,"y":311,"width":92,"height":11}},{"id":"0f6422f7-5f86-4218-8933-4bebfac61b30","block_type":"box","text":"Types of Accounts","page_number":123,"box":{"x":88,"y":348,"width":107,"height":10}},{"id":"416d9236-05f0-4519-a18a-50478b9535f3","block_type":"box","text":"Number of Other Accounts","page_number":123,"box":{"x":643,"y":328,"width":155,"height":8}},{"id":"08c19ad4-53d8-4c18-a19c-7445d18cbd02","block_type":"box","text":"with Performance Fees","page_number":123,"box":{"x":654,"y":338,"width":132,"height":8}},{"id":"a68c7e59-de04-49c9-b1c2-5f359e23e12a","block_type":"box","text":"Managed by Portfolio 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Waldron","page_number":123,"box":{"x":89,"y":434,"width":97,"height":10}},{"id":"ed67ab8c-f55c-4ea3-b828-1a164247ab99","block_type":"box","text":"Types of Accounts","page_number":123,"box":{"x":88,"y":472,"width":107,"height":9}},{"id":"4597b366-4066-4b07-a1d6-a926054a839a","block_type":"box","text":"Number of Other Accounts","page_number":123,"box":{"x":643,"y":451,"width":155,"height":8}},{"id":"7e22ae16-95ac-4f5f-9497-45bce91a42c1","block_type":"box","text":"with Performance Fees","page_number":123,"box":{"x":654,"y":462,"width":132,"height":7}},{"id":"875d5a55-03d1-441b-8f00-cf5f7eee7468","block_type":"box","text":"Managed by Portfolio Manager","page_number":123,"box":{"x":631,"y":472,"width":179,"height":9}},{"id":"5759138e-eb85-45c2-af23-fce5f348b4a1","block_type":"box","text":"Aggregate","page_number":123,"box":{"x":896,"y":462,"width":59,"height":9}},{"id":"ff4a06df-2777-4948-acf7-22fb2b37518d","block_type":"box","text":"of Total Assets","page_number":123,"box":{"x":884,"y":472,"width":84,"height":7}},{"id":"87695c27-59cc-4705-a8c7-f2e17c0ba84a","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":123,"box":{"x":89,"y":492,"width":851,"height":13}},{"id":"735886cc-5774-4964-aa97-af7bce177135","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":123,"box":{"x":89,"y":508,"width":851,"height":9}},{"id":"32759912-1516-47b4-a9ff-a449f0213199","block_type":"box","text":"Other Accounts 0 N/A","page_number":123,"box":{"x":89,"y":523,"width":851,"height":9}},{"id":"458b69ad-35dc-4c8f-a200-282eac321fac","block_type":"box","text":"Peter Sietsema","page_number":123,"box":{"x":89,"y":558,"width":105,"height":10}},{"id":"5aba1e4a-ab03-4f06-bb16-07ff2fd29985","block_type":"box","text":"Types of Accounts","page_number":123,"box":{"x":88,"y":595,"width":107,"height":10}},{"id":"9348982b-1732-445b-8b30-472a9641524f","block_type":"box","text":"Number of Other 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Overview","page_number":123,"box":{"x":88,"y":802,"width":303,"height":13}},{"id":"17ab2639-a0f3-47ce-94b9-0bd9d3515584","block_type":"box","text":"The discussion below describes the Portfolio Managers’ compensation as of July 31, 2025.","page_number":123,"box":{"x":88,"y":829,"width":628,"height":12}},{"id":"d449393f-ad90-42b9-bd4a-ebfb972b8a2b","block_type":"box","text":"93","page_number":123,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a0b580bb-3441-4c3b-830e-43f905473589","block_type":"box","text":"BlackRock, Inc.’s financial arrangements with its portfolio managers, its competitive compensation and its career path","page_number":124,"box":{"x":89,"y":44,"width":824,"height":12}},{"id":"f1c1c80a-8751-4841-8604-c9e8eba9ab3f","block_type":"box","text":"emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of","page_number":124,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"df4b8360-aa1c-4bcb-88ec-f29131ba7fc5","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":74,"width":836,"height":12}},{"id":"7912a3e6-649c-4547-806d-425b75202ebe","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":89,"width":865,"height":13}},{"id":"f6a6078a-c374-4937-9900-ffb494f1a909","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":124,"box":{"x":89,"y":104,"width":496,"height":13}},{"id":"90b818de-e738-45fa-bdce-7e2ddd648fb1","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":131,"width":850,"height":12}},{"id":"caeda79f-ae4e-4327-a0da-ce51d0bfda9b","block_type":"box","text":"benefits offered to all BlackRock employees. 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As compensation for these services, State Street receives certain out-of-pocket costs, transaction fees and","page_number":127,"box":{"x":89,"y":467,"width":832,"height":13}},{"id":"8816eb8b-0e11-4713-86a9-bfa7b1e658a6","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":127,"box":{"x":89,"y":482,"width":872,"height":13}},{"id":"d77c2538-ce77-4b42-bc9d-4f1fb9829b9c","block_type":"box","text":"these operating expenses under the Investment Advisory Agreement as described therein.","page_number":127,"box":{"x":88,"y":497,"width":631,"height":13}},{"id":"4a83529a-712f-4ca9-9ece-5ef86091a4b5","block_type":"box","text":"iShares China Large-Cap ETF, iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor","page_number":127,"box":{"x":88,"y":524,"width":859,"height":12}},{"id":"7fad9dd4-1cbb-4775-94ac-1781a86ea602","block_type":"box","text":"ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares","page_number":127,"box":{"x":88,"y":539,"width":861,"height":12}},{"id":"17e14fe5-180b-4413-8d67-40c950aa6903","block_type":"box","text":"MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":127,"box":{"x":88,"y":554,"width":860,"height":12}},{"id":"9518320c-56b1-47e9-ab4d-c89170198237","block_type":"box","text":"Small-Cap ETF, iShares MSCI USA Min Vol Factor ETF, iShares USA Momentum Factor ETF, iShares MSCI USA Quality","page_number":127,"box":{"x":88,"y":569,"width":845,"height":13}},{"id":"7e893d9e-520a-47fd-b5c1-0d8d5386b4c5","block_type":"box","text":"Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF","page_number":127,"box":{"x":88,"y":584,"width":622,"height":12}},{"id":"e5364a45-90d9-4d25-897b-a15ee03930c1","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":127,"box":{"x":89,"y":611,"width":806,"height":12}},{"id":"73875f09-e4cb-4b12-a22b-41c7cbf01081","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":127,"box":{"x":88,"y":626,"width":853,"height":12}},{"id":"60ecb2bd-c456-49f0-ad78-3f75fd2f2b81","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary administrative, tax and accounting","page_number":127,"box":{"x":89,"y":641,"width":857,"height":12}},{"id":"8ef18699-93db-47d1-9178-90d36bf8de52","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":127,"box":{"x":89,"y":656,"width":866,"height":13}},{"id":"a7245386-8712-48e7-b01a-4785e0a1fff5","block_type":"box","text":"available the office space, equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":127,"box":{"x":89,"y":671,"width":832,"height":13}},{"id":"53eb95a1-2ebb-45b2-a67f-3f5e37ae7855","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities and other assets of the Trust","page_number":127,"box":{"x":88,"y":686,"width":855,"height":13}},{"id":"f4a7c3f2-e664-412d-9825-c67f43f2d1c8","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":127,"box":{"x":89,"y":702,"width":872,"height":12}},{"id":"9157370d-cba8-432c-9ac5-a7c0b4dd1eed","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":127,"box":{"x":88,"y":717,"width":851,"height":12}},{"id":"a229c32d-1b03-429b-bf95-d2fcd75a893c","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the","page_number":127,"box":{"x":89,"y":732,"width":856,"height":12}},{"id":"1e196fe8-768f-4fdc-a9eb-cbed5cdb42b7","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":127,"box":{"x":89,"y":747,"width":862,"height":12}},{"id":"c432ce81-1f73-40bf-bf47-9f7e274f7f1e","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":127,"box":{"x":89,"y":762,"width":855,"height":12}},{"id":"aa6a3ee0-6f9b-45ae-8023-f79dd8d97f9c","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":127,"box":{"x":89,"y":777,"width":818,"height":12}},{"id":"af140923-d1ee-4a52-8783-df87f67ed12c","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":127,"box":{"x":89,"y":792,"width":854,"height":13}},{"id":"b1160312-f050-4154-8291-547d9124a469","block_type":"box","text":"Advisory Agreement as described therein.","page_number":127,"box":{"x":88,"y":807,"width":293,"height":13}},{"id":"0f753c64-9214-455f-bbbb-ef10cb43fe45","block_type":"box","text":"Prior to August 11, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Europe","page_number":127,"box":{"x":89,"y":834,"width":836,"height":12}},{"id":"589351df-0100-4fa0-aab2-50d8cf62beba","block_type":"box","text":"Financials ETF and iShares MSCI Europe Small-Cap ETF.","page_number":127,"box":{"x":89,"y":849,"width":388,"height":12}},{"id":"7262c580-a0e7-4dbc-8c41-4c1c3431d3f4","block_type":"box","text":"97","page_number":127,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4f20de29-fa0c-4c37-a2bc-aba7fe0e7bc3","block_type":"box","text":"Prior to November 10, 2025, State Street served as administrator, custodian and transfer agent for iShares China Large-Cap","page_number":128,"box":{"x":89,"y":44,"width":858,"height":12}},{"id":"09178a3a-956b-4824-a472-890b4ff4e534","block_type":"box","text":"ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF,","page_number":128,"box":{"x":89,"y":59,"width":827,"height":12}},{"id":"57ea7c03-445a-4df4-bcfd-09231414abf9","block_type":"box","text":"iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF and iShares MSCI EAFE Value ETF.","page_number":128,"box":{"x":89,"y":74,"width":735,"height":11}},{"id":"a8ff25cd-8046-47bf-bbc0-fc4352242331","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF","page_number":128,"box":{"x":88,"y":116,"width":876,"height":12}},{"id":"2191987c-4e1e-490d-bd93-6ec65870ef21","block_type":"box","text":"and iShares U.S. Tech Breakthrough Multisector ETF","page_number":128,"box":{"x":88,"y":131,"width":379,"height":12}},{"id":"d9d153e3-d8f3-4963-98b2-6b55bd36f61f","block_type":"box","text":"JPMorgan serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":128,"box":{"x":92,"y":157,"width":818,"height":13}},{"id":"6c773b0f-618e-48de-bea6-c67157189595","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":128,"box":{"x":88,"y":172,"width":479,"height":13}},{"id":"1adadafb-dea8-49e5-adeb-1eb74406e3bb","block_type":"box","text":"th","page_number":128,"box":{"x":570,"y":170,"width":10,"height":7}},{"id":"ff2a5568-f0ef-4514-b98f-32200c063c3b","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Master","page_number":128,"box":{"x":586,"y":172,"width":353,"height":12}},{"id":"f3875dea-5236-49ba-b776-cbea64aae883","block_type":"box","text":"Services Agreement with the Trust, JPMorgan provides necessary administrative, tax and accounting and financial reporting","page_number":128,"box":{"x":88,"y":188,"width":866,"height":12}},{"id":"4dd84ee2-1afe-43fb-9848-2f9d8cfed1e1","block_type":"box","text":"services for the maintenance and operations of the Trust and each Fund. In addition, JPMorgan makes available the office","page_number":128,"box":{"x":89,"y":203,"width":848,"height":12}},{"id":"9e09cf7a-bdda-486b-b901-da1fdb7c7768","block_type":"box","text":"space, equipment, personnel and facilities required to provide such services. Pursuant to the Master Services Agreement with","page_number":128,"box":{"x":89,"y":218,"width":876,"height":12}},{"id":"35e9cf0a-df2e-44ec-ad3f-09ccf936e474","block_type":"box","text":"the Trust, JPMorgan maintains, in separate accounts, cash, securities and other assets of the Trust and each Fund, keeps all","page_number":128,"box":{"x":88,"y":233,"width":861,"height":12}},{"id":"d3a981c5-c905-429d-99e1-857cda148b82","block_type":"box","text":"necessary accounts and records and provides other services. JPMorgan is required, upon the order of the Trust, to deliver","page_number":128,"box":{"x":89,"y":248,"width":845,"height":12}},{"id":"c6d80150-1942-4102-9ecf-e43e4c1dd3da","block_type":"box","text":"securities held by JPMorgan and to make payments for securities purchased by the Trust for each Fund. JPMorgan is","page_number":128,"box":{"x":89,"y":263,"width":809,"height":12}},{"id":"04030db0-a18e-40fe-a8e7-04e6bb8edd92","block_type":"box","text":"authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the U.S. Pursuant","page_number":128,"box":{"x":89,"y":278,"width":878,"height":13}},{"id":"bd91e5da-202f-415b-9dd0-0ba66ab495fa","block_type":"box","text":"to the Master Services Agreement with the Trust, JPMorgan acts as a transfer agent for each Fund’s authorized and issued","page_number":128,"box":{"x":88,"y":293,"width":854,"height":13}},{"id":"44f8937f-bb73-4c26-9e24-9f8c1e8f3ab3","block_type":"box","text":"shares of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these services, JPMorgan","page_number":128,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"d0f7f25c-e58d-41d4-a86d-d70673357b93","block_type":"box","text":"receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by BFA.","page_number":128,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"2862cb8f-b40b-448e-818d-ba24cd0d0e64","block_type":"box","text":"BFA pays the compensation because it has agreed to pay these operating expenses under the Investment Advisory","page_number":128,"box":{"x":89,"y":339,"width":801,"height":12}},{"id":"dd792353-0128-4bb5-894e-1bcb9eb62239","block_type":"box","text":"Agreement as described therein.","page_number":128,"box":{"x":88,"y":354,"width":227,"height":12}},{"id":"8d56a79f-3514-4e1a-818c-4b14f809cb6b","block_type":"box","text":"JPMorgan serves as custodian for certain Funds in connection with certain securities lending activities under a Custody","page_number":128,"box":{"x":88,"y":380,"width":834,"height":13}},{"id":"3295468f-d65d-4aaf-b49a-909e8ac0b569","block_type":"box","text":"Services Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":128,"box":{"x":88,"y":395,"width":540,"height":13}},{"id":"57a130c3-8db3-4b94-bf93-2e424f43636f","block_type":"box","text":"th","page_number":128,"box":{"x":632,"y":393,"width":10,"height":7}},{"id":"5167e5db-c71f-4ab7-84fe-7ef6f7632cba","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the","page_number":128,"box":{"x":648,"y":395,"width":299,"height":12}},{"id":"48f57016-007a-4a51-a162-4597c7557da2","block_type":"box","text":"Custody Services Agreement with BTC and the Trust, JPMorgan provides custody and related services required to facilitate","page_number":128,"box":{"x":89,"y":410,"width":854,"height":13}},{"id":"2b92ce8e-1d4d-439c-8477-c3b51aaf972c","block_type":"box","text":"securities lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending","page_number":128,"box":{"x":89,"y":426,"width":827,"height":12}},{"id":"3ed1f382-15c2-4ccc-b3b5-99fb164c3ee1","block_type":"box","text":"activity in coordination with other funds, maintains custodial records and provides other services. As compensation for these","page_number":128,"box":{"x":89,"y":441,"width":875,"height":12}},{"id":"7a7194fb-d6cb-408d-8bdf-8f221059dece","block_type":"box","text":"services, JPMorgan receives certain fees and expenses paid by BTC from its compensation for its services as securities lending","page_number":128,"box":{"x":89,"y":456,"width":876,"height":12}},{"id":"6e2b11d2-3296-4b75-85d8-3b9e55bb9da0","block_type":"box","text":"agent.","page_number":128,"box":{"x":89,"y":472,"width":42,"height":11}},{"id":"c7086f05-9489-4de9-befb-9edd095c2e09","block_type":"box","text":"Distributor.","page_number":128,"box":{"x":89,"y":497,"width":80,"height":10}},{"id":"5bb7ae5f-9693-413b-abf2-b20fed836a9d","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":128,"box":{"x":178,"y":497,"width":783,"height":13}},{"id":"87c6802a-77ef-4b45-b0c9-be832a074ceb","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":128,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"40895421-e346-4e39-ab09-04d17f2e78dd","block_type":"box","text":"below in the","page_number":128,"box":{"x":89,"y":528,"width":85,"height":9}},{"id":"0e67a5de-eb53-4ace-8e90-9574c55d1707","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":128,"box":{"x":179,"y":528,"width":300,"height":12}},{"id":"6d99dd00-35fc-4c81-b168-35a167eacaaa","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":128,"box":{"x":484,"y":528,"width":473,"height":9}},{"id":"a10c9418-3199-4c54-8acb-a4a5637c28a3","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":128,"box":{"x":89,"y":543,"width":845,"height":12}},{"id":"6c1c5559-171c-4c99-a9f9-54468879b040","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":128,"box":{"x":89,"y":558,"width":846,"height":12}},{"id":"a9e6e0b2-f273-4afa-9a08-2a6010405d7b","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":128,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"7581abaf-4a03-4c54-8be1-fbc9be1eb24b","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":128,"box":{"x":89,"y":588,"width":852,"height":12}},{"id":"8aea2114-87d3-48ce-a379-63afa3b5d242","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":128,"box":{"x":89,"y":603,"width":876,"height":13}},{"id":"7359b763-97b8-4330-9353-210c414de6c0","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":128,"box":{"x":89,"y":618,"width":462,"height":13}},{"id":"c3c13e3d-b955-43e0-8297-c8065c6a3313","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":128,"box":{"x":88,"y":645,"width":829,"height":12}},{"id":"86fc42c1-e0b0-424b-b0a6-fdbac9e5d00c","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":128,"box":{"x":89,"y":660,"width":840,"height":12}},{"id":"f5e42f22-f451-4d87-8d2e-844a89cf7548","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":128,"box":{"x":88,"y":675,"width":861,"height":12}},{"id":"eb5f0e11-0e11-474d-83ca-ec4a6b14e1d2","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":128,"box":{"x":88,"y":690,"width":811,"height":13}},{"id":"096e373f-40b6-4a2f-8ef1-ad2c39f7a549","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":128,"box":{"x":88,"y":717,"width":848,"height":12}},{"id":"7f384fd2-97a6-4bce-8a00-d985ec7282b2","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":128,"box":{"x":89,"y":732,"width":818,"height":12}},{"id":"fe1e5632-a0aa-442d-8127-b80ea2b6d4ee","block_type":"box","text":"participants and/or investor services organizations.","page_number":128,"box":{"x":89,"y":747,"width":357,"height":12}},{"id":"f3493d5c-a9d7-4320-ae43-d173a5b9f2e7","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":128,"box":{"x":89,"y":773,"width":847,"height":13}},{"id":"3c2856de-753d-4036-83c4-2e0926ef74f1","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":128,"box":{"x":89,"y":788,"width":743,"height":13}},{"id":"d3de3547-2602-4026-8d58-ad52593c3234","block_type":"box","text":"Securities Lending.","page_number":128,"box":{"x":88,"y":815,"width":137,"height":12}},{"id":"204aba48-f509-434f-915e-97c331ce435b","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":128,"box":{"x":234,"y":815,"width":681,"height":12}},{"id":"fee7fd3c-2b03-4aca-9238-e770ad7e0f09","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":128,"box":{"x":89,"y":830,"width":872,"height":12}},{"id":"a7d19938-e00f-4e0b-b070-0361caf7d1fc","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":128,"box":{"x":89,"y":845,"width":592,"height":12}},{"id":"cb205b85-934e-4194-8c44-4d4e5292a18f","block_type":"box","text":"98","page_number":128,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"66489cee-e2ba-42a2-800b-fb4176cd9497","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":129,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"23f983b4-0a11-42dc-9533-8fb8ee26da4c","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":129,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"0b47344c-949e-49d4-82ac-02051d675e3b","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":129,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"1e6d7361-fd4e-439a-bb1c-bbf31fe89f18","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":129,"box":{"x":89,"y":89,"width":844,"height":13}},{"id":"ebff551c-cf8e-46bd-8330-8652ebe42d90","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":129,"box":{"x":89,"y":104,"width":859,"height":13}},{"id":"bf418ad8-9c0e-4c0b-9bf0-a574e5f3f0ac","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":129,"box":{"x":89,"y":119,"width":874,"height":13}},{"id":"8f666056-2129-4f11-94f9-22ae389bba63","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":129,"box":{"x":89,"y":135,"width":820,"height":12}},{"id":"ffccce0f-af3d-4cc2-97dc-c3745c8eff04","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load,","page_number":129,"box":{"x":89,"y":150,"width":870,"height":12}},{"id":"a4116606-a568-4dd4-9c5b-926c54cb673c","block_type":"box","text":"redemption fee, distribution fee or service fee.","page_number":129,"box":{"x":89,"y":165,"width":319,"height":12}},{"id":"6b320f75-81b5-4155-b495-5e6176694bcc","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":129,"box":{"x":88,"y":191,"width":841,"height":13}},{"id":"2f85213e-2a2b-4023-b29c-d2bb9c047dda","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":129,"box":{"x":89,"y":206,"width":858,"height":13}},{"id":"b0b93b59-2bea-4753-a05a-294917dec222","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":129,"box":{"x":88,"y":222,"width":844,"height":12}},{"id":"a2e059f1-b5e6-4f7a-8e11-c886dfdc302b","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":129,"box":{"x":88,"y":237,"width":868,"height":12}},{"id":"5931aeb8-834c-4594-9ddc-dad3375a62e5","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":129,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"afdaf23f-b89a-412a-8417-25e51c6f0608","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":129,"box":{"x":88,"y":267,"width":415,"height":12}},{"id":"64362971-be21-4aeb-baeb-c9ca0588b916","block_type":"box","text":"i.e","page_number":129,"box":{"x":504,"y":268,"width":15,"height":9}},{"id":"5c634ffe-397d-474e-8140-1a8e8d435758","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":129,"box":{"x":520,"y":267,"width":429,"height":12}},{"id":"6c521e81-b8d5-4cb0-a357-fa46a343f7bf","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":129,"box":{"x":88,"y":282,"width":879,"height":12}},{"id":"6dc9ff81-7fe4-4c7b-91f9-a4da0bb21333","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":129,"box":{"x":88,"y":297,"width":861,"height":12}},{"id":"7022cbb0-555b-4a7a-ab9d-cf50d3d6a52c","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":129,"box":{"x":88,"y":312,"width":841,"height":13}},{"id":"9be5c985-fbd1-4403-9cba-5a0d151fcbd2","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":129,"box":{"x":89,"y":327,"width":831,"height":13}},{"id":"8130a139-7c4a-4099-84a4-a7278a2b4354","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":129,"box":{"x":89,"y":342,"width":835,"height":13}},{"id":"2fdc75a2-3643-48e0-a6e7-2a5f2b3f29db","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":129,"box":{"x":89,"y":358,"width":464,"height":12}},{"id":"a280109e-81cc-4d6c-be27-9ffe661c9f43","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":129,"box":{"x":89,"y":384,"width":871,"height":12}},{"id":"36ddc406-ad72-43ec-90fa-1a9fd4393509","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":129,"box":{"x":89,"y":399,"width":877,"height":13}},{"id":"a6600886-3d67-4e6b-ba1a-49fdef97e91a","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Trust and BTC.","page_number":129,"box":{"x":89,"y":414,"width":685,"height":13}},{"id":"87cc20ef-c686-48d1-8a97-ddd7baafb5b7","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":129,"box":{"x":89,"y":441,"width":439,"height":12}},{"id":"6dfaffca-80e6-45b6-9017-2c274287a2b5","block_type":"box","text":"(i) domestic equity funds, such as the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor","page_number":129,"box":{"x":89,"y":467,"width":877,"height":13}},{"id":"5c5f667d-d04b-4dd5-b4f1-90eeaabb7bc7","block_type":"box","text":"ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF,","page_number":129,"box":{"x":89,"y":482,"width":836,"height":13}},{"id":"9e0cdc97-c5b6-424e-9b7f-e9a79ad7b65f","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares","page_number":129,"box":{"x":89,"y":497,"width":864,"height":13}},{"id":"a5a7eaf0-7f4f-45d3-9edd-3c97010dab23","block_type":"box","text":"U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech Breakthrough Multisector ETF (“Domestic Equity Funds”), retain 81%","page_number":129,"box":{"x":89,"y":513,"width":872,"height":12}},{"id":"d10e7bb1-bfb5-4b73-a303-78563b146bdb","block_type":"box","text":"of securities lending income (which excludes collateral investment fees) and (ii) this amount could never be less than 70% of","page_number":129,"box":{"x":89,"y":528,"width":877,"height":12}},{"id":"29d28086-c77a-473b-ad5a-a4a5e8d05db3","block_type":"box","text":"the sum of securities lending income plus collateral investment fees","page_number":129,"box":{"x":88,"y":543,"width":474,"height":12}},{"id":"3dcfe50d-0f77-4cac-ba8d-2be465b26218","block_type":"box","text":"(i) international equity funds, such as iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares","page_number":129,"box":{"x":89,"y":569,"width":801,"height":13}},{"id":"1ff119db-e778-410e-b325-8d48d21998f8","block_type":"box","text":"International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min","page_number":129,"box":{"x":89,"y":584,"width":856,"height":13}},{"id":"a4fa880d-a2b7-496f-9cb6-2407eb79f164","block_type":"box","text":"Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares","page_number":129,"box":{"x":88,"y":599,"width":871,"height":13}},{"id":"f283b43e-f677-4619-bd5b-e19efc3bb736","block_type":"box","text":"MSCI Europe Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, and iShares MSCI","page_number":129,"box":{"x":89,"y":615,"width":877,"height":12}},{"id":"41f0b8cc-5e14-48f6-952c-6249c1efdfbd","block_type":"box","text":"Intl Value Factor ETF (“International Equity Funds”), retain 82% of securities lending income (which excludes collateral","page_number":129,"box":{"x":89,"y":630,"width":829,"height":12}},{"id":"55bccb94-d2f2-494e-81a2-44693f6c4aa3","block_type":"box","text":"investment fees) and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral","page_number":129,"box":{"x":89,"y":645,"width":838,"height":12}},{"id":"71b21ed1-032f-4d25-955a-c2737aede00c","block_type":"box","text":"investment fees.","page_number":129,"box":{"x":89,"y":660,"width":112,"height":10}},{"id":"e96edb24-8a12-4d23-9ebe-1c9797fd18e0","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":129,"box":{"x":89,"y":686,"width":863,"height":13}},{"id":"7006b7e2-a139-4cf2-aa41-4d0f8bdfc3d0","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in the","page_number":129,"box":{"x":88,"y":702,"width":679,"height":12}},{"id":"432717e3-fc73-4d45-ace8-3e1f9b82c499","block_type":"box","text":"Management — Trustees","page_number":129,"box":{"x":772,"y":702,"width":178,"height":12}},{"id":"fce89a40-b236-4d49-a0b0-4dc63b067ba1","block_type":"box","text":"and Officers","page_number":129,"box":{"x":88,"y":717,"width":84,"height":11}},{"id":"37d7ea2c-b4eb-4af8-9eed-46f8b05fe86e","block_type":"box","text":"section of this SAI) in a calendar year exceeds specified thresholds, each applicable Fund, pursuant to the","page_number":129,"box":{"x":177,"y":717,"width":737,"height":12}},{"id":"44265451-f1af-4398-a6d5-37bf05fda871","block_type":"box","text":"current Securities Lending Agency Agreement, will receive for the remainder of that calendar year securities lending income","page_number":129,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"518b6785-a96b-48ae-8c9a-80dbf2164e56","block_type":"box","text":"as follows:","page_number":129,"box":{"x":89,"y":747,"width":72,"height":10}},{"id":"0d26f589-76b0-44c0-bcc3-63a1aff59455","block_type":"box","text":"Domestic Equity Funds","page_number":129,"box":{"x":88,"y":773,"width":159,"height":13}},{"id":"b32bef30-caa7-4d49-bd5c-f8dea9f77f50","block_type":"box","text":"(i) 84% of securities lending income (which excludes collateral investment fees); and (ii) this amount can never be less than","page_number":129,"box":{"x":89,"y":800,"width":866,"height":12}},{"id":"35c1f6c9-04ff-4c76-8d99-a6d47fbdea07","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":129,"box":{"x":89,"y":815,"width":532,"height":12}},{"id":"34b98919-8489-44e9-a53f-f2f2c0ed1c20","block_type":"box","text":"International Equity Funds","page_number":129,"box":{"x":88,"y":841,"width":183,"height":13}},{"id":"c72727cc-5aea-4f78-a911-f1c13adb2cc0","block_type":"box","text":"99","page_number":129,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d8f2ffed-d43b-48f8-b4d6-594928dfa5db","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":130,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"e5b82056-35c9-4318-bbfc-ade28fbbef33","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":130,"box":{"x":89,"y":59,"width":532,"height":12}},{"id":"18f7359e-c333-4e58-bd0a-d9fd374e1ae3","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended July 31, 2025 primarily included the following:","page_number":130,"box":{"x":88,"y":85,"width":874,"height":13}},{"id":"51825a43-8456-471b-a63b-c265eeae67c5","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":130,"box":{"x":109,"y":112,"width":817,"height":12}},{"id":"d2aa931e-9ec5-4ac2-b6c8-3bd63cc09188","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":130,"box":{"x":109,"y":127,"width":316,"height":11}},{"id":"446515ea-7cad-4faf-9efe-3d2ed4733d2c","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":130,"box":{"x":109,"y":153,"width":519,"height":13}},{"id":"83d611ed-09ba-4d83-94f8-f6410d47ad7a","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":130,"box":{"x":109,"y":180,"width":314,"height":12}},{"id":"6730025a-9adc-4dba-af79-f7011bab8c75","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":130,"box":{"x":109,"y":206,"width":836,"height":13}},{"id":"ebe71ac5-7448-4419-872e-a9c2f35ebfb1","block_type":"box","text":"excess collateral, as necessary;","page_number":130,"box":{"x":108,"y":222,"width":214,"height":12}},{"id":"40e9cffa-fff7-4042-bdda-ee8ae75c4b72","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":130,"box":{"x":109,"y":248,"width":543,"height":12}},{"id":"c24ef773-c583-41a3-8251-6d39e3e5d25d","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":130,"box":{"x":109,"y":274,"width":652,"height":13}},{"id":"0e5e1302-2bee-4c88-a32d-819269ae7403","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":130,"box":{"x":109,"y":301,"width":821,"height":12}},{"id":"6d632d21-8d78-4e6a-983a-7143f8915093","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":130,"box":{"x":109,"y":316,"width":839,"height":12}},{"id":"91a1d2ac-d67e-44ec-9869-099c32fdaf0a","block_type":"box","text":"securities; and","page_number":130,"box":{"x":108,"y":331,"width":100,"height":11}},{"id":"5efeaf7f-8dc4-4f23-8664-49f2cea9faf0","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":130,"box":{"x":109,"y":358,"width":793,"height":12}},{"id":"67f37e4b-1a87-463e-a465-e34d8b270c69","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":130,"box":{"x":88,"y":384,"width":878,"height":12}},{"id":"50d31074-0a3c-4862-a3b2-47b4ef6721f8","block_type":"box","text":"each Fund during its most recent fiscal year ended July 31, 2025.","page_number":130,"box":{"x":89,"y":399,"width":449,"height":13}},{"id":"9ff80b34-5ec7-42b5-a518-2737ab707d65","block_type":"box","text":"Fund","page_number":130,"box":{"x":89,"y":449,"width":27,"height":8}},{"id":"3489756d-1df9-44fe-9c4d-2cf823564dc6","block_type":"box","text":"iShares China","page_number":130,"box":{"x":350,"y":439,"width":78,"height":8}},{"id":"619e959c-1938-4b13-ac9a-2d07340223bd","block_type":"box","text":"Large-Cap ETF","page_number":130,"box":{"x":347,"y":449,"width":84,"height":10}},{"id":"27630e3a-80ea-4e37-a1b1-9d5a9b22ec79","block_type":"box","text":"iShares ESG Optimized","page_number":130,"box":{"x":481,"y":429,"width":130,"height":10}},{"id":"e3a1f1fe-920b-4982-9f41-e7737efb85e0","block_type":"box","text":"MSCI USA Min Vol","page_number":130,"box":{"x":494,"y":439,"width":104,"height":8}},{"id":"4514a92a-28ba-497d-9e80-f2c173fcb485","block_type":"box","text":"Factor ETF","page_number":130,"box":{"x":517,"y":449,"width":59,"height":8}},{"id":"045a6b50-179d-4e64-bc2f-f5cc0c8a9335","block_type":"box","text":"iShares International","page_number":130,"box":{"x":661,"y":429,"width":119,"height":8}},{"id":"5834b825-8401-413b-88ff-b40c12e24630","block_type":"box","text":"Equity Factor","page_number":130,"box":{"x":684,"y":439,"width":74,"height":10}},{"id":"3a4b0713-c1b9-45a1-9430-39590ace8b10","block_type":"box","text":"ETF","page_number":130,"box":{"x":711,"y":449,"width":20,"height":8}},{"id":"23575f1e-ecc3-49d8-9d4c-d0b354156f0f","block_type":"box","text":"iShares International","page_number":130,"box":{"x":840,"y":429,"width":118,"height":8}},{"id":"108ddeae-8443-446d-8b2e-14bcfb4fbe81","block_type":"box","text":"Small-Cap Equity Factor","page_number":130,"box":{"x":830,"y":439,"width":138,"height":10}},{"id":"1284afff-1620-4c26-bb18-ee0f1cd0b230","block_type":"box","text":"ETF","page_number":130,"box":{"x":889,"y":449,"width":21,"height":8}},{"id":"7e0ef14b-4deb-453b-b37f-8b6c9d64f280","block_type":"box","text":"Gross income from","page_number":130,"box":{"x":89,"y":467,"width":136,"height":9}},{"id":"92d14bec-ec6e-4076-9bc3-283361c2dcbe","block_type":"box","text":"securities","page_number":130,"box":{"x":105,"y":482,"width":68,"height":9}},{"id":"fe5ad53b-39a3-49d3-b1e8-d5734b90aef6","block_type":"box","text":"lending activities","page_number":130,"box":{"x":105,"y":497,"width":121,"height":12}},{"id":"79988656-b8e9-421a-b1df-ae41cd4b54f6","block_type":"box","text":"$2,040,646 $4,703 $272,583 $953,073","page_number":130,"box":{"x":348,"y":467,"width":584,"height":11}},{"id":"95630a53-2ce2-47fc-ac9c-1fb6070a473e","block_type":"box","text":"Fees and/or compensation","page_number":130,"box":{"x":88,"y":516,"width":188,"height":13}},{"id":"dabb6fe6-5db5-4f17-afbe-a2eed8777e86","block_type":"box","text":"for securities lending","page_number":130,"box":{"x":104,"y":531,"width":145,"height":13}},{"id":"b3b9ce30-00a6-44ee-b9a7-f60f2484196a","block_type":"box","text":"activities and","page_number":130,"box":{"x":105,"y":547,"width":92,"height":9}},{"id":"0dfb400e-8a20-43d3-94d3-3c601b310fbb","block_type":"box","text":"related services","page_number":130,"box":{"x":104,"y":562,"width":108,"height":9}},{"id":"3ae2eb62-5aac-4e95-a823-033d9c989548","block_type":"box","text":"Securities lending","page_number":130,"box":{"x":118,"y":579,"width":123,"height":13}},{"id":"27a89362-a303-4898-8bac-9e58a4641d5f","block_type":"box","text":"income paid to","page_number":130,"box":{"x":118,"y":594,"width":104,"height":13}},{"id":"fe7fdeea-35b3-4d1d-976f-a05085d81a4c","block_type":"box","text":"BTC for services as","page_number":130,"box":{"x":119,"y":610,"width":129,"height":9}},{"id":"47f8c520-cbe5-4e0c-87fc-91054f5debcb","block_type":"box","text":"securities","page_number":130,"box":{"x":118,"y":626,"width":65,"height":8}},{"id":"55d794af-0b91-4129-8ee4-e6ed432d059d","block_type":"box","text":"lending agent","page_number":130,"box":{"x":118,"y":640,"width":96,"height":12}},{"id":"cf07f35b-cf30-456a-b255-2b99292a3449","block_type":"box","text":"219,237 33 5,827 84,629","page_number":130,"box":{"x":376,"y":577,"width":556,"height":11}},{"id":"3ae0c59e-bd40-4f6a-86d4-75b6904807d1","block_type":"box","text":"Cash collateral","page_number":130,"box":{"x":118,"y":657,"width":101,"height":10}},{"id":"83261ccf-0676-4d3c-83d2-30e416a9809c","block_type":"box","text":"management","page_number":130,"box":{"x":118,"y":674,"width":94,"height":11}},{"id":"4efbb65a-7ac4-450f-b507-3cb947a3507f","block_type":"box","text":"expenses not included in","page_number":130,"box":{"x":118,"y":688,"width":173,"height":12}},{"id":"009c3552-06e6-419f-8cf9-0b0a7f23515a","block_type":"box","text":"securities lending","page_number":130,"box":{"x":118,"y":703,"width":121,"height":12}},{"id":"fdc84e9a-f8b3-4cbc-a329-9d6dd9d2f1b6","block_type":"box","text":"income paid to 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BFA Entities have agreed to facilitate the","page_number":136,"box":{"x":89,"y":150,"width":844,"height":12}},{"id":"84e5038f-52af-40dd-81df-8078d09b2819","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":136,"box":{"x":89,"y":165,"width":831,"height":12}},{"id":"d84c9d58-ca10-4502-b243-ad9664a4a565","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":136,"box":{"x":89,"y":180,"width":840,"height":12}},{"id":"4d634bcb-da79-4140-a6e7-2847d68e4147","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":136,"box":{"x":89,"y":195,"width":856,"height":12}},{"id":"67d94e0d-6185-4e29-b057-6040d959267f","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":136,"box":{"x":88,"y":210,"width":529,"height":13}},{"id":"7b56f757-c93a-46de-8915-d41d26d1649f","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":136,"box":{"x":89,"y":237,"width":873,"height":12}},{"id":"af169d54-80a5-4080-b11b-4dd12cec352f","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":136,"box":{"x":88,"y":252,"width":824,"height":12}},{"id":"9afb63a0-b237-4ee3-b8ef-b653f4108ac2","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":136,"box":{"x":89,"y":267,"width":868,"height":12}},{"id":"be0493d4-2a08-4410-991e-b86ebd1dbc07","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":136,"box":{"x":89,"y":282,"width":844,"height":12}},{"id":"f19ea9a2-8b05-4cda-9aa0-7b8e127e8a1b","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":136,"box":{"x":89,"y":297,"width":871,"height":12}},{"id":"a98d9b28-1d0d-4673-bbd5-ca08819b5c45","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":136,"box":{"x":88,"y":312,"width":850,"height":13}},{"id":"fbb9428e-5da2-4e09-ba93-67c6df6614e2","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":136,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"3235c65e-6800-4dff-9c38-03d2d1d44d1f","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":136,"box":{"x":89,"y":342,"width":864,"height":13}},{"id":"de64a956-4508-4f35-944b-32f6f7c15024","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":136,"box":{"x":89,"y":358,"width":861,"height":12}},{"id":"171dc935-9d8e-45b0-9fb1-f9ca65c37602","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":136,"box":{"x":89,"y":373,"width":807,"height":12}},{"id":"35811ed5-a93c-4cdb-abf4-ca8d38483c35","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":136,"box":{"x":89,"y":388,"width":871,"height":12}},{"id":"d295e463-3a2a-44dc-ba84-01288f6ae60b","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":136,"box":{"x":89,"y":403,"width":875,"height":12}},{"id":"be7c60c5-0756-481c-96dc-0d75a9bc1302","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":136,"box":{"x":89,"y":418,"width":851,"height":12}},{"id":"bb42e80f-7774-41b9-af33-38f3e5f62319","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":136,"box":{"x":89,"y":433,"width":855,"height":13}},{"id":"b0762a7f-1c09-4f96-9ad8-7e08724bfc99","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":136,"box":{"x":88,"y":448,"width":821,"height":13}},{"id":"5136acbd-bbb6-451f-9d49-9ecfde961eda","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":136,"box":{"x":89,"y":463,"width":780,"height":13}},{"id":"e4255409-24e3-4d5e-93ea-ae2bc6997095","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":136,"box":{"x":89,"y":479,"width":839,"height":12}},{"id":"85f39b6a-4142-4e7d-b1d1-74799e2f84df","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":136,"box":{"x":89,"y":494,"width":821,"height":12}},{"id":"76357167-2b1c-40c7-9231-c880d9f7165f","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":136,"box":{"x":89,"y":509,"width":847,"height":12}},{"id":"eefe1c9e-3329-490d-87e6-244c9e066e13","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":136,"box":{"x":89,"y":524,"width":858,"height":12}},{"id":"019d42db-ebb0-4690-ab5c-ba2b97e961f1","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":136,"box":{"x":89,"y":539,"width":877,"height":12}},{"id":"0e03f942-2d2b-4a7b-826f-f5fa8e0cac19","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":136,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"6eade2a2-52da-4bd4-bf68-2cbd78b594a4","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":136,"box":{"x":88,"y":569,"width":878,"height":13}},{"id":"2db920fa-138e-400f-a61b-5d123d4f8f4f","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":136,"box":{"x":88,"y":584,"width":842,"height":13}},{"id":"93c57c80-ba68-4fa6-8f66-61506977985e","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":136,"box":{"x":89,"y":599,"width":637,"height":13}},{"id":"89512125-3c65-4bb6-9569-3338d29488b3","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":136,"box":{"x":89,"y":626,"width":861,"height":12}},{"id":"54193e37-0c13-431b-b77e-a3282f218d3d","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":136,"box":{"x":89,"y":641,"width":870,"height":12}},{"id":"66806e29-1790-490b-9f25-38b8e21e1d9e","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":136,"box":{"x":89,"y":656,"width":826,"height":13}},{"id":"d064058c-c2ef-4fb3-a27d-bdfa693eb4c8","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":136,"box":{"x":89,"y":671,"width":821,"height":13}},{"id":"15204b6f-ac88-4dd8-86d4-8723d54687a5","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":136,"box":{"x":89,"y":686,"width":805,"height":13}},{"id":"45fa6cf4-25c2-4f5a-b7ea-ca7007e83043","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":136,"box":{"x":89,"y":702,"width":862,"height":12}},{"id":"2d4a8af9-6663-49de-818c-519f3955e999","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":136,"box":{"x":88,"y":717,"width":835,"height":12}},{"id":"24aad452-4ff9-4187-a87b-bffbc46ff850","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":136,"box":{"x":89,"y":732,"width":823,"height":12}},{"id":"aac1bf24-a512-4f81-8b1b-e68973c37c0d","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":136,"box":{"x":89,"y":747,"width":578,"height":12}},{"id":"fd0b4ff0-daa7-4f24-98d7-c983d95d638f","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":136,"box":{"x":88,"y":773,"width":864,"height":13}},{"id":"2c1ad87d-1b06-4e88-afc9-87c4dedcf45a","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":136,"box":{"x":89,"y":788,"width":814,"height":13}},{"id":"55cf5378-fdee-4215-bbbd-8e0600df9be5","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":136,"box":{"x":89,"y":804,"width":859,"height":12}},{"id":"6eaad614-d47c-4393-adc8-c15ef58ffe4f","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":136,"box":{"x":88,"y":819,"width":865,"height":12}},{"id":"e70baec2-6a61-41b0-aafd-566318c7b6e3","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":136,"box":{"x":88,"y":834,"width":847,"height":12}},{"id":"89ec75f1-63f1-4c7d-8a96-4c0886cf2f11","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":136,"box":{"x":89,"y":849,"width":851,"height":12}},{"id":"9f33c176-9996-47de-8f75-e0b56288ec85","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":136,"box":{"x":89,"y":864,"width":722,"height":12}},{"id":"966b5977-591f-45d4-a026-d31982d0cf18","block_type":"box","text":"106","page_number":136,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"0a06df91-7f99-4f10-a037-e6f66121e842","block_type":"box","text":"Determination of Net Asset Value","page_number":137,"box":{"x":91,"y":44,"width":558,"height":24}},{"id":"02913a09-3ee4-4586-bb55-39b9e0881b70","block_type":"box","text":"Valuation of Shares.","page_number":137,"box":{"x":88,"y":85,"width":144,"height":10}},{"id":"b86b3155-e733-4560-acc9-cbd9c8b8bea7","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":137,"box":{"x":237,"y":85,"width":717,"height":13}},{"id":"82a6337d-d394-4a4d-9785-534502020835","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":137,"box":{"x":88,"y":101,"width":877,"height":12}},{"id":"78aed7d0-47ac-4e37-a2db-8222f0153f84","block_type":"box","text":"by a Fund is as follows:","page_number":137,"box":{"x":89,"y":116,"width":159,"height":12}},{"id":"804742db-d0b3-4abd-bab9-0bd627affd6f","block_type":"box","text":"Equity Investments.","page_number":137,"box":{"x":89,"y":143,"width":139,"height":11}},{"id":"fc60c3fa-9f72-4a2f-be1f-494b13f5cae7","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":137,"box":{"x":235,"y":142,"width":429,"height":12}},{"id":"9eb1bd00-3865-4068-ae94-a0af7ca369cf","block_type":"box","text":"e.g.","page_number":137,"box":{"x":665,"y":145,"width":23,"height":9}},{"id":"78cdf949-ea42-420e-8958-81341b4fadf7","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":137,"box":{"x":690,"y":142,"width":277,"height":12}},{"id":"c3430d05-0005-4698-9141-10fb8482afcf","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":137,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"b6cd3697-26f6-47cb-976c-55eb2ab9afd5","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":137,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"0e064bc1-0fd9-499a-a4fd-939c53c5e2b8","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":137,"box":{"x":89,"y":188,"width":874,"height":12}},{"id":"65c2937b-3de4-4f45-8d9f-7ad2246f036a","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":137,"box":{"x":89,"y":203,"width":841,"height":12}},{"id":"0ae08538-385c-42ac-8927-6b35dfe22e33","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":137,"box":{"x":89,"y":218,"width":872,"height":12}},{"id":"2e3dc80f-7596-4633-a8aa-7637aad1e0d5","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":137,"box":{"x":88,"y":233,"width":838,"height":12}},{"id":"22ca66ec-e36b-4bdb-8ad9-428bf68fb14e","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":137,"box":{"x":88,"y":248,"width":848,"height":12}},{"id":"937e2050-d33f-46e4-9e77-02c47899483e","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":137,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"c5cbbeba-2814-416f-a421-8b6ee3a126e8","block_type":"box","text":"below).","page_number":137,"box":{"x":89,"y":278,"width":50,"height":13}},{"id":"ce0b3ed5-c00d-4008-8f7d-37e0186a89bf","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":137,"box":{"x":89,"y":305,"width":337,"height":12}},{"id":"45ea1838-9137-40f9-bdeb-0a5b0c37265d","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":137,"box":{"x":432,"y":305,"width":518,"height":12}},{"id":"ac601764-17e3-4635-9e70-18b629b803f2","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":137,"box":{"x":89,"y":320,"width":874,"height":12}},{"id":"12c693ec-9945-4be2-8bc1-f9555d2fcca7","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":137,"box":{"x":89,"y":335,"width":868,"height":12}},{"id":"992f1a72-4967-443e-b690-1c7b20abf314","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":137,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"2ca8df36-75fc-46d0-b0e6-c9baa4525a88","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":137,"box":{"x":89,"y":365,"width":873,"height":12}},{"id":"b94fdfc7-74ff-4b8b-af6a-a58abb8bf463","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":137,"box":{"x":89,"y":380,"width":850,"height":13}},{"id":"63ca13e5-dc5d-43ab-8050-cbe2e3fcc941","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":137,"box":{"x":89,"y":395,"width":871,"height":13}},{"id":"a21ced71-ebaa-416b-94f3-ef2f417449ba","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives, may be valued using a","page_number":137,"box":{"x":89,"y":410,"width":859,"height":13}},{"id":"0c04d528-168e-4ff3-97f5-110ebd4189d1","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":137,"box":{"x":89,"y":426,"width":824,"height":12}},{"id":"64371c67-3cc5-4c7c-8231-1608b76f3733","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":137,"box":{"x":88,"y":441,"width":857,"height":12}},{"id":"596fba01-8cff-49a6-8904-476e003e5d50","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":137,"box":{"x":88,"y":456,"width":874,"height":12}},{"id":"131739ab-f49a-4f93-94eb-bd43bc7fa431","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":137,"box":{"x":89,"y":471,"width":368,"height":10}},{"id":"ca1deb7c-df50-48a4-8070-8ce570d0b687","block_type":"box","text":"Underlying Funds.","page_number":137,"box":{"x":89,"y":497,"width":130,"height":13}},{"id":"0a774a85-68e9-4dc1-b7dc-57878d4b238f","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":137,"box":{"x":224,"y":497,"width":694,"height":13}},{"id":"9a0c79ec-9be0-45f4-9d24-5af931c6cb3e","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":137,"box":{"x":89,"y":513,"width":759,"height":12}},{"id":"6209cafd-72be-4ecc-a295-c9afd8418ff3","block_type":"box","text":"General Valuation Information.","page_number":137,"box":{"x":89,"y":539,"width":222,"height":10}},{"id":"98fd0a3d-9f2b-4606-b8dd-f9ef9bea6c31","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":137,"box":{"x":317,"y":539,"width":612,"height":12}},{"id":"9babd8e2-1c92-4f46-a992-f4e5bf312f21","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":137,"box":{"x":89,"y":554,"width":836,"height":10}},{"id":"14ff8e2a-0008-45f4-9ef5-f960d7e42dc5","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":137,"box":{"x":88,"y":569,"width":853,"height":13}},{"id":"6c7ddb87-5f00-4438-8d73-b079b68b1daf","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":137,"box":{"x":88,"y":584,"width":813,"height":13}},{"id":"7d5e0c5a-ce24-454a-aa63-92d6195e780f","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":137,"box":{"x":89,"y":599,"width":700,"height":13}},{"id":"923c74da-0e8e-4fde-a7a9-aca6901bfba2","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":137,"box":{"x":88,"y":626,"width":867,"height":12}},{"id":"211102f7-662a-4cd4-8865-9ad1b5ed5e9f","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":137,"box":{"x":89,"y":641,"width":866,"height":12}},{"id":"39a53599-b960-4aca-b02b-e474486641fc","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":137,"box":{"x":89,"y":656,"width":859,"height":13}},{"id":"771b3c70-8429-47e1-82b2-2ddc31618cb4","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":137,"box":{"x":89,"y":671,"width":846,"height":13}},{"id":"e91d66aa-6137-4b03-a10c-91ea9dc18bbe","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":137,"box":{"x":89,"y":686,"width":876,"height":13}},{"id":"084b1715-79a7-40b7-a771-943956c1da63","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":137,"box":{"x":89,"y":702,"width":439,"height":12}},{"id":"ef1e5285-dfb1-4723-b7aa-de5d3d0bc7f6","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":137,"box":{"x":88,"y":728,"width":627,"height":12}},{"id":"f1b1e464-737b-422f-a3e5-6b87ef03cb29","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":137,"box":{"x":89,"y":754,"width":871,"height":13}},{"id":"06495880-40c7-469d-a0d1-633f032b7372","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":137,"box":{"x":88,"y":770,"width":823,"height":12}},{"id":"2f19cc2e-8b09-433b-9771-91a98ba7a5d7","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":137,"box":{"x":89,"y":785,"width":843,"height":12}},{"id":"cc229baf-6133-4f0e-b19a-71ae4ab214d0","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":137,"box":{"x":89,"y":800,"width":836,"height":12}},{"id":"1b451d8e-43eb-45f6-ba5c-ebc2a0b2c100","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":137,"box":{"x":89,"y":815,"width":862,"height":12}},{"id":"ed82a351-a856-432e-80c6-5ffd412c4d75","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":137,"box":{"x":89,"y":830,"width":805,"height":12}},{"id":"f782d028-24b7-4375-a168-62e55ee3f061","block_type":"box","text":"107","page_number":137,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"24a1e178-6233-4e3d-8e7f-e570ce98f01e","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":138,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"c625c3f7-cc91-42b8-8ff6-2462301a768c","block_type":"box","text":"a Fund’s NAV and the prices used in the Underlying Index, which, in turn, could result in a difference between a Fund’s","page_number":138,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"fcf35b16-4a6d-4141-b4a6-331819338402","block_type":"box","text":"performance and the performance of the Underlying Index.","page_number":138,"box":{"x":89,"y":74,"width":413,"height":12}},{"id":"2ebba697-87f7-4578-823f-5d213c8ef6b5","block_type":"box","text":"Fair Value.","page_number":138,"box":{"x":89,"y":101,"width":73,"height":9}},{"id":"03840c03-96f5-4080-af4a-91bfa0cd0c50","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":138,"box":{"x":167,"y":101,"width":796,"height":12}},{"id":"6b80a53d-6019-4aba-8de6-27d3120a3ae3","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":138,"box":{"x":88,"y":116,"width":854,"height":12}},{"id":"68919663-0524-4c82-812b-92eeeb0ca4f0","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":138,"box":{"x":89,"y":131,"width":820,"height":12}},{"id":"d14d16c1-a429-48f4-853b-24ae0516beb2","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":138,"box":{"x":89,"y":146,"width":837,"height":12}},{"id":"0edef279-e4cf-4339-81ec-6fdbd04e00b2","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":138,"box":{"x":89,"y":161,"width":855,"height":12}},{"id":"002b66d9-e5ff-4e6e-b7a7-f5986b237b7c","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":138,"box":{"x":89,"y":176,"width":851,"height":13}},{"id":"c2d0cd3c-8c86-428d-8505-12a4479c6af2","block_type":"box","text":"unreliable (","page_number":138,"box":{"x":89,"y":191,"width":77,"height":13}},{"id":"309329b9-8711-4c85-a7ed-cc9b81689231","block_type":"box","text":"e.g.","page_number":138,"box":{"x":167,"y":194,"width":23,"height":10}},{"id":"93060be6-011a-43ed-9f8e-56a991a80369","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":138,"box":{"x":192,"y":191,"width":745,"height":13}},{"id":"090506cf-d9ae-4db2-bf5c-2f8cff1fb5cc","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":138,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"148b6192-3ccc-4712-a1de-bf0c52b599f6","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":138,"box":{"x":88,"y":222,"width":822,"height":12}},{"id":"86b6f9a4-c1e6-4dc8-8919-69fe23df5f6d","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":138,"box":{"x":89,"y":237,"width":860,"height":12}},{"id":"369f0955-fc9f-4e1e-a71b-8c4fa5310d70","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":138,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"ff7315cc-a2e4-49c2-912d-783ca9c12e59","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":138,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"9d7abf26-97f4-4bc7-ace5-5a469a9f0751","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":138,"box":{"x":89,"y":282,"width":864,"height":12}},{"id":"90f82b66-0fff-4519-ba7b-646aa0605934","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":138,"box":{"x":89,"y":297,"width":858,"height":12}},{"id":"ecdfba5f-66c1-4c18-a2ee-893784304b92","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":138,"box":{"x":89,"y":312,"width":829,"height":13}},{"id":"763f515a-548c-492a-9220-48e6ecbc2ec5","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":138,"box":{"x":89,"y":327,"width":573,"height":13}},{"id":"d39db6f0-59c1-40f0-a608-8e00b929dae4","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":138,"box":{"x":89,"y":354,"width":874,"height":12}},{"id":"6ae19680-245f-40af-a0f8-3442975dbdfb","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":138,"box":{"x":89,"y":369,"width":787,"height":12}},{"id":"fb7a6089-1bf5-400b-9a97-40d02ae5e070","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":138,"box":{"x":89,"y":384,"width":867,"height":12}},{"id":"6365a1a5-bbde-4a29-820c-0ad3ce55b5c8","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":138,"box":{"x":89,"y":399,"width":559,"height":13}},{"id":"63a9a386-c255-4f1f-b8ae-0d3429573052","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":138,"box":{"x":89,"y":426,"width":843,"height":12}},{"id":"a05d0e47-e1b2-4d6d-a5da-c171775cf7b8","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":138,"box":{"x":89,"y":441,"width":874,"height":12}},{"id":"710cfb4a-a356-4291-98ee-a13038e43f31","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":138,"box":{"x":89,"y":456,"width":847,"height":12}},{"id":"686dbb66-6659-4c82-83e0-234b4fb31fae","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":138,"box":{"x":89,"y":471,"width":676,"height":12}},{"id":"16a12588-2f46-4170-8309-56e176916df1","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":138,"box":{"x":88,"y":497,"width":868,"height":13}},{"id":"cd1b0150-2513-4c82-a3bd-704adebeb06f","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":138,"box":{"x":88,"y":513,"width":838,"height":12}},{"id":"d10809e9-c9e8-41c2-ad88-736cc5e5e38e","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":138,"box":{"x":89,"y":528,"width":847,"height":12}},{"id":"b347b131-f60a-4aa8-b5ab-809002ce29af","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":138,"box":{"x":89,"y":543,"width":856,"height":12}},{"id":"dc4c3ecf-65ce-470e-a61a-72234527edda","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":138,"box":{"x":89,"y":558,"width":877,"height":12}},{"id":"5b717cea-686a-4a7b-99d4-ac3f21c47a07","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":138,"box":{"x":89,"y":573,"width":397,"height":12}},{"id":"e02e735d-5605-4809-a5c7-91387f0140d0","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":138,"box":{"x":89,"y":599,"width":848,"height":13}},{"id":"a1ac13e2-5e6d-4600-ab88-cec6db802ffa","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":138,"box":{"x":89,"y":615,"width":865,"height":12}},{"id":"bd940b0c-12d4-4f48-8d2a-1f6a739be241","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":138,"box":{"x":89,"y":630,"width":878,"height":12}},{"id":"c241cead-79c2-4195-b9ca-5a843cf0755b","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":138,"box":{"x":89,"y":645,"width":795,"height":12}},{"id":"a5ca7842-3f9f-4301-971b-ad0d670928ac","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":138,"box":{"x":88,"y":660,"width":839,"height":12}},{"id":"da6f5b59-78b3-4cde-84d9-e94193af6440","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":138,"box":{"x":89,"y":675,"width":801,"height":12}},{"id":"44198819-d729-4883-bb85-c7e7aa441a4b","block_type":"box","text":"investment.","page_number":138,"box":{"x":89,"y":691,"width":80,"height":9}},{"id":"e04ded13-3725-45b0-859d-939a9ec6df40","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":138,"box":{"x":88,"y":717,"width":865,"height":12}},{"id":"cea23d31-02ff-43ed-b601-7953631fd8cf","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":138,"box":{"x":89,"y":732,"width":843,"height":12}},{"id":"e17ca533-b4ee-4021-bd23-be310535d62d","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":138,"box":{"x":89,"y":747,"width":850,"height":12}},{"id":"03c03363-f35d-4c8d-9221-154c001e954e","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":138,"box":{"x":89,"y":762,"width":540,"height":12}},{"id":"949146af-b665-49c7-9ac0-26c8f5564bcf","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":138,"box":{"x":89,"y":788,"width":843,"height":13}},{"id":"b23073d0-1bfc-4855-893f-d97c57c4b620","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":138,"box":{"x":89,"y":804,"width":795,"height":12}},{"id":"f4eee411-add3-4e03-8df0-1b2d4f06441b","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":138,"box":{"x":88,"y":819,"width":838,"height":12}},{"id":"aa56f447-91e3-4121-9e0a-dfd28a896502","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":138,"box":{"x":89,"y":834,"width":835,"height":12}},{"id":"42c839eb-f198-4a00-8e0f-424a50c1f3b7","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":138,"box":{"x":89,"y":849,"width":499,"height":12}},{"id":"48fb82c1-f2aa-4af0-8982-afc0149804ae","block_type":"box","text":"108","page_number":138,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"a4a0dad9-96b5-4676-b69b-c2ed48cfdf03","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":139,"box":{"x":89,"y":44,"width":870,"height":12}},{"id":"71c18492-9d49-471e-91a7-ce84a4b7334d","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":139,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"4b2d945d-55cd-4e21-9567-d62409453ead","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":139,"box":{"x":88,"y":74,"width":863,"height":12}},{"id":"69ebe9e9-3419-4f5e-9d20-7a717cdc7866","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":139,"box":{"x":88,"y":89,"width":863,"height":13}},{"id":"24284050-7a08-4912-9599-5f4fcfdb974f","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":139,"box":{"x":89,"y":104,"width":778,"height":13}},{"id":"bc6a14bd-90d4-4a03-a254-aa18f1a5d989","block_type":"box","text":"Brokerage Transactions","page_number":139,"box":{"x":91,"y":135,"width":390,"height":30}},{"id":"e39b4c7a-4dbd-4df1-8e52-eaf3cd5eb239","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":139,"box":{"x":88,"y":176,"width":863,"height":13}},{"id":"c88ccd51-ce6a-4acb-b4ca-774ceac9d22a","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":139,"box":{"x":89,"y":191,"width":835,"height":13}},{"id":"f2f6e4b1-8072-48d5-933d-11124ac67a50","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":139,"box":{"x":89,"y":206,"width":824,"height":13}},{"id":"a2564884-e9d4-4cbc-ab0a-12d7a18d060c","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":139,"box":{"x":89,"y":222,"width":877,"height":12}},{"id":"8a0b985e-3f45-402a-9c3c-b045d0da2447","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":139,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"b048caf8-501a-4ced-90d3-b423d93dfee4","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":139,"box":{"x":89,"y":252,"width":805,"height":12}},{"id":"21868bd1-6947-4a78-ab38-ed98016a7424","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":139,"box":{"x":89,"y":267,"width":851,"height":12}},{"id":"ab1921c9-e153-4d56-a713-37d144800d85","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":139,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"7fb525ac-e659-4141-81a5-5c5afb0d3677","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":139,"box":{"x":89,"y":297,"width":807,"height":12}},{"id":"a2abec9d-04d7-4e01-bab1-4b7646696288","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":139,"box":{"x":89,"y":312,"width":664,"height":13}},{"id":"497c7fbc-7128-40eb-be3f-c612ffcc4c1e","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":139,"box":{"x":89,"y":339,"width":825,"height":12}},{"id":"a9489a60-784f-4478-a126-19a209f9e888","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":139,"box":{"x":89,"y":354,"width":878,"height":12}},{"id":"50df6817-4acc-4dc6-88e9-ff3ebb5d03e2","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":139,"box":{"x":89,"y":369,"width":846,"height":12}},{"id":"b7627b42-cd16-4518-ab5a-0b61e8f40afd","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":139,"box":{"x":89,"y":384,"width":865,"height":12}},{"id":"3d69078b-63cc-4593-a5a5-4989002d4833","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":139,"box":{"x":88,"y":399,"width":835,"height":13}},{"id":"2bc35e7b-f88a-4b1b-bcb6-58b7b8b94aeb","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":139,"box":{"x":89,"y":414,"width":860,"height":13}},{"id":"dbb9a2b8-3e60-4868-89fc-2e482de0e682","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":139,"box":{"x":89,"y":429,"width":816,"height":13}},{"id":"b8e6abbc-295d-490a-b8b8-e0913edba132","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":139,"box":{"x":89,"y":445,"width":846,"height":12}},{"id":"40c67af6-9fa4-459c-8c1d-982e93051ac4","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":139,"box":{"x":88,"y":460,"width":870,"height":12}},{"id":"5206e4db-89be-47aa-ba25-8fba1cb5cf1b","block_type":"box","text":"other circumstances.","page_number":139,"box":{"x":89,"y":475,"width":146,"height":9}},{"id":"7856eb38-c719-461c-9fe5-0dfaa8d72b9f","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":139,"box":{"x":88,"y":501,"width":863,"height":13}},{"id":"ca418649-8fb5-4ab8-a407-f86d6443ed2c","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":139,"box":{"x":89,"y":516,"width":844,"height":13}},{"id":"60a68d90-dd58-4098-b53d-955e060d255f","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":139,"box":{"x":89,"y":531,"width":871,"height":13}},{"id":"e97c8d19-84d8-4dcd-b27b-bb2d1e0e4f9f","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":139,"box":{"x":89,"y":547,"width":839,"height":12}},{"id":"f1b91b7b-cfdc-4634-bee0-c39bfc18aa85","block_type":"box","text":"under certain conditions.","page_number":139,"box":{"x":89,"y":562,"width":174,"height":9}},{"id":"ff45be5d-42b0-429f-b0cc-ababa78adf35","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":139,"box":{"x":89,"y":588,"width":869,"height":12}},{"id":"7aa6d828-d5d2-44fe-b5b1-77bd4c76b04d","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":139,"box":{"x":89,"y":603,"width":844,"height":13}},{"id":"189fe0c5-513f-45e3-927c-33d06d727761","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":139,"box":{"x":89,"y":618,"width":831,"height":13}},{"id":"2c9d4cc7-fb86-4c95-8f18-b8083aaa3387","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":139,"box":{"x":89,"y":633,"width":807,"height":13}},{"id":"aabf8523-6b1e-43be-8d1c-7b36333b6263","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":139,"box":{"x":88,"y":649,"width":605,"height":12}},{"id":"267aaaef-94db-4ade-b79a-d56e537c3cd4","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":139,"box":{"x":88,"y":675,"width":868,"height":12}},{"id":"2c1de5af-3e5a-4151-86c0-11cd59baa9a3","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":139,"box":{"x":88,"y":690,"width":849,"height":13}},{"id":"08bfa915-1ade-41a1-b01e-c3930b8dba67","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":139,"box":{"x":89,"y":705,"width":857,"height":13}},{"id":"d6db49a0-a0eb-4d7b-a2bd-b6bb1eee8bf4","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":139,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"16a28cda-53fd-4224-861b-d656e78bc5d8","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":139,"box":{"x":88,"y":736,"width":330,"height":12}},{"id":"c5af245b-1e06-423c-b70c-dec1b594f04f","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":139,"box":{"x":89,"y":762,"width":842,"height":12}},{"id":"58431912-9f9a-420c-a752-88b534f5d94e","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":139,"box":{"x":88,"y":777,"width":861,"height":12}},{"id":"263bc932-13e8-49d3-94fc-4a6afa13a5a5","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":139,"box":{"x":89,"y":792,"width":811,"height":13}},{"id":"3890810e-4960-4875-a3f8-37c619444abd","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":139,"box":{"x":89,"y":807,"width":853,"height":13}},{"id":"c89d84ff-123c-4e47-a0c3-18bddb6332d8","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":139,"box":{"x":88,"y":822,"width":875,"height":13}},{"id":"96c5476e-0da3-4e4e-95d0-0c89059c93c2","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":139,"box":{"x":88,"y":838,"width":501,"height":12}},{"id":"7162f719-784b-49e2-8534-ce04af8b096a","block_type":"box","text":"109","page_number":139,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"3a7cd71f-0202-48d9-96dc-1a426d7cdda1","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":140,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"81814391-fe54-459a-a6b9-96d63e16e9b6","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":140,"box":{"x":88,"y":59,"width":820,"height":12}},{"id":"62b4e09a-0163-49f8-9d77-f87c159dd716","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":140,"box":{"x":88,"y":74,"width":845,"height":12}},{"id":"5593ef28-a632-4cb9-bc56-212ae56f2aff","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":140,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"fe9db2e6-3994-4037-b5dd-c4b834be5d0e","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":140,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"20b86ea8-fa56-49a4-9584-412d1cd91795","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":140,"box":{"x":89,"y":119,"width":853,"height":13}},{"id":"721c9d16-5fac-43b1-981c-4d069dd359ee","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":140,"box":{"x":88,"y":135,"width":875,"height":12}},{"id":"f3aff9fe-5a02-4e3b-805c-180ea51c2762","block_type":"box","text":"Act.","page_number":140,"box":{"x":88,"y":150,"width":27,"height":9}},{"id":"dbe1aa07-13c5-41ac-b203-8b7c70bb50f9","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":140,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"d56db169-b71a-466e-8d71-790791c814e6","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":140,"box":{"x":89,"y":191,"width":860,"height":13}},{"id":"d9cd0729-d413-495f-913e-ea1ad0d0a77e","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":140,"box":{"x":89,"y":206,"width":855,"height":13}},{"id":"41f881de-7b2e-46c9-8a0d-ececb83adb87","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":140,"box":{"x":89,"y":222,"width":472,"height":12}},{"id":"40afa6f4-f3bf-4f7f-9104-872566babf56","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":140,"box":{"x":89,"y":248,"width":831,"height":12}},{"id":"22991d9f-6d7b-4c30-8b86-1ab5da889353","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":140,"box":{"x":89,"y":263,"width":865,"height":12}},{"id":"40e0affa-21cb-462a-bc97-fc6c4026545a","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":140,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"a57626d3-4952-4de2-ad89-09c30d49d942","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":140,"box":{"x":89,"y":293,"width":364,"height":13}},{"id":"14fb4ace-7615-4aa7-afd1-33166a4e6227","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":140,"box":{"x":88,"y":320,"width":874,"height":12}},{"id":"b491dbb4-3cc3-48f7-81b9-f7a665ee329c","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":140,"box":{"x":88,"y":335,"width":824,"height":12}},{"id":"b517e75d-535c-447c-b33c-56105d4f5b9e","block_type":"box","text":"commissions or discounts are paid.","page_number":140,"box":{"x":89,"y":350,"width":246,"height":12}},{"id":"0e39e6c7-93d0-40a0-9a8e-4f46dee211c1","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":140,"box":{"x":89,"y":376,"width":847,"height":13}},{"id":"40561a0b-070e-4cf5-ba61-eddb5da6b25a","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":140,"box":{"x":89,"y":392,"width":835,"height":12}},{"id":"c489b9ad-1f7e-45e3-9516-b8c9511d0afc","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":140,"box":{"x":89,"y":407,"width":854,"height":12}},{"id":"8e9dfd7d-1630-4c72-9079-e2caa36e78a2","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":140,"box":{"x":89,"y":422,"width":854,"height":12}},{"id":"e682ca0e-4072-48c8-b5d5-098452dbcb39","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":140,"box":{"x":89,"y":437,"width":842,"height":12}},{"id":"f5836356-a171-47fe-a95c-afd9f8dbaa05","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":140,"box":{"x":89,"y":452,"width":845,"height":12}},{"id":"8a2e3160-1c41-4c26-a424-0014e5ac1563","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":140,"box":{"x":89,"y":467,"width":812,"height":13}},{"id":"c6d5bec4-c181-486c-b0cd-b7271d823f86","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":140,"box":{"x":89,"y":482,"width":876,"height":13}},{"id":"f46d3ac6-2965-4c0d-975e-e8578e368bbf","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":140,"box":{"x":89,"y":497,"width":866,"height":13}},{"id":"67b81e2d-2fd0-4995-994b-f7a4dd0e4c00","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":140,"box":{"x":89,"y":513,"width":842,"height":12}},{"id":"6096592c-f0b0-4911-9679-75add86c13ff","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":140,"box":{"x":89,"y":528,"width":871,"height":12}},{"id":"46a9a1b1-96bd-4534-993a-9625bccd2b0b","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":140,"box":{"x":89,"y":543,"width":817,"height":12}},{"id":"ddc10137-468f-4ca0-b88b-4cf53975cfa9","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":140,"box":{"x":89,"y":558,"width":862,"height":12}},{"id":"0da4b61d-31c1-491d-941f-8975e0c0020d","block_type":"box","text":"in which the Funds may invest.","page_number":140,"box":{"x":89,"y":573,"width":215,"height":12}},{"id":"2706b421-364a-4235-bfff-451cbbab8493","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":140,"box":{"x":89,"y":599,"width":862,"height":13}},{"id":"f37d1b93-946b-40f1-9792-b6b466018c6d","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":140,"box":{"x":89,"y":615,"width":872,"height":12}},{"id":"a4c12673-acb8-481f-b292-dc47842d904d","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":140,"box":{"x":89,"y":630,"width":823,"height":9}},{"id":"2ae39877-0653-493b-857c-fb35a80066d1","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":140,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"62de2591-be03-492d-b207-f2690f98811d","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":140,"box":{"x":89,"y":660,"width":872,"height":12}},{"id":"fb9e2956-6ffe-4831-9cd4-55882496d026","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":140,"box":{"x":88,"y":675,"width":855,"height":12}},{"id":"8c263e98-54c0-4b12-a461-dbde8399de31","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":140,"box":{"x":89,"y":690,"width":859,"height":13}},{"id":"f39d3768-e7b2-42cd-80b6-3387c8cb6a9e","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":140,"box":{"x":89,"y":705,"width":863,"height":13}},{"id":"0844bb8f-045b-4366-b2e5-62e1b5079931","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":140,"box":{"x":89,"y":720,"width":870,"height":13}},{"id":"55f6d7a3-95c0-4968-9bd4-d895ba8cfb8c","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":140,"box":{"x":89,"y":736,"width":856,"height":12}},{"id":"ebdaccd2-061c-41cd-ade7-cf2531f468ef","block_type":"box","text":"pro rata","page_number":140,"box":{"x":87,"y":752,"width":56,"height":11}},{"id":"244ee4f0-64ed-475f-93da-cc723b1cd9e4","block_type":"box","text":"basis. This","page_number":140,"box":{"x":149,"y":751,"width":71,"height":9}},{"id":"94cdf755-8ae2-48bc-bcd0-9d9150923475","block_type":"box","text":"pro rata","page_number":140,"box":{"x":224,"y":752,"width":56,"height":11}},{"id":"7ac96b4b-3853-49a6-aa86-1f5649b7d64e","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":140,"box":{"x":285,"y":751,"width":656,"height":12}},{"id":"cf78326c-96fd-4429-ae14-a4f70511feb5","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":140,"box":{"x":89,"y":766,"width":822,"height":12}},{"id":"18765f9a-515e-447a-8a06-ddef5e39b637","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":140,"box":{"x":89,"y":781,"width":797,"height":12}},{"id":"8f84dfe0-d0b4-41c6-80af-fbe5600b9304","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":140,"box":{"x":89,"y":796,"width":873,"height":12}},{"id":"1b28e81a-ea64-4c5e-b02a-a9dcc11076ef","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":140,"box":{"x":88,"y":811,"width":814,"height":12}},{"id":"120c28d7-2bcd-4ae8-b688-e18f38dcc9af","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":140,"box":{"x":89,"y":826,"width":510,"height":13}},{"id":"12eb44e8-a43a-4415-b9c1-426a0b2806b3","block_type":"box","text":"110","page_number":140,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"4e11ed3b-32e7-4949-83ac-26a053c906db","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":141,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"f4f4f1de-f6d1-4f7a-a76a-90d9d7bc69f9","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":141,"box":{"x":89,"y":59,"width":811,"height":12}},{"id":"19a4171d-69a0-4dab-a3b3-d23b7b434a1c","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":141,"box":{"x":89,"y":74,"width":850,"height":12}},{"id":"a5ad5ef9-c970-4ae9-8ddd-2ee9c09022af","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":141,"box":{"x":88,"y":89,"width":878,"height":13}},{"id":"d025077c-4fdc-4f2e-8bb0-eedbbec9fda0","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":141,"box":{"x":88,"y":104,"width":860,"height":13}},{"id":"0757eda7-8027-4bd8-8302-48858fa4f3cc","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":141,"box":{"x":88,"y":119,"width":865,"height":13}},{"id":"c1181774-e3e1-4c54-8221-b3c8f5e7f42f","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":141,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"f643e37d-1ede-4978-9296-1b8ed70f485a","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":141,"box":{"x":89,"y":150,"width":831,"height":12}},{"id":"4251235c-f09b-41c6-baa8-20115fc4b82b","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":141,"box":{"x":89,"y":165,"width":854,"height":12}},{"id":"7292e991-605d-474d-a6ee-7eed1dc95115","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":141,"box":{"x":89,"y":180,"width":637,"height":12}},{"id":"b122f2de-8a87-45af-bbec-30db2e645bcb","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":141,"box":{"x":89,"y":206,"width":831,"height":13}},{"id":"e346e2e3-5827-425c-8f70-beeffd43f852","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":141,"box":{"x":89,"y":222,"width":869,"height":12}},{"id":"32eb839d-24de-4300-9dc8-29de506381b7","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":141,"box":{"x":89,"y":237,"width":864,"height":12}},{"id":"7071eb66-57cb-480d-96f2-1bdd07f55b86","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":141,"box":{"x":89,"y":252,"width":871,"height":12}},{"id":"c816d973-d9be-4343-b1ac-aef359963aa2","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":141,"box":{"x":89,"y":267,"width":844,"height":12}},{"id":"1e3b0263-0b34-4579-ae03-8ed8c3cfe39b","block_type":"box","text":"pro","page_number":141,"box":{"x":937,"y":270,"width":23,"height":9}},{"id":"81238e3b-47d4-4ced-965c-2f25b770563b","block_type":"box","text":"rata","page_number":141,"box":{"x":88,"y":283,"width":28,"height":9}},{"id":"4317fee9-1b35-4d2f-a97f-73c9a1282825","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":141,"box":{"x":121,"y":282,"width":838,"height":12}},{"id":"db851a53-0280-4f0a-9ca0-961fedbe81cf","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":141,"box":{"x":88,"y":297,"width":857,"height":12}},{"id":"582b9cd4-7425-4c4b-b50d-8141ebd66cf3","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":141,"box":{"x":89,"y":312,"width":877,"height":13}},{"id":"683e54b5-51cc-4e4a-90cf-76e5c3c43261","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":141,"box":{"x":89,"y":327,"width":845,"height":13}},{"id":"5cd7e78e-f8bc-4fbb-a255-8f36e156cfa4","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":141,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"f07a1f54-db8f-41a6-a441-6e5126299df0","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":141,"box":{"x":89,"y":358,"width":828,"height":12}},{"id":"638b4fda-47c7-4d61-a3f2-92dfab97eb16","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":141,"box":{"x":89,"y":373,"width":861,"height":12}},{"id":"76c6e75f-31ee-4f70-9582-5c4ff1a9e93d","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":141,"box":{"x":89,"y":388,"width":831,"height":12}},{"id":"a0871fd6-849a-4e51-b6a3-46b1df37edda","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":141,"box":{"x":89,"y":403,"width":854,"height":12}},{"id":"af473ce4-2fdc-43b4-9fca-a629b03767e9","block_type":"box","text":"order.","page_number":141,"box":{"x":89,"y":418,"width":38,"height":10}},{"id":"255e57ae-9a09-402b-b1f0-384e3a5cbdb5","block_type":"box","text":"The table below sets forth the brokerage commissions paid by each Fund for the fiscal years noted. 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755,597","page_number":143,"box":{"x":560,"y":142,"width":407,"height":12}},{"id":"715879ca-c2af-4b92-8202-616dac095dad","block_type":"box","text":"JPMorgan Chase & Co. $ 649,654","page_number":143,"box":{"x":559,"y":159,"width":408,"height":12}},{"id":"134f0d57-f7df-4837-8a35-c3034597f73b","block_type":"box","text":"Morgan Stanley $ 678,822","page_number":143,"box":{"x":560,"y":175,"width":407,"height":12}},{"id":"571172cc-bba4-4711-bb1a-f2dd75635bc6","block_type":"box","text":"The Goldman Sachs Group, Inc. $ 740,233","page_number":143,"box":{"x":559,"y":191,"width":408,"height":13}},{"id":"9874ff78-30e2-475b-9596-2ef4054950eb","block_type":"box","text":"iShares MSCI USA Value Factor ETF Bank of America Corp. $ 168,343,171","page_number":143,"box":{"x":89,"y":224,"width":875,"height":12}},{"id":"300078cd-2521-4d27-8f65-2fb463abbd91","block_type":"box","text":"Citigroup Inc. $153,625,085","page_number":143,"box":{"x":560,"y":241,"width":407,"height":12}},{"id":"e9d66f5e-6b72-4d9f-b84d-e131860b5efd","block_type":"box","text":"The Goldman Sachs Group, Inc. $ 87,297,516","page_number":143,"box":{"x":559,"y":257,"width":408,"height":12}},{"id":"d54cb091-5425-4494-8843-90e723bab73e","block_type":"box","text":"iShares U.S. Equity Factor ETF J.P. Morgan Securities LLC $ 47,267,758","page_number":143,"box":{"x":89,"y":290,"width":878,"height":12}},{"id":"c1646515-ad54-4a75-8c47-cd8b7e0eabde","block_type":"box","text":"Goldman Sachs & Co. LLC $ 15,625,926","page_number":143,"box":{"x":560,"y":306,"width":407,"height":11}},{"id":"b0606cc8-3259-4206-a493-ad1bed55e207","block_type":"box","text":"BofA Securities, Inc. $ 9,887,230","page_number":143,"box":{"x":561,"y":322,"width":406,"height":12}},{"id":"b3fb47c1-daf0-4084-8841-d19538c5bcac","block_type":"box","text":"Citigroup Global Markets Inc. $ 4,047,934","page_number":143,"box":{"x":560,"y":339,"width":407,"height":12}},{"id":"afdab00d-85b3-4e92-bfff-cdda1063eed7","block_type":"box","text":"Morgan Stanley & Co. 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However,","page_number":143,"box":{"x":89,"y":448,"width":871,"height":13}},{"id":"3bc48f60-514b-4e78-aad9-840fe35f7438","block_type":"box","text":"in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower transaction costs will","page_number":143,"box":{"x":89,"y":463,"width":870,"height":13}},{"id":"fb6a0665-b165-434f-a663-b682e797691b","block_type":"box","text":"be beneficial to the Funds. BlackRock may deal, trade and invest for its own account in the types of securities in which the","page_number":143,"box":{"x":89,"y":479,"width":852,"height":12}},{"id":"bb73937f-cc52-4302-830b-999148cb022d","block_type":"box","text":"Funds may invest. BlackRock may, from time to time, effect trades on behalf of and for the account of the Funds with brokers","page_number":143,"box":{"x":89,"y":494,"width":874,"height":12}},{"id":"368712b5-ff84-4c71-a198-4404bd28be14","block_type":"box","text":"or dealers that are affiliated with BFA, in conformity with the 1940 Act and SEC rules and regulations. Under these provisions,","page_number":143,"box":{"x":89,"y":509,"width":874,"height":12}},{"id":"a0dbbe8f-6ae1-4672-be1c-6d586ac23a69","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":143,"box":{"x":89,"y":524,"width":867,"height":12}},{"id":"1ae52d4e-3d09-4625-9eea-da5d41771730","block_type":"box","text":"other brokers or dealers in comparable transactions. The Funds will not deal with affiliates in principal transactions unless","page_number":143,"box":{"x":89,"y":539,"width":850,"height":12}},{"id":"ec5d2faa-2644-4f66-a73c-82550d364808","block_type":"box","text":"permitted by applicable SEC rules or regulations, or by SEC exemptive order.","page_number":143,"box":{"x":89,"y":554,"width":528,"height":12}},{"id":"c5b6bc57-8aa0-4711-9536-86626e611022","block_type":"box","text":"Portfolio turnover may vary from year to year, as well as within a year. High turnover rates may result in comparatively greater","page_number":143,"box":{"x":89,"y":581,"width":876,"height":12}},{"id":"4388cc22-f2c7-4a45-80f6-56ada2f52bef","block_type":"box","text":"brokerage expenses. The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":143,"box":{"x":89,"y":596,"width":798,"height":12}},{"id":"1ccee053-2992-4f4b-8ba2-3ed0f765b40e","block_type":"box","text":"The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":143,"box":{"x":88,"y":622,"width":651,"height":12}},{"id":"a6df38c7-0cbe-4a04-809c-d1f00976b3e4","block_type":"box","text":"Fund","page_number":143,"box":{"x":89,"y":662,"width":27,"height":8}},{"id":"db4665f7-bc21-4e62-963a-f083c6d4a479","block_type":"box","text":"Fiscal Year Ended","page_number":143,"box":{"x":673,"y":652,"width":99,"height":8}},{"id":"271ad53a-1295-443c-8712-c0564b2c0de3","block_type":"box","text":"July 31, 2025","page_number":143,"box":{"x":685,"y":662,"width":74,"height":10}},{"id":"c738baca-6477-4651-a391-8611c946fd96","block_type":"box","text":"Fiscal Year 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Trust","page_number":144,"box":{"x":88,"y":265,"width":750,"height":29}},{"id":"fbda3a35-29f0-4212-badb-f5adfc566c44","block_type":"box","text":"Shares.","page_number":144,"box":{"x":88,"y":306,"width":52,"height":10}},{"id":"7e929496-470a-4091-9a10-97056e331c1e","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":144,"box":{"x":149,"y":306,"width":789,"height":12}},{"id":"bae5a8e1-709d-410b-b28a-fe94d0a76cb3","block_type":"box","text":"iShares funds.","page_number":144,"box":{"x":89,"y":321,"width":97,"height":10}},{"id":"9e22bcf8-410a-4715-868c-f20a753c0f9a","block_type":"box","text":"Each share issued by a fund has a","page_number":144,"box":{"x":89,"y":348,"width":234,"height":12}},{"id":"8bbdb686-c3c7-4e05-bded-459c1036e05f","block_type":"box","text":"pro rata","page_number":144,"box":{"x":327,"y":349,"width":56,"height":11}},{"id":"449e0a9e-69e0-4f30-b8fc-b03427f9d43f","block_type":"box","text":"interest in the assets of that fund. Shares have no preemptive, exchange,","page_number":144,"box":{"x":388,"y":348,"width":507,"height":12}},{"id":"5a8ccdd6-f386-4aa9-8bca-37b203588212","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":144,"box":{"x":89,"y":363,"width":842,"height":12}},{"id":"3f08a92f-3081-4968-b87d-b03848ae2a30","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":144,"box":{"x":89,"y":378,"width":835,"height":12}},{"id":"7f3da0d9-37de-47ae-ae06-d2c8e7751e21","block_type":"box","text":"liquidation.","page_number":144,"box":{"x":89,"y":393,"width":76,"height":12}},{"id":"dabd88bf-8061-4b96-85a7-07b560289c6d","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":144,"box":{"x":89,"y":419,"width":858,"height":13}},{"id":"8fe7465f-395c-4bea-8e17-9052212bfa5a","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":144,"box":{"x":89,"y":434,"width":821,"height":13}},{"id":"e980b15c-4b27-4cf3-abce-50b02d013b87","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":144,"box":{"x":88,"y":450,"width":864,"height":12}},{"id":"77670936-e417-4af5-b6f9-c0b45c85fe94","block_type":"box","text":"one fund.","page_number":144,"box":{"x":89,"y":465,"width":65,"height":9}},{"id":"cb51f13b-ea6b-4435-86fa-f6f6c25a5eac","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":144,"box":{"x":89,"y":491,"width":861,"height":12}},{"id":"aa3e1989-24bb-404d-98d1-2dcfcaa13208","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":144,"box":{"x":90,"y":506,"width":857,"height":13}},{"id":"f1617ee9-e515-40a4-8220-9ba3495891a5","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":144,"box":{"x":88,"y":521,"width":842,"height":13}},{"id":"fea5a90b-fbf6-450b-97e3-670b1b1da098","block_type":"box","text":"Delaware law, Trustees of the Trust may be removed by vote of the shareholders.","page_number":144,"box":{"x":89,"y":536,"width":563,"height":13}},{"id":"7686f381-8267-4545-9809-5dbe0a06b820","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":144,"box":{"x":89,"y":563,"width":837,"height":12}},{"id":"f2b931b4-8232-4031-87ec-16180a075c12","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":144,"box":{"x":88,"y":578,"width":874,"height":12}},{"id":"65f4057a-988d-4a22-b17e-ddc45ac9d8bc","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":144,"box":{"x":88,"y":593,"width":862,"height":13}},{"id":"387a87b4-034d-408d-9f94-856247a8e09b","block_type":"box","text":"Shareholders may make inquiries by writing to iShares Trust, c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":144,"box":{"x":88,"y":620,"width":840,"height":12}},{"id":"2e9f17f1-cbca-47b8-ad77-24345cff0bfa","block_type":"box","text":"Princeton, NJ 08540.","page_number":144,"box":{"x":89,"y":635,"width":141,"height":11}},{"id":"1b822ade-87f2-4625-915c-01898f2fcc95","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":144,"box":{"x":88,"y":661,"width":873,"height":13}},{"id":"1178e602-6080-469f-95b1-4fdbba9a94c2","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":144,"box":{"x":88,"y":676,"width":876,"height":13}},{"id":"2e7c2d28-a450-4107-a3d9-85cd20c26bf8","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":144,"box":{"x":89,"y":691,"width":875,"height":13}},{"id":"1b9b1659-389f-4b9f-8a8f-300bd72361e3","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":144,"box":{"x":89,"y":707,"width":865,"height":12}},{"id":"b560da96-a616-4635-8028-ceb39a325e14","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":144,"box":{"x":89,"y":722,"width":864,"height":12}},{"id":"326e192c-4c61-4d22-9ade-95569e9e065a","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":144,"box":{"x":89,"y":737,"width":838,"height":12}},{"id":"3484bf1e-d04c-4444-af3e-feb03191d8df","block_type":"box","text":"guidance provided by the SEC staff.","page_number":144,"box":{"x":89,"y":752,"width":245,"height":12}},{"id":"2e610b1c-79f6-4cb3-85b0-9601147c6384","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":144,"box":{"x":89,"y":778,"width":831,"height":13}},{"id":"29f76ecd-ccf7-47bc-89df-2c1f0afd5a1f","block_type":"box","text":"without shareholder approval (unless such shareholder approval is required by the Declaration of Trust or applicable law,","page_number":144,"box":{"x":88,"y":793,"width":844,"height":13}},{"id":"0ff98350-54c8-4cb4-a119-513ae338059a","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":144,"box":{"x":89,"y":809,"width":879,"height":12}},{"id":"62ee8fbb-4363-40ac-8813-c2ebad66cef5","block_type":"box","text":"take other similar actions with, to or into another fund. The Trust or a fund may be terminated by a majority vote of the","page_number":144,"box":{"x":88,"y":824,"width":839,"height":12}},{"id":"86822702-e398-45e6-88d5-ea5fe0ccb7eb","block_type":"box","text":"Board, subject to the affirmative vote of a majority of the shareholders of the Trust or such fund entitled to vote on","page_number":144,"box":{"x":89,"y":839,"width":800,"height":12}},{"id":"3f5ca0be-2381-4107-b396-c8a0f151fac7","block_type":"box","text":"termination; however, in certain circumstances described in the Declaration of Trust, only a majority vote of the Board is","page_number":144,"box":{"x":88,"y":854,"width":839,"height":12}},{"id":"946823f7-5dc8-467b-9c0d-ad4446fd674a","block_type":"box","text":"114","page_number":144,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"ceca0a2b-e75b-4c0c-b50c-1c75225155ab","block_type":"box","text":"required. Although the shares are not automatically redeemable upon the occurrence of any specific event, the Declaration of","page_number":145,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"391870eb-e575-46a2-b6ac-0a8a8bc5a9e9","block_type":"box","text":"Trust provides that the Board will have the unrestricted power to alter the number of shares in a Creation Unit. Therefore, in","page_number":145,"box":{"x":88,"y":59,"width":863,"height":12}},{"id":"0ffc94cf-b243-47a7-ab4f-0ebf13d261dc","block_type":"box","text":"the event of a termination of the Trust or a fund, the Board, in its sole discretion, could determine to permit the shares to be","page_number":145,"box":{"x":88,"y":74,"width":866,"height":12}},{"id":"a89b314c-de6e-4707-a80c-cec5475b69fd","block_type":"box","text":"redeemable in aggregations smaller than Creation Units or to be individually redeemable. In such circumstance, the Trust or a","page_number":145,"box":{"x":89,"y":89,"width":878,"height":13}},{"id":"e7a9982e-8ef5-4cbf-9a6a-78047a83acf8","block_type":"box","text":"fund may make redemptions in-kind, for cash or for a combination of cash or securities. Further, in the event of a termination","page_number":145,"box":{"x":88,"y":104,"width":877,"height":13}},{"id":"98785dd9-6397-4113-9002-c43da3ea5bef","block_type":"box","text":"of the Trust or a fund, the Trust or a fund might elect to pay cash redemptions to all shareholders, with an in-kind election for","page_number":145,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"686cc23f-ba36-46e8-a754-15e984b983ab","block_type":"box","text":"shareholders owning in excess of a certain stated minimum amount.","page_number":145,"box":{"x":89,"y":135,"width":480,"height":12}},{"id":"c533f587-930f-4693-b36e-b9ea47bc3cc9","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":145,"box":{"x":89,"y":161,"width":383,"height":12}},{"id":"f6daffc8-b00b-49df-9b79-e5fde7ef7a79","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":145,"box":{"x":481,"y":161,"width":465,"height":12}},{"id":"aad47056-227f-425b-912b-2880886cf829","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":145,"box":{"x":89,"y":176,"width":486,"height":13}},{"id":"206ba3dc-1683-4b1e-a6eb-d0fef5ab8c83","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":145,"box":{"x":89,"y":203,"width":836,"height":12}},{"id":"336b80d1-5197-4a15-827b-6fe29793e2c3","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":145,"box":{"x":89,"y":218,"width":790,"height":12}},{"id":"25a00be2-b68e-4629-8072-a7d21bab7ab1","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":145,"box":{"x":89,"y":233,"width":872,"height":12}},{"id":"59376e25-8192-4e1a-a2dc-698e9681a33b","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":145,"box":{"x":88,"y":248,"width":837,"height":12}},{"id":"b7a17c21-3606-48c6-aac6-124311e1c0e3","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":145,"box":{"x":89,"y":263,"width":864,"height":12}},{"id":"85abf3d6-ed09-4ee0-82b5-4271e812aacf","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":145,"box":{"x":88,"y":278,"width":848,"height":13}},{"id":"7a004ac6-4003-402a-9043-bc4702e06258","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":145,"box":{"x":89,"y":293,"width":833,"height":13}},{"id":"32d99a81-d68f-4c66-b3e7-c4230f0b492a","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":145,"box":{"x":89,"y":308,"width":439,"height":13}},{"id":"2d1ace1e-37d8-47ef-9a46-4cb46c486da4","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":145,"box":{"x":89,"y":335,"width":873,"height":12}},{"id":"76a1a753-f3fb-4e37-a4b6-a5ff8407800e","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":145,"box":{"x":89,"y":350,"width":840,"height":12}},{"id":"22b925cb-86a5-444f-840f-12a2f0c505da","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":145,"box":{"x":89,"y":365,"width":825,"height":12}},{"id":"4e1aafbd-26eb-42f4-bf25-403cde7b3479","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":145,"box":{"x":89,"y":380,"width":822,"height":13}},{"id":"02d9ce0b-452d-4ece-b4b0-61476a911803","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":145,"box":{"x":89,"y":395,"width":848,"height":13}},{"id":"8fee5305-d72a-415c-b254-476f334bfb31","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":145,"box":{"x":89,"y":410,"width":877,"height":13}},{"id":"d86a0756-dae3-4f70-bc19-871c39bf83b3","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":145,"box":{"x":89,"y":426,"width":872,"height":12}},{"id":"85da678a-9f5b-4c39-8fe1-15d1eba2d6a4","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":145,"box":{"x":89,"y":441,"width":426,"height":12}},{"id":"c2ad418c-7083-4093-8ed9-e03bd0d0cbe7","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":145,"box":{"x":89,"y":467,"width":873,"height":13}},{"id":"2717e391-a39c-4d21-ae38-ab9d0af9771f","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":145,"box":{"x":89,"y":482,"width":869,"height":13}},{"id":"d826ade1-9136-4844-a4ae-78e6ba55ca55","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":145,"box":{"x":88,"y":497,"width":856,"height":13}},{"id":"bfb3b657-eb61-472c-aab9-4ddae637c9d4","block_type":"box","text":"such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC","page_number":145,"box":{"x":89,"y":513,"width":807,"height":12}},{"id":"9873584b-c253-4ad4-bcbb-2448824cfe63","block_type":"box","text":"Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication,","page_number":145,"box":{"x":89,"y":528,"width":877,"height":12}},{"id":"5baf901b-0087-4851-b8ba-c57a1514965a","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":145,"box":{"x":89,"y":543,"width":803,"height":12}},{"id":"6350fb95-d396-464d-b035-509c8157c02e","block_type":"box","text":"statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In","page_number":145,"box":{"x":89,"y":558,"width":874,"height":12}},{"id":"082c53c8-185d-4887-9cb8-2b304c1cd5db","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":145,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"7306107e-200e-44cb-9948-fa3afec03774","block_type":"box","text":"attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":145,"box":{"x":89,"y":588,"width":652,"height":12}},{"id":"52da1300-8d3d-41bb-a93f-ff2b1cb34939","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":145,"box":{"x":88,"y":615,"width":878,"height":12}},{"id":"1d6c0f4b-b150-47b9-b261-2cf07a7f65c0","block_type":"box","text":"its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with payments in","page_number":145,"box":{"x":89,"y":630,"width":847,"height":12}},{"id":"d4581588-4b66-4e98-933a-2d2074d02b33","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":145,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"19e7de95-4331-4641-9b99-f3ae8ae158ae","block_type":"box","text":"nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC","page_number":145,"box":{"x":89,"y":660,"width":836,"height":12}},{"id":"f2f9a3db-8de6-4eb6-9efb-3ef6407feeed","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":145,"box":{"x":89,"y":675,"width":877,"height":12}},{"id":"0a99100e-4c7a-4008-ad82-b95b612b80c6","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":145,"box":{"x":89,"y":690,"width":875,"height":13}},{"id":"f9bd5506-2e38-418e-bfdd-d72b4626a86e","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":145,"box":{"x":88,"y":717,"width":813,"height":12}},{"id":"85fd1728-765f-4953-ae4a-d033e6d35cf3","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":145,"box":{"x":89,"y":732,"width":874,"height":12}},{"id":"11d19423-ed30-46da-a308-3b7e76437aad","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":145,"box":{"x":89,"y":747,"width":866,"height":12}},{"id":"2ecf7652-e635-4927-8033-bd7cfff8e0a2","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":145,"box":{"x":89,"y":762,"width":855,"height":12}},{"id":"d7291a51-aa17-4d7c-b189-5a3bcbfa91a7","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":145,"box":{"x":88,"y":777,"width":876,"height":12}},{"id":"f9bab15e-2eca-4970-a941-0f5e3f0e48c5","block_type":"box","text":"time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law.","page_number":145,"box":{"x":88,"y":792,"width":855,"height":13}},{"id":"f5281afd-0b7e-4bb2-8c02-c889710d8c41","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":145,"box":{"x":89,"y":807,"width":873,"height":13}},{"id":"545f93a7-0451-45d0-acae-07247aabb5da","block_type":"box","text":"cost.","page_number":145,"box":{"x":89,"y":824,"width":32,"height":8}},{"id":"b284930e-eb22-4aef-881e-40548b5d3c5c","block_type":"box","text":"115","page_number":145,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"48d4ee75-4960-4b8c-9f82-a3ae8f9a8cb8","block_type":"box","text":"Distribution of Shares.","page_number":146,"box":{"x":89,"y":44,"width":160,"height":10}},{"id":"1b1da3d1-835f-48de-b9ff-af9050e62bd9","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":146,"box":{"x":259,"y":44,"width":665,"height":12}},{"id":"089e7a5e-364a-457a-a4db-a56232ac3906","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":146,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"5e968e3f-1fe8-496f-af95-d78d81c341c1","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":146,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"8f81b1cc-b446-43eb-a0da-002513f7470f","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":146,"box":{"x":89,"y":89,"width":848,"height":13}},{"id":"ed9d898b-a7f8-4c2a-8bb8-9fdd4618f680","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":146,"box":{"x":89,"y":104,"width":873,"height":13}},{"id":"05394a6c-88e6-4454-b673-b064d6b058fc","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":146,"box":{"x":88,"y":119,"width":833,"height":13}},{"id":"7ee57e05-693a-4dfe-a0f5-29838a3087dd","block_type":"box","text":"shares.","page_number":146,"box":{"x":89,"y":135,"width":47,"height":9}},{"id":"0db1f21d-0f5f-460f-862c-281b36ff1cea","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":146,"box":{"x":88,"y":161,"width":877,"height":12}},{"id":"e20bd093-8987-4536-89fd-658c5507bdc8","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":146,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"5bfc3c29-1b44-4ca1-b2ae-9e9088d5cf07","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":146,"box":{"x":88,"y":191,"width":878,"height":13}},{"id":"f9ddb0c4-c982-49d9-bacf-ccfab08fa0a4","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":146,"box":{"x":88,"y":206,"width":877,"height":13}},{"id":"00b69098-f044-4973-ab29-14de2e779dee","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":146,"box":{"x":89,"y":222,"width":822,"height":12}},{"id":"b213582a-f0d4-4fcc-a775-40b95e6c675b","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":146,"box":{"x":88,"y":237,"width":875,"height":12}},{"id":"4ab4bc1f-485b-47cf-81c0-706db0ada16f","block_type":"box","text":"by them through an Authorized Participant.","page_number":146,"box":{"x":89,"y":252,"width":302,"height":12}},{"id":"877b6e95-692b-458b-9bad-05bfb0d2b364","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":146,"box":{"x":88,"y":278,"width":840,"height":13}},{"id":"97b2508b-482e-4011-a725-9f243a9b74f3","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":146,"box":{"x":89,"y":293,"width":712,"height":13}},{"id":"d93e3db1-1821-4a74-8b53-42675ebdc704","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":146,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"18702751-e889-44bf-a652-29c6c648cc68","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":146,"box":{"x":90,"y":335,"width":354,"height":12}},{"id":"1a1ab178-e19b-4f05-9935-1789367c6e8b","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":146,"box":{"x":90,"y":366,"width":721,"height":29}},{"id":"65f867b2-e549-445b-820b-e2adb7b2dbbe","block_type":"box","text":"General.","page_number":146,"box":{"x":89,"y":407,"width":59,"height":10}},{"id":"a11dd098-a750-457a-94f3-b079d032019d","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":146,"box":{"x":156,"y":407,"width":804,"height":12}},{"id":"8f21c929-b2ac-44d4-86cd-c1f43b5fdf47","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":146,"box":{"x":89,"y":422,"width":864,"height":12}},{"id":"7f02caf6-cbf8-441c-9a1e-c89a660d250a","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":146,"box":{"x":89,"y":437,"width":828,"height":12}},{"id":"4ab7f299-e0e3-42fb-be65-cb8125cad385","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":146,"box":{"x":89,"y":452,"width":850,"height":12}},{"id":"336e93f9-8471-4031-9082-37086d72d511","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":146,"box":{"x":88,"y":467,"width":823,"height":13}},{"id":"37bfc5ae-eed2-4535-af05-0010c2f9d3c8","block_type":"box","text":"Creation Unit as of July 31, 2025:","page_number":146,"box":{"x":89,"y":482,"width":225,"height":13}},{"id":"31d9a3d8-bb06-4cd5-b623-f3d3741af40b","block_type":"box","text":"Fund","page_number":146,"box":{"x":89,"y":542,"width":27,"height":8}},{"id":"f86ff10f-fece-439a-868b-da2845e372ff","block_type":"box","text":"Shares Per","page_number":146,"box":{"x":714,"y":532,"width":61,"height":8}},{"id":"5ec9c8eb-d4bd-47d8-81aa-4c53dfd0c298","block_type":"box","text":"Creation 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1,431,398.20","page_number":146,"box":{"x":89,"y":579,"width":879,"height":13}},{"id":"3ac748f1-b8dc-4b19-a28c-3428e209f159","block_type":"box","text":"iShares International Equity Factor ETF 100,000 $ 3,362,528.80","page_number":146,"box":{"x":89,"y":594,"width":879,"height":13}},{"id":"624ca970-29b0-4948-9b57-4ac4bc293bac","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF 100,000 $ 3,841,254.40","page_number":146,"box":{"x":89,"y":610,"width":879,"height":12}},{"id":"103a35f7-70aa-4063-abe9-0e19cdc31124","block_type":"box","text":"iShares MSCI EAFE ETF 600,000 $52,312,334.40","page_number":146,"box":{"x":89,"y":625,"width":879,"height":11}},{"id":"9d80238f-376e-46a4-aaae-d625c1df2db7","block_type":"box","text":"iShares MSCI EAFE Growth ETF 400,000 $42,876,868.80","page_number":146,"box":{"x":89,"y":640,"width":879,"height":11}},{"id":"d8ca1cce-c62b-4836-95b4-98ddb3cdc4c0","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF 100,000 $ 8,168,748.70","page_number":146,"box":{"x":89,"y":655,"width":879,"height":11}},{"id":"d31dad4d-88bb-416b-a4a7-787299fd02a8","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF 200,000 $14,398,790.40","page_number":146,"box":{"x":89,"y":670,"width":879,"height":12}},{"id":"2111099c-e484-44fb-a460-7cfb74695071","block_type":"box","text":"iShares MSCI EAFE Value ETF 400,000 $25,213,224.40","page_number":146,"box":{"x":89,"y":685,"width":879,"height":11}},{"id":"fd0ec1c3-91bc-4957-93e4-832cded1606c","block_type":"box","text":"iShares MSCI Europe Financials ETF 50,000 $ 1,601,068.80","page_number":146,"box":{"x":89,"y":700,"width":879,"height":13}},{"id":"bf5f5639-2e5f-48c5-8b8e-19c8fe23dfc0","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF 50,000 $ 3,266,994.75","page_number":146,"box":{"x":89,"y":715,"width":878,"height":13}},{"id":"ea22e6b1-86a0-46ae-b046-8fbc3ab47bf1","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF 100,000 $ 4,468,350.90","page_number":146,"box":{"x":89,"y":730,"width":879,"height":12}},{"id":"5f07e75e-9eec-4f8c-8795-19bc0189a1eb","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF 100,000 $ 4,144,425.10","page_number":146,"box":{"x":89,"y":746,"width":879,"height":12}},{"id":"74f48b19-00ca-49a6-b7cc-9578fbd5e99c","block_type":"box","text":"iShares MSCI Intl Value Factor ETF 100,000 $ 3,272,947.50","page_number":146,"box":{"x":89,"y":761,"width":879,"height":11}},{"id":"50a063c0-3e49-43e0-9240-3c7941044df1","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF 100,000 $ 9,262,649.90","page_number":146,"box":{"x":89,"y":776,"width":879,"height":11}},{"id":"472188bf-eb30-414e-8475-fe0507d240be","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF 50,000 $12,063,326.50","page_number":146,"box":{"x":89,"y":791,"width":879,"height":11}},{"id":"4364b4a3-551a-417e-a9b4-f53113e802ed","block_type":"box","text":"iShares MSCI USA Quality Factor ETF 50,000 $ 9,208,475.20","page_number":146,"box":{"x":89,"y":806,"width":879,"height":12}},{"id":"2eb500bd-d01e-4483-8c8a-60fc1bd28a9d","block_type":"box","text":"iShares MSCI USA Size Factor ETF 50,000 $ 7,810,905.70","page_number":146,"box":{"x":89,"y":821,"width":879,"height":12}},{"id":"2a7edc25-3d80-4670-a1e4-4d163b58f803","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF 50,000 $ 2,073,256.90","page_number":146,"box":{"x":89,"y":836,"width":879,"height":13}},{"id":"53bc92aa-e416-407f-8e46-ce157fb19066","block_type":"box","text":"iShares MSCI USA Value Factor ETF 50,000 $ 5,647,495.30","page_number":146,"box":{"x":89,"y":851,"width":879,"height":12}},{"id":"68d0972d-c9c5-4563-ad7d-6f8231882340","block_type":"box","text":"116","page_number":146,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"7f71b865-ba6d-45e3-bfb8-1fb98a656652","block_type":"box","text":"Fund","page_number":147,"box":{"x":89,"y":75,"width":27,"height":8}},{"id":"0f000b97-4a6d-48c2-a50e-93f2cef8c742","block_type":"box","text":"Shares Per","page_number":147,"box":{"x":714,"y":65,"width":61,"height":7}},{"id":"ee7fd08a-9e17-4333-abf9-f8549ee731bc","block_type":"box","text":"Creation Unit","page_number":147,"box":{"x":707,"y":75,"width":75,"height":8}},{"id":"15ebd860-d1ce-42b5-9efd-2cfead339d4c","block_type":"box","text":"Approximate","page_number":147,"box":{"x":876,"y":45,"width":75,"height":9}},{"id":"22cb9f92-767c-4b06-9932-d6c7d12091ca","block_type":"box","text":"Value 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2,889,210.10","page_number":147,"box":{"x":89,"y":127,"width":879,"height":12}},{"id":"6fae68cb-3e12-4fb2-9b51-4d9248c3a4ac","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":147,"box":{"x":89,"y":160,"width":869,"height":12}},{"id":"eb8d5223-419c-4fe6-80aa-3de7ce7456aa","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":147,"box":{"x":89,"y":175,"width":864,"height":12}},{"id":"92b45510-c300-4a5c-9f32-4c0f25770de0","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":147,"box":{"x":88,"y":190,"width":874,"height":12}},{"id":"64f81702-dda8-4831-86ce-6d5e0dba8f3c","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":147,"box":{"x":88,"y":205,"width":796,"height":12}},{"id":"c6735b01-45fd-48a5-a763-bfb4a6f84f67","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":147,"box":{"x":88,"y":232,"width":839,"height":12}},{"id":"1ff51721-5f80-4fe2-a1bb-e1dfc398ce55","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":147,"box":{"x":89,"y":247,"width":837,"height":12}},{"id":"18eacd64-f9eb-4a97-9b3c-46862ceeaad2","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":147,"box":{"x":89,"y":262,"width":877,"height":12}},{"id":"63b52d9c-e421-408b-8d86-0c9dfab238c7","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":147,"box":{"x":89,"y":277,"width":821,"height":12}},{"id":"5c1f3370-58fe-43c2-9943-9fc765128785","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":147,"box":{"x":89,"y":292,"width":669,"height":12}},{"id":"9f863c6f-4f7f-45d0-a5cf-026337dd8819","block_type":"box","text":"Fund Deposit.","page_number":147,"box":{"x":89,"y":319,"width":98,"height":12}},{"id":"46b80435-f585-40f9-a511-eba79d69304d","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund generally consists of Deposit Securities and the","page_number":147,"box":{"x":196,"y":319,"width":747,"height":12}},{"id":"7ed0fe93-f9ff-48b6-b133-be6c5b6d9fda","block_type":"box","text":"Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the","page_number":147,"box":{"x":89,"y":334,"width":852,"height":12}},{"id":"2c6211c9-29ba-4904-aaab-31cb6f45f568","block_type":"box","text":"“Fund Deposit,” which, when combined with a Fund’s portfolio securities, is designed to generate performance that has a","page_number":147,"box":{"x":89,"y":349,"width":851,"height":12}},{"id":"c998477e-9825-4b61-a36d-3379f3c6395e","block_type":"box","text":"collective investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and","page_number":147,"box":{"x":89,"y":364,"width":848,"height":12}},{"id":"528d5752-8487-4ada-aca3-100d69a344d6","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":147,"box":{"x":89,"y":379,"width":871,"height":12}},{"id":"6a886485-4968-4741-951f-363bec099aad","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":147,"box":{"x":89,"y":394,"width":848,"height":12}},{"id":"a8d85901-4de6-4dd4-8f6d-c6b02851a4dc","block_type":"box","text":"Deposit is made available.","page_number":147,"box":{"x":89,"y":409,"width":179,"height":13}},{"id":"d327c8d1-daa8-4ce8-bb7b-7c86b8254f2c","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":147,"box":{"x":88,"y":436,"width":839,"height":12}},{"id":"c3e69eee-2079-42cc-80d8-35dffe6f166f","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":147,"box":{"x":89,"y":451,"width":879,"height":12}},{"id":"b0f95a26-826c-4c79-9300-860ff3db4f87","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":147,"box":{"x":89,"y":466,"width":878,"height":12}},{"id":"eb73d65b-d0db-43a6-8c50-1e5dbd9cb978","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":147,"box":{"x":89,"y":481,"width":872,"height":12}},{"id":"68c7b660-4703-4cbb-9f32-97c9f9fb6840","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":147,"box":{"x":89,"y":496,"width":269,"height":13}},{"id":"b980a2c5-552e-48b1-be43-8f1eba920a4d","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":147,"box":{"x":88,"y":523,"width":840,"height":12}},{"id":"b69ab57a-1562-48ff-82ad-96a538896e90","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":147,"box":{"x":89,"y":538,"width":860,"height":12}},{"id":"d7cbf80e-0c23-4ea1-bd9a-64af0fd45b61","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":147,"box":{"x":88,"y":553,"width":876,"height":12}},{"id":"3cbc2c32-d3ce-4ef6-93f8-1bb53dd654ac","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":147,"box":{"x":88,"y":568,"width":730,"height":12}},{"id":"d6bcb0d3-2017-41dc-bfc3-38ef41f7c25a","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":147,"box":{"x":88,"y":594,"width":877,"height":13}},{"id":"d3249dd3-0391-4c24-82ed-2d7a32355160","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":147,"box":{"x":89,"y":610,"width":824,"height":12}},{"id":"c7e33c55-35ab-475c-907e-44bbe0e35147","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":147,"box":{"x":89,"y":625,"width":869,"height":12}},{"id":"d60d0d91-e157-4d73-83e8-a79b715ac47d","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":147,"box":{"x":89,"y":640,"width":690,"height":12}},{"id":"d8a02282-bf79-43fd-bc47-ad6bb5e7b644","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":147,"box":{"x":89,"y":666,"width":879,"height":13}},{"id":"1a6fd511-47a1-43a7-b134-ff8a20a3d306","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":147,"box":{"x":89,"y":681,"width":295,"height":13}},{"id":"c4b3b9d7-81df-44b5-87c9-fd8c5b28898b","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":147,"box":{"x":88,"y":708,"width":854,"height":12}},{"id":"bb36ac30-dff2-4220-8561-4d1e21636dfe","block_type":"box","text":"Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for delivery;","page_number":147,"box":{"x":89,"y":723,"width":870,"height":12}},{"id":"e1f039ac-48e6-467a-81e0-bc0940dd6c99","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":147,"box":{"x":89,"y":738,"width":823,"height":12}},{"id":"a6210465-907f-4baa-9e2b-4c6f5ebe4b4f","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":147,"box":{"x":89,"y":753,"width":873,"height":13}},{"id":"8fec00ed-46a3-4659-822a-ae68f446f860","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":147,"box":{"x":88,"y":768,"width":847,"height":13}},{"id":"c6359773-a0c5-48cc-b81d-873aadd076cb","block_type":"box","text":"investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local","page_number":147,"box":{"x":89,"y":783,"width":859,"height":13}},{"id":"7c5b78c9-e1e7-4a0f-9103-af5f15914f7d","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":147,"box":{"x":89,"y":799,"width":745,"height":12}},{"id":"33976fa7-b14c-43c8-bcb2-93a4620eb10c","block_type":"box","text":"117","page_number":147,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"ab7e06c7-dea0-4f6c-b021-75b525127a45","block_type":"box","text":"Cash Purchase Method.","page_number":148,"box":{"x":89,"y":44,"width":170,"height":10}},{"id":"c737a064-fe41-4617-a21c-0294eede72b2","block_type":"box","text":"Although the Trust does not generally permit partial or full cash purchases of Creation Units of its","page_number":148,"box":{"x":268,"y":44,"width":682,"height":12}},{"id":"a9e027ca-6473-410f-a509-1f5a874c81e7","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":148,"box":{"x":88,"y":59,"width":830,"height":12}},{"id":"bd9bf3e5-adbf-4143-956b-80b67936f478","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":148,"box":{"x":89,"y":74,"width":826,"height":12}},{"id":"391dea9d-65c2-421b-89d8-04f1b497470f","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":148,"box":{"x":89,"y":89,"width":857,"height":13}},{"id":"1c4e1941-3ce7-48f8-94a1-1b98d0bbd5e0","block_type":"box","text":"kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":148,"box":{"x":89,"y":104,"width":639,"height":13}},{"id":"2c5c83a7-3888-4f3b-892f-97979dfb14f9","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":148,"box":{"x":89,"y":131,"width":301,"height":10}},{"id":"1200d0c4-dd9e-487c-9e92-ebea5a637d02","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":148,"box":{"x":398,"y":131,"width":568,"height":12}},{"id":"abbdefed-51b6-4d60-ab15-e27663af4dd0","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":148,"box":{"x":88,"y":146,"width":385,"height":12}},{"id":"98857164-2067-49eb-a632-7ea9a85e802d","block_type":"box","text":"i.e","page_number":148,"box":{"x":478,"y":147,"width":15,"height":9}},{"id":"747234f7-07bb-4fe5-8505-5895ed07dae7","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":148,"box":{"x":494,"y":146,"width":420,"height":12}},{"id":"c6981fd6-4386-4280-be32-95627d48b84e","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":148,"box":{"x":88,"y":161,"width":847,"height":12}},{"id":"6e620679-4448-452e-958f-3acfa23e68f8","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":148,"box":{"x":88,"y":176,"width":863,"height":13}},{"id":"498d362f-1c8d-40df-97f9-527563726365","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":148,"box":{"x":89,"y":191,"width":851,"height":13}},{"id":"05b1097e-7fc5-4855-b377-cef59824a98a","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":148,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"29cf2a6c-9ae4-4be0-ac3f-0498815cbe73","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":148,"box":{"x":89,"y":222,"width":843,"height":12}},{"id":"17a83782-ca20-424d-bfbe-bef9b085ba67","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":148,"box":{"x":89,"y":237,"width":873,"height":12}},{"id":"7890b6c4-d789-46a7-aa4b-ddf8a658f800","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":148,"box":{"x":89,"y":252,"width":295,"height":12}},{"id":"400a2621-2cf8-49b8-b5ae-6f2cfc8131ea","block_type":"box","text":"Role of the Authorized Participant.","page_number":148,"box":{"x":89,"y":278,"width":247,"height":13}},{"id":"f11ead39-8d4e-43ef-8060-103aa8c9eca0","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":148,"box":{"x":346,"y":278,"width":570,"height":13}},{"id":"3efb0b8c-5e32-4669-a42a-65d19c40cbb3","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":148,"box":{"x":89,"y":293,"width":870,"height":13}},{"id":"b94e18c4-784b-4e8c-a715-836d7cf87d68","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":148,"box":{"x":89,"y":308,"width":823,"height":13}},{"id":"3208256d-810c-498c-addf-49baf93ddbfb","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":148,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"24fff379-506c-48c3-9f9a-c32563b8cf49","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":148,"box":{"x":89,"y":339,"width":877,"height":12}},{"id":"cb2b9227-d3a1-4c49-a7e0-a63a01b49ca6","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":148,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"c4998df0-b7a6-43ed-a0f8-6dc742d2e515","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":148,"box":{"x":89,"y":369,"width":854,"height":12}},{"id":"b3a48051-f435-4344-a76e-d5af96092227","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":148,"box":{"x":88,"y":384,"width":844,"height":12}},{"id":"bb27f647-f5ca-43e6-a85b-531d981f911c","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":148,"box":{"x":89,"y":399,"width":842,"height":13}},{"id":"3ba3064d-af45-45e3-a6ac-81d654f2bff2","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":148,"box":{"x":89,"y":414,"width":878,"height":13}},{"id":"6570dc89-525b-4305-a85d-55382948c481","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":148,"box":{"x":89,"y":429,"width":800,"height":13}},{"id":"41cf2ec8-91e0-4bcc-9f05-44bcf36450b7","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":148,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"fdb587c0-fdec-42ce-bd3e-877ab5118828","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":148,"box":{"x":88,"y":460,"width":820,"height":12}},{"id":"b4453094-faa9-4c56-8e98-85d9eb2bdb9c","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":148,"box":{"x":89,"y":475,"width":840,"height":12}},{"id":"247d2f2b-4f32-4c22-80dc-09e46b9729ed","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":148,"box":{"x":89,"y":490,"width":818,"height":12}},{"id":"31c0a959-ada9-4a8e-b1fe-fcfaef5ed1e8","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":148,"box":{"x":89,"y":505,"width":863,"height":12}},{"id":"2fd8b820-7def-4554-afb7-5ad53afa1d21","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":148,"box":{"x":88,"y":520,"width":867,"height":12}},{"id":"57111061-0837-4ad7-a5bc-e9fd2caa68cd","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":148,"box":{"x":88,"y":535,"width":872,"height":13}},{"id":"8ed5db86-af1c-4e5c-a667-e7300b54d279","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":148,"box":{"x":89,"y":550,"width":820,"height":13}},{"id":"cfb3ec01-88f8-41d0-8e75-cf8f9bcdd8d0","block_type":"box","text":"Participant Agreement.","page_number":148,"box":{"x":89,"y":566,"width":160,"height":12}},{"id":"a4a8e851-f0a8-4cfa-a697-81ceddd433d2","block_type":"box","text":"Purchase Orders.","page_number":148,"box":{"x":89,"y":592,"width":122,"height":10}},{"id":"b01d3133-efac-45d1-9e23-4444a30658a3","block_type":"box","text":"To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its","page_number":148,"box":{"x":224,"y":592,"width":708,"height":12}},{"id":"f625f1b1-de80-4fe4-8cb8-cd9c3a09549a","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":148,"box":{"x":89,"y":607,"width":837,"height":12}},{"id":"3682542f-3f89-4d47-966d-4db758dc71b1","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":148,"box":{"x":89,"y":622,"width":832,"height":12}},{"id":"f57bfcc8-6171-434f-be80-d5f68878a171","block_type":"box","text":"custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the","page_number":148,"box":{"x":89,"y":637,"width":868,"height":13}},{"id":"5bf8aad0-4a57-4451-aaad-f733e9dbc06f","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":148,"box":{"x":89,"y":652,"width":873,"height":13}},{"id":"1d3c1623-21a3-4041-bdcc-74c1b08fb9b7","block_type":"box","text":"to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be","page_number":148,"box":{"x":88,"y":668,"width":862,"height":12}},{"id":"577a412f-46ae-4bee-9bde-43d2ed2d422a","block_type":"box","text":"made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants","page_number":148,"box":{"x":89,"y":683,"width":842,"height":12}},{"id":"8e1b5be6-44b8-4d9e-9d10-357a942a860f","block_type":"box","text":"upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time","page_number":148,"box":{"x":89,"y":698,"width":878,"height":12}},{"id":"a0406880-9c1b-459f-ad3d-d9ffa9066501","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":148,"box":{"x":88,"y":713,"width":854,"height":12}},{"id":"183ac043-20ed-4011-9a68-54ac1f5815ec","block_type":"box","text":"such Business Day.","page_number":148,"box":{"x":89,"y":728,"width":131,"height":12}},{"id":"82906fb4-6ffa-4bf2-9f7e-389c3e0e2aed","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":148,"box":{"x":88,"y":754,"width":861,"height":13}},{"id":"12dc045e-b427-4740-993a-0cd407b823ac","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":148,"box":{"x":88,"y":770,"width":875,"height":12}},{"id":"137a7fb8-5313-466a-881a-9a10a6c94dcf","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":148,"box":{"x":89,"y":785,"width":851,"height":12}},{"id":"a37b3433-ad8e-4bf1-9b7b-f6eedb1f292f","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":148,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"8d8d2075-6438-4483-947e-f43111cb3bd8","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":148,"box":{"x":89,"y":815,"width":860,"height":12}},{"id":"453f3e1c-a99b-440b-be41-3f662587835e","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":148,"box":{"x":88,"y":830,"width":862,"height":12}},{"id":"f1924f49-3f0d-49e6-8857-1d23eac537ee","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":148,"box":{"x":89,"y":845,"width":681,"height":12}},{"id":"864d897a-a3f3-42b4-8edf-3f9b6e1fc249","block_type":"box","text":"118","page_number":148,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"b6b84c18-6bd1-4f12-9a3a-f1586213e7aa","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":149,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"531d28a5-e076-405e-b811-9e925239da89","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":149,"box":{"x":89,"y":59,"width":342,"height":12}},{"id":"3016ad87-7bc3-49cc-9a6f-371087836a38","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":149,"box":{"x":88,"y":85,"width":304,"height":13}},{"id":"e9b89d74-f8fc-407d-bf20-0cb83f54f752","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":149,"box":{"x":401,"y":85,"width":554,"height":13}},{"id":"7a1e9b60-49ee-49a1-ad3a-f21aecf8bfef","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":149,"box":{"x":89,"y":101,"width":850,"height":12}},{"id":"260fb689-7553-48d1-8579-4dd95b2f93b0","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":149,"box":{"x":89,"y":116,"width":878,"height":12}},{"id":"1772e611-b7e8-4fa3-83d9-1bb405870266","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":149,"box":{"x":89,"y":131,"width":859,"height":12}},{"id":"cf3e9964-3dd5-47c7-9d77-3f4abc485e6d","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":149,"box":{"x":89,"y":146,"width":875,"height":12}},{"id":"490270d1-74e5-4488-92ee-45a1fb5f9c1b","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":149,"box":{"x":88,"y":161,"width":850,"height":12}},{"id":"1c7de49a-d800-4402-828a-efb8fb78433f","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":149,"box":{"x":88,"y":176,"width":852,"height":13}},{"id":"5416e892-ed07-4d23-83d7-969434934971","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":149,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"e5ac3f1f-aea3-4bfa-9eb9-3f34230cd973","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":149,"box":{"x":89,"y":206,"width":849,"height":13}},{"id":"d5911344-123a-4822-adbe-0eedde58e19f","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":149,"box":{"x":88,"y":222,"width":869,"height":12}},{"id":"46338206-8232-4590-bf08-53e644b5c1d2","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":149,"box":{"x":88,"y":237,"width":867,"height":12}},{"id":"87cc4fba-b058-4fcb-9ec4-04e2ee904da1","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":149,"box":{"x":89,"y":252,"width":837,"height":12}},{"id":"80fcf855-a2fc-4a65-a46a-bcfb9408ad7e","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":149,"box":{"x":89,"y":267,"width":690,"height":12}},{"id":"f3e413f1-72d6-4246-919c-e22d2172f50b","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":149,"box":{"x":88,"y":293,"width":293,"height":13}},{"id":"45bd2d97-230f-4e5c-aebd-37f4646c6c31","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":149,"box":{"x":394,"y":293,"width":507,"height":13}},{"id":"55aaf4d3-3fcc-43bf-98b4-a833e9e87d39","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":149,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"6c2ea0a9-eb80-44e8-b971-5b0f9b08d23e","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":149,"box":{"x":88,"y":324,"width":858,"height":12}},{"id":"f0ab8194-1990-4c5e-aa44-e5a090fa6c95","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":149,"box":{"x":89,"y":339,"width":865,"height":12}},{"id":"45c019f6-0cdd-4ae7-b2de-b35cfbbc421b","block_type":"box","text":"as set forth below.","page_number":149,"box":{"x":89,"y":354,"width":126,"height":10}},{"id":"7a87490f-550f-4362-bd93-373cbd68c305","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":149,"box":{"x":89,"y":380,"width":815,"height":13}},{"id":"1a60ef99-ee68-40f3-acbb-40f2cde96f6b","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":149,"box":{"x":89,"y":395,"width":812,"height":13}},{"id":"b2113c40-31c0-4049-857c-aa3da95decaf","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":149,"box":{"x":89,"y":410,"width":552,"height":13}},{"id":"e0b44afe-84d7-483d-8e0e-5285032f9ef6","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":149,"box":{"x":89,"y":437,"width":870,"height":12}},{"id":"ee723614-2b89-4bbb-99cb-4618b32e1f3a","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":149,"box":{"x":89,"y":452,"width":860,"height":12}},{"id":"6bd06900-b6ed-4967-b3db-bade97a6c459","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":149,"box":{"x":89,"y":467,"width":877,"height":13}},{"id":"5171d2c6-8221-4226-a289-82e60831c324","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":149,"box":{"x":89,"y":482,"width":853,"height":13}},{"id":"0075145a-05ce-489a-a6b6-aad538ffe448","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":149,"box":{"x":89,"y":497,"width":876,"height":13}},{"id":"a72c43ce-d734-46c6-9462-2450de3f7e99","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":149,"box":{"x":89,"y":513,"width":820,"height":12}},{"id":"c80b4dd5-abf7-4858-8539-3f316ce6c32e","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":149,"box":{"x":89,"y":528,"width":810,"height":12}},{"id":"d0a626c3-5309-473c-bd9b-423411a352e4","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":149,"box":{"x":89,"y":543,"width":852,"height":12}},{"id":"a2bbeb7d-2e38-40f2-aa6b-41fb3c98cb8a","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, State Street, Citibank or JPMorgan, as","page_number":149,"box":{"x":89,"y":558,"width":873,"height":12}},{"id":"2d4f07ba-61a8-436b-806b-86800e8227b1","block_type":"box","text":"applicable, the sub-custodian and the Distributor or its agent are under no duty, however, to give notification of any defects","page_number":149,"box":{"x":89,"y":573,"width":862,"height":12}},{"id":"02b646a2-81a3-40a9-ae30-e1e24d31e5d3","block_type":"box","text":"or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.","page_number":149,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"a75b1eb5-4ff8-4025-8538-603785bf6626","block_type":"box","text":"Issuance of a Creation Unit.","page_number":149,"box":{"x":89,"y":615,"width":197,"height":9}},{"id":"21ecdd8c-317b-4910-b775-a0ecb2018887","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":149,"box":{"x":300,"y":615,"width":645,"height":12}},{"id":"f6607e19-8edb-4da5-a248-0a2ddd68925a","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":149,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"1e12fe11-63e1-4acc-ba52-42b06faa1010","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":149,"box":{"x":89,"y":645,"width":857,"height":12}},{"id":"8fe6e191-12f6-43bf-8908-e4dfb3b5c843","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":149,"box":{"x":89,"y":660,"width":862,"height":12}},{"id":"df3d9c5e-182a-4ac1-acf5-ff9fbadc900d","block_type":"box","text":"notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":149,"box":{"x":89,"y":675,"width":712,"height":12}},{"id":"bcd35a91-4bdc-4fed-986d-841f044c5bdf","block_type":"box","text":"For the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA","page_number":149,"box":{"x":89,"y":702,"width":826,"height":12}},{"id":"048645d0-5cd8-44cc-8588-fbcb4205dc25","block_type":"box","text":"Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small","page_number":149,"box":{"x":89,"y":717,"width":852,"height":12}},{"id":"0ddcc4c8-05b2-40be-981f-5cb0b53db760","block_type":"box","text":"Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity","page_number":149,"box":{"x":89,"y":732,"width":843,"height":12}},{"id":"5a012aae-b988-4407-b25b-700b5b600e16","block_type":"box","text":"Factor ETF and iShares U.S. Tech Breakthrough Multisector ETF, Creation Units are generally issued on a “T+1 basis” (i.e., one","page_number":149,"box":{"x":89,"y":747,"width":873,"height":12}},{"id":"0dfb3e4a-c508-491f-a79b-56ae5c0e8926","block_type":"box","text":"Business Day after trade date).","page_number":149,"box":{"x":89,"y":762,"width":213,"height":12}},{"id":"850fb3b5-6a10-467b-9fd8-4ed153813aae","block_type":"box","text":"For the iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor","page_number":149,"box":{"x":89,"y":788,"width":856,"height":13}},{"id":"5a2f1806-e522-4edc-8a98-b2f49b95afee","block_type":"box","text":"ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE","page_number":149,"box":{"x":89,"y":804,"width":834,"height":11}},{"id":"c3c6523f-af8f-4d35-b4b0-9d6074408437","block_type":"box","text":"Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF,","page_number":149,"box":{"x":88,"y":819,"width":832,"height":12}},{"id":"25ebe96d-49bf-41eb-85da-9e6375550f9c","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF,","page_number":149,"box":{"x":89,"y":834,"width":820,"height":12}},{"id":"e1ad74f9-c75f-4be0-af15-ef0c6e237f4f","block_type":"box","text":"Creation Units are generally issued on a “T+2 basis” (i.e., two Business Days after trade date).","page_number":149,"box":{"x":89,"y":849,"width":649,"height":12}},{"id":"445808b3-d2ab-4d5c-ab97-39576a82ec52","block_type":"box","text":"119","page_number":149,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"26486914-4de0-405a-9389-19da7cf35f3f","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":150,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"4a794019-df31-40b1-b6ed-2a95dbcbacd5","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":150,"box":{"x":89,"y":59,"width":772,"height":12}},{"id":"878602e6-8c6a-4e0c-bb07-79629073d691","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":150,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"5b8228d1-0999-487f-b997-1127b0c0856d","block_type":"box","text":"of dividend record dates and ex-dividend dates (i.e., the last day the holder of a security can sell the security and still receive","page_number":150,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"371daa75-37f9-4d20-a21f-fe0476230f11","block_type":"box","text":"dividends payable on the security).","page_number":150,"box":{"x":89,"y":104,"width":242,"height":13}},{"id":"941b525c-93da-422a-a4f8-061e4e48612d","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":150,"box":{"x":88,"y":131,"width":873,"height":12}},{"id":"4e482067-f1b9-42e5-aa2d-2fe714089b23","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":150,"box":{"x":88,"y":146,"width":847,"height":12}},{"id":"0ee61fe8-1726-40a2-b233-682279908857","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":150,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"950c0b37-2d4e-4753-8c28-4161be1357e3","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":150,"box":{"x":89,"y":176,"width":878,"height":13}},{"id":"39b5f3c2-f306-463f-b758-d76ab1130e15","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":150,"box":{"x":88,"y":191,"width":874,"height":13}},{"id":"b34abf34-ec3a-4195-b80f-55cbded1ccdc","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":150,"box":{"x":88,"y":206,"width":850,"height":13}},{"id":"dff768e2-5846-4075-8770-a54c38a70d11","block_type":"box","text":"settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit Securities is","page_number":150,"box":{"x":89,"y":222,"width":859,"height":12}},{"id":"bd802059-a7d4-4a75-89cf-572d2217f276","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":150,"box":{"x":89,"y":237,"width":851,"height":12}},{"id":"4f2203f3-9b68-4341-9133-8e52e935b23f","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":150,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"1e98d21f-813a-485c-9773-85d17b6fb4c3","block_type":"box","text":"Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings","page_number":150,"box":{"x":89,"y":267,"width":875,"height":12}},{"id":"f387abca-2ab9-46be-be45-7e53b25fcab5","block_type":"box","text":"and other charges.","page_number":150,"box":{"x":89,"y":282,"width":130,"height":12}},{"id":"de2e89df-6988-4048-a0e6-8fc3160c4801","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":150,"box":{"x":89,"y":308,"width":809,"height":13}},{"id":"fc72f2f5-e24e-4659-9477-c4a2e6c44cb0","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":150,"box":{"x":89,"y":324,"width":811,"height":12}},{"id":"99f9bff2-aec3-4990-900a-4d4271a37d46","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":150,"box":{"x":88,"y":339,"width":869,"height":12}},{"id":"faceb2f6-1953-47af-9b55-95bd7c58ab2e","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":150,"box":{"x":88,"y":354,"width":876,"height":12}},{"id":"f912883d-a169-4360-8378-92db9cfb4a71","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":150,"box":{"x":89,"y":369,"width":837,"height":12}},{"id":"a81ed58d-cfdd-454b-a3e9-5d8a4a5d71c5","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":150,"box":{"x":89,"y":395,"width":325,"height":10}},{"id":"43dc866f-c687-4c51-8620-e5904eed0241","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and","page_number":150,"box":{"x":88,"y":422,"width":849,"height":12}},{"id":"ad93c447-213c-4306-84d7-ca2afae605a0","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":150,"box":{"x":88,"y":437,"width":252,"height":10}},{"id":"92989f76-a9ce-4d20-8ae0-6a6bc197c81b","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":150,"box":{"x":88,"y":463,"width":876,"height":13}},{"id":"adb668bb-7cf5-4598-90b3-cab83eedda3e","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":150,"box":{"x":89,"y":479,"width":867,"height":12}},{"id":"c3d40795-2e4d-486c-8872-d3fa0f3eb9fb","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":150,"box":{"x":89,"y":494,"width":869,"height":12}},{"id":"3c32f360-324e-4ed0-9818-55debe294e82","block_type":"box","text":"Participant on the applicable Business Day.","page_number":150,"box":{"x":89,"y":509,"width":297,"height":12}},{"id":"fc16b525-ef1b-4c62-859b-8349b9e2673c","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":150,"box":{"x":89,"y":535,"width":869,"height":13}},{"id":"5e19dae5-4a37-4780-b755-8b8d5f00dffa","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":150,"box":{"x":89,"y":550,"width":845,"height":13}},{"id":"7b718dba-0f6b-40ba-ad85-215cd93d424e","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":150,"box":{"x":89,"y":565,"width":864,"height":13}},{"id":"c03a3844-5f7e-4e7d-854f-da97085dd0fe","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":150,"box":{"x":88,"y":581,"width":845,"height":12}},{"id":"2bdf5d1c-7f80-4003-8c9a-d6c37a6bff2a","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":150,"box":{"x":89,"y":596,"width":853,"height":12}},{"id":"de88b048-3119-4c04-9a95-d62ba6e6bb6d","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":150,"box":{"x":88,"y":611,"width":836,"height":12}},{"id":"271c2cbb-d469-4c10-8e55-a37093aa3ae9","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":150,"box":{"x":89,"y":626,"width":866,"height":12}},{"id":"4fd4d14f-2bd5-4aca-8aa2-e97ffade4c1a","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":150,"box":{"x":89,"y":641,"width":834,"height":12}},{"id":"9e290d9e-4554-45fd-9d66-0360a434a6c8","block_type":"box","text":"maximum amounts shown below.","page_number":150,"box":{"x":89,"y":656,"width":237,"height":10}},{"id":"6fff6852-6d68-433d-a29a-2c688359b116","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":150,"box":{"x":88,"y":683,"width":817,"height":12}},{"id":"f95258a2-4689-4b43-bbf2-09bcf4ce8455","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":150,"box":{"x":89,"y":698,"width":866,"height":12}},{"id":"1d956ce8-110f-4d0b-96ce-0c8a7d27b83d","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":150,"box":{"x":89,"y":713,"width":636,"height":12}},{"id":"ee167a0f-8975-4530-bd7b-006705aa38fd","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fees and maximum additional charge (as described","page_number":150,"box":{"x":88,"y":739,"width":867,"height":13}},{"id":"7d8cb636-bffb-4677-bc85-a2dc202521e2","block_type":"box","text":"above):","page_number":150,"box":{"x":89,"y":754,"width":50,"height":13}},{"id":"874eee6b-1d40-4681-83d7-f16deaaa26ce","block_type":"box","text":"Fund","page_number":150,"box":{"x":89,"y":794,"width":27,"height":8}},{"id":"5e4a3003-94aa-4b64-8b29-01b832bf04c0","block_type":"box","text":"Standard Creation","page_number":150,"box":{"x":665,"y":784,"width":103,"height":8}},{"id":"6d465f14-5ac7-42b8-8de8-2630d3de9d50","block_type":"box","text":"Transaction Fee","page_number":150,"box":{"x":671,"y":795,"width":91,"height":7}},{"id":"87a12a87-e275-4929-bb58-5be6d372f91c","block_type":"box","text":"Maximum Additional","page_number":150,"box":{"x":847,"y":784,"width":120,"height":8}},{"id":"55e40767-a27d-4ae6-a352-53aa97e82d93","block_type":"box","text":"Charge*","page_number":150,"box":{"x":883,"y":794,"width":48,"height":10}},{"id":"317ae1c9-f515-4952-ae43-a5bf87bf5172","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $10,000 7.0%","page_number":150,"box":{"x":89,"y":816,"width":842,"height":13}},{"id":"3b49ef72-3f30-46c4-af4e-208383260ec1","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF 4,400 7.0%","page_number":150,"box":{"x":89,"y":831,"width":842,"height":12}},{"id":"0b7a3a6a-81db-4177-aa30-297dc219f747","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF 4,800 7.0%","page_number":150,"box":{"x":89,"y":846,"width":842,"height":13}},{"id":"bdb8bce4-8adc-4872-abde-524f4fe579f8","block_type":"box","text":"120","page_number":150,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"d721499a-f40b-4c28-8753-d4dedaf6bdab","block_type":"box","text":"Fund","page_number":151,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"581631d2-171e-424a-b9ea-23a11c8e7d70","block_type":"box","text":"Standard Creation","page_number":151,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"5afb3d95-2216-4499-9565-12642f9ee134","block_type":"box","text":"Transaction Fee","page_number":151,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"6f6323ba-e8e8-4abb-8bb5-f28c3c0f9b5f","block_type":"box","text":"Maximum Additional","page_number":151,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"30ea4dcc-c3dd-4768-88ab-c5a8a085cafe","block_type":"box","text":"Charge*","page_number":151,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"d660137b-fa63-402c-9a4c-cf954a2b9258","block_type":"box","text":"iShares MSCI Intl Value Factor ETF 5,000 7.0%","page_number":151,"box":{"x":89,"y":77,"width":842,"height":11}},{"id":"92c234de-a064-4f7b-a693-35b96a3ce023","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":151,"box":{"x":118,"y":116,"width":329,"height":10}},{"id":"e584058a-a7e7-4f20-86f1-ae74b257075d","block_type":"box","text":"iShares China Large-Cap ETF, iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor","page_number":151,"box":{"x":88,"y":140,"width":859,"height":12}},{"id":"6895833e-1f74-4751-8d4b-64502461eaae","block_type":"box","text":"ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares","page_number":151,"box":{"x":88,"y":155,"width":861,"height":12}},{"id":"17744a74-efb3-4dd1-a545-404da10596a6","block_type":"box","text":"MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":151,"box":{"x":88,"y":170,"width":860,"height":12}},{"id":"d1344fbc-1887-4d22-9ff1-b69e00b4d1e8","block_type":"box","text":"Small-Cap ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA","page_number":151,"box":{"x":88,"y":185,"width":829,"height":12}},{"id":"f10dd380-0691-4136-bcfc-a455a4d53fe9","block_type":"box","text":"Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA","page_number":151,"box":{"x":89,"y":200,"width":878,"height":12}},{"id":"4d903994-76d1-4e4e-ac5e-aba4e2d36ccf","block_type":"box","text":"Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech","page_number":151,"box":{"x":89,"y":215,"width":802,"height":13}},{"id":"2ad42795-9aa4-405e-b2a5-8c33c8f45f5a","block_type":"box","text":"Breakthrough Multisector ETF","page_number":151,"box":{"x":88,"y":230,"width":220,"height":13}},{"id":"0f93bf88-ee45-4ab4-b473-c3f047195c9e","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":151,"box":{"x":88,"y":257,"width":876,"height":12}},{"id":"fbc04df4-8c57-4d3a-a9c4-db60cfbda51a","block_type":"box","text":"of Creation Units. Under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF","page_number":151,"box":{"x":89,"y":272,"width":872,"height":12}},{"id":"4e4ce5f4-2951-4cc8-885e-4abc6eaeaf90","block_type":"box","text":"Services. BRIL will receive from an Authorized Participant a standard transaction fee on each creation order, which consists of","page_number":151,"box":{"x":88,"y":287,"width":878,"height":12}},{"id":"8bb1941f-d7fc-48dc-bc58-0e7c8b52647e","block_type":"box","text":"(1) a fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and other transaction costs","page_number":151,"box":{"x":89,"y":302,"width":842,"height":12}},{"id":"a0d08271-7468-4d54-be07-23381a76ddbf","block_type":"box","text":"charged by a Fund custodian in connection with the issuance of Creation Units for such creation order (“Custody Transaction","page_number":151,"box":{"x":89,"y":317,"width":877,"height":13}},{"id":"88518424-895d-4a12-bd98-5af9da852031","block_type":"box","text":"Costs”). BRIL is entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":151,"box":{"x":89,"y":332,"width":865,"height":13}},{"id":"88c90a5e-9a0b-4c3a-879c-7f2ebbd51126","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":151,"box":{"x":89,"y":348,"width":804,"height":12}},{"id":"9ff4f090-ff1e-484c-9dea-7f7dae766aa4","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":151,"box":{"x":88,"y":374,"width":862,"height":12}},{"id":"24460d3e-8a18-4723-9683-5a74ba9ff2e4","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":389,"width":879,"height":12}},{"id":"f3b1af23-14c3-45c6-87f6-59e9e075afb6","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":151,"box":{"x":89,"y":404,"width":834,"height":13}},{"id":"100de88e-0b1c-42c9-b6f4-ee115d747f15","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":151,"box":{"x":89,"y":419,"width":874,"height":13}},{"id":"4a60889f-dadb-4591-a94e-bd8a9a094ce9","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":151,"box":{"x":89,"y":434,"width":877,"height":13}},{"id":"f29922ef-c470-48ed-aa77-0e3f9909b101","block_type":"box","text":"Unit. The following table sets forth, for each Fund, either the actual creation transaction fee that was charged on November","page_number":151,"box":{"x":89,"y":450,"width":863,"height":12}},{"id":"088ffd0a-d49d-485d-a8ea-2c5fdc808b6e","block_type":"box","text":"10, 2025 or an estimate of the creation transaction fee that would have been charged if the Fund had issued a Creation Unit","page_number":151,"box":{"x":90,"y":465,"width":863,"height":12}},{"id":"7c3b28f6-2745-4123-a098-ca5234c0f321","block_type":"box","text":"on that date. The actual fee that was or would have been charged to an Authorized Participant in connection with a creation","page_number":151,"box":{"x":89,"y":480,"width":868,"height":12}},{"id":"243c6eb7-fa18-4880-829f-b77bcf8e8fb6","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":151,"box":{"x":89,"y":495,"width":807,"height":12}},{"id":"9490a299-f2dd-401d-98cd-811332a7718b","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":151,"box":{"x":89,"y":521,"width":869,"height":13}},{"id":"dc715357-87bb-451d-8e93-2e2f7583b0e6","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":151,"box":{"x":89,"y":536,"width":845,"height":13}},{"id":"bee6e552-6c95-4f69-8333-9fd8b611c5fe","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":151,"box":{"x":89,"y":552,"width":864,"height":12}},{"id":"dc651ef3-0592-4cda-b76c-bdd786b5d5cc","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":151,"box":{"x":88,"y":567,"width":845,"height":12}},{"id":"d381b2ac-bd3e-4ada-9b6b-a01aa42c1551","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":151,"box":{"x":89,"y":582,"width":853,"height":12}},{"id":"13061fe3-9aef-41c7-9db9-cf262fc29c3a","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":151,"box":{"x":88,"y":597,"width":836,"height":12}},{"id":"32dffdee-bb89-427e-bad0-fa0c48496203","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":151,"box":{"x":89,"y":612,"width":866,"height":12}},{"id":"a60e938c-1703-49d6-bba1-5056ff448907","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":151,"box":{"x":89,"y":627,"width":834,"height":13}},{"id":"9bdf69b9-de25-4d54-a1c6-03e0745e462b","block_type":"box","text":"maximum amounts shown below.","page_number":151,"box":{"x":89,"y":642,"width":237,"height":10}},{"id":"834ccef3-644e-4941-9531-c0377ce9e0e1","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":151,"box":{"x":88,"y":669,"width":817,"height":12}},{"id":"e4374d3d-bde4-4892-905b-0794a36c4cba","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":151,"box":{"x":89,"y":684,"width":866,"height":12}},{"id":"2f1d6b31-af40-45cb-bdc6-3e7286f71ec5","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":151,"box":{"x":89,"y":699,"width":636,"height":12}},{"id":"d251d6c0-39d6-40f8-81de-ea5b88c3d0d0","block_type":"box","text":"The following table sets forth each Fund’s actual or estimated creation transaction fee, as applicable, as of November 10,","page_number":151,"box":{"x":88,"y":725,"width":845,"height":13}},{"id":"9a3da9f6-80d0-4761-8d6d-6c95cfac6c89","block_type":"box","text":"2025 and maximum additional charge (as described above):","page_number":151,"box":{"x":89,"y":741,"width":420,"height":12}},{"id":"9fbc57d1-87ff-4454-a13c-ff499655ef33","block_type":"box","text":"Fund","page_number":151,"box":{"x":89,"y":780,"width":27,"height":8}},{"id":"375b0bd6-1652-4190-a9bc-56e38bf32746","block_type":"box","text":"Standard Creation","page_number":151,"box":{"x":665,"y":770,"width":103,"height":8}},{"id":"19f91db0-6807-441c-a064-4f0e38372abd","block_type":"box","text":"Transaction Fee","page_number":151,"box":{"x":671,"y":781,"width":91,"height":7}},{"id":"48befd70-1f82-4ab7-b4bc-d2f1918ef718","block_type":"box","text":"Maximum Additional","page_number":151,"box":{"x":847,"y":770,"width":120,"height":8}},{"id":"77b89ba2-2b22-4f34-99da-9f4254cd59d6","block_type":"box","text":"Charge*","page_number":151,"box":{"x":883,"y":780,"width":48,"height":10}},{"id":"61bbc623-b676-4560-8bd8-bb527be30827","block_type":"box","text":"iShares China Large-Cap ETF $1,065.50** 3.0%","page_number":151,"box":{"x":89,"y":802,"width":843,"height":13}},{"id":"e690d48d-44fd-47c1-9c91-82a396dfaa13","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF 338.75** 3.0%","page_number":151,"box":{"x":89,"y":817,"width":843,"height":13}},{"id":"31ecebde-106b-44ad-b02b-79cc01ef9847","block_type":"box","text":"iShares International Equity Factor ETF 1,750.50** 3.0%","page_number":151,"box":{"x":89,"y":833,"width":843,"height":12}},{"id":"b71e440d-d64f-4f7e-babc-b47b885c1389","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF 4,301.25** 3.0%","page_number":151,"box":{"x":89,"y":848,"width":843,"height":12}},{"id":"6a814050-a342-417f-b1ec-4ab316bf147f","block_type":"box","text":"121","page_number":151,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"493acb34-6792-4182-800b-2fe39853509b","block_type":"box","text":"Fund","page_number":152,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"72ecadec-c0f2-44be-bab9-c933bd7fe2a4","block_type":"box","text":"Standard Creation","page_number":152,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"6f8b4a42-2d6f-4849-bd0c-325d1a6cb8b7","block_type":"box","text":"Transaction Fee","page_number":152,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"c95ba375-881c-45ea-9d7a-ea2e80210ca6","block_type":"box","text":"Maximum Additional","page_number":152,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"ee87e762-2a62-4188-b538-41f4fdd83bd8","block_type":"box","text":"Charge*","page_number":152,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"1098b56f-6ed0-445c-81b9-939746693cdf","block_type":"box","text":"iShares MSCI EAFE ETF 2,929.50** 3.0%","page_number":152,"box":{"x":89,"y":77,"width":843,"height":11}},{"id":"5f9eff87-dc34-4943-82a3-4e04d7ef3e11","block_type":"box","text":"iShares MSCI EAFE Growth ETF 1,638.50** 3.0%","page_number":152,"box":{"x":89,"y":92,"width":843,"height":11}},{"id":"0d4903fd-9c43-4f20-89f8-a402d6a2bfb7","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF 1,231.50** 3.0%","page_number":152,"box":{"x":89,"y":107,"width":843,"height":11}},{"id":"662c2625-aea9-4bbe-b04d-97c121f62888","block_type":"box","text":"iShares MSCI EAFE Value ETF 1,866.00** 3.0%","page_number":152,"box":{"x":89,"y":122,"width":843,"height":11}},{"id":"eae15dcc-60df-40d8-90f0-867b53aac828","block_type":"box","text":"iShares MSCI Europe Financials ETF 573.00** 3.0%","page_number":152,"box":{"x":89,"y":137,"width":843,"height":12}},{"id":"be0108b4-68e3-4158-8540-d04d633cdbfb","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF 3,583.25** 3.0%","page_number":152,"box":{"x":89,"y":152,"width":843,"height":13}},{"id":"f0bd632d-ed06-465d-abad-23c4d0191cd3","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF 362.50** 3.0%","page_number":152,"box":{"x":89,"y":167,"width":843,"height":10}},{"id":"836db07d-460b-4dc9-ba42-3545488ed6e4","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF 302.50** 3.0%","page_number":152,"box":{"x":89,"y":182,"width":843,"height":10}},{"id":"c9a5e999-99d9-473d-808d-a1098a11235a","block_type":"box","text":"iShares MSCI USA Quality Factor ETF 305.00** 3.0%","page_number":152,"box":{"x":89,"y":198,"width":843,"height":12}},{"id":"ec7f521c-19d7-456a-8e22-8edf9e389b4a","block_type":"box","text":"iShares MSCI USA Size Factor ETF 887.50** 3.0%","page_number":152,"box":{"x":89,"y":213,"width":843,"height":9}},{"id":"8689de41-9e46-40b1-ae0f-11b6b4ea72cb","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF 500.00** 3.0%","page_number":152,"box":{"x":89,"y":228,"width":843,"height":12}},{"id":"5b664994-f020-49a1-a1ae-47c2a9c93540","block_type":"box","text":"iShares MSCI USA Value Factor ETF 332.50** 3.0%","page_number":152,"box":{"x":89,"y":243,"width":843,"height":10}},{"id":"bf8dbb2e-6790-4d61-95d9-85c3e775e4f5","block_type":"box","text":"iShares U.S. Equity Factor ETF 493.75** 3.0%","page_number":152,"box":{"x":89,"y":258,"width":843,"height":12}},{"id":"a49c342c-8931-4308-8716-db960e5017e2","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF 1,158.75** 3.0%","page_number":152,"box":{"x":89,"y":273,"width":843,"height":13}},{"id":"9ae6c5c2-2526-4292-8194-17b587609196","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF 353.75** 3.0%","page_number":152,"box":{"x":89,"y":288,"width":843,"height":13}},{"id":"f2a3011b-adce-4550-9560-8c6d54b25378","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":152,"box":{"x":118,"y":328,"width":329,"height":10}},{"id":"210831de-36e8-47fe-ae52-919cb8213f2d","block_type":"box","text":"** Estimated fees.","page_number":152,"box":{"x":118,"y":343,"width":98,"height":8}},{"id":"527acfd5-9850-4aea-b2e5-c1303cbc57e6","block_type":"box","text":"Redemption of Creation Units.","page_number":152,"box":{"x":89,"y":366,"width":216,"height":13}},{"id":"3aa1901d-9a85-4388-93b9-4a10a9e54359","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":152,"box":{"x":88,"y":393,"width":836,"height":12}},{"id":"148561d9-6084-4afe-b057-7d361e8e1c65","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":152,"box":{"x":89,"y":408,"width":869,"height":12}},{"id":"993422c5-f027-4358-af0f-22f1ba7d01ab","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":152,"box":{"x":89,"y":423,"width":873,"height":12}},{"id":"23d5091c-247b-461e-abd6-0645355f0ff3","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":152,"box":{"x":89,"y":438,"width":855,"height":13}},{"id":"03a3b78a-350e-4ece-81c0-7148fc77e11b","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":152,"box":{"x":89,"y":453,"width":878,"height":13}},{"id":"c8c9aed5-d5e1-4ade-8862-52a46112c9df","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":152,"box":{"x":89,"y":468,"width":649,"height":13}},{"id":"087003ce-8121-4384-9aa6-29eabdc91e26","block_type":"box","text":"Each Fund generally redeems Creation Units for Fund Securities (as defined below). Please see the","page_number":152,"box":{"x":89,"y":495,"width":686,"height":12}},{"id":"1892f6c9-6319-4ea3-8b8e-7b1a815ccdce","block_type":"box","text":"Cash Redemption Method","page_number":152,"box":{"x":780,"y":495,"width":183,"height":12}},{"id":"1c2d350a-5c39-4eb6-8502-9a33b9d50f5b","block_type":"box","text":"section below and the following discussion summarizing the in-kind method for further information on redeeming Creation","page_number":152,"box":{"x":89,"y":510,"width":864,"height":12}},{"id":"0879a602-fb7f-440f-bd2b-c2d4b32c0d40","block_type":"box","text":"Units of the Funds.","page_number":152,"box":{"x":89,"y":525,"width":130,"height":10}},{"id":"37d5404d-39bf-480e-91e1-a18224e27134","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":152,"box":{"x":89,"y":552,"width":853,"height":12}},{"id":"9803c2b5-1d50-44d6-b6b2-34f8432ddb03","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":152,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"80f99f14-e766-4c6e-b705-5e53cdc347c2","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":152,"box":{"x":88,"y":582,"width":841,"height":12}},{"id":"6c07eae6-550f-4baa-a34e-786aed3e25f7","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":152,"box":{"x":89,"y":597,"width":863,"height":12}},{"id":"bd5740f1-f92b-4479-901b-c2b767c1a2d6","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":152,"box":{"x":89,"y":612,"width":833,"height":12}},{"id":"82405e6a-c6e4-452a-b5b0-c4224e914314","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":152,"box":{"x":88,"y":627,"width":855,"height":13}},{"id":"a28619c9-0070-4f52-8e87-1d6da7644062","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":152,"box":{"x":89,"y":642,"width":843,"height":13}},{"id":"9f7f11c8-bc44-4556-8903-f0e146f6a903","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":152,"box":{"x":88,"y":657,"width":738,"height":13}},{"id":"adc9125c-42d6-45cb-9b42-b9bc52b7e390","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":152,"box":{"x":89,"y":684,"width":866,"height":12}},{"id":"ad5e7427-ba1d-4786-9537-ab4274dde499","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":152,"box":{"x":89,"y":699,"width":861,"height":12}},{"id":"0108549d-c901-4595-a43b-cd33f3399c3f","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":152,"box":{"x":89,"y":714,"width":873,"height":12}},{"id":"533820fb-f0c8-4920-9fc3-107ae835e95b","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":152,"box":{"x":89,"y":729,"width":355,"height":13}},{"id":"522e6cf3-b817-434e-982a-ed080cb1cf63","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":152,"box":{"x":88,"y":756,"width":874,"height":12}},{"id":"9eec0c48-3b0c-4819-becb-f931b7bdecc1","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":152,"box":{"x":89,"y":771,"width":825,"height":12}},{"id":"12b8aeca-a496-4c5a-ad25-11ad630079e6","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":152,"box":{"x":88,"y":786,"width":823,"height":12}},{"id":"5b2392d9-7454-4c03-aca8-2cac5865063e","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":152,"box":{"x":89,"y":801,"width":863,"height":12}},{"id":"b492260b-1ca5-4218-b3af-6540c1098d9a","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":152,"box":{"x":88,"y":816,"width":880,"height":13}},{"id":"3ac29d32-14f6-41c2-b9d5-651bede7a763","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":152,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"8af17620-ee26-4e05-b420-89c66e1aa18d","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":152,"box":{"x":89,"y":846,"width":867,"height":13}},{"id":"e6dc0ef7-e7e2-4958-9555-50932ee6c9d5","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":152,"box":{"x":89,"y":862,"width":855,"height":12}},{"id":"526fc1ff-e16a-4968-bfbf-f48d7c3e2813","block_type":"box","text":"122","page_number":152,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"f05d170e-3343-40cf-af50-c581c2e54e41","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":153,"box":{"x":88,"y":44,"width":815,"height":12}},{"id":"94f46d7c-d9b2-4406-96e3-57ffbc5925a6","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":153,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"09ca5a26-ea71-451b-bf3b-e613b26609fa","block_type":"box","text":"redeems Creation Units for Fund Securities, but each Fund reserves the right to utilize a cash option for redemption of","page_number":153,"box":{"x":89,"y":74,"width":825,"height":12}},{"id":"ac7d7121-4b5e-4f37-a987-d33872d6ba1b","block_type":"box","text":"Creation Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities","page_number":153,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"903286e5-af2b-4aef-b3ef-e62ef770f245","block_type":"box","text":"that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also","page_number":153,"box":{"x":88,"y":104,"width":860,"height":13}},{"id":"281cc13f-d6d9-407b-9f39-f194172de12e","block_type":"box","text":"be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption","page_number":153,"box":{"x":89,"y":119,"width":852,"height":13}},{"id":"3ee9cf3c-e3c9-497b-9ebe-b86dd3a9be87","block_type":"box","text":"Basket through systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities","page_number":153,"box":{"x":89,"y":135,"width":869,"height":12}},{"id":"b750ebb2-26ff-4fdc-8f8d-0b384858f34c","block_type":"box","text":"to be “rounded up,” while limiting the maximum allowed percentage change in weight and share quantity of any given","page_number":153,"box":{"x":88,"y":150,"width":830,"height":12}},{"id":"5e6408d3-1c4d-47b1-a4f7-1c5ec27f748f","block_type":"box","text":"security in the Redemption Basket. Redemption Baskets may also be modified to position a fund towards a forward index","page_number":153,"box":{"x":89,"y":165,"width":846,"height":12}},{"id":"f120901c-9c7e-4985-a522-cf649a72ffda","block_type":"box","text":"rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":153,"box":{"x":89,"y":180,"width":617,"height":12}},{"id":"629da0ee-6f80-469f-a17c-1bb74cf41d99","block_type":"box","text":"Cash Redemption Method.","page_number":153,"box":{"x":89,"y":206,"width":191,"height":13}},{"id":"4f52c21f-f506-4d28-bb1d-95bf2009c075","block_type":"box","text":"Although the Trust does not generally permit partial or full cash redemptions of Creation Units","page_number":153,"box":{"x":293,"y":206,"width":661,"height":13}},{"id":"0f47a69e-31f8-4d49-91d1-205568d65158","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":153,"box":{"x":89,"y":222,"width":869,"height":12}},{"id":"12abfd42-7271-4cb8-885e-0da0eb825bbd","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":153,"box":{"x":89,"y":237,"width":865,"height":12}},{"id":"cdc47355-af65-405a-917a-b48ac7937935","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":153,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"9e8a4b2b-0462-4cc9-b104-702a6e3d1109","block_type":"box","text":"the same Cash Amount to be paid to an in-kind redeemer.","page_number":153,"box":{"x":88,"y":267,"width":406,"height":12}},{"id":"2ea3eefc-4aa3-4ce4-bc65-1013a42c983b","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":153,"box":{"x":89,"y":293,"width":351,"height":13}},{"id":"b05cc19e-9817-40be-9926-0b277b2d2251","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and","page_number":153,"box":{"x":88,"y":320,"width":849,"height":12}},{"id":"e1a24fea-9f16-4a1e-bd2a-c624c41d6fb7","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":153,"box":{"x":88,"y":335,"width":252,"height":10}},{"id":"91134e4d-053f-42d6-99c1-ba119e8d700b","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":153,"box":{"x":88,"y":361,"width":866,"height":13}},{"id":"618d2066-cd79-4ab7-9f84-829e2e6e2f53","block_type":"box","text":"relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":153,"box":{"x":89,"y":376,"width":869,"height":13}},{"id":"d8483607-9800-4ac6-b68d-d5ba258654c9","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":153,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"aed240b9-6c5b-4e49-bda7-18a23b64fdcb","block_type":"box","text":"Participant on the applicable Business Day.","page_number":153,"box":{"x":89,"y":407,"width":297,"height":12}},{"id":"56c91e65-a3cc-419d-aa7e-2f9863a07b00","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":153,"box":{"x":89,"y":433,"width":810,"height":13}},{"id":"eeedae88-9cfc-4813-8f2f-7ed9ac7dee05","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":153,"box":{"x":88,"y":448,"width":869,"height":13}},{"id":"d93871bf-684a-4ed0-884c-6990f128edf5","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":153,"box":{"x":89,"y":463,"width":831,"height":13}},{"id":"3f5972d3-14b6-4c2c-b66e-511c40ecb7b2","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":153,"box":{"x":89,"y":479,"width":853,"height":12}},{"id":"ef6a73ff-c5d2-4d32-813a-60c01b03e316","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":153,"box":{"x":88,"y":494,"width":873,"height":12}},{"id":"64aebe9b-b94f-4221-a1a0-460b496415cc","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":153,"box":{"x":89,"y":509,"width":859,"height":12}},{"id":"a948a265-2641-4df3-b435-012508ab6fc2","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":153,"box":{"x":88,"y":524,"width":817,"height":12}},{"id":"7acd1b88-2299-408e-8fb3-533906031881","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":153,"box":{"x":89,"y":539,"width":824,"height":12}},{"id":"c0f04d8a-a4e9-42a8-9ecd-347cf1a86e54","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":153,"box":{"x":89,"y":554,"width":338,"height":12}},{"id":"1baef578-6f7a-4871-88ea-2fe7c9fc2845","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":153,"box":{"x":88,"y":581,"width":879,"height":12}},{"id":"c7d32a02-5b79-4339-8072-0b89d062a769","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":153,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"844f1214-1379-4fe7-b47c-40b8c02a7588","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":153,"box":{"x":89,"y":611,"width":815,"height":12}},{"id":"dcf221e1-4bde-4497-b466-0cb853cfd7f0","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fees and maximum additional charge (as","page_number":153,"box":{"x":88,"y":637,"width":819,"height":13}},{"id":"843be60a-cefb-40af-bb3d-d8b7be974bfc","block_type":"box","text":"described above):","page_number":153,"box":{"x":89,"y":652,"width":122,"height":13}},{"id":"2879dcea-06ba-4293-bfc4-3f262189c6d8","block_type":"box","text":"Fund","page_number":153,"box":{"x":89,"y":692,"width":27,"height":8}},{"id":"7edcdd0c-550a-4163-8415-a0a2307b0058","block_type":"box","text":"Standard Redemption","page_number":153,"box":{"x":643,"y":682,"width":125,"height":10}},{"id":"6bce5b7f-8766-4853-bb2f-20f328ce20fa","block_type":"box","text":"Transaction Fee","page_number":153,"box":{"x":660,"y":693,"width":91,"height":7}},{"id":"7a3fbb10-d29d-474d-9c1e-407a6b104862","block_type":"box","text":"Maximum Additional","page_number":153,"box":{"x":847,"y":682,"width":120,"height":8}},{"id":"3cd9e0e1-71fa-42a1-b10b-505bac01989d","block_type":"box","text":"Charge*","page_number":153,"box":{"x":883,"y":692,"width":48,"height":10}},{"id":"0cc6cf76-0481-4654-8089-2cf51da8fd47","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $10,000 2.0%","page_number":153,"box":{"x":89,"y":714,"width":843,"height":12}},{"id":"2ef6ff27-99eb-4f23-8a93-3a15f0234325","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF 4,400 2.0%","page_number":153,"box":{"x":89,"y":729,"width":843,"height":12}},{"id":"01fb0190-ec1a-479d-96ec-97b4b729de47","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF 4,800 2.0%","page_number":153,"box":{"x":89,"y":744,"width":843,"height":13}},{"id":"46fb9c05-87ce-468a-909c-97ba8264f179","block_type":"box","text":"iShares MSCI Intl Value Factor ETF 5,000 2.0%","page_number":153,"box":{"x":89,"y":759,"width":843,"height":12}},{"id":"b7c80c6d-bd9f-4e5d-89f6-61848d39d03f","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":153,"box":{"x":118,"y":799,"width":628,"height":10}},{"id":"269763d9-a744-4186-98ea-7ce0818deaf3","block_type":"box","text":"iShares China Large-Cap ETF, iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares International Equity Factor","page_number":153,"box":{"x":88,"y":822,"width":859,"height":13}},{"id":"f7ddd258-5d66-4d1a-9a6c-9b9e92c306f5","block_type":"box","text":"ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares","page_number":153,"box":{"x":88,"y":838,"width":861,"height":12}},{"id":"09decba5-70d0-4ce5-93b7-4907cd0f6eac","block_type":"box","text":"MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe","page_number":153,"box":{"x":88,"y":853,"width":860,"height":12}},{"id":"0d066acb-cd3d-4d9a-aefa-bae48066b21a","block_type":"box","text":"123","page_number":153,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"8e328a8b-6b5e-4ae5-b395-fed7a35fd5e9","block_type":"box","text":"Small-Cap ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA","page_number":154,"box":{"x":88,"y":44,"width":829,"height":12}},{"id":"3c8057e6-9917-4dc8-a0d7-a557d900f9f8","block_type":"box","text":"Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares MSCI USA","page_number":154,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"1ec900d0-3c4b-40e8-bd31-6accf3da000c","block_type":"box","text":"Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech","page_number":154,"box":{"x":89,"y":74,"width":802,"height":12}},{"id":"e5203930-772e-4700-9631-a9ed80f753c3","block_type":"box","text":"Breakthrough Multisector ETF","page_number":154,"box":{"x":88,"y":89,"width":220,"height":13}},{"id":"606c4cc9-2650-48b0-a76f-1eaab2733003","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":154,"box":{"x":88,"y":116,"width":866,"height":12}},{"id":"cfd9fb06-d6d0-44a7-bdac-e0a29022224a","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":154,"box":{"x":89,"y":131,"width":848,"height":12}},{"id":"473bcd83-1168-420b-a8ce-6dfd5eca200c","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":154,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"42b78cca-2563-4cca-b919-2acd0ccdad0b","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":154,"box":{"x":89,"y":161,"width":822,"height":12}},{"id":"4fd6f097-22ac-41c0-a9b8-21003113320e","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":154,"box":{"x":88,"y":176,"width":815,"height":13}},{"id":"051cb5e7-3ad7-4437-a42f-41aba21252f8","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":154,"box":{"x":89,"y":191,"width":567,"height":13}},{"id":"d715ee1b-eaae-4c66-bb6b-5d143217bacb","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":154,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"2294d0c2-6e54-4736-bf96-aaadbd5aa843","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":154,"box":{"x":88,"y":233,"width":879,"height":12}},{"id":"cb546133-4c30-4eb8-8315-a0aed73b7987","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":154,"box":{"x":89,"y":248,"width":860,"height":12}},{"id":"2569a6e3-756b-41ce-932c-5ce717c988e4","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":154,"box":{"x":89,"y":263,"width":872,"height":12}},{"id":"0bd059ab-858a-4632-9372-e579756c2eae","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":154,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"f1707562-d2f5-48f1-b252-dbd2cd0b6b40","block_type":"box","text":"Creation Unit. The following table sets forth, for each Fund, either the actual standard redemption transaction fee that was","page_number":154,"box":{"x":89,"y":293,"width":856,"height":13}},{"id":"0ecfc1de-5f3b-4d22-89a3-937c525f8d7c","block_type":"box","text":"charged on November 10, 2025 or an estimate of the standard redemption transaction fee that would have been charged if","page_number":154,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"b9b8ff5b-4635-4a05-98de-51cce87f985b","block_type":"box","text":"the Fund had redeemed a Creation Unit on that date. The actual fee that was or would have been charged to an Authorized","page_number":154,"box":{"x":88,"y":324,"width":862,"height":12}},{"id":"10ba57e2-bf4a-4d80-914c-8d2fa4ed2dbd","block_type":"box","text":"Participant in connection with a redemption order will vary over time depending on the factors discussed above, and may be","page_number":154,"box":{"x":89,"y":339,"width":870,"height":12}},{"id":"32e0253b-3532-4677-b8dc-de1304a013dc","block_type":"box","text":"higher than the fee set forth below.","page_number":154,"box":{"x":89,"y":354,"width":244,"height":12}},{"id":"4b33b036-bcd2-48ca-bc74-221facd5fdff","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":154,"box":{"x":89,"y":380,"width":810,"height":13}},{"id":"493debf0-5489-456e-aa55-623076b44f59","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":154,"box":{"x":88,"y":395,"width":869,"height":13}},{"id":"b797d220-2333-428b-9440-a378e4f408f0","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":154,"box":{"x":89,"y":410,"width":831,"height":13}},{"id":"b77217db-2878-44e7-82a6-3436016a2221","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":154,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"c346c4fb-40db-4bff-b508-71bd6445147a","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":154,"box":{"x":88,"y":441,"width":873,"height":12}},{"id":"3f2508d5-63c8-4797-b9a6-c9f19419a958","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":154,"box":{"x":89,"y":456,"width":859,"height":12}},{"id":"316ace82-5880-489a-8736-5c4ac0886522","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":154,"box":{"x":88,"y":471,"width":817,"height":12}},{"id":"3eaec1b3-7646-4144-a572-37c5064b50bf","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":154,"box":{"x":89,"y":486,"width":824,"height":12}},{"id":"18a11e51-31b3-48ad-ad50-56aadf64f87b","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":154,"box":{"x":89,"y":501,"width":338,"height":13}},{"id":"4f3dccd4-2177-4276-bbdb-092ce50c382f","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":154,"box":{"x":88,"y":528,"width":879,"height":12}},{"id":"e768231a-698e-4609-8980-52cde1dc6c1e","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":154,"box":{"x":89,"y":543,"width":863,"height":12}},{"id":"faf40340-e61a-4169-a771-35894e997f16","block_type":"box","text":"services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.The","page_number":154,"box":{"x":89,"y":558,"width":842,"height":12}},{"id":"2c3bf97f-d03c-4884-95fc-ebc21df35cd0","block_type":"box","text":"following table sets forth each Fund’s actual or estimated redemption transaction fee, as applicable, as of November 10, 2025","page_number":154,"box":{"x":88,"y":573,"width":877,"height":12}},{"id":"0f62c57c-f7be-4a19-89ce-30dc42de6a0c","block_type":"box","text":"and maximum additional charge (as described above):","page_number":154,"box":{"x":89,"y":588,"width":381,"height":12}},{"id":"c5088128-7540-4758-83cf-ae3332a707a7","block_type":"box","text":"Fund","page_number":154,"box":{"x":89,"y":628,"width":27,"height":8}},{"id":"dd4d2aed-9f77-4b63-98c4-a75c4cb9bdef","block_type":"box","text":"Standard Redemption","page_number":154,"box":{"x":643,"y":618,"width":125,"height":10}},{"id":"54d816ae-8ac5-43f6-9100-8f821b3fa4d2","block_type":"box","text":"Transaction Fee","page_number":154,"box":{"x":660,"y":628,"width":91,"height":8}},{"id":"9277a648-9464-40bd-9d0b-9fc7f71c1aa8","block_type":"box","text":"Maximum Additional","page_number":154,"box":{"x":847,"y":618,"width":120,"height":8}},{"id":"d3382fee-bdc2-4c30-b5ab-339b15a11e01","block_type":"box","text":"Charge*","page_number":154,"box":{"x":883,"y":628,"width":48,"height":10}},{"id":"fedff2a8-b7b7-4b73-b09d-a8bc6c12d2fd","block_type":"box","text":"iShares China Large-Cap ETF $1,065.50** 2.0%","page_number":154,"box":{"x":89,"y":650,"width":843,"height":12}},{"id":"2775697f-ebd8-4884-b6e3-890e6963633d","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF 338.75** 2.0%","page_number":154,"box":{"x":89,"y":665,"width":843,"height":12}},{"id":"53fc43e5-361d-4891-b879-3ed76bebe062","block_type":"box","text":"iShares International Equity Factor ETF 1,750.50** 2.0%","page_number":154,"box":{"x":89,"y":680,"width":843,"height":12}},{"id":"ed331491-53f1-4707-b0ff-a2e526137b35","block_type":"box","text":"iShares International Small-Cap Equity Factor ETF 4,301.25** 2.0%","page_number":154,"box":{"x":89,"y":695,"width":843,"height":13}},{"id":"5866fa8d-7c95-4de8-9c00-5d8491f919e0","block_type":"box","text":"iShares MSCI EAFE ETF 2,929.50** 2.0%","page_number":154,"box":{"x":89,"y":710,"width":843,"height":12}},{"id":"9ff5f110-3535-40c5-8f1c-2f2afb03c058","block_type":"box","text":"iShares MSCI EAFE Growth ETF 1,638.50** 2.0%","page_number":154,"box":{"x":89,"y":725,"width":843,"height":12}},{"id":"355c7a1a-4138-4c0c-9e54-3c555c750676","block_type":"box","text":"iShares MSCI EAFE Min Vol Factor ETF 1,231.50** 2.0%","page_number":154,"box":{"x":89,"y":741,"width":843,"height":11}},{"id":"8590acd2-cd36-442f-ad76-8ff9453bb204","block_type":"box","text":"iShares MSCI EAFE Value ETF 1,866.00** 2.0%","page_number":154,"box":{"x":89,"y":756,"width":843,"height":11}},{"id":"ee5ede6e-915b-4ebf-b1de-b75804308b5e","block_type":"box","text":"iShares MSCI Europe Financials ETF 573.00** 2.0%","page_number":154,"box":{"x":89,"y":771,"width":843,"height":12}},{"id":"107df667-c49c-4549-ac59-a64a98d8e9bb","block_type":"box","text":"iShares MSCI Europe Small-Cap ETF 3,583.25** 2.0%","page_number":154,"box":{"x":89,"y":786,"width":843,"height":12}},{"id":"73b868e9-ea55-4965-8d39-e2cb0b1821b2","block_type":"box","text":"iShares MSCI USA Min Vol Factor ETF 362.50** 2.0%","page_number":154,"box":{"x":89,"y":801,"width":843,"height":10}},{"id":"fb94c8b1-e9d7-472a-8638-8992530d94b7","block_type":"box","text":"iShares MSCI USA Momentum Factor ETF 302.50** 2.0%","page_number":154,"box":{"x":89,"y":816,"width":843,"height":10}},{"id":"67819e38-cfd2-4612-84b3-f1eddfa27dde","block_type":"box","text":"iShares MSCI USA Quality Factor ETF 305.00** 2.0%","page_number":154,"box":{"x":89,"y":831,"width":843,"height":13}},{"id":"c79bd065-f5a8-4700-994f-b9aa51ef9bfe","block_type":"box","text":"iShares MSCI USA Size Factor ETF 887.50** 2.0%","page_number":154,"box":{"x":89,"y":846,"width":843,"height":10}},{"id":"3b7f059b-da38-4bdb-9d06-9a285146d68b","block_type":"box","text":"124","page_number":154,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"1399caca-3822-48e4-a6b8-382f2bad3330","block_type":"box","text":"Fund","page_number":155,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"c6551c3b-29d4-43f6-9bb1-42d8bc7cef5d","block_type":"box","text":"Standard Redemption","page_number":155,"box":{"x":643,"y":45,"width":125,"height":9}},{"id":"4a686311-8a52-4d37-9fb5-d60911a45500","block_type":"box","text":"Transaction Fee","page_number":155,"box":{"x":660,"y":55,"width":91,"height":7}},{"id":"68507344-b323-4903-b7a3-7c88cf2987cf","block_type":"box","text":"Maximum Additional","page_number":155,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"f60b984b-0f54-4c3c-934d-5edfedd4d88b","block_type":"box","text":"Charge*","page_number":155,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"8e26f401-14d4-424a-afff-04df8d9a6924","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF 500.00** 2.0%","page_number":155,"box":{"x":89,"y":77,"width":843,"height":12}},{"id":"85e53a9a-b31d-463a-9224-24d70879dc38","block_type":"box","text":"iShares MSCI USA Value Factor ETF 332.50** 2.0%","page_number":155,"box":{"x":89,"y":92,"width":843,"height":9}},{"id":"bb63c637-05ba-40d3-af61-998a4dd71c6f","block_type":"box","text":"iShares U.S. Equity Factor ETF 493.75** 2.0%","page_number":155,"box":{"x":89,"y":107,"width":843,"height":12}},{"id":"6b51139e-b030-4d17-8176-3a0a9ba3b705","block_type":"box","text":"iShares U.S. Small-Cap Equity Factor ETF 1,158.75** 2.0%","page_number":155,"box":{"x":89,"y":122,"width":843,"height":12}},{"id":"41b6f96b-5b7b-4c4e-8826-bf9aa61838d7","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF 353.75** 2.0%","page_number":155,"box":{"x":89,"y":137,"width":843,"height":12}},{"id":"c7b0d1f7-3144-4ff9-a1b6-08d69846e6d5","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":155,"box":{"x":118,"y":177,"width":628,"height":10}},{"id":"6f138104-4734-4e4b-b6da-9b7f952f8fc4","block_type":"box","text":"** Estimated fees.","page_number":155,"box":{"x":118,"y":192,"width":98,"height":8}},{"id":"fb3bbbee-28f7-4f09-8036-52f21768ad4a","block_type":"box","text":"Placement of Redemption Orders.","page_number":155,"box":{"x":89,"y":215,"width":243,"height":13}},{"id":"ed840fac-e403-493c-8c3d-f4dd4bce0633","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":155,"box":{"x":342,"y":215,"width":550,"height":13}},{"id":"20e294ec-4350-4ddb-8992-131a7a551f1a","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":155,"box":{"x":89,"y":230,"width":825,"height":13}},{"id":"eca90f39-3318-4e69-aef3-292fb87799da","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":155,"box":{"x":89,"y":245,"width":840,"height":13}},{"id":"6f6c04c0-f415-4f15-89ad-e5d091448bab","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":155,"box":{"x":89,"y":261,"width":843,"height":12}},{"id":"a25bfb48-b33f-4f19-b31e-5cfd75edf3f7","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":155,"box":{"x":89,"y":276,"width":875,"height":12}},{"id":"e9579564-d3c3-44f0-8b8a-8d085038b609","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":155,"box":{"x":89,"y":291,"width":869,"height":12}},{"id":"cd9aa201-4961-4ff3-8812-e7934295421c","block_type":"box","text":"Authorized Participants upon request.","page_number":155,"box":{"x":88,"y":306,"width":264,"height":12}},{"id":"d9d24eab-df95-4252-a045-e45c8e3a6edb","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":155,"box":{"x":88,"y":332,"width":867,"height":13}},{"id":"4fc8af17-bfd0-4ef0-bb96-910b7b29d0d5","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":155,"box":{"x":89,"y":348,"width":854,"height":12}},{"id":"4053944d-4a82-4db5-80a9-3301bb505b09","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":155,"box":{"x":88,"y":363,"width":862,"height":12}},{"id":"62392dd6-1806-41b1-b53a-619a70515d29","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":155,"box":{"x":89,"y":378,"width":823,"height":12}},{"id":"ecb0a891-3eec-425b-9d36-062481fbeb3a","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":155,"box":{"x":88,"y":393,"width":861,"height":12}},{"id":"e6beb105-4d8b-455c-9c87-0b40e355d27f","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":155,"box":{"x":88,"y":408,"width":877,"height":12}},{"id":"8b77e945-e9dc-4103-86ae-221a69196f4c","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":155,"box":{"x":89,"y":423,"width":857,"height":12}},{"id":"5ef3148b-638c-4375-bba1-fe109fc635b9","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":155,"box":{"x":89,"y":438,"width":857,"height":13}},{"id":"d4fbcf25-d129-42d2-8641-d9ef993eb2e7","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":155,"box":{"x":89,"y":453,"width":842,"height":13}},{"id":"e51d3064-d8df-46f1-8657-a385afd98ce2","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":155,"box":{"x":89,"y":468,"width":585,"height":13}},{"id":"70df46c6-494a-4b58-9af1-10b123abbb9d","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":155,"box":{"x":88,"y":495,"width":850,"height":12}},{"id":"c06fd2ef-c53a-46b8-8d9b-d0399f993c00","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":155,"box":{"x":88,"y":510,"width":829,"height":12}},{"id":"5afea9a2-9223-4521-b921-00eff089a8f9","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":155,"box":{"x":89,"y":525,"width":833,"height":12}},{"id":"da14831a-2f8c-4536-a9fb-d7b8c09e440f","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":155,"box":{"x":89,"y":540,"width":866,"height":13}},{"id":"d4beb991-66ef-4def-838b-dfc01522b4d6","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":155,"box":{"x":89,"y":555,"width":848,"height":13}},{"id":"043206f1-7a2a-4942-bc75-fa69e14de922","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":155,"box":{"x":88,"y":570,"width":477,"height":13}},{"id":"b642323c-5322-410a-ae19-64198dfa60a5","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":155,"box":{"x":89,"y":597,"width":843,"height":12}},{"id":"1e1d2ac5-e871-409f-87ef-015fe6e3ec2f","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":155,"box":{"x":89,"y":612,"width":850,"height":12}},{"id":"309e8990-91e5-425a-aab1-35e8e4267b4f","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":155,"box":{"x":89,"y":627,"width":876,"height":13}},{"id":"0bf76046-7a0d-4e36-ae4f-dbfcd1d10b80","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":155,"box":{"x":88,"y":642,"width":869,"height":13}},{"id":"97b23206-0377-48cf-91ce-4e7e2e803ac3","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":155,"box":{"x":89,"y":657,"width":831,"height":13}},{"id":"c9c9ccad-7b41-45ca-b8ef-29b062685fd2","block_type":"box","text":"Participant submitting the redemption request.","page_number":155,"box":{"x":89,"y":673,"width":327,"height":12}},{"id":"4bb93b70-b254-4bf6-92d4-54200e429651","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":155,"box":{"x":88,"y":699,"width":854,"height":12}},{"id":"1dc63306-fd23-4a15-841d-5b9ceb765559","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":155,"box":{"x":89,"y":714,"width":837,"height":12}},{"id":"24d36ebc-937f-4f7e-9ad6-f7839f4d883b","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":155,"box":{"x":88,"y":729,"width":836,"height":13}},{"id":"3866c6b7-2bfa-40bf-9420-04471e005c56","block_type":"box","text":"For the iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA","page_number":155,"box":{"x":89,"y":756,"width":826,"height":12}},{"id":"33b8adc6-d310-4cb8-b14c-2938965603d2","block_type":"box","text":"Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF, iShares MSCI USA Small","page_number":155,"box":{"x":89,"y":771,"width":852,"height":12}},{"id":"a803f4a9-a932-401c-a927-795720788129","block_type":"box","text":"Cap Min Vol Factor ETF, iShares MSCI USA Value Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity","page_number":155,"box":{"x":89,"y":786,"width":843,"height":12}},{"id":"8a748186-74d8-4deb-88c4-727782548a01","block_type":"box","text":"Factor ETF and iShares U.S. Tech Breakthrough Multisector ETF, deliveries of redemption proceeds are generally made within","page_number":155,"box":{"x":89,"y":801,"width":871,"height":12}},{"id":"9e9c9d70-12e0-4cc2-a64c-55ef467c10a5","block_type":"box","text":"one Business Day (i.e., “T+1”).","page_number":155,"box":{"x":89,"y":816,"width":209,"height":13}},{"id":"aa64f92d-ce49-47a4-9fa1-4af3b4f6f062","block_type":"box","text":"For the iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor","page_number":155,"box":{"x":89,"y":843,"width":856,"height":12}},{"id":"e0d2a4ed-811e-46e7-9b21-172ccd93c569","block_type":"box","text":"ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE","page_number":155,"box":{"x":89,"y":858,"width":834,"height":11}},{"id":"199b9971-13f7-4787-8654-945fc4013771","block_type":"box","text":"125","page_number":155,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"dca73132-5e54-4c77-99d8-3fff4525a6a5","block_type":"box","text":"Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF,","page_number":156,"box":{"x":88,"y":44,"width":832,"height":12}},{"id":"a3eb1d27-468c-41ae-848f-c03de2accf89","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF,","page_number":156,"box":{"x":89,"y":59,"width":820,"height":12}},{"id":"47e40e91-f9dc-4cbe-a994-3ad60feaf8e3","block_type":"box","text":"deliveries of redemption proceeds are generally made within two Business Days (i.e., “T+2”).","page_number":156,"box":{"x":89,"y":74,"width":644,"height":12}},{"id":"2b31fbd8-3885-4505-ab9c-6633cac27a20","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":156,"box":{"x":89,"y":101,"width":835,"height":12}},{"id":"af5b2d24-a7f2-46f6-b0cf-cd6490018c6f","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":156,"box":{"x":89,"y":116,"width":772,"height":12}},{"id":"2a5959a3-ec2f-4ded-ae85-928093e37c5c","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":156,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"77aec761-e25b-4b65-9617-6c12cb0f782d","block_type":"box","text":"of dividend record dates and dividend ex-dates (i.e., the last date the holder of a security can sell the security and still receive","page_number":156,"box":{"x":89,"y":146,"width":872,"height":12}},{"id":"d969a7d4-0ed0-4c72-a37c-b07836e06669","block_type":"box","text":"dividends payable on the security).","page_number":156,"box":{"x":89,"y":161,"width":242,"height":12}},{"id":"e61c0c4f-aa17-42f5-ba6a-8d593145021b","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":156,"box":{"x":89,"y":188,"width":826,"height":12}},{"id":"c6863ab6-f8c6-41ff-8b29-9c97e1d186c1","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":156,"box":{"x":89,"y":203,"width":856,"height":12}},{"id":"32ca0012-cedb-4bf9-a7c2-755a534d9d08","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":156,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"1c41f233-0ff0-4e2b-afd8-e9a4f4618625","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":156,"box":{"x":89,"y":233,"width":824,"height":12}},{"id":"a07a6a13-4265-4135-ab08-063aac6dbb09","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":156,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"81965b14-0789-41f1-9c4e-0d3caaf0c05c","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":156,"box":{"x":89,"y":263,"width":844,"height":12}},{"id":"c52f1c7b-a759-4a19-b490-41c9085312a5","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":156,"box":{"x":89,"y":278,"width":877,"height":13}},{"id":"b90b271d-29e0-47a7-84a2-47c38cb097a7","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":156,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"9297159e-ab87-4f93-9282-b946f46af72d","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":156,"box":{"x":88,"y":308,"width":867,"height":13}},{"id":"722325ea-6d1f-44c0-8556-883f774ae149","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":156,"box":{"x":89,"y":324,"width":812,"height":12}},{"id":"d321aa9e-bfe9-4cea-8db2-c2b5ec3fc9bd","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":156,"box":{"x":88,"y":339,"width":746,"height":12}},{"id":"6709c014-79c0-4702-ac16-745d4f69ecd4","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":156,"box":{"x":88,"y":365,"width":849,"height":12}},{"id":"a7518121-ef20-457f-ab3d-39d32395d0d8","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":156,"box":{"x":89,"y":380,"width":804,"height":13}},{"id":"4b6fdf4a-8380-491d-ad40-1dea24b8f627","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":156,"box":{"x":89,"y":395,"width":874,"height":13}},{"id":"e27863c2-3d58-4cdc-a972-48b5ca643a85","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":156,"box":{"x":89,"y":410,"width":870,"height":13}},{"id":"e25d4f26-4a7f-41bb-b7f2-f1d7bb0a6983","block_type":"box","text":"investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a","page_number":156,"box":{"x":89,"y":426,"width":816,"height":12}},{"id":"d221d098-875d-4e14-9220-de975b85508b","block_type":"box","text":"redemption request, the Fund may delay delivery of the foreign investment more than seven days if the Fund delivers the","page_number":156,"box":{"x":89,"y":441,"width":843,"height":12}},{"id":"4b5bb055-691e-4531-9073-76a052ec2098","block_type":"box","text":"foreign investment as soon as practicable, but in no event later than 15 days.","page_number":156,"box":{"x":88,"y":456,"width":536,"height":12}},{"id":"8b6353d2-cfed-4e80-a5a7-99f9d1ffcd69","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":156,"box":{"x":88,"y":482,"width":825,"height":13}},{"id":"91b6d69e-6e32-451e-9f12-ababc75ecbb9","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":156,"box":{"x":88,"y":497,"width":872,"height":13}},{"id":"f8d838c2-6413-4d4e-9967-217c9caa5dea","block_type":"box","text":"Unit to be redeemed to a Fund, at or prior to the time specified by the Fund or its custodian on the Business Day after the","page_number":156,"box":{"x":89,"y":513,"width":847,"height":12}},{"id":"c416707d-3320-4c77-a117-baa8499fbf6d","block_type":"box","text":"date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on","page_number":156,"box":{"x":89,"y":528,"width":870,"height":12}},{"id":"b210be4c-cbc3-4263-ab7d-7050ba5e04af","block_type":"box","text":"the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":156,"box":{"x":88,"y":543,"width":853,"height":12}},{"id":"2e0cfd98-ba1f-4ab5-ac79-71f7d3b92154","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":156,"box":{"x":89,"y":558,"width":851,"height":12}},{"id":"6bb4bc44-25cf-4447-91fe-e36acbecdfab","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":156,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"5217a31c-5446-488b-92f2-cc6a7987e87c","block_type":"box","text":"after the date of submission of such redemption request and shall be held by State Street, Citibank or JPMorgan, as","page_number":156,"box":{"x":89,"y":588,"width":802,"height":12}},{"id":"dffb6a47-fdc3-4f0f-bf92-669cf8653ab3","block_type":"box","text":"applicable, and marked-to-market daily. The fees of State Street, Citibank or JPMorgan, as applicable, and any sub-custodians","page_number":156,"box":{"x":89,"y":603,"width":876,"height":13}},{"id":"85d78cce-09a6-433d-bc32-879efd0c8eda","block_type":"box","text":"in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The","page_number":156,"box":{"x":89,"y":618,"width":842,"height":13}},{"id":"df5d3d46-7bb6-4960-a758-f48134e89d6f","block_type":"box","text":"Authorized Participant Agreement permits the Funds to acquire shares of the Funds at any time and subjects the Authorized","page_number":156,"box":{"x":88,"y":633,"width":870,"height":13}},{"id":"e4dbf03d-0cba-4c77-90a0-13ac357d407c","block_type":"box","text":"Participant to liability for any shortfall between the aggregate of the cost to the Funds of purchasing such shares, plus the","page_number":156,"box":{"x":89,"y":649,"width":850,"height":12}},{"id":"b5894b79-30fa-4fda-87b0-0ab3e35f457b","block_type":"box","text":"value of the Cash Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":156,"box":{"x":88,"y":664,"width":837,"height":12}},{"id":"a12a04dd-1b5f-4264-9e29-a9484feea314","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":156,"box":{"x":89,"y":690,"width":826,"height":13}},{"id":"da4ebb19-c0d6-4ef9-82cc-fe8f7aaee8d4","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":156,"box":{"x":89,"y":705,"width":861,"height":13}},{"id":"90f0c40e-4d74-42e8-a25b-fbb00670bee4","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":156,"box":{"x":89,"y":720,"width":864,"height":13}},{"id":"33ca45b2-2d16-46fc-99df-8abaf9f507ba","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":156,"box":{"x":89,"y":736,"width":277,"height":9}},{"id":"9597da2a-3af9-4a8f-bbbd-b060af975e02","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":156,"box":{"x":88,"y":762,"width":852,"height":12}},{"id":"5070e39d-3bf7-42ba-a630-a0c6f45ecfc6","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":156,"box":{"x":89,"y":777,"width":844,"height":12}},{"id":"605f78a5-d70d-45fe-9dce-9ba723492d0c","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":156,"box":{"x":89,"y":792,"width":878,"height":13}},{"id":"aeea7b0e-dd23-4e01-990d-037857661efa","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":156,"box":{"x":89,"y":807,"width":859,"height":13}},{"id":"952cf2af-68cd-466c-870f-e8db7239b294","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":156,"box":{"x":89,"y":822,"width":619,"height":13}},{"id":"d1d5d488-9f46-4ca5-96af-e8b8dc5c04b4","block_type":"box","text":"126","page_number":156,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"f33cb631-2b55-4cea-b745-430821f40418","block_type":"box","text":"Custom Baskets.","page_number":157,"box":{"x":89,"y":44,"width":118,"height":10}},{"id":"b7b7d466-cda7-4d08-81b9-01983936b874","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":157,"box":{"x":216,"y":44,"width":706,"height":12}},{"id":"47d4b6e0-6237-4613-8e9b-83a15a8e9236","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":157,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"d2d44196-2168-4431-8514-088c73bd371c","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":157,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"aa8015ba-8167-4c38-b22b-14fd2112d692","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":157,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"5b2ed6f1-befd-4c5c-8ffb-e2b82d421dbf","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":157,"box":{"x":89,"y":104,"width":865,"height":13}},{"id":"539569f1-8bb0-4c6c-8a2f-d90dacdb200d","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":157,"box":{"x":89,"y":119,"width":823,"height":13}},{"id":"dd421be0-23c6-4d5c-ad26-ed34786e60d7","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":157,"box":{"x":89,"y":135,"width":859,"height":12}},{"id":"0471d561-b79f-4d7d-beaa-154346d8a249","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":157,"box":{"x":89,"y":150,"width":871,"height":12}},{"id":"dc93afe0-84fe-4e6f-88ab-29cfe9019236","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":157,"box":{"x":89,"y":165,"width":854,"height":12}},{"id":"62bb2b66-f25d-4077-96c1-891a2da8b3e8","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":157,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"9a8c6f99-5863-4449-b3e0-7fb5cabb934d","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":157,"box":{"x":89,"y":195,"width":856,"height":12}},{"id":"e4eeb7ab-a1f3-4af8-90a3-a4d57c009cbc","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":157,"box":{"x":89,"y":210,"width":877,"height":13}},{"id":"19a3406c-fa32-4470-9a7f-ccca541762bb","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":157,"box":{"x":89,"y":225,"width":728,"height":13}},{"id":"b8dee50d-cc01-474c-aa2c-9865b3ed6a28","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":157,"box":{"x":88,"y":252,"width":418,"height":12}},{"id":"1742c343-7704-4ea2-8580-87bdaf50de9f","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":157,"box":{"x":519,"y":252,"width":445,"height":12}},{"id":"682e8e67-81c3-432f-9bc3-dfee5b761dc1","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":157,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"b3e859fb-3a97-45f8-9aed-42b8709e7bb5","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":157,"box":{"x":88,"y":282,"width":869,"height":12}},{"id":"c218415c-412c-42d8-94d1-de6cd09d8c59","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":157,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"a8839518-5ebd-4fa5-b14d-e9882841e414","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":157,"box":{"x":88,"y":312,"width":753,"height":13}},{"id":"960ff75e-6f01-4860-88c6-ad360e7b31ef","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":157,"box":{"x":89,"y":339,"width":829,"height":12}},{"id":"33512954-1b47-49ef-bd46-b9df6966d0d5","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":157,"box":{"x":89,"y":354,"width":861,"height":12}},{"id":"e3f5c725-7513-45f0-8890-c994e72eac01","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":157,"box":{"x":89,"y":369,"width":859,"height":12}},{"id":"9d118887-752f-4d5d-93ed-e5b9293cfe2d","block_type":"box","text":"assets.","page_number":157,"box":{"x":89,"y":385,"width":45,"height":9}},{"id":"881beb2c-0c3a-4691-aba3-729727fb81ae","block_type":"box","text":"Taxes","page_number":157,"box":{"x":88,"y":416,"width":94,"height":22}},{"id":"33cf0ad7-b4c6-4935-b415-094fb70414f6","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":157,"box":{"x":88,"y":456,"width":878,"height":12}},{"id":"8ed50247-5225-4cba-a406-6c8e1769aa16","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":157,"box":{"x":89,"y":471,"width":847,"height":12}},{"id":"416384d6-95d0-44da-9cc1-49aff77235a3","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":157,"box":{"x":88,"y":486,"width":867,"height":12}},{"id":"6299afb7-70bb-4b5d-a7b2-ea16b1e3a883","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":157,"box":{"x":89,"y":501,"width":868,"height":13}},{"id":"d3278dd2-091a-492f-b700-fa67c77a7875","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":157,"box":{"x":89,"y":516,"width":845,"height":13}},{"id":"6635418a-282d-4c76-ba9a-c2fcae2bd34b","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":157,"box":{"x":89,"y":531,"width":846,"height":13}},{"id":"d3254265-3f16-43af-8f3b-6d40f18051a7","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":157,"box":{"x":89,"y":558,"width":338,"height":12}},{"id":"905785f4-3bcc-4398-bd74-c778870a3992","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":157,"box":{"x":437,"y":558,"width":465,"height":12}},{"id":"8b27b810-ef35-40bc-88e3-ddc7c541732c","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":157,"box":{"x":88,"y":573,"width":852,"height":12}},{"id":"6e3e62c5-7a9c-4ebd-9e6e-daaf434872b2","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) (and","page_number":157,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"99cd489c-fbe9-46f5-a027-0e7ce1dbfb5b","block_type":"box","text":"90% of net tax-exempt income for each of the iShares MSCI EAFE Min Vol Factor ETF and iShares MSCI USA Min Vol Factor","page_number":157,"box":{"x":89,"y":603,"width":864,"height":13}},{"id":"906d6f4d-56aa-4e96-9640-e62b612c63ba","block_type":"box","text":"ETF), and meet several other requirements. Among such other requirements are the following: (i) at least 90% of each Fund’s","page_number":157,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"6be81fe6-670e-4194-b599-d9e2184733a8","block_type":"box","text":"annual gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale","page_number":157,"box":{"x":89,"y":633,"width":872,"height":13}},{"id":"864b6de9-0dde-46f3-99ff-d386b9cab805","block_type":"box","text":"or other disposition of stock or securities or non-U.S. currencies, other income (including, but not limited to, gains from","page_number":157,"box":{"x":89,"y":649,"width":836,"height":12}},{"id":"4d9c0fb9-8132-4e64-84f3-795275b10410","block_type":"box","text":"options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies,","page_number":157,"box":{"x":89,"y":664,"width":869,"height":12}},{"id":"58082399-ae9f-40f2-b23b-4f294c35c406","block_type":"box","text":"and net income derived from interests in qualified publicly-traded partnerships (","page_number":157,"box":{"x":89,"y":679,"width":560,"height":12}},{"id":"ecd0564c-06e1-45b6-ac6c-a97d96b1d7f1","block_type":"box","text":"i.e.,","page_number":157,"box":{"x":650,"y":680,"width":21,"height":10}},{"id":"103bc936-eb10-4a20-b2c6-726d0361e690","block_type":"box","text":"partnerships that are traded on an","page_number":157,"box":{"x":677,"y":679,"width":239,"height":12}},{"id":"2b3c8e97-b609-479b-997c-accf86f12330","block_type":"box","text":"established securities market or tradable on a secondary market, other than partnerships that derive at least 90% of their","page_number":157,"box":{"x":89,"y":694,"width":847,"height":12}},{"id":"3c59f2f3-133b-4586-8d30-2362da694fed","block_type":"box","text":"income from interest, dividends, capital gains and other traditionally permitted RIC income); and (ii) at the close of each","page_number":157,"box":{"x":89,"y":709,"width":839,"height":12}},{"id":"b5aa6df1-aa4a-4bc5-84a4-72394c5d4cda","block_type":"box","text":"quarter of each Fund’s taxable year, (a) at least 50% of the market value of each Fund’s total assets must be represented by","page_number":157,"box":{"x":89,"y":724,"width":864,"height":13}},{"id":"2032c589-0dba-4bf5-a87b-c4a6f19ba528","block_type":"box","text":"cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities","page_number":157,"box":{"x":89,"y":739,"width":838,"height":13}},{"id":"51393e41-36ee-4205-b14f-96e6aca8f5c6","block_type":"box","text":"limited for purposes of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the","page_number":157,"box":{"x":89,"y":754,"width":841,"height":13}},{"id":"dca295ec-9da9-40ee-a9a0-ae07c679c198","block_type":"box","text":"Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the","page_number":157,"box":{"x":89,"y":770,"width":878,"height":12}},{"id":"5fa7e032-a6db-4a00-9223-3a53b04c2e67","block_type":"box","text":"value of each Fund’s total assets may be invested in the securities (other than U.S. government securities or the securities of","page_number":157,"box":{"x":88,"y":785,"width":870,"height":12}},{"id":"804a23f6-9046-41db-90e1-61e8801f70a8","block_type":"box","text":"other RICs) of any one issuer, of two or more issuers of which 20% or more of the voting stock is held by the Fund and that","page_number":157,"box":{"x":89,"y":800,"width":861,"height":12}},{"id":"5714f2e0-2e8e-4931-bde4-3bdefb72a18b","block_type":"box","text":"are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more","page_number":157,"box":{"x":89,"y":815,"width":835,"height":12}},{"id":"33d22718-ff95-476a-8877-e405f9ec0767","block_type":"box","text":"qualified publicly-traded partnerships.","page_number":157,"box":{"x":89,"y":830,"width":265,"height":12}},{"id":"282103ca-f0d9-494d-9c91-53fc32ab1164","block_type":"box","text":"127","page_number":157,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"dd127637-698a-4906-9c17-6c6f0b7d6e50","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":158,"box":{"x":88,"y":44,"width":836,"height":12}},{"id":"42847ac3-0303-4c13-a31a-624400fd9ef3","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":158,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"9e367d6f-993f-4705-a0aa-9301aaa6aedd","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":158,"box":{"x":88,"y":74,"width":850,"height":12}},{"id":"b080c65d-2d28-4639-8c89-b14c855812aa","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":158,"box":{"x":89,"y":89,"width":821,"height":13}},{"id":"628d2735-0996-4053-a442-625d3c304077","block_type":"box","text":"income.","page_number":158,"box":{"x":89,"y":105,"width":54,"height":9}},{"id":"a88151f7-8e94-48ab-8b25-9d1668135ee3","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":158,"box":{"x":88,"y":131,"width":854,"height":12}},{"id":"ca9a62aa-a293-4db5-b000-8a0848fcd8d2","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. A Fund’s investments in partnerships,","page_number":158,"box":{"x":88,"y":146,"width":871,"height":12}},{"id":"47873682-bc15-49b9-be3c-4df891555670","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":158,"box":{"x":89,"y":161,"width":856,"height":12}},{"id":"1961236a-d69f-4fbe-a6a9-2a17561e5d15","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":158,"box":{"x":88,"y":176,"width":265,"height":13}},{"id":"ba14821a-9aad-43bc-bd63-7d809c2bad4b","block_type":"box","text":"Taxation of RICs.","page_number":158,"box":{"x":88,"y":203,"width":121,"height":9}},{"id":"c92c118b-568c-4902-8f6c-69daab17ea3a","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":158,"box":{"x":218,"y":203,"width":710,"height":12}},{"id":"784e56bc-bd58-47c8-857f-2faa18c20ac7","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":158,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"7b9af9e2-85d9-4558-8def-21408b9247b4","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":158,"box":{"x":88,"y":233,"width":871,"height":12}},{"id":"5e1c0d8a-f9d7-4fb8-8184-bf372e5f0717","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":158,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"a8e8a1c9-1a26-4cf8-a98f-71f095880482","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":158,"box":{"x":89,"y":263,"width":847,"height":12}},{"id":"c40e8364-cb2b-41da-ac5d-1df467a8666d","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":158,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"acce6ee7-398d-4230-ac9a-0d645839f0f4","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":158,"box":{"x":89,"y":293,"width":792,"height":13}},{"id":"efb1798f-091e-4477-a626-48d2020f3983","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":158,"box":{"x":89,"y":308,"width":859,"height":13}},{"id":"eda7368f-a947-481d-8180-c5e13019dc63","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":158,"box":{"x":89,"y":324,"width":849,"height":12}},{"id":"f137b6d6-5b51-4d51-8836-27bb76f0cf25","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":158,"box":{"x":89,"y":339,"width":833,"height":12}},{"id":"d05088fc-168a-4ef0-90e9-9c3c1cf441cd","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":158,"box":{"x":89,"y":354,"width":873,"height":12}},{"id":"5cf66f95-a2e5-49ab-9cd6-595343306303","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":158,"box":{"x":88,"y":369,"width":875,"height":12}},{"id":"6afb39b6-80e1-4d68-b40e-6cf7355c7696","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":158,"box":{"x":89,"y":384,"width":869,"height":12}},{"id":"1c6ff9d9-fe42-41fd-a41d-c814466d683f","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":158,"box":{"x":88,"y":399,"width":874,"height":13}},{"id":"700180db-bffa-4dce-9161-29ead0f80e8f","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":158,"box":{"x":89,"y":414,"width":822,"height":13}},{"id":"ff6b1b04-e7c4-4804-adb8-d6eada2f4b59","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":158,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"8ef31940-d051-4172-b4a9-57382e30953f","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":158,"box":{"x":89,"y":445,"width":877,"height":12}},{"id":"390b155e-5deb-4631-9d63-b653042991b3","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":158,"box":{"x":89,"y":460,"width":836,"height":12}},{"id":"63f05230-a8e1-4b79-afbb-58dcd31bdefb","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":158,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"724ee7aa-6e76-422f-9e5b-16faf15b01c9","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":158,"box":{"x":89,"y":490,"width":840,"height":12}},{"id":"bdff4090-5ea0-4628-9371-d90735e80921","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":158,"box":{"x":89,"y":505,"width":774,"height":12}},{"id":"f6d2b762-8964-486e-bac0-1c76a4c74755","block_type":"box","text":"Excise Tax.","page_number":158,"box":{"x":89,"y":532,"width":77,"height":9}},{"id":"ee45e60c-02d2-4d42-bc44-df9a969e7098","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":158,"box":{"x":175,"y":531,"width":716,"height":13}},{"id":"9bbb4a31-4c63-4b6d-a572-4ba085def29e","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":158,"box":{"x":89,"y":547,"width":867,"height":12}},{"id":"3fba8265-002e-4e77-8f7e-8fd068b57808","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":158,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"53b058f0-8408-4acd-9b27-6997a3750ae2","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":158,"box":{"x":89,"y":577,"width":847,"height":12}},{"id":"34a3ddb8-d760-46e6-a103-2bf4a12f05af","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":158,"box":{"x":88,"y":592,"width":869,"height":12}},{"id":"5216757f-6926-4123-851f-8ba87c37f927","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":158,"box":{"x":89,"y":607,"width":735,"height":12}},{"id":"9de791b0-6f4e-41d3-bca9-6ad59f4f2272","block_type":"box","text":"Net Capital Loss Carryforwards.","page_number":158,"box":{"x":89,"y":633,"width":227,"height":13}},{"id":"26e295ad-09a4-482a-8ad3-8ad9e359e433","block_type":"box","text":"Net capital loss carryforwards may be applied against any net realized capital gains in each","page_number":158,"box":{"x":326,"y":633,"width":632,"height":13}},{"id":"b5406349-065f-4f54-b5b4-b2d68da6e9a3","block_type":"box","text":"succeeding year, until they have been reduced to zero.","page_number":158,"box":{"x":89,"y":649,"width":376,"height":12}},{"id":"59b838d8-251c-4c7f-ab6f-b6924e5f7a19","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":158,"box":{"x":89,"y":675,"width":831,"height":12}},{"id":"8d792062-b8cf-4efe-9e47-411e2324fb9f","block_type":"box","text":"carryforwards and other favorable tax attributes of a Fund, if any, may be subject to limitation.","page_number":158,"box":{"x":89,"y":690,"width":656,"height":13}},{"id":"91e53b90-b8b8-40f0-a451-11e620ee5075","block_type":"box","text":"The following Funds had net capital loss carryforwards as set forth in the table below as of July 31, 2025, the tax year-end for","page_number":158,"box":{"x":88,"y":717,"width":873,"height":12}},{"id":"9af92796-d374-4e2b-8d55-370c74e21b0f","block_type":"box","text":"the Funds listed:","page_number":158,"box":{"x":88,"y":732,"width":114,"height":9}},{"id":"022c07e3-641a-4dad-9cbd-7c2866972e7f","block_type":"box","text":"Fund","page_number":158,"box":{"x":312,"y":782,"width":28,"height":7}},{"id":"9b05b5f1-2373-477d-bae0-bf2ef71fe105","block_type":"box","text":"Non-Expiring","page_number":158,"box":{"x":667,"y":762,"width":75,"height":9}},{"id":"398e008e-fd72-4abf-a149-ec5edd228114","block_type":"box","text":"Capital Loss","page_number":158,"box":{"x":670,"y":771,"width":69,"height":10}},{"id":"4c7592fc-d1cc-4578-9415-0150d4c75d7e","block_type":"box","text":"Carryforward","page_number":158,"box":{"x":666,"y":782,"width":76,"height":9}},{"id":"1b10a1b7-36e5-44d9-b944-956e5ce51bc4","block_type":"box","text":"iShares China Large-Cap ETF $4,294,707,132","page_number":158,"box":{"x":312,"y":804,"width":432,"height":12}},{"id":"49091198-df6c-4ae1-a94b-b34f2a8cec88","block_type":"box","text":"iShares ESG Optimized MSCI USA 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However, any dividend or distribution","page_number":159,"box":{"x":89,"y":467,"width":861,"height":13}},{"id":"4f0a2a13-5ec2-4146-b32e-d79f4535d08b","block_type":"box","text":"declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a","page_number":159,"box":{"x":89,"y":482,"width":834,"height":13}},{"id":"67eabcc5-1ba0-48ad-aa01-3a1642198cb3","block_type":"box","text":"specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar","page_number":159,"box":{"x":89,"y":497,"width":876,"height":13}},{"id":"3ce57aa1-0793-49ea-a061-0f366b68d1f1","block_type":"box","text":"year and to have been paid by the Fund not later than such December 31, provided such dividend is actually paid by the Fund","page_number":159,"box":{"x":88,"y":513,"width":876,"height":12}},{"id":"cb6e6f22-aea0-4dc2-a89f-45b0224963c6","block_type":"box","text":"during January of the following calendar year.","page_number":159,"box":{"x":89,"y":528,"width":316,"height":12}},{"id":"74e6aa5b-cd7e-4ddd-88b4-2d8c721d5e4d","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and","page_number":159,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"67decf8b-03f6-45e0-91fd-327561343612","block_type":"box","text":"any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss","page_number":159,"box":{"x":89,"y":569,"width":808,"height":13}},{"id":"bb723d1c-2f71-4d4f-bc31-992c3e55a508","block_type":"box","text":"carryovers). 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Distributions in excess of a Fund’s minimum distribution","page_number":160,"box":{"x":89,"y":191,"width":787,"height":13}},{"id":"9740749b-f326-49c0-8bdb-afd5a0ba3386","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":160,"box":{"x":89,"y":206,"width":828,"height":13}},{"id":"5eda5de7-b346-4c1e-b3cb-b71c4c79d075","block_type":"box","text":"nontaxable returns of capital. 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If a Fund is the holder of record of any security on the record date for any dividends","page_number":160,"box":{"x":89,"y":380,"width":849,"height":13}},{"id":"8a110739-50b7-45f7-946b-e0dc7d33de7f","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":160,"box":{"x":89,"y":395,"width":866,"height":13}},{"id":"d882859f-0f71-4ee1-839c-77568abc5131","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":160,"box":{"x":89,"y":410,"width":698,"height":13}},{"id":"f9258119-0e50-44b4-afeb-4c171609194b","block_type":"box","text":"i.e.","page_number":160,"box":{"x":789,"y":411,"width":17,"height":9}},{"id":"fa9c70e3-a990-4708-943e-68a2cd347400","block_type":"box","text":", the date on which a","page_number":160,"box":{"x":808,"y":410,"width":146,"height":12}},{"id":"5c5ace26-6a1e-41a0-b978-65cd95180c01","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":160,"box":{"x":89,"y":426,"width":866,"height":12}},{"id":"dc8300f3-5c11-4fb6-8fcd-63f50ac53bf7","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":160,"box":{"x":89,"y":441,"width":863,"height":12}},{"id":"0a360302-f337-455f-9e99-77da369b8129","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":160,"box":{"x":89,"y":456,"width":862,"height":12}},{"id":"fad72e19-243a-49d6-9f13-260aa3e87b2a","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":160,"box":{"x":89,"y":482,"width":843,"height":13}},{"id":"b0a6a486-143c-4039-991f-115903ce731b","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":160,"box":{"x":89,"y":497,"width":859,"height":13}},{"id":"38b06a24-d300-487d-8dd8-96fe6b870e12","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":160,"box":{"x":89,"y":513,"width":855,"height":12}},{"id":"b5a62c93-dbc1-4c94-a16e-d07accab1525","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":160,"box":{"x":89,"y":528,"width":868,"height":12}},{"id":"316d444f-444f-43fb-9980-66ba7ae8ec6a","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":160,"box":{"x":89,"y":543,"width":845,"height":12}},{"id":"fc33f559-f791-4808-bf23-1912399d7b8b","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":160,"box":{"x":89,"y":558,"width":870,"height":12}},{"id":"164ff110-375a-433f-b99a-6441198bfd51","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":160,"box":{"x":89,"y":573,"width":504,"height":12}},{"id":"8829a259-e7f7-4837-a99b-233537c20dc6","block_type":"box","text":"Sales of Shares.","page_number":160,"box":{"x":88,"y":599,"width":113,"height":10}},{"id":"8887627a-6f41-4c41-aff4-39c39795d869","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":160,"box":{"x":210,"y":599,"width":743,"height":13}},{"id":"a4190b4f-9705-44e9-9c42-7e86659ef177","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":160,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"bf1d6041-d130-4d53-a451-240aa0d3bc0b","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":160,"box":{"x":88,"y":630,"width":876,"height":12}},{"id":"50b8cdc2-d0f0-4581-845d-4eef3b8e3610","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":160,"box":{"x":89,"y":645,"width":866,"height":12}},{"id":"17b4d465-788c-489c-8785-436ae6d486ee","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":160,"box":{"x":88,"y":660,"width":863,"height":12}},{"id":"7842fc80-bc84-4afc-b219-74978648d1ba","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":160,"box":{"x":88,"y":675,"width":875,"height":12}},{"id":"8721990a-0059-4db4-9ef9-a4610149477c","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":160,"box":{"x":89,"y":690,"width":860,"height":13}},{"id":"7250d0b2-637e-4979-b392-09407aea1ac3","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":160,"box":{"x":89,"y":705,"width":810,"height":13}},{"id":"6f482e3c-1e43-4b82-96ce-da23552fb389","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":160,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"032a7386-7ca6-464b-9806-efd30758c935","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":160,"box":{"x":88,"y":736,"width":841,"height":12}},{"id":"3cb4d73d-1eec-43c4-939a-ece5e3b00cbc","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":160,"box":{"x":89,"y":751,"width":865,"height":12}},{"id":"203abf65-d418-45f7-ba1b-19b70196ddd5","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":160,"box":{"x":89,"y":766,"width":557,"height":12}},{"id":"80706b98-637c-4af6-9526-c1ae8ad781b2","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":160,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"2b3ae751-a8aa-49b3-a88f-496b1ba633cf","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":160,"box":{"x":89,"y":807,"width":854,"height":13}},{"id":"091b7a54-26ee-4992-b965-620bcd309e6a","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":160,"box":{"x":89,"y":822,"width":368,"height":13}},{"id":"c6830906-e453-4603-b5db-958113f7b853","block_type":"box","text":"e.g.","page_number":160,"box":{"x":458,"y":826,"width":23,"height":9}},{"id":"87369224-de88-4144-8940-2456af4f0d85","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":160,"box":{"x":483,"y":822,"width":463,"height":13}},{"id":"734ded85-05c7-4063-beae-74deb28eb7b4","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":160,"box":{"x":89,"y":838,"width":875,"height":12}},{"id":"b5fbb4c6-d612-4b4f-834b-4b17a38f6490","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":160,"box":{"x":89,"y":853,"width":870,"height":12}},{"id":"090b2b88-8123-4ce0-b863-ba118eca6704","block_type":"box","text":"130","page_number":160,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"4aa233d6-3539-4109-b9b2-d8410e5330cd","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":161,"box":{"x":89,"y":44,"width":839,"height":12}},{"id":"22dae9f3-d543-4258-afa7-df7d81f30dd3","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":161,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"ae6ae944-5573-4db0-83af-738793621e6f","block_type":"box","text":"mutual funds.","page_number":161,"box":{"x":89,"y":74,"width":96,"height":10}},{"id":"93cd60b0-75bd-4613-9a62-44c7f98b2682","block_type":"box","text":"Backup Withholding.","page_number":161,"box":{"x":89,"y":101,"width":150,"height":12}},{"id":"4b3a5948-61e6-4dad-851b-9fd028dd32f5","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":161,"box":{"x":249,"y":101,"width":707,"height":12}},{"id":"f3e69491-bfaa-4c94-b50a-733ec5c646ef","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":161,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"6a6f8592-b089-484d-b239-55e442f4bbeb","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":161,"box":{"x":89,"y":131,"width":828,"height":12}},{"id":"8111266e-5f98-46c6-943c-d561eccaac75","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":161,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"db6b9e6b-609e-4454-ab64-a138861800ed","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":161,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"e487f8c0-e8ea-4f74-a75c-dea5c2cc4686","block_type":"box","text":"income tax liability.","page_number":161,"box":{"x":89,"y":176,"width":132,"height":13}},{"id":"5fc9e7d3-2b6a-423d-a634-7e5d6cbb15d1","block_type":"box","text":"Sections 351 and 362.","page_number":161,"box":{"x":88,"y":203,"width":159,"height":9}},{"id":"bcb25604-5701-4f95-a7cf-00578ed07ac6","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":161,"box":{"x":256,"y":203,"width":675,"height":12}},{"id":"c8aa63d0-5f24-4c2e-94f6-302ee99c1560","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":161,"box":{"x":89,"y":218,"width":824,"height":12}},{"id":"3be88d97-358d-4af4-abf6-2f12a666800d","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":161,"box":{"x":89,"y":233,"width":864,"height":12}},{"id":"8cddf1a5-2f42-4fb7-a893-79730fee6569","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":161,"box":{"x":89,"y":248,"width":841,"height":12}},{"id":"2c9da0e6-4d66-4562-ae14-211bf1b18d0b","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":161,"box":{"x":89,"y":263,"width":865,"height":12}},{"id":"9978fc9a-3aee-442f-bef9-24651c09dcf9","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":161,"box":{"x":88,"y":278,"width":861,"height":13}},{"id":"453d912c-8b16-4bc7-a2c2-1f40836ec6c1","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":161,"box":{"x":89,"y":293,"width":858,"height":13}},{"id":"2ce1fb2b-f8ae-4d04-b273-1e80ece47889","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":161,"box":{"x":88,"y":308,"width":841,"height":13}},{"id":"92cb8f06-d548-4c30-bf07-d7b96c8943d5","block_type":"box","text":"require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":161,"box":{"x":89,"y":324,"width":776,"height":12}},{"id":"13d235c2-12c1-4539-b424-e5362664e490","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":161,"box":{"x":88,"y":350,"width":225,"height":10}},{"id":"1a7aeeae-8a4a-4c9f-b4db-e6667930da61","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":161,"box":{"x":322,"y":350,"width":612,"height":12}},{"id":"bbc7b210-0064-484a-a2cb-e52fe604bc79","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":161,"box":{"x":89,"y":365,"width":865,"height":12}},{"id":"e6961873-45a0-4d5b-9731-d1b6870030de","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":161,"box":{"x":89,"y":380,"width":848,"height":13}},{"id":"bba73808-98ef-47e2-a5e4-8c54b4f4de65","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":161,"box":{"x":89,"y":395,"width":789,"height":13}},{"id":"564db289-18c8-4887-b1a6-37da269a12a3","block_type":"box","text":"i.e.","page_number":161,"box":{"x":879,"y":396,"width":18,"height":9}},{"id":"c07ae062-39ad-443a-998a-641dd7afbf59","block_type":"box","text":", may","page_number":161,"box":{"x":899,"y":398,"width":37,"height":10}},{"id":"2ed46656-d447-4c79-8e5f-decad0edcdf1","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":161,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"733306f9-a56d-471f-83b8-6e1934a2660a","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":161,"box":{"x":88,"y":426,"width":856,"height":12}},{"id":"db01b1f1-bb80-44eb-a753-8412b3e2ee30","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":161,"box":{"x":89,"y":441,"width":607,"height":12}},{"id":"2ac1c390-c2d0-4170-ad9e-db9681943124","block_type":"box","text":"i.e.","page_number":161,"box":{"x":697,"y":442,"width":18,"height":8}},{"id":"0da63cad-4b31-4148-bd04-f1c3f41320e2","block_type":"box","text":", treat them as if they were closed","page_number":161,"box":{"x":717,"y":441,"width":235,"height":12}},{"id":"d09e75b7-7b1b-43e6-bee1-00363808cfc9","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":161,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"397e0af6-cd2e-43bf-881e-cda5b8bc0fd2","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":161,"box":{"x":89,"y":471,"width":876,"height":12}},{"id":"84a4c302-8b9e-43d5-8d4d-f12a95bc13af","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":161,"box":{"x":88,"y":486,"width":879,"height":12}},{"id":"7e215746-c160-4285-858f-035d09f4d993","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":161,"box":{"x":89,"y":501,"width":816,"height":13}},{"id":"8a7bd8a6-0184-4b9e-a5a4-b2665d78c894","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":161,"box":{"x":89,"y":516,"width":856,"height":13}},{"id":"5ef55186-341b-41e0-8d39-b3d76d2a5c59","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":161,"box":{"x":88,"y":543,"width":846,"height":12}},{"id":"98ff67a1-dd7a-483e-aeca-d27c791023db","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":161,"box":{"x":88,"y":558,"width":854,"height":12}},{"id":"6a9dfa82-ad92-4565-976f-694ef237584a","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":161,"box":{"x":88,"y":573,"width":870,"height":12}},{"id":"3c831be9-df79-486a-b68a-e25f756a825d","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":161,"box":{"x":89,"y":588,"width":843,"height":12}},{"id":"31d73328-95e3-4c42-ba91-8f28a2fcae4b","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":161,"box":{"x":89,"y":603,"width":844,"height":13}},{"id":"8d6b9495-ed86-4198-a617-ca1a4420a21d","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":161,"box":{"x":89,"y":618,"width":854,"height":13}},{"id":"dda911bb-5bfc-41ee-8ede-80508cb559bd","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":161,"box":{"x":89,"y":633,"width":838,"height":13}},{"id":"e5428127-ba38-48c2-afdd-8aa512792dff","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":161,"box":{"x":88,"y":649,"width":860,"height":12}},{"id":"0461a048-9def-4b19-b99d-7f793c25c9cf","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":161,"box":{"x":89,"y":664,"width":520,"height":12}},{"id":"bf30bfea-7731-479c-9718-c580215e4286","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":161,"box":{"x":88,"y":690,"width":849,"height":13}},{"id":"56e5f156-ef94-4d62-9ef1-aaf27c7b6a25","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":161,"box":{"x":89,"y":705,"width":808,"height":13}},{"id":"04f20dfc-0861-495b-baae-5d5127affe34","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":161,"box":{"x":88,"y":720,"width":864,"height":13}},{"id":"971fa57d-8dd2-4bee-9a66-88bf4d19b540","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":161,"box":{"x":89,"y":736,"width":878,"height":12}},{"id":"0f151a3a-e74d-49cd-9f81-05ed0b83841b","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":161,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"dadd3e3b-1e3f-4c29-a7b9-89a4ff5e5935","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":161,"box":{"x":88,"y":766,"width":845,"height":12}},{"id":"f0f59250-9e82-4d2d-bd4c-529f1467f410","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":161,"box":{"x":89,"y":781,"width":369,"height":12}},{"id":"d6221de6-accf-424e-ad78-5ece55b8c816","block_type":"box","text":"Qualified Dividend Income.","page_number":161,"box":{"x":89,"y":807,"width":196,"height":11}},{"id":"b16c514e-59c7-48ca-9827-66edf5e216b7","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":161,"box":{"x":294,"y":807,"width":627,"height":13}},{"id":"9a5e6d9a-3b93-4399-98f7-5779910fe032","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":161,"box":{"x":89,"y":822,"width":861,"height":13}},{"id":"dbdac6f0-8167-479b-a45f-675bb6ad6769","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":161,"box":{"x":88,"y":838,"width":850,"height":12}},{"id":"bd9cec0a-2d86-4aad-8384-09979e93b539","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":161,"box":{"x":89,"y":853,"width":861,"height":12}},{"id":"55647d27-d654-47fd-8c56-57b46be106e9","block_type":"box","text":"131","page_number":161,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"f8776911-eea1-4ead-9ef2-85d813783cab","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":162,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"5ed9e540-1afb-443d-8d47-fad3a9ed9f9b","block_type":"box","text":"e.g.","page_number":162,"box":{"x":921,"y":47,"width":23,"height":9}},{"id":"f80bf895-7d35-4df6-a4ae-c73e98658874","block_type":"box","text":",","page_number":162,"box":{"x":946,"y":52,"width":2,"height":3}},{"id":"1b576fb6-a262-4373-964d-029b8b81b487","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":162,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"f2dc18c0-e956-4988-b5dd-87e95018c8f5","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":162,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"596a866d-5a94-47a4-a9f5-982b9bc04dbb","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":162,"box":{"x":89,"y":89,"width":879,"height":13}},{"id":"81956912-42b9-4d66-9ca3-9a9665214257","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":162,"box":{"x":89,"y":104,"width":332,"height":13}},{"id":"a7409c21-63e1-412e-952f-600e7aa4856a","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":162,"box":{"x":88,"y":131,"width":855,"height":12}},{"id":"8a8c19ee-9e59-4cfd-98c5-3e238ba5fa19","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":162,"box":{"x":88,"y":146,"width":838,"height":12}},{"id":"1b7d3b7b-cda0-4256-9050-1f08188a946f","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":162,"box":{"x":89,"y":161,"width":823,"height":12}},{"id":"c31dca2a-a233-4878-aa0d-3a79f364b0b6","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":162,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"64a266bb-b8ea-4071-ae02-2c45b1d18a90","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":162,"box":{"x":89,"y":191,"width":860,"height":13}},{"id":"3f1c64db-f88a-4baf-9a75-f8e8a36004bc","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":162,"box":{"x":88,"y":206,"width":847,"height":13}},{"id":"a9077cfa-1ee7-4009-b55c-95bf9b4de772","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":162,"box":{"x":89,"y":222,"width":872,"height":12}},{"id":"b950d157-003c-4d3b-a0ef-ac722729a91a","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":162,"box":{"x":89,"y":237,"width":843,"height":12}},{"id":"33cf78f8-d9fa-4a56-bb16-181eda3d52bc","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":162,"box":{"x":88,"y":252,"width":867,"height":12}},{"id":"8ae5e1d1-bc70-4e7c-bc59-2d5c40a6a3d2","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":162,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"28ea6e98-b79b-49a0-85c7-65d2ea75b083","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":162,"box":{"x":89,"y":282,"width":807,"height":12}},{"id":"ea562be5-69b1-4746-85df-e6464f15c765","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":162,"box":{"x":89,"y":297,"width":843,"height":12}},{"id":"b39eef7e-0f3d-4199-8ee8-c79bbc6f8ba2","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":162,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"abbbd16e-1db7-4d5e-8ceb-854d5c44f058","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":162,"box":{"x":89,"y":327,"width":877,"height":13}},{"id":"71aee2bd-8256-4c36-ab67-d6fd0d248b30","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":162,"box":{"x":89,"y":342,"width":832,"height":13}},{"id":"32b37cfd-0d7c-4ee7-b9d9-c9fc1b19f623","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":162,"box":{"x":89,"y":358,"width":870,"height":12}},{"id":"ef770f4e-53fa-4425-9802-0f036d0e3c1e","block_type":"box","text":"income.","page_number":162,"box":{"x":89,"y":374,"width":54,"height":8}},{"id":"02402823-31d8-4602-81be-762eaf9bd646","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":162,"box":{"x":89,"y":399,"width":300,"height":13}},{"id":"9ee18aba-c422-46a0-9a18-8b60d6aeb7c5","block_type":"box","text":"Dividends paid by a Fund that are attributable to dividends received by the Fund","page_number":162,"box":{"x":399,"y":399,"width":557,"height":13}},{"id":"9c907dac-62d8-4f9e-9c4e-93294f150778","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":162,"box":{"x":88,"y":414,"width":847,"height":13}},{"id":"30086f23-1f76-40f3-94ca-c59785aed148","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":162,"box":{"x":89,"y":429,"width":855,"height":13}},{"id":"a50ed62d-0392-4d4a-b890-a9bee171cf76","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":162,"box":{"x":89,"y":445,"width":869,"height":12}},{"id":"2a98c36c-ea22-4077-bb4c-dd7522827421","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":162,"box":{"x":89,"y":460,"width":835,"height":12}},{"id":"b0ab5b3d-90d5-44a2-86e6-742022487b59","block_type":"box","text":"eligible for the dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to","page_number":162,"box":{"x":89,"y":475,"width":865,"height":12}},{"id":"3e98cbc4-050c-4902-9eb5-3f32bdff30bb","block_type":"box","text":"the investment.","page_number":162,"box":{"x":88,"y":490,"width":108,"height":10}},{"id":"62204f6f-1ae3-4c98-9164-2e6a3ededcba","block_type":"box","text":"Excess Inclusion Income.","page_number":162,"box":{"x":89,"y":516,"width":180,"height":10}},{"id":"d2333dc9-ff51-4a16-94a4-9dd3416daff1","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":162,"box":{"x":278,"y":516,"width":652,"height":13}},{"id":"758df44d-0903-4ec7-a217-813679ab6b3f","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":162,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"5250d257-2b57-41d5-af9c-b8b107919c72","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":162,"box":{"x":89,"y":547,"width":859,"height":12}},{"id":"6bc12e1b-3d49-4508-9ca9-e6efdb70fa7c","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":162,"box":{"x":89,"y":562,"width":865,"height":12}},{"id":"c9e8de7a-1fe5-4c96-97ad-8f2fb20bad24","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":162,"box":{"x":88,"y":577,"width":864,"height":12}},{"id":"c544df6f-7342-4ce6-9a93-cbf35e01bd1d","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":162,"box":{"x":89,"y":592,"width":873,"height":12}},{"id":"812e9ea3-dd87-4853-9b7a-38133dd958a7","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":162,"box":{"x":89,"y":607,"width":814,"height":12}},{"id":"79e1c209-8dff-4df4-b5ad-e46568615378","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":162,"box":{"x":89,"y":622,"width":816,"height":12}},{"id":"385889ba-95e0-40a3-8855-879faf0ccbb3","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":162,"box":{"x":89,"y":637,"width":860,"height":13}},{"id":"6225c488-2dce-4ffd-bf3a-e7716f131b17","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":162,"box":{"x":89,"y":652,"width":864,"height":13}},{"id":"9ff1ffc9-02dc-43d9-b819-03f210bcbc71","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":162,"box":{"x":89,"y":668,"width":823,"height":12}},{"id":"ce72dfe7-6977-496b-8fe0-5597583fe699","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":162,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"0f82544b-1bc4-42a6-b81a-bf55716e0d2f","block_type":"box","text":"UBTI is imposed on the trust.","page_number":162,"box":{"x":89,"y":698,"width":201,"height":12}},{"id":"7bee080d-917a-4f89-87a7-abc15dfc8349","block_type":"box","text":"A Fund tries to avoid investing in REITs that are expected to generate excess inclusion income, but a Fund may not always be","page_number":162,"box":{"x":88,"y":724,"width":874,"height":13}},{"id":"0c821283-bdc8-459c-954e-01146dba5b01","block_type":"box","text":"successful in doing so. Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":162,"box":{"x":89,"y":739,"width":868,"height":13}},{"id":"d1da4a1e-e366-497d-8e9d-3b4cb6705e28","block_type":"box","text":"may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":162,"box":{"x":89,"y":754,"width":802,"height":13}},{"id":"4d6d86ee-4c89-4101-98cf-4784e0bfdc0c","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":162,"box":{"x":88,"y":770,"width":863,"height":12}},{"id":"4f0b7855-67c5-4891-832a-9541fdba05c2","block_type":"box","text":"investment opportunities.","page_number":162,"box":{"x":89,"y":786,"width":179,"height":11}},{"id":"875ad3cb-ad87-4f96-85c0-29d15542b230","block_type":"box","text":"Non-U.S. Investments.","page_number":162,"box":{"x":89,"y":812,"width":159,"height":9}},{"id":"567fc1f8-4da8-4491-82ad-d078f1fb3850","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":162,"box":{"x":257,"y":811,"width":656,"height":12}},{"id":"ee16df28-268b-4f30-a46c-ca542f6a3666","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":162,"box":{"x":89,"y":826,"width":877,"height":13}},{"id":"c58c04c9-8709-48fb-8bf6-95f6c06d73d3","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":162,"box":{"x":89,"y":841,"width":834,"height":13}},{"id":"ac489e40-0051-417d-acb4-cbd162243d47","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":162,"box":{"x":89,"y":856,"width":850,"height":13}},{"id":"d9cecfc0-1fb5-4204-bc17-b88264266026","block_type":"box","text":"132","page_number":162,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"7f4e308e-ed16-42c3-8f81-5aae5491fece","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":163,"box":{"x":89,"y":44,"width":811,"height":12}},{"id":"37a584cb-8e5c-47db-a1bd-391f8713fedc","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":163,"box":{"x":89,"y":59,"width":830,"height":12}},{"id":"ccfaea55-2181-4edc-9ba7-001dcc951794","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":163,"box":{"x":89,"y":74,"width":823,"height":12}},{"id":"4ec61519-3943-4d39-9c37-e678b85f7054","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":163,"box":{"x":88,"y":89,"width":842,"height":13}},{"id":"047a7e2d-afc2-4ad8-ab2c-f38da1f77ad1","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":163,"box":{"x":89,"y":104,"width":260,"height":10}},{"id":"f2119c94-22ed-46e9-8c97-87a37a23ac0a","block_type":"box","text":"Each Fund may be subject to non-U.S. income taxes withheld at the source. Each Fund, if permitted to do so, may elect to","page_number":163,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"8171be11-4058-4186-988c-c9027347af62","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":163,"box":{"x":89,"y":146,"width":825,"height":12}},{"id":"b000aee7-84b4-494d-b7f1-f68537715bfc","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":163,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"ab75b86d-d23f-44d9-ac41-251a2cd49532","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":163,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"9370d8e8-7617-4345-9248-94ecb79df31f","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":163,"box":{"x":89,"y":191,"width":644,"height":13}},{"id":"180e4863-577c-4992-9e6f-100385929918","block_type":"box","text":"pro rata","page_number":163,"box":{"x":737,"y":193,"width":56,"height":11}},{"id":"8c844112-2119-44bc-a1dd-4d7e82595e1c","block_type":"box","text":"share of the Fund’s","page_number":163,"box":{"x":798,"y":191,"width":133,"height":10}},{"id":"348d4bcc-6224-4430-bba0-830ae3ac8a49","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":163,"box":{"x":89,"y":206,"width":840,"height":13}},{"id":"cd03b80b-0b29-4a66-a13c-71b62ca5c53e","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":163,"box":{"x":89,"y":222,"width":722,"height":12}},{"id":"18182b3c-da05-4697-9632-db7a30fbe552","block_type":"box","text":"pro rata","page_number":163,"box":{"x":815,"y":223,"width":56,"height":11}},{"id":"8430936e-c56d-45e9-9bb6-1c9352e51769","block_type":"box","text":"share of the","page_number":163,"box":{"x":875,"y":222,"width":83,"height":9}},{"id":"9756c1de-cd77-461f-b1d9-8872c3690371","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":163,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"ba88f580-9eb3-40d3-817c-932c564f0d51","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":163,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"40705119-7c29-42b0-9888-3715befd1962","block_type":"box","text":"shareholders for foreign tax credit purposes. A non-U.S. person invested in a Fund in a year that the Fund elects to “pass","page_number":163,"box":{"x":89,"y":267,"width":841,"height":12}},{"id":"dfe5762c-6b7b-48ed-84d3-a8f1b794b19a","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":163,"box":{"x":88,"y":282,"width":855,"height":12}},{"id":"e90580b0-8777-420d-84c5-2bcef7f80e33","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":163,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"0f877768-58c8-4e8b-abe4-faaf5b64ad6b","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":163,"box":{"x":89,"y":312,"width":860,"height":13}},{"id":"4e81d7c1-99c9-40cf-952d-e960449f2fff","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":163,"box":{"x":89,"y":327,"width":850,"height":13}},{"id":"2712d9e1-6283-4b7f-af4d-6185fe993cbe","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":163,"box":{"x":89,"y":342,"width":808,"height":13}},{"id":"d710d222-139c-4e1a-8edf-29e195dc24dc","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":163,"box":{"x":89,"y":358,"width":841,"height":12}},{"id":"6b66509d-ada7-4508-9cff-aac09da3417f","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":163,"box":{"x":89,"y":373,"width":847,"height":12}},{"id":"1a74d3b7-93a6-4506-aa4a-5a0ba6109843","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":163,"box":{"x":89,"y":388,"width":879,"height":12}},{"id":"1bd960c4-6bd4-4cc9-ac0b-a0ab7577f674","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":163,"box":{"x":88,"y":403,"width":877,"height":12}},{"id":"404717d4-ebe1-4909-98f3-8650aaacdeee","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":163,"box":{"x":89,"y":418,"width":457,"height":12}},{"id":"f1108ada-ed2d-425b-86df-e37132e23343","block_type":"box","text":"Certain of the Funds have filed refund claims in various EU countries to recover taxes withheld on dividend income received","page_number":163,"box":{"x":89,"y":445,"width":862,"height":9}},{"id":"07ff72d9-7533-4ee0-b787-6073edab2b78","block_type":"box","text":"during past years based upon certain provisions in the Treaty on the Functioning of the EU. Whether or when a Fund will","page_number":163,"box":{"x":89,"y":460,"width":842,"height":12}},{"id":"99099d38-5aa1-4c6b-9e1e-2acd807cde08","block_type":"box","text":"receive a tax refund is within the control of the individual country. Pending confirmatory guidance from the IRS, the refunds","page_number":163,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"eb41f332-61ad-4419-b488-dbab3c8c0a76","block_type":"box","text":"received may reduce a Fund’s pass-through of foreign tax credits in such year and potentially future years or may result in the","page_number":163,"box":{"x":89,"y":490,"width":879,"height":12}},{"id":"01453fd7-d3cb-4bfb-90ee-ceb5345ccc92","block_type":"box","text":"Funds paying an IRS compliance fee to cover the effect of the tax credits previously passed through to shareholders on","page_number":163,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"49937a82-5820-4893-a1c1-85a8edb71937","block_type":"box","text":"refunded foreign taxes.","page_number":163,"box":{"x":89,"y":520,"width":160,"height":12}},{"id":"33e178b3-b3e0-4936-b217-d59f8483509b","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":163,"box":{"x":89,"y":547,"width":284,"height":12}},{"id":"c4565ed6-1844-4888-b470-75c58bdb60b7","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":163,"box":{"x":383,"y":547,"width":577,"height":12}},{"id":"eb71b3af-cd27-43a0-aeb7-f0862cd955db","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":163,"box":{"x":89,"y":562,"width":833,"height":12}},{"id":"48ab64c1-4bad-4ee8-9d9c-3cceeaea242b","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":163,"box":{"x":88,"y":577,"width":870,"height":12}},{"id":"496f31b0-13c5-438f-95cc-3d082582f01c","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":163,"box":{"x":89,"y":592,"width":455,"height":12}},{"id":"a944e6ce-0329-43dd-8267-43b5ef7c2266","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":163,"box":{"x":89,"y":618,"width":873,"height":13}},{"id":"f22cd01c-e271-43fe-932f-c801accd0d71","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":163,"box":{"x":89,"y":633,"width":818,"height":13}},{"id":"0af4ad2f-072f-4288-858a-22775ac5482c","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":163,"box":{"x":89,"y":649,"width":855,"height":12}},{"id":"39c1fce5-8f41-4437-b848-80ae3eab2cfc","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":163,"box":{"x":89,"y":664,"width":874,"height":12}},{"id":"1241df25-e965-4474-b507-cff31c2c32ef","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":163,"box":{"x":89,"y":679,"width":832,"height":12}},{"id":"4cc0dddd-b3ca-4af1-bbb0-749f32f928ec","block_type":"box","text":"obtain.","page_number":163,"box":{"x":89,"y":694,"width":47,"height":10}},{"id":"f1cdb828-4b51-4095-9679-06f18113f61e","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":163,"box":{"x":88,"y":720,"width":838,"height":13}},{"id":"b7f329f4-71b1-403f-91cf-938aea2a3d07","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":163,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"c870ae54-2bec-477e-acea-f418941c854f","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":163,"box":{"x":88,"y":751,"width":848,"height":12}},{"id":"96ced558-9d97-45ad-a7a2-8f5e27421d1d","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":163,"box":{"x":89,"y":766,"width":822,"height":12}},{"id":"d93055fe-44cb-4bd8-8c4e-94f4a268dacf","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":163,"box":{"x":89,"y":781,"width":783,"height":12}},{"id":"3be43288-b7c0-4085-a7ae-4381bbd5965c","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":163,"box":{"x":89,"y":796,"width":830,"height":12}},{"id":"2a83b510-7abb-4a6b-aae4-8b019a2c84f6","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":163,"box":{"x":89,"y":811,"width":845,"height":12}},{"id":"f715120d-4097-48fb-95d6-72cbc35eed2a","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":163,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"3eecb9cc-e872-4a6f-a4cc-9d02c22e8736","block_type":"box","text":"4% excise tax.","page_number":163,"box":{"x":88,"y":842,"width":99,"height":9}},{"id":"e5f827e0-14dd-43d0-9cce-d765ca7c4255","block_type":"box","text":"133","page_number":163,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"a5e43e86-7cd1-475d-a775-847405f07852","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":164,"box":{"x":88,"y":44,"width":856,"height":12}},{"id":"3e7feaef-7c45-4cfb-95ee-502e9e960951","block_type":"box","text":"effects of these rules.","page_number":164,"box":{"x":89,"y":59,"width":147,"height":10}},{"id":"6df287eb-7aa0-4718-abf6-4547d431a64f","block_type":"box","text":"Reporting.","page_number":164,"box":{"x":89,"y":86,"width":74,"height":12}},{"id":"93fd4ee0-911a-46b1-99d9-174f46118ecd","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":164,"box":{"x":173,"y":85,"width":720,"height":13}},{"id":"29cef9b4-f093-4941-b8ea-2b3a940c636f","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":164,"box":{"x":89,"y":101,"width":871,"height":12}},{"id":"8b83d00e-ec9c-4fb7-ba11-cdd5b3844a41","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":164,"box":{"x":89,"y":116,"width":855,"height":12}},{"id":"6248f64f-6463-4d41-8cb2-3353b5f7dccd","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":164,"box":{"x":89,"y":131,"width":797,"height":12}},{"id":"d454bf99-19a8-431e-8199-5a3d1a576cb6","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":164,"box":{"x":89,"y":146,"width":851,"height":12}},{"id":"5386fab0-e3a2-4c56-97e5-f895d0299a0c","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":164,"box":{"x":89,"y":161,"width":868,"height":12}},{"id":"9ff451c9-4209-4c87-b2e4-bca8984431b4","block_type":"box","text":"Other Taxes.","page_number":164,"box":{"x":89,"y":188,"width":89,"height":9}},{"id":"7b9197e9-6aab-4e8d-b66c-9702e46b0634","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":164,"box":{"x":188,"y":188,"width":758,"height":12}},{"id":"70d07375-661a-4726-9bf0-d21a630058d6","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":164,"box":{"x":88,"y":203,"width":414,"height":12}},{"id":"1626c8e0-d31c-4a04-b60d-725509634a98","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":164,"box":{"x":88,"y":229,"width":252,"height":10}},{"id":"6cec13c5-251f-4f94-af93-8aa59faa8f08","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":164,"box":{"x":350,"y":229,"width":608,"height":12}},{"id":"701a8221-2dc6-4ff0-be98-a3713fc7cbad","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":164,"box":{"x":88,"y":244,"width":879,"height":13}},{"id":"7a84b881-7b34-4941-9526-1564794678d3","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":164,"box":{"x":89,"y":259,"width":869,"height":13}},{"id":"29e23210-5fbd-488f-b894-5265b9e5fb3e","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":164,"box":{"x":89,"y":274,"width":869,"height":13}},{"id":"bfea7e7e-ab08-4e6b-bc39-d20e75ff7603","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":164,"box":{"x":88,"y":290,"width":864,"height":12}},{"id":"2b20fbd2-4222-4c7f-a1b2-b03d426e98fc","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":164,"box":{"x":88,"y":305,"width":868,"height":12}},{"id":"d5340094-eaee-44b6-9fe8-dcf224cb08ff","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":164,"box":{"x":89,"y":320,"width":852,"height":12}},{"id":"7437a52a-a1b8-476c-a7f0-f7d54ac2dae9","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":164,"box":{"x":88,"y":335,"width":828,"height":12}},{"id":"f7d8cb72-3a1e-406a-9ffc-8a242c1d8303","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":164,"box":{"x":89,"y":350,"width":837,"height":12}},{"id":"32ef0012-d990-4852-a019-642ec6aa36da","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":164,"box":{"x":89,"y":365,"width":876,"height":12}},{"id":"d1fd795c-a6b9-4ee1-9096-353e48a25842","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":164,"box":{"x":89,"y":380,"width":751,"height":13}},{"id":"f9e22264-cd2f-47ed-bdf0-8be5ac833d07","block_type":"box","text":"Properly-reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the","page_number":164,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"bcdb837c-5be8-4e25-9859-2f23a392a6a2","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":164,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"502f0bb4-a7b2-4f01-9d29-82108f963814","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":164,"box":{"x":89,"y":437,"width":835,"height":12}},{"id":"6d939756-a09f-449c-863f-570f1164a8e4","block_type":"box","text":"partner, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the Fund’s “qualified short-term","page_number":164,"box":{"x":89,"y":452,"width":867,"height":12}},{"id":"1bc7af25-d72b-4c1b-b39c-727aef1345f5","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":164,"box":{"x":89,"y":467,"width":866,"height":13}},{"id":"4931399d-1970-461b-87d9-396e8bba11d9","block_type":"box","text":"taxable year). However, depending on its circumstances, the Fund may report all, some or none of its potentially eligible","page_number":164,"box":{"x":88,"y":482,"width":837,"height":13}},{"id":"ba36f04a-a36d-41e1-8e00-fc458b4dc270","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":164,"box":{"x":89,"y":497,"width":870,"height":13}},{"id":"6d445113-910a-4590-8eba-cf473c233846","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":164,"box":{"x":89,"y":513,"width":856,"height":12}},{"id":"ac9f10cc-1c1e-4fed-8992-a92c646f535a","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":164,"box":{"x":89,"y":528,"width":853,"height":12}},{"id":"d8bc33a4-cd68-483f-887c-3d254b03e8cd","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":164,"box":{"x":89,"y":543,"width":838,"height":12}},{"id":"b721521c-fcee-40ca-a208-e4c3a18ea8ef","block_type":"box","text":"intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or","page_number":164,"box":{"x":89,"y":558,"width":818,"height":12}},{"id":"5cd88711-d18b-4793-b2c3-95cec124b28b","block_type":"box","text":"qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of","page_number":164,"box":{"x":89,"y":573,"width":878,"height":12}},{"id":"57530e1c-af82-47d9-bd7b-7752d4cb12e5","block_type":"box","text":"these rules to their accounts.","page_number":164,"box":{"x":88,"y":588,"width":203,"height":10}},{"id":"cd98f04b-0b57-42b4-8917-20c2a0cd395a","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":164,"box":{"x":88,"y":615,"width":862,"height":12}},{"id":"ffea6c10-5b8e-4bc9-8a5b-acf733e84f32","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":164,"box":{"x":89,"y":630,"width":864,"height":12}},{"id":"d211677e-9e7b-4696-b319-e50b7fe0cc31","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":164,"box":{"x":89,"y":645,"width":850,"height":12}},{"id":"06709280-fa9d-489c-80a9-5f5440410953","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":164,"box":{"x":89,"y":660,"width":870,"height":12}},{"id":"d525a7d4-cef2-4b67-84c6-74b4716a1ac6","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":164,"box":{"x":88,"y":675,"width":875,"height":12}},{"id":"32a9e73a-a965-444c-a9ce-b85018e498a4","block_type":"box","text":"the distribution. If the foreign shareholder held at least 5% of the Fund’s shares, the distribution would be treated as income","page_number":164,"box":{"x":88,"y":690,"width":869,"height":13}},{"id":"bca6629f-44ca-44e2-9ca9-9b0e7f2a9660","block_type":"box","text":"effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to withholding","page_number":164,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"51027b91-e10e-4f2d-99dd-2e572a9f82fa","block_type":"box","text":"tax at a rate of 21% and would generally be required to file a U.S. federal income tax return.","page_number":164,"box":{"x":88,"y":720,"width":638,"height":13}},{"id":"c0f51755-c7bb-4455-a86e-550b65498bc9","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":164,"box":{"x":88,"y":747,"width":846,"height":12}},{"id":"e4b51b9f-18b9-41f9-86f7-1d926f32e8bd","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":164,"box":{"x":89,"y":762,"width":860,"height":12}},{"id":"abc4fc4a-febb-430a-be60-42e9fd1237c3","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":164,"box":{"x":88,"y":777,"width":881,"height":12}},{"id":"7c3b79d1-6f3b-4f35-b21b-532f31589e48","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":164,"box":{"x":89,"y":792,"width":857,"height":13}},{"id":"4c6e1ee4-f7d5-4585-a613-54b2eae36145","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":164,"box":{"x":89,"y":807,"width":870,"height":13}},{"id":"8da83a33-932c-4e2e-b7ba-1b221df48c3a","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":164,"box":{"x":88,"y":822,"width":664,"height":13}},{"id":"4631c889-8dde-407e-aed1-53b696d7b90a","block_type":"box","text":"The rules laid out in the previous two paragraphs, other than the withholding rules, will apply notwithstanding a Fund’s","page_number":164,"box":{"x":88,"y":849,"width":836,"height":12}},{"id":"ff2a455d-5180-47c3-9a57-38568c889b8d","block_type":"box","text":"participation in a wash sale transaction or its payment of a substitute dividend.","page_number":164,"box":{"x":89,"y":864,"width":550,"height":12}},{"id":"91ad9aec-4531-40dd-ac5b-c761f89968e6","block_type":"box","text":"134","page_number":164,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"670e6ae6-c51c-4429-bc9c-c8224dba3b26","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":165,"box":{"x":88,"y":44,"width":825,"height":12}},{"id":"7f89a6a2-94a9-4c0d-8884-645dba4b27b7","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":165,"box":{"x":89,"y":59,"width":450,"height":12}},{"id":"2823746c-ef36-4f72-94c7-1cffbe2d4add","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":165,"box":{"x":88,"y":85,"width":871,"height":13}},{"id":"b32f705b-b08b-4d6e-8203-a67f39fef4a3","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":165,"box":{"x":88,"y":101,"width":822,"height":12}},{"id":"9e86aa76-55c1-40ab-b431-7efd9dbfff11","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":165,"box":{"x":89,"y":116,"width":866,"height":12}},{"id":"81137244-3744-425b-b5d8-5d46d4223260","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":165,"box":{"x":89,"y":131,"width":846,"height":12}},{"id":"33e72ec7-3a1a-4daf-aef6-f90fc781f223","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":165,"box":{"x":89,"y":146,"width":841,"height":12}},{"id":"e716a7fb-9c14-45e4-b764-9f888c217bba","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":165,"box":{"x":89,"y":161,"width":817,"height":12}},{"id":"020533c5-83ab-4e2b-881b-2cf39bfb35e1","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":165,"box":{"x":89,"y":176,"width":830,"height":13}},{"id":"d6af0507-c699-41f9-8929-28ae4ef83846","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":165,"box":{"x":89,"y":191,"width":861,"height":13}},{"id":"a7bc0c8e-fd4d-4b7f-b1c9-999222855fcd","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":165,"box":{"x":89,"y":206,"width":835,"height":13}},{"id":"c6b23254-cf8d-4775-a65e-a349ccf28204","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":165,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"afbda2c2-049b-433b-acc0-d5dc1c14eedb","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":165,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"326973d8-19bb-4646-84f8-c46bdd0554ad","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":165,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"d1046a1f-c463-4921-bbcd-8246a8dacf4e","block_type":"box","text":"unless certain exceptions apply.","page_number":165,"box":{"x":89,"y":267,"width":220,"height":12}},{"id":"2dc95f66-08af-4d2c-ab62-fd7cbae12782","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":165,"box":{"x":88,"y":293,"width":857,"height":13}},{"id":"b51eb1a6-03c1-4afa-a51c-7e669082bbb7","block_type":"box","text":"estate tax.","page_number":165,"box":{"x":89,"y":310,"width":70,"height":8}},{"id":"473d9c82-872b-423e-b28c-568955ec1bf5","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":165,"box":{"x":88,"y":335,"width":872,"height":12}},{"id":"52ab46bf-121b-4cd0-b0b1-ee3b33546c14","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":165,"box":{"x":89,"y":350,"width":864,"height":12}},{"id":"03f280e9-fec8-4de9-970f-315d341d176a","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":165,"box":{"x":89,"y":365,"width":874,"height":12}},{"id":"e248a2ad-8818-4c28-a337-9110e2328816","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":165,"box":{"x":89,"y":380,"width":782,"height":13}},{"id":"f7bf7892-fa39-4830-a456-b55d27943799","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":165,"box":{"x":89,"y":395,"width":826,"height":13}},{"id":"eb3e81ed-4570-4d6d-970c-a26c425eb256","block_type":"box","text":"discussed above, and such changes often occur.","page_number":165,"box":{"x":89,"y":410,"width":336,"height":13}},{"id":"4ebe82d2-b6d1-4251-b8d7-3cab1f7a7aa2","block_type":"box","text":"Financial Statements","page_number":165,"box":{"x":91,"y":441,"width":348,"height":24}},{"id":"5961ea21-798b-42b8-bcf5-e0cdaf7dd275","block_type":"box","text":"Each Fund’s audited Financial Statements, including the Financial Highlights, appearing in the applicable Annual Report to","page_number":165,"box":{"x":89,"y":482,"width":855,"height":13}},{"id":"e8757b5f-7ea1-4c3c-8c15-78dc0a093f83","block_type":"box","text":"Shareholders and the report therein of PricewaterhouseCoopers LLP, an independent registered public accounting firm, are","page_number":165,"box":{"x":88,"y":497,"width":861,"height":13}},{"id":"d1c7726b-3ee6-440e-a110-02a747f29b1b","block_type":"box","text":"hereby incorporated by reference in this SAI. Each Fund’s Annual Report is located here","page_number":165,"box":{"x":89,"y":513,"width":609,"height":12}},{"id":"5bab73f1-2464-49c3-9708-f648bcffaa3e","block_type":"box","text":"1","page_number":165,"box":{"x":700,"y":511,"width":2,"height":6}},{"id":"e241b839-22be-4134-b4af-5a43a8133eaf","block_type":"box","text":", here","page_number":165,"box":{"x":706,"y":513,"width":37,"height":11}},{"id":"fcb54c81-fc4f-4af5-9bd8-5c957d2e871e","block_type":"box","text":"2","page_number":165,"box":{"x":744,"y":511,"width":6,"height":6}},{"id":"9e65bd30-9824-41e6-810b-19c91a4d567b","block_type":"box","text":"or here","page_number":165,"box":{"x":755,"y":513,"width":49,"height":9}},{"id":"76cb8b58-ce22-4354-b766-b931ae96b7d4","block_type":"box","text":"3","page_number":165,"box":{"x":805,"y":511,"width":5,"height":6}},{"id":"2e84baf7-5e15-4fe8-8514-b9156317e5c2","block_type":"box","text":". The applicable","page_number":165,"box":{"x":812,"y":513,"width":109,"height":12}},{"id":"5ab45c03-a8c5-469e-8260-795aa0b92844","block_type":"box","text":"Annual Report to Shareholders, which contains the referenced audited financial statements, is available upon request and","page_number":165,"box":{"x":88,"y":528,"width":851,"height":12}},{"id":"aafdde0d-94fc-4c5c-a2a4-538f75efa184","block_type":"box","text":"without charge.","page_number":165,"box":{"x":88,"y":543,"width":110,"height":12}},{"id":"9d9f2990-cdb9-4b4e-b14e-b2c6977bcc26","block_type":"box","text":"1","page_number":165,"box":{"x":118,"y":575,"width":3,"height":5}},{"id":"64ba6ca8-a045-42f0-9cb7-b84caf3e18f1","block_type":"box","text":"Annual Report for each of the below funds:","page_number":165,"box":{"x":132,"y":576,"width":241,"height":10}},{"id":"200b3776-1562-4cd7-9f68-1e7bd4e59b45","block_type":"box","text":"iShares ESG Optimized MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares","page_number":165,"box":{"x":132,"y":600,"width":823,"height":10}},{"id":"4651d515-2929-4629-9add-765fd3041e32","block_type":"box","text":"MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF","page_number":165,"box":{"x":132,"y":613,"width":605,"height":10}},{"id":"83b7b0cc-55b5-4f54-9042-a9c864fe998d","block_type":"box","text":"2","page_number":165,"box":{"x":118,"y":627,"width":4,"height":4}},{"id":"b463d54f-55d9-4961-a8a0-e31aa32f2194","block_type":"box","text":"Annual Report for each of the below funds:","page_number":165,"box":{"x":132,"y":628,"width":241,"height":10}},{"id":"a62fb3d6-e37a-4c40-b4dd-ef325e1c3dba","block_type":"box","text":"iShares China Large-Cap ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI EAFE ETF,","page_number":165,"box":{"x":132,"y":652,"width":836,"height":10}},{"id":"29c9e8c5-d525-486c-9245-c0139ddb7ea0","block_type":"box","text":"iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares","page_number":165,"box":{"x":132,"y":664,"width":833,"height":10}},{"id":"85293886-d857-4735-bb25-6adcf538ab84","block_type":"box","text":"MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF","page_number":165,"box":{"x":132,"y":677,"width":832,"height":10}},{"id":"0fe252e5-8e7c-4650-bf3b-e7af2ea669a6","block_type":"box","text":"and iShares MSCI Intl Value Factor ETF","page_number":165,"box":{"x":132,"y":690,"width":227,"height":7}},{"id":"865d886a-300f-493a-83df-f3302c3feb88","block_type":"box","text":"3","page_number":165,"box":{"x":118,"y":704,"width":4,"height":4}},{"id":"bb5efb7e-2db8-4e11-b42e-66ef6fee6626","block_type":"box","text":"Annual Report for each of the below funds:","page_number":165,"box":{"x":132,"y":705,"width":241,"height":10}},{"id":"b52121d0-84f6-4b21-bd4d-a07758a3ba74","block_type":"box","text":"iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares U.S. Equity Factor ETF, iShares U.S. Small-Cap Equity Factor ETF and iShares U.S. Tech","page_number":165,"box":{"x":132,"y":729,"width":826,"height":10}},{"id":"83ecb5d0-b75b-4e67-9fdd-6adedb12ad0a","block_type":"box","text":"Breakthrough Multisector ETF","page_number":165,"box":{"x":132,"y":741,"width":176,"height":10}},{"id":"4985e5b0-4e27-44ae-872c-d91d017a1536","block_type":"box","text":"Miscellaneous Information","page_number":165,"box":{"x":90,"y":769,"width":446,"height":23}},{"id":"049b000d-9ace-48e9-83d4-814ddca5ae5e","block_type":"box","text":"Counsel.","page_number":165,"box":{"x":89,"y":810,"width":61,"height":10}},{"id":"f13ffd2e-24a3-4ada-a976-cf45d2327289","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Trust.","page_number":165,"box":{"x":159,"y":810,"width":733,"height":12}},{"id":"edf64b06-ed05-43ac-b280-63346c4973e8","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":165,"box":{"x":89,"y":836,"width":349,"height":13}},{"id":"64acd8ad-c6fb-4b5d-b058-17360b95eea0","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":165,"box":{"x":448,"y":836,"width":488,"height":13}},{"id":"55b13254-242d-4116-b986-c8c9d1d37467","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Trust’s independent registered public accounting firm, audits the Funds’","page_number":165,"box":{"x":89,"y":851,"width":867,"height":13}},{"id":"c84da71b-9c7a-48a9-9b85-533444751e7c","block_type":"box","text":"financial statements, and may perform other services.","page_number":165,"box":{"x":88,"y":867,"width":377,"height":12}},{"id":"f04d32b6-6ded-4b0e-9862-dd0606c069cf","block_type":"box","text":"135","page_number":165,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"ad878185-3257-4e1d-ab8d-e83318e3a91b","block_type":"box","text":"Shareholder Communications to the Board.","page_number":166,"box":{"x":88,"y":44,"width":313,"height":10}},{"id":"be8f70cd-57de-4953-b6cb-57c154afc644","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":166,"box":{"x":409,"y":44,"width":555,"height":12}},{"id":"d0982158-3cf7-4b57-bb32-2bd9fa81f41c","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":166,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"4d9de388-a3af-4e8f-81ef-5b46c6c84b29","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":166,"box":{"x":89,"y":74,"width":796,"height":11}},{"id":"77c1e229-30b9-4513-8305-703302337df6","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":166,"box":{"x":89,"y":89,"width":868,"height":13}},{"id":"aa091487-6d77-4207-971c-4d92ec163794","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":166,"box":{"x":89,"y":104,"width":863,"height":13}},{"id":"1dd1a606-fa2d-4b91-9ffe-b843d8d494d3","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":166,"box":{"x":89,"y":119,"width":814,"height":13}},{"id":"8df92cd7-ef93-437a-8a7a-ac604c99d127","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":166,"box":{"x":89,"y":135,"width":867,"height":12}},{"id":"f21eca72-b511-4240-abe6-4bc6d350cc5a","block_type":"box","text":"Trust and reported to the Board.","page_number":166,"box":{"x":88,"y":150,"width":224,"height":12}},{"id":"abde869a-1c68-4c4d-8f03-b7274236e38c","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":166,"box":{"x":89,"y":176,"width":509,"height":13}},{"id":"c8beb3de-a1b8-4842-8432-73a7341df5f0","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":166,"box":{"x":607,"y":176,"width":303,"height":13}},{"id":"2f18584c-7eb8-43a6-95b7-b9c3563588ec","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":166,"box":{"x":89,"y":191,"width":850,"height":13}},{"id":"2e90822c-e2d2-4ce5-b9ed-5ed0e31a4cc8","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":166,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"1cc57697-05b3-4286-8cdc-599c0a0bc199","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":166,"box":{"x":89,"y":222,"width":848,"height":12}},{"id":"6683fd2b-08b4-40c3-b6fd-2ededd8e25b0","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":166,"box":{"x":89,"y":237,"width":423,"height":12}},{"id":"50ea2061-3d92-442a-8c78-6c305aaaa3aa","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":166,"box":{"x":88,"y":263,"width":870,"height":12}},{"id":"6729f267-6756-4db5-be0f-d588ba6f10a9","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":166,"box":{"x":89,"y":278,"width":828,"height":13}},{"id":"83e71446-e570-4e5d-99a5-eaf361c0ad59","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":166,"box":{"x":89,"y":293,"width":868,"height":13}},{"id":"d24a7380-70b2-42ef-bbbc-35633dffb27d","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":166,"box":{"x":88,"y":320,"width":848,"height":12}},{"id":"8f60049c-d128-4658-bc15-2786423577bf","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":166,"box":{"x":89,"y":335,"width":857,"height":12}},{"id":"97d69933-051a-4bbe-b6e9-a63d6e287b39","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":166,"box":{"x":88,"y":350,"width":862,"height":12}},{"id":"8cc7ab19-ea8d-426f-9351-9d398ad3f741","block_type":"box","text":"the AIFM.","page_number":166,"box":{"x":88,"y":365,"width":67,"height":10}},{"id":"1867e5bc-a211-49f1-8e13-bae6b66580ee","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":166,"box":{"x":88,"y":392,"width":862,"height":12}},{"id":"7512bc30-ed4c-4103-b415-9817a5b0469e","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":166,"box":{"x":89,"y":407,"width":865,"height":12}},{"id":"1b65f739-7d37-435d-9667-0190a4074470","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":166,"box":{"x":89,"y":422,"width":862,"height":12}},{"id":"ee8cc507-1a2a-418e-8415-e825aacfc592","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":166,"box":{"x":89,"y":437,"width":822,"height":12}},{"id":"1fc2a7a9-eb01-46db-9ce1-369d52bf49a8","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":166,"box":{"x":89,"y":452,"width":831,"height":12}},{"id":"4c271a90-3339-403c-8c9b-f4c47e9b4ff7","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":166,"box":{"x":89,"y":467,"width":872,"height":13}},{"id":"0f4fa259-6e0b-4472-a694-7a9345b01957","block_type":"box","text":"employed in respect of the Fund.","page_number":166,"box":{"x":89,"y":482,"width":228,"height":13}},{"id":"22624f72-e9df-4741-ac98-8f14db95734b","block_type":"box","text":"BFA has registered the following Funds for marketing to investors in the respective countries listed below:","page_number":166,"box":{"x":89,"y":509,"width":737,"height":12}},{"id":"df247f3d-9d50-4f2b-8bdb-0e2c97b4f96d","block_type":"box","text":"iShares China Large-Cap ETF: Finland, the Netherlands, Sweden and the U.K.","page_number":166,"box":{"x":89,"y":535,"width":533,"height":13}},{"id":"a8966ae5-d972-493e-b1a6-ca465736489f","block_type":"box","text":"iShares MSCI EAFE ETF: Finland, the Netherlands, Sweden and the U.K.","page_number":166,"box":{"x":89,"y":550,"width":493,"height":12}},{"id":"1eb6fbc0-5507-4197-a96b-262bda514a50","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF: Finland, Sweden, and the U.K.","page_number":166,"box":{"x":89,"y":565,"width":453,"height":13}},{"id":"d3b6f679-89bb-46ab-8ffa-12102d04e647","block_type":"box","text":"Investors’ Rights.","page_number":166,"box":{"x":89,"y":592,"width":122,"height":12}},{"id":"25b72a72-bfd7-4907-88be-938d98377ed6","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":166,"box":{"x":221,"y":592,"width":668,"height":12}},{"id":"46e3cc0d-7768-439a-a591-60477dfa87d0","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":166,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"ef37f9b1-bb37-4aa4-9675-6e6f7447ffa1","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":166,"box":{"x":89,"y":622,"width":869,"height":12}},{"id":"2ee41459-aaed-4796-9aa4-3c8cb1fd8750","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":166,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"facacaf7-6ad4-473c-8aee-bf96e06de1a1","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":166,"box":{"x":89,"y":652,"width":876,"height":13}},{"id":"333a188d-dd4f-4f3b-88d9-8c8ec769fea0","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":166,"box":{"x":89,"y":668,"width":865,"height":12}},{"id":"7614f650-479a-4ff1-91cd-6fe993003f45","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":166,"box":{"x":89,"y":683,"width":870,"height":12}},{"id":"8c0f8f36-ab17-4b95-9f0c-80a38511c31f","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":166,"box":{"x":89,"y":698,"width":722,"height":12}},{"id":"e0974604-4445-4d6c-b271-c5f4c81bdc2a","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":166,"box":{"x":89,"y":724,"width":872,"height":13}},{"id":"91fe09fa-1686-4da4-8cdc-e498ecc03052","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":166,"box":{"x":89,"y":739,"width":829,"height":13}},{"id":"28f3d307-8442-4aa8-92cc-ec2b519219e6","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":166,"box":{"x":88,"y":754,"width":828,"height":13}},{"id":"6cf451c6-0939-4010-96db-a33dabf1e5d4","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":166,"box":{"x":89,"y":770,"width":567,"height":12}},{"id":"bd359ff8-9634-4d50-afc8-72c7f5227983","block_type":"box","text":"136","page_number":166,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"97dddbc5-3c6f-409d-9f94-ec5ab28eb2b2","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":167,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"9dfeb790-bf22-4b0f-9e0a-b27c9ca4c85e","block_type":"box","text":"A-1","page_number":167,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"fef26cca-d85d-49e3-b72e-c793f5b460fb","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":168,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"c6eac487-c518-4460-92c4-13a102ef87e5","block_type":"box","text":"Proxy Voting Policy","page_number":168,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"141b5eb5-5e1f-4559-ae15-6b79d8f521f8","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":168,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"ffbfa6e0-0e3d-4bfe-ae60-6ab5aa7dddaf","block_type":"box","text":"Effective Date: January 1, 2025","page_number":168,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"ce498d16-7f33-48b8-9fc6-d9b313e629cd","block_type":"box","text":"________________________________________","page_number":168,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"20473fd8-8aad-476e-aab2-0fd6e9481b78","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":168,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"ae1ca668-5a9a-497d-83cc-5b3ce130caae","block_type":"box","text":"□","page_number":168,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"5f50cd21-598d-40d9-9a07-a943d95c7cbf","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":168,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"ef315a49-b6de-4e93-8a47-06da44da0c99","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":168,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"bc9282cd-bc65-49aa-ad0c-f7217fbec671","block_type":"box","text":"□","page_number":168,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"2b1cf127-79e0-42d1-875c-af460d0e4671","block_type":"box","text":"Money Market Funds","page_number":168,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"c03885cb-7850-463b-80fd-e39ef3fdb7b8","block_type":"box","text":"□","page_number":168,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"3c16e9f4-c8e1-42e3-a634-ff56c94e5bba","block_type":"box","text":"Closed-End Funds","page_number":168,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"a160a9c9-588e-4f8b-aa67-bf7e2825ea58","block_type":"box","text":"□","page_number":168,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"9a2d36e7-093c-4b1f-807e-0ad418e2bba2","block_type":"box","text":"Other","page_number":168,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"e80b90aa-93f3-402e-bc95-2d572c22c508","block_type":"box","text":"________________________________________","page_number":168,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"29356785-773d-4763-9a84-7a49b444a34a","block_type":"box","text":"Objective and Scope","page_number":168,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"e31e49eb-0e37-4ec7-9f1f-f1d284a695ae","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":168,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"29b11f7a-3e71-4766-8664-eda906cfd549","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":168,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"9c6e6ea8-a77c-482d-b565-2f8a3bfe2320","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":168,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"de83a4d8-8201-42bd-b54f-84ed9f02b1d4","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":168,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"7bce372f-f233-4ca4-baf2-a80be4d586b6","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":168,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"547bfbbd-9909-40f3-a0db-8beb8c6176bf","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":168,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"347bb9bb-2d30-428e-ab83-14c709fe025b","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":168,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"dcbd84cd-d18a-4d92-87ca-f51c5af4a1fc","block_type":"box","text":"agreements.","page_number":168,"box":{"x":89,"y":542,"width":85,"height":11}},{"id":"ef7491c1-dd2a-439a-b2d9-f9a4a9edc195","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":168,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"d5c41e30-8567-40d3-97b6-c5b832ea1caf","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":168,"box":{"x":88,"y":582,"width":821,"height":12}},{"id":"7928ca3a-3d00-4fac-917c-3fc35f050bdd","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":168,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"a3fb8d02-62fb-4ddd-a30d-67b896373f54","block_type":"box","text":"any.","page_number":168,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"5ffbb653-146d-40f4-af27-676fa3a2a229","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":168,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"705e09a2-59bb-455b-a637-570c2ef8c4cf","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":168,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"c115070a-7ae9-446b-86ba-5ddea2cf0a44","block_type":"box","text":"Conflicts Management","page_number":168,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"e98d2202-1f75-453a-9129-6dfab2b70893","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":168,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"f946aead-eb71-4e88-ad67-e054812c5bf4","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":168,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"16c6052a-f88b-41ff-8b94-f58cdb3a53b5","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":168,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"678dde63-0285-472f-9ab7-effc8034b2a9","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":168,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"775900d0-d970-4ee2-b7b0-0077c13d87ca","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":168,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"0556f05d-b990-476b-8d4a-31d8a8760d26","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":168,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"b365d5a3-5b62-4351-90cb-aa90b4b90b67","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":168,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"0e974ebd-40ab-43a2-bb45-90d222d8be02","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":168,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"deb7fad1-7407-495f-8f7d-e5427c06aa0d","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":168,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"2e5656c9-29ae-46e5-bf99-a3c6bff73582","block_type":"box","text":"A-2","page_number":168,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"43ba61b0-c603-4d0f-b16f-6d34fc0eba41","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":169,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"25b22560-5b98-480d-bb2c-07e0f2e5b3da","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":169,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"4a4eee80-5b61-4ab1-bfa5-be3df4a8e8f2","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":169,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"608a3d70-a789-45bd-b8e7-ed8007bc8abc","block_type":"box","text":"Reports to the Board","page_number":169,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"bbd464a3-a1af-410f-b37b-05ee772a074b","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":169,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"f7a51f8b-970b-4629-b8f3-655a36c3ea90","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":169,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"4685ba76-6de8-4188-916e-6b057bf174d7","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":169,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"22418ddb-0041-4ebf-89bb-5736c1255b30","block_type":"box","text":"that have not previously been reported.","page_number":169,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"50bf4b06-a919-4065-a8e0-79992bd843c5","block_type":"box","text":"Appendix A","page_number":169,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"a0e3be1e-29f2-44c5-9882-19316cbedd85","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":169,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"c1e41605-2649-4751-b5aa-aab34908598c","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":169,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"cec19db0-0276-40c2-9bab-4b0b2a2f6cba","block_type":"box","text":"A-3","page_number":169,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"3d19a130-4bdd-4100-ba77-bbae775f6d43","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":170,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"f37c2dc0-af04-4e2c-bef7-e7f7c45bda39","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":170,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"41be37f3-fece-434f-91bb-571ae4c721bc","block_type":"box","text":"Effective as of January 2025","page_number":170,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"d7986b9e-2d65-48b3-99f3-90b67a465742","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":170,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"9779a9c4-8dcb-4d53-869f-b314dca0acb4","block_type":"box","text":"Introduction to BlackRock","page_number":170,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"68a86aed-f9cb-4c5d-86fe-b534c1463763","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":170,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"72b9b12c-f253-44ac-8cce-383f44af8f01","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":170,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"3b896e54-57fd-46ce-99c0-67d3e143d2c5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":170,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"73fb1d1c-3361-4e0e-bdad-afc582c0a73d","block_type":"box","text":"Our approach to stewardship within active equities","page_number":170,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"cf77cb91-b620-40cc-a289-582fbad3f585","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":170,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"73334e03-e212-4fdf-be41-d7e84daebcbb","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":170,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"0500bb58-81db-4d0e-86df-41049a63b143","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":170,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"d8c7db08-7b0c-4b7f-af73-a73d5a19ce99","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":170,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"b5ddd772-9ac7-4354-b7ac-844ed797fb62","block_type":"box","text":"Executive compensation","page_number":170,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"44821c49-a182-488b-bf3c-c91a010d8534","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":170,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"3d9cb416-dbd8-4d86-8f58-afe48089a098","block_type":"box","text":"Non-executive director compensation","page_number":170,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"0126498d-6940-4adb-b953-310ea81d0179","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":170,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"a55d72ac-86f2-429a-8461-ec8a0aad90fd","block_type":"box","text":"Capital structure","page_number":170,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"952bf0ea-5814-4665-b961-a93ff00fe1ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":170,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"8ab73fab-790d-408f-99cc-1d566c388342","block_type":"box","text":"Transactions and special situations","page_number":170,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"82e7b505-6514-40e7-9dc1-bfe720056cdf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":170,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"2de31456-d84e-4cd6-9576-e30ec8b701a3","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":170,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"f813c3c9-3d9f-4a2e-b408-c069dd1373d0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":170,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"adca6ac5-51b9-411a-984e-17ff79498386","block_type":"box","text":"Shareholder rights and protections","page_number":170,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"07bf5404-3965-43a5-bd4d-4c43b7f6cf46","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":170,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"5775982c-0788-4ec5-af2a-c85f9be1819c","block_type":"box","text":"Shareholder proposals","page_number":170,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"7918c8bb-50a3-4f22-bc79-de4687656521","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":170,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"27d7aa3b-2c0d-45df-aa6a-df28419a75d5","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":170,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"bae89f22-8e8e-4691-b87a-4e029b6f6a51","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":170,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"82090c28-3b7e-4b1c-9db4-7b06bfffa419","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":170,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"dcf748d1-d1db-4e6a-8adb-483164949950","block_type":"box","text":"Key stakeholders","page_number":170,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"7ae15b0a-db00-4d7a-a4fb-5f0d4f0eeb02","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":170,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"79aba074-daf6-43d3-a621-74817ba824f6","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":170,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"21b30d65-dca5-4a68-b170-2000fb2fa757","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":170,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"d7fd22c9-1482-4705-9ef2-6642abe5d906","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":170,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"a84ea079-aa7d-4717-b650-1494ba2a6498","block_type":"box","text":". . . . . . . . . .A-14","page_number":170,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"14cd2788-8c8c-47f4-9468-4d80ad583f74","block_type":"box","text":"Overview","page_number":170,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"3fd26cfe-92d1-4215-aca4-75dc7a770043","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":170,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"5ff3470f-b5b1-4e34-a308-f96c495f6c42","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":170,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"ab1a2a99-145d-4d69-abb3-df458908aa69","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":170,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"c4c8f84c-382a-475a-9578-127b2609a762","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":170,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"4b5bc32b-9849-4acb-b4e9-319f90676342","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":170,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"ec555697-1591-49e8-ac5f-8c7671d081b9","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":170,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"37e5d8af-c0cc-4ac0-a889-558b9100e735","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":170,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"4f56d234-fbe0-4047-b24b-65eb66bc239e","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":170,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"f9ae6961-d838-4bd1-86de-4d0e17f251c3","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":170,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"3dfee298-b00a-4928-9e7b-acf81f4c68db","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":170,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"709d5554-a289-49fd-bfc8-3580df2ad1e3","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":170,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"4304a9d5-fe9b-4e20-99be-42cf174f8214","block_type":"box","text":"Introduction to BlackRock","page_number":170,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"154b7639-a300-4570-bda4-54fd3facca04","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":170,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"c4021f97-0ec3-4e64-bdd0-de3601e0e947","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":170,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"e2b97e5d-38be-4eaa-b673-a109cac9fff9","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":170,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"69a19160-37a6-4229-a626-96c1bb0504ac","block_type":"box","text":"well as individuals around the world.","page_number":170,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"0f03ad09-54a3-4b4c-9eb4-b5971c757007","block_type":"box","text":"A-4","page_number":170,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"3dad56df-f531-4255-b22a-581d0b581fea","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":171,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"e66ed97c-b356-4fb9-965e-82e578a86e8b","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":171,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"8f4b3b4d-6877-41c5-b632-8f8372448bfd","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":171,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"ea1853d7-4a58-4ee2-bd33-9e784413f50f","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":171,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"f16dfe79-03ca-4d63-9a9a-8ca09f8477d9","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":171,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"9c390584-5ea4-4530-8872-d2b2d4cfc835","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":171,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"2bc411bc-5573-4f24-8a4d-ceccf3da45e5","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":171,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"b30b20a9-6d4a-4686-8c12-15a359d46886","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":171,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"d7f28f84-62ae-42ec-b6fc-357f1dc815b8","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":171,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"6838c1b6-3827-4c48-b3e1-2a461fc4e880","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":171,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"8678143d-5eae-487f-934f-aa0725376bbb","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":171,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"b12f7f55-87f9-4966-86d6-539be70e7b1e","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":171,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"fc6f5e34-9e67-49b0-9696-32998be42852","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":171,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"d73a1cff-d1f9-4094-b37e-de0741f5eaae","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":171,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"200939c3-d828-4eb2-8381-d49c680ada00","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":171,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"e4017d93-b967-4770-9ad3-b5f15c4f1d38","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":171,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"6039b12d-884f-4436-9a41-d67d47370562","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":171,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"c90cefac-0ee0-4630-b3b5-f251b18e449d","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":171,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"082a5b38-efcd-412c-ade2-38d24617c05f","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":171,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"71abfc91-5ae1-4748-97ca-7bd05cdd51ba","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":171,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"28a16353-4d88-4742-9cdb-0e2d81f8f713","block_type":"box","text":"directors","page_number":171,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"1ce8497e-6ac0-4c09-9ee6-fa50275a92ad","block_type":"box","text":"(1)","page_number":171,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"12fe038a-278f-427b-b332-f430364c6b87","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":171,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"56e98b4d-c220-44c2-bd47-d6a29f528785","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":171,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"7fb96c28-cdf4-4061-9d14-bea3f13d8cd3","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":171,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"d2891957-7205-448f-84ca-c72068b24a0d","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":171,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"885302e1-d035-405d-acab-968680e5a0d7","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":171,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"7bd44b8b-adf8-4d3a-95e5-cc291d6bfc14","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":171,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"72d4a5cf-66b4-4d6d-bc7b-d926b6f3ac57","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":171,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"bb03b3a3-09cd-4ce0-84e1-7e2393403d75","block_type":"box","text":"interests of their investors.","page_number":171,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"25b8b21c-ab95-4126-aee7-155c874a14d8","block_type":"box","text":"Our approach to stewardship within active equities","page_number":171,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"b52bf648-b57d-4c41-b771-e25f3a43e840","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":171,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"52d2b11a-4f73-4704-a8df-9f37d2e745a5","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":171,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"eab3279f-67b4-447f-80ea-a0506e5ee9c8","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":171,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"49f25ef2-a428-49ea-956d-171fc7a4d10f","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":171,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"cc01a381-9f45-40aa-8dec-cf32bf9cc501","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":171,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"8c218bed-6b87-4cd4-a966-92936b239f1b","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":171,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"8433ca15-83e1-43f8-9e66-89c0cf582987","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":171,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"2f827ed9-af5a-4449-acc2-02427f2c18df","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":171,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"349d045c-4518-4590-8a22-431472035196","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":171,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"5e8c636e-e953-4792-95ac-64a473bcd586","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":171,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"1f6977f7-a4fc-4791-9448-502bfa46d09c","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":171,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"cbfc8f12-a628-468e-ade6-e68aefbfa732","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":171,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"0a5a39ba-e5cd-471b-8c1c-c16a7249cec5","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":171,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"f8c10196-a7ac-47f0-b7a6-51ddfe1dd620","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":171,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"546b96c8-f950-4783-89e8-d73f1bf6c7eb","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":171,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"617031e2-d998-40be-b02c-52693c3f75d8","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":171,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"34647fa1-2742-43c7-b394-ec3d0f778056","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":171,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"baee8292-b08b-4aa6-8d44-15752b380710","block_type":"box","text":"relevant.","page_number":171,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"58bebb60-cf7f-4a51-bc62-3a285855f185","block_type":"box","text":"A-5","page_number":171,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"3abb77f5-9935-4ec2-a9ad-50a1e454718d","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":172,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"227593d9-5cda-43a8-bf97-680e6b009073","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":172,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"850d8f9a-0295-4d42-89fe-d3b8c988a4f2","block_type":"box","text":"Boards of Directors","page_number":172,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"e4439c2d-8709-4d21-9ce6-79dfb52c1ff4","block_type":"box","text":"Roles and responsibilities","page_number":172,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"439a576a-e73b-439e-8d26-488e47942c5d","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":172,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"4cc4d70b-6c7f-4f52-b19d-f80b654951f7","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":172,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"abb37497-d9d9-42ce-a969-456a8f655257","block_type":"box","text":"(2)","page_number":172,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"936ca702-6c1e-4112-8918-0069cd1071da","block_type":"box","text":".","page_number":172,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"d1af1b41-6f6a-4399-a28c-13b09b50d878","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":172,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"ddbe1532-49b2-4736-a5db-03b709ad2475","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":172,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"674bf0cc-d185-4732-96de-8bc0fc61faf8","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":172,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"93ccd2bc-34f4-420b-924f-ffca0cad5661","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":172,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"6f635272-fbeb-4233-add3-e50d766ebca2","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":172,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"44d5a3b7-db46-41f7-a6d7-0bf74c5d42f3","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":172,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"495b7e35-c5c4-498a-9f74-cdd8fdbdf045","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":172,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"e098dff0-2bfb-4430-a52b-f7fe59df77f8","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":172,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"e5cfedab-89f3-49c1-aabc-5b395d8c092d","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":172,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"77496ee0-00c6-4fd7-8a29-75c61593da1b","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":172,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"290ae43e-dfe2-47e6-83fc-83206cdaa779","block_type":"box","text":"Composition and effectiveness","page_number":172,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"a58c9951-cc1b-4dff-bfae-9acabe95f5b1","block_type":"box","text":"Appointment process","page_number":172,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"0c872dda-0253-4123-84cd-3d058e1baa8a","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":172,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"2200900e-23f3-4e13-b45f-d1065cc40ce6","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":172,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"cee64df5-1668-4667-843e-9f194b108440","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":172,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"de5a6a72-298f-4b26-b9c9-385079270a90","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":172,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"7d74e386-581e-4a82-b543-91369835a588","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":172,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"b5980b19-ff77-4640-b034-6ca8df00ea00","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":172,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"5ff70288-1a99-4b96-a43b-e78fd03c5947","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":172,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"0b32ca55-7acc-4541-9ac3-27ef0dcb18a2","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":172,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"b9e5ea3a-04bb-461f-866c-f9cc84081116","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":172,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"becc4780-4624-4a78-82f0-17909f585fb0","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":172,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"e97085f0-b58f-41e4-8928-2aa14e863c11","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":172,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"fae7f2a3-9b4a-40c2-8de9-bcd67875bbae","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":172,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"2d70ad7c-9f49-401c-be96-d396de31abf7","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":172,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"221a12ec-cd07-40a5-9a23-e7338a5b10a6","block_type":"box","text":"effectiveness.","page_number":172,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"c145218a-f893-48b4-8b1a-48aad08850e1","block_type":"box","text":"Independence","page_number":172,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"9bdeea14-b2f9-45f1-bfc9-3ded169dd7e1","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":172,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"0bd1e458-c199-49fa-9725-b83c270db996","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":172,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"3cad4c26-9d02-40bb-9aa1-5fb730f7b1c2","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":172,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"fb5b6e5a-2be3-4d96-952e-4bc31c03bc17","block_type":"box","text":"(3)","page_number":172,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"4837eded-e3ae-42e9-adf4-26ce435172d9","block_type":"box","text":". This ensures sufficient","page_number":172,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"fe19d338-73f5-4155-8ead-b135cfb2617c","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":172,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"34c25c45-c7e0-4a8c-bb59-ae92f2d77f08","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":172,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"2c89f570-9b14-4123-83b6-82508adc652e","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":172,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"85864452-f2ea-4946-9461-28a3f86b6c92","block_type":"box","text":"examples.","page_number":172,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"e4f2efbf-0e8b-4447-af5b-c23735176cc1","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":172,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"73a2c205-859e-4ca1-9721-9a5306fb2711","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":172,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"0ff19f9b-2531-4a75-aa4a-360dd2b836e1","block_type":"box","text":"rest,","page_number":172,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"058f6b92-727c-4de9-8413-9456bf07d43a","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":172,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"119aa2ca-bffa-4d14-9113-d469f73da9bc","block_type":"box","text":"terests","page_number":172,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"c04c7310-6b7f-456d-b393-970f39d9d6ad","block_type":"box","text":"of the company and shareholders.","page_number":172,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"6ea2f9b7-8b71-4198-adb7-45a8dd16d99f","block_type":"box","text":"A-6","page_number":172,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"fbceeedc-7bdc-4999-a7d0-f9ac22cb0587","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":173,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"09a8a61b-33fc-4ad7-9cb1-d249143a1ccf","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":173,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"9c056be1-a826-4700-9216-265b29c2a943","block_type":"box","text":"is a perennial issue.","page_number":173,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"005ffb51-8bca-44d3-b11f-39e632f8ea94","block_type":"box","text":"Independent board leadership","page_number":173,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"f263fdd3-bf9a-4130-af14-1fee042df4ac","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":173,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"3d56a045-714c-4bcc-ba56-f21dfb968494","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":173,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"92073b96-90b7-476b-bf3d-75d97ae88923","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":173,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"120837c5-31f0-4856-8bad-d02324918fc0","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":173,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"623ac3f5-1459-4885-a6b8-7336821a6223","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":173,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"de888bd8-ebc1-443c-bd40-a93ef4a229c3","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":173,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"2377a06e-3a82-4c7b-bcc6-7487ab222109","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":173,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"b373554f-6596-4d1a-8291-658c840a8ef9","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":173,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"40908cfb-7a82-4750-b382-061871ee89f4","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":173,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"56a203bb-c802-400c-9dec-096107c4dcbb","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":173,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"e671f4af-5aa6-4246-9bca-911db0c8ec39","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":173,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"f012d16f-c788-4a95-91ab-3f1b13291aa9","block_type":"box","text":"Tenure and succession","page_number":173,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"214f8e8b-5618-4c46-a0be-488b32cbc68c","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":173,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"48dc1163-e00c-4304-9d39-107562c1e4fc","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":173,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"c0c31219-1167-4ce1-a63f-d8d530d88f0d","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":173,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"47045f16-2b11-44bd-9f54-b9b24ace08d6","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":173,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"e68ba59d-657d-4c67-8877-e0042f20eacc","block_type":"box","text":"decisions.","page_number":173,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"dec6c6f4-c032-4bec-8f28-c721ab808aaa","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":173,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"307b208f-f259-4dcf-a0c4-e5c94b930a7c","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":173,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"a83c7184-c4aa-475b-8109-8601689347d5","block_type":"box","text":"long-term knowledge of the board and company.","page_number":173,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"2b23fda4-1640-4482-b98a-d8b8b17c1520","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":173,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"fb2912b6-abd0-4fc6-b011-138a8af595da","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":173,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"6d7f4054-0f41-4b6e-a170-03d5fc6b3145","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":173,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"422c5f56-35b0-4efc-b03a-b03305118945","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":173,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"c8948c23-1b1f-482f-9c6d-eb318fbcdbe7","block_type":"box","text":"Capacity","page_number":173,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"caa3be35-3884-4458-9d03-281c7c0b53be","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":173,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"716cd25c-787d-4da1-b265-84db6b120586","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":173,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"f1b93c69-0f1c-428e-9df1-cae818b22b39","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":173,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"0b60c575-0261-4004-8dbb-036f2cb01181","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":173,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"945c33f9-c0f1-4ecf-949a-2df114b83196","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":173,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"6189c591-e495-4979-bed5-3c49ea4bb858","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":173,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"29a74de7-50ac-4dc0-bff1-103331ba36f9","block_type":"box","text":"the board and company.","page_number":173,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"814ba218-9c2e-4a64-95cd-0a9721c0e5ee","block_type":"box","text":"Director elections","page_number":173,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"2a8bc41f-027d-4da7-9d4e-9568bee73e6f","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":173,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"a5bcc9f0-eb4f-4c89-92bc-fef3f16bda23","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":173,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"06a51b2d-6467-4dba-be33-e28ddae0e284","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":173,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"2c41248b-ff87-4aea-beb9-90ab3d7eff0d","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":173,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"3591f42b-0096-4964-8845-533a9930e28f","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":173,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"e3169d3b-9cdb-4934-9392-9e708605c29f","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":173,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"3b54aa21-0fa6-41c5-a97c-e4e7795035c3","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":173,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"a6f74257-b9ef-487e-99c0-8ae866bfb9d7","block_type":"box","text":"A-7","page_number":173,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"c8658540-fbaf-4a43-8558-d7abd41307a2","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":174,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"34d4c3e1-0ad3-4225-837d-e6df3496fd79","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":174,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"9fe38218-b756-4f37-aa54-efd22cfea792","block_type":"box","text":"best serves investors’ interests.","page_number":174,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"60f314e9-84e2-4e2e-bbc6-1034eb719d13","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":174,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"97eba05b-1c90-44e1-80ce-1097c15af492","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":174,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"1c0d3f84-1e0c-4728-a8e4-730192977b70","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":174,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"a781ceec-387f-4245-85d6-92f919295536","block_type":"box","text":"Committees","page_number":174,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"7944cffc-bd36-4e1e-b82c-1db4776eb639","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":174,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"d5cbe166-17c5-431d-b302-3755afe03427","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":174,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"f162ab61-d90f-4302-a248-e96beaeaf960","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":174,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"9e6156d5-9f31-4270-9fad-2dc2a1f33c78","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":174,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"2f182a9a-1565-4364-a00c-a04d0901d035","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":174,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"d87da34b-cf9c-4534-a391-d72241470d92","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":174,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"d201fdc6-9d0c-42dd-b023-dcfa0564725d","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":174,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"93a1f151-953c-49f8-b3d5-23b02b64abb9","block_type":"box","text":"include:","page_number":174,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"dc6f975c-2922-4ea7-94ba-1c3368b80c14","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":174,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"f3562406-f5ff-4843-b6c9-778fb3f9d5e8","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":174,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"7de56ac1-f938-4361-82b4-f3dda8cb2091","block_type":"box","text":"whistleblowing mechanisms.","page_number":174,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"28fc8a99-dcc0-42a4-85ff-4c6c473db2e2","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":174,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"b9d126e9-ddf2-48d2-b465-6205b1d817f0","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":174,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"d815d519-8c13-418f-ba2c-ba71576526c8","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":174,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"9b4fa31e-9d44-4478-bcfa-6e6df87a44d3","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":174,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"719fadab-0642-4d18-998e-27d30ed1c071","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":174,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"53541b42-4ace-4b67-bfa1-0b6e7dcc2b54","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":174,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"1dc3726e-92bf-4abc-b02b-4c3436a99b11","block_type":"box","text":"wide compensation policies.","page_number":174,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"fb9305e0-4e2b-4b65-8d10-dcd3eb45a0e2","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":174,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"b072f276-7823-4016-afce-dbc4339eef78","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":174,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"ea7a184f-6dc8-4ee2-a8fe-31a0876c39fd","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":174,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"cbc53a50-3a43-48aa-97f0-f56675fb7619","block_type":"box","text":"Board and director evaluation","page_number":174,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"1e748004-89d9-4f8c-b9b0-c844450fe08a","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":174,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"3743c764-bc66-4df4-9018-c776a8454ac3","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":174,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"eeff2d9f-4b2d-4c3f-a518-3bf7c6b203c1","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":174,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"1493ccad-4705-449a-aad3-cb9b97a0a15e","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":174,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"29a01b76-5d6d-493d-b0fc-00c4f62065cf","block_type":"box","text":"Access to independent advice","page_number":174,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"84bcb493-682e-4af9-9d50-48aebb3e7386","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":174,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"fc570ea5-78a7-4a46-9ac6-fc4da5838756","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":174,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"ca174b6b-533a-4944-9e02-eceec57b1d64","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":174,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"8e27dc33-bebe-40dc-b64a-35e734cb0a81","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":174,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"a04b1112-4238-433f-94e7-2a143886d801","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":174,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"1d49f1fd-8487-41b1-b455-3a745eef413f","block_type":"box","text":"succession planning.","page_number":174,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"1a793a0f-b51b-45a9-ba8a-85f423a2cf5d","block_type":"box","text":"Executive compensation","page_number":174,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"259ced73-c62d-43d2-89e6-b771bcead762","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":174,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"cacf7843-6850-4812-a137-d7b6b8d4a12a","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":174,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"29911d29-ce29-4ab8-b1b0-4dc297afbaec","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":174,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"2efbe10c-6e28-4d8a-a407-c107481cc0aa","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":174,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"c8bc7bca-493c-40e3-950f-dc3b54e59c2b","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":174,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"ecf7addd-348f-4c0b-abd1-94acaf25ec80","block_type":"box","text":"A-8","page_number":174,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"a9ab81ca-ca93-4df7-8bf8-aa2772478bc7","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":175,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"a89a0e4b-bbaf-4119-a9c1-396b0b940ec9","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":175,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"4e5e6dc3-b23a-4e70-9992-ca7c2e53b281","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":175,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"911067b2-a8dd-4a5e-8a4d-9de91533f361","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":175,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"5616aeb6-46ab-40db-83f4-8329acb235de","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":175,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"0ecbc50e-1b1d-4b3e-a99c-3fe65b5bbea4","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":175,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"4f25c0cd-9c39-40a3-858f-ce53227676c0","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":175,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"58544eec-467b-44ff-afee-be109d6088ce","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":175,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"839d3c04-b957-462e-8fdc-c984c91d5e92","block_type":"box","text":"company’s size, sector and market.","page_number":175,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"69a5f36a-5db7-43e5-97da-97dda4c2fc81","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":175,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"7fe6a902-c51d-46c1-a523-865f3b7c5b55","block_type":"box","text":"objectives.","page_number":175,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"11197ec6-c534-43fa-9872-0107654563ad","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":175,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"88249a3a-9847-448f-90bc-10f57d5adaeb","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":175,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"64c03c70-399b-4f9b-8b96-ffea0367d89e","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":175,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"18253df2-2ef0-46db-98d4-47630491d364","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":175,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"09f90223-7c7a-45f6-b517-9e1d01c6c168","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":175,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"1d6af53a-a3db-4efe-b461-c123e0692cb9","block_type":"box","text":"transparently.","page_number":175,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"fb62b637-c634-4776-bf88-7bda756b2d5c","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":175,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"6ce5d478-d818-4a4c-8d9b-e7953445e215","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":175,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"6bfd210a-3623-49c7-9615-c8bc1d425f24","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":175,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"a71621b1-f7a0-48b0-b9c7-0e8c5456c5e5","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":175,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"16a85673-15d8-45f8-a990-7c575246284b","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":175,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"9807e38d-5e2f-4cac-accb-7edc100e65a0","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":175,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"a8bdee51-03b8-4c8f-9210-3b8d69e16146","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":175,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"dc6daf87-c73c-44b5-a174-0a446562b1c7","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":175,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"ef6bd98e-6912-4e2e-a267-6cbb8ca248dd","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":175,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"a481ed92-acd1-43c8-83cf-39d255516816","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":175,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"3ac953cb-78f9-4dff-a0d2-2641ad268d51","block_type":"box","text":"independent director.","page_number":175,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"615ea16e-894f-4a61-be8d-4ded5b473729","block_type":"box","text":"Non-executive director compensation","page_number":175,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"fa9003cd-ea34-4b3a-bd1c-cf16d13b9508","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":175,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"46850b8f-6099-4054-a708-b8bc368ecee3","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":175,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"d804b17a-a7cb-43f6-b52e-4c9475e04f3c","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":175,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"62222703-cebc-44b6-a490-7ebe05e4309f","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":175,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"52937256-3888-4a52-ba86-f0364dd60ce8","block_type":"box","text":"Capital structure","page_number":175,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"04b82cf2-5313-49a8-b987-7e7fe5ae7fae","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":175,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"ecb87120-8ecd-44a9-a5b0-f28097307c4c","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":175,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"231398fe-408c-4cbb-b2e9-96efde4ddf8b","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":175,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"6e69944b-94ab-483b-a069-cf88d68da235","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":175,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"9a462adb-16ac-4f8a-91f5-3cd09c7466f5","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":175,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"bc8db5cf-7aaf-474b-9327-63735a94cf07","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":175,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"5d479521-3437-4e64-8a47-7fa2a03a7c39","block_type":"box","text":"Share issuance","page_number":175,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"3bd63035-6cb6-4ade-8372-618fae904fe6","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":175,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"b3cbe826-fa74-403d-8857-b43b31e1b2ca","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":175,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"ac6c808f-cecf-41ce-b60b-62e944d74874","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":175,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"3c9f6894-d2ba-4769-b1df-4136d797d91d","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":175,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"f01d8ea0-2506-4f0a-a10f-2e3f25490bea","block_type":"box","text":"A-9","page_number":175,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"bc44898f-a1b5-4e8b-b0b5-d36f6d778800","block_type":"box","text":"Share buybacks","page_number":176,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"6eb3497b-7c73-4604-9cbd-348dd8e67e3f","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":176,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"f70ac42e-ee6b-4f0e-91b5-4eaadcb16416","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":176,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"604fb08d-143f-4c36-a76c-cf80cfb4058d","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":176,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"3c8296e9-e421-437b-83ec-e5e3cfd97b0d","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":176,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"4ab7646e-503d-4df7-9a68-2f9eed728230","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":176,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"d84239e9-33bd-4f6f-b842-b2136aa03657","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":176,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"7807a9e6-7ebf-4a19-b9c0-f5b12009ae6d","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":176,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"518fe113-bca7-431c-82dc-e64611ad3aba","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":176,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"c9644150-195b-4e17-aef5-def84013500e","block_type":"box","text":"Dividends","page_number":176,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"5a91d651-0b8c-478f-baec-0eba22638581","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":176,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"868595fe-bcf3-4052-a29f-6966aa9db2c1","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":176,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"23c6bd54-63f2-4809-ad7d-ff1566cd5147","block_type":"box","text":"Differentiated voting rights","page_number":176,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"48606838-f560-4c25-a737-e8ffc8910957","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":176,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"69d3c08b-bbc4-4495-8fe5-9e0ae4b85d40","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":176,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"819d263c-1266-4557-86df-4dc073495f80","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":176,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"a69fd9db-f948-4f93-897a-dfa9321de7ec","block_type":"box","text":"periodic basis.","page_number":176,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"f5fd6065-9e39-4e64-8757-7f0ad476122a","block_type":"box","text":"Transactions and special situations","page_number":176,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"67e680c3-38f9-47a8-ad95-39f9d73ffc97","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":176,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"c072a932-1fb4-40a8-8877-bc912dd7ec84","block_type":"box","text":"proposals.","page_number":176,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"35d9d995-7c31-4408-8ded-07c27713a68b","block_type":"box","text":"Mergers and acquisitions","page_number":176,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"5812a111-fc4e-4c6a-8a0b-7edef19ecf1c","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":176,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"a0760a41-5ce3-4d4d-b06f-badb8d4ccac8","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":176,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"49b16b66-5024-4b0d-9bb7-2d96e1ae3528","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":176,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"4b441fd1-8fed-416e-8524-4c6934e16e87","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":176,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"ec0b750f-337e-4275-b009-98b6721e2483","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":176,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"3ee3e08f-915e-4219-b565-16328d28927d","block_type":"box","text":"shareholders.","page_number":176,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"f509e8ed-c4d1-468e-b503-a64159351b87","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":176,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"a4bf2ad0-de65-444f-863f-d56a3a7143ca","block_type":"box","text":"Anti-takeover defenses","page_number":176,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"46c8ab04-6af9-49d4-8b1b-59d5aff8437a","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":176,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"1c958406-a9d8-40a3-a727-97342a8aacd2","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":176,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"080878f4-0263-45c1-a82d-ac5d0402a65d","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":176,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"3358cf33-3aff-4df2-8198-9a7d40687107","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":176,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"2ae5f690-36c6-4307-a54e-9298aba365a3","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":176,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"d2fca2d3-9815-4c33-9db4-79aa2447fdf1","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":176,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"144aa936-f6c8-46d7-bf3b-aee3ba746b06","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":176,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"f39a26b9-6608-4e05-9423-59a863140da0","block_type":"box","text":"Shareholder activism","page_number":176,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"21e760ca-874e-417d-a924-f9c1ff82910f","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":176,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"65f908c8-40f5-4b52-b7b4-afbdd9d97954","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":176,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"6b756bc2-259d-45f8-9c9f-bf7d89d7ad5e","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":176,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"70e489fe-c8b6-4c37-ba11-c6730842bd2e","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":176,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"2a625461-c2a6-44eb-8ba8-72eaaafe0d86","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":176,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"cfcc9a8e-4bbf-4eb2-ae6c-7ff3769262b7","block_type":"box","text":"for our clients as minority shareholders.","page_number":176,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"4a994304-4240-4c8b-a051-a4b3b8ac67ee","block_type":"box","text":"A-10","page_number":176,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ca08e112-5ca1-460f-849f-c208318373b9","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":177,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"35e7bb4b-919f-4642-b256-af463fc71e98","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":177,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"444a0c93-4939-44ba-92e5-df50c8da2d4e","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":177,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"17705f5d-e69c-4771-ae80-8338fadf863f","block_type":"box","text":"Significant shareholders and related party transactions","page_number":177,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"d90975a1-93bb-4605-9acd-9e9e13b3855e","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":177,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"47627b98-e20b-4ec0-b0e0-e6a1323456e1","block_type":"box","text":"shareholders are given equitable consideration.","page_number":177,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"f4866b03-ffe1-4af2-93a3-554757ee66e0","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":177,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"632a2166-8230-4d5b-8d12-68ddd6718538","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":177,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"578cbb0d-5bd6-4234-921a-bc26544d6652","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":177,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"30980b8f-dadf-4e6c-8317-21b017412223","block_type":"box","text":"disinterested shareholders should vote.","page_number":177,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"b979e305-ffa6-4a4e-96df-70ed3e991115","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":177,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"0751156e-ed97-46cb-85b7-c3e788737514","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":177,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"3d677ae3-78f7-4d33-8a05-b0da63223ec9","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":177,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"9b127319-1a36-40d4-83eb-727fbaff1df4","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":177,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"a12b75ec-3dee-4825-89a8-6ffc7312e6b8","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":177,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"06b2e239-8bae-4f9b-8222-9181032f4cd4","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":177,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"e6f9c609-68a7-454d-9952-2a53ebb474c5","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":177,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"7c7730db-7b25-43a4-8698-df1c7ca4d312","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":177,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"6f67a64f-e48a-4d0b-9cef-cd7299436ecf","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":177,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"cd046ea1-dbbd-4f48-a9a9-bad2251b5d24","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":177,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"c9746e5c-cd65-402a-9fbf-560beced4f87","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":177,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"99c8db47-c397-465a-a955-278205c886f3","block_type":"box","text":"and the implications of these, disclosed.","page_number":177,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"d7f694d9-f022-4b26-aae2-2e36c543657a","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":177,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"6711b1cc-494d-4ddf-ad4a-4eafab5f5468","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":177,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"df9aa6cd-1b17-49d9-8e59-a5a40e9c5f5f","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":177,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"61c5fdeb-d1bf-4844-b320-118e315f7194","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":177,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"e74c519e-91f4-4ed2-aa7e-f584f5a516d0","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":177,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"2447ed89-f5f8-445a-b74d-78cd51ab39cc","block_type":"box","text":"external audit process annually.","page_number":177,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"304dc596-cbda-47f3-9e36-08dbf09fdce6","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":177,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"774c0c92-9730-48b1-8608-d40e8b9d2129","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":177,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"f095bef1-7676-4be8-8ea9-881d8866cf6d","block_type":"box","text":"to companies in preparing such reports","page_number":177,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"f478b9a1-4478-43bd-93c2-b00dabcff7cb","block_type":"box","text":"(4)","page_number":177,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"f00a44d5-230b-4825-a2d2-5bc8a7f2d6dd","block_type":"box","text":".","page_number":177,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"b0064650-1965-4aad-b7bf-dc8d29da9395","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":177,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"ef9bd0d0-4f32-4307-a56f-3370f5ad5bbb","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":177,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"4e0a03f9-b26a-4882-8c6c-6c78e5cd46e7","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":177,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"4de7d9e5-fb23-4625-996b-9e0913c28e74","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":177,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"2a6c04b7-9ac9-4fd3-b308-ef83bd8e9775","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":177,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"e0d012f0-05b0-45f7-97c6-af3e8ba67fdc","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":177,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"acd24467-392e-4bd0-b0a9-6c044647dd4d","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":177,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"8751eafc-1df2-4aca-8337-fc8d83f16699","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":177,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"6bc38d61-740f-415a-8f4f-0122a4f55fd8","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":177,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"b89eb4ae-8c3c-4e27-9570-afad373f174e","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":177,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"e4fb18d5-c774-4af8-8025-4638dbbe68c1","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":177,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"379f07b6-cde2-4144-ac64-4ffbbb16ed19","block_type":"box","text":"e informa","page_number":177,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"b6f9bc8e-abf5-43bb-a677-06b0eb1dc3fe","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":177,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"65520bd2-fc9a-4cbe-a27e-0626cddddb1a","block_type":"box","text":"ions","page_number":177,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"9ab6f96e-5391-4890-bbec-0b289655c183","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":177,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"3e971dc2-860f-4d45-b70c-42a9b0a51fdf","block_type":"box","text":"bout its","page_number":177,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"0575142b-4d4c-43fe-8813-0b9391b85b12","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":177,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"1bf002b0-86fb-4f69-b59b-f3696589fe8a","block_type":"box","text":"ding","page_number":177,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"5a5edb73-1bd1-427c-90f2-4e61f922d4e7","block_type":"box","text":"resources to the entity.","page_number":177,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"c9b0dac2-a688-412c-a560-595b10893802","block_type":"box","text":"A-11","page_number":177,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"2cba5862-6df4-4e61-9bdf-43f9a8cdc1a4","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":178,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"65e67b53-0b3d-409c-acda-601616fab824","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":178,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"913c57a2-839e-4d0f-863a-fb72a63a4c03","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":178,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"5429bff0-8ebd-41f5-8c5f-e509055d3ecd","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":178,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"b6d5cf2f-f2fd-45d1-93f3-77ce85ceeee0","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":178,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"3960ddef-eaf2-4b92-8e7e-6200c8b99932","block_type":"box","text":"not established reasonable remediation plans.","page_number":178,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"17dbe6fa-0b2c-455f-b540-b6cea66d25bd","block_type":"box","text":"Shareholder rights and protections","page_number":178,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"bf1395d7-7845-480a-ab61-be2fb75a579b","block_type":"box","text":"General shareholder meetings","page_number":178,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"0bbdc081-e6ec-42a6-8922-9fe8fe6face5","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":178,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"a1dba357-63f7-4b54-978f-63eb98a8d481","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":178,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"2f89a0a3-7d6c-461c-831d-f9769d6979ee","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":178,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"00f24d77-c98f-437c-8555-33e3da659ff4","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":178,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"885bd926-bb63-4f5c-9d1a-dd340ef6d7d6","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":178,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"610c9288-e6e7-473e-ab28-b6b3925f6d1b","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":178,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"9e9a1b58-3432-4c16-a312-d999cb7f71e6","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":178,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"ceb4a592-5975-430b-ad62-7d2a5945d845","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":178,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"b1906d5b-3191-489c-ba90-2159b1fe0fa2","block_type":"box","text":"Bylaw amendments","page_number":178,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"c02cef6c-c8d0-425e-a5f6-72d0cce1ad1d","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":178,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"5def256a-7e8b-4161-8c9e-cd9a0eaaa4a8","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":178,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"75959744-2e89-4717-ad2d-87a20e498352","block_type":"box","text":"to a shareholder vote.","page_number":178,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"ffe1ef59-c63f-42d1-a413-a8a5886d152d","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":178,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"e0a0ca65-063d-448e-9849-047f06a57464","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":178,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"8fdeba2d-58c7-4205-9740-7779e538d23c","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":178,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"89a23860-4f77-4758-ad00-720255904713","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":178,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"c720d457-81af-49ed-8456-5e72b07051d4","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":178,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"46506180-1c31-44ac-9b0d-ac3e7889a7c3","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":178,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"907384d5-20fb-4d2a-8cd4-b19eec12328e","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":178,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"4db65f30-91f0-4470-841d-b10deec7cabf","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":178,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"fcc9b81f-c439-4882-bfdc-da799ab97c7a","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":178,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"7f28808b-8769-461c-9bd2-7c4290d9240f","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":178,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"304a2e5d-db53-4c79-a578-023a7a9663b1","block_type":"box","text":"Change of domicile","page_number":178,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"c45a5ce9-23b7-4c5d-a298-421db5f78e24","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":178,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"5f26262f-e5ae-4f43-955a-32cf8bc30276","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":178,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"76ed5f36-ced4-49f9-a72d-709bf4e6af1e","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":178,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"1b3cc6f1-9834-4da1-80ad-f4e61c5e8bcb","block_type":"box","text":"financial interests.","page_number":178,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"ae6574ea-5566-40c5-ab8b-ad5d52008e53","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":178,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"69ea1eea-44a2-4df0-82ac-46ceae47f6c0","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":178,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"6afc9911-23ad-45f3-b1df-9fe3a3704a47","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":178,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"9f489b31-c927-47b3-b589-1bee62c604e0","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":178,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"86d77c7c-e923-4bb1-be00-6c84a7e79fa0","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":178,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"96bbab5c-5edb-46b8-9d80-4f6976b9aec4","block_type":"box","text":"not provided a credible argument for change.","page_number":178,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"bf048e91-62da-4ae9-9095-97f4eccada3f","block_type":"box","text":"A-12","page_number":178,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"116dab86-b068-4dec-9119-c017b9f0feaa","block_type":"box","text":"Shareholder proposals","page_number":179,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"bc6c3a7e-ab9d-447f-8e45-3ef8ebfd663b","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":179,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"3674fe89-2701-4868-a5c5-22345a16bf09","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":179,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"18b3c2f5-2497-4c26-a8ff-b023a2d1351d","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":179,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"7c159a73-5bc7-4daf-9789-626a81c5da16","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":179,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"f37d2666-162f-4b95-9a6d-c4645e734049","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":179,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"91151912-11a1-4eb4-9612-bfe5603c6079","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":179,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"2ea93a44-9c34-4625-9ea0-e2f804360b6b","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":179,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"57ef117f-3dbb-4d45-bd80-37237e35e5b4","block_type":"box","text":"being acted upon might have on financial performance.","page_number":179,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"0dc968ef-0855-482e-ada2-cc9217f4b91c","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":179,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"081b20fa-ffdc-4d4b-b0d0-d79c7e53f3fd","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":179,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"a66e74db-3255-4258-aaa6-fc80edbdde23","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":179,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"4ef4a215-d2f9-41d8-ab8e-a3382eff798b","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":179,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"d8c35a27-6fb4-440d-8735-ff9afba1c7aa","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":179,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"e2d1aa46-75ca-4e2a-aa0f-32f4687c9916","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":179,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"9e1e4266-2977-42ef-b3f2-19e46b6aeb5b","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":179,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"f84ebc1d-88e5-4978-a543-abeaafb47d13","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":179,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"6b887205-f386-4956-b5d6-59514a911481","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":179,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"01e093e4-cf2b-439b-b495-20e620875d10","block_type":"box","text":"Corporate political activities","page_number":179,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"9e8d9e71-1578-452f-aed3-8bc3cbd907ec","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":179,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"64ebb469-aa8e-4fac-9ae0-7aaf0b95af02","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":179,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"48574227-13d1-4d77-b0c0-19e36320a06a","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":179,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"8c7abc7a-f11c-4801-93c4-f05fd96d30ac","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":179,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"6a1808a6-7c0b-4b98-baed-63c0e2fce29e","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":179,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"ae9fa19f-3f1a-4d5b-a7ec-a9558a89ef83","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":179,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"bb74919e-3c1a-4f47-9814-bfdce2431239","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":179,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"d7d75a2f-c6ee-4ce1-90c4-b42ae4f764b8","block_type":"box","text":"trade associations on behalf of members.","page_number":179,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"6297e66d-9f4c-40b7-8568-b51116a45ff7","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":179,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"b98cd39c-e455-4599-b407-ec4ca1294e8c","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":179,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"b4774650-a26f-44c5-8a86-71654cc89d65","block_type":"box","text":"public policy positions and its policy engagement.","page_number":179,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"8d666b94-a87a-45a2-9d71-fbb7b0bf112b","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":179,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"91035ce0-477c-4a37-a938-1bbbce18b54a","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":179,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"554f61a8-168f-451a-918f-eebd645269fb","block_type":"box","text":"experience, sustainability-related factors","page_number":179,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"29006562-a690-4e5c-ba53-c5d282839ec7","block_type":"box","text":"(5)","page_number":179,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"971be189-47f2-487f-bc65-7dfc61adc6c0","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":179,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"b7593ba3-968e-40c4-b6dc-6945e4ec3e9b","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":179,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"31364ed6-c0d0-44e7-9c37-7926b28a07df","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":179,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"1b3c8f7e-9485-4b3a-9ee1-ab387736b0bf","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":179,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"7ac7620d-813f-42de-bf9b-0b0ba481462d","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":179,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"e09e3423-a6f0-4a6d-8165-9c8689b1ed13","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":179,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"1a318113-99a2-4d9f-8bc9-f4284cc2899d","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":179,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"579bc1c1-67a8-46da-a6cd-29682b02de2e","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":179,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"8cdbac90-cbb9-499a-80cf-f6dc94917a87","block_type":"box","text":"el that","page_number":179,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"5c2640ee-d272-4774-b904-9dc56dbcc444","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":179,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"5018e36d-a813-489e-b0db-5de2e913cf5c","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":179,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"a64e670d-c6d6-4d31-b6a3-4df75612876b","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":179,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"8f797b37-e7a0-4f46-82ca-4841dbc776ad","block_type":"box","text":"e","page_number":179,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"ee1f108d-a7d7-4ce0-967b-2c37fcbeea73","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":179,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"50651a2c-94af-4910-ad03-c7bf282d8593","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":179,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"447b3d5e-5f43-4717-a1aa-b453b15aa180","block_type":"box","text":"onsider","page_number":179,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"70606f96-c061-4959-8cdc-731271e53763","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":179,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"3c7b79f9-a5e1-4c68-817b-2df881d21743","block_type":"box","text":"A-13","page_number":179,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"bb48b63f-baf4-4194-890f-8fce67711e4c","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":180,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"826baac6-902e-4c8e-9a38-39953d51b303","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":180,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"fee46ffc-4a7d-4394-b947-96a842e53aa2","block_type":"box","text":"investment.","page_number":180,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"0453b604-136e-416a-98d3-ecc534805744","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":180,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"2bc3571d-9633-4ab4-833b-97a0c1e4fd3d","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":180,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"f987d8a9-a674-478f-b178-87ed2ac618fb","block_type":"box","text":"Key stakeholders","page_number":180,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"b4d4606e-4913-4e25-a09a-03ae6fd609e6","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":180,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"4da1d1e0-8b63-4cb3-9597-3611b28fd8f9","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":180,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"020f3d3b-5f2f-4c1d-9117-04375a0ff72c","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":180,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"f096d650-c7f2-4888-9015-18f14190e8d7","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":180,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"16dc75d6-ea3d-44e0-8a65-0eaace778e59","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":180,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"25cb7202-fff2-4226-9ead-1b12ec9ba76d","block_type":"box","text":"be financially resilient over time.","page_number":180,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"bd74294c-2a48-43c6-a8e8-d39d63e17b92","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":180,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"e14acde2-f421-4584-8db9-ea842d747a87","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":180,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"b45c33af-6835-4f41-b52b-9cc03445f431","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":180,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"08513f59-fcd8-4a7c-a9ed-76f04bb48b7e","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":180,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"aa80b2b3-b648-486e-afef-4184aabbb66b","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":180,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"1122228b-14ff-411f-ae2e-5788ad8648c3","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":180,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"fe6a29c0-a8d2-42f1-adcb-183b7d626709","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":180,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"c06528f6-e2c1-4b00-9e75-dcbcfd168da7","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":180,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"e148f73e-da56-456c-a119-9d44d08e8198","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":180,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"91af81f6-d929-45de-88fc-7af41edda544","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":180,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"ed75eb0d-9082-4f09-aec4-59bba5878099","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":180,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"106cd93c-d442-4d65-9167-d6dcb8d2d3b8","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":180,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"cc24221d-46de-4c5a-8c1f-b01d49bec91f","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":180,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"f8360a5a-9d31-4be4-9512-05e4a76cae21","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":180,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"d9965a03-0e7c-49c7-9ba3-c1072508f4d4","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":180,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"029101d1-e99a-47f2-b540-7ff8e0862632","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":180,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"f398f9df-0b58-45b1-971b-51172cf7e97f","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":180,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"7978b633-b539-4ee3-82c0-9ca1e63825d9","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":180,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"028bfd1e-a75b-4e05-a378-d5b5fff46763","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":180,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"63266c2c-26c3-4180-a536-a79c17cee0b9","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":180,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"87c959a2-0d9d-4dbc-8e03-9e5e7622a401","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":180,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"2fda8d97-2809-4408-a4fe-78d9459c41ac","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":180,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"3ec46e23-e4a3-484b-be99-2b316fc42cc3","block_type":"box","text":"Oversight","page_number":180,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"7e6e9093-0045-4712-aec9-e37712816b54","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":180,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"0f7caa7d-2fe3-4c68-af4a-1c04ca149dbf","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":180,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"8453f3ed-73bf-4160-86dc-d79b0925d505","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":180,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"0a29d92f-31ef-4613-bd5b-196c13f9dded","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":180,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"4770d47e-48be-4ff6-8d5d-52911452e3de","block_type":"box","text":"reporting lines, and oversight.","page_number":180,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"84659821-4314-46d8-8e8b-507c40b630ff","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":180,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"5aeca0a8-0459-4f61-b026-500784e75ba3","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":180,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"fc09d9d8-8269-46e9-8afb-d3a09d09e8c8","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":180,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"ed6a0448-bf18-41be-b55a-527bb64c998c","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":180,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"071e42f6-476c-4483-966e-3e20cb6207e3","block_type":"box","text":"the relevant active equity investors.","page_number":180,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"73691c00-d1ab-41ee-9ed4-38a3a45adbab","block_type":"box","text":"A-14","page_number":180,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"340b2792-805d-4a90-984f-178887d4b933","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":181,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"fa2583ca-3fa1-49e2-84cf-52774e5a2dca","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":181,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"40b80f6e-e314-40cf-8f8a-be87eac5367c","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":181,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"bfd00429-af91-42c1-9a3f-26bcf5139860","block_type":"box","text":"part of its annual review.","page_number":181,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"3517aa74-be33-4201-af34-9120f08a4488","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":181,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"ab9c4f11-020e-46fe-a579-b8bfc5469762","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":181,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"ca09b3e9-b2f4-4985-b93c-ada891022b84","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":181,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"b121c38a-0d86-483e-a33a-f3504b0bf20b","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":181,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"8ff1fe6c-7c8e-4e6e-99cf-3fa5d212e4bb","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":181,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"6a49da74-6c6f-4e0f-a0f1-d0d3b991a327","block_type":"box","text":"Voting guidelines and vote execution","page_number":181,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"3772b278-8662-4d87-9754-1a73a4104f91","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":181,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"ccd1e969-1b1b-4073-8bbb-6e089d249602","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":181,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"e46d8550-3f55-47f1-be96-d5c99875a9c8","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":181,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"bd03ef1f-caf0-4a08-8542-24cf5463e2da","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":181,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"73cfcb79-5d5b-4e05-bc5f-2319c1f6d4c0","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":181,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"12285fa8-d864-4167-955d-bab58d2e0511","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":181,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"ddea7631-4162-4e5b-88e7-e6f3feeb9f3f","block_type":"box","text":"below).","page_number":181,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"21ce4b49-35c4-46d5-83d6-822ffccf71d1","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":181,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"399b240e-a3f9-4b53-951d-f3bbf4cb55c8","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":181,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"3ac0ab86-a7a3-41d9-9c4c-b9360a1385ac","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":181,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"2ebc1c10-0bc6-4fad-bd19-23d5dee2c18e","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":181,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"ea731ed6-6295-4df5-8024-bb2c9e2a0938","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":181,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"1a34987a-0fee-4cc2-8549-087a7978cbd4","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":181,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"b6f12d4c-83df-461e-a01e-3ff6c187fc07","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":181,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"82a5b612-6492-4787-9d71-1c40e32248df","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":181,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"448c769a-67a8-4332-83be-c381fdb4cb1c","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":181,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"d1474579-be00-4ef0-86f5-112cde03f925","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":181,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"e752f644-a4d6-4311-a3f9-65f094737bc3","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":181,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"48921aa3-a483-45ec-8605-8fedbcf0316e","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":181,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"b4be7887-5190-4463-890c-d0caa7a17ed5","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":181,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"d3249563-585a-46ae-a056-65bc35c305aa","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":181,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"58e646b8-499b-40ff-8cac-4e4412c8c075","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":181,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"5fb0ca8a-96ca-4a5e-8549-c6f9279c48c4","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":181,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"630a955b-9808-4de2-b914-0e831b8f2e02","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":181,"box":{"x":89,"y":611,"width":807,"height":12}},{"id":"02c77b0c-c88a-48fd-88f1-d513c2c44143","block_type":"box","text":"burdensome administrative requirements.","page_number":181,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"523ba447-0520-48fb-a620-b02dd9346125","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":181,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"0c9ce5f8-6829-48c2-acbb-cc5db05bf5be","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":181,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"871aa6b0-f9e8-4d2b-a1d8-f4eb11cff0c3","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":181,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"6715d447-35ae-4b5c-9aad-edeab55979d5","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":181,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"cdcfb91c-66e6-43ab-9056-1a32d8f23378","block_type":"box","text":"Voting Choice","page_number":181,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"f20231df-b28f-46dd-9649-a119f6c82a80","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":181,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"e3839aae-3f16-4026-9587-d0344c7566fd","block_type":"box","text":"voting process where legally and operationally viable.","page_number":181,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"777e05dc-dbb1-4d7c-bea8-8a12bf20f6ab","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":181,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"3677ff53-b1ad-442d-ad50-0a6fa953bb8d","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":181,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"8d25c797-1455-4a59-af36-aaa46b1443b6","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":181,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"d1da6097-2f01-4479-9d38-d26a9398e4bd","block_type":"box","text":"(6)","page_number":181,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"00323368-2046-4f2f-bdab-d1e331dac721","block_type":"box","text":".","page_number":181,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"96a23817-55a6-46da-bea3-6f4f1992b8d4","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":181,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"7cc6f788-e607-4e5b-b2ea-1475c484002c","block_type":"box","text":"eir","page_number":181,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"8f9df906-d447-48fe-a4d6-5568ce2b30a1","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":181,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"75a30770-61b7-4cee-b14c-b4af7849daaa","block_type":"box","text":"A-15","page_number":181,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"239ab132-a541-4df5-a08d-fccb10669805","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":182,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"dc832b44-8101-477c-91b5-b7f4c0a52c18","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":182,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"20cee6ae-23ea-4da7-9cf3-c1101c3e83c0","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":182,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"fcb5e248-f3c0-45f5-8ea7-419a89562544","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":182,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"fa1804ad-d551-4600-9ac1-9a5ab94ec135","block_type":"box","text":"without client consent.","page_number":182,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"82ff2fdf-79df-4172-a781-a23d5e9d3cfe","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":182,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"a5a9224e-1d9b-46dd-b554-ff99f1576ddd","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":182,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"ae1e0a7d-0403-4ac4-ac34-a57cc46868b5","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":182,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"94772b2b-ff6f-4bd9-9b45-50bbebe83a26","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":182,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"9ca37288-516b-4cde-a789-8ed92a0692d5","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":182,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"c08c5c73-13cf-42f8-8387-c4681bdd181f","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":182,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"2528b087-488a-4205-912c-1f6b0d5a4add","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":182,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"202cc445-cc7d-4997-aa34-81af2c6cc650","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":182,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"fef3560b-4a01-4bed-8377-3dfda5dfc9a1","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":182,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"1e752af4-44cb-4812-8e6d-6f6764d17f84","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":182,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"49a16c64-856d-4a40-9f23-16237441e92b","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":182,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"32e112cb-84f2-4bad-8ca3-d86f2e1f1c52","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":182,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"0e2cdd18-86d9-46b3-ba46-d4ea73d261bc","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":182,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"64f88fe0-7424-4884-952c-f31ce892494f","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":182,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"11f8a9d8-6ef9-47ed-b3b3-372035657ead","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":182,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"17b9bb14-4198-4e35-83ff-a4ed9ff23fe9","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":182,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"ce95e00b-d21a-42d9-a39a-a8d0c7d98c53","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":182,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"44ec2ad2-bc79-4b09-bdcb-556e5366efc0","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":182,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"d1d8d081-a885-4d0a-9cdb-e7a5a1fa47d8","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":182,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"ecb8a802-9538-45c0-8e71-8f96288d6439","block_type":"box","text":"Conflicts management policies and procedures","page_number":182,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"e9c0c08e-311d-4222-ae40-1fc2963717df","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":182,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"85e23823-26e1-425a-9fcf-57dd0b9b9489","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":182,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"d82b640d-5e98-4c9f-8511-9e7fc8db7159","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":182,"box":{"x":89,"y":520,"width":855,"height":12}},{"id":"843b41e2-2310-4bc2-a07a-4cf314225822","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":182,"box":{"x":89,"y":535,"width":459,"height":13}},{"id":"d8ad7d34-662b-4b9c-8d1b-dcb2ac2c347c","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":182,"box":{"x":121,"y":555,"width":676,"height":13}},{"id":"298b40ec-1b5b-4e2f-bc6f-ed5b372ae213","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":182,"box":{"x":121,"y":576,"width":781,"height":12}},{"id":"14638a66-285c-4d58-8377-86d4b20eead6","block_type":"box","text":"resolutions","page_number":182,"box":{"x":154,"y":591,"width":76,"height":9}},{"id":"80fc3966-afc8-4b28-8fc7-bcb750e7744c","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":182,"box":{"x":121,"y":611,"width":785,"height":12}},{"id":"d52fff5c-1384-4e24-a912-d3c32c352b72","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":182,"box":{"x":121,"y":631,"width":780,"height":12}},{"id":"c1b34854-981a-4b32-a98f-edd5ec072c88","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":182,"box":{"x":121,"y":651,"width":714,"height":12}},{"id":"4c225362-9c08-4653-82b0-393535f0a16f","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":182,"box":{"x":121,"y":671,"width":801,"height":13}},{"id":"79ed41ec-5b4a-4791-8555-e606fcfa3ee1","block_type":"box","text":"managed by BlackRock","page_number":182,"box":{"x":154,"y":686,"width":162,"height":13}},{"id":"3657a554-7d75-447a-98b3-c1a230d9c094","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":182,"box":{"x":89,"y":713,"width":839,"height":12}},{"id":"98af305c-f97f-4374-a25b-22008974a5c4","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":182,"box":{"x":121,"y":733,"width":838,"height":12}},{"id":"d16467f0-8410-4299-a704-3c963f421811","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":182,"box":{"x":154,"y":748,"width":294,"height":10}},{"id":"27e06916-9801-4f34-bd6f-4e6dbb90153c","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business","page_number":182,"box":{"x":121,"y":768,"width":835,"height":13}},{"id":"5959f0de-4346-4a47-872b-193fde51c315","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":182,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"53aaf1c0-f048-468d-8011-23305be349f0","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":182,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"896e9eb4-4406-4a81-91b6-384528da8b38","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":182,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"7ec2912c-dbed-4525-a60b-f7f114bb4a91","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":182,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"95b39d69-1dbb-4eb3-af8c-d355e7d3d199","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":182,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"87f3219e-51f7-4d03-80a1-f1851ba63464","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":182,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"767b7c0a-62f5-4e6f-8030-cbee4ddedb5a","block_type":"box","text":"A-16","page_number":182,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"05ca347a-461e-4e64-8f88-41b79d670f92","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":183,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"0d836221-d98f-40ce-9e49-6aa6787db117","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":183,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"aa734b6c-bae1-479c-93ba-73d74873e577","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":183,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"92d295e3-6463-4746-84f6-24c77f90a82e","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":183,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"02cecf06-fd57-4f0f-bd24-0bd8fca6ed98","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":183,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"f99eb3e6-69fc-4941-b11b-4fa4f2a999d9","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":183,"box":{"x":154,"y":125,"width":780,"height":12}},{"id":"83c93547-449a-4dde-9f9e-1c7f9b8fab0c","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":183,"box":{"x":154,"y":140,"width":793,"height":12}},{"id":"a610653d-1b6b-44da-b7ef-dfea273bab86","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":183,"box":{"x":154,"y":155,"width":799,"height":12}},{"id":"13da38a5-de3e-402a-b231-dc96307c98c5","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":183,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"736bedfb-7fd0-436a-bd2c-9153c07e2147","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":183,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"d747fd9e-7c28-49bd-b2c2-17ecd7e99dac","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":183,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"f1506c96-1925-4da2-84ab-578f6bec2a6a","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":183,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"9127e77c-e44f-4bc7-b5c3-35e7efb22ac9","block_type":"box","text":"the board of directors","page_number":183,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"ea4bea72-3d82-499e-8c23-0cda78ffd1ca","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":183,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"af17c0ab-9869-4f90-af37-23d6d9dde9a3","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":183,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"63b1fdce-39ca-498d-9781-f707b6a51a01","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":183,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"08f2b8c0-3c27-4ba9-b0ca-062685422fe1","block_type":"box","text":"party voting service provider","page_number":183,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"b747a583-9f7b-473d-b852-782e554bbea6","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":183,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"0b99422c-2085-4df3-a354-975bb04207af","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":183,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"c7d71a34-9db3-43b8-a822-8da007db0f1b","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":183,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"47a55b46-9fce-46b5-a0af-fe7645b09e83","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":183,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"f6faa3b3-aa03-4a01-af79-97cb6a3afcb9","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":183,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"484b64ca-bf71-4828-a5a8-8abe34fa9302","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":183,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"ef9b3b65-1a21-4d8a-8a96-3c9ce75c8c85","block_type":"box","text":"service providers, generally on an annual basis.","page_number":183,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"eba6492a-ae5f-4d3b-a607-bd00093ca524","block_type":"box","text":"Securities lending","page_number":183,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"b27f76dc-ce65-47a6-b22a-be5220dbd959","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":183,"box":{"x":88,"y":486,"width":855,"height":12}},{"id":"af7bb61d-1002-4856-8524-f183cf5d374a","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":183,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"6bcd9d96-79c5-4ef0-9b8c-083cefb1d479","block_type":"box","text":"providers to keep fund expenses lower.","page_number":183,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"217ef2ac-9e7e-4681-b7e2-9ff1893c36bc","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may","page_number":183,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"fbaac000-cc89-4350-a281-3171c4fa9e08","block_type":"box","text":"determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them","page_number":183,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"d556f956-fbdb-4529-a727-fdce96024cd9","block_type":"box","text":"achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan","page_number":183,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"e9444c3a-7bda-4e0a-b54c-2c4b678dc094","block_type":"box","text":"as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various factors that include,","page_number":183,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"eb03751a-c400-44d8-b4eb-7dc91574f1c8","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":183,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"052cf857-4d45-4ad2-81e3-e5f39a829ffb","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 rights reserved.","page_number":184,"box":{"x":89,"y":165,"width":289,"height":12}},{"id":"23756cde-f2f8-43c9-8904-a9a08e15cda7","block_type":"box","text":"BLACKROCK","page_number":184,"box":{"x":384,"y":165,"width":89,"height":10}},{"id":"b275ab47-1d46-43bb-b21c-df359850962e","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":184,"box":{"x":478,"y":165,"width":450,"height":11}},{"id":"7a2d5b54-271b-4480-81d5-6df81d432077","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":184,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"a11e8bff-df4c-4442-a993-da6c3dd08c53","block_type":"box","text":"A-18","page_number":184,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"f3574515-a6e6-472e-a8d3-bc7eb341d82b","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":185,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"1529dc0d-091d-4d89-97dd-afe148c3f647","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":185,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"283edf88-d64c-43ff-87a9-6515e36df070","block_type":"box","text":"Effective Date: January 1, 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and Statements","page_number":185,"box":{"x":89,"y":405,"width":356,"height":13}},{"id":"8f7645f6-1aef-42ba-8042-be66208f3aeb","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":185,"box":{"x":88,"y":432,"width":873,"height":12}},{"id":"193388cd-2047-4633-a24a-b273803d238b","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":185,"box":{"x":89,"y":447,"width":835,"height":12}},{"id":"1abbdbef-d1dd-4aec-8abe-844efced02ac","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":185,"box":{"x":89,"y":462,"width":853,"height":12}},{"id":"d288fb88-f8f6-4e9f-90b0-43f4b9e83026","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":185,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"9be9905a-5d44-4bd1-afbd-4485876704b3","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":185,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"bb6ccb95-d593-484a-b1a6-3a6636da3337","block_type":"box","text":"agreements.","page_number":185,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"15b08d8b-5939-4fd2-83f8-9e7f39afdf48","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":185,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"25c6822d-6a26-49a3-86e7-90a32406dc92","block_type":"box","text":"amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for the iShares","page_number":185,"box":{"x":89,"y":549,"width":843,"height":12}},{"id":"2d806241-01f0-4c3a-8fcc-72c25d5caddc","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":185,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"7c596f4a-d63d-4266-8d02-fb75d82202ac","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":185,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"e22e88a5-505a-40b5-89a8-1d4aca06b2e7","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":185,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"9ce89e76-1e53-40fa-bcbf-5b25c7164359","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":185,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"71f88db3-4a0a-47cf-af68-f4e6f29997f0","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":185,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"b722f493-cc52-48ab-adf7-15abd3622e6c","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":185,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"4db69d17-e60f-45f3-a9b0-fe68279477d0","block_type":"box","text":"Conflicts Management","page_number":185,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"81d5b5ea-da60-4c85-ac6f-6b8a173a6faa","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":185,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"c89c7d6d-31c8-4f5e-8a1f-208bf7ef8082","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":185,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"339d831a-3b2a-48b8-8da1-deece51914f1","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":185,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"abd740a7-c9c7-43ac-bc51-96f26bae9361","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":185,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"c94b17a7-bbfa-416b-9bda-8a7c53ca6c12","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":185,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"27d9a782-5685-4c51-8024-5b726d71ad01","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":185,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"e857a1a6-b785-4e07-bada-32862a47ba41","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":185,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"642afcee-ac9d-45c7-a155-99e1459052c9","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":185,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"38ab4ae5-7661-4660-855d-6c84356fc9b5","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":185,"box":{"x":89,"y":836,"width":452,"height":13}},{"id":"36ce9834-b35a-4953-9583-2f1ac590e4e9","block_type":"box","text":"A-19","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"5b423910-d93f-4e10-b687-496eb2df9bea","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":186,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"8d8cd1a7-3bb1-47a6-a4a2-54d564315ba0","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":186,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"149d6a0d-3a0a-4447-96d2-ceacb365fc24","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":186,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"306cef7e-84d0-49ee-97a4-5cb9cf846f5e","block_type":"box","text":"Reports to the Board","page_number":186,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"74627b48-7692-4129-ac88-4c913a505a15","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":186,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"24f2fe2a-54df-4fb2-884a-92a680a9ce66","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":186,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"89f9f81b-6d35-418a-b387-4d1dcb865d95","block_type":"box","text":"Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable (2) any material changes to","page_number":186,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"38f3e7bd-12b6-4971-8a7c-85fada559e0a","block_type":"box","text":"the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, including material changes to","page_number":186,"box":{"x":88,"y":172,"width":826,"height":13}},{"id":"6359d0ef-0267-46d0-874d-9ad857a678f6","block_type":"box","text":"conflicts management practices, that have not previously been reported.","page_number":186,"box":{"x":89,"y":188,"width":507,"height":12}},{"id":"41ed8f57-33e4-4fc2-9f99-db37ee377077","block_type":"box","text":"Appendix A","page_number":186,"box":{"x":88,"y":214,"width":85,"height":12}},{"id":"068c2ffe-c7e6-44be-8d42-604450ad47ee","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":186,"box":{"x":89,"y":240,"width":380,"height":10}},{"id":"9c88a5b4-c3e0-48c7-a9aa-86b53b6799d2","block_type":"box","text":"iShares ESG Advanced MSCI EAFE 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.A-21","page_number":187,"box":{"x":531,"y":233,"width":353,"height":10}},{"id":"4eb0e84e-4983-4f46-8c4c-d985d7df90ec","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":187,"box":{"x":170,"y":252,"width":717,"height":12}},{"id":"7165fd7e-0e7e-48a0-b2a4-fa4785af5907","block_type":"box","text":"Shareholder rights","page_number":187,"box":{"x":169,"y":271,"width":128,"height":12}},{"id":"6b8ca9fc-0e44-41d9-b6cc-2d07d7ee7a63","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":187,"box":{"x":303,"y":271,"width":584,"height":9}},{"id":"2edcfbc7-e4f6-492d-a4ae-7a96e2f8a8da","block_type":"box","text":"Stewardship in practice. . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":187,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"c2395a4c-0b9c-4158-a36e-db746fec4e95","block_type":"box","text":"Conflicts management policies and procedures","page_number":187,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"cb2ef7ee-9f8e-4bc3-bbf5-8956dcedb3ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":187,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"484b3d95-0a7f-4090-acf5-40947fddb276","block_type":"box","text":"Securities lending","page_number":187,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"f8a9cbbb-53ca-4fb9-bdcc-4de758c68106","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":187,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"c9972437-29a3-49e0-81a2-48c2f2fd19d2","block_type":"box","text":"Reporting and vote transparency","page_number":187,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"4ef240b0-78e8-4ec1-90e3-3ae197180c2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":187,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"37bd2d77-09e5-47a2-a16d-67cb8d69d59d","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":187,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"10cde7e0-698a-4d82-be85-4353d1aa4fc5","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":187,"box":{"x":89,"y":613,"width":863,"height":13}},{"id":"713a2d88-d858-4831-b15f-b7d7dbe6c8ff","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":187,"box":{"x":88,"y":628,"width":844,"height":13}},{"id":"517ad6ea-c5ad-4935-9883-05ad4001e722","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":187,"box":{"x":89,"y":644,"width":873,"height":12}},{"id":"221683af-bf63-46a4-bc90-7906a86bd658","block_type":"box","text":"dedicated function within BlackRock, which is responsible for engaging with public companies on behalf of index strategies.","page_number":187,"box":{"x":89,"y":659,"width":867,"height":12}},{"id":"74eccb8f-6222-492b-93fa-3c444497ed66","block_type":"box","text":"Investment Stewardship is one of the ways we fulfill our fiduciary responsibilities as an asset manager to our clients. Our sole","page_number":187,"box":{"x":89,"y":674,"width":874,"height":12}},{"id":"e03176be-d244-4108-9f86-6fb737ece1db","block_type":"box","text":"objective when conducting our stewardship program is to advance our clients’ long-term financial interests.","page_number":187,"box":{"x":89,"y":689,"width":755,"height":12}},{"id":"d72db92c-6036-47df-8343-a798352f8d50","block_type":"box","text":"(1)","page_number":187,"box":{"x":846,"y":687,"width":14,"height":8}},{"id":"713d21c0-7582-4dd3-9170-d661aacfe2ad","block_type":"box","text":"BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of our clients.","page_number":187,"box":{"x":89,"y":715,"width":856,"height":13}},{"id":"aed29f4d-f105-4285-a5df-14675c880bdc","block_type":"box","text":"BIS does this through:","page_number":187,"box":{"x":89,"y":730,"width":152,"height":13}},{"id":"343ea065-7e37-4035-b7c6-3155fd356d90","block_type":"box","text":"1. Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":187,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"7e53f0c8-ef33-4ce6-a4a6-924dc613af97","block_type":"box","text":"voting decisions.","page_number":187,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"bbddf80c-ec01-4b78-9814-8e7292b7d1c8","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":187,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"c17f7784-717a-4779-b150-36b395ad37fa","block_type":"box","text":"d solely","page_number":187,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"8a072c9d-8539-4a04-b670-7e4955a5be07","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":187,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"634fea04-27a4-425f-b3d7-261325dcd5ff","block_type":"box","text":"ement","page_number":187,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"8902d795-14b1-4c97-b7c2-1aaeaebe3285","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":187,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"3d153819-fe26-4ef4-9f66-33d893569a1c","block_type":"box","text":".","page_number":187,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"93bbf46f-5e81-4b6f-93af-cba011af302e","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":187,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"14190780-9338-4424-a0d4-2faff99dabfb","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":187,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"963ee72e-c8f8-4516-a864-0e0b26d626cb","block_type":"box","text":"vide useful context.","page_number":187,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"93d3fe22-2bda-44e7-8a48-7e9fe8cfb5d4","block_type":"box","text":"A-21","page_number":187,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"432871ff-9b48-4c9d-a664-2aac2d392c47","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated","page_number":188,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"2e3ef3f2-63e4-4df7-ba6d-d889a999abce","block_type":"box","text":"voting authority to BlackRock.","page_number":188,"box":{"x":127,"y":59,"width":210,"height":12}},{"id":"2c7834e9-3f59-4807-bfcb-b30e9c5ec61c","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients’","page_number":188,"box":{"x":89,"y":79,"width":845,"height":13}},{"id":"719d0b13-1e0b-444d-8e7f-0872cd39e622","block_type":"box","text":"investments.","page_number":188,"box":{"x":128,"y":95,"width":87,"height":9}},{"id":"149473f5-99c7-42f3-8afb-1a00638ad4f3","block_type":"box","text":"4. Reporting on our activities to inform clients about our stewardship efforts on their behalf through a range of","page_number":188,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"046b0d19-8a83-4f11-a94c-519101b7e4bc","block_type":"box","text":"publications and direct reporting.","page_number":188,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"9a77d19d-2fbd-4d68-9e59-b80f83e39963","block_type":"box","text":"Philosophy on investment stewardship","page_number":188,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"f22426c8-8961-4c93-902d-0d8b706f6235","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":188,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"5258a7d0-ee7b-451a-aceb-09002a2417c7","block_type":"box","text":"creation. Research indicates that high-performing companies will effectively evaluate and address risks and opportunities","page_number":188,"box":{"x":89,"y":198,"width":848,"height":12}},{"id":"17f2e4fd-032f-49a7-9268-e3f7503e2f13","block_type":"box","text":"relevant to their businesses, which supports durable, long-term financial value creation.","page_number":188,"box":{"x":89,"y":213,"width":612,"height":12}},{"id":"aac3f3c3-1ebd-4272-8068-1f53fbc748df","block_type":"box","text":"(2)","page_number":188,"box":{"x":703,"y":211,"width":14,"height":8}},{"id":"6c1fd323-cf23-4f67-9fc5-f28a4120290f","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority","page_number":188,"box":{"x":88,"y":239,"width":851,"height":13}},{"id":"dc5ee3f5-b832-4a34-a704-1368a45724e7","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. Our role, on behalf","page_number":188,"box":{"x":89,"y":254,"width":877,"height":13}},{"id":"26abfa45-37cd-447f-8e2e-aa871192322a","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":188,"box":{"x":89,"y":269,"width":851,"height":13}},{"id":"e444409d-bbba-4a0c-a379-80dae2685f46","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":188,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"292dea0b-fd9d-430f-a842-b50a2a33bba6","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":188,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"13a42a36-b441-4ec2-b273-edc0ee011e6b","block_type":"box","text":"Shareholder rights","page_number":188,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"b2a2a029-7757-4f66-9a24-500c050b2086","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":188,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"1eb57344-3cbe-45f5-b40e-71478b473884","block_type":"box","text":"Shareholders should have the right to:","page_number":188,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"4dfea245-1ab7-4a95-932d-dda38c29a886","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":188,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"e0bd1fc3-624a-4dbc-ab82-a5fc6446a15a","block_type":"box","text":"laws.","page_number":188,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"e9dd0441-10a1-462e-b95a-45d8399a5a37","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":188,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"8088e799-b2ca-4173-92a9-4a432463cd97","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":188,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"aa900728-9740-4849-8701-6934c4bbe9d3","block_type":"box","text":"structure.","page_number":188,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"9f70be49-f972-47eb-8877-c67a44e3f9c5","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":188,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"3747cc05-4613-430a-80a4-cc4327904bcb","block_type":"box","text":"decisions.","page_number":188,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"37dd1a20-5d4e-4ed9-9295-9da432017f87","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":188,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"9f395e18-81fa-4a2f-aa3a-122e7e566ba0","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":188,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"08bc07cd-1589-4bbd-8312-7624f8ce0875","block_type":"box","text":"Stewardship in practice","page_number":188,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"6f87e40e-1f68-4ac2-bb1c-99a8dfcfd17b","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":188,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"fd58a310-3837-4d0b-8b4a-5137ad315a6d","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":188,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"ebb6c873-1b1f-47a4-8c7e-7291dc5b060a","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":188,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"8f20c8ac-cb4d-4c06-b7bb-8a1038705eb9","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":188,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"2edd2c6a-7c05-4908-9acd-f62bf5dcb0ad","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":188,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"3cbd2d8d-6f13-4ccc-831b-597c356857f8","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":188,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"56e6dd2e-9844-4b1f-aa69-881545cde05f","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":188,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"e99fc45b-f3a2-40f9-b1c8-c7ceba6eec2e","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":188,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"4aea81d1-453f-468b-accc-63ad8445f7e1","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":188,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"0f72e8af-277f-4c36-9c60-a88d3983f007","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":188,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"72bc198e-da32-4817-9be5-cf3e2776b98f","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":188,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"1d4e49b6-4d22-4c8b-95ba-b6ca5afb508a","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":188,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"80209877-9dd9-4418-83e2-b50f70355895","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":188,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"5dfa238f-4969-458b-9eb1-aaffd409222e","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":188,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"0f6d2ce1-eec4-4902-9e75-206b001db541","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":188,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"1580d578-7aa2-423f-84ab-3fafb0961016","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":188,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"5699b18a-11a3-499e-89dc-97277a1ab5ea","block_type":"box","text":",","page_number":188,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"72a0f455-892a-43b0-8cf7-575d3f268193","block_type":"box","text":"March 2024.","page_number":188,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"fca20809-bb7a-498c-af93-606801349b34","block_type":"box","text":"A-22","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"c2934f38-3771-487b-ae69-70567aff2ebc","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":189,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"8a3dc554-247a-4d0b-90ad-f38e6b94e7e4","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":189,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"2841c49e-b052-416b-b6a2-72a2bc695f32","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":189,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"c7d56f86-02ec-450d-9c62-bef53eb99f51","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":189,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"f5672e05-07b1-422a-80ab-5cbd6008ad0a","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":189,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"c9d6b3cf-19f6-4257-8617-871985369ebb","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":189,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"4ecc7f63-ba9b-48ab-91ce-28d657d16959","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":189,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"d74a25e6-bf25-423b-9e92-3e789d0e7a02","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":189,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"9a71672d-3d8b-4953-8591-cab8c0326e35","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":189,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"099139a8-0f3c-4f72-ab29-006b6a04718a","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":189,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"7ac67878-42a3-4b3b-bc32-9c800aed4734","block_type":"box","text":"shareholder proposal.","page_number":189,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"aad3d65c-bb2c-4d2a-9fc6-1b03dadcfdee","block_type":"box","text":"Key themes","page_number":189,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"5ff80484-2aa2-4358-9b9c-10a40a41287f","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":189,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"33053490-100a-4c18-94bb-a8791564200b","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":189,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"a98f24ea-490c-4a59-be1d-bb0261e953ae","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":189,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"fe11797e-4ce3-4a80-b7ae-030a0d48df4b","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":189,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"1a9b709f-a8b9-4581-8c07-87b330c02cd6","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":189,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"28de74a7-a477-4fb2-95bb-ccab637df77f","block_type":"box","text":"market,","page_number":189,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"2eb7717e-b542-4a47-bb2f-e52c080a7ade","block_type":"box","text":"(3)","page_number":189,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"bf8ae139-68b4-4006-a567-510c75a8242d","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":189,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"eaced5cc-ba9e-49ce-9d42-ca811109dc20","block_type":"box","text":"creation.","page_number":189,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"95b2aed8-16de-45a3-83a6-c8fd954bd0a5","block_type":"box","text":"These Principles cover seven key subjects:","page_number":189,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"cf7c8b56-43d8-475b-994a-134969fc563e","block_type":"box","text":"• Boards and directors","page_number":189,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"cdb1e25d-6969-487e-b015-6d7334ccaf64","block_type":"box","text":"• Auditors and audit-related issues","page_number":189,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"e8ac424a-f40f-4886-9f58-cdb9d8c84b61","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":189,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"dc7c776e-d351-46e4-9298-f6f25dd1f50d","block_type":"box","text":"• Executive compensation","page_number":189,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"a9a49356-3977-4344-9ba9-2bf6cd53c739","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":189,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"aa82e78e-c697-42af-8640-4bebab05efa9","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":189,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"68af1983-3cbf-4bdd-966b-f472cad8ec19","block_type":"box","text":"• Shareholder proposals","page_number":189,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"db76be99-911d-4a76-8ebc-8735313290c9","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":189,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"f94f23e4-eb59-408c-943c-331fcc089844","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":189,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"ae0fc137-9449-42a1-bb0b-c3378c93f603","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":189,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"7914f187-9406-42cf-bbdf-1b299ea15bbd","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":189,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"724eecde-3ac0-42f3-a5ad-e9e8fc3e9231","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":189,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"5af036e8-3006-4de9-860b-5e05d3015dfb","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":189,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"e3901c52-ef3d-406f-9695-355e843e0927","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":189,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"43a20c3a-f691-4c2a-a8d0-dc3221973c8c","block_type":"box","text":"Boards and directors","page_number":189,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"28d0036f-88c3-4381-94ae-548fe3030754","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":189,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"0337524d-1e0e-43c8-8465-07dcaf29052f","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":189,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"06df4087-7ec7-45b0-b718-9d901dad6671","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":189,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"bbb1bbfc-7cc8-409c-9df1-875823836f7f","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":189,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"70e59a07-1378-4699-a39a-ba09a0435287","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":189,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"d8c02e55-9a4d-4a0e-b92d-48dbe414d742","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":189,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"d11d1c4a-6a12-45fb-a7d7-459dc9623132","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":189,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"691736dc-6b6f-43c0-93be-e661fc241083","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":189,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"7b59859f-9470-4127-9582-4fd25fa469fb","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":189,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"a128e358-5956-4a6d-a99c-28f7cfc4b39a","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":189,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"6c7c32fa-3f7e-4d41-aa2d-63b9db1ef006","block_type":"box","text":"A-23","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"d2afdc9a-28c7-4c9c-b6dc-4023a30de0ed","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":190,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"09516a04-c4e1-449f-a653-1060f52c02e4","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":190,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"3a283111-8f5f-40ef-8c20-ad061b33ab60","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":190,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"68ac88f1-1a2d-4d25-9f8f-4529ca1ad240","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":190,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"09f8b0a0-15da-4a06-b3f0-749f7312ee3d","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":190,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"6166d6f1-e92e-4d54-90cf-6a63101ffb0e","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":190,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"0a788d0a-e14a-4382-9a6a-dd6d8732b9f5","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":190,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"08b476b1-27e3-4754-8fb2-fa2f5cb1137d","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":190,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"73bcaf6e-9e32-4028-b163-c9eca7cda270","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":190,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"27631196-8c42-447f-9165-e66febe21cd9","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":190,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"00e1103e-1f26-4c8f-bbdd-451d74ddb9df","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":190,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"ddea8a6d-ff10-4c2c-9417-5d92b6f34762","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":190,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"2709f3ef-0f5a-440e-9073-0c8260461230","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":190,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"e3ac6aac-859f-4bf6-a577-5662cf5d1154","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":190,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"70c9938b-ab37-4368-b16c-a9087ddf55cd","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":190,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"7bdb14cc-69fd-43f7-91cd-b42edf57fbb0","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":190,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"e248b7db-7317-46f7-b2ac-c1a6380355fc","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":190,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"b9b3abaa-f346-44ca-93b2-21258bd01e5f","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":190,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"9faee633-a8a6-48ce-9503-3a59f5b1334f","block_type":"box","text":"Regular accountability through director elections","page_number":190,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"68f50a22-d888-4884-b1ba-fce8ad0ccbbe","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":190,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"614e5470-6a43-4ec8-9de5-91588f80a95c","block_type":"box","text":"ideally annually.","page_number":190,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"222d901c-3352-4dca-b707-63a48f043252","block_type":"box","text":"(4)","page_number":190,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"83088199-5d53-473b-9483-b301f05a933a","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":190,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"cc1f83fa-cd08-41ab-98e5-d2a275864937","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":190,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"a61f27cf-74dc-470b-a4d9-16fc87c8abff","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":190,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"f5657f01-ea45-4542-bc43-ee0d29e8d1e1","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":190,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"be0d32bb-74ff-4433-b5b5-f5113f1e4299","block_type":"box","text":"Effective board composition","page_number":190,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"da4f9a77-d5ef-4ba0-9741-b670ca4302a2","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":190,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"b59f7c61-ba91-49ac-b67c-4c72a40bbe69","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":190,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"79ea30c1-9839-4333-b09c-846834c6d758","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":190,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"5b33bcd4-982b-4478-b29c-4bd39ac7cab2","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":190,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"29f7cea6-f733-4772-8c76-9c39b153a49d","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":190,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"bb0e0b5b-9ee1-4e4d-86ba-77364ff1b5bb","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":190,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"5b56dcd6-eb85-4054-b6fe-cfcf3d6ead0b","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":190,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"a6afbc91-5ba3-4ed3-8b47-2e63ff3cdf84","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":190,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"4fb1a073-9471-4b12-ab73-4e2c7f39b11a","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":190,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"fe563d1a-0a31-45d1-ae4b-d421964c7ab0","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":190,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"968f3349-0397-4c1a-a9ff-ce288f39621f","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":190,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"35ea9893-c96f-403c-848b-a522730f580d","block_type":"box","text":"corporate governance across markets.","page_number":190,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"71fa4d77-a528-496d-a422-ca841d704329","block_type":"box","text":"(5)","page_number":190,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"d8ba71da-d625-46ed-a24f-fd23e9971ae9","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":190,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"cafcd339-2ddd-44c6-8b83-3d5a187527a4","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":190,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"5697e0c1-54c3-4428-b797-5477cd90ed79","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":190,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"dfe180fe-94bb-430f-810d-19b4b0fc9988","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":190,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"3a201619-23a4-4fc5-99ee-2ec69db8b2d0","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":190,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"8b02a79d-d853-4bf8-b459-ba380040f40a","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":190,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"4921109e-f837-4448-99c0-c87c0c070da9","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":190,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"8d534631-0d6a-47d3-bd17-cbbb421ec648","block_type":"box","text":"st","page_number":190,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"b2dea0e6-7228-49f8-a0ae-a33539f429b3","block_type":"box","text":"practice.","page_number":190,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"a7f9871e-faa3-4881-9541-63b4e420258f","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":190,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"88175529-aaa1-4f56-a8e7-16d619f82035","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":190,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"da60db1a-b701-4519-b41b-3738a6bcf38b","block_type":"box","text":"A-24","page_number":190,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"084240c1-7fc9-434a-ae20-7e3f26dda962","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":191,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"0ab4f793-804a-4469-9785-3655ada438b1","block_type":"box","text":"• Interlocking directorships","page_number":191,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"b6c21573-e7cd-446e-9053-c8703dff9dd8","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":191,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"40ff6a9c-3405-49ab-afe5-5ab6049dc1c6","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":191,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"5beb3254-149d-4e57-bf76-f79754520d62","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":191,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"be5ce8cb-cb07-4a5b-a570-9d737ec3a649","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":191,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"8468a531-eb8f-4fd7-b1b8-d336631a7b1c","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":191,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"1d90ced1-0db9-46bf-a804-96a5f14067af","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":191,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"0219a24a-881a-43e2-ad46-4e5474e8aed6","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":191,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"bc103def-30d1-4670-8c6d-1a12692cbb02","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":191,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"ea8e3697-6c88-4b5d-9544-00bc402d75ef","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":191,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"f30405c2-7400-495f-a0a2-90f29a23b50a","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":191,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"f624c383-8811-408f-848b-c3777171e162","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":191,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"327affe1-d191-4661-878b-e0af85f71e4f","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":191,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"e579dcce-a407-4bca-88ed-e5b61aaa1f87","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":191,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"d19158e9-951e-4454-a70d-c8f4dfbc3620","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":191,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"ae41c78c-175b-4af0-b5f7-817c0675bd5f","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":191,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"ff939771-92a8-464c-9490-d6e126a1400b","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":191,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"8617b936-ccdd-44ab-b9ba-a0419edc28bc","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":191,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"d832be44-5a36-4af4-a7d5-fe1f2631c049","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":191,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"a39efc13-fea3-48c1-b742-383b202d0f24","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":191,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"187d29ce-9860-4497-ba7d-9082bd1a3cf4","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":191,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"c5c2830a-996f-4490-9dc0-41a671c23453","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":191,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"d7acc2a7-6008-4982-9deb-ca3bec5ffe66","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":191,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"3fa4472b-d8ec-45dd-a623-98c1464a9f6b","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":191,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"e382a5ca-aabf-4241-93a6-2750e46e2ad0","block_type":"box","text":"and oversee management.","page_number":191,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"d5442504-3490-4960-9084-a9101e902e45","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":191,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"7fd228a9-9684-4205-b162-c2b9f7faaac4","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":191,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"4b13bcb4-6a21-4eb4-a947-6abd2d1307e7","block_type":"box","text":"supports the company’s governance practices.","page_number":191,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"00836fb8-1ea8-419f-90b3-45bbb88b12ae","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":191,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"73837634-9d4a-4250-90e8-3d7ab163f024","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":191,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"2b8cd585-0b27-4c52-9475-00c81278a077","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":191,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"f5176e95-2bda-4e14-9a86-d6301fbf0f17","block_type":"box","text":"long-term strategy and business model.","page_number":191,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"3f59f961-6085-4a74-ae76-caacecabfb89","block_type":"box","text":"(6)","page_number":191,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"b5b3dbec-bf20-4e7a-be7d-1f9747658936","block_type":"box","text":"Sufficient capacity","page_number":191,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"05fe33b6-b527-42d6-8218-97e64eee8d54","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":191,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"cc065040-0699-46c7-a678-7f75cb224cf5","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":191,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"533a7a26-4495-4da8-8f5b-2d09f97b126f","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":191,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"0de4b759-c8d3-4838-8c8b-d34ed489b495","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":191,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"c6c89fcd-55d4-4d89-9f27-2762383675ff","block_type":"box","text":"Auditors and audit-related issues","page_number":191,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"998942ce-4c84-4fff-8e59-31e372777d14","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":191,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"54338bd5-1856-414a-a4d3-a1ab91670949","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":191,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"b612a6d3-cee6-492f-b07a-60334eede4f9","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":191,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"77dc89bc-b202-4186-b23d-6c7dfe10175d","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":191,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"91d000cb-0a54-4cda-bc0c-9d29bc2c81f0","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":191,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"201c973c-32f7-4559-974b-816b65ee74c2","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":191,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"da0d847b-3c18-4795-b5cb-a552974ed1cd","block_type":"box","text":"enous, reli","page_number":191,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"b683597c-44a9-4660-969f-d27c41d3a70d","block_type":"box","text":"gious, or cultural identity.","page_number":191,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"62b620dd-60fa-42dc-8e97-e3c209466f3e","block_type":"box","text":"A-25","page_number":191,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"8bfbacd2-07a0-4fd1-b63f-9efb5a55a977","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":192,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"a0f4ef7e-1835-4438-8b8f-ac0be3cbd7ae","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":192,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"7e2dd64e-cdfd-4316-a3b4-d949284e7d24","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":192,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"5524ef05-bba5-4406-91a6-78ea798637fa","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":192,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"c20e4cbb-8491-47db-a504-c5816e224531","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":192,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"3df7a739-85b0-4145-bdc2-ed736c6a2cf7","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":192,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"3c1c6800-21a6-440f-aaf9-db3bcb205368","block_type":"box","text":"(7)","page_number":192,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"a2ac48a8-7408-4d4a-bd07-7cefe2f42ebb","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":192,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"1b8efd43-5354-456d-97f6-3f77fd1715a3","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":192,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"a64a0924-ed89-49ba-aad4-61fa07f00550","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":192,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"5ea70074-38a1-47dc-bf89-1fa810cbefb4","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":192,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"4d2d2b49-111d-4632-b695-b43e56b05eb6","block_type":"box","text":"(8)","page_number":192,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"212ec1bf-0724-47ae-b3d7-77d05024dcd4","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":192,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"fe1c819d-76ec-47f4-a093-37532f96090d","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":192,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"6a28ca82-2999-49c4-97d9-3f408ddd7d94","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":192,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"e6a21e0a-b39e-4c7c-996f-464ad17bff12","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":192,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"5be9d36d-2968-4b14-bd7f-86b5b2d59f43","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":192,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"2ea825d2-fd2f-4270-b340-7f36a2efc951","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":192,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"03fd49ae-6e83-4fc3-9558-c62a4e51337e","block_type":"box","text":"oversee the audit process and related activities.","page_number":192,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"05d6e421-d743-4937-84eb-a410f305c1a6","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":192,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"7d1f2add-e005-4f3c-b137-b5d832d45ed1","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":192,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"9851e62c-5435-4b73-92cd-3d6d31d52ce7","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":192,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"6990a0db-7760-4121-803d-728e3485cd55","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":192,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"131cc055-2504-4034-ba8a-0a82b1cfb4d6","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":192,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"ca05ddf8-01f9-47d3-bd9e-3fbf6c846ff5","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":192,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"561ac0ca-2960-49ec-a6cf-e4add05e8a6c","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":192,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"b9dda8c8-2be4-4f25-a5aa-48ba16a0caed","block_type":"box","text":"external audit process.","page_number":192,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"a9cf7979-b88e-44a9-b1f8-aea03c50a777","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":192,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"092e0b2b-8a0f-4ca0-a2ba-6404e015bfdc","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":192,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"0c638158-0f79-4bef-93c4-01a8f36ce63c","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":192,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"012ad80e-6bbf-44ea-9a48-ed8e8333f531","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":192,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"ce08c28e-0b5d-4d45-9e6f-f2555850d2ec","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":192,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"90583d0c-8a0c-4607-9b31-14f418dd2827","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":192,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"7e46fe90-69d0-43a6-aeea-7aa9ea630d18","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":192,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"1b9371c9-5f73-496f-abe1-f0499eb1de57","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":192,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"840c3fa5-7ea1-47d3-ab50-3ee81e82f719","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":192,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"01c72815-67a6-48ca-a9d5-f4f0ae24e7bd","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":192,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"730c762d-a00f-4622-a8ad-256e0a0e8919","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":192,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"63aba6b0-86f3-4e61-b7c2-5653119d9173","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":192,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"363dc4fb-f179-4329-936c-5859e841f0d9","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":192,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"bd22455f-3ac8-4acb-b1b9-85c3c117f8f5","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":192,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"9686e3ad-8e8b-4ae7-83b3-aaaf7e50d307","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":192,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"c116d31b-d081-43ee-88de-f46fda9dff19","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":192,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"8275c0b1-029c-4f4f-b407-7499c01d2c42","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":192,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"a3ae5f96-5a64-4c6f-b859-541daa21d68f","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":192,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"29032d30-16f6-4eb1-8dbc-620bf45de087","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":192,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"e7bb543d-8783-44df-a541-5abcf0571b1b","block_type":"box","text":"blic","page_number":192,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"eeec0e12-5a1d-4d76-b0ba-28f53453a098","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":192,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"368331d7-4f0c-4d92-9eed-53220f80eaba","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":192,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"8fac634d-a735-4d6c-8c64-a28177d35e05","block_type":"box","text":"ng and","page_number":192,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"4a578634-d552-4f95-9476-b07621e0ed65","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":192,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"984b4c1d-caa5-48b3-94cf-f5c713e8f578","block_type":"box","text":"son","page_number":192,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"8466f0ff-df52-4b18-9973-db5ebf7c0342","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":192,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"772a133f-c911-4dfc-8f13-e0383dea70a9","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":192,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"fbbf36c4-7877-4a69-ba07-a7bb44c2a5bf","block_type":"box","text":"A-26","page_number":192,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"f55fc62a-b002-4d35-837e-0d892dac4c77","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":193,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"45db568b-d9a8-4bbd-bdf6-80950469cac3","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":193,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"4fcf2422-de74-4187-aff9-f9ec7368c8f5","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":193,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"e66563ed-eaa5-4ada-b43e-8a55c28dac24","block_type":"box","text":"to shareholders.","page_number":193,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"b3793454-2f24-4c2b-b116-3af43d3df420","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":193,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"c29dc780-b014-44ff-89ad-71cdf8f6ee22","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":193,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"610b3769-521f-42a5-bbd2-fec8a8ea1a94","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":193,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"2e4761ca-6f05-449f-b212-8b8cd57ce62a","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":193,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"dee12b0b-7494-42c5-94e2-c675d720a6a8","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":193,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"fc0b2fe3-71ea-40cd-a42d-7ae89d66a1a6","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":193,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"246e84b1-b734-4a3b-93cf-d8e379f441b2","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":193,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"1fad1f03-479b-48c7-9637-c8c41f739b6d","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":193,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"14674f95-7378-4d21-a839-175794f06c6f","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":193,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"dd13d03d-263c-45f3-9d42-b2ba2e8fab97","block_type":"box","text":"vote of the non-conflicted parties.","page_number":193,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"eef581ed-4da0-4d32-8bfb-e51d55b7c77f","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":193,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"1ccc780a-8486-440f-bcdb-1bbef2dab4f1","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":193,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"55782f00-4614-418c-8de3-5c8d0d3be6cf","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":193,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"d106b4e9-461c-4bc1-aa2d-627f6bd0f697","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":193,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"fc1a8977-a9ee-4c8a-984f-cb099f054003","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":193,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"e7682e0f-cf24-404f-9848-88f6b162ea4e","block_type":"box","text":"introduction and periodically thereafter.","page_number":193,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"58ea0a93-8f3a-4c50-992e-87e66d1e2e55","block_type":"box","text":"Executive compensation","page_number":193,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"dcece554-c336-48c8-9ad4-067197a7af0c","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":193,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"dee893e7-a201-4a83-ba47-1baa370446da","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":193,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"c3ef9062-8501-4dd1-a462-f7341d3584d9","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":193,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"a7978124-d6a0-4246-be3c-5ec5f50258d3","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":193,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"518c2852-e193-4011-8d7d-af71b10e74a8","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":193,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"053f5fe6-32a1-4f71-a77b-36648f8f3a07","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":193,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"bda2dd53-4a15-49d8-a3fa-29dd4f509e8e","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":193,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"68e01349-26ac-4f8e-b85a-356e475c57b3","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":193,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"e13bd1f9-8916-4b35-91e9-3ba926a1790b","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":193,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"edc1edee-3f2e-4bde-8e54-ee4fcf2eb8a8","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":193,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"1b8008fd-f284-4e02-a626-07237f7c9a44","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":193,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"d993fc7e-3089-4498-8334-15c0f903e0c1","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":193,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"c3672c28-33ac-4203-bfca-c80aee07d278","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":193,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"62a2c759-0a07-4f9c-99ae-9403ee4c3dce","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":193,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"6467f652-bb6f-4c57-ba3b-f4c355424177","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":193,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"71c55fdb-7989-451a-84f8-97090ab1fa87","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":193,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"dbabb1f7-97bf-4469-b95d-9c9d4d485cd9","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":193,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"458eddd6-c2b9-4368-a9d5-85ada785742b","block_type":"box","text":"executive compensation strategies.","page_number":193,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"289ff33b-cc56-4095-ab6f-76a5605e616b","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":193,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"dd43af5f-bfc2-4086-b828-798c5ce05989","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":193,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"3eebabed-04e3-407c-9b7c-b6cff63c0c1e","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":193,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"fcbe9c38-51b6-4772-87fc-381ae5b63d1a","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":193,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"c051f189-fbbc-4f87-965f-be213baf1d9a","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":193,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"df772af9-038c-48a1-845e-264b6492d8b8","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":193,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"abde0b17-1968-4857-9078-1d0157f394f4","block_type":"box","text":"have rewarded performance.","page_number":193,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"14bb9fc2-b980-4865-bd18-83f49856c370","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":193,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"eab0b860-7e69-47ad-bdd4-4b6954039795","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":193,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"d0562731-0abd-44c1-a857-e7331a2ecc0f","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":193,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"309cfc86-88d2-4b7b-b7b4-b6e6884433a0","block_type":"box","text":"A-27","page_number":193,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ce4a85a2-75b4-4ca6-ae78-612f505da255","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":194,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"364e5f0b-b198-473f-bf17-71af885c90f4","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":194,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"dab5283d-9f2e-48b0-9931-7580f4900f4b","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":194,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"322d9add-91f7-4d0b-aeb4-198c1456bf82","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":194,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"e0d13437-bf93-46fa-a5a2-b495c5688d69","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":194,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"138b5076-78b1-4197-8eb4-35c0a44bee4c","block_type":"box","text":"charged with overseeing.","page_number":194,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"ce263e65-325c-4465-9bc3-92093c65ff52","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":194,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"67c0d6bb-494c-4a3e-98e8-638ec074acab","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":194,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"7d3973b5-1c88-4c45-8bcc-8964c1bdef36","block_type":"box","text":"compensation practices or structures.","page_number":194,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"731e4f0c-bf7c-4d82-85d2-574addaad722","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":194,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"53ccf0a1-94b1-4cf9-828e-c3859b0d349f","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":194,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"df9e4fda-ff91-4add-acc2-7c74e837a1ce","block_type":"box","text":"opportunities relevant to their businesses.","page_number":194,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"1eb7df92-c33d-4cb5-9d43-1303fdd407e6","block_type":"box","text":"(9)","page_number":194,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"d1ce9201-199a-4eac-9504-62a9732ccc52","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":194,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"3fffccef-65f8-4280-b159-f2be3db98db3","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":194,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"4ec02296-a623-4307-81b0-c8abf700a83b","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":194,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"f3089dc3-c79f-44bb-a5cc-144e2ca04989","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":194,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"f42ecf38-a153-43ad-9e5c-7fb69b3693cf","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":194,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"31e51fcc-3ea2-4a63-ab49-f376dc420cdc","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":194,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"5d810ecd-1d1e-443b-91f3-452504e210ca","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":194,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"d94ed630-8373-4143-95fd-18a2db12775d","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":194,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"8186af67-9e3a-49df-a03d-4dad360eb3cb","block_type":"box","text":"(10)","page_number":194,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"2c6f4aec-5a99-4e7a-887e-ed21c849f5f7","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":194,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"bd70ce74-81ce-4957-926d-c3e4f8de3dbf","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":194,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"bdff94df-4c0d-4485-8ab5-cbcdfe95248c","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":194,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"57a06e02-0b9e-490c-8a62-c113059c9c6f","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":194,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"1aab2a54-627a-4314-b849-50d7065fedce","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":194,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"138ed02c-f470-41ce-b6b8-6418d9d550e3","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":194,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"f1641926-8b84-445d-a198-7fc116e27e6a","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":194,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"11297a90-b848-42bd-af3c-bbcb55c91def","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":194,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"1ba1b17a-e5e8-407b-a2b0-db0f81f01776","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":194,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"e62d17f1-a20e-400c-88f6-3bccd0780a80","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":194,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"c40e6ac9-85e8-4be2-9104-73167e3e5532","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":194,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"d7451041-70cf-4bfe-beb7-c231e9ebed6d","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":194,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"f59ebcc4-9113-4676-b636-548254e5d25c","block_type":"box","text":"decisions.","page_number":194,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"f656ebea-3242-4cba-81a4-2f0a7852ea18","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":194,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"de6bee25-c99c-48c2-84eb-28dabd2dd879","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":194,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"2517edd3-ae37-4aab-b395-75bec133f12a","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":194,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"6c31c577-808e-4fe5-9e74-4fef6d525aca","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":194,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"70b41b8a-99e7-4937-a330-7f02d1d580a5","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":194,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"73b16caa-345e-4899-89b6-f947270b27ca","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":194,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"a5b4fbc8-bef2-41ac-a205-e82324c5b3f6","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":194,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"99b93410-c495-495a-a475-80a0a955d682","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":194,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"167dcbfd-104a-4820-8e05-594712c96b76","block_type":"box","text":"el that","page_number":194,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"bf36fb83-340f-4643-a816-8b8a9e4ed524","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":194,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"cd30904e-8e4a-4700-bd3e-fe2eb310926e","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":194,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"0c624438-33b1-403f-ad80-43d7b4329074","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":194,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"75087f5f-c5f3-44c1-bd95-44b38c7e7d50","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":194,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"a25be57e-3607-4812-8309-dbdc40d4809c","block_type":"box","text":"se informa","page_number":194,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"9d50baa3-5129-4f57-9b27-fd3c75e337f8","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":194,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"32b904c1-cc7b-4047-ad25-181afbe57173","block_type":"box","text":"ions","page_number":194,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"5e0993bf-bf3a-4305-a76f-8237200d612c","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":194,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"0f835b5c-1947-448e-83bf-a0db22430bc0","block_type":"box","text":"bout its","page_number":194,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"fefbc084-85b3-4e01-82a1-605a6846064e","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":194,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"42a3ab0d-279e-43c0-b140-749d5501775d","block_type":"box","text":"ding","page_number":194,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"48f2160a-1aad-471c-b9a6-f50f7029a4f4","block_type":"box","text":"resources to the entity.","page_number":194,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"53deb0d3-c398-4577-a9e9-6ea1a1951837","block_type":"box","text":"A-28","page_number":194,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e8be4b84-e046-49ee-bf5f-e92cd97aea91","block_type":"box","text":"Climate and nature-related risk","page_number":195,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"15d3ea53-0607-4ae0-a6de-77bcaac1e5af","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":195,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"ae3615c4-8624-40f5-860f-e56a58b64231","block_type":"box","text":"(11)","page_number":195,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"f4fcc9e1-0148-4d85-9815-28a97dbd9c2b","block_type":"box","text":"Our research shows","page_number":195,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"13eaf248-9c69-41ea-a084-d8525e861870","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":195,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"2990d382-f21e-4b54-b9cf-fc5c8791370d","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":195,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"367c30d3-85cf-45f0-8990-1ea665087166","block_type":"box","text":"(12)","page_number":195,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"95c9e6ca-dcf1-480a-9216-738ec8ffba1a","block_type":"box","text":"Yet the path to","page_number":195,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"155d9478-1474-43a2-bd4c-731b6d8944b1","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":195,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"6a681c44-b63c-4c00-adad-e36fe466fa86","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":195,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"2e0f2120-6a2d-4f01-bb63-de1559e45d76","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":195,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"9631e8cb-793e-4745-9028-e5a1af37661d","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":195,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"77e935c5-1503-4973-9862-a0e9ea019179","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":195,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"da940870-790e-4858-af7a-7daa84ea6b12","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":195,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"8744af29-5d3f-4140-bf00-1c03e00acea0","block_type":"box","text":"(13)","page_number":195,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"1356dfe1-bacc-4d4e-a20e-7a772b6b9ca2","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":195,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"15b03f7a-f794-4c3d-b64d-ed1f4ad54a6b","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":195,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"bd0b1fa5-9600-4c20-b31d-589b9a469eb5","block_type":"box","text":"(14)","page_number":195,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"e5f74e18-f615-4199-9163-b7998c326a30","block_type":"box","text":"Such disclosures also provide investors","page_number":195,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"aa1667e3-7f87-41fc-a9bd-e8c8529890b7","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":195,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"e466fb0b-9fbd-4360-86b2-1de7b43422d8","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":195,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"8d5fb189-c966-4520-807b-2f6ad517e1d2","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":195,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"5f0e8ae3-f5ea-46be-be94-add0dd81d2de","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":195,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"d541c41c-0f50-4c15-b2c2-451491545ebc","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":195,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"69a70c5c-ff26-4fb7-83c8-cd849b8dea27","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":195,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"b4b27284-8737-49a7-95b5-949345191bdf","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":195,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"0511fc7e-39a0-4fa0-84f1-a7d4871f9fa0","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":195,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"9bc32cd9-533b-4314-a855-84247257bd65","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":195,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"884d80ad-d898-4068-aec1-09a0a61db503","block_type":"box","text":"(15)","page_number":195,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"6ea7b5b0-d5a2-42ef-912b-ab47d19d2999","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":195,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"4e043646-bdd0-4125-9eab-f695602172a7","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":195,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"5f600e76-0924-47d6-af6b-9c8ec6a8c0ce","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":195,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"deaccd2b-d671-4317-b871-d1dc50c41efc","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":195,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"fcd3caf7-d53b-4c5a-ad81-f957c01169f3","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":195,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"59ea98e1-5fba-46ed-a1a5-2c9b38cee9ea","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":195,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"78e14eb1-36bd-432b-a1bd-7a1352de3249","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":195,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"67c74b53-e97e-426e-a376-8453200d18a1","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":195,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"858d8830-df90-4da8-8fec-ea3b1fac928e","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":195,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"eacce503-bc36-4c8c-a558-a7b273d6ee91","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":195,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"2d8366a7-6180-4aad-be8a-979e019c5dbe","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":195,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"13a2c604-2b53-4745-abdf-0f3520a6c8ff","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":195,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"b727163a-6382-474e-8519-470a74ad93b6","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":195,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"a098338c-e891-4f2d-a7bd-62c3d9d0405b","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":195,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"1ef4835c-cc7a-41e3-b493-a07a719441cb","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":195,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"80a00c80-0369-43a0-ac7c-7d84e837651c","block_type":"box","text":"ugh","page_number":195,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"160374a0-3bb8-46cf-a9db-855fa0e1a583","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":195,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"000f6a2b-0cb6-4489-b838-2f4e324d7b56","block_type":"box","text":"rs","page_number":195,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"6bdcbea9-ef3f-45d1-a355-64d996188308","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":195,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"4dca9472-5c48-46cc-901b-45d772575241","block_type":"box","text":"for","page_number":195,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"97e349b0-570a-47c5-85a6-2885da72ec9e","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":195,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"3ed0b529-b967-4846-856d-bf04c5c67983","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":195,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"ac77d4fd-ff17-4ff4-90b0-9afa72a3bc7a","block_type":"box","text":"finan","page_number":195,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"3d56a144-c76d-4d70-a2f0-50ed92ffa82f","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":195,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"d8d49503-fb53-4619-9fb4-bb51a994f79d","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":195,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"d57bbc09-1051-4e35-8f77-30e0a31534b0","block_type":"box","text":"their planned actions and resource implications.","page_number":195,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"66a62253-a87e-436c-acdb-37e136b906dc","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":195,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"77fe2cd0-e79e-4fa4-82b7-2cbb61d2dd28","block_type":"box","text":"ned","page_number":195,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"71d01c9c-8df8-4bcc-9607-bca46b3ef9ec","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":195,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"b3399e16-2cce-45fd-b10d-baa18d7e5f49","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":195,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"dfcdf9b2-a4c6-4174-ae43-27cd453dd0ec","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":195,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"5e85983f-181e-4bde-8f46-bab9910b815d","block_type":"box","text":"specific.","page_number":195,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"545a5c61-348d-4b3e-9e90-a90b7a83d4cc","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":195,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"820d9b72-04fc-4743-8b79-0bd16d4be24d","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":195,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"51255c47-05b3-4dbb-9913-ff4b61779a6b","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":195,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"641248d6-892f-49b1-b88b-9f1ba1eb6ffd","block_type":"box","text":"A-29","page_number":195,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"a6664858-efad-47eb-9283-68e24d2d9421","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":196,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"31db7a04-8b63-450f-8b79-4b203abc1396","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":196,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"96866132-2b15-433a-82fd-9f2cb0391333","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":196,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"8cabc672-9033-437b-9e7e-2595e17e35b2","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":196,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"9ae5ab39-9c6e-4092-a454-1078812c0b8a","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":196,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"2d75dd4d-426a-49c2-a6e9-1caa99bff32e","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":196,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"ebf6bbe5-f152-45e3-976d-53bc49fef9ec","block_type":"box","text":"(16)","page_number":196,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"93314628-b2bd-49d7-a5e1-aaa378d01343","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":196,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"488049ef-e02e-4019-8e6a-18d02389c554","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":196,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"7db0fb9d-ab57-4561-846b-1336c73b5565","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":196,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"56704e1e-7a2b-4b7b-8d07-4f5f265a8af3","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":196,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"296a9d5a-20a3-4f23-b9e3-66429c7a2f36","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":196,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"f0f74342-d8ec-4d5f-be92-24f06e9ec8e6","block_type":"box","text":"operate.","page_number":196,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"621650b8-81e9-4a93-bd0b-fe2f8f1153c7","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":196,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"bda8cd32-7f46-4193-b43c-99a1d38f31c4","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":196,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"81a2ee8e-ff13-4502-a623-c2034e3425a0","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":196,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"48f8347f-cda3-4c70-99c7-43e43f94eeaa","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":196,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"7d9bdf74-7028-4847-aaab-70ff00afa054","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":196,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"e7e5a5cc-8175-46d2-8ac4-fc4aa4333175","block_type":"box","text":"aligns with the company’s strategy.","page_number":196,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"9d96f13b-aa3c-4a17-90e5-7be01db576c3","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":196,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"bff21ff3-b271-4d4d-b08a-ce28508241ad","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":196,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"81afb442-1701-481b-a70d-b6a17aac9325","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":196,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"768b2b33-84a8-454f-8cad-63f9bb60f4df","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":196,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"55b642e8-8933-4cf0-9e16-932881f03686","block_type":"box","text":"contribute to a company’s long-term success.","page_number":196,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"5452f57c-499c-4a0c-83f9-6bd870ee3e41","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":196,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"c3aa5f1b-ec3f-4acd-8418-6c00a13f5275","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":196,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"b04b8454-411b-482d-b216-fba8b695821c","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":196,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"2c156790-e6b1-49d6-9d3f-ce45796c5fa1","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":196,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"2f110cc7-a3cc-46fc-a131-cdf7a65bbec4","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":196,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"d72f6a04-dc45-4217-a4f6-4fed148cad1e","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":196,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"b7da2c34-1ef3-4699-ae45-99be7e10ae7d","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":196,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"5b11be7e-0aeb-4745-b269-5396dc2b2431","block_type":"box","text":"to call special meetings of shareholders.","page_number":196,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"f34a6492-fa6d-4ae7-ac68-43cd042146f2","block_type":"box","text":"Corporate form","page_number":196,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"545662c0-4ccc-4137-aa54-eedb5c95e60a","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":196,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"8d51f0e8-ddc2-4455-b05a-8266ef174e9f","block_type":"box","text":"purpose and business model.","page_number":196,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"f2a330d9-3005-4ba4-9ed4-91b47e4e6711","block_type":"box","text":"(17)","page_number":196,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"9cbee12d-5d74-4d5c-add6-52e6766252ab","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":196,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"9581615f-cb27-4d12-a161-7ffaab97a19d","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":196,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"ba2a2356-acaf-4ecc-85c7-5856db0b0502","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":196,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"f8d315cd-dc1b-4909-82ce-3d072506e5ba","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":196,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"3ff7c79d-fc35-4c1d-9c35-73f4b227d038","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":196,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"0192eef5-cb1e-43cb-8469-594a3d2567a7","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":196,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"9070e0c1-003b-4705-b6dd-3a0e974ee14d","block_type":"box","text":"case basis.","page_number":196,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"d0aab5c1-985a-4aba-939a-7d7f026f881d","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":196,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"3ae5eba6-56a4-4d32-bf31-3131e65957b1","block_type":"box","text":"en","page_number":196,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"a703a5b2-8acb-4f35-a47e-7535eaedf651","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":196,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"13d03c43-5a97-46d7-9da3-a2b8fabe815f","block_type":"box","text":"es","page_number":196,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"d23e65d7-cf4e-47f6-87e8-c43a466ecb0b","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":196,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"5cb54ca5-076a-49df-a2e5-fde856b0204f","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":196,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"f797d034-a02f-4fbd-a7d6-c9b9085dc4c0","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":196,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"5a05b547-7e79-458e-8701-12dd3ece57e7","block_type":"box","text":"A-30","page_number":196,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"7a11863b-67b2-4b30-9f04-320a68ab0494","block_type":"box","text":"Shareholder proposals","page_number":197,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"bc2fab20-ec73-490c-9274-96dbfdb12a6f","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":197,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"742942ff-621b-4673-bd6c-ab3f45c4df52","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":197,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"4bd5dfc1-1662-421b-b34b-78241d5e0583","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":197,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"417beeb7-d624-4108-baef-32daa973c1ed","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":197,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"15230759-0d1f-47a2-9d4a-89a338f6daff","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":197,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"08c04dea-08c6-4f65-959c-1b6711aec4dc","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":197,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"3741e6e1-c2bc-4d9c-a9a9-d1c2cb545c01","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":197,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"3a691690-fa9a-4eaa-9352-7a3fb58cf2a3","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":197,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"8ad036c8-4d14-456b-9484-256e32bda9c0","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":197,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"72bb39e2-05b7-4969-bf1b-199dee4df4a7","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":197,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"f820d09f-3c1f-498a-97f8-021755ac0d32","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":197,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"75109a4c-be86-4d29-a472-025e3bdf9544","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":197,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"2657cde2-c433-4b68-a33b-c32324296fcd","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":197,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"c9d2ab9a-47cd-4939-a43e-77c2c4f3149b","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":197,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"936c68cb-704b-485a-b25f-3a930b2d0b23","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":197,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"de086408-d6c9-4f4d-9ddc-8e83eea82fff","block_type":"box","text":"advised on the proposal.","page_number":197,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"98f163c7-affd-42aa-b532-0e3f99b0685f","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":197,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"1d7e1cdf-1d7b-4895-b8a8-b4f9e43f3e99","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":197,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"77011104-266a-4ff0-bfa0-e418cad1770b","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":197,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"e9f262e6-bc2d-4e94-adaf-c9ce96e9ca50","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":197,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"334000d9-0915-45e9-88fb-023dee30abb9","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":197,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"198c827d-0268-4660-9cf8-c38a1c0ed906","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":197,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"c40adde2-421a-4aeb-b9f9-de0ab25ccb8c","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":197,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"80287fb7-74d1-4bdb-86c6-ec9022b327d8","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":197,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"d9a82481-e315-4399-9e78-7e6013cd908e","block_type":"box","text":"long-term financial value creation.","page_number":197,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"84ef21de-6345-475b-9c34-2f4652b40f64","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":197,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"99d01f92-4dec-4c62-81eb-c8c04fc2d391","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":197,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"8a40a40c-6eb8-4943-a039-353a1d019cd9","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":197,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"dabdb272-e3b8-4915-96e5-47875980e7c8","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":197,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"5cd74c5f-1118-4011-ab57-79b5781c5d22","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":197,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"1a9720f4-10d6-44e2-89d9-a5b63336eb6e","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":197,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"ee0aeae1-379f-4466-803e-28c6a7587cae","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":197,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"5c460cda-0900-46af-91e0-a3c19b88b112","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":197,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"bf155c82-dff5-4a2d-a708-73fd00bd730e","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":197,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"5414c7ff-85ae-494a-b53d-51492b590ef4","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":197,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"f2f3cc01-648f-445c-9755-54d0623b4a09","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":197,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"0d215f59-766a-409b-81e8-2e98812a69ff","block_type":"box","text":"Oversight","page_number":197,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"3ff554c7-2c9d-4944-9333-a77219dfb23d","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":197,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"064c2935-b6a0-4b27-b014-4595397f67d4","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":197,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"47eb8aba-9f4a-452c-9418-772e62ca5aa9","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":197,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"c2a99b49-2e5a-460b-8a25-72b3281740a3","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":197,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"680817ac-25bf-4447-ac2b-9e4933519aa2","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":197,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"0db00d48-8cc0-4c97-8909-73642182a770","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":197,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"f29b613a-7df5-4cf6-9a0b-f849af801151","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":197,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"aec43a2d-076f-431d-bdfc-596e9b51d058","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":197,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"038238ed-bc44-4866-926e-e43f577be43f","block_type":"box","text":"A-31","page_number":197,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"f8db5971-1bf0-44e8-8a13-2e004c189008","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":198,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"066e65a6-1fc0-4c49-8ff5-bff674ea35cf","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":198,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"5d42bec2-bdbe-47fc-927c-e5384f346a96","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":198,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"93e480bb-6c66-46ec-9831-b32fac05a349","block_type":"box","text":"amendments to the regional Guidelines.","page_number":198,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"e7af90e6-3742-48b3-b123-a890352bf6d2","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":198,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"a56e5050-fa81-44d9-8bbb-78409a79276b","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":198,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"1d503a35-861b-44ae-99d4-645b7cddeaf8","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":198,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"0968ae40-3298-4096-b001-267f1c68929d","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":198,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"715f5bfa-3aaf-41ec-9db6-cac4b0cbf674","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":198,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"bb3a0bda-a267-4f86-9592-456d975a2884","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":198,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"b1512d58-c0a8-4c5d-a43c-bc1af06f1eca","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":198,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"800e7abe-2076-4d03-b754-0137cb7db514","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":198,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"d5d2249e-659c-469e-bc51-5bd0e35b73e9","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":198,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"a71862f5-5d97-4bfb-9a4d-bf20b8fd360e","block_type":"box","text":"Voting guidelines and vote execution","page_number":198,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"44f50c99-67bd-4c75-86a7-d7d913f51c38","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":198,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"93cb8356-ad11-467c-a24a-88f155ae8dd0","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":198,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"49aa56ba-2065-401d-9e17-997147857d5a","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":198,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"0ec36b7c-a402-4717-9f9f-de47f5a131eb","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":198,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"d530314d-8fd3-4a59-b969-4ee8eb6ae9cf","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":198,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"24033c8d-7b76-4fcb-a3b5-f3d9ace3e4cc","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":198,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"2612c281-8ded-4a6d-9b6f-20187949f077","block_type":"box","text":"procedures,” below).","page_number":198,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"fc9b1b12-f28d-48e7-bfae-467a28dc9738","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":198,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"bae4e29e-5201-4ed6-9c6b-8ad74bf673a3","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":198,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"28ceb628-f120-4013-9760-2496646d9f0a","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":198,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"64069687-58a2-449c-af45-60f806df9827","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":198,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"ed1aed12-0868-47ed-8e56-6a0a03f29b09","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":198,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"b5cad6ea-176b-467e-a1d6-f5620b3924f9","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":198,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"113c90ed-40d8-494c-8461-50988716ba64","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":198,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"fa557314-fb20-4abe-b0bc-88c9c5bb060d","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":198,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"b9d63aaf-9954-443c-88ce-c26f2d041cf4","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":198,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"500f7f9e-5670-45a7-ac54-9a436700843e","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":198,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"9018456a-2319-41e6-b3fc-f2cc59568432","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":198,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"826d183b-9b6d-4fcd-a319-b8a0cffd8098","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":198,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"3c9dda43-63b7-41b4-a015-c453539be7c4","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":198,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"3755df49-6539-4e6a-8b10-c72c3d093c1d","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":198,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"588509bb-8b97-411c-8648-ef46aea9f595","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":198,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"82ba2a46-d6c5-4ce5-a612-f5c07b4c6c3e","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":198,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"e4f865f1-dff1-4814-a933-2a56b468f2a8","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":198,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"694d3594-1789-4dbc-b8c2-336a193e2ffd","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":198,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"c2a4208c-0c09-4c93-8023-94debeeaad06","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":198,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"9dcaf288-58f4-475f-85eb-7d5430d316ae","block_type":"box","text":"burdensome administrative requirements.","page_number":198,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"e88ce22f-e6c6-4542-a9d7-1f4688139c00","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":198,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"1ed464ac-ebf3-4450-a1d8-58049ff9ad58","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":198,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"a91eeea3-94ea-4e61-acfa-cce01b518e07","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":198,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"4c3d6b5f-28bb-40dc-b31b-ade9d67bff64","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":198,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"d1416203-68ef-43c2-baa7-1f82c3b94c7f","block_type":"box","text":"Voting Choice","page_number":198,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"68ee323c-8ee2-40dd-a1bc-268caad65ace","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":198,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"f263d4f3-f4a2-4704-8c98-886c7269ce88","block_type":"box","text":"voting process where legally and operationally viable.","page_number":198,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"6eed1719-e2a7-4ce8-b22d-815b6464bf2c","block_type":"box","text":"A-32","page_number":198,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"2d87ca58-7eb5-4d11-aedb-f056fddf768d","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":199,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"250b3609-7d6d-41e8-85f2-d5edb3862be4","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":199,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"7f31bddb-f01a-4e5f-b366-25a965b052df","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":199,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"a49703e7-3a22-42ff-8cef-680db9bb1f0c","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":199,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"e57a6b4b-28d8-43ff-8b09-c8d3435634b8","block_type":"box","text":"(18)","page_number":199,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"c6266773-29c9-4756-a045-7b1a622146a9","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":199,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"69b48a4b-368f-4d64-827a-f37c26311b53","block_type":"box","text":"(19)","page_number":199,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"b7851ba9-a34b-4756-b709-28c82457332f","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":199,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"d0af5e15-1b48-4588-92b7-cd56efb7cfbd","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":199,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"61b935e1-6b3e-41ad-8101-86e071282e05","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":199,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"c8d048b3-6600-4979-be3b-ffc3dc66b27c","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":199,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"ed694ca7-50f7-489c-8e57-b34817048f73","block_type":"box","text":"consent.","page_number":199,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"53259a60-5038-417a-b4fb-dcaa2ddb7c8f","block_type":"box","text":"Conflicts management policies and procedures","page_number":199,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"45079221-fe30-48a6-b579-f19105224481","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":199,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"2bfe5009-6c89-42aa-8073-445ec078f9e2","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":199,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"c7afdc93-4c2e-40b0-9884-cfa97debc90f","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":199,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"56221409-7597-493e-8bbe-d50200d9f3cc","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":199,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"d51bdc15-716d-44a2-8ad6-7ad115e33f36","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":199,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"73b48e10-816e-47c8-a258-73852f70a0a8","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":199,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"ceb49e4f-c997-4779-bb2b-3836593a3db1","block_type":"box","text":"resolutions","page_number":199,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"67482de1-3495-46dd-abcd-9ad3aa64bc47","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":199,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"6d48be67-186a-47e3-830e-67475403b961","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":199,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"296467ad-c70d-48ab-a645-187bf730ced3","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":199,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"1ec4c5b9-7792-4b7a-8d26-bd30b7a34800","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":199,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"7017d351-9556-430d-a710-9bd9471be919","block_type":"box","text":"managed by BlackRock","page_number":199,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"ecd8c0e5-86a8-4b47-90bb-b2dd3a21bf4a","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":199,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"20d6622e-4685-442a-9d76-3882596914bc","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":199,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"222fdc68-db33-4204-b75f-072a78c5e84a","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":199,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"cbdc9dc6-ad42-4db8-8cad-23770095de78","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":199,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"e332e012-6949-44f4-9c44-fe595656949e","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":199,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"47349d1b-6597-4c9c-a3b0-b3c78df601e7","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":199,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"c6afcf82-909a-4dd3-aed2-ab9daf89db1a","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":199,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"4cab4def-5d18-4f82-948f-1d743b69a27f","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":199,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"a6e86eda-fd30-4432-83c8-d78e8be94d51","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":199,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"aea3f2c8-47cd-41f3-8bf2-682504ef3348","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":199,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"5a746b97-0d4b-42cf-9592-e1b5985fb478","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":199,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"ab84786e-8212-4e8f-a964-f910055089d7","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":199,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"c65aff38-7cbf-4777-b2af-31f51d224e98","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":199,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"03d9dfba-dafd-48b9-9571-771e964a2ba8","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":199,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"70ddb0f4-7944-44e0-85ff-b04a86a65cc0","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":199,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"a9e7bb1c-112d-4bc4-ade1-20568313cbfa","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":199,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"0fdb148c-a941-4a87-bf50-8b12535e5a26","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":199,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"8d113b38-af69-4da4-bffb-6774be2c2592","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":199,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"81032a17-bfe4-4cdf-be1b-6b76a6899b07","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":199,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"0cd96c62-d35a-4228-a414-fb7a6d87ae83","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":199,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"6d8ee6aa-fc0c-4df6-8b75-3fb56a04faf7","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":199,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"05236f48-fd28-4884-8e43-2d2267f539b4","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":199,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"6b20c6e0-40a5-4e24-abad-7d64730d1c11","block_type":"box","text":"heir","page_number":199,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"5d7850e7-33b9-43e9-a1b3-c9450cf08dc2","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":199,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"5faf0988-f9b9-48be-9e8d-778045d170e0","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":199,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"094083d4-ae44-49a7-a8e0-c81174a77595","block_type":"box","text":"A-33","page_number":199,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1b934c20-c78f-489c-9dcf-39054bb70ed5","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":200,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"cd7af61d-e3dd-4813-8b49-02e5119986e2","block_type":"box","text":"the board of directors","page_number":200,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"a1d73647-c5cb-4b52-b188-e80be49898aa","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":200,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"73aba7b5-ce4e-4a60-8304-ad743d4ea59a","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":200,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"7c0fb35b-e0d1-4990-8369-86462d44ab87","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":200,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"ff257a8a-de1f-48b8-a1d2-ea64531f77e1","block_type":"box","text":"party voting service provider","page_number":200,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"27c8df78-54ff-4552-b444-9743db4a2475","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":200,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"b8c471a7-b90e-45eb-9c93-3dd4bfebc93a","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":200,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"f5492ff5-be07-4a8b-9add-717d591bafeb","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":200,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"3a42cd17-b7b7-4d0e-8c42-4a10423fbb22","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":200,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"eae47a07-5fe9-4477-afee-5b3827e926d3","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":200,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"ff8f73fb-388e-4102-8f8b-46b5ff84d09b","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":200,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"783b37cb-8a46-4789-9066-02387d1784b9","block_type":"box","text":"annual basis.","page_number":200,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"fde2fc77-f2f5-42d7-a443-60ec1afc154f","block_type":"box","text":"Securities lending","page_number":200,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"286e5333-8ad9-4c44-848c-b6980f3501c0","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":200,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"b6e4d41c-585f-419b-8424-2e6012b68bae","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":200,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"3737d99a-1a94-4fa4-9405-02d7885cbc8b","block_type":"box","text":"providers to keep fund expenses lower.","page_number":200,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"4d7aa398-35fd-4048-b806-5e137be69fc0","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":200,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"2170a9e8-a76c-4f28-894f-11c8c2c2cb23","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":200,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"63fbe4ab-9c05-477c-82de-b66ad88a4b83","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":200,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"d6c30767-24ef-4a4c-8d80-d2d53e7ab128","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":200,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"d15035d3-743e-4aa5-ba98-4356eb9af479","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":200,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"8bf25d56-b8cf-4c0b-a838-4aa0629fe2fd","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":200,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"28827e0d-ec3f-4b7a-9b2d-1261e5de4497","block_type":"box","text":"(20)","page_number":200,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"3336e640-c908-4bf9-9c5d-23bf123af550","block_type":"box","text":"BIS works with","page_number":200,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"37b0643b-2425-4eba-aa0f-7f065d9f902f","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":200,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"bc152528-4f6c-454a-8bbf-11083cb63900","block_type":"box","text":"recalling shares on loan.","page_number":200,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"26b49334-a8bd-4ef7-8ffd-9adb136f501c","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":200,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"3f6c366c-819e-4d72-9dd5-b6e42af23246","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":200,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"a9d8f991-5ad3-44da-9a13-f95caa32d6b3","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":200,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"d8222b2a-f875-478d-9d15-807b4d157894","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":200,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"7ab315bc-e0e0-43a5-8c6f-300d5a23e4e5","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":200,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"9e38fa6f-84f6-4323-a76f-ba3bc2df6bf1","block_type":"box","text":"modify it as necessary.","page_number":200,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"8cd10efb-8a08-47d9-9635-4136ceaab132","block_type":"box","text":"Reporting and vote transparency","page_number":200,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"eafbadd0-69de-4268-b749-4c2642c51a0a","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":200,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"0c93ee65-7094-4343-80e9-f1aa825ba010","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":200,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"4fc610ac-3d1d-4614-b8ea-8f4a340413fa","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":200,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"da5ac1cc-dc45-4095-a23a-470d937544f1","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":200,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"839e08ec-5332-4a87-aafa-f027172815b3","block_type":"box","text":"themes.","page_number":200,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"111a95a8-928c-46d1-82b5-edb6b288c5a5","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":200,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"3e602f82-e9b8-48de-a45a-e670cf216fd7","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":200,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"ac894780-7ffc-4154-8557-f280b226f524","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":200,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"474e3ebe-0992-4618-9820-1e30f7728370","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":200,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"5cc83e40-bb22-46b6-ab87-9df684a5bcbf","block_type":"box","text":"ally","page_number":200,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"59004286-6bb9-48ec-a679-0e30af04bf5c","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":200,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"8c8f343b-2418-40f5-abac-1daaf445a972","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":200,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"e5c13f5c-13ba-40c8-8855-9b77ad93dc57","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":200,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"916d6c58-ff4c-40be-9436-eed44702032b","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":200,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"0441c1a0-b760-4159-b14d-6c456dc21ab1","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":200,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"0a28560f-f369-4e14-9a4c-8b561c251522","block_type":"box","text":"A-34","page_number":200,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"f15c464c-b84f-4147-bb47-596b46573d5d","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":201,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"fce6dca4-65b7-4116-98d7-184ccd8b6af9","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":201,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"be9ceef0-e55c-4f82-bf50-485a197ba3f3","block_type":"box","text":"meeting.","page_number":201,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"b0ea42a5-b483-4bf3-801d-c70063226263","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":201,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"57e8de68-5b96-4dc7-92c0-b3fa7ea713ce","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":201,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"4a470546-ff8e-4692-8d0f-5e5aec733f24","block_type":"box","text":"Want to know more?","page_number":201,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"2b773015-c672-4fbb-9a2d-696eb8743b44","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":201,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"b65c16d6-a4d7-4745-9c53-2707657e1354","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":201,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"f093e9e1-8ae9-4776-9686-5c614f7cc6ad","block_type":"box","text":"principal.","page_number":201,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"7ed1c986-448b-413f-8b6d-6a393a72204d","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":201,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"88f2cec9-e16a-4f73-b932-dbcc73518859","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":201,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"6ccde381-5de9-4ba8-ae27-711c2cb611b4","block_type":"box","text":"BLACKROCK","page_number":201,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"b1e05683-f461-4d62-ad4f-a13764a61630","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":201,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"b27facee-c6b7-4843-bd6b-ba3d028ad5e9","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":201,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"66ca4a87-623e-4055-8b64-5460a5952db3","block_type":"box","text":"A-35","page_number":201,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"f1d13f33-4abd-4eec-b858-c51a4030d69c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":202,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"f6f6af4e-18c8-429c-aff8-34dc56deb621","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":202,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"a2089df9-39cd-434b-a0fe-09d00aef9f9c","block_type":"box","text":"Published July 2024","page_number":202,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"f53557d7-7823-4e0e-a5c4-3186ed03fca8","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":202,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"78357057-53f0-47cd-871a-db5498041c8f","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":202,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"9ceae850-cd54-4210-9d21-8177d982a3f3","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":202,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"9109f2cd-d8bf-46f6-bb36-40c514cc89b9","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":202,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"8c01e75e-cd81-425e-bb8e-bb016bf3902e","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":202,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"68907dfc-c920-49c5-ac12-8c85a282895a","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":202,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"1675f35a-02e3-429a-8e25-6c1b516a2ab9","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":202,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"fe1bf30b-f974-4db1-a244-4ca79c09b89f","block_type":"box","text":"our clients. BIS does this through:","page_number":202,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"94d51511-f7ae-4c70-8e58-6923c7528135","block_type":"box","text":"1.","page_number":202,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"4ee9a075-ca50-4bb0-b521-6d23ccf744d1","block_type":"box","text":"Engaging with companies","page_number":202,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"d09f6666-8e2b-42e2-8013-89e7561e1955","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":202,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"4627f5be-4b40-4eec-bdaf-2b6d837dc104","block_type":"box","text":"voting decisions.","page_number":202,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"e4342245-04c6-48c4-b91f-54a111d4598e","block_type":"box","text":"2.","page_number":202,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"8e0991b0-f53c-45b8-b488-49527d4b50b9","block_type":"box","text":"Voting at shareholder meetings","page_number":202,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"936ecc35-47c7-475c-8b18-aa3c54502cf6","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":202,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"42e3dd21-2d4d-4302-a6db-1e15f55eb700","block_type":"box","text":"voting authority to BlackRock.","page_number":202,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"90f541f9-4c78-472e-9165-bce1dded9af0","block_type":"box","text":"3.","page_number":202,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"ef6f422d-24d7-4a5e-8f86-0314dbd299a7","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":202,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"68932bdb-e111-4158-a121-05409dd4d54d","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":202,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"f728ed98-42a3-4d1b-808a-b63b90c42c5b","block_type":"box","text":"investments.","page_number":202,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"b54b96ec-16ab-4e5d-bb3d-535eaa8e7936","block_type":"box","text":"4.","page_number":202,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"22967261-bc71-4f0d-a503-3ac618698916","block_type":"box","text":"Reporting on our activities","page_number":202,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"fd5d13e4-edbf-4e73-960b-a2a2dfaa81d7","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":202,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"b6f7e8a4-7342-4a5d-9002-1177e12eb075","block_type":"box","text":"publications and direct reporting.","page_number":202,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"9d825217-bf81-4e23-93e7-fd6bf26d405c","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":202,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"9979c75c-c076-45e5-b1a8-f71b7cd1a1c4","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":202,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"0c083576-dfee-48a1-ac31-5ffb94bbf9cc","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":202,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"3f32bde5-3921-45f5-b3c2-81310257185a","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":202,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"2291b7b1-b2e5-43ed-994c-62542fccb88d","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":202,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"eaf9b760-c0a4-4f99-b7b9-6f4d9d2e8e64","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":202,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"7451e407-b02a-4b9e-8cc0-9056af78e72b","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":202,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"fb7ebd98-61d2-4540-bf8a-16fa0b77d145","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":202,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"0dbb3d01-746a-40b3-a6a7-bc91615211e7","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":202,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"e2480c86-47b6-4e1a-9c8b-2d6657ebe0f8","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":202,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"4781b7f0-73a9-4b36-aa0e-d8fbe3df1927","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":202,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"27ee3007-2219-4ab6-a6cc-bd2467bddd8c","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":202,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"8c751449-d3ed-4df0-a2c9-481e657878da","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":202,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"c3126517-8a6b-46fa-a5d5-8af9ba12bf8e","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":202,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"2fe1d5b9-f7bc-4f09-8af8-dced4d6ec23a","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":202,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"ac73ebf6-3979-46a4-adc8-b0720976314d","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":202,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"319ed417-8515-40d6-aff0-bdc67cd56546","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":202,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"5985d864-c3a0-4a7b-91bd-32d2b2757b12","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":202,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"c3d7f902-f960-4c65-b1f0-9f916667ed35","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":202,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"1ef65ef7-8b4a-480c-9b3b-eebda0053997","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":202,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"546f2503-45fe-4940-8bd1-9c7f3680dfd6","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":202,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"4c297ec1-fa72-44a3-ac0e-382a2729f9a5","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":202,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"371afc84-fda6-4b16-9356-fbee98635a62","block_type":"box","text":"industrial levels.","page_number":202,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"06337eeb-9100-44e5-9942-134a56e79dbf","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":202,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"d61d3d0a-fe9a-4e31-bd4e-a377e57329eb","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":202,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"b258a551-a179-4f94-b91a-54c340729c65","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":202,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"e06646eb-f510-4167-be61-2196d1df7981","block_type":"box","text":"A-36","page_number":202,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"c9febf7c-ef87-4720-8986-21414bd533e9","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":203,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"481f6522-5386-4ae4-9c1f-48c24c9ed973","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":203,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"c7196af8-ca73-40d9-90fc-d14d98aa2b60","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":203,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"573f1521-83df-4c49-b23c-ecfb0a233047","block_type":"box","text":"policies.","page_number":203,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"5dc8912d-74c9-4e70-9fd8-4f74172ef98d","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":203,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"da9783a9-a27e-4414-b40f-943b57ea38a9","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":203,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"6b0163d3-9c1d-4d60-9545-b3ce791ad1b8","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":203,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"487e38bf-9cd4-4d9d-bbee-b0cfd77b1299","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":203,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"1a2e720f-622c-403b-a95d-f0cbb5bd290b","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":203,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"2ba46b20-a893-461b-8d65-5ca44521a478","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":203,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"c3f9adff-1b8c-4ee3-b406-710785ad48f0","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":203,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"aa5e985a-d5a7-45c6-92e0-07e032785433","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":203,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"14b60e02-1a25-459e-9bc2-735a44eaf9a0","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":203,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"02cf4aa4-8a67-473a-9cf0-b453514ba8d2","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":203,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"9b2a6977-37bf-4300-a6a8-160ed1b84e1f","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":203,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"84629fbf-4bb5-4ac0-9d2b-408164b64521","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":203,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"bae3b1e3-b388-47cc-a9ba-adf0fff744ff","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":203,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"e37d27f8-5c35-47b3-b5c3-f999add1b26a","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":203,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"1069b9b8-5af6-48a2-bcfc-bb37b7559261","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":203,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"922c8892-d5d5-48c3-86fd-79b7d52c5610","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":203,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"a611e2b9-42d7-4209-aa71-d5b984aa7406","block_type":"box","text":"®","page_number":203,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"4566049a-ce65-47d9-88c5-136735082576","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":203,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"02f71c7d-a112-4613-9f23-29808a2abb55","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":203,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"e0ce0a34-8cf1-4d62-8bb6-901f4b48646b","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":203,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"2cea966c-0dec-4046-b21b-e0a11afe190e","block_type":"box","text":"experts.","page_number":203,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"f2cffc56-16c3-4c04-ab69-169ff43601e3","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":203,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"1c225372-3fda-4836-a23a-f7e16fcc3442","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":203,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"d1120f09-621d-43fd-97f0-6632c882d35c","block_type":"box","text":"®","page_number":203,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"01bab13e-ccad-4171-9f1e-2f405f27349c","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":203,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"afbca23a-7aa0-487d-a5cb-fbc05dbab20b","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":203,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"dbb10096-b78c-4a54-bee3-fea94b89ab9f","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":203,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"defad36e-a86b-4270-ac8c-80d18e3ce84a","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":203,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"5d0d4d20-6683-4257-bd7e-c7f52e6636ad","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":203,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"d646f272-bfc7-42fe-89f1-85c82ede721b","block_type":"box","text":"•","page_number":203,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"5fce24e7-74e5-44ae-9b17-449d56f088f5","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":203,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"3d878a44-cfa8-46d2-bb97-93706ae65e21","block_type":"box","text":"This includes companies","page_number":203,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"11e81f02-6a6f-4833-9a74-d33f11eb698d","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":203,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"d03661c8-1787-4930-b5de-599578619a37","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":203,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"79b11f23-9bc2-45cd-97b1-b2ac47c9b5be","block_type":"box","text":"•","page_number":203,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"a105cfc5-3a2e-4664-ae87-1eda08480977","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":203,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"84da9c97-f7f5-40d9-bb14-128ffc26c5e1","block_type":"box","text":"sectors and markets:","page_number":203,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"f5a5e526-678b-44a9-af83-c0806b536ea8","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":203,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"0ff42027-2da3-4ec7-9db7-aac18aeaa256","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":203,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"afc109ed-650d-462e-89c7-841dff14140d","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":203,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"0c209e3b-f7ea-4ed3-b60b-0216f2797774","block_type":"box","text":"necessary.","page_number":203,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"923a8275-df65-4050-81eb-920c34b1b16f","block_type":"box","text":"•","page_number":203,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"d5d63c3a-cda1-4e73-b983-396814a74373","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":203,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"930a5efb-1529-4e0b-9df7-25426c9a6feb","block_type":"box","text":"stakeholders:","page_number":203,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"488ce52e-adc5-4af5-bd3b-dece9874628c","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":203,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"735f6387-e22e-464a-9876-e837aeb7429b","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":203,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"b01553e4-a5d1-420f-af98-a154efd05ac0","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":203,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"4a0b8283-af4a-4799-94bc-ddc26eda1287","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":203,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"bb0932ce-b59b-47d8-b10e-f65f38628f58","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":203,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"19b24f79-06ff-459e-abf0-a053e0cefbce","block_type":"box","text":"•","page_number":203,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"bc3cea51-7d4f-4606-8255-c688a9c3561c","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":203,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"9756c9cc-76bc-4003-bc4a-6a3cc0dfc1aa","block_type":"box","text":"The","page_number":203,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"6cc38c61-c0d4-41a2-acc8-67a84f29a93b","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":203,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"9dde3c43-e980-452e-9656-35c47ea189f0","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":203,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"5b792b43-86a7-4776-85ed-8947618d0674","block_type":"box","text":"A-37","page_number":203,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"8f7cbbfa-540e-4a9c-918f-27f2a121baaf","block_type":"box","text":"•","page_number":204,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"ab896e50-a640-41f0-ad8d-16ee7b49e787","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":204,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"3ba80384-2297-4cb3-b904-3a328aba3342","block_type":"box","text":"The boards and executive leadership of","page_number":204,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"3cbeba81-b373-4b55-acab-28cfeee34f87","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":204,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"cb50f3d0-f139-4e1c-b5a8-203a82173009","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":204,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"094552b3-4dec-46e3-b5c5-4c39c2eebcff","block_type":"box","text":"clients’ investment objectives.","page_number":204,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"923a1257-bf79-48fd-b95c-6fad657ac60c","block_type":"box","text":"Voting guidelines","page_number":204,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"dec93109-43ab-4225-8e4f-2ae33a640ea3","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":204,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"a5f471f5-793c-4e07-ae7d-03065ea4bbbf","block_type":"box","text":"to demonstrate the following:","page_number":204,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"33840f3d-8676-40b2-b009-8cdfe35e9bee","block_type":"box","text":"Corporate Disclosures","page_number":204,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"e85be87f-2385-4140-8799-b64303858df0","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":204,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"70277fa8-8328-4537-92b7-52e575c19d3e","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":204,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"47542e66-9d42-4c92-9ef6-404dec521503","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":204,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"a0272e5d-d043-4b62-ad73-723e604ee6c7","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":204,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"aa39a02c-5166-4150-b464-1a7272ebf3e1","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":204,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"fa8b2609-a084-4a18-8d38-d6ae5c2e0048","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":204,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"6ca977dc-49b9-4931-af8e-7d59a6d77399","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":204,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"6f5f2e86-1fe6-4da8-bbe2-b714436ce8e8","block_type":"box","text":"progress.","page_number":204,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"3520b861-6cc8-47af-aa73-eaa9fbe553f6","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":204,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"70e77888-6103-4a43-9532-ed0088fc025d","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":204,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"535faac4-e173-4082-8a4a-f8811edc8dc9","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":204,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"072bcde0-a9eb-43d7-a528-57b3506ce831","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":204,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"f89058ac-2c40-4f4c-9f46-e43d9f9b5f78","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":204,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"168005a5-950e-4e39-a0a7-b64ada5361f0","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":204,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"7cc31d83-ef18-4d30-9ae0-d1ec49932b1f","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":204,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"0b485be0-e5cc-4388-8dae-28062efc20a5","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":204,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"8d518828-6e3d-41d5-9553-1244e6d39bd3","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":204,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"3233feb3-88f9-4397-bc5c-63304a13491b","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":204,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"37a3394f-6af6-498e-bec0-4b27a36ec518","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":204,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"9ed9da27-45fd-4560-a13a-3d641982e5a7","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":204,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"86c15a19-2e6f-4895-8406-c7f062e323a5","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":204,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"a5f4a9c7-80aa-43ef-9bc0-cd0aea95ad10","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":204,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"41e928d3-864e-40cd-b451-9591a3b87696","block_type":"box","text":"Transition plans","page_number":204,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"a19456e9-f136-468e-8a63-0a02d4316335","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":204,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"bea24b2b-9820-4628-b5e9-8ff8c7eef4a0","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":204,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"d5ae15cd-ece0-4bd9-8447-1a17f5d438e8","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":204,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"20d31fc1-3222-4552-bbdb-5403cbb696ba","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":204,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"ccab414e-c5d0-452a-92ec-c11a33766547","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":204,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"63459fcb-de26-443d-a464-61fd47f3f1b9","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":204,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"2262169e-7ef8-4f06-9718-d8b0f8555fca","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":204,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"bfb91e5b-cc63-48bb-b260-bdc672c780c0","block_type":"box","text":"Boards and directors","page_number":204,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"007ac253-99e9-4f75-b244-e06abcd66818","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":204,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"07bafe79-e8da-4b72-b863-be790a8a1683","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":204,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"2f235c88-2835-4196-84d7-fe0a214ec883","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":204,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"4f446a09-4cd8-4d5b-96c3-9eca0854b824","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":204,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"2ed094b9-cdb4-4360-978d-4228f39fac7a","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":204,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"a2f77223-93aa-434f-a7df-dd194eca20f1","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":204,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"2451654f-96a9-4f63-ac7b-ca8d4f3f37ee","block_type":"box","text":"A-38","page_number":204,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"296d7f50-cc31-437f-8cbe-527734b0cf52","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":205,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"7431e9fb-f2a0-483d-8215-38da83a6b328","block_type":"box","text":"accountability for delivery by senior executives.","page_number":205,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"28fc8d48-7437-4069-a138-967e4c112a20","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":205,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"69ebaa03-8a4c-4f90-824b-7db1caa47787","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":205,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"76d2ee57-a46e-4e00-89ac-27ab98b9ba76","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":205,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"39eaedda-98fe-4a2d-9d3f-8c683085ea3f","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":205,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"8615a680-9b14-4235-99cb-ebf246a1bc5c","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":205,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"11b566a6-a1e9-4a6e-b005-cfdde280cb5f","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":205,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"055820a0-4301-460f-a18e-5ca4c3fa4b7b","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":205,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"c804dcfe-3bdb-4c0f-bf3f-18b186a5c668","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":205,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"14f2861b-7f3f-4d55-86f4-3adcf657f271","block_type":"box","text":"low-carbon transition strategy.","page_number":205,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"718fbc3a-7808-455c-a005-b0f4476ba09c","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":205,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"f92d4632-9079-47fc-974c-78de4a919363","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":205,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"7e4f7b1c-9521-4b6b-98c2-21231089189a","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":205,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"57f51d50-c784-4598-b844-4d9d6787bb46","block_type":"box","text":"constituents in their value chain.","page_number":205,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"8ef0008e-a12e-4fa9-ad09-bf43fff9c51f","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":205,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"88ced9f4-d239-44eb-b5e2-b99d18c3f408","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":205,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"df5df9ab-9694-4ec3-b611-dcccff1a9da0","block_type":"box","text":"including those related to the low-carbon transition.","page_number":205,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"2da3728f-3f5c-463d-9b58-fa176869e25d","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":205,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"2bb0d503-d606-446b-a756-1dddb62755fa","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":205,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"c0737289-7f17-4a8c-bf03-7b308ac5bde5","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":205,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"40cf4934-2c2c-4315-bc84-e6856bb67ac3","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":205,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"8126eac2-1ebe-4b6c-83d5-63445de0e806","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":205,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"8bb48a14-fc07-4145-9f21-78c360228b49","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":205,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"fb6427ed-b425-447c-a0e9-c40fadccf317","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":205,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"d767618f-cbda-4cdf-b12d-a71b929c6698","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":205,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"7c45d02d-1681-41ec-b6cf-9449d65cf25a","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":205,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"ee543fff-34ec-499f-89af-253793bccfcc","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":205,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"f4d16158-d494-40c5-8590-a4a754412649","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":205,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"eb1e8a7e-bb36-4058-aec3-5e2181912728","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":205,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"1046583f-5bc6-49d2-8daf-4c303142e3e8","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":205,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"be2634ac-bb07-40ee-94a3-0f278bc6ad40","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":205,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"123d8cb9-0f89-4424-bbe6-32f5e2ad5ef0","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":205,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"5e193f96-4ceb-4b17-8013-5f712577aff8","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":205,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"bb642ad2-b77d-4a66-98ee-cee63f84b180","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":205,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"e650b0fb-28b6-46f8-bce7-04646b83a127","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":205,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"e476bb01-efda-4f32-a1fa-446b5dc66598","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":205,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"19b33dd6-555b-41ab-bb67-74edf7221821","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":205,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"7f1ef4f4-1068-421b-89ae-8e0faf7f5bcb","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":205,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"e6e4a949-0ad2-4a6f-8633-4d8367505b71","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":205,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"631e9f1e-5e08-41c0-9e4b-b9f28e2e5557","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":205,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"0b7872ff-78fe-4305-9024-d98a840ff2f0","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":205,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"48d027ab-1871-4c71-9e53-e77c1c148cb1","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":205,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"40205bdf-e23f-4183-8146-5ef0f7c39e30","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":205,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"713e2d65-342f-4cd1-a926-abc033efffd4","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":205,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"3737c761-4531-4be5-8ad1-479279fb9d83","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":205,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"836db76f-05fb-41a3-893f-e3d338038c2a","block_type":"box","text":"A-39","page_number":205,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"57762a62-7d85-4949-ae5a-906048f58c39","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":206,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"ea1aead3-96f2-4b70-abfe-f4f3e7441dea","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":206,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"e3f5d51b-0d59-4819-868c-c934ed652054","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":206,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"6f6d0d7a-dcdb-47c1-b274-3852cf6f24f0","block_type":"box","text":"Related matters","page_number":206,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"65839ad7-b914-4ccd-b604-f1d782d251de","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":206,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"9cb4ed95-ccc6-4174-bfbc-c7df318fb39d","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":206,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"eb3681f7-b0f9-4df7-8927-de1ee1c81e5f","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":206,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"72b7ae79-ef9f-41ed-b4f9-2cd3ece06ee1","block_type":"box","text":"benchmark guidelines.","page_number":206,"box":{"x":89,"y":172,"width":157,"height":13}},{"id":"84373e02-ab76-4ccd-851b-e82d28c3b5ad","block_type":"box","text":"Executive compensation","page_number":206,"box":{"x":106,"y":199,"width":173,"height":12}},{"id":"6ffe9413-7dda-4ecc-9105-d7d5160684bc","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives appropriately.","page_number":206,"box":{"x":88,"y":225,"width":871,"height":13}},{"id":"fe292d94-3cab-43c7-8186-632e5f6c1937","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":206,"box":{"x":88,"y":240,"width":878,"height":13}},{"id":"eb231460-1f96-4f51-802a-269c0275c4d6","block_type":"box","text":"carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to understand the alignment","page_number":206,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"071ac041-99d3-4d72-a58e-92f141484397","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":206,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"9c6d075c-6185-4f8c-8901-b764d05db29e","block_type":"box","text":"Auditors and audit-related issues","page_number":206,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"a33141d4-4c1c-46f8-a533-43447a0db53d","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":206,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"2500d289-c00d-41b9-a945-bedaf0e43a2c","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":206,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"f2147d25-5aa8-4796-a7e3-01b86ac2b716","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":206,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"6b5a5902-dc5b-4c57-ba6f-6c71f7eaed81","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":206,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"1b0e6214-b6d3-426b-85ba-3853408dec24","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":206,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"3d4c1ead-7d1e-428f-a3dc-b0f66b4991ab","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":206,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"5960105d-52a4-4f38-add6-795b35412456","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":206,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"57a27930-a80e-4065-9b18-08096726350f","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":206,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"89fe1c0a-63d0-44e8-8053-f9ca5a8864f2","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":206,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"aec8d313-bc59-4166-bf21-db0f406d191b","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":206,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"1f244956-fa28-4c6a-9af0-0bcf4377baef","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":206,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"ced79e50-4fb9-43d3-a5ac-2261f28ce0e6","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":206,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"96ce5728-89f6-4bb0-9c43-6b150a2fbf45","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":206,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"31fdc738-a5f4-4d2b-9e3e-22579f75c627","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":206,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"ea6c3833-ab1a-46dc-919f-70e622868bc7","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":206,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"c144fd3e-4d3b-416f-98dd-2e3da52126e3","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":206,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"fbbb8e32-8986-4acd-8757-e8d5788d6c9f","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":206,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"b059c5fa-9466-43fb-81db-245e852e73a1","block_type":"box","text":"economy. 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