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After December 15, 2026, shareholders that remain invested in a Fund will","page_number":1,"box":{"x":117,"y":653,"width":725,"height":13}},{"id":"4936aede-75ff-48b7-b2b6-c0f4d80d67a3","block_type":"box","text":"receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,","page_number":1,"box":{"x":117,"y":669,"width":740,"height":12}},{"id":"8dd0422e-cdb3-4195-a11f-9912d36b5a1e","block_type":"box","text":"2026, subject to their brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":684,"width":356,"height":13}},{"id":"b083e07a-6f2b-4521-9703-600d3bcbf7e5","block_type":"box","text":"Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":707,"width":751,"height":13}},{"id":"31b2e72f-a1a5-4072-bfa9-f46616fc2a23","block_type":"box","text":"customary brokerage commissions associated with the sale of the Fund shares. 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A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain","page_number":2,"box":{"x":116,"y":85,"width":762,"height":12}},{"id":"7ecff72b-308f-4283-8cad-5019ddb45ff4","block_type":"box","text":"or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax","page_number":2,"box":{"x":116,"y":100,"width":767,"height":13}},{"id":"e9f8a7ee-fc87-439e-90cd-73134f7d0b90","block_type":"box","text":"exempt or taxable distributions of its investment income and/or taxable distributions of its net capital","page_number":2,"box":{"x":116,"y":116,"width":741,"height":12}},{"id":"1d6f19e0-85ab-4204-ae2b-b9b9c0e808b5","block_type":"box","text":"gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for","page_number":2,"box":{"x":116,"y":131,"width":766,"height":13}},{"id":"68dc2bb4-42ed-44ef-a252-f290e0c9b367","block_type":"box","text":"your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis.","page_number":2,"box":{"x":116,"y":147,"width":738,"height":12}},{"id":"6bd73ba6-c002-4b2f-975a-824b88e99c1a","block_type":"box","text":"Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own","page_number":2,"box":{"x":117,"y":162,"width":747,"height":13}},{"id":"efe4c18c-4d6f-4717-978d-24934ba3dbf3","block_type":"box","text":"tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":178,"width":717,"height":12}},{"id":"bebda88c-b5ee-41b8-a3cd-36c00ad670be","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":193,"width":257,"height":13}},{"id":"63e8621f-6124-4e37-a8c2-59cc15ff5346","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":216,"width":521,"height":13}},{"id":"490eb373-6714-4de5-bc27-0e85c58b404a","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"fd3bed1f-7b8b-4149-b639-fac552c871fb","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"850afe4e-59a0-44a3-a2c1-fa37e797c472","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":396,"height":10}},{"id":"a8639071-b533-42cd-8c34-8436083e024f","block_type":"box","text":"IS-A-IBDR-IBTG-IBHF-1026","page_number":2,"box":{"x":725,"y":887,"width":158,"height":8}},{"id":"63c66bd9-0149-42a7-b808-1100656a979c","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"6a52ca67-411a-45be-b4b8-2a143e6840ac","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"8a7fd5a3-0ba5-45b7-825c-1667893b9b0e","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"186ce25a-f790-4602-b502-279fd47a2122","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"7e7b3611-b219-4668-949a-d255cb8fe15a","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust","page_number":5,"box":{"x":298,"y":69,"width":408,"height":12}},{"id":"579cb66f-62cf-4f03-b880-07cc0140439d","block_type":"box","text":"Supplement dated September 11, 2026","page_number":5,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"7962c463-65ff-4cc0-a877-28dbcac71309","block_type":"box","text":"to the currently effective Statement of Additional Information (the “SAI”) for each series of","page_number":5,"box":{"x":153,"y":100,"width":696,"height":13}},{"id":"a05ade1f-3352-4cd6-a4ac-6274e0b22698","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust (each, a “Fund”)","page_number":5,"box":{"x":234,"y":116,"width":536,"height":12}},{"id":"f5d259c9-a72f-4d33-b636-c8047ddcc7e9","block_type":"box","text":"Effectively immediately, the fifth paragraph of the “Payments by BFA and its Affiliates” subsection of","page_number":5,"box":{"x":117,"y":139,"width":767,"height":13}},{"id":"8a977ffb-fc57-4805-b450-3a2ab055c7e6","block_type":"box","text":"the section entitled “Investment Advisory, Administrative and Distribution Services” of the SAI for","page_number":5,"box":{"x":116,"y":154,"width":748,"height":13}},{"id":"6b90da47-4921-4a8a-b23d-cf38578fef40","block_type":"box","text":"each series is deleted in its entirety and replaced with the following:","page_number":5,"box":{"x":116,"y":170,"width":519,"height":13}},{"id":"5f0e5e79-012b-4f83-9589-2a6f072a3a59","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and","page_number":5,"box":{"x":117,"y":193,"width":719,"height":13}},{"id":"200058eb-c946-4b13-ab19-9dc7f7bbd6b0","block_type":"box","text":"certain other third parties that the BFA Entities believe may benefit the business of the BFA Entities or","page_number":5,"box":{"x":116,"y":209,"width":737,"height":12}},{"id":"af9a772b-3f33-4394-9a96-c0091f1785d0","block_type":"box","text":"facilitate investment in the Fund or certain Products. Such agreements can include payments by BFA","page_number":5,"box":{"x":116,"y":224,"width":734,"height":13}},{"id":"31cae564-cde2-4da8-9233-cf74d5f38ef8","block_type":"box","text":"Entities to such Intermediaries and third parties for data collection and provision, technology support,","page_number":5,"box":{"x":117,"y":240,"width":739,"height":12}},{"id":"f3aae3c9-5c5b-4d26-b9eb-544ae9ca4d8e","block_type":"box","text":"platform enhancement, or educational content, co-marketing and cross-promotional efforts. In certain","page_number":5,"box":{"x":116,"y":255,"width":749,"height":13}},{"id":"6fd5efbe-87e7-49e1-83db-37739e308980","block_type":"box","text":"cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered","page_number":5,"box":{"x":116,"y":271,"width":701,"height":12}},{"id":"2099d13e-6464-4ba2-b6a4-ba0dc7400e9c","block_type":"box","text":"payments. With respect to certain funds and Products, payments by the BFA Entities may take the form","page_number":5,"box":{"x":116,"y":286,"width":754,"height":13}},{"id":"290da309-3e3c-426d-a230-480d39242822","block_type":"box","text":"of, among other things, “due diligence” payments for an Intermediary’s review of such funds and","page_number":5,"box":{"x":116,"y":302,"width":708,"height":12}},{"id":"381035d0-8cd7-47c7-86b7-b2b45559a092","block_type":"box","text":"Products; payment for providing employee training and information relating to such funds and Products;","page_number":5,"box":{"x":117,"y":317,"width":763,"height":13}},{"id":"189210a9-24dc-401b-98f3-063304412f77","block_type":"box","text":"fees for access (in some cases on a preferential basis) to an Intermediary’s registered representatives,","page_number":5,"box":{"x":116,"y":333,"width":739,"height":12}},{"id":"e71c1b07-9dbd-4980-83c3-3b92c53988c9","block_type":"box","text":"salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf space”","page_number":5,"box":{"x":116,"y":348,"width":753,"height":13}},{"id":"410c9679-5c9a-4361-a6e5-54a5a237b7ed","block_type":"box","text":"payments for making such funds and Products available on the Intermediary’s platform or fees for","page_number":5,"box":{"x":116,"y":364,"width":716,"height":12}},{"id":"6dc36cca-ef6c-441a-9af1-a2f7a98371bb","block_type":"box","text":"providing assistance in promoting the sale of such funds and Products. 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you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":410,"width":521,"height":13}},{"id":"5e686acf-e2b0-4370-9055-4d84e12a5b66","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"79b89ab6-e5b3-438f-86b2-53cd2279cdfd","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"63fc13e3-7d34-410f-868a-1d0bd37517b5","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":6,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"955afa84-b1a2-4acd-822e-3d35baaeda14","block_type":"box","text":"IS-A-DIVERSE-0726","page_number":6,"box":{"x":769,"y":887,"width":114,"height":8}},{"id":"c9117b1e-df4d-4a97-a048-fb0eff6d16ac","block_type":"box","text":"PLEASE RETAIN THIS 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The last sentence of the fifth paragraph of the Principal Investment Strategies section of each","page_number":7,"box":{"x":151,"y":302,"width":713,"height":12}},{"id":"0fa5f2a2-9952-4514-9e44-7858e9bf2a5d","block_type":"box","text":"Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following","page_number":7,"box":{"x":184,"y":317,"width":670,"height":13}},{"id":"4e2caf23-3467-44ce-acd3-a86f4a3a3acd","block_type":"box","text":"sentence:","page_number":7,"box":{"x":184,"y":334,"width":73,"height":9}},{"id":"27e9ca07-ffae-4edc-afa5-4fb9459ec339","block_type":"box","text":"In the final year of the Underlying Index’s term, any principal and interest paid by index","page_number":7,"box":{"x":201,"y":356,"width":632,"height":13}},{"id":"a530c5bb-d163-48e1-a900-cc7ac966e363","block_type":"box","text":"constituents is treated as follows: (1) during the first six months of the final year, the","page_number":7,"box":{"x":201,"y":371,"width":616,"height":13}},{"id":"a3597387-c328-4089-b249-c0231fca6e7c","block_type":"box","text":"Underlying Index reinvests proceeds pro-rata into the remaining bonds in the Underlying","page_number":7,"box":{"x":201,"y":387,"width":646,"height":13}},{"id":"ec83d405-2dfa-4682-a1f0-5ad048629043","block_type":"box","text":"Index, and (2) during the last six months of the final year, interest and principal cash flows are","page_number":7,"box":{"x":201,"y":402,"width":684,"height":13}},{"id":"4e223d47-3ac0-4707-a983-9529798b3b27","block_type":"box","text":"not reinvested and are presumed to be held in cash while earning no interest.","page_number":7,"box":{"x":201,"y":418,"width":563,"height":13}},{"id":"cfcf2b4f-9e22-4f9a-9aa7-1abae4d2fd65","block_type":"box","text":"2. The third sentence of the fourth paragraph of the section entitled “Bloomberg Index(es)” of the","page_number":7,"box":{"x":150,"y":441,"width":728,"height":13}},{"id":"09e8e990-39cf-4dde-a018-c6e2251c23ab","block_type":"box","text":"Construction and Maintenance of the Underlying Index section of each Fund’s SAI is deleted and","page_number":7,"box":{"x":184,"y":457,"width":703,"height":12}},{"id":"1e6c89fd-440e-42ed-9f35-b3cecade461f","block_type":"box","text":"replaced with the following sentence:","page_number":7,"box":{"x":184,"y":472,"width":275,"height":13}},{"id":"a5b0dc07-e12e-452b-a5bc-233045f42453","block_type":"box","text":"During the final six months of the final year, interest and principal cash flows are not","page_number":7,"box":{"x":201,"y":495,"width":615,"height":13}},{"id":"7912c9e0-42eb-4772-8567-201678b7e28b","block_type":"box","text":"reinvested and are assumed to be held in cash while earning no interest.","page_number":7,"box":{"x":201,"y":511,"width":527,"height":13}},{"id":"7e7d0c84-8ba6-4127-b6e6-884df2deb43d","block_type":"box","text":"For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF,","page_number":7,"box":{"x":117,"y":534,"width":734,"height":13}},{"id":"2ce75468-c240-410d-9cb7-2d794cfe6261","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares","page_number":7,"box":{"x":117,"y":550,"width":735,"height":12}},{"id":"a7c32cbc-857a-4fe3-b0e7-c99472cc84de","block_type":"box","text":"iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following","page_number":7,"box":{"x":117,"y":565,"width":749,"height":13}},{"id":"67760e3f-60a1-4869-b37a-2b7e205ff7e8","block_type":"box","text":"changes apply to each Fund’s Summary Prospectus and Prospectus:","page_number":7,"box":{"x":116,"y":581,"width":500,"height":12}},{"id":"05da3901-4aa2-4d73-b9e0-5e0ce766f193","block_type":"box","text":"1. 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Shares of","page_number":17,"box":{"x":88,"y":320,"width":867,"height":12}},{"id":"e3a207da-76a5-4502-a4e1-d1838dfc23cc","block_type":"box","text":"each Fund are listed and trade on national securities exchanges such as Cboe BZX Exchange, Inc. (“Cboe BZX”), The Nasdaq","page_number":17,"box":{"x":89,"y":335,"width":870,"height":12}},{"id":"2001c6ab-7ae7-478f-b884-c4b8dcb0c275","block_type":"box","text":"Stock Market LLC (“Nasdaq”) and NYSE Arca, Inc. (“NYSE Arca”) (each, a “Listing Exchange”). Shares of each Fund are","page_number":17,"box":{"x":88,"y":350,"width":831,"height":12}},{"id":"b3dc833e-8fc1-48ce-86f9-3c7556376099","block_type":"box","text":"traded in the secondary market and elsewhere at market prices that may be at, above or below the Fund’s NAV. Shares are","page_number":17,"box":{"x":88,"y":365,"width":855,"height":12}},{"id":"f6867740-18a2-455a-8586-f0227b322481","block_type":"box","text":"redeemable only in Creation Units, and, generally, in exchange for portfolio securities and a Cash Amount (as defined in the","page_number":17,"box":{"x":89,"y":380,"width":862,"height":13}},{"id":"31dfd3ea-440c-4fd0-9576-7c48b8378f79","block_type":"box","text":"Creation and Redemption of Creation Units-Role of the Authorized Participant","page_number":17,"box":{"x":89,"y":395,"width":542,"height":13}},{"id":"499d6c94-53f4-419c-b78c-3c38a228da1a","block_type":"box","text":"section of this SAI). Creation Units typically are","page_number":17,"box":{"x":635,"y":395,"width":327,"height":13}},{"id":"73e97f94-6138-446b-8acf-c79effb67513","block_type":"box","text":"a specified number of shares, generally ranging from 20,000 to 50,000 shares or multiples thereof.","page_number":17,"box":{"x":89,"y":410,"width":688,"height":13}},{"id":"91ac0b9f-5984-4aca-9581-205bd8c9a6ce","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":17,"box":{"x":88,"y":437,"width":878,"height":12}},{"id":"f82176ed-4876-435d-a080-963ff6770a99","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":17,"box":{"x":89,"y":452,"width":832,"height":12}},{"id":"c25decc6-f824-49db-8faa-63d882620ee8","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":17,"box":{"x":89,"y":467,"width":802,"height":13}},{"id":"16980cb2-b8b0-486b-9600-cbb8a59aac8b","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":17,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"36a91183-4d89-42b1-a510-dd560714c388","block_type":"box","text":"such collateral at any time to purchase Deposit Securities. See the","page_number":17,"box":{"x":89,"y":497,"width":459,"height":13}},{"id":"dd8c6696-9d73-405b-b92f-73ea488f206a","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":17,"box":{"x":554,"y":497,"width":300,"height":13}},{"id":"3f968e0e-5a76-41a1-960f-acf550b70308","block_type":"box","text":"section of this","page_number":17,"box":{"x":859,"y":497,"width":97,"height":10}},{"id":"4b834fad-52db-4b6d-823d-a73a4f3c223c","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":17,"box":{"x":88,"y":513,"width":851,"height":12}},{"id":"407e2f39-f315-4c50-94b6-5671970750a9","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":17,"box":{"x":88,"y":528,"width":836,"height":12}},{"id":"b00433dd-2d75-4fe5-8b19-6f1083e2da60","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":17,"box":{"x":89,"y":543,"width":873,"height":12}},{"id":"3c53b215-2e25-4409-bfd7-c1378f061901","block_type":"box","text":"regulations applicable to management investment companies offering redeemable securities.","page_number":17,"box":{"x":89,"y":558,"width":652,"height":12}},{"id":"df4c7a12-f9e2-410a-a48a-a442d2b3d591","block_type":"box","text":"Exchange Listing and Trading","page_number":17,"box":{"x":91,"y":589,"width":491,"height":29}},{"id":"adcafa41-e75e-4637-8475-f9027007cceb","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":17,"box":{"x":88,"y":630,"width":813,"height":12}},{"id":"74741da0-0ccf-4eb7-b936-76371db08bfe","block_type":"box","text":"Shareholder Information","page_number":17,"box":{"x":88,"y":645,"width":170,"height":11}},{"id":"f9504adf-d0c2-4a0c-985b-85308820aeac","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":17,"box":{"x":264,"y":645,"width":651,"height":12}},{"id":"499ac45d-5068-4daa-b879-b2efff44aa21","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":17,"box":{"x":89,"y":660,"width":415,"height":12}},{"id":"6fac8876-4734-4757-a1c9-cf0bf801f84a","block_type":"box","text":"Shares of each Fund are listed for trading, and trade throughout the day, on the Listing Exchange and in other secondary","page_number":17,"box":{"x":88,"y":686,"width":844,"height":13}},{"id":"741af66c-1dfa-4bd9-b2f8-749cdeb4fa75","block_type":"box","text":"markets. Shares of the Funds may also be listed on certain non-U.S. exchanges. There can be no assurance that the","page_number":17,"box":{"x":89,"y":702,"width":806,"height":12}},{"id":"a6a5bfdc-3518-45ac-9209-1909e798d0c2","block_type":"box","text":"requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met. The","page_number":17,"box":{"x":89,"y":717,"width":847,"height":12}},{"id":"21bbe508-f9d6-498c-9d85-b952f1755773","block_type":"box","text":"Listing Exchange may, but is not required to, remove the shares of a Fund from listing if, among other things: (i) following the","page_number":17,"box":{"x":89,"y":732,"width":875,"height":12}},{"id":"601270a0-647e-4043-a3c5-9cae35dae52d","block_type":"box","text":"initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50 record and/or","page_number":17,"box":{"x":89,"y":747,"width":878,"height":12}},{"id":"e753d1c9-7fba-4a5a-8055-e322358031b7","block_type":"box","text":"beneficial owners of shares of a Fund; (ii) a Fund is no longer eligible to operate in reliance on Rule 6c-11 under the","page_number":17,"box":{"x":89,"y":762,"width":803,"height":12}},{"id":"82a31092-a49f-464f-a6c1-0511004ac73d","block_type":"box","text":"Investment Company Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall","page_number":17,"box":{"x":89,"y":777,"width":857,"height":12}},{"id":"5a95568f-c937-4b77-8b44-4dd9f5d5669b","block_type":"box","text":"occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing Exchange","page_number":17,"box":{"x":89,"y":792,"width":847,"height":13}},{"id":"1cd39651-2b78-4ea6-b8ad-cf09e6f6e4ed","block_type":"box","text":"inadvisable. The Listing Exchange will also remove shares of a Fund from listing and trading upon termination of the Fund.","page_number":17,"box":{"x":89,"y":807,"width":856,"height":13}},{"id":"0126c9b9-d54d-4e63-a219-0187dd014252","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":17,"box":{"x":88,"y":834,"width":852,"height":12}},{"id":"7be373fd-e3ae-4ea0-928f-83630a5c5c58","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":17,"box":{"x":89,"y":849,"width":524,"height":12}},{"id":"db3d7206-1863-4dfa-8ce3-69899b21b3e9","block_type":"box","text":"2","page_number":17,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"fcaeb3fc-4739-4c7a-ba2e-8c0846fb7a91","block_type":"box","text":"The Trust reserves the right to adjust the share price of a Fund in the future to maintain convenient trading ranges for","page_number":18,"box":{"x":88,"y":44,"width":823,"height":12}},{"id":"2c496005-d050-4736-9afb-67cb2062a09c","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":18,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"509852e5-8ae8-401b-93e3-266f4dd68b03","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":18,"box":{"x":89,"y":74,"width":477,"height":12}},{"id":"e1820493-9738-4b79-acfe-20c8586bb9e1","block_type":"box","text":"Investment Strategies and Risks","page_number":18,"box":{"x":91,"y":105,"width":531,"height":29}},{"id":"309eb9c1-8f26-46c2-9240-3ec3a1abb738","block_type":"box","text":"Each Fund seeks to achieve its objective by investing primarily in securities that compose its Underlying Index and/or in","page_number":18,"box":{"x":89,"y":146,"width":835,"height":12}},{"id":"2a4465cf-1721-4ebf-8bd1-90a8937a5aa1","block_type":"box","text":"investments that provide substantially similar exposure to such securities. Each Fund operates as an index fund and is not","page_number":18,"box":{"x":89,"y":161,"width":852,"height":12}},{"id":"fd23eafe-6182-4298-99f4-11b10162bfc3","block_type":"box","text":"actively managed. Adverse performance of a security in a Fund’s portfolio will ordinarily not result in the elimination of the","page_number":18,"box":{"x":89,"y":176,"width":856,"height":13}},{"id":"be4c9389-5fbb-4c18-92cb-060375798e7c","block_type":"box","text":"security from the Fund’s portfolio.","page_number":18,"box":{"x":89,"y":191,"width":237,"height":13}},{"id":"681e33af-81c2-4eb3-9319-3e25ce299cca","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":18,"box":{"x":89,"y":218,"width":812,"height":12}},{"id":"04d1e609-aa81-4bbd-a7db-542a6ecef842","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":18,"box":{"x":89,"y":233,"width":848,"height":12}},{"id":"e0475409-b51e-421b-945a-9cccdf7f8df2","block_type":"box","text":"characteristics (based on market value and industry weightings), fundamental characteristics (such as yield, credit rating,","page_number":18,"box":{"x":89,"y":248,"width":849,"height":12}},{"id":"1a3a723d-9e45-43a3-a7a7-a5aed2859456","block_type":"box","text":"maturity and duration) and liquidity measures similar to those of the Fund’s Underlying Index. A fund that uses","page_number":18,"box":{"x":89,"y":263,"width":777,"height":12}},{"id":"6149b5b3-045e-416c-9d15-a6ec22b3804e","block_type":"box","text":"representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":18,"box":{"x":89,"y":278,"width":692,"height":13}},{"id":"bf5c1c14-5228-41da-8c35-60ebfab701e8","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":18,"box":{"x":88,"y":305,"width":851,"height":12}},{"id":"0a3e9e9d-e935-4535-9ba9-457bfa62ae08","block_type":"box","text":"described below.","page_number":18,"box":{"x":89,"y":320,"width":116,"height":10}},{"id":"bb569a15-12c0-4a1d-a208-9d6c501e5dc9","block_type":"box","text":"iBonds Ladder ETFs","page_number":18,"box":{"x":89,"y":346,"width":140,"height":10}},{"id":"1577a358-2f22-4f1c-85bd-e9e573eec63a","block_type":"box","text":"Each of the iBonds Ladder ETFs will invest, under normal circumstances, at least 80% of its net assets, plus the amount of","page_number":18,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"22933f1a-69b4-44d2-a396-73749748c284","block_type":"box","text":"any borrowings for investment purposes, in component securities and instruments in each Fund’s Underlying Index and/or","page_number":18,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"4e4eda2f-327c-4c77-97e3-5a1fe60fac24","block_type":"box","text":"bonds included in the underlying index of each Underlying Fund. Cash and cash equivalent investments associated with a","page_number":18,"box":{"x":89,"y":403,"width":851,"height":12}},{"id":"acfc372b-41fb-4415-9902-de06c916ba6d","block_type":"box","text":"derivative position will be treated as part of that position for the purposes of calculating the percentage of investments","page_number":18,"box":{"x":89,"y":418,"width":829,"height":12}},{"id":"2cca8c92-878e-4211-8212-58e250ca740d","block_type":"box","text":"included in each Fund’s Underlying Index. Each Fund seeks to track the investment results of its Underlying Index before fees","page_number":18,"box":{"x":89,"y":433,"width":873,"height":13}},{"id":"5557bfc4-76eb-4ccb-94d1-392fe96e4128","block_type":"box","text":"and expenses of the Fund.","page_number":18,"box":{"x":89,"y":448,"width":183,"height":13}},{"id":"fffdb2ae-f2f7-4109-98e4-723146dcfc11","block_type":"box","text":"iBonds Term High Yield and Income ETFs and iBonds Term Corporate ETFs","page_number":18,"box":{"x":89,"y":475,"width":536,"height":12}},{"id":"21727186-8412-45bf-a870-e017239807a7","block_type":"box","text":"Each of the iBonds Term High Yield and Income ETFs and iBonds Term Corporate ETFs will invest at least 80% of its assets in","page_number":18,"box":{"x":89,"y":501,"width":871,"height":13}},{"id":"ddef3a2f-85c9-484d-bfd6-006bfc1215f4","block_type":"box","text":"the component instruments of its Underlying Index, and (except during the last twelve months of each Fund’s operations)","page_number":18,"box":{"x":88,"y":516,"width":855,"height":13}},{"id":"35d274ec-cb75-4001-a847-b30e9fede999","block_type":"box","text":"each Fund will invest at least 90% of its assets in fixed income securities of the types included in its Underlying Index that","page_number":18,"box":{"x":89,"y":531,"width":850,"height":13}},{"id":"97369231-1c7c-482f-a0d4-3fc08b621385","block_type":"box","text":"BFA believes will help the Fund track its Underlying Index. Each Fund will invest no more than 10% of its assets in futures,","page_number":18,"box":{"x":89,"y":547,"width":849,"height":12}},{"id":"a8481dc1-b54f-4dc1-bdfb-c247f7350c54","block_type":"box","text":"options and swaps contracts that BFA believes will help the Fund track its Underlying Index as well as in fixed income","page_number":18,"box":{"x":89,"y":562,"width":819,"height":12}},{"id":"dd18b441-775f-485b-be01-13def7c5e97a","block_type":"box","text":"securities other than the types included in its Underlying Index, but which BFA believes will help the Fund track its Underlying","page_number":18,"box":{"x":89,"y":577,"width":875,"height":12}},{"id":"895c9f26-fee0-438e-b96e-6bc31ffc3d98","block_type":"box","text":"Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for","page_number":18,"box":{"x":89,"y":592,"width":862,"height":12}},{"id":"8896d170-2ad8-41a9-816d-9757cef21a8b","block_type":"box","text":"the purposes of calculating the percentage of investments included in the Underlying Index. Each Fund seeks to track the","page_number":18,"box":{"x":88,"y":607,"width":849,"height":12}},{"id":"996eaa36-1407-43cc-b394-cf6bb6023956","block_type":"box","text":"investment results of its Underlying Index before fees and expenses of the Fund.","page_number":18,"box":{"x":89,"y":622,"width":559,"height":12}},{"id":"e108b3cd-80d7-41a9-be4d-a64eaf917a3c","block_type":"box","text":"In the last six months of operation, as the bonds held by each iBonds Term High Yield and Income ETF and iBonds Term","page_number":18,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"a8d95fd2-e6f4-456c-82f4-07d45308244e","block_type":"box","text":"Corporate ETF mature, the proceeds may not be reinvested by the Fund in bonds but instead will be held in cash and cash","page_number":18,"box":{"x":89,"y":664,"width":851,"height":12}},{"id":"dcd308c9-60e1-475f-9ceb-c6cc11f6b9a7","block_type":"box","text":"equivalents. By fifteen days prior to maturity, each Fund’s Underlying Index is expected to consist almost entirely of cash and","page_number":18,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"95a91c01-affb-4425-872f-6c946f56b8ec","block_type":"box","text":"cash equivalents. On or around this date, each Fund will wind up and terminate. After appropriate provision is made for any","page_number":18,"box":{"x":89,"y":694,"width":865,"height":12}},{"id":"67c3d7e8-3a13-4218-a37d-c2948e5d2424","block_type":"box","text":"Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. Each Fund’s","page_number":18,"box":{"x":89,"y":709,"width":856,"height":12}},{"id":"2d81604d-61ae-405c-be0a-4470a043612e","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional","page_number":18,"box":{"x":88,"y":724,"width":822,"height":13}},{"id":"95149447-f7b5-4cc1-9f31-65a8fd13bbea","block_type":"box","text":"approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the","page_number":18,"box":{"x":89,"y":739,"width":816,"height":13}},{"id":"1be6b2d1-1b73-4ff5-8009-01386e36b8ac","block_type":"box","text":"extension to be in the best interest of a Fund.","page_number":18,"box":{"x":89,"y":754,"width":315,"height":10}},{"id":"c7ffff8c-65ce-4daa-a0c6-445c1948ee85","block_type":"box","text":"iBonds Term Treasury ETFs","page_number":18,"box":{"x":89,"y":781,"width":194,"height":12}},{"id":"87580e93-8989-432a-89d9-ec4ccf3c95c5","block_type":"box","text":"Each of the iBonds Term Treasury ETFs will invest at least 80% of its assets in the component securities of its Underlying","page_number":18,"box":{"x":89,"y":807,"width":841,"height":13}},{"id":"fdf08992-3a91-4077-a9a8-f20d9a84cacf","block_type":"box","text":"Index, and each Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track","page_number":18,"box":{"x":89,"y":822,"width":875,"height":13}},{"id":"e1478109-7bc0-4009-987d-0aff3411f4e6","block_type":"box","text":"its Underlying Index, in each case except as described below. Each Fund will invest no more than 10% of its assets in futures,","page_number":18,"box":{"x":89,"y":838,"width":871,"height":12}},{"id":"22840aa9-3e21-4442-969e-86bc56d9820c","block_type":"box","text":"options and swaps contracts that BFA believes will help the Fund track its Underlying Index. Cash and cash equivalent","page_number":18,"box":{"x":89,"y":853,"width":824,"height":12}},{"id":"95be0cc3-55f1-4869-b7d9-773ba94a8cb3","block_type":"box","text":"3","page_number":18,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"87d7c367-e896-42ac-8422-6ff6676c3d69","block_type":"box","text":"investments associated with a derivative position will be treated as part of that position for the purposes of calculating the","page_number":19,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"7bcf0abe-9a0d-404d-8fe1-8799a14cada6","block_type":"box","text":"percentage of investments included in the Underlying Index. Each Fund seeks to track the investment results of its Underlying","page_number":19,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"c361f440-b617-45b3-9c27-621dec34d7d3","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":19,"box":{"x":89,"y":74,"width":307,"height":12}},{"id":"49dbb898-4700-4ae5-9beb-a2f64f2e2183","block_type":"box","text":"In the last six months of operation, as the bonds held by each iBonds Term Treasury ETF mature, the proceeds will typically","page_number":19,"box":{"x":89,"y":101,"width":860,"height":12}},{"id":"66470372-5839-4577-b546-a1a5df4133cc","block_type":"box","text":"be reinvested by the Fund in investments already in its Underlying Index but may also be invested in other cash and cash","page_number":19,"box":{"x":89,"y":116,"width":841,"height":12}},{"id":"693d4ccc-e545-4203-a89d-b14fe8362e48","block_type":"box","text":"equivalents as determined by BFA. To the extent that a Fund invests in money market or similar funds, it will incur the fees","page_number":19,"box":{"x":89,"y":131,"width":853,"height":12}},{"id":"ffc8b2cb-9678-4179-a59d-c25c9dc174b5","block_type":"box","text":"and expenses of such funds. By December 15 of the relevant year, each Fund is expected to consist almost entirely of cash.","page_number":19,"box":{"x":89,"y":146,"width":858,"height":12}},{"id":"b6dd08c6-c38c-4130-96e3-4d2881b0f6d7","block_type":"box","text":"On or around this date, each Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its","page_number":19,"box":{"x":89,"y":161,"width":869,"height":12}},{"id":"71494cad-6ada-4b23-87d1-7fb072bb0e78","block_type":"box","text":"net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. Each Fund’s termination was","page_number":19,"box":{"x":89,"y":176,"width":846,"height":13}},{"id":"e0fc6abc-9c77-4b04-9b75-1097790a450e","block_type":"box","text":"approved by a majority of the Board and does not require additional approval by Fund shareholders. The Board may extend","page_number":19,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"b19ecb8f-f975-44ec-ba17-a9fb77af5de9","block_type":"box","text":"the termination date if a majority of the Board determines the extension to be in the best interest of a Fund.","page_number":19,"box":{"x":88,"y":206,"width":752,"height":13}},{"id":"11599e08-7d22-4382-a5c4-cceba728cef6","block_type":"box","text":"The iBonds Term ETFs should not be confused with target date funds, whose assets are managed according to a particular","page_number":19,"box":{"x":88,"y":233,"width":860,"height":12}},{"id":"107eb714-7d8f-4aef-8e66-f68d6ba64619","block_type":"box","text":"investment strategy that converts fund assets to conservative investments over time.","page_number":19,"box":{"x":89,"y":248,"width":592,"height":12}},{"id":"3a1b1e8d-3b9c-41ef-8fe7-7f02540cd2d0","block_type":"box","text":"Bonds.","page_number":19,"box":{"x":89,"y":274,"width":47,"height":10}},{"id":"f672ddd1-2613-4254-b2dd-81bf816dd89c","block_type":"box","text":"A bond is an interest-bearing security issued by a U.S. or non-U.S. company or governmental unit. The issuer of a","page_number":19,"box":{"x":145,"y":274,"width":791,"height":13}},{"id":"a7d755e0-7769-4bef-b5dc-c3479f7cbbad","block_type":"box","text":"bond has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face","page_number":19,"box":{"x":89,"y":290,"width":844,"height":12}},{"id":"39010141-67a3-412f-a0c6-6ef5b6ae4316","block_type":"box","text":"value) periodically or on a specified maturity date. Bonds generally are used by issuers to borrow money from investors.","page_number":19,"box":{"x":88,"y":305,"width":837,"height":12}},{"id":"2f5572c0-6b87-4c85-89f1-4445faeda257","block_type":"box","text":"An issuer may have the right to redeem or “call” a bond before maturity, in which case a fund may have to reinvest the","page_number":19,"box":{"x":88,"y":331,"width":827,"height":12}},{"id":"eccd6f76-e59e-48a3-9a31-8673bf64e9ca","block_type":"box","text":"proceeds at lower market rates. Similarly, the Funds may have to reinvest interest income or payments received when bonds","page_number":19,"box":{"x":89,"y":346,"width":866,"height":13}},{"id":"51250b48-1d2a-4ad4-bce3-f0e8045ccaf8","block_type":"box","text":"mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the","page_number":19,"box":{"x":89,"y":361,"width":865,"height":13}},{"id":"9695ac9d-3193-4095-af41-f1d659b75701","block_type":"box","text":"bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise.","page_number":19,"box":{"x":89,"y":376,"width":851,"height":13}},{"id":"fda74dd7-8727-430c-8507-e243ea29058b","block_type":"box","text":"Accordingly, a fixed-rate bond’s yield (income as a percent of the bond’s current value) may differ from its coupon rate as its","page_number":19,"box":{"x":88,"y":392,"width":871,"height":12}},{"id":"a86785e2-c7f6-4044-9ddd-58b821047b18","block_type":"box","text":"value rises or falls. When an investor purchases a fixed-rate bond at a price that is greater than its face value, the investor is","page_number":19,"box":{"x":88,"y":407,"width":861,"height":12}},{"id":"ef8703c1-fafe-4992-9263-ca62039605d9","block_type":"box","text":"purchasing the bond at a premium. Conversely, when an investor purchases a fixed-rate bond at a price that is less than its","page_number":19,"box":{"x":89,"y":422,"width":858,"height":12}},{"id":"a8f93dcb-ede8-4b32-949d-d25c6c999308","block_type":"box","text":"face value, the investor is purchasing the bond at a discount. Fixed-rate bonds that are purchased at a discount pay less","page_number":19,"box":{"x":88,"y":437,"width":837,"height":12}},{"id":"042349be-9b2b-41a0-9a4e-2712202cb5cd","block_type":"box","text":"current income than securities with comparable yields that are purchased at face value, with the result that prices for such","page_number":19,"box":{"x":89,"y":452,"width":856,"height":12}},{"id":"df42a367-f416-459c-8288-8aca42be2a6c","block_type":"box","text":"fixed-rate securities can be more volatile than prices for such securities that are purchased at face value. Other types of","page_number":19,"box":{"x":88,"y":467,"width":835,"height":13}},{"id":"1a80eae2-9e3b-4581-9708-fab6462365af","block_type":"box","text":"bonds bear interest at an interest rate that is adjusted periodically. Interest rates on “floating rate” or “variable rate” bonds","page_number":19,"box":{"x":89,"y":482,"width":852,"height":13}},{"id":"99c9552e-b03d-46ae-acb4-07fe72594ebb","block_type":"box","text":"may be higher or lower than current market rates for fixed-rate bonds of comparable quality with similar final maturities.","page_number":19,"box":{"x":89,"y":497,"width":843,"height":13}},{"id":"8895e9a0-af70-4649-a13d-01954fd260d0","block_type":"box","text":"Because of their adjustable interest rates, the value of “floating rate” or “variable rate” bonds fluctuates much less in","page_number":19,"box":{"x":89,"y":513,"width":812,"height":12}},{"id":"e9248b84-fff2-4726-bb61-bc6878d85bc1","block_type":"box","text":"response to market interest rate movements than the value of fixed-rate bonds, but their value may decline if their interest","page_number":19,"box":{"x":89,"y":528,"width":855,"height":12}},{"id":"5ff36da5-d3dd-4ae3-a41a-a4938e44a8dd","block_type":"box","text":"rates do not rise as much, or as quickly, as interest rates in general. A Fund may treat some of these bonds as having a","page_number":19,"box":{"x":89,"y":543,"width":826,"height":12}},{"id":"9ee104e9-f2a3-4db3-96fe-dc617bf20e58","block_type":"box","text":"shorter maturity for purposes of calculating the weighted average maturity of its investment portfolio. Generally, prices of","page_number":19,"box":{"x":89,"y":558,"width":850,"height":12}},{"id":"5f726bb1-057b-4753-bbdb-dc78d59ad323","block_type":"box","text":"higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices","page_number":19,"box":{"x":89,"y":573,"width":876,"height":12}},{"id":"1d5705d1-c7ed-4f5e-bc54-c11cfcd9e785","block_type":"box","text":"of longer maturity issues tend to fluctuate more than prices of shorter maturity issues. Bonds may be senior or subordinated","page_number":19,"box":{"x":89,"y":588,"width":871,"height":12}},{"id":"fd7ae302-a11b-4b55-8915-1f8dac44e0b5","block_type":"box","text":"obligations. Senior obligations generally have the first claim on an issuer’s earnings and assets and, in the event of","page_number":19,"box":{"x":89,"y":603,"width":799,"height":13}},{"id":"dd16d52e-dc97-4ffd-b668-598894700743","block_type":"box","text":"liquidation, are paid before subordinated obligations. Bonds may be unsecured (backed only by the issuer’s general","page_number":19,"box":{"x":89,"y":618,"width":803,"height":13}},{"id":"28a2ba6a-ac83-4cb4-bc5d-130bd1be422d","block_type":"box","text":"creditworthiness) or secured (backed by specified collateral).","page_number":19,"box":{"x":89,"y":633,"width":424,"height":13}},{"id":"517a0c30-7e4c-455c-a203-1c4ba4257021","block_type":"box","text":"Borrowing.","page_number":19,"box":{"x":89,"y":661,"width":78,"height":11}},{"id":"2d39f0ee-b6f4-4728-93bf-278bc9cc6ea8","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":19,"box":{"x":176,"y":660,"width":777,"height":12}},{"id":"ec44697d-f113-4fa3-903e-c71df4168421","block_type":"box","text":"or to facilitate the settlement of securities or other transactions.","page_number":19,"box":{"x":89,"y":675,"width":445,"height":10}},{"id":"f737f520-b72c-4e0d-acc1-1fdb1832ede8","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":19,"box":{"x":88,"y":702,"width":846,"height":12}},{"id":"1d31cab7-a93e-457d-be40-93a7d5ded1aa","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":19,"box":{"x":89,"y":717,"width":852,"height":12}},{"id":"04f10069-2015-49d2-8264-febef89dda0c","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":19,"box":{"x":89,"y":732,"width":870,"height":12}},{"id":"b5c0b6f8-49ba-4fb5-885e-75d30c1028ec","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":19,"box":{"x":89,"y":747,"width":874,"height":12}},{"id":"0ecfd49f-f797-4558-918c-58f66d169a10","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":19,"box":{"x":89,"y":762,"width":826,"height":12}},{"id":"c601a8d3-b94f-4c84-a740-51ec1a2fe4a7","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":19,"box":{"x":89,"y":777,"width":871,"height":12}},{"id":"4c346e84-564d-4dc7-98aa-655759b9b3b8","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":19,"box":{"x":89,"y":792,"width":381,"height":13}},{"id":"1160b360-7fea-440a-921c-100b9b8fdfd0","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":19,"box":{"x":89,"y":819,"width":835,"height":12}},{"id":"8a3c498d-7d47-42ea-963c-07546121960a","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":19,"box":{"x":89,"y":834,"width":873,"height":12}},{"id":"9b17bae3-99ed-4d15-a517-28c5cd287abe","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":19,"box":{"x":89,"y":849,"width":800,"height":12}},{"id":"6d4d87f8-5b66-4664-a45d-aa60effcc774","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":19,"box":{"x":89,"y":864,"width":868,"height":12}},{"id":"525ee4e0-8d3e-4200-8f0c-cc0bad3e3984","block_type":"box","text":"4","page_number":19,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"a3109c08-93dd-4beb-9f36-ee79c010752a","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":20,"box":{"x":89,"y":44,"width":856,"height":12}},{"id":"6b8e9beb-0ff3-4802-8834-286524080046","block_type":"box","text":"may be disadvantageous to do so.","page_number":20,"box":{"x":89,"y":59,"width":237,"height":12}},{"id":"c6557b31-e5dd-49e8-bb49-13229ac42a9e","block_type":"box","text":"Corporate Bonds.","page_number":20,"box":{"x":89,"y":85,"width":125,"height":13}},{"id":"8bfe4ad5-eeac-4108-841d-889e83e3e1ef","block_type":"box","text":"Both the Funds and the Underlying Funds invest a substantial portion of their assets in investment-grade","page_number":20,"box":{"x":224,"y":85,"width":732,"height":13}},{"id":"c80dbcb7-1d15-4cb3-865d-cdedcf4c2c48","block_type":"box","text":"and/or high yield corporate bonds. The investment return of corporate bonds reflects interest earned on the security and","page_number":20,"box":{"x":89,"y":101,"width":847,"height":12}},{"id":"39f7f3ce-233f-4165-b73e-6734768777de","block_type":"box","text":"changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market","page_number":20,"box":{"x":89,"y":116,"width":870,"height":12}},{"id":"45c610d3-a18c-464d-999c-28dc054b7900","block_type":"box","text":"rate of interest, the credit rating of the issuer, the issuer’s performance and perceptions of the issuer in the marketplace.","page_number":20,"box":{"x":89,"y":131,"width":838,"height":12}},{"id":"67450e27-8b13-4642-8d30-146ba870e320","block_type":"box","text":"There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at","page_number":20,"box":{"x":88,"y":146,"width":871,"height":12}},{"id":"59323356-b861-493e-a74c-813287f8757a","block_type":"box","text":"the time called for by an instrument.","page_number":20,"box":{"x":88,"y":161,"width":254,"height":12}},{"id":"aeb94c02-8ea0-42d0-8e84-9af6752f9110","block_type":"box","text":"Diversification Status.","page_number":20,"box":{"x":89,"y":188,"width":156,"height":9}},{"id":"876eb3ba-c759-47f7-992b-45975bb80981","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":20,"box":{"x":257,"y":188,"width":480,"height":12}},{"id":"8ce0d1fa-1a04-4ea6-ba32-2f672526e48d","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":20,"box":{"x":89,"y":217,"width":529,"height":8}},{"id":"d1f7f501-cab2-4e83-8d83-0c5fc557e41b","block_type":"box","text":"iShares iBonds 1-5 Year Treasury Ladder ETF iShares iBonds 1-5 Year Corporate Ladder ETF","page_number":20,"box":{"x":89,"y":239,"width":707,"height":13}},{"id":"983d4eac-b0c4-4225-bafc-3d4d96412457","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF iShares iBonds 1-5 Year High Yield and Income Ladder ETF","page_number":20,"box":{"x":89,"y":259,"width":793,"height":13}},{"id":"484ab50e-89b8-447d-bced-6ca074d15698","block_type":"box","text":"iShares iBonds 2027 Term High Yield and Income ETF iShares iBonds 2030 Term High Yield and Income ETF","page_number":20,"box":{"x":89,"y":279,"width":760,"height":13}},{"id":"69ae52e7-15f6-4d5b-9d0f-dbff5edbc7ea","block_type":"box","text":"iShares iBonds 2028 Term High Yield and Income ETF iShares iBonds 2031 Term High Yield and Income ETF","page_number":20,"box":{"x":89,"y":300,"width":760,"height":12}},{"id":"83f6b81c-cb14-41d9-8d2b-764169d2063d","block_type":"box","text":"iShares iBonds 2029 Term High Yield and Income ETF iShares iBonds 2032 Term High Yield and Income ETF","page_number":20,"box":{"x":89,"y":320,"width":760,"height":12}},{"id":"729db443-6904-4cdc-998d-ba7957d2654d","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF iShares iBonds Dec 2033 Term Corporate ETF","page_number":20,"box":{"x":89,"y":340,"width":705,"height":12}},{"id":"b8dbc88b-7fb6-410f-8021-95521efd30b5","block_type":"box","text":"iShares iBonds Dec 2027 Term Corporate ETF iShares iBonds Dec 2034 Term Corporate ETF","page_number":20,"box":{"x":89,"y":360,"width":705,"height":12}},{"id":"eb9c469a-3dd9-4a9d-acb0-c88a8524e2bb","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF iShares iBonds Dec 2035 Term Corporate ETF","page_number":20,"box":{"x":89,"y":380,"width":705,"height":13}},{"id":"5490681e-d96c-452b-bab9-f4c4a3e363f3","block_type":"box","text":"iShares iBonds Dec 2029 Term Corporate ETF","page_number":20,"box":{"x":89,"y":400,"width":304,"height":13}},{"id":"d52336f9-5adb-427e-a49f-747f91d25bad","block_type":"box","text":"iShares iBonds Dec 2030 Term Corporate ETF","page_number":20,"box":{"x":89,"y":421,"width":304,"height":12}},{"id":"a75a8f7f-93a3-4df8-bdfb-dbaea973f6f0","block_type":"box","text":"iShares iBonds Dec 2031 Term Corporate ETF","page_number":20,"box":{"x":89,"y":441,"width":303,"height":12}},{"id":"a98c34d4-fd45-4b98-b4e4-fa000d961ae4","block_type":"box","text":"iShares iBonds Dec 2032 Term Corporate ETF","page_number":20,"box":{"x":89,"y":461,"width":304,"height":12}},{"id":"c7d1b40b-5182-4eef-a357-f1e92b7190e0","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF","page_number":20,"box":{"x":89,"y":481,"width":295,"height":12}},{"id":"af97a99c-6f88-4365-ae61-1ff9369e3486","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF","page_number":20,"box":{"x":89,"y":501,"width":294,"height":13}},{"id":"4970b202-599f-4027-b505-b5dddece8af1","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF","page_number":20,"box":{"x":89,"y":521,"width":295,"height":13}},{"id":"8e2702a6-b54a-43ce-b1eb-3c5b10706052","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF","page_number":20,"box":{"x":89,"y":542,"width":295,"height":12}},{"id":"ff3f8a62-e8d6-47cc-aea3-2553f8994528","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF","page_number":20,"box":{"x":89,"y":562,"width":295,"height":12}},{"id":"eaed0c18-0578-4ddf-b4da-3a9dbdf2a891","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF","page_number":20,"box":{"x":89,"y":582,"width":294,"height":12}},{"id":"1ca3e23a-5420-40f7-8133-d0f983fd24c9","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":20,"box":{"x":89,"y":602,"width":294,"height":12}},{"id":"5e8a82d5-415c-4118-a0b7-0b68bc449522","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF","page_number":20,"box":{"x":89,"y":622,"width":295,"height":12}},{"id":"027b69d7-ab30-4e59-a513-3052d828d9ba","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF","page_number":20,"box":{"x":89,"y":642,"width":295,"height":13}},{"id":"1a204e28-8dd9-42e1-9a13-ca501cbd7c51","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF","page_number":20,"box":{"x":89,"y":662,"width":294,"height":13}},{"id":"09d8d26e-5b23-41ce-b0f7-f237a96df690","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF","page_number":20,"box":{"x":89,"y":683,"width":296,"height":12}},{"id":"f21f2ea3-de08-4ea7-8373-699b32fc1480","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF","page_number":20,"box":{"x":89,"y":703,"width":295,"height":12}},{"id":"da139906-4337-4bca-b646-30167da41158","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF","page_number":20,"box":{"x":89,"y":723,"width":295,"height":12}},{"id":"5af232c7-fb77-4777-b953-c2aacdeea7db","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF","page_number":20,"box":{"x":89,"y":743,"width":295,"height":12}},{"id":"272e42a4-d4c8-4fa8-9be5-bdcf2a57f190","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":20,"box":{"x":88,"y":776,"width":835,"height":12}},{"id":"67f53403-fb94-437f-b3c6-e2400c358146","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":20,"box":{"x":89,"y":791,"width":813,"height":12}},{"id":"dcc3c8a0-3398-4224-99e1-01311fba9992","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":20,"box":{"x":89,"y":806,"width":823,"height":12}},{"id":"e41092e7-2fe4-4433-b1d3-0ecc7bbfc4e2","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":20,"box":{"x":89,"y":821,"width":854,"height":13}},{"id":"e78e3a8f-f041-44ee-9e48-b15610b5f09e","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":20,"box":{"x":89,"y":836,"width":876,"height":13}},{"id":"51836223-3989-4247-b947-c1161c9fd84e","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval.","page_number":20,"box":{"x":88,"y":851,"width":757,"height":13}},{"id":"db61202a-4027-4808-b488-236d2552d88b","block_type":"box","text":"5","page_number":20,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"26266a93-eb89-4513-b3fe-829a15d5620f","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":21,"box":{"x":92,"y":44,"width":850,"height":12}},{"id":"dadd01fc-909e-43df-86c0-716a33e3d8d7","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":21,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"8a2c2cb0-d49a-4a23-8842-55ca91f86c58","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":21,"box":{"x":89,"y":74,"width":840,"height":12}},{"id":"a5b18af2-4654-4ad4-8db7-a3ec7585638d","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":21,"box":{"x":89,"y":89,"width":839,"height":13}},{"id":"01ff0642-ccfd-4dff-8503-b2caa65a27a7","block_type":"box","text":"experienced by more diversified investment companies.","page_number":21,"box":{"x":89,"y":104,"width":387,"height":13}},{"id":"757b1ea2-8f02-436c-ab28-0f39f7405375","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":21,"box":{"x":89,"y":131,"width":841,"height":12}},{"id":"faaea9ee-6370-4a76-817a-d53c02eaa91a","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":21,"box":{"x":89,"y":146,"width":865,"height":12}},{"id":"4f0efd52-bdad-44d4-abc9-203d9391b06c","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":21,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"c63a61b6-258d-4508-a24d-5d68ff5274b7","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":21,"box":{"x":88,"y":176,"width":806,"height":13}},{"id":"76a89ebf-8511-4d21-b247-0f3388748d06","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":21,"box":{"x":89,"y":191,"width":824,"height":13}},{"id":"63cea599-eddf-4337-b3e4-9b6121bdf0f1","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":21,"box":{"x":88,"y":206,"width":790,"height":13}},{"id":"f5cc4ae4-d39d-42a3-b049-d9a2133a21e7","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":21,"box":{"x":89,"y":233,"width":371,"height":12}},{"id":"00fe8747-0492-4a53-a193-4c74fb687fd4","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":21,"box":{"x":470,"y":233,"width":473,"height":12}},{"id":"134cf4bd-1f3f-4f6d-aa69-7765e95ea7fc","block_type":"box","text":"used by a Fund to simulate investment in their respective underlying index, to facilitate trading or to reduce transaction costs.","page_number":21,"box":{"x":89,"y":248,"width":878,"height":12}},{"id":"efea79ea-0cf4-4cc4-b26d-a028e9c61abe","block_type":"box","text":"Each Fund may enter into futures contracts and options on futures that are traded on a U.S. or non-U.S. futures exchange.","page_number":21,"box":{"x":89,"y":263,"width":853,"height":12}},{"id":"e7861f7e-f824-4c41-a748-412c98ded158","block_type":"box","text":"Each Fund will not use futures, options on futures or securities options for speculative purposes. Each Fund and each","page_number":21,"box":{"x":89,"y":278,"width":819,"height":13}},{"id":"cd14698a-4440-4882-b825-7e9f983d42a6","block_type":"box","text":"Underlying Fund intend to use futures and options on futures in accordance with Rule 4.5 of the Commodity Futures Trading","page_number":21,"box":{"x":89,"y":293,"width":874,"height":13}},{"id":"726b083f-8bff-4a5b-b434-7427fac7dffc","block_type":"box","text":"Commission (the “CFTC”) promulgated under the Commodity Exchange Act (“CEA”). BFA, with respect to the Funds, has","page_number":21,"box":{"x":89,"y":308,"width":849,"height":13}},{"id":"72352128-82d6-4f05-8005-cc4fba1631e4","block_type":"box","text":"claimed an exclusion from the definition of the term “commodity pool operator” in accordance with Rule 4.5 so that BFA,","page_number":21,"box":{"x":89,"y":324,"width":847,"height":12}},{"id":"b8d808cb-f40f-4240-b27a-ad3d843659ae","block_type":"box","text":"with respect to such Funds, is not subject to registration or regulation as a commodity pool operator under the CEA. See the","page_number":21,"box":{"x":88,"y":339,"width":870,"height":12}},{"id":"ae902c0c-028f-4f2a-9ad9-4c1042a3e920","block_type":"box","text":"Regulation Regarding Derivatives","page_number":21,"box":{"x":88,"y":354,"width":231,"height":12}},{"id":"839eabbb-0481-4687-a9b7-67d104670fa6","block_type":"box","text":"section of this SAI for more information.","page_number":21,"box":{"x":324,"y":354,"width":280,"height":10}},{"id":"57c316db-f404-45e4-8ed5-c85678b075e5","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":21,"box":{"x":89,"y":380,"width":861,"height":13}},{"id":"e07005f5-d090-4d97-a24d-e5480701a827","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":21,"box":{"x":89,"y":395,"width":858,"height":13}},{"id":"5a0a540e-4c96-4bdd-907c-b89c21ad17f0","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":21,"box":{"x":89,"y":410,"width":817,"height":13}},{"id":"fc26d42d-fe87-431d-a78b-8369a60e25c7","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":21,"box":{"x":89,"y":426,"width":858,"height":12}},{"id":"ad80087b-1ecb-4afb-8b93-cfab7f1ecee3","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":21,"box":{"x":89,"y":441,"width":834,"height":12}},{"id":"68ff5d1f-afdf-48ca-9f4b-8da7fd283cef","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":21,"box":{"x":89,"y":456,"width":878,"height":12}},{"id":"b6a4966a-ab5b-434f-a28c-2ef53f8b9973","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":21,"box":{"x":89,"y":471,"width":846,"height":12}},{"id":"92e2562c-c181-4e2d-b490-0562ac6e1d64","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":21,"box":{"x":89,"y":486,"width":849,"height":12}},{"id":"909eeb35-bdf6-4eaf-9c40-ab88418379e6","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":21,"box":{"x":89,"y":501,"width":878,"height":13}},{"id":"70ffa96d-02be-4bcc-bdd8-9c7f83ac7061","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":21,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"a0589e31-3fcb-4bc6-a0de-20422cc5b3a0","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":21,"box":{"x":89,"y":531,"width":878,"height":13}},{"id":"07f989c9-cbe6-4eb9-a244-cfedf1c0ca06","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":21,"box":{"x":89,"y":547,"width":859,"height":12}},{"id":"2739b086-65c7-4dc4-9638-1d6996b847a6","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":21,"box":{"x":89,"y":562,"width":825,"height":12}},{"id":"888b7277-4157-40da-913c-bb7eed6e6741","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":21,"box":{"x":88,"y":577,"width":877,"height":12}},{"id":"8d870ee7-2321-4354-987d-9d493d07b8fb","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":21,"box":{"x":88,"y":592,"width":864,"height":12}},{"id":"870c1755-c41a-4ec8-b533-225157dc66e1","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":21,"box":{"x":88,"y":607,"width":874,"height":12}},{"id":"b35fdf5a-e7fa-424d-ba88-6edd6a03d6c3","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":21,"box":{"x":88,"y":622,"width":843,"height":12}},{"id":"3e2b448f-c220-4cd2-96b8-8f2cdc135e19","block_type":"box","text":"futures contract.","page_number":21,"box":{"x":88,"y":637,"width":116,"height":10}},{"id":"22a8fcbc-5d82-4ec7-86d4-af117138d395","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":21,"box":{"x":88,"y":664,"width":870,"height":12}},{"id":"4e0a3bc2-c2db-43d0-9ce6-a8b8eca38a32","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":21,"box":{"x":89,"y":679,"width":855,"height":12}},{"id":"05cc1a82-4179-4f0f-b947-36412c12668d","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":21,"box":{"x":89,"y":694,"width":867,"height":12}},{"id":"2750a444-a8ac-4d77-b1a5-e424a9d45e28","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":21,"box":{"x":89,"y":709,"width":845,"height":12}},{"id":"8974a225-fac3-4740-aa4b-996616037d49","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":21,"box":{"x":89,"y":724,"width":875,"height":13}},{"id":"a70254af-5308-4935-80ce-13eae742ad09","block_type":"box","text":"less the premium received from writing the put. The Funds may purchase and write put and call options on futures contracts","page_number":21,"box":{"x":89,"y":739,"width":873,"height":13}},{"id":"6a8ffcda-304a-4d51-b53a-6f05a83433ef","block_type":"box","text":"that are traded on an exchange as a hedge against changes in value of their portfolio securities or in anticipation of the","page_number":21,"box":{"x":88,"y":754,"width":833,"height":13}},{"id":"475454a7-c1fa-4016-a3d6-74c1087d21f8","block_type":"box","text":"purchase of securities, and may enter into closing transactions with respect to such options to terminate existing positions.","page_number":21,"box":{"x":89,"y":770,"width":863,"height":12}},{"id":"a9967367-25c0-4162-b68c-8f809adbb5c1","block_type":"box","text":"There is no guarantee that such closing transactions can be effected.","page_number":21,"box":{"x":88,"y":785,"width":482,"height":12}},{"id":"4c5839b6-3a45-4a65-9700-7149bfde37e4","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":21,"box":{"x":88,"y":811,"width":859,"height":12}},{"id":"60d011b9-95aa-4421-9b81-a027c7147b55","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":21,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"0c82425d-e032-425e-8d7a-d1462df6f83e","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","page_number":21,"box":{"x":89,"y":841,"width":856,"height":13}},{"id":"cda37e2a-67fe-4df5-b1b1-a07671459167","block_type":"box","text":"the right to purchase a specific security at a specified price (“exercise price”) within a specified period of time. A put option","page_number":21,"box":{"x":88,"y":856,"width":860,"height":13}},{"id":"33bf3fc0-772e-4307-be93-75a90e4aeeaa","block_type":"box","text":"6","page_number":21,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"da6df7ee-6955-4de6-9ba5-7f02dec853aa","block_type":"box","text":"gives a holder the right to sell a specific security at an exercise price within a specified period of time. The initial purchaser of","page_number":22,"box":{"x":89,"y":44,"width":873,"height":12}},{"id":"280da9e9-3aea-41e4-b6c4-070a98f03d9b","block_type":"box","text":"a call option pays the “writer” a premium, which is paid at the time of purchase and is retained by the writer whether or not","page_number":22,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"bdd35709-c2d3-4dbc-97ef-fabfaf3bdca0","block_type":"box","text":"such option is exercised. Each Fund may purchase put options to hedge its portfolio against the risk of a decline in the","page_number":22,"box":{"x":89,"y":74,"width":826,"height":12}},{"id":"5aeb2425-823a-4b82-93c7-71213b3b74e6","block_type":"box","text":"market value of securities held and may purchase call options to hedge against an increase in the price of securities it is","page_number":22,"box":{"x":89,"y":89,"width":836,"height":13}},{"id":"a7b599e8-30b1-427c-8cac-0eab1f583db8","block_type":"box","text":"committed to purchase. Each Fund may write put and call options along with a long position in options to increase its ability","page_number":22,"box":{"x":89,"y":104,"width":871,"height":13}},{"id":"0a9ad5a8-b0da-47fd-9b2d-b76754e190cd","block_type":"box","text":"to hedge against a change in the market value of the securities it holds or is committed to purchase. Each Fund may","page_number":22,"box":{"x":88,"y":119,"width":814,"height":13}},{"id":"1a03bc4e-15d5-44ed-951d-91ff4fa3aac3","block_type":"box","text":"purchase or sell securities options on a U.S. or non-U.S. securities exchange or in the over-the-counter (“OTC”) market","page_number":22,"box":{"x":89,"y":135,"width":831,"height":12}},{"id":"a302ef46-adc1-4e3a-910a-60d1d72e689c","block_type":"box","text":"through a transaction with a dealer. Options on a securities index are typically settled on a net basis based on the","page_number":22,"box":{"x":88,"y":150,"width":791,"height":12}},{"id":"09b985b2-7a9d-478e-a035-05d18f6fb2c0","block_type":"box","text":"appreciation or depreciation of the index level over the strike price. Options on single name securities may be cash- or","page_number":22,"box":{"x":89,"y":165,"width":825,"height":12}},{"id":"321ea61f-8e80-45ee-b072-289a99d7e17d","block_type":"box","text":"physically-settled, depending upon the market in which they are traded. Options may be structured so as to be exercisable","page_number":22,"box":{"x":89,"y":180,"width":856,"height":12}},{"id":"6127c030-165f-4e06-85f8-938afb5d555e","block_type":"box","text":"only on certain dates or on a daily basis. Options may also be structured to have conditions to exercise (","page_number":22,"box":{"x":89,"y":195,"width":726,"height":12}},{"id":"2c1e2829-8c11-4c1b-9e04-1c773ec8f27c","block_type":"box","text":"i.e.","page_number":22,"box":{"x":816,"y":196,"width":18,"height":9}},{"id":"2df234b2-6882-476d-ad39-5165b669a7d4","block_type":"box","text":", “Knock-in","page_number":22,"box":{"x":836,"y":195,"width":76,"height":11}},{"id":"7e32ad94-58ce-4e36-9cbb-c07c066a6d5c","block_type":"box","text":"Events”) or conditions that trigger termination (","page_number":22,"box":{"x":89,"y":210,"width":334,"height":13}},{"id":"a23b103d-d60f-4d18-a502-fd9498f6501d","block_type":"box","text":"i.e.","page_number":22,"box":{"x":424,"y":211,"width":18,"height":9}},{"id":"ae43ee9d-7e26-4977-8e2a-8af1bef49f7b","block_type":"box","text":", “Knock-out Events”).","page_number":22,"box":{"x":444,"y":210,"width":154,"height":13}},{"id":"6e378024-d436-4869-9882-97d1efe38229","block_type":"box","text":"High Yield Securities.","page_number":22,"box":{"x":89,"y":237,"width":152,"height":12}},{"id":"6115160d-a827-4633-9484-e81305fc96f6","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities are commonly known to","page_number":22,"box":{"x":251,"y":237,"width":705,"height":12}},{"id":"4a8b4fcd-616b-47cb-abfc-dff6581d48c2","block_type":"box","text":"investors as “junk bonds” or “high yield bonds.” These are generally debt securities that are rated below investment grade by","page_number":22,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"7e73d6da-5d25-4169-8a22-f43bca4840c3","block_type":"box","text":"one or more of the major rating agencies or are unrated securities that BFA believes are of comparable quality. While","page_number":22,"box":{"x":89,"y":267,"width":813,"height":12}},{"id":"6f558112-7dc7-472b-ae46-291caedca3ea","block_type":"box","text":"generally providing greater income and opportunity for gain, non-investment grade debt securities may be subject to greater","page_number":22,"box":{"x":89,"y":282,"width":873,"height":12}},{"id":"48caf3c7-2c5c-4b79-b4d7-17f1273859db","block_type":"box","text":"risks than securities that have higher credit ratings, including a high risk of default, and their yields will fluctuate over time.","page_number":22,"box":{"x":89,"y":297,"width":856,"height":12}},{"id":"88e88207-eb53-4236-8739-8c6bec7c636f","block_type":"box","text":"High yield securities will generally be in the lower rating categories of recognized rating agencies (rated below Baa3 by","page_number":22,"box":{"x":89,"y":312,"width":827,"height":13}},{"id":"7884e1bc-afd6-4f21-bd7b-22d2e7141a63","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or below BBB- by Standard & Poor’s","page_number":22,"box":{"x":89,"y":327,"width":558,"height":13}},{"id":"07db0e94-e21a-4293-887a-0166f60a831e","block_type":"box","text":"®","page_number":22,"box":{"x":648,"y":326,"width":10,"height":6}},{"id":"769e7ee3-ff3a-4ab9-bfcc-d82efe4ec8ea","block_type":"box","text":"Global Ratings, a subsidiary of S&P Global","page_number":22,"box":{"x":663,"y":327,"width":291,"height":13}},{"id":"a2dbef5d-635f-4409-a5dc-66f74bbe1a58","block_type":"box","text":"(“S&P Global Ratings”) or Fitch Ratings, Inc. (“Fitch”)) or be unrated. The credit rating of a high yield security does not","page_number":22,"box":{"x":89,"y":342,"width":828,"height":13}},{"id":"04f7e1fc-575c-47e9-9b6e-590ea91ee9e5","block_type":"box","text":"necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect","page_number":22,"box":{"x":89,"y":358,"width":821,"height":12}},{"id":"988a0fcd-512f-4153-b2c5-20c691ae42c5","block_type":"box","text":"developments regarding the issuer’s financial condition. High yield securities are considered to be speculative with respect to","page_number":22,"box":{"x":89,"y":373,"width":874,"height":12}},{"id":"ae8ada5f-c82e-48a6-a9d1-e7200be6e85c","block_type":"box","text":"the capacity of the issuer to timely repay principal and pay interest in accordance with the terms of the obligation and may","page_number":22,"box":{"x":88,"y":388,"width":859,"height":12}},{"id":"17662ea0-71ef-4b14-8155-e6c6b2589a7b","block_type":"box","text":"have more credit risk than higher rated securities. BBB-rated bonds, although investment-grade, may share some of the same","page_number":22,"box":{"x":89,"y":403,"width":877,"height":12}},{"id":"66d41fe9-45f1-4a52-b832-fb88afb34c44","block_type":"box","text":"speculative characteristics as “junk bonds.”","page_number":22,"box":{"x":89,"y":418,"width":302,"height":12}},{"id":"65cafce6-21a0-40f5-8b9f-1fe264f27584","block_type":"box","text":"The major risks of high yield bond investments include the following:","page_number":22,"box":{"x":88,"y":445,"width":482,"height":12}},{"id":"b4f52c0b-d189-4070-807c-ea9a9df6b905","block_type":"box","text":"• High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in","page_number":22,"box":{"x":121,"y":465,"width":830,"height":12}},{"id":"810c5d37-810f-4e0a-8a59-4a94e788fdfe","block_type":"box","text":"the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their","page_number":22,"box":{"x":153,"y":480,"width":783,"height":12}},{"id":"2e4cf5f7-d262-4f9c-97fe-05168fcf6854","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":22,"box":{"x":154,"y":495,"width":787,"height":12}},{"id":"3e08f5ad-a5c9-47cf-8932-51a1b1f86e27","block_type":"box","text":"unavailability of additional financing.","page_number":22,"box":{"x":154,"y":510,"width":256,"height":12}},{"id":"5fd579b8-fb1c-4b19-a8d5-d0ff4712026f","block_type":"box","text":"• The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":22,"box":{"x":121,"y":530,"width":846,"height":13}},{"id":"0c002a42-8cf8-46ec-81ac-4587c048aa6d","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The","page_number":22,"box":{"x":154,"y":545,"width":809,"height":13}},{"id":"c03c73c3-1b19-4b25-af28-1969d4be4a69","block_type":"box","text":"issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability","page_number":22,"box":{"x":154,"y":560,"width":807,"height":13}},{"id":"72743ec4-43a8-4888-a463-e3fd9ebff6a7","block_type":"box","text":"of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or","page_number":22,"box":{"x":154,"y":576,"width":787,"height":12}},{"id":"84aa0c89-e0e7-490b-8f91-d541b0bfad98","block_type":"box","text":"involved in a reorganization or takeover.","page_number":22,"box":{"x":154,"y":591,"width":276,"height":12}},{"id":"21e754e7-aa0b-4e56-9573-fc2e902f081a","block_type":"box","text":"• High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations,","page_number":22,"box":{"x":121,"y":611,"width":832,"height":12}},{"id":"5dfb418c-8fd1-49ba-bc88-d97ab543b7b2","block_type":"box","text":"the senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":22,"box":{"x":153,"y":626,"width":806,"height":12}},{"id":"63ac2f05-caa1-4c8a-8d81-c14b2d52d71a","block_type":"box","text":"to fully recover principal, to receive interest payments when senior securities are in default or to receive","page_number":22,"box":{"x":153,"y":641,"width":721,"height":12}},{"id":"f7a82138-7138-4228-b515-0d363357dc1f","block_type":"box","text":"restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities","page_number":22,"box":{"x":154,"y":656,"width":747,"height":13}},{"id":"0d3ef0ec-5a3b-4003-80e9-c1a4fbef1d49","block_type":"box","text":"frequently have a lower degree of protection with respect to principal and interest payments than do investors in","page_number":22,"box":{"x":153,"y":671,"width":787,"height":13}},{"id":"2ed519df-42ca-430f-a830-9e8e60cd4917","block_type":"box","text":"higher rated securities.","page_number":22,"box":{"x":154,"y":686,"width":158,"height":13}},{"id":"52a4f24e-4954-463d-bd1a-6281e042aa4a","block_type":"box","text":"• High yield bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":22,"box":{"x":121,"y":707,"width":836,"height":12}},{"id":"966f0fde-e3e0-4ebc-a6a7-b9b92f91a8b4","block_type":"box","text":"before it matures. If an issuer redeems the high yield bonds, a Fund may have to invest the proceeds in bonds with","page_number":22,"box":{"x":154,"y":722,"width":799,"height":12}},{"id":"dc51f1a6-82ec-4bb3-b0dd-f7859a529e41","block_type":"box","text":"lower yields and may lose income. Such use of proceeds will occur when a Fund invests in BBB-rated bonds from","page_number":22,"box":{"x":154,"y":737,"width":789,"height":12}},{"id":"dd85ad54-ee6e-4561-bd8d-cde3530ba815","block_type":"box","text":"the Bloomberg U.S. Corporate Index (the “Corporate Index”).","page_number":22,"box":{"x":153,"y":752,"width":426,"height":12}},{"id":"147b2756-8802-4ed0-ab61-51e3a21f91cc","block_type":"box","text":"• Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater","page_number":22,"box":{"x":121,"y":772,"width":845,"height":12}},{"id":"a1fdb078-5d3b-40e7-af9c-9a812cc1f3a7","block_type":"box","text":"impact on the prices of high yield bonds than on those of other higher rated fixed-income securities.","page_number":22,"box":{"x":154,"y":787,"width":703,"height":13}},{"id":"9d4138d3-99d9-42d2-a901-b5909a263a87","block_type":"box","text":"• Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":22,"box":{"x":121,"y":807,"width":792,"height":13}},{"id":"d280dd46-73bb-42c7-a7c9-7786666c5904","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high","page_number":22,"box":{"x":154,"y":822,"width":785,"height":13}},{"id":"848f858e-7255-4ca8-9a04-21c4ffbcbb86","block_type":"box","text":"yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and","page_number":22,"box":{"x":153,"y":838,"width":811,"height":12}},{"id":"3b4e8791-e4c6-4113-9412-745bc10669dc","block_type":"box","text":"7","page_number":22,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"5943922f-a4a0-473f-b998-f0a319293723","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in","page_number":23,"box":{"x":154,"y":44,"width":792,"height":12}},{"id":"cc4f3db0-163e-4dbe-9a6c-308f5077de2f","block_type":"box","text":"the prices and values generated for such securities than in the case of securities trading in a more liquid market.","page_number":23,"box":{"x":153,"y":59,"width":784,"height":12}},{"id":"21a183e4-b339-4caf-a631-ea9ba1f48f17","block_type":"box","text":"• The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":23,"box":{"x":121,"y":79,"width":776,"height":13}},{"id":"eea30f51-e153-48ba-8ff7-bb02657a71a4","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and,","page_number":23,"box":{"x":154,"y":94,"width":784,"height":13}},{"id":"a8f16671-9023-4cd3-b7c3-a854623ec483","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other financial","page_number":23,"box":{"x":154,"y":109,"width":803,"height":13}},{"id":"7ebcaa67-f6e4-439f-b7ee-57035e85e058","block_type":"box","text":"institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that","page_number":23,"box":{"x":154,"y":125,"width":792,"height":12}},{"id":"f5c8ad96-4b78-4531-a341-5ac8c0a5e99b","block_type":"box","text":"for higher rated securities and the secondary markets could contract under adverse market or economic conditions","page_number":23,"box":{"x":153,"y":140,"width":809,"height":12}},{"id":"71f1ead8-c659-41ce-9263-eb122d9d9ebe","block_type":"box","text":"independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or","page_number":23,"box":{"x":154,"y":155,"width":804,"height":12}},{"id":"24aa89df-9ed5-461b-a840-aac6e643b792","block_type":"box","text":"market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of","page_number":23,"box":{"x":154,"y":170,"width":811,"height":12}},{"id":"b256439a-e17f-4224-80da-ce6bacd08672","block_type":"box","text":"investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high","page_number":23,"box":{"x":154,"y":185,"width":813,"height":12}},{"id":"9224f2d9-9a73-46e4-958b-8d92c38393ad","block_type":"box","text":"yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market","page_number":23,"box":{"x":153,"y":200,"width":779,"height":12}},{"id":"89108d15-816c-46ec-a341-3e901749079e","block_type":"box","text":"quotations on the issue when valuing a Fund’s assets. Market quotations on high yield securities are available only","page_number":23,"box":{"x":154,"y":215,"width":800,"height":13}},{"id":"5a1eeafa-efd3-4e37-9cd8-40b8be5f87aa","block_type":"box","text":"from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale.","page_number":23,"box":{"x":153,"y":230,"width":809,"height":13}},{"id":"b2721de5-568c-4c5f-ae5c-065741ad82da","block_type":"box","text":"When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available","page_number":23,"box":{"x":153,"y":245,"width":786,"height":13}},{"id":"e8713b7b-271a-496b-9437-b5322d39aae7","block_type":"box","text":"market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such","page_number":23,"box":{"x":154,"y":261,"width":810,"height":12}},{"id":"e502eaa9-3984-44ea-9f03-a6ca303ffafc","block_type":"box","text":"securities, and judgment plays a more important role in determining such valuations.","page_number":23,"box":{"x":154,"y":276,"width":594,"height":12}},{"id":"1464826a-bb47-4fdb-8965-b192ec0e71bc","block_type":"box","text":"• A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a","page_number":23,"box":{"x":121,"y":296,"width":839,"height":12}},{"id":"d0f7ec21-095c-4abf-9fe2-f1acf16af051","block_type":"box","text":"defaulting issuer.","page_number":23,"box":{"x":154,"y":311,"width":117,"height":12}},{"id":"961ad2a2-f495-4845-b638-ad9ffdb0ed51","block_type":"box","text":"• The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the","page_number":23,"box":{"x":121,"y":331,"width":779,"height":12}},{"id":"839a7716-cd3f-4e35-b9db-e86e2c64d186","block_type":"box","text":"perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices","page_number":23,"box":{"x":154,"y":346,"width":801,"height":13}},{"id":"c0d7285f-2235-4d92-a5c3-7f81f04b1a29","block_type":"box","text":"for high yield securities may be affected by legislative and regulatory developments. These developments could","page_number":23,"box":{"x":153,"y":361,"width":778,"height":13}},{"id":"7391e91a-0249-43ce-9099-63e4f9dd26dc","block_type":"box","text":"adversely affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":23,"box":{"x":154,"y":376,"width":807,"height":13}},{"id":"5b6c4feb-6ca7-45cb-a0ab-115451c563e0","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a","page_number":23,"box":{"x":154,"y":392,"width":812,"height":12}},{"id":"eb5f0793-785c-42d5-8eb9-b0a8804b6265","block_type":"box","text":"thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan","page_number":23,"box":{"x":153,"y":407,"width":800,"height":12}},{"id":"c2587246-08aa-4d27-bcf1-9e7b07c4d7ee","block_type":"box","text":"associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate","page_number":23,"box":{"x":154,"y":422,"width":792,"height":12}},{"id":"51308896-450c-44da-ae6b-818f81666160","block_type":"box","text":"issuers of high yield bonds adversely affected the market in the past.","page_number":23,"box":{"x":154,"y":437,"width":478,"height":12}},{"id":"f4a6ef5c-24e5-4e1e-a4b1-3af275fd3bcc","block_type":"box","text":"Investing in Underlying Funds Risk.","page_number":23,"box":{"x":89,"y":463,"width":252,"height":13}},{"id":"4ca91798-9914-4751-8eb1-f94be3d083d1","block_type":"box","text":"Because the iBonds Ladder ETFs invest in one or more underlying funds that are ETFs","page_number":23,"box":{"x":351,"y":463,"width":596,"height":13}},{"id":"ceb682b7-11db-4af5-84a3-6c297ec230c9","block_type":"box","text":"that seek investment results corresponding to their own underlying indexes, the iBonds Ladder ETFs are indirectly exposed to","page_number":23,"box":{"x":88,"y":479,"width":877,"height":12}},{"id":"373b59f2-c121-4b43-9dc0-5846258a146c","block_type":"box","text":"index-related risk and tracking error risk. Index-related risk is the risk that there may be errors in respect of the quality,","page_number":23,"box":{"x":89,"y":494,"width":825,"height":12}},{"id":"c8db726b-d9d7-4447-9cfb-41ee8c5a24d3","block_type":"box","text":"accuracy and completeness of the data included in an underlying index for an underlying fund that may not be identified and","page_number":23,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"ff44d19f-a17b-4df9-82ab-818aefd881b7","block_type":"box","text":"corrected for a period of time. Gains, losses or costs associated with such errors will be borne directly by the underlying fund","page_number":23,"box":{"x":89,"y":524,"width":872,"height":12}},{"id":"c07a4d92-0144-47b9-8c14-3db03af4fe22","block_type":"box","text":"tracking such an index and its shareholders and indirectly by the iBonds Ladder ETFs and their shareholders. An index","page_number":23,"box":{"x":88,"y":539,"width":825,"height":12}},{"id":"068f30fe-69d5-4bd0-aa8d-350bc2f8fef9","block_type":"box","text":"provider for an underlying fund may carry out additional ad hoc rebalances to an underlying index in order, for example, to","page_number":23,"box":{"x":89,"y":554,"width":857,"height":12}},{"id":"4b2d374c-90b6-4666-a672-493b68128433","block_type":"box","text":"correct an error in the selection of index constituents. Where such an index rebalance occurs and an underlying fund in turn","page_number":23,"box":{"x":89,"y":569,"width":868,"height":13}},{"id":"edddeeb9-6c01-4eb7-ab48-0b21f909fedd","block_type":"box","text":"rebalances its portfolio to bring it in line with its underlying index, any transaction costs and market exposure arising from","page_number":23,"box":{"x":89,"y":584,"width":852,"height":13}},{"id":"e3662bf0-3b67-432c-86d0-724a5d8ba31e","block_type":"box","text":"such portfolio rebalancing will be borne directly by the underlying fund and indirectly by the iBonds Ladder ETFs. Tracking","page_number":23,"box":{"x":89,"y":599,"width":851,"height":13}},{"id":"ea6f723e-fe01-4e23-9203-ef91e60b06ad","block_type":"box","text":"error risk is the risk that the performance of an underlying fund will diverge from that of its underlying index, which may","page_number":23,"box":{"x":89,"y":615,"width":841,"height":12}},{"id":"5546f9f4-ead3-4b59-925a-6afdc5f6a07a","block_type":"box","text":"reduce the iBonds Ladder ETFs’ returns and have an adverse impact on the iBonds Ladder ETFs’ strategy. This risk may be","page_number":23,"box":{"x":89,"y":630,"width":849,"height":12}},{"id":"0bf9873b-1d67-4db7-ad4d-fe5f6b3e15cd","block_type":"box","text":"heightened during times of increased market volatility or other unusual market conditions.","page_number":23,"box":{"x":89,"y":645,"width":633,"height":12}},{"id":"a3d91fd2-a93d-4bf0-b33d-6306e0b22141","block_type":"box","text":"Investments in Underlying Funds and Other Investment Companies.","page_number":23,"box":{"x":89,"y":671,"width":487,"height":13}},{"id":"e9de315c-b60f-45f2-84f3-08d639c488ee","block_type":"box","text":"To implement its asset allocation strategy, each","page_number":23,"box":{"x":585,"y":671,"width":331,"height":13}},{"id":"f5ac1448-3982-479f-b88e-d1eb50cfa41f","block_type":"box","text":"iBonds Ladder ETF may invest some or all of its assets in one or more Underlying Funds. Each Underlying Fund generally","page_number":23,"box":{"x":89,"y":686,"width":842,"height":13}},{"id":"1f2920b8-0e25-429a-8b37-d46b22c6c745","block_type":"box","text":"invests directly in portfolio securities. Each iBonds Ladder ETF may also invest in other investment companies, including","page_number":23,"box":{"x":89,"y":702,"width":836,"height":12}},{"id":"fa6def03-d93f-46c8-8470-074efa9ca156","block_type":"box","text":"exchange-traded funds (commonly referred to as “ETFs”) that are not iShares ETFs, to the extent permitted by law.","page_number":23,"box":{"x":89,"y":717,"width":802,"height":12}},{"id":"25b6026b-b163-42df-9ac4-01231fc55407","block_type":"box","text":"Lending Portfolio Securities.","page_number":23,"box":{"x":89,"y":743,"width":202,"height":12}},{"id":"49e2eba0-de51-49f9-a4d8-4053a439fc7d","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":23,"box":{"x":301,"y":743,"width":609,"height":12}},{"id":"8c702f0a-08cf-4d66-bcae-b964d2734066","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":23,"box":{"x":89,"y":758,"width":848,"height":13}},{"id":"8187f531-2024-4ec1-b358-994f1c0abb48","block_type":"box","text":"least equal to the current market value of the securities loaned. No securities loan shall be made on behalf of a Fund if, as a","page_number":23,"box":{"x":89,"y":773,"width":858,"height":13}},{"id":"07a1b6a9-deba-40e6-a2ad-0ffaa1c4d434","block_type":"box","text":"result, the aggregate value of all securities loans of the Fund exceeds one-third of the value of the Fund’s total assets","page_number":23,"box":{"x":89,"y":788,"width":815,"height":13}},{"id":"5bc17b80-76a4-44d9-98e9-8c2a8c5e5eef","block_type":"box","text":"(including the value of the collateral received). A Fund may terminate a loan at any time and obtain the return of the","page_number":23,"box":{"x":89,"y":804,"width":812,"height":12}},{"id":"06e7ab39-1ad3-4c21-b1ee-793bdcd12586","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":23,"box":{"x":89,"y":819,"width":794,"height":12}},{"id":"ce13531e-7d53-4fe2-bb0e-fad1b4c737a4","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":23,"box":{"x":89,"y":834,"width":794,"height":12}},{"id":"4ce4a86d-f368-4bb3-8fbd-4d372fcf14d2","block_type":"box","text":"8","page_number":23,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"258f0d4f-6a5a-44f1-b15a-e5683b89dec9","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of","page_number":24,"box":{"x":88,"y":44,"width":854,"height":12}},{"id":"ec5b422b-78e4-4a68-8dd1-c8568c3d72ee","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":24,"box":{"x":89,"y":59,"width":856,"height":12}},{"id":"b32f9ecd-671b-4587-a187-ab47bfdc8a7a","block_type":"box","text":"cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is compensated by a fee paid","page_number":24,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"519d3ebd-a9db-4788-8a7a-23d553d61cb6","block_type":"box","text":"by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral received by the Fund","page_number":24,"box":{"x":89,"y":89,"width":863,"height":13}},{"id":"1b23c410-d639-4d82-b948-cf1a95126d8e","block_type":"box","text":"for such loans, and uninvested cash, may be reinvested in certain short-term instruments either directly on behalf of each","page_number":24,"box":{"x":88,"y":104,"width":850,"height":13}},{"id":"f0c76ddb-6b03-4b53-b602-2108619bf1da","block_type":"box","text":"Fund or through one or more joint accounts or money market funds, including those affiliated with BFA; such investments","page_number":24,"box":{"x":89,"y":119,"width":855,"height":13}},{"id":"576ad516-375f-45d8-93cf-c2775abe8047","block_type":"box","text":"are subject to investment risk.","page_number":24,"box":{"x":89,"y":135,"width":208,"height":12}},{"id":"851a7579-f562-4d55-a9ed-66c11b44268a","block_type":"box","text":"Each Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio","page_number":24,"box":{"x":89,"y":161,"width":818,"height":12}},{"id":"4ddccdcc-f19d-4a77-bfb2-94749a532c46","block_type":"box","text":"securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund to act as securities lending agent. To the","page_number":24,"box":{"x":89,"y":176,"width":868,"height":13}},{"id":"93ea0219-b59d-4373-975d-75da2ceeaa38","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":24,"box":{"x":89,"y":191,"width":832,"height":13}},{"id":"3b541ed4-96d7-490b-bcfb-0219ea0cee6b","block_type":"box","text":"lending agent for the Fund, subject to the overall supervision of BFA. BTC administers the lending program in accordance","page_number":24,"box":{"x":89,"y":206,"width":846,"height":13}},{"id":"4121d8a4-9960-4fb8-98f4-b01f98b7bf26","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":24,"box":{"x":88,"y":222,"width":862,"height":12}},{"id":"6d9541e9-98d7-4277-a16a-c1300e1d99db","block_type":"box","text":"Chase Bank, N.A. (“JPMorgan”) serves as custodian for certain Funds in connection with certain securities lending activities.","page_number":24,"box":{"x":89,"y":237,"width":865,"height":12}},{"id":"61586b40-962e-4a7e-8fb6-be91d0d574e3","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems","page_number":24,"box":{"x":88,"y":263,"width":873,"height":12}},{"id":"018e4cec-001a-4fd2-b26c-9b06c9980718","block_type":"box","text":"in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral","page_number":24,"box":{"x":89,"y":278,"width":830,"height":13}},{"id":"04acd196-cb1c-4a64-9e2f-98a39ed1a4ed","block_type":"box","text":"reinvestments and the fees a Fund has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default","page_number":24,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"66e64d8e-fb0f-482b-b682-a2823f374f11","block_type":"box","text":"when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to","page_number":24,"box":{"x":88,"y":308,"width":852,"height":13}},{"id":"95493ef5-6d6e-4df5-bf0c-0062843e6166","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":24,"box":{"x":89,"y":324,"width":878,"height":12}},{"id":"a5710dd1-e60a-42f9-85e9-6743d40d339f","block_type":"box","text":"including but not limited to corporate actions, could lead the Fund to lend securities that are trading at a premium due to","page_number":24,"box":{"x":89,"y":339,"width":848,"height":12}},{"id":"1c6543b0-61ab-4e94-862b-dd1731641ccd","block_type":"box","text":"increased demand, or to recall loaned securities or to lend less or not at all, which could lead to reduced securities lending","page_number":24,"box":{"x":89,"y":354,"width":852,"height":12}},{"id":"9fb625f1-17fc-4352-8f5f-b5ee0ffed374","block_type":"box","text":"revenue). If a Fund were to lend out securities that are subject to a corporate action and commit to the borrower a particular","page_number":24,"box":{"x":89,"y":369,"width":870,"height":12}},{"id":"c799a0ca-8d7f-42f9-b524-9d148bf92c89","block_type":"box","text":"election as determined by the Funds’ investment adviser, the benefit the Fund would receive in respect of committing to such","page_number":24,"box":{"x":89,"y":384,"width":875,"height":12}},{"id":"66b776a6-cda9-4cff-9b2e-afd6c0480d3e","block_type":"box","text":"election may or may not be less than the benefit the Fund would have received from making a different election in such","page_number":24,"box":{"x":89,"y":399,"width":834,"height":13}},{"id":"cebd3b92-a1a0-4a41-abe2-9ce265a3eaa2","block_type":"box","text":"corporate action. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay","page_number":24,"box":{"x":89,"y":414,"width":863,"height":13}},{"id":"abcc1e76-565a-4ced-9f7c-0ee775a05bcc","block_type":"box","text":"in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":24,"box":{"x":89,"y":429,"width":833,"height":13}},{"id":"06681606-273d-4ef7-b856-6f9f49e17a62","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event may be","page_number":24,"box":{"x":89,"y":445,"width":853,"height":12}},{"id":"cf7fc052-d8f3-4ae1-85cc-cd073df25dc1","block_type":"box","text":"impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the","page_number":24,"box":{"x":89,"y":460,"width":871,"height":12}},{"id":"95f421a1-cfbd-48dc-b4cf-b5a26785f584","block_type":"box","text":"value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing","page_number":24,"box":{"x":88,"y":475,"width":806,"height":12}},{"id":"a2821130-cd2a-462f-93d4-2293f7548d34","block_type":"box","text":"replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund could lose money if its","page_number":24,"box":{"x":89,"y":490,"width":857,"height":12}},{"id":"47f56284-01fd-470b-ba95-ea2ca234d593","block_type":"box","text":"short-term investment of the collateral declines in value over the period of the loan. Substitute payments received by a Fund","page_number":24,"box":{"x":89,"y":505,"width":866,"height":12}},{"id":"72e95b54-5bc9-4127-9c38-c6240f0c91d2","block_type":"box","text":"representing dividends paid on securities loaned out by the Fund will not be considered qualified dividend income. BTC will","page_number":24,"box":{"x":89,"y":520,"width":858,"height":12}},{"id":"03ae8808-9fca-4aef-b93c-7b3f43496351","block_type":"box","text":"take into account the tax effects on shareholders caused by this difference in connection with a Fund’s securities lending","page_number":24,"box":{"x":88,"y":535,"width":844,"height":13}},{"id":"e03aac43-79dc-46a9-b2e1-2a6910c64ef7","block_type":"box","text":"program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt income. There could also","page_number":24,"box":{"x":89,"y":550,"width":873,"height":13}},{"id":"7818a29b-e4b8-4e9e-908b-779216ec0a8b","block_type":"box","text":"be changes in the status of issuers under applicable laws and regulations, including tax regulations, that may impact the","page_number":24,"box":{"x":89,"y":565,"width":841,"height":13}},{"id":"33ff66ce-9941-4ad6-ad72-d7a6a46fe95e","block_type":"box","text":"regulatory or tax treatment of loaned securities and could, for example, result in a delay in the payment of dividend","page_number":24,"box":{"x":89,"y":581,"width":804,"height":12}},{"id":"e41c59d2-0212-464b-842a-0a0773421a58","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":24,"box":{"x":89,"y":596,"width":490,"height":12}},{"id":"c684009e-124a-4a98-8337-2ab26d5ced8c","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":24,"box":{"x":89,"y":622,"width":824,"height":12}},{"id":"99aaa387-eb07-4059-b8ec-2f0e00684908","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":24,"box":{"x":89,"y":637,"width":859,"height":13}},{"id":"b45ad195-a30b-4ed1-a14e-3b58c176bb19","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":24,"box":{"x":88,"y":652,"width":879,"height":13}},{"id":"5e15fec1-671d-4dfb-914a-4b5e710b0b9c","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types","page_number":24,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"96b4ebcf-9445-418d-970a-ed224b1a227d","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":24,"box":{"x":89,"y":683,"width":846,"height":12}},{"id":"e5821cf4-4a90-4ad2-b87b-0b5e5446fd9d","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":24,"box":{"x":89,"y":698,"width":847,"height":12}},{"id":"6655de18-8a58-4a56-a535-f722670b3177","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":24,"box":{"x":89,"y":713,"width":825,"height":12}},{"id":"2bed7f57-ec50-40f5-bff2-e5b1fb582ba6","block_type":"box","text":"lenders that can provide additional protections, such as liens that are exercisable in connection with a lender default, to","page_number":24,"box":{"x":89,"y":728,"width":834,"height":12}},{"id":"5553ab12-21f7-4ff5-b0fd-39fcc8ed6576","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":24,"box":{"x":89,"y":743,"width":831,"height":12}},{"id":"aeb35e5a-dc5c-47ef-8cf4-403ffdfb149a","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":24,"box":{"x":89,"y":758,"width":571,"height":13}},{"id":"7f0a6672-4b8d-4311-b554-c1ced157659d","block_type":"box","text":"Liquidity Risk Management.","page_number":24,"box":{"x":89,"y":785,"width":200,"height":12}},{"id":"45ea9140-0e78-4110-82fc-fd202859748e","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":24,"box":{"x":299,"y":785,"width":662,"height":12}},{"id":"5f017245-5efa-4646-896e-e3d25b00d365","block_type":"box","text":"including ETFs such as the Funds, to establish a liquidity risk management program (the “Liquidity Program”) and enhance","page_number":24,"box":{"x":89,"y":800,"width":862,"height":12}},{"id":"00bcc7c2-b4f5-4881-83e7-4ddac94b12f0","block_type":"box","text":"disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have implemented a Liquidity Program, and","page_number":24,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"5b715ab5-9d1b-4c5e-b541-ea661194df27","block_type":"box","text":"the Board, including a majority of the Independent Trustees of the Trust, has appointed BFA as the administrator of the","page_number":24,"box":{"x":88,"y":830,"width":832,"height":12}},{"id":"cc69699d-fe9b-4941-929c-8a355fc10a5c","block_type":"box","text":"Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and periodically reviews each Fund’s liquidity risk","page_number":24,"box":{"x":89,"y":845,"width":857,"height":12}},{"id":"7efd3246-68dd-47dc-8097-3fb1ad13ffa0","block_type":"box","text":"and classifies each investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid","page_number":24,"box":{"x":89,"y":860,"width":846,"height":13}},{"id":"3b7df4ac-99d9-43d1-b39d-228cbd0bb75a","block_type":"box","text":"9","page_number":24,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"c57aba94-237a-4cc3-a64e-8d2d174bf7b9","block_type":"box","text":"investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests","page_number":25,"box":{"x":89,"y":44,"width":875,"height":12}},{"id":"5b8d829d-3eab-489d-9917-1ba0d530fcf1","block_type":"box","text":"to redeem shares issued by a Fund without significant dilution of the remaining investors’ interest in a Fund. The liquidity of a","page_number":25,"box":{"x":88,"y":59,"width":878,"height":12}},{"id":"2028747e-2102-47d7-92ae-ac870daa8f27","block_type":"box","text":"Fund’s portfolio investments is determined based on relevant market, trading and investment-specific considerations under","page_number":25,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"a276f99d-a715-4bde-a209-9a9aec736945","block_type":"box","text":"the Liquidity Program. There are exclusions from certain portions of the liquidity risk management program requirements for","page_number":25,"box":{"x":88,"y":89,"width":875,"height":13}},{"id":"3933fbc2-8d35-4804-98a9-5e1fee929839","block_type":"box","text":"“in-kind” ETFs, as defined in the Liquidity Rule. To the extent that an investment is deemed to be an illiquid investment or a","page_number":25,"box":{"x":89,"y":104,"width":860,"height":13}},{"id":"bee642dc-1c97-4c62-aacf-3c9a13812def","block_type":"box","text":"less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":25,"box":{"x":89,"y":119,"width":554,"height":13}},{"id":"4bba5a56-d92a-40f9-9466-9f03ba2f62ad","block_type":"box","text":"Non-U.S. Securities.","page_number":25,"box":{"x":89,"y":146,"width":141,"height":10}},{"id":"550199d3-ed06-4efb-8e7e-044f2b868cba","block_type":"box","text":"Certain obligations or securities of non-U.S. issuers may be deemed to be located in a particular country","page_number":25,"box":{"x":240,"y":146,"width":728,"height":12}},{"id":"dc8e267e-960f-495e-a7e7-6c7dd33830e6","block_type":"box","text":"if: (i) the principal trading market for the security is in such country, (ii) the issuer is organized under the laws of such","page_number":25,"box":{"x":89,"y":161,"width":818,"height":12}},{"id":"a5dea586-c3cd-4ac7-bfe0-501e3489cfbe","block_type":"box","text":"country, (iii) the issuer derives at least 50% of its revenues or profits from such country or has at least 50% of its assets","page_number":25,"box":{"x":89,"y":176,"width":834,"height":13}},{"id":"aca63f6f-0431-4652-a821-cf26eede16c3","block_type":"box","text":"situated in such country, or (iv) the issuer is the government of the particular country.","page_number":25,"box":{"x":89,"y":191,"width":598,"height":13}},{"id":"4dd3ac5a-7cbe-4996-bcf1-5ca3996a5b48","block_type":"box","text":"Privately Issued Securities.","page_number":25,"box":{"x":89,"y":218,"width":191,"height":12}},{"id":"8c7e8c72-cd7c-462a-bca7-693dac1fd494","block_type":"box","text":"The Funds or an Underlying Fund may invest in privately issued securities, including those that","page_number":25,"box":{"x":292,"y":218,"width":663,"height":12}},{"id":"5bfacbcb-ae5e-4542-8472-6b7c15d49ed8","block_type":"box","text":"may be resold only in accordance with Rule 144A or Regulation S under the 1933 Act (“Restricted Securities”). Restricted","page_number":25,"box":{"x":89,"y":233,"width":845,"height":12}},{"id":"49e6b21a-da52-467a-961d-78e2f2c36208","block_type":"box","text":"Securities are not publicly-traded and are subject to a variety of restrictions, which limit a purchaser’s ability to acquire or","page_number":25,"box":{"x":88,"y":248,"width":849,"height":12}},{"id":"0af9e76e-084c-48f2-b8fe-dc1d6b1cc3f5","block_type":"box","text":"resell such securities. Accordingly, the liquidity of the market for specific Restricted Securities may vary. Delay or difficulty in","page_number":25,"box":{"x":89,"y":263,"width":864,"height":12}},{"id":"e51730a8-5eb0-4faf-ab7c-2eef276223b5","block_type":"box","text":"selling such securities may result in a loss to a Fund.","page_number":25,"box":{"x":89,"y":278,"width":364,"height":13}},{"id":"134ba4f5-f3f1-438b-8fc0-5d0832c11f15","block_type":"box","text":"Ratings.","page_number":25,"box":{"x":89,"y":305,"width":57,"height":12}},{"id":"4240e736-65fe-4aee-8df5-e086d278ada5","block_type":"box","text":"An investment-grade rating generally means the security or issuer is rated investment-grade by one or more of","page_number":25,"box":{"x":154,"y":305,"width":777,"height":12}},{"id":"8028c262-9405-4880-a659-dbe2d0c73cb4","block_type":"box","text":"Moody’s, S&P Global Ratings, Fitch, or another credit rating agency designated as a nationally recognized statistical rating","page_number":25,"box":{"x":89,"y":320,"width":851,"height":12}},{"id":"34fd2267-20d3-4624-be9c-3f6f89b965b6","block_type":"box","text":"organization (“NRSRO”) by the SEC, or is unrated but considered to be of equivalent quality by BFA. Generally, bonds rated","page_number":25,"box":{"x":89,"y":335,"width":853,"height":12}},{"id":"bc0c912e-5884-42a8-9d4e-b35e07b8f8fc","block_type":"box","text":"Baa3 or above by Moody’s or BBB- or above by S&P Global Ratings and Fitch are considered “investment-grade” securities,","page_number":25,"box":{"x":89,"y":350,"width":857,"height":12}},{"id":"9254dc1d-87af-4879-809b-15220c4ff008","block_type":"box","text":"bonds rated Baa are considered medium grade obligations subject to moderate credit risk and may possess certain","page_number":25,"box":{"x":89,"y":365,"width":803,"height":12}},{"id":"b58077b6-a174-4dcf-8402-949a6b1af3b8","block_type":"box","text":"speculative characteristics, while bonds rated BBB are regarded as having adequate capacity to meet financial commitments.","page_number":25,"box":{"x":89,"y":380,"width":873,"height":13}},{"id":"5ca532ad-8d43-42fd-bbcb-8ba86d6decb1","block_type":"box","text":"Subsequent to purchase by a Fund or an Underlying Fund, a rated security may cease to be rated or its rating may be reduced","page_number":25,"box":{"x":88,"y":407,"width":879,"height":12}},{"id":"bc04f0e1-8d91-40ec-aba8-4a997e089773","block_type":"box","text":"below an investment-grade rating. Bonds rated below Baa3 by Moody’s or below BBB- by S&P Global Ratings or Fitch are","page_number":25,"box":{"x":89,"y":422,"width":844,"height":12}},{"id":"31df4d8c-0b74-4243-9333-5e228aeca414","block_type":"box","text":"generally considered below investment-grade quality and are obligations of issuers that are generally considered","page_number":25,"box":{"x":89,"y":437,"width":786,"height":12}},{"id":"54e20cd6-1a55-49cd-b91d-6234c6793e5c","block_type":"box","text":"predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal according to the terms of","page_number":25,"box":{"x":89,"y":452,"width":865,"height":12}},{"id":"4ec45555-bc3b-4e2b-aa7d-26a98f6555a6","block_type":"box","text":"the obligation and, therefore, carry greater investment risk, including the possibility of issuer default and bankruptcy and","page_number":25,"box":{"x":88,"y":467,"width":844,"height":13}},{"id":"9e83ebe9-e6be-4461-9a62-705bc06687fa","block_type":"box","text":"increased market price volatility. Such lower-rated securities are commonly referred to as “junk bonds” and are subject to a","page_number":25,"box":{"x":89,"y":482,"width":860,"height":13}},{"id":"e97d2c06-f69c-465b-924c-50fb2bb70085","block_type":"box","text":"substantial degree of credit risk. Please see Appendix B of this SAI for a description of each rating category of Moody’s, S&P","page_number":25,"box":{"x":89,"y":497,"width":864,"height":13}},{"id":"6555867f-76ea-4ace-9272-fcbae177217d","block_type":"box","text":"Global Ratings and Fitch and BFA’s treatment of investments that are not rated by any of the rating agencies.","page_number":25,"box":{"x":89,"y":513,"width":760,"height":12}},{"id":"56bfbb4f-5b83-41d0-b19e-208d46db6b46","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":25,"box":{"x":89,"y":539,"width":242,"height":12}},{"id":"d61f5fd7-2886-42d2-ba16-b959a719165c","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":25,"box":{"x":340,"y":539,"width":588,"height":12}},{"id":"e2d336ca-a9e6-42f0-9594-5b11cc91f4f8","block_type":"box","text":"CFTC if a fund that is advised by the adviser either (i) invests, directly or indirectly, more than a prescribed level of its","page_number":25,"box":{"x":89,"y":554,"width":812,"height":12}},{"id":"3334c6fc-204d-490b-adbe-93f653f7b2ec","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":25,"box":{"x":89,"y":569,"width":819,"height":13}},{"id":"c15d9d7a-e71d-4422-98ad-cec6c36850e6","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":25,"box":{"x":89,"y":584,"width":872,"height":13}},{"id":"c123cab4-ff1b-4c9d-99f7-55195be95b0e","block_type":"box","text":"by the CFTC if the registered investment company invests in one or more commodity pools. To the extent a Fund uses CFTC","page_number":25,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"5234154a-b181-4ee3-a75f-d94220a058ff","block_type":"box","text":"Derivatives, it intends to do so below such prescribed levels and intends not to market itself as a “commodity pool” or a","page_number":25,"box":{"x":89,"y":615,"width":834,"height":12}},{"id":"f9fac7ef-6b4a-43a7-b1c4-3c3dd300e3b6","block_type":"box","text":"vehicle for trading such instruments.","page_number":25,"box":{"x":88,"y":630,"width":256,"height":12}},{"id":"e80bf26f-d678-4ae5-91db-f2521857afd9","block_type":"box","text":"BFA has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA pursuant to Rule 4.5","page_number":25,"box":{"x":89,"y":656,"width":873,"height":13}},{"id":"e88a60b9-40ec-43bc-abb9-5ae68e25932d","block_type":"box","text":"under the CEA with respect to each Fund. BFA is not, therefore, subject to registration or regulation as a “commodity pool","page_number":25,"box":{"x":89,"y":671,"width":849,"height":13}},{"id":"811343b8-9506-4c4b-b352-dfd6ac10e5bd","block_type":"box","text":"operator” under the CEA with respect to the Funds.","page_number":25,"box":{"x":89,"y":686,"width":358,"height":13}},{"id":"8b0bf674-897a-4da5-9070-761d64922681","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":25,"box":{"x":89,"y":713,"width":849,"height":12}},{"id":"7f692e17-f3a7-40c5-8594-d44094bda6c1","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":25,"box":{"x":89,"y":728,"width":873,"height":12}},{"id":"36e15a8a-55ab-4804-9d89-0fd843c547ad","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":25,"box":{"x":89,"y":743,"width":838,"height":12}},{"id":"0ae0ec9e-8e61-4726-8db5-33faf4d69bea","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":25,"box":{"x":89,"y":758,"width":863,"height":13}},{"id":"472cd802-9f05-4b16-9c44-41c405942daa","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":25,"box":{"x":89,"y":773,"width":867,"height":13}},{"id":"eb40bf13-1349-48f8-a9a4-8137da5dff0d","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":25,"box":{"x":89,"y":788,"width":863,"height":13}},{"id":"fd19a8eb-4ee5-4e28-9b5b-deaafa2f9fff","block_type":"box","text":"and, as a result, may affect returns to investors in a Fund.","page_number":25,"box":{"x":89,"y":804,"width":398,"height":12}},{"id":"9ab00241-13fb-445b-9f0d-67809c62ce73","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":25,"box":{"x":89,"y":830,"width":866,"height":12}},{"id":"0c6af092-b449-45ee-bd68-079a279cc1bb","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":25,"box":{"x":89,"y":845,"width":842,"height":12}},{"id":"a01bb0cd-1e4b-4c0d-bd88-21c1349a40bb","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":25,"box":{"x":89,"y":860,"width":823,"height":13}},{"id":"e4b7a8bf-437c-4fbf-8d90-7ff93a771c9e","block_type":"box","text":"10","page_number":25,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"1d86ffa8-3e5e-4951-9d94-2b757013d63c","block_type":"box","text":"including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement","page_number":26,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"7f517f55-3834-4bbe-a4e4-ce46e88de926","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":26,"box":{"x":88,"y":59,"width":257,"height":12}},{"id":"f29d30ff-15f3-4b23-a07f-b6c67a003ad8","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":26,"box":{"x":89,"y":85,"width":862,"height":13}},{"id":"6ed85a7e-f6e2-425f-9130-b038f826ec1b","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":26,"box":{"x":88,"y":101,"width":871,"height":12}},{"id":"0bafa583-4910-4d85-8931-fe00370b7fa6","block_type":"box","text":"or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets","page_number":26,"box":{"x":89,"y":116,"width":871,"height":12}},{"id":"c46512da-3cd4-4d6a-9ce5-d9a4b545a080","block_type":"box","text":"during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise;","page_number":26,"box":{"x":89,"y":131,"width":867,"height":12}},{"id":"58654e2b-57ce-4207-ae0c-0ecdad9991ae","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":26,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"a14b521e-c1a9-4146-8080-4f3766c8776a","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":26,"box":{"x":89,"y":161,"width":863,"height":12}},{"id":"dc48bf9b-f475-4009-b7a9-60961ac5b5db","block_type":"box","text":"under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be","page_number":26,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"a6e02cdb-aef1-448f-a236-f81edd6f5b02","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":26,"box":{"x":89,"y":191,"width":870,"height":13}},{"id":"f8c0d0aa-4e09-4848-8d6e-07a4beb1c13c","block_type":"box","text":"physically settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed-Settlement","page_number":26,"box":{"x":89,"y":206,"width":834,"height":13}},{"id":"71c4c274-3f9c-48ad-9d8a-9707f3b14ce4","block_type":"box","text":"Securities Provision”).","page_number":26,"box":{"x":88,"y":222,"width":152,"height":12}},{"id":"3af11605-b370-4486-95ac-9497ad325bf5","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4","page_number":26,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"4cd9018f-307b-4828-a05a-c0061369a34b","block_type":"box","text":"with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and implement a","page_number":26,"box":{"x":88,"y":263,"width":830,"height":12}},{"id":"73034fe6-db07-488c-baaf-4e6548c3c7b2","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":26,"box":{"x":89,"y":278,"width":875,"height":13}},{"id":"e29010e6-bfed-4349-8796-377d84532aa1","block_type":"box","text":"leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is","page_number":26,"box":{"x":89,"y":293,"width":846,"height":13}},{"id":"0b79a279-110a-4a4a-b0a3-aabf3e23590a","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":26,"box":{"x":89,"y":308,"width":839,"height":13}},{"id":"256fa150-4147-4d41-9799-0b5cebb134c2","block_type":"box","text":"reports to the Board.","page_number":26,"box":{"x":89,"y":324,"width":142,"height":12}},{"id":"f77e09cb-476a-45c7-9b3d-b839719e9454","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s “derivatives exposure”","page_number":26,"box":{"x":89,"y":350,"width":868,"height":12}},{"id":"e9d85293-760a-4026-86df-c0f19ac64134","block_type":"box","text":"(as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":26,"box":{"x":89,"y":365,"width":830,"height":12}},{"id":"683c4654-68d1-4d06-87af-850f2019c341","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":26,"box":{"x":89,"y":380,"width":850,"height":13}},{"id":"dc6a30ee-0867-4546-b8b0-abcf9d6e4c92","block_type":"box","text":"Derivatives User Exception”).","page_number":26,"box":{"x":89,"y":395,"width":201,"height":13}},{"id":"6a681e7a-2476-4029-82c0-11ea1327a958","block_type":"box","text":"The iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares","page_number":26,"box":{"x":88,"y":422,"width":845,"height":12}},{"id":"d77edea7-c2e8-4fc5-8fbd-968a77a36190","block_type":"box","text":"iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF and iShares iBonds Dec","page_number":26,"box":{"x":89,"y":437,"width":870,"height":12}},{"id":"66bf8754-249d-45be-8ecf-9ab96a058174","block_type":"box","text":"2027 Term Corporate ETF (the “No-Action Letter Funds”) may also have investments in “underlying funds” (and such","page_number":26,"box":{"x":89,"y":452,"width":821,"height":12}},{"id":"fe4e03aa-637b-4859-8631-3be4dc73f68f","block_type":"box","text":"underlying funds themselves may invest in underlying funds) not advised by BFA (the term “underlying fund” for purposes of","page_number":26,"box":{"x":89,"y":467,"width":877,"height":13}},{"id":"335aec1d-db63-4c3e-9bee-2dbf1856bbf9","block_type":"box","text":"the no-action letter referenced below may include, but is not limited to, certain securitized vehicles, mortgage or international","page_number":26,"box":{"x":88,"y":482,"width":878,"height":13}},{"id":"da330c46-5e4e-48cb-888d-86a5e596bcce","block_type":"box","text":"real estate investment trusts (“REITs”), business development companies and, investment companies that may invest in","page_number":26,"box":{"x":89,"y":497,"width":837,"height":13}},{"id":"1979386f-bda5-4c1c-b596-2af7f697fd6d","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":26,"box":{"x":89,"y":513,"width":850,"height":12}},{"id":"3d0f09b4-6b5b-4096-b7c5-d4c40165c6a7","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":26,"box":{"x":89,"y":528,"width":866,"height":12}},{"id":"f21c7b24-21ec-4ef3-b450-babad304191d","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":26,"box":{"x":89,"y":543,"width":843,"height":12}},{"id":"aea92705-3724-4d00-8161-12e9f4b48c80","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":26,"box":{"x":89,"y":558,"width":871,"height":12}},{"id":"08cde777-c074-4111-91ce-d338997cf3a0","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":26,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"4e9a4a46-5246-4374-a141-73caf54d9584","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":26,"box":{"x":88,"y":588,"width":870,"height":12}},{"id":"03d9cd7a-8793-45d3-8f92-572f369ac129","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":26,"box":{"x":88,"y":603,"width":820,"height":13}},{"id":"fbc6b9e2-d04c-4d9f-8acb-236d78941c6a","block_type":"box","text":"regulation as a “commodity pool operator” under the CEA in respect of the Funds.","page_number":26,"box":{"x":89,"y":618,"width":573,"height":13}},{"id":"7c842754-3168-425a-955e-2135133ddfe9","block_type":"box","text":"Repurchase Agreements.","page_number":26,"box":{"x":89,"y":645,"width":180,"height":12}},{"id":"3f1c38d8-d0e6-40f0-9e87-cd1593373bcf","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":26,"box":{"x":278,"y":645,"width":494,"height":12}},{"id":"30279f77-fd92-4801-a5a1-5ca5fe6d416e","block_type":"box","text":"i.e.","page_number":26,"box":{"x":773,"y":646,"width":18,"height":9}},{"id":"dd9ff9da-39db-47b4-93c7-0c1cbf8a8712","block_type":"box","text":", a Fund) acquires a","page_number":26,"box":{"x":793,"y":645,"width":136,"height":12}},{"id":"d3ad2631-1420-42fa-8827-76cbf53b239f","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":26,"box":{"x":89,"y":660,"width":854,"height":12}},{"id":"b1536e74-227a-4ff2-850f-1050d76b6768","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":26,"box":{"x":88,"y":675,"width":822,"height":12}},{"id":"7bdd8822-0e3c-4c3d-ae02-453207fe7418","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":26,"box":{"x":89,"y":690,"width":828,"height":13}},{"id":"58adddd2-d456-4ea5-97d5-bc92b08c5638","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":26,"box":{"x":89,"y":705,"width":878,"height":13}},{"id":"c9be7d3b-3a3d-4fd7-b800-71e929e51dfb","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":26,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"4753beaa-78ba-4c19-9f6a-07c12e734b4a","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":26,"box":{"x":88,"y":736,"width":761,"height":12}},{"id":"4fa06c4c-60ad-4f2e-9d3d-023cdb3c86a0","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":26,"box":{"x":89,"y":762,"width":875,"height":12}},{"id":"4a61afe0-105a-4267-a0f7-89268b63b03e","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":26,"box":{"x":88,"y":777,"width":841,"height":12}},{"id":"aaf51850-5e07-4bfe-9523-e8a410a850bf","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":26,"box":{"x":89,"y":792,"width":811,"height":13}},{"id":"7f299461-1fd1-4f13-ab8f-05509662334d","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":26,"box":{"x":89,"y":807,"width":856,"height":13}},{"id":"b3b61bc5-ddef-4cf7-a4fd-695a6a303794","block_type":"box","text":"seven days.","page_number":26,"box":{"x":89,"y":822,"width":78,"height":13}},{"id":"eeb5b3c2-3c18-4ad6-b2a0-54849bd59684","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund, should it decide to utilize them. Such risks are not unique to the Fund,","page_number":26,"box":{"x":89,"y":849,"width":868,"height":12}},{"id":"44c1eddd-f7de-43b2-9234-e44e8f972d91","block_type":"box","text":"but are inherent in repurchase agreements. A Fund seeks to minimize such risks, but because of the inherent legal","page_number":26,"box":{"x":89,"y":864,"width":797,"height":12}},{"id":"a1a2b6ae-e597-48cf-8b4e-c49f8fd6d754","block_type":"box","text":"11","page_number":26,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"986767eb-5068-4643-a9d1-df6b8a26a096","block_type":"box","text":"uncertainties involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with","page_number":27,"box":{"x":89,"y":44,"width":873,"height":12}},{"id":"50fa3e26-36f4-4f20-8a73-98ff568cf30e","block_type":"box","text":"a longer maturity may be subject to greater price fluctuations than higher quality collateral and collateral with a shorter","page_number":27,"box":{"x":89,"y":59,"width":836,"height":12}},{"id":"e1be3104-5f3e-42c9-84c9-91aba1f6837f","block_type":"box","text":"maturity. If the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate","page_number":27,"box":{"x":89,"y":74,"width":871,"height":12}},{"id":"a4a89edb-5159-4207-a004-582648d9477f","block_type":"box","text":"than higher quality collateral. Should the counterparty default and the amount of collateral not be sufficient to cover the","page_number":27,"box":{"x":88,"y":89,"width":841,"height":13}},{"id":"82d4aa5c-c5e6-4c17-8d3c-48b381edd3c4","block_type":"box","text":"counterparty’s repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":27,"box":{"x":89,"y":104,"width":845,"height":13}},{"id":"49ed0e69-ff84-40ff-bc75-d8168e6a0fc0","block_type":"box","text":"i.e.","page_number":27,"box":{"x":935,"y":105,"width":18,"height":9}},{"id":"d94b262a-f0fa-4f18-bac5-a50af7787a01","block_type":"box","text":",","page_number":27,"box":{"x":955,"y":113,"width":2,"height":3}},{"id":"93dd0bdf-646d-45c4-ae65-e627aed57707","block_type":"box","text":"the position a Fund or an Underlying Fund would normally be in if it were to hold, pursuant to its investment policies, other","page_number":27,"box":{"x":88,"y":119,"width":861,"height":13}},{"id":"b6ba927c-1fca-4a77-8e45-922d5847dc2e","block_type":"box","text":"unsecured debt securities of the defaulting counterparty) with respect to the amount of the shortfall. As an unsecured","page_number":27,"box":{"x":89,"y":135,"width":827,"height":12}},{"id":"aaf26dca-5a8d-4214-bf18-157237c03172","block_type":"box","text":"creditor, a Fund would be at risk of losing some or all of the principal and income involved in the transaction.","page_number":27,"box":{"x":89,"y":150,"width":759,"height":12}},{"id":"44d47c41-aaaf-49f2-96d0-366f7c664138","block_type":"box","text":"Securities of Investment Companies.","page_number":27,"box":{"x":88,"y":176,"width":263,"height":13}},{"id":"d6922067-1f5b-47ca-b17d-f553c687711d","block_type":"box","text":"A Fund may invest in the securities of other investment companies (including money","page_number":27,"box":{"x":360,"y":176,"width":595,"height":13}},{"id":"f1ed25e0-b857-459b-a0f2-5c9b8acdc4b3","block_type":"box","text":"market funds) to the extent permitted by law, regulation, exemptive order or SEC staff guidance. Under the 1940 Act, a fund’s","page_number":27,"box":{"x":89,"y":191,"width":876,"height":13}},{"id":"6ea6e283-adc6-4b5b-8d3a-f6b840c3331b","block_type":"box","text":"investment in investment companies is limited to, subject to certain exceptions, (i) 3% of the total outstanding voting stock","page_number":27,"box":{"x":89,"y":206,"width":864,"height":13}},{"id":"74151650-5110-4019-81c2-55bb683d3910","block_type":"box","text":"of any one investment company, (ii) 5% of the fund’s total assets with respect to any one investment company, and (iii) 10%","page_number":27,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"9fe89ee6-947c-4f52-9dd5-05c45836c7ea","block_type":"box","text":"of the fund’s total assets with respect to investment companies in the aggregate. Other investment companies in which a","page_number":27,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"0de3db87-170c-4e5a-ad69-7f970246db07","block_type":"box","text":"Fund invests can be expected to incur fees and expenses for operations, such as investment advisory and administration fees,","page_number":27,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"8efec5eb-ee39-4a0f-b5f2-0771f85e63cf","block_type":"box","text":"which would be in addition to those incurred by a Fund. Pursuant to guidance issued by the SEC staff, fees and expenses of","page_number":27,"box":{"x":88,"y":267,"width":863,"height":12}},{"id":"25b39da7-cc6d-46ec-995a-1f15eef2e018","block_type":"box","text":"money market funds used for cash collateral received in connection with loans of securities are not treated as Acquired Fund","page_number":27,"box":{"x":89,"y":282,"width":873,"height":12}},{"id":"17d3c083-076a-40b9-bfd7-e83021fc8a26","block_type":"box","text":"Fees and Expenses, which reflect a Fund’s","page_number":27,"box":{"x":89,"y":297,"width":291,"height":12}},{"id":"395bd6d4-abc3-4f65-964b-f9713ccf3491","block_type":"box","text":"pro rata","page_number":27,"box":{"x":385,"y":298,"width":55,"height":11}},{"id":"22d23d6a-d5a7-4275-9030-e18ec5a9ed36","block_type":"box","text":"share of the fees and expenses incurred by investing in other investment","page_number":27,"box":{"x":445,"y":297,"width":506,"height":12}},{"id":"2ddcf74b-88a6-4e7e-aa10-fdaecbfef087","block_type":"box","text":"companies (as disclosed in the Prospectus, as applicable).","page_number":27,"box":{"x":89,"y":312,"width":404,"height":13}},{"id":"2adb3437-ee90-4318-9c5b-eae2bff84d43","block_type":"box","text":"An Underlying Fund may purchase shares of ETFs for the same reason it would purchase (and as an alternative to","page_number":27,"box":{"x":88,"y":339,"width":795,"height":12}},{"id":"6cc54d09-3613-4fc3-a766-5ce37e8a900b","block_type":"box","text":"purchasing) futures contracts – to obtain relatively low-cost exposure to the stock market while maintaining flexibility to","page_number":27,"box":{"x":89,"y":354,"width":843,"height":12}},{"id":"6dee1045-b3ef-45e6-bd21-032361aa4119","block_type":"box","text":"meet the liquidity needs of the Underlying Fund. ETF shares enjoy several advantages over futures contracts. Depending on","page_number":27,"box":{"x":89,"y":369,"width":860,"height":12}},{"id":"b06c7df7-48ab-4373-8c01-78e80c9759dd","block_type":"box","text":"the market, the holding period, and other factors, ETF shares can be less costly than futures contracts. In addition, ETF shares","page_number":27,"box":{"x":88,"y":384,"width":879,"height":12}},{"id":"d256c207-b553-44c4-a6dc-965817297b75","block_type":"box","text":"can be purchased for smaller sums and offer exposure to market sectors and styles for which there is no suitable or liquid","page_number":27,"box":{"x":89,"y":399,"width":850,"height":13}},{"id":"bf49bd46-37ba-45a6-9234-ba742874f852","block_type":"box","text":"futures contract. An Underlying Fund may also purchase ETF shares for other purposes, including improving its ability to","page_number":27,"box":{"x":88,"y":414,"width":843,"height":13}},{"id":"992c06c1-e61d-4c6b-b5a8-506b23eeb10f","block_type":"box","text":"track its underlying index. An Underlying Fund may invest in shares of ETFs that are advised by BFA.","page_number":27,"box":{"x":88,"y":429,"width":697,"height":13}},{"id":"3165fa10-b360-44c5-b0ff-73ba27b1f73a","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":27,"box":{"x":88,"y":456,"width":386,"height":12}},{"id":"08c4f6e0-3eb5-4a48-9976-58eecac1c087","block_type":"box","text":"Each Fund and the Underlying Funds may invest in short-term","page_number":27,"box":{"x":484,"y":456,"width":434,"height":12}},{"id":"ce3d75f0-f0c1-4f54-ae77-6c631856c043","block_type":"box","text":"instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money","page_number":27,"box":{"x":89,"y":471,"width":836,"height":12}},{"id":"86fbbf9f-05b3-41e6-9971-64bc08bdd91a","block_type":"box","text":"market instruments are generally short-term investments that may include, but are not limited to: (i) shares of money market","page_number":27,"box":{"x":89,"y":486,"width":877,"height":12}},{"id":"10f4d8ec-2617-493f-aef2-093efecf85ef","block_type":"box","text":"funds (including those advised by BFA or otherwise affiliated with BFA); (ii) obligations issued or guaranteed by the U.S.","page_number":27,"box":{"x":88,"y":501,"width":835,"height":13}},{"id":"24142292-e771-4506-a143-9822567e5351","block_type":"box","text":"government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of","page_number":27,"box":{"x":89,"y":516,"width":858,"height":13}},{"id":"d33c9682-f2fc-4bbb-9cc6-5181f281911e","block_type":"box","text":"deposit (“CDs”), bankers’ acceptances, fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non","page_number":27,"box":{"x":89,"y":531,"width":869,"height":13}},{"id":"379b2878-0b8a-4451-8512-d2f347241d52","block_type":"box","text":"U.S. branches) and similar institutions; (iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s, “F-1” by","page_number":27,"box":{"x":89,"y":547,"width":864,"height":12}},{"id":"d197cf85-c89a-4201-8c76-44082fcfe9da","block_type":"box","text":"Fitch, or “A-1” by S&P Global Ratings, or if unrated, of comparable quality as determined by BFA; (v) non-convertible","page_number":27,"box":{"x":89,"y":562,"width":810,"height":12}},{"id":"b3e29389-2289-476d-baf8-fe800f6671b3","block_type":"box","text":"corporate debt securities (","page_number":27,"box":{"x":89,"y":577,"width":183,"height":12}},{"id":"66e934b2-7abb-47e8-8006-719b77a20871","block_type":"box","text":"e.g.","page_number":27,"box":{"x":273,"y":580,"width":23,"height":9}},{"id":"4bd8d979-5e9b-47dc-9741-90bdfb04e944","block_type":"box","text":", bonds and debentures) with remaining maturities at the date of purchase of not more than","page_number":27,"box":{"x":298,"y":577,"width":645,"height":12}},{"id":"87025d38-a59d-412c-ae64-ea22a3e2fcad","block_type":"box","text":"397 days and that have been determined to present minimal credit risks, in accordance with the requirements set forth in","page_number":27,"box":{"x":89,"y":592,"width":847,"height":12}},{"id":"835dc0e3-2bff-4b1a-b45f-7090b4419e54","block_type":"box","text":"Rule 2a-7 under the 1940 Act; (vi) repurchase agreements; and (vii) short-term U.S. dollar-denominated obligations of non","page_number":27,"box":{"x":89,"y":607,"width":865,"height":12}},{"id":"d5a18b17-fc93-436f-9016-1ef53466e717","block_type":"box","text":"U.S. banks (including U.S. branches) that, in the opinion of BFA, are of comparable quality to obligations of U.S. banks that","page_number":27,"box":{"x":89,"y":622,"width":854,"height":12}},{"id":"3ea98724-0e1e-421e-84ec-ea59dabeb8ba","block_type":"box","text":"may be purchased by a Fund. Any of these instruments may be purchased on a current or forward-settled basis. Time","page_number":27,"box":{"x":89,"y":637,"width":822,"height":13}},{"id":"9320cfa0-12fe-4e6f-80b4-d2265e4d241b","block_type":"box","text":"deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates.","page_number":27,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"96b7adc9-6653-453c-86e1-220c18e2c171","block_type":"box","text":"Bankers’ acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international","page_number":27,"box":{"x":89,"y":668,"width":841,"height":12}},{"id":"793b0858-8313-4173-ab40-40d8b88dedab","block_type":"box","text":"transactions.","page_number":27,"box":{"x":88,"y":684,"width":90,"height":8}},{"id":"fa6af66e-fdaa-4e60-beb3-915d978c9dd7","block_type":"box","text":"U.S.-Registered and Restricted Securities of Non-U.S. Issuers.","page_number":27,"box":{"x":89,"y":709,"width":439,"height":12}},{"id":"449fa251-76ff-476d-9b15-0ca00e696803","block_type":"box","text":"Investing in U.S.-registered, U.S. dollar-denominated bonds","page_number":27,"box":{"x":538,"y":709,"width":413,"height":12}},{"id":"e62caa50-5cbe-4901-b3f9-3fb36fc9b208","block_type":"box","text":"or Restricted Securities issued by non-U.S. issuers involves some risks and considerations not typically associated with","page_number":27,"box":{"x":89,"y":724,"width":826,"height":13}},{"id":"fd955b9a-9184-432d-8142-500d50b40fa5","block_type":"box","text":"investing in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":27,"box":{"x":89,"y":739,"width":875,"height":13}},{"id":"2e3cccf3-8db3-4942-bd93-264af86e721c","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":27,"box":{"x":89,"y":754,"width":853,"height":13}},{"id":"a6fc2af9-1b3f-4af2-b9fb-50dabab14f5b","block_type":"box","text":"which could affect U.S. investments in foreign countries; and potential restrictions of the flow of international capital. Non","page_number":27,"box":{"x":88,"y":770,"width":858,"height":12}},{"id":"6d7d1a8f-785b-4852-85b3-630f808305a3","block_type":"box","text":"U.S. issuers may be subject to less governmental regulation than U.S. issuers. In addition, the risk that the issuer may fail to","page_number":27,"box":{"x":89,"y":785,"width":859,"height":12}},{"id":"29492bf5-1165-447b-bb2d-a2b955fa89ba","block_type":"box","text":"meet its obligations on these securities may be affected by fluctuations in non-U.S. currency exchange rates between the","page_number":27,"box":{"x":89,"y":800,"width":845,"height":12}},{"id":"ea87bfba-e481-428e-84f3-56fc91957b82","block_type":"box","text":"issuer’s local currency and the U.S. dollar. Moreover, individual non-U.S. economies may differ favorably or unfavorably from","page_number":27,"box":{"x":89,"y":815,"width":865,"height":12}},{"id":"9727693e-b323-45a6-9b02-5512c6783816","block_type":"box","text":"the U.S. economy in such respects as growth of gross domestic product (“GDP”), rate of inflation, capital reinvestment,","page_number":27,"box":{"x":88,"y":830,"width":834,"height":12}},{"id":"e74dd0c6-5475-4772-b8cc-ccfd5a2d5e93","block_type":"box","text":"resource self-sufficiency and balance of payment positions.","page_number":27,"box":{"x":89,"y":845,"width":413,"height":12}},{"id":"2728b720-199a-4787-971e-df9bb00d2486","block_type":"box","text":"12","page_number":27,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"7bbb3f92-c11f-4546-9bfa-5a28fca32835","block_type":"box","text":"Future Developments.","page_number":28,"box":{"x":89,"y":44,"width":157,"height":12}},{"id":"fa27d11a-3cf4-461a-869b-34d82306c495","block_type":"box","text":"The board of each Fund may, in the future, authorize each Fund to invest in securities contracts and","page_number":28,"box":{"x":255,"y":44,"width":697,"height":12}},{"id":"b79a4eef-8c9b-4bfa-b208-1e74f567e2a7","block_type":"box","text":"investments, other than those listed in this SAI and in the applicable Prospectus, provided they are consistent with the Fund’s","page_number":28,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"96598ad6-4adf-4833-b0a9-0bc3d3fb8005","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":28,"box":{"x":89,"y":74,"width":586,"height":12}},{"id":"37ad166f-32b6-44ed-a33f-2963408e6138","block_type":"box","text":"General Considerations and Risks","page_number":28,"box":{"x":90,"y":105,"width":559,"height":23}},{"id":"21f66a85-908e-4a96-8ae9-d3bda9263731","block_type":"box","text":"A discussion of some of the principal risks associated with an investment in a Fund is contained in the applicable Prospectus.","page_number":28,"box":{"x":88,"y":146,"width":876,"height":12}},{"id":"32942f08-9039-46c7-9361-ff6db67561b0","block_type":"box","text":"An investment in a Fund should be made with an understanding that the value of the Fund’s portfolio securities, including its","page_number":28,"box":{"x":88,"y":172,"width":875,"height":13}},{"id":"07500c71-dd2d-47a7-aae5-bd834cff0920","block_type":"box","text":"investment in the Underlying Fund, may fluctuate in accordance with changes in the financial condition of the issuers of the","page_number":28,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"df96bc36-c343-4669-9755-f2dfe4c5e46f","block_type":"box","text":"portfolio securities, the value of bonds in general, and other factors that affect the market. The order of the below risk factors","page_number":28,"box":{"x":89,"y":203,"width":874,"height":12}},{"id":"66b64acc-4f25-4535-97dd-bfb0607d5c07","block_type":"box","text":"does not indicate the significance of any particular risk factor.","page_number":28,"box":{"x":89,"y":218,"width":429,"height":12}},{"id":"ba47b6ae-5e13-4da7-bae0-b5aea79dbed3","block_type":"box","text":"Borrowing Risk.","page_number":28,"box":{"x":89,"y":244,"width":112,"height":13}},{"id":"f61c1916-9bc5-49ac-8e77-17a37b214139","block_type":"box","text":"Borrowing may exaggerate changes in the NAV of Fund shares and in the return on a Fund’s portfolio.","page_number":28,"box":{"x":211,"y":244,"width":712,"height":13}},{"id":"36918305-0288-4d6a-b7b4-2cebdcc5d054","block_type":"box","text":"Borrowing will cause a Fund to incur interest expense and other fees. The costs of borrowing may reduce a Fund’s return.","page_number":28,"box":{"x":89,"y":259,"width":850,"height":13}},{"id":"8878fb09-79b6-4cd8-b480-6bcec11aae60","block_type":"box","text":"Borrowing may cause a Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations.","page_number":28,"box":{"x":89,"y":274,"width":831,"height":13}},{"id":"d33a28c1-a99e-440c-804a-9c3ca82b5a73","block_type":"box","text":"Call Risk.","page_number":28,"box":{"x":89,"y":301,"width":64,"height":10}},{"id":"62e3000c-ac48-46d5-9471-9802fc4cb9a4","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by a Fund may “call” or repay the","page_number":28,"box":{"x":163,"y":301,"width":801,"height":12}},{"id":"1cf43b99-8ff2-45dc-8c0d-d7f19abe3636","block_type":"box","text":"debt obligation before its stated maturity, and a Fund or an Underlying Fund may have to reinvest the proceeds in","page_number":28,"box":{"x":89,"y":316,"width":792,"height":12}},{"id":"c26edb82-138d-4229-88b0-484ad0d32475","block_type":"box","text":"instruments with lower yields, which would result in a decline in the Fund’s income, or in instruments with greater risks or","page_number":28,"box":{"x":89,"y":331,"width":855,"height":12}},{"id":"a8a27145-b040-4a49-bd97-cdf70136f960","block_type":"box","text":"with other less favorable features.","page_number":28,"box":{"x":88,"y":346,"width":235,"height":10}},{"id":"14d50843-f3fe-4426-8709-84af761a7598","block_type":"box","text":"Currency Risk.","page_number":28,"box":{"x":89,"y":373,"width":103,"height":12}},{"id":"8f650b8a-9daf-4799-98e0-09a52585a1ff","block_type":"box","text":"Because a Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency","page_number":28,"box":{"x":202,"y":373,"width":757,"height":12}},{"id":"d917a750-e036-4b46-b247-87c8a4a8f895","block_type":"box","text":"of a non-U.S. market in which a Fund invests depreciates against the U.S. dollar, even if the local currency value of a Fund’s","page_number":28,"box":{"x":89,"y":388,"width":858,"height":12}},{"id":"3a685158-cf04-4e59-bbe8-52a65efc43ea","block_type":"box","text":"holdings in that market increases. Generally, when the U.S. dollar rises in value against a foreign currency, a security","page_number":28,"box":{"x":89,"y":403,"width":808,"height":12}},{"id":"f637cc99-6bd8-4a6c-b901-6742f67c0128","block_type":"box","text":"denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar","page_number":28,"box":{"x":89,"y":418,"width":861,"height":12}},{"id":"ae6f7acb-76bc-49a1-9a84-e2e4f6827af5","block_type":"box","text":"decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is","page_number":28,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"5f1f7c01-ed37-4a41-b5e1-9de4b55b5442","block_type":"box","text":"worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":28,"box":{"x":88,"y":448,"width":864,"height":13}},{"id":"eb32261d-9a04-460e-9bd8-67b615006c54","block_type":"box","text":"U.S. investors, while a weak U.S. dollar will increase those returns.","page_number":28,"box":{"x":89,"y":463,"width":457,"height":12}},{"id":"ec78dfe4-9908-4f79-92a5-8fa486d1a77f","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":28,"box":{"x":89,"y":490,"width":879,"height":12}},{"id":"74cd1645-6284-4820-8ab2-94f7c5d07351","block_type":"box","text":"effected are highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":28,"box":{"x":89,"y":505,"width":846,"height":12}},{"id":"e696e91a-794e-4e60-a393-09be49f33ade","block_type":"box","text":"prices, can occur in such markets within very short periods of time, often within minutes. If BFA utilizes foreign exchange","page_number":28,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"b45da35b-dfe3-4385-9ffb-243d2088c3f8","block_type":"box","text":"transactions at an inappropriate time or judges market conditions, trends or correlations incorrectly, foreign exchange","page_number":28,"box":{"x":88,"y":535,"width":826,"height":13}},{"id":"95f93609-5962-4341-8996-226b8e2080f0","block_type":"box","text":"transactions may not serve their intended purpose of improving a Fund’s performance and may lower a Fund’s return. A","page_number":28,"box":{"x":88,"y":550,"width":842,"height":13}},{"id":"2042812d-826c-499d-b7b7-a4888c6f1797","block_type":"box","text":"Fund could experience losses if the value of its currency forward positions are poorly correlated with its other investments or","page_number":28,"box":{"x":89,"y":565,"width":872,"height":13}},{"id":"702efb3b-d2f1-4ed8-b25c-2d1084174594","block_type":"box","text":"if it cannot close out its positions because of an illiquid market. In addition, a Fund could incur transaction costs, including","page_number":28,"box":{"x":89,"y":581,"width":855,"height":12}},{"id":"b3f368fa-9bcc-4639-a252-16f5ca4a6261","block_type":"box","text":"trading commissions, in connection with certain non-U.S. currency transactions.","page_number":28,"box":{"x":88,"y":596,"width":563,"height":12}},{"id":"b9ee1ce4-e99f-4b6d-90c7-83c7a321ce0a","block_type":"box","text":"Custody Risk.","page_number":28,"box":{"x":89,"y":622,"width":96,"height":12}},{"id":"0120a5d8-d138-422b-9cfb-780fd4ceb351","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":28,"box":{"x":195,"y":622,"width":741,"height":12}},{"id":"2bd03ddf-2045-40f9-b49f-4d06348ff1d2","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":28,"box":{"x":89,"y":637,"width":838,"height":13}},{"id":"f89934d9-3c6e-4abc-897f-cdc8ba093c05","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":28,"box":{"x":89,"y":652,"width":875,"height":13}},{"id":"3e20ef11-81b3-47f7-b6db-a86f337d2e0f","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":28,"box":{"x":89,"y":668,"width":857,"height":12}},{"id":"d8856e66-d864-4cf8-a041-b125f712dd66","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":28,"box":{"x":88,"y":683,"width":880,"height":12}},{"id":"9ea30cc7-6310-4757-8858-de37b37f05e8","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":28,"box":{"x":89,"y":698,"width":854,"height":12}},{"id":"3fd5dd6c-a633-409e-8ccf-25ece3efa6c2","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":28,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"9d398b33-8fbc-4b0a-8d0b-5f7c6c873493","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":28,"box":{"x":89,"y":728,"width":837,"height":12}},{"id":"a800eabb-aa5e-46bb-8b63-f16bbc1efcd6","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":28,"box":{"x":88,"y":743,"width":868,"height":12}},{"id":"2998b8fe-3248-4d98-b78b-cc4e2ca7e323","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":28,"box":{"x":89,"y":758,"width":814,"height":13}},{"id":"95bb9588-346c-4639-aab7-54a5f5e392f7","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":28,"box":{"x":89,"y":773,"width":845,"height":13}},{"id":"f6a2c758-f947-4fc0-aff4-9c78bc87759d","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":28,"box":{"x":89,"y":788,"width":860,"height":13}},{"id":"79608ef7-3420-420c-b266-efaa791da212","block_type":"box","text":"Fund’s or an Underlying Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of","page_number":28,"box":{"x":89,"y":804,"width":879,"height":12}},{"id":"e4e27068-ad7a-4150-8b8e-896357d90b95","block_type":"box","text":"any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no","page_number":28,"box":{"x":89,"y":819,"width":860,"height":12}},{"id":"4d0abacc-724b-475d-8c43-fb753a7d6d14","block_type":"box","text":"successful claim for compensation.","page_number":28,"box":{"x":89,"y":834,"width":246,"height":12}},{"id":"f15e9ecd-1d8c-4bb0-9438-86da4cb770fd","block_type":"box","text":"13","page_number":28,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"22dfd2f9-3d8a-4dd0-b504-b8b39e7d2690","block_type":"box","text":"Illiquid Investments Risk.","page_number":29,"box":{"x":89,"y":44,"width":178,"height":12}},{"id":"51de0e2e-4eda-4e00-b54b-12e00259e354","block_type":"box","text":"A Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":29,"box":{"x":276,"y":44,"width":651,"height":12}},{"id":"51995353-141d-449e-8975-06313c86b813","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":29,"box":{"x":88,"y":59,"width":856,"height":12}},{"id":"b89262dc-11ec-4845-b10c-6f8863874543","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":29,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"bf5f0182-b308-4b26-8753-acaee978f919","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":29,"box":{"x":89,"y":89,"width":820,"height":13}},{"id":"c515aa21-bb63-45d2-b6a7-7ab9f595d58f","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":29,"box":{"x":89,"y":104,"width":818,"height":13}},{"id":"60f7063f-7931-4be8-bd31-e66f27b1b2e6","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":29,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"b803620d-accb-4984-b512-ab2aea73975d","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":29,"box":{"x":89,"y":135,"width":858,"height":12}},{"id":"7b134269-f009-4a79-9b0d-c1d396bbafa2","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":29,"box":{"x":89,"y":150,"width":790,"height":12}},{"id":"3283a89b-722e-4593-a133-5cdc59966b62","block_type":"box","text":"Infectious Illness Risk.","page_number":29,"box":{"x":89,"y":176,"width":159,"height":10}},{"id":"af6d1ae4-7c21-4cdc-b488-dab9d1793356","block_type":"box","text":"A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely affect","page_number":29,"box":{"x":257,"y":176,"width":708,"height":13}},{"id":"2726e651-5594-4e1d-afcb-abe7943c520e","block_type":"box","text":"the economies of many nations and the global economy and may impact individual issuers and capital markets in ways that","page_number":29,"box":{"x":88,"y":191,"width":868,"height":13}},{"id":"a11c7aae-d323-46fe-9b1a-f477424b799f","block_type":"box","text":"cannot be foreseen. An infectious illness outbreak may result in travel restrictions, closed international borders, disruption of","page_number":29,"box":{"x":89,"y":206,"width":871,"height":13}},{"id":"752f18e0-ce18-492e-8abb-718587bb2bdc","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":29,"box":{"x":89,"y":222,"width":838,"height":12}},{"id":"2fe66d98-51da-490b-ba1d-e169d52cb179","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":29,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"49820e45-b25c-4a81-97b9-9d888f5c3188","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":29,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"712bdb71-8dde-46f6-8d4d-8e33468aaf00","block_type":"box","text":"and economic risks in certain countries or globally. These impacts, which could adversely affect a Fund and its investments,","page_number":29,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"0ab8e227-7786-4526-a5f4-02cea658a069","block_type":"box","text":"could be present for an extended period of time.","page_number":29,"box":{"x":89,"y":282,"width":337,"height":12}},{"id":"fe3d5554-b9e2-4e42-a1fd-0734ff83d8f3","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":29,"box":{"x":89,"y":308,"width":845,"height":13}},{"id":"6e0b6b01-bc52-4041-bf15-63fc92255da9","block_type":"box","text":"trading costs. Such events may adversely affect a Fund and its investments and may impact a Fund’s ability to purchase or","page_number":29,"box":{"x":88,"y":324,"width":857,"height":12}},{"id":"5d05a642-ce13-44df-abfb-6f0d91588f3e","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":29,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"be6cfafc-f35b-4409-85ca-235e9e984328","block_type":"box","text":"or discounts to a Fund’s NAV. Additionally, a Fund could be adversely impacted if an outbreak impairs the operations of its","page_number":29,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"086f15ef-9176-4eb4-aa67-ae77676960a8","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":29,"box":{"x":89,"y":369,"width":832,"height":12}},{"id":"3754e209-1737-4ccd-a8e3-e5682bc028c6","block_type":"box","text":"disruptions with a variety of fiscal and monetary policy changes, such as changes in interest rates. A reversal of these","page_number":29,"box":{"x":89,"y":384,"width":820,"height":12}},{"id":"4a4f4e24-de69-4772-9564-e9f74e29ceed","block_type":"box","text":"policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect a Fund’s","page_number":29,"box":{"x":89,"y":399,"width":845,"height":13}},{"id":"411c8caf-3288-46b3-9092-5d03d962cca1","block_type":"box","text":"investments.","page_number":29,"box":{"x":89,"y":415,"width":87,"height":9}},{"id":"d10b93c1-9fd9-401d-b42f-1d564acf9f4c","block_type":"box","text":"Investment in Underlying Funds Risk.","page_number":29,"box":{"x":89,"y":441,"width":267,"height":12}},{"id":"674adb0d-e7c8-4fb2-a213-9c1ea5478fb0","block_type":"box","text":"Certain Funds may under certain circumstances invest a substantial portion of their","page_number":29,"box":{"x":365,"y":441,"width":584,"height":12}},{"id":"7c85dd79-0828-4942-b57b-c2a88aaa6929","block_type":"box","text":"assets in one or more Underlying Funds, in which case such Funds’ investment performance is likely to be directly related to","page_number":29,"box":{"x":89,"y":456,"width":866,"height":12}},{"id":"c4b4f648-b741-4c9c-807a-8121b2242ccf","block_type":"box","text":"the performance of the Underlying Funds. A Fund may also invest in other funds, including money market funds. A Fund’s","page_number":29,"box":{"x":88,"y":471,"width":856,"height":12}},{"id":"018a87df-fd1c-43ea-a445-e7af3b099b42","block_type":"box","text":"NAV will change with changes in the value of the Underlying Funds and other securities in which the Fund invests based on","page_number":29,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"e4592baf-d865-4928-843f-c236cad9cbf4","block_type":"box","text":"their market valuations. An investment in a Fund that invests a substantial portion of its assets in one of more Underlying","page_number":29,"box":{"x":88,"y":501,"width":847,"height":13}},{"id":"9d0dfe13-f752-4625-9bcc-a3b525528361","block_type":"box","text":"Funds will entail more direct and indirect costs and expenses than a direct investment in the Underlying Funds. For example,","page_number":29,"box":{"x":89,"y":516,"width":869,"height":13}},{"id":"1ab0453c-8dd7-4f34-8a64-e2e2a4f0f0c1","block_type":"box","text":"such a Fund indirectly pays a portion of the expenses (including operating expenses and management fees) incurred by the","page_number":29,"box":{"x":89,"y":531,"width":865,"height":13}},{"id":"cf56f208-b89d-4e07-994c-852df0d95f5b","block_type":"box","text":"Underlying Funds.","page_number":29,"box":{"x":89,"y":547,"width":126,"height":12}},{"id":"173f8fcc-a3fa-4d58-9c0d-58f2f558ecc5","block_type":"box","text":"An investor in such a Fund may receive taxable gains from portfolio transactions by the Underlying Funds, as well as taxable","page_number":29,"box":{"x":88,"y":573,"width":868,"height":12}},{"id":"9fe84dbf-685f-4d40-8a59-e202452b6c86","block_type":"box","text":"gains from transactions in shares of the Underlying Funds by the Fund. Certain of the Funds may also hold common portfolio","page_number":29,"box":{"x":89,"y":588,"width":876,"height":12}},{"id":"9f0e289d-2a06-44f4-b6af-8d112549e0bf","block_type":"box","text":"securities.","page_number":29,"box":{"x":89,"y":604,"width":68,"height":9}},{"id":"39604500-aac9-4cf3-81e6-e5add33775da","block_type":"box","text":"As the Underlying Funds or a Fund’s allocations to the Underlying Funds change from time to time, or to the extent that the","page_number":29,"box":{"x":88,"y":630,"width":867,"height":12}},{"id":"68ef4e80-f55d-4879-a29f-0dab1c87435d","block_type":"box","text":"expense ratio of the Underlying Funds changes, the weighted average operating expenses borne by a Fund may increase or","page_number":29,"box":{"x":89,"y":645,"width":862,"height":12}},{"id":"1eec222f-4428-49e2-834c-0b83c855fb17","block_type":"box","text":"decrease.","page_number":29,"box":{"x":89,"y":660,"width":64,"height":10}},{"id":"56a7b935-3b58-4099-a9b6-720011b43ca8","block_type":"box","text":"Issuer Insolvency Risk.","page_number":29,"box":{"x":89,"y":686,"width":162,"height":13}},{"id":"6654c6d2-c230-482b-8ab4-f3120a843396","block_type":"box","text":"A Fund’s potential exposure to financially or operationally troubled issuers involves a high degree of","page_number":29,"box":{"x":260,"y":686,"width":699,"height":13}},{"id":"78ec5905-5555-4cc6-934f-c8506c5e9887","block_type":"box","text":"credit and market risk, which may be heightened during an economic downturn or recession. Should an issuer of securities","page_number":29,"box":{"x":89,"y":702,"width":862,"height":12}},{"id":"6c1db1cd-39da-4fdd-b3a6-47895bd48ad4","block_type":"box","text":"held by a Fund become involved in a bankruptcy proceeding, reorganization or financial restructuring, a wide variety of","page_number":29,"box":{"x":89,"y":717,"width":832,"height":12}},{"id":"bf4977cc-68ff-477b-9d19-c67241a1b802","block_type":"box","text":"considerations make an evaluation of the outcome of a Fund’s exposure to the issuer uncertain.","page_number":29,"box":{"x":89,"y":732,"width":670,"height":12}},{"id":"73390ec3-ba86-4341-b1eb-2f6a90cfbd79","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that each Fund or the","page_number":29,"box":{"x":89,"y":758,"width":853,"height":13}},{"id":"bee5ac2f-56f7-4186-9097-6780a846c31f","block_type":"box","text":"Underlying Funds will receive any interest payments on the securities of the issuer. Each Fund or the Underlying Funds will be","page_number":29,"box":{"x":89,"y":773,"width":875,"height":13}},{"id":"6d56bbee-156b-495d-95b2-d99ff9db7ea7","block_type":"box","text":"subject to significant uncertainty as to whether the reorganization or restructuring will be completed, and each Fund or the","page_number":29,"box":{"x":89,"y":788,"width":862,"height":13}},{"id":"b400f2b1-a48d-428a-83b8-2d1694ec58e1","block_type":"box","text":"Underlying Funds may bear certain extraordinary expenses to protect and recover its investment. Each Fund or the","page_number":29,"box":{"x":89,"y":804,"width":801,"height":12}},{"id":"a2e91ed4-fb1e-4960-b928-0836536f4279","block_type":"box","text":"Underlying Funds will also be subject to significant uncertainty as to when and in what manner and for what value the","page_number":29,"box":{"x":89,"y":819,"width":828,"height":12}},{"id":"77adac65-c675-436b-8a49-ee180949b01f","block_type":"box","text":"obligations evidenced by the securities of the issuer held by a Fund or the Underlying Funds will eventually be satisfied. Even","page_number":29,"box":{"x":89,"y":834,"width":868,"height":12}},{"id":"14050c9d-34b3-4f39-8f65-35576e1fe660","block_type":"box","text":"if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by each Fund or the","page_number":29,"box":{"x":89,"y":849,"width":844,"height":12}},{"id":"875a4685-2db5-49a7-b773-5a51b1d34084","block_type":"box","text":"Underlying Funds, there can be no assurance that the securities or other assets received by a Fund or the Underlying Funds in","page_number":29,"box":{"x":89,"y":864,"width":878,"height":12}},{"id":"61941346-1230-4f88-b449-304e4bc98d2b","block_type":"box","text":"14","page_number":29,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"1d117b94-3804-4c6a-9e11-38997ba15199","block_type":"box","text":"connection with such plan of reorganization or restructuring will not have a lower value or income potential than may have","page_number":30,"box":{"x":89,"y":44,"width":860,"height":12}},{"id":"2953e6d9-ff1f-4b3d-8e83-22ec67350cf7","block_type":"box","text":"been anticipated or no value. A Fund or the Underlying Funds may be unable to enforce its claims or rights in any collateral or","page_number":30,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"5b9223c0-aba7-4d55-91cd-0885b7653263","block_type":"box","text":"may have its claims or security interest in any collateral challenged, disallowed or subordinated to the claims or security","page_number":30,"box":{"x":89,"y":74,"width":837,"height":12}},{"id":"64a1e11e-8f45-41b5-aab4-dc23a8c22663","block_type":"box","text":"interests of other creditors. In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the","page_number":30,"box":{"x":89,"y":89,"width":832,"height":13}},{"id":"cf8bd6dd-195f-4408-95e7-19365eb2cf48","block_type":"box","text":"expected outcome or introduce greater uncertainty regarding the outcome of each Fund’s securities holdings in the issuer. In","page_number":30,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"5e8d2be4-fdb9-4e83-8d7f-735a582f0916","block_type":"box","text":"a bankruptcy proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund or the Underlying","page_number":30,"box":{"x":89,"y":119,"width":834,"height":13}},{"id":"80a895aa-2e38-4eb1-bcf1-c152f030ac68","block_type":"box","text":"Funds could be re-characterized, or each Fund or the Underlying Funds may receive different securities or other assets,","page_number":30,"box":{"x":89,"y":135,"width":830,"height":12}},{"id":"04e50419-4059-4788-b368-098ab4c42d29","block_type":"box","text":"including equity securities. These types of equity securities include, but are not limited to: common stock; preferred stock","page_number":30,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"6c10eafa-ace5-402d-ab8f-74ee5ff55fbd","block_type":"box","text":"(including convertible preferred stock); bonds, notes and debentures convertible into common or preferred stock; stock","page_number":30,"box":{"x":89,"y":165,"width":836,"height":12}},{"id":"5e9a7dce-6f5b-4422-8fd0-df848a91a918","block_type":"box","text":"purchase warrants and rights; equity interests in trusts; and depositary receipts. The value of equity securities received by","page_number":30,"box":{"x":89,"y":180,"width":848,"height":12}},{"id":"bb530840-36f1-4d8e-bbd6-b193bfe67a8e","block_type":"box","text":"each Fund or the Underlying Funds could decline if the financial condition of the issuer deteriorates or if overall market and","page_number":30,"box":{"x":89,"y":195,"width":861,"height":12}},{"id":"e66781ee-c576-4a16-9a7a-e6550c669e35","block_type":"box","text":"economic conditions, or conditions within the issuer’s region or industry, deteriorate. Equity securities received by a Fund","page_number":30,"box":{"x":89,"y":210,"width":847,"height":13}},{"id":"ea3153a3-ca26-4564-b230-ffb6b346e1d4","block_type":"box","text":"through a bankruptcy proceeding, reorganization or restructuring of an issuer would not be component securities of a Fund’s","page_number":30,"box":{"x":88,"y":225,"width":879,"height":13}},{"id":"ca6ecaf4-c288-4967-811a-6373e4fb5310","block_type":"box","text":"Underlying Index, which could subject a Fund to additional tracking error risk.","page_number":30,"box":{"x":89,"y":240,"width":543,"height":13}},{"id":"9d8aae20-3a48-47bc-b831-092b25308363","block_type":"box","text":"To the extent that a Fund or the Underlying Funds receives other assets in connection with a bankruptcy proceeding,","page_number":30,"box":{"x":88,"y":267,"width":818,"height":12}},{"id":"f634a821-0924-492f-84de-3099039696dc","block_type":"box","text":"reorganization or financial restructuring, a Fund or the Underlying Funds may also be subject to additional risks associated","page_number":30,"box":{"x":89,"y":282,"width":857,"height":12}},{"id":"d33b265b-b191-4b99-ba02-bdd25ea1b1fb","block_type":"box","text":"with the assets received. One example of assets that a Fund or the Underlying Funds could receive is an interest in one or","page_number":30,"box":{"x":88,"y":297,"width":849,"height":12}},{"id":"8310d498-8b47-4054-89d5-e8e10c4c31b2","block_type":"box","text":"more loans made to the issuer as part of a workout agreed to by a consortium of lienholders and creditors of the issuer. A","page_number":30,"box":{"x":89,"y":312,"width":849,"height":13}},{"id":"ffe8fa72-6729-4f1a-bc98-47486bd93c8b","block_type":"box","text":"Fund or the Underlying Funds may receive such interests in loans to the extent permitted by the 1940 Act.","page_number":30,"box":{"x":89,"y":327,"width":741,"height":13}},{"id":"15b0d2f5-024d-4fbd-9b9a-09ed8016c046","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than investments","page_number":30,"box":{"x":88,"y":354,"width":878,"height":12}},{"id":"7c8b5801-2628-4ccc-8eac-0d489dfd37f1","block_type":"box","text":"in securities of issuers that have not undergone a reorganization or restructuring and may be subject to heavy selling or","page_number":30,"box":{"x":89,"y":369,"width":836,"height":12}},{"id":"7a6f1a91-bc96-418e-ae42-3f1a042f6adb","block_type":"box","text":"downward pricing pressure after completion of the reorganization or restructuring. The post-reorganization/restructuring","page_number":30,"box":{"x":89,"y":384,"width":852,"height":12}},{"id":"3f7f605c-0813-491d-aef0-e6a77eaa5693","block_type":"box","text":"assets and securities may also be illiquid and difficult to sell or value. If a Fund or the Underlying Funds participates in","page_number":30,"box":{"x":89,"y":399,"width":819,"height":13}},{"id":"a328e76f-a69d-4e99-a542-ce49a2e62a39","block_type":"box","text":"negotiations with respect to a plan of reorganization or restructuring with respect to securities of the issuer held by a Fund or","page_number":30,"box":{"x":89,"y":414,"width":877,"height":13}},{"id":"6ee9bc11-41fc-4b7d-85b8-e86edbd21cc0","block_type":"box","text":"the Underlying Funds, each Fund also may be restricted from disposing such securities for a period of time. If a Fund or the","page_number":30,"box":{"x":88,"y":429,"width":862,"height":13}},{"id":"77be6eae-9a55-476e-822c-be2c21b00eba","block_type":"box","text":"Underlying Funds becomes involved in such proceedings, each Fund or the Underlying Funds may have more active","page_number":30,"box":{"x":89,"y":445,"width":809,"height":12}},{"id":"2ed60672-716b-4019-9e53-166c94e619a1","block_type":"box","text":"participation in the affairs of the issuer than that assumed generally by an investor.","page_number":30,"box":{"x":89,"y":460,"width":576,"height":12}},{"id":"366f6e1b-bf00-4060-807c-5a0589eb985a","block_type":"box","text":"Money Market Instruments Risk.","page_number":30,"box":{"x":89,"y":486,"width":234,"height":12}},{"id":"bf629a3c-d7da-4670-a282-7fce96b9bfb3","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":30,"box":{"x":332,"y":486,"width":628,"height":12}},{"id":"a074769c-cb45-4bcf-bf95-103cdb7a443b","block_type":"box","text":"the credit ratings of the investments, among other things. If a significant amount of a Fund’s assets is invested in money","page_number":30,"box":{"x":88,"y":501,"width":843,"height":13}},{"id":"fa48528f-d0b8-4888-822d-962ef75596ee","block_type":"box","text":"market instruments, it may be more difficult for the Fund to achieve its investment objective. An investment in a money","page_number":30,"box":{"x":89,"y":516,"width":835,"height":13}},{"id":"f8a7f26e-4ed1-402d-bbae-c2efc7162630","block_type":"box","text":"market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is","page_number":30,"box":{"x":89,"y":531,"width":874,"height":13}},{"id":"f287f806-a283-4f2c-a7b6-0640aa9a5e63","block_type":"box","text":"possible to lose money by investing in a money market fund. Money market funds other than U.S. government money market","page_number":30,"box":{"x":89,"y":547,"width":879,"height":12}},{"id":"34862248-0847-4fc0-adf6-42ddb2370e9c","block_type":"box","text":"funds and retail money market funds “float” their NAV instead of using a stable $1.00 per share price.","page_number":30,"box":{"x":88,"y":562,"width":709,"height":12}},{"id":"cd98e7cf-9c77-4a63-b830-4e994d0e84cb","block_type":"box","text":"Operational and Technology Risks.","page_number":30,"box":{"x":89,"y":588,"width":250,"height":12}},{"id":"101990e2-612e-4903-b9c9-36f402e4cba5","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":30,"box":{"x":348,"y":588,"width":593,"height":12}},{"id":"8598950f-5679-4b8a-9e06-863ac213bbec","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":30,"box":{"x":89,"y":603,"width":874,"height":13}},{"id":"f2633be0-0270-4ee8-afe1-2dbea546f050","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":30,"box":{"x":88,"y":618,"width":864,"height":13}},{"id":"e9d1d05d-11d3-4306-8723-1fdd1b9e7dbc","block_type":"box","text":"for the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, a Fund’s","page_number":30,"box":{"x":88,"y":633,"width":839,"height":13}},{"id":"848694d2-3a44-46b5-b27b-6ca7f92c2096","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":30,"box":{"x":89,"y":649,"width":876,"height":12}},{"id":"d7bad6ac-473f-4ea4-b4b3-6e25e1eb777e","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":30,"box":{"x":88,"y":664,"width":853,"height":12}},{"id":"06ffaf45-3509-490b-9fa2-e83e816c8859","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":30,"box":{"x":88,"y":679,"width":859,"height":12}},{"id":"79075ae5-4019-443d-9ce1-5355224099c1","block_type":"box","text":"invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":30,"box":{"x":89,"y":694,"width":852,"height":12}},{"id":"c35f4d13-8042-4dba-9b9a-b946ee96c527","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":30,"box":{"x":89,"y":709,"width":770,"height":12}},{"id":"65636c50-32af-4b6c-9a8e-cd5fe2168970","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":30,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"e05f58d4-03cf-4a5e-86b5-2df5ac0b31ca","block_type":"box","text":"the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems,","page_number":30,"box":{"x":88,"y":751,"width":816,"height":12}},{"id":"06caad83-9c0d-4e44-b8af-79bdfa1b3062","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":30,"box":{"x":89,"y":766,"width":808,"height":12}},{"id":"1e69f0f5-ee53-454b-b707-2139037f21c2","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":30,"box":{"x":89,"y":781,"width":862,"height":12}},{"id":"0eada237-395e-46c2-a705-7862787ac5aa","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":30,"box":{"x":88,"y":796,"width":798,"height":12}},{"id":"2771e7cf-84a1-4ff8-b185-097be73d9192","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":30,"box":{"x":89,"y":811,"width":815,"height":12}},{"id":"b1d84469-303f-44d0-9fbf-6b89605ed7b4","block_type":"box","text":"submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or its","page_number":30,"box":{"x":89,"y":826,"width":831,"height":13}},{"id":"af32c106-bbad-4463-924a-a545c6bcf571","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":30,"box":{"x":89,"y":841,"width":874,"height":13}},{"id":"989c5aa8-8870-4082-aef4-20200e875dd1","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":30,"box":{"x":89,"y":856,"width":876,"height":13}},{"id":"f01a1620-bcef-4217-b193-99e92f2b5b6b","block_type":"box","text":"15","page_number":30,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"16c445e3-fe5f-4e9b-9294-3e38593118e0","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":31,"box":{"x":89,"y":44,"width":857,"height":12}},{"id":"33d161b7-f090-4e4e-8ed1-96a5710f9d5c","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":31,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"e7d66d95-5420-4179-bd74-081f0fa32e43","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":31,"box":{"x":89,"y":74,"width":871,"height":12}},{"id":"467e3deb-4fb3-4b0f-8f47-0384840bf663","block_type":"box","text":"Fund or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt","page_number":31,"box":{"x":89,"y":89,"width":850,"height":13}},{"id":"16065970-8b0b-46dc-b318-0d5aeb6bbb09","block_type":"box","text":"business operations or impact critical data. In addition, the risks of increased use of AI technologies, such as machine","page_number":31,"box":{"x":89,"y":104,"width":821,"height":13}},{"id":"3b57fe05-3da6-48ed-b0d0-d1ab0102538c","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":31,"box":{"x":89,"y":119,"width":863,"height":13}},{"id":"033cc7fc-dccc-4f25-a68f-59269737301d","block_type":"box","text":"the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":31,"box":{"x":88,"y":135,"width":838,"height":12}},{"id":"601f80b2-b052-42a3-98c1-3c8cfbec7b3c","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may","page_number":31,"box":{"x":89,"y":150,"width":847,"height":12}},{"id":"1cb321a4-ba6a-4676-80e7-cfef7b997506","block_type":"box","text":"therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized","page_number":31,"box":{"x":88,"y":165,"width":875,"height":12}},{"id":"ae74b1e3-99b8-4907-99d6-d38e081b9d94","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":31,"box":{"x":89,"y":180,"width":798,"height":12}},{"id":"ca834f69-4cb4-4d44-b4e3-bfab73566eb8","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":31,"box":{"x":89,"y":195,"width":807,"height":12}},{"id":"2e13a615-d1f0-49c9-963c-7554d390158f","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":31,"box":{"x":89,"y":210,"width":832,"height":13}},{"id":"72d01724-c698-49a7-80ac-49a06e6c22ed","block_type":"box","text":"frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI","page_number":31,"box":{"x":88,"y":225,"width":877,"height":13}},{"id":"e1765927-a763-4483-8703-3cfef7ab33ce","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":31,"box":{"x":89,"y":240,"width":380,"height":13}},{"id":"bc7e8c31-36f3-4872-9ec6-5dc9a6d5ee52","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":31,"box":{"x":88,"y":267,"width":846,"height":12}},{"id":"85bf2955-b4b5-47e5-bbe8-aa8f98bc62cd","block_type":"box","text":"management policies and procedures, their methods of risk management may differ from those of the Fund in the setting of","page_number":31,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"03d00989-db3e-4f22-ba17-fd43c1ac54d9","block_type":"box","text":"priorities, the personnel and resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to","page_number":31,"box":{"x":89,"y":297,"width":852,"height":12}},{"id":"ef2bb8c0-709c-4bdd-9779-a27b1ed38f5e","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":31,"box":{"x":89,"y":312,"width":837,"height":13}},{"id":"7b28f733-84a8-41e3-ae82-3b3668774aea","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":31,"box":{"x":89,"y":327,"width":828,"height":13}},{"id":"f96ece3f-27ce-46c5-85de-9fc5468ce33a","block_type":"box","text":"certain risks that may affect a Fund have not been identified or may emerge in the future; that such plans and systems may","page_number":31,"box":{"x":89,"y":342,"width":861,"height":13}},{"id":"55aab379-3d75-412f-9b81-1a4883789513","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":31,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"bcd3175a-b499-428c-924f-d708e1235d2f","block_type":"box","text":"or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go","page_number":31,"box":{"x":89,"y":373,"width":824,"height":12}},{"id":"85fd6a39-01d2-4479-a567-e6d9397b8956","block_type":"box","text":"undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it invests","page_number":31,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"ded5e46c-dd02-42de-b9a0-62a4a57fd00d","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":31,"box":{"x":89,"y":403,"width":660,"height":12}},{"id":"4c4a1696-7595-416f-91de-59b2e6e9e46c","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":31,"box":{"x":89,"y":429,"width":858,"height":13}},{"id":"337c5664-9f2b-49f9-9e58-d59e86a7caa2","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":31,"box":{"x":89,"y":445,"width":852,"height":12}},{"id":"f7b7ba58-7fea-4e05-807e-04134a9af847","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":31,"box":{"x":89,"y":460,"width":806,"height":12}},{"id":"10835d21-4741-4f31-90cd-903977ee843a","block_type":"box","text":"implement required changes.","page_number":31,"box":{"x":89,"y":475,"width":204,"height":12}},{"id":"dd320f6d-466c-44e7-ac0c-977c7d97f9e3","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":31,"box":{"x":89,"y":501,"width":244,"height":13}},{"id":"7336edc3-037f-4b33-acb4-ce91a1f83c5c","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":31,"box":{"x":342,"y":501,"width":581,"height":13}},{"id":"b872047a-9e78-4081-9394-3015e9c4037b","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":31,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"21539dbc-4380-4020-a135-da75337ccb91","block_type":"box","text":"hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR,","page_number":31,"box":{"x":89,"y":531,"width":863,"height":13}},{"id":"8ae6db6b-dd92-4883-958d-44719fc1b694","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":31,"box":{"x":89,"y":547,"width":835,"height":12}},{"id":"ac660807-43d0-4b43-adf5-303d90ff9b26","block_type":"box","text":"continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":31,"box":{"x":89,"y":562,"width":869,"height":12}},{"id":"117d1e96-7dbe-4b79-b6ef-bc57705126b3","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":31,"box":{"x":89,"y":577,"width":862,"height":12}},{"id":"457fc70a-bad8-442c-872d-2361f3dfc800","block_type":"box","text":"Treasury securities in the repurchase agreement market, has been used increasingly on a voluntary basis in new instruments","page_number":31,"box":{"x":88,"y":592,"width":872,"height":12}},{"id":"fc4eee4b-62b4-4ae0-a981-5c945a462b2d","block_type":"box","text":"and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates","page_number":31,"box":{"x":89,"y":607,"width":865,"height":12}},{"id":"85a9f308-855a-4835-a963-e8b7ecb53883","block_type":"box","text":"based on SOFR have replaced LIBOR in different categories of financial contracts.","page_number":31,"box":{"x":89,"y":622,"width":565,"height":12}},{"id":"bcf74714-e5d4-45e0-b591-93759c77d7d5","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing LIBOR","page_number":31,"box":{"x":89,"y":649,"width":842,"height":12}},{"id":"1cc803f9-03c4-4ca9-bb6d-34cfdf37a3e2","block_type":"box","text":"based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting","page_number":31,"box":{"x":89,"y":664,"width":877,"height":12}},{"id":"e152ae25-ebcc-4b83-a225-63612b1934d3","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":31,"box":{"x":89,"y":679,"width":836,"height":12}},{"id":"2c52f836-faf3-4bf9-95d6-60452957b32b","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":31,"box":{"x":89,"y":694,"width":844,"height":12}},{"id":"1cd3cab0-88fa-4a06-a9d6-b083f6e632fd","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":31,"box":{"x":89,"y":709,"width":823,"height":12}},{"id":"6035e2e5-5445-49ff-bff0-2ebd0b7129a9","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":31,"box":{"x":89,"y":724,"width":820,"height":13}},{"id":"187159c3-56b1-4afd-a000-67f190b9792d","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":31,"box":{"x":89,"y":739,"width":877,"height":13}},{"id":"7a29449c-5e5a-416e-9e3d-cfcf2cbaec57","block_type":"box","text":"may have instruments linked to other interbank offered rates that may also cease to be published in the future.","page_number":31,"box":{"x":89,"y":754,"width":773,"height":13}},{"id":"3b25b3c3-0ebe-45bc-8ce9-8141554dd72a","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":31,"box":{"x":89,"y":781,"width":381,"height":12}},{"id":"98ab3692-bc78-42d2-9f75-0d972f5bdf11","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":31,"box":{"x":479,"y":781,"width":434,"height":12}},{"id":"35fde37b-d4d8-4676-a615-c8a2730634a2","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":31,"box":{"x":89,"y":796,"width":858,"height":12}},{"id":"3cc43df7-3745-4588-8c87-be142f28335c","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":31,"box":{"x":89,"y":811,"width":829,"height":12}},{"id":"17caad0c-8fe1-4647-8c20-fc7ca1f3785e","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":31,"box":{"x":89,"y":826,"width":820,"height":13}},{"id":"09841c4c-147d-4c1c-b21f-9476f741846a","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":31,"box":{"x":89,"y":841,"width":820,"height":13}},{"id":"97eff4f8-6415-4fdd-b57c-800ef5370f12","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":31,"box":{"x":88,"y":856,"width":870,"height":13}},{"id":"53f92df5-6dbc-40aa-bc9e-c0777b65c335","block_type":"box","text":"16","page_number":31,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"3377928d-b34d-468f-8cc2-9618988c3b01","block_type":"box","text":"a Fund’s Underlying Index. In the event of adverse price movements, a Fund would continue to be required to make daily","page_number":32,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"e3302fb1-e898-4497-96da-64c94e0b2853","block_type":"box","text":"cash payments to maintain its required margin. In such situations, if a Fund has insufficient cash, it may have to sell portfolio","page_number":32,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"02e6b2f4-cf97-40ed-b957-739db6a60be7","block_type":"box","text":"securities to meet daily margin requirements at a time when it may be disadvantageous to do so. In addition, a Fund may be","page_number":32,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"0d31f451-8a98-493c-8f4f-96dfd1ebea26","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":32,"box":{"x":89,"y":89,"width":550,"height":13}},{"id":"2bd2cf7f-e1b4-4482-b808-8faead2eda7e","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":32,"box":{"x":88,"y":116,"width":623,"height":12}},{"id":"d19003d1-f02e-400c-8fb0-4b1b368f89ac","block_type":"box","text":"e.g.","page_number":32,"box":{"x":713,"y":119,"width":22,"height":9}},{"id":"acc05232-eb7f-4ec4-baea-806cdcfb5fce","block_type":"box","text":", selling uncovered stock index","page_number":32,"box":{"x":738,"y":116,"width":214,"height":12}},{"id":"b19fdb2b-0947-4763-b2f3-65fac00b56f3","block_type":"box","text":"futures contracts) is potentially unlimited. The Fund does not plan to use futures and options contracts in this way. The risk","page_number":32,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"9e4e0559-f4af-444f-9a60-73bae028ed18","block_type":"box","text":"of a futures position may still be large as traditionally measured due to the low margin deposits required. In many cases, a","page_number":32,"box":{"x":89,"y":146,"width":851,"height":12}},{"id":"15c2d200-0624-4562-ac3a-7ff4955c6b74","block_type":"box","text":"relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor","page_number":32,"box":{"x":89,"y":161,"width":842,"height":12}},{"id":"ad0ab938-16b2-4535-ba76-db16bae36c56","block_type":"box","text":"relative to the size of a required margin deposit. The Funds, however, intend to utilize futures and options contracts in a","page_number":32,"box":{"x":89,"y":176,"width":832,"height":13}},{"id":"e32ff4f4-3664-436a-bcf2-84432a08e86c","block_type":"box","text":"manner designed to limit their risk exposure to levels comparable to a direct investment in the types of stocks in which they","page_number":32,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"41e32a72-b837-4a25-81b6-cd70e3f3a877","block_type":"box","text":"invest.","page_number":32,"box":{"x":89,"y":207,"width":43,"height":9}},{"id":"a54b5418-e2bf-4d27-bb5d-2a1ca70e6f1d","block_type":"box","text":"Utilization of futures and options on futures by a Fund involves the risk of imperfect or even negative correlation to the","page_number":32,"box":{"x":89,"y":233,"width":828,"height":12}},{"id":"70e8de04-0cf4-499a-a8e7-5551fcd38a88","block_type":"box","text":"Underlying Index if the index underlying the futures contract differs from the Underlying Index. There is also the risk of loss of","page_number":32,"box":{"x":89,"y":248,"width":879,"height":12}},{"id":"e6e0a772-0b23-4580-b992-41178a97faf6","block_type":"box","text":"margin deposits in the event of bankruptcy of a broker with whom a Fund has an open position in the futures contract or","page_number":32,"box":{"x":89,"y":263,"width":848,"height":12}},{"id":"422d7c3b-e1f7-4832-a4c0-32c23c5aa5a3","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":32,"box":{"x":89,"y":278,"width":869,"height":13}},{"id":"edba9285-3ef9-475e-9678-827cc3ca0d3b","block_type":"box","text":"could prove to be incorrect.","page_number":32,"box":{"x":89,"y":293,"width":191,"height":13}},{"id":"2f33f7b7-d154-4fd3-986b-5b93404c9514","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":32,"box":{"x":89,"y":320,"width":809,"height":12}},{"id":"980b5979-588f-4c9e-b868-be0b2d83e0df","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":32,"box":{"x":89,"y":335,"width":845,"height":12}},{"id":"b3e3d912-e573-46c8-89d6-9d020ed412ae","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":32,"box":{"x":88,"y":350,"width":864,"height":12}},{"id":"756ed742-3aa5-40cb-bb7d-7fab96707a72","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":32,"box":{"x":89,"y":365,"width":816,"height":12}},{"id":"6de2cc53-55bc-4f17-9ef5-de5e2c69afad","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":32,"box":{"x":89,"y":380,"width":859,"height":13}},{"id":"ac1f43e0-bfc1-4c4a-bc4a-adda2ee3937f","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":32,"box":{"x":89,"y":395,"width":839,"height":13}},{"id":"b6b73d1b-ba33-4ec3-8859-8e20e326c627","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":32,"box":{"x":89,"y":410,"width":869,"height":13}},{"id":"4c6539f3-4cfd-4f60-82d4-a37ccf1572b7","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":32,"box":{"x":88,"y":426,"width":871,"height":12}},{"id":"741b6ac3-1f79-439f-9850-cc590aea20ae","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":32,"box":{"x":89,"y":441,"width":427,"height":12}},{"id":"c3e5aea2-eb94-412b-9024-e6f5db6ec419","block_type":"box","text":"Risk of Investing in Non-U.S. Debt Securities.","page_number":32,"box":{"x":89,"y":467,"width":321,"height":13}},{"id":"e138f1fa-bbe5-43de-885b-827171712557","block_type":"box","text":"Non-U.S. debt securities are traded on foreign exchanges and OTC in the","page_number":32,"box":{"x":420,"y":467,"width":507,"height":13}},{"id":"503d5c74-7590-4ae2-a4e5-f848efbe522c","block_type":"box","text":"respective countries covered by a Fund or an Underlying Fund. The risks of investing in non-U.S. debt securities typically","page_number":32,"box":{"x":89,"y":482,"width":839,"height":13}},{"id":"41d638b8-7a41-4690-b57d-801d624f64fd","block_type":"box","text":"include market fluctuations caused by such factors as economic and political developments, changes in interest rates and","page_number":32,"box":{"x":89,"y":497,"width":852,"height":13}},{"id":"f6852727-fc1a-4416-b2f6-203433dd1e42","block_type":"box","text":"perceived trends in bond prices. Investing in a fund whose portfolio contains securities of non-U.S. issuers involves certain","page_number":32,"box":{"x":89,"y":513,"width":853,"height":12}},{"id":"beb5a0bd-c6bd-416e-becf-eeb00c296363","block_type":"box","text":"risks and considerations not typically associated with investing in the securities of U.S. issuers. These risks include securities","page_number":32,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"0bcc124d-4681-4415-a1cc-2b7855267f4f","block_type":"box","text":"markets that may lack sufficient liquidity or may be less efficient; generally greater price volatility; less publicly available","page_number":32,"box":{"x":89,"y":543,"width":832,"height":12}},{"id":"5974cd63-e3f1-440f-b995-3476380055aa","block_type":"box","text":"information about issuers; the imposition of withholding or other taxes; the imposition of restrictions on the expatriation of","page_number":32,"box":{"x":89,"y":558,"width":864,"height":12}},{"id":"7563f15c-ed4d-45fe-afee-1ebe3683dc29","block_type":"box","text":"funds or other assets of a Fund or an Underlying Fund; higher transaction and custody costs; delays and risks attendant in","page_number":32,"box":{"x":88,"y":573,"width":855,"height":12}},{"id":"56f83e5f-f9a0-439f-b4a0-3ecdcc9214a9","block_type":"box","text":"settlement procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly smaller market","page_number":32,"box":{"x":89,"y":588,"width":825,"height":12}},{"id":"0996cf0f-670c-436e-a470-c245748e59ad","block_type":"box","text":"capitalization of most non-U.S. securities markets; different accounting and disclosure standards; lower levels of regulation of","page_number":32,"box":{"x":89,"y":603,"width":878,"height":13}},{"id":"1ce38090-c46b-47d8-9012-ea0273946fc8","block_type":"box","text":"the securities markets; more substantial government interference with the economy; higher rates of inflation; greater social,","page_number":32,"box":{"x":88,"y":618,"width":866,"height":13}},{"id":"1098860c-4063-41da-80b4-e8cb9d46f435","block_type":"box","text":"economic, and political uncertainty; the risk of nationalization or expropriation of assets; and different bankruptcy and","page_number":32,"box":{"x":89,"y":633,"width":826,"height":13}},{"id":"befbf274-631f-4201-936a-f5a5fdb4d7f8","block_type":"box","text":"insolvency regimes which may stay or prevent recovery in the event of an issuer’s default.","page_number":32,"box":{"x":89,"y":649,"width":625,"height":12}},{"id":"b24586f6-ac2a-4ef8-82b6-5300cbe1d85f","block_type":"box","text":"Valuation Risk.","page_number":32,"box":{"x":88,"y":675,"width":106,"height":10}},{"id":"8d4183ab-522a-4201-8611-cf4affc8fb8c","block_type":"box","text":"In certain circumstances, a Fund’s or an Underlying Fund’s securities may be valued using techniques other","page_number":32,"box":{"x":204,"y":675,"width":752,"height":12}},{"id":"dc021a87-261a-4701-a615-ac39c585813a","block_type":"box","text":"than market quotations. The value established for a security may be different from what would be produced through the use","page_number":32,"box":{"x":88,"y":690,"width":872,"height":13}},{"id":"75b72eca-dce8-4ff6-a8b8-5a1c47607bf4","block_type":"box","text":"of another methodology or if the value had been priced using market quotations. Securities that are valued using methods","page_number":32,"box":{"x":89,"y":705,"width":857,"height":13}},{"id":"79b7d527-0cc6-4c0b-95a5-4c868710be74","block_type":"box","text":"other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one","page_number":32,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"463ba75e-15d2-456f-bc18-a3741f7e52e7","block_type":"box","text":"day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund and an","page_number":32,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"7c12a870-c4c8-454f-aba5-70b5a4a93161","block_type":"box","text":"Underlying Fund could sell a security for the value established for it at any time, and it is possible that a Fund or an","page_number":32,"box":{"x":89,"y":751,"width":800,"height":12}},{"id":"933175d6-4780-4db1-a464-b8fed8cbf672","block_type":"box","text":"Underlying Fund could incur a loss if a security is sold for less than its established value.","page_number":32,"box":{"x":89,"y":766,"width":613,"height":12}},{"id":"7706bbfb-fab4-497c-b7bc-de73d4dd29d9","block_type":"box","text":"Risk of Investing in Asia.","page_number":32,"box":{"x":89,"y":792,"width":175,"height":13}},{"id":"dce3550e-6e01-436b-8f43-2d8de8caf11a","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":32,"box":{"x":278,"y":792,"width":682,"height":13}},{"id":"f611eabe-67c3-4101-a557-b0769e9d5ba4","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":32,"box":{"x":88,"y":807,"width":874,"height":13}},{"id":"355466a3-8020-4c8e-bd1c-b736c44cf68d","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":32,"box":{"x":89,"y":822,"width":873,"height":13}},{"id":"ca3b8c53-e38b-4510-a246-a8747b078589","block_type":"box","text":"17","page_number":32,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"61d31ccf-2c33-426d-94f0-30633cc9e340","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":33,"box":{"x":89,"y":44,"width":870,"height":12}},{"id":"2ed57a74-3d5d-4d63-87ee-5268d2b82b66","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":33,"box":{"x":89,"y":59,"width":837,"height":12}},{"id":"7dc2d569-c402-40a7-a7fd-fedb8daf407a","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":33,"box":{"x":89,"y":74,"width":867,"height":12}},{"id":"2bcd50f2-aab8-4e58-92fc-c89178706581","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":33,"box":{"x":88,"y":89,"width":538,"height":13}},{"id":"2dfa5248-23cf-484e-a47d-f36d7cd0d470","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":33,"box":{"x":89,"y":116,"width":852,"height":12}},{"id":"cfc3562d-cf90-402b-8b98-8bf96dae0ca4","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":33,"box":{"x":88,"y":131,"width":867,"height":12}},{"id":"3328fe89-6ad8-44c8-9c7c-8863ed821c50","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":33,"box":{"x":89,"y":146,"width":821,"height":12}},{"id":"d64d1f5c-3ea6-4b96-8e5c-178472f60d91","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":33,"box":{"x":89,"y":161,"width":855,"height":12}},{"id":"b384fb31-0c4a-4938-9428-0ecb6cf73e3c","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":33,"box":{"x":89,"y":176,"width":825,"height":13}},{"id":"aedad3d7-8a3c-43bf-8260-7f2960636ab3","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":33,"box":{"x":89,"y":191,"width":854,"height":12}},{"id":"a9b68280-a749-4a15-ae52-ea48089b4227","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":33,"box":{"x":88,"y":206,"width":860,"height":13}},{"id":"98853937-7b9f-47b3-86fa-1261e46c558c","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":33,"box":{"x":88,"y":222,"width":875,"height":12}},{"id":"e4d84c60-e21a-4a01-a98e-4e1caafaf403","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":33,"box":{"x":89,"y":237,"width":847,"height":12}},{"id":"de044559-ef97-43c8-b23b-fe89c59af02a","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":33,"box":{"x":88,"y":252,"width":880,"height":12}},{"id":"beaf2a22-fe22-479d-9ef4-16bd2e0bb866","block_type":"box","text":"the performance of investments in this region.","page_number":33,"box":{"x":88,"y":267,"width":323,"height":12}},{"id":"b4c2da5e-fbdd-4f7a-8c42-8684d72c1793","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":33,"box":{"x":89,"y":293,"width":822,"height":13}},{"id":"b35d2f2a-43f4-4fc7-8178-d6a362cbcf19","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":33,"box":{"x":89,"y":308,"width":873,"height":13}},{"id":"8930cf9a-6cb1-4881-83c2-c1c1f22d9bd1","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":33,"box":{"x":89,"y":324,"width":868,"height":12}},{"id":"8f24821a-3333-4780-aa49-4fb9b0eac41c","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":33,"box":{"x":88,"y":339,"width":878,"height":12}},{"id":"39687151-b37a-49c9-b951-5057708283ea","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":33,"box":{"x":88,"y":354,"width":617,"height":12}},{"id":"ef00dee0-c07a-4bd6-b9b9-38ee96eafe2e","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":33,"box":{"x":89,"y":380,"width":851,"height":13}},{"id":"319641f9-f95e-40fc-80b0-161cb2a73d9f","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":33,"box":{"x":89,"y":395,"width":838,"height":13}},{"id":"b2362e53-2e11-476d-8284-b6da182a956e","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":33,"box":{"x":89,"y":410,"width":830,"height":13}},{"id":"5e3287b1-e7e2-467c-9c08-4a1e8ff88179","block_type":"box","text":"sectors.","page_number":33,"box":{"x":89,"y":427,"width":53,"height":8}},{"id":"8dd629d3-a678-4e54-b945-29351fded74c","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":33,"box":{"x":88,"y":452,"width":852,"height":12}},{"id":"f465be58-233e-4962-a653-7fc6f2e0b100","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":33,"box":{"x":88,"y":467,"width":867,"height":13}},{"id":"a20e2309-7b59-43d3-b75e-2acb17fce8ba","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":33,"box":{"x":88,"y":482,"width":875,"height":13}},{"id":"9f69ff64-077b-4c5d-b37e-49566cbe83aa","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":33,"box":{"x":89,"y":497,"width":874,"height":13}},{"id":"ef37475a-2a22-4b27-b1c4-cc2e1f38b824","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":33,"box":{"x":89,"y":513,"width":874,"height":12}},{"id":"143699b6-434f-4f5f-8330-fc04af791b4f","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":33,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"d581fd33-976e-482a-80a7-70d9ed97270a","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":33,"box":{"x":88,"y":543,"width":840,"height":12}},{"id":"c414ba8d-29e7-4b6e-8a19-f57e8326f46c","block_type":"box","text":"Risk of Investing in Central and South America.","page_number":33,"box":{"x":89,"y":569,"width":339,"height":13}},{"id":"6d2cbe21-6db3-4dc4-981b-780b0a16592a","block_type":"box","text":"The economies of certain Central and South American countries have","page_number":33,"box":{"x":437,"y":569,"width":488,"height":10}},{"id":"b08e5cfe-37cc-415e-bc6f-3e8a7041a93f","block_type":"box","text":"experienced high interest rates, economic volatility, inflation, currency devaluations, government defaults, high","page_number":33,"box":{"x":89,"y":584,"width":774,"height":13}},{"id":"881a14b4-e39b-4e1c-a021-0b419ecbb2f7","block_type":"box","text":"unemployment rates and political instability which can adversely affect issuers in these countries. In addition, commodities","page_number":33,"box":{"x":89,"y":599,"width":860,"height":13}},{"id":"d0b6edb4-c0c9-4b44-bde2-b35bb63c4cca","block_type":"box","text":"(such as oil, gas and minerals) represent a significant percentage of exports for the regions and many economies in these","page_number":33,"box":{"x":89,"y":615,"width":850,"height":12}},{"id":"14b89ab4-d337-4e60-8c09-584b89bf7d7e","block_type":"box","text":"regions are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a","page_number":33,"box":{"x":89,"y":630,"width":855,"height":12}},{"id":"48d73124-604a-4759-947f-541036c98a05","block_type":"box","text":"significant adverse effect on other countries of these regions.","page_number":33,"box":{"x":89,"y":645,"width":426,"height":12}},{"id":"b9c9b41b-a335-48ad-93e6-01d73f3ccdfe","block_type":"box","text":"The governments of certain countries in Central and South America may exercise substantial influence over many aspects of","page_number":33,"box":{"x":88,"y":671,"width":874,"height":13}},{"id":"6df63033-7adb-4189-a5d7-1b3c6c2fe655","block_type":"box","text":"the private sector and may own or control many companies. Future government actions could have a significant effect on the","page_number":33,"box":{"x":88,"y":686,"width":878,"height":13}},{"id":"3a96fbe0-cdf2-457a-821a-505c42f65ac1","block_type":"box","text":"economic conditions in such countries, which could have a negative impact on the securities in which the Fund invests.","page_number":33,"box":{"x":89,"y":702,"width":836,"height":12}},{"id":"c3bcd4f0-946c-41c6-b653-7c149656a470","block_type":"box","text":"Diplomatic developments may also adversely affect investments in certain countries in Central and South America. Some","page_number":33,"box":{"x":89,"y":717,"width":846,"height":12}},{"id":"5ee44f96-b440-432a-ab4d-74c46e157688","block_type":"box","text":"countries in Central and South America may be affected by public corruption and crime, including organized crime.","page_number":33,"box":{"x":89,"y":732,"width":804,"height":12}},{"id":"f6839f8a-2cc7-4188-b835-a70ee4130615","block_type":"box","text":"Certain countries in Central and South America may be heavily dependent upon international trade and, consequently, have","page_number":33,"box":{"x":89,"y":758,"width":865,"height":13}},{"id":"8623f821-b522-4e7f-96ab-4a557341761e","block_type":"box","text":"been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative","page_number":33,"box":{"x":89,"y":773,"width":832,"height":13}},{"id":"0c4436a0-e6f8-47c0-9101-f988e9db758c","block_type":"box","text":"currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These","page_number":33,"box":{"x":89,"y":788,"width":834,"height":13}},{"id":"5c2a49ef-eb93-4a3b-96fa-80076f14b7e4","block_type":"box","text":"countries also have been and may continue to be adversely affected by economic conditions in the countries with which they","page_number":33,"box":{"x":89,"y":804,"width":876,"height":12}},{"id":"83483225-6af3-42b8-b44a-f6ee9ab0127f","block_type":"box","text":"trade. In addition, certain issuers located in countries in Central and South America in which the Fund invests may be the","page_number":33,"box":{"x":88,"y":819,"width":847,"height":12}},{"id":"162da410-b0dd-46c1-9851-a9bef0258e67","block_type":"box","text":"subject of sanctions (for example, the U.S. has imposed sanctions on certain Venezuelan individuals, corporate entities and","page_number":33,"box":{"x":89,"y":834,"width":859,"height":12}},{"id":"c2e065a8-6ee2-442c-8619-a14a8f2d69ee","block_type":"box","text":"the Venezuelan government) or have dealings with countries subject to sanctions and/or embargoes imposed by the U.S.","page_number":33,"box":{"x":88,"y":849,"width":849,"height":12}},{"id":"0e58891e-7580-484a-87cd-acb1d2e81fed","block_type":"box","text":"government and the United Nations and/or countries identified by the U.S. government as state sponsors of terrorism. An","page_number":33,"box":{"x":89,"y":864,"width":852,"height":12}},{"id":"9faddc63-3de6-4280-a5ea-0d7e90cbddf6","block_type":"box","text":"18","page_number":33,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"d3c3b86d-d4f2-42a8-a1b6-5b022cbb3f7e","block_type":"box","text":"issuer may sustain damage to its reputation if it is identified as an issuer that has dealings with such countries. The Fund may","page_number":34,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"1e121859-f2b3-49a4-a342-450582fc75e3","block_type":"box","text":"be adversely affected if it invests in such issuers.","page_number":34,"box":{"x":89,"y":59,"width":335,"height":12}},{"id":"3e6ce44b-26e7-4bc3-a8d6-61114edbd056","block_type":"box","text":"Risk of Investing in China.","page_number":34,"box":{"x":89,"y":85,"width":185,"height":13}},{"id":"73728b73-52f4-4585-8ce3-9fa2eef484e8","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":34,"box":{"x":284,"y":85,"width":636,"height":13}},{"id":"907b5061-4946-40aa-bcab-5a7f7692a956","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":34,"box":{"x":89,"y":101,"width":852,"height":12}},{"id":"e6941979-3d56-4b10-83d5-8ba55366c30f","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":34,"box":{"x":89,"y":116,"width":863,"height":12}},{"id":"dfb28ac4-cc6d-4a5b-be10-f7b548921ef7","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":34,"box":{"x":89,"y":131,"width":750,"height":12}},{"id":"aa55eb34-40fb-48bf-8aa4-05a7a2f2793c","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":34,"box":{"x":89,"y":157,"width":820,"height":13}},{"id":"b40d4579-9674-4d4f-87e7-74faeaa44d0e","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":34,"box":{"x":89,"y":172,"width":862,"height":13}},{"id":"f2124d94-f47d-48cb-bb5b-58f158a9f14a","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":34,"box":{"x":88,"y":188,"width":870,"height":12}},{"id":"3e80591b-a3dc-497a-bff5-027437d9c112","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":34,"box":{"x":89,"y":203,"width":875,"height":12}},{"id":"cedc3161-92ac-4d9e-bdac-f132be7e543f","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":34,"box":{"x":89,"y":218,"width":842,"height":9}},{"id":"e60be0c5-2dc3-439f-a107-1a57949eaae9","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":34,"box":{"x":89,"y":233,"width":835,"height":12}},{"id":"cf2306c1-5071-4c08-8b5c-f3970762fa10","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":34,"box":{"x":89,"y":248,"width":830,"height":12}},{"id":"25d0fd33-8042-49d4-86d2-abed563f5124","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":34,"box":{"x":88,"y":263,"width":834,"height":12}},{"id":"dfa9a31a-b138-4ff5-a455-c7fd8f6113f5","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":34,"box":{"x":88,"y":278,"width":845,"height":13}},{"id":"971fad2e-674f-421a-9163-98410c37c9f2","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":34,"box":{"x":89,"y":293,"width":811,"height":13}},{"id":"3416a1b0-e21a-46cc-9a93-9c956d80249c","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":34,"box":{"x":89,"y":308,"width":846,"height":13}},{"id":"6893152c-4112-495e-be48-11ec6783e343","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":34,"box":{"x":89,"y":324,"width":866,"height":12}},{"id":"ffea4f14-0d37-477c-aa52-7cd12a7b5842","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":34,"box":{"x":89,"y":339,"width":848,"height":12}},{"id":"5a4154aa-ce05-44b6-99ae-0cd32918c792","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":34,"box":{"x":89,"y":354,"width":851,"height":12}},{"id":"fe404743-7854-4237-9765-ae573809b644","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":34,"box":{"x":89,"y":369,"width":871,"height":12}},{"id":"064ae673-f001-416f-a1f8-3ee0c1e64e94","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":34,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"3f2eb3ec-2990-4cb0-9b6a-0d1903d09f94","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":34,"box":{"x":89,"y":399,"width":861,"height":13}},{"id":"ebdaf2c5-3358-4071-98dc-41b6eec91acd","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":34,"box":{"x":89,"y":414,"width":873,"height":13}},{"id":"0e534a80-c165-46e6-8119-a2232d7a9650","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":34,"box":{"x":89,"y":429,"width":843,"height":13}},{"id":"4b84b475-63ce-4ce0-9657-e17a17637bf1","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":34,"box":{"x":89,"y":445,"width":524,"height":12}},{"id":"8a5ba5b5-8cb6-4d2b-b860-a5471e0846d7","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":34,"box":{"x":88,"y":471,"width":866,"height":12}},{"id":"4d8fd87c-8b03-486d-b1a3-5c38f818f412","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":34,"box":{"x":89,"y":486,"width":816,"height":12}},{"id":"c69c4157-0fcb-42a5-a7f7-8f308e0b86df","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":34,"box":{"x":89,"y":501,"width":826,"height":13}},{"id":"9ab87930-2291-455a-8f01-00ef0f4c81b3","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":34,"box":{"x":89,"y":516,"width":873,"height":13}},{"id":"d0b19d31-56fd-47f8-97e9-d796287f6958","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":34,"box":{"x":88,"y":531,"width":824,"height":13}},{"id":"0179a79f-2961-4e12-9f2e-26bc9850b93c","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":34,"box":{"x":89,"y":547,"width":870,"height":12}},{"id":"47d41ce7-6ee7-4942-a5bf-69385df4bd35","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":34,"box":{"x":89,"y":562,"width":849,"height":12}},{"id":"f39a4573-20ed-42e0-9c7a-0b18ad76add9","block_type":"box","text":"and on repatriation of capital invested.","page_number":34,"box":{"x":89,"y":577,"width":268,"height":12}},{"id":"5d5582b1-d4c9-47f3-9ce8-e2202003cfa4","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":34,"box":{"x":89,"y":603,"width":861,"height":13}},{"id":"4fb5b7b3-b9e1-4d82-b202-727a45934abd","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":34,"box":{"x":89,"y":618,"width":863,"height":13}},{"id":"9511399a-f70f-4c86-b4fc-f2dfb97827e7","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":34,"box":{"x":89,"y":633,"width":855,"height":13}},{"id":"b806e09b-ebac-4a41-8ba7-5bcc890ec71e","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":34,"box":{"x":88,"y":649,"width":846,"height":12}},{"id":"5898847c-6284-4ba3-bb5f-5448efa24bcd","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":34,"box":{"x":89,"y":664,"width":842,"height":12}},{"id":"ef5a57f1-2ccd-47e9-9838-e221f69a1f52","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":34,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"a2b37fc9-3beb-4137-a5b4-10cc1fd798bf","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":34,"box":{"x":89,"y":694,"width":454,"height":12}},{"id":"bce04cb1-1b15-469e-bead-f602ff2c10a3","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":34,"box":{"x":88,"y":720,"width":849,"height":13}},{"id":"766fdf04-ade6-4150-b01c-7e431fe7d60d","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":34,"box":{"x":89,"y":736,"width":827,"height":12}},{"id":"fe0e32cd-4243-4b38-8f86-810b0d829cf9","block_type":"box","text":"protection considerations.","page_number":34,"box":{"x":89,"y":751,"width":182,"height":12}},{"id":"c6219a12-2ec0-49c5-afc2-2dd73ea5d9e7","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":34,"box":{"x":89,"y":777,"width":835,"height":12}},{"id":"d6269709-ad7c-47e1-8467-d129d028804c","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":34,"box":{"x":88,"y":792,"width":830,"height":13}},{"id":"29187aed-9b9c-4b01-9d66-a033f4faaa71","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":34,"box":{"x":88,"y":807,"width":858,"height":13}},{"id":"49de2d62-e652-4e07-b7ef-7f902b0e4067","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":34,"box":{"x":89,"y":822,"width":879,"height":13}},{"id":"049c8c90-1843-436a-aadd-186cbfb50a7c","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":34,"box":{"x":89,"y":838,"width":875,"height":12}},{"id":"2647f555-9d99-49b6-9786-f648b31bdb3e","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":34,"box":{"x":88,"y":853,"width":845,"height":12}},{"id":"87b4e1d9-227d-406d-b9ca-6caf41959460","block_type":"box","text":"19","page_number":34,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"16c78f3b-bfad-4e8c-a599-4baeb3369c9b","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":35,"box":{"x":88,"y":44,"width":846,"height":12}},{"id":"a036a7a6-d6bb-4e3b-89d1-80487e827fae","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":35,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"0e0a5d3b-05a1-4cf4-8080-7764a60029ac","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":35,"box":{"x":89,"y":74,"width":854,"height":12}},{"id":"bbc2a7e5-8732-4da4-8b07-c0bbd085e71a","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":35,"box":{"x":89,"y":89,"width":876,"height":13}},{"id":"abd6257d-3068-42bd-a69e-5da3b76ea39d","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":35,"box":{"x":89,"y":104,"width":838,"height":13}},{"id":"1edf7393-25b3-4810-9321-ac5c28b0ffa2","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":35,"box":{"x":89,"y":119,"width":847,"height":13}},{"id":"4e3ee085-2290-40e9-a5f8-bb167cacaf4c","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":35,"box":{"x":89,"y":135,"width":853,"height":12}},{"id":"f137d720-a937-42c6-9f64-a053b3468c95","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":35,"box":{"x":89,"y":150,"width":865,"height":12}},{"id":"fa381ab4-1fb5-435c-bcf8-9bd9e7ac44f6","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":35,"box":{"x":89,"y":165,"width":843,"height":12}},{"id":"3c979897-a0db-42de-8243-6c07ade5fe7e","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":35,"box":{"x":89,"y":180,"width":875,"height":12}},{"id":"b4da8c5d-448c-43ed-822a-f11ef1210317","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":35,"box":{"x":89,"y":195,"width":875,"height":12}},{"id":"fef29961-84f3-47ef-8c52-1306d740acf0","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":35,"box":{"x":89,"y":210,"width":851,"height":13}},{"id":"619c75c0-29e6-4910-a802-3e555c04152d","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":35,"box":{"x":89,"y":225,"width":827,"height":13}},{"id":"be70156c-892f-40a4-83d2-afd8d4ff5367","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":35,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"8dbf56f6-f053-40eb-9acf-e18122234bf0","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":35,"box":{"x":89,"y":256,"width":838,"height":12}},{"id":"6a473735-d610-487e-b07f-06acb8a8610b","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":35,"box":{"x":89,"y":271,"width":853,"height":12}},{"id":"4089c430-f6cc-4dee-8773-9700d29f52d3","block_type":"box","text":"Fund.","page_number":35,"box":{"x":89,"y":286,"width":38,"height":9}},{"id":"dc81bf5a-1e51-443b-94d2-23aec06311af","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":35,"box":{"x":88,"y":312,"width":864,"height":13}},{"id":"5681f688-6b8d-4bca-bc21-4a3548f2c52a","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":35,"box":{"x":89,"y":327,"width":819,"height":13}},{"id":"b04c102d-b873-429f-9ab1-513dbdc499a9","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":35,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"211e8f05-6f2b-471c-ba46-8999c0343486","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":35,"box":{"x":89,"y":358,"width":854,"height":12}},{"id":"d6f52cf7-b7b5-45a1-bd74-36c754528721","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":35,"box":{"x":88,"y":373,"width":835,"height":12}},{"id":"bd415f73-9e42-4cdc-8ccc-d3f9d65ec990","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":35,"box":{"x":89,"y":388,"width":858,"height":12}},{"id":"341bd47f-6601-432e-9c34-8920266a9dd5","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":35,"box":{"x":89,"y":403,"width":874,"height":12}},{"id":"e5337c1d-d7bc-4aa1-a18b-b0e36271ca50","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":35,"box":{"x":88,"y":418,"width":791,"height":12}},{"id":"1d7a0ccf-9be2-4b5b-8722-ed21ffd169e1","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":35,"box":{"x":89,"y":433,"width":840,"height":13}},{"id":"f4e6b489-cadf-4dcc-9b3b-025b11a66257","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":35,"box":{"x":88,"y":448,"width":877,"height":13}},{"id":"95af70fb-ccec-429c-ad4f-d7778d2ad2ae","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":35,"box":{"x":89,"y":463,"width":876,"height":13}},{"id":"0c25afb3-fd42-40a0-88d7-712d097884b3","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":35,"box":{"x":88,"y":479,"width":845,"height":12}},{"id":"1a731a8a-1c85-426e-9653-e1dfeb330c89","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":35,"box":{"x":89,"y":494,"width":873,"height":12}},{"id":"dca6f08b-30aa-425b-86c3-47c8a8b7e328","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":35,"box":{"x":89,"y":509,"width":840,"height":12}},{"id":"47508a9c-9f34-461c-9300-00467a89c126","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":35,"box":{"x":89,"y":524,"width":865,"height":12}},{"id":"53aa0518-b3b8-493a-bfee-e52c328c4109","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":35,"box":{"x":89,"y":539,"width":867,"height":12}},{"id":"b96bb0a5-d75a-47e2-96d2-07c63ae6e930","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":35,"box":{"x":88,"y":554,"width":340,"height":12}},{"id":"689d5b05-47f2-4eaf-b174-2360897d97ab","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":35,"box":{"x":88,"y":581,"width":833,"height":12}},{"id":"425f3cd6-e5bc-4ece-bfb8-8400f1966c06","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":35,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"22928093-4c21-4bfe-a5dd-b8a25387a264","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":35,"box":{"x":89,"y":611,"width":849,"height":12}},{"id":"ed453e23-dc28-4534-9577-f52972f33124","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":35,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"cc49b4d7-4602-4c09-b07d-a39ab6fe9ff9","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":35,"box":{"x":89,"y":641,"width":867,"height":12}},{"id":"827a80d3-a192-451f-9d9a-adcf881c1b3f","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":35,"box":{"x":88,"y":656,"width":826,"height":13}},{"id":"ac7fe173-dead-4cbb-b397-71de3f87506c","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":35,"box":{"x":89,"y":671,"width":874,"height":13}},{"id":"7d897f36-0d1b-4bc5-86e6-2979b31623f5","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":35,"box":{"x":89,"y":686,"width":691,"height":13}},{"id":"acf011fa-f886-4fe8-9985-1deba1bdeeb7","block_type":"box","text":"Risk of Investing in the China Bond Market.","page_number":35,"box":{"x":89,"y":713,"width":310,"height":12}},{"id":"585ae38c-02ef-4cbb-b8db-b725ab2f0224","block_type":"box","text":"A Fund’s investment in the PRC’s domestic bond market (the “China Interbank","page_number":35,"box":{"x":408,"y":713,"width":551,"height":12}},{"id":"db41d3b3-0c0e-4694-a7b3-cac106ff9caa","block_type":"box","text":"Bond Market”) occurs through the Bond Connect trading channel. Bond Connect allows eligible foreign investors to trade","page_number":35,"box":{"x":89,"y":728,"width":849,"height":12}},{"id":"26310eff-c53b-44ce-b7b4-f9143662c2b6","block_type":"box","text":"electronically between the mainland China and Hong Kong markets. Bonds traded through Bond Connect are settled and","page_number":35,"box":{"x":89,"y":743,"width":845,"height":12}},{"id":"3aad68d7-4547-4f34-857a-c1c4348bfda0","block_type":"box","text":"custodied through a link between the PRC’s Central Moneymarkets Unit (“CMU”), as an offshore custody agent, and China","page_number":35,"box":{"x":89,"y":758,"width":858,"height":13}},{"id":"51789a88-79f1-4a1f-9872-1cbe83f29de7","block_type":"box","text":"Central Depository & Clearing (“CCDC”) and Shanghai Clearing House (“SCH”), as onshore custodians and clearing","page_number":35,"box":{"x":89,"y":773,"width":807,"height":13}},{"id":"dcb253ad-612f-495c-aeb7-982dfb42413c","block_type":"box","text":"institutions in the PRC. All bonds traded by eligible foreign investors through Bond Connect are registered in the name of","page_number":35,"box":{"x":89,"y":788,"width":844,"height":13}},{"id":"693823f1-72d2-4074-8019-62d00871270b","block_type":"box","text":"CMU, which holds such bonds as a nominee owner. A Fund is thus exposed to custody risks with respect to CMU. In","page_number":35,"box":{"x":89,"y":804,"width":813,"height":12}},{"id":"9500e415-ab56-445e-81f8-e3066b67ffec","block_type":"box","text":"addition, the relevant filings, registration with the People’s Bank of China, and account opening must be carried out by third","page_number":35,"box":{"x":89,"y":819,"width":863,"height":12}},{"id":"52f75eea-e926-405d-acf6-5c02873ea03c","block_type":"box","text":"parties, including CMU, CCDC, and SCH. A Fund is thus subject to the risks of default, errors and omissions by such third","page_number":35,"box":{"x":89,"y":834,"width":843,"height":12}},{"id":"1c9e8f56-89ee-4f9e-bb82-8bfeaa457ac4","block_type":"box","text":"parties and may have limited remedies or no legal recourse at all to cure any defaults, errors and omissions.","page_number":35,"box":{"x":89,"y":849,"width":750,"height":12}},{"id":"a623689c-b297-4536-993f-fd92d4624bb8","block_type":"box","text":"20","page_number":35,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5ed86bb9-7c33-43d6-94bb-c59da3473b5a","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of bonds traded in the China Interbank Bond Market through","page_number":36,"box":{"x":88,"y":44,"width":872,"height":12}},{"id":"6b3a2221-b5ab-496f-9428-c168dcdea34d","block_type":"box","text":"CMU as nominee are relatively new and untested areas of PRC law. The definition of, and distinction between, legal","page_number":36,"box":{"x":89,"y":59,"width":802,"height":12}},{"id":"a5d7f360-2ea6-4ec5-ad20-106501e6c6b3","block_type":"box","text":"ownership and beneficial ownership under PRC law differs from that in the U.S. and other developed market jurisdictions, and","page_number":36,"box":{"x":89,"y":74,"width":877,"height":12}},{"id":"00457354-6804-42d4-9fc3-d1d58705c35f","block_type":"box","text":"there have been few cases involving a nominee account structure in the PRC courts. As a result, the rights of beneficial","page_number":36,"box":{"x":88,"y":89,"width":829,"height":13}},{"id":"7596ec3c-4b20-4f27-abac-f5d78536ec86","block_type":"box","text":"owners are uncertain. The exact nature of a Fund’s remedies and methods of enforcement of its rights and interests under","page_number":36,"box":{"x":89,"y":104,"width":857,"height":13}},{"id":"c48d3a98-f13a-4347-910f-6cc50270cbfd","block_type":"box","text":"PRC law are also uncertain.","page_number":36,"box":{"x":89,"y":119,"width":188,"height":10}},{"id":"5615f5e1-e188-4300-a0f7-e497b08eee75","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond","page_number":36,"box":{"x":89,"y":146,"width":826,"height":12}},{"id":"0bcd967a-b9e3-47b1-803a-617daaa228ff","block_type":"box","text":"Market may result in the prices of certain bonds fluctuating significantly. A Fund that invests in the China Interbank Bond","page_number":36,"box":{"x":89,"y":161,"width":846,"height":12}},{"id":"9a666779-f258-434a-8c02-a717fc9ebb78","block_type":"box","text":"Market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of securities may be large, and a","page_number":36,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"6ec2e371-438a-469a-8dfc-f9e18ed42dd3","block_type":"box","text":"Fund may therefore incur significant costs and may suffer losses when selling such investments. Bonds traded in the China","page_number":36,"box":{"x":89,"y":191,"width":859,"height":13}},{"id":"150a2483-7d3b-4c4f-98d2-f4f7c7e59cf0","block_type":"box","text":"Interbank Bond Market may be difficult or impossible to sell on a timely basis or at all, which may impact a Fund’s ability to","page_number":36,"box":{"x":89,"y":206,"width":859,"height":13}},{"id":"eea1b5c6-e281-4b1e-ad20-8fe3871b08b0","block_type":"box","text":"acquire or dispose of such securities at their expected prices.","page_number":36,"box":{"x":89,"y":222,"width":425,"height":12}},{"id":"e267b146-d001-4f29-a807-6f20e5481ade","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The relevant laws and","page_number":36,"box":{"x":89,"y":248,"width":875,"height":12}},{"id":"10bef358-4b6b-4984-9bc6-f50d2361c50e","block_type":"box","text":"regulations are subject to change, which may have retrospective effect. There can be no assurance that Bond Connect or its","page_number":36,"box":{"x":89,"y":263,"width":864,"height":12}},{"id":"7fe91832-720a-4c1c-aefd-5372612e3e07","block_type":"box","text":"features or systems will not be materially altered, suspended, discontinued or abolished. Furthermore, the securities","page_number":36,"box":{"x":88,"y":278,"width":811,"height":13}},{"id":"debcb87e-705c-4077-9958-56ca2ad9fdc5","block_type":"box","text":"regulation regimes and legal systems of the PRC and Hong Kong differ significantly, and issues may arise based on these","page_number":36,"box":{"x":89,"y":293,"width":840,"height":13}},{"id":"a11ba0bc-3392-4078-9f33-8cc788c1c7cf","block_type":"box","text":"differences. If the relevant authorities were to suspend account opening or trading on the China Interbank Bond Market, a","page_number":36,"box":{"x":89,"y":308,"width":850,"height":13}},{"id":"8ce8b765-9fe1-4b9b-9cea-80ffb26ba654","block_type":"box","text":"Fund’s ability to invest in that market would be adversely affected, limited, or curtailed altogether. In such event, the Fund’s","page_number":36,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"f5ab124b-0304-4012-a17d-d466ed9cea65","block_type":"box","text":"ability to achieve its investment objective would be negatively affected and, after exhausting other trading alternatives, the","page_number":36,"box":{"x":89,"y":339,"width":855,"height":12}},{"id":"c645b795-cf1b-41c0-949f-ba90421a3176","block_type":"box","text":"Fund may suffer substantial losses. Further, if Bond Connect is not operating, a Fund may not be able to acquire or dispose of","page_number":36,"box":{"x":89,"y":354,"width":877,"height":12}},{"id":"8024991e-9663-40e7-902d-84e163a90bb2","block_type":"box","text":"bonds in a timely manner, which could adversely affect its performance.","page_number":36,"box":{"x":89,"y":369,"width":502,"height":12}},{"id":"307de95d-5881-4878-af73-cb49cda03b06","block_type":"box","text":"There is no assurance that Bond Connect trading platforms and operational systems will function as expected or will","page_number":36,"box":{"x":88,"y":395,"width":816,"height":13}},{"id":"ecb20305-fd37-40cb-aa63-a663e77addd5","block_type":"box","text":"continue to be adapted to changes and developments in the market. If a relevant system does not function as expected,","page_number":36,"box":{"x":89,"y":410,"width":839,"height":13}},{"id":"d74de686-ff60-4ba1-b658-9b193b7b7cc2","block_type":"box","text":"trading through Bond Connect may be disrupted, and a Fund’s ability to pursue its investment strategy may therefore be","page_number":36,"box":{"x":88,"y":426,"width":843,"height":12}},{"id":"4d579ce8-a967-426c-a70b-0746033b022d","block_type":"box","text":"adversely affected. In addition, trading through Bond Connect involves the risk of delays inherent in order placing and","page_number":36,"box":{"x":89,"y":441,"width":820,"height":12}},{"id":"3ff06878-ec43-4960-bbce-500ffc93e888","block_type":"box","text":"settlement systems.","page_number":36,"box":{"x":89,"y":456,"width":138,"height":12}},{"id":"373675e0-832b-44f3-a62f-a041c5aef97c","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the renminbi (“RMB”). This means that a Fund is exposed to currency","page_number":36,"box":{"x":89,"y":482,"width":861,"height":13}},{"id":"8e1751a7-5a47-42f1-8617-512cb0e62ed0","block_type":"box","text":"risk, and it cannot be guaranteed that investors will have timely access to a reliable supply of RMB. The RMB consists of an","page_number":36,"box":{"x":89,"y":497,"width":856,"height":13}},{"id":"abb6b587-7215-46e1-9ba2-0de6c1c22517","block_type":"box","text":"onshore RMB (“CNY”) and an offshore RMB (“CNH”). The CNY is the official currency of the PRC and is the currency of","page_number":36,"box":{"x":89,"y":513,"width":833,"height":12}},{"id":"5da35830-10b9-48c4-a4a4-094e1dd03c3a","block_type":"box","text":"denomination for all financial transactions between individuals, the state and corporations in the PRC. The CNH market is","page_number":36,"box":{"x":89,"y":528,"width":849,"height":12}},{"id":"550f04ce-14b8-4cd4-93fd-b2c47fa5c432","block_type":"box","text":"traded officially and regulated jointly by the Hong Kong Monetary Authority and the PBOC. Because CNY and CNH are traded","page_number":36,"box":{"x":88,"y":543,"width":875,"height":12}},{"id":"28459347-14aa-4965-a3ee-b70293375088","block_type":"box","text":"in different and separate markets, they can be subject to different liquidity constraints and market forces, and their valuations","page_number":36,"box":{"x":89,"y":558,"width":875,"height":12}},{"id":"b3c644fe-c75b-4ba0-a31f-e5c179fab4f6","block_type":"box","text":"can vary. Any RMB-denominated bonds included in a Fund’s Underlying Index use CNY as the base currency. As a result, to","page_number":36,"box":{"x":89,"y":573,"width":860,"height":12}},{"id":"2d840be3-f3ad-4c35-97be-f5eafebc92f6","block_type":"box","text":"the extent that a Fund holds RMB-denominated instruments in CNH, it could be subject to tracking error and transaction","page_number":36,"box":{"x":88,"y":588,"width":847,"height":12}},{"id":"f2a12d61-38e7-423b-aaac-15ae58389be6","block_type":"box","text":"costs associated with converting from CNH to CNY (and vice versa).","page_number":36,"box":{"x":89,"y":603,"width":476,"height":13}},{"id":"726f39fe-88bc-433a-a345-920d8cbddab2","block_type":"box","text":"Under prevailing tax regulations, a 10% withholding tax is imposed on PRC-sourced dividends and interest from non","page_number":36,"box":{"x":89,"y":630,"width":820,"height":12}},{"id":"15ca6f23-863a-4cf6-8621-b5091c7bf47c","block_type":"box","text":"government bonds paid to a Fund unless the rate is reduced under an applicable tax treaty. Value added tax (“VAT”) is levied","page_number":36,"box":{"x":89,"y":645,"width":869,"height":12}},{"id":"73128c99-f6b8-4a65-84f9-f40401597703","block_type":"box","text":"on certain income derived by a Fund, including interest income from non-government bonds and trading gains, unless","page_number":36,"box":{"x":89,"y":660,"width":829,"height":12}},{"id":"91be3839-5c02-42bd-bc6f-eb4e94f1c09b","block_type":"box","text":"specifically exempted by the PRC tax authorities. VAT exemptions currently apply to debt securities traded in the China","page_number":36,"box":{"x":89,"y":675,"width":828,"height":12}},{"id":"c680d1c5-b76e-4157-bcb5-1072507d87ad","block_type":"box","text":"Interbank Bond Market. On November 22, 2018, the PRC’s Ministry of Finance and State Administration of Taxation jointly","page_number":36,"box":{"x":89,"y":690,"width":854,"height":13}},{"id":"561f471a-38b6-4c2c-8f9f-e6037eb7088a","block_type":"box","text":"issued Circular 108 providing foreign institutional investors with a temporary exemption from withholding income tax and","page_number":36,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"6556b481-73fa-41d9-8464-d1b5a0f672fb","block_type":"box","text":"VAT with respect to interest income derived from non-government bonds in the domestic bond market for the period from","page_number":36,"box":{"x":88,"y":720,"width":859,"height":13}},{"id":"10a7ef26-8983-48b6-9982-1dda62c8e67e","block_type":"box","text":"November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC’s Ministry of Finance and State Administration of","page_number":36,"box":{"x":89,"y":736,"width":858,"height":12}},{"id":"529b8c0f-c215-46c1-a2fa-f75abd5448b1","block_type":"box","text":"Taxation jointly issued Circular 34 to extend the tax exemption period provided in Circular 108 to December 31, 2025. Circular","page_number":36,"box":{"x":88,"y":751,"width":880,"height":12}},{"id":"b0ddc6bb-4d03-48ae-ba90-5d5b86d5e99e","block_type":"box","text":"108 is silent on the PRC tax treatment with respect to non-government bond interest derived prior to November 7, 2018.","page_number":36,"box":{"x":90,"y":766,"width":837,"height":12}},{"id":"2b056d4b-7f25-47be-a707-0a03c3845d1f","block_type":"box","text":"There is a risk the PRC tax authorities may withdraw the temporary tax exemptions and seek to collect withholding income","page_number":36,"box":{"x":88,"y":781,"width":861,"height":12}},{"id":"b9cfb891-f5f5-40db-8db3-0866942cdd59","block_type":"box","text":"tax and VAT on interest income from non-government bonds to a Fund without prior notice. If the tax exemptions are","page_number":36,"box":{"x":88,"y":796,"width":825,"height":12}},{"id":"adb83990-9d9e-40af-bf89-d71c3d51a594","block_type":"box","text":"withdrawn, any taxes arising from or to a Fund may be directly borne by, or indirectly passed on to, the Fund, which may","page_number":36,"box":{"x":88,"y":811,"width":843,"height":12}},{"id":"68ca9a53-5629-43dc-af48-bd95e80316ee","block_type":"box","text":"substantially impact its NAV. As with any NAV adjustment, investors may be advantaged or disadvantaged depending on","page_number":36,"box":{"x":89,"y":826,"width":842,"height":13}},{"id":"7a2a01b1-e70d-4b8e-8a6b-41ca6d54459f","block_type":"box","text":"when the investors purchased or sold shares of the Fund. Any changes in PRC tax law, future clarifications thereof, and/or","page_number":36,"box":{"x":88,"y":841,"width":854,"height":13}},{"id":"c75d0293-3e38-42c2-8f3b-42f3d75b53c2","block_type":"box","text":"subsequent retroactive enforcement by the PRC tax authorities may result in a loss that could be material to a Fund. BFA will","page_number":36,"box":{"x":89,"y":856,"width":868,"height":13}},{"id":"72f1b3a3-0d45-4233-9287-63155519e317","block_type":"box","text":"21","page_number":36,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"fd328751-76d4-4356-96ad-9aef147d68be","block_type":"box","text":"keep the provisioning policy for tax liability under review and may, in its discretion from time to time, make a provision for","page_number":37,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"26bbdf0e-342c-46f5-8ac0-bc06a6324b45","block_type":"box","text":"potential tax liabilities if in its opinion such provision is warranted or as further publicly clarified by the PRC.","page_number":37,"box":{"x":89,"y":59,"width":749,"height":12}},{"id":"d8d4d1d9-2036-4b50-9e2e-7c2b3c60315a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":37,"box":{"x":89,"y":85,"width":295,"height":13}},{"id":"a263ea83-6d31-4b11-9bd6-ac454c94d066","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":37,"box":{"x":393,"y":85,"width":544,"height":13}},{"id":"5e74069b-1264-4087-a372-051a4c3c470a","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":37,"box":{"x":89,"y":101,"width":585,"height":12}},{"id":"63bd865b-d2c9-4382-b743-8c302827cc3a","block_type":"box","text":"e.g.","page_number":37,"box":{"x":675,"y":104,"width":23,"height":9}},{"id":"a52b7723-8538-49af-89bb-66920a588dcc","block_type":"box","text":", the financial services sector) as the","page_number":37,"box":{"x":700,"y":101,"width":253,"height":12}},{"id":"a61e772f-4ad2-41fb-a90c-b9a7fd07b4a8","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":37,"box":{"x":89,"y":116,"width":878,"height":12}},{"id":"6390cf88-3757-49c0-9c34-6346863b7e55","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":37,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"6c9122fb-e622-4e41-b46c-fa6d4b11d337","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":37,"box":{"x":89,"y":146,"width":797,"height":12}},{"id":"7222cf63-dd92-4c2b-be72-ec6f4af49fcd","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":37,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"1fe4dbe6-d877-44fb-a527-43ee02551a77","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":37,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"4f4949bd-b41c-4388-b44d-4298c1a215c6","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":37,"box":{"x":89,"y":191,"width":832,"height":13}},{"id":"615da574-51de-4b64-a3ea-0d3779f677c0","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":37,"box":{"x":89,"y":206,"width":828,"height":13}},{"id":"729b2d36-9746-4bf9-a3c9-a0383a99e1af","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":37,"box":{"x":89,"y":222,"width":876,"height":12}},{"id":"20e41343-eba4-4e0d-99ee-19ae1dcf5976","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":37,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"fd2ce427-ea8a-4cd1-95a8-f22f54048130","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":37,"box":{"x":89,"y":252,"width":854,"height":12}},{"id":"430a758e-71a4-46e5-b9df-ebff9e7dc2d8","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":37,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"0ccbab8c-bf2c-4808-8c2f-293fbb27e965","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":37,"box":{"x":89,"y":282,"width":833,"height":12}},{"id":"05fec8a8-47fe-42e2-9fa7-eeb3bcf555ba","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":37,"box":{"x":89,"y":297,"width":867,"height":12}},{"id":"90e6e6ca-e4a7-4ef4-9793-ae47db160bef","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":37,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"115af032-5333-44b1-8572-2241ea84db04","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":37,"box":{"x":89,"y":327,"width":848,"height":13}},{"id":"20dceb30-0aae-4ed9-b1f2-6a7b2f084348","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":37,"box":{"x":89,"y":342,"width":811,"height":13}},{"id":"a25a3be0-f849-4e7c-ae48-fea030fe1e77","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":37,"box":{"x":89,"y":358,"width":861,"height":12}},{"id":"1653039c-c161-4350-a6f1-5beaf7e0e125","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":37,"box":{"x":88,"y":373,"width":820,"height":12}},{"id":"217726ab-b38c-4049-bb76-d99a9dfe3f65","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":37,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"be32884f-8656-4140-ba06-dacfc4ec3b88","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":37,"box":{"x":89,"y":403,"width":856,"height":12}},{"id":"80b90045-0a37-41ce-9fa9-4a91f7b346c0","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":37,"box":{"x":89,"y":418,"width":531,"height":12}},{"id":"6a41c904-dd79-4f10-be4b-0005179d5204","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":37,"box":{"x":89,"y":445,"width":276,"height":12}},{"id":"b04b1730-b0e0-4b9c-b3ee-62b907c68a70","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":37,"box":{"x":375,"y":445,"width":550,"height":12}},{"id":"81cbc8ce-b352-4b63-8ccf-99ea25451485","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":37,"box":{"x":89,"y":460,"width":865,"height":12}},{"id":"d8e9f4c9-ec72-4601-805a-4e3bd0699485","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":37,"box":{"x":89,"y":475,"width":868,"height":12}},{"id":"bd0a92a4-412d-44d7-b85f-e0f3b638ccef","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":37,"box":{"x":89,"y":490,"width":824,"height":12}},{"id":"2a316e11-50de-4740-a19e-fd9526f03a58","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":37,"box":{"x":89,"y":505,"width":854,"height":12}},{"id":"7bc14515-bf0d-4590-8ae7-78fd963bd2ba","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":37,"box":{"x":89,"y":520,"width":864,"height":12}},{"id":"a0d661b3-6078-46bd-bbbb-ba64c7350b07","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":37,"box":{"x":89,"y":535,"width":843,"height":13}},{"id":"b254a2ae-7eb2-4e9b-83fe-6b6bd60a572d","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":37,"box":{"x":89,"y":550,"width":857,"height":13}},{"id":"490df056-31b2-4433-aaba-7663aea81313","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":37,"box":{"x":89,"y":565,"width":862,"height":13}},{"id":"64918c02-503f-44b3-bbb0-f9481b6c2ed2","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":37,"box":{"x":89,"y":581,"width":855,"height":12}},{"id":"a0018aaf-5a47-46e1-8453-33bd54eb3cef","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":37,"box":{"x":89,"y":596,"width":825,"height":12}},{"id":"6a48fe5b-73fa-4b88-9823-51eb04f1f379","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":37,"box":{"x":89,"y":611,"width":861,"height":12}},{"id":"8387c0fe-1521-4f6c-a738-16efa1dd084e","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":37,"box":{"x":89,"y":626,"width":868,"height":12}},{"id":"33fb583f-1eef-4541-9039-12d5934eae62","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":37,"box":{"x":89,"y":641,"width":865,"height":12}},{"id":"2f4507c0-61dc-4bd2-94e3-f21819f7a08a","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":37,"box":{"x":89,"y":656,"width":868,"height":13}},{"id":"79e2d21a-f038-4967-b767-b9e96d8f5457","block_type":"box","text":"select investments based on investor protection considerations.","page_number":37,"box":{"x":89,"y":671,"width":444,"height":13}},{"id":"0b66c02f-89a8-4ac0-81cd-7e051b6a7929","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":37,"box":{"x":89,"y":698,"width":877,"height":12}},{"id":"efea60c9-fad1-4509-bce7-9c3effe400f0","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":37,"box":{"x":89,"y":713,"width":844,"height":12}},{"id":"e65d73a6-20db-49fd-9b3f-f20c050ac6e0","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":37,"box":{"x":89,"y":728,"width":829,"height":12}},{"id":"cf30a46a-e844-4565-996c-f33b0babc474","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":37,"box":{"x":89,"y":743,"width":820,"height":12}},{"id":"47b526dc-e7ec-4b1a-a480-01a42157ce87","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":37,"box":{"x":89,"y":758,"width":875,"height":13}},{"id":"b2694a15-5e36-42a0-9fe1-d93cc6896bcc","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":37,"box":{"x":89,"y":773,"width":856,"height":13}},{"id":"a6d49503-7bbe-4ff1-9a39-174323e8dcc2","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":37,"box":{"x":89,"y":788,"width":844,"height":13}},{"id":"7e36c6ab-f165-493a-bf4b-c4247bd57f48","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":37,"box":{"x":89,"y":804,"width":863,"height":12}},{"id":"e2eb7028-7e12-4258-921d-7ee91b456aba","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":37,"box":{"x":88,"y":819,"width":876,"height":12}},{"id":"3cc5e9e2-5fde-4057-a2f7-c4fdfb11d0b5","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":37,"box":{"x":89,"y":834,"width":803,"height":12}},{"id":"3f94a495-1705-44f1-9829-ef0435d3e1d0","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":37,"box":{"x":89,"y":849,"width":830,"height":12}},{"id":"62da560c-06b2-4b03-9bdd-3e06d6ff637f","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":37,"box":{"x":89,"y":864,"width":854,"height":12}},{"id":"ca0da60b-9d37-4b48-ae5a-6d3f9deae35d","block_type":"box","text":"22","page_number":37,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"fead86e5-c57d-4b09-bbee-96251a491263","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":38,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"92234ddd-9ab1-479d-8429-1317a11fca2f","block_type":"box","text":"emerging market country securities may also affect a Fund’s or an Underlying Fund’s ability to accurately value its portfolio","page_number":38,"box":{"x":89,"y":59,"width":860,"height":12}},{"id":"01ec80b5-7fa6-4706-b3b6-1e9c5bb44a4e","block_type":"box","text":"securities or to acquire or dispose of securities at the price and time it wishes to do so or in order to meet redemption","page_number":38,"box":{"x":89,"y":74,"width":821,"height":12}},{"id":"0862e5ea-2ebd-4fa9-9c80-c4f3c41ad9bb","block_type":"box","text":"requests.","page_number":38,"box":{"x":89,"y":91,"width":62,"height":11}},{"id":"11cab114-1cf8-497e-92ae-641a3dd0810e","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":38,"box":{"x":89,"y":116,"width":826,"height":12}},{"id":"8c2c96a6-ca88-4c8a-b5d9-1b5bbef6a2eb","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":38,"box":{"x":89,"y":131,"width":835,"height":12}},{"id":"483aef0f-e998-45ca-af54-3cdbd6c4bd15","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":38,"box":{"x":89,"y":146,"width":812,"height":12}},{"id":"4d1e1fef-16c2-466e-a461-e140373fcf37","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":38,"box":{"x":88,"y":161,"width":849,"height":12}},{"id":"1ebe89a6-3edb-4bbd-aae8-3659ea6b8138","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":38,"box":{"x":89,"y":176,"width":868,"height":13}},{"id":"c91bb3a9-ddf8-45c7-b295-aa20a2901a18","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":38,"box":{"x":88,"y":191,"width":546,"height":13}},{"id":"ba5571f6-378c-460a-ac62-f2714e675112","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":38,"box":{"x":89,"y":218,"width":834,"height":12}},{"id":"16644688-4a05-42bc-b3bb-048d35c90d05","block_type":"box","text":"These restrictions may limit a Fund’s or an Underlying Fund’s investment in certain emerging market countries and may","page_number":38,"box":{"x":88,"y":233,"width":840,"height":12}},{"id":"52eb0f18-4019-47b5-800b-49029410d5b0","block_type":"box","text":"increase the expenses of the Fund or an Underlying Fund. Certain emerging market countries require governmental approval","page_number":38,"box":{"x":89,"y":248,"width":871,"height":12}},{"id":"90557fe9-ad09-4cb7-b3d4-dc83bcdc899e","block_type":"box","text":"prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer’s","page_number":38,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"e9572585-43b1-4940-83e8-e3adde8f3e63","block_type":"box","text":"outstanding securities or a specific class of securities which may have less advantageous terms (including price) than","page_number":38,"box":{"x":89,"y":278,"width":822,"height":13}},{"id":"3a4646ff-91d5-4284-a20e-033e4392f807","block_type":"box","text":"securities of the company available for purchase by nationals.","page_number":38,"box":{"x":89,"y":293,"width":429,"height":13}},{"id":"7d45ed2a-692f-48a6-a0a5-1eadaeb82fed","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":38,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"e8dce837-7522-4dfd-b537-26302aa38195","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":38,"box":{"x":89,"y":335,"width":854,"height":12}},{"id":"3bb7538c-f097-4743-8609-0fd0d2a2fc40","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":38,"box":{"x":89,"y":350,"width":870,"height":12}},{"id":"44ac9e20-e0b0-4d44-92cb-d669c3ee422c","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":38,"box":{"x":89,"y":365,"width":743,"height":12}},{"id":"87f2cf7d-5f6e-470e-be05-cec330141277","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":38,"box":{"x":89,"y":380,"width":800,"height":13}},{"id":"0ca3d9fa-182b-4111-a623-562f55150d56","block_type":"box","text":"imposition of trade barriers.","page_number":38,"box":{"x":89,"y":395,"width":193,"height":13}},{"id":"07243ea0-ece9-4df9-95bb-0e6bfafbd2fe","block_type":"box","text":"A Fund’s or an Underlying Fund’s income and, in some cases, capital gains from foreign securities will be subject to","page_number":38,"box":{"x":88,"y":422,"width":807,"height":12}},{"id":"4e64b9d1-8750-403b-8436-3f5f57ad8fa5","block_type":"box","text":"applicable taxation in certain of the emerging market countries in which it invests, and treaties between the U.S. and such","page_number":38,"box":{"x":89,"y":437,"width":851,"height":12}},{"id":"84d2cc87-227f-46ca-9eac-ba906c21c270","block_type":"box","text":"countries may not be available in some cases to reduce the otherwise applicable tax rates.","page_number":38,"box":{"x":89,"y":452,"width":629,"height":12}},{"id":"0e19dcee-fece-46c9-ab81-41c21af3fb9e","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":38,"box":{"x":89,"y":479,"width":860,"height":12}},{"id":"3fb32744-7097-4e1d-a3bf-e830efb3df2f","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":38,"box":{"x":89,"y":494,"width":834,"height":12}},{"id":"5e7e99dc-3942-43cb-ba0e-fbcc6d0cf986","block_type":"box","text":"difficult to conduct such transactions.","page_number":38,"box":{"x":89,"y":509,"width":264,"height":9}},{"id":"012ef2a6-d4da-4761-b2e5-90e38d16558f","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":38,"box":{"x":89,"y":535,"width":822,"height":13}},{"id":"a17b8a18-816f-4d13-870c-d687661dc5a5","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":38,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"02016b18-7999-45ad-b789-cb91735733b7","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":38,"box":{"x":89,"y":565,"width":846,"height":13}},{"id":"299fce62-7177-472d-bd3a-257abd76bf0e","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":38,"box":{"x":89,"y":581,"width":872,"height":12}},{"id":"7ab134fd-3d0d-4bbf-be40-e5d34707c577","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":38,"box":{"x":89,"y":596,"width":878,"height":12}},{"id":"69615041-fc7b-4bce-a4b6-6e2535865c2c","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":38,"box":{"x":88,"y":611,"width":856,"height":12}},{"id":"3482a476-8029-4f5e-9b03-56e407ec223b","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":38,"box":{"x":89,"y":626,"width":838,"height":12}},{"id":"57cc70b4-0fea-4bc2-92cd-5381fda074ec","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":38,"box":{"x":89,"y":641,"width":853,"height":12}},{"id":"8b31bf7b-7826-4595-8c5d-5281773f62f4","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":38,"box":{"x":88,"y":656,"width":829,"height":13}},{"id":"122c827e-6ab6-48b1-9d26-7b981fd95baa","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":38,"box":{"x":89,"y":671,"width":404,"height":13}},{"id":"3eae9fcb-5ef5-4182-9217-58defc48a2d2","block_type":"box","text":"Risk of Investing in Europe.","page_number":38,"box":{"x":89,"y":698,"width":194,"height":12}},{"id":"9aa8ada0-1ced-48af-b7ac-2baf34082dd0","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":38,"box":{"x":293,"y":698,"width":656,"height":12}},{"id":"729e93e4-23c7-4a16-85f1-cdb2dee4a49e","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":38,"box":{"x":88,"y":713,"width":838,"height":12}},{"id":"833a584b-85b1-4d66-a8e2-b9b45a9b8a98","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":38,"box":{"x":89,"y":728,"width":865,"height":12}},{"id":"c27428a3-66f0-42ce-b780-4f6e6b5bdb94","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":38,"box":{"x":89,"y":743,"width":822,"height":12}},{"id":"45dbdf85-bf96-407d-8eae-a31490d29613","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":38,"box":{"x":89,"y":758,"width":877,"height":13}},{"id":"4e54c239-2a37-4f6d-a32c-ad39d07b1736","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":38,"box":{"x":89,"y":773,"width":825,"height":13}},{"id":"a6365a74-db7b-43dd-9d7c-3f06da94aec0","block_type":"box","text":"adopted the euro as their currency. Eurozone membership requires member states to comply with restrictions on inflation","page_number":38,"box":{"x":89,"y":788,"width":851,"height":13}},{"id":"03bec6d4-e7c9-44bd-b634-8734f1cf32b0","block_type":"box","text":"rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every","page_number":38,"box":{"x":89,"y":804,"width":822,"height":12}},{"id":"29305807-172f-4739-aead-6a3f789c0ff2","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":38,"box":{"x":89,"y":819,"width":858,"height":12}},{"id":"4ddd89e9-2523-4895-82ed-4f9def156b63","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":38,"box":{"x":89,"y":834,"width":873,"height":12}},{"id":"f915fac7-5a3e-4e5a-b724-f466e2409bda","block_type":"box","text":"23","page_number":38,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a0839db6-b0fb-435b-9d1a-6172124bd425","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":39,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"b4ad7094-1f4e-49ae-8f74-8be419a35b7d","block_type":"box","text":"significant adverse effect on the economies of other EU member states and their trading partners. Although certain European","page_number":39,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"827d1d3f-218d-4197-afd8-30a71cf68aa7","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":39,"box":{"x":89,"y":74,"width":802,"height":12}},{"id":"6e2b13be-3f5b-4fb6-9a5f-ee950a77f8e6","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":39,"box":{"x":89,"y":101,"width":870,"height":12}},{"id":"da500c15-53ed-47e7-944b-3b7f0c58ac98","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":39,"box":{"x":89,"y":116,"width":831,"height":12}},{"id":"161452df-6249-4c97-bbf0-269055c3eb42","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":39,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"3033a495-b0e1-4c42-87dc-f127ed20e5a6","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":39,"box":{"x":89,"y":146,"width":812,"height":12}},{"id":"d3b986ae-1c74-46bc-b6bb-671513b93463","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":39,"box":{"x":89,"y":161,"width":814,"height":12}},{"id":"3277eec2-eb8d-4f5e-881e-903c8ad702ea","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":39,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"5491300c-9805-40d3-b06b-0b98a9ed54b0","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":39,"box":{"x":89,"y":191,"width":848,"height":13}},{"id":"9b7092b3-b878-462b-8141-3d0011b2bee1","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":39,"box":{"x":89,"y":206,"width":862,"height":13}},{"id":"6e594234-d087-48f1-98b1-7c7a64036f45","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":39,"box":{"x":89,"y":222,"width":871,"height":12}},{"id":"a6aca396-69f3-4435-8b48-9f6c462f2a9c","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":39,"box":{"x":88,"y":237,"width":860,"height":12}},{"id":"d50b6778-049f-46ca-96c4-004388788e2e","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":39,"box":{"x":89,"y":252,"width":857,"height":12}},{"id":"b4a72d29-e2f6-453a-8bb8-b3ea491155a5","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":39,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"f0b1662a-f7f1-4a87-aad2-8e75a4ae74b0","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":39,"box":{"x":89,"y":282,"width":864,"height":12}},{"id":"c68caa43-2949-4143-8665-cc09970ad866","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":39,"box":{"x":89,"y":297,"width":796,"height":12}},{"id":"cffc11f5-a49c-4d0e-a083-4672a5bc00e1","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":39,"box":{"x":89,"y":312,"width":850,"height":13}},{"id":"265528ec-7515-4e9d-8de3-6e197780074c","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":39,"box":{"x":89,"y":327,"width":856,"height":13}},{"id":"b5472baf-1ec6-4757-ab0c-56d1c27ce8f2","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":39,"box":{"x":89,"y":342,"width":816,"height":13}},{"id":"2cc74845-eb0d-43c6-ac36-27d312f46775","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":39,"box":{"x":88,"y":369,"width":813,"height":12}},{"id":"a6ba7d24-90d5-4d5d-a0fa-0ba08fb40f1d","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":39,"box":{"x":88,"y":384,"width":802,"height":12}},{"id":"8f1c0797-3d0d-4ae2-8fcb-8ea1757d6e47","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":39,"box":{"x":89,"y":399,"width":382,"height":13}},{"id":"1431adb7-50f5-44a8-8a33-75a65506e9b7","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":39,"box":{"x":89,"y":426,"width":863,"height":12}},{"id":"1bc688f5-9675-4963-b0a9-c82459b909c6","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":39,"box":{"x":88,"y":441,"width":849,"height":12}},{"id":"336750a7-17cf-4117-81b7-1b118335cfdc","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":39,"box":{"x":89,"y":456,"width":872,"height":12}},{"id":"907f74a5-69a0-4f8e-b1d9-b3eb17e3be69","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":39,"box":{"x":89,"y":471,"width":818,"height":12}},{"id":"e226fb09-a867-4c6b-833f-ec7217cf9547","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":39,"box":{"x":89,"y":486,"width":845,"height":12}},{"id":"f15fd99b-66c5-4f35-b55c-7950ce17bd59","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":39,"box":{"x":89,"y":501,"width":873,"height":13}},{"id":"d95e60b7-39ad-4350-aa0c-26dcb4b67be1","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":39,"box":{"x":88,"y":516,"width":876,"height":13}},{"id":"1b6af497-0669-4777-8119-aa3d0c8e834c","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":39,"box":{"x":88,"y":531,"width":328,"height":13}},{"id":"77f3073a-65e5-49ae-915e-198691fee3d4","block_type":"box","text":"Russian Invasion of Ukraine","page_number":39,"box":{"x":88,"y":558,"width":192,"height":11}},{"id":"94a46ab9-4f3f-406b-8b5c-12004cee4ce1","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":39,"box":{"x":281,"y":558,"width":680,"height":12}},{"id":"75f39d49-72d4-4b75-a76a-5f326a0467b8","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":39,"box":{"x":89,"y":573,"width":870,"height":12}},{"id":"697e5856-37a6-49a0-8f8d-d127fe63403b","block_type":"box","text":"the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian","page_number":39,"box":{"x":88,"y":588,"width":879,"height":12}},{"id":"4ac91472-ee86-4288-879a-3bcc933c48ba","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":39,"box":{"x":89,"y":603,"width":869,"height":13}},{"id":"05e2a2a0-3733-420a-ae61-ffd2f4943ecf","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":39,"box":{"x":89,"y":618,"width":811,"height":13}},{"id":"a234b8e5-0479-411d-afa7-840be30a22f1","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":39,"box":{"x":89,"y":633,"width":862,"height":13}},{"id":"8b08cfb4-9a0a-40da-8b20-1e432ef3a657","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":39,"box":{"x":89,"y":649,"width":863,"height":12}},{"id":"f5a7b47a-a7be-404d-b9ed-844cb9ffd15a","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":39,"box":{"x":89,"y":664,"width":879,"height":12}},{"id":"d8ef10a0-e2c5-4fb6-a773-e669a5cca943","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":39,"box":{"x":89,"y":679,"width":858,"height":12}},{"id":"3a6530de-4ea1-49d1-83bf-6282d3c492d5","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":39,"box":{"x":89,"y":694,"width":468,"height":12}},{"id":"21c093c2-2efd-48e6-93b3-ad24312a1dee","block_type":"box","text":"Risk of Investing in North America.","page_number":39,"box":{"x":89,"y":720,"width":250,"height":13}},{"id":"64ad499a-74fd-4833-b7ad-7adcd4e2579f","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":39,"box":{"x":348,"y":720,"width":619,"height":13}},{"id":"b92dce77-a8ed-44e8-911a-6d78adc584f8","block_type":"box","text":"in any North American country can have a significant economic effect on the entire North American region and on some or","page_number":39,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"e0ce52e5-f36f-4a94-9359-f6f73b0cb35d","block_type":"box","text":"all of the North American countries in which a Fund or certain of the Underlying Funds invest.","page_number":39,"box":{"x":89,"y":751,"width":655,"height":12}},{"id":"181badfd-fcda-40eb-aeb0-c55dd5eef4ef","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are","page_number":39,"box":{"x":88,"y":777,"width":817,"height":12}},{"id":"8116bdd0-448f-4dfd-9a60-5ebd683f8350","block_type":"box","text":"significantly affected by developments in the U.S. economy. Since the implementation of the North American Free Trade","page_number":39,"box":{"x":89,"y":792,"width":838,"height":13}},{"id":"618e14de-cecf-4b91-b2ea-b416f00da432","block_type":"box","text":"Agreement (“NAFTA”) in 1994 among Canada, the U.S. and Mexico, total merchandise trade among the three countries has","page_number":39,"box":{"x":88,"y":807,"width":866,"height":13}},{"id":"9b0c321b-2d47-45d8-b607-29ed32fb7c02","block_type":"box","text":"increased. However, political developments including the implementation of tariffs by the U.S., and the renegotiation of","page_number":39,"box":{"x":89,"y":822,"width":832,"height":13}},{"id":"f170c081-8809-4cd7-86ae-220840c54ddd","block_type":"box","text":"NAFTA in the form of the United States-Mexico-Canada Agreement (“USMCA”), which replaced NAFTA on July 1, 2020, could","page_number":39,"box":{"x":89,"y":838,"width":877,"height":12}},{"id":"c48a5e4c-15f0-436f-8909-6d4defe53597","block_type":"box","text":"negatively affect North America’s economic outlook and, as a result, the value of securities held by a Fund. Policy and","page_number":39,"box":{"x":89,"y":853,"width":819,"height":12}},{"id":"d49ae57a-3478-42ff-b5e6-c8bd8b33ffbf","block_type":"box","text":"24","page_number":39,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"bf721d7f-3678-4c9d-a13c-3c0a8c9ffef4","block_type":"box","text":"legislative changes in one country may have a significant effect on North American markets generally, as well as on the value","page_number":40,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"a5b234d8-b418-433c-9d0d-9bbe46c93016","block_type":"box","text":"of certain securities held by the Fund or an Underlying Fund.","page_number":40,"box":{"x":89,"y":59,"width":422,"height":12}},{"id":"7da33450-4f89-4bd0-b557-b4bcd4104324","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":40,"box":{"x":89,"y":85,"width":401,"height":13}},{"id":"42444ba8-429c-4075-a2a5-b385e9415110","block_type":"box","text":"The communication services sector consists of both companies in","page_number":40,"box":{"x":498,"y":85,"width":464,"height":13}},{"id":"efde92e3-a28e-4055-9c3c-786862692934","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":40,"box":{"x":88,"y":101,"width":877,"height":12}},{"id":"55f68998-e93b-4f76-bc77-2d16aa540e04","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":40,"box":{"x":88,"y":116,"width":774,"height":12}},{"id":"09df3fb5-b63b-42f4-a8f0-0be404398f9d","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":40,"box":{"x":88,"y":131,"width":860,"height":12}},{"id":"0398acd1-f611-4f5c-85b2-9bbaae68d0b6","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":40,"box":{"x":89,"y":146,"width":841,"height":12}},{"id":"55dfc81b-f582-4618-8cce-8e7a963d39ec","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":40,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"695a4cc5-1543-4764-9698-17e4aec0c2fa","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":40,"box":{"x":89,"y":176,"width":822,"height":13}},{"id":"b86ca11e-d869-473e-8c7f-a43d4ae2ef4d","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":40,"box":{"x":89,"y":191,"width":803,"height":13}},{"id":"09971ca3-0889-4cf3-bcfa-3ed0521fa657","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":40,"box":{"x":89,"y":206,"width":808,"height":13}},{"id":"6803371c-1572-424e-8997-5f6dae9681d4","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":40,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"a2027774-3c91-4868-bf0e-695070fc11ca","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":40,"box":{"x":89,"y":237,"width":848,"height":12}},{"id":"a167c86c-3c2c-40e1-b34d-02e24582009f","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":40,"box":{"x":89,"y":252,"width":702,"height":12}},{"id":"a02d70f4-40df-461e-b446-6953f6902849","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":40,"box":{"x":88,"y":278,"width":879,"height":13}},{"id":"64f27075-e0ed-44ad-b4d8-3a14cc3623e3","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":40,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"ae8847e0-5a6b-4d89-91f1-1f4089b41d44","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":40,"box":{"x":89,"y":308,"width":867,"height":13}},{"id":"8d1a3207-7564-438c-a89e-e82b1f82c73b","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":40,"box":{"x":88,"y":324,"width":843,"height":12}},{"id":"aca70708-67ff-42c9-b7f4-68fc92f4f8a7","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":40,"box":{"x":89,"y":339,"width":828,"height":12}},{"id":"d77bb77c-ebfe-475e-b445-24a5d7455a40","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":40,"box":{"x":89,"y":354,"width":837,"height":12}},{"id":"1a1d18cd-ce53-4b1a-8a75-521c8a6509fd","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":40,"box":{"x":89,"y":369,"width":857,"height":12}},{"id":"146d8723-eeaf-49dc-a726-940904349ccc","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":40,"box":{"x":89,"y":384,"width":803,"height":12}},{"id":"bb51b410-f5fe-453d-98e3-2cc49bdc0e96","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":40,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"23c70541-9966-4d24-8054-344fb40d5fe1","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":40,"box":{"x":89,"y":414,"width":799,"height":13}},{"id":"87e0ad40-6e10-437c-9f7d-c66c22558362","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":40,"box":{"x":89,"y":429,"width":683,"height":13}},{"id":"d517ccf7-9b53-4eac-a4bf-2ebde1023152","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":40,"box":{"x":88,"y":456,"width":850,"height":12}},{"id":"c19f803f-9db5-4a6b-8e2a-e61f0c25d8f7","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":40,"box":{"x":89,"y":471,"width":864,"height":12}},{"id":"3af57bad-e387-4dcd-a32c-d292475602e3","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":40,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"d02a6b00-9c23-4eb2-9d1f-a7ab2c81a0a9","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":40,"box":{"x":89,"y":501,"width":818,"height":13}},{"id":"c546a3dc-8114-4e27-abdf-4f8e07a25735","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":40,"box":{"x":89,"y":516,"width":826,"height":13}},{"id":"c1559755-e518-4d81-b8f5-40845683e77e","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":40,"box":{"x":89,"y":531,"width":873,"height":13}},{"id":"7fcdaaee-4145-4ffd-8db8-421682390798","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":40,"box":{"x":89,"y":547,"width":856,"height":12}},{"id":"53e020fd-dd04-4bce-b7dd-082ebfe00704","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":40,"box":{"x":89,"y":573,"width":868,"height":12}},{"id":"7e259d06-8e46-4d81-96a7-6f395d90ff8f","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":40,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"61935ffb-8976-4993-a6ec-f4ea21d96278","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":40,"box":{"x":89,"y":603,"width":833,"height":13}},{"id":"64311304-fea9-4653-813f-7743955de440","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":40,"box":{"x":89,"y":618,"width":840,"height":13}},{"id":"a3fb1730-0a0d-488e-a9fb-97910fdbbd21","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":40,"box":{"x":88,"y":633,"width":823,"height":13}},{"id":"b9fa63da-a9cd-427a-b480-67f5629c530b","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":40,"box":{"x":89,"y":649,"width":859,"height":12}},{"id":"9b51dd0a-2dd4-4943-8987-cdfdf21dbde2","block_type":"box","text":"less revenue.","page_number":40,"box":{"x":89,"y":664,"width":88,"height":9}},{"id":"147c4e03-a182-4175-884b-4f1b76264e42","block_type":"box","text":"Risk of Investing in the Consumer Goods Industry.","page_number":40,"box":{"x":89,"y":690,"width":360,"height":13}},{"id":"d312dfe1-6dd3-4920-9922-1134d085efcf","block_type":"box","text":"Companies in the consumer goods industry include companies involved","page_number":40,"box":{"x":459,"y":690,"width":503,"height":13}},{"id":"ee25e2a8-a8c5-46af-bf91-65107f0101da","block_type":"box","text":"in the design, production or distribution of goods for consumers, including food, household, home, personal and office","page_number":40,"box":{"x":89,"y":705,"width":831,"height":13}},{"id":"e1929dda-bcc2-4fe8-a35d-cec2ca0df938","block_type":"box","text":"products, clothing and textiles. The success of the consumer goods industry is tied closely to the performance of the","page_number":40,"box":{"x":89,"y":720,"width":817,"height":13}},{"id":"cb1b6c6a-8b6a-4ff6-b39f-fe294b74fd4a","block_type":"box","text":"domestic and international economy, interest rates, exchange rates, competition, consumer confidence and consumer","page_number":40,"box":{"x":89,"y":736,"width":829,"height":12}},{"id":"55c7cc03-308e-440c-b7ec-f559d27ef852","block_type":"box","text":"disposable income. The consumer goods industry may be affected by trends, marketing campaigns and other factors","page_number":40,"box":{"x":89,"y":751,"width":820,"height":12}},{"id":"6530e8d9-39b6-4f8e-85f5-2cb85871bbeb","block_type":"box","text":"affecting consumer demand. Governmental regulation affecting the use of various food additives may affect the profitability","page_number":40,"box":{"x":89,"y":766,"width":866,"height":12}},{"id":"d93d7b6d-9e92-4143-8f87-f4b40c5effa7","block_type":"box","text":"of certain companies in the consumer goods industry. Moreover, international events may affect food and beverage","page_number":40,"box":{"x":89,"y":781,"width":806,"height":12}},{"id":"ffecb53b-3e9a-402a-9060-1e0ba235e7fb","block_type":"box","text":"companies that derive a substantial portion of their net income from foreign countries. In addition, tobacco companies may","page_number":40,"box":{"x":89,"y":796,"width":866,"height":12}},{"id":"e35fcd78-31a7-4dde-8edd-75d4e043f1b0","block_type":"box","text":"be adversely affected by new laws, regulations and litigation. Many consumer goods may be marketed globally, and","page_number":40,"box":{"x":89,"y":811,"width":807,"height":12}},{"id":"a9f4d60e-9c6c-4114-8755-e88cc5b02787","block_type":"box","text":"consumer goods companies may be affected by the demand and market conditions in other countries and regions.","page_number":40,"box":{"x":89,"y":826,"width":804,"height":13}},{"id":"fd1fe19e-760f-4b56-958d-211f1b7908c6","block_type":"box","text":"Companies in the consumer goods industry may be subject to severe competition, which may also have an adverse impact","page_number":40,"box":{"x":89,"y":841,"width":859,"height":13}},{"id":"18aeaacc-43e5-4efe-b339-7be8d7120a0d","block_type":"box","text":"on their profitability. Changes in demographics and consumer preferences may affect the success of consumer products.","page_number":40,"box":{"x":89,"y":856,"width":845,"height":13}},{"id":"6041aef6-0eb7-465a-869d-fd7c89306fc4","block_type":"box","text":"25","page_number":40,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"aa1cd83a-12ac-4096-886e-d374017a308d","block_type":"box","text":"Risk of Investing in the Consumer Services Industry.","page_number":41,"box":{"x":89,"y":44,"width":374,"height":12}},{"id":"f559620c-f3f8-425a-a850-aa4413bd016f","block_type":"box","text":"The success of firms in the consumer services industry and certain","page_number":41,"box":{"x":471,"y":44,"width":467,"height":12}},{"id":"d3d3eecb-3a3a-4aaa-a4d4-247ae41a611e","block_type":"box","text":"retailers (including food and beverage, general retailers, media, and travel and leisure) is tied closely to the performance of","page_number":41,"box":{"x":89,"y":59,"width":856,"height":12}},{"id":"663d8598-284a-45e5-82fd-bf409dfded6c","block_type":"box","text":"the domestic and international economy, interest rates, exchange rates, competition and consumer confidence. The","page_number":41,"box":{"x":88,"y":74,"width":812,"height":12}},{"id":"6c0cf1bc-15eb-49b5-9a67-91b37363e766","block_type":"box","text":"consumer services industry depends heavily on disposable household income and consumer spending. Companies in the","page_number":41,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"8e850a1d-aa3b-4eaa-8d84-ee9490783930","block_type":"box","text":"consumer services industry may be subject to severe competition, which may also have an adverse impact on their","page_number":41,"box":{"x":89,"y":104,"width":804,"height":13}},{"id":"a7da03f2-1dc7-42a5-bf01-3b3be8a2a9df","block_type":"box","text":"profitability. Companies in the consumer services industry are facing increased government and regulatory scrutiny and may","page_number":41,"box":{"x":89,"y":119,"width":871,"height":13}},{"id":"4160c10a-6d47-4b33-bd4a-f8ebd76a4ba9","block_type":"box","text":"be subject to adverse government or regulatory action. Changes in demographics and consumer preferences may affect the","page_number":41,"box":{"x":89,"y":135,"width":867,"height":12}},{"id":"76e63626-4cc5-440d-9813-b21c077266eb","block_type":"box","text":"success of consumer service providers.","page_number":41,"box":{"x":89,"y":150,"width":272,"height":12}},{"id":"210f29d5-4763-4439-a5c7-6ca062fb3735","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":41,"box":{"x":89,"y":176,"width":270,"height":13}},{"id":"d603e6b4-955d-4457-aa96-78ca9277ca84","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":41,"box":{"x":369,"y":176,"width":590,"height":13}},{"id":"b9da409c-9da9-40fb-8dc8-339acf2c1b60","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":41,"box":{"x":89,"y":191,"width":788,"height":13}},{"id":"253bafb2-5271-4974-b753-e1125b2a8c39","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":41,"box":{"x":89,"y":206,"width":853,"height":13}},{"id":"a1ce7bfc-57a7-4c22-9f6f-35cdf6e6f5a1","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":41,"box":{"x":89,"y":222,"width":852,"height":12}},{"id":"94a62463-13d8-49f4-80c5-dffa6e260a88","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":41,"box":{"x":88,"y":237,"width":822,"height":12}},{"id":"130a727a-dd90-440a-97b2-e36a69724928","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":41,"box":{"x":89,"y":252,"width":807,"height":12}},{"id":"21b2f149-a2dd-4d03-b462-ec513818c875","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":41,"box":{"x":89,"y":267,"width":846,"height":12}},{"id":"8603c633-8ead-4f23-9430-644318a1ea2e","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":41,"box":{"x":88,"y":282,"width":874,"height":12}},{"id":"974ce23b-7e34-477c-8418-8dc62f97a0ab","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":41,"box":{"x":89,"y":297,"width":820,"height":12}},{"id":"670fdf68-51df-4e29-be6b-a6fd7431c68d","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":41,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"2456b609-2cc7-4100-b42d-46cd305de931","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":41,"box":{"x":89,"y":327,"width":823,"height":13}},{"id":"3330849d-8b25-4151-b3ef-b8ffacdfac75","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":41,"box":{"x":88,"y":342,"width":870,"height":13}},{"id":"d62c1bd2-e8f3-43fe-ad25-fbe9ad0ef1af","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":41,"box":{"x":89,"y":358,"width":859,"height":12}},{"id":"fc95d1a9-5fd2-437e-a029-28d076825597","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":41,"box":{"x":89,"y":373,"width":860,"height":12}},{"id":"e3741dba-4caa-4e70-84ce-f5d04bd08c88","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":41,"box":{"x":88,"y":388,"width":861,"height":12}},{"id":"dd186a17-b6a5-4705-9df8-6a39d69dd6c2","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":41,"box":{"x":89,"y":403,"width":876,"height":12}},{"id":"a4713ebe-324d-4bd5-99e2-8cfab4856564","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":41,"box":{"x":89,"y":418,"width":836,"height":12}},{"id":"fd92cd88-f8ef-4d37-a403-314b267f608e","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":41,"box":{"x":89,"y":433,"width":755,"height":13}},{"id":"a67647d9-3f13-45d7-8e25-93294c6f9a2b","block_type":"box","text":"e.g","page_number":41,"box":{"x":845,"y":436,"width":20,"height":10}},{"id":"489ff192-f159-45de-9b9d-5149c8a33efe","block_type":"box","text":".,","page_number":41,"box":{"x":866,"y":441,"width":6,"height":4}},{"id":"e123cce8-0729-4e49-8cdd-2772d996cc82","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":41,"box":{"x":89,"y":448,"width":849,"height":13}},{"id":"6f857442-4b51-45fb-8668-1717f2a16314","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":41,"box":{"x":89,"y":463,"width":879,"height":13}},{"id":"ffdb5d66-9572-465b-abe9-c4c878363e6f","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":41,"box":{"x":89,"y":479,"width":860,"height":12}},{"id":"8f439c1b-1980-4c86-ab93-3f2d824a6889","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":41,"box":{"x":89,"y":494,"width":873,"height":12}},{"id":"b52e33ef-87d9-4914-8faa-2ee164f20822","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":41,"box":{"x":89,"y":509,"width":878,"height":12}},{"id":"34f842ee-aeea-4987-9150-eec76b91b721","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":41,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"312e8c13-4e90-4ce2-898f-b1b17fa0f175","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":41,"box":{"x":88,"y":539,"width":858,"height":12}},{"id":"cc11b623-be90-4474-a4ae-85c602e83e70","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":41,"box":{"x":89,"y":554,"width":611,"height":12}},{"id":"8573e1e7-86c2-4b47-9b89-9dd227773240","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":41,"box":{"x":88,"y":581,"width":831,"height":12}},{"id":"89d72b5e-38cc-40b1-8ce5-840f9141c3b8","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":41,"box":{"x":89,"y":596,"width":843,"height":12}},{"id":"b64692a2-0711-4fe7-b2fe-f93ef7c6e3b1","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":41,"box":{"x":89,"y":611,"width":853,"height":12}},{"id":"f9d2ea1b-ff94-4055-9184-aa12e69770dd","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":41,"box":{"x":89,"y":626,"width":875,"height":12}},{"id":"b461b13d-a67e-4808-986c-09a4a3142010","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":41,"box":{"x":89,"y":641,"width":871,"height":12}},{"id":"65c2534d-49df-4138-9a86-b8f6be53a1d3","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":41,"box":{"x":89,"y":656,"width":873,"height":13}},{"id":"4e2afbe4-7bad-4a46-af33-71761f1451f8","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":41,"box":{"x":89,"y":671,"width":864,"height":13}},{"id":"90de40c1-7c70-4552-9c93-68b2671d79fe","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":41,"box":{"x":89,"y":686,"width":445,"height":13}},{"id":"e0ebb959-7a2c-4a97-8dd2-fc92b97fc734","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":41,"box":{"x":89,"y":713,"width":292,"height":12}},{"id":"6e20a05f-854f-418d-9de5-5437d4546f88","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":41,"box":{"x":391,"y":713,"width":533,"height":12}},{"id":"0b6fadc3-556b-4b0a-9d92-cb76bf4fdd25","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":41,"box":{"x":89,"y":728,"width":836,"height":12}},{"id":"ea34b2ed-3686-4e44-a395-208b9faa60c9","block_type":"box","text":"companies (","page_number":41,"box":{"x":89,"y":743,"width":85,"height":12}},{"id":"1d62ecee-8a7d-4dea-a5f4-da02fcfdab1a","block_type":"box","text":"e.g.","page_number":41,"box":{"x":175,"y":746,"width":23,"height":9}},{"id":"1438889b-07c6-4443-a9f4-483583ab4bf0","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":41,"box":{"x":200,"y":743,"width":706,"height":12}},{"id":"69606a04-6130-41a2-befd-4bd00be765ec","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":41,"box":{"x":88,"y":758,"width":491,"height":13}},{"id":"a63c8c13-7cc1-430f-9382-1d3a89af696f","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":41,"box":{"x":89,"y":785,"width":865,"height":12}},{"id":"f4057e36-f8b1-40e7-88b8-b9b433b5f012","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":41,"box":{"x":89,"y":800,"width":869,"height":12}},{"id":"8a4c9494-ace0-488b-bb2a-723cd80c00b2","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":41,"box":{"x":89,"y":815,"width":813,"height":12}},{"id":"5c71a2bd-48c8-4526-808d-454a9e286a9c","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":41,"box":{"x":89,"y":830,"width":877,"height":12}},{"id":"4abee642-d147-4d2b-b646-a1a98b996984","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":41,"box":{"x":88,"y":845,"width":848,"height":12}},{"id":"b95d692d-6563-47ce-9435-5513e569840d","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":41,"box":{"x":89,"y":860,"width":827,"height":13}},{"id":"f2c6a563-f62c-4637-852f-37e1a7a3e93d","block_type":"box","text":"26","page_number":41,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d3c4af7d-0085-4436-a915-e8387ff4c022","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":42,"box":{"x":88,"y":44,"width":871,"height":12}},{"id":"43e78ebe-da3e-41b9-89bf-47f556be8c97","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":42,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"c5eedacc-b3e8-4565-8a0b-1e640debb7da","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":42,"box":{"x":89,"y":74,"width":833,"height":12}},{"id":"43c3ecca-99fa-4a09-9f1e-fc5a35bf6d5f","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":42,"box":{"x":89,"y":89,"width":839,"height":13}},{"id":"a7106992-6479-4f86-a5a3-d8c8ff4ba8bc","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":42,"box":{"x":89,"y":104,"width":872,"height":13}},{"id":"8834bd4e-2d3b-4ec1-9e53-0f5680f7ee43","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":42,"box":{"x":89,"y":119,"width":810,"height":13}},{"id":"077e94fb-050f-45eb-b22d-a165188177ba","block_type":"box","text":"restrictions on currency transfers. In addition, companies in the financials sector may be the targets of hacking and potential","page_number":42,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"36e74334-d5d6-424a-a2f6-f0d111816f99","block_type":"box","text":"theft of proprietary or customer information or disruptions in service, which could have a material adverse effect on their","page_number":42,"box":{"x":88,"y":150,"width":847,"height":12}},{"id":"7c659240-9350-40ff-afef-4f34811135e9","block_type":"box","text":"businesses.","page_number":42,"box":{"x":89,"y":165,"width":78,"height":10}},{"id":"a51e5504-1730-4e5e-ad41-13ddc2d87671","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":42,"box":{"x":88,"y":191,"width":879,"height":13}},{"id":"83539726-9553-44fc-bcb4-759b5cec8a47","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":42,"box":{"x":89,"y":206,"width":863,"height":13}},{"id":"90717c33-7464-4072-b814-a18d902a6a2a","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":42,"box":{"x":88,"y":222,"width":831,"height":12}},{"id":"223b1480-5e0f-4b5c-871c-40755730f8ef","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":42,"box":{"x":88,"y":237,"width":873,"height":12}},{"id":"f0499a3c-d6fb-4f57-b597-09bdfd053c28","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":42,"box":{"x":89,"y":252,"width":855,"height":12}},{"id":"0c6b8b4c-8cc4-4665-b1eb-12618781cc9f","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":42,"box":{"x":89,"y":267,"width":730,"height":12}},{"id":"2d06ca7c-9070-4dd4-9b58-c9aca4be9a17","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":42,"box":{"x":89,"y":293,"width":845,"height":13}},{"id":"787119c6-4d94-4acf-aaf8-11ffb0591d13","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":42,"box":{"x":89,"y":308,"width":835,"height":13}},{"id":"7ec155a8-b00e-4237-a02c-648d4e0d68df","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":42,"box":{"x":89,"y":324,"width":831,"height":12}},{"id":"834038ce-78f0-4272-a8ed-bedc8a517522","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":42,"box":{"x":89,"y":339,"width":850,"height":12}},{"id":"968a7f34-13d6-4462-92a3-cf144844098b","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":42,"box":{"x":88,"y":354,"width":821,"height":12}},{"id":"5a6df90e-38af-47a7-a844-d4b2d5a9508f","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":42,"box":{"x":89,"y":369,"width":875,"height":12}},{"id":"6faa22d1-31cb-4471-99f2-a5976cf41fb5","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":42,"box":{"x":89,"y":384,"width":836,"height":12}},{"id":"1f2ede95-b6b1-41cb-a0ab-2bd313c4cc5b","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":42,"box":{"x":89,"y":399,"width":841,"height":13}},{"id":"8e0be823-627e-413a-aa6b-535925e17d6b","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":42,"box":{"x":89,"y":414,"width":814,"height":13}},{"id":"1c5a6bf9-f9f4-440b-a9f1-80be18930d69","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":42,"box":{"x":89,"y":429,"width":827,"height":13}},{"id":"9d868424-3587-4322-b9ec-3f0d8f404fcc","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":42,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"61cdf332-4fb3-474f-945c-f0125e72a08b","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":42,"box":{"x":88,"y":460,"width":837,"height":12}},{"id":"009770a8-9314-4074-8c41-356466d82bbc","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":42,"box":{"x":89,"y":475,"width":862,"height":12}},{"id":"52e48dcd-b1b2-4b14-8d07-1c86671dce85","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":42,"box":{"x":89,"y":490,"width":853,"height":12}},{"id":"ad155b6f-a899-433d-8731-8548fe6488d6","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":42,"box":{"x":89,"y":505,"width":865,"height":12}},{"id":"c4d9b2de-ac64-447f-8ec2-22d6c5edf972","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":42,"box":{"x":89,"y":520,"width":863,"height":12}},{"id":"01c9242e-8468-4134-9af8-991907550731","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":42,"box":{"x":89,"y":535,"width":872,"height":13}},{"id":"9317801b-8581-481a-b729-f9f15826c801","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":42,"box":{"x":89,"y":550,"width":665,"height":13}},{"id":"524dcd26-f84a-496d-a146-58e727859def","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":42,"box":{"x":89,"y":577,"width":297,"height":12}},{"id":"a7d817be-1014-4e03-9fee-4cc3e4be0d5f","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":42,"box":{"x":395,"y":577,"width":530,"height":12}},{"id":"0c0d6895-71ce-4b6a-9481-8c4d444a72d2","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":42,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"417c1f3d-3429-4f9a-bd92-012df95d0c05","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":42,"box":{"x":89,"y":607,"width":848,"height":12}},{"id":"667cb362-e99f-4ea0-8aee-4abe3647f236","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":42,"box":{"x":88,"y":622,"width":844,"height":12}},{"id":"5579583b-56ce-4013-87fc-dedc4e83281f","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":42,"box":{"x":89,"y":637,"width":824,"height":13}},{"id":"2e53ffd0-4e91-4422-96bd-53b84bdbd387","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":42,"box":{"x":89,"y":652,"width":852,"height":13}},{"id":"e91c31fd-f2c8-4514-a6c0-64e8bc5e77d9","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":42,"box":{"x":89,"y":668,"width":858,"height":12}},{"id":"06fc191b-584d-437d-a0a9-08b9e032b998","block_type":"box","text":"affect the sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage,","page_number":42,"box":{"x":89,"y":683,"width":837,"height":12}},{"id":"0c42f9ea-9d03-48e0-8bc5-2a9254a46530","block_type":"box","text":"product liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":42,"box":{"x":89,"y":698,"width":751,"height":12}},{"id":"39c489e5-bd10-4f26-8ee3-113e8eb721c3","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":42,"box":{"x":89,"y":724,"width":313,"height":13}},{"id":"da00c25b-dcde-4a50-92c1-1def600408b2","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":42,"box":{"x":411,"y":724,"width":520,"height":13}},{"id":"95d9abd1-081b-4111-8edd-e12d0d14104b","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":42,"box":{"x":89,"y":739,"width":867,"height":13}},{"id":"3bc64a3f-846a-41a1-8ee9-b5b6cd2aa80d","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":42,"box":{"x":89,"y":754,"width":859,"height":13}},{"id":"b8e90848-dcbd-4a37-af1d-275e95b9b556","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":42,"box":{"x":89,"y":770,"width":837,"height":12}},{"id":"69171d40-36df-4b89-b1e6-a1e07f965042","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":42,"box":{"x":89,"y":785,"width":819,"height":12}},{"id":"a3a9f634-2edf-4545-b276-5a8f5549ea16","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":42,"box":{"x":89,"y":800,"width":869,"height":12}},{"id":"85fb265c-ed40-43b4-90d8-6738fef2c734","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":42,"box":{"x":88,"y":815,"width":439,"height":12}},{"id":"e4f17369-e676-4df6-a133-f7f71ce0193a","block_type":"box","text":"27","page_number":42,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"05f89d2e-031e-4a8d-b971-6d05f6642844","block_type":"box","text":"Concentration Risk.","page_number":43,"box":{"x":89,"y":44,"width":134,"height":10}},{"id":"9d32ac16-869c-40aa-a997-0b9cb7b64372","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":43,"box":{"x":230,"y":44,"width":718,"height":12}},{"id":"ccbe7695-b7bf-4e83-9f69-1ec1c3c86e76","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":43,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"885afb03-65ad-46c7-80d9-38fc83f21651","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":43,"box":{"x":89,"y":74,"width":416,"height":12}},{"id":"d494745f-ad76-403e-8182-8e7262cc48b6","block_type":"box","text":"Distressed Investment Risk.","page_number":43,"box":{"x":88,"y":101,"width":189,"height":9}},{"id":"de92eb04-0d59-4c8d-aecd-51c50d5309b4","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":43,"box":{"x":284,"y":101,"width":595,"height":12}},{"id":"a6f9ff3b-4232-439c-89b0-20b6878691d1","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":43,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"fce07556-b150-4879-ba66-c51c435c4430","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":43,"box":{"x":89,"y":131,"width":806,"height":12}},{"id":"93178ea4-1f7c-479a-b91e-df42663ac28a","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":43,"box":{"x":89,"y":146,"width":856,"height":12}},{"id":"22bb675a-a6ca-4d8d-bd53-949b77c71d59","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":43,"box":{"x":88,"y":161,"width":879,"height":12}},{"id":"24f8c2e7-97d1-4e5c-93fc-e87fec0c61ae","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":43,"box":{"x":89,"y":176,"width":587,"height":13}},{"id":"b41cd426-8b52-4f87-a881-4aaf80f8ca7b","block_type":"box","text":"Illiquidity Risk.","page_number":43,"box":{"x":88,"y":203,"width":98,"height":12}},{"id":"e5a2899c-e4db-4f93-8f76-0d193ac2e69e","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":43,"box":{"x":193,"y":203,"width":722,"height":12}},{"id":"a37c2ce5-2edf-4b9b-a57f-353dc8c95761","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":43,"box":{"x":89,"y":218,"width":867,"height":12}},{"id":"77e28a64-7667-40c9-a1e0-e6d5c7cdae7a","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":43,"box":{"x":88,"y":233,"width":870,"height":12}},{"id":"7e0e37c3-1d17-4e43-93a1-a77b8922bea3","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":43,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"44f468c7-eb42-4bf8-8770-0aabd2b3c743","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":43,"box":{"x":89,"y":263,"width":819,"height":12}},{"id":"5507d66f-ae6f-48ab-a262-2274db73e0d5","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":43,"box":{"x":89,"y":278,"width":857,"height":13}},{"id":"bc4ec02a-701f-4a14-9ee4-7f39c89e5324","block_type":"box","text":"Interest Rate Risk.","page_number":43,"box":{"x":88,"y":305,"width":124,"height":9}},{"id":"953fd02f-dd6d-426a-bc53-7384320889fa","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":43,"box":{"x":218,"y":305,"width":680,"height":12}},{"id":"fa6f0425-f326-4405-a648-02639e19a665","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":43,"box":{"x":89,"y":320,"width":843,"height":12}},{"id":"6b6afc09-d4d7-4c67-8932-e5de47caf955","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":43,"box":{"x":89,"y":335,"width":679,"height":12}},{"id":"a856a8b1-8357-4723-b868-78d6d71bb626","block_type":"box","text":"Leverage Risk.","page_number":43,"box":{"x":88,"y":361,"width":98,"height":13}},{"id":"a3a45ff0-cec5-4eb3-a861-c12e9039c29c","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":43,"box":{"x":192,"y":361,"width":774,"height":13}},{"id":"153aecde-0338-4a5b-bba9-5aacbb58734a","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":43,"box":{"x":89,"y":376,"width":875,"height":13}},{"id":"69f92510-4368-4622-8863-62bd2635f43c","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":43,"box":{"x":89,"y":392,"width":875,"height":12}},{"id":"676b68ae-0d7d-4c79-baa1-5a8cb5e2447d","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":43,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"0102c514-53bb-42ce-a529-b75b54221d2a","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":43,"box":{"x":89,"y":422,"width":857,"height":12}},{"id":"a6978573-109e-4b42-9741-ded7ab5fd546","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":43,"box":{"x":89,"y":437,"width":877,"height":12}},{"id":"c9732333-1919-46f0-af1d-eaede2027565","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":43,"box":{"x":88,"y":452,"width":851,"height":12}},{"id":"ae583f54-5720-4cb1-84a4-5d186512342e","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":43,"box":{"x":89,"y":467,"width":599,"height":13}},{"id":"dff6462e-7e16-437a-bd7d-b9371df053ed","block_type":"box","text":"Loan Foreclosure Risk.","page_number":43,"box":{"x":88,"y":494,"width":154,"height":9}},{"id":"e7516737-67e0-4a6b-8615-2c3b073bfc41","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":43,"box":{"x":249,"y":494,"width":664,"height":12}},{"id":"65489bfb-1e01-40a1-90ac-7095e180e15a","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":43,"box":{"x":89,"y":509,"width":870,"height":12}},{"id":"1d1014fb-c139-4136-85c1-55c52d9a8908","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":43,"box":{"x":88,"y":524,"width":819,"height":12}},{"id":"a11bb982-5109-4558-adba-052a19df5373","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":43,"box":{"x":88,"y":539,"width":868,"height":12}},{"id":"68d2b962-552f-43e5-8191-cc2d97c75c9b","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":43,"box":{"x":89,"y":554,"width":872,"height":12}},{"id":"c51002aa-97d6-49ae-852d-ee7017a5cf0a","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":43,"box":{"x":89,"y":569,"width":796,"height":13}},{"id":"d8ed0323-b1d3-443a-bacd-cb9dfb9e3d04","block_type":"box","text":"Management Risk.","page_number":43,"box":{"x":88,"y":596,"width":130,"height":12}},{"id":"f4071d66-bd36-4ec9-b66d-e4468eaa7337","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":43,"box":{"x":225,"y":596,"width":733,"height":12}},{"id":"9ed84b64-5a4f-40e1-bb53-dcb379c4e750","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":43,"box":{"x":89,"y":611,"width":872,"height":12}},{"id":"c54e29a3-e361-41fa-af89-88aebee568d7","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":43,"box":{"x":89,"y":626,"width":838,"height":12}},{"id":"251669c6-d6d8-45d9-a861-b86f7fff2c9a","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":43,"box":{"x":89,"y":641,"width":875,"height":12}},{"id":"88a42602-016e-42a7-ad73-a9dec40e8cae","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":43,"box":{"x":88,"y":656,"width":822,"height":13}},{"id":"a7f9c52b-dd76-4c31-87f9-53fcfeaf77ea","block_type":"box","text":"properties may be limited.","page_number":43,"box":{"x":89,"y":671,"width":181,"height":13}},{"id":"0bbe994f-fa9d-490f-aceb-b32a081ed3b8","block_type":"box","text":"Property Risk.","page_number":43,"box":{"x":88,"y":698,"width":94,"height":12}},{"id":"634f9d44-1d88-454c-8c07-75d6d388605d","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":43,"box":{"x":189,"y":698,"width":752,"height":12}},{"id":"c21327d8-99e4-4304-812e-4716c6fad318","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":43,"box":{"x":89,"y":713,"width":794,"height":12}},{"id":"6f3ae973-5dae-4244-83a2-91a639a9cc11","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":43,"box":{"x":89,"y":728,"width":867,"height":12}},{"id":"a887f7b2-0480-4b3c-a763-9807090cf6e1","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":43,"box":{"x":89,"y":743,"width":819,"height":12}},{"id":"8f874b15-6ec7-48a8-a402-eb6c50df7ba6","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":43,"box":{"x":89,"y":758,"width":860,"height":13}},{"id":"a3072c8c-d807-480a-9bda-d4a0f4c784d7","block_type":"box","text":"Regulatory Risk.","page_number":43,"box":{"x":88,"y":785,"width":110,"height":12}},{"id":"8e2e2b6b-cf06-4b3a-a6d9-10ae2503acf4","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":43,"box":{"x":205,"y":785,"width":754,"height":12}},{"id":"a82826e5-bde7-4084-9a08-7d12992bc788","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":43,"box":{"x":89,"y":800,"width":828,"height":12}},{"id":"23c21eba-3cc0-4286-8e88-b2e7cc23c72b","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":43,"box":{"x":89,"y":815,"width":843,"height":12}},{"id":"39312dfa-9a56-4b25-95d0-3e358577fc21","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":43,"box":{"x":89,"y":830,"width":854,"height":12}},{"id":"88a32e75-103b-41ca-ae40-3f1dd23bde80","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":43,"box":{"x":89,"y":845,"width":867,"height":12}},{"id":"e04ac351-4034-4198-bc0e-aa953f203bcc","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":43,"box":{"x":89,"y":860,"width":432,"height":13}},{"id":"ea428380-aaa1-47f1-8d9e-4c8303f6c1e7","block_type":"box","text":"28","page_number":43,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"35329b29-30b9-435b-b7fc-31628c5a72fb","block_type":"box","text":"Underlying Investment Risk.","page_number":44,"box":{"x":89,"y":44,"width":192,"height":12}},{"id":"0b609cac-3adb-4d2b-9bce-9f53d8fb2eb6","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":44,"box":{"x":287,"y":44,"width":626,"height":12}},{"id":"86ac9cfe-321f-4d0b-b1d9-a64795f33df7","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":44,"box":{"x":88,"y":59,"width":849,"height":12}},{"id":"d23bb38c-8379-4e2b-ae42-ed94c7d9303f","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":44,"box":{"x":88,"y":74,"width":877,"height":12}},{"id":"926aab46-4cc9-4186-ab4a-82e5faa3dcdf","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":44,"box":{"x":88,"y":89,"width":877,"height":13}},{"id":"f23ba717-9856-4789-b1bc-541656e7fd58","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":44,"box":{"x":89,"y":104,"width":871,"height":13}},{"id":"a906db05-4f83-4821-8331-76a072ff2687","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":44,"box":{"x":88,"y":119,"width":868,"height":13}},{"id":"c41f6288-909d-431e-b187-8f9dd0b0b67d","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":44,"box":{"x":89,"y":135,"width":867,"height":12}},{"id":"0a69eea3-31ab-4c95-a15d-d4fbcf805b6a","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":44,"box":{"x":89,"y":150,"width":821,"height":12}},{"id":"1fc9a44e-6b4b-4d3b-b95c-b61561514b00","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":44,"box":{"x":89,"y":165,"width":862,"height":12}},{"id":"9e4b49fd-6ca4-45e3-834b-cdc3e33533aa","block_type":"box","text":"similar proceedings. 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A REIT that fails to","page_number":44,"box":{"x":184,"y":237,"width":739,"height":12}},{"id":"0996f2e6-247f-4413-ba1d-37a68cca3ee1","block_type":"box","text":"comply with such tax requirements may be subject to U.S. federal income taxation, which may affect the value of the REIT","page_number":44,"box":{"x":89,"y":252,"width":854,"height":12}},{"id":"1857b032-db7e-47c5-a1aa-e054b9d0fe2f","block_type":"box","text":"and the characterization of the REIT’s distributions. The U.S. federal tax requirement that a REIT distribute substantially all of","page_number":44,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"b591d103-d545-4321-a7de-c3d6a816fd9c","block_type":"box","text":"its net income to its shareholders may result in a REIT having insufficient capital for future expenditures. A REIT that","page_number":44,"box":{"x":89,"y":282,"width":811,"height":12}},{"id":"c5b63775-6375-42cc-a176-d971693e40a9","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":44,"box":{"x":89,"y":297,"width":821,"height":12}},{"id":"e3551e7d-f311-45b6-a209-ef75c1138610","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":44,"box":{"x":89,"y":312,"width":825,"height":13}},{"id":"d8031a46-ca7d-4ce1-bd38-07b403c7585e","block_type":"box","text":"Because REITs often do not provide complete tax information until after the calendar year-end, a Fund may at times need to","page_number":44,"box":{"x":89,"y":327,"width":867,"height":13}},{"id":"4d753bee-095d-467b-b327-dea1ae13ace3","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":44,"box":{"x":89,"y":342,"width":871,"height":13}},{"id":"ebd60a30-b7df-4dc3-b5cd-84542f9209ea","block_type":"box","text":"provided to you.","page_number":44,"box":{"x":89,"y":358,"width":112,"height":12}},{"id":"8b953d9a-bebe-4375-81c5-01b2e2589a23","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":44,"box":{"x":89,"y":384,"width":313,"height":12}},{"id":"bba2fd3c-081d-4f9c-97ab-d401a2b2702f","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":44,"box":{"x":411,"y":384,"width":509,"height":12}},{"id":"fda76e9a-cbd6-4cd0-b7d9-1fe7aa6daeb5","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. 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They are heavily dependent","page_number":44,"box":{"x":89,"y":445,"width":861,"height":12}},{"id":"6baee3da-93bb-4b76-b6d9-0095986d73f7","block_type":"box","text":"on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":44,"box":{"x":89,"y":460,"width":815,"height":12}},{"id":"dc1f34b3-64c4-401b-b6b7-e77d02b0d22d","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or","page_number":44,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"572aae33-2ce7-44e9-bd4a-9c87ea828c8b","block_type":"box","text":"legal action. These companies also may be adversely affected by, among other things, actual or perceived security","page_number":44,"box":{"x":89,"y":490,"width":796,"height":12}},{"id":"01c58fbe-c1f1-4fac-be08-d296eda12d2b","block_type":"box","text":"vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions","page_number":44,"box":{"x":88,"y":505,"width":871,"height":12}},{"id":"9d1acc7c-b062-4d94-be30-1bdda5de1a95","block_type":"box","text":"and other remediation costs.","page_number":44,"box":{"x":89,"y":520,"width":200,"height":10}},{"id":"66b6b5a2-48fb-4a6f-9b2b-cf0dc11a71e4","block_type":"box","text":"Risk of Investing in the Utilities Sector.","page_number":44,"box":{"x":89,"y":547,"width":274,"height":12}},{"id":"3b509c51-fb4e-49a1-8079-6aa2e1a587d0","block_type":"box","text":"The utilities sector may be adversely affected by changing commodity prices,","page_number":44,"box":{"x":372,"y":547,"width":539,"height":12}},{"id":"9234886c-690a-4518-ab0a-929a21a0c6f2","block_type":"box","text":"government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations","page_number":44,"box":{"x":89,"y":562,"width":857,"height":12}},{"id":"49a0d4dc-aa46-4de7-ab78-c8aec39ba653","block_type":"box","text":"and changes in the cost of providing specific utility services. The utilities industry is also subject to potential terrorist attacks,","page_number":44,"box":{"x":89,"y":577,"width":871,"height":12}},{"id":"b1970043-6ded-4c54-83c4-41a33ffa1914","block_type":"box","text":"natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation","page_number":44,"box":{"x":89,"y":592,"width":872,"height":12}},{"id":"6501a565-83c9-4f10-bab0-b77bea319546","block_type":"box","text":"and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore","page_number":44,"box":{"x":89,"y":607,"width":858,"height":12}},{"id":"4421e269-4d29-415e-9eb0-8e05b40590a0","block_type":"box","text":"may limit utility profits. Federal legislation may facilitate the construction of electric transmission lines not only by public","page_number":44,"box":{"x":89,"y":622,"width":841,"height":12}},{"id":"adbeea73-4b3d-42b5-92a3-436f56b41f18","block_type":"box","text":"utilities but also by independent transmission developers, which could increase competition in the wholesale electricity","page_number":44,"box":{"x":89,"y":637,"width":833,"height":13}},{"id":"8853c50d-86d0-4d88-82dc-999cc9f085db","block_type":"box","text":"markets. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby","page_number":44,"box":{"x":89,"y":652,"width":796,"height":13}},{"id":"3992d0c8-e35f-49d5-8882-6c9c51111884","block_type":"box","text":"diminishing the company’s long-term prospects.","page_number":44,"box":{"x":89,"y":668,"width":339,"height":12}},{"id":"266442bf-c800-4355-bf4d-76c5f4ce62f8","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any regulatory","page_number":44,"box":{"x":88,"y":694,"width":842,"height":12}},{"id":"1a83667e-4a76-489d-9204-dbc197164bfd","block_type":"box","text":"agency may make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in the future,","page_number":44,"box":{"x":89,"y":709,"width":878,"height":12}},{"id":"71f6c740-f5c5-4e3c-bb0e-ae7b55961784","block_type":"box","text":"grant rate increases. 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Prolonged changes in climate","page_number":44,"box":{"x":89,"y":770,"width":845,"height":12}},{"id":"a26ed4e9-86b9-41ca-979e-2465971c67bb","block_type":"box","text":"conditions can also have a significant impact on both the revenues of an electric and gas utility as well as the expenses of a","page_number":44,"box":{"x":89,"y":785,"width":861,"height":12}},{"id":"76b69503-d170-4f79-803f-6b59e40b7950","block_type":"box","text":"utility, particularly a hydro-based electric utility.","page_number":44,"box":{"x":89,"y":800,"width":328,"height":12}},{"id":"2c17e684-937f-45d4-9638-052c9ee1fa8a","block_type":"box","text":"The rates that traditional regulated utility companies may charge their customers generally are subject to review and","page_number":44,"box":{"x":88,"y":826,"width":817,"height":13}},{"id":"f67088d5-6129-46b4-b992-bc6b7cc1eebc","block_type":"box","text":"limitation by governmental regulatory commissions. Rate changes may occur only after a prolonged approval period or may","page_number":44,"box":{"x":89,"y":841,"width":868,"height":13}},{"id":"5e71dbff-48b4-4e8f-a586-f5fe768a5c90","block_type":"box","text":"not occur at all, which could adversely affect utility companies when costs are rising. The value of regulated utility debt","page_number":44,"box":{"x":89,"y":856,"width":832,"height":13}},{"id":"5113bbdc-d90e-4dbc-bc9f-1068193c72e3","block_type":"box","text":"29","page_number":44,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2f3c337f-b57c-4ad3-b249-85bc363c49bc","block_type":"box","text":"securities (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates.","page_number":45,"box":{"x":89,"y":44,"width":860,"height":12}},{"id":"b702bad0-d7c3-4a3e-9668-e135d866aab9","block_type":"box","text":"Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently","page_number":45,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"b3935ade-bb8f-4810-8007-a953e52afcaf","block_type":"box","text":"more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to","page_number":45,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"84e0aa1c-ad39-4a0f-a611-7926289525ea","block_type":"box","text":"diversify outside of their original geographic regions and their traditional lines of business. As a result, some companies may","page_number":45,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"1aa13525-ae00-4048-b189-4c11d179b13f","block_type":"box","text":"be forced to defend their core business and may be less profitable. Deregulation may also permit a utility company to expand","page_number":45,"box":{"x":89,"y":104,"width":874,"height":13}},{"id":"5f3b9c17-c9e3-4cf6-9872-a1f344a327b2","block_type":"box","text":"outside of its traditional lines of business and engage in riskier ventures.","page_number":45,"box":{"x":89,"y":119,"width":503,"height":13}},{"id":"af43ab37-ab2e-453f-bbd5-2655c46e1d00","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":45,"box":{"x":89,"y":146,"width":219,"height":12}},{"id":"34b5fda7-12d5-40dd-bd65-794a32f96790","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":45,"box":{"x":318,"y":146,"width":627,"height":12}},{"id":"265ddadb-308d-4d96-aef9-22bebea15be1","block_type":"box","text":"times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the","page_number":45,"box":{"x":88,"y":161,"width":868,"height":12}},{"id":"73de8536-7182-4c66-baa0-b19404bed9e3","block_type":"box","text":"U.S. government may cause the value of a Fund’s U.S. Treasury obligations to decline. U.S. Treasury securities are rated AA+","page_number":45,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"9e44e19b-88df-4717-b000-529f360226ff","block_type":"box","text":"by S&P Global Ratings. A downgrade of the rating of U.S. Treasury securities may cause the value of a Fund’s U.S. Treasury","page_number":45,"box":{"x":89,"y":191,"width":855,"height":13}},{"id":"dafff1f0-27d0-43b4-84db-88af4dc1ab0c","block_type":"box","text":"obligations to decline. Because U.S. government debt obligations are often used as a benchmark for other borrowing","page_number":45,"box":{"x":89,"y":206,"width":816,"height":13}},{"id":"8cfd6d5a-1c0c-4c9a-8f50-7289ba37da6b","block_type":"box","text":"arrangements, a downgrade could also result in higher interest rates for a range of borrowers, cause disruptions in the","page_number":45,"box":{"x":89,"y":222,"width":827,"height":12}},{"id":"84efc8db-9c6a-436a-bf92-f8e4cff77a5a","block_type":"box","text":"international bond markets and have a substantial adverse effect on the U.S. and global economy.","page_number":45,"box":{"x":89,"y":237,"width":681,"height":12}},{"id":"6f29b771-faab-4701-92be-d3e56859cd97","block_type":"box","text":"A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost","page_number":45,"box":{"x":88,"y":263,"width":845,"height":12}},{"id":"39b608fb-7901-4910-a458-7bcac662331b","block_type":"box","text":"higher and lead the government to issue additional debt, thereby increasing refinancing risk. A high national debt also raises","page_number":45,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"29f7a687-4165-49b7-9a11-b5b4ae42792a","block_type":"box","text":"concerns that the U.S. government will not be able to make principal or interest payments when they are due. If market","page_number":45,"box":{"x":89,"y":293,"width":833,"height":13}},{"id":"d44420e1-92cd-4e80-b796-91d0b8676364","block_type":"box","text":"participants determine that U.S. sovereign debt levels have become unsustainable, the value of the U.S. dollar could decline,","page_number":45,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"ed9db5f9-a2aa-428f-8de2-2e0b2bd068fa","block_type":"box","text":"thus increasing inflationary pressures, particularly with respect to services outsourced to non-U.S. providers and imported","page_number":45,"box":{"x":88,"y":324,"width":854,"height":12}},{"id":"3d52ab32-5bf3-481d-b757-fbcfcae62fb0","block_type":"box","text":"goods and constrain or prevent the U.S. government from implementing effective countercyclical fiscal policy in economic","page_number":45,"box":{"x":89,"y":339,"width":855,"height":12}},{"id":"270fe4a8-d1ac-4450-93fc-4d53d87f0e9f","block_type":"box","text":"downturns. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity.","page_number":45,"box":{"x":89,"y":354,"width":854,"height":12}},{"id":"0055455e-d85e-4c72-be9c-b5d87ab82ed5","block_type":"box","text":"However, due to fluctuations in interest rates, the market value of such securities may vary during the period that","page_number":45,"box":{"x":89,"y":369,"width":791,"height":12}},{"id":"ad928209-9c9d-4e34-860c-7db6af9a7b0f","block_type":"box","text":"shareholders own shares of a Fund. Notwithstanding that U.S. Treasury obligations are backed by the full faith and credit of","page_number":45,"box":{"x":89,"y":384,"width":863,"height":12}},{"id":"feec4a25-a007-418d-a52e-f15546cd77dd","block_type":"box","text":"the U.S., circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the","page_number":45,"box":{"x":88,"y":399,"width":828,"height":13}},{"id":"399bc033-c0a9-4733-92c1-0c409e8788a7","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in losses to a Fund and substantial negative consequences for the","page_number":45,"box":{"x":89,"y":414,"width":864,"height":13}},{"id":"fff1fe6f-547c-42b8-94de-34dd59b9c227","block_type":"box","text":"U.S. economy and the global financial system.","page_number":45,"box":{"x":89,"y":429,"width":320,"height":13}},{"id":"d505e3a2-a34e-4365-b9ca-1d9ca73dce4f","block_type":"box","text":"Proxy Voting Policies","page_number":45,"box":{"x":91,"y":460,"width":343,"height":30}},{"id":"d901d2d0-4041-4ec4-a987-14e9648b7ab4","block_type":"box","text":"The Board has delegated the voting of proxies for each Fund’s securities to BFA pursuant to (i) the Open-End Active and","page_number":45,"box":{"x":88,"y":501,"width":840,"height":13}},{"id":"0d449da4-6404-4885-9fc0-25ff3b3539cb","block_type":"box","text":"Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii)","page_number":45,"box":{"x":89,"y":516,"width":859,"height":13}},{"id":"b2d6c8a6-13ed-402b-9563-5296ca056775","block_type":"box","text":"the Index Equity Fund Proxy Voting Policy, with respect to certain other Funds, as applicable. Please refer to the table below,","page_number":45,"box":{"x":88,"y":531,"width":864,"height":13}},{"id":"79bbc243-4251-489e-b800-0215338c15db","block_type":"box","text":"which discloses the policy applicable to each Fund in this SAI. Information that does not apply to a Fund does not form a part","page_number":45,"box":{"x":88,"y":547,"width":879,"height":12}},{"id":"70b7f877-b074-4b81-8549-dfe1314372a8","block_type":"box","text":"of that Fund’s SAI and should not be relied on by investors in that Fund. Only information that is clearly identified as","page_number":45,"box":{"x":89,"y":562,"width":810,"height":12}},{"id":"bbd50bee-7bc4-4b13-a0cf-0ee8e9c47b47","block_type":"box","text":"applicable to a Fund is considered to form a part of that Fund’s SAI.","page_number":45,"box":{"x":89,"y":577,"width":471,"height":12}},{"id":"5ebced50-780b-4275-9823-f2089d03c694","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, BFA has adopted the BlackRock Active Investment","page_number":45,"box":{"x":88,"y":603,"width":844,"height":13}},{"id":"d089609c-afcd-4ebc-95fa-b75c48cfe2e2","block_type":"box","text":"Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such Funds, as listed within the","page_number":45,"box":{"x":88,"y":618,"width":866,"height":13}},{"id":"45a538b9-b484-46f1-a4a6-0c6fddd869c1","block_type":"box","text":"Active Fund Proxy Voting Policy and as disclosed in the table below, follow supplemental guidelines within the BAIS","page_number":45,"box":{"x":88,"y":633,"width":806,"height":13}},{"id":"3913ab0d-35e2-4db4-8c22-577234572ad7","block_type":"box","text":"Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":45,"box":{"x":89,"y":649,"width":811,"height":12}},{"id":"1276880a-300e-4f8a-955a-08c9198e8fe3","block_type":"box","text":"Stewardship Guidelines”).","page_number":45,"box":{"x":88,"y":664,"width":180,"height":12}},{"id":"d9dc5100-5cbe-4107-81e3-33b6ca15eb7f","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, BFA has adopted the BlackRock Investment","page_number":45,"box":{"x":88,"y":690,"width":839,"height":13}},{"id":"2aa9c633-b8d4-4124-8f46-0bdcc10c89be","block_type":"box","text":"Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for Benchmark Policies, regional voting","page_number":45,"box":{"x":88,"y":705,"width":840,"height":13}},{"id":"190a6cc7-8db5-4176-abfc-032c2356d6ed","block_type":"box","text":"guidelines, and engagement priorities, which are each available upon request. 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The Index Provider will also","page_number":48,"box":{"x":88,"y":583,"width":841,"height":12}},{"id":"6229d6fb-838e-4a41-8984-87ba767e6ab4","block_type":"box","text":"calculate the Underlying Index. The Index Provider is an affiliated person of the Fund and of BFA.","page_number":48,"box":{"x":89,"y":598,"width":673,"height":13}},{"id":"17fed460-0acb-4358-ac2b-3962b59262d7","block_type":"box","text":"BlackRock iBonds 1-5 Year Corporate Ladder Index","page_number":48,"box":{"x":89,"y":625,"width":367,"height":12}},{"id":"1f2166d6-fefd-47f8-8be1-142e8bfde728","block_type":"box","text":"Number of Components: approximately 5","page_number":48,"box":{"x":89,"y":651,"width":299,"height":12}},{"id":"dc746a74-1962-4e54-ab9f-fc0a95edb915","block_type":"box","text":"Index Description.","page_number":48,"box":{"x":89,"y":678,"width":131,"height":12}},{"id":"4e53aabf-5871-4d73-8011-e8dace268d67","block_type":"box","text":"The BlackRock iBonds 1-5 Year Corporate Ladder Index is composed exclusively of underlying iShares","page_number":48,"box":{"x":225,"y":678,"width":709,"height":12}},{"id":"c0504511-bff7-4bdd-97f5-3dbd038b8358","block_type":"box","text":"iBonds Corporate ETFs (“iBonds ETFs” or “Underlying Funds”) (as determined by the Index Provider) spanning five","page_number":48,"box":{"x":89,"y":693,"width":800,"height":12}},{"id":"04db8c88-90a1-425e-aff1-cbbea0527744","block_type":"box","text":"consecutive maturity years. Through a rules-based approach, the Underlying Index will hold up to five iShares iBonds ETFs of","page_number":48,"box":{"x":89,"y":708,"width":875,"height":12}},{"id":"e3ace1cc-f045-47bf-b49c-3c3ca240184d","block_type":"box","text":"equal weights as determined by the Index Provider annually on each rebalance date.","page_number":48,"box":{"x":89,"y":723,"width":587,"height":12}},{"id":"9c7909a2-fdd6-461a-b85f-224e79824399","block_type":"box","text":"Index Methodology.","page_number":48,"box":{"x":89,"y":749,"width":143,"height":13}},{"id":"151cc7ae-ca16-41ea-89a8-3dc8a8b6113c","block_type":"box","text":"The Underlying Index is designed to provide exposure to U.S. dollar-denominated, investment-grade","page_number":48,"box":{"x":237,"y":749,"width":702,"height":13}},{"id":"bd9c3b8a-5d14-4300-94a3-70d52896ae95","block_type":"box","text":"corporate bonds spanning five consecutive maturity years, represented in the Underlying Index by the Underlying Funds, by","page_number":48,"box":{"x":89,"y":765,"width":864,"height":12}},{"id":"5e913682-1c80-4809-8fee-4255cd1f509a","block_type":"box","text":"holding up to five iShares iBonds ETFs with remaining maturities of less than six years (as determined by the Index Provider).","page_number":48,"box":{"x":89,"y":780,"width":872,"height":12}},{"id":"1eea1aa6-1573-45c6-87da-69a66b5e151a","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced annually on the last business day in June of each year. Constituents for","page_number":48,"box":{"x":88,"y":806,"width":872,"height":12}},{"id":"93732f91-5f5b-4818-a628-c5a063e8649d","block_type":"box","text":"the Underlying Index are limited to iBonds Corporate ETFs associated with the asset class of the Underlying Index. On the","page_number":48,"box":{"x":88,"y":821,"width":850,"height":13}},{"id":"9e0d8c2e-80e3-4ab3-a5d0-6a1e09b28f1c","block_type":"box","text":"reconstitution date the iBonds ETF with the nearest maturity is removed from the Underlying Index and the iBonds ETF with a","page_number":48,"box":{"x":89,"y":836,"width":878,"height":13}},{"id":"a8547700-bab2-48a7-a9b7-48a3f0ac2f75","block_type":"box","text":"five-year maturity is included based on the Index Provider’s eligibility criteria. For inclusion in the Underlying Index, the","page_number":48,"box":{"x":88,"y":851,"width":829,"height":13}},{"id":"ba2027c3-c486-472b-919b-d8ce428a9845","block_type":"box","text":"iBonds ETF must fall within the range from the calendar year directly following the year of the current reconstitution date to","page_number":48,"box":{"x":89,"y":867,"width":865,"height":12}},{"id":"321d87c2-d862-4a5b-a840-3ce1d433cdc1","block_type":"box","text":"33","page_number":48,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d84ecd28-b37d-4142-bf34-7b03b12ec43c","block_type":"box","text":"the calendar year five years following the year of the current reconstitution date - providing a rolling five-year exposure to","page_number":49,"box":{"x":88,"y":44,"width":851,"height":12}},{"id":"8e6787c7-3e22-4738-bc58-5eb69ed2cbee","block_type":"box","text":"U.S. dollar-denominated, investment-grade corporate bonds. The eligibility criteria is expected to result in five ETF","page_number":49,"box":{"x":89,"y":59,"width":797,"height":12}},{"id":"dbbd165b-4e05-474c-98bd-434db71a3332","block_type":"box","text":"constituents.","page_number":49,"box":{"x":89,"y":75,"width":89,"height":9}},{"id":"cda599a4-30a8-49e2-9c49-f2ca7e9be8e6","block_type":"box","text":"BlackRock iBonds 1-5 Year High Yield and Income Ladder Index","page_number":49,"box":{"x":89,"y":101,"width":458,"height":12}},{"id":"097821ed-5b0f-4ef6-abf9-25d5a27895d7","block_type":"box","text":"Number of Components: approximately 5","page_number":49,"box":{"x":89,"y":127,"width":299,"height":12}},{"id":"e680e1ad-fff6-4477-94ac-82fc56b2a39c","block_type":"box","text":"Index Description.","page_number":49,"box":{"x":89,"y":153,"width":131,"height":13}},{"id":"67bb7375-53c6-40e6-b9d4-a12a74d4a688","block_type":"box","text":"The BlackRock iBonds 1-5 Year High Yield and Income Ladder Index is composed exclusively of underlying","page_number":49,"box":{"x":225,"y":153,"width":742,"height":13}},{"id":"66f92adb-ceed-4213-812f-798b23be438e","block_type":"box","text":"iShares iBonds High Yield and Income ETFs (“iBonds ETFs” or “Underlying Funds”) (as determined by the Index Provider)","page_number":49,"box":{"x":89,"y":169,"width":845,"height":12}},{"id":"04978cc6-64d7-40f2-901e-058421eb0430","block_type":"box","text":"spanning five consecutive maturity years. Through a rules-based approach, the Underlying Index will hold up to five iBonds","page_number":49,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"e09d7637-6df8-4360-b96b-babc94f7de4c","block_type":"box","text":"ETFs of equal weights as determined by the Index Provider annually on each rebalance date.","page_number":49,"box":{"x":89,"y":199,"width":643,"height":12}},{"id":"97ab31c6-f3b6-411f-967e-c26077a04d1f","block_type":"box","text":"Index Methodology.","page_number":49,"box":{"x":89,"y":225,"width":143,"height":13}},{"id":"4a8fe9d6-20bd-4425-bb0c-2f27cb135ac7","block_type":"box","text":"The Underlying Index is designed to provide exposure to U.S. dollar-denominated, investment-grade","page_number":49,"box":{"x":237,"y":225,"width":702,"height":13}},{"id":"5de9b745-3a89-438d-abce-e3f9502b1d98","block_type":"box","text":"high yield and income bonds spanning five consecutive maturity years, represented in the Underlying Index by the Underlying","page_number":49,"box":{"x":89,"y":240,"width":878,"height":13}},{"id":"04815f5d-cc24-474b-8249-b02cafb1f151","block_type":"box","text":"Funds, by holding up to five iShares iBonds ETFs with remaining maturities of less than six years (as determined by the Index","page_number":49,"box":{"x":89,"y":256,"width":872,"height":12}},{"id":"3658bf5b-b392-4c4e-9d70-69b863d9d859","block_type":"box","text":"Provider).","page_number":49,"box":{"x":89,"y":271,"width":66,"height":12}},{"id":"53b7e91d-c5ac-4efa-912a-4cd5f1c2feff","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced annually on the last business day in June of each year. Constituents for","page_number":49,"box":{"x":88,"y":297,"width":872,"height":12}},{"id":"43473076-5e17-4ac3-9162-d1a2cc525a9d","block_type":"box","text":"the Underlying Index are limited to iBonds High Yield and Income ETFs associated with the asset class of the Underlying","page_number":49,"box":{"x":88,"y":312,"width":839,"height":13}},{"id":"663d7f34-f873-4031-8fbf-739a00a79b5c","block_type":"box","text":"Index. On the reconstitution date the iBonds ETF with the nearest maturity is removed from the Underlying Index and the","page_number":49,"box":{"x":89,"y":327,"width":848,"height":13}},{"id":"7cf510e4-0ab8-4f31-9860-8b89c8c400ad","block_type":"box","text":"iBonds ETF with a five-year maturity is included based on the Index Provider’s eligibility criteria. For inclusion in the","page_number":49,"box":{"x":89,"y":342,"width":803,"height":13}},{"id":"b845ca08-520a-42d6-81a1-9475763eec2f","block_type":"box","text":"Underlying Index, the iBonds ETF must fall within the range from the calendar year directly following the year of the current","page_number":49,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"66dfc368-d276-416e-a3e4-3c18d5bf9c0b","block_type":"box","text":"reconstitution date to the calendar year five years following the year of the current reconstitution date - providing a rolling","page_number":49,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"77d5d9aa-b9fb-41e0-8514-d38bd6b01d9b","block_type":"box","text":"five-year exposure to U.S. dollar-denominated, high yield and income generating bonds. The eligibility criteria is expected to","page_number":49,"box":{"x":88,"y":388,"width":868,"height":12}},{"id":"d28e71e2-7c9a-4ddf-bd68-9a3b8621aa9b","block_type":"box","text":"result in five ETF constituents.","page_number":49,"box":{"x":89,"y":403,"width":208,"height":10}},{"id":"58c3141c-e7ec-4e29-98c1-00ef5fcc58e4","block_type":"box","text":"BlackRock iBonds 1-5 Year Treasury Ladder Index","page_number":49,"box":{"x":89,"y":429,"width":357,"height":13}},{"id":"61213272-c01c-418e-85b1-5dbc7413b5d5","block_type":"box","text":"Number of Components: approximately 5","page_number":49,"box":{"x":89,"y":456,"width":299,"height":12}},{"id":"8b4d2279-4eba-48c8-adf6-5f6b6a6a8984","block_type":"box","text":"Index Description.","page_number":49,"box":{"x":89,"y":482,"width":131,"height":13}},{"id":"e698fd6c-0b8e-4098-aeb0-f0d6c97a52a8","block_type":"box","text":"The BlackRock iBonds 1-5 Year Treasury Ladder Index is composed exclusively of underlying iShares","page_number":49,"box":{"x":225,"y":482,"width":699,"height":13}},{"id":"db74cb90-0124-4433-94b1-e4d99a1a4429","block_type":"box","text":"iBonds Treasury ETFs (“iBonds ETFs” or “Underlying Funds”) (as determined by the Index Provider) spanning five consecutive","page_number":49,"box":{"x":89,"y":497,"width":878,"height":13}},{"id":"38bca284-716b-4943-aa75-3f6a368d2501","block_type":"box","text":"maturity years. Through a rules-based approach, the Underlying Index will hold up to five iShares iBonds ETFs of equal","page_number":49,"box":{"x":89,"y":513,"width":828,"height":12}},{"id":"6ebcaa49-f941-41ba-ae21-b62435b43c36","block_type":"box","text":"weights as determined by the Index Provider annually on each rebalance date.","page_number":49,"box":{"x":88,"y":528,"width":546,"height":12}},{"id":"2ef3433c-57c0-49a2-9b1d-27890eb1b67c","block_type":"box","text":"Index Methodology.","page_number":49,"box":{"x":89,"y":554,"width":143,"height":12}},{"id":"078e9173-ff2a-471c-85e9-9532ce4ca1e3","block_type":"box","text":"The Underlying Index is designed to provide exposure to U.S. Treasury bonds spanning five consecutive","page_number":49,"box":{"x":237,"y":554,"width":724,"height":12}},{"id":"032b730b-5675-4f17-bf70-b11744c0f044","block_type":"box","text":"maturity years, represented in the Underlying Index by the Underlying Funds, by holding up to five iShares iBonds ETFs with","page_number":49,"box":{"x":89,"y":569,"width":863,"height":13}},{"id":"70f0f14d-589c-4d4d-b5e7-c626342107e2","block_type":"box","text":"remaining maturities of less than six years (as determined by the Index Provider).","page_number":49,"box":{"x":89,"y":584,"width":566,"height":13}},{"id":"a96d0a0e-4b95-4537-8198-4aa56e2b33db","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced annually on the last business day in June of each year. Constituents for","page_number":49,"box":{"x":88,"y":611,"width":872,"height":12}},{"id":"fc782dc7-dd07-42f5-a46b-9a7254161e06","block_type":"box","text":"the Underlying Index are limited to iBonds Treasury ETFs associated with the asset class of the Underlying Index. On the","page_number":49,"box":{"x":88,"y":626,"width":840,"height":12}},{"id":"07c6054e-555d-4aa7-82e0-26b0694d8618","block_type":"box","text":"reconstitution date the iBonds ETF with the nearest maturity is removed from the Underlying Index and the iBonds ETF with a","page_number":49,"box":{"x":89,"y":641,"width":878,"height":12}},{"id":"e113db5c-cb29-44d8-8fa6-3ac1fe7bda3d","block_type":"box","text":"five-year maturity is included based on the Index Provider’s eligibility criteria. For inclusion in the Underlying Index, the","page_number":49,"box":{"x":88,"y":656,"width":829,"height":13}},{"id":"890b8f0e-acd7-4b8c-bb06-8a02a0156d1c","block_type":"box","text":"iBonds ETF must fall within the range from the calendar year directly following the year of the current reconstitution date to","page_number":49,"box":{"x":89,"y":671,"width":865,"height":13}},{"id":"55122d90-69a8-4893-a766-819a369fafc1","block_type":"box","text":"the calendar year five years following the year of the current reconstitution date - providing a rolling five-year exposure to","page_number":49,"box":{"x":88,"y":686,"width":851,"height":13}},{"id":"420af664-9ade-4a0f-8420-eb98161e97d5","block_type":"box","text":"U.S. Treasury bonds. The eligibility criteria is expected to result in five ETF constituents.","page_number":49,"box":{"x":89,"y":702,"width":607,"height":12}},{"id":"5119eccb-c963-4b31-88d6-1fd4d15c33bc","block_type":"box","text":"The Bloomberg Indexes","page_number":49,"box":{"x":88,"y":729,"width":298,"height":22}},{"id":"1f4ee23d-2a1b-4e64-bb28-ac8b70f42a2e","block_type":"box","text":"The Bloomberg Indexes are maintained by Bloomberg Index Services Limited, which is not affiliated with BFA. BFA will have","page_number":49,"box":{"x":88,"y":763,"width":862,"height":13}},{"id":"4d3da8de-8c77-48c6-bdff-097dd2395514","block_type":"box","text":"no role in maintaining the Underlying Indexes.","page_number":49,"box":{"x":89,"y":778,"width":321,"height":13}},{"id":"579b79f5-7513-4654-9b78-e8374625cb5a","block_type":"box","text":"Index Methodology for the iBonds Term High Yield and Income ETFs’ Indexes.","page_number":49,"box":{"x":89,"y":805,"width":562,"height":12}},{"id":"4e6feb55-ec49-4165-8e59-eede4a5df5ab","block_type":"box","text":"The investable universe of each Underlying","page_number":49,"box":{"x":656,"y":805,"width":299,"height":12}},{"id":"3ea9333a-c6b8-4a54-b0e6-15959c0006a3","block_type":"box","text":"Index includes securities chosen from two indexes, the Bloomberg U.S. Corporate High Yield Index (the “High Yield Index”)","page_number":49,"box":{"x":89,"y":820,"width":858,"height":12}},{"id":"1eb9fb97-d83f-4360-96cb-42263c525c28","block_type":"box","text":"and the Bloomberg U.S. Corporate Index (the “Corporate Index”). Each Underlying Index is composed of high yield bonds,","page_number":49,"box":{"x":89,"y":835,"width":852,"height":12}},{"id":"5fb21229-0f22-4430-8e10-0ea4a3d14740","block_type":"box","text":"and after certain milestones are reached, BBB-rated bonds from the Corporate Index are introduced.","page_number":49,"box":{"x":89,"y":850,"width":699,"height":13}},{"id":"713a7f0b-3372-4e45-905c-2d6ae6224e70","block_type":"box","text":"34","page_number":49,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b7d2a2f1-cf20-4ee3-92b4-359dc0364427","block_type":"box","text":"Each Underlying Index incorporates BBB-rated bonds under the following conditions:","page_number":50,"box":{"x":89,"y":44,"width":594,"height":12}},{"id":"ca58193f-d3bb-4b4e-87fe-488974098623","block_type":"box","text":"• in the last 1.5 years but before the last six months of the Underlying Index’s term, the Underlying Index will","page_number":50,"box":{"x":121,"y":64,"width":779,"height":12}},{"id":"1b50bb62-ebdf-41a9-9efb-f2b555ce37be","block_type":"box","text":"introduce BBB-rated bonds (which are considered investment-grade) as constituent high yield bonds (which are","page_number":50,"box":{"x":154,"y":79,"width":785,"height":13}},{"id":"f536c705-003f-42b6-b4a5-0259da52276c","block_type":"box","text":"considered below investment-grade) are called, no longer qualify for inclusion (due to, among other factors, sector","page_number":50,"box":{"x":154,"y":94,"width":804,"height":13}},{"id":"030ee3c0-8b2e-4a33-ba02-e7e2ef806eba","block_type":"box","text":"reclassifications of issuers, changes in the credit rating of bonds included in the Underlying Index or rebalances to","page_number":50,"box":{"x":154,"y":109,"width":796,"height":13}},{"id":"b35e9ab1-a1bb-4d67-9844-cc576a6fd60e","block_type":"box","text":"maintain issuer limits), or decline in value compared to a reference point set at 1.5 years from the Underlying","page_number":50,"box":{"x":154,"y":125,"width":760,"height":12}},{"id":"71ac90ed-58ea-473d-81bb-e1d0f97574f1","block_type":"box","text":"Index’s term or;","page_number":50,"box":{"x":155,"y":140,"width":108,"height":11}},{"id":"0e661dd0-a23e-4426-817e-f4e0baee4a62","block_type":"box","text":"• if, prior to 1.5 years remaining in the Underlying Index, the market value of the Underlying Index declines below $30","page_number":50,"box":{"x":121,"y":160,"width":841,"height":12}},{"id":"3dd7450e-e6bc-447e-9974-08007e60c1b8","block_type":"box","text":"billion, BBB-rated bonds will be added to maintain the market value minimum.","page_number":50,"box":{"x":154,"y":175,"width":547,"height":11}},{"id":"64c678d1-53a8-4b28-81ca-5a19e30756a0","block_type":"box","text":"The securities in each Underlying Index are rebalanced on the last calendar day of each month until six months to maturity.","page_number":50,"box":{"x":88,"y":201,"width":863,"height":13}},{"id":"9ff34e45-4d62-4bfb-9cf3-d460c4905a1b","block_type":"box","text":"In the first six months of the final year of the Underlying Index’s term, any principal and interest paid by index securities are","page_number":50,"box":{"x":89,"y":216,"width":860,"height":13}},{"id":"bb22670c-4ff0-40f2-b4e1-e578e48dee80","block_type":"box","text":"reinvested pro rata into the remaining bonds in the Underlying Index. During the final six months of the final year, principal is","page_number":50,"box":{"x":89,"y":232,"width":872,"height":12}},{"id":"5c493fc3-0d1f-4f98-a16d-8620debf7cc4","block_type":"box","text":"not reinvested and is assumed to be held in cash while earning no interest. Securities are market-cap weighted within the","page_number":50,"box":{"x":89,"y":247,"width":849,"height":12}},{"id":"14dbc21d-8eee-4616-a1b9-32022aebf7ac","block_type":"box","text":"Underlying Index, with a 3% cap typically imposed on any one issuer, and a pro rata distribution of any excess weight across","page_number":50,"box":{"x":89,"y":262,"width":869,"height":12}},{"id":"81eb85f0-37f9-420c-8d5a-c6717cc3c4e0","block_type":"box","text":"the remaining issuers in the Underlying Index. In the event a 3% cap is not possible due to a lack of issuers, the cap will be","page_number":50,"box":{"x":88,"y":277,"width":855,"height":12}},{"id":"5f4a7a43-5147-4820-a403-42a2a2761815","block_type":"box","text":"increased in 0.50% increments until the Underlying Index can be calculated.","page_number":50,"box":{"x":89,"y":292,"width":531,"height":12}},{"id":"6f40ad87-d32a-4fb1-be0e-7d98369064a3","block_type":"box","text":"Eligible securities include USD-denominated, fixed-rate coupon corporate bonds with a clean price at or above $60 and $250","page_number":50,"box":{"x":89,"y":319,"width":874,"height":12}},{"id":"a831788d-bf0f-45f6-9d0c-1a97879be928","block_type":"box","text":"million par amount outstanding that mature between January 1 and December 15 (inclusive) in each Underlying Index’s","page_number":50,"box":{"x":89,"y":334,"width":838,"height":12}},{"id":"ac8cef38-d5d6-426a-981b-5abfe5b69d40","block_type":"box","text":"stated maturity year. Bonds with a clean price (","page_number":50,"box":{"x":89,"y":349,"width":328,"height":12}},{"id":"b952b0b2-9fab-4b7c-8ffe-48bb17c1644f","block_type":"box","text":"i.e","page_number":50,"box":{"x":418,"y":350,"width":15,"height":8}},{"id":"22f12c63-8ac8-4392-a0d3-bd7135cc653c","block_type":"box","text":"., the price does not include accrued interest between coupon payments)","page_number":50,"box":{"x":434,"y":349,"width":511,"height":12}},{"id":"f70ca92b-1616-4d09-84a5-befdb594e593","block_type":"box","text":"below $60 are excluded from the Underlying Index and subject to a three-month lock-out period before they are eligible for","page_number":50,"box":{"x":89,"y":364,"width":863,"height":12}},{"id":"433b2ac8-c714-42f6-9fdf-29bb47e817ca","block_type":"box","text":"inclusion again at rebalance. During the final 1.5 years of the maturity of the index, bonds that fall below $60 at rebalance are","page_number":50,"box":{"x":89,"y":379,"width":877,"height":12}},{"id":"1d402112-b937-4abc-811a-9520c97bc1d6","block_type":"box","text":"permanently ineligible for the Underlying Index.","page_number":50,"box":{"x":89,"y":394,"width":332,"height":12}},{"id":"ced1235c-9f0d-40b7-a4c5-191f29090d8a","block_type":"box","text":"Securities that are rated by all three of the rating agencies named below must be rated high yield for the high yield","page_number":50,"box":{"x":88,"y":421,"width":799,"height":12}},{"id":"0ef48cea-c844-4fec-b63e-79617ebe5e31","block_type":"box","text":"component and BBB for the investment grade component. Bonds from the High Yield Index must have a rating equal to or","page_number":50,"box":{"x":89,"y":436,"width":855,"height":12}},{"id":"e17caffd-2b4a-4b2f-8f5d-e22d8c1b9b39","block_type":"box","text":"below Ba1/BB+/BB+ and above CC. Bonds from the Corporate Index must have a rating of BBB (or equivalent). The Index","page_number":50,"box":{"x":89,"y":451,"width":844,"height":12}},{"id":"639af099-86a1-46f3-bee3-0eadd6cdad91","block_type":"box","text":"Provider will use the middle rating of Moody’s, S&P Global Ratings and Fitch. When a rating from only two agencies is","page_number":50,"box":{"x":89,"y":466,"width":822,"height":12}},{"id":"e64619a5-80ae-4d80-98ad-e86cc20f4ddf","block_type":"box","text":"available, the lower is used; when only one agency rates a bond, that rating is used.","page_number":50,"box":{"x":89,"y":481,"width":581,"height":12}},{"id":"fe3308ae-d577-4d2a-a31b-6c0ca9f5ef47","block_type":"box","text":"The non-U.S. corporate issuers included in each Underlying Index consist primarily of corporate bonds issued by companies","page_number":50,"box":{"x":88,"y":508,"width":868,"height":12}},{"id":"e8e7a356-28b6-4a27-a7e7-2804b99177f6","block_type":"box","text":"domiciled in developed countries. Each bond included in the Underlying Index must be registered with the SEC, have been","page_number":50,"box":{"x":89,"y":523,"width":852,"height":12}},{"id":"077a55b9-9c14-427e-92ec-0ba60bf7c709","block_type":"box","text":"exempt from registration at issuance, or have been offered pursuant to Rule 144A under the 1933 Act. The securities in each","page_number":50,"box":{"x":89,"y":538,"width":869,"height":12}},{"id":"9203d876-b805-4085-8040-3bb84d2c3721","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a predetermined schedule (","page_number":50,"box":{"x":89,"y":553,"width":650,"height":12}},{"id":"71c02e9b-8e48-42a4-9dd0-52cb912e637e","block_type":"box","text":"i.e","page_number":50,"box":{"x":740,"y":554,"width":15,"height":9}},{"id":"e9796036-7100-44e9-a64e-9524e4dd0b1e","block_type":"box","text":"., the interest rate paid on","page_number":50,"box":{"x":756,"y":553,"width":177,"height":12}},{"id":"e974b1e4-2f72-4224-84a0-03e2206bafd4","block_type":"box","text":"such securities will increase over time).","page_number":50,"box":{"x":89,"y":568,"width":272,"height":12}},{"id":"bc3a7e1f-2a6a-4dda-9cdc-0cb5649b410c","block_type":"box","text":"Bloomberg 2026 Term High Yield and Income Index","page_number":50,"box":{"x":89,"y":594,"width":374,"height":13}},{"id":"308f8ee1-8fe6-4ed2-a326-136fd585b802","block_type":"box","text":"Number of Components: approximately 373","page_number":50,"box":{"x":89,"y":621,"width":316,"height":12}},{"id":"9aad9db5-1702-42dc-8a39-4833e72a2a18","block_type":"box","text":"Index Description.","page_number":50,"box":{"x":89,"y":647,"width":131,"height":13}},{"id":"e939697e-6358-4dd1-881b-0c084d23687c","block_type":"box","text":"The Bloomberg 2026 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":50,"box":{"x":225,"y":647,"width":736,"height":13}},{"id":"c37895b4-c704-4139-8ce1-f263704946a3","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade) and","page_number":50,"box":{"x":88,"y":662,"width":848,"height":13}},{"id":"ce911309-7b95-487b-b864-9888efb59416","block_type":"box","text":"BBB-rated corporate bonds maturing between January 1, 2026 and December 15, 2026, inclusive.","page_number":50,"box":{"x":89,"y":678,"width":679,"height":12}},{"id":"8e29ff00-6166-48dc-95ad-28c6c202497f","block_type":"box","text":"Initially, the Underlying Index is completely composed of high yield bonds chosen from the High Yield Index. Once the","page_number":50,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"9ce86376-2089-4546-ae80-6022227e1dc7","block_type":"box","text":"Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite index, composed","page_number":50,"box":{"x":89,"y":719,"width":878,"height":13}},{"id":"3ba2267f-8b8f-4888-ba1d-e3241b8a718d","block_type":"box","text":"of bonds from the High Yield Index and BBB-rated bonds chosen from the Corporate Index. In special circumstances, the","page_number":50,"box":{"x":89,"y":734,"width":844,"height":13}},{"id":"33be1ffe-7d55-40f5-b9f1-3d9bfff69eeb","block_type":"box","text":"composite index phase may be triggered early.","page_number":50,"box":{"x":89,"y":749,"width":324,"height":13}},{"id":"08770a0b-844c-4a47-9207-585aa533c8b2","block_type":"box","text":"Bloomberg 2027 Term High Yield and Income Index","page_number":50,"box":{"x":89,"y":776,"width":373,"height":12}},{"id":"ad9a82d3-2994-4648-ae2b-c7f239dca264","block_type":"box","text":"Number of Components: approximately 170","page_number":50,"box":{"x":89,"y":802,"width":316,"height":13}},{"id":"e04531d6-2ff0-4ad5-9e61-16c350a5b5f7","block_type":"box","text":"35","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"63256305-9374-4e20-b254-904322f53fac","block_type":"box","text":"Index Description.","page_number":51,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"73e52ffa-787c-41ab-9683-7071e2d0c2af","block_type":"box","text":"The Bloomberg 2027 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":51,"box":{"x":225,"y":44,"width":736,"height":12}},{"id":"7304dce6-e073-441f-982a-3b554b3cc1d1","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade and","page_number":51,"box":{"x":88,"y":59,"width":842,"height":12}},{"id":"6ef584d4-587c-4712-a923-9c1b846d8486","block_type":"box","text":"commonly referred to as “junk bonds”) and BBB-rated corporate bonds maturing between January 1, 2027 and December 15,","page_number":51,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"0d01b044-95ce-423b-870a-4df035181ba8","block_type":"box","text":"2027, inclusive.","page_number":51,"box":{"x":89,"y":89,"width":103,"height":12}},{"id":"ba6699f5-1fcf-4cb5-8b79-be7a92abd54c","block_type":"box","text":"Initially, the Underlying Index is completely composed of high yield bonds chosen from the High Yield Index. Once the","page_number":51,"box":{"x":89,"y":116,"width":824,"height":12}},{"id":"9070b898-7312-4b74-b2d7-170fea98d235","block_type":"box","text":"Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite index, composed","page_number":51,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"f5342fe8-c60b-4dee-8b41-d3feea891345","block_type":"box","text":"of bonds from the High Yield Index and BBB-rated bonds chosen from the Corporate Index. In special circumstances, the","page_number":51,"box":{"x":89,"y":146,"width":844,"height":12}},{"id":"1548c34f-4042-43b0-84ee-1ed3aa6948fc","block_type":"box","text":"composite index phase may be triggered early.","page_number":51,"box":{"x":89,"y":161,"width":324,"height":12}},{"id":"1d48857d-f2e3-4a53-9b8a-4ace3f7b9cc4","block_type":"box","text":"Bloomberg 2028 Term High Yield and Income Index","page_number":51,"box":{"x":89,"y":188,"width":374,"height":12}},{"id":"e709e2e5-8bb2-4750-a627-4c85c9baf1ab","block_type":"box","text":"Number of Components: approximately 284","page_number":51,"box":{"x":89,"y":214,"width":318,"height":12}},{"id":"c99af842-2aa2-4c53-a6b2-fa350edab489","block_type":"box","text":"Index Description.","page_number":51,"box":{"x":89,"y":240,"width":131,"height":13}},{"id":"e8cdc127-198c-4cc7-ae3a-5bcbf07e0c89","block_type":"box","text":"The Bloomberg 2028 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":51,"box":{"x":225,"y":240,"width":736,"height":13}},{"id":"f3b7cebe-7820-4fc1-a1e4-06ae6858fc27","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade) and","page_number":51,"box":{"x":88,"y":256,"width":848,"height":12}},{"id":"9617dc58-36a5-4e8c-84e0-264a8e449f1d","block_type":"box","text":"BBB-rated corporate bonds maturing between January 1, 2028 and December 15, 2028, inclusive.","page_number":51,"box":{"x":89,"y":271,"width":679,"height":12}},{"id":"6dc917ea-7dad-4d6b-95d7-1929032f9680","block_type":"box","text":"Initially, the Underlying Index is completely composed of high yield bonds chosen from the High Yield Index. Once the","page_number":51,"box":{"x":89,"y":297,"width":824,"height":12}},{"id":"6d6b2252-bbe6-401c-a03d-8f06db384b4f","block_type":"box","text":"Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite index, composed","page_number":51,"box":{"x":89,"y":312,"width":878,"height":13}},{"id":"161e76f7-aa7f-4b5c-86f8-e1cc050ffaa9","block_type":"box","text":"of bonds from the High Yield Index and BBB-rated bonds chosen from the Corporate Index. In special circumstances, the","page_number":51,"box":{"x":89,"y":327,"width":844,"height":13}},{"id":"ec5cbffd-a97d-4d7b-91f9-6d4e798a7468","block_type":"box","text":"composite index phase may be triggered early.","page_number":51,"box":{"x":89,"y":342,"width":324,"height":13}},{"id":"b938fbbb-95c9-4662-9411-1241775e43de","block_type":"box","text":"Bloomberg 2029 Term High Yield and Income Index","page_number":51,"box":{"x":89,"y":369,"width":374,"height":12}},{"id":"28103e56-326d-4f12-b0a5-55464027e6d9","block_type":"box","text":"Number of Components: approximately 429","page_number":51,"box":{"x":89,"y":395,"width":317,"height":13}},{"id":"7c146f33-e656-4764-8e2b-74e1b6e20ba3","block_type":"box","text":"Index Description.","page_number":51,"box":{"x":89,"y":422,"width":131,"height":12}},{"id":"5c83cfa4-609c-45a3-b00e-781ffd9fb4a5","block_type":"box","text":"The Bloomberg 2029 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":51,"box":{"x":225,"y":422,"width":736,"height":12}},{"id":"eba600c5-d8ff-40da-a9b7-e7a49aef388d","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade) and","page_number":51,"box":{"x":88,"y":437,"width":848,"height":12}},{"id":"6b6b4c4b-5ea3-4edd-a128-a2fd913c5307","block_type":"box","text":"BBB-rated corporate bonds maturing between January 1, 2029 and December 15, 2029, inclusive.","page_number":51,"box":{"x":89,"y":452,"width":679,"height":12}},{"id":"86870559-6d8b-4885-b242-8c556a86c563","block_type":"box","text":"Initially, the Underlying Index is completely composed of high yield bonds chosen from the High Yield Index. Once the","page_number":51,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"e47cc060-ca1d-44b8-b835-3c3d3bedc089","block_type":"box","text":"Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite index, composed","page_number":51,"box":{"x":89,"y":494,"width":878,"height":12}},{"id":"5d87f671-05a4-4de2-a7cb-8dfafa86b5df","block_type":"box","text":"of bonds from the High Yield Index and BBB-rated bonds chosen from the Corporate Index. In special circumstances, the","page_number":51,"box":{"x":89,"y":509,"width":844,"height":12}},{"id":"b9633841-ccdf-4399-b6db-4133060ab305","block_type":"box","text":"composite index phase may be triggered early.","page_number":51,"box":{"x":89,"y":524,"width":324,"height":12}},{"id":"a17bb1e7-b803-44c6-be3a-6697092625df","block_type":"box","text":"Bloomberg 2030 Term High Yield and Income Index","page_number":51,"box":{"x":89,"y":550,"width":374,"height":13}},{"id":"09463067-7591-40b5-bbb8-cb98dcf9e8db","block_type":"box","text":"Number of Components: approximately 294","page_number":51,"box":{"x":89,"y":577,"width":318,"height":12}},{"id":"b2e4c56f-c4ad-4fd9-b126-25d8d70cdbb8","block_type":"box","text":"Index Description.","page_number":51,"box":{"x":89,"y":603,"width":131,"height":13}},{"id":"ea784dcb-b2f5-433d-8dfe-4fc4e63b08f3","block_type":"box","text":"The Bloomberg 2030 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":51,"box":{"x":225,"y":603,"width":736,"height":13}},{"id":"60ee71ab-e39b-4151-990d-9d180505e7e8","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade) and","page_number":51,"box":{"x":88,"y":618,"width":848,"height":13}},{"id":"28b36733-923f-4f00-b71a-da54f3ef09de","block_type":"box","text":"BBB-rated corporate bonds maturing between January 1, 2030 and December 15, 2030, inclusive.","page_number":51,"box":{"x":89,"y":633,"width":678,"height":13}},{"id":"9f347689-bce8-4a43-a45e-c48efe72c204","block_type":"box","text":"Initially, the Underlying Index is completely composed of high yield bonds chosen from the High Yield Index. Once the","page_number":51,"box":{"x":89,"y":660,"width":824,"height":12}},{"id":"ec1a2ac1-2a3d-4b88-8dab-a27c49d7c87a","block_type":"box","text":"Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite index, composed","page_number":51,"box":{"x":89,"y":675,"width":878,"height":12}},{"id":"e37f609f-7412-44ca-8254-e6353edfa689","block_type":"box","text":"of bonds from the High Yield Index and BBB-rated bonds chosen from the Corporate Index. In special circumstances, the","page_number":51,"box":{"x":89,"y":690,"width":844,"height":13}},{"id":"96b8f46e-1a3c-451e-aad7-cc62b24b9735","block_type":"box","text":"composite index phase may be triggered early.","page_number":51,"box":{"x":89,"y":705,"width":324,"height":13}},{"id":"e4bc061a-e784-4185-b335-5c1a1d4ed630","block_type":"box","text":"Bloomberg 2031 Term High Yield and Income Index","page_number":51,"box":{"x":89,"y":732,"width":373,"height":12}},{"id":"cab1437a-22ac-4f7d-ba12-d375e6227040","block_type":"box","text":"Number of Components: approximately 211","page_number":51,"box":{"x":89,"y":758,"width":313,"height":13}},{"id":"b34b937e-400b-4a2d-ac18-5c46b16c4d51","block_type":"box","text":"Index Description.","page_number":51,"box":{"x":89,"y":785,"width":131,"height":12}},{"id":"55e1759a-5d24-4c94-8cbe-2dc83c9c5bf5","block_type":"box","text":"The Bloomberg 2031 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":51,"box":{"x":225,"y":785,"width":735,"height":12}},{"id":"8cb94a11-019b-4f91-9390-1e3a0107ec7a","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade) and","page_number":51,"box":{"x":88,"y":800,"width":848,"height":12}},{"id":"b01fb9bb-c957-460e-bd40-76703d00e57c","block_type":"box","text":"BBB-rated corporate bonds maturing between January 1, 2031 and December 15, 2031, inclusive.","page_number":51,"box":{"x":89,"y":815,"width":676,"height":12}},{"id":"1aeb62c4-d520-4ca1-9a9a-ce350281a608","block_type":"box","text":"Initially, the Underlying Index is completely composed of high yield bonds chosen from the High Yield Index. Once the","page_number":51,"box":{"x":89,"y":841,"width":824,"height":13}},{"id":"5ae3ff44-d280-4b79-a976-d144ef7b4bda","block_type":"box","text":"Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite index, composed","page_number":51,"box":{"x":89,"y":856,"width":878,"height":13}},{"id":"78badfa2-0b43-4a24-8974-bb40b14c2ecf","block_type":"box","text":"36","page_number":51,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6fa28571-550c-4492-a027-258d402ab7b0","block_type":"box","text":"of bonds from the High Yield Index and BBB-rated bonds chosen from the Corporate Index. In special circumstances, the","page_number":52,"box":{"x":89,"y":44,"width":844,"height":12}},{"id":"071405dd-0643-48af-9a07-8a537f490f5e","block_type":"box","text":"composite index phase may be triggered early.","page_number":52,"box":{"x":89,"y":59,"width":324,"height":12}},{"id":"ae1fb84e-ce01-4c2c-8c9f-011bf3813408","block_type":"box","text":"Bloomberg 2032 Term High Yield and Income Index","page_number":52,"box":{"x":89,"y":85,"width":374,"height":13}},{"id":"e89743d5-9648-466c-be81-bdc890c0af52","block_type":"box","text":"Number of Components: approximately 197","page_number":52,"box":{"x":89,"y":112,"width":316,"height":12}},{"id":"1380ac50-f66f-4869-b59a-9d1228ff3c2c","block_type":"box","text":"Index Description.","page_number":52,"box":{"x":89,"y":138,"width":131,"height":13}},{"id":"a2bc79cf-ee75-4dca-aa00-56efcd69841e","block_type":"box","text":"The Bloomberg 2032 Term High Yield and Income Index is a targeted maturity benchmark that measures","page_number":52,"box":{"x":225,"y":138,"width":735,"height":13}},{"id":"78fa6419-1c15-4ca1-8345-1a6375923015","block_type":"box","text":"the performance of USD-denominated, fixed-rate, taxable high yield (which are considered below investment-grade) and","page_number":52,"box":{"x":88,"y":153,"width":848,"height":13}},{"id":"6d1f4f96-864d-4654-9dcc-22ba47bdcd47","block_type":"box","text":"BBB-rated corporate bonds maturing between January 1, 2032 and December 15, 2032, inclusive.","page_number":52,"box":{"x":89,"y":169,"width":677,"height":12}},{"id":"19d37715-b455-4d67-bc69-19f3d3ed7000","block_type":"box","text":"Initially, the Underlying Index is completely composed of taxable, fixed-rate high yield bonds chosen from the High Yield","page_number":52,"box":{"x":89,"y":195,"width":840,"height":12}},{"id":"6ff262bc-51c0-4bb2-a08c-b197effa9330","block_type":"box","text":"Index. Once the Underlying Index comes within 1.5 years of its maturity date, the Underlying Index will become a composite","page_number":52,"box":{"x":89,"y":210,"width":869,"height":13}},{"id":"7fb86be2-8533-4ef9-842f-51e0d5cb425e","block_type":"box","text":"index, composed of bonds from the High Yield Index, and BBB-rated bonds chosen from the Corporate Index. In special","page_number":52,"box":{"x":89,"y":225,"width":835,"height":13}},{"id":"484e5bfe-6d76-452f-bb65-78e7920535cf","block_type":"box","text":"circumstances, the composite index phase may be triggered early.","page_number":52,"box":{"x":89,"y":240,"width":461,"height":13}},{"id":"cc97eedb-23cf-4472-8d22-955a3fdca7e6","block_type":"box","text":"Index Methodology for the iBonds Term Corporate ETFs’ Indexes.","page_number":52,"box":{"x":89,"y":267,"width":471,"height":12}},{"id":"3abd6983-fe95-47a0-855d-517bfe601254","block_type":"box","text":"The Underlying Index of each iBonds Term Corporate ETF","page_number":52,"box":{"x":565,"y":267,"width":403,"height":12}},{"id":"bd12356e-338f-4b50-ae17-45bf2322ade5","block_type":"box","text":"is constructed according to the following methodology. A parent index, the Bloomberg U.S. Corporate Index, representing","page_number":52,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"5942b3f7-a7c2-4148-9b64-d245a4d9bb9c","block_type":"box","text":"U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of securities maturing outside of each","page_number":52,"box":{"x":89,"y":297,"width":831,"height":12}},{"id":"3e605936-7eb1-416f-90c5-1f10eb162a8a","block_type":"box","text":"iBonds Term Corporate ETF’s maturity range (as defined below). Securities are then market-cap weighted within the index,","page_number":52,"box":{"x":89,"y":312,"width":859,"height":13}},{"id":"1f4bc9e0-56ae-49c9-a959-b70e6840f5c1","block_type":"box","text":"with a 3% cap typically imposed on any one issuer, and a pro rata distribution of any excess weight across the remaining","page_number":52,"box":{"x":88,"y":327,"width":844,"height":13}},{"id":"664c2eee-3b1f-48e3-91af-b2241dcc8f0b","block_type":"box","text":"issuers in the index. In the event a 3% cap is not possible due to lack of issuers, the cap will be increased in 0.50%","page_number":52,"box":{"x":89,"y":342,"width":797,"height":13}},{"id":"771246f6-b0a8-487a-9f4c-75bad7717e8f","block_type":"box","text":"increments until the Underlying Index can be calculated.","page_number":52,"box":{"x":89,"y":358,"width":393,"height":12}},{"id":"85ce24a3-3193-4afb-ac7b-c62466f87b68","block_type":"box","text":"The securities in each Underlying Index are updated on the last calendar day of each month until six months prior to","page_number":52,"box":{"x":88,"y":384,"width":815,"height":12}},{"id":"cb0f5b7c-2513-41a2-9926-27ba63675b00","block_type":"box","text":"maturity. The last rebalance date will be on June 30 of each iBonds Term Corporate ETF’s respective termination year. During","page_number":52,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"26e392ef-8a13-4954-9361-8da2abd2dd7e","block_type":"box","text":"this final six-month period, the Underlying Index will no longer be updated or rebalanced. Additionally, during this period,","page_number":52,"box":{"x":88,"y":414,"width":849,"height":13}},{"id":"0235b453-512b-412d-a84e-15f1b2384a6a","block_type":"box","text":"existing bond weights will be allowed to float based on changes in market value. During the final two years of each","page_number":52,"box":{"x":89,"y":429,"width":802,"height":13}},{"id":"84407805-caed-46e8-afd8-38a6f666d486","block_type":"box","text":"Underlying Index, bonds that are screened from the parent index due to being within one year to maturity will be added back","page_number":52,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"a744e2f0-6a0f-422c-b042-9d7ad7e9dfac","block_type":"box","text":"into the Underlying Index until such bonds reach maturity.","page_number":52,"box":{"x":89,"y":460,"width":407,"height":12}},{"id":"2e20494d-0114-43a8-8639-45a1645f8a64","block_type":"box","text":"When a bond that is included in an Underlying Index matures, its maturity value will be represented in such Underlying Index","page_number":52,"box":{"x":88,"y":486,"width":875,"height":12}},{"id":"c9ed055e-5841-41b9-af2f-ca5c8d36cf69","block_type":"box","text":"by cash throughout the remaining life of the Underlying Index. As each iBonds Term Corporate ETFs approaches its","page_number":52,"box":{"x":89,"y":501,"width":805,"height":13}},{"id":"a7c7fbe0-dad3-49ca-b9b9-a7dc89b72483","block_type":"box","text":"termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and","page_number":52,"box":{"x":88,"y":516,"width":818,"height":13}},{"id":"b82625ba-fd18-4ee9-b75e-01457f969e77","block_type":"box","text":"expenses of these funds. By December 15 of the Fund’s termination year, the Underlying Index value will be represented","page_number":52,"box":{"x":89,"y":531,"width":838,"height":13}},{"id":"a3e13150-d4a5-488e-a17f-e3e5ccab3fe4","block_type":"box","text":"almost entirely by cash as no securities will remain in the Underlying Index.","page_number":52,"box":{"x":89,"y":547,"width":524,"height":12}},{"id":"8364f116-b73e-4c37-9c7c-65dc873b73c1","block_type":"box","text":"Each Underlying Index includes U.S. dollar-denominated, investment-grade securities issued by U.S. and non-U.S. corporate","page_number":52,"box":{"x":89,"y":573,"width":864,"height":12}},{"id":"18e92922-b115-4ec4-86c1-bfaf94937a4d","block_type":"box","text":"issuers that have $300 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers","page_number":52,"box":{"x":89,"y":588,"width":840,"height":12}},{"id":"de94ddff-a726-40b7-ad79-364e1b0bd1c3","block_type":"box","text":"included in the Underlying Index consist primarily of corporate bonds issued by companies domiciled in developed countries.","page_number":52,"box":{"x":89,"y":603,"width":875,"height":13}},{"id":"63c2b468-3f5a-4291-9122-a756a0b8892e","block_type":"box","text":"Each iBonds Term Corporate ETFs will invest in non-U.S. issuers to the extent necessary to track its respective Underlying","page_number":52,"box":{"x":89,"y":618,"width":845,"height":13}},{"id":"74dc8d1d-2753-4e19-a8c9-7585d97f27a6","block_type":"box","text":"Index. Each bond included in the index must be registered with the SEC, have been exempt from registration at issuance, or","page_number":52,"box":{"x":89,"y":633,"width":863,"height":13}},{"id":"a14fb318-b0e3-470b-8bcc-d660d9451203","block_type":"box","text":"have been offered pursuant to Rule 144A under the 1933 Act with registration rights. In addition, to be included in the index,","page_number":52,"box":{"x":89,"y":649,"width":870,"height":12}},{"id":"852cd6ed-39f7-4bb7-a376-f3868cf3f16d","block_type":"box","text":"securities that are rated by all three of the rating agencies must be rated “investment grade” by at least two of the agencies,","page_number":52,"box":{"x":89,"y":664,"width":863,"height":12}},{"id":"7351a63d-76bb-43f4-8379-fb2117479850","block_type":"box","text":"which is defined as Baa3 or higher by Moody’s or BBB- or higher by S&P Global Ratings or Fitch. When ratings from only two","page_number":52,"box":{"x":88,"y":679,"width":871,"height":12}},{"id":"8eee7579-a1dc-46eb-806f-ffeb3021e3cd","block_type":"box","text":"agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one agency must be","page_number":52,"box":{"x":89,"y":694,"width":869,"height":12}},{"id":"9b098b4b-8de9-43ff-ad0f-80f9f38fb36d","block_type":"box","text":"rated investment grade or they are excluded from the Underlying Index.","page_number":52,"box":{"x":89,"y":709,"width":500,"height":12}},{"id":"12bd473d-e2b4-4124-814b-ca7659f05bb1","block_type":"box","text":"Bloomberg December 2026 Maturity Corporate Index","page_number":52,"box":{"x":89,"y":736,"width":386,"height":12}},{"id":"9de03c45-3f61-49dc-8317-65e5ea63a6a1","block_type":"box","text":"Number of Components: approximately 644","page_number":52,"box":{"x":89,"y":762,"width":318,"height":12}},{"id":"438bef53-4b0f-4030-95c8-cdb0460d86a4","block_type":"box","text":"Index Description.","page_number":52,"box":{"x":89,"y":788,"width":131,"height":13}},{"id":"270eb878-b0ea-4189-a6c1-6e20acd890f5","block_type":"box","text":"The iShares iBonds Dec 2026 Term Corporate ETF is a term fund that will terminate on or about","page_number":52,"box":{"x":225,"y":788,"width":670,"height":13}},{"id":"888b426c-02de-401a-9ae9-643f260b153c","block_type":"box","text":"December 15, 2026. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":52,"box":{"x":89,"y":804,"width":830,"height":12}},{"id":"6ab90ba6-e185-4b7a-a8b3-3f602821505c","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":52,"box":{"x":89,"y":819,"width":822,"height":12}},{"id":"0d9b1e6a-d0e9-4864-b66c-557ff90c51f1","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2026 and December 15, 2026, inclusive.","page_number":52,"box":{"x":88,"y":834,"width":873,"height":12}},{"id":"fe65c417-fdf6-413a-9293-53966cfeb498","block_type":"box","text":"Bloomberg December 2027 Maturity Corporate Index","page_number":52,"box":{"x":89,"y":860,"width":386,"height":13}},{"id":"f94a0dd4-00d0-44ce-bea3-c8a68485ecf7","block_type":"box","text":"37","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"530ab2cf-a4ef-46d3-85fd-7e8a60094b95","block_type":"box","text":"Number of Components: approximately 687","page_number":53,"box":{"x":89,"y":44,"width":317,"height":12}},{"id":"eb03788b-cd3b-42b3-87e5-dac4334ee97c","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":70,"width":131,"height":13}},{"id":"a34d6119-0cea-450d-9ae0-4f9f0e566d07","block_type":"box","text":"The iShares iBonds Dec 2027 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":70,"width":669,"height":13}},{"id":"f246e189-9102-4412-ad7d-6d838d909d1f","block_type":"box","text":"December 15, 2027. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":85,"width":828,"height":13}},{"id":"b52b36e3-b250-4d16-9b88-af4c6434b7e9","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":101,"width":822,"height":12}},{"id":"f15c5b53-d919-4a84-8734-e6b7f042751e","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2027 and December 15, 2027, inclusive.","page_number":53,"box":{"x":88,"y":116,"width":870,"height":12}},{"id":"64cabaee-a33a-4c1d-8fbd-699fe112e986","block_type":"box","text":"Bloomberg December 2028 Maturity Corporate Index","page_number":53,"box":{"x":89,"y":142,"width":386,"height":12}},{"id":"6fd63710-2fa1-48e2-9ad1-7b88c1e6ab70","block_type":"box","text":"Number of Components: approximately 692","page_number":53,"box":{"x":89,"y":169,"width":317,"height":12}},{"id":"842963ec-fd84-4d40-b3d7-e2f96ba16694","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":195,"width":131,"height":12}},{"id":"a7bd31de-3c6f-45e6-b4ed-445668bba2ef","block_type":"box","text":"The iShares iBonds Dec 2028 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":195,"width":670,"height":12}},{"id":"f8c99540-a359-4dc1-884d-bf19284b037e","block_type":"box","text":"December 15, 2028. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":210,"width":830,"height":13}},{"id":"6f3bb027-d398-4749-a30c-ce64efa0f4a0","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":225,"width":822,"height":13}},{"id":"6a6a20f5-9042-4d3d-b485-f85413d56716","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2028 and December 15, 2028, inclusive.","page_number":53,"box":{"x":88,"y":240,"width":873,"height":13}},{"id":"106b241f-d0da-4f0a-9243-111595af85ec","block_type":"box","text":"Bloomberg December 2029 Maturity Corporate Index","page_number":53,"box":{"x":89,"y":267,"width":386,"height":12}},{"id":"1c21f149-f82b-4e31-b9ae-551c4850c62c","block_type":"box","text":"Number of Components: approximately 606","page_number":53,"box":{"x":89,"y":293,"width":318,"height":13}},{"id":"276f00c7-74a5-462d-af2c-c44899c3b885","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":320,"width":131,"height":12}},{"id":"e79f2636-1d66-42c6-8013-228474b2fb6c","block_type":"box","text":"The iShares iBonds Dec 2029 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":320,"width":670,"height":12}},{"id":"377fb58b-4712-4ab6-8efa-0684da93ebe2","block_type":"box","text":"December 15, 2029. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":335,"width":830,"height":12}},{"id":"7bb0104d-c91c-4a72-b94d-24399a17f765","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":350,"width":822,"height":12}},{"id":"4c60a7ee-a521-44de-887c-07229c78516e","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2029 and December 15, 2029, inclusive.","page_number":53,"box":{"x":88,"y":365,"width":873,"height":12}},{"id":"493a27cd-8d37-4bc7-85db-52c6c136b73d","block_type":"box","text":"Bloomberg December 2030 Maturity Corporate Index","page_number":53,"box":{"x":89,"y":392,"width":387,"height":12}},{"id":"1ca41f9c-626d-42f6-a287-8ce5519f7f13","block_type":"box","text":"Number of Components: approximately 708","page_number":53,"box":{"x":89,"y":418,"width":317,"height":12}},{"id":"b04e593c-c092-4e18-b137-3522167ab1c6","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":445,"width":131,"height":12}},{"id":"3bc96eca-28af-47b7-9a53-d086b5bd297a","block_type":"box","text":"The iShares iBonds Dec 2030 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":445,"width":670,"height":12}},{"id":"78e3547c-aee8-4493-98a9-f986bc528dd8","block_type":"box","text":"December 15, 2030. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":460,"width":829,"height":12}},{"id":"b5d98883-4382-4c93-a402-b1d8f5025abe","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":475,"width":822,"height":12}},{"id":"1e78345c-e93a-4dd9-8b60-d9fc474bbeb3","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2030 and December 15, 2030, inclusive.","page_number":53,"box":{"x":88,"y":490,"width":872,"height":12}},{"id":"3640d0ad-55a0-4884-9afd-aae8aeb96b07","block_type":"box","text":"Bloomberg December 2031 Maturity Corporate Index","page_number":53,"box":{"x":89,"y":516,"width":386,"height":13}},{"id":"422c0a7d-291d-45eb-a1c1-c8f9e86730c8","block_type":"box","text":"Number of Components: approximately 458","page_number":53,"box":{"x":89,"y":543,"width":318,"height":12}},{"id":"425a55ac-990e-46f6-8e63-40d7dcf644d7","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":569,"width":131,"height":13}},{"id":"349a5abb-bb74-4a26-8aac-50c84e9bb123","block_type":"box","text":"The iShares iBonds Dec 2031 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":569,"width":669,"height":13}},{"id":"776a230a-5cfd-4abe-8a51-87dbb35065ca","block_type":"box","text":"December 15, 2031. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":584,"width":828,"height":13}},{"id":"7f0e140f-9842-49d9-bcd1-a14ad9829f0e","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":599,"width":822,"height":13}},{"id":"84b1a905-0de9-4f60-898c-193a07a53c21","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2031 and December 15, 2031, inclusive.","page_number":53,"box":{"x":88,"y":615,"width":870,"height":12}},{"id":"f657653c-eb0a-4573-b1df-8a69f4770846","block_type":"box","text":"Bloomberg December 2032 Maturity Corporate Index","page_number":53,"box":{"x":89,"y":641,"width":387,"height":12}},{"id":"dde87d70-1dd3-4a51-b9bf-1016cc3759d3","block_type":"box","text":"Number of Components: approximately 407","page_number":53,"box":{"x":89,"y":668,"width":317,"height":12}},{"id":"f07d583a-0b98-411b-a69b-9a4c62b54b50","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":694,"width":131,"height":12}},{"id":"6d4d2311-430d-4ca2-ad26-0b664a062b85","block_type":"box","text":"The iShares iBonds Dec 2032 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":694,"width":669,"height":12}},{"id":"63ae7d45-2647-4acf-b357-f846071bb2ab","block_type":"box","text":"December 15, 2032. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":709,"width":829,"height":12}},{"id":"836edcfa-b1bf-4db5-97e5-4ea8cf54d9e2","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":724,"width":822,"height":13}},{"id":"efa26aa6-050f-4185-9974-fa35d17ab860","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2032 and December 15, 2032, inclusive.","page_number":53,"box":{"x":88,"y":739,"width":871,"height":13}},{"id":"a682c61b-1f14-4b49-979a-604e258550c8","block_type":"box","text":"Bloomberg December 2033 Maturity Corporate Index","page_number":53,"box":{"x":89,"y":766,"width":387,"height":12}},{"id":"c526877e-3a68-4a96-acc4-ee618d210d33","block_type":"box","text":"Number of Components: approximately 329","page_number":53,"box":{"x":89,"y":792,"width":318,"height":13}},{"id":"fc95b207-751c-4a02-8fc0-2645292ea62a","block_type":"box","text":"Index Description.","page_number":53,"box":{"x":89,"y":819,"width":131,"height":12}},{"id":"ecb999c5-dda6-40d6-afbf-f646cb6b96f1","block_type":"box","text":"The iShares iBonds Dec 2033 Term Corporate ETF is a term fund that will terminate on or about","page_number":53,"box":{"x":225,"y":819,"width":670,"height":12}},{"id":"b056fc35-503d-4e5b-9dfe-b6458c12750a","block_type":"box","text":"December 15, 2033. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":53,"box":{"x":89,"y":834,"width":829,"height":12}},{"id":"f3f1a8cd-1153-4165-b138-d3ae423fd65b","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":53,"box":{"x":89,"y":849,"width":822,"height":12}},{"id":"40fd1732-d54b-4937-9859-9d6635c2ca50","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2033 and December 15, 2033, inclusive.","page_number":53,"box":{"x":88,"y":864,"width":873,"height":12}},{"id":"2ab4ed9f-454b-42e0-ab5d-1b9a3f404180","block_type":"box","text":"38","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"348a8a6d-ea0e-40e3-b6be-805fa2359db8","block_type":"box","text":"Bloomberg December 2034 Maturity Corporate Index","page_number":54,"box":{"x":89,"y":44,"width":387,"height":12}},{"id":"ce21ad66-8b50-4a2b-8057-436fe77fc90d","block_type":"box","text":"Number of Components: approximately 373","page_number":54,"box":{"x":89,"y":70,"width":316,"height":13}},{"id":"c7bbbe80-2927-4f3e-a4bf-a3bae94ad0c6","block_type":"box","text":"Index Description.","page_number":54,"box":{"x":89,"y":97,"width":131,"height":12}},{"id":"e87d5b18-2ce9-4b3c-acea-faf0dfc899b6","block_type":"box","text":"The iShares iBonds Dec 2034 Term Corporate ETF is a term fund that will terminate on or about","page_number":54,"box":{"x":225,"y":97,"width":670,"height":12}},{"id":"cecbdc82-fd51-44a3-b52e-6886c039949d","block_type":"box","text":"December 15, 2034. After appropriate provision is made for any Fund liabilities, its net asset will be distributed to then","page_number":54,"box":{"x":89,"y":112,"width":830,"height":12}},{"id":"791c4455-3b60-4f3a-a4a6-ab4a0bc55acd","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":54,"box":{"x":89,"y":127,"width":822,"height":12}},{"id":"53ab461d-7f3a-4676-868a-6d625b91e0c7","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2034 and December 15, 2034, inclusive.","page_number":54,"box":{"x":88,"y":142,"width":872,"height":12}},{"id":"cdf75762-5a7d-4019-beae-86550dd89d23","block_type":"box","text":"Bloomberg December 2035 Maturity Corporate Index","page_number":54,"box":{"x":89,"y":169,"width":387,"height":12}},{"id":"c099f4d0-de0f-4828-adf1-c835c1c43e93","block_type":"box","text":"Number of Components: approximately 379","page_number":54,"box":{"x":89,"y":195,"width":317,"height":12}},{"id":"38a3fb26-5567-4ba7-bcb6-03dc6d43d1ea","block_type":"box","text":"Index Description.","page_number":54,"box":{"x":89,"y":222,"width":131,"height":12}},{"id":"bdd9e2ea-493c-4a57-b799-985faa039f93","block_type":"box","text":"The iShares iBonds Dec 2035 Term Corporate ETF is a term fund that will terminate on or about","page_number":54,"box":{"x":225,"y":222,"width":669,"height":12}},{"id":"74d3a285-b331-4807-8e48-d33167646b29","block_type":"box","text":"December 15, 2035. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then","page_number":54,"box":{"x":89,"y":237,"width":836,"height":12}},{"id":"2d4a1425-3e5a-4ee8-a39c-8cd414e6e42f","block_type":"box","text":"current shareholders pursuant to a plan of liquidation. The Underlying Index is composed of U.S. dollar-denominated,","page_number":54,"box":{"x":89,"y":252,"width":822,"height":12}},{"id":"f109a774-d419-4cb6-ac80-35a288f27cf5","block_type":"box","text":"taxable, investment-grade corporate bonds scheduled to mature between January 1, 2035 and December 15, 2035, inclusive.","page_number":54,"box":{"x":88,"y":267,"width":871,"height":12}},{"id":"661a48f6-f928-41f9-872e-b9cefc47b68e","block_type":"box","text":"The ICE","page_number":54,"box":{"x":88,"y":294,"width":96,"height":18}},{"id":"fc2c0511-ee66-4076-883c-56be3fb704ae","block_type":"box","text":"®","page_number":54,"box":{"x":185,"y":292,"width":17,"height":10}},{"id":"6c3f8380-39b5-41b7-bbd8-0f6b40a3f5c1","block_type":"box","text":"Term Maturity US Treasury Indexes","page_number":54,"box":{"x":210,"y":294,"width":443,"height":23}},{"id":"33ea4d6f-6ebf-4f50-b280-3ce343a3ab68","block_type":"box","text":"Index Methodology for the iBonds Term Treasury ETFs’ Indexes.","page_number":54,"box":{"x":89,"y":329,"width":461,"height":12}},{"id":"2b893586-1a3b-4861-b876-48b1d2651b1a","block_type":"box","text":"Each Underlying Index consists of publicly issued U.S.","page_number":54,"box":{"x":556,"y":329,"width":373,"height":12}},{"id":"68c530dc-b0a5-436c-bd2e-2fec7b39a0a7","block_type":"box","text":"Treasury securities that are scheduled to mature between January 1 and December 15 of the respective maturity year,","page_number":54,"box":{"x":88,"y":344,"width":822,"height":12}},{"id":"16df8bc3-2243-4704-9860-82fa4c99b448","block_type":"box","text":"inclusive. Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value,","page_number":54,"box":{"x":89,"y":359,"width":817,"height":12}},{"id":"9258b327-0389-4948-83e3-b501922c280f","block_type":"box","text":"excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the","page_number":54,"box":{"x":89,"y":374,"width":845,"height":12}},{"id":"eef60858-7d36-480f-88fb-c541224e69e4","block_type":"box","text":"Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index","page_number":54,"box":{"x":89,"y":389,"width":879,"height":12}},{"id":"ece1ed99-5ea0-4bcb-987c-a35d8435b53c","block_type":"box","text":"are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a","page_number":54,"box":{"x":89,"y":404,"width":858,"height":13}},{"id":"8ba7afbc-72ba-46d9-b169-e12f94e11c66","block_type":"box","text":"government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. However, the amounts","page_number":54,"box":{"x":89,"y":419,"width":863,"height":13}},{"id":"af0693f8-2ee3-4833-965d-c0692642c237","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities","page_number":54,"box":{"x":89,"y":434,"width":869,"height":13}},{"id":"be98b88a-6ecc-4603-a854-e90f99afcb7d","block_type":"box","text":"(","page_number":54,"box":{"x":89,"y":450,"width":4,"height":12}},{"id":"b3eaf9d7-ff24-4ad7-938d-d0cff9badb2a","block_type":"box","text":"i.e","page_number":54,"box":{"x":94,"y":450,"width":15,"height":9}},{"id":"68092bfd-2872-48b9-a772-1776b6928e3a","block_type":"box","text":"., coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed","page_number":54,"box":{"x":110,"y":450,"width":809,"height":12}},{"id":"0aff7ca0-e648-48e4-b472-6eae54f37aa0","block_type":"box","text":"primarily to retail investors do not qualify for inclusion.","page_number":54,"box":{"x":89,"y":465,"width":381,"height":12}},{"id":"495344d1-b0cc-4bcf-b6ba-f2970d7c2a20","block_type":"box","text":"Each Underlying Index is market value-weighted based on amounts outstanding reduced by amounts held by the Federal","page_number":54,"box":{"x":89,"y":491,"width":845,"height":12}},{"id":"6caba1cf-0b30-4b7a-8938-bf98567694f8","block_type":"box","text":"Reserve SOMA times price plus accrued interest. Accrued interest is calculated assuming next-day settlement. Each","page_number":54,"box":{"x":89,"y":506,"width":808,"height":13}},{"id":"bfe74f88-af66-4e67-8b77-4d6c32140671","block_type":"box","text":"Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the","page_number":54,"box":{"x":89,"y":521,"width":873,"height":13}},{"id":"9ebd2fc0-80be-40d3-a712-2acc673e88aa","block_type":"box","text":"third business day before the last business day of the month. New issues must settle on or before the following calendar","page_number":54,"box":{"x":88,"y":536,"width":841,"height":13}},{"id":"6a940868-59d2-414b-b8cf-488bb28ab8da","block_type":"box","text":"month end rebalancing date in order to qualify for inclusion for such following month (","page_number":54,"box":{"x":89,"y":552,"width":608,"height":12}},{"id":"84da99a3-6c7f-4c5e-8118-0ad9f25a333f","block_type":"box","text":"e.g.","page_number":54,"box":{"x":698,"y":555,"width":23,"height":9}},{"id":"8e195cae-23c3-4131-b079-c0de55faafc3","block_type":"box","text":", an issue must settle on or before","page_number":54,"box":{"x":723,"y":552,"width":236,"height":11}},{"id":"3087c002-fe48-43a8-8398-6342e31306ec","block_type":"box","text":"November 30 in order to be included in the index on October 31). The securities in each Underlying Index are updated on the","page_number":54,"box":{"x":89,"y":567,"width":874,"height":12}},{"id":"5b96b2dc-1a58-4f4c-8846-5695ed3b0a46","block_type":"box","text":"last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the","page_number":54,"box":{"x":89,"y":582,"width":840,"height":12}},{"id":"7ec9a2ec-c7bf-4c85-8bb5-d38476ccbed7","block_type":"box","text":"Underlying Index until the end of the month and then are removed as part of the rebalancing. Cash does not earn any","page_number":54,"box":{"x":89,"y":597,"width":821,"height":12}},{"id":"163387dc-891b-4bd4-be70-64157bcdd2d1","block_type":"box","text":"reinvestment income while it is held in the Underlying Index. By December 15 of the maturity year, the Underlying Index is","page_number":54,"box":{"x":89,"y":612,"width":852,"height":12}},{"id":"b35e25a5-ed0f-4557-b10e-0ca5eefedf52","block_type":"box","text":"assumed to consist almost entirely of cash.","page_number":54,"box":{"x":89,"y":627,"width":301,"height":13}},{"id":"bf12f0c8-b33a-443b-bff5-1a442d5ece27","block_type":"box","text":"ICE 2026 Maturity US Treasury Index","page_number":54,"box":{"x":89,"y":654,"width":265,"height":12}},{"id":"47b4db6a-497b-4138-8fa6-6d908f0e2b26","block_type":"box","text":"Number of Components: approximately 52","page_number":54,"box":{"x":89,"y":680,"width":308,"height":12}},{"id":"ab7bf87c-736d-4b6f-a145-00a9acebeca3","block_type":"box","text":"Index Description.","page_number":54,"box":{"x":89,"y":707,"width":131,"height":12}},{"id":"a867caff-b9db-4749-96ef-00e79da5ce55","block_type":"box","text":"The ICE 2026 Maturity US Treasury Index measures the performance of the U.S. Treasury bonds","page_number":54,"box":{"x":225,"y":707,"width":669,"height":12}},{"id":"512644a7-75a7-482d-9800-a021d6fdeeba","block_type":"box","text":"scheduled to mature between January 1, 2026 and December 15, 2026, inclusive.","page_number":54,"box":{"x":89,"y":722,"width":564,"height":12}},{"id":"f4555b41-2e46-4958-a8ef-234231070ee2","block_type":"box","text":"ICE 2027 Maturity US Treasury Index","page_number":54,"box":{"x":89,"y":748,"width":264,"height":12}},{"id":"95ee5891-efa0-4531-af01-19f9b2ce8dc9","block_type":"box","text":"Number of Components: approximately 50","page_number":54,"box":{"x":89,"y":775,"width":308,"height":12}},{"id":"e84cbb59-5ab8-4a9f-a344-3393befeac2d","block_type":"box","text":"Index Description.","page_number":54,"box":{"x":89,"y":801,"width":131,"height":12}},{"id":"4a216a33-df4e-4938-8796-fa641fd1b1da","block_type":"box","text":"The ICE 2027 Maturity US Treasury Index measures the performance of the U.S. Treasury bonds","page_number":54,"box":{"x":225,"y":801,"width":669,"height":12}},{"id":"d17bae79-a89d-4ff0-b4e1-5a2f83b04b06","block_type":"box","text":"scheduled to mature between January 1, 2027 and December 15, 2027, inclusive.","page_number":54,"box":{"x":89,"y":816,"width":562,"height":13}},{"id":"b4cdb4e4-0f22-4b3e-943d-902f780c627e","block_type":"box","text":"ICE 2028 Maturity US Treasury Index","page_number":54,"box":{"x":89,"y":843,"width":265,"height":12}},{"id":"58aa4668-8e0d-4ad5-98fa-1ed1860384b1","block_type":"box","text":"39","page_number":54,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1e936350-7c95-4a3b-94f9-193007e3bcd5","block_type":"box","text":"Number of Components: approximately 38","page_number":55,"box":{"x":89,"y":44,"width":308,"height":12}},{"id":"0f900e77-f0c4-413c-8e8d-5df3e929c92b","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":70,"width":131,"height":13}},{"id":"1d4af79f-9d70-42c2-8a60-30c5187ec160","block_type":"box","text":"The ICE 2028 Maturity US Treasury Index measures the performance of the U.S. Treasury bonds","page_number":55,"box":{"x":225,"y":70,"width":669,"height":13}},{"id":"4f6ba3fe-dbfd-4efd-aea7-c2d9cc4d6b25","block_type":"box","text":"scheduled to mature between January 1, 2028 and December 15, 2028, inclusive.","page_number":55,"box":{"x":89,"y":85,"width":564,"height":13}},{"id":"653c7041-8111-4e5a-a13e-da89f403c590","block_type":"box","text":"ICE 2029 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":112,"width":265,"height":12}},{"id":"c416d8e1-2fc1-4c52-9264-dea1a34b3af0","block_type":"box","text":"Number of Components: approximately 28","page_number":55,"box":{"x":89,"y":138,"width":308,"height":13}},{"id":"73138af4-927b-4875-a611-0f6f77c2e253","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":165,"width":131,"height":12}},{"id":"e98a0c65-8d56-44b4-9ef6-114d3d26bab2","block_type":"box","text":"The ICE 2029 Maturity US Treasury Index measures the performance of the U.S. Treasury bonds","page_number":55,"box":{"x":225,"y":165,"width":669,"height":12}},{"id":"af394e32-8179-4612-acc5-a323e8bdad2a","block_type":"box","text":"scheduled to mature between January 1, 2029 and December 15, 2029, inclusive.","page_number":55,"box":{"x":89,"y":180,"width":564,"height":12}},{"id":"289b0238-eff6-42e2-a5ea-a398a9b8fa74","block_type":"box","text":"ICE 2030 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":206,"width":265,"height":13}},{"id":"60fe99ec-e9bd-44f0-81f5-8c1143fa3468","block_type":"box","text":"Number of Components: approximately 25","page_number":55,"box":{"x":89,"y":233,"width":308,"height":12}},{"id":"d54044d0-339e-4a2f-827a-ce37a2c2a101","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":259,"width":131,"height":13}},{"id":"73dfa367-ef79-42a8-96e3-2e42badcee0e","block_type":"box","text":"The ICE 2030 Maturity US Treasury Index measures the performance of the U.S. Treasury bonds","page_number":55,"box":{"x":225,"y":259,"width":669,"height":13}},{"id":"204c3a76-5056-46c0-b6b4-ced5e9d9f207","block_type":"box","text":"scheduled to mature between January 1, 2030 and December 15, 2030, inclusive.","page_number":55,"box":{"x":89,"y":274,"width":564,"height":13}},{"id":"c32b3fd1-ae42-4f9e-80b0-0710e4d0c3dc","block_type":"box","text":"lCE 2031 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":301,"width":264,"height":12}},{"id":"c717bd00-742a-41f6-9bdf-d26fb1b2646e","block_type":"box","text":"Number of Components: approximately 16","page_number":55,"box":{"x":89,"y":327,"width":308,"height":13}},{"id":"550c8509-971b-497a-af96-94aba842c06a","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":354,"width":131,"height":12}},{"id":"652c94a6-2cdc-4c1b-a1df-f12469b99614","block_type":"box","text":"The ICE 2031 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":55,"box":{"x":225,"y":354,"width":736,"height":12}},{"id":"4f586772-ac73-4b7b-9f9b-bc479d5ff721","block_type":"box","text":"mature between January 1, 2031 and December 15, 2031, inclusive.","page_number":55,"box":{"x":89,"y":369,"width":467,"height":12}},{"id":"e02d918a-c4d2-44bd-840f-74383107312e","block_type":"box","text":"ICE 2032 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":395,"width":265,"height":13}},{"id":"09ebc693-0b01-4438-994b-f6f523d7e0dd","block_type":"box","text":"Number of Components: approximately 14","page_number":55,"box":{"x":89,"y":422,"width":307,"height":12}},{"id":"43db6a06-e482-42bf-822a-d26141dc14f1","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":448,"width":131,"height":13}},{"id":"1dd98180-b04f-4990-8856-a0d005c55f47","block_type":"box","text":"The ICE 2032 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":55,"box":{"x":225,"y":448,"width":736,"height":13}},{"id":"7528b43f-230b-42fd-933e-46dd202a38b4","block_type":"box","text":"mature between January 1, 2032 and December 15, 2032, inclusive.","page_number":55,"box":{"x":89,"y":463,"width":468,"height":13}},{"id":"c21b0dcf-fbc5-4139-847d-6cb38e62e116","block_type":"box","text":"ICE 2033 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":490,"width":265,"height":12}},{"id":"69185504-d707-4559-aa05-b3f5b77b668d","block_type":"box","text":"Number of Components: approximately 4","page_number":55,"box":{"x":89,"y":516,"width":299,"height":13}},{"id":"5bbed4f3-67fe-4b83-ab78-514ae45a8544","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":543,"width":131,"height":12}},{"id":"f4050bf8-1e69-4f7e-bbea-8778007a0eba","block_type":"box","text":"The ICE 2033 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":55,"box":{"x":225,"y":543,"width":737,"height":12}},{"id":"8d4a1996-a4fd-4644-a2c1-dfde16fa6bc0","block_type":"box","text":"mature between January 1, 2033 and December 15, 2033, inclusive.","page_number":55,"box":{"x":89,"y":558,"width":469,"height":12}},{"id":"f0f20725-1ce2-4410-bd72-8ab3fed69836","block_type":"box","text":"ICE 2034 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":584,"width":265,"height":13}},{"id":"9ec57480-bee9-4540-9142-6fbe69385586","block_type":"box","text":"Number of Components: approximately 4","page_number":55,"box":{"x":89,"y":611,"width":299,"height":12}},{"id":"f8ce7a09-9495-48ad-b936-a1f39ca6a28c","block_type":"box","text":"Index 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Description.","page_number":55,"box":{"x":89,"y":732,"width":131,"height":12}},{"id":"17374ef2-fbd2-4e26-b997-dc820afbce98","block_type":"box","text":"The ICE 2035 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":55,"box":{"x":225,"y":732,"width":736,"height":12}},{"id":"0fe529be-594f-48dd-8b37-f99aed3935ae","block_type":"box","text":"mature between January 1, 2035 and December 15, 2035, inclusive.","page_number":55,"box":{"x":89,"y":747,"width":468,"height":12}},{"id":"5df16a6b-d5fe-4021-8e40-9f44c3c71a90","block_type":"box","text":"ICE 2044 Maturity US Treasury Index","page_number":55,"box":{"x":89,"y":773,"width":265,"height":13}},{"id":"3189bec0-9253-40df-9eb5-122ab87355c2","block_type":"box","text":"Number of Components: approximately 8","page_number":55,"box":{"x":89,"y":800,"width":299,"height":12}},{"id":"a3b8629b-c825-447a-9eaa-12159e1df74c","block_type":"box","text":"Index Description.","page_number":55,"box":{"x":89,"y":826,"width":131,"height":13}},{"id":"e894e858-49a5-4dd1-ad1c-167f39e0bb3e","block_type":"box","text":"The ICE 2044 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":55,"box":{"x":225,"y":826,"width":738,"height":13}},{"id":"3d010327-920b-4c6d-9e67-48b3f78dd3c1","block_type":"box","text":"mature between January 1, 2044 and December 15, 2044, inclusive.","page_number":55,"box":{"x":89,"y":841,"width":470,"height":13}},{"id":"d45cc0f9-141e-4203-b8ab-8e532985ea3d","block_type":"box","text":"40","page_number":55,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"592f0a91-76c4-4339-88b5-08bd1c2d94f1","block_type":"box","text":"ICE 2045 Maturity US Treasury Index","page_number":56,"box":{"x":89,"y":44,"width":265,"height":12}},{"id":"d4a9c43b-55c3-47ad-8825-663541b9d989","block_type":"box","text":"Number of Components: approximately 7","page_number":56,"box":{"x":89,"y":70,"width":299,"height":13}},{"id":"b07d8f5b-c449-4590-a058-5af912e6152e","block_type":"box","text":"Index Description.","page_number":56,"box":{"x":89,"y":97,"width":131,"height":12}},{"id":"f0075dff-0379-45f7-a367-10e8c300c8e9","block_type":"box","text":"The ICE 2045 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":56,"box":{"x":225,"y":97,"width":737,"height":12}},{"id":"2804c997-a5c5-4d7c-b6b7-27a7d68c7cf1","block_type":"box","text":"mature between January 1, 2045 and December 15, 2045, inclusive.","page_number":56,"box":{"x":89,"y":112,"width":470,"height":12}},{"id":"f6eaafd4-0057-42dd-9f91-8e521f5f3efe","block_type":"box","text":"ICE 2054 Maturity US Treasury Index","page_number":56,"box":{"x":89,"y":138,"width":265,"height":13}},{"id":"570fdb73-b46e-4ac6-8ca1-a4aab097ecd2","block_type":"box","text":"Number of Components: approximately 4","page_number":56,"box":{"x":89,"y":165,"width":299,"height":12}},{"id":"e4a89aa4-9f5c-46ac-9849-8ffff3f376cb","block_type":"box","text":"Index Description.","page_number":56,"box":{"x":89,"y":191,"width":131,"height":13}},{"id":"4afe9a1c-85de-4bf1-b917-46a370ad44b7","block_type":"box","text":"The ICE 2054 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":56,"box":{"x":225,"y":191,"width":737,"height":13}},{"id":"84a6f4f1-34d4-4b07-b33c-bb3891be94c6","block_type":"box","text":"mature between January 1, 2054 and December 15, 2054, inclusive.","page_number":56,"box":{"x":89,"y":206,"width":469,"height":13}},{"id":"0147a24b-ecce-422b-980c-c1f500a12ab4","block_type":"box","text":"ICE 2055 Maturity US Treasury Index","page_number":56,"box":{"x":89,"y":233,"width":265,"height":12}},{"id":"be744966-7162-4c9a-90e9-be480e3d908f","block_type":"box","text":"Number of Components: approximately 3","page_number":56,"box":{"x":89,"y":259,"width":299,"height":13}},{"id":"f092ebfb-3d40-4736-96bc-0273106b6173","block_type":"box","text":"Index Description.","page_number":56,"box":{"x":89,"y":286,"width":131,"height":12}},{"id":"08517041-673d-4500-a5c1-96a5de01c509","block_type":"box","text":"The ICE 2055 Maturity US Treasury Index measures the performance of U.S. Treasury bonds scheduled to","page_number":56,"box":{"x":225,"y":286,"width":737,"height":12}},{"id":"1d2edb60-ced2-4f54-801c-40175b4f512b","block_type":"box","text":"mature between January 1, 2055 and December 15, 2055, inclusive.","page_number":56,"box":{"x":89,"y":301,"width":469,"height":12}},{"id":"df9cf2c7-5079-4652-a4d4-21f64242f6a1","block_type":"box","text":"Investment Policies","page_number":56,"box":{"x":91,"y":332,"width":318,"height":23}},{"id":"0f0d2663-aeaa-48a7-913b-b35f7722632a","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":56,"box":{"x":88,"y":373,"width":835,"height":12}},{"id":"ab150df4-987d-4cae-a58f-3907444c74ac","block_type":"box","text":"without the approval of the holders of a majority of the Fund’s outstanding voting securities. A vote of a majority of the","page_number":56,"box":{"x":88,"y":388,"width":835,"height":12}},{"id":"bd1a5382-03ee-47d8-afc5-a413f4031cd5","block_type":"box","text":"outstanding voting securities of a Fund is defined in the Investment Company Act as the lesser of (i) 67% or more of the","page_number":56,"box":{"x":89,"y":403,"width":841,"height":12}},{"id":"c2a61952-0d9b-45bf-9b14-888764fa9469","block_type":"box","text":"voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of","page_number":56,"box":{"x":88,"y":418,"width":856,"height":12}},{"id":"180949de-e73d-4d65-95ee-f1aecb7baa77","block_type":"box","text":"the Fund are present or represented by proxy, or (ii) more than 50% of outstanding voting securities of the Fund. Each Fund","page_number":56,"box":{"x":88,"y":433,"width":866,"height":13}},{"id":"0d47f25a-aa74-4501-b070-55ff3416f1a7","block_type":"box","text":"has also adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental","page_number":56,"box":{"x":89,"y":448,"width":813,"height":13}},{"id":"0c442b71-1ec9-42cb-9067-b020cdb3cb43","block_type":"box","text":"investment policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its","page_number":56,"box":{"x":89,"y":463,"width":825,"height":13}},{"id":"46c35cd3-2b8e-41dd-815e-524d486ab36a","block_type":"box","text":"investment objective and its Underlying Index without shareholder approval.","page_number":56,"box":{"x":89,"y":479,"width":533,"height":12}},{"id":"158895e1-af99-410f-ab40-ea259d15afbe","block_type":"box","text":"Fundamental Investment Policies","page_number":56,"box":{"x":89,"y":505,"width":237,"height":10}},{"id":"bab2a9c4-11c8-428d-a602-10da820d6f0a","block_type":"box","text":"Each Fund may not:","page_number":56,"box":{"x":89,"y":525,"width":138,"height":12}},{"id":"81ea4567-8f6c-424b-ab6c-107c3defa0b5","block_type":"box","text":"1. Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that","page_number":56,"box":{"x":90,"y":545,"width":853,"height":13}},{"id":"88579379-a4e2-4fe7-be03-4bf272c4615b","block_type":"box","text":"the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a","page_number":56,"box":{"x":127,"y":560,"width":835,"height":13}},{"id":"62c1d0d3-6f91-43f1-afe8-f44c0955d1e7","block_type":"box","text":"particular industry or group of industries.","page_number":56,"box":{"x":128,"y":576,"width":287,"height":12}},{"id":"420b4221-7235-4f64-9e52-4af8d754fe60","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":56,"box":{"x":89,"y":596,"width":545,"height":12}},{"id":"e027cc54-5dc1-4721-841e-a0920a18ca69","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":56,"box":{"x":89,"y":616,"width":699,"height":12}},{"id":"0d55f9b4-dd7f-4918-abac-091203cad853","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured","page_number":56,"box":{"x":88,"y":636,"width":861,"height":12}},{"id":"09d4cb1c-6c16-4872-980b-6432020a0c31","block_type":"box","text":"by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers","page_number":56,"box":{"x":128,"y":651,"width":826,"height":12}},{"id":"76b130f1-ee9f-46fe-b21b-53e3523a23c7","block_type":"box","text":"engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of","page_number":56,"box":{"x":128,"y":666,"width":809,"height":13}},{"id":"19a0bcb8-8c36-453b-a1c1-952dc411209b","block_type":"box","text":"securities or other instruments.","page_number":56,"box":{"x":128,"y":681,"width":218,"height":10}},{"id":"c7698478-7958-4b94-bc59-7f7a943ddf2e","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be","page_number":56,"box":{"x":89,"y":702,"width":839,"height":12}},{"id":"0cc1029b-48b3-4748-83b1-821e1778cc15","block_type":"box","text":"deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":56,"box":{"x":128,"y":717,"width":523,"height":12}},{"id":"297bc359-72ab-418e-924a-f2d7446853b6","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":56,"box":{"x":89,"y":737,"width":798,"height":12}},{"id":"b1fe58b7-a73f-4ca5-908e-248d2971fd53","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":56,"box":{"x":89,"y":757,"width":521,"height":12}},{"id":"d9466f94-929e-46cd-922d-02a36dcaf6d6","block_type":"box","text":"Notations Regarding each Fund’s Fundamental Investment Policies","page_number":56,"box":{"x":88,"y":783,"width":487,"height":13}},{"id":"c8270d0a-c32f-4c3b-a20f-43b952ae98cb","block_type":"box","text":"The following notations are not considered to be part of each Fund’s fundamental investment policies and are subject to","page_number":56,"box":{"x":88,"y":810,"width":843,"height":12}},{"id":"b4d7c572-6d84-4dbe-b79f-5d3f630bbe33","block_type":"box","text":"change without shareholder approval.","page_number":56,"box":{"x":89,"y":825,"width":265,"height":12}},{"id":"753553ed-4efa-4490-abac-a05e4a889b9a","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":56,"box":{"x":88,"y":851,"width":853,"height":13}},{"id":"412f3d04-24e5-485f-9d95-db566065e948","block_type":"box","text":"not define what constitutes “concentration” in an industry. The Commission staff has taken the position that investment of","page_number":56,"box":{"x":89,"y":867,"width":861,"height":12}},{"id":"33a0d39b-98ff-42c9-92d2-6b9a43cc13ed","block_type":"box","text":"41","page_number":56,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"8a832650-00bd-4200-b0f6-36cdf3b463d0","block_type":"box","text":"25% or more of a fund’s total assets in one or more issuers conducting their principal activities in the same industry or group","page_number":57,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"90ace6e8-67a0-4480-bf2e-9379364b6d3d","block_type":"box","text":"of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The","page_number":57,"box":{"x":89,"y":59,"width":849,"height":12}},{"id":"18d17f3e-6ac6-4428-8705-134b77ca7189","block_type":"box","text":"policy in (1) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy","page_number":57,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"0431144f-6595-4104-80a6-301209af5523","block_type":"box","text":"also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies","page_number":57,"box":{"x":89,"y":89,"width":873,"height":13}},{"id":"f946363a-007b-4705-9d41-b09f793cf9d4","block_type":"box","text":"or instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":57,"box":{"x":89,"y":104,"width":824,"height":13}},{"id":"e8b07f05-10ab-4c90-ae85-202ed126f6db","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":57,"box":{"x":89,"y":119,"width":848,"height":13}},{"id":"4359370a-bf02-43d9-ab1b-f47070d21a17","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":57,"box":{"x":89,"y":135,"width":820,"height":12}},{"id":"ec041625-4884-4e30-9992-005538f25c34","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":57,"box":{"x":89,"y":150,"width":809,"height":12}},{"id":"c626fb57-b125-49a1-bf05-3aa64025aeed","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":57,"box":{"x":89,"y":165,"width":815,"height":12}},{"id":"8f8baae2-8eeb-41a5-ab17-9c9a0cf6abc0","block_type":"box","text":"government will be considered to be a member of a separate industry. With respect to the Fund’s industry classifications, the","page_number":57,"box":{"x":89,"y":180,"width":873,"height":12}},{"id":"903be200-f5dd-46e1-ad01-cc42c2bdb83a","block_type":"box","text":"Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":57,"box":{"x":89,"y":195,"width":846,"height":12}},{"id":"087b7c42-a7c5-4bbc-a971-5fb78116632e","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad","page_number":57,"box":{"x":89,"y":210,"width":851,"height":13}},{"id":"3c51b266-dd60-413f-9ae8-17b33401a259","block_type":"box","text":"authority to the Fund as to how to classify issuers within or among industries.","page_number":57,"box":{"x":89,"y":225,"width":545,"height":13}},{"id":"99668278-6e62-4050-8abc-5a107ec57535","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":57,"box":{"x":88,"y":252,"width":844,"height":12}},{"id":"41af0ddf-7c5d-43f3-a58e-006cefbd0502","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any purpose, and","page_number":57,"box":{"x":89,"y":267,"width":870,"height":12}},{"id":"d25b925b-23da-43e6-9b72-1c29bcab1ed8","block_type":"box","text":"to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The Fund’s total assets","page_number":57,"box":{"x":88,"y":282,"width":863,"height":12}},{"id":"597702ba-a095-450e-b5d2-a89fbf7db31e","block_type":"box","text":"include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires the","page_number":57,"box":{"x":89,"y":297,"width":856,"height":12}},{"id":"e6d0cb8a-9775-48ad-83b4-87808d150d73","block_type":"box","text":"Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its borrowings. Asset coverage means","page_number":57,"box":{"x":89,"y":312,"width":854,"height":13}},{"id":"d7c1804e-e07c-4536-a98e-ce6e5fb09227","block_type":"box","text":"the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings,","page_number":57,"box":{"x":88,"y":327,"width":840,"height":13}},{"id":"ca31c4ad-a93a-4567-869a-08081629bc69","block_type":"box","text":"bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as “leveraging.”","page_number":57,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"e1774699-479c-4a47-a6dd-1adf2a186495","block_type":"box","text":"Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or","page_number":57,"box":{"x":89,"y":358,"width":860,"height":12}},{"id":"1a6f0c4b-4839-43fe-9391-299243192750","block_type":"box","text":"involve leverage and thus are subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the","page_number":57,"box":{"x":89,"y":373,"width":857,"height":12}},{"id":"b399ece6-fb92-4b4e-8850-a652b5721008","block_type":"box","text":"Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the","page_number":57,"box":{"x":89,"y":388,"width":867,"height":12}},{"id":"fc8e0fa0-529f-4d50-8c74-de65ec9b3f0f","block_type":"box","text":"Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in","page_number":57,"box":{"x":89,"y":403,"width":865,"height":12}},{"id":"580aa813-86c0-4309-b4cf-e75a792285fb","block_type":"box","text":"the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":57,"box":{"x":88,"y":418,"width":855,"height":12}},{"id":"bb631130-f153-43bc-9893-e13ae854d64c","block_type":"box","text":"transactions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to","page_number":57,"box":{"x":88,"y":433,"width":849,"height":13}},{"id":"28b3f15f-e667-492a-a114-5c9dafaf9ea1","block_type":"box","text":"securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve","page_number":57,"box":{"x":89,"y":448,"width":831,"height":13}},{"id":"7aed9900-b7c0-4680-92db-b6829cc02042","block_type":"box","text":"leverage but are not considered to be borrowings are not subject to the policy.","page_number":57,"box":{"x":89,"y":463,"width":545,"height":13}},{"id":"1b2dab5f-88cb-41ed-aa72-eda8b5d86cbb","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":57,"box":{"x":88,"y":490,"width":875,"height":12}},{"id":"b74be9c9-502d-4ad7-8099-89605f3ff81b","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":57,"box":{"x":89,"y":505,"width":876,"height":12}},{"id":"42099d1f-d211-40a8-8a4c-262b4e8709c8","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":57,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"0d9b396f-4bc5-43c7-b321-8e908984d28c","block_type":"box","text":"assets under certain circumstances. Those circumstances currently are that the amount of a fund’s underwriting","page_number":57,"box":{"x":89,"y":535,"width":788,"height":13}},{"id":"fb2eedd9-088f-4032-b9e6-7d8fd0c5397b","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":57,"box":{"x":89,"y":550,"width":813,"height":12}},{"id":"c0efb38c-4083-446a-8ca4-53b21fc6f510","block_type":"box","text":"outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the","page_number":57,"box":{"x":89,"y":565,"width":846,"height":13}},{"id":"1ad303aa-b34d-4de3-ae17-0b9e26b6a1bf","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":57,"box":{"x":89,"y":581,"width":854,"height":12}},{"id":"a5a2f00a-2a36-4f5b-a66e-9bb422f000bc","block_type":"box","text":"not believed that the application of the Securities Act provisions described above would cause a fund to be engaged in the","page_number":57,"box":{"x":89,"y":596,"width":855,"height":12}},{"id":"c36b2d82-18e1-423c-9b72-3557d4e29f2f","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":57,"box":{"x":89,"y":611,"width":836,"height":12}},{"id":"f4a4cdc4-bc50-4478-a1a9-aba92310196a","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":57,"box":{"x":89,"y":626,"width":829,"height":12}},{"id":"e5189971-7798-40cc-a837-b9d8a7c8cd68","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":57,"box":{"x":89,"y":641,"width":819,"height":12}},{"id":"8f21186c-856f-427c-8145-db39b489ee2e","block_type":"box","text":"applicable law.","page_number":57,"box":{"x":89,"y":656,"width":100,"height":13}},{"id":"290ad26a-3f1a-426b-a3af-fdff8c12f3bb","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":57,"box":{"x":88,"y":683,"width":836,"height":12}},{"id":"7ce9eff6-2c26-49fb-bcf1-728cdd059cd5","block_type":"box","text":"prohibit the Fund from making loans (including lending its securities); however, Commission staff interpretations currently","page_number":57,"box":{"x":89,"y":698,"width":857,"height":12}},{"id":"22013867-845a-4f5b-8609-02f845ef50f2","block_type":"box","text":"prohibit funds from lending more than one-third of their total assets (including lending its securities), except through the","page_number":57,"box":{"x":89,"y":713,"width":848,"height":12}},{"id":"ee536967-fddf-4aa0-bec9-8c94bf08a162","block_type":"box","text":"purchase of debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to","page_number":57,"box":{"x":89,"y":728,"width":828,"height":12}},{"id":"16167a33-5acf-4191-a62c-b7e0eeb72f9e","block_type":"box","text":"options, forward currency and futures transactions and other derivative instruments (as applicable), as well as delays in the","page_number":57,"box":{"x":89,"y":743,"width":862,"height":12}},{"id":"129c099b-99f9-4b17-8246-c1654fb89e86","block_type":"box","text":"settlement of securities transactions, will not be considered loans.","page_number":57,"box":{"x":89,"y":758,"width":460,"height":12}},{"id":"0bdefeea-e43e-4313-a9f3-3a5867dbcd83","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds","page_number":57,"box":{"x":89,"y":785,"width":368,"height":9}},{"id":"f2bd60cc-c333-4955-8e3f-97c49b1afe98","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":57,"box":{"x":89,"y":811,"width":870,"height":12}},{"id":"5e0f865c-5ae9-43f4-9a25-2767c09ad20d","block_type":"box","text":"Fund may not:","page_number":57,"box":{"x":89,"y":826,"width":100,"height":13}},{"id":"364cbcd1-ed60-46a8-a54e-e31d161e38b6","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":57,"box":{"x":90,"y":846,"width":841,"height":13}},{"id":"6cfbe08b-d9d8-406d-bdcb-889783b9f0f7","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":57,"box":{"x":128,"y":862,"width":800,"height":12}},{"id":"4ba4a5c6-3acc-4526-a382-1285c5575a4e","block_type":"box","text":"42","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"46664379-d2c7-45a6-9ca1-51b16b61c2f1","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":58,"box":{"x":128,"y":44,"width":785,"height":12}},{"id":"d9b93047-d2d7-41d0-9f1a-40e3b0cb3c6b","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":58,"box":{"x":129,"y":59,"width":773,"height":12}},{"id":"bebb9320-852d-4263-9c4d-1aa73ce5e5d4","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":58,"box":{"x":128,"y":74,"width":793,"height":12}},{"id":"7706cc40-397a-448c-b56d-987a4aaed3fc","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":58,"box":{"x":128,"y":89,"width":659,"height":13}},{"id":"ef8cc4d7-7667-4b3a-8c2f-cff1c2701d53","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":58,"box":{"x":89,"y":109,"width":878,"height":12}},{"id":"7431a38a-5b6f-428e-937e-93f91c827100","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in the component securities of its Underlying","page_number":58,"box":{"x":128,"y":125,"width":822,"height":12}},{"id":"a5f4fb7d-92d4-4fca-8e33-5052c985dac9","block_type":"box","text":"Index (applicable to the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and","page_number":58,"box":{"x":128,"y":140,"width":838,"height":12}},{"id":"f2fbfa2f-1aa0-4c3a-8f1d-5e4c3a3287c4","block_type":"box","text":"Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income","page_number":58,"box":{"x":128,"y":155,"width":816,"height":12}},{"id":"6a3ecb6a-1958-42ae-96fe-31f118877f58","block_type":"box","text":"ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF,","page_number":58,"box":{"x":128,"y":170,"width":790,"height":12}},{"id":"993d3463-73c2-409e-8419-4dbf7fe4e029","block_type":"box","text":"iShares iBonds 2032 Term High Yield and Income ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec","page_number":58,"box":{"x":128,"y":185,"width":839,"height":12}},{"id":"246833d4-31f2-43a1-8729-fcee0fa3c810","block_type":"box","text":"2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2027 Term Treasury ETF,","page_number":58,"box":{"x":128,"y":200,"width":810,"height":12}},{"id":"17d4d908-40d8-44ea-a6b5-640fb45f2fc9","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029","page_number":58,"box":{"x":128,"y":215,"width":811,"height":13}},{"id":"9a40a521-2bfd-474c-806e-720e7a266f22","block_type":"box","text":"Term Corporate ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares","page_number":58,"box":{"x":127,"y":230,"width":837,"height":13}},{"id":"f0da626b-cb64-42f7-8697-26886a197ea0","block_type":"box","text":"iBonds Dec 2030 Term Treasury ETF, iShares iBonds Dec 2031 Term Corporate ETF, iShares iBonds Dec 2031 Term","page_number":58,"box":{"x":128,"y":245,"width":794,"height":13}},{"id":"aba03d8e-4004-4ac5-9b0b-b0391cf91e36","block_type":"box","text":"Treasury ETF, iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares iBonds","page_number":58,"box":{"x":127,"y":261,"width":837,"height":12}},{"id":"6e9cb9c1-5435-4886-a26b-57b7c7b19384","block_type":"box","text":"Dec 2033 Term Corporate ETF, iShares iBonds Dec 2033 Term Treasury ETF, iShares iBonds Dec 2034 Term Corporate","page_number":58,"box":{"x":128,"y":276,"width":820,"height":12}},{"id":"2d5253ff-184a-45c5-a82f-3e578b2e4000","block_type":"box","text":"ETF, iShares iBonds Dec 2035 Term Corporate ETF, iShares iBonds Dec 2034 Term Treasury ETF, iShares iBonds Dec","page_number":58,"box":{"x":128,"y":291,"width":804,"height":12}},{"id":"584d7698-0848-493e-bbdb-76b9e0d71012","block_type":"box","text":"2035 Term Treasury ETF, iShares iBonds Dec 2044 Term Treasury ETF, iShares iBonds Dec 2045 Term Treasury ETF,","page_number":58,"box":{"x":128,"y":306,"width":801,"height":12}},{"id":"fa2e1fac-93fa-4557-b3a6-6292822f1417","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF and iShares iBonds Dec 2055 Term Treasury ETF).","page_number":58,"box":{"x":128,"y":321,"width":660,"height":12}},{"id":"769c066d-324d-414b-a8db-fee06a5b8a64","block_type":"box","text":"3. In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, invest less than 80% of the value of its","page_number":58,"box":{"x":89,"y":341,"width":878,"height":12}},{"id":"6040e82c-29a4-451e-ba44-37322ae7ef82","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in component securities of the Underlying","page_number":58,"box":{"x":128,"y":356,"width":801,"height":13}},{"id":"ab4619b9-bd67-4594-bc35-53eff8e8cd05","block_type":"box","text":"Index or in Depositary Receipts representing component securities in the Underlying Index (applicable to iShares iBonds","page_number":58,"box":{"x":128,"y":371,"width":839,"height":13}},{"id":"db322709-a499-4805-9c94-1f1914eb9f36","block_type":"box","text":"1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF, and iShares iBonds 1-5 Year","page_number":58,"box":{"x":129,"y":387,"width":827,"height":12}},{"id":"8dc6b65c-1c34-4aad-8eae-0a3cefab30c9","block_type":"box","text":"Treasury Ladder ETF).","page_number":58,"box":{"x":127,"y":402,"width":153,"height":12}},{"id":"a8a484b2-a4fd-47f7-822e-8eff05ac259e","block_type":"box","text":"A Fund will notify its shareholders at least 60 days prior to any change in its restrictions described in 2 and 3 above.","page_number":58,"box":{"x":88,"y":428,"width":808,"height":12}},{"id":"05ff2b5b-26ff-4a6a-a518-c61fc9fea8ea","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":58,"box":{"x":88,"y":455,"width":656,"height":12}},{"id":"14616845-d178-442a-8f87-366e324fb317","block_type":"box","text":"Unless otherwise indicated, all limitations under each Fund’s fundamental or non-fundamental investment restrictions apply","page_number":58,"box":{"x":89,"y":481,"width":871,"height":12}},{"id":"ebf2919a-6d19-496b-9dc9-62d375b89670","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":58,"box":{"x":89,"y":496,"width":840,"height":13}},{"id":"f1ba7a29-e3a1-4fc3-aa0d-c4ead457f11d","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":58,"box":{"x":89,"y":511,"width":829,"height":13}},{"id":"522b0c78-3733-4aa5-ade8-721bf8f9bdf1","block_type":"box","text":"require the Fund to dispose of an investment.","page_number":58,"box":{"x":89,"y":526,"width":316,"height":13}},{"id":"08937909-e9eb-4a5f-8167-9453fa269664","block_type":"box","text":"Continuous Offering","page_number":58,"box":{"x":90,"y":557,"width":338,"height":30}},{"id":"39f8384a-c12f-4729-8157-1018f5f6b83e","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":58,"box":{"x":88,"y":598,"width":821,"height":13}},{"id":"b794a578-2db6-420f-a548-7c61716f614d","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":58,"box":{"x":89,"y":613,"width":873,"height":13}},{"id":"14036626-0645-4b2c-bf99-30b655fe47d4","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":58,"box":{"x":89,"y":628,"width":849,"height":13}},{"id":"1c19d59f-3646-4682-bcae-d44b4c5615d7","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":58,"box":{"x":89,"y":644,"width":849,"height":12}},{"id":"afd6f536-60d4-4a0c-be84-304d74ec6113","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":58,"box":{"x":88,"y":659,"width":877,"height":12}},{"id":"405ab261-4735-4a5e-a4e2-716d4eefba3b","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":58,"box":{"x":89,"y":685,"width":860,"height":12}},{"id":"5594274b-106c-48aa-8c4f-c2e65d679b00","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":58,"box":{"x":89,"y":700,"width":853,"height":13}},{"id":"940226a3-4bee-4e6c-8387-995260e6af62","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":58,"box":{"x":89,"y":715,"width":868,"height":13}},{"id":"8fb5c3db-cbf0-4fd7-a0e8-4df0529eb962","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":58,"box":{"x":88,"y":730,"width":863,"height":13}},{"id":"7884a2cc-dcf3-4a17-a8fc-56a7632f578e","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":58,"box":{"x":88,"y":746,"width":861,"height":12}},{"id":"40995900-86ee-4edd-acc2-6234873fd465","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":58,"box":{"x":89,"y":761,"width":862,"height":12}},{"id":"ddd16dfb-91a8-42ab-a071-1c8270d42a64","block_type":"box","text":"an underwriter.","page_number":58,"box":{"x":89,"y":776,"width":105,"height":10}},{"id":"94e73caa-20a4-4f1f-b69e-0a45eebcfb78","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":58,"box":{"x":89,"y":802,"width":817,"height":13}},{"id":"d65672fd-9158-4169-be66-18bdfd70ba2a","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":58,"box":{"x":88,"y":817,"width":858,"height":13}},{"id":"e0fb789a-c8d1-486f-8602-3d538f54248b","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":58,"box":{"x":89,"y":833,"width":875,"height":12}},{"id":"c6723b82-177c-49f7-abe1-444589b6edb1","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":58,"box":{"x":88,"y":848,"width":831,"height":12}},{"id":"e2bf418a-bc2e-4c83-aa8d-0bbb4340d002","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":58,"box":{"x":89,"y":863,"width":864,"height":12}},{"id":"136ac489-366d-4bbd-87ef-27f2c3e08854","block_type":"box","text":"43","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b8aca8ee-77be-4903-b88e-8aa0c644ebeb","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":59,"box":{"x":88,"y":44,"width":875,"height":12}},{"id":"822858e2-d474-49cd-a9c5-58b60be2310d","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":59,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"8332376b-62fc-4883-b125-835f793e0189","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":59,"box":{"x":89,"y":74,"width":412,"height":12}},{"id":"3947b5a0-b9a8-4654-be7e-41d7664e4938","block_type":"box","text":"Management","page_number":59,"box":{"x":90,"y":106,"width":225,"height":28}},{"id":"33a1b50b-59fc-465d-ba6b-6af976e9e4cb","block_type":"box","text":"Trustees and Officers.","page_number":59,"box":{"x":88,"y":146,"width":157,"height":10}},{"id":"982fc8b0-1127-4c51-9232-6cf2cc1c81a3","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":59,"box":{"x":254,"y":146,"width":670,"height":12}},{"id":"f5bd940d-5a35-44df-91fc-157014585629","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":59,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"9cd7e6f6-32db-4b61-abe6-dbee10797ad1","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":59,"box":{"x":89,"y":176,"width":817,"height":13}},{"id":"321e0339-4611-4fbe-aa8a-858e77b85ca5","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":59,"box":{"x":89,"y":191,"width":861,"height":13}},{"id":"990161de-ab86-4ba2-969e-e2fe4980e3db","block_type":"box","text":"Act) of the Trust are referred to as independent trustees (“Independent Trustees”).","page_number":59,"box":{"x":88,"y":206,"width":578,"height":13}},{"id":"a53d1871-a95f-4407-bc11-4d6abebdbadb","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":59,"box":{"x":88,"y":233,"width":867,"height":12}},{"id":"49eb979b-beda-4d6b-a0c8-f9206af055df","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":59,"box":{"x":89,"y":248,"width":857,"height":12}},{"id":"9f04aca4-d04b-4470-b8bb-b58516f90736","block_type":"box","text":"Complex”). Each Fund is included in the iShares Complex, which includes iShares Trust, iShares U.S. ETF Trust, and iShares,","page_number":59,"box":{"x":89,"y":263,"width":861,"height":12}},{"id":"ec0230cf-b6e5-4c59-acd9-66cf4b5ab849","block_type":"box","text":"Inc. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all","page_number":59,"box":{"x":89,"y":278,"width":869,"height":12}},{"id":"482f0de5-17b7-4a34-bfd1-b413bb02bbab","block_type":"box","text":"of the funds within the iShares Complex, which consists of 430 funds as of February 27, 2026. With the exception of Stephen","page_number":59,"box":{"x":89,"y":293,"width":872,"height":13}},{"id":"a01dd37c-be7c-41f8-a489-698237859c46","block_type":"box","text":"Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard","page_number":59,"box":{"x":89,"y":308,"width":857,"height":13}},{"id":"de9a2f1a-b989-496b-b147-6dbc1f14fce2","block_type":"box","text":"Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New","page_number":59,"box":{"x":88,"y":324,"width":874,"height":12}},{"id":"08dd7dd0-b18d-4150-afc7-fdcb0c92c0c2","block_type":"box","text":"York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N","page_number":59,"box":{"x":88,"y":339,"width":859,"height":12}},{"id":"ea94fcaf-2b89-45de-a682-7b720969cd73","block_type":"box","text":"2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information","page_number":59,"box":{"x":89,"y":354,"width":835,"height":12}},{"id":"d8a137f8-8ec5-4afb-9e52-82e0bf429886","block_type":"box","text":"about the Funds’ Trustees and officers may be found in this SAI, which is available without charge, upon request, by calling","page_number":59,"box":{"x":89,"y":369,"width":859,"height":12}},{"id":"40813863-62b7-474b-ad4f-f41647b51641","block_type":"box","text":"toll-free 1-800-iShares (1-800-474-2737).","page_number":59,"box":{"x":88,"y":384,"width":289,"height":12}},{"id":"215afa3d-c66a-4dbb-bc05-70f09f5a2993","block_type":"box","text":"Interested Trustees","page_number":59,"box":{"x":89,"y":410,"width":138,"height":10}},{"id":"876fbfcb-f721-4998-82f8-238c8961dda6","block_type":"box","text":"Name (Year of Birth) Position","page_number":59,"box":{"x":103,"y":450,"width":247,"height":10}},{"id":"bcbe1277-0474-4954-918b-97749725cb98","block_type":"box","text":"Principal Occupation(s)","page_number":59,"box":{"x":485,"y":440,"width":135,"height":10}},{"id":"d2b9e64b-6347-482d-b353-527602bc4ea2","block_type":"box","text":"During the Past 5 Years","page_number":59,"box":{"x":486,"y":450,"width":134,"height":10}},{"id":"38b7424a-7fc4-4720-a6b2-b0932e55885d","block_type":"box","text":"Other Directorships","page_number":59,"box":{"x":780,"y":440,"width":113,"height":10}},{"id":"f37faf46-00d0-43b9-8594-c8020e51e91d","block_type":"box","text":"Held by Trustee","page_number":59,"box":{"x":792,"y":450,"width":89,"height":10}},{"id":"8b5f7d81-93a3-43a2-8074-df2fddb54e33","block_type":"box","text":"Robert S. Kapito","page_number":59,"box":{"x":89,"y":472,"width":111,"height":13}},{"id":"65042ceb-301f-45c1-8ccc-b644435f209f","block_type":"box","text":"1","page_number":59,"box":{"x":202,"y":471,"width":2,"height":5}},{"id":"8b0d00b4-eb1b-402e-b735-053a305e9419","block_type":"box","text":"(1957)","page_number":59,"box":{"x":89,"y":487,"width":44,"height":13}},{"id":"3e557d0b-e719-44ab-8f36-bd63e3838db0","block_type":"box","text":"Trustee","page_number":59,"box":{"x":254,"y":473,"width":52,"height":9}},{"id":"d761b174-0c70-41a7-8741-b1939bf11ece","block_type":"box","text":"(since 2009).","page_number":59,"box":{"x":255,"y":487,"width":90,"height":13}},{"id":"eead4e9f-6d2b-4d52-86ee-7b50ccae4c7b","block_type":"box","text":"President of BlackRock, Inc. 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Also, set forth below is a brief","page_number":63,"box":{"x":89,"y":306,"width":816,"height":12}},{"id":"98640d72-9f4d-47fd-a688-217c83be87e2","block_type":"box","text":"discussion of the specific experience, qualifications, attributes or skills of each Trustee that led the Board to conclude that he","page_number":63,"box":{"x":89,"y":321,"width":872,"height":12}},{"id":"12e1335e-4d55-4fc8-9bf0-6914fe8ed011","block_type":"box","text":"or she should serve (or continue to serve) as a Trustee.","page_number":63,"box":{"x":89,"y":336,"width":383,"height":13}},{"id":"a0bec2e6-14f5-4728-9620-4cdcac86b0cd","block_type":"box","text":"Robert S. Kapito has been a Trustee of the Trust since 2009. Mr. Kapito has also served as a Director of iShares, Inc. since","page_number":63,"box":{"x":89,"y":363,"width":842,"height":12}},{"id":"979632ca-d510-4e37-a32c-ac8a5f211564","block_type":"box","text":"2009, a Trustee of iShares U.S. ETF Trust since 2011 and a Director of BlackRock, Inc. since 2006. Mr. Kapito served as a","page_number":63,"box":{"x":89,"y":378,"width":832,"height":12}},{"id":"07292492-a11c-489e-9369-bfc7c888536e","block_type":"box","text":"Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. In addition, he has over 20 years of experience as part of","page_number":63,"box":{"x":89,"y":393,"width":877,"height":12}},{"id":"0e705e95-7894-4a14-9e7d-71b6dd2b8610","block_type":"box","text":"BlackRock, Inc. and BlackRock’s predecessor entities. Mr. Kapito serves as President of BlackRock, Inc., and is a member of","page_number":63,"box":{"x":89,"y":408,"width":855,"height":12}},{"id":"b82c7feb-01be-437b-a5ee-76107067ecd9","block_type":"box","text":"the Global Executive Committee and Chairman of the Global Operating Committee. He is responsible for day-to-day oversight","page_number":63,"box":{"x":88,"y":423,"width":880,"height":12}},{"id":"b28ec879-7350-4c5a-b105-fd55f16d924a","block_type":"box","text":"of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk &","page_number":63,"box":{"x":89,"y":438,"width":865,"height":13}},{"id":"69767773-06c1-4899-b6cd-dbc3668c34bf","block_type":"box","text":"Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock,","page_number":63,"box":{"x":89,"y":453,"width":876,"height":13}},{"id":"b9da0edc-0740-4f6b-825c-b86890f6e511","block_type":"box","text":"Inc. and Head of BlackRock’s Portfolio Management Group. In that role, he was responsible for overseeing all portfolio","page_number":63,"box":{"x":89,"y":468,"width":823,"height":13}},{"id":"313ef5a5-0354-43cc-82d7-513ba0ecb03c","block_type":"box","text":"management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito","page_number":63,"box":{"x":89,"y":484,"width":864,"height":12}},{"id":"6935bcc1-b224-4c1d-8c40-0c770fdd297c","block_type":"box","text":"serves as a member of the Board of Trustees of the University of Pennsylvania and the Harvard Business School Board of","page_number":63,"box":{"x":89,"y":499,"width":841,"height":12}},{"id":"eb067bd5-43af-44dd-966b-b560b1469b45","block_type":"box","text":"Dean’s Advisors. He has also been President of the Board of Directors for the Hope & Heroes Children’s Cancer Fund since","page_number":63,"box":{"x":89,"y":514,"width":853,"height":12}},{"id":"e0e8f130-0306-40b9-99cd-3699bd62039b","block_type":"box","text":"2002. Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in 1979, and an","page_number":63,"box":{"x":89,"y":529,"width":876,"height":12}},{"id":"8d50994e-369d-4860-b054-ba115d3e5c8f","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":63,"box":{"x":89,"y":544,"width":360,"height":12}},{"id":"021673d7-a59e-47b8-9fdb-ef036eb1dd01","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":63,"box":{"x":88,"y":570,"width":841,"height":13}},{"id":"2aa59c26-e7ac-4736-9327-7e3e9e5e875e","block_type":"box","text":"Trustee of iShares U.S. ETF Trust since 2024. Mr. Cohen has also served as a Director of BlackRock Investment Management","page_number":63,"box":{"x":88,"y":586,"width":865,"height":12}},{"id":"99175601-8653-4e30-a30e-a17ed3a31ec9","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":63,"box":{"x":89,"y":601,"width":854,"height":12}},{"id":"41726f53-593b-4ec9-8dc7-0d0f89ecb458","block_type":"box","text":"Senior Managing Director, is BlackRock’s Chief Product Officer and a member of the Global Executive Committee. Mr. Cohen","page_number":63,"box":{"x":88,"y":616,"width":869,"height":12}},{"id":"40727cf5-a84d-4127-a640-19e1542de76d","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":63,"box":{"x":89,"y":631,"width":856,"height":12}},{"id":"4875db4c-135c-4fa2-905e-98c8ae2d2186","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":63,"box":{"x":89,"y":646,"width":846,"height":12}},{"id":"d023782c-ee2f-4b75-867c-284840b4a88d","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":63,"box":{"x":88,"y":661,"width":830,"height":13}},{"id":"3daedc7b-917e-443c-ba43-86e63abb4249","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":63,"box":{"x":89,"y":676,"width":866,"height":13}},{"id":"8d5d3dc9-6f2f-424d-85fb-08e68851de1f","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":63,"box":{"x":89,"y":691,"width":857,"height":13}},{"id":"a8c2fadf-e660-4cb3-857c-79dea756bea9","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":63,"box":{"x":89,"y":707,"width":861,"height":12}},{"id":"b44643ed-bb75-4f90-b787-e340f78baae7","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":63,"box":{"x":89,"y":722,"width":865,"height":12}},{"id":"9a535b43-368f-443a-8624-e86b0edec8e7","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":63,"box":{"x":89,"y":737,"width":861,"height":12}},{"id":"ee1dbd24-8d68-4a3c-b5c1-1fe4fd3ebf4b","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":63,"box":{"x":89,"y":752,"width":845,"height":12}},{"id":"c1f8250c-79e4-4280-84ba-4d97b5f8e142","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":63,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"da2372af-5eee-42f4-bc8c-580fa1186eff","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":63,"box":{"x":88,"y":782,"width":862,"height":12}},{"id":"59966740-3bf2-4e2e-985b-b1299682039a","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":63,"box":{"x":89,"y":797,"width":410,"height":13}},{"id":"63f63401-e09a-4969-bd77-4b345ec25e9a","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":63,"box":{"x":88,"y":824,"width":858,"height":12}},{"id":"0effaa49-3752-4e35-9346-fda7d00f74eb","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":63,"box":{"x":89,"y":839,"width":849,"height":12}},{"id":"6b283ad1-8948-49f8-aa12-4df59b94de84","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":63,"box":{"x":89,"y":854,"width":830,"height":12}},{"id":"fd596f87-92f6-4980-bff9-4d718d21e7fb","block_type":"box","text":"48","page_number":63,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"12f8a4de-86c7-4693-a578-7d18c0e36d12","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":64,"box":{"x":89,"y":44,"width":822,"height":12}},{"id":"28eb7ac9-7bcf-49e9-abdb-6d3011620eae","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":64,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"d05adfb4-0190-4192-a5fb-69ac5e90a84c","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":64,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"124b4cb1-6067-421e-95f6-dd9315082919","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":64,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"279f5060-52a1-4fef-8768-24baae380ac6","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":64,"box":{"x":89,"y":104,"width":618,"height":13}},{"id":"e0a8f656-57c2-45df-b5e7-dd5b0bf77786","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":64,"box":{"x":88,"y":131,"width":837,"height":12}},{"id":"5d405240-573b-4d8d-bcaf-ec9fad15ce70","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":64,"box":{"x":89,"y":146,"width":819,"height":11}},{"id":"de7a82ec-c544-4c0b-8b5e-887c527bac24","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":64,"box":{"x":88,"y":161,"width":832,"height":12}},{"id":"2195ce77-d305-4e8d-9141-1bc4ca736649","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":64,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"b409d796-cb7f-4655-a2da-6346db0c0100","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":64,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"0afa0f39-3ac3-41ca-8f11-bfbd9b966f79","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":64,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"0f8b6aaa-67af-4f27-b4f7-f7e9116c6c41","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":64,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"4b675898-4621-4464-9677-2e9df6f35454","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":64,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"5ce25177-4ffa-4cf8-816e-1b2259705854","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":64,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"35df9bb3-874b-4319-b058-f0ac4e5b7240","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":64,"box":{"x":89,"y":267,"width":865,"height":11}},{"id":"1f5fb97f-22cf-40c3-8c05-45f54491188b","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":64,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"63cfdda5-2b9e-44aa-8db9-71343d203c30","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":64,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"4c47b2b0-a7ab-4eea-bd01-55d662b4ef23","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":64,"box":{"x":88,"y":312,"width":859,"height":13}},{"id":"580b56c4-0763-4a47-8691-080652be990d","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":64,"box":{"x":88,"y":327,"width":854,"height":13}},{"id":"6616cd14-c05b-4f05-a3fd-b399c1764532","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":64,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"f3bc1faf-6bb1-4f4d-84ac-869908080cd8","block_type":"box","text":"State University of New York at Stony Brook and a JD degree from Benjamin N. Cardozo School of Law.","page_number":64,"box":{"x":88,"y":358,"width":713,"height":12}},{"id":"2f137d93-4482-42f9-b4a7-4323aa78d32f","block_type":"box","text":"Richard L. Fagnani has been a Trustee of the Trust since 2017 and Chair of the 15(c) Committee since 2025. Mr. Fagnani has","page_number":64,"box":{"x":89,"y":384,"width":866,"height":12}},{"id":"718f3692-5b30-4be7-8cc3-d4ee4bff2a78","block_type":"box","text":"also served as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust since 2017 and Chair of the 15(c) Committee","page_number":64,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"e0dd8268-0c4f-4cde-8d1a-505af856cf15","block_type":"box","text":"of each Board since 2025. Mr. Fagnani served as an Advisory Board Member of the Trust, iShares U.S. ETF Trust and iShares,","page_number":64,"box":{"x":89,"y":414,"width":864,"height":13}},{"id":"bb19c95e-81ab-44e0-a7cd-995bf0991ee4","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":64,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"20e4b5a8-2afe-42d1-9ca8-672ec9abda38","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":64,"box":{"x":89,"y":445,"width":868,"height":12}},{"id":"c27fa7d3-fc1f-4fd5-b7be-809c58a79b8f","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":64,"box":{"x":89,"y":460,"width":837,"height":12}},{"id":"db5ae2b1-bb4a-45dc-8f0d-f84b6c52c5e3","block_type":"box","text":"Andersen LLP, where he developed and managed the asset management audit practice in the Philadelphia office. Mr. Fagnani","page_number":64,"box":{"x":88,"y":475,"width":876,"height":12}},{"id":"86ca161f-5eb2-46c4-b3f8-a283daa5fe1f","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":64,"box":{"x":89,"y":490,"width":843,"height":12}},{"id":"1c71f802-d6cf-44a2-9b43-5cdf450bb588","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":64,"box":{"x":88,"y":505,"width":866,"height":12}},{"id":"a3962c5e-ee7d-45be-8971-65ff0f8f5a61","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":64,"box":{"x":89,"y":520,"width":871,"height":12}},{"id":"244edae6-b159-4cfa-984f-899b276943e1","block_type":"box","text":"degree in Accounting from LaSalle University.","page_number":64,"box":{"x":89,"y":535,"width":316,"height":13}},{"id":"cd704e95-efe5-4c3c-a022-e910628e09c4","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":64,"box":{"x":89,"y":562,"width":866,"height":12}},{"id":"34b6f58e-0c13-4a09-a3dd-1fdc6fe64dcc","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":64,"box":{"x":89,"y":577,"width":867,"height":12}},{"id":"56d99a05-8f7f-4e02-a8e4-3449ce09bd4b","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":64,"box":{"x":89,"y":592,"width":854,"height":12}},{"id":"4f955ac2-b4ef-4ab2-a368-129b1c592fc4","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":64,"box":{"x":89,"y":607,"width":850,"height":12}},{"id":"495c1c79-3e86-48d1-a836-7e2ecb4c41d0","block_type":"box","text":"1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a Director,","page_number":64,"box":{"x":90,"y":622,"width":851,"height":12}},{"id":"5442094d-ae5a-45eb-913b-49736ca64f09","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":64,"box":{"x":89,"y":637,"width":856,"height":12}},{"id":"a87ff4d3-0e34-4aaa-bb05-f2133af3cb2d","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":64,"box":{"x":89,"y":652,"width":863,"height":13}},{"id":"45df3422-e275-4f6a-ab10-c3af879d9d4a","block_type":"box","text":"Accountant (inactive).","page_number":64,"box":{"x":88,"y":668,"width":156,"height":12}},{"id":"9b3eb415-ab51-43f9-a942-7ae73f7b95fc","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":64,"box":{"x":88,"y":694,"width":867,"height":11}},{"id":"90517a35-7583-4691-88b0-47947ddc0313","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":64,"box":{"x":89,"y":709,"width":857,"height":11}},{"id":"3b8c394d-8597-4ccd-afc1-b2cab0744f82","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":64,"box":{"x":89,"y":724,"width":856,"height":13}},{"id":"cc83386c-f296-4c16-ab0a-0a34a6df897d","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":64,"box":{"x":89,"y":739,"width":850,"height":13}},{"id":"3a784ec0-e29a-4528-a33b-30931bb7f28a","block_type":"box","text":"boards, including leadership roles as the chair of the risk, audit, and compliance committees. From 2012 to 2020, Mr. Lam","page_number":64,"box":{"x":89,"y":754,"width":850,"height":13}},{"id":"b31049e9-6428-401a-bc5a-2211979569ff","block_type":"box","text":"was a Director of E*TRADE Financial and E*TRADE Bank, where he served as Risk Oversight Committee Chair and Audit","page_number":64,"box":{"x":88,"y":770,"width":840,"height":12}},{"id":"f7a3b715-9de4-47ad-a174-87980cac6164","block_type":"box","text":"Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk management consulting firm serving","page_number":64,"box":{"x":89,"y":785,"width":877,"height":12}},{"id":"a68641bd-9601-4f8d-9a27-f0eb62450d6a","block_type":"box","text":"global clients across all major industry sectors, since 2002. Previously, Mr. Lam served as Founder and President of ERisk, a","page_number":64,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"81a3f1fc-45b2-4c58-8656-7564c57642cf","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":64,"box":{"x":89,"y":815,"width":838,"height":12}},{"id":"5db01bfc-03b9-49e1-8d69-5b3968606bef","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":64,"box":{"x":89,"y":830,"width":867,"height":12}},{"id":"970853a1-29c5-4b7b-8df8-2235c628aa14","block_type":"box","text":"is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk Management,” leading risk management","page_number":64,"box":{"x":89,"y":845,"width":867,"height":12}},{"id":"42fb8287-0977-4d09-9192-c95cfbd0eabb","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":64,"box":{"x":89,"y":860,"width":850,"height":13}},{"id":"fffdac74-f90d-4e53-80ca-69f3ba1a025d","block_type":"box","text":"49","page_number":64,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"70f67914-d0b5-4d34-b0c9-0c3cd2de658d","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":65,"box":{"x":89,"y":44,"width":860,"height":12}},{"id":"0f8beea2-5250-403e-9fad-268469f12699","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":65,"box":{"x":89,"y":59,"width":865,"height":12}},{"id":"dca173a1-8fa0-4f96-b970-abfb753ef533","block_type":"box","text":"Los Angeles.","page_number":65,"box":{"x":89,"y":74,"width":87,"height":12}},{"id":"d30588ce-fe4f-4799-b111-cac87a7f65ba","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":65,"box":{"x":89,"y":101,"width":865,"height":9}},{"id":"3eb30884-d0bb-4107-bf30-a2962bbed374","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":65,"box":{"x":89,"y":116,"width":839,"height":11}},{"id":"a07bced8-1259-4880-9594-64a80354ab89","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":65,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"5a568ca2-2386-4d0e-a7df-6cf54bb228a2","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":65,"box":{"x":89,"y":146,"width":848,"height":12}},{"id":"fe9fe0b7-0253-4fe8-986f-295042c17963","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":65,"box":{"x":88,"y":161,"width":870,"height":12}},{"id":"195e7a61-fa6e-43af-8901-ffa86f04954e","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":65,"box":{"x":89,"y":176,"width":839,"height":13}},{"id":"3e3a4037-73bc-4e90-a456-74032148d745","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":65,"box":{"x":89,"y":191,"width":846,"height":13}},{"id":"d52bc20e-9f5c-432c-95c6-560454df7073","block_type":"box","text":"Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":65,"box":{"x":88,"y":206,"width":844,"height":13}},{"id":"dadbd33d-09aa-458a-94d0-202deadbe829","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":65,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"9624f918-edb8-4bf6-b494-48384bab4245","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":65,"box":{"x":89,"y":237,"width":859,"height":12}},{"id":"677faddc-1a25-4374-b052-1ab9dd81babb","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":65,"box":{"x":89,"y":252,"width":806,"height":12}},{"id":"2bf0a05a-b512-4315-9e00-da597aab6043","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":65,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"55fde8d9-904b-431e-9e96-13a317c4356c","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":65,"box":{"x":89,"y":293,"width":877,"height":12}},{"id":"111cbeec-40da-400b-8b2b-f2ef7a9bbb7e","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":65,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"3a13fc51-7082-4a87-9118-8aebd77d4f95","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":65,"box":{"x":89,"y":324,"width":852,"height":12}},{"id":"24d7a4a9-d5df-49f7-9ecc-cd6f8d9a1653","block_type":"box","text":"consulting services to this privately held firm that develops products and strategies for homeowners in managing the equity","page_number":65,"box":{"x":89,"y":339,"width":868,"height":12}},{"id":"0f49e547-5ba4-4a56-a22e-155534523315","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":65,"box":{"x":89,"y":354,"width":825,"height":11}},{"id":"1f5f5bab-b5d0-48db-8a5d-900c3206dba5","block_type":"box","text":"previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he provided governance oversight","page_number":65,"box":{"x":89,"y":369,"width":836,"height":12}},{"id":"76fa2ac0-4373-4382-b431-54a1d0d75afa","block_type":"box","text":"representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through oversight of BGI’s worldwide","page_number":65,"box":{"x":89,"y":384,"width":817,"height":12}},{"id":"99eb1363-4a33-4085-b059-2bb08e9ba2a1","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":65,"box":{"x":89,"y":399,"width":848,"height":13}},{"id":"958854b5-73f4-46f7-b2cc-ba72e3c25925","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":65,"box":{"x":89,"y":414,"width":867,"height":13}},{"id":"7cd6394d-d2ce-4f1e-8b94-c6be2f32fbfb","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":65,"box":{"x":89,"y":429,"width":840,"height":12}},{"id":"bc438976-2b03-4cd7-9ec7-9a9c42883050","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":65,"box":{"x":88,"y":445,"width":853,"height":12}},{"id":"b4d579cd-4b6d-4478-a8b8-611020729525","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":65,"box":{"x":89,"y":460,"width":866,"height":12}},{"id":"6944af58-b7c1-491d-a656-bddf69bbdd58","block_type":"box","text":"University of Chicago Booth School of Business.","page_number":65,"box":{"x":89,"y":475,"width":333,"height":12}},{"id":"382c6752-50c8-4faa-9ab2-2d43ebc00c0b","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":65,"box":{"x":89,"y":501,"width":866,"height":13}},{"id":"c207c36f-5357-4ded-ba7e-802162b54d43","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":65,"box":{"x":88,"y":516,"width":854,"height":13}},{"id":"a1dd8c55-32b9-4748-b7c1-6273534b59ab","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":65,"box":{"x":89,"y":531,"width":869,"height":13}},{"id":"ddb1f3e2-b179-464a-8698-b04def47011a","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":65,"box":{"x":89,"y":547,"width":858,"height":12}},{"id":"ad8ad807-073f-422c-a994-5f8fb3cc0d33","block_type":"box","text":"the University of Chicago Booth School of Business and Chief Global Strategist of the University of Chicago. He served as","page_number":65,"box":{"x":88,"y":562,"width":843,"height":12}},{"id":"b86bb929-2784-483f-9338-5aa6e8f02c68","block_type":"box","text":"Chair of the Board for the Center for Research in Security Prices, LLC, an affiliate of the University of Chicago Booth School of","page_number":65,"box":{"x":89,"y":577,"width":873,"height":12}},{"id":"8c2c493f-819f-47a8-8057-b495c9012ce5","block_type":"box","text":"Business, from 2020 to 2026. Mr. Rajan has served on the Advisory Board of C.M. Capital Corporation since 2016, as a","page_number":65,"box":{"x":89,"y":592,"width":820,"height":12}},{"id":"ae526c7b-d9ab-4e23-a13f-a9fb57b1a01a","block_type":"box","text":"Director of C.M. Capital Corporation since 2020, and as a director of WellBe Senior Medical since 2023. From 2001 to 2017,","page_number":65,"box":{"x":89,"y":607,"width":854,"height":12}},{"id":"b90cde7b-8ae0-4196-be86-5afa6dd009a5","block_type":"box","text":"Mr. Rajan was the Robert K. Jaedicke Professor of Accounting at the Stanford University Graduate School of Business. In April","page_number":65,"box":{"x":89,"y":622,"width":871,"height":12}},{"id":"fb71e50f-aae0-4fe5-9896-13cf155fdd5e","block_type":"box","text":"2017, he received the school’s Robert T. Davis Award for Lifetime Achievement and Service. He has taught accounting for","page_number":65,"box":{"x":89,"y":637,"width":845,"height":13}},{"id":"a0240e6d-19fa-4544-8a9d-3275e4e57d4b","block_type":"box","text":"over 25 years to undergraduate, MBA and law students, as well as to senior executives. From 2010 to 2016, Mr. Rajan served","page_number":65,"box":{"x":89,"y":652,"width":867,"height":13}},{"id":"5e28b71d-b9d9-4bb1-b5a2-2f08445d5641","block_type":"box","text":"as the Senior Associate Dean for Academic Affairs and head of the MBA Program at the Stanford University Graduate School","page_number":65,"box":{"x":89,"y":668,"width":871,"height":12}},{"id":"0f290911-4643-4f3e-8bb3-e7dc743565f7","block_type":"box","text":"of Business. Mr. Rajan served as editor of “The Accounting Review” from 2002 to 2008 and is co-author of “Cost Accounting:","page_number":65,"box":{"x":89,"y":683,"width":876,"height":12}},{"id":"c71cdc47-aae3-40fb-99e9-8e2a09923f28","block_type":"box","text":"A Managerial Emphasis,” a leading cost accounting textbook. From 2013 to 2018, Mr. Rajan served on the Board of Directors","page_number":65,"box":{"x":88,"y":698,"width":871,"height":12}},{"id":"6eb57551-eeaf-49c1-a81a-b46793b6c800","block_type":"box","text":"of Cavium Inc., a semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon","page_number":65,"box":{"x":89,"y":713,"width":820,"height":12}},{"id":"e20a3bbd-911f-40d7-9755-a35da084933f","block_type":"box","text":"University.","page_number":65,"box":{"x":89,"y":729,"width":70,"height":11}},{"id":"62a220fa-b37d-4720-a2d7-59fd4214de25","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":65,"box":{"x":89,"y":754,"width":417,"height":13}},{"id":"5c5d9252-bd1d-4759-88ad-34e8e9c7355b","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":65,"box":{"x":89,"y":781,"width":867,"height":12}},{"id":"7e80802b-6889-43c0-b9cf-7bfd3f4c9753","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":65,"box":{"x":89,"y":796,"width":855,"height":12}},{"id":"59b9d206-33bc-4f81-8222-beec89092a77","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":65,"box":{"x":89,"y":811,"width":847,"height":12}},{"id":"0b7186d3-b24d-454e-827d-ae258e933ef2","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Trustees. The Board currently conducts","page_number":65,"box":{"x":89,"y":826,"width":842,"height":13}},{"id":"d8249a71-a8e9-4ba1-ab74-ecde329c3df9","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":65,"box":{"x":89,"y":841,"width":872,"height":13}},{"id":"a4a60a4b-84dc-4979-b5c4-046dffb46abe","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":65,"box":{"x":89,"y":856,"width":829,"height":13}},{"id":"24fa2b34-fbd5-43c7-a557-723072caa906","block_type":"box","text":"50","page_number":65,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9f841608-bd63-4f8b-b35c-93fba596963c","block_type":"box","text":"Independent Trustees meet regularly outside the presence of management, in executive session or with other service","page_number":66,"box":{"x":89,"y":44,"width":819,"height":12}},{"id":"139c5e4c-6819-447a-9f6e-ac6617fd49d7","block_type":"box","text":"providers to the Trust.","page_number":66,"box":{"x":89,"y":59,"width":153,"height":12}},{"id":"2c177a48-c3c8-43c9-8804-ced3306c272c","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":66,"box":{"x":88,"y":85,"width":871,"height":13}},{"id":"1a0ae7b8-fcde-4520-ad8a-8e71f0819a88","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":66,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"e41ff193-975f-4ab0-b525-8b95c811d9d6","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":66,"box":{"x":89,"y":116,"width":865,"height":12}},{"id":"3602aeed-06c9-4caf-8f97-f16e4858f731","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":66,"box":{"x":89,"y":131,"width":863,"height":12}},{"id":"51108bef-7f33-4bed-aa31-b90f19aaa9bf","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":66,"box":{"x":89,"y":146,"width":803,"height":12}},{"id":"61007259-ef90-4c39-bf76-beb961168b3a","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":66,"box":{"x":89,"y":161,"width":862,"height":12}},{"id":"d59aa6c4-4780-40a4-8d93-acd19bf42209","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":66,"box":{"x":88,"y":176,"width":863,"height":13}},{"id":"a1cd7367-c606-48a6-863a-93b5d02d374d","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":66,"box":{"x":88,"y":191,"width":857,"height":13}},{"id":"56b8d1bf-020b-48b8-a201-79a38af42510","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":66,"box":{"x":89,"y":206,"width":816,"height":13}},{"id":"749fda21-490d-4d32-9410-e4c5f7eceb86","block_type":"box","text":"providers, officers, attorneys and other Trustees between meetings. Each standing Committee meets regularly to conduct the","page_number":66,"box":{"x":89,"y":222,"width":877,"height":12}},{"id":"0e044177-ea4d-482c-b72c-7bb65c41a605","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":66,"box":{"x":89,"y":237,"width":824,"height":12}},{"id":"6601916d-8d9a-4cb3-bf96-d96ffc60499b","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":66,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"6cb37d21-607a-4c4e-82d8-f671044910ff","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":66,"box":{"x":88,"y":267,"width":798,"height":12}},{"id":"31b8c9d3-fe0a-49d2-8651-3152ba820a0b","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Trustees and the full Board to","page_number":66,"box":{"x":89,"y":282,"width":823,"height":12}},{"id":"6cf55990-9633-43fc-b46e-a5a4a4c42107","block_type":"box","text":"enhance effective oversight.","page_number":66,"box":{"x":89,"y":297,"width":194,"height":12}},{"id":"fcfa7db6-6eb1-4600-a85a-99b657cd0ec6","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":66,"box":{"x":89,"y":324,"width":866,"height":12}},{"id":"b8944cd8-5856-4007-8727-2254fe41ebaf","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":66,"box":{"x":88,"y":339,"width":845,"height":12}},{"id":"b68d9219-233b-4e90-bd62-a9fffa93e807","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":66,"box":{"x":89,"y":354,"width":836,"height":12}},{"id":"6d473416-8e6b-4b2a-b49f-c71cb7a1e662","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":66,"box":{"x":89,"y":369,"width":813,"height":12}},{"id":"8760c86e-2b84-4047-8b03-60d1ffd4e066","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":66,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"7216206f-2114-46e3-b984-14173305820b","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":66,"box":{"x":89,"y":399,"width":831,"height":13}},{"id":"03a7d924-0657-4764-83bc-a69cab465203","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":66,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"fdba4ddf-8823-47d6-a954-1a97ee30039a","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":66,"box":{"x":89,"y":429,"width":828,"height":13}},{"id":"4f5c327d-5af2-4d5c-9519-9f2eb0b42464","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":66,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"40af070c-a8dc-48f8-9325-697b27107a9c","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":66,"box":{"x":89,"y":460,"width":871,"height":12}},{"id":"cabb1a88-72ed-48d2-9d57-4ae3af655a55","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":66,"box":{"x":89,"y":475,"width":858,"height":12}},{"id":"8df71428-51e8-4d33-a079-c7392ed4e58d","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":66,"box":{"x":88,"y":490,"width":848,"height":12}},{"id":"23d29837-8d58-4a15-9b06-c8a9d9f7f408","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":66,"box":{"x":89,"y":505,"width":853,"height":12}},{"id":"46977553-7a54-4c58-a0ae-2599c6014c69","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":66,"box":{"x":88,"y":520,"width":864,"height":12}},{"id":"c6e5b42f-86d3-427e-ac75-c634433c4381","block_type":"box","text":"compliance program, including assessments by independent third parties, and reports to the Board regarding compliance","page_number":66,"box":{"x":89,"y":535,"width":850,"height":13}},{"id":"871f1209-8b64-44aa-b362-e1b8fc426210","block_type":"box","text":"matters for the Trust and its principal service providers. In testing and maintaining the compliance program, the Chief","page_number":66,"box":{"x":89,"y":550,"width":824,"height":13}},{"id":"f2eca0a3-fe72-47c0-a2d5-476f13aa3a16","block_type":"box","text":"Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses them in","page_number":66,"box":{"x":89,"y":565,"width":841,"height":13}},{"id":"6b523af3-a78c-4851-822b-4452f2da6217","block_type":"box","text":"periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered public","page_number":66,"box":{"x":89,"y":581,"width":849,"height":12}},{"id":"78ab56c9-c51d-4613-8748-7398e4f3b36f","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":66,"box":{"x":89,"y":596,"width":867,"height":12}},{"id":"5d4c9c6d-487d-4fa6-b85d-69df0af26468","block_type":"box","text":"Board oversight of risk is also performed as needed between meetings through communications between BFA and the Board.","page_number":66,"box":{"x":89,"y":611,"width":876,"height":12}},{"id":"561557ca-c91a-4d62-bc94-7a539dc02b97","block_type":"box","text":"The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight","page_number":66,"box":{"x":88,"y":626,"width":783,"height":12}},{"id":"4a3086d4-2272-4605-9728-93b3d7dce76f","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":66,"box":{"x":89,"y":641,"width":821,"height":12}},{"id":"e0ec38a8-0521-4c1c-92cc-0f6d671c419e","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":66,"box":{"x":89,"y":656,"width":704,"height":13}},{"id":"c1ade453-efff-4790-a8e0-7ba2c3706ea1","block_type":"box","text":"Committees of the Board of Trustees.","page_number":66,"box":{"x":89,"y":683,"width":268,"height":9}},{"id":"5fafec8d-46d7-4e0d-bdeb-01c667a565fe","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":66,"box":{"x":366,"y":683,"width":555,"height":12}},{"id":"95d2908c-4c51-438c-82cc-46988c896af1","block_type":"box","text":"Fagnani (Co-Chair from January 1, 2025 to June 30, 2025) and John E. Martinez, each of whom is an Independent Trustee.","page_number":66,"box":{"x":89,"y":698,"width":848,"height":12}},{"id":"1d662038-1117-4d42-a5d4-c30a6a3e33bd","block_type":"box","text":"The purposes of the Audit Committee are to assist the Board (i) in its oversight of the Trust’s accounting and financial","page_number":66,"box":{"x":88,"y":713,"width":824,"height":12}},{"id":"eca51b5a-9e4c-497c-9b99-2d95b69db186","block_type":"box","text":"reporting principles and policies and related controls and procedures maintained by or on behalf of the Trust; (ii) in its","page_number":66,"box":{"x":89,"y":728,"width":824,"height":12}},{"id":"8caccb93-1ba9-4fff-b189-e922fecf08f4","block_type":"box","text":"oversight of the Trust’s financial statements and the independent audit thereof; (iii) in selecting, evaluating and, where","page_number":66,"box":{"x":89,"y":743,"width":829,"height":12}},{"id":"c0864ecd-bcaa-46c8-8e20-d7794e6272ff","block_type":"box","text":"deemed appropriate, replacing the independent accountants (or nominating the independent accountants to be proposed","page_number":66,"box":{"x":89,"y":758,"width":856,"height":13}},{"id":"322ff7e6-2f0b-48f8-9d55-d339a03b53e9","block_type":"box","text":"for shareholder approval in any proxy statement); (iv) in evaluating the independence of the independent accountants; (v) in","page_number":66,"box":{"x":88,"y":773,"width":871,"height":13}},{"id":"700bbb45-3346-406a-b822-dae706cccc49","block_type":"box","text":"complying with legal and regulatory requirements that relate to the Trust’s accounting and financial reporting, internal","page_number":66,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"8dd5ce1d-9262-4b53-9561-5e2dd0228df5","block_type":"box","text":"controls, compliance controls and independent audits; and (vi) to assume such other responsibilities as may be delegated by","page_number":66,"box":{"x":89,"y":804,"width":873,"height":12}},{"id":"9a90fb66-9dc4-4b1a-8eb9-0573d06631e5","block_type":"box","text":"the Board. The Audit Committee met five times during the fiscal year ended October 31, 2025.","page_number":66,"box":{"x":88,"y":819,"width":657,"height":12}},{"id":"46893f34-7532-4f72-9a4a-db89417e12e8","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani and Laura F.","page_number":66,"box":{"x":88,"y":845,"width":857,"height":12}},{"id":"2a2de746-e12f-4070-b8e4-88427054ba7b","block_type":"box","text":"Fergerson, each of whom is an Independent Trustee. The Nominating and Governance Committee nominates individuals for","page_number":66,"box":{"x":89,"y":860,"width":869,"height":13}},{"id":"fb9ef9fc-fc57-40ec-9524-ebc9b77c62b6","block_type":"box","text":"51","page_number":66,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"a7837fb4-7006-443d-ad87-d70fa23f4caa","block_type":"box","text":"Independent Trustee membership on the Board and recommends appointments to the Advisory Board. The Nominating and","page_number":67,"box":{"x":89,"y":44,"width":870,"height":12}},{"id":"76b248cf-801a-4689-99ce-2236a059b0c9","block_type":"box","text":"Governance Committee functions include, but are not limited to, the following: (i) reviewing the qualifications of any person","page_number":67,"box":{"x":89,"y":59,"width":866,"height":12}},{"id":"fbc4f240-7163-4f74-9a91-ed6a28505242","block_type":"box","text":"properly identified or nominated to serve as an Independent Trustee; (ii) recommending to the Board and current","page_number":67,"box":{"x":89,"y":74,"width":792,"height":12}},{"id":"82a8616e-41c1-4324-82dc-a2e6532d2b62","block_type":"box","text":"Independent Trustees the nominee(s) for appointment as an Independent Trustee by the Board and current Independent","page_number":67,"box":{"x":89,"y":89,"width":845,"height":13}},{"id":"0df8cdab-b6eb-4eef-9c92-4543f75a3f1b","block_type":"box","text":"Trustees and/or for election as Independent Trustees by shareholders to fill any vacancy for a position of Independent","page_number":67,"box":{"x":88,"y":104,"width":826,"height":13}},{"id":"93614eaf-709f-43d9-a1cc-4b2b94911c9f","block_type":"box","text":"Trustee(s) on the Board; (iii) recommending to the Board and current Independent Trustees the size and composition of the","page_number":67,"box":{"x":88,"y":119,"width":866,"height":13}},{"id":"b5d57130-fe8c-400c-a184-59986d156511","block_type":"box","text":"Board and Board committees and whether they comply with applicable laws and regulations; (iv) recommending a current","page_number":67,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"1a571bf6-d628-4022-a089-ab4f3475609a","block_type":"box","text":"Independent Trustee to the Board and current Independent Trustees to serve as Board Chair; (v) periodic review of the","page_number":67,"box":{"x":89,"y":150,"width":826,"height":12}},{"id":"99c83cf9-0664-4285-97a5-487af0163cd4","block_type":"box","text":"Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the Independent Trustees for","page_number":67,"box":{"x":89,"y":165,"width":845,"height":12}},{"id":"e86191a8-5b3a-40b8-99cf-9623b92e1eb0","block_type":"box","text":"their services as Trustees, members or chairpersons of committees of the Board, Board Chair and any other positions as the","page_number":67,"box":{"x":88,"y":180,"width":865,"height":12}},{"id":"8189a8de-8301-4512-a0ac-be016881c226","block_type":"box","text":"Nominating and Governance Committee considers appropriate. The Nominating and Governance Committee does not","page_number":67,"box":{"x":89,"y":195,"width":830,"height":12}},{"id":"4ab3d8f5-cd4f-4c90-af21-6e977321316b","block_type":"box","text":"consider Board nominations recommended by shareholders (acting solely in their capacity as a shareholder and not in any","page_number":67,"box":{"x":89,"y":210,"width":856,"height":13}},{"id":"4c34da8a-9c2c-4b4f-9671-26a3da4d070c","block_type":"box","text":"other capacity). The Nominating and Governance Committee met three times during the fiscal year ended October 31, 2025.","page_number":67,"box":{"x":89,"y":225,"width":870,"height":13}},{"id":"ae5e7b08-7400-48f4-a897-dcc744ea8fb4","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":67,"box":{"x":89,"y":252,"width":831,"height":12}},{"id":"b311fa2a-bd78-499b-8f3a-4f20feabd364","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":67,"box":{"x":89,"y":267,"width":865,"height":12}},{"id":"c680ea08-7a64-4895-b3be-ff6d3ee194b6","block_type":"box","text":"the annual review and renewal of the Trust’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":67,"box":{"x":88,"y":282,"width":823,"height":12}},{"id":"8f2671d6-a979-4257-ada2-1e1858c477e0","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":67,"box":{"x":89,"y":297,"width":877,"height":12}},{"id":"d707ee05-0365-44bd-819c-7bff5df2528f","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":67,"box":{"x":88,"y":312,"width":861,"height":13}},{"id":"c1ca1677-392e-45d6-8e09-e39d781f947f","block_type":"box","text":"information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and information as","page_number":67,"box":{"x":89,"y":327,"width":868,"height":13}},{"id":"9d052023-18be-4dfb-bb37-3aa27db8c467","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":67,"box":{"x":89,"y":342,"width":847,"height":13}},{"id":"4c628a9d-afd3-433e-b8de-1cae97d28d4c","block_type":"box","text":"Trust. The 15(c) Committee met two times during the fiscal year ended October 31, 2025.","page_number":67,"box":{"x":88,"y":358,"width":627,"height":12}},{"id":"f84dd450-68fa-4a60-a0c9-711bc6744ec1","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":67,"box":{"x":88,"y":384,"width":837,"height":12}},{"id":"4bbb2da0-68c0-4fc3-b007-f78e6ae904ec","block_type":"box","text":"Martinez, each of whom is an Independent Trustee. The principal responsibilities of the Securities Lending Committee are to","page_number":67,"box":{"x":89,"y":399,"width":868,"height":13}},{"id":"875401c1-521d-43ea-ad79-6572454909be","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":67,"box":{"x":89,"y":414,"width":840,"height":13}},{"id":"53962903-1905-4d17-9846-19de7af9bfd9","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":67,"box":{"x":88,"y":429,"width":819,"height":13}},{"id":"13816019-44eb-4294-930b-499ac9ea7975","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":67,"box":{"x":89,"y":445,"width":877,"height":12}},{"id":"89a8833d-48b9-4408-9061-ddcb27a75ace","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":67,"box":{"x":89,"y":460,"width":854,"height":12}},{"id":"f63ac238-4bde-4549-b5fb-229887c6924b","block_type":"box","text":"activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the annual","page_number":67,"box":{"x":89,"y":475,"width":869,"height":12}},{"id":"65026002-bff1-450f-939e-d156200bf4e7","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":67,"box":{"x":89,"y":490,"width":855,"height":12}},{"id":"21e30eb9-b432-45be-bdba-e27e64085234","block_type":"box","text":"Trust’s agreement with the securities lending agent. The Securities Lending Committee met five times during the fiscal year","page_number":67,"box":{"x":88,"y":505,"width":865,"height":12}},{"id":"ad6964e9-1a65-4d4d-a5a3-cc245d1837e2","block_type":"box","text":"ended October 31, 2025.","page_number":67,"box":{"x":89,"y":520,"width":170,"height":11}},{"id":"8c39c81a-04aa-4c6d-a1ab-a75b22616b11","block_type":"box","text":"The members of the Equity Plus Committee are John E. Martinez (Chair), Jane D. Carlin and Richard L. Fagnani, each of whom","page_number":67,"box":{"x":88,"y":547,"width":875,"height":12}},{"id":"aee06644-d984-428d-a510-a7c9b106fef0","block_type":"box","text":"is an Independent Trustee. The principal responsibilities of the Equity Plus Committee are to support, oversee and organize on","page_number":67,"box":{"x":89,"y":562,"width":878,"height":12}},{"id":"3b5652e3-fdfe-43b0-98b6-9bc6928a380b","block_type":"box","text":"behalf of the Board the process for oversight of Trust performance and related matters for equity funds. These responsibilities","page_number":67,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"0033c09a-c137-4ca6-b2d7-aa512377bf73","block_type":"box","text":"include: (i) reviewing quarterly reports regarding Trust performance, secondary market trading and changes in net assets to","page_number":67,"box":{"x":89,"y":592,"width":866,"height":12}},{"id":"cd8d469b-2231-43ce-8c7a-77ec456e9935","block_type":"box","text":"identify any matters that should be brought to the attention of the Board; and (ii) considering any performance or investment","page_number":67,"box":{"x":89,"y":607,"width":877,"height":12}},{"id":"e9551826-147c-4ed6-bd53-57002d01fa8a","block_type":"box","text":"related matters as may be delegated to the Committee by the Board from time to time and providing a report or","page_number":67,"box":{"x":89,"y":622,"width":781,"height":12}},{"id":"570214cc-d9ce-4813-93e9-e00ac1a3d264","block_type":"box","text":"recommendation to the Board as appropriate. The Equity Plus Committee met four times during the fiscal year ended","page_number":67,"box":{"x":89,"y":637,"width":820,"height":13}},{"id":"1cf3252c-06d5-4735-931d-8d5b0aaea10c","block_type":"box","text":"October 31, 2025.","page_number":67,"box":{"x":89,"y":652,"width":123,"height":12}},{"id":"f253ffc8-d0cf-4c27-95ba-ec094be8d48d","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":67,"box":{"x":88,"y":679,"width":880,"height":12}},{"id":"1137e271-c25c-4bba-ad68-bffc96673a65","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":67,"box":{"x":88,"y":694,"width":862,"height":12}},{"id":"9482cc40-8525-4233-b58e-bcf8ca82d45f","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":67,"box":{"x":89,"y":709,"width":866,"height":12}},{"id":"27334b50-1e0b-4ff0-8137-67984bd726a4","block_type":"box","text":"fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Trust performance,","page_number":67,"box":{"x":88,"y":724,"width":879,"height":13}},{"id":"264f1c68-97d5-4d20-8734-e62bd3d6f351","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":67,"box":{"x":89,"y":739,"width":852,"height":13}},{"id":"93e5efd8-f1d6-4749-805f-a669d75504eb","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":67,"box":{"x":89,"y":754,"width":843,"height":13}},{"id":"612f488f-fcae-437f-95b1-6f7cc4807a56","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":67,"box":{"x":89,"y":770,"width":833,"height":12}},{"id":"22476d34-68be-42f3-84c5-1eb433a2e12c","block_type":"box","text":"Committee met four times during the fiscal year ended October 31, 2025.","page_number":67,"box":{"x":89,"y":785,"width":512,"height":12}},{"id":"5e6ff86c-6b0e-4934-b154-9fcf1e44e404","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":67,"box":{"x":88,"y":811,"width":838,"height":12}},{"id":"3eeaef56-6b06-404d-b9d6-3c6b0072c03d","block_type":"box","text":"2025), Drew E. Lawton and Madhav V. Rajan, each of whom is an Independent Trustee. The principal responsibility of the","page_number":67,"box":{"x":89,"y":826,"width":846,"height":13}},{"id":"a9e71058-d9d1-4e87-b048-c8c615e4fc8b","block_type":"box","text":"Risk Committee is to consider and organize on behalf of the Board risk related matters of the Funds so the Board may most","page_number":67,"box":{"x":89,"y":841,"width":861,"height":13}},{"id":"f6f78219-626a-48cf-ac0d-9da70444a674","block_type":"box","text":"52","page_number":67,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"de7edd5b-d15b-4e88-a68f-2c597c33c43e","block_type":"box","text":"effectively structure itself to oversee them. The Risk Committee commenced on January 1, 2016. The Risk Committee met","page_number":68,"box":{"x":89,"y":44,"width":851,"height":12}},{"id":"0cc734f0-7799-468b-8285-45d9a8fed545","block_type":"box","text":"four times during the fiscal year ended October 31, 2025.","page_number":68,"box":{"x":88,"y":59,"width":398,"height":12}},{"id":"d9e7be10-75b6-4e98-9826-44fcaa5ae223","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":68,"box":{"x":88,"y":85,"width":685,"height":13}},{"id":"eaed22b2-5d1b-4e67-8478-9263088de59c","block_type":"box","text":"The following table sets forth, as of December 31, 2025, the dollar range of equity securities beneficially owned by each","page_number":68,"box":{"x":88,"y":112,"width":834,"height":12}},{"id":"9ba637c2-78e3-46f6-b78a-993f65280a10","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":68,"box":{"x":88,"y":127,"width":824,"height":12}},{"id":"40b51648-725e-4452-bc4b-e5fa7f34f680","block_type":"box","text":"investment companies as the Trust. 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Kapito None Not Applicable Not Applicable None","page_number":71,"box":{"x":89,"y":627,"width":846,"height":13}},{"id":"3835d35f-108b-40a4-9600-d3fa4336012d","block_type":"box","text":"Stephen Cohen None Not Applicable Not Applicable None","page_number":71,"box":{"x":88,"y":642,"width":847,"height":13}},{"id":"02d9d7be-a3db-4f7a-a807-20da6297d671","block_type":"box","text":"Independent Trustees:","page_number":71,"box":{"x":88,"y":673,"width":155,"height":12}},{"id":"2a0c3a15-47a9-4908-8a54-8381d05a549a","block_type":"box","text":"Jane D. Carlin $44,208.04 Not Applicable Not Applicable $550,000","page_number":71,"box":{"x":88,"y":703,"width":862,"height":12}},{"id":"ec36679a-bb5a-4f7c-b7af-5e774e742f62","block_type":"box","text":"Richard L. Fagnani 44,208.04 Not Applicable Not Applicable 550,000","page_number":71,"box":{"x":89,"y":718,"width":856,"height":12}},{"id":"8016fec5-2fd3-4374-850c-c5a39b71ac2c","block_type":"box","text":"Laura F. 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For","page_number":83,"box":{"x":89,"y":384,"width":878,"height":12}},{"id":"263702f0-e498-48cf-b572-06e39ce77c5e","block_type":"box","text":"example, the sale of a long position or establishment of a short position by a Fund may impair the price of the same security","page_number":83,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"7c30f2f1-4144-4479-b417-d7e0b4ca9400","block_type":"box","text":"sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the purchase of a security or covering of a","page_number":83,"box":{"x":89,"y":414,"width":874,"height":13}},{"id":"d73aea21-f83b-4141-b724-8ad0870580a9","block_type":"box","text":"short position in a security by a Fund may increase the price of the same security held by (and therefore benefit) BlackRock or","page_number":83,"box":{"x":89,"y":429,"width":879,"height":13}},{"id":"57051a6a-c50a-42b2-85fb-f40c8ab18800","block_type":"box","text":"its other accounts or funds.","page_number":83,"box":{"x":89,"y":445,"width":191,"height":9}},{"id":"6d92783a-799a-404b-8ef1-b41f92343f96","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or extend credit","page_number":83,"box":{"x":89,"y":471,"width":875,"height":12}},{"id":"f8d93821-3379-4a0e-ae36-95777750c65d","block_type":"box","text":"to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide advice or engage in other","page_number":83,"box":{"x":88,"y":486,"width":854,"height":12}},{"id":"7d640b81-7b33-474b-a86d-3f9983b8bc23","block_type":"box","text":"activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of other clients with","page_number":83,"box":{"x":89,"y":501,"width":835,"height":13}},{"id":"cc51d264-23e2-4bdd-a08c-4f204001e2af","block_type":"box","text":"respect to an issuer in which a Fund has invested, and such actions (or refraining from action) may have a material adverse","page_number":83,"box":{"x":89,"y":516,"width":861,"height":13}},{"id":"b3c572a7-1f02-4f91-82e9-2fa08223901e","block_type":"box","text":"effect on the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple parts of the","page_number":83,"box":{"x":89,"y":531,"width":850,"height":13}},{"id":"1b62068a-2fe3-4c4a-a67b-e60f16b6ac77","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":83,"box":{"x":89,"y":547,"width":845,"height":12}},{"id":"b29458b8-275d-427d-afc9-becc7cac8157","block_type":"box","text":"result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest","page_number":83,"box":{"x":89,"y":562,"width":864,"height":12}},{"id":"a4887584-427e-416a-98d2-0e9e2299659d","block_type":"box","text":"based on the facts and circumstances of particular situations. For example, BlackRock may determine to rely on information","page_number":83,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"33cf48a5-2ac2-401d-8281-e2a3f4941e8d","block_type":"box","text":"barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":83,"box":{"x":89,"y":592,"width":831,"height":12}},{"id":"48de21a5-4539-45a7-b2ee-2dd931f4401d","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":83,"box":{"x":89,"y":607,"width":841,"height":12}},{"id":"b9bb7a6f-bf1b-4eee-844c-e1b299d26d53","block_type":"box","text":"behalf of the Funds.","page_number":83,"box":{"x":89,"y":622,"width":138,"height":10}},{"id":"3d9c20ff-2903-4a7c-9764-14e663e97582","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":83,"box":{"x":89,"y":649,"width":815,"height":12}},{"id":"9b84c764-5586-46be-b10c-d73e68e04391","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":83,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"4d036061-ec9e-43ab-b035-855625cc5094","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":83,"box":{"x":89,"y":679,"width":863,"height":12}},{"id":"5e01be18-be40-44bf-8b96-7f4633d6a4af","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":83,"box":{"x":89,"y":694,"width":541,"height":12}},{"id":"62a2f65b-dcfb-404f-b6d5-4f75802cad3c","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":83,"box":{"x":89,"y":720,"width":827,"height":13}},{"id":"aaf8a363-b492-4fb8-850c-03745cb73756","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":83,"box":{"x":89,"y":736,"width":865,"height":12}},{"id":"5f08eecd-581b-4f0a-9513-ac38571076a2","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":83,"box":{"x":89,"y":751,"width":804,"height":12}},{"id":"37e2dc27-ab3b-431c-840d-fe2d3b7b3943","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":83,"box":{"x":89,"y":796,"width":788,"height":12}},{"id":"bd66e05b-8cd8-4ea1-b750-504b8955b720","block_type":"box","text":"transactions.","page_number":83,"box":{"x":88,"y":812,"width":90,"height":9}},{"id":"e8143d01-c98f-4c6f-8aa4-33b9911464d1","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":83,"box":{"x":89,"y":838,"width":839,"height":12}},{"id":"a12fdb96-c184-4dbe-a713-064801fdb2cd","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":83,"box":{"x":89,"y":853,"width":878,"height":12}},{"id":"616b5c4d-49b2-4100-b4a4-1818917dac71","block_type":"box","text":"68","page_number":83,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f149659e-ccc8-4914-897c-206f5c01028b","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":84,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"a80d430e-4ace-422e-8a6a-e809371c052a","block_type":"box","text":"effected at prices or terms that may be less favorable than would otherwise have been the case.","page_number":84,"box":{"x":89,"y":59,"width":667,"height":12}},{"id":"d51459da-7a0b-404b-854e-9798e0bce864","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":84,"box":{"x":88,"y":85,"width":874,"height":13}},{"id":"bd94fb4e-bdde-43d5-ba15-c53fa4e100c4","block_type":"box","text":"accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It","page_number":84,"box":{"x":89,"y":101,"width":873,"height":12}},{"id":"cd9ffae7-f713-4f9c-a843-141408a88f60","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":84,"box":{"x":89,"y":116,"width":851,"height":12}},{"id":"ee653491-c8b4-4b0b-ab32-2e690992f38a","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":84,"box":{"x":89,"y":131,"width":859,"height":12}},{"id":"e8a65c69-72b0-4160-ad31-e55971c86c01","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":84,"box":{"x":88,"y":146,"width":840,"height":12}},{"id":"9619483a-abd1-4b9a-8030-eb5bea835567","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":84,"box":{"x":89,"y":161,"width":433,"height":12}},{"id":"fbe2a6cd-e36c-44f9-9695-56088e0aa351","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":84,"box":{"x":89,"y":188,"width":838,"height":12}},{"id":"357f0595-0c5a-463c-b70a-0442019e39d1","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":84,"box":{"x":89,"y":203,"width":845,"height":12}},{"id":"cd6282d8-3e93-4e57-984f-fc5376f8780a","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":84,"box":{"x":89,"y":218,"width":839,"height":12}},{"id":"695ff842-5d44-47d7-9923-380494d80b34","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":84,"box":{"x":88,"y":233,"width":850,"height":12}},{"id":"c4e586ed-ebbb-41c8-8b47-0cfa0dabed1d","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":84,"box":{"x":89,"y":248,"width":867,"height":12}},{"id":"1d91ebf4-651b-472c-a6c7-372a1908c9ee","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":84,"box":{"x":89,"y":263,"width":850,"height":12}},{"id":"81fbfc8c-a793-4ac2-898d-21917d3b8397","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":84,"box":{"x":89,"y":278,"width":860,"height":13}},{"id":"9add5fe9-6b52-4848-afe1-703c4837d811","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":84,"box":{"x":88,"y":293,"width":678,"height":13}},{"id":"c45fda10-fc0d-4f19-8248-7669cb01c445","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":84,"box":{"x":89,"y":320,"width":859,"height":12}},{"id":"d5e8ab5c-24ab-4849-a4aa-d108fdc2a267","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":84,"box":{"x":88,"y":335,"width":842,"height":12}},{"id":"2e29714f-7fb1-4143-bca0-499618aebae2","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":84,"box":{"x":89,"y":350,"width":854,"height":12}},{"id":"aa49a9b7-fd30-4385-8806-c64766c95974","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":84,"box":{"x":89,"y":365,"width":815,"height":12}},{"id":"38091d99-0299-4994-a4a1-7767ba67d93d","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":84,"box":{"x":89,"y":380,"width":858,"height":13}},{"id":"f4f4f64d-8cd6-4cba-b4de-0c930c73dfc6","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":84,"box":{"x":89,"y":395,"width":818,"height":13}},{"id":"9be3b1b7-d551-4167-86d5-4974e23da6c5","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":84,"box":{"x":89,"y":410,"width":845,"height":13}},{"id":"530170c5-2ef1-44c9-b455-16829c89657d","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":84,"box":{"x":88,"y":426,"width":568,"height":12}},{"id":"03ac988c-61a1-40fa-877c-03f97eeb2807","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":84,"box":{"x":88,"y":452,"width":852,"height":12}},{"id":"21e1a76e-99b7-4781-b656-1e16ce3e4980","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":84,"box":{"x":89,"y":467,"width":851,"height":13}},{"id":"2e013482-8db8-4d0e-9eab-90bac8c9b651","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":84,"box":{"x":89,"y":482,"width":875,"height":13}},{"id":"b3718396-a1ef-4eba-aea0-16c224d5f904","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":84,"box":{"x":89,"y":497,"width":869,"height":13}},{"id":"6c04e6eb-261a-45dd-97f3-c6b3af2d2c25","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":84,"box":{"x":89,"y":513,"width":868,"height":12}},{"id":"320ed52e-797f-4227-8fa3-e6df6864db66","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":84,"box":{"x":89,"y":528,"width":815,"height":12}},{"id":"809af9fc-f0b0-4d33-a0ab-426114ef0194","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":84,"box":{"x":89,"y":543,"width":865,"height":12}},{"id":"9fa2fefc-1091-4106-b168-a9bba55581a3","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":84,"box":{"x":88,"y":558,"width":573,"height":12}},{"id":"c08f0084-ee9c-457e-b6d3-b722dab948fe","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":84,"box":{"x":89,"y":584,"width":835,"height":13}},{"id":"b8876deb-3327-4014-8561-acbbfc181199","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":84,"box":{"x":89,"y":599,"width":817,"height":13}},{"id":"35d23a1f-846c-43b4-81ed-5ef10671e197","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":84,"box":{"x":89,"y":615,"width":844,"height":12}},{"id":"09caa1ed-9dbb-468a-8e53-7805bf3a3980","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":84,"box":{"x":89,"y":630,"width":851,"height":12}},{"id":"e5e21aec-969e-46a8-8af5-2edd1779f87e","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":84,"box":{"x":88,"y":645,"width":839,"height":12}},{"id":"351ba9b2-7cd9-47c4-925e-810199019494","block_type":"box","text":"BlackRock.","page_number":84,"box":{"x":89,"y":660,"width":74,"height":10}},{"id":"b8f4bbeb-f0be-4a86-8245-9c43ecf6305c","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":84,"box":{"x":89,"y":686,"width":872,"height":13}},{"id":"4f70e00c-3fb3-4a73-b928-b90434bfdcbc","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":84,"box":{"x":89,"y":702,"width":848,"height":12}},{"id":"482a579f-d049-4b28-85d7-1e848a825317","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":84,"box":{"x":89,"y":717,"width":827,"height":12}},{"id":"09e4f277-e5d5-4f36-93e5-260f6688a48f","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":84,"box":{"x":89,"y":732,"width":847,"height":12}},{"id":"d8cf764b-763c-44fb-9a69-f927dfe4f153","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":84,"box":{"x":89,"y":747,"width":837,"height":12}},{"id":"40324401-c355-493d-b0c0-f6cc8c82147c","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":84,"box":{"x":88,"y":762,"width":857,"height":12}},{"id":"23be22ac-a8af-457e-8f73-a98c8469b357","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":84,"box":{"x":89,"y":777,"width":870,"height":12}},{"id":"c0a236a9-177b-4b15-b32c-737a0d11bb6a","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":84,"box":{"x":89,"y":792,"width":839,"height":13}},{"id":"5a295f29-b7c9-40b5-97aa-da3592a8c656","block_type":"box","text":"transactions with other clients of BlackRock where such other clients have interests adverse to those of the Fund. 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To the extent such transactions are permitted, a Fund will deal with","page_number":84,"box":{"x":88,"y":838,"width":817,"height":12}},{"id":"b193ceb8-5ae2-416b-a96e-d224c533c1c6","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":84,"box":{"x":89,"y":853,"width":248,"height":12}},{"id":"06af2796-3566-4c76-b551-ba8e58ef1134","block_type":"box","text":"69","page_number":84,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5be2a385-61ee-4a7c-a199-51ddc74a7431","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":85,"box":{"x":88,"y":44,"width":801,"height":12}},{"id":"1428a241-5a9e-4406-abae-59d3dc5e06a1","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":85,"box":{"x":89,"y":59,"width":836,"height":12}},{"id":"8182b78d-36b7-4271-a264-0c526102112b","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":85,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"90071b6f-02dd-4524-84c1-a83002870ceb","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":85,"box":{"x":89,"y":89,"width":854,"height":13}},{"id":"c1805698-dd33-4c50-944c-9864dcbff54b","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":85,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"405c6fd9-ac10-4cdc-a104-c67eb8404e7e","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":85,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"08b4650b-c62b-441e-a350-163e10833baf","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":85,"box":{"x":89,"y":135,"width":820,"height":12}},{"id":"a138c76b-0485-4696-9ccd-69d49daf96d8","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":85,"box":{"x":89,"y":150,"width":329,"height":12}},{"id":"fc8f4713-e59b-4b5b-b903-9d0402e65e7f","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":85,"box":{"x":88,"y":176,"width":821,"height":13}},{"id":"6cb9f3b1-f7c9-48cc-bd31-65cd6fccc964","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":85,"box":{"x":89,"y":191,"width":850,"height":13}},{"id":"769f03ed-9657-4b21-91cc-b1a10ef1ec30","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":85,"box":{"x":89,"y":206,"width":874,"height":13}},{"id":"6e21d6a3-7fd4-4291-9c6c-44c5a65bceaa","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":85,"box":{"x":89,"y":222,"width":824,"height":12}},{"id":"3a8a3e1f-9531-4c31-ab3a-9210b9c2f027","block_type":"box","text":"amounts.","page_number":85,"box":{"x":89,"y":238,"width":65,"height":8}},{"id":"eaa5689e-09ed-4c31-bfdb-858f27458fc4","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":85,"box":{"x":88,"y":263,"width":858,"height":12}},{"id":"aef3007c-a8b2-4815-b729-9632221fb56d","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":85,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"a8b9d191-cf1c-4895-962f-0afe1cfbce39","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":85,"box":{"x":89,"y":293,"width":873,"height":13}},{"id":"60665459-e1f9-41b9-ad82-6c9539368c1b","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":85,"box":{"x":89,"y":308,"width":831,"height":13}},{"id":"11587269-b7d7-4433-bc92-00d39d0ee5fa","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":85,"box":{"x":89,"y":324,"width":820,"height":12}},{"id":"ce1e8582-d225-4288-9d4c-151329b57e91","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":85,"box":{"x":89,"y":350,"width":851,"height":12}},{"id":"65b4eedb-0cb6-4d7e-8932-5c1bcc244e80","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":85,"box":{"x":89,"y":365,"width":869,"height":12}},{"id":"4381b348-5359-4265-9cca-771d01ecb07e","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":85,"box":{"x":89,"y":380,"width":850,"height":13}},{"id":"74812c72-f570-410d-84bc-71301f51cc08","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":85,"box":{"x":89,"y":395,"width":872,"height":13}},{"id":"86073f53-a096-44a3-8bc8-82920b6de71a","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":85,"box":{"x":89,"y":410,"width":837,"height":13}},{"id":"c0fe7daf-170c-4dc8-87a3-f2127ba1568a","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":85,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"5fd0a924-d6e4-4c02-8bf7-2eaa979e16db","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":85,"box":{"x":88,"y":441,"width":825,"height":12}},{"id":"d8ba84d9-aeb8-41e9-a2f3-c97d075c6c7d","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":85,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"a03e4abc-eaa0-4dcd-b127-d3cecda62ad6","block_type":"box","text":"allocation.","page_number":85,"box":{"x":89,"y":471,"width":71,"height":10}},{"id":"91652be8-61d2-4be8-84c6-b0ef96919b4a","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":85,"box":{"x":88,"y":497,"width":864,"height":13}},{"id":"d074ae43-fe10-4b2b-972a-d15e53978bc9","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":85,"box":{"x":89,"y":513,"width":880,"height":12}},{"id":"7c2d58af-e321-49df-98f7-3052f368ea21","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":85,"box":{"x":89,"y":528,"width":874,"height":12}},{"id":"a5dcaab9-ecae-403c-aac4-640a635963ad","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":85,"box":{"x":89,"y":543,"width":869,"height":12}},{"id":"d2ba544c-5f35-4862-9738-3c056b0b2c2a","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":85,"box":{"x":89,"y":558,"width":848,"height":12}},{"id":"af4f1d8c-672a-4b08-9835-e6a3be9aeb92","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":85,"box":{"x":89,"y":573,"width":845,"height":12}},{"id":"cd934fdc-5c88-45c6-9a06-b962369adef8","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":85,"box":{"x":89,"y":588,"width":818,"height":12}},{"id":"1576b717-bad6-494d-8268-6a6211103618","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":85,"box":{"x":89,"y":603,"width":865,"height":13}},{"id":"d679bea9-bd83-42a8-b034-a87f0cb93f97","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":85,"box":{"x":89,"y":618,"width":863,"height":13}},{"id":"c583013b-b298-4f07-aadb-fe6a1c2eb933","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":85,"box":{"x":89,"y":633,"width":443,"height":13}},{"id":"994f70d6-6234-45e7-8855-721a26126286","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":85,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"e2ab3a36-6e8c-4ba0-8159-3b57c572b4eb","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":85,"box":{"x":89,"y":675,"width":866,"height":12}},{"id":"9e6404b1-0ec1-465e-ab02-976bed13f0f7","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":85,"box":{"x":89,"y":690,"width":865,"height":13}},{"id":"2c454d7f-c4ba-4b5e-8e36-1865eda4e922","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":85,"box":{"x":89,"y":705,"width":866,"height":13}},{"id":"18655266-7166-47ff-b2ec-91728794bdca","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":85,"box":{"x":89,"y":720,"width":857,"height":13}},{"id":"883a32f7-157f-416c-b210-635d63865075","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":85,"box":{"x":89,"y":736,"width":422,"height":12}},{"id":"2323f134-b452-4885-916a-1dfee2223f96","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":85,"box":{"x":89,"y":762,"width":876,"height":12}},{"id":"b58a7447-77b8-4a7e-9308-606114133cbc","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":85,"box":{"x":89,"y":777,"width":853,"height":12}},{"id":"68b652fa-0d56-4a39-b9e7-561597baa3cc","block_type":"box","text":"(","page_number":85,"box":{"x":89,"y":792,"width":4,"height":13}},{"id":"8bd8b7bb-5d3d-4c11-a3e0-fbc989ac120c","block_type":"box","text":"i.e","page_number":85,"box":{"x":94,"y":793,"width":15,"height":9}},{"id":"c73c0dc8-91eb-4dbd-94f1-bd67c5c45f7d","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":85,"box":{"x":110,"y":792,"width":825,"height":13}},{"id":"f1735df9-b5c1-4807-8721-a9523b8ef32d","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":85,"box":{"x":89,"y":807,"width":799,"height":13}},{"id":"627ff28d-4b48-4d8d-a350-05867ad5c1ff","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":85,"box":{"x":89,"y":822,"width":860,"height":13}},{"id":"6ef07ab9-7359-4fc0-8d75-3a1132f105d3","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":85,"box":{"x":89,"y":838,"width":838,"height":12}},{"id":"f0762262-9a73-456a-a743-0a9f9c842f83","block_type":"box","text":"70","page_number":85,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"05c9ce88-be5c-4f86-89ff-249dfffb6c97","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":86,"box":{"x":89,"y":44,"width":836,"height":12}},{"id":"afb927bc-7242-47ba-9bef-4920aadc1728","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":86,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"1e7adaf2-89fa-4131-a08c-5781240ba0fc","block_type":"box","text":"the firm.","page_number":86,"box":{"x":88,"y":74,"width":59,"height":10}},{"id":"4d717649-abc1-4299-83fc-78d4cc90917c","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":86,"box":{"x":89,"y":101,"width":875,"height":12}},{"id":"f6d5f526-961b-4a93-86b0-d70d5db66091","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":86,"box":{"x":89,"y":116,"width":848,"height":12}},{"id":"92ed0f39-b95d-473d-a913-91f809f37975","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":86,"box":{"x":89,"y":131,"width":868,"height":12}},{"id":"be62ee6b-4d8e-432f-be97-75ac6f8dcbc9","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":86,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"9c4bc92f-a04c-4d89-b9ad-b18b5641a3b5","block_type":"box","text":"required, or in cases involving client direction.","page_number":86,"box":{"x":89,"y":161,"width":318,"height":12}},{"id":"e75b8a50-3433-447a-b230-5f99fb879e31","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":86,"box":{"x":89,"y":188,"width":873,"height":12}},{"id":"40531f9c-311f-48a4-9b26-bfe04e36e7ce","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":86,"box":{"x":89,"y":203,"width":818,"height":12}},{"id":"0cc9e046-7e30-44c1-9e7e-b0b1d0dbcd23","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":86,"box":{"x":89,"y":218,"width":859,"height":12}},{"id":"c7cbd118-87af-425d-9655-8a750c144457","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":86,"box":{"x":88,"y":233,"width":843,"height":12}},{"id":"13f06511-b3a4-4e0a-bb72-e26dde611cd7","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":86,"box":{"x":89,"y":248,"width":470,"height":12}},{"id":"9d535cc0-4d56-4ed6-b48a-70b132e15c1d","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":86,"box":{"x":89,"y":274,"width":847,"height":13}},{"id":"da22e92f-1162-4428-b91a-9e6a9c789d6f","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":86,"box":{"x":89,"y":290,"width":864,"height":12}},{"id":"deed51b3-0345-4b0a-90e4-8b92723ec030","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":86,"box":{"x":89,"y":305,"width":856,"height":12}},{"id":"885fface-a7a4-432b-894f-d26de2e6ee97","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":86,"box":{"x":88,"y":320,"width":844,"height":12}},{"id":"32ed7dbb-66c7-48d5-9f72-5a9e8dd3dbfa","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":86,"box":{"x":89,"y":335,"width":814,"height":12}},{"id":"5d9cd1aa-70ff-4b32-97d8-9025461be4d5","block_type":"box","text":"BlackRock.","page_number":86,"box":{"x":89,"y":350,"width":74,"height":10}},{"id":"d6bc513a-c041-4e82-bab1-99539cbc7caa","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":86,"box":{"x":88,"y":376,"width":879,"height":13}},{"id":"afeae53d-8f90-472a-b9b9-2c7f1bd52b0f","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":86,"box":{"x":89,"y":392,"width":841,"height":12}},{"id":"52ead8ae-de49-49ad-9021-9a757308c1a0","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":86,"box":{"x":89,"y":407,"width":868,"height":12}},{"id":"484849c5-ecf4-49ff-98a8-d74d2a6bd555","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":86,"box":{"x":88,"y":422,"width":868,"height":12}},{"id":"eec31b8d-bff5-4ead-9afc-250fb980aed7","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":86,"box":{"x":89,"y":437,"width":836,"height":12}},{"id":"842f3b88-4014-45dd-984b-e92b623bb20b","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":86,"box":{"x":89,"y":452,"width":815,"height":12}},{"id":"696a716c-8385-4310-a59d-ae06d9c2392e","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":86,"box":{"x":89,"y":479,"width":840,"height":12}},{"id":"68e8e56f-aca3-47cd-8cb1-c3285fde4039","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":86,"box":{"x":89,"y":494,"width":875,"height":12}},{"id":"d26cfb8a-87ed-4804-b5ef-16f442d51c75","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":86,"box":{"x":89,"y":509,"width":839,"height":12}},{"id":"5028d4ab-73cf-4150-a152-730c6dbbf8ca","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":86,"box":{"x":89,"y":524,"width":869,"height":12}},{"id":"952a5194-6172-4a91-8322-fb9d6ffc23bb","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":86,"box":{"x":89,"y":539,"width":863,"height":12}},{"id":"0aef3814-d64f-4e20-8b72-0790e868bfd9","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":86,"box":{"x":89,"y":554,"width":841,"height":12}},{"id":"22bd7e0f-8695-4e36-a136-77f18cfff656","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":86,"box":{"x":89,"y":569,"width":861,"height":13}},{"id":"9ee05932-0c62-437a-a63b-f667a46edcd2","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":86,"box":{"x":89,"y":584,"width":867,"height":13}},{"id":"034b45df-3688-4dc4-ac98-1d801bc4a67d","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":86,"box":{"x":88,"y":599,"width":400,"height":13}},{"id":"42f8bee8-6158-485c-bc34-d593237ab9a1","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":86,"box":{"x":89,"y":626,"width":833,"height":12}},{"id":"9cf926f0-7690-4cb8-9056-27d4f572f4de","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":86,"box":{"x":89,"y":641,"width":827,"height":12}},{"id":"c5eab418-b8db-4dd1-98ef-052f682a9228","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":86,"box":{"x":89,"y":656,"width":845,"height":13}},{"id":"d2ac6fad-f2fc-41e0-b96e-6a499f628457","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":86,"box":{"x":89,"y":671,"width":850,"height":13}},{"id":"00ad3139-0980-43a0-8529-09bbb32aef21","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":86,"box":{"x":89,"y":686,"width":870,"height":13}},{"id":"db578a0a-4147-4eea-afa3-2ac6829627bc","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":86,"box":{"x":89,"y":702,"width":845,"height":12}},{"id":"7e454ea2-d5b4-44ff-ad4e-7a49b81fce5d","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":86,"box":{"x":89,"y":717,"width":825,"height":12}},{"id":"619decae-43a7-4fb4-88e0-4aeba40fff08","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":86,"box":{"x":89,"y":732,"width":361,"height":12}},{"id":"2d66b07f-bec7-4b2e-b38b-e3f9ce021d63","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":86,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"ff707565-215f-4b08-aaee-1e68ab27060f","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":86,"box":{"x":89,"y":773,"width":862,"height":13}},{"id":"c2c836bc-6446-4bae-ac52-cab08ecb4651","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":86,"box":{"x":89,"y":788,"width":845,"height":13}},{"id":"b0988d52-18b5-4357-a592-cd64895b44fc","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":86,"box":{"x":88,"y":804,"width":843,"height":12}},{"id":"9cebfa93-0316-44f0-991c-1309aa846597","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":86,"box":{"x":89,"y":819,"width":845,"height":12}},{"id":"d61aa17c-d221-4be8-a8e2-c01bb80283f3","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":86,"box":{"x":89,"y":834,"width":872,"height":12}},{"id":"c076b841-73bc-4d87-9076-a6dc1c5447bb","block_type":"box","text":"71","page_number":86,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"9db48d1d-043c-4905-9919-3ffaedd9cf3c","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":87,"box":{"x":89,"y":44,"width":805,"height":12}},{"id":"377cbe9e-d7a8-4c47-93ae-07eea290610a","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":87,"box":{"x":89,"y":59,"width":793,"height":12}},{"id":"2d3c7649-fe95-4a4e-90b5-7558edc58a4f","block_type":"box","text":"transactions.","page_number":87,"box":{"x":88,"y":75,"width":90,"height":9}},{"id":"8298aace-efc8-41c8-895d-61c00b31f9ed","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":87,"box":{"x":89,"y":101,"width":821,"height":12}},{"id":"d18f30d5-3105-4f27-b168-d43c852d2a33","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":87,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"b5aef7c5-1b04-4fcb-aeb2-e1c309ff79bb","block_type":"box","text":"for execution of orders placed by BlackRock traders on behalf of client portfolios. 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While BlackRock will generally communicate its valuation information","page_number":87,"box":{"x":89,"y":860,"width":877,"height":13}},{"id":"82c20795-22e7-4097-a217-d539a61009e5","block_type":"box","text":"72","page_number":87,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"773c64dd-3da7-41d9-877b-7b98dc31bda6","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":88,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"8da899c4-23a2-4355-8f41-2109148ea652","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":88,"box":{"x":88,"y":59,"width":821,"height":12}},{"id":"87b1e8c7-8326-42b0-93e3-773d0c422e84","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":88,"box":{"x":89,"y":74,"width":466,"height":12}},{"id":"9033c80c-7125-42cd-8009-0b22ec7f8020","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":88,"box":{"x":88,"y":101,"width":817,"height":12}},{"id":"51bfd8b9-5d53-4c8e-873a-e99915ffa97f","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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When determining a “fair value","page_number":88,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"1f5c125a-f69b-4f40-833a-f34079a617fe","block_type":"box","text":"price,” the 2a-5 Committee seeks to determine the price that a Fund might reasonably expect to receive from the current sale","page_number":88,"box":{"x":89,"y":176,"width":877,"height":13}},{"id":"68b245cb-711e-4ff6-b4dd-65100e326465","block_type":"box","text":"of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what a Fund","page_number":88,"box":{"x":89,"y":191,"width":844,"height":13}},{"id":"3c8cef5a-ec56-4feb-91f9-77767c07d7a3","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":88,"box":{"x":89,"y":206,"width":863,"height":13}},{"id":"1464abf1-f7df-41f1-a80d-7b00792dfb50","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":88,"box":{"x":88,"y":222,"width":835,"height":12}},{"id":"5160214d-9597-49d0-921b-67933ba438c5","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":88,"box":{"x":89,"y":237,"width":845,"height":12}},{"id":"c8e0a12a-f64d-469b-9520-2e8a427b0df4","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":88,"box":{"x":89,"y":252,"width":876,"height":12}},{"id":"47e5d222-f6e4-44d2-b619-fadeb1ab9cfa","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":88,"box":{"x":89,"y":267,"width":842,"height":12}},{"id":"99b8be29-15ae-45c7-94d0-9faaaafe00ce","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of","page_number":88,"box":{"x":89,"y":282,"width":864,"height":12}},{"id":"9cf26176-8094-4ae0-b089-bd3018f80f5d","block_type":"box","text":"its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value, may have the effect of","page_number":88,"box":{"x":89,"y":297,"width":873,"height":12}},{"id":"c6b9fbd8-d95c-45fb-b516-6a07b87e600d","block_type":"box","text":"diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by","page_number":88,"box":{"x":89,"y":312,"width":832,"height":13}},{"id":"3dbedb5e-0881-46e2-94a5-caecb653817e","block_type":"box","text":"BlackRock with respect to services for which it receives an asset-based fee.","page_number":88,"box":{"x":89,"y":327,"width":522,"height":13}},{"id":"3e8ad1c7-092a-4be2-9161-1cd7a46a145f","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in any money","page_number":88,"box":{"x":88,"y":354,"width":847,"height":12}},{"id":"c7d7a997-a0e3-4be6-8d70-28acb626d104","block_type":"box","text":"market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments,","page_number":88,"box":{"x":89,"y":369,"width":870,"height":12}},{"id":"4979ba02-65d8-4f99-ac2d-89b87ccc5b15","block_type":"box","text":"a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of a money market fund or","page_number":88,"box":{"x":89,"y":384,"width":857,"height":12}},{"id":"390c3ec8-81f0-4c1e-8efa-496cde0ff3d7","block_type":"box","text":"other similarly managed private fund in which it invests, which may result in a Fund bearing some additional expenses.","page_number":88,"box":{"x":89,"y":399,"width":831,"height":13}},{"id":"9aff63d0-2e82-4112-9c40-6c9c54029281","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their own accounts","page_number":88,"box":{"x":89,"y":426,"width":866,"height":12}},{"id":"b7ebbaa9-45ea-4cd0-acb7-32381574975d","block_type":"box","text":"and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be","page_number":88,"box":{"x":89,"y":471,"width":872,"height":12}},{"id":"590859b0-c1f6-4c64-9dec-e57c2eccf54e","block_type":"box","text":"adversely affected by this personal trading, the Fund, BRIL and BlackRock each have adopted a Code of Ethics in compliance","page_number":88,"box":{"x":89,"y":486,"width":867,"height":12}},{"id":"7d489b14-1076-44f4-9d77-565584e4236a","block_type":"box","text":"with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment","page_number":88,"box":{"x":88,"y":501,"width":847,"height":13}},{"id":"451b092b-38be-42d6-ad3f-115f7acbbf7c","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":88,"box":{"x":89,"y":516,"width":841,"height":13}},{"id":"2798518a-0ec2-40c2-9032-aca7d6815b8b","block_type":"box","text":"Each Code of Ethics is also available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, and copies","page_number":88,"box":{"x":89,"y":531,"width":851,"height":13}},{"id":"8a751329-b137-4538-9edc-03300999708e","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":88,"box":{"x":89,"y":547,"width":562,"height":12}},{"id":"3701ce17-fc57-46d0-abbb-757963b34ca0","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund, except that the","page_number":88,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"157aca6f-fbde-4e68-b972-4c747f3f79d0","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":88,"box":{"x":89,"y":588,"width":847,"height":12}},{"id":"a1cc6f52-0d89-405d-a599-9605f317e287","block_type":"box","text":"another Fund or accounts that are affiliated with the Fund as a result of common officers, directors, or investment advisers or","page_number":88,"box":{"x":89,"y":603,"width":877,"height":12}},{"id":"b7e98822-a20b-432f-a03d-c9bb70282fad","block_type":"box","text":"pursuant to exemptive orders granted to the Funds and/or BlackRock by the SEC. These transactions would be effected in","page_number":88,"box":{"x":89,"y":618,"width":852,"height":13}},{"id":"09c99c91-a3fd-46f3-96a3-69dc652e01a3","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":88,"box":{"x":89,"y":633,"width":855,"height":13}},{"id":"39b0a270-0e3a-4c62-80d3-90ddb4be4208","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":88,"box":{"x":89,"y":649,"width":846,"height":12}},{"id":"aebaa821-95df-496c-a665-518ec442816b","block_type":"box","text":"same day. From time to time, the activities of a Fund may be restricted because of regulatory requirements applicable to","page_number":88,"box":{"x":89,"y":664,"width":839,"height":12}},{"id":"82992ac1-3324-4a91-9303-c01c5c98caa4","block_type":"box","text":"BlackRock and/or BlackRock’s internal policies designed to comply with, limit the applicability of, or otherwise relate to such","page_number":88,"box":{"x":89,"y":679,"width":870,"height":12}},{"id":"069694f3-4b24-4673-8648-e36e8c4d8d5c","block_type":"box","text":"requirements. A client not advised by BlackRock would not be subject to some of those considerations. There may be periods","page_number":88,"box":{"x":89,"y":694,"width":876,"height":12}},{"id":"5eae7680-4d7a-4aaa-ad25-ce6c5f4031f4","block_type":"box","text":"when BlackRock may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice in","page_number":88,"box":{"x":88,"y":709,"width":864,"height":12}},{"id":"5bd57863-4a2f-4f53-8f41-c549490b3f6f","block_type":"box","text":"certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":88,"box":{"x":89,"y":724,"width":834,"height":13}},{"id":"38dc2502-100c-4cdf-b696-2a99a37770e3","block_type":"box","text":"services or has proprietary positions. 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Similar situations could arise if personnel of","page_number":88,"box":{"x":185,"y":785,"width":735,"height":12}},{"id":"9be18d6d-9bd0-49a9-b48c-b8cb38581db7","block_type":"box","text":"BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if permitted","page_number":88,"box":{"x":89,"y":800,"width":860,"height":12}},{"id":"790972bc-5490-447d-bcaa-90d380e938c3","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":88,"box":{"x":89,"y":815,"width":860,"height":12}},{"id":"c726660c-3082-4255-bd48-69aef05a589a","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":88,"box":{"x":89,"y":830,"width":857,"height":12}},{"id":"105e1c1a-3a4f-4417-969a-12f41e3505ca","block_type":"box","text":"are the subject of an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors","page_number":88,"box":{"x":89,"y":845,"width":863,"height":12}},{"id":"b2fa4b7d-e7cd-4f99-9df9-a6e77920294c","block_type":"box","text":"or officers of the issuer.","page_number":88,"box":{"x":89,"y":860,"width":161,"height":10}},{"id":"f40faa7d-e758-412f-8e96-79ab53b2ab46","block_type":"box","text":"73","page_number":88,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d4b0e2d5-4bc9-4052-a573-dc86be4fcd93","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":89,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"dcf0c88a-c745-4710-b66b-57815934202c","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":89,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"10a283a3-c2f2-4cc7-b184-d981e9fe3a66","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":89,"box":{"x":89,"y":74,"width":829,"height":12}},{"id":"ff6c8b8d-af7e-4b5a-a1f9-c69a90303ccf","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":89,"box":{"x":89,"y":89,"width":834,"height":13}},{"id":"7275950a-d9e3-48a9-9208-57d8933467ee","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":89,"box":{"x":88,"y":104,"width":870,"height":13}},{"id":"9663fd36-645e-4331-9b32-8b874f0b2a05","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":89,"box":{"x":88,"y":119,"width":852,"height":13}},{"id":"df852a79-9f28-477d-914d-6a0ea490fba7","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":89,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"899d6373-d257-48d5-83fc-6881c8306b99","block_type":"box","text":"obligation or other duty to do so.","page_number":89,"box":{"x":89,"y":150,"width":230,"height":12}},{"id":"f3737201-305d-4f44-bddf-b0a59f1ade9e","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":89,"box":{"x":89,"y":176,"width":838,"height":13}},{"id":"365b3915-2ec9-4e74-a90c-9deaad710f43","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":89,"box":{"x":89,"y":191,"width":879,"height":13}},{"id":"250bd0e0-9c4a-43e5-896b-035a999f704f","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":89,"box":{"x":88,"y":206,"width":834,"height":13}},{"id":"b6e24f2f-fdd4-4171-ac44-57e0381fe3a0","block_type":"box","text":"managing portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":89,"box":{"x":89,"y":222,"width":875,"height":12}},{"id":"b8dcb40e-d843-41d5-b223-51b6209d900d","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":89,"box":{"x":89,"y":237,"width":859,"height":12}},{"id":"8b245f96-cc6e-4448-8c79-4dd9aa49008e","block_type":"box","text":"personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information possessed by","page_number":89,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"52e0d21f-ac36-49bf-b50b-ae736937d58c","block_type":"box","text":"such other units. Therefore, BlackRock may not be able to review potential investments for the Funds with the benefit of","page_number":89,"box":{"x":89,"y":267,"width":841,"height":12}},{"id":"32d17ce3-52b6-4ae3-9c6d-4bf3c3c5e497","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":89,"box":{"x":89,"y":282,"width":328,"height":12}},{"id":"34ae7662-5e6f-46bb-ad25-5949f8223dfc","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an information barrier to","page_number":89,"box":{"x":89,"y":308,"width":875,"height":13}},{"id":"7706389d-8e23-414b-8f91-a47ae089b062","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":89,"box":{"x":88,"y":324,"width":862,"height":12}},{"id":"da5ae56b-97d3-4358-a578-02edce9206ca","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":89,"box":{"x":88,"y":339,"width":873,"height":12}},{"id":"c9b2a542-1ceb-4c06-8d74-e4c01c39d5ed","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":89,"box":{"x":88,"y":354,"width":845,"height":12}},{"id":"8cc06c89-a879-471e-8375-27ca02b7e182","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":89,"box":{"x":89,"y":369,"width":840,"height":12}},{"id":"03219589-c72e-4c0e-bac2-cc21141d381a","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":89,"box":{"x":89,"y":384,"width":845,"height":12}},{"id":"95bc373e-6d4c-4a85-bc2d-470148a2115e","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":89,"box":{"x":89,"y":399,"width":800,"height":13}},{"id":"e6d914fe-ab87-4273-ba5b-4e178a51249f","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":89,"box":{"x":89,"y":414,"width":856,"height":13}},{"id":"5348f824-5e8f-4c18-a56a-4d74a681195b","block_type":"box","text":"personnel on the other side of a barrier.","page_number":89,"box":{"x":89,"y":429,"width":274,"height":13}},{"id":"168b6f98-7161-463b-ae3e-ac27a19108d1","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":89,"box":{"x":88,"y":456,"width":861,"height":12}},{"id":"edd2fd4e-b2ba-43cf-b8c0-1334cfb61832","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":89,"box":{"x":88,"y":471,"width":803,"height":12}},{"id":"bed1091e-724c-4ed4-b968-cdd7bf69a037","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":89,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"8e4827e8-52bc-45c9-b6bd-2490612275af","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":89,"box":{"x":89,"y":501,"width":845,"height":13}},{"id":"f10bc8d5-bfaf-4d83-891b-ab01eb5d732a","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":89,"box":{"x":89,"y":516,"width":834,"height":13}},{"id":"35e30ee7-8bf4-4759-a7da-f317226b63cb","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":89,"box":{"x":89,"y":531,"width":811,"height":13}},{"id":"dce627d8-f7ae-4e32-84d7-db3c9eedee32","block_type":"box","text":"e.g","page_number":89,"box":{"x":901,"y":534,"width":21,"height":10}},{"id":"b8f448c5-04f9-407b-9377-ccfa371dd12b","block_type":"box","text":".,","page_number":89,"box":{"x":923,"y":540,"width":6,"height":3}},{"id":"cd803ce8-a077-4bff-87c6-fdd38a2bc6bf","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":89,"box":{"x":89,"y":547,"width":849,"height":12}},{"id":"557381a1-a10d-4621-be61-d3be5dbc8eaa","block_type":"box","text":"ownership restrictions (","page_number":89,"box":{"x":89,"y":562,"width":165,"height":12}},{"id":"b82e8842-9f98-48bf-bf99-3e7c6e886909","block_type":"box","text":"e.g","page_number":89,"box":{"x":255,"y":565,"width":20,"height":9}},{"id":"927caf63-87e9-4871-bf0e-e089b03a3ef3","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":89,"box":{"x":276,"y":562,"width":688,"height":12}},{"id":"6d2d332d-0df6-48e5-a80d-5014e69265e1","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":89,"box":{"x":89,"y":577,"width":857,"height":12}},{"id":"aecadf41-ef0f-4834-80f5-ac81ca6314d8","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":89,"box":{"x":89,"y":592,"width":815,"height":12}},{"id":"6c372794-5374-469e-a794-7c53600ad761","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":89,"box":{"x":89,"y":607,"width":864,"height":12}},{"id":"6760c779-7d3a-4bb9-a60a-6e9e95226daa","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":89,"box":{"x":89,"y":622,"width":846,"height":12}},{"id":"23cc606b-ab9a-4385-bcfb-948c0218d223","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":89,"box":{"x":89,"y":637,"width":813,"height":13}},{"id":"fdb8848b-35b6-457f-a32e-3f6bb5266a92","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":89,"box":{"x":89,"y":652,"width":390,"height":13}},{"id":"3d9eadd2-6eff-4400-9d55-e5dec4ba832e","block_type":"box","text":"e.g","page_number":89,"box":{"x":480,"y":655,"width":20,"height":10}},{"id":"a6108fbc-3c81-40c7-a753-c7d7b07c75a1","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":89,"box":{"x":501,"y":652,"width":451,"height":13}},{"id":"f51871d3-439d-45f6-a89d-2f7fc3bbc2df","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":89,"box":{"x":89,"y":668,"width":854,"height":12}},{"id":"da16ab71-75c3-44c4-b30e-e69181feb378","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":89,"box":{"x":89,"y":683,"width":874,"height":12}},{"id":"8e6f8496-5dce-4d7a-9d3d-a95f88fd22ed","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":89,"box":{"x":89,"y":698,"width":866,"height":12}},{"id":"63f9f464-5905-48e5-a6fe-4d5ab629ec3b","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":89,"box":{"x":89,"y":713,"width":831,"height":12}},{"id":"a5d9cff7-9184-4491-9502-76f84dbbb359","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":89,"box":{"x":89,"y":728,"width":854,"height":12}},{"id":"c29ed9be-d312-4a00-bf85-aba9c8db65b0","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":89,"box":{"x":89,"y":743,"width":547,"height":12}},{"id":"90808970-7862-4f43-b0d6-ecb869d12e84","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":89,"box":{"x":89,"y":770,"width":859,"height":12}},{"id":"a829c965-b2e6-4415-a9c5-e3d7acfc918f","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":89,"box":{"x":89,"y":785,"width":878,"height":12}},{"id":"84750647-d823-4db6-b290-c192d66d06a3","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":89,"box":{"x":89,"y":800,"width":793,"height":12}},{"id":"41c9e2ee-9311-43bf-a6b2-b96c3860d682","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":89,"box":{"x":89,"y":815,"width":828,"height":12}},{"id":"a465e8a9-2965-4d1a-8703-8b5f22482e17","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":89,"box":{"x":89,"y":830,"width":852,"height":12}},{"id":"6b8d737c-f618-470d-922b-baa76c1c8592","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":89,"box":{"x":89,"y":845,"width":877,"height":12}},{"id":"b5ecaf1b-cf04-4261-a514-15a66cd2a041","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":89,"box":{"x":89,"y":860,"width":810,"height":13}},{"id":"c162f771-b0f2-4beb-830b-f7426a3d011b","block_type":"box","text":"74","page_number":89,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d9bc673f-fa50-4f82-8bd4-ccd2dd761f1b","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":90,"box":{"x":89,"y":44,"width":835,"height":12}},{"id":"51ce9e6c-6cc6-44a0-8744-6f041ee083e8","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":90,"box":{"x":89,"y":59,"width":841,"height":12}},{"id":"238a083d-40c2-473e-b509-827fdd464c21","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":90,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"28e7b7c5-90a5-48bd-a5ff-e4e76424d577","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":90,"box":{"x":88,"y":89,"width":876,"height":13}},{"id":"915b9e85-1a3f-4b13-b6fa-03ede008686d","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":90,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"e6fc51b5-5542-4c28-8497-f6e76e51e16a","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":90,"box":{"x":88,"y":119,"width":812,"height":13}},{"id":"68b042c4-02fb-4953-8cb6-93f80bd7c640","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":90,"box":{"x":88,"y":146,"width":867,"height":12}},{"id":"6205f7b8-7baf-43b4-a63a-363b92b1a179","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":90,"box":{"x":88,"y":161,"width":840,"height":12}},{"id":"2d4f5f4f-59c9-44e4-887b-a8610e23ae89","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":90,"box":{"x":89,"y":176,"width":868,"height":13}},{"id":"0201f4fb-44fc-4dff-adf2-0af8d578d67c","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":90,"box":{"x":89,"y":191,"width":829,"height":13}},{"id":"4c217bd6-dccb-4267-8a57-6998f8a77473","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":90,"box":{"x":89,"y":206,"width":876,"height":13}},{"id":"9a8cc85e-231a-4baf-9920-70c70730cc15","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":90,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"1585bacc-d954-481e-bc99-865fae7c4862","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":90,"box":{"x":89,"y":237,"width":879,"height":12}},{"id":"2fae0ab8-472c-42fe-a211-0c3315ff738a","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":90,"box":{"x":89,"y":252,"width":863,"height":12}},{"id":"9cc537c6-76a5-4e9d-b890-392156411774","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":90,"box":{"x":89,"y":267,"width":874,"height":12}},{"id":"72897feb-5282-4c5a-b313-7bf0e76be277","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":90,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"b1c2f2ff-fb47-436c-9118-435a781f485e","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":90,"box":{"x":88,"y":297,"width":875,"height":12}},{"id":"fdc907ed-6b70-4d5a-a747-61b8110dd58a","block_type":"box","text":"purchases of Creation Units of such Fund. 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In these cases, the","page_number":90,"box":{"x":89,"y":342,"width":817,"height":13}},{"id":"8b80f7d2-ee15-4571-96d3-7df10010fab4","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":90,"box":{"x":89,"y":358,"width":613,"height":12}},{"id":"be65ee92-8000-456e-8f7d-abf1dbd33ee7","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":90,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"fa59adec-1fad-4e96-a29a-6f976e8af217","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":90,"box":{"x":89,"y":399,"width":814,"height":13}},{"id":"0d015a1b-ab34-4d93-b881-ea4261ec6ce3","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":90,"box":{"x":89,"y":414,"width":481,"height":13}},{"id":"0a9cca83-9726-478d-858f-c0bc2799dc9e","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":90,"box":{"x":89,"y":441,"width":872,"height":12}},{"id":"18be7f75-72dc-4e0a-8ce4-34bd5b589e47","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":90,"box":{"x":89,"y":456,"width":878,"height":12}},{"id":"a73cf45c-766f-40f3-a2ae-3373aa4c0a44","block_type":"box","text":"to such security or asset.","page_number":90,"box":{"x":88,"y":471,"width":174,"height":12}},{"id":"9a5835d2-e493-4ada-842b-dbe811720e54","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":90,"box":{"x":89,"y":497,"width":710,"height":13}},{"id":"e011d067-d7b7-42cd-bcfb-f72f8ba3c77b","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":90,"box":{"x":89,"y":524,"width":868,"height":12}},{"id":"e42657e1-c61e-49e0-a797-7783897b3991","block_type":"box","text":"processing, Authorized Participant communications, and related services in connection with the issuance and redemption of","page_number":90,"box":{"x":89,"y":539,"width":873,"height":12}},{"id":"72c3cb78-1ba9-4c79-96f8-e2ecb4cd56bb","block_type":"box","text":"Creation Units of the Funds (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide","page_number":90,"box":{"x":89,"y":554,"width":838,"height":12}},{"id":"f6a3a959-bdcc-4184-a04c-381ee50ecbe4","block_type":"box","text":"certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each","page_number":90,"box":{"x":89,"y":569,"width":845,"height":13}},{"id":"9d1b4ac4-1322-4ebb-a28b-39320a9e0a0a","block_type":"box","text":"creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and","page_number":90,"box":{"x":89,"y":584,"width":876,"height":13}},{"id":"48fb4b7e-ee3c-456d-b11e-10d1b891d783","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":90,"box":{"x":89,"y":599,"width":875,"height":13}},{"id":"d43b15dd-7e9c-42cb-bb7c-910827a570aa","block_type":"box","text":"time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":90,"box":{"x":88,"y":615,"width":709,"height":12}},{"id":"ec6a810a-7e23-4eab-a8f6-58bc1e3cb00f","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Funds may collect certain fees","page_number":90,"box":{"x":89,"y":641,"width":867,"height":12}},{"id":"3828f85a-3765-455c-8b57-49366a3237ab","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. While","page_number":90,"box":{"x":88,"y":656,"width":809,"height":13}},{"id":"e0a3b6bf-755d-43f5-9efa-5b70d9263e3a","block_type":"box","text":"BlackRock uses good faith estimates of the expected costs to the Funds in determining the rates for fees collected by the","page_number":90,"box":{"x":89,"y":671,"width":844,"height":13}},{"id":"7ebe8b52-6b11-4ed6-b7ff-48e547ebc574","block_type":"box","text":"Funds related to creation and redemption activity, BlackRock may have incentives to improve Fund performance through the","page_number":90,"box":{"x":89,"y":686,"width":871,"height":13}},{"id":"52cb4904-820b-4dff-b8b2-8477788338b9","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":90,"box":{"x":89,"y":702,"width":870,"height":12}},{"id":"ac7e87a7-b4c0-4c14-bbc6-c0ad521561b4","block_type":"box","text":"and/or expenses incurred by a Fund, Fund performance could improve as a result. BlackRock has established processes to","page_number":90,"box":{"x":89,"y":717,"width":855,"height":12}},{"id":"00f52b8d-dd53-4d64-ad55-519b61b5166c","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":90,"box":{"x":89,"y":732,"width":566,"height":12}},{"id":"1bed634c-7e79-4695-b502-a365f537bc6f","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":90,"box":{"x":89,"y":758,"width":877,"height":13}},{"id":"9b96ebf7-8adc-4ba9-8b81-c674df3d9825","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":90,"box":{"x":89,"y":773,"width":859,"height":13}},{"id":"dd48c1fd-cfa0-49c8-9829-cf536abe0cf8","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":90,"box":{"x":89,"y":788,"width":861,"height":13}},{"id":"8c046012-71b6-4f6d-ab7f-527f75ca3dcc","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":90,"box":{"x":89,"y":804,"width":859,"height":12}},{"id":"d8c549ee-5629-4cbf-aa76-56f49be1625f","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":90,"box":{"x":89,"y":819,"width":856,"height":12}},{"id":"3225025e-9572-4e7e-9848-8f89487fc982","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":90,"box":{"x":89,"y":834,"width":846,"height":12}},{"id":"82e456bb-9bdd-4378-9975-2caf6dee21ee","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":90,"box":{"x":89,"y":849,"width":867,"height":12}},{"id":"aa913357-accf-48fc-8750-f3c568450fcf","block_type":"box","text":"75","page_number":90,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4c0ea4b9-9997-45ea-82af-461051845dff","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":91,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"eb643e2b-de34-4b02-9f86-b48be0fb69f0","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":91,"box":{"x":88,"y":59,"width":876,"height":12}},{"id":"cc2a2783-06ee-4171-9b0d-3ece2c18266d","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":91,"box":{"x":89,"y":85,"width":681,"height":13}},{"id":"ede892b2-b92f-4f64-a62a-db9ec88f06f3","block_type":"box","text":"e.g","page_number":91,"box":{"x":771,"y":89,"width":20,"height":9}},{"id":"3440bcef-2748-4074-80db-5c6532fee5e0","block_type":"box","text":"., custodians,","page_number":91,"box":{"x":793,"y":85,"width":90,"height":12}},{"id":"04fffd97-a087-415b-8ff1-f5b8db0c8135","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":91,"box":{"x":89,"y":101,"width":846,"height":12}},{"id":"1cd9bd4c-c45e-41dd-8032-b79563fbc03e","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":91,"box":{"x":89,"y":116,"width":853,"height":12}},{"id":"237f5307-b200-4e44-b4db-3e818765d020","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":91,"box":{"x":89,"y":131,"width":858,"height":12}},{"id":"7fc083be-e9b4-4124-a9dd-8e05dfb9861b","block_type":"box","text":"with respect to a Fund. To the extent that BlackRock is responsible for paying service providers out of its fees that it receives","page_number":91,"box":{"x":88,"y":146,"width":866,"height":12}},{"id":"bf92f22e-b6ab-4cd0-9e8d-a308f93e1005","block_type":"box","text":"from the Funds, the benefits of lower fees, including any fee discounts or concessions, or any additional savings, may accrue,","page_number":91,"box":{"x":88,"y":161,"width":875,"height":12}},{"id":"2eac4ced-de3f-4612-8205-9bc8c2d73112","block_type":"box","text":"in whole or in part, to BlackRock, which could result in conflicts of interest relating to the use or termination of service","page_number":91,"box":{"x":89,"y":176,"width":825,"height":13}},{"id":"bd816dff-92c2-4b40-9428-6784be0eaae2","block_type":"box","text":"providers to a Fund. In addition, conflicts of interest may arise with respect to contractual arrangements with third-party","page_number":91,"box":{"x":89,"y":191,"width":843,"height":13}},{"id":"21c73a6e-ea92-4eea-bae5-19792c97762b","block_type":"box","text":"service providers to a Fund, or the selection of such providers, particularly in circumstances where BlackRock is negotiating","page_number":91,"box":{"x":89,"y":206,"width":861,"height":13}},{"id":"600c75f7-6ee6-4094-9073-41d85ffd38a3","block_type":"box","text":"on behalf of both funds that have a unitary management fee and those that do not or different service providers have","page_number":91,"box":{"x":89,"y":222,"width":819,"height":12}},{"id":"6ca97efe-49a7-4737-a68c-52c80ec58291","block_type":"box","text":"different fee structures.","page_number":91,"box":{"x":89,"y":237,"width":161,"height":9}},{"id":"20a644e3-7756-48b9-80ad-4ec6df7a2c29","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts by the","page_number":91,"box":{"x":89,"y":263,"width":817,"height":12}},{"id":"200383c9-da47-4515-bcfd-dd943560ada4","block_type":"box","text":"BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the appearance of","page_number":91,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"cbb81bac-d4e4-496f-bbd9-f50e427680d6","block_type":"box","text":"actual or potential conflicts of interest because such differences could create pecuniary incentives for BlackRock to favor one","page_number":91,"box":{"x":89,"y":293,"width":872,"height":13}},{"id":"0c5ca063-88ed-4e84-83d2-cc01695758d4","block_type":"box","text":"client account over another.","page_number":91,"box":{"x":89,"y":308,"width":194,"height":10}},{"id":"b7601b45-b989-46a0-8419-ebbdb1d91fc3","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/ or information","page_number":91,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"1db872fa-3cae-4a05-bde2-edf9ce7a6f93","block_type":"box","text":"systems used by Fund service providers. These systems are, or will be, used by a Fund service provider in connection with the","page_number":91,"box":{"x":89,"y":350,"width":876,"height":12}},{"id":"e1c8dd9c-06e9-401b-a2f9-95923a4dc9d9","block_type":"box","text":"provision of services to accounts managed by BlackRock and funds managed and sponsored by BlackRock, including the","page_number":91,"box":{"x":89,"y":365,"width":845,"height":12}},{"id":"4c003102-629d-4f1e-9c33-70d32d09079f","block_type":"box","text":"Funds, that engage the service provider (typically the custodian). A Fund’s service provider remunerates BlackRock for the","page_number":91,"box":{"x":89,"y":380,"width":854,"height":13}},{"id":"bf4813e8-b016-4364-b8a1-29240f1d6ae7","block_type":"box","text":"use of the systems. A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":91,"box":{"x":89,"y":395,"width":808,"height":13}},{"id":"aacf0ce0-30b7-4c88-9662-ef653d7fbd7f","block_type":"box","text":"profitability of BlackRock.","page_number":91,"box":{"x":89,"y":410,"width":176,"height":13}},{"id":"855d9bfd-d443-44d5-b00d-6f5b21114569","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock may create","page_number":91,"box":{"x":89,"y":437,"width":863,"height":12}},{"id":"d3a3e82f-77e7-4fd0-a7f9-cb0f90c62f62","block_type":"box","text":"an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service provider.","page_number":91,"box":{"x":89,"y":452,"width":810,"height":12}},{"id":"44bb3724-6c1a-4795-98aa-ac8b07bf7601","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":91,"box":{"x":89,"y":479,"width":861,"height":12}},{"id":"f2ec2e66-af49-494f-a4f3-eedc99948e26","block_type":"box","text":"for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses","page_number":91,"box":{"x":88,"y":494,"width":845,"height":12}},{"id":"4e50249c-2f4d-4046-a93a-b67e323726a2","block_type":"box","text":"applicable to such client’s investment in a Fund.","page_number":91,"box":{"x":89,"y":509,"width":334,"height":12}},{"id":"7a037102-2e0a-4fe3-a561-1559fde7278d","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those described in this","page_number":91,"box":{"x":89,"y":535,"width":838,"height":13}},{"id":"eed50421-0541-4c21-8f11-b420529a4a61","block_type":"box","text":"section, may give rise to additional conflicts of interest.","page_number":91,"box":{"x":89,"y":550,"width":383,"height":13}},{"id":"668c245f-d29f-4a23-ab3d-214d32ae7c52","block_type":"box","text":"Investment Advisory, Administrative and","page_number":91,"box":{"x":91,"y":581,"width":676,"height":30}},{"id":"a2b18cab-2eae-468d-b508-41044fa9046f","block_type":"box","text":"Distribution Services","page_number":91,"box":{"x":91,"y":611,"width":343,"height":24}},{"id":"e7c80bb0-2aaa-41ba-bdd3-6550aece6241","block_type":"box","text":"Investment Adviser.","page_number":91,"box":{"x":89,"y":652,"width":141,"height":10}},{"id":"5a6a4ef8-6d85-4197-9729-0f7114c76497","block_type":"box","text":"BFA serves as investment adviser to each Fund pursuant to an investment advisory agreement between","page_number":91,"box":{"x":240,"y":652,"width":722,"height":13}},{"id":"8f515274-3a4c-4cb3-aec6-f947b5cb5f9f","block_type":"box","text":"the Trust, on behalf of each Fund, and BFA. BFA is a California corporation and a consolidated subsidiary of BlackRock, Inc.","page_number":91,"box":{"x":88,"y":668,"width":857,"height":12}},{"id":"115b9145-fdf7-46dd-b3ec-726d00e4fa72","block_type":"box","text":"and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the investment","page_number":91,"box":{"x":89,"y":683,"width":850,"height":12}},{"id":"7c462f6b-457a-4e64-9c6e-7ee8d9731b5e","block_type":"box","text":"advisory agreement, BFA, subject to the supervision of the Board and in conformity with the stated investment policies of","page_number":91,"box":{"x":89,"y":698,"width":849,"height":12}},{"id":"569039df-b614-4b8a-9f08-03df4d3cffca","block_type":"box","text":"each Fund, manages and administers the Trust and the investment of each Fund’s assets. BFA is responsible for placing","page_number":91,"box":{"x":89,"y":713,"width":835,"height":12}},{"id":"ab95b2d6-eecd-4ee0-89ab-f0546dcc64c4","block_type":"box","text":"purchase and sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":91,"box":{"x":89,"y":728,"width":734,"height":12}},{"id":"7e79c992-77d0-4548-94ca-c739f84f531f","block_type":"box","text":"Pursuant to the investment advisory agreement, BFA may, from time to time, in its sole discretion and to the extent permitted","page_number":91,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"8b9030d2-37ad-4b61-ae26-71c0ebe3f107","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":91,"box":{"x":89,"y":770,"width":851,"height":12}},{"id":"57ed6082-26fa-4f12-920b-93c014d55354","block_type":"box","text":"advisory or other services with respect to a Fund. In addition, BFA may delegate certain of its investment advisory functions","page_number":91,"box":{"x":89,"y":785,"width":863,"height":12}},{"id":"d84daaa3-1491-4d93-8aaf-4460f39ca491","block_type":"box","text":"under the investment advisory agreement to one or more of its affiliates to the extent permitted by applicable law. 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in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029.","page_number":95,"box":{"x":132,"y":45,"width":826,"height":9}},{"id":"49e99a91-3ab2-4924-a484-adc5f8703505","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":57,"width":702,"height":10}},{"id":"038f6750-c104-4531-95eb-a1dbfe67aecf","block_type":"box","text":"12","page_number":95,"box":{"x":118,"y":71,"width":9,"height":5}},{"id":"bdee8681-8d25-4b87-9390-9562ba131566","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":72,"width":830,"height":10}},{"id":"58a7b903-79c4-4f3b-8a69-c95fabbafb63","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030.","page_number":95,"box":{"x":132,"y":85,"width":826,"height":10}},{"id":"35ad57d3-df31-4825-913e-edef53c22ec9","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":97,"width":702,"height":10}},{"id":"2d6090c0-4b71-4ce4-b810-14948f1bfca9","block_type":"box","text":"13","page_number":95,"box":{"x":118,"y":112,"width":9,"height":4}},{"id":"e2ed15e1-e8b4-433a-95ce-f8982cc2f814","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":113,"width":830,"height":9}},{"id":"9d0251af-c112-4f30-92fa-3832374097ce","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2031.","page_number":95,"box":{"x":132,"y":125,"width":825,"height":10}},{"id":"de1bd391-28e9-40a4-8f0b-ef4849c3cc03","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":138,"width":702,"height":10}},{"id":"d7ae5f60-40af-4c2a-8d2d-66a74f7e8b3d","block_type":"box","text":"14","page_number":95,"box":{"x":118,"y":152,"width":9,"height":4}},{"id":"d19e9aee-0dae-431f-9d9c-dd42b71c22e6","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":153,"width":830,"height":10}},{"id":"3e7803e3-1974-435d-8658-e6a3d84f54eb","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2032.","page_number":95,"box":{"x":132,"y":165,"width":825,"height":10}},{"id":"7f35a109-4944-4348-aae2-1962b1c945dc","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":178,"width":702,"height":10}},{"id":"ab2e2a13-3b5d-4c91-8769-31a87dc7a680","block_type":"box","text":"15","page_number":95,"box":{"x":118,"y":192,"width":9,"height":5}},{"id":"c700846a-6d01-46f9-b250-e0e7bd1ccd12","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":193,"width":830,"height":10}},{"id":"0e003a48-3f05-4a72-9630-664eb58b3b12","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2033.","page_number":95,"box":{"x":132,"y":206,"width":826,"height":10}},{"id":"2b76ad37-a243-46f8-ab9e-e36029110afa","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":218,"width":702,"height":10}},{"id":"7f57e284-f7cb-4dc7-bbf9-3bd7e118ca12","block_type":"box","text":"16","page_number":95,"box":{"x":118,"y":233,"width":9,"height":4}},{"id":"17e957b3-9947-42a5-ad00-f89174187631","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":234,"width":830,"height":9}},{"id":"2e9f1e03-6c06-49ec-8a2a-80d509c34351","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2034.","page_number":95,"box":{"x":132,"y":246,"width":826,"height":10}},{"id":"e40199dd-fbd2-401f-9a85-03c8536071b6","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":259,"width":702,"height":10}},{"id":"05aea4ab-b794-4352-8e27-86f8a5bbb71f","block_type":"box","text":"17","page_number":95,"box":{"x":118,"y":273,"width":9,"height":4}},{"id":"3c8bcbfd-bfb3-4884-b50c-89e8222b0ee9","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":274,"width":830,"height":10}},{"id":"769a8ec0-9f62-44fd-9ade-045704a9136b","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2035.","page_number":95,"box":{"x":132,"y":286,"width":825,"height":10}},{"id":"71a9fae3-7a27-4ac1-95ff-7a2793ab0c99","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":299,"width":702,"height":10}},{"id":"163a9a5d-5bad-4f71-b751-3e87d15c6810","block_type":"box","text":"18","page_number":95,"box":{"x":118,"y":313,"width":9,"height":5}},{"id":"d9de1300-9cad-4596-b462-664ea439380b","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":314,"width":830,"height":10}},{"id":"6c6ffde3-d548-4398-8a52-84f798efe92f","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026.","page_number":95,"box":{"x":132,"y":327,"width":826,"height":10}},{"id":"ddf4e10a-6e57-4cd1-860a-7a66c41fdba9","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":339,"width":702,"height":10}},{"id":"2cfccb99-3b7a-45c1-a452-0bffecc3aa33","block_type":"box","text":"19","page_number":95,"box":{"x":118,"y":354,"width":9,"height":4}},{"id":"61cb164d-3a00-4ed8-be62-047accac6139","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":354,"width":830,"height":10}},{"id":"bc3b6a87-889b-48c5-8349-aa736490810c","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027.","page_number":95,"box":{"x":132,"y":367,"width":824,"height":10}},{"id":"ade8d36e-d23e-4024-84d5-4a501a589e16","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":380,"width":702,"height":10}},{"id":"07f8946a-a07f-4db2-b951-e3c138cb5353","block_type":"box","text":"20","page_number":95,"box":{"x":118,"y":394,"width":9,"height":4}},{"id":"4e609740-c6da-482f-9309-0f0817c6e61d","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":395,"width":830,"height":10}},{"id":"7dcbe01a-0c06-4173-b7e1-186c699eb185","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028.","page_number":95,"box":{"x":132,"y":407,"width":826,"height":10}},{"id":"837a9572-419d-44d4-9d62-f57895ec28e3","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":420,"width":702,"height":10}},{"id":"cf86c827-3887-455c-8b72-05173ec7be48","block_type":"box","text":"21","page_number":95,"box":{"x":118,"y":434,"width":8,"height":5}},{"id":"a94df7d7-0370-49d4-a18d-624de0d0cf38","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":435,"width":830,"height":10}},{"id":"1869b887-bc88-451f-b333-0c42a3b54ce4","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029.","page_number":95,"box":{"x":132,"y":448,"width":826,"height":10}},{"id":"955e0041-f0e6-45b5-8610-1f5d402565c7","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":460,"width":702,"height":10}},{"id":"14d482a3-6b4d-4787-9a50-8dbe6f4bd0aa","block_type":"box","text":"22","page_number":95,"box":{"x":118,"y":474,"width":10,"height":5}},{"id":"283b85d3-6f25-4240-adac-a0254edfbf0c","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":475,"width":830,"height":10}},{"id":"ed74a226-a185-4fbe-8361-5aee35183e5d","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030.","page_number":95,"box":{"x":132,"y":488,"width":826,"height":10}},{"id":"799ae5d1-68d5-46f7-be78-85546cb0e7e2","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":501,"width":702,"height":9}},{"id":"2b746840-f3e3-45c3-bfb9-48842a65f869","block_type":"box","text":"23","page_number":95,"box":{"x":118,"y":515,"width":10,"height":4}},{"id":"05a89367-b8a6-4730-936c-723fa60ed8a8","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":516,"width":830,"height":10}},{"id":"74bb50b0-72d2-414c-b653-32ee9d24da9b","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2031.","page_number":95,"box":{"x":132,"y":528,"width":825,"height":10}},{"id":"c346646a-78c1-4e05-87c0-0568622e1640","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":541,"width":702,"height":10}},{"id":"8234bcc8-96f7-4861-8108-04bd47f057c2","block_type":"box","text":"24","page_number":95,"box":{"x":118,"y":555,"width":9,"height":5}},{"id":"88011417-a82a-4c5a-9e3b-596c82a06e92","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":556,"width":830,"height":10}},{"id":"a97194c8-c401-4312-8975-e5602523efa8","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2032.","page_number":95,"box":{"x":132,"y":569,"width":825,"height":10}},{"id":"fe7296cf-596d-4071-8459-d2a78f451d87","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":581,"width":702,"height":10}},{"id":"e760392f-a00f-4cb3-bcb8-6a7e70861f20","block_type":"box","text":"25","page_number":95,"box":{"x":118,"y":595,"width":9,"height":5}},{"id":"624b3aab-eedd-4ad1-8f8e-49422d6f8331","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":596,"width":830,"height":10}},{"id":"58a78340-47e9-4a8e-9514-d2bb10dbf4d8","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2033.","page_number":95,"box":{"x":132,"y":609,"width":826,"height":10}},{"id":"4a72eb5f-776e-44d7-abe8-e65d1c86f709","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":622,"width":702,"height":9}},{"id":"bcfbbb82-90e3-4e05-b306-ffd7d4d3a1fa","block_type":"box","text":"26","page_number":95,"box":{"x":118,"y":636,"width":10,"height":4}},{"id":"79881d97-7c22-4eb9-aba6-0b07dba7f8ba","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":637,"width":830,"height":10}},{"id":"f879a308-df63-4c2d-8794-362a55e6a71b","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2034.","page_number":95,"box":{"x":132,"y":649,"width":826,"height":10}},{"id":"5e2cf303-3e9e-40d8-a97e-e82a8f009452","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":662,"width":702,"height":10}},{"id":"4c5bb66c-4c8a-4388-932b-bd7f76a7fe59","block_type":"box","text":"27","page_number":95,"box":{"x":118,"y":676,"width":9,"height":5}},{"id":"afeded58-77c9-4515-82b4-0273560fdd8f","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":677,"width":830,"height":10}},{"id":"e388ca0a-2b02-4611-a9e8-c415a88b020f","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2035.","page_number":95,"box":{"x":132,"y":690,"width":825,"height":9}},{"id":"d2414679-0add-4f39-b551-68fca261458d","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":702,"width":702,"height":10}},{"id":"10426e35-6b63-43ae-b650-b73e3335c3ad","block_type":"box","text":"28","page_number":95,"box":{"x":118,"y":716,"width":10,"height":5}},{"id":"315bf1c6-6997-4308-8ccb-861f4b35542c","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":717,"width":830,"height":10}},{"id":"55040831-b3c9-4374-a21b-bbbb74f6d3ea","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2044.","page_number":95,"box":{"x":132,"y":730,"width":827,"height":10}},{"id":"3715c9ce-29e5-496e-8ba5-352f6583971c","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":742,"width":702,"height":10}},{"id":"dd551369-42e8-46a1-8b2c-ff715a8a3c93","block_type":"box","text":"29","page_number":95,"box":{"x":118,"y":757,"width":10,"height":4}},{"id":"7afaf319-8ce6-4b42-a6f2-c3ea0b35b9aa","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":758,"width":830,"height":9}},{"id":"65799e1e-0e03-404d-8c75-0097b42b203f","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2045.","page_number":95,"box":{"x":132,"y":770,"width":826,"height":10}},{"id":"835e611c-ffa7-4391-98de-39808c9e0fb6","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":783,"width":702,"height":10}},{"id":"44341e2f-797c-4d65-b8fd-d48db6d2e5e2","block_type":"box","text":"30","page_number":95,"box":{"x":118,"y":797,"width":10,"height":5}},{"id":"18828326-338f-4b9d-9a75-44262a65d1aa","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":798,"width":830,"height":10}},{"id":"98533ffc-9f26-4a50-96ab-c6beb01a02d9","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2054.","page_number":95,"box":{"x":132,"y":811,"width":826,"height":9}},{"id":"cbb729d9-09ba-46d0-b082-082432e07c04","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":823,"width":702,"height":10}},{"id":"213b3000-f341-4cfb-b7ad-f929457b9efd","block_type":"box","text":"31","page_number":95,"box":{"x":118,"y":837,"width":8,"height":5}},{"id":"517d7780-35ec-488d-8e41-767368dfc90c","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":133,"y":838,"width":830,"height":10}},{"id":"92d563b0-bcfb-4e07-a8d9-58eea254cb3f","block_type":"box","text":"to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2055.","page_number":95,"box":{"x":132,"y":851,"width":826,"height":10}},{"id":"146bf3bb-9afe-495f-b03e-22fb7be8abce","block_type":"box","text":"The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":132,"y":863,"width":702,"height":10}},{"id":"e214a364-28d3-499e-8f91-cadc8e823bca","block_type":"box","text":"80","page_number":95,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8476105c-9517-4362-8512-fc2c806b3e3d","block_type":"box","text":"The investment advisory agreement with respect to each Fund continues in effect for two years from its effective date, and","page_number":96,"box":{"x":88,"y":44,"width":858,"height":12}},{"id":"20a88fc3-734a-4b51-a934-b39517621745","block_type":"box","text":"thereafter is subject to annual approval by (i) the Board, or (ii) the vote of a majority of the outstanding voting securities (as","page_number":96,"box":{"x":88,"y":59,"width":864,"height":12}},{"id":"363ed34f-d811-4779-8835-691b10654a90","block_type":"box","text":"defined in the 1940 Act) of the applicable Fund, provided that in either event such continuance also is approved by a majority","page_number":96,"box":{"x":89,"y":74,"width":877,"height":12}},{"id":"128879ec-d9f8-4c3e-8972-0f2041710a96","block_type":"box","text":"of the Board members who are not interested persons (as defined in the 1940 Act) of the applicable Fund, by a vote cast in","page_number":96,"box":{"x":89,"y":89,"width":858,"height":13}},{"id":"22b8bfae-ef68-4df7-a0fc-9f07e61eb193","block_type":"box","text":"person at a meeting called for the purpose of voting on such approval.","page_number":96,"box":{"x":89,"y":104,"width":491,"height":13}},{"id":"87ce4433-1b5d-4714-b924-f815173a69e3","block_type":"box","text":"The investment advisory agreement with respect to each Fund is terminable without penalty, on 60 days’ notice, by the Board","page_number":96,"box":{"x":88,"y":131,"width":879,"height":12}},{"id":"3a79d5cb-05f9-4bb9-9dd4-58c744d3d890","block_type":"box","text":"or by a vote of the holders of a majority of the applicable Fund’s outstanding voting securities (as defined in the 1940 Act).","page_number":96,"box":{"x":89,"y":146,"width":858,"height":12}},{"id":"60861923-ef53-48d1-b281-3b5c563e4298","block_type":"box","text":"The investment advisory agreement is also terminable upon 60 days’ notice by BFA and will terminate automatically in the","page_number":96,"box":{"x":88,"y":161,"width":856,"height":12}},{"id":"f3f9b464-23bd-49a5-b231-187878c43f2b","block_type":"box","text":"event of its assignment (as defined in the 1940 Act).","page_number":96,"box":{"x":89,"y":176,"width":365,"height":13}},{"id":"d7dae798-f72a-487c-8faa-112246dfa54e","block_type":"box","text":"Portfolio Managers.","page_number":96,"box":{"x":89,"y":203,"width":141,"height":12}},{"id":"7e89ceae-241d-4f77-856f-dca5be7c6bcb","block_type":"box","text":"As of October 31, 2025, the individuals named as Portfolio Managers in each Fund’s Prospectus were","page_number":96,"box":{"x":243,"y":203,"width":706,"height":12}},{"id":"069d3c30-a8d5-4d06-9787-4793a148440d","block_type":"box","text":"also primarily responsible for the day-to-day management of other iShares funds and certain other types of portfolios and/or","page_number":96,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"49eea9b8-d097-4d3e-af78-cadd5912ac28","block_type":"box","text":"accounts as follows:","page_number":96,"box":{"x":89,"y":233,"width":140,"height":10}},{"id":"84a55807-7c1f-4257-b13d-e1af2aa66c9a","block_type":"box","text":"Jonathan Graves*","page_number":96,"box":{"x":88,"y":262,"width":126,"height":11}},{"id":"5bc89dfd-4831-4e4c-a60b-684098ad35d5","block_type":"box","text":"Types of Accounts","page_number":96,"box":{"x":88,"y":279,"width":107,"height":10}},{"id":"ccd6bc80-bd57-43f8-b699-69100d4b55cc","block_type":"box","text":"Number Total Assets","page_number":96,"box":{"x":677,"y":279,"width":263,"height":8}},{"id":"2e3fc3ed-c836-44ce-a7cf-dc1a77059dd4","block_type":"box","text":"Registered Investment Companies 86 $791,724,000,000","page_number":96,"box":{"x":89,"y":300,"width":879,"height":12}},{"id":"5d02778d-c4f4-4475-8d24-b471491490ed","block_type":"box","text":"Other Pooled Investment Vehicles 53 31,231,000,000","page_number":96,"box":{"x":89,"y":315,"width":879,"height":11}},{"id":"c6d66015-46be-4e8d-b8ff-5870dd37056d","block_type":"box","text":"Other Accounts 9 3,504,000,000","page_number":96,"box":{"x":89,"y":330,"width":879,"height":11}},{"id":"fb8e8d73-82b0-42ee-bbb3-2add93c01310","block_type":"box","text":"* Portfolio Manager for iBonds Term ETFs only.","page_number":96,"box":{"x":118,"y":370,"width":261,"height":9}},{"id":"cd775fef-241b-4f89-9fe4-434295e47916","block_type":"box","text":"Jennifer Hsui*","page_number":96,"box":{"x":88,"y":395,"width":101,"height":12}},{"id":"c2dfc6d2-8250-4ffb-934e-6ae1de942324","block_type":"box","text":"Types of Accounts","page_number":96,"box":{"x":88,"y":412,"width":107,"height":10}},{"id":"84c507b8-a10e-407c-94de-d16ca2923f00","block_type":"box","text":"Number Total Assets","page_number":96,"box":{"x":671,"y":412,"width":263,"height":8}},{"id":"d9911971-7bfb-45ad-9e4e-a43a892eae65","block_type":"box","text":"Registered Investment Companies 370 $3,144,343,000,000","page_number":96,"box":{"x":89,"y":433,"width":879,"height":13}},{"id":"98d4742d-f29c-4b99-927b-681b51e81719","block_type":"box","text":"Other Pooled Investment Vehicles 93 96,266,000,000","page_number":96,"box":{"x":89,"y":448,"width":879,"height":12}},{"id":"29cb8132-89e1-448e-89e3-920edbfa78ba","block_type":"box","text":"Other Accounts 0 N/A","page_number":96,"box":{"x":89,"y":463,"width":879,"height":10}},{"id":"a933e2a0-6a78-4f3b-895b-d190870be9bf","block_type":"box","text":"* Portfolio Manager for iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares iBonds","page_number":96,"box":{"x":118,"y":503,"width":830,"height":10}},{"id":"affb5750-95dd-4aed-aba0-69239e25b93e","block_type":"box","text":"1-5 Year Treasury Ladder ETF only.","page_number":96,"box":{"x":119,"y":516,"width":190,"height":10}},{"id":"e970bbcb-b042-432f-8dd6-743a867ad89b","block_type":"box","text":"James Mauro*","page_number":96,"box":{"x":88,"y":542,"width":103,"height":11}},{"id":"6109be31-597f-4f5b-9d50-d874f4c94d6b","block_type":"box","text":"Types of Accounts","page_number":96,"box":{"x":88,"y":559,"width":107,"height":9}},{"id":"f7c9eaa8-1dc2-47b5-957c-6f1074bb57ce","block_type":"box","text":"Number Total Assets","page_number":96,"box":{"x":677,"y":559,"width":263,"height":7}},{"id":"013f965f-9693-4c90-a07a-67f3a87b49f9","block_type":"box","text":"Registered Investment Companies 103 $816,505,000,000","page_number":96,"box":{"x":89,"y":579,"width":879,"height":13}},{"id":"719529a2-7aa6-414e-81cd-4f4427a9aa96","block_type":"box","text":"Other Pooled Investment Vehicles 30 49,032,000,000","page_number":96,"box":{"x":89,"y":594,"width":879,"height":12}},{"id":"e62e084b-4fa9-4a2d-aa79-ab1ebd4927f6","block_type":"box","text":"Other Accounts 5 4,049,000,000","page_number":96,"box":{"x":89,"y":610,"width":879,"height":11}},{"id":"aed498ac-3db7-4941-9f46-10d8d275b35a","block_type":"box","text":"* Portfolio Manager for iBonds Term ETFs only.","page_number":96,"box":{"x":118,"y":649,"width":261,"height":10}},{"id":"28c87e8b-66d9-4f21-8373-b14d6bb229bc","block_type":"box","text":"Peter Sietsema*","page_number":96,"box":{"x":89,"y":675,"width":114,"height":10}},{"id":"35a87e08-7a8e-407d-ba85-08053fbc3b74","block_type":"box","text":"Types of Accounts","page_number":96,"box":{"x":88,"y":692,"width":107,"height":10}},{"id":"272b6998-c11b-4c36-bd1f-37c36ba00d32","block_type":"box","text":"Number Total Assets","page_number":96,"box":{"x":671,"y":692,"width":263,"height":8}},{"id":"ff583fed-86f8-49fb-a62a-7e1b9b58b86c","block_type":"box","text":"Registered Investment Companies 371 $3,145,849,000,000","page_number":96,"box":{"x":89,"y":713,"width":879,"height":12}},{"id":"dd8a91b2-648b-468c-9723-3e0b68c86676","block_type":"box","text":"Other Pooled Investment Vehicles 184 961,828,400,000","page_number":96,"box":{"x":89,"y":728,"width":879,"height":11}},{"id":"b2557b0f-f878-4713-a52f-b25fee45ecba","block_type":"box","text":"Other Accounts 63 705,892,200,000","page_number":96,"box":{"x":89,"y":743,"width":879,"height":11}},{"id":"ad859461-09ac-47e6-bfe4-8a479f8c6f32","block_type":"box","text":"* Portfolio Manager for iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares iBonds","page_number":96,"box":{"x":118,"y":783,"width":830,"height":10}},{"id":"5154cfe2-3b5c-4fbd-bc52-d01c2d5d7afc","block_type":"box","text":"1-5 Year Treasury Ladder ETF only.","page_number":96,"box":{"x":119,"y":795,"width":190,"height":10}},{"id":"3d5ea0b6-943d-4ab6-9ee5-ed1e9eea199b","block_type":"box","text":"81","page_number":96,"box":{"x":521,"y":894,"width":12,"height":9}},{"id":"05812cc1-9984-44ca-8e5d-4467ea96ff86","block_type":"box","text":"Marcus Tom*","page_number":97,"box":{"x":89,"y":44,"width":97,"height":10}},{"id":"52444a01-12ab-40d9-9fd6-941307d66da6","block_type":"box","text":"Types of Accounts","page_number":97,"box":{"x":88,"y":61,"width":107,"height":10}},{"id":"7a12ae7c-525f-4715-8386-673294173a81","block_type":"box","text":"Number Total Assets","page_number":97,"box":{"x":678,"y":61,"width":262,"height":8}},{"id":"07dcf534-1fff-4f7d-93e8-b9c896981b17","block_type":"box","text":"Registered Investment Companies 86 $797,031,000,000","page_number":97,"box":{"x":89,"y":82,"width":879,"height":12}},{"id":"d15cae64-e7cf-415e-a20e-1bee8a63153b","block_type":"box","text":"Other Pooled Investment Vehicles 8 49,525,000,000","page_number":97,"box":{"x":89,"y":97,"width":879,"height":11}},{"id":"d2c96261-7382-47ae-923c-2b8202c87f2c","block_type":"box","text":"Other Accounts 6 3,068,000,000","page_number":97,"box":{"x":89,"y":112,"width":879,"height":11}},{"id":"ad7106a7-9f56-4180-b651-860c762f5965","block_type":"box","text":"* Portfolio Manager for iBonds Term ETFs only.","page_number":97,"box":{"x":118,"y":152,"width":261,"height":9}},{"id":"08bd54fa-3b69-4995-b076-3c71888ef232","block_type":"box","text":"Matt Waldron*","page_number":97,"box":{"x":89,"y":177,"width":106,"height":10}},{"id":"3decc694-66ac-49f5-a46b-23f3dbdb7a68","block_type":"box","text":"Types of Accounts","page_number":97,"box":{"x":88,"y":194,"width":107,"height":10}},{"id":"67db2008-b440-40a1-b6d3-ff733346719e","block_type":"box","text":"Number Total Assets","page_number":97,"box":{"x":672,"y":194,"width":262,"height":8}},{"id":"817b98c5-84b3-4002-99cf-c502aaf6ccf1","block_type":"box","text":"Registered Investment Companies 364 $3,137,790,000,000","page_number":97,"box":{"x":89,"y":215,"width":879,"height":13}},{"id":"4b7dd6c4-a1dd-453d-9c7c-128c0ca20d30","block_type":"box","text":"Other Pooled Investment Vehicles 140 384,278,000,000","page_number":97,"box":{"x":89,"y":230,"width":879,"height":12}},{"id":"f3cdf6aa-c0a1-47dc-80b6-cbbf47c09ee3","block_type":"box","text":"Other Accounts 75 179,999,000,000","page_number":97,"box":{"x":89,"y":245,"width":879,"height":12}},{"id":"031134ee-6cad-4e57-ade2-3a538b4cb1d0","block_type":"box","text":"* Portfolio Manager for iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares iBonds","page_number":97,"box":{"x":118,"y":285,"width":830,"height":10}},{"id":"a9586684-9716-47e3-8f12-ed82ad967663","block_type":"box","text":"1-5 Year Treasury Ladder ETF only.","page_number":97,"box":{"x":119,"y":298,"width":190,"height":10}},{"id":"c5ae2b5e-20c6-4f68-88c2-f8b317caa568","block_type":"box","text":"Steven White*","page_number":97,"box":{"x":88,"y":324,"width":103,"height":9}},{"id":"0cb52c7e-6088-4811-9966-931e4e4e5fc6","block_type":"box","text":"Types of Accounts","page_number":97,"box":{"x":88,"y":341,"width":107,"height":9}},{"id":"e6c38ed0-71cb-4be5-9cc1-9cfc1c5ba928","block_type":"box","text":"Number Total Assets","page_number":97,"box":{"x":672,"y":341,"width":262,"height":7}},{"id":"21f936ac-49df-4973-a061-65e45cf55532","block_type":"box","text":"Registered Investment Companies 363 $3,137,502,000,000","page_number":97,"box":{"x":89,"y":361,"width":879,"height":13}},{"id":"e05a07d7-82a5-4e44-839c-0f6fe07e0ed3","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":97,"box":{"x":89,"y":376,"width":879,"height":10}},{"id":"76862c1e-b0ff-42b3-8257-bb0b8f514077","block_type":"box","text":"Other Accounts 0 N/A","page_number":97,"box":{"x":89,"y":392,"width":879,"height":9}},{"id":"7a32f0b6-ec81-4702-8451-252848630a8d","block_type":"box","text":"* Portfolio Manager for iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares iBonds","page_number":97,"box":{"x":118,"y":431,"width":830,"height":10}},{"id":"ce69904b-c689-4497-9e39-56608d5f5af2","block_type":"box","text":"1-5 Year Treasury Ladder ETF only.","page_number":97,"box":{"x":119,"y":444,"width":190,"height":10}},{"id":"a244e1ba-3902-4013-b9f1-c9a755c5c4a1","block_type":"box","text":"Pursuant to BFA policy, investment opportunities are allocated equitably among the Funds and other portfolios and accounts.","page_number":97,"box":{"x":89,"y":467,"width":877,"height":13}},{"id":"ac9a8d05-3712-4277-bd97-735b0ec83dfe","block_type":"box","text":"For example, under certain circumstances, an investment opportunity may be restricted due to limited supply in the market,","page_number":97,"box":{"x":89,"y":482,"width":866,"height":13}},{"id":"cc3440b1-0e0a-477c-b2ce-b19fa8a11377","block_type":"box","text":"legal constraints or other factors, in which event the investment opportunity will be allocated equitably among those","page_number":97,"box":{"x":89,"y":497,"width":817,"height":13}},{"id":"52d5b193-41a6-44b9-b616-b3c92235c89b","block_type":"box","text":"portfolios and accounts, including the Funds, seeking such investment opportunity. As a consequence, from time to time the","page_number":97,"box":{"x":89,"y":513,"width":873,"height":12}},{"id":"ffe8ed10-2ada-42e6-987e-2424febe8fb8","block_type":"box","text":"Funds may receive a smaller allocation of an investment opportunity than they would have if the Portfolio Managers and BFA","page_number":97,"box":{"x":89,"y":528,"width":874,"height":12}},{"id":"453affed-9c3e-4841-bbbc-0ba0cddbe21b","block_type":"box","text":"and its affiliates did not manage other portfolios or accounts.","page_number":97,"box":{"x":89,"y":543,"width":427,"height":12}},{"id":"0c473750-57f3-4d0c-a25f-3e27bfb5ee73","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":97,"box":{"x":89,"y":569,"width":875,"height":13}},{"id":"4d5ed73a-399d-4da0-8488-3f3e8beb022e","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":97,"box":{"x":89,"y":584,"width":866,"height":13}},{"id":"93540a01-a6ec-4203-8e13-18a3fa8d6835","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":97,"box":{"x":89,"y":599,"width":846,"height":13}},{"id":"934292f5-59b9-4fb8-b236-d2c7185a291e","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":97,"box":{"x":89,"y":615,"width":866,"height":12}},{"id":"ccd1df9f-f7ab-4b78-b36e-d35aaf1f0f51","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":97,"box":{"x":89,"y":630,"width":835,"height":12}},{"id":"630755bd-8d31-4c87-ac6d-7b526bb658c4","block_type":"box","text":"would otherwise be the case if BFA or its affiliates meets or exceeds specified performance targets. Performance-based fee","page_number":97,"box":{"x":88,"y":645,"width":857,"height":12}},{"id":"f7f96d9e-0aae-4857-80b8-6eac470dc6ac","block_type":"box","text":"arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more investment","page_number":97,"box":{"x":89,"y":660,"width":856,"height":12}},{"id":"b43d0fe4-9465-4aba-a34a-9ea108ea1068","block_type":"box","text":"opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or accounts, in","page_number":97,"box":{"x":89,"y":675,"width":838,"height":12}},{"id":"091039ca-9491-42d8-b121-2e3ac2610896","block_type":"box","text":"order to earn larger fees. Although BFA and its affiliates have an obligation to allocate resources and opportunities equitably","page_number":97,"box":{"x":89,"y":690,"width":866,"height":13}},{"id":"186b149d-b0bc-46e8-9b1d-dc4b7fa12645","block_type":"box","text":"among portfolios and accounts and intend to do so, shareholders of the Funds should be aware that, as with any group of","page_number":97,"box":{"x":89,"y":705,"width":855,"height":13}},{"id":"26abf757-da0e-465d-a32e-f91213911fa9","block_type":"box","text":"portfolios and accounts managed by an investment adviser and/or its affiliates pursuant to varying fee arrangements,","page_number":97,"box":{"x":89,"y":720,"width":823,"height":13}},{"id":"74213ca4-60fe-4c7e-b270-8cb839280920","block_type":"box","text":"including performance-based fee arrangements, there is the potential for a conflict of interest, which may result in the","page_number":97,"box":{"x":89,"y":736,"width":826,"height":12}},{"id":"17f6b56f-6c90-4b19-8f65-45aeb9967f01","block_type":"box","text":"Portfolio Managers’ favoring those portfolios or accounts with performance-based fee arrangements.","page_number":97,"box":{"x":89,"y":751,"width":708,"height":12}},{"id":"efc34523-3782-4d8b-8e49-1ae363765856","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":97,"box":{"x":88,"y":777,"width":861,"height":12}},{"id":"d2fb38b6-819d-49ab-b593-858e9e3ad319","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":97,"box":{"x":88,"y":792,"width":858,"height":13}},{"id":"b9f78fea-483b-40b6-99ca-b2e2dbb1e77b","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of October 31, 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A portion of the discretionary incentive compensation for James Mauro is distributed in the","page_number":99,"box":{"x":88,"y":707,"width":869,"height":12}},{"id":"61d17469-0930-406a-aa39-66b28b8de32b","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock, Inc. investment products he manages,","page_number":99,"box":{"x":88,"y":722,"width":846,"height":12}},{"id":"a839f1ea-51fc-4762-a084-62d87a097f3c","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results.","page_number":99,"box":{"x":88,"y":737,"width":872,"height":12}},{"id":"e1e45cb3-f7e2-4a30-96d6-e8e4e00ea9ce","block_type":"box","text":"Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash.","page_number":99,"box":{"x":89,"y":752,"width":709,"height":12}},{"id":"bae38559-8486-457d-b4a4-b3b912337d05","block_type":"box","text":"As of October 31, 2025, the Portfolio Managers did not beneficially own any shares of the Funds.","page_number":99,"box":{"x":88,"y":778,"width":675,"height":13}},{"id":"17dbc175-bba3-433c-8498-240943990bda","block_type":"box","text":"84","page_number":99,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f0310f31-6f2b-4282-989d-e8762775e417","block_type":"box","text":"Codes of Ethics.","page_number":100,"box":{"x":89,"y":44,"width":114,"height":10}},{"id":"7a741c6a-62f5-493d-9aff-710b6f4d26ae","block_type":"box","text":"The Trust, BFA and the Distributor have adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act.","page_number":100,"box":{"x":211,"y":44,"width":751,"height":12}},{"id":"131ec5da-f372-4f76-9fb2-48acd7a70e62","block_type":"box","text":"The codes of ethics permit personnel subject to the codes of ethics to invest in securities, subject to certain limitations,","page_number":100,"box":{"x":88,"y":59,"width":833,"height":12}},{"id":"d90f00da-0742-4391-86e7-5a3fc5577f4a","block_type":"box","text":"including securities that may be purchased or held by the Funds. Each code of ethics is available by contacting BlackRock at","page_number":100,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"ca4fd41b-9b85-4621-84a9-c1567c2b34b6","block_type":"box","text":"the telephone number on the back cover of each Fund’s Prospectus or by accessing the EDGAR Database on the SEC’s","page_number":100,"box":{"x":88,"y":89,"width":829,"height":13}},{"id":"f9bd6e89-9dfb-4a91-8967-1b1153cdd475","block_type":"box","text":"Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by e-mail at","page_number":100,"box":{"x":89,"y":104,"width":754,"height":13}},{"id":"142f2029-28da-4f0b-b0b5-9a9481ea7807","block_type":"box","text":"publicinfo@sec.gov.","page_number":100,"box":{"x":89,"y":119,"width":139,"height":13}},{"id":"f995b255-03ca-40fe-9921-6a6de1e5eec7","block_type":"box","text":"Anti-Money Laundering Requirements.","page_number":100,"box":{"x":88,"y":146,"width":282,"height":12}},{"id":"07fead20-ade3-4edf-a861-0d73fff57821","block_type":"box","text":"The Funds are subject to the USA PATRIOT Act (the “Patriot Act”). 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This information will be used to verify","page_number":100,"box":{"x":88,"y":191,"width":860,"height":13}},{"id":"dd2c6edb-f433-4479-87d3-5fbe42523c21","block_type":"box","text":"the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for","page_number":100,"box":{"x":88,"y":206,"width":807,"height":13}},{"id":"523e4b16-0797-4a19-812d-d24b822645ae","block_type":"box","text":"compliance with the requirements of the Patriot Act.","page_number":100,"box":{"x":89,"y":222,"width":367,"height":12}},{"id":"19492a68-5436-4d76-8d1c-845797945a43","block_type":"box","text":"The Funds reserve the right to reject purchase orders from persons who have not submitted information sufficient to allow","page_number":100,"box":{"x":88,"y":248,"width":860,"height":12}},{"id":"df59ee08-2d69-4af5-b526-c73b77974b25","block_type":"box","text":"the Fund to verify their identity. Each Fund also reserves the right to redeem any amounts in a Fund from persons whose","page_number":100,"box":{"x":88,"y":263,"width":844,"height":12}},{"id":"0f3ac597-7f96-48c4-96d6-1bf982c3a6ed","block_type":"box","text":"identity it is unable to verify on a timely basis. 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In addition, State","page_number":100,"box":{"x":89,"y":509,"width":878,"height":12}},{"id":"b64f20aa-ec71-4091-a77c-7267db836c2c","block_type":"box","text":"Street makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to the","page_number":100,"box":{"x":88,"y":524,"width":874,"height":12}},{"id":"1ce970de-2155-415a-94f5-ca7d72b60615","block_type":"box","text":"Service Module for Custodial Services with the Trust, State Street maintains, in separate accounts, cash, securities and other","page_number":100,"box":{"x":88,"y":539,"width":869,"height":12}},{"id":"f653585d-830d-4a95-8274-fa10d4ddcdb7","block_type":"box","text":"assets of the Trust and each Fund, keeps all necessary accounts and records and provides other services. State Street is","page_number":100,"box":{"x":89,"y":554,"width":833,"height":12}},{"id":"12d859d3-c291-487d-9207-09d6beeb3272","block_type":"box","text":"required, upon the order of the Trust, to deliver securities held by State Street and to make payments for securities purchased","page_number":100,"box":{"x":89,"y":569,"width":875,"height":13}},{"id":"ac5aff48-4201-4fc1-ba71-2a4bc097a2ab","block_type":"box","text":"by the Trust for each Fund. State Street is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":100,"box":{"x":89,"y":584,"width":861,"height":13}},{"id":"bc09b186-29eb-4e34-9eab-4d6bb7693b54","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Service Module for Transfer Agency Services with the Trust, State Street","page_number":100,"box":{"x":89,"y":599,"width":858,"height":13}},{"id":"1cd3ed13-f439-47a7-9bc5-fe0380c5c4ec","block_type":"box","text":"acts as a transfer agent for each Fund’s authorized and issued shares of beneficial interest, and as dividend disbursing agent","page_number":100,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"31342874-6adc-4bf6-b8e7-a6743854a958","block_type":"box","text":"of the Trust. As compensation for these services, State Street receives certain out-of-pocket costs, transaction fees and","page_number":100,"box":{"x":89,"y":630,"width":832,"height":12}},{"id":"ae14b2cb-8ddb-4726-a7fd-8f99b72954b9","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":100,"box":{"x":89,"y":645,"width":872,"height":12}},{"id":"745a233f-a050-4dbe-9c64-10c55867a382","block_type":"box","text":"these operating expenses under the Investment Advisory Agreement as described therein.","page_number":100,"box":{"x":88,"y":660,"width":631,"height":12}},{"id":"d85f8fed-5384-4b65-87e9-e3821ef73821","block_type":"box","text":"iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares","page_number":100,"box":{"x":88,"y":686,"width":853,"height":13}},{"id":"76e0888e-f8a5-43da-af96-36ee6b52ac2c","block_type":"box","text":"iBonds 1-5 Year Treasury Ladder ETF","page_number":100,"box":{"x":88,"y":702,"width":267,"height":12}},{"id":"d3262914-c5b8-4e82-abd4-df9c31641dde","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":100,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"cef6bc67-378d-48ca-aaf4-469a0e24b65c","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":100,"box":{"x":88,"y":743,"width":853,"height":12}},{"id":"6bc4f4f1-8876-4733-8b02-e1252de855f9","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary administrative, tax and accounting","page_number":100,"box":{"x":89,"y":758,"width":857,"height":13}},{"id":"33064e52-6e06-4ab2-abcb-578f2e2d6cca","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":100,"box":{"x":89,"y":773,"width":866,"height":13}},{"id":"93e82546-1f08-4c3e-92da-7d1d195ac542","block_type":"box","text":"available the office space, equipment, personnel and facilities required to provide such services. 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Citibank is required, upon the order of","page_number":100,"box":{"x":89,"y":819,"width":872,"height":12}},{"id":"52b0a973-f268-4d06-b2f0-f98a14884940","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":100,"box":{"x":88,"y":834,"width":851,"height":12}},{"id":"34d63b59-bae0-46e4-905c-a6fedc079f3f","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the","page_number":100,"box":{"x":89,"y":849,"width":856,"height":12}},{"id":"58d5514f-6cdc-4b49-92a1-517062fccb9f","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":100,"box":{"x":89,"y":864,"width":862,"height":12}},{"id":"a7d61e64-3a91-48fb-b9b6-e76ca55aa246","block_type":"box","text":"85","page_number":100,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9c4bca8f-b37b-4858-9246-3e851dd6b68e","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":101,"box":{"x":89,"y":44,"width":855,"height":12}},{"id":"d6b72139-81c0-43b6-b40c-e80d17bf3dbd","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":101,"box":{"x":89,"y":59,"width":818,"height":12}},{"id":"7e44d2a4-f360-4891-97f5-ad76e630def4","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":101,"box":{"x":89,"y":74,"width":854,"height":12}},{"id":"f23d9811-c232-40d7-b702-136430a2a977","block_type":"box","text":"Advisory Agreement as described therein.","page_number":101,"box":{"x":88,"y":89,"width":293,"height":13}},{"id":"0d66eede-9f3b-4b5b-8136-1626675a5eb5","block_type":"box","text":"JPMorgan serves as custodian for the Funds in connection with certain securities lending activities under a Custody Services","page_number":101,"box":{"x":88,"y":116,"width":869,"height":12}},{"id":"0f946828-374a-4aa2-982f-647caff2226d","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":101,"box":{"x":88,"y":131,"width":479,"height":12}},{"id":"0708b16e-9d55-45df-a805-f1c0ec3f0060","block_type":"box","text":"th","page_number":101,"box":{"x":570,"y":129,"width":10,"height":6}},{"id":"cd04a1fb-16cd-4f75-98a8-79963a6572a5","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Custody","page_number":101,"box":{"x":586,"y":131,"width":362,"height":12}},{"id":"3492f2a7-e792-4d8c-ba6c-5dd157ce98fa","block_type":"box","text":"Services Agreement with BTC and the Trust, JPMorgan provides custody and related services required to facilitate securities","page_number":101,"box":{"x":88,"y":146,"width":863,"height":12}},{"id":"729e4865-2c40-495d-aba2-1c5176252d2f","block_type":"box","text":"lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending activity in","page_number":101,"box":{"x":89,"y":161,"width":828,"height":12}},{"id":"6f5e7ef9-5a4a-479a-b2e6-c3575eaccefb","block_type":"box","text":"coordination with other funds, maintains custodial records and provides other services. As compensation for these services,","page_number":101,"box":{"x":89,"y":176,"width":867,"height":13}},{"id":"c08571ea-2dce-40a7-b2d4-fba29c8f5bfe","block_type":"box","text":"JPMorgan receives certain fees and expenses paid by BTC from its compensation for its services as securities lending agent.","page_number":101,"box":{"x":88,"y":191,"width":861,"height":13}},{"id":"1a4a7d74-1a4e-4e25-a0a2-92bdcd268fee","block_type":"box","text":"iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares","page_number":101,"box":{"x":88,"y":218,"width":841,"height":12}},{"id":"25796844-9992-4aff-9821-523eb63fa0e6","block_type":"box","text":"iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF, iShares iBonds Dec","page_number":101,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"e913d6fd-c44a-4b1c-93c2-7d1a0e19d5a1","block_type":"box","text":"2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF,","page_number":101,"box":{"x":88,"y":248,"width":858,"height":12}},{"id":"2383c5ba-5507-42c1-86e2-77d537792cf7","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term","page_number":101,"box":{"x":88,"y":263,"width":869,"height":12}},{"id":"6418809e-437d-4d89-988f-ddd7a61f7121","block_type":"box","text":"Treasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Treasury ETF, iShares iBonds","page_number":101,"box":{"x":89,"y":278,"width":855,"height":13}},{"id":"1b465d83-239b-4652-8e59-f3a111e87756","block_type":"box","text":"Dec 2031 Term Treasury ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares iBonds Dec 2033 Term Treasury ETF,","page_number":101,"box":{"x":88,"y":293,"width":858,"height":13}},{"id":"329d42ae-1689-4716-8301-26a45ba8908d","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF, iShares iBonds Dec 2045 Term Treasury ETF and iShares iBonds Dec 2055","page_number":101,"box":{"x":88,"y":308,"width":860,"height":13}},{"id":"077b97f6-3337-45de-b086-933009e11713","block_type":"box","text":"Term Treasury ETF","page_number":101,"box":{"x":89,"y":324,"width":136,"height":12}},{"id":"ea162663-50ca-4359-a5b6-630ca0a9cd72","block_type":"box","text":"JPMorgan serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":101,"box":{"x":88,"y":350,"width":818,"height":12}},{"id":"128dd351-4357-453c-8971-38c24075baa4","block_type":"box","text":"Agreement (the “Master Services Agreement”). JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":101,"box":{"x":88,"y":365,"width":729,"height":12}},{"id":"fb0b5f06-e130-4394-a709-3de1b53673ed","block_type":"box","text":"th","page_number":101,"box":{"x":821,"y":363,"width":10,"height":6}},{"id":"70d55636-3844-4797-9b90-a7c97ffc41b3","block_type":"box","text":"Floor, New York,","page_number":101,"box":{"x":837,"y":365,"width":111,"height":11}},{"id":"28274b89-fe58-4f4c-bda7-ccac900473a7","block_type":"box","text":"NY 10179. Pursuant to the Master Services Agreement with the Trust, JPMorgan provides necessary administrative, tax and","page_number":101,"box":{"x":89,"y":380,"width":860,"height":13}},{"id":"ba487de0-5993-4a5b-a6d9-83df7f02bbf4","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Trust and each Fund. In addition,","page_number":101,"box":{"x":89,"y":395,"width":837,"height":13}},{"id":"6cd1bd1f-9031-4fe3-8d23-ec461de8964c","block_type":"box","text":"JPMorgan makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to","page_number":101,"box":{"x":88,"y":410,"width":875,"height":13}},{"id":"fff1ce7a-2956-4c06-90af-666f160514fc","block_type":"box","text":"the Master Services Agreement with the Trust, JPMorgan maintains, in separate accounts, cash, securities and other assets of","page_number":101,"box":{"x":88,"y":426,"width":880,"height":12}},{"id":"0b28945f-7f1e-4e2e-90cf-f1bcbaa33066","block_type":"box","text":"the Trust and each Fund, keeps all necessary accounts and records and provides other services. JPMorgan is required, upon","page_number":101,"box":{"x":88,"y":441,"width":862,"height":12}},{"id":"dcadd233-8380-4922-9af0-4b296c763bbb","block_type":"box","text":"the order of the Trust, to deliver securities held by JPMorgan and to make payments for securities purchased by the Trust for","page_number":101,"box":{"x":88,"y":456,"width":869,"height":12}},{"id":"f2730c75-bdd9-401d-b37d-cfe2b48cb072","block_type":"box","text":"each Fund. JPMorgan is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments","page_number":101,"box":{"x":89,"y":471,"width":865,"height":12}},{"id":"9ea065ea-91eb-49c1-9c17-b8d2aa24541b","block_type":"box","text":"outside the U.S. Pursuant to the Master Services Agreement with the Trust, JPMorgan acts as a transfer agent for each Fund’s","page_number":101,"box":{"x":89,"y":486,"width":877,"height":12}},{"id":"43033f0b-b48f-42d2-aa7c-6184348b7786","block_type":"box","text":"authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these","page_number":101,"box":{"x":89,"y":501,"width":871,"height":13}},{"id":"81a0c0b4-b0dd-403d-ad45-f15604895d6d","block_type":"box","text":"services, JPMorgan receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and","page_number":101,"box":{"x":89,"y":516,"width":859,"height":13}},{"id":"dc83a6ce-c48d-4501-ad6c-e70987317039","block_type":"box","text":"paid monthly by BFA from its management fee. BFA pays the compensation because it has agreed to pay these operating","page_number":101,"box":{"x":89,"y":531,"width":845,"height":13}},{"id":"9648f443-fccf-421d-9e2e-978ef98aac5e","block_type":"box","text":"expenses under the Investment Advisory Agreement as described therein.","page_number":101,"box":{"x":89,"y":547,"width":516,"height":12}},{"id":"44b88b72-b5fd-41d5-9772-92bf8f2e9e7e","block_type":"box","text":"Distributor.","page_number":101,"box":{"x":89,"y":573,"width":80,"height":10}},{"id":"2c647b49-d1d2-49e4-864f-4b80c394d854","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":101,"box":{"x":178,"y":573,"width":783,"height":12}},{"id":"411a2321-9393-4777-8094-11e187bb452f","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":101,"box":{"x":89,"y":588,"width":854,"height":12}},{"id":"de663087-d77e-4547-ad07-c096a0473be1","block_type":"box","text":"below in the","page_number":101,"box":{"x":89,"y":603,"width":85,"height":10}},{"id":"e702924e-1d41-4a95-9dbf-1906be5f14ff","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":101,"box":{"x":179,"y":603,"width":300,"height":13}},{"id":"1194b4ae-76fe-4afc-832e-097c4821b209","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":101,"box":{"x":484,"y":603,"width":473,"height":10}},{"id":"a71845dd-9949-4225-affa-4a558fb41ca6","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":101,"box":{"x":89,"y":618,"width":845,"height":13}},{"id":"0884ceeb-d21d-4a48-a1c2-2881093fede8","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":101,"box":{"x":89,"y":633,"width":846,"height":13}},{"id":"98c169be-cb6c-4306-a240-62ba2b8ac353","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":101,"box":{"x":89,"y":649,"width":861,"height":12}},{"id":"1f619e21-4a22-4205-9028-c28189859849","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":101,"box":{"x":89,"y":664,"width":852,"height":12}},{"id":"24ef3417-19d2-42dc-985b-93ad590862f8","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":101,"box":{"x":89,"y":679,"width":876,"height":12}},{"id":"ecea66b0-57b2-47b7-a606-387f08ee8f22","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":101,"box":{"x":89,"y":694,"width":462,"height":12}},{"id":"72b0f28c-07dc-4d72-af8f-ec8e59ea0301","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":101,"box":{"x":88,"y":720,"width":829,"height":13}},{"id":"1819ba98-88e8-4258-b595-62536566eb1c","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":101,"box":{"x":89,"y":736,"width":840,"height":12}},{"id":"2464a8d3-97af-4d51-82f6-91bf6b2a12a7","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":101,"box":{"x":88,"y":751,"width":861,"height":12}},{"id":"ca9366b1-c1ae-4b36-8833-bfab10729651","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":101,"box":{"x":88,"y":766,"width":811,"height":12}},{"id":"51b9bbda-55ea-4cad-80c6-0fb4c3fbd14c","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":101,"box":{"x":88,"y":792,"width":848,"height":13}},{"id":"175578ed-e130-4ad7-9b28-c95c10122603","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":101,"box":{"x":89,"y":807,"width":818,"height":13}},{"id":"58110b37-42b4-43e4-804f-a56a71457876","block_type":"box","text":"participants and/or investor services organizations.","page_number":101,"box":{"x":89,"y":822,"width":357,"height":13}},{"id":"34f16c68-e027-4cf3-8b7f-a1f1eabf24ae","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":101,"box":{"x":89,"y":849,"width":847,"height":12}},{"id":"eeeaaf87-0b3a-4056-a5c2-68eb658f08ba","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":101,"box":{"x":89,"y":864,"width":743,"height":12}},{"id":"a0a979e6-d32c-4414-a959-0449ec82cf47","block_type":"box","text":"86","page_number":101,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8216365c-d923-4b37-bd60-9ce95fdd2e60","block_type":"box","text":"Securities Lending.","page_number":102,"box":{"x":88,"y":44,"width":137,"height":12}},{"id":"bcf236dd-5566-455d-a125-05949749aa70","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":102,"box":{"x":234,"y":44,"width":681,"height":12}},{"id":"7fdc1dd0-3f57-4659-98d5-2e784464841b","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":102,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"dca9f896-f64d-4ed8-943f-bac1f409f135","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":102,"box":{"x":89,"y":74,"width":592,"height":12}},{"id":"b65ab1f8-01c9-4086-9871-4b8a5060c339","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":102,"box":{"x":89,"y":101,"width":876,"height":12}},{"id":"0b310f34-296c-4d55-919b-08bca5f880da","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":102,"box":{"x":89,"y":116,"width":833,"height":12}},{"id":"9a491351-6826-48b8-91f6-f5ef19f3e45a","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":102,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"2a8ea093-4f13-4bf5-9dc3-c6c00c561a12","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":102,"box":{"x":89,"y":146,"width":844,"height":12}},{"id":"01f9e1d6-ed88-4b8a-b962-280da863d6be","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":102,"box":{"x":89,"y":161,"width":859,"height":12}},{"id":"0db7ded7-613f-4098-881d-9a12189df617","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":102,"box":{"x":89,"y":176,"width":874,"height":13}},{"id":"35b62f17-6315-473d-bdbf-045562bbbf59","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":102,"box":{"x":89,"y":191,"width":820,"height":13}},{"id":"561294b9-f315-4514-a6d9-1c7c950748d5","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales","page_number":102,"box":{"x":89,"y":206,"width":846,"height":13}},{"id":"7cab52af-d881-4aed-944d-8c865b8eef85","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":102,"box":{"x":89,"y":222,"width":357,"height":12}},{"id":"b857cbf9-b0a3-4a77-9948-198f522d2a28","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":102,"box":{"x":88,"y":248,"width":841,"height":12}},{"id":"a53946cb-f732-490c-a02d-d6adb3e5ef09","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":102,"box":{"x":89,"y":263,"width":858,"height":12}},{"id":"f38f8a0e-a450-437e-9584-97a43c9e6c4b","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":102,"box":{"x":88,"y":278,"width":844,"height":13}},{"id":"0824c98d-fb30-4a31-8781-63bec3bd7aa5","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":102,"box":{"x":88,"y":293,"width":868,"height":13}},{"id":"4b9389d5-265a-47d0-abc2-8861126a3920","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":102,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"b1ee18be-9d9e-4004-a961-7899b016f18f","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":102,"box":{"x":88,"y":324,"width":415,"height":12}},{"id":"0306bf18-c05b-4f42-bb4b-437078eb683c","block_type":"box","text":"i.e","page_number":102,"box":{"x":504,"y":325,"width":15,"height":8}},{"id":"7ab58a67-5fec-4e20-995d-e6e019c536ec","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":102,"box":{"x":520,"y":324,"width":429,"height":12}},{"id":"601cb710-6829-4848-8620-acdd7ebcb043","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":102,"box":{"x":88,"y":339,"width":879,"height":12}},{"id":"39f0d27b-7e85-40b1-a90c-475bb672bd35","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":102,"box":{"x":88,"y":354,"width":861,"height":12}},{"id":"473ccf37-3baf-4df7-9153-d5e1e40f9ca7","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":102,"box":{"x":88,"y":369,"width":841,"height":12}},{"id":"4e1cb83c-67b7-45cb-8b6c-fecf35257926","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":102,"box":{"x":89,"y":384,"width":831,"height":12}},{"id":"266c03b6-059d-4c23-bc94-181c7919f8c9","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":102,"box":{"x":89,"y":399,"width":835,"height":13}},{"id":"6cfe6a91-d909-4dc9-aed6-892cb383bc18","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":102,"box":{"x":89,"y":414,"width":464,"height":13}},{"id":"dec41526-aa02-45a8-a40f-d2897c18368b","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":102,"box":{"x":89,"y":441,"width":871,"height":12}},{"id":"4a27d929-20a6-4388-a2a0-85ea411192ec","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":102,"box":{"x":89,"y":456,"width":877,"height":12}},{"id":"0360ce5a-d3f2-4d8a-98e0-9699f16cefee","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Trust and BTC.","page_number":102,"box":{"x":89,"y":471,"width":685,"height":12}},{"id":"a27faf5a-bd89-45d2-9fa5-6bc30b9abf2f","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":102,"box":{"x":89,"y":497,"width":439,"height":13}},{"id":"0104a504-b987-4f18-89f3-4b95d0e99e10","block_type":"box","text":"(i) fixed-income funds, such as the Funds, retain 82% of securities lending income (which excludes collateral investment","page_number":102,"box":{"x":89,"y":524,"width":845,"height":12}},{"id":"ef6b0648-985a-4624-9f77-a8f92288d86e","block_type":"box","text":"fees), and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":102,"box":{"x":88,"y":539,"width":879,"height":12}},{"id":"ecf7fb2e-6660-4fa9-adac-bf68aa52bb7c","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":102,"box":{"x":89,"y":565,"width":863,"height":13}},{"id":"449c876c-df2e-445c-9622-915255aad1ae","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in the","page_number":102,"box":{"x":88,"y":581,"width":679,"height":12}},{"id":"07f56597-96b7-4c0e-a835-433c76a707a7","block_type":"box","text":"Management — Trustees","page_number":102,"box":{"x":772,"y":581,"width":178,"height":12}},{"id":"1fa65556-76d3-416c-aa36-69ec6cab547a","block_type":"box","text":"and Officers","page_number":102,"box":{"x":88,"y":596,"width":84,"height":11}},{"id":"20f1758d-68eb-4152-8405-a4dcb2feb797","block_type":"box","text":"section of this SAI) in a calendar year exceeds specified thresholds, each applicable fixed-income fund, pursuant","page_number":102,"box":{"x":177,"y":596,"width":786,"height":12}},{"id":"01999311-1242-443d-a0ea-d5831ba52ff5","block_type":"box","text":"to the current Securities Lending Agency Agreement, will receive for the remainder of that calendar year securities lending","page_number":102,"box":{"x":88,"y":611,"width":856,"height":12}},{"id":"5b48efdb-09f4-4294-9b9d-cb33c64fa79f","block_type":"box","text":"income as follows:","page_number":102,"box":{"x":89,"y":626,"width":128,"height":10}},{"id":"4a560215-d694-4f0d-bdfa-26ea167a51f7","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":102,"box":{"x":89,"y":652,"width":862,"height":13}},{"id":"78e524a2-6e72-404b-8c55-0ec7d464453c","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":102,"box":{"x":89,"y":668,"width":532,"height":12}},{"id":"bb4d7626-bf9a-43ef-97b6-0c49b946921a","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended October 31, 2025 primarily included the","page_number":102,"box":{"x":88,"y":694,"width":834,"height":12}},{"id":"b85498bc-8766-4f74-ac39-08a7b92b902b","block_type":"box","text":"following:","page_number":102,"box":{"x":88,"y":709,"width":68,"height":12}},{"id":"4d19cb9a-a5b2-4edc-be22-c2902e1bbf8e","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":102,"box":{"x":109,"y":736,"width":817,"height":12}},{"id":"b2859e22-abfa-42f6-906b-6030294922ea","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":102,"box":{"x":109,"y":751,"width":316,"height":11}},{"id":"0dc95669-c39d-47eb-b29a-dc0f15ac20d5","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":102,"box":{"x":109,"y":777,"width":519,"height":12}},{"id":"0f932161-e9a0-45b6-8c3e-1738be2b960d","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":102,"box":{"x":109,"y":804,"width":314,"height":12}},{"id":"577cc797-1e32-4054-9e92-ce8f35ad90fa","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":102,"box":{"x":109,"y":830,"width":836,"height":12}},{"id":"daedb05e-01a0-4837-9673-035c0800ee61","block_type":"box","text":"excess collateral, as necessary;","page_number":102,"box":{"x":108,"y":845,"width":214,"height":12}},{"id":"008a0b1b-ea01-4792-ab80-fdf9e850df44","block_type":"box","text":"87","page_number":102,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7cd635da-2990-42c1-912c-4c29c7118e97","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":103,"box":{"x":109,"y":44,"width":543,"height":12}},{"id":"7108b9dc-2549-405e-9f57-7c0ce96cf59a","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":103,"box":{"x":109,"y":70,"width":652,"height":13}},{"id":"55c11c1c-3285-49a8-b42e-40db58b2030b","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":103,"box":{"x":109,"y":97,"width":821,"height":12}},{"id":"e308316c-37dc-45f1-a54b-412d63ec0e23","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":103,"box":{"x":109,"y":112,"width":839,"height":12}},{"id":"7bd10590-fd96-4e81-aa5c-37923485b63b","block_type":"box","text":"securities; and","page_number":103,"box":{"x":108,"y":127,"width":100,"height":11}},{"id":"8c11ecd2-45a9-4dea-8c9c-c623ae523990","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":103,"box":{"x":109,"y":153,"width":793,"height":13}},{"id":"201a2454-3d99-4121-be69-c93fc12b22e8","block_type":"box","text":"The following tables show the dollar amounts of income and fees/compensation related to the securities lending activities 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Payments of the type described above are","page_number":115,"box":{"x":89,"y":464,"width":868,"height":12}},{"id":"e27e2579-bec8-4e39-9264-2faaa7fedaa4","block_type":"box","text":"sometimes referred to as revenue-sharing payments.","page_number":115,"box":{"x":89,"y":479,"width":369,"height":13}},{"id":"04978756-8d54-477c-bde9-9837cd59a213","block_type":"box","text":"Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your","page_number":115,"box":{"x":89,"y":506,"width":795,"height":12}},{"id":"5846809d-5204-4bfa-8663-4de4e4dd24c4","block_type":"box","text":"salesperson or other investment professional may also be significant for your salesperson or other investment professional.","page_number":115,"box":{"x":89,"y":521,"width":861,"height":12}},{"id":"454b542e-80da-4086-a998-03b711480824","block_type":"box","text":"Because an Intermediary may make decisions about which investment options it will recommend or make available to its","page_number":115,"box":{"x":89,"y":536,"width":845,"height":12}},{"id":"3ab0a08b-4b83-455b-ae17-38ec8b674893","block_type":"box","text":"clients, what services to provide for various products or what marketing content to make available to its clients based on","page_number":115,"box":{"x":89,"y":551,"width":842,"height":12}},{"id":"79b8ef5a-8786-4ce1-a8d5-92b1defb260b","block_type":"box","text":"payments it receives or is eligible to receive, such payments may create conflicts of interest between the Intermediary and its","page_number":115,"box":{"x":89,"y":566,"width":871,"height":12}},{"id":"3eb3b1cc-cb19-4afe-87ef-8aeef5941e70","block_type":"box","text":"clients. These financial incentives may cause the Intermediary to recommend the Fund or other Products or otherwise","page_number":115,"box":{"x":89,"y":581,"width":827,"height":13}},{"id":"7407317a-ccb7-40ad-9960-a697abce8bd5","block_type":"box","text":"promote the Fund or other Products over other investments. The same conflicts of interest and financial incentives exist with","page_number":115,"box":{"x":89,"y":596,"width":874,"height":13}},{"id":"90e08547-5bd2-4a49-98b1-716f6f43d8b5","block_type":"box","text":"respect to your salesperson or other investment professional if he or she receives similar payments from his or her","page_number":115,"box":{"x":89,"y":611,"width":798,"height":13}},{"id":"55fb3eb0-986f-4ca6-8b3a-a1c4419c4cf9","block_type":"box","text":"Intermediary firm.","page_number":115,"box":{"x":89,"y":627,"width":125,"height":12}},{"id":"939e0cbd-1cf3-4a9b-aab3-e072ad084ede","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":115,"box":{"x":89,"y":653,"width":802,"height":12}},{"id":"d3d0c11a-a74b-4a9d-adb6-69830d66c91c","block_type":"box","text":"interactive or digital content that is made available through the www.blackrock.com website at no additional cost to","page_number":115,"box":{"x":89,"y":668,"width":812,"height":12}},{"id":"fe4b9a1d-e1be-4447-aeee-f7867ffb549b","block_type":"box","text":"Intermediaries. BlackRock may configure these tools and calculators and localize the content for Intermediaries as part of its","page_number":115,"box":{"x":89,"y":683,"width":868,"height":13}},{"id":"63ac5fb3-5413-4476-a98f-3346e8081eae","block_type":"box","text":"customary digital marketing support and promotion of the Fund or other Products.","page_number":115,"box":{"x":89,"y":698,"width":581,"height":13}},{"id":"f45e6ff9-f3fa-4c30-aaa4-7b2e5dfd1d2e","block_type":"box","text":"As of March 1, 2013, BFA Entities have contractual arrangements to make payments (in addition to payments for Education","page_number":115,"box":{"x":88,"y":725,"width":862,"height":12}},{"id":"ed90c5c7-b5ae-4939-a53c-6be336f09fb0","block_type":"box","text":"Costs or Publishing Costs) to one Intermediary, Fidelity Brokerage Services LLC (“FBS”). Effective June 4, 2016, this","page_number":115,"box":{"x":89,"y":740,"width":795,"height":12}},{"id":"59120bbf-fea6-48f9-8186-602a7fba0dbe","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":115,"box":{"x":89,"y":755,"width":847,"height":12}},{"id":"980610d2-90f1-4e37-868f-1d827c48e347","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":115,"box":{"x":89,"y":770,"width":824,"height":13}},{"id":"b49a0bf5-df15-4d4d-8b74-ff5d33818fe2","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":115,"box":{"x":89,"y":785,"width":826,"height":13}},{"id":"39cdd275-5be6-493d-8e4a-f7009f7d9490","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":115,"box":{"x":89,"y":800,"width":835,"height":13}},{"id":"0b04078a-3cc6-46e2-a804-b9356a152c89","block_type":"box","text":"certain funds and Products in certain Fidelity platforms and investment programs, in some cases at a waived or reduced","page_number":115,"box":{"x":89,"y":816,"width":838,"height":12}},{"id":"0de86d84-e3df-4c09-895a-d0a646da41d9","block_type":"box","text":"commission rate or ticket charge, and to provide marketing data to BFA Entities. BFA Entities have agreed to facilitate the","page_number":115,"box":{"x":89,"y":831,"width":844,"height":12}},{"id":"6d358b0f-5854-4ca5-8f66-8646157b7847","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":115,"box":{"x":89,"y":846,"width":831,"height":12}},{"id":"49eed4ec-74b0-4bde-b4f9-1a9fbc1fad46","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":115,"box":{"x":89,"y":861,"width":840,"height":12}},{"id":"b617eb6f-356e-4c6a-b5ba-f005b3a23717","block_type":"box","text":"100","page_number":115,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"f38fc6dc-a268-4df2-8838-1d9349c7ebfc","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":116,"box":{"x":89,"y":44,"width":856,"height":12}},{"id":"9673da4b-83d8-4c98-958d-ecc08327f166","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":116,"box":{"x":88,"y":59,"width":529,"height":12}},{"id":"e9714e1d-5860-4f0d-af79-b226797668d2","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":116,"box":{"x":89,"y":85,"width":873,"height":13}},{"id":"2c7f632d-5656-4662-bf9b-f4107cfb5e55","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":116,"box":{"x":88,"y":101,"width":824,"height":12}},{"id":"6b205089-ee8f-463e-8849-493e96e10763","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":116,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"345acae0-91d3-4971-a725-b912a65160b9","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":116,"box":{"x":89,"y":131,"width":844,"height":12}},{"id":"e17721f8-8e1b-4c4c-b43c-478815edeb13","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":116,"box":{"x":89,"y":146,"width":871,"height":12}},{"id":"9709424d-6592-4477-b91c-240017af5ba1","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":116,"box":{"x":88,"y":161,"width":850,"height":12}},{"id":"608df3ec-1eee-4e57-b2f3-1dbb2af3b3e7","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":116,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"e6ca2424-5055-47d3-811d-c96f693c9bac","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":116,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"00b189c1-a6bd-4a14-8c75-764a29d0d703","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":116,"box":{"x":89,"y":206,"width":861,"height":13}},{"id":"e0b8ba05-a89f-4e48-b241-cb56ccf841b4","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":116,"box":{"x":89,"y":222,"width":807,"height":12}},{"id":"9f2c4188-4b68-4c2e-be20-930bfa52e9fa","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":116,"box":{"x":89,"y":237,"width":871,"height":12}},{"id":"668d3db7-280e-4024-9429-70d96f636440","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":116,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"07e4c446-817e-4d4a-8c1e-faa2e5f449bb","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":116,"box":{"x":89,"y":267,"width":851,"height":12}},{"id":"69529c7d-8b7f-46fb-8948-14be2bd22e02","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":116,"box":{"x":89,"y":282,"width":855,"height":12}},{"id":"01075787-70b1-4dae-9c2b-3eb8e1f03d42","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":116,"box":{"x":88,"y":297,"width":821,"height":12}},{"id":"540164c5-2a2b-45d4-b329-9fba6f6b386a","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":116,"box":{"x":89,"y":312,"width":780,"height":13}},{"id":"237ae7ec-133c-44cf-8fc6-f8aca55a48ad","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":116,"box":{"x":89,"y":327,"width":839,"height":13}},{"id":"a370cd14-9374-49d8-887d-b8f11da4bfe6","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":116,"box":{"x":89,"y":342,"width":821,"height":13}},{"id":"6786323c-2e5e-480a-bce5-bc1dbc42066a","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":116,"box":{"x":89,"y":358,"width":847,"height":12}},{"id":"1924374c-598a-4392-a3ec-aa65ff9c38f1","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":116,"box":{"x":89,"y":373,"width":858,"height":12}},{"id":"597cd82e-10ae-44ec-b204-c2545770c0a8","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":116,"box":{"x":89,"y":388,"width":877,"height":12}},{"id":"c0ea6cc0-0072-43b3-aa1a-c533ba71ae91","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":116,"box":{"x":89,"y":403,"width":862,"height":12}},{"id":"a8d6c496-515e-4c32-8a86-973cbca06aaa","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":116,"box":{"x":88,"y":418,"width":878,"height":12}},{"id":"6a151bbe-b6ee-4da2-9aec-656d608d0ed0","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":116,"box":{"x":88,"y":433,"width":842,"height":13}},{"id":"dc1c3f20-51ed-4b79-a429-b2ecb29eb6e7","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":116,"box":{"x":89,"y":448,"width":637,"height":13}},{"id":"f3abe351-a090-4a1e-aac2-b774f0b3dfdc","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":116,"box":{"x":89,"y":475,"width":861,"height":12}},{"id":"bca0ab42-f2e7-4e6c-83af-45a24a528db6","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":116,"box":{"x":89,"y":490,"width":870,"height":12}},{"id":"42f65123-d90c-4b16-92d2-465991adf970","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":116,"box":{"x":89,"y":505,"width":826,"height":12}},{"id":"148c24eb-3daf-42bd-9ef0-5c121872b917","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":116,"box":{"x":89,"y":520,"width":821,"height":12}},{"id":"247bec2e-7956-466b-9e04-bba39bb5c053","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":116,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"2b7f1a98-fcf3-4ec0-8082-08d6667b06ab","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":116,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"d8b3b85f-2bb6-4739-81ad-8c6f44117fd9","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":116,"box":{"x":88,"y":565,"width":835,"height":13}},{"id":"789a196e-9ba5-4305-991f-fa005d875280","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":116,"box":{"x":89,"y":581,"width":823,"height":12}},{"id":"44b6d195-26a7-4a1c-aabe-bcd1210b3898","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":116,"box":{"x":89,"y":596,"width":578,"height":12}},{"id":"b82cee69-2bc6-48c4-8600-6e3f44860cb8","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":116,"box":{"x":88,"y":622,"width":864,"height":12}},{"id":"8a972a18-89f1-4ac0-96fd-faa158a274fb","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":116,"box":{"x":89,"y":637,"width":814,"height":13}},{"id":"17158062-3b7a-4390-b8d8-2003a6172687","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":116,"box":{"x":89,"y":652,"width":859,"height":13}},{"id":"065e2cf4-32d6-4d5c-92fe-4661b0c436bc","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":116,"box":{"x":88,"y":668,"width":865,"height":12}},{"id":"33676017-f1c1-44a8-9120-04de3ce8161d","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":116,"box":{"x":88,"y":683,"width":847,"height":12}},{"id":"3eaa900e-fe8b-4048-aa8b-ded37916de0d","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":116,"box":{"x":89,"y":698,"width":851,"height":12}},{"id":"033ff449-7cac-4478-9fa8-7ab7c3d6bf75","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":116,"box":{"x":89,"y":713,"width":722,"height":12}},{"id":"fb77a03b-0ef6-4d4d-908e-949bcaaa4f30","block_type":"box","text":"Determination of Net Asset Value","page_number":116,"box":{"x":91,"y":744,"width":558,"height":23}},{"id":"c9d543f5-c0d4-4320-ac9a-7c01a1a53cc6","block_type":"box","text":"Valuation of Shares.","page_number":116,"box":{"x":88,"y":785,"width":144,"height":9}},{"id":"4ec4e9aa-4267-4d06-a113-d6460bc77095","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":116,"box":{"x":237,"y":785,"width":717,"height":12}},{"id":"6510b604-c3a4-4095-a3af-795acedf9257","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":116,"box":{"x":88,"y":800,"width":877,"height":12}},{"id":"428af0fd-896f-4fc3-b102-690402cebae5","block_type":"box","text":"by a Fund is as follows:","page_number":116,"box":{"x":89,"y":815,"width":159,"height":12}},{"id":"70c861c4-a63e-4dfe-adb4-cf67baa3c478","block_type":"box","text":"Equity Investments.","page_number":116,"box":{"x":89,"y":842,"width":139,"height":12}},{"id":"29303b85-b036-4075-adb6-ae0a6181dee0","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":116,"box":{"x":235,"y":841,"width":429,"height":13}},{"id":"e223f286-5bce-48a2-9471-4d2996cfba0f","block_type":"box","text":"e.g.","page_number":116,"box":{"x":665,"y":844,"width":23,"height":10}},{"id":"990a4b72-3ce0-41d4-b2ee-fbc763b0370d","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":116,"box":{"x":690,"y":841,"width":277,"height":13}},{"id":"b8b1e178-b966-496a-8d97-af2af368aacb","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":116,"box":{"x":89,"y":856,"width":853,"height":13}},{"id":"945a52b7-31e6-4c37-9c1d-0a2d67a05902","block_type":"box","text":"101","page_number":116,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"f1ea7c03-66d9-4430-80ab-2c57b17049b7","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":117,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"6675ac91-199c-481d-a8f7-99ab78dfb608","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":117,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"958cb5b8-7a2a-4117-b08e-95f4f4a63d98","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":117,"box":{"x":89,"y":74,"width":841,"height":12}},{"id":"1fe60804-52b3-48c6-a50d-10a95136c96c","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":117,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"cb1ac429-416e-4d09-ad1b-3aa630f875c7","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":117,"box":{"x":88,"y":104,"width":838,"height":13}},{"id":"bf99c24d-fcaa-4a7d-9639-731a34429c9a","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":117,"box":{"x":88,"y":119,"width":848,"height":13}},{"id":"6250bcba-e9df-4935-88a7-2fd75fa7362b","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":117,"box":{"x":89,"y":135,"width":829,"height":12}},{"id":"7b6907ee-3ac7-4320-85aa-b3f5c03f5e0a","block_type":"box","text":"below).","page_number":117,"box":{"x":89,"y":150,"width":50,"height":12}},{"id":"4d61871b-b145-4875-b66d-e86ea6f77f49","block_type":"box","text":"Fixed-Income Investments.","page_number":117,"box":{"x":89,"y":176,"width":194,"height":10}},{"id":"af561193-1848-44fe-878b-a7d8d186cf68","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":117,"box":{"x":289,"y":176,"width":603,"height":13}},{"id":"9fb04201-64ff-453a-8f1f-24901163c0d0","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third","page_number":117,"box":{"x":89,"y":191,"width":846,"height":13}},{"id":"cbea138c-4726-4659-aed9-ae1abe00fc56","block_type":"box","text":"party pricing services, each in accordance with BFA’s Valuation Procedures. The pricing services may use matrix pricing or","page_number":117,"box":{"x":89,"y":206,"width":854,"height":13}},{"id":"b66f18c1-181d-4688-92fd-1f56a374d439","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":117,"box":{"x":88,"y":222,"width":737,"height":12}},{"id":"9a9236c6-253e-406c-a434-68864be6be89","block_type":"box","text":"e.g.","page_number":117,"box":{"x":826,"y":225,"width":23,"height":9}},{"id":"89f969ab-e96b-4cdd-a849-acadf904a805","block_type":"box","text":", recent","page_number":117,"box":{"x":851,"y":223,"width":52,"height":10}},{"id":"c494ce32-0cbb-4b49-a59d-f11f559a1cd5","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":117,"box":{"x":89,"y":237,"width":795,"height":12}},{"id":"641c7348-3d84-4926-88f0-19bd2f5af69f","block_type":"box","text":"information. Pricing services also may consider yields or prices of securities of comparable quality, coupon, maturity and","page_number":117,"box":{"x":89,"y":252,"width":842,"height":12}},{"id":"8e52a5ad-e11d-4f96-b62d-5466acd1f821","block_type":"box","text":"type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services","page_number":117,"box":{"x":88,"y":267,"width":878,"height":12}},{"id":"9a1c6190-90d6-43a8-8b10-ce136826745f","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold","page_number":117,"box":{"x":89,"y":282,"width":865,"height":12}},{"id":"c4b82431-a941-4e75-b767-de8c8502e068","block_type":"box","text":"or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices","page_number":117,"box":{"x":89,"y":297,"width":866,"height":12}},{"id":"14fff79f-6d42-4341-92f7-5430823a6384","block_type":"box","text":"than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used","page_number":117,"box":{"x":88,"y":312,"width":860,"height":13}},{"id":"2d2386c1-0854-44bf-ac40-4604b7069617","block_type":"box","text":"by a Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less","page_number":117,"box":{"x":89,"y":327,"width":819,"height":13}},{"id":"96e46740-bf70-4d8e-9f0b-a38edbb5e56d","block_type":"box","text":"remaining to maturity unless BFA determines in good faith that such method does not represent fair value. Certain fixed","page_number":117,"box":{"x":89,"y":342,"width":844,"height":13}},{"id":"5314c07f-db62-4689-b2a4-b0e008866e62","block_type":"box","text":"income investments, including asset-backed and mortgage-related securities, may be valued based on valuation models that","page_number":117,"box":{"x":89,"y":358,"width":874,"height":12}},{"id":"d9acb99f-fee1-4192-892b-3bfc4bf7da20","block_type":"box","text":"consider the estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an estimated","page_number":117,"box":{"x":89,"y":373,"width":829,"height":12}},{"id":"7d32be67-b7d8-4fce-87e6-1e96271717b1","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":117,"box":{"x":88,"y":388,"width":656,"height":12}},{"id":"23d226e3-2665-4601-9e27-4ca982a3b9f0","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":117,"box":{"x":89,"y":414,"width":337,"height":13}},{"id":"4dcaa531-3fc4-43cb-9d34-ad0c52191415","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":117,"box":{"x":432,"y":414,"width":518,"height":13}},{"id":"493177ef-01df-42c1-b0a8-60f53d7e138d","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":117,"box":{"x":89,"y":429,"width":874,"height":13}},{"id":"741a0aab-189c-40e7-bf82-67d6694b1bbf","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":117,"box":{"x":89,"y":445,"width":868,"height":12}},{"id":"e7e930fb-f7d0-47e2-b364-09cceb57cbc8","block_type":"box","text":"price available for such exchange-traded equity option held by a Fund on a day on which the Fund values such option, the","page_number":117,"box":{"x":89,"y":460,"width":853,"height":12}},{"id":"ca206277-19c0-4003-9bea-040eebc1cd28","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask","page_number":117,"box":{"x":89,"y":475,"width":848,"height":12}},{"id":"e083a195-7d55-410c-980d-b02cc0fcee67","block_type":"box","text":"price is available on a day on which a Fund values such option, the prior day’s price will be used, unless BFA determines that","page_number":117,"box":{"x":89,"y":490,"width":867,"height":12}},{"id":"2533fe75-ada6-4104-b4fb-52f2a663c522","block_type":"box","text":"such prior day’s price no longer reflects the fair value of the option, in which case such option will be treated as a Fair Value","page_number":117,"box":{"x":89,"y":505,"width":862,"height":12}},{"id":"859de931-3fe9-4e6a-b9a4-37ba0a5e7019","block_type":"box","text":"Asset. Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued","page_number":117,"box":{"x":88,"y":520,"width":848,"height":12}},{"id":"cd472657-caa0-4281-aa67-2b1c274dc941","block_type":"box","text":"using a mathematical model which may incorporate a number of market data factors. Financial futures contracts and","page_number":117,"box":{"x":89,"y":535,"width":822,"height":13}},{"id":"f7f52e5c-97ad-4f97-b26b-d25a8407807e","block_type":"box","text":"options thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such","page_number":117,"box":{"x":89,"y":550,"width":830,"height":13}},{"id":"75e5d578-8302-48e7-a753-fe719c2fb86a","block_type":"box","text":"exchanges. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or","page_number":117,"box":{"x":89,"y":565,"width":872,"height":13}},{"id":"7fee95af-ddd3-4fc9-85ed-7ab8d19b3571","block_type":"box","text":"by a pricing service in accordance with the Valuation Procedures.","page_number":117,"box":{"x":89,"y":581,"width":454,"height":12}},{"id":"2237fc07-8e93-4a7f-bbf4-42ef51f83761","block_type":"box","text":"Underlying Funds.","page_number":117,"box":{"x":89,"y":607,"width":130,"height":12}},{"id":"ba885a3a-cc73-47d7-a6f7-b5da14f90cf5","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":117,"box":{"x":224,"y":607,"width":694,"height":12}},{"id":"48e24e99-367d-4be1-8fa9-74deb567f964","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":117,"box":{"x":89,"y":622,"width":759,"height":12}},{"id":"8ce462ce-f10d-4904-8550-1f3e89c892cf","block_type":"box","text":"General Valuation Information.","page_number":117,"box":{"x":89,"y":649,"width":222,"height":9}},{"id":"ed468e08-1efd-45d7-b42d-be448c586057","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":117,"box":{"x":317,"y":649,"width":612,"height":12}},{"id":"decacc97-a715-44ea-ad50-ef13a861192e","block_type":"box","text":"makers to value a Fund’s securities and other assets and liabilities are based on information available at the time the Fund","page_number":117,"box":{"x":89,"y":664,"width":851,"height":9}},{"id":"4c5d9376-38b7-4393-8939-43e04888dcd7","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":117,"box":{"x":88,"y":679,"width":853,"height":12}},{"id":"b122dd8a-8017-4191-b00e-b8ec32d6ddc4","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":117,"box":{"x":88,"y":694,"width":813,"height":12}},{"id":"162b7455-7c1b-4181-903f-45d845fcc363","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":117,"box":{"x":89,"y":709,"width":700,"height":12}},{"id":"72654121-ec94-4a16-8148-6ba9e8a57e6e","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":117,"box":{"x":88,"y":736,"width":867,"height":12}},{"id":"181ccf7c-e9e3-4176-965b-25040e9c1785","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":117,"box":{"x":89,"y":751,"width":866,"height":12}},{"id":"b29c0602-1399-462a-8606-45103f7420a1","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":117,"box":{"x":89,"y":766,"width":859,"height":12}},{"id":"f235b82c-fe11-456e-94e3-c16c80f64bf1","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":117,"box":{"x":89,"y":781,"width":846,"height":12}},{"id":"1cc6bb9c-e634-43ce-90bc-e1931369cd2f","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":117,"box":{"x":89,"y":796,"width":876,"height":12}},{"id":"f5d16254-57c5-4090-8107-843a5409abd0","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":117,"box":{"x":89,"y":811,"width":439,"height":12}},{"id":"b9179b55-975c-464e-9043-27ed903595e3","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":117,"box":{"x":88,"y":838,"width":627,"height":12}},{"id":"3f1800cc-8ecd-4dba-be75-db71084bc46b","block_type":"box","text":"102","page_number":117,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"1cbb1f74-8947-486c-8c9d-cbc6690936e7","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":118,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"9429a344-e473-444a-911c-31764c2fbd2d","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":118,"box":{"x":88,"y":59,"width":823,"height":12}},{"id":"1a6b8868-a617-479b-bfce-a7d29c3bd274","block_type":"box","text":"accordance with a method approved by BFA, the Funds’ valuation designee, as reflecting fair value. All other assets and","page_number":118,"box":{"x":89,"y":74,"width":832,"height":12}},{"id":"ac996084-9ecf-4bbd-9433-384d7f008565","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":118,"box":{"x":89,"y":89,"width":836,"height":13}},{"id":"777620ad-0ba6-413a-ac75-ac0620940cbe","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":118,"box":{"x":89,"y":104,"width":862,"height":13}},{"id":"f26640f6-a6fa-464c-9912-491f491d97de","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":118,"box":{"x":89,"y":119,"width":805,"height":13}},{"id":"741e0cd3-1c91-4ff3-9f3c-d127560d2704","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":118,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"ebd1cc2a-5831-4cda-8f3f-30a86b64c53e","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":118,"box":{"x":89,"y":161,"width":826,"height":12}},{"id":"4e412c44-d617-4a84-b9e2-7a19aba59709","block_type":"box","text":"performance and the performance of the Underlying Index.","page_number":118,"box":{"x":89,"y":176,"width":413,"height":13}},{"id":"f4455e60-d0a1-4973-83ba-e6685925a22b","block_type":"box","text":"Fair Value.","page_number":118,"box":{"x":89,"y":203,"width":73,"height":9}},{"id":"60fb7db4-18cd-403b-a8ac-4fe306f7f223","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":118,"box":{"x":167,"y":203,"width":796,"height":12}},{"id":"af260119-1fe0-4913-b815-98953c4692e7","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":118,"box":{"x":88,"y":218,"width":854,"height":12}},{"id":"9c33f48e-aa61-495f-ae3f-fa3e8f22e69f","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":118,"box":{"x":89,"y":233,"width":820,"height":12}},{"id":"19cc76f7-9e7a-4b59-9dd1-1e0463f5dd14","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":118,"box":{"x":89,"y":248,"width":837,"height":12}},{"id":"7da001a9-861c-4f35-aea7-037e88c14014","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":118,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"fa4b076d-d012-421d-8544-fa995f98d41f","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":118,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"8d4a9205-682a-4abf-85f5-0dae387bda1f","block_type":"box","text":"unreliable (","page_number":118,"box":{"x":89,"y":293,"width":77,"height":13}},{"id":"cf6d4ed6-b0fe-4a83-a971-b974249df329","block_type":"box","text":"e.g.","page_number":118,"box":{"x":167,"y":296,"width":23,"height":10}},{"id":"20f013a4-d8db-4ffc-9700-196b043bb648","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":118,"box":{"x":192,"y":293,"width":745,"height":13}},{"id":"13c7bf53-91a2-4c0f-bb94-4fbc95c33648","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":118,"box":{"x":89,"y":308,"width":839,"height":13}},{"id":"3ccaf516-4185-4dcd-8aa9-ee0fe9dc6dc2","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":118,"box":{"x":88,"y":324,"width":822,"height":12}},{"id":"28271873-a485-4b40-89e0-bf1dd92cb3cc","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":118,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"e335a7b6-e5fb-4628-8903-5f30041c143a","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":118,"box":{"x":89,"y":354,"width":862,"height":12}},{"id":"d84cfd79-54f3-4898-a723-201db0e58bb0","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":118,"box":{"x":89,"y":369,"width":864,"height":12}},{"id":"55034c88-02d0-4aca-8643-6837dba9c20d","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":118,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"a71bdc4e-01dd-4d66-9b73-43cf4865ae71","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":118,"box":{"x":89,"y":399,"width":858,"height":13}},{"id":"14fa3b82-f33b-4120-81fc-7644eead2c7d","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":118,"box":{"x":89,"y":414,"width":829,"height":13}},{"id":"00801a9c-ef27-4453-ae51-cc0dfcf86f6b","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":118,"box":{"x":89,"y":429,"width":573,"height":13}},{"id":"f208ddce-e35d-46a1-b1b3-b2290e755199","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":118,"box":{"x":89,"y":456,"width":874,"height":12}},{"id":"1ff81a8e-3b00-4bc7-abe3-7704731b8492","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":118,"box":{"x":89,"y":471,"width":787,"height":12}},{"id":"2252c727-5a7d-44bd-97a2-fb8b563c74a2","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":118,"box":{"x":89,"y":486,"width":867,"height":12}},{"id":"e61c4221-4247-47a6-b7c9-1391b06f0d1a","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":118,"box":{"x":89,"y":501,"width":559,"height":13}},{"id":"73c5fa63-1400-4b4e-9aa7-0d82f652d6fe","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":118,"box":{"x":89,"y":528,"width":843,"height":12}},{"id":"b7593f82-975b-49b9-b8c9-4184caa0fbc1","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":118,"box":{"x":89,"y":543,"width":874,"height":12}},{"id":"88cfd777-948f-4da3-8b69-80537df565e6","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":118,"box":{"x":89,"y":558,"width":847,"height":12}},{"id":"3d58b857-a67c-47f2-876c-c13e5bdf7831","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":118,"box":{"x":89,"y":573,"width":676,"height":12}},{"id":"d23e6dc4-5e09-4bea-bc6b-73844f33864e","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":118,"box":{"x":88,"y":599,"width":868,"height":13}},{"id":"c7b683eb-801c-49ab-8810-7395968972f7","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":118,"box":{"x":88,"y":615,"width":838,"height":12}},{"id":"924e2f55-5c18-44d8-9a4b-e21eb90795e0","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":118,"box":{"x":89,"y":630,"width":847,"height":12}},{"id":"a597edb6-c317-48cc-b7cd-1b12fb909a5f","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":118,"box":{"x":89,"y":645,"width":856,"height":12}},{"id":"4d96df5a-742a-49c6-af08-fa7ee9abdbc1","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":118,"box":{"x":89,"y":660,"width":877,"height":12}},{"id":"9ae0c350-21f5-4a5b-ab9e-a9f061e7f27d","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":118,"box":{"x":89,"y":675,"width":397,"height":12}},{"id":"d8c39117-d044-4c98-b446-7563e11f433c","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":118,"box":{"x":89,"y":702,"width":848,"height":12}},{"id":"2833667d-a1cf-4d96-ba29-407b005c7969","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":118,"box":{"x":89,"y":717,"width":865,"height":12}},{"id":"34acdebd-7899-4806-9725-ededfb3a68c6","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":118,"box":{"x":89,"y":732,"width":878,"height":12}},{"id":"e94841ad-ffc3-4c6d-bd15-a357f5311a9f","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":118,"box":{"x":89,"y":747,"width":795,"height":12}},{"id":"c308f068-d920-4011-b484-f56d5b760022","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":118,"box":{"x":88,"y":762,"width":839,"height":12}},{"id":"633fce8f-fa6a-44c0-88cf-7c761020d20d","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":118,"box":{"x":89,"y":777,"width":801,"height":12}},{"id":"85c350d5-da83-4523-a0ad-e3213380dc46","block_type":"box","text":"investment.","page_number":118,"box":{"x":89,"y":793,"width":80,"height":9}},{"id":"1af2c48d-4f4d-4723-9df5-c0a9d11ac045","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":118,"box":{"x":88,"y":819,"width":865,"height":12}},{"id":"2c42f561-90b1-4458-a61b-1e57d45e7303","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":118,"box":{"x":89,"y":834,"width":843,"height":12}},{"id":"8ea2cfbd-62cc-4b37-b015-4f2a8b3c8e62","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":118,"box":{"x":89,"y":849,"width":850,"height":12}},{"id":"6f0887b1-b97d-4d2c-89d4-cdb1a713109d","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":118,"box":{"x":89,"y":864,"width":540,"height":12}},{"id":"42389e2b-f218-4038-812d-78f0cde99faa","block_type":"box","text":"103","page_number":118,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"65de236f-de52-453a-b395-420feb255771","block_type":"box","text":"A Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":119,"box":{"x":88,"y":44,"width":821,"height":12}},{"id":"d3f02817-9c0a-46cb-acba-47b7263d3964","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":119,"box":{"x":89,"y":59,"width":795,"height":12}},{"id":"8c2c3995-01b7-43a6-b36d-e40ee546b607","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":119,"box":{"x":88,"y":74,"width":838,"height":12}},{"id":"db7959a4-7359-4f5f-be84-48bd8f4ccb51","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":119,"box":{"x":89,"y":89,"width":835,"height":13}},{"id":"7e406985-b477-4d6f-aed6-afa443004a93","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":119,"box":{"x":89,"y":104,"width":499,"height":13}},{"id":"b04dca8c-cf73-47ec-9d48-102bb7062b92","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":119,"box":{"x":89,"y":131,"width":870,"height":12}},{"id":"f4df21f0-4482-47e4-b06f-6ecb74b6cfbd","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":119,"box":{"x":89,"y":146,"width":839,"height":12}},{"id":"c11c5c90-46fd-43ed-9837-d6f5f1dbc6e4","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":119,"box":{"x":88,"y":161,"width":863,"height":12}},{"id":"78b7dad9-bc84-4221-9e73-4fb9ec0a5d90","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":119,"box":{"x":88,"y":176,"width":863,"height":13}},{"id":"b107aaaa-e08b-4466-b2d5-90f87eafad7b","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":119,"box":{"x":89,"y":191,"width":778,"height":13}},{"id":"10f6cc2b-35a3-4496-8ebb-065db15669c1","block_type":"box","text":"Brokerage Transactions","page_number":119,"box":{"x":91,"y":222,"width":390,"height":30}},{"id":"ab2a6e4e-367c-4baa-b4e8-0577ad773b27","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":119,"box":{"x":88,"y":263,"width":863,"height":12}},{"id":"7abf3a95-6cd3-49e6-a4d4-94efd305e9a3","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":119,"box":{"x":89,"y":278,"width":835,"height":13}},{"id":"f9572093-7cc0-4b00-a80a-6c0453dbc2a3","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":119,"box":{"x":89,"y":293,"width":824,"height":13}},{"id":"d1cbd0ca-2f23-4afb-bd3a-3ad143a715cb","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":119,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"3ae3a49c-24b2-4273-aac9-5d63d80f5fc6","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":119,"box":{"x":89,"y":324,"width":861,"height":12}},{"id":"ce637a79-634f-4eb0-af0e-aa1f62da1172","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":119,"box":{"x":89,"y":339,"width":805,"height":12}},{"id":"74c236b9-3608-4afd-8b41-5f57f69e7d84","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":119,"box":{"x":89,"y":354,"width":851,"height":12}},{"id":"c3917ea6-1e72-47b8-86dd-9802daf19dcb","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":119,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"297916ba-4368-4ea7-bec1-024cbf617106","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":119,"box":{"x":89,"y":384,"width":807,"height":12}},{"id":"2881cd45-af51-469f-92cf-caeb3d2b8164","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":119,"box":{"x":89,"y":399,"width":664,"height":13}},{"id":"95cb7bcd-28c7-4940-8b60-9edd265a7948","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":119,"box":{"x":89,"y":426,"width":825,"height":12}},{"id":"86ba9ed5-c03b-494a-a1c5-966521b07a3a","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":119,"box":{"x":89,"y":441,"width":878,"height":12}},{"id":"949ca9b7-8f1e-45ac-8d25-1dcba3e9eb3a","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":119,"box":{"x":89,"y":456,"width":846,"height":12}},{"id":"2b5d55e1-3b4a-4bd1-b0ff-7a3649968e4d","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":119,"box":{"x":89,"y":471,"width":865,"height":12}},{"id":"16db8754-8707-4438-8dda-3a63188f6cf2","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":119,"box":{"x":88,"y":486,"width":835,"height":12}},{"id":"4f8cac20-fee1-4317-ad79-e0a941f0bebc","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":119,"box":{"x":89,"y":501,"width":860,"height":13}},{"id":"ba0712e7-a39d-427e-9ad6-0c627df37845","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":119,"box":{"x":89,"y":516,"width":816,"height":13}},{"id":"bd016f20-e96f-4d94-b3c5-1956d5b1c80d","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":119,"box":{"x":89,"y":531,"width":846,"height":13}},{"id":"f861afa0-051a-4404-b93f-804b25f718f1","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":119,"box":{"x":88,"y":547,"width":870,"height":12}},{"id":"795c5589-418c-4bf6-81f1-9c0ae9846693","block_type":"box","text":"other circumstances.","page_number":119,"box":{"x":89,"y":562,"width":146,"height":9}},{"id":"1ad4cefa-d5dc-4e8b-af63-90b0d60fb9e3","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":119,"box":{"x":88,"y":588,"width":863,"height":12}},{"id":"d1f4fe99-9f3b-4e2f-a755-2f3949afe383","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":119,"box":{"x":89,"y":603,"width":844,"height":13}},{"id":"501caf33-f2c4-4214-958d-aecb66d6d4b8","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":119,"box":{"x":89,"y":618,"width":871,"height":13}},{"id":"7c0f27c6-c409-432b-a799-0e6b73f45670","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":119,"box":{"x":89,"y":633,"width":839,"height":13}},{"id":"6c43f300-f8cd-4b27-8eaf-76e477cbcad8","block_type":"box","text":"under certain conditions.","page_number":119,"box":{"x":89,"y":649,"width":174,"height":9}},{"id":"bebed5b9-e959-493b-b77c-7827ffbe9e31","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":119,"box":{"x":89,"y":675,"width":869,"height":12}},{"id":"28c6ccb9-cc59-4f11-86ca-b4f090719319","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":119,"box":{"x":89,"y":690,"width":844,"height":13}},{"id":"6e990379-0596-4a57-bafc-f3c91ccb25a3","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":119,"box":{"x":89,"y":705,"width":831,"height":13}},{"id":"51387b43-b965-4f58-bd0d-7f4ff150dc94","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":119,"box":{"x":89,"y":720,"width":807,"height":13}},{"id":"1fbc19a8-2469-4289-a714-b0987e851c73","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":119,"box":{"x":88,"y":736,"width":605,"height":12}},{"id":"56754c24-1498-439b-8177-3af82b626d2a","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":119,"box":{"x":88,"y":762,"width":868,"height":12}},{"id":"775baa5d-5472-49be-917b-c878108c1dd1","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":119,"box":{"x":88,"y":777,"width":849,"height":12}},{"id":"46c6fb7b-47ba-4854-93ee-dd5bafc8974c","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":119,"box":{"x":89,"y":792,"width":857,"height":13}},{"id":"85f78b88-bd08-454b-b88b-f818d3b5307f","block_type":"box","text":"exchanges, or traded in OTC markets in the U.S. or Europe, as the case may be. American Depositary Receipts, like other","page_number":119,"box":{"x":89,"y":807,"width":839,"height":13}},{"id":"4ac75921-d401-4f8a-8593-6be40ba2885d","block_type":"box","text":"securities traded in the U.S., will be subject to negotiated commission rates.","page_number":119,"box":{"x":89,"y":822,"width":528,"height":13}},{"id":"37039efe-de74-4f59-84f9-f85fc884c0f2","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":119,"box":{"x":89,"y":849,"width":842,"height":12}},{"id":"145f52d0-4cc7-4af5-b7c6-f9bea175043b","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":119,"box":{"x":88,"y":864,"width":861,"height":12}},{"id":"bb88e0bc-bbab-4965-b96f-69523cc77c8d","block_type":"box","text":"104","page_number":119,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"0e3e8f50-f698-4b28-922e-c27e6c11041e","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":120,"box":{"x":89,"y":44,"width":811,"height":12}},{"id":"d10d13d0-3eb3-43f8-924b-629434885ad9","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":120,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"7544e3ad-b561-40f6-b4ad-74a19f64cae3","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":120,"box":{"x":88,"y":74,"width":875,"height":12}},{"id":"17f1ea00-e552-4c7b-a593-ab17f3ffc2f3","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":120,"box":{"x":88,"y":89,"width":501,"height":13}},{"id":"6437bbea-48cc-480d-a8c5-5344e01553a8","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":120,"box":{"x":89,"y":116,"width":866,"height":12}},{"id":"b783c2ec-ab42-4831-a049-81936a012cdb","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":120,"box":{"x":88,"y":131,"width":820,"height":12}},{"id":"e2c14ad5-313b-4bab-a3e6-46f9404c0a8b","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":120,"box":{"x":88,"y":146,"width":845,"height":12}},{"id":"b3dc0f53-d260-441e-a1d7-592d2be3c277","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":120,"box":{"x":89,"y":161,"width":826,"height":12}},{"id":"2d044fa9-ebb5-4332-81da-43c3dc3831af","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":120,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"dcb16337-f7db-4a7a-bcd4-836d22308247","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":120,"box":{"x":89,"y":191,"width":853,"height":13}},{"id":"a82122f1-80cc-467c-8d44-1dcc0f69dcd5","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":120,"box":{"x":88,"y":206,"width":875,"height":13}},{"id":"2d4409fb-abe9-4d0a-81d4-f1e5ac323def","block_type":"box","text":"Act.","page_number":120,"box":{"x":88,"y":222,"width":27,"height":9}},{"id":"1b5bbade-91f9-4170-85eb-817a8c246e4c","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":120,"box":{"x":89,"y":248,"width":854,"height":12}},{"id":"5332ba90-ef44-49ed-b4af-d3d75a2324f5","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":120,"box":{"x":89,"y":263,"width":860,"height":12}},{"id":"6a02dffc-657a-4580-a1a3-55e4d5f9b08f","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":120,"box":{"x":89,"y":278,"width":855,"height":13}},{"id":"e68ebe76-9883-49c9-bb38-c220956472f1","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":120,"box":{"x":89,"y":293,"width":472,"height":13}},{"id":"47ec9ff8-be24-4b22-84f2-bc90ce3a14da","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":120,"box":{"x":89,"y":320,"width":831,"height":12}},{"id":"d6e75ddc-c993-41bd-9d3f-c7d127e146e9","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":120,"box":{"x":89,"y":335,"width":865,"height":12}},{"id":"de43fd69-5ad9-4511-b8c2-f60e858c58e2","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":120,"box":{"x":89,"y":350,"width":867,"height":12}},{"id":"d841d8a0-8def-4eac-8995-1ee618f4a248","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":120,"box":{"x":89,"y":365,"width":364,"height":12}},{"id":"82bb5f7d-1c62-4b6f-b59f-b269d6bc4bd2","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":120,"box":{"x":88,"y":392,"width":874,"height":12}},{"id":"fc9112b6-2db9-4e18-aee9-e81f30b4f117","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":120,"box":{"x":88,"y":407,"width":824,"height":12}},{"id":"3a08d08f-0375-41c1-94a4-83a459a4e36a","block_type":"box","text":"commissions or discounts are paid.","page_number":120,"box":{"x":89,"y":422,"width":246,"height":12}},{"id":"5319c158-e19e-49d9-beac-8e64a8ffe723","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":120,"box":{"x":89,"y":448,"width":847,"height":13}},{"id":"71f28b2d-b2ef-495e-9bf1-9390f5a673f3","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":120,"box":{"x":89,"y":463,"width":835,"height":13}},{"id":"0943ebbc-ed42-4459-970c-e1aac5244c57","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":120,"box":{"x":89,"y":479,"width":854,"height":12}},{"id":"5ac5203a-117a-416b-9a5c-cb7a5e56253d","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":120,"box":{"x":89,"y":494,"width":854,"height":12}},{"id":"53aef818-4b63-44f6-8ef9-e59dbd20401d","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":120,"box":{"x":89,"y":509,"width":842,"height":12}},{"id":"14924f4d-ed49-4d2f-a0e2-6a1e8fada78b","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":120,"box":{"x":89,"y":524,"width":845,"height":12}},{"id":"9661a1c0-0901-4bd4-bc7d-9ff5bc12a1c6","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":120,"box":{"x":89,"y":539,"width":812,"height":12}},{"id":"4349d5f2-53a5-4915-a5e5-f62418507e3d","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":120,"box":{"x":89,"y":554,"width":876,"height":12}},{"id":"ab9c16ca-7fd5-4067-b9f4-7d70f0febbd6","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":120,"box":{"x":89,"y":569,"width":866,"height":13}},{"id":"05ebddc2-f627-4fb0-87b5-1ff874dc1c37","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":120,"box":{"x":89,"y":584,"width":842,"height":13}},{"id":"8110d437-b33a-4f8a-8e52-4935d8f805d0","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":120,"box":{"x":89,"y":599,"width":871,"height":13}},{"id":"c850917a-4a64-468d-9cbc-9636bd98536b","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":120,"box":{"x":89,"y":615,"width":817,"height":12}},{"id":"f95266df-ec05-470b-b4b6-e80d8e6059e3","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":120,"box":{"x":89,"y":630,"width":862,"height":12}},{"id":"c18609be-e3c6-4916-9573-80ab1805fa65","block_type":"box","text":"in which the Funds may invest.","page_number":120,"box":{"x":89,"y":645,"width":215,"height":12}},{"id":"45dd3647-d2b6-4c97-aac7-b7a4fe624881","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":120,"box":{"x":89,"y":671,"width":862,"height":13}},{"id":"66b4e819-3258-4b30-a16e-a58f37487b1e","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":120,"box":{"x":89,"y":686,"width":872,"height":13}},{"id":"f85e01af-428d-409a-a167-d7213a5ef101","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":120,"box":{"x":89,"y":702,"width":823,"height":9}},{"id":"6d9cd1f2-f90a-4215-a9c2-67db9c41c79a","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":120,"box":{"x":89,"y":717,"width":867,"height":12}},{"id":"1d9bd9dc-5a15-4fc4-9db4-90d0b0e2ce00","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":120,"box":{"x":89,"y":732,"width":872,"height":12}},{"id":"99aa5447-ad72-48e8-ac85-c4dec44481e5","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":120,"box":{"x":88,"y":747,"width":855,"height":12}},{"id":"2972b9ff-4f2f-4e1c-83c9-a967e482a418","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":120,"box":{"x":89,"y":762,"width":859,"height":12}},{"id":"bf1dfd0d-c79f-4977-8750-05173386be96","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":120,"box":{"x":89,"y":777,"width":863,"height":12}},{"id":"e7f88aee-0de6-4381-9ea5-375c2c7c74b4","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":120,"box":{"x":89,"y":792,"width":870,"height":13}},{"id":"d4c64216-9ebe-4d39-832f-5241ab3c354d","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":120,"box":{"x":89,"y":807,"width":856,"height":13}},{"id":"db1a6f11-9e79-4020-8586-978cbc7a32c8","block_type":"box","text":"pro rata","page_number":120,"box":{"x":87,"y":824,"width":56,"height":11}},{"id":"72973c1a-b765-4280-be54-a762a3edac42","block_type":"box","text":"basis. This","page_number":120,"box":{"x":149,"y":822,"width":71,"height":10}},{"id":"883712a1-8695-4f82-8264-6c084675f5c7","block_type":"box","text":"pro rata","page_number":120,"box":{"x":224,"y":824,"width":56,"height":11}},{"id":"83285533-3620-4d2d-845b-b8c7290dc8f5","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":120,"box":{"x":285,"y":822,"width":656,"height":13}},{"id":"bfc99cd2-fa52-4a0f-9ab7-424a67fe28cb","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":120,"box":{"x":89,"y":838,"width":822,"height":12}},{"id":"4e1fbaf0-f0ca-4706-a55e-60b71c90dec8","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":120,"box":{"x":89,"y":853,"width":797,"height":12}},{"id":"89e8adff-79be-4689-8614-f7d8eba46c19","block_type":"box","text":"105","page_number":120,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"0ced55be-778d-41c6-9d90-3b130a1dd928","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":121,"box":{"x":89,"y":44,"width":873,"height":12}},{"id":"dab27463-9838-46f6-9c56-e2d665df6c5d","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":121,"box":{"x":88,"y":59,"width":814,"height":12}},{"id":"8b2a44f7-ad8f-4a65-97c0-ebe48deafe4f","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":121,"box":{"x":89,"y":74,"width":510,"height":12}},{"id":"219e1e6e-5b6a-4544-bcf7-9e8a8c8c2e8d","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":121,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"0e63358c-fa48-4c11-af51-9fea0813edc2","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":121,"box":{"x":89,"y":116,"width":811,"height":12}},{"id":"20b96792-191d-4ce9-8f02-5a42f51348d2","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":121,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"f7256c51-b792-417c-9049-a6ca9eebd09d","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":121,"box":{"x":88,"y":146,"width":878,"height":12}},{"id":"d8b03fd5-652b-48a6-a6c0-27fb4256febf","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":121,"box":{"x":88,"y":161,"width":860,"height":12}},{"id":"fc1683a2-4a81-449e-9741-3aacb7919964","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":121,"box":{"x":88,"y":176,"width":865,"height":13}},{"id":"797c85e5-bef9-4186-834d-ce2f61652c24","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":121,"box":{"x":89,"y":191,"width":843,"height":13}},{"id":"e0d4859c-d571-4e14-8595-8f5fae1b6edf","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":121,"box":{"x":89,"y":206,"width":831,"height":13}},{"id":"12584a14-03f1-4c37-a71a-71cefd74d588","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":121,"box":{"x":89,"y":222,"width":854,"height":12}},{"id":"fc2b7dac-5ee7-44f1-8404-6f8be5f924a7","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":121,"box":{"x":89,"y":237,"width":637,"height":12}},{"id":"1e57c1da-a7ff-41cd-a1a1-6e1777267f1b","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":121,"box":{"x":89,"y":263,"width":831,"height":12}},{"id":"9a751e7c-15ac-4abe-b667-7fb05de6270c","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":121,"box":{"x":89,"y":278,"width":869,"height":13}},{"id":"a4ac118c-3b08-470a-9f0c-40ce33d2256d","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":121,"box":{"x":89,"y":293,"width":864,"height":13}},{"id":"37b56808-680d-4b76-bb08-b39246c0eefd","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":121,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"85f88fbc-2781-4bb8-8443-fd65f6a55c15","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":121,"box":{"x":89,"y":324,"width":844,"height":12}},{"id":"7f4b290b-a59f-4f87-aab8-5b0a6e344562","block_type":"box","text":"pro","page_number":121,"box":{"x":937,"y":327,"width":23,"height":9}},{"id":"56a2a6ba-e546-41eb-add4-a51fc50a80ad","block_type":"box","text":"rata","page_number":121,"box":{"x":88,"y":340,"width":28,"height":8}},{"id":"986e6d4a-7f2c-4985-8165-a983294c2814","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":121,"box":{"x":121,"y":339,"width":838,"height":12}},{"id":"7a5bb2c1-57bd-4e64-af33-d6c3b439a9a1","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":121,"box":{"x":88,"y":354,"width":857,"height":12}},{"id":"92aa567a-06f6-433f-9a67-ed7a783676a6","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":121,"box":{"x":89,"y":369,"width":877,"height":12}},{"id":"0c19722d-5734-454f-b445-7ccc2f64a015","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":121,"box":{"x":89,"y":384,"width":845,"height":12}},{"id":"47623fe4-c60c-4bb0-8c2d-d8979e706677","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":121,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"610df1b5-83d4-4815-b39f-377ca07d97f7","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":121,"box":{"x":89,"y":414,"width":828,"height":13}},{"id":"ccd90366-bef9-4b55-9d0c-aa5c145b9d09","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":121,"box":{"x":89,"y":429,"width":861,"height":13}},{"id":"b1259b12-e083-4de8-a980-17c8c4acd217","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":121,"box":{"x":89,"y":445,"width":831,"height":12}},{"id":"51fb663a-0c41-4948-93c0-6171fecb57e0","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":121,"box":{"x":89,"y":460,"width":854,"height":12}},{"id":"36a81a36-916b-4082-a296-f47e2e1997b6","block_type":"box","text":"order.","page_number":121,"box":{"x":89,"y":475,"width":38,"height":9}},{"id":"2401d038-74d6-4bbd-a523-95a74a65348b","block_type":"box","text":"The table below sets forth the brokerage commissions paid by each Fund for the fiscal years noted. Any differences in","page_number":121,"box":{"x":88,"y":501,"width":822,"height":13}},{"id":"2477dfe7-b949-426d-b432-3052118768fc","block_type":"box","text":"brokerage commissions paid by a Fund from year to year are principally due to increases or decreases in that Fund’s assets","page_number":121,"box":{"x":89,"y":516,"width":858,"height":13}},{"id":"02595c9c-5f5a-49e7-877b-2064791e1174","block_type":"box","text":"over those periods or the magnitude of changes to the components of a Fund’s Underlying 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(The) 23,358,851","page_number":123,"box":{"x":561,"y":159,"width":401,"height":12}},{"id":"ec159dbb-69c6-4c5e-bf39-adb21d4dc64e","block_type":"box","text":"JPMorgan Chase & Co. 19,270,819","page_number":123,"box":{"x":560,"y":175,"width":404,"height":12}},{"id":"1e24c42b-7141-4c6f-a1fa-852ef1afdd8e","block_type":"box","text":"U.S. Bancorp 7,985,578","page_number":123,"box":{"x":562,"y":192,"width":402,"height":12}},{"id":"77488c94-b1dc-4ab9-80f0-a58acd71edde","block_type":"box","text":"UBS Group AG 7,622,412","page_number":123,"box":{"x":562,"y":208,"width":402,"height":12}},{"id":"43dc7099-60f7-4c9b-b5ab-a3af3b380057","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF Barclays PLC $19,723,780","page_number":123,"box":{"x":89,"y":240,"width":875,"height":13}},{"id":"7187d099-b3e2-4901-ac45-d3b11cbebc08","block_type":"box","text":"Morgan Stanley 17,276,816","page_number":123,"box":{"x":561,"y":257,"width":403,"height":12}},{"id":"e29aed54-54ab-4bef-8ace-dff55e501829","block_type":"box","text":"Citigroup, Inc. 14,675,458","page_number":123,"box":{"x":561,"y":274,"width":403,"height":12}},{"id":"516657a6-1b9b-41dd-b32d-ba278c8680ab","block_type":"box","text":"iShares iBonds Dec 2029 Term Corporate ETF Wells Fargo & Co. $ 18,671,891","page_number":123,"box":{"x":89,"y":306,"width":873,"height":12}},{"id":"3dc6402f-b244-4cc1-bd05-fba790da898a","block_type":"box","text":"iShares iBonds Dec 2030 Term Corporate ETF Goldman Sachs Group Inc. (The) $ 17,577,110","page_number":123,"box":{"x":89,"y":339,"width":875,"height":12}},{"id":"9f2ae140-f0df-48dd-a1cc-766e2ef2fe87","block_type":"box","text":"JPMorgan Chase & Co. 2,555,493","page_number":123,"box":{"x":560,"y":355,"width":404,"height":12}},{"id":"a32bdbc5-d3a3-4f63-a3c6-2855a8528e61","block_type":"box","text":"iShares iBonds Dec 2031 Term Corporate ETF Toronto-Dominion Bank (The) $ 4,757,228","page_number":123,"box":{"x":89,"y":388,"width":875,"height":12}},{"id":"eb18d859-d212-4f28-9455-44f509e39281","block_type":"box","text":"iShares iBonds Dec 2032 Term Corporate ETF Morgan Stanley & Co. LLC $ 4,869,806","page_number":123,"box":{"x":89,"y":421,"width":875,"height":12}},{"id":"ca89033c-20be-4bf3-a35c-8ee6b4e18ec1","block_type":"box","text":"Citigroup, Inc. 4,706,802","page_number":123,"box":{"x":561,"y":437,"width":403,"height":12}},{"id":"83bc1f10-1930-4d31-a291-441d80076647","block_type":"box","text":"iShares iBonds Dec 2033 Term Corporate ETF Goldman Sachs & Co. 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If purchases or sales of portfolio securities of the Funds and one or more other","page_number":123,"box":{"x":89,"y":518,"width":873,"height":12}},{"id":"44ba4c4f-394a-4e98-b2d3-ca9fb2954d70","block_type":"box","text":"accounts managed or advised by BlackRock are considered at or about the same time, transactions in such securities are","page_number":123,"box":{"x":89,"y":533,"width":845,"height":12}},{"id":"12ebc241-2bcd-4888-93e3-26998a471bc8","block_type":"box","text":"allocated among the Funds and the other accounts in a manner deemed equitable to all by BlackRock. In some cases, this","page_number":123,"box":{"x":89,"y":548,"width":851,"height":12}},{"id":"eebefa49-b8a5-4c59-81cd-2ab8d26b1cbf","block_type":"box","text":"procedure could have a detrimental effect on the price or volume of the security as far as the Funds are concerned. 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BlackRock may, from time to time, effect trades on behalf of and for the account of the Funds with brokers","page_number":123,"box":{"x":89,"y":608,"width":874,"height":13}},{"id":"2ed8a7ba-ecd1-4d3f-a04a-202884725cf1","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":123,"box":{"x":89,"y":623,"width":874,"height":13}},{"id":"1afb48cd-0f49-4ee1-b98f-15c1d372e7fe","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":123,"box":{"x":89,"y":639,"width":867,"height":12}},{"id":"3d9b5a7e-9a78-4a46-9c90-85b8350fd990","block_type":"box","text":"other brokers or dealers in comparable transactions. 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39%","page_number":124,"box":{"x":89,"y":364,"width":837,"height":12}},{"id":"b492c72b-876a-4ae6-9842-f257e8a2d1d2","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF","page_number":124,"box":{"x":89,"y":379,"width":306,"height":12}},{"id":"e8b2c453-769d-4b0a-8bfb-de26437b08d3","block_type":"box","text":"10","page_number":124,"box":{"x":397,"y":377,"width":11,"height":6}},{"id":"18488913-f7b7-470f-b8ed-5b2d3da0a7b1","block_type":"box","text":"70% 2%","page_number":124,"box":{"x":699,"y":380,"width":227,"height":9}},{"id":"702729cd-d91f-472b-8729-345b2ba09fe6","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF 2% 23%","page_number":124,"box":{"x":89,"y":394,"width":837,"height":12}},{"id":"0e3bdb12-aafb-480c-8aaa-fe609a33e22d","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF 14% 61%","page_number":124,"box":{"x":89,"y":409,"width":837,"height":13}},{"id":"a40c7329-f177-4344-8805-0dc1cd039c2c","block_type":"box","text":"11,12","page_number":124,"box":{"x":928,"y":408,"width":26,"height":7}},{"id":"3d730007-41c7-4455-9c7a-1ac1f0c27a51","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF 88%","page_number":124,"box":{"x":89,"y":424,"width":641,"height":13}},{"id":"dfad90fd-e8d1-4d31-8d2e-e9606464cfc5","block_type":"box","text":"5,6","page_number":124,"box":{"x":731,"y":423,"width":15,"height":7}},{"id":"bd2a17fc-9925-489b-91a2-98c5ae3f53ed","block_type":"box","text":"N/A","page_number":124,"box":{"x":883,"y":424,"width":29,"height":10}},{"id":"f065e828-95a9-4e44-baaa-9a1ec43f2984","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF 19% 51%","page_number":124,"box":{"x":89,"y":439,"width":837,"height":13}},{"id":"714a9623-7d7a-41aa-8caa-79024491a292","block_type":"box","text":"11,12","page_number":124,"box":{"x":928,"y":438,"width":26,"height":7}},{"id":"a1608b8d-4f79-4b12-a2f9-02b982ae3530","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF 50%","page_number":124,"box":{"x":89,"y":455,"width":641,"height":12}},{"id":"7638331d-e389-46f2-9a84-93cd2afdc600","block_type":"box","text":"5,6","page_number":124,"box":{"x":731,"y":453,"width":15,"height":7}},{"id":"c86a7675-0b21-4a43-9358-5b315baed0de","block_type":"box","text":"N/A","page_number":124,"box":{"x":883,"y":455,"width":29,"height":9}},{"id":"5a735b4f-7fd2-415c-ac11-4d895db433bd","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury 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87%","page_number":124,"box":{"x":89,"y":485,"width":641,"height":12}},{"id":"eefe95d8-0ec4-47ad-9fd0-c5677ae566c1","block_type":"box","text":"5,6","page_number":124,"box":{"x":731,"y":483,"width":15,"height":7}},{"id":"be72d58c-d47b-4b5e-af56-6c11a4ab8c90","block_type":"box","text":"N/A","page_number":124,"box":{"x":883,"y":485,"width":29,"height":10}},{"id":"1710953d-4d10-46c3-99d6-8d336bd7516e","block_type":"box","text":"1","page_number":124,"box":{"x":118,"y":524,"width":3,"height":4}},{"id":"c5aee232-69f9-48a9-bbdd-29d8ec04ddba","block_type":"box","text":"The portfolio turnover for the iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares","page_number":124,"box":{"x":132,"y":525,"width":824,"height":9}},{"id":"0bbfb554-9ab3-4052-8ed3-c358d270a263","block_type":"box","text":"iBonds 1-5 Year Treasury Ladder ETF relates to the period of November 7, 2024 to October 31, 2025 and is not 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to the period of May 22, 2024 to October 31, 2024 and is","page_number":124,"box":{"x":132,"y":580,"width":827,"height":10}},{"id":"4f7259ba-6583-491a-8141-cdacecf3a4ea","block_type":"box","text":"not annualized.","page_number":124,"box":{"x":133,"y":593,"width":84,"height":7}},{"id":"1c6b5982-feae-4eca-ad42-33e4e536c1e3","block_type":"box","text":"4","page_number":124,"box":{"x":117,"y":607,"width":5,"height":4}},{"id":"82f01052-75d6-4d21-85a3-0207f98dd32b","block_type":"box","text":"The inception date for the iShares iBonds 2031 Term High Yield and Income ETF was May 22, 2024.","page_number":124,"box":{"x":132,"y":608,"width":556,"height":10}},{"id":"d780be3d-d8bf-424d-9e7a-bdf2f37d9b22","block_type":"box","text":"5","page_number":124,"box":{"x":118,"y":622,"width":4,"height":4}},{"id":"44667884-ac62-42f4-a330-58920a745500","block_type":"box","text":"The portfolio turnover for the iShares iBonds 2032 Term High Yield and Income ETF, iShares iBonds Dec 2035 Term Corporate ETF, iShares 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new","page_number":124,"box":{"x":132,"y":734,"width":795,"height":10}},{"id":"ec07cdb3-6ae0-4e6b-bebf-801fdd4632cb","block_type":"box","text":"issuances during the fiscal year ended October 31, 2025.","page_number":124,"box":{"x":133,"y":746,"width":315,"height":10}},{"id":"4880e88e-c247-4773-9bea-2bac07f946fe","block_type":"box","text":"10","page_number":124,"box":{"x":118,"y":760,"width":9,"height":5}},{"id":"842e2e3b-623a-4c03-87fc-b311ea851823","block_type":"box","text":"The increase in the portfolio turnover rate as compared to the prior fiscal year is primarily due to portfolio rebalancing in connection with new","page_number":124,"box":{"x":132,"y":761,"width":795,"height":10}},{"id":"b6b49816-c5e1-4c75-b8b0-28e7aaa5d79e","block_type":"box","text":"issuances during the fiscal year ended October 31, 2025.","page_number":124,"box":{"x":133,"y":774,"width":315,"height":10}},{"id":"516d1b3e-54fb-4d06-8f68-4ac90e0246b0","block_type":"box","text":"11","page_number":124,"box":{"x":118,"y":788,"width":7,"height":5}},{"id":"3a7e34d2-6a5c-4f94-bd00-308ab0e94506","block_type":"box","text":"The portfolio turnover for the iShares iBonds Dec 2034 Term Treasury ETF, iShares iBonds Dec 2044 Term Treasury ETF and iShares iBonds Dec 2054","page_number":124,"box":{"x":132,"y":789,"width":833,"height":10}},{"id":"3216d9fd-6784-4adb-aaf5-c84e484f7077","block_type":"box","text":"Term Treasury ETF relates to the period of June 11, 2024 to October 31, 2024 and is not annualized.","page_number":124,"box":{"x":132,"y":802,"width":553,"height":10}},{"id":"9adf4bbf-9de6-49fc-8089-6cee023c3442","block_type":"box","text":"12","page_number":124,"box":{"x":118,"y":816,"width":9,"height":4}},{"id":"1cd4676a-75d5-426a-9a92-e6965b757735","block_type":"box","text":"The inception date for the iShares iBonds Dec 2034 Term Treasury ETF, iShares iBonds Dec 2044 Term Treasury ETF and iShares iBonds Dec 2054","page_number":124,"box":{"x":132,"y":817,"width":814,"height":10}},{"id":"5711be20-3285-42bd-a33f-3914ff227d00","block_type":"box","text":"Term Treasury ETF was June 11, 2024.","page_number":124,"box":{"x":132,"y":830,"width":211,"height":9}},{"id":"7c4e8f9b-16c5-4304-a3f3-1b06863a1d58","block_type":"box","text":"13","page_number":124,"box":{"x":118,"y":844,"width":9,"height":4}},{"id":"bbac52e9-01ec-485f-8b09-500ca644485c","block_type":"box","text":"The decrease in the portfolio turnover as compared to the prior fiscal year is primarily due to portfolio rebalancing in connection with new issuances","page_number":124,"box":{"x":132,"y":845,"width":831,"height":9}},{"id":"e4677b5e-973b-4e08-8bc0-736958c631b5","block_type":"box","text":"that occurred during the fiscal year ended October 31, 2024.","page_number":124,"box":{"x":132,"y":857,"width":337,"height":10}},{"id":"23abbc13-6c45-4441-a37a-6180d6a7960a","block_type":"box","text":"109","page_number":124,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"8b743f2e-7525-4fba-a78f-6d80b227f37a","block_type":"box","text":"Additional Information Concerning the Trust","page_number":125,"box":{"x":88,"y":44,"width":750,"height":30}},{"id":"0fe23516-d712-4071-b689-06cf7a37f1a7","block_type":"box","text":"Shares.","page_number":125,"box":{"x":88,"y":85,"width":52,"height":10}},{"id":"f0c032e1-cf33-4cd0-91c6-0d519eb18183","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":125,"box":{"x":149,"y":85,"width":789,"height":13}},{"id":"e51827af-c2f4-444e-bdd1-c3f379d842f3","block_type":"box","text":"iShares funds.","page_number":125,"box":{"x":89,"y":101,"width":97,"height":9}},{"id":"3edca9f9-b808-4d88-8a30-b8a71cd1d641","block_type":"box","text":"Each share issued by a fund has a","page_number":125,"box":{"x":89,"y":127,"width":234,"height":12}},{"id":"ae3ef542-f03b-436d-8149-1e5d22e61575","block_type":"box","text":"pro rata","page_number":125,"box":{"x":327,"y":128,"width":56,"height":11}},{"id":"705ae3d6-f4ed-4d73-9991-4b1e8f4fe40b","block_type":"box","text":"interest in the assets of that fund. Shares have no preemptive, exchange,","page_number":125,"box":{"x":388,"y":127,"width":507,"height":12}},{"id":"63da711c-4250-4cd9-9124-a52df42287e4","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":125,"box":{"x":89,"y":142,"width":842,"height":12}},{"id":"71ed1996-6210-4d54-992c-805c28320a54","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":125,"box":{"x":89,"y":157,"width":835,"height":13}},{"id":"9dde1932-3dbe-47c6-9c38-3d3b1806cb48","block_type":"box","text":"liquidation.","page_number":125,"box":{"x":89,"y":172,"width":76,"height":13}},{"id":"af00e842-b875-4310-a99e-18b6fd88e27e","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":125,"box":{"x":89,"y":199,"width":858,"height":12}},{"id":"6c70e5e1-e030-417f-9b3d-f32c09ea2a10","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":125,"box":{"x":89,"y":214,"width":821,"height":12}},{"id":"2b3eed48-af50-4cfb-9fc2-b12979a13008","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":125,"box":{"x":88,"y":229,"width":864,"height":12}},{"id":"66019676-bf0a-486c-88c2-f45f7c3eb7b3","block_type":"box","text":"one fund.","page_number":125,"box":{"x":89,"y":244,"width":65,"height":10}},{"id":"f72fad7b-5d71-4740-8c53-219bda163d96","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":125,"box":{"x":89,"y":271,"width":861,"height":12}},{"id":"bdcdd04f-9968-49ff-acfb-3e57d24f65fa","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":125,"box":{"x":90,"y":286,"width":857,"height":12}},{"id":"0ccaf276-0ea6-4a10-8581-4ec4193babdd","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":125,"box":{"x":88,"y":301,"width":842,"height":12}},{"id":"7d035c08-2559-43e9-897c-4ef7b4e40041","block_type":"box","text":"Delaware law, Trustees of the Trust may be removed by vote of the shareholders.","page_number":125,"box":{"x":89,"y":316,"width":563,"height":12}},{"id":"b44ab799-4b00-4065-b51c-5c31f96d602e","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":125,"box":{"x":89,"y":342,"width":837,"height":13}},{"id":"51c9deb6-48ae-4a34-bece-3f49e015fbac","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":125,"box":{"x":88,"y":358,"width":874,"height":12}},{"id":"863fb99b-25b2-4a15-8fce-63121db95caf","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":125,"box":{"x":88,"y":373,"width":862,"height":12}},{"id":"492b6588-3f85-4c59-b594-523fa5673f66","block_type":"box","text":"Shareholders may make inquiries by writing to iShares Trust, c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":125,"box":{"x":88,"y":399,"width":840,"height":13}},{"id":"908fc3d3-c72e-4b5b-8f52-437282c3c5db","block_type":"box","text":"Princeton, NJ 08540.","page_number":125,"box":{"x":89,"y":415,"width":141,"height":11}},{"id":"ade1384a-0724-4aed-a2a2-f00c51eb877d","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":125,"box":{"x":88,"y":441,"width":873,"height":12}},{"id":"c354e828-c398-4225-8340-839f45055865","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":125,"box":{"x":88,"y":456,"width":876,"height":12}},{"id":"2dc9240b-83a2-40ca-b14a-8600a92b3c28","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":125,"box":{"x":89,"y":471,"width":875,"height":12}},{"id":"f72c5323-984a-4d83-9c41-84057e48fb47","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":125,"box":{"x":89,"y":486,"width":865,"height":12}},{"id":"e2b2b9ab-392f-4737-be6c-60336fb1794e","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":125,"box":{"x":89,"y":501,"width":864,"height":13}},{"id":"1e7cb687-fe76-4df4-b42d-38418a71d964","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":125,"box":{"x":89,"y":516,"width":838,"height":13}},{"id":"f5d9f6d5-19c3-4781-a2c8-5f128e696fb6","block_type":"box","text":"guidance provided by the SEC staff.","page_number":125,"box":{"x":89,"y":531,"width":245,"height":13}},{"id":"10307d03-b0d0-4eb1-8869-132a9ffa9c73","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":125,"box":{"x":89,"y":558,"width":831,"height":12}},{"id":"9b8ff408-c80f-467d-9c04-ee74df0f97d0","block_type":"box","text":"without shareholder approval (unless such shareholder approval is required by the Declaration of Trust or applicable law,","page_number":125,"box":{"x":88,"y":573,"width":844,"height":12}},{"id":"ff27638a-a73a-4d9b-b093-6d1c044db473","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":125,"box":{"x":89,"y":588,"width":879,"height":12}},{"id":"9cea176d-20c6-4e53-b3ee-1bfee74588cd","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":125,"box":{"x":88,"y":603,"width":839,"height":13}},{"id":"b19b1820-0c0e-4303-a67b-bb55d30bbde4","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":125,"box":{"x":89,"y":618,"width":800,"height":13}},{"id":"e1196fee-0490-4134-b9fe-74871a572f7a","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":125,"box":{"x":88,"y":633,"width":839,"height":13}},{"id":"07a79ff6-0d86-4cf0-aaf3-ba974f9051a8","block_type":"box","text":"required. Although the shares are not automatically redeemable upon the occurrence of any specific event, the Declaration of","page_number":125,"box":{"x":89,"y":649,"width":879,"height":12}},{"id":"56b497ca-b841-4857-9307-c4f66d8c45d1","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":125,"box":{"x":88,"y":664,"width":863,"height":12}},{"id":"5891c2d4-91f8-4db7-acf2-e4aab5ba957b","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":125,"box":{"x":88,"y":679,"width":866,"height":12}},{"id":"4fe4595d-9532-4131-b602-a2d2b2c473a4","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":125,"box":{"x":89,"y":694,"width":878,"height":12}},{"id":"5ef1735f-d182-4773-a361-fb4e053fd8dc","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":125,"box":{"x":88,"y":709,"width":877,"height":12}},{"id":"d1f77ca4-902b-4dfa-846b-10ca11ec99bc","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":125,"box":{"x":89,"y":724,"width":878,"height":13}},{"id":"c3dcbded-2226-4789-be8f-d20a3a05da0a","block_type":"box","text":"shareholders owning in excess of a certain stated minimum amount.","page_number":125,"box":{"x":89,"y":739,"width":480,"height":13}},{"id":"ea0f5376-5843-4a18-bd8a-0554c6226e24","block_type":"box","text":"In accordance with the Declaration of Trust, each Fund will terminate on or about the date above, as approved by a majority","page_number":125,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"95b3fe53-8a25-4ca7-824c-61bbe86ffa19","block_type":"box","text":"of the Board, without requiring additional shareholder approval. The Board may extend the termination date if a majority of","page_number":125,"box":{"x":89,"y":781,"width":862,"height":12}},{"id":"f58dca30-8111-4c77-a5c6-181368f5b3e0","block_type":"box","text":"the Board determines the extension to be in the best interest of the Fund. Upon each iBonds Term ETF’s termination, it will","page_number":125,"box":{"x":88,"y":796,"width":857,"height":12}},{"id":"f19ac4a0-ee08-49cf-86b4-ba6a8e0ed944","block_type":"box","text":"distribute substantially all of its net assets, after making appropriate provision for any liabilities of the Fund, to then-current","page_number":125,"box":{"x":89,"y":811,"width":861,"height":12}},{"id":"630b9389-fc55-4ab3-820f-fe263909b01d","block_type":"box","text":"shareholders pursuant to a plan of liquidation.","page_number":125,"box":{"x":89,"y":826,"width":322,"height":13}},{"id":"2a047735-ccb7-4d32-b31a-1599775ac3f3","block_type":"box","text":"110","page_number":125,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"049fd045-7bb4-463d-b796-39514e90a89d","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":126,"box":{"x":89,"y":44,"width":383,"height":12}},{"id":"14cc6cc2-0536-4139-80b3-dfc84b433161","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":126,"box":{"x":481,"y":44,"width":465,"height":12}},{"id":"e7d2aec4-ff8c-4c40-9c82-7553918cc560","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":126,"box":{"x":89,"y":59,"width":486,"height":12}},{"id":"bf4eb08e-9191-4fd3-ad48-dbdc315ab5dd","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":126,"box":{"x":89,"y":85,"width":836,"height":13}},{"id":"a918d573-2137-4ead-914f-ebc5ee6e8304","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":126,"box":{"x":89,"y":101,"width":790,"height":12}},{"id":"e7682149-2fe8-4c40-8193-03159309db7c","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":126,"box":{"x":89,"y":116,"width":872,"height":12}},{"id":"57399886-5dd5-4f51-9a14-f7a12088c80a","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":126,"box":{"x":88,"y":131,"width":837,"height":12}},{"id":"fdcefed2-01ae-4275-a9e3-3d49024b9f19","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":126,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"64ab2118-62fa-45ce-96c2-c65eb49e0e61","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":126,"box":{"x":88,"y":161,"width":848,"height":12}},{"id":"c08d6a6a-f172-4bde-afbb-5cbcf328a055","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":126,"box":{"x":89,"y":176,"width":833,"height":13}},{"id":"c7a686ee-122c-4198-87f6-9f28db0a11c7","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":126,"box":{"x":89,"y":191,"width":439,"height":13}},{"id":"f4be939a-5305-4ace-afae-6ddcf607bf76","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":126,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"9c8b7146-cd20-4b43-8e33-81a48d3c8ca4","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":126,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"6a2933d2-29d8-428e-8002-08b0091f1beb","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":126,"box":{"x":89,"y":248,"width":825,"height":12}},{"id":"08f87bd1-d551-4894-ace0-95b5b63aed19","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":126,"box":{"x":89,"y":263,"width":822,"height":12}},{"id":"fe7fb465-5dd5-4520-b88e-13e97c71a927","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":126,"box":{"x":89,"y":278,"width":848,"height":13}},{"id":"08934640-77b4-42b0-9749-cb45aa9c56cb","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":126,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"3f97727c-1aab-493f-8a59-34b142e33633","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":126,"box":{"x":89,"y":308,"width":872,"height":13}},{"id":"24e7e407-f112-49e6-9275-69c9cddc8762","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":126,"box":{"x":89,"y":324,"width":426,"height":12}},{"id":"36264a2e-53ba-4f27-8774-32779acaabb6","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":126,"box":{"x":89,"y":350,"width":873,"height":12}},{"id":"cc7e2a38-615b-41d8-b23c-3d7b7e576ad8","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":126,"box":{"x":89,"y":365,"width":869,"height":12}},{"id":"f07a8ee7-eba9-4f6c-a42d-a0bcf6347701","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":126,"box":{"x":88,"y":380,"width":856,"height":13}},{"id":"29e78f08-6345-4dcf-921f-8e52f20d6307","block_type":"box","text":"such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC","page_number":126,"box":{"x":89,"y":395,"width":807,"height":13}},{"id":"9f1789dd-f677-4744-b0a6-6e708bd1fdfe","block_type":"box","text":"Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication,","page_number":126,"box":{"x":89,"y":410,"width":877,"height":13}},{"id":"940121a9-7f4b-4696-af0c-c37c81804cc0","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":126,"box":{"x":89,"y":426,"width":803,"height":12}},{"id":"43fee7c5-06fb-4045-985f-87b16a027f3c","block_type":"box","text":"statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In","page_number":126,"box":{"x":89,"y":441,"width":874,"height":12}},{"id":"796a312a-b4d0-4c31-8eb9-9b20f6b092d0","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":126,"box":{"x":89,"y":456,"width":861,"height":12}},{"id":"f10559b3-7603-48b8-a90a-1cc53127e206","block_type":"box","text":"attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":126,"box":{"x":89,"y":471,"width":652,"height":12}},{"id":"b16c079c-4153-45b2-a98f-2af477220ab9","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":126,"box":{"x":88,"y":497,"width":878,"height":13}},{"id":"02ea03ae-3e9a-49c9-8330-40b96df835ad","block_type":"box","text":"its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with payments in","page_number":126,"box":{"x":89,"y":513,"width":847,"height":12}},{"id":"10abd768-9135-4bd8-a155-4b8ff5bac1f4","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":126,"box":{"x":89,"y":528,"width":858,"height":12}},{"id":"d253d13e-514f-4933-83ab-cb72253685de","block_type":"box","text":"nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC","page_number":126,"box":{"x":89,"y":543,"width":836,"height":12}},{"id":"e7a783b4-b3fa-4e23-a10d-4bdfb645700e","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":126,"box":{"x":89,"y":558,"width":877,"height":12}},{"id":"1cbfe142-0a60-44d8-b780-b23130bcd0b6","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":126,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"2440fcf3-e9cd-40d7-a633-3a197b7765ff","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":126,"box":{"x":88,"y":599,"width":813,"height":13}},{"id":"fa201788-c7d0-421c-82d2-7f32c90266be","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":126,"box":{"x":89,"y":615,"width":874,"height":12}},{"id":"1ff252c4-97f2-4b05-ac3d-560eacc251f7","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":126,"box":{"x":89,"y":630,"width":866,"height":12}},{"id":"729e0d17-355b-4f4a-b9d5-e9b8139dc55e","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":126,"box":{"x":89,"y":645,"width":855,"height":12}},{"id":"14aee6ee-579a-47a5-87d4-111190d205c7","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":126,"box":{"x":88,"y":660,"width":876,"height":12}},{"id":"64bdcf55-69ef-45aa-b38b-7b3e40c89592","block_type":"box","text":"time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law.","page_number":126,"box":{"x":88,"y":675,"width":855,"height":12}},{"id":"ee9110ce-e92d-4f2c-b1b7-572aef0ae22a","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":126,"box":{"x":89,"y":690,"width":873,"height":13}},{"id":"6266f689-ffdb-424f-ad1a-7bfd002cb4d7","block_type":"box","text":"cost.","page_number":126,"box":{"x":89,"y":707,"width":32,"height":8}},{"id":"da215075-1068-4ed0-afc8-feb8709cfe2d","block_type":"box","text":"Distribution of Shares.","page_number":126,"box":{"x":89,"y":732,"width":160,"height":10}},{"id":"52a0f9cd-e732-424b-8496-a4e8d39234d3","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":126,"box":{"x":259,"y":732,"width":665,"height":12}},{"id":"8cc27e04-f14f-4af4-8525-3096e9677036","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":126,"box":{"x":89,"y":747,"width":859,"height":12}},{"id":"92e04cc5-247f-46fe-ad67-b75048ef7eee","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":126,"box":{"x":89,"y":762,"width":861,"height":12}},{"id":"4e63c62b-e987-48e5-8ed0-19a2b312c485","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":126,"box":{"x":89,"y":777,"width":848,"height":12}},{"id":"38584536-7e01-4eb4-aac5-bdecfb05cd13","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":126,"box":{"x":89,"y":792,"width":873,"height":13}},{"id":"3aac9fea-de8c-4863-bb0c-81d085bf2b59","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":126,"box":{"x":88,"y":807,"width":833,"height":13}},{"id":"9b17a608-a35f-4234-8458-32afc150039e","block_type":"box","text":"shares.","page_number":126,"box":{"x":89,"y":822,"width":47,"height":10}},{"id":"fc1d78a9-b345-49ab-9a8d-345b2c3119e1","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":126,"box":{"x":88,"y":849,"width":877,"height":12}},{"id":"7b494619-70e2-48f4-8ca6-7385eb12f953","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":126,"box":{"x":89,"y":864,"width":873,"height":12}},{"id":"c2206fdf-3f42-4d9a-928c-b3c6e0bbb242","block_type":"box","text":"111","page_number":126,"box":{"x":518,"y":894,"width":19,"height":9}},{"id":"cf1df75d-6e18-492c-a0d3-9f809301820b","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":127,"box":{"x":88,"y":44,"width":878,"height":12}},{"id":"7153f13e-b47b-4735-9a06-c9a115f73db2","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":127,"box":{"x":88,"y":59,"width":877,"height":12}},{"id":"202a4b65-cfe1-4f3f-b886-c81df031529e","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":127,"box":{"x":89,"y":74,"width":822,"height":12}},{"id":"6bfb2b19-87be-447c-b709-6deedaff41cc","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":127,"box":{"x":88,"y":89,"width":875,"height":13}},{"id":"6783d257-3170-4b6f-a495-d8b8ad0cfb39","block_type":"box","text":"by them through an Authorized Participant.","page_number":127,"box":{"x":89,"y":104,"width":302,"height":13}},{"id":"0038e82c-b9b0-495e-9de8-dfb35d2ad931","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":127,"box":{"x":88,"y":131,"width":840,"height":12}},{"id":"72d38d7f-0546-4dac-b82c-a3842d3c646a","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":127,"box":{"x":89,"y":146,"width":712,"height":12}},{"id":"5ab7e152-5172-4885-945e-5531a8052bd2","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":127,"box":{"x":88,"y":172,"width":871,"height":13}},{"id":"63d77c6d-cb96-46aa-bd79-69fa3e5c74df","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":127,"box":{"x":90,"y":188,"width":354,"height":12}},{"id":"661eb700-d28b-4ecd-ab35-87e220e4848e","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":127,"box":{"x":90,"y":218,"width":721,"height":30}},{"id":"29a2646d-516d-4c48-b59e-ab2d819e0be3","block_type":"box","text":"General.","page_number":127,"box":{"x":89,"y":259,"width":59,"height":10}},{"id":"c9e4c60b-5d63-40c0-ae73-499143712e86","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":127,"box":{"x":156,"y":259,"width":804,"height":13}},{"id":"46583878-a1ac-483e-8f24-532a872267f0","block_type":"box","text":"or its agent, without a sales load, at a price based on each Fund’s NAV next determined after receipt, on any Business Day (as","page_number":127,"box":{"x":89,"y":274,"width":875,"height":13}},{"id":"c37b250f-e94d-4b92-9b56-96aeaeb0342d","block_type":"box","text":"defined below), of an order received by the Distributor or its agent in proper form. On days when the Listing Exchange or the","page_number":127,"box":{"x":89,"y":290,"width":871,"height":12}},{"id":"8bd21dac-73ee-4d95-841a-287c99459fbe","block_type":"box","text":"bond markets close earlier than normal, a Fund may require orders to be placed earlier in the day. The following table sets","page_number":127,"box":{"x":89,"y":305,"width":850,"height":12}},{"id":"70770b8f-1db8-46ce-ad4f-a717e7bc66aa","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":127,"box":{"x":88,"y":320,"width":823,"height":12}},{"id":"afbbd347-ffb7-45ca-89db-4a75a79981ae","block_type":"box","text":"Creation Unit as of October 31, 2025:","page_number":127,"box":{"x":89,"y":335,"width":257,"height":11}},{"id":"c1ccd5bf-4935-4526-81eb-016620b94791","block_type":"box","text":"Fund","page_number":127,"box":{"x":89,"y":395,"width":27,"height":8}},{"id":"d5bd26e0-e1d8-44cc-8a0e-e08a4aacafe7","block_type":"box","text":"Shares Per","page_number":127,"box":{"x":744,"y":385,"width":60,"height":7}},{"id":"ad528078-5bda-45cf-afb8-ce340f089709","block_type":"box","text":"Creation Unit","page_number":127,"box":{"x":736,"y":395,"width":76,"height":8}},{"id":"d4ebfb21-0351-4fd8-be98-ec82a6ead73a","block_type":"box","text":"Approximate","page_number":127,"box":{"x":891,"y":365,"width":75,"height":9}},{"id":"b2f025cd-7ac2-4f9e-a44d-2afc2a464125","block_type":"box","text":"Value Per","page_number":127,"box":{"x":901,"y":375,"width":55,"height":7}},{"id":"9a562eff-81f4-42aa-8c5e-885744dfd261","block_type":"box","text":"Creation","page_number":127,"box":{"x":904,"y":385,"width":48,"height":7}},{"id":"fab547f3-e5f5-4b29-829a-0d5ad3d6f913","block_type":"box","text":"Unit (U.S.$)","page_number":127,"box":{"x":896,"y":395,"width":65,"height":10}},{"id":"6da5f436-8017-4857-b04f-813b1199dba6","block_type":"box","text":"iShares iBonds 1-5 Year Corporate Ladder ETF 20,000 $ 506,483","page_number":127,"box":{"x":89,"y":417,"width":878,"height":12}},{"id":"ed13319b-7124-4b16-a6cd-3beb182f4cd8","block_type":"box","text":"iShares iBonds 1-5 Year High Yield and Income Ladder ETF 20,000 500,579","page_number":127,"box":{"x":89,"y":432,"width":878,"height":12}},{"id":"843c487c-b70c-4255-9aa5-454e7ea092d3","block_type":"box","text":"iShares iBonds 1-5 Year Treasury Ladder ETF 20,000 506,517","page_number":127,"box":{"x":89,"y":447,"width":879,"height":12}},{"id":"2a8af749-1049-4029-9282-47cbec8321ce","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF 50,000 1,165,666","page_number":127,"box":{"x":89,"y":462,"width":879,"height":12}},{"id":"37cfc94b-2579-4699-b88a-12874aba59f7","block_type":"box","text":"iShares iBonds 2027 Term High Yield and Income ETF 50,000 1,120,198","page_number":127,"box":{"x":89,"y":477,"width":878,"height":13}},{"id":"a6368e63-8875-4901-85b0-b703571eec07","block_type":"box","text":"iShares iBonds 2028 Term High Yield and Income ETF 50,000 1,184,565","page_number":127,"box":{"x":89,"y":492,"width":878,"height":13}},{"id":"5ca4c5fc-7f68-4171-b8af-55ae21ae26ef","block_type":"box","text":"iShares iBonds 2029 Term High Yield and Income ETF 50,000 1,182,130","page_number":127,"box":{"x":89,"y":508,"width":879,"height":12}},{"id":"9a3cf0e6-7285-4d45-8301-36cf06ad1e8e","block_type":"box","text":"iShares iBonds 2030 Term High Yield and Income ETF 50,000 1,329,238","page_number":127,"box":{"x":89,"y":523,"width":878,"height":12}},{"id":"2800d7ef-3c0f-4691-8fe0-c792259a8b87","block_type":"box","text":"iShares iBonds 2031 Term High Yield and Income ETF 50,000 1,291,001","page_number":127,"box":{"x":89,"y":538,"width":876,"height":12}},{"id":"505ae9b2-db5b-4fc7-9281-5b37f47aa0fa","block_type":"box","text":"iShares iBonds 2032 Term High Yield and Income ETF 50,000 1,283,022","page_number":127,"box":{"x":89,"y":553,"width":878,"height":12}},{"id":"b3c762a7-cd8e-441e-bfe6-e7dda6bdc35d","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF 50,000 1,213,851","page_number":127,"box":{"x":89,"y":568,"width":876,"height":12}},{"id":"1b2a7b76-4e2a-465f-bdae-165c4eb18b0e","block_type":"box","text":"iShares iBonds Dec 2027 Term Corporate ETF 50,000 1,216,028","page_number":127,"box":{"x":89,"y":583,"width":878,"height":12}},{"id":"821cd56a-4695-4c78-a31a-94d5a3fd2557","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF 50,000 1,274,792","page_number":127,"box":{"x":89,"y":598,"width":878,"height":13}},{"id":"cc01b97b-63cf-4255-a161-64decf4153dd","block_type":"box","text":"iShares iBonds Dec 2029 Term Corporate ETF 50,000 1,172,813","page_number":127,"box":{"x":89,"y":613,"width":878,"height":13}},{"id":"b6d4ae24-96cd-4317-b554-5f5b625e2122","block_type":"box","text":"iShares iBonds Dec 2030 Term Corporate ETF 50,000 1,106,172","page_number":127,"box":{"x":89,"y":628,"width":878,"height":13}},{"id":"66b1caae-9516-4458-a02c-a15500e090dc","block_type":"box","text":"iShares iBonds Dec 2031 Term Corporate ETF 50,000 1,059,928","page_number":127,"box":{"x":89,"y":644,"width":878,"height":12}},{"id":"b9c7352b-1545-4f63-b359-649bc553a6a0","block_type":"box","text":"iShares iBonds Dec 2032 Term Corporate ETF 50,000 1,279,556","page_number":127,"box":{"x":89,"y":659,"width":879,"height":12}},{"id":"ad5e9a7a-f5c9-4d2d-95b4-d014e5d7c41f","block_type":"box","text":"iShares iBonds Dec 2033 Term Corporate ETF 50,000 1,310,499","page_number":127,"box":{"x":89,"y":674,"width":878,"height":12}},{"id":"20fd3243-110a-40ff-9668-e7062e2044a2","block_type":"box","text":"iShares iBonds Dec 2034 Term Corporate ETF 50,000 1,322,980","page_number":127,"box":{"x":89,"y":689,"width":879,"height":12}},{"id":"73b9b9b8-59f9-47ab-b438-dc89233ac61b","block_type":"box","text":"iShares iBonds Dec 2035 Term Corporate ETF 50,000 1,300,161","page_number":127,"box":{"x":89,"y":704,"width":876,"height":12}},{"id":"521e8361-f234-4db3-adde-d8c94935befb","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF 50,000 1,147,004","page_number":127,"box":{"x":89,"y":719,"width":879,"height":13}},{"id":"f4b77f60-7a1d-4208-96f4-c2fffaa82288","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF 50,000 1,125,251","page_number":127,"box":{"x":89,"y":734,"width":876,"height":13}},{"id":"77491cac-1a33-4dc4-bf62-2d6dc5ed16fc","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF 50,000 1,119,738","page_number":127,"box":{"x":89,"y":749,"width":878,"height":13}},{"id":"8bd2b2b8-b208-46b2-8db2-975ca413f790","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF 50,000 1,098,718","page_number":127,"box":{"x":89,"y":765,"width":878,"height":12}},{"id":"373ce63e-c4e0-4aec-9c82-711f3ec428e2","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF 50,000 994,867","page_number":127,"box":{"x":89,"y":780,"width":879,"height":12}},{"id":"995c6e2d-6355-4b0c-bd6f-353eb8536751","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF 50,000 1,030,368","page_number":127,"box":{"x":89,"y":795,"width":878,"height":12}},{"id":"2441aa05-1306-495d-bad0-210ff462d448","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF 50,000 1,159,517","page_number":127,"box":{"x":89,"y":810,"width":879,"height":12}},{"id":"834b516e-5382-4cc6-926a-44519bfe7eb8","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF 50,000 1,236,025","page_number":127,"box":{"x":89,"y":825,"width":878,"height":12}},{"id":"1000f7dd-7cae-458c-aa83-a53de70a5557","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF 50,000 1,299,448","page_number":127,"box":{"x":89,"y":840,"width":878,"height":12}},{"id":"d811415b-629e-4f64-85b3-d89492b9e80f","block_type":"box","text":"112","page_number":127,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"f1cfef8c-439c-406a-a8d1-51d917472b32","block_type":"box","text":"Fund","page_number":128,"box":{"x":89,"y":75,"width":27,"height":8}},{"id":"69feb559-1782-442c-9fbc-cc0fadcf4db9","block_type":"box","text":"Shares Per","page_number":128,"box":{"x":744,"y":65,"width":60,"height":7}},{"id":"292d0627-6003-4c8a-9043-33620e7f4056","block_type":"box","text":"Creation Unit","page_number":128,"box":{"x":736,"y":75,"width":76,"height":8}},{"id":"bb32fefc-2d49-4901-881c-5b22cc7bd37c","block_type":"box","text":"Approximate","page_number":128,"box":{"x":891,"y":45,"width":75,"height":9}},{"id":"16f53684-b6cc-4355-8443-c9028e081f81","block_type":"box","text":"Value Per","page_number":128,"box":{"x":901,"y":55,"width":55,"height":7}},{"id":"a0e77842-86b3-42a3-acae-70e4f303e6a9","block_type":"box","text":"Creation","page_number":128,"box":{"x":904,"y":65,"width":48,"height":7}},{"id":"16e9ed47-2a6a-4146-83b0-d54b277ee183","block_type":"box","text":"Unit (U.S.$)","page_number":128,"box":{"x":896,"y":75,"width":65,"height":10}},{"id":"d1a27fe9-a49a-408d-a069-422b7d0bed25","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF 50,000 1,282,025","page_number":128,"box":{"x":89,"y":97,"width":878,"height":12}},{"id":"c867ccd8-2571-4aeb-bf1e-709144b6dd9c","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF 50,000 1,264,800","page_number":128,"box":{"x":89,"y":112,"width":879,"height":12}},{"id":"e6db0472-1c01-4a96-8565-b13e37a8cb3a","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF 50,000 1,264,018","page_number":128,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"acbe79ee-9744-489b-b995-2966c5ba1b1d","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF 50,000 1,218,849","page_number":128,"box":{"x":89,"y":142,"width":878,"height":12}},{"id":"91009338-57e6-4d76-b7da-90e037952dce","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF 50,000 1,252,975","page_number":128,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"4ca109b3-5f4b-4785-8e11-d2cafa59a1be","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":128,"box":{"x":89,"y":190,"width":869,"height":12}},{"id":"4f5d44da-99dc-4df5-a790-57702a67d8b2","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":128,"box":{"x":89,"y":205,"width":864,"height":12}},{"id":"c32f4bff-2ded-498f-9eae-c2adf171a52d","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":128,"box":{"x":88,"y":220,"width":874,"height":13}},{"id":"dbe60ae5-6706-4729-9b37-475f50e1cafd","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":128,"box":{"x":88,"y":235,"width":796,"height":13}},{"id":"d8e80270-e87c-4a81-993a-782d9c9082a9","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":128,"box":{"x":88,"y":262,"width":839,"height":12}},{"id":"4a827880-e356-4611-a31a-7b70178fadc9","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":128,"box":{"x":89,"y":277,"width":837,"height":12}},{"id":"a1eac9c5-9876-4440-8e4b-988c776724b5","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":128,"box":{"x":89,"y":292,"width":877,"height":12}},{"id":"e63f39c4-fb39-4010-919a-9940065d3bfb","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":128,"box":{"x":89,"y":307,"width":821,"height":13}},{"id":"abb13767-ba59-46b4-932e-979105f9e563","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":128,"box":{"x":89,"y":322,"width":669,"height":13}},{"id":"3363302a-6e27-4167-9212-a7c58bca7ccc","block_type":"box","text":"Fund Deposit.","page_number":128,"box":{"x":89,"y":349,"width":98,"height":12}},{"id":"3717c818-3823-420c-a0f8-5ab61657bcfc","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund generally consists of Deposit Securities and the","page_number":128,"box":{"x":196,"y":349,"width":747,"height":12}},{"id":"45a80c42-aec3-4fba-a70d-c553fcfed14a","block_type":"box","text":"Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the","page_number":128,"box":{"x":89,"y":364,"width":852,"height":12}},{"id":"de2db70a-5d0f-4666-9b00-592d157eade0","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":128,"box":{"x":89,"y":379,"width":851,"height":12}},{"id":"59655ef9-a50b-46d5-ab9a-c217bbccece7","block_type":"box","text":"collective investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and","page_number":128,"box":{"x":89,"y":394,"width":848,"height":12}},{"id":"c252190e-cf3e-4a34-95f5-4e551d92d87c","block_type":"box","text":"subsequent investment amount for a Creation Unit of a Fund. Such Fund Deposit is applicable, subject to any adjustments as","page_number":128,"box":{"x":89,"y":409,"width":874,"height":13}},{"id":"dcad921a-e049-4fbe-b4e6-769743a8f229","block_type":"box","text":"described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund","page_number":128,"box":{"x":89,"y":424,"width":828,"height":13}},{"id":"f38c8eea-4aa9-4a61-b13c-40fbde229b07","block_type":"box","text":"Deposit is made available.","page_number":128,"box":{"x":89,"y":439,"width":179,"height":13}},{"id":"b0958424-1578-4287-8ace-967a65b94e3e","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":128,"box":{"x":88,"y":466,"width":824,"height":12}},{"id":"973464b7-f0ee-4675-b1ba-19cd2c16200b","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":128,"box":{"x":89,"y":481,"width":879,"height":12}},{"id":"1640e637-6bb5-44d6-aa28-6b28741d455a","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":128,"box":{"x":89,"y":496,"width":878,"height":13}},{"id":"2d8bb384-1414-419f-a9fd-fa1d5b68b54c","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":128,"box":{"x":89,"y":511,"width":872,"height":13}},{"id":"73d948a2-61ef-45e2-b9d2-6f12d615ee29","block_type":"box","text":"Participant purchasing the Creation Unit.","page_number":128,"box":{"x":89,"y":526,"width":284,"height":13}},{"id":"1e6366a7-a290-4631-aba5-0d71abd85dce","block_type":"box","text":"As the planned termination date of the iBonds Term ETFs approaches, and particularly as the bonds held by each Fund begin","page_number":128,"box":{"x":88,"y":553,"width":873,"height":12}},{"id":"d453034b-36c6-42ff-a46d-0485336f211b","block_type":"box","text":"to mature, the Fund expects to effect both creations and redemptions increasingly for cash.","page_number":128,"box":{"x":88,"y":568,"width":640,"height":12}},{"id":"db89d6bb-c266-4c9c-a1c5-17183153d78d","block_type":"box","text":"The identity and number or par value of the Deposit Securities change pursuant to changes in the composition of a Fund’s","page_number":128,"box":{"x":88,"y":594,"width":858,"height":13}},{"id":"30c8a9f1-6ff8-4f42-a5fe-5e890e9a56ef","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":128,"box":{"x":89,"y":610,"width":860,"height":12}},{"id":"548fe68c-3dd8-49a8-8976-9ac5747e6b2f","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":128,"box":{"x":88,"y":625,"width":876,"height":12}},{"id":"3ed318ca-2d3c-4c7a-b848-1ca64a39c687","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":128,"box":{"x":88,"y":640,"width":730,"height":12}},{"id":"6c1f7a15-efd6-4f64-b530-462b2513566e","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":128,"box":{"x":88,"y":666,"width":877,"height":13}},{"id":"bb5a5207-ea7c-414c-bc6b-e09a4d9026bd","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":128,"box":{"x":89,"y":681,"width":824,"height":13}},{"id":"00d3f523-998d-4166-bc2e-f36db654f8aa","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":128,"box":{"x":89,"y":696,"width":869,"height":13}},{"id":"e552b64f-856a-4b42-833d-36f83bc7ec57","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":128,"box":{"x":89,"y":712,"width":690,"height":12}},{"id":"b69a42b4-873a-4d8a-9147-2593e0306549","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":128,"box":{"x":89,"y":738,"width":879,"height":12}},{"id":"dc01f0a6-f0de-4fe7-83e5-22903bf942ba","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":128,"box":{"x":89,"y":753,"width":295,"height":13}},{"id":"2c712c95-93e7-4730-abd6-5082a9cf27cc","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":128,"box":{"x":88,"y":780,"width":854,"height":12}},{"id":"7dc35a0b-7af6-4168-a1c8-5ccdd7418823","block_type":"box","text":"Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for delivery;","page_number":128,"box":{"x":89,"y":795,"width":870,"height":12}},{"id":"1658714e-c1aa-4777-86c8-6930de857a2d","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":128,"box":{"x":89,"y":810,"width":823,"height":12}},{"id":"3d8d63a7-6212-482e-b8da-d043a25f8e19","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":128,"box":{"x":89,"y":825,"width":873,"height":12}},{"id":"81849e54-8e57-411f-8f3e-bf1f46eea912","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":128,"box":{"x":88,"y":840,"width":847,"height":12}},{"id":"993ff020-fda6-4dfc-8e98-67ae106c2d14","block_type":"box","text":"113","page_number":128,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"3f355c7f-5440-42fd-81cd-6edb9c7660ef","block_type":"box","text":"investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local","page_number":129,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"65d233cd-f71a-4b97-80dd-7e24ecaa67af","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":129,"box":{"x":89,"y":59,"width":745,"height":12}},{"id":"5a5dbce5-6d3f-4d9b-880c-8370d19246bd","block_type":"box","text":"Cash Purchase Method.","page_number":129,"box":{"x":89,"y":85,"width":170,"height":10}},{"id":"6baea172-d483-48e9-a23c-0e3fd97c5bf2","block_type":"box","text":"Although the Trust does not generally permit partial or full cash purchases of Creation Units of its","page_number":129,"box":{"x":268,"y":85,"width":682,"height":13}},{"id":"1411bc82-84ea-4b09-82f9-13001fc7f725","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":129,"box":{"x":88,"y":101,"width":830,"height":12}},{"id":"b858eb71-545a-49f0-9571-d79ea2302cd0","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":129,"box":{"x":89,"y":116,"width":826,"height":12}},{"id":"92c735ba-4b5c-4c65-acaf-9dc7aece3fcb","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":129,"box":{"x":89,"y":131,"width":857,"height":12}},{"id":"725db63d-77ed-4d4d-838b-37f3fe564ea9","block_type":"box","text":"kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":129,"box":{"x":89,"y":146,"width":639,"height":12}},{"id":"3248ba77-54ff-4b24-b604-ebda1674478b","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":129,"box":{"x":89,"y":172,"width":301,"height":10}},{"id":"c2f35eb8-7ff0-4326-95c7-1519a6f38e4c","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":129,"box":{"x":398,"y":172,"width":568,"height":13}},{"id":"c6485462-94a4-4495-92e4-9bfbf82d13ef","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":129,"box":{"x":88,"y":188,"width":385,"height":12}},{"id":"2917c7c1-c3a7-491a-bd50-7066c8bb1e9a","block_type":"box","text":"i.e","page_number":129,"box":{"x":478,"y":188,"width":15,"height":9}},{"id":"ca339a96-900e-4acf-ab48-a32d7de6f864","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":129,"box":{"x":494,"y":188,"width":420,"height":12}},{"id":"ecef9912-9641-454a-9c77-1a4ff5431715","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":129,"box":{"x":88,"y":203,"width":847,"height":12}},{"id":"fef52987-5c1a-4567-9896-a1e95f1f1ed1","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":129,"box":{"x":88,"y":218,"width":863,"height":12}},{"id":"7dddab53-0c2a-422d-baf4-e39569b1d1b6","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":129,"box":{"x":89,"y":233,"width":851,"height":12}},{"id":"afabbb2d-7cfd-4515-aff4-c7344dcf4a4b","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":129,"box":{"x":89,"y":248,"width":866,"height":12}},{"id":"b4920b83-7e1c-4324-a043-425ab2091b76","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":129,"box":{"x":89,"y":263,"width":843,"height":12}},{"id":"fffe4c0a-b279-4ab9-8afd-f70223fbfd43","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":129,"box":{"x":89,"y":278,"width":873,"height":13}},{"id":"a48d9e95-3081-4d92-a890-35bd3c3e498a","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":129,"box":{"x":89,"y":293,"width":295,"height":13}},{"id":"8fab031c-9f1b-4a58-8838-736364be910d","block_type":"box","text":"Role of the Authorized Participant.","page_number":129,"box":{"x":89,"y":320,"width":247,"height":12}},{"id":"b299fc18-0d40-46b0-a14d-91e38447dfaa","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":129,"box":{"x":346,"y":320,"width":570,"height":12}},{"id":"34a59235-5ec2-45d1-9fec-c0c1f2d45f1c","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":129,"box":{"x":89,"y":335,"width":870,"height":12}},{"id":"868e74a2-9467-4e27-bfc3-7dbdd50b86e4","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units. Such Authorized","page_number":129,"box":{"x":89,"y":350,"width":833,"height":12}},{"id":"54f2afc4-a20c-4521-a5a2-587a3bacea23","block_type":"box","text":"Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on behalf of itself or any investor","page_number":129,"box":{"x":89,"y":365,"width":871,"height":12}},{"id":"b28c408b-22b1-4e24-9716-b53854989dbe","block_type":"box","text":"on whose behalf it will act, to certain conditions, including that such Authorized Participant will make available in advance of","page_number":129,"box":{"x":89,"y":380,"width":873,"height":13}},{"id":"577e5b90-16b0-448c-9efd-5a7192083920","block_type":"box","text":"each purchase of shares an amount of cash sufficient to pay the Cash Component, once the NAV of a Creation Unit is next","page_number":129,"box":{"x":89,"y":395,"width":855,"height":13}},{"id":"9ffdb822-03f3-446f-9e1a-4fc4baba82bb","block_type":"box","text":"determined after receipt of the purchase order in proper form, together with the transaction fees described below. An","page_number":129,"box":{"x":89,"y":410,"width":820,"height":13}},{"id":"1cadb9e2-57f1-41d6-a573-0583117ad02c","block_type":"box","text":"Authorized Participant, acting on behalf of an investor, may require the investor to enter into an agreement with such","page_number":129,"box":{"x":88,"y":426,"width":819,"height":12}},{"id":"5920cef5-12ee-4b8c-a689-3376d3210a62","block_type":"box","text":"Authorized Participant with respect to certain matters, including payment of the Cash Component. Investors who are not","page_number":129,"box":{"x":88,"y":441,"width":847,"height":12}},{"id":"2b423870-12e6-4c33-bad8-2bc482fa1fce","block_type":"box","text":"Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors should be aware that","page_number":129,"box":{"x":88,"y":456,"width":875,"height":12}},{"id":"4e961388-ac48-4cde-822f-3ff67d4a25d1","block_type":"box","text":"their particular broker may not be a DTC Participant or may not have executed an Authorized Participant Agreement and that","page_number":129,"box":{"x":88,"y":471,"width":875,"height":12}},{"id":"e6d3caaf-a99e-4cbd-bbd5-4d5a8be8ca2c","block_type":"box","text":"orders to purchase Creation Units may have to be placed by the investor’s broker through an Authorized Participant. As a","page_number":129,"box":{"x":89,"y":486,"width":844,"height":12}},{"id":"72d50c03-175a-42b8-bd5c-9c98ea9cc103","block_type":"box","text":"result, purchase orders placed through an Authorized Participant may result in additional charges to such investor. The Trust","page_number":129,"box":{"x":89,"y":501,"width":871,"height":13}},{"id":"e9175d8d-18f4-4341-a76f-e341d4cea9bd","block_type":"box","text":"does not expect to enter into an Authorized Participant Agreement with more than a small number of DTC Participants. A list","page_number":129,"box":{"x":89,"y":516,"width":874,"height":13}},{"id":"1e4f59ec-8715-4c92-ad65-48b336797602","block_type":"box","text":"of current Authorized Participants may be obtained from the Distributor. The Distributor has adopted guidelines regarding","page_number":129,"box":{"x":89,"y":531,"width":853,"height":13}},{"id":"1d447f70-3661-4d5d-9bc7-85802b029598","block_type":"box","text":"Authorized Participants’ transactions in Creation Units that are made available to all Authorized Participants. These guidelines","page_number":129,"box":{"x":88,"y":547,"width":877,"height":12}},{"id":"7237ff4c-32e8-4257-ae68-3ea85953286d","block_type":"box","text":"set forth the processes and standards for Authorized Participants to transact with the Distributor and its agents in connection","page_number":129,"box":{"x":89,"y":562,"width":878,"height":12}},{"id":"95f8200e-8bcf-46f3-921e-9938f851dbc5","block_type":"box","text":"with creation and redemption transactions. In addition, the Distributor may be appointed as the proxy of the Authorized","page_number":129,"box":{"x":88,"y":577,"width":839,"height":12}},{"id":"65b1a469-8879-4614-a440-29b1f61f6dd1","block_type":"box","text":"Participant and may be granted a power of attorney under its Authorized Participant Agreement.","page_number":129,"box":{"x":89,"y":592,"width":674,"height":12}},{"id":"f56239f2-1a72-41d3-895d-6226ff51ed62","block_type":"box","text":"Placement of Creation Orders.","page_number":129,"box":{"x":89,"y":618,"width":216,"height":10}},{"id":"d8790d4c-c796-4c86-8c7a-7e8f994fb486","block_type":"box","text":"Fund Deposits must be delivered through the Federal Reserve System (for cash and U.S.","page_number":129,"box":{"x":315,"y":618,"width":612,"height":13}},{"id":"a31a22d5-3efd-4109-aeba-6035657a2014","block_type":"box","text":"government securities), through DTC (for corporate and municipal securities) or through a central depository account, such","page_number":129,"box":{"x":89,"y":633,"width":867,"height":13}},{"id":"bb8c479a-ffbe-44e0-a662-261b3c13b187","block_type":"box","text":"as with Euroclear or DTC, maintained by State Street, JPMorgan, or Citibank, as applicable, or a sub-custodian (a “Central","page_number":129,"box":{"x":89,"y":649,"width":843,"height":12}},{"id":"bcc7cd11-3052-405a-8b4e-fd8e9dde6be8","block_type":"box","text":"Depository Account”). Any portion of a Fund Deposit that may not be delivered through the Federal Reserve System or DTC","page_number":129,"box":{"x":89,"y":664,"width":863,"height":12}},{"id":"511a9311-a8bf-4f1a-8984-d2a0d444b473","block_type":"box","text":"must be delivered through a Central Depository Account. The Fund Deposit transfers made through DTC must be ordered by","page_number":129,"box":{"x":89,"y":679,"width":873,"height":12}},{"id":"7d702371-b681-4d86-b87a-83bd7088ff39","block_type":"box","text":"the DTC Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC","page_number":129,"box":{"x":88,"y":694,"width":875,"height":12}},{"id":"db50984e-40de-4783-a2ff-32a860b5aa35","block_type":"box","text":"to the account of the Funds generally before 3:00 p.m., Eastern time on the Settlement Date. Fund Deposit transfers made","page_number":129,"box":{"x":88,"y":709,"width":855,"height":12}},{"id":"9c2934fa-1354-47c2-a5cf-722fdc5a3245","block_type":"box","text":"through the Federal Reserve System must be deposited by the participant institution in a timely fashion so as to ensure the","page_number":129,"box":{"x":88,"y":724,"width":857,"height":13}},{"id":"9f1eebd0-48dd-4b6b-91d0-1c7c608fa62a","block_type":"box","text":"delivery of the requisite number or amount of Deposit Securities or cash through the Federal Reserve System to the account","page_number":129,"box":{"x":89,"y":739,"width":867,"height":13}},{"id":"627acc31-ab1c-4ce6-874e-47ed31f84ef7","block_type":"box","text":"of the Funds generally before 3:00 p.m., Eastern time on the Settlement Date. Fund Deposit transfers made through a Central","page_number":129,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"a050a35e-b932-4145-8ecf-878f1362ec41","block_type":"box","text":"Depository Account must be completed pursuant to the requirements established by the custodian or sub-custodian for","page_number":129,"box":{"x":89,"y":770,"width":843,"height":12}},{"id":"1fe38f57-ec59-414f-896c-8cd2bed6d8c0","block_type":"box","text":"such Central Depository Account generally before 2:00 p.m., Eastern time on the Settlement Date. The “Settlement Date” for","page_number":129,"box":{"x":89,"y":785,"width":871,"height":12}},{"id":"937a93e3-3c5a-4712-af95-7192c7911a84","block_type":"box","text":"all funds is generally the first business day after the Transmittal Date. All questions as to the number of Deposit Securities to","page_number":129,"box":{"x":89,"y":800,"width":868,"height":12}},{"id":"ec888571-cf98-4bc6-9a14-84814ba4e73c","block_type":"box","text":"be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be","page_number":129,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"b2066b8c-374a-4698-91bb-4aaa754e6515","block_type":"box","text":"determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component","page_number":129,"box":{"x":89,"y":830,"width":869,"height":12}},{"id":"97eec279-6494-4a1d-a127-adf6e813e2ba","block_type":"box","text":"must be transferred directly to State Street, JPMorgan, or Citibank, as applicable, through the Federal Reserve Bank wire","page_number":129,"box":{"x":89,"y":845,"width":833,"height":12}},{"id":"5171797c-665e-44de-95a1-a185c159285c","block_type":"box","text":"transfer system in a timely manner so as to be received by State Street, JPMorgan, or Citibank, as applicable, generally before","page_number":129,"box":{"x":88,"y":860,"width":871,"height":13}},{"id":"b55138cd-2e7a-4d4d-bb98-180ba3eaa42d","block_type":"box","text":"114","page_number":129,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"9348e169-9f7d-482d-ab3f-d417ed3938b7","block_type":"box","text":"3:00 p.m., Eastern time on the Settlement Date. If the Cash Component and the Deposit Securities are not received by 3:00","page_number":130,"box":{"x":89,"y":44,"width":857,"height":12}},{"id":"efac00c0-851e-4321-8e88-3e32d4ec15d8","block_type":"box","text":"p.m., Eastern time on the Settlement Date, the creation order may be canceled. Upon written notice to the Distributor, such","page_number":130,"box":{"x":89,"y":59,"width":860,"height":12}},{"id":"8816eb40-9fd2-4331-a4f9-ddd7c3e556df","block_type":"box","text":"canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then","page_number":130,"box":{"x":89,"y":74,"width":871,"height":12}},{"id":"41d75e8e-40d1-42d2-a42a-46762f4decfc","block_type":"box","text":"current NAV of the Funds. The delivery of Creation Units so created generally will occur no later than the first Business Day","page_number":130,"box":{"x":89,"y":89,"width":857,"height":13}},{"id":"bce08ca0-3c7f-4fbd-a449-7061146a1fb1","block_type":"box","text":"following the day on which the purchase order is deemed received by the Distributor, provided that the relevant Fund Deposit","page_number":130,"box":{"x":88,"y":104,"width":878,"height":13}},{"id":"55e871c7-a5bc-4862-babb-7bc79a4ff2c3","block_type":"box","text":"has been received by the Funds prior to such time.","page_number":130,"box":{"x":89,"y":119,"width":351,"height":13}},{"id":"13bfb440-0744-447b-b196-ee2d69e48050","block_type":"box","text":"Purchase Orders.","page_number":130,"box":{"x":89,"y":146,"width":122,"height":10}},{"id":"b1ed6016-be19-4d88-b82b-d732c4c2e64f","block_type":"box","text":"To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its","page_number":130,"box":{"x":224,"y":146,"width":708,"height":12}},{"id":"c245c1b1-9259-47b4-b05d-f7f856ea6794","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":130,"box":{"x":89,"y":161,"width":837,"height":12}},{"id":"5ab13bf7-f705-45b7-b23a-6f03b6b98438","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":130,"box":{"x":89,"y":176,"width":832,"height":13}},{"id":"349cbaa9-91b7-4086-9a8b-05af66b25734","block_type":"box","text":"custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the","page_number":130,"box":{"x":89,"y":191,"width":868,"height":13}},{"id":"c3ed58e0-7829-4475-8245-9eb02c3b8727","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":130,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"ddf0646e-bb3a-451c-8ae2-e387d935ca74","block_type":"box","text":"to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be","page_number":130,"box":{"x":88,"y":222,"width":862,"height":12}},{"id":"7faefea3-2351-49b3-a58b-b1fd83434b6d","block_type":"box","text":"made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants","page_number":130,"box":{"x":89,"y":237,"width":842,"height":12}},{"id":"dd606bef-d2f1-4266-a9f1-21761af1822c","block_type":"box","text":"upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time","page_number":130,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"2b183fbd-88e0-44aa-94a3-7df9baa9545a","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":130,"box":{"x":88,"y":267,"width":854,"height":12}},{"id":"a1ffe1a9-9999-45b0-abe2-e9656b58910f","block_type":"box","text":"such Business Day.","page_number":130,"box":{"x":89,"y":282,"width":131,"height":12}},{"id":"07e50e19-2234-4287-a152-3dab3fd21219","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":130,"box":{"x":88,"y":308,"width":861,"height":13}},{"id":"3bf6f082-bda6-4ea7-87dc-c0a74868ff8e","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":130,"box":{"x":88,"y":324,"width":875,"height":12}},{"id":"b79d0759-6d16-4723-864e-88e6acb5ff07","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":130,"box":{"x":89,"y":339,"width":851,"height":12}},{"id":"853f965e-47a2-44b6-9584-5d50de247b6e","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":130,"box":{"x":89,"y":354,"width":861,"height":12}},{"id":"ce79ef92-dc67-4f4c-9658-b8098eaa58e6","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":130,"box":{"x":89,"y":369,"width":860,"height":12}},{"id":"474298a8-f121-4c6a-b75d-10612128d724","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":130,"box":{"x":88,"y":384,"width":862,"height":12}},{"id":"77b3180c-5812-418d-839d-baa8fad09f1f","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":130,"box":{"x":89,"y":399,"width":681,"height":13}},{"id":"9135f85a-6885-4e9a-8261-00cec5287141","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":130,"box":{"x":88,"y":426,"width":879,"height":12}},{"id":"724a0c40-ba91-46e0-b426-4a392bb21c97","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":130,"box":{"x":89,"y":441,"width":342,"height":12}},{"id":"781f5777-b80f-49e6-938c-ff748b6f52ed","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":130,"box":{"x":88,"y":467,"width":304,"height":13}},{"id":"f6cda9ef-df2d-43cb-887a-83646eef5e66","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":130,"box":{"x":401,"y":467,"width":554,"height":13}},{"id":"769b18a4-5c93-44fb-adf4-b71e74e620f8","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":130,"box":{"x":89,"y":482,"width":850,"height":13}},{"id":"78429f10-f2e6-43b6-831b-050e46306a87","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":130,"box":{"x":89,"y":497,"width":878,"height":13}},{"id":"f2cb4bd2-bd93-4e70-ae5e-36e35cf58a8f","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":130,"box":{"x":89,"y":513,"width":859,"height":12}},{"id":"f1901cfb-e54c-4b73-ba3a-c96a48ea5421","block_type":"box","text":"other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. Each","page_number":130,"box":{"x":89,"y":528,"width":861,"height":12}},{"id":"0f129055-69de-4000-9f4e-aaa4fa916342","block_type":"box","text":"Fund’s deadline specified above for the submission of purchase orders is referred to as that Fund’s “Cutoff Time.” The","page_number":130,"box":{"x":89,"y":543,"width":823,"height":12}},{"id":"ac2fe32f-c0b0-459c-8871-451cecf37870","block_type":"box","text":"Distributor or its agent, in their discretion, may permit the submission of such orders and requests by or through an","page_number":130,"box":{"x":89,"y":558,"width":808,"height":12}},{"id":"c62924e5-f905-4bf9-a95c-f96981da0661","block_type":"box","text":"Authorized Participant at any time (including on days on which the Listing Exchange is not open for business) via","page_number":130,"box":{"x":88,"y":573,"width":792,"height":12}},{"id":"22aaac20-d49a-442f-9fd6-731438a10bc4","block_type":"box","text":"communication through the facilities of the Distributor’s or its agent’s proprietary website maintained for this purpose.","page_number":130,"box":{"x":89,"y":588,"width":832,"height":12}},{"id":"44bd4a8d-c35c-4f71-a7ec-3faa9aeb0d20","block_type":"box","text":"Purchase orders and redemption requests, if accepted by the Trust, will be processed based on the NAV next determined","page_number":130,"box":{"x":89,"y":603,"width":843,"height":13}},{"id":"7056dd13-505f-4571-a677-0bce86d490ff","block_type":"box","text":"after such acceptance in accordance with a Fund’s Cutoff Times as provided in the Authorized Participant Agreement and","page_number":130,"box":{"x":89,"y":618,"width":851,"height":13}},{"id":"6c8bbbb1-fb6c-4352-868f-2cbce0f2d534","block_type":"box","text":"disclosed in this SAI.","page_number":130,"box":{"x":89,"y":633,"width":142,"height":10}},{"id":"c07f52e9-7bd7-4eef-94c8-a169656e450d","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":130,"box":{"x":88,"y":660,"width":293,"height":12}},{"id":"b402cd78-5f2e-41b3-a1e1-c166646988dc","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":130,"box":{"x":394,"y":660,"width":507,"height":12}},{"id":"a3fd4ea3-28b1-45e4-80fa-1d65f063c144","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":130,"box":{"x":89,"y":675,"width":871,"height":12}},{"id":"32efe217-329a-4796-b15e-e05ba716176b","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":130,"box":{"x":88,"y":690,"width":858,"height":13}},{"id":"d6cf24ac-f558-4027-8a40-6a9491e07cb0","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":130,"box":{"x":89,"y":705,"width":865,"height":13}},{"id":"c1938f7f-ce2b-4d6d-97a1-8876f05bec5a","block_type":"box","text":"as set forth below.","page_number":130,"box":{"x":89,"y":720,"width":126,"height":10}},{"id":"a4cb28a3-a52e-4598-b4c0-91718c4a73ae","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":130,"box":{"x":89,"y":747,"width":815,"height":12}},{"id":"559948d5-03d2-4f99-8cba-d9f8bc6860e5","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":130,"box":{"x":89,"y":762,"width":812,"height":12}},{"id":"2fe6d7a8-c138-4d35-aeb5-56eb3071020b","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":130,"box":{"x":89,"y":777,"width":552,"height":12}},{"id":"eea511f2-c437-4eb7-a832-24aa472f1f7c","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":130,"box":{"x":89,"y":804,"width":870,"height":12}},{"id":"28f964fe-e980-420f-a100-701964eed86c","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":130,"box":{"x":89,"y":819,"width":860,"height":12}},{"id":"330d1c67-037d-4125-ad27-f3dc1891172e","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":130,"box":{"x":89,"y":834,"width":877,"height":12}},{"id":"6677c4e0-3b48-4bc7-8056-d147275c9a36","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":130,"box":{"x":89,"y":849,"width":853,"height":12}},{"id":"b5fb8190-aabc-475e-b8db-c635418d8885","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":130,"box":{"x":89,"y":864,"width":876,"height":12}},{"id":"c32edef7-ad07-4cb9-a183-34b5bfdb171d","block_type":"box","text":"115","page_number":130,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"2ea3b8a7-552a-4325-aca3-a8db85c8f313","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":131,"box":{"x":89,"y":44,"width":820,"height":12}},{"id":"7f913c6e-9b20-45be-a682-eb053a89cea9","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":131,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"c1938a5f-a0b5-4ae2-8ab5-93128df7ebd0","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":131,"box":{"x":89,"y":74,"width":852,"height":12}},{"id":"3cf23b8e-be57-4997-a2e9-2f266a3a8867","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, State Street, JPMorgan, or Citibank, as","page_number":131,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"74e581d6-75a2-4da9-bf7c-ca954d72fcab","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":131,"box":{"x":89,"y":104,"width":862,"height":13}},{"id":"e1355e39-7252-4f9f-bb29-55b676c677ee","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":131,"box":{"x":89,"y":119,"width":853,"height":13}},{"id":"ce6ed8b4-82e6-4742-9221-6d4c34bd9836","block_type":"box","text":"Issuance of a Creation Unit.","page_number":131,"box":{"x":89,"y":146,"width":197,"height":10}},{"id":"001635e9-cc7c-4ed1-afc2-f0e7266e1b52","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to the applicable Fund of the","page_number":131,"box":{"x":89,"y":172,"width":832,"height":13}},{"id":"5e31a3ed-774a-427e-b863-67dc76c82b33","block_type":"box","text":"Deposit Securities and the payment of the Cash Component have been completed. When the sub-custodian has confirmed","page_number":131,"box":{"x":89,"y":188,"width":861,"height":12}},{"id":"13bb78f7-3d5f-450a-8ca2-9143d7d2b13b","block_type":"box","text":"to the custodian that the securities included in the Fund Deposit (or the cash value thereof ) have been delivered to the","page_number":131,"box":{"x":88,"y":203,"width":830,"height":12}},{"id":"b9390207-1e71-4b1f-9fc6-3dfacaf99792","block_type":"box","text":"account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and BFA shall be notified of such","page_number":131,"box":{"x":89,"y":218,"width":824,"height":12}},{"id":"78dc2b33-d153-424d-b586-586a12d8f6cf","block_type":"box","text":"delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":131,"box":{"x":89,"y":233,"width":599,"height":12}},{"id":"3dda178f-0b36-408a-a2a9-98ed90373fd2","block_type":"box","text":"Creation Units of each Fund are generally issued on a “T+1 basis” (","page_number":131,"box":{"x":89,"y":259,"width":465,"height":13}},{"id":"9e27aa55-7393-4e97-a1e9-955e4464350f","block_type":"box","text":"i.e.","page_number":131,"box":{"x":555,"y":260,"width":18,"height":9}},{"id":"c98be9ef-d7d7-487c-8135-d79f18d91289","block_type":"box","text":", one Business Day after trade date). However, each","page_number":131,"box":{"x":575,"y":259,"width":357,"height":13}},{"id":"749f9a6f-a9de-449a-80d8-4a817da2c206","block_type":"box","text":"Fund reserves the right to settle Creation Unit transactions on a different basis, if necessary or appropriate under the","page_number":131,"box":{"x":89,"y":274,"width":812,"height":13}},{"id":"21a07e47-7d2d-4440-8f18-078b19a710fe","block_type":"box","text":"circumstances and compliant with applicable law. These circumstances may include, among others, accommodating non","page_number":131,"box":{"x":89,"y":290,"width":857,"height":12}},{"id":"dfa786b2-897c-41c8-a35b-9e0b6862341b","block_type":"box","text":"U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets of dividend record","page_number":131,"box":{"x":89,"y":305,"width":855,"height":12}},{"id":"001999df-5676-436f-9d81-cb5e27faeec3","block_type":"box","text":"dates and ex-dividend dates (","page_number":131,"box":{"x":89,"y":320,"width":206,"height":12}},{"id":"86a939af-e261-4fe1-8f7e-7247b18b731b","block_type":"box","text":"i.e.","page_number":131,"box":{"x":296,"y":321,"width":18,"height":9}},{"id":"ce370549-c409-419a-b576-bb15eb9b31c6","block_type":"box","text":", the last day the holder of a security can sell the security and still receive dividends payable","page_number":131,"box":{"x":316,"y":320,"width":637,"height":12}},{"id":"ba7baf06-5ffc-4f5b-9564-03c02efa1154","block_type":"box","text":"on the security).","page_number":131,"box":{"x":89,"y":335,"width":112,"height":12}},{"id":"17f28a99-41f5-4418-8f63-a6c269ec5262","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":131,"box":{"x":88,"y":361,"width":873,"height":13}},{"id":"b3747842-6c24-4b11-9a33-143e31076262","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":131,"box":{"x":88,"y":376,"width":847,"height":13}},{"id":"7f5ed1fc-7cb2-4d87-bac5-96b030f02408","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":131,"box":{"x":89,"y":392,"width":876,"height":12}},{"id":"fb9072e2-bc62-489d-9485-0e2c3c100e95","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":131,"box":{"x":89,"y":407,"width":878,"height":12}},{"id":"6575c9a8-2023-4a86-a232-6e85350bf864","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":131,"box":{"x":88,"y":422,"width":874,"height":12}},{"id":"9e6e4bde-b28c-40ef-a203-150b5159e39e","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":131,"box":{"x":88,"y":437,"width":850,"height":12}},{"id":"0af30ef3-c5bc-4244-9d1d-b8f1ecea7a86","block_type":"box","text":"settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit Securities is","page_number":131,"box":{"x":89,"y":452,"width":859,"height":12}},{"id":"1f3d0ae5-35a0-4d37-99e3-0c04402f9d70","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":131,"box":{"x":89,"y":467,"width":851,"height":13}},{"id":"83aeedac-2883-4fbf-8152-dd78bea69ade","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":131,"box":{"x":89,"y":482,"width":865,"height":13}},{"id":"333dcf47-db3c-42a6-9db9-2689886600e9","block_type":"box","text":"Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings","page_number":131,"box":{"x":89,"y":497,"width":875,"height":13}},{"id":"972b6c20-1c32-4ef0-9b09-204151308091","block_type":"box","text":"and other charges.","page_number":131,"box":{"x":89,"y":513,"width":130,"height":12}},{"id":"f5121ea5-6244-44b9-b579-f3136e7c3816","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":131,"box":{"x":89,"y":539,"width":809,"height":12}},{"id":"b0b0fda6-b729-46e4-b8a7-5736865f75c3","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":131,"box":{"x":89,"y":554,"width":811,"height":12}},{"id":"d9110429-37fb-4535-817c-f4057c2ff265","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":131,"box":{"x":88,"y":569,"width":869,"height":13}},{"id":"6441a2cb-eead-4cfc-ba1d-fd4437e830fa","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":131,"box":{"x":88,"y":584,"width":876,"height":13}},{"id":"8cd7d44a-3458-4970-b2a8-54c7e530b6d8","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":131,"box":{"x":89,"y":599,"width":837,"height":13}},{"id":"22bc6656-5c1f-47ca-bf6d-dc0ec5c55fbc","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":131,"box":{"x":89,"y":626,"width":325,"height":10}},{"id":"a2dda5b1-219e-470d-b171-a882e2ddac79","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and","page_number":131,"box":{"x":426,"y":626,"width":505,"height":12}},{"id":"145b3bf2-073a-4cd1-86c8-a1af3bf74af0","block_type":"box","text":"other transaction costs associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds have","page_number":131,"box":{"x":89,"y":641,"width":850,"height":12}},{"id":"708d737f-7877-4503-8aa7-c6f90f19ad04","block_type":"box","text":"retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an Authorized Participant a standard","page_number":131,"box":{"x":89,"y":656,"width":842,"height":13}},{"id":"44a5a40f-8d4b-42fa-a62c-8d91224a4f5a","block_type":"box","text":"transaction fee on each creation order, which consists of (1) a fee for providing the ETF Services (the “ETF Servicing Fee”)","page_number":131,"box":{"x":88,"y":671,"width":849,"height":13}},{"id":"9d98029c-7f1c-4bb1-9ab4-5de3b97a838d","block_type":"box","text":"and (2) transfer, processing and other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":131,"box":{"x":89,"y":686,"width":843,"height":13}},{"id":"b3f6fbf4-bea3-464e-b590-c4e59470a6d4","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain the ETF Servicing Fee pursuant","page_number":131,"box":{"x":89,"y":702,"width":876,"height":12}},{"id":"53b2ba34-30bd-4674-afa9-241d5b6c1a02","block_type":"box","text":"to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian","page_number":131,"box":{"x":88,"y":717,"width":840,"height":12}},{"id":"d4dd7162-c6c5-4eb0-8bc1-055c1312c01d","block_type":"box","text":"according to the amounts invoiced by such custodian.","page_number":131,"box":{"x":89,"y":732,"width":378,"height":12}},{"id":"8b00fc18-c324-4a59-902c-16082896d8ec","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":131,"box":{"x":88,"y":758,"width":862,"height":13}},{"id":"ccec97c9-2d24-4c01-91f5-e4945ea5d45a","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":131,"box":{"x":88,"y":773,"width":879,"height":13}},{"id":"3b6050f4-892e-42a0-8dff-4551d574c8e1","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":131,"box":{"x":89,"y":788,"width":834,"height":13}},{"id":"23d4e860-02da-410a-8cd4-8809a886f2e7","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":131,"box":{"x":89,"y":804,"width":874,"height":12}},{"id":"a6959034-6409-40ad-985e-d624dba91113","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":131,"box":{"x":89,"y":819,"width":877,"height":12}},{"id":"edd8a90d-1be4-43dd-9c8d-6b76dd2dd815","block_type":"box","text":"Unit. The following table sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based on","page_number":131,"box":{"x":89,"y":834,"width":851,"height":12}},{"id":"ae3059e7-1618-4efc-9038-910646ba804d","block_type":"box","text":"data as of January 12, 2026. The actual fee charged to an Authorized Participant in connection with a creation order will vary","page_number":131,"box":{"x":89,"y":849,"width":870,"height":12}},{"id":"02f84ec1-a964-44d7-9a0d-6c0372d45bb5","block_type":"box","text":"over time depending on the factors discussed above, and may be higher than the fee set forth below.","page_number":131,"box":{"x":89,"y":864,"width":704,"height":12}},{"id":"d623edfa-5e11-4b5b-a094-239e44940097","block_type":"box","text":"116","page_number":131,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"767bcdf9-8ead-4cc1-8a26-3b3fc9937177","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":132,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"ff614cb2-2eef-492d-9aa5-fddbdbf7f980","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":132,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"eb5ffe23-3f11-4d14-9687-f8c1eac35d4c","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":132,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"add7780f-351d-4818-8470-806aaaaa9475","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":132,"box":{"x":88,"y":89,"width":845,"height":13}},{"id":"b4f2db58-5a1d-4dbb-a802-98bc7c3f30b7","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":132,"box":{"x":89,"y":104,"width":853,"height":13}},{"id":"2ea1bffc-59c6-489b-b689-5bda2b91de38","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":132,"box":{"x":88,"y":119,"width":836,"height":13}},{"id":"8286cf50-454e-42d6-971c-a9a81da65813","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":132,"box":{"x":89,"y":135,"width":866,"height":12}},{"id":"427ca69f-551a-4ce7-802a-f2562093d0bf","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":132,"box":{"x":89,"y":150,"width":834,"height":12}},{"id":"abf95fba-972d-46bf-90f8-88be0817d8f4","block_type":"box","text":"maximum amounts shown below.","page_number":132,"box":{"x":89,"y":165,"width":237,"height":10}},{"id":"89af008e-ba1d-4a88-b11d-ba00848905fa","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":132,"box":{"x":88,"y":191,"width":817,"height":13}},{"id":"ec176c76-b6c2-405b-8d1f-3e2bb28ff55b","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":132,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"d8e672a6-b969-4c21-8b93-c69d9c90a745","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":132,"box":{"x":89,"y":222,"width":636,"height":12}},{"id":"67d6e29a-f49a-4a39-84a3-8f82301f1638","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as of January 12, 2026 and","page_number":132,"box":{"x":88,"y":248,"width":830,"height":12}},{"id":"e34becd4-19e4-45b8-8c20-04837eb356eb","block_type":"box","text":"maximum additional charge (as described above):","page_number":132,"box":{"x":89,"y":263,"width":350,"height":12}},{"id":"cdbdb8c8-2624-4c2c-be20-4ad0a8220ba4","block_type":"box","text":"Fund","page_number":132,"box":{"x":89,"y":303,"width":27,"height":8}},{"id":"41d88848-e914-482b-aa89-fb3f2b5c4f2a","block_type":"box","text":"Standard Creation","page_number":132,"box":{"x":660,"y":293,"width":103,"height":8}},{"id":"17fb991d-e1d0-454a-9ed9-50a6a02d5368","block_type":"box","text":"Transaction Fee**","page_number":132,"box":{"x":659,"y":303,"width":105,"height":8}},{"id":"68197a83-ecd2-4ea1-9369-015303a49ce8","block_type":"box","text":"Maximum Additional","page_number":132,"box":{"x":844,"y":293,"width":121,"height":8}},{"id":"92373413-641e-43ba-b466-4ba97dafe5db","block_type":"box","text":"Charge for Creations*","page_number":132,"box":{"x":842,"y":303,"width":126,"height":10}},{"id":"aa8a9694-ad61-4869-88a9-1602f2c77a09","block_type":"box","text":"iShares iBonds 1-5 Year Corporate Ladder ETF $156.25 3.0%","page_number":132,"box":{"x":89,"y":325,"width":841,"height":12}},{"id":"e0a2cf39-50f7-44d5-92c5-296a7e9a1493","block_type":"box","text":"iShares iBonds 1-5 Year High Yield and Income Ladder ETF 156.25 3.0%","page_number":132,"box":{"x":89,"y":340,"width":841,"height":12}},{"id":"f672aecb-c58b-4411-aa44-3fb005ae03a0","block_type":"box","text":"iShares iBonds 1-5 Year Treasury Ladder ETF 156.25 3.0%","page_number":132,"box":{"x":89,"y":355,"width":841,"height":12}},{"id":"445e5e90-7a23-4e06-a810-09ccaf63fd9a","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF 415.00 3.0%","page_number":132,"box":{"x":89,"y":370,"width":841,"height":13}},{"id":"81a349c1-d26d-4f45-9ce1-74942540fbae","block_type":"box","text":"iShares iBonds 2027 Term High Yield and Income ETF 408.75 3.0%","page_number":132,"box":{"x":89,"y":385,"width":841,"height":13}},{"id":"6ab63751-7482-42b4-9f85-f7ba83c75222","block_type":"box","text":"iShares iBonds 2028 Term High Yield and Income ETF 467.50 3.0%","page_number":132,"box":{"x":89,"y":400,"width":841,"height":13}},{"id":"ea64ac67-0686-4ab5-b719-db4436dee4c6","block_type":"box","text":"iShares iBonds 2029 Term High Yield and Income ETF 500.00 3.0%","page_number":132,"box":{"x":89,"y":416,"width":841,"height":12}},{"id":"681d466e-7983-40c4-9ce0-6354242ba05f","block_type":"box","text":"iShares iBonds 2030 Term High Yield and Income ETF 575.00 3.0%","page_number":132,"box":{"x":89,"y":431,"width":841,"height":12}},{"id":"20fbc121-2542-44e6-921d-c8a1da67087f","block_type":"box","text":"iShares iBonds 2031 Term High Yield and Income ETF 488.75 3.0%","page_number":132,"box":{"x":89,"y":446,"width":841,"height":12}},{"id":"895a66e2-1c28-4f3e-a381-45d5cb7ef210","block_type":"box","text":"iShares iBonds 2032 Term High Yield and Income ETF 497.50 3.0%","page_number":132,"box":{"x":89,"y":461,"width":841,"height":12}},{"id":"7afe4ed8-b914-42fb-9f24-a2794b712b05","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF 335.00 3.0%","page_number":132,"box":{"x":89,"y":476,"width":841,"height":12}},{"id":"8611913e-ff10-47e3-87fb-0e1a85d6c47b","block_type":"box","text":"iShares iBonds Dec 2027 Term Corporate ETF 371.25 3.0%","page_number":132,"box":{"x":89,"y":491,"width":841,"height":12}},{"id":"3cf1709d-af33-432d-8160-3924203e10a4","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF 372.50 3.0%","page_number":132,"box":{"x":89,"y":506,"width":841,"height":13}},{"id":"f9262866-bf5d-424f-be9f-e67ab85c3d8c","block_type":"box","text":"iShares iBonds Dec 2029 Term Corporate ETF 333.75 3.0%","page_number":132,"box":{"x":89,"y":521,"width":841,"height":13}},{"id":"70ce4610-f3b4-4674-bb60-4b5c4c7cb368","block_type":"box","text":"iShares iBonds Dec 2030 Term Corporate ETF 351.25 3.0%","page_number":132,"box":{"x":89,"y":536,"width":841,"height":13}},{"id":"aa659908-df96-47fd-bc2d-b71998229f98","block_type":"box","text":"iShares iBonds Dec 2031 Term Corporate ETF 362.50 3.0%","page_number":132,"box":{"x":89,"y":552,"width":841,"height":12}},{"id":"342a7ec3-5534-40fe-a077-5e2774174b83","block_type":"box","text":"iShares iBonds Dec 2032 Term Corporate ETF 332.50 3.0%","page_number":132,"box":{"x":89,"y":567,"width":841,"height":12}},{"id":"aea7fdb5-2ccc-4fab-a0b9-e3de83cbb088","block_type":"box","text":"iShares iBonds Dec 2033 Term Corporate ETF 476.25 3.0%","page_number":132,"box":{"x":89,"y":582,"width":841,"height":12}},{"id":"bb1d4268-f2c0-4c0c-97e0-2ff22c1342bb","block_type":"box","text":"iShares iBonds Dec 2034 Term Corporate ETF 482.50 3.0%","page_number":132,"box":{"x":89,"y":597,"width":841,"height":12}},{"id":"c8d0b4bd-071d-4910-a2a2-69ed16853364","block_type":"box","text":"iShares iBonds Dec 2035 Term Corporate ETF 501.25 3.0%","page_number":132,"box":{"x":89,"y":612,"width":841,"height":12}},{"id":"bb165e05-2fd9-4415-b3c0-88f1492f92c7","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF 360.00 3.0%","page_number":132,"box":{"x":89,"y":627,"width":841,"height":13}},{"id":"3e6c9c5e-2ba1-456d-9940-4afed09b397f","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF 363.75 3.0%","page_number":132,"box":{"x":89,"y":642,"width":841,"height":13}},{"id":"c38d9d0f-3a36-4660-a8fb-82e5fdc5db51","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF 350.00 3.0%","page_number":132,"box":{"x":89,"y":657,"width":841,"height":13}},{"id":"c696cb7c-b2d6-44c9-b8e3-08ef70c10e77","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF 335.00 3.0%","page_number":132,"box":{"x":89,"y":673,"width":841,"height":12}},{"id":"2bfc3fd3-cc29-45ef-9b25-eb09f041ccb5","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF 332.50 3.0%","page_number":132,"box":{"x":89,"y":688,"width":841,"height":12}},{"id":"b4b7fa05-9325-4c49-b11b-c5132958c5d2","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF 320.00 3.0%","page_number":132,"box":{"x":89,"y":703,"width":841,"height":12}},{"id":"3a76ce4b-53c3-43ad-b22c-fd3257c4e360","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF 318.75 3.0%","page_number":132,"box":{"x":89,"y":718,"width":841,"height":12}},{"id":"6d5fbec2-d454-41ea-a214-4d570d1db48d","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF 305.00 3.0%","page_number":132,"box":{"x":89,"y":733,"width":841,"height":12}},{"id":"7b09c9fa-f31b-4109-83a9-e5aa1419d4a3","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF 305.00 3.0%","page_number":132,"box":{"x":89,"y":748,"width":841,"height":12}},{"id":"b23c724b-a928-4bd1-b27e-c271ed3bfecb","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF 305.00 3.0%","page_number":132,"box":{"x":89,"y":763,"width":841,"height":13}},{"id":"c0c69265-f374-412f-8745-924b5143c38d","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF 310.00 3.0%","page_number":132,"box":{"x":89,"y":778,"width":841,"height":13}},{"id":"027ef97f-b3e4-4d41-abe4-c666e807d3c5","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF 310.00 3.0%","page_number":132,"box":{"x":89,"y":793,"width":841,"height":13}},{"id":"a9f855c1-4b31-4e46-a321-addff88e9ec4","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF 305.00 3.0%","page_number":132,"box":{"x":89,"y":809,"width":841,"height":12}},{"id":"c806f817-8cf2-4ad3-84c6-821bd99c4a22","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF 305.00 3.0%","page_number":132,"box":{"x":89,"y":824,"width":841,"height":12}},{"id":"f08622db-305f-4196-8808-f260e3a06130","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":132,"box":{"x":118,"y":863,"width":329,"height":10}},{"id":"ed3e9f0d-73bf-4da5-b31e-dc15775c3c8d","block_type":"box","text":"117","page_number":132,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"b3cf6601-e96a-4592-a2e1-c9adb91bdca9","block_type":"box","text":"** Estimated fee.","page_number":133,"box":{"x":118,"y":45,"width":92,"height":7}},{"id":"f162d3cc-cba0-4ab9-9db5-5dab847a1610","block_type":"box","text":"Redemption of Creation Units.","page_number":133,"box":{"x":89,"y":68,"width":216,"height":12}},{"id":"2b50d26b-aa2f-4e94-ac10-001d905b793d","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":133,"box":{"x":88,"y":94,"width":836,"height":13}},{"id":"62d1363e-a593-4c4a-aab8-536662031d6a","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":133,"box":{"x":89,"y":109,"width":869,"height":13}},{"id":"d5ccfc30-7661-4680-bd8d-2d7cbfee9b80","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":133,"box":{"x":89,"y":125,"width":873,"height":12}},{"id":"dfc44095-5bb1-4757-915b-0493eb797772","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":133,"box":{"x":89,"y":140,"width":855,"height":12}},{"id":"f4ba1056-3db2-47a0-8ad9-38730b8ebf65","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":133,"box":{"x":89,"y":155,"width":878,"height":12}},{"id":"ce1c0f7a-2c69-4184-9424-99366eca0440","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":133,"box":{"x":89,"y":170,"width":649,"height":12}},{"id":"52cf06a0-8a59-4f10-9f9e-48cf280b8b33","block_type":"box","text":"Please see the","page_number":133,"box":{"x":89,"y":196,"width":97,"height":10}},{"id":"5d690ac8-cf85-446e-aa4e-aa077c75e6b4","block_type":"box","text":"Cash Redemption Method","page_number":133,"box":{"x":192,"y":196,"width":183,"height":13}},{"id":"03ea53d5-f18c-4abf-9587-a3afe1696bde","block_type":"box","text":"section below and the following discussion summarizing the in-kind method for","page_number":133,"box":{"x":379,"y":196,"width":560,"height":13}},{"id":"6e775304-e917-48fe-a43b-834acdd39722","block_type":"box","text":"further information on redeeming Creation Units of the Funds.","page_number":133,"box":{"x":88,"y":211,"width":436,"height":13}},{"id":"47acf56a-33fb-4ec9-8cee-f546060aad64","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":133,"box":{"x":89,"y":238,"width":853,"height":12}},{"id":"da02fc8d-0ccb-4dab-a6e0-a2450c48523c","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":133,"box":{"x":89,"y":253,"width":849,"height":12}},{"id":"f629a551-a29a-4a45-85c9-3d889997ac88","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":133,"box":{"x":88,"y":268,"width":841,"height":12}},{"id":"9eddec44-6609-4b4d-bc33-79ed987f2cfa","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":133,"box":{"x":89,"y":283,"width":863,"height":13}},{"id":"ea5a712f-344b-468d-986f-711c8330297a","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":133,"box":{"x":89,"y":298,"width":833,"height":13}},{"id":"582a6147-0082-4908-9bdd-4e684c5c31b0","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":133,"box":{"x":88,"y":313,"width":855,"height":13}},{"id":"97c9bcc9-95db-45a2-8ff6-ee607ac05543","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":133,"box":{"x":89,"y":329,"width":843,"height":12}},{"id":"c997024f-fe8f-43cd-95ae-b84e634cc80c","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":133,"box":{"x":88,"y":344,"width":738,"height":12}},{"id":"e5bceb6a-dd48-4d47-8c80-e37c3d95e875","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":133,"box":{"x":89,"y":370,"width":866,"height":13}},{"id":"828b498a-5430-4090-b480-2fd49ebf4d7e","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":133,"box":{"x":89,"y":385,"width":861,"height":13}},{"id":"bef0e3cd-a4ba-4944-9f7c-f3000b0bbf15","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":133,"box":{"x":89,"y":400,"width":873,"height":13}},{"id":"9d844d96-53db-48bf-ba5a-0b4327f28693","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":133,"box":{"x":89,"y":416,"width":355,"height":12}},{"id":"be6fa1c2-8b83-4937-be3b-74de52c6d736","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":133,"box":{"x":88,"y":442,"width":874,"height":12}},{"id":"2f2942fb-8e42-412b-961b-5627312db7f0","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":133,"box":{"x":89,"y":457,"width":825,"height":12}},{"id":"906920ff-5d3f-49e6-a94f-a36e1cb26a39","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":133,"box":{"x":88,"y":472,"width":823,"height":13}},{"id":"d43a0ca0-beb0-43eb-8a94-976cf21bcd8e","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":133,"box":{"x":89,"y":487,"width":863,"height":13}},{"id":"f79cc8f0-48ae-47ad-b3d2-848aa38b5c67","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":133,"box":{"x":88,"y":502,"width":880,"height":13}},{"id":"0608fcfb-8fa1-43af-8ef2-d1a14f388a8f","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":133,"box":{"x":89,"y":518,"width":868,"height":12}},{"id":"37671ecf-8f47-40cb-82a1-653cecc72b18","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":133,"box":{"x":89,"y":533,"width":867,"height":12}},{"id":"ae9d1033-a982-4234-809c-3fcbc4b832f0","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":133,"box":{"x":89,"y":548,"width":855,"height":12}},{"id":"f22ec1a1-0454-406e-a5e0-ba0620ea8fb1","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":133,"box":{"x":88,"y":563,"width":815,"height":12}},{"id":"d5a85fc5-9b62-429d-94e4-2e2ecbc2e4ec","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":133,"box":{"x":89,"y":578,"width":874,"height":12}},{"id":"877d3b4e-203c-4da9-80f6-d9e247b51867","block_type":"box","text":"redeems Creation Units for Fund Securities, but the Fund reserves the right to utilize a cash option for redemption of Creation","page_number":133,"box":{"x":89,"y":593,"width":875,"height":13}},{"id":"3ba4ff3d-f9d6-471e-bcaf-85c5b3c920e4","block_type":"box","text":"Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities that differs","page_number":133,"box":{"x":89,"y":608,"width":879,"height":13}},{"id":"f38fd07b-ad22-49c9-9afa-4e4e56fb98ee","block_type":"box","text":"from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified","page_number":133,"box":{"x":88,"y":623,"width":868,"height":13}},{"id":"e7bb533b-cf5b-4128-8c5b-53a3094669b6","block_type":"box","text":"to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through","page_number":133,"box":{"x":88,"y":639,"width":876,"height":12}},{"id":"598b1581-8d44-4229-b4cb-b9d552c12287","block_type":"box","text":"systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be “rounded","page_number":133,"box":{"x":89,"y":654,"width":868,"height":12}},{"id":"5528f8e6-ca5f-446a-aebc-157710be02c1","block_type":"box","text":"up,” while limiting the maximum allowed percentage change in weight and share quantity of any given security in the","page_number":133,"box":{"x":89,"y":669,"width":823,"height":12}},{"id":"dda62f59-b0ac-472d-89f4-f1428421a776","block_type":"box","text":"Redemption Basket. Redemption Baskets may also be modified to position a fund towards a forward index rebalance to","page_number":133,"box":{"x":89,"y":684,"width":833,"height":12}},{"id":"629d93f6-612b-4c4b-953f-6759ed7c101b","block_type":"box","text":"reflect revisions that account for index additions, deletions, and re-weights.","page_number":133,"box":{"x":89,"y":699,"width":526,"height":12}},{"id":"0fdb57f1-58ec-40c3-bc7d-1d62dceed8b1","block_type":"box","text":"Cash Redemption Method.","page_number":133,"box":{"x":89,"y":725,"width":191,"height":13}},{"id":"3684c4bf-1851-41b5-83c2-46fc0ed3ce11","block_type":"box","text":"Although the Trust does not generally permit partial or full cash redemptions of Creation Units","page_number":133,"box":{"x":293,"y":725,"width":661,"height":13}},{"id":"c282e326-65bc-46fc-bc28-6d16c057c970","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":133,"box":{"x":89,"y":741,"width":869,"height":12}},{"id":"1c9d6540-b2c2-4fe7-b068-80330273a003","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":133,"box":{"x":89,"y":756,"width":865,"height":12}},{"id":"8526f366-285f-4909-8828-5ce78deecd42","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":133,"box":{"x":89,"y":771,"width":878,"height":12}},{"id":"55f4b176-4510-4e14-8b4c-16bb8a36568b","block_type":"box","text":"the same Cash Amount to be paid to an in-kind redeemer.","page_number":133,"box":{"x":88,"y":786,"width":406,"height":12}},{"id":"b5c208ac-aa01-47e9-8f52-4f36c275e506","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":133,"box":{"x":89,"y":812,"width":351,"height":13}},{"id":"4688789b-4d5b-41c4-bcc6-febea9af36e5","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":133,"box":{"x":88,"y":839,"width":866,"height":12}},{"id":"43ad4da4-055b-4511-8719-acf96f31b108","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":133,"box":{"x":89,"y":854,"width":848,"height":12}},{"id":"8625798e-0c09-40af-9616-497de07d1c96","block_type":"box","text":"118","page_number":133,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"351e390e-24a5-433c-8cf8-e038c724874f","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":134,"box":{"x":89,"y":44,"width":873,"height":12}},{"id":"47af8d9e-de61-4cc1-b397-e28e886f5dbd","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":134,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"3ab11cb7-41b5-43fa-b857-749ca489cf30","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":134,"box":{"x":88,"y":74,"width":815,"height":12}},{"id":"3fbb3f34-4b98-42b5-8e6a-3f30e2551652","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":134,"box":{"x":89,"y":89,"width":567,"height":13}},{"id":"29bd6bc5-f776-47a8-94a7-f3da284a9d8a","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":134,"box":{"x":88,"y":116,"width":859,"height":12}},{"id":"a802a215-9f66-4462-ae08-e3b9b32df133","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":134,"box":{"x":88,"y":131,"width":879,"height":12}},{"id":"fb687dd7-c19f-4063-bef2-94d8477f1320","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":134,"box":{"x":89,"y":146,"width":860,"height":12}},{"id":"a0415351-b3c9-4e52-8e70-f0331e0facb2","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":134,"box":{"x":89,"y":161,"width":872,"height":12}},{"id":"c7a8dab0-1d1d-423f-8c1f-3d749549123d","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":134,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"176e8d79-af7c-4060-980f-e1650dd7d331","block_type":"box","text":"Creation Unit. The following table sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":134,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"7b744c37-95c1-4303-a4ec-642a2396931e","block_type":"box","text":"based on data as of January 12, 2026. The actual fee charged to an Authorized Participant in connection with a redemption","page_number":134,"box":{"x":89,"y":206,"width":859,"height":13}},{"id":"83f6e6c7-960b-44bb-8963-d82f6702cb35","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":134,"box":{"x":89,"y":222,"width":807,"height":12}},{"id":"1b584c97-f7c5-4d9d-8eff-aab561629b61","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":134,"box":{"x":89,"y":248,"width":810,"height":12}},{"id":"e1e2841d-e867-43a1-bc7f-6435673e310a","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":134,"box":{"x":88,"y":263,"width":869,"height":12}},{"id":"62d3087d-7aff-4af9-815e-71d09fa5caad","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":134,"box":{"x":89,"y":278,"width":831,"height":13}},{"id":"3f9ee9b3-7193-403d-8067-a83d2a385d94","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":134,"box":{"x":89,"y":293,"width":853,"height":13}},{"id":"b9bf5023-d3d7-4d16-b20c-f75b76a309d9","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":134,"box":{"x":88,"y":308,"width":873,"height":13}},{"id":"94c84f83-94f6-4b1c-9a46-b00cf51000a8","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":134,"box":{"x":89,"y":324,"width":859,"height":12}},{"id":"b38da13b-4a0d-4da8-8fe9-e3941a67e47b","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":134,"box":{"x":88,"y":339,"width":817,"height":12}},{"id":"d59cd7f1-4001-4a85-a917-68695a835b03","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":134,"box":{"x":89,"y":354,"width":824,"height":12}},{"id":"b99bbae4-1189-45f8-a451-9af102120708","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":134,"box":{"x":89,"y":369,"width":338,"height":12}},{"id":"025f11dc-2b31-4e80-b911-3c91f89f9d02","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":134,"box":{"x":88,"y":395,"width":879,"height":13}},{"id":"e8334cc0-ac77-4314-898f-0f8da5e8ecbd","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":134,"box":{"x":89,"y":410,"width":863,"height":13}},{"id":"348344de-2d27-4ded-b386-f38e420ff2d8","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":134,"box":{"x":89,"y":426,"width":815,"height":12}},{"id":"77823431-5767-44f0-93fe-69192b6acf74","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data as of January 12, 2026 and","page_number":134,"box":{"x":88,"y":452,"width":854,"height":12}},{"id":"3636a593-7762-4ae9-a1b8-63e9c5f20838","block_type":"box","text":"maximum additional charge (as described above):","page_number":134,"box":{"x":89,"y":467,"width":350,"height":13}},{"id":"58edf30b-0a37-481c-a077-ffdb412514ec","block_type":"box","text":"Fund","page_number":134,"box":{"x":89,"y":507,"width":27,"height":8}},{"id":"75f8582e-b0b0-4168-b21f-02a8aae6ed05","block_type":"box","text":"Standard Redemption","page_number":134,"box":{"x":617,"y":497,"width":125,"height":10}},{"id":"bf0b7d3a-54c6-4ce9-a7e0-eb2e9bd84c80","block_type":"box","text":"Transaction Fee**","page_number":134,"box":{"x":627,"y":507,"width":105,"height":8}},{"id":"37366f58-49ac-4469-8f9b-74fd6a2913e3","block_type":"box","text":"Maximum Additional","page_number":134,"box":{"x":834,"y":497,"width":120,"height":8}},{"id":"f204cccf-d53a-4d07-9ab0-c6d0ec0b1ad3","block_type":"box","text":"Charge for Redemptions*","page_number":134,"box":{"x":820,"y":507,"width":148,"height":10}},{"id":"b31111e3-b96b-437b-9e0e-bc6d6e267424","block_type":"box","text":"iShares iBonds 1-5 Year Corporate Ladder ETF $156.25 2.0%","page_number":134,"box":{"x":89,"y":529,"width":830,"height":12}},{"id":"39eaa574-36e8-4c8c-8390-2f49f0b6fd91","block_type":"box","text":"iShares iBonds 1-5 Year High Yield and Income Ladder ETF 156.25 2.0%","page_number":134,"box":{"x":89,"y":544,"width":830,"height":12}},{"id":"c5682e77-d411-4187-aeba-bb28e9353b1f","block_type":"box","text":"iShares iBonds 1-5 Year Treasury Ladder ETF 156.25 2.0%","page_number":134,"box":{"x":89,"y":559,"width":830,"height":13}},{"id":"0b7b6c71-50e1-48bd-8c17-55e5c6580440","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF 415.00 2.0%","page_number":134,"box":{"x":89,"y":574,"width":830,"height":13}},{"id":"caac44d9-a6ad-4069-87b3-90e093bbb496","block_type":"box","text":"iShares iBonds 2027 Term High Yield and Income ETF 408.75 2.0%","page_number":134,"box":{"x":89,"y":589,"width":830,"height":13}},{"id":"30fa51d9-63c7-4b9b-a725-395f1653c453","block_type":"box","text":"iShares iBonds 2028 Term High Yield and Income ETF 467.50 2.0%","page_number":134,"box":{"x":89,"y":605,"width":830,"height":12}},{"id":"deed4e06-b977-4797-8aec-a236250bb159","block_type":"box","text":"iShares iBonds 2029 Term High Yield and Income ETF 500.00 2.0%","page_number":134,"box":{"x":89,"y":620,"width":830,"height":12}},{"id":"55906145-2e36-42b9-9e8d-93c1678a238f","block_type":"box","text":"iShares iBonds 2030 Term High Yield and Income ETF 575.00 2.0%","page_number":134,"box":{"x":89,"y":635,"width":830,"height":12}},{"id":"746b0aa0-4d17-464a-9a57-d609b63280f2","block_type":"box","text":"iShares iBonds 2031 Term High Yield and Income ETF 488.75 2.0%","page_number":134,"box":{"x":89,"y":650,"width":830,"height":12}},{"id":"e3ce3f86-5513-4e75-85d2-c03f9fef198b","block_type":"box","text":"iShares iBonds 2032 Term High Yield and Income ETF 497.50 2.0%","page_number":134,"box":{"x":89,"y":665,"width":830,"height":12}},{"id":"1ebf05dd-c69f-42ec-ba3b-9997dab47148","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF 335.00 2.0%","page_number":134,"box":{"x":89,"y":680,"width":830,"height":12}},{"id":"dee46568-5b01-4ebe-b8ba-2e6c01da932f","block_type":"box","text":"iShares iBonds Dec 2027 Term Corporate ETF 371.25 2.0%","page_number":134,"box":{"x":89,"y":695,"width":830,"height":13}},{"id":"91c5ef05-1dc2-457f-92ba-a127aff88fdb","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF 372.50 2.0%","page_number":134,"box":{"x":89,"y":710,"width":830,"height":13}},{"id":"45e04fda-0522-4fde-bf60-237ee9169486","block_type":"box","text":"iShares iBonds Dec 2029 Term Corporate ETF 333.75 2.0%","page_number":134,"box":{"x":89,"y":725,"width":830,"height":13}},{"id":"ec9eb408-8585-42fe-a26b-435978a27865","block_type":"box","text":"iShares iBonds Dec 2030 Term Corporate ETF 351.25 2.0%","page_number":134,"box":{"x":89,"y":741,"width":830,"height":12}},{"id":"50a13d84-e6e1-4119-a0e4-3a2fe171841e","block_type":"box","text":"iShares iBonds Dec 2031 Term Corporate ETF 362.50 2.0%","page_number":134,"box":{"x":89,"y":756,"width":830,"height":12}},{"id":"1ad8db92-d866-4ef8-951d-a97e5b4728c9","block_type":"box","text":"iShares iBonds Dec 2032 Term Corporate ETF 332.50 2.0%","page_number":134,"box":{"x":89,"y":771,"width":830,"height":12}},{"id":"3e200c40-211e-4f58-b834-d6b43f71d828","block_type":"box","text":"iShares iBonds Dec 2033 Term Corporate ETF 476.25 2.0%","page_number":134,"box":{"x":89,"y":786,"width":830,"height":12}},{"id":"3c36a9fd-e5ff-49ef-9348-badb70a40752","block_type":"box","text":"iShares iBonds Dec 2034 Term Corporate ETF 482.50 2.0%","page_number":134,"box":{"x":89,"y":801,"width":830,"height":12}},{"id":"b0c8947b-66cf-41db-8e63-651d8d571156","block_type":"box","text":"iShares iBonds Dec 2035 Term Corporate ETF 501.25 2.0%","page_number":134,"box":{"x":89,"y":816,"width":830,"height":13}},{"id":"a70237e4-e35d-4adb-802f-c23fb8db9178","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF 360.00 2.0%","page_number":134,"box":{"x":89,"y":831,"width":830,"height":13}},{"id":"b1b39c64-9739-461e-a6ed-8c2febbbd44b","block_type":"box","text":"iShares iBonds Dec 2027 Term Treasury ETF 363.75 2.0%","page_number":134,"box":{"x":89,"y":846,"width":830,"height":13}},{"id":"599b0cd1-bc0b-4a1a-9d06-46053696a8bd","block_type":"box","text":"119","page_number":134,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"fe385f1c-50aa-483c-936a-4ed57aafb510","block_type":"box","text":"Fund","page_number":135,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"eba950c7-695b-4e08-bf7c-6ae572b3085a","block_type":"box","text":"Standard Redemption","page_number":135,"box":{"x":617,"y":45,"width":125,"height":9}},{"id":"db2c3cd3-a6ac-40ee-a0a0-427a0f2979aa","block_type":"box","text":"Transaction Fee**","page_number":135,"box":{"x":627,"y":55,"width":105,"height":7}},{"id":"4ea91975-7e64-4f01-ada9-c449ddfe815a","block_type":"box","text":"Maximum Additional","page_number":135,"box":{"x":834,"y":45,"width":120,"height":7}},{"id":"50ea523f-d97a-41ef-b426-b61bf7ef85c4","block_type":"box","text":"Charge for Redemptions*","page_number":135,"box":{"x":820,"y":55,"width":148,"height":9}},{"id":"ac0570de-d324-43b8-a31b-51b03e7ab2a2","block_type":"box","text":"iShares iBonds Dec 2028 Term Treasury ETF 350.00 2.0%","page_number":135,"box":{"x":89,"y":77,"width":830,"height":12}},{"id":"35aa136d-b1cf-42e4-bb11-a6b5a3a75007","block_type":"box","text":"iShares iBonds Dec 2029 Term Treasury ETF 335.00 2.0%","page_number":135,"box":{"x":89,"y":92,"width":830,"height":12}},{"id":"520edab1-3408-4f4f-9a85-0841679c2cbe","block_type":"box","text":"iShares iBonds Dec 2030 Term Treasury ETF 332.50 2.0%","page_number":135,"box":{"x":89,"y":107,"width":830,"height":12}},{"id":"5d3a5a2b-4dda-4091-9936-dde6f9ca2f9f","block_type":"box","text":"iShares iBonds Dec 2031 Term Treasury ETF 320.00 2.0%","page_number":135,"box":{"x":89,"y":122,"width":830,"height":12}},{"id":"f5589488-a30c-4b0f-8499-af9f897efaaf","block_type":"box","text":"iShares iBonds Dec 2032 Term Treasury ETF 318.75 2.0%","page_number":135,"box":{"x":89,"y":137,"width":830,"height":12}},{"id":"ed9d9385-ba26-4ad3-9366-ccc0c01f71f6","block_type":"box","text":"iShares iBonds Dec 2033 Term Treasury ETF 305.00 2.0%","page_number":135,"box":{"x":89,"y":152,"width":830,"height":13}},{"id":"18e7d995-6c2a-4ca3-ad8a-d265bdfcae68","block_type":"box","text":"iShares iBonds Dec 2034 Term Treasury ETF 305.00 2.0%","page_number":135,"box":{"x":89,"y":167,"width":830,"height":13}},{"id":"3563bf87-4405-470c-8a1a-ac13e78605b0","block_type":"box","text":"iShares iBonds Dec 2035 Term Treasury ETF 305.00 2.0%","page_number":135,"box":{"x":89,"y":182,"width":830,"height":13}},{"id":"dbd8385b-2851-498b-82d9-143c00fefe5d","block_type":"box","text":"iShares iBonds Dec 2044 Term Treasury ETF 310.00 2.0%","page_number":135,"box":{"x":89,"y":198,"width":830,"height":12}},{"id":"807241bf-8587-4a49-99a1-1cc982d932c2","block_type":"box","text":"iShares iBonds Dec 2045 Term Treasury ETF 310.00 2.0%","page_number":135,"box":{"x":89,"y":213,"width":830,"height":12}},{"id":"6de55972-c3c3-497e-b100-4a7817417964","block_type":"box","text":"iShares iBonds Dec 2054 Term Treasury ETF 305.00 2.0%","page_number":135,"box":{"x":89,"y":228,"width":830,"height":12}},{"id":"c28427e3-5698-4cd4-99db-af4f9d6eb83f","block_type":"box","text":"iShares iBonds Dec 2055 Term Treasury ETF 305.00 2.0%","page_number":135,"box":{"x":89,"y":243,"width":830,"height":12}},{"id":"bb95e18b-f080-4547-a9d8-837ae913b551","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":135,"box":{"x":118,"y":283,"width":329,"height":10}},{"id":"533bd2ba-3342-49f1-a964-80c5a6096512","block_type":"box","text":"** Estimated fee.","page_number":135,"box":{"x":118,"y":298,"width":92,"height":8}},{"id":"13a345b3-6173-4944-9a66-0afb694e65f5","block_type":"box","text":"Placement of Redemption Orders.","page_number":135,"box":{"x":89,"y":321,"width":243,"height":12}},{"id":"bb3e2522-d37e-4941-aa9d-c26b51246369","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":135,"box":{"x":342,"y":321,"width":550,"height":12}},{"id":"056a42d4-ff40-4e6d-968b-8294397b10b5","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":135,"box":{"x":89,"y":336,"width":825,"height":13}},{"id":"df5aa889-7e5d-4f59-9b86-58a1ac146dd0","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":135,"box":{"x":89,"y":351,"width":840,"height":13}},{"id":"e0a3cfaa-78b1-4c2a-b03e-de581b9f5470","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":135,"box":{"x":89,"y":366,"width":843,"height":13}},{"id":"3a663e60-4f33-44d6-bb06-32aa43724983","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":135,"box":{"x":89,"y":382,"width":875,"height":12}},{"id":"ef66ad3c-0b7c-4fee-9fce-20ecb6df1496","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":135,"box":{"x":89,"y":397,"width":869,"height":12}},{"id":"6273e2b1-5839-4773-9da2-e3aa817beea3","block_type":"box","text":"Authorized Participants upon request.","page_number":135,"box":{"x":88,"y":412,"width":264,"height":12}},{"id":"10241ab2-f3ea-4a31-b0e1-14ae76d8d414","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":135,"box":{"x":88,"y":438,"width":867,"height":13}},{"id":"a56f0e0e-caf0-4d25-b89c-37521ea134f7","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":135,"box":{"x":89,"y":453,"width":854,"height":13}},{"id":"164d4029-bb65-4dc6-8fae-a08a873b2e81","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":135,"box":{"x":88,"y":468,"width":862,"height":13}},{"id":"9805735c-4886-4544-b170-5d1b52e55719","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":135,"box":{"x":89,"y":484,"width":823,"height":12}},{"id":"16a4797e-ed05-4dbe-bfda-b744103568ea","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":135,"box":{"x":88,"y":499,"width":861,"height":12}},{"id":"4ce2adae-6b8b-40e8-90fc-aba81ec308af","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":135,"box":{"x":88,"y":514,"width":877,"height":12}},{"id":"cdaec811-8aeb-431c-964f-6a8eb911d41b","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":135,"box":{"x":89,"y":529,"width":857,"height":12}},{"id":"370212dd-19f7-4a5b-abca-efc3b11ea4e8","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":135,"box":{"x":89,"y":544,"width":857,"height":12}},{"id":"dcba244a-f3c3-4737-9651-48e407b1fa59","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":135,"box":{"x":89,"y":559,"width":842,"height":13}},{"id":"6a51fda2-3dd2-4b45-bf92-d2ad7c8362ce","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":135,"box":{"x":89,"y":574,"width":585,"height":13}},{"id":"17f0b65c-fba3-45a3-b0b4-8bf20667eb81","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":135,"box":{"x":88,"y":601,"width":850,"height":12}},{"id":"9b1c38f2-3a0c-452c-ad8d-ca1715e9d99d","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":135,"box":{"x":88,"y":616,"width":829,"height":12}},{"id":"db3fef41-0dd5-40f9-a97f-c108d7011e2d","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":135,"box":{"x":89,"y":631,"width":833,"height":12}},{"id":"ba307c3f-e5a1-4b2e-a878-3fc798758e63","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":135,"box":{"x":89,"y":646,"width":866,"height":12}},{"id":"90d7b49b-95bf-4ef6-b85a-745adaa24942","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":135,"box":{"x":89,"y":661,"width":848,"height":13}},{"id":"465b926b-d532-48fa-b976-3fd5dc1b9414","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":135,"box":{"x":88,"y":676,"width":477,"height":13}},{"id":"d9e31b5e-2302-4282-a285-6b08cf14f032","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":135,"box":{"x":89,"y":703,"width":843,"height":12}},{"id":"f299ee84-dae9-44c8-bca0-2bf1f500d879","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":135,"box":{"x":89,"y":718,"width":850,"height":12}},{"id":"5497dc60-da57-4a44-a2a1-848422c6db57","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":135,"box":{"x":89,"y":733,"width":876,"height":12}},{"id":"bf9df240-6d9e-4b7c-b0c3-8039d40cc566","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":135,"box":{"x":88,"y":748,"width":869,"height":12}},{"id":"abac33e0-ef75-4d9e-80a0-068080e75a42","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":135,"box":{"x":89,"y":763,"width":831,"height":13}},{"id":"15394f32-616b-43aa-bda7-95ad7eb44a4f","block_type":"box","text":"Participant submitting the redemption request.","page_number":135,"box":{"x":89,"y":778,"width":327,"height":13}},{"id":"376ab068-420a-4b72-9a7c-e70d2ea9a584","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":135,"box":{"x":88,"y":805,"width":854,"height":12}},{"id":"3e16b5ce-3419-4670-bb0a-3d32abd22e55","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":135,"box":{"x":89,"y":820,"width":837,"height":12}},{"id":"5a3912e0-6a23-4620-b7ed-b18e58d98baf","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":135,"box":{"x":88,"y":835,"width":836,"height":12}},{"id":"213b0119-a7db-4fac-847f-810428d11005","block_type":"box","text":"120","page_number":135,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"147edca7-caa9-46ad-bb16-a2f8f26fb79f","block_type":"box","text":"Deliveries of redemption proceeds by each Fund are generally made within one Business Day (","page_number":136,"box":{"x":89,"y":44,"width":659,"height":12}},{"id":"505f6795-ab49-48b9-a018-f1cea9e434d3","block_type":"box","text":"i.e.","page_number":136,"box":{"x":749,"y":45,"width":18,"height":9}},{"id":"8a89c93d-0650-4ecc-93a3-d06403fb5910","block_type":"box","text":", “T+1”). However, each","page_number":136,"box":{"x":769,"y":44,"width":162,"height":12}},{"id":"e416eae4-f200-476f-9400-88ec318f2299","block_type":"box","text":"Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate under the","page_number":136,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"9b2e3c91-c27c-4f33-a926-4eb7badd5f51","block_type":"box","text":"circumstances and compliant with applicable law. These circumstances may include, among others, accommodating non","page_number":136,"box":{"x":89,"y":74,"width":857,"height":12}},{"id":"66ac2389-4c6a-4c80-b348-db175136409b","block_type":"box","text":"U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets of dividend record","page_number":136,"box":{"x":89,"y":89,"width":855,"height":13}},{"id":"a737a537-9a38-4635-bb71-79febdb8583c","block_type":"box","text":"dates and dividend ex-dates (","page_number":136,"box":{"x":89,"y":104,"width":206,"height":13}},{"id":"6b3670fc-80a7-4c72-aa62-9d12654cacd2","block_type":"box","text":"i.e.","page_number":136,"box":{"x":296,"y":105,"width":18,"height":9}},{"id":"10b8f347-719d-4f7f-84b9-a1ae675b07c7","block_type":"box","text":", the last date the holder of a security can sell the security and still receive dividends payable","page_number":136,"box":{"x":316,"y":104,"width":643,"height":13}},{"id":"67fc3915-2995-4707-801e-ac3be08def2e","block_type":"box","text":"on the security sold).","page_number":136,"box":{"x":89,"y":119,"width":146,"height":13}},{"id":"aecd3e3d-60f6-4571-84d9-8cb1f1967e29","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":136,"box":{"x":88,"y":146,"width":825,"height":12}},{"id":"686164d0-f1bb-4287-9711-aaa2b2d7bd54","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":136,"box":{"x":88,"y":161,"width":872,"height":12}},{"id":"c31000be-f7d7-4c77-b92f-2e235bc6fa54","block_type":"box","text":"Unit to be redeemed to a Fund, at or prior to the time specified by a Fund or its custodian on the Business Day after the date","page_number":136,"box":{"x":89,"y":176,"width":868,"height":13}},{"id":"5511a2c6-3dea-4bac-91c1-9a6377d6383e","block_type":"box","text":"of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the","page_number":136,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"421f0a66-d129-4b03-920c-561f7de66e4d","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":136,"box":{"x":89,"y":206,"width":825,"height":13}},{"id":"6224e0c2-cb6b-4801-94fe-f00f1e4f9384","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":136,"box":{"x":89,"y":222,"width":851,"height":12}},{"id":"09b16161-2f5f-4fe7-8674-4b709c0e9a8c","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":136,"box":{"x":89,"y":237,"width":875,"height":12}},{"id":"575c12d7-e962-473d-a90b-2d77c0c0fb28","block_type":"box","text":"after the date of submission of such redemption request and shall be held by State Street, JPMorgan, or Citibank, as","page_number":136,"box":{"x":89,"y":252,"width":806,"height":12}},{"id":"b80c7d02-68b2-4be6-8444-ddc8d7071511","block_type":"box","text":"applicable, and marked-to-market daily. The fees of State Street, JPMorgan, or Citibank, as applicable, and any sub","page_number":136,"box":{"x":89,"y":267,"width":803,"height":12}},{"id":"2a03a8e0-6995-40a8-9350-f7e4b0454a35","block_type":"box","text":"custodians in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized","page_number":136,"box":{"x":89,"y":282,"width":808,"height":12}},{"id":"cf807ba2-0aac-4453-9109-082f4c86ce56","block_type":"box","text":"Participant. The Authorized Participant Agreement permits the Funds to acquire shares of the Funds at any time and subjects","page_number":136,"box":{"x":89,"y":297,"width":875,"height":12}},{"id":"4c132d22-5dc8-4bfa-a6f3-56541de9adcc","block_type":"box","text":"the Authorized Participant to liability for any shortfall between the aggregate of the cost to the Funds of purchasing such","page_number":136,"box":{"x":88,"y":312,"width":845,"height":13}},{"id":"d621922f-6490-4f34-85d5-6c34736fb14c","block_type":"box","text":"shares, plus the value of the Cash Amount, and the value of the collateral together with liability for related brokerage and","page_number":136,"box":{"x":89,"y":327,"width":845,"height":13}},{"id":"21573a4a-2398-413b-87b2-9a659a18279d","block_type":"box","text":"other charges.","page_number":136,"box":{"x":89,"y":342,"width":99,"height":13}},{"id":"acd2ab2f-cf6f-42ab-8dbb-b6d1a9299142","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":136,"box":{"x":89,"y":369,"width":826,"height":12}},{"id":"28a2f489-2a8f-46ad-9e2f-653c96a9fed3","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":136,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"d702d4b2-3f18-42ce-905b-c325f4fcafea","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":136,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"4f006280-a6ef-4ef7-9543-1f5d329e8c8d","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":136,"box":{"x":89,"y":414,"width":277,"height":10}},{"id":"fb041c4b-f411-46c6-92c0-38f23eb1d205","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":136,"box":{"x":88,"y":441,"width":852,"height":12}},{"id":"ab5e3ee2-081a-477f-b003-13b78b735e9b","block_type":"box","text":"during which the Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any period during","page_number":136,"box":{"x":89,"y":456,"width":867,"height":12}},{"id":"55f07d46-8af8-4a20-916a-1ca33153304f","block_type":"box","text":"which trading on the Listing Exchange is suspended or restricted; (iii) for any period during which an emergency exists as a","page_number":136,"box":{"x":88,"y":471,"width":863,"height":12}},{"id":"b33c9c62-a2e3-4fb9-952f-1920244f7817","block_type":"box","text":"result of which disposal of the shares of the Fund’s portfolio securities or determination of its NAV is not reasonably","page_number":136,"box":{"x":89,"y":486,"width":810,"height":12}},{"id":"4e592dee-752d-4dff-a1fc-42cd00415d1c","block_type":"box","text":"practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":136,"box":{"x":89,"y":501,"width":511,"height":13}},{"id":"c96d267d-7142-4512-99c7-ad32ebabda43","block_type":"box","text":"Custom Baskets.","page_number":136,"box":{"x":89,"y":528,"width":118,"height":9}},{"id":"4a0eef41-a720-4be9-b606-a3966cb2a884","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund will accept “custom baskets.” A custom basket","page_number":136,"box":{"x":216,"y":528,"width":750,"height":12}},{"id":"6f2687a9-f96b-41b8-a740-87570aae6644","block_type":"box","text":"may include any of the following: (i) a basket that is composed of a non-representative selection of a Fund’s portfolio","page_number":136,"box":{"x":89,"y":543,"width":818,"height":12}},{"id":"c2ac36b7-4e90-4560-801f-a5dc25add8a0","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":136,"box":{"x":89,"y":558,"width":873,"height":12}},{"id":"cd92ff84-bd8b-445b-b1b6-43de2482fcf5","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":136,"box":{"x":89,"y":573,"width":877,"height":12}},{"id":"e58d24f9-943c-499a-8b17-2ea4afd8bf0c","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":136,"box":{"x":89,"y":588,"width":865,"height":12}},{"id":"89e2e0f4-d1e8-48d2-ad9b-fc39a81463c8","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":136,"box":{"x":89,"y":603,"width":823,"height":13}},{"id":"34945db2-c986-49b9-9572-94135a1343ca","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":136,"box":{"x":89,"y":618,"width":859,"height":13}},{"id":"5c593227-d123-412f-a5ad-3d4cf7f77bbd","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":136,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"6656b73f-8ce7-4ccf-a9b8-26053c08012b","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":136,"box":{"x":89,"y":649,"width":854,"height":12}},{"id":"15784cd8-3188-4aa1-bc05-c17c3f14dfd7","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":136,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"1dbe6200-0fc0-47f3-bdee-c70674e0c66f","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":136,"box":{"x":89,"y":679,"width":856,"height":12}},{"id":"e9c34a03-9102-4ba3-a350-55222a73adbf","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":136,"box":{"x":89,"y":694,"width":877,"height":12}},{"id":"6bb8a435-c827-49cd-9a6a-0304c4dde32e","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":136,"box":{"x":89,"y":709,"width":728,"height":12}},{"id":"24d56dd5-2e3f-4c8f-b2ac-5a5ed4f6ff44","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":136,"box":{"x":88,"y":736,"width":418,"height":12}},{"id":"3a8ed98f-4a2a-4d76-8613-82bb915afe55","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":136,"box":{"x":519,"y":736,"width":445,"height":12}},{"id":"88965d12-3861-41d2-9e3e-e3d3bfe5f0a8","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":136,"box":{"x":89,"y":751,"width":864,"height":12}},{"id":"d9550fa9-33d2-45b8-a94b-8507f23774fb","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":136,"box":{"x":88,"y":766,"width":869,"height":12}},{"id":"563b86b6-c014-48d4-9e61-c92eac0f06db","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":136,"box":{"x":89,"y":781,"width":870,"height":12}},{"id":"05605f0f-8cc6-44da-a908-94888fd21dbf","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":136,"box":{"x":88,"y":796,"width":753,"height":12}},{"id":"6dad5758-8d02-4a4f-aba0-3ce192787db4","block_type":"box","text":"121","page_number":136,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"eda96ac1-cb72-4cb6-add8-5a3f39491081","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":137,"box":{"x":89,"y":44,"width":829,"height":12}},{"id":"65591d36-3235-4284-b570-c7cf16e01be1","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":137,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"54d964d3-54bd-42b6-9555-4989e7b276a1","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":137,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"6209ac6c-91ab-470c-a8d3-2049a250407c","block_type":"box","text":"assets.","page_number":137,"box":{"x":89,"y":91,"width":45,"height":8}},{"id":"577663e1-f579-4a33-b8b9-68585a7d9ec7","block_type":"box","text":"Taxes","page_number":137,"box":{"x":88,"y":115,"width":94,"height":22}},{"id":"ef17425c-2eb1-4882-a4a0-1da76248caf4","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":137,"box":{"x":88,"y":155,"width":878,"height":12}},{"id":"6f382e70-48bb-4414-bcf4-25e151a0d2a1","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":137,"box":{"x":89,"y":170,"width":847,"height":12}},{"id":"1c16faea-cb4d-4ebd-8a02-e2bc3f29cdc9","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":137,"box":{"x":88,"y":185,"width":867,"height":12}},{"id":"7401f3df-4429-4afb-a4e2-f67ad4f59c8c","block_type":"box","text":"and prospective shareholders are urged to consult their own tax advisors with respect to the specific federal, state, local and","page_number":137,"box":{"x":89,"y":200,"width":868,"height":12}},{"id":"a8605999-736c-4077-a4cc-3a3ecab8cbf7","block_type":"box","text":"non-U.S. tax consequences of investing in a Fund. The summary is based on the laws and judicial and administrative","page_number":137,"box":{"x":89,"y":215,"width":814,"height":13}},{"id":"36f26e2e-87d5-48b4-be79-92022b763b3e","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":137,"box":{"x":89,"y":230,"width":846,"height":13}},{"id":"fac5fed1-50c7-4521-b3d9-62fe8b569b84","block_type":"box","text":"References to a Fund will also generally apply to an Underlying Fund as well.","page_number":137,"box":{"x":89,"y":245,"width":532,"height":13}},{"id":"aba6e0f3-924b-4f02-bbba-40578d2efc64","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":137,"box":{"x":89,"y":272,"width":338,"height":12}},{"id":"7d61c3e5-8dcd-46fd-9570-c8dff25931c9","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":137,"box":{"x":437,"y":272,"width":465,"height":12}},{"id":"3915d096-6836-46d6-986a-3fe9e6cdd85d","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":137,"box":{"x":88,"y":287,"width":852,"height":12}},{"id":"2b130cec-5a73-4d13-80b4-56c42a52fad9","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":137,"box":{"x":89,"y":302,"width":847,"height":12}},{"id":"4a011116-cde3-4209-91a4-2962aaa6a338","block_type":"box","text":"meet several other requirements. Among such other requirements are the following: (i) at least 90% of each Fund’s annual","page_number":137,"box":{"x":89,"y":317,"width":858,"height":13}},{"id":"87e7f496-1dc1-4562-aaa8-889f70524d71","block_type":"box","text":"gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale or","page_number":137,"box":{"x":89,"y":332,"width":839,"height":13}},{"id":"eadcc840-707c-49de-9d2e-5554e6599314","block_type":"box","text":"other disposition of stock or securities or non-U.S. currencies, other income (including, but not limited to, gains from options,","page_number":137,"box":{"x":89,"y":348,"width":878,"height":12}},{"id":"a8e838f6-9e6a-48d0-91e5-c9f882d4b4bd","block_type":"box","text":"futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net","page_number":137,"box":{"x":88,"y":363,"width":868,"height":12}},{"id":"d8f35436-e878-4718-a8e9-d098ff04f3c6","block_type":"box","text":"income derived from interests in qualified publicly-traded partnerships (","page_number":137,"box":{"x":89,"y":378,"width":502,"height":12}},{"id":"5dc7a2e1-a3ce-42a5-9800-c4789cae07fc","block_type":"box","text":"i.e.","page_number":137,"box":{"x":592,"y":379,"width":18,"height":8}},{"id":"e493b229-9791-4129-86e6-73f8963c0284","block_type":"box","text":", partnerships that are traded on an established","page_number":137,"box":{"x":612,"y":378,"width":330,"height":12}},{"id":"55d9923f-b2f4-4d31-9763-a80573f631c2","block_type":"box","text":"securities market or tradable on a secondary market, other than a partnership that derives at least 90% of its income from","page_number":137,"box":{"x":89,"y":393,"width":854,"height":12}},{"id":"c76638da-581d-4a30-ac2a-5ef1981c5a13","block_type":"box","text":"interest, dividends, capital gains and other traditionally permitted RIC income); and (ii) at the close of each quarter of each","page_number":137,"box":{"x":89,"y":408,"width":856,"height":12}},{"id":"8a88e796-8b31-40c1-8a44-d3e53c96472b","block_type":"box","text":"Fund’s taxable year, (a) at least 50% of the market value of each Fund’s total assets must be represented by cash and cash","page_number":137,"box":{"x":89,"y":423,"width":856,"height":12}},{"id":"dc0cb8ee-4a31-4cef-9ee8-13dfbe512479","block_type":"box","text":"items, U.S. government securities, securities of other RICs and other securities, with such other securities limited for purposes","page_number":137,"box":{"x":89,"y":438,"width":879,"height":13}},{"id":"36367cf5-76ad-460c-945e-0facc2a28254","block_type":"box","text":"of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the Fund’s assets and not","page_number":137,"box":{"x":89,"y":453,"width":853,"height":13}},{"id":"5b71b3db-c34e-44e9-b05e-94e4b2bc2d23","block_type":"box","text":"greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund’s","page_number":137,"box":{"x":89,"y":468,"width":858,"height":13}},{"id":"96ec5219-ebd3-4d41-9493-a76024c12e67","block_type":"box","text":"total assets may be invested in the securities of any one issuer, of two or more issuers of which 20% or more of the voting","page_number":137,"box":{"x":88,"y":484,"width":852,"height":12}},{"id":"c5f472d5-ab38-4520-9e2c-e117760a2e4b","block_type":"box","text":"stock is held by the Fund and that are engaged in the same or similar trades or businesses or related trades or businesses","page_number":137,"box":{"x":89,"y":499,"width":848,"height":12}},{"id":"a46e7576-1b3a-41e4-90aa-3c7a6f8b9e44","block_type":"box","text":"(other than the securities of other RICs) or the securities of one or more qualified publicly-traded partnerships.","page_number":137,"box":{"x":89,"y":514,"width":772,"height":12}},{"id":"2c78d119-f27f-46bb-a76a-ade552748ac4","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":137,"box":{"x":88,"y":540,"width":836,"height":13}},{"id":"b43e8f07-dc0d-4948-8164-9d7e369b1727","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":137,"box":{"x":89,"y":555,"width":858,"height":13}},{"id":"78b46199-c378-41a7-9c05-c5d3d3d0790b","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":137,"box":{"x":88,"y":570,"width":850,"height":13}},{"id":"928ddf14-8892-4f0a-a551-e07a63d6f3e5","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":137,"box":{"x":89,"y":586,"width":821,"height":12}},{"id":"39790e63-64e9-4c29-9787-a9c879cb233f","block_type":"box","text":"income.","page_number":137,"box":{"x":89,"y":602,"width":54,"height":8}},{"id":"c0d37855-0d6b-43d1-913e-8da49cb5395c","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":137,"box":{"x":88,"y":627,"width":847,"height":13}},{"id":"56bdf5af-a100-4a79-b1a2-228df3a306b3","block_type":"box","text":"with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s investments in","page_number":137,"box":{"x":88,"y":642,"width":794,"height":13}},{"id":"53ae46e6-68d0-4c8a-a2ed-f9c6b684a57c","block_type":"box","text":"partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject to state, local, or non","page_number":137,"box":{"x":89,"y":657,"width":864,"height":13}},{"id":"552c9a32-08cc-4547-9547-08de46de6b92","block_type":"box","text":"U.S. income, franchise or withholding tax liabilities.","page_number":137,"box":{"x":89,"y":673,"width":355,"height":12}},{"id":"d121748e-4a10-4e68-955e-387d69be986d","block_type":"box","text":"Taxation of RICs.","page_number":137,"box":{"x":88,"y":699,"width":121,"height":10}},{"id":"f2fdeff0-3a40-4b6e-b802-d66a299f0695","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":137,"box":{"x":218,"y":699,"width":710,"height":12}},{"id":"619d8d24-1747-4ad0-8764-4cfac8c5d4b2","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":137,"box":{"x":89,"y":714,"width":871,"height":12}},{"id":"288d0fe5-6a2d-46cb-ad17-7de03a7f27e0","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":137,"box":{"x":88,"y":729,"width":871,"height":13}},{"id":"355875f4-035a-4994-a704-ca93835f7c39","block_type":"box","text":"“investment company taxable income” (","page_number":137,"box":{"x":89,"y":744,"width":281,"height":13}},{"id":"2befee14-cda5-46a3-aa74-c80d41db11c8","block_type":"box","text":"i.e.","page_number":137,"box":{"x":371,"y":745,"width":18,"height":9}},{"id":"f13c056b-f7d1-417f-9ef1-46f2208a0da3","block_type":"box","text":", income other than its net realized long-term capital gain over its net realized","page_number":137,"box":{"x":391,"y":744,"width":540,"height":13}},{"id":"5d66b849-3b53-43bb-b234-0092803e19c5","block_type":"box","text":"short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the taxable year. A","page_number":137,"box":{"x":89,"y":759,"width":870,"height":13}},{"id":"8f9573b0-2920-4297-b864-fd6cf8127364","block_type":"box","text":"Fund will be subject to income tax at regular corporate rates on any taxable income or gains that it does not distribute to its","page_number":137,"box":{"x":89,"y":775,"width":866,"height":12}},{"id":"b7bad3c6-1e3e-45f7-b154-30646be8572c","block_type":"box","text":"shareholders. 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For this purpose, however, any ordinary income or capital","page_number":139,"box":{"x":89,"y":528,"width":870,"height":12}},{"id":"f97d5c32-31e6-411e-b65f-410bfddb97d7","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":139,"box":{"x":89,"y":543,"width":847,"height":12}},{"id":"421dbda8-1223-4db7-8bc4-580514c5daf8","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":139,"box":{"x":88,"y":558,"width":869,"height":12}},{"id":"a9ad6ff6-4211-4b63-99ac-79b913e4f2ad","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":139,"box":{"x":89,"y":573,"width":735,"height":12}},{"id":"2ccf286b-e8a3-4cd4-9daa-e55b69e23459","block_type":"box","text":"Taxation of U.S. Shareholders.","page_number":139,"box":{"x":88,"y":599,"width":216,"height":10}},{"id":"67c56f81-590d-4be9-8b4a-1b22773c753e","block_type":"box","text":"Dividends and other distributions by a Fund are generally treated under the Internal Revenue","page_number":139,"box":{"x":314,"y":599,"width":647,"height":13}},{"id":"191dc52b-3967-43b2-acbe-2527ae4b12d2","block_type":"box","text":"Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend or capital gain","page_number":139,"box":{"x":89,"y":615,"width":862,"height":12}},{"id":"5ab732cf-3e4c-4abf-b1ed-7a6e1de5bb63","block_type":"box","text":"distribution declared by a Fund in October, November or December of any calendar year and payable to shareholders of","page_number":139,"box":{"x":89,"y":630,"width":836,"height":12}},{"id":"59c197c4-ca61-4ac0-bd87-63d41fb9eabc","block_type":"box","text":"record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of","page_number":139,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"cde86f85-fe5a-4992-b456-8201de5ab33b","block_type":"box","text":"such calendar year and to have been paid by the Fund not later than such December 31, provided such dividend is actually","page_number":139,"box":{"x":89,"y":660,"width":856,"height":12}},{"id":"cb40a7e0-6f6b-4a8a-b65e-ede6952c7dd0","block_type":"box","text":"paid by the Fund during January of the following calendar year.","page_number":139,"box":{"x":89,"y":675,"width":437,"height":12}},{"id":"babf2534-0ec4-4a61-8ad4-75e02597ccf6","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its net tax-exempt income, investment","page_number":139,"box":{"x":89,"y":702,"width":821,"height":12}},{"id":"d0c3f8ab-cc2a-49d5-8518-9a8b39b9cb47","block_type":"box","text":"company taxable income and any net realized long-term capital gains in excess of net realized short-term capital losses","page_number":139,"box":{"x":89,"y":717,"width":834,"height":12}},{"id":"7386d52c-49fd-44da-b895-c96476a09456","block_type":"box","text":"(including any capital loss carryovers). However, if a Fund retains for investment an amount equal to all or a portion of its net","page_number":139,"box":{"x":89,"y":732,"width":873,"height":12}},{"id":"6c6c7719-ec12-4611-8d7b-8f0bcaae7acf","block_type":"box","text":"long-term capital gains in excess of its net short-term capital losses (including any capital loss carr","page_number":139,"box":{"x":89,"y":747,"width":691,"height":12}},{"id":"48568d50-807d-4c13-a43e-b654c53753ea","block_type":"box","text":"yove","page_number":139,"box":{"x":780,"y":750,"width":32,"height":9}},{"id":"2415e8d6-4d0e-49c8-8bd6-7c8db2b2b552","block_type":"box","text":"rs), it will be subject","page_number":139,"box":{"x":813,"y":747,"width":139,"height":12}},{"id":"fe8337de-5651-45e8-b2fd-1488d4b8ec40","block_type":"box","text":"to a corporate tax (at a flat rate of 21%) on the amount retained. In that event, unless the retained amount is deemed to be","page_number":139,"box":{"x":88,"y":762,"width":862,"height":12}},{"id":"2f19b85e-6946-42fb-8efa-19c7dc5b622a","block_type":"box","text":"de minimis or the applicable tax is otherwise reimbursed by BFA or an affiliate, the Fund will generally designate such","page_number":139,"box":{"x":89,"y":777,"width":818,"height":12}},{"id":"4089154a-7e69-43ea-b036-91588fd617ae","block_type":"box","text":"retained amounts as undistributed capital gains in a notice to its shareholders who (a) will be required to include in income","page_number":139,"box":{"x":89,"y":792,"width":862,"height":13}},{"id":"5e389217-8262-4fc6-8a7b-6eba77a6cb63","block_type":"box","text":"for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed amount, (b)","page_number":139,"box":{"x":88,"y":807,"width":866,"height":13}},{"id":"7e981fa9-dc34-40aa-9f46-179680771142","block_type":"box","text":"will be entitled to credit their proportionate shares of the tax paid by the Fund on the undistributed amount against their U.S.","page_number":139,"box":{"x":88,"y":822,"width":873,"height":13}},{"id":"12a54d0d-3739-41a4-ac3d-299fad3f597f","block_type":"box","text":"federal income tax liabilities, if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be","page_number":139,"box":{"x":88,"y":838,"width":878,"height":12}},{"id":"1ba651ab-9dd3-44a6-8233-9b516bc974de","block_type":"box","text":"entitled to increase their tax basis, for U.S. federal income tax purposes, in their shares by an amount equal to the excess of","page_number":139,"box":{"x":89,"y":853,"width":861,"height":12}},{"id":"dbbe87d3-1f95-4f04-9563-d832b3efe2ee","block_type":"box","text":"124","page_number":139,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"de5bd7f4-558d-4f61-8c45-eea5e337c955","block_type":"box","text":"the amount in clause (a) over the amount in clause (b). Organizations or persons not subject to U.S. federal income tax on","page_number":140,"box":{"x":88,"y":44,"width":855,"height":12}},{"id":"e8511ac9-c2f3-4b6b-ac82-34fdd2e5719a","block_type":"box","text":"such capital gains will be entitled to a refund of their","page_number":140,"box":{"x":89,"y":59,"width":367,"height":12}},{"id":"fd637c2e-6d83-42d2-a2fc-37f7c3b08e12","block_type":"box","text":"pro rata","page_number":140,"box":{"x":459,"y":60,"width":56,"height":11}},{"id":"f33f24e6-5461-46fb-9635-0988540175af","block_type":"box","text":"share of such taxes paid by the Fund upon filing appropriate","page_number":140,"box":{"x":520,"y":59,"width":421,"height":12}},{"id":"a9e1f025-d68b-4576-9129-134e3ebcfd8f","block_type":"box","text":"returns or claims for refund with the IRS.","page_number":140,"box":{"x":89,"y":74,"width":283,"height":10}},{"id":"66f7ee46-69a7-4309-b414-185d77ab85d9","block_type":"box","text":"Distributions of net realized long-term capital gains, if any, that a Fund reports as capital gain dividends are taxable as long","page_number":140,"box":{"x":89,"y":101,"width":863,"height":12}},{"id":"c012912b-d693-4729-aaaa-59ca2777834a","block_type":"box","text":"term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the Fund.","page_number":140,"box":{"x":88,"y":116,"width":861,"height":12}},{"id":"cc23a996-bfbb-4a9e-8bfd-397756a9102e","block_type":"box","text":"All other dividends of a Fund (including dividends from short-term capital gains) from its current and accumulated earnings","page_number":140,"box":{"x":88,"y":131,"width":870,"height":12}},{"id":"7d308dc0-9614-43ef-aac1-a968c220316d","block_type":"box","text":"and profits (“regular dividends”) are generally subject to tax as ordinary income. Long-term capital gains are eligible for","page_number":140,"box":{"x":89,"y":146,"width":836,"height":12}},{"id":"de0ab1a8-8c34-4df0-a270-daea39892239","block_type":"box","text":"taxation at a maximum rate of 15% or 20% for non-corporate shareholders, depending on whether their income exceeds","page_number":140,"box":{"x":88,"y":161,"width":850,"height":12}},{"id":"62efe547-f930-453b-b1ad-993f1ad28961","block_type":"box","text":"certain threshold amounts.","page_number":140,"box":{"x":89,"y":176,"width":188,"height":10}},{"id":"ed7475aa-573a-4337-adc8-ab7d1867d66a","block_type":"box","text":"If an individual receives a regular dividend qualifying for the long-term capital gain rates and such dividend constitutes an","page_number":140,"box":{"x":89,"y":203,"width":850,"height":12}},{"id":"edf56d6f-01cf-4c12-bfd0-74b6b7b897e9","block_type":"box","text":"“extraordinary dividend,” and the individual subsequently recognizes a loss on the sale or exchange of stock in respect of","page_number":140,"box":{"x":89,"y":218,"width":846,"height":12}},{"id":"3cff8795-c83d-4474-b32d-2ed03f447e12","block_type":"box","text":"which the extraordinary dividend was paid, then the loss will be long-term capital loss to the extent of such extraordinary","page_number":140,"box":{"x":88,"y":233,"width":850,"height":12}},{"id":"9684bdc1-ee3e-42d1-aa73-a2a2a4e6d2d0","block_type":"box","text":"dividend. An “extraordinary dividend” on common stock for this purpose is generally a dividend (i) in an amount greater than","page_number":140,"box":{"x":89,"y":248,"width":876,"height":12}},{"id":"0e81e13a-7e68-475d-b1f7-d0937b626fdc","block_type":"box","text":"or equal to 10% of the taxpayer’s tax basis (or trading value) in a share of stock, aggregating dividends with ex-dividend","page_number":140,"box":{"x":89,"y":263,"width":840,"height":12}},{"id":"18c337ab-0a96-477b-9ac3-e0d6588c9143","block_type":"box","text":"dates within an 85-day period, or (ii) in an amount greater than 20% of the taxpayer’s tax basis (or trading value) in a share","page_number":140,"box":{"x":89,"y":278,"width":863,"height":13}},{"id":"fa1cf450-ac1b-425e-8cfb-6c0a21d7b404","block_type":"box","text":"of stock, aggregating dividends with ex-dividend dates within a 365-day period.","page_number":140,"box":{"x":89,"y":293,"width":558,"height":13}},{"id":"2db8a2a6-3193-492e-8bc2-1198178de491","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will, as to each shareholder, be treated as a","page_number":140,"box":{"x":89,"y":320,"width":868,"height":12}},{"id":"4913ba26-3125-4ce9-9db1-f8d9ee5d3ed9","block_type":"box","text":"tax-free return of capital to the extent of a shareholder’s basis in shares of the Fund, and as a capital gain thereafter (if the","page_number":140,"box":{"x":88,"y":335,"width":855,"height":12}},{"id":"d1bc3dff-d65f-48a7-86f9-69cd70542145","block_type":"box","text":"shareholder holds shares of the Fund as capital assets). Distributions in excess of a Fund’s minimum distribution","page_number":140,"box":{"x":89,"y":350,"width":787,"height":12}},{"id":"e2b5d2e4-0018-41ad-ac15-1c2c1c694a08","block_type":"box","text":"requirements, but not in excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute","page_number":140,"box":{"x":89,"y":365,"width":842,"height":12}},{"id":"77d6db54-ec10-492b-99f0-1506801d43f2","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":140,"box":{"x":89,"y":380,"width":847,"height":13}},{"id":"ac6bfaf8-c3d4-48dc-81d5-d18a4be764b7","block_type":"box","text":"treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the","page_number":140,"box":{"x":88,"y":395,"width":867,"height":13}},{"id":"4b5723c9-e9e7-4545-980a-f74717bf231e","block_type":"box","text":"shareholders receiving cash dividends or distributions will receive and should have a cost basis in the shares received equal to","page_number":140,"box":{"x":89,"y":410,"width":878,"height":13}},{"id":"039dc008-d73a-4be2-9082-9938bba3c78f","block_type":"box","text":"such amount. No deduction would be allowed to an investor for interest on indebtedness incurred or continued to purchase","page_number":140,"box":{"x":89,"y":426,"width":867,"height":12}},{"id":"9cc58b40-ad76-4b5d-a423-97d6b84b3ff7","block_type":"box","text":"or carry shares of the Fund to the extent the interest deduction would relate to exempt-interest dividends received.","page_number":140,"box":{"x":89,"y":441,"width":803,"height":12}},{"id":"dea93bd1-9970-49ff-942f-2212b45795fc","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on net investment income, including, but not limited to, interest,","page_number":140,"box":{"x":88,"y":467,"width":854,"height":13}},{"id":"c0ad85e2-e071-4531-bdf9-f84682e7785a","block_type":"box","text":"dividends, and net gain from investments, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and","page_number":140,"box":{"x":89,"y":482,"width":858,"height":13}},{"id":"4ea303f4-e53f-43a4-8d2e-0790476124f1","block_type":"box","text":"filing jointly), and of estates and trusts.","page_number":140,"box":{"x":88,"y":497,"width":272,"height":13}},{"id":"28dde7e5-c349-4295-aa27-33a7cc7b1cc3","block_type":"box","text":"Investors considering buying shares just prior to a dividend or capital gain distribution should be aware that, although the","page_number":140,"box":{"x":89,"y":524,"width":851,"height":12}},{"id":"4d41c239-67b2-479a-bc3f-5f5520c41379","block_type":"box","text":"price of shares purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution","page_number":140,"box":{"x":89,"y":539,"width":864,"height":12}},{"id":"cd6773e6-233a-4340-8b77-9928ea921cfc","block_type":"box","text":"may nevertheless be taxable to them. If a Fund is the holder of record of any security on the record date for any dividends","page_number":140,"box":{"x":89,"y":554,"width":849,"height":12}},{"id":"06617c66-ed72-4113-bdd4-fd4c521d4371","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":140,"box":{"x":89,"y":569,"width":866,"height":13}},{"id":"691e9235-ee90-40ad-b7c4-ef5729bebf63","block_type":"box","text":"but as of the later of (i) the date such security became ex-dividend with respect to such dividends (","page_number":140,"box":{"x":89,"y":584,"width":694,"height":13}},{"id":"7460bdad-11fa-4e37-b62d-92879951b2a2","block_type":"box","text":"i.e","page_number":140,"box":{"x":784,"y":585,"width":15,"height":9}},{"id":"ce45af81-7025-4c24-b8b9-8c5ab2876a3b","block_type":"box","text":"., the date on which a","page_number":140,"box":{"x":800,"y":584,"width":150,"height":12}},{"id":"138a532c-2d7c-4e08-a2b6-a56d998d886e","block_type":"box","text":"buyer of the security would not be entitled to receive the declared, but unpaid, dividends); or (ii) the date the Fund acquired","page_number":140,"box":{"x":89,"y":599,"width":864,"height":13}},{"id":"6168d009-009a-4a16-bb65-7c103708eabd","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":140,"box":{"x":89,"y":615,"width":863,"height":12}},{"id":"f9dffc01-5d64-438f-aef6-074d2a7ed711","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":140,"box":{"x":89,"y":630,"width":862,"height":12}},{"id":"cd021f68-36a4-48bd-ae30-2cae0e476823","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":140,"box":{"x":89,"y":656,"width":843,"height":13}},{"id":"73513a1a-ec40-4bf4-8e36-8e114973418f","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":140,"box":{"x":89,"y":671,"width":859,"height":13}},{"id":"12cd0541-2cf4-4425-93c1-976bf11fa181","block_type":"box","text":"sum of the excess of post-October foreign currency and passive foreign investment company (“PFIC”) losses over post","page_number":140,"box":{"x":89,"y":686,"width":836,"height":13}},{"id":"d5345b79-6bc3-46d4-a5a6-fae7c9b5aa5c","block_type":"box","text":"October foreign currency and PFIC gains, plus the excess of post-December ordinary losses over post-December ordinary","page_number":140,"box":{"x":89,"y":702,"width":851,"height":12}},{"id":"1902caa4-9474-46ee-9977-49596dd43ad7","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":140,"box":{"x":89,"y":717,"width":845,"height":12}},{"id":"2890378e-76a1-49b4-bbd5-f41d90e3fcbc","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":140,"box":{"x":89,"y":732,"width":870,"height":12}},{"id":"3a839f10-ee43-4363-869d-77ae40639b05","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":140,"box":{"x":89,"y":747,"width":504,"height":12}},{"id":"1b4b6a8b-a9b2-4207-b21d-55a648707a7a","block_type":"box","text":"Sales of Shares.","page_number":140,"box":{"x":88,"y":773,"width":113,"height":10}},{"id":"79ecb19c-3878-498d-b9dc-9b13c4500a0f","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":140,"box":{"x":210,"y":773,"width":743,"height":13}},{"id":"88f8234e-806e-4a44-b7af-29046c8daa57","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":140,"box":{"x":89,"y":788,"width":868,"height":13}},{"id":"01dd5bd3-0122-4c35-b5f6-e7ede24bdf62","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":140,"box":{"x":88,"y":804,"width":876,"height":12}},{"id":"2237e150-f592-4683-8040-8e3b8e0c32cf","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":140,"box":{"x":89,"y":819,"width":866,"height":12}},{"id":"7beb91af-aa51-4cfa-9eab-8c32923d4505","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":140,"box":{"x":88,"y":834,"width":863,"height":12}},{"id":"f4acfeba-4c17-45ab-ad7f-645a2a7d28a8","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":140,"box":{"x":88,"y":849,"width":875,"height":12}},{"id":"a4699ae4-6af4-4973-98be-7b3bca9af8b0","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":140,"box":{"x":89,"y":864,"width":864,"height":12}},{"id":"7062191f-37c7-40f4-9d83-1199aa093641","block_type":"box","text":"125","page_number":140,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"373e0225-6984-43ab-b8bd-b25a6c235044","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":141,"box":{"x":89,"y":44,"width":810,"height":12}},{"id":"0ea29f38-3ddf-4730-a7d7-09f6f6d46354","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":141,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"e0d5d7f6-2eac-4bc4-bb65-2db3269ed218","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":141,"box":{"x":88,"y":74,"width":841,"height":12}},{"id":"24226a51-15b6-41f9-801a-c7ec6f92d63f","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":141,"box":{"x":89,"y":89,"width":865,"height":13}},{"id":"01980275-8414-420c-8879-4732c0701c0d","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":141,"box":{"x":89,"y":104,"width":557,"height":13}},{"id":"e0afca07-8c88-4b93-8f92-f07f03d899c0","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":141,"box":{"x":89,"y":131,"width":864,"height":12}},{"id":"fef01127-3040-46b0-a50b-235112e7421c","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":141,"box":{"x":89,"y":146,"width":854,"height":12}},{"id":"07b885bd-bf90-4082-9f00-e0a93c5f5aff","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":141,"box":{"x":89,"y":161,"width":368,"height":12}},{"id":"48b0f5f5-c4bd-4fbf-8638-c5f86a41aabd","block_type":"box","text":"e.g.","page_number":141,"box":{"x":458,"y":164,"width":23,"height":9}},{"id":"14bd342c-3b5e-488e-8531-0565c69fc338","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":141,"box":{"x":483,"y":161,"width":463,"height":12}},{"id":"8bbbc9e8-f19b-48f4-b8e0-426b0c8a2ce2","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":141,"box":{"x":89,"y":176,"width":875,"height":13}},{"id":"6de3cec3-cf0f-43b0-9c07-f5d7a2e1fc3b","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":141,"box":{"x":89,"y":191,"width":870,"height":13}},{"id":"f7a282ef-fdf1-4ed6-9fc4-f6cdddadb047","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":141,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"0daaafaa-95bd-4100-84c8-37f237b49dcc","block_type":"box","text":"provision prevents a shareholder from immediately deducting the sales charge by shifting his or her investment within a","page_number":141,"box":{"x":89,"y":222,"width":839,"height":12}},{"id":"3ecc6eb9-04bd-42e0-a82a-c95ef38a744f","block_type":"box","text":"family of mutual funds.","page_number":141,"box":{"x":88,"y":237,"width":162,"height":12}},{"id":"dde2b6f0-40a0-4729-bb98-db72f2d9db47","block_type":"box","text":"Backup Withholding.","page_number":141,"box":{"x":89,"y":263,"width":150,"height":12}},{"id":"92146a07-e49d-44ab-bb2a-47c8f4098db2","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":141,"box":{"x":249,"y":263,"width":707,"height":12}},{"id":"db9e992f-7e01-45f0-8ecd-fb8873ac3dd5","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":141,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"9a370bc5-e3ae-4079-8093-78b01f04b105","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":141,"box":{"x":89,"y":293,"width":828,"height":13}},{"id":"38c541fa-367d-4cc2-ba7e-e31fc342220b","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":141,"box":{"x":89,"y":308,"width":874,"height":13}},{"id":"6a239cd5-d7ff-4ba2-81b1-5e51c17565e3","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":141,"box":{"x":89,"y":324,"width":853,"height":12}},{"id":"69f1ebf9-0d10-4409-8feb-e4cdc882ea28","block_type":"box","text":"income tax liability.","page_number":141,"box":{"x":89,"y":339,"width":132,"height":12}},{"id":"5cd1174f-2dfb-40b9-87e0-46c3c2ec912c","block_type":"box","text":"Sections 351 and 362.","page_number":141,"box":{"x":88,"y":365,"width":159,"height":10}},{"id":"6e3c9eb0-b496-4d65-aa24-1bab82760c33","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":141,"box":{"x":256,"y":365,"width":675,"height":12}},{"id":"b64c07df-0844-435e-8282-16402dbf28a6","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":141,"box":{"x":89,"y":380,"width":824,"height":13}},{"id":"c51cc0e4-d718-42df-8e2d-56d4a5897309","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":141,"box":{"x":89,"y":395,"width":864,"height":13}},{"id":"3572c3ee-5ab6-47b6-80cb-04c125c25579","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":141,"box":{"x":89,"y":410,"width":841,"height":13}},{"id":"ad447638-97ef-464b-a8bd-b5c798ddb24c","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":141,"box":{"x":89,"y":426,"width":865,"height":12}},{"id":"18cefad1-692e-42f5-8eea-a482ebc80e9e","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":141,"box":{"x":88,"y":441,"width":861,"height":12}},{"id":"18ba9b8c-6293-4e93-8f23-e3101afb4106","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":141,"box":{"x":89,"y":456,"width":858,"height":12}},{"id":"8a84c223-71db-4fde-b91d-26dece406abf","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":141,"box":{"x":88,"y":471,"width":841,"height":12}},{"id":"dbc71d18-ce25-4807-bece-6baff9c3ad55","block_type":"box","text":"require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":141,"box":{"x":89,"y":486,"width":776,"height":12}},{"id":"0d3e5c09-cb68-4358-bc04-1af0dbe85cfd","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":141,"box":{"x":88,"y":513,"width":225,"height":9}},{"id":"73b4e15f-de4d-45cc-be9d-f064f1a8c556","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":141,"box":{"x":322,"y":513,"width":612,"height":12}},{"id":"62ddf4b1-8383-4166-ba9d-0e3e88288ec4","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":141,"box":{"x":89,"y":528,"width":865,"height":12}},{"id":"eb87f43b-646f-480c-b678-125c5ec150d7","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":141,"box":{"x":89,"y":543,"width":848,"height":12}},{"id":"68b32c5b-8d81-49af-9b55-2298439b53f9","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":141,"box":{"x":89,"y":558,"width":789,"height":12}},{"id":"11a70ca1-0c62-477b-bc46-a6e7b42d5a3f","block_type":"box","text":"i.e.","page_number":141,"box":{"x":879,"y":559,"width":18,"height":9}},{"id":"6f67b187-493a-4c40-bf62-52eef3cfa3fe","block_type":"box","text":", may","page_number":141,"box":{"x":899,"y":561,"width":37,"height":9}},{"id":"131197ef-e7e7-4164-b25b-64b8b0d4ac8e","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":141,"box":{"x":89,"y":573,"width":856,"height":12}},{"id":"08c7ee78-898b-4ad0-9532-49b9005350f4","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":141,"box":{"x":88,"y":588,"width":856,"height":12}},{"id":"ed2c30a1-d225-4aad-8be4-a5853ec5e558","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":141,"box":{"x":89,"y":603,"width":607,"height":13}},{"id":"9fa9a633-62ed-47d1-9f21-470ac70f7570","block_type":"box","text":"i.e.","page_number":141,"box":{"x":697,"y":604,"width":18,"height":9}},{"id":"70a9d6f2-b9bd-4190-aaa1-17dbdb6e2d7b","block_type":"box","text":", treat them as if they were closed","page_number":141,"box":{"x":717,"y":603,"width":235,"height":13}},{"id":"fc3f1b98-1b8a-4735-85a8-997c61b5626b","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":141,"box":{"x":89,"y":618,"width":819,"height":13}},{"id":"9a8acc86-4564-4a7b-a099-b510d978b32f","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":141,"box":{"x":89,"y":633,"width":876,"height":13}},{"id":"043dfcd7-9996-4de4-9a6c-34f93a2b1a8f","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":141,"box":{"x":88,"y":649,"width":879,"height":12}},{"id":"a38f3b07-53ef-4176-814b-f8aa101e28ec","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":141,"box":{"x":89,"y":664,"width":816,"height":12}},{"id":"814d6e31-1498-427a-ad3e-5d1c1a415c1f","block_type":"box","text":"contract or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.","page_number":141,"box":{"x":89,"y":679,"width":870,"height":12}},{"id":"dfc3a4d7-2be6-4503-b754-d02ea7853e8c","block_type":"box","text":"Each Fund’s investments in so-called “section 1256 contracts,” such as regulated futures contracts, most non-U.S. currency","page_number":141,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"93ddc6c7-a7ef-463e-bd7d-cbbf59040064","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":141,"box":{"x":88,"y":720,"width":854,"height":13}},{"id":"8763e1f7-75e4-4f68-a6bb-f9afbde2d3da","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":141,"box":{"x":89,"y":736,"width":868,"height":12}},{"id":"a84051d0-cee5-4d30-9a1c-11f49affbb04","block_type":"box","text":"unrealized gain or loss on those positions will be included in the Fund’s income as if each position had been sold for its fair","page_number":141,"box":{"x":89,"y":751,"width":858,"height":12}},{"id":"65fb9391-c70a-415b-a86d-ea24e1675765","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":141,"box":{"x":89,"y":766,"width":844,"height":12}},{"id":"dbe854af-7eb1-4c89-bee1-c523d598952f","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":141,"box":{"x":89,"y":781,"width":853,"height":12}},{"id":"6b2b5a56-430a-43e7-bd7f-d510ef592ec7","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":141,"box":{"x":89,"y":796,"width":838,"height":12}},{"id":"4781c68f-0ae3-4ce7-95ef-30fc20e0948d","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":141,"box":{"x":88,"y":811,"width":860,"height":12}},{"id":"97047b55-722c-4323-abbb-45da53d1439e","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":141,"box":{"x":89,"y":826,"width":520,"height":13}},{"id":"3faaf529-f72d-4a5d-8526-b4a95c5fca01","block_type":"box","text":"126","page_number":141,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"7b13e432-6376-4c46-a7b2-b2debd9a25cc","block_type":"box","text":"As a result of entering into swap contracts, a Fund may make or receive periodic net payments. Each Fund may also make or","page_number":142,"box":{"x":88,"y":44,"width":872,"height":12}},{"id":"ced30611-ec42-4aac-b0dc-3dc39d4812d7","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":142,"box":{"x":89,"y":59,"width":808,"height":12}},{"id":"427a6c35-2349-48c4-a6ed-7ea8678baba1","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":142,"box":{"x":88,"y":74,"width":864,"height":12}},{"id":"4103003a-37a2-4d40-b54f-f690a346409b","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":142,"box":{"x":89,"y":89,"width":878,"height":13}},{"id":"c8d7a72c-3684-4479-b4ab-f5a744b899c6","block_type":"box","text":"more than one year). The cost of any payments made by a Fund on a swap transaction will be netted","page_number":142,"box":{"x":89,"y":104,"width":705,"height":13}},{"id":"693a061c-de09-4061-b975-f1de9820c68e","block_type":"box","text":"pro rata","page_number":142,"box":{"x":798,"y":106,"width":56,"height":11}},{"id":"446a38ff-9f30-49d9-8b8d-d73284ebfbd9","block_type":"box","text":"against both","page_number":142,"box":{"x":859,"y":104,"width":86,"height":13}},{"id":"2a43d800-a528-4e5b-8fa7-fd5712d39d69","block_type":"box","text":"tax exempt and taxable gross income. With respect to certain types of swaps, a Fund may be required to currently recognize","page_number":142,"box":{"x":88,"y":119,"width":869,"height":13}},{"id":"afd05e66-5129-43d6-a21e-a6084164bf17","block_type":"box","text":"income or loss with respect to future payments on such swaps or may elect under certain circumstances to mark such swaps","page_number":142,"box":{"x":89,"y":135,"width":878,"height":12}},{"id":"c852cbc6-0904-496a-a04e-53a3927a233b","block_type":"box","text":"to market annually for tax purposes as ordinary income or loss.","page_number":142,"box":{"x":88,"y":150,"width":442,"height":12}},{"id":"3022fc0f-af86-4f3f-924d-371cd1208c29","block_type":"box","text":"Market Discount.","page_number":142,"box":{"x":89,"y":176,"width":123,"height":10}},{"id":"e1e2c590-9a09-4bcb-af24-12160d1c4df6","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt bond, is taxable as ordinary income. A","page_number":142,"box":{"x":221,"y":176,"width":743,"height":13}},{"id":"e59cef9b-c9ff-4f50-a1d8-049374381a12","block_type":"box","text":"market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if","page_number":142,"box":{"x":89,"y":191,"width":879,"height":13}},{"id":"ce4fb758-eceb-4ff6-8142-fa15ec6b8330","block_type":"box","text":"issued with original issue discount (“OID”). To the extent a Fund does not include the market discount in income as it","page_number":142,"box":{"x":89,"y":206,"width":823,"height":13}},{"id":"b28b461d-7095-4abb-80aa-5d70d5ff1cbd","block_type":"box","text":"accrues, gain on the Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to","page_number":142,"box":{"x":89,"y":222,"width":852,"height":12}},{"id":"0e9555ca-dbc4-472e-8831-af8a2968b6ee","block_type":"box","text":"the extent of the accrued market discount.","page_number":142,"box":{"x":88,"y":237,"width":299,"height":9}},{"id":"486fa724-4c82-44c5-8bcd-24648dddc70b","block_type":"box","text":"Non-U.S. Investments.","page_number":142,"box":{"x":89,"y":264,"width":159,"height":9}},{"id":"ad33a9d4-70ea-4528-8981-f7ed5250f37b","block_type":"box","text":"Income (including, in some cases, capital gains) received by certain of the Funds from investments in","page_number":142,"box":{"x":258,"y":263,"width":706,"height":12}},{"id":"0135a06d-df26-4cb2-ae58-73520ca3f8c4","block_type":"box","text":"non-U.S. securities may be subject to withholding and other taxes imposed by non-U.S. countries. Tax conventions between","page_number":142,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"703a94ed-d036-41f8-8f44-36cc4404da0a","block_type":"box","text":"certain countries and the U.S. may reduce or eliminate such taxes in some cases. If more than 50% of a Fund’s total assets at","page_number":142,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"e72a0ca9-bfe3-4b5f-918a-a7040832cb90","block_type":"box","text":"the close of its taxable year consists of securities of non-U.S. corporations, the Fund may elect for U.S. income tax purposes","page_number":142,"box":{"x":88,"y":308,"width":865,"height":13}},{"id":"fc0c0805-ce85-422b-81a7-e5146b20c3e8","block_type":"box","text":"to treat non-U.S. income taxes paid by it as paid by its shareholders. A Fund may qualify for and make this election in some,","page_number":142,"box":{"x":88,"y":324,"width":863,"height":12}},{"id":"e3ecd81d-727a-46d4-bcad-0774c54d9508","block_type":"box","text":"but not necessarily all, of its taxable years. If a Fund were to make an election, shareholders of the Fund would be required to","page_number":142,"box":{"x":89,"y":339,"width":872,"height":12}},{"id":"bc14e34a-921e-484d-8f27-708cedd0db71","block_type":"box","text":"take into account an amount equal to their","page_number":142,"box":{"x":88,"y":354,"width":301,"height":12}},{"id":"c9809a9a-8973-4153-9f47-5812db26fa13","block_type":"box","text":"pro rata","page_number":142,"box":{"x":393,"y":355,"width":55,"height":11}},{"id":"2c461754-83b6-40be-a5b0-3c5456d30cc0","block_type":"box","text":"portions of such non-U.S. taxes in computing their taxable income and","page_number":142,"box":{"x":453,"y":354,"width":496,"height":12}},{"id":"e20e27ee-177a-4d4f-923e-d80d9ca24ed3","block_type":"box","text":"then treat an amount equal to those non-U.S. taxes as a U.S. federal income tax deduction or as a foreign tax credit against","page_number":142,"box":{"x":88,"y":369,"width":861,"height":12}},{"id":"305f268f-9f33-4218-920b-430baad7bbb2","block_type":"box","text":"their U.S. federal income taxes. Shortly after any year for which it makes such an election, a Fund will report to its","page_number":142,"box":{"x":88,"y":384,"width":791,"height":12}},{"id":"3e8a210b-9a2c-452b-a16e-079f04f14de7","block_type":"box","text":"shareholders the amount per share of such non-U.S. income tax that must be included in each shareholder’s gross income","page_number":142,"box":{"x":89,"y":399,"width":858,"height":13}},{"id":"a92af3c7-0381-483d-b4b8-96e52b7e7062","block_type":"box","text":"and the amount which will be available for the deduction or credit. No deduction for non-U.S. taxes may be claimed by a","page_number":142,"box":{"x":89,"y":414,"width":840,"height":13}},{"id":"fd50269b-c7f0-4107-8e06-460079db2633","block_type":"box","text":"shareholder who does not itemize deductions. Certain limitations will be imposed on the extent to which the credit (but not","page_number":142,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"0a28e603-e607-40d6-818e-6e12fddc10e5","block_type":"box","text":"the deduction) for non-U.S. taxes may be claimed. Under Section 988 of the Internal Revenue Code, gains or losses","page_number":142,"box":{"x":88,"y":445,"width":804,"height":12}},{"id":"5d9d2939-7167-4862-9eb1-d73412b17361","block_type":"box","text":"attributable to fluctuations in exchange rates between the time a Fund accrues income or receivables or expenses or other","page_number":142,"box":{"x":89,"y":460,"width":857,"height":12}},{"id":"3edca72b-0ed4-43a1-8f49-7226b6863ab8","block_type":"box","text":"liabilities denominated in a non-U.S. currency and the time the Fund actually collects such income or pays such liabilities are","page_number":142,"box":{"x":89,"y":475,"width":870,"height":12}},{"id":"5ee62e0d-7f5a-4da7-9b04-5c6aa1dc5310","block_type":"box","text":"generally treated as ordinary income or ordinary loss. In general, gains (and losses) realized on debt instruments will be","page_number":142,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"4f461f63-f1b1-46b6-8f79-d8391b5a006c","block_type":"box","text":"treated as Section 988 gain (or loss) to the extent attributable to changes in exchange rates between the U.S. dollar and the","page_number":142,"box":{"x":88,"y":505,"width":865,"height":12}},{"id":"9f236641-b129-451b-be28-465662e6ed15","block_type":"box","text":"currencies in which the instruments are denominated. Similarly, gains or losses on non-U.S. currency, non-U.S. currency","page_number":142,"box":{"x":89,"y":520,"width":838,"height":12}},{"id":"e6573219-4fc6-45cd-b45d-167015bc4bfa","block_type":"box","text":"forward contracts, certain non-U.S. currency options or futures contracts and the disposition of debt securities denominated","page_number":142,"box":{"x":88,"y":535,"width":872,"height":13}},{"id":"527dcd06-2fe3-4fb5-b01b-dd88a198a9a5","block_type":"box","text":"in non-U.S. currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition","page_number":142,"box":{"x":89,"y":550,"width":841,"height":13}},{"id":"7000bf8e-0a51-4a5b-8fdf-964b7ba5e555","block_type":"box","text":"dates, are also treated as ordinary income or loss unless a Fund were to elect otherwise.","page_number":142,"box":{"x":89,"y":565,"width":614,"height":13}},{"id":"d164802d-d5d5-40ea-b86e-0361d650b73a","block_type":"box","text":"The Underlying Funds, if invested in non-U.S. positions, may be subject to non-U.S. income taxes and non-U.S. financial","page_number":142,"box":{"x":88,"y":592,"width":836,"height":12}},{"id":"60fd3498-8e90-4117-b33b-00a7519b4081","block_type":"box","text":"transactions taxes. Each Underlying Fund that is permitted to do so may elect to “pass through” to its investors, including the","page_number":142,"box":{"x":88,"y":607,"width":878,"height":12}},{"id":"2b139e60-97d2-4a03-84b7-5c42ea84101d","block_type":"box","text":"Funds, the amount of non-U.S. income taxes paid by the Underlying Fund. Each Fund itself will be eligible to elect to “pass","page_number":142,"box":{"x":89,"y":622,"width":853,"height":12}},{"id":"38245017-b056-452a-8dee-fda04653fd9f","block_type":"box","text":"through” such amounts to its stockholders and may do so, depending upon circumstances.","page_number":142,"box":{"x":88,"y":637,"width":641,"height":13}},{"id":"b6b23aaf-8161-412e-92aa-c576c77018b4","block_type":"box","text":"Original Issue Discount.","page_number":142,"box":{"x":89,"y":664,"width":171,"height":12}},{"id":"a6659465-ff2e-4e40-b306-ba0337c6056c","block_type":"box","text":"OID on tax-exempt bonds is recognized over the term of the bond and is tax-exempt to the holder","page_number":142,"box":{"x":270,"y":664,"width":686,"height":12}},{"id":"5faa616f-30ad-45c9-8773-ce4390198c34","block_type":"box","text":"of the bond. Special U.S. federal income tax rules apply to inflation-indexed bonds. Generally, all stated interest on such","page_number":142,"box":{"x":89,"y":679,"width":833,"height":12}},{"id":"60e9f769-1c41-47b6-aaed-c6d615529b76","block_type":"box","text":"bonds is taken into income by a Fund under its regular method of accounting for interest income. The amount of a positive","page_number":142,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"03885dd7-532c-4680-a054-d0e3bfe3d85c","block_type":"box","text":"inflation adjustment, which results in an increase in the inflation-adjusted principal amount of the bond, is treated as OID.","page_number":142,"box":{"x":89,"y":709,"width":851,"height":12}},{"id":"03feafd0-1e08-4e75-a975-be2ef55b0566","block_type":"box","text":"The OID is included in a Fund’s gross income ratably during the period ending with the maturity of the bond, under the","page_number":142,"box":{"x":88,"y":724,"width":835,"height":13}},{"id":"c7b34bea-1805-475c-b3a3-580db5e1acce","block_type":"box","text":"general OID inclusion rules. The amount of a Fund’s OID in a taxable year with respect to a bond will increase a Fund’s","page_number":142,"box":{"x":89,"y":739,"width":828,"height":13}},{"id":"695c97a4-03a4-4a6b-9742-55353c40f6e8","block_type":"box","text":"taxable income for such year without a corresponding receipt of cash, until the bond matures. As a result, a Fund may need","page_number":142,"box":{"x":88,"y":754,"width":865,"height":13}},{"id":"80ab674f-369a-4791-ad89-0e2b38a68883","block_type":"box","text":"to use other sources of cash to satisfy its distributions for such year. The amount of negative inflation adjustment, which","page_number":142,"box":{"x":88,"y":770,"width":844,"height":12}},{"id":"45269022-858c-4dd4-86c7-cd946b395014","block_type":"box","text":"results in a decrease in the inflation-adjusted principal amount of the bond, reduces the amount of interest (including stated,","page_number":142,"box":{"x":89,"y":785,"width":874,"height":12}},{"id":"f8dfb330-f286-4bc6-967c-5b5284587562","block_type":"box","text":"interest, OID, and market discount, if any) otherwise includible in a Fund’s income with respect to the bond for the taxable","page_number":142,"box":{"x":89,"y":800,"width":855,"height":12}},{"id":"a49d7a12-6139-4d58-9b29-51cae406425d","block_type":"box","text":"year.","page_number":142,"box":{"x":88,"y":818,"width":31,"height":9}},{"id":"15a43cd5-ed7d-4008-8898-187a686bb78a","block_type":"box","text":"127","page_number":142,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"20ec8ea0-9d22-488f-8575-d25b2ef3f348","block_type":"box","text":"Reporting.","page_number":143,"box":{"x":89,"y":44,"width":74,"height":12}},{"id":"409557e2-13c9-438d-aa00-ad8271216aaa","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":143,"box":{"x":173,"y":44,"width":720,"height":12}},{"id":"97b70bff-ef27-4fb0-b149-ddc368033535","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":143,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"35a4a682-7e30-488e-b58d-eaa3f351265d","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":143,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"3ecf7ea6-dc9a-40c2-819c-d09322a58759","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":143,"box":{"x":89,"y":89,"width":797,"height":13}},{"id":"60db3d6c-c932-4bb2-9373-1211423ba9d6","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":143,"box":{"x":89,"y":104,"width":851,"height":13}},{"id":"ef28b217-682d-4112-ae35-30100f52daaf","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":143,"box":{"x":89,"y":119,"width":868,"height":13}},{"id":"7e97a54e-3ac5-45cb-b523-5b7efe69de02","block_type":"box","text":"Other Taxes.","page_number":143,"box":{"x":89,"y":146,"width":89,"height":10}},{"id":"cbd26e13-9a42-4b97-82a3-77a6e3bbd03a","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":143,"box":{"x":188,"y":146,"width":758,"height":12}},{"id":"6e831fb3-cdfe-4ba3-86e7-14b11af3254f","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":143,"box":{"x":88,"y":161,"width":414,"height":12}},{"id":"e0bfa9f2-b651-46ec-b6c3-83b395df4dbc","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":143,"box":{"x":88,"y":188,"width":252,"height":9}},{"id":"3ba24289-3e46-4986-abe0-f2989329081f","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":143,"box":{"x":350,"y":188,"width":608,"height":12}},{"id":"e241f87a-1fc8-41d7-8848-55048f3aa3f1","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":143,"box":{"x":88,"y":203,"width":879,"height":12}},{"id":"8ce68366-570b-427c-9397-2c551b6c1a68","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":143,"box":{"x":89,"y":218,"width":869,"height":12}},{"id":"5826dc2b-a6e4-4078-bdb5-66e42f0c9359","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":143,"box":{"x":89,"y":233,"width":869,"height":12}},{"id":"4695147c-6b08-4a61-864d-c2a99e1cc7ed","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":143,"box":{"x":88,"y":248,"width":864,"height":12}},{"id":"935e9b37-9027-4509-8d36-7ea3c4ce3d37","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":143,"box":{"x":88,"y":263,"width":868,"height":12}},{"id":"00611c40-6003-437b-af3e-75dcb85f15f4","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":143,"box":{"x":89,"y":278,"width":852,"height":13}},{"id":"1035552c-b32b-41e8-8c25-7858a5a03843","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":143,"box":{"x":88,"y":293,"width":828,"height":13}},{"id":"0be99995-213c-4dd2-b2d6-85d86770e873","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":143,"box":{"x":89,"y":308,"width":837,"height":13}},{"id":"5cc0d002-b3f1-4700-8f74-40b290797654","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":143,"box":{"x":89,"y":324,"width":876,"height":12}},{"id":"cb4bba40-b4bf-41a6-ab0c-7957bf5022ff","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":143,"box":{"x":89,"y":339,"width":751,"height":12}},{"id":"0ea4a1cb-291e-47bc-b643-81272948b5e3","block_type":"box","text":"Properly-reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of a","page_number":143,"box":{"x":89,"y":365,"width":845,"height":12}},{"id":"0200b185-b771-4888-b97f-901f29e7482c","block_type":"box","text":"Fund’s “qualified net interest income” (generally, a Fund’s U.S. source interest income, other than certain contingent interest","page_number":143,"box":{"x":89,"y":380,"width":870,"height":13}},{"id":"c980609d-41ee-4a29-beee-83e7217f59fb","block_type":"box","text":"and interest from obligations of a corporation or partnership in which a Fund is at least a 10% shareholder or partner,","page_number":143,"box":{"x":89,"y":395,"width":820,"height":13}},{"id":"91ce363b-9e05-4724-ac4e-b29a88ab10f8","block_type":"box","text":"reduced by expenses that are allocable to such income); or (ii) are paid in respect of a Fund’s “qualified short-term capital","page_number":143,"box":{"x":89,"y":410,"width":849,"height":13}},{"id":"8236af3a-b565-4a29-8788-76ef36c1a454","block_type":"box","text":"gains” (generally, the excess of a Fund’s net short-term capital gain over a Fund’s long-term capital loss for such taxable","page_number":143,"box":{"x":89,"y":426,"width":841,"height":12}},{"id":"f5ac34b1-7de6-43f9-aa4b-75807f2c3d0a","block_type":"box","text":"year). However, depending on its circumstances, a Fund may report all, some or none of its potentially eligible dividends as","page_number":143,"box":{"x":88,"y":441,"width":859,"height":12}},{"id":"82f7c7c4-999a-4b83-a4d5-6f4c333224aa","block_type":"box","text":"such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as","page_number":143,"box":{"x":89,"y":456,"width":871,"height":12}},{"id":"453679a0-0e31-41fb-ba94-a432e44a2950","block_type":"box","text":"ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S.","page_number":143,"box":{"x":89,"y":471,"width":792,"height":12}},{"id":"1ae19213-67ac-401e-9695-f960dd3ac298","block_type":"box","text":"shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in","page_number":143,"box":{"x":89,"y":486,"width":822,"height":12}},{"id":"be984023-2338-498b-aa14-770ad376ffd9","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":143,"box":{"x":89,"y":501,"width":838,"height":13}},{"id":"a941278c-1930-4a26-99cd-8669abe455af","block_type":"box","text":"intermediary, the intermediary may withhold even if a Fund reports the payment as qualified net interest income or qualified","page_number":143,"box":{"x":89,"y":516,"width":868,"height":13}},{"id":"02f3ffd9-dff1-4eff-a715-39590a5e7568","block_type":"box","text":"short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these","page_number":143,"box":{"x":89,"y":531,"width":854,"height":13}},{"id":"364ea023-6389-46ac-a00c-1d412d970276","block_type":"box","text":"rules to their accounts.","page_number":143,"box":{"x":89,"y":547,"width":159,"height":9}},{"id":"73bfb85d-9b20-41d7-90eb-ee6e019a00f2","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":143,"box":{"x":88,"y":573,"width":862,"height":12}},{"id":"143e8967-0dbc-4f01-a536-1ca801ecb401","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":143,"box":{"x":89,"y":588,"width":864,"height":12}},{"id":"e08d37dd-37cf-4610-9b27-f39247138ce2","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":143,"box":{"x":89,"y":603,"width":850,"height":13}},{"id":"3c8d6a27-3a0e-450f-b214-b096753909fe","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":143,"box":{"x":89,"y":618,"width":870,"height":13}},{"id":"a041acd2-f70e-45ad-abec-61027c2f6a33","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":143,"box":{"x":88,"y":633,"width":875,"height":13}},{"id":"e7f46b09-3473-4fa6-b512-1766af242d4e","block_type":"box","text":"the distribution. If the foreign shareholder held more than 5% of the Fund’s shares, the distribution would be treated as","page_number":143,"box":{"x":88,"y":649,"width":835,"height":12}},{"id":"70d4e53e-7c9c-43f3-9a37-9ece10815e54","block_type":"box","text":"income effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to","page_number":143,"box":{"x":89,"y":664,"width":822,"height":12}},{"id":"03c294c7-940c-49c8-8ad5-a3e10f621500","block_type":"box","text":"withholding tax at a rate of 21% and would generally be required to file a U.S. federal income tax return.","page_number":143,"box":{"x":88,"y":679,"width":726,"height":12}},{"id":"a1bf601e-8925-4a7f-ab54-99fdff65216a","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":143,"box":{"x":88,"y":705,"width":846,"height":13}},{"id":"50490001-81f9-417f-a827-601e3549b619","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":143,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"6fb9f72d-1a5f-453e-b4f2-200aa1f8c081","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":143,"box":{"x":88,"y":736,"width":881,"height":12}},{"id":"787d7198-0df8-4733-9a25-6b090d598e40","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":143,"box":{"x":89,"y":751,"width":857,"height":12}},{"id":"d5031d19-c286-4ac1-be69-a2f230fc5309","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":143,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"931e61b1-0fea-49d5-a82d-b8a985c0d51f","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":143,"box":{"x":88,"y":781,"width":664,"height":12}},{"id":"a0882fff-6c97-458f-be63-263faafe34cf","block_type":"box","text":"A foreign shareholder also may be subject to certain “wash sale” rules to prevent the avoidance of the tax filing and payment","page_number":143,"box":{"x":88,"y":807,"width":874,"height":13}},{"id":"1b2caedf-6ed1-45d6-8136-da7242ddaa27","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":143,"box":{"x":89,"y":822,"width":539,"height":13}},{"id":"480183bf-a27e-448b-979c-878e34decb7e","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":143,"box":{"x":88,"y":849,"width":825,"height":12}},{"id":"26a650ed-ce2f-4f6a-a13d-f545f8ef6c64","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":143,"box":{"x":89,"y":864,"width":450,"height":12}},{"id":"95b75901-b254-47c0-8757-66466f027d38","block_type":"box","text":"128","page_number":143,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"7f057d86-aec5-4ccf-b263-d33b1da751ee","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":144,"box":{"x":88,"y":44,"width":871,"height":12}},{"id":"b5db4f7c-e0f6-4182-b443-120090bacfec","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":144,"box":{"x":88,"y":59,"width":822,"height":12}},{"id":"d8f97a43-cdfb-424d-94f2-b0b9ea4aded5","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":144,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"496d0423-8577-4f24-b4b2-239b22bf07b1","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":144,"box":{"x":89,"y":89,"width":846,"height":13}},{"id":"dff76599-354c-4c38-a138-af04566345ec","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":144,"box":{"x":89,"y":104,"width":837,"height":13}},{"id":"a989f337-dd8d-4405-a0e4-3c33ae72dc5f","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":144,"box":{"x":89,"y":119,"width":817,"height":13}},{"id":"6fd74366-9c91-4bdb-b5a3-ccc7a84553dc","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":144,"box":{"x":89,"y":135,"width":830,"height":12}},{"id":"2ec52c8f-83a7-4e9f-95bf-c354cb4996a7","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":144,"box":{"x":89,"y":150,"width":861,"height":12}},{"id":"900f03b9-cab2-4b4e-ad9d-8ad79b49cd7b","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information as to their account","page_number":144,"box":{"x":89,"y":165,"width":850,"height":12}},{"id":"fd163530-df0c-4942-81c2-5c3b710cbd64","block_type":"box","text":"holders, or (ii) in the event that an applicable intergovernmental agreement and implementing legislation are adopted,","page_number":144,"box":{"x":89,"y":180,"width":827,"height":12}},{"id":"cface966-5216-44c2-91ab-bf5447aaa3fb","block_type":"box","text":"provide local revenue authorities with similar account holder information. Other foreign entities will need to provide the","page_number":144,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"9d7756ec-4166-4edf-be98-4378d085bbac","block_type":"box","text":"name, address and taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial","page_number":144,"box":{"x":89,"y":210,"width":859,"height":13}},{"id":"ef3206f8-e44a-4bcc-a67e-f72b2b6c0fe3","block_type":"box","text":"U.S. ownership, unless certain exceptions apply.","page_number":144,"box":{"x":89,"y":225,"width":332,"height":13}},{"id":"0b07de6c-c495-4fa5-8442-03911b012cd4","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":144,"box":{"x":88,"y":252,"width":857,"height":12}},{"id":"608b1adb-f149-489d-9cb2-14a5da355914","block_type":"box","text":"estate tax.","page_number":144,"box":{"x":89,"y":268,"width":70,"height":9}},{"id":"b9f5ba07-4c86-4c00-9eca-395b8017af86","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":144,"box":{"x":88,"y":293,"width":872,"height":13}},{"id":"cc6fd7c5-8c60-4352-9cd3-3b69cc1a7c67","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":144,"box":{"x":89,"y":308,"width":864,"height":13}},{"id":"0d84141f-174d-4414-9321-73331b45e80f","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":144,"box":{"x":89,"y":324,"width":874,"height":12}},{"id":"c5330833-25c7-4b00-b37c-64a1e1551774","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":144,"box":{"x":89,"y":339,"width":782,"height":12}},{"id":"c4020ed1-ec30-426a-ac48-428e62c6fc5a","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":144,"box":{"x":89,"y":354,"width":826,"height":12}},{"id":"b32d1d97-c60b-4e66-8a85-73b97c0090c7","block_type":"box","text":"discussed above, and such changes often occur.","page_number":144,"box":{"x":89,"y":369,"width":336,"height":12}},{"id":"b87d8ddf-d6d5-4ef5-84b3-7a2af295c3c4","block_type":"box","text":"Financial Statements","page_number":144,"box":{"x":91,"y":400,"width":348,"height":23}},{"id":"df239934-f19a-4a10-88a5-918b8bda16de","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":144,"box":{"x":89,"y":441,"width":856,"height":12}},{"id":"bb031d6d-8f61-437f-b275-7cd658e33b38","block_type":"box","text":"LLP, an independent registered public accounting firm, appearing in the Fund’s Form N-CSR are incorporated in this SAI by","page_number":144,"box":{"x":89,"y":456,"width":857,"height":12}},{"id":"bf9bcf77-d894-421b-bffe-5af008880af4","block_type":"box","text":"reference. No other portions of a Fund’s Form N-CSR are incorporated by reference herein. Each Fund’s Form N-CSR is","page_number":144,"box":{"x":89,"y":471,"width":825,"height":12}},{"id":"52730ff5-e874-4684-9396-db753fbe170e","block_type":"box","text":"located here","page_number":144,"box":{"x":89,"y":486,"width":85,"height":10}},{"id":"3a795b98-22d1-4ad2-bd21-6833e4800a90","block_type":"box","text":"1","page_number":144,"box":{"x":176,"y":484,"width":3,"height":6}},{"id":"62f491a5-90ed-44b1-91b0-22d64618dc45","block_type":"box","text":", here","page_number":144,"box":{"x":182,"y":486,"width":38,"height":11}},{"id":"bc6907e8-2a50-4769-9530-156288375f5c","block_type":"box","text":"2","page_number":144,"box":{"x":221,"y":484,"width":5,"height":6}},{"id":"bd892807-ee00-4794-9ca0-49deff756d3f","block_type":"box","text":"or here","page_number":144,"box":{"x":232,"y":486,"width":48,"height":10}},{"id":"b03425b5-2762-4572-88cc-924f6ab8cc2b","block_type":"box","text":"3","page_number":144,"box":{"x":281,"y":484,"width":6,"height":6}},{"id":"7f003fcc-d3c8-4198-89a4-4dffa81c8d94","block_type":"box","text":". A copy of each Fund’s Annual and Semi-Annual Reports and Annual and Semi-Annual Financial","page_number":144,"box":{"x":288,"y":486,"width":678,"height":12}},{"id":"cf9dc184-919a-4f9f-a8a6-16510102f7e5","block_type":"box","text":"Statements may be obtained without charge as described on the cover page of this SAI.","page_number":144,"box":{"x":88,"y":501,"width":613,"height":13}},{"id":"307b3570-dae9-46ba-a99f-62d57b479046","block_type":"box","text":"1","page_number":144,"box":{"x":118,"y":534,"width":3,"height":4}},{"id":"fc2f16af-e5d1-468b-8bc2-8bbe9b3e088e","block_type":"box","text":"Form N-CSR for iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2031","page_number":144,"box":{"x":133,"y":535,"width":811,"height":9}},{"id":"12a914b7-97f0-4251-aec5-f0ec3e7071c7","block_type":"box","text":"Term High Yield and Income ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec","page_number":144,"box":{"x":132,"y":547,"width":815,"height":10}},{"id":"959d8326-213e-48b2-b260-bb4e4cb93436","block_type":"box","text":"2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares iBonds Dec 2031","page_number":144,"box":{"x":133,"y":560,"width":803,"height":10}},{"id":"ba606db5-da82-4ed2-93b5-d8397e6ef128","block_type":"box","text":"Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2034 Term Treasury ETF, iShares iBonds Dec 2044 Term","page_number":144,"box":{"x":132,"y":572,"width":800,"height":10}},{"id":"cf7fb8db-745b-469c-a7fa-399dae6b90d6","block_type":"box","text":"Treasury ETF and iShares iBonds Dec 2054 Term Treasury ETF.","page_number":144,"box":{"x":132,"y":585,"width":349,"height":10}},{"id":"e91293a5-b8b0-416c-b2b3-664071003ab7","block_type":"box","text":"2","page_number":144,"box":{"x":118,"y":599,"width":4,"height":5}},{"id":"9b9cd947-a39b-4cd1-8a21-86036bfd93d0","block_type":"box","text":"Form N-CSR for iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030","page_number":144,"box":{"x":133,"y":600,"width":815,"height":10}},{"id":"a41fcb01-2420-4e75-8425-c09f47f9d1a3","block_type":"box","text":"Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF, iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds","page_number":144,"box":{"x":132,"y":613,"width":835,"height":10}},{"id":"d6a59103-df8a-4d6a-9747-2267526740b1","block_type":"box","text":"Dec 2033 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027","page_number":144,"box":{"x":133,"y":625,"width":822,"height":10}},{"id":"91b7e6b4-f919-4e42-9888-1af6664d3772","block_type":"box","text":"Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Treasury","page_number":144,"box":{"x":132,"y":638,"width":836,"height":10}},{"id":"36ca9cb0-0b4a-447b-ae1c-2d4030e1943e","block_type":"box","text":"ETF, iShares iBonds Dec 2031 Term Treasury ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares iBonds Dec 2033 Term Treasury ETF, iShares","page_number":144,"box":{"x":133,"y":651,"width":820,"height":9}},{"id":"489daaf6-4073-404a-b646-b173ffe76707","block_type":"box","text":"iBonds Dec 2035 Term Treasury ETF, iShares iBonds Dec 2045 Term Treasury ETF and iShares iBonds Dec 2055 Term Treasury ETF.","page_number":144,"box":{"x":133,"y":663,"width":729,"height":10}},{"id":"abdd5136-a755-43ab-acff-7c647ddf7771","block_type":"box","text":"3","page_number":144,"box":{"x":118,"y":677,"width":4,"height":5}},{"id":"6dab445d-c5a4-4c49-909f-5c44ddbc759b","block_type":"box","text":"Form N-CSR for iShares iBonds 1-5 Year Corporate Ladder ETF, iShares iBonds 1-5 Year High Yield and Income Ladder ETF and iShares iBonds 1-5","page_number":144,"box":{"x":133,"y":678,"width":809,"height":10}},{"id":"ddf89e95-b4c0-4781-90cb-1f2341d475b6","block_type":"box","text":"Year Treasury Ladder ETF.","page_number":144,"box":{"x":132,"y":691,"width":143,"height":10}},{"id":"bdbb1250-c32d-4f5f-80b8-fa62c707e8c2","block_type":"box","text":"Miscellaneous Information","page_number":144,"box":{"x":90,"y":718,"width":446,"height":24}},{"id":"9df206a3-c2c9-491a-a61a-54bf2f28592d","block_type":"box","text":"Counsel.","page_number":144,"box":{"x":89,"y":759,"width":61,"height":10}},{"id":"a69e65ba-f239-495b-92b8-5ba66f30d344","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Trust.","page_number":144,"box":{"x":159,"y":759,"width":733,"height":13}},{"id":"fc22ca75-a838-472f-b3e1-f2dc73b14814","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":144,"box":{"x":89,"y":786,"width":349,"height":12}},{"id":"52815357-10f2-4848-9b8e-b324e97d55fb","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":144,"box":{"x":448,"y":786,"width":488,"height":12}},{"id":"de95a5e8-cdef-43e5-8648-2fce7e8ca708","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Trust’s independent registered public accounting firm, audits the Funds’","page_number":144,"box":{"x":89,"y":801,"width":867,"height":12}},{"id":"00c973bf-1564-4e77-a2b6-c4bfeb755599","block_type":"box","text":"financial statements, and may perform other services.","page_number":144,"box":{"x":88,"y":816,"width":377,"height":13}},{"id":"6247dc21-f5bb-4066-9067-c6a80e5cce31","block_type":"box","text":"129","page_number":144,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"17f98278-9b2a-48ab-a5d1-7ba816807749","block_type":"box","text":"Shareholder Communications to the Board.","page_number":145,"box":{"x":88,"y":44,"width":313,"height":10}},{"id":"0e1bf068-27a7-4ab3-bfeb-5db3b53da2e0","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":145,"box":{"x":409,"y":44,"width":555,"height":12}},{"id":"8f55c553-699b-4311-b2a7-4fda23a59399","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":145,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"7fbc9b36-5bf4-4176-9a13-a9be9149553c","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":145,"box":{"x":89,"y":74,"width":796,"height":11}},{"id":"9def94df-b655-482e-9c38-84010077a00f","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":145,"box":{"x":89,"y":89,"width":868,"height":13}},{"id":"27b232e2-1d2a-4d8d-a9c4-8336e6eb7365","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":145,"box":{"x":89,"y":104,"width":863,"height":13}},{"id":"9dce0925-c9b5-4454-85f1-7828f491402f","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":145,"box":{"x":89,"y":119,"width":814,"height":13}},{"id":"5a41a3cb-2425-4226-9c8f-945b4f553752","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":145,"box":{"x":89,"y":135,"width":867,"height":12}},{"id":"8b2973ae-b72e-495f-b876-8a3d25add858","block_type":"box","text":"Trust and reported to the Board.","page_number":145,"box":{"x":88,"y":150,"width":224,"height":12}},{"id":"0c0928cf-28f2-4246-ab08-8c06c6425658","block_type":"box","text":"Investors’ Rights.","page_number":145,"box":{"x":89,"y":176,"width":122,"height":13}},{"id":"c4583dd4-9d6f-47af-b5ae-ca00dd2a2aa6","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":145,"box":{"x":221,"y":176,"width":668,"height":13}},{"id":"82fe10b5-f0e9-486b-8ac3-35ba572c56aa","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":145,"box":{"x":89,"y":191,"width":859,"height":13}},{"id":"ba4087f4-dd67-4e38-90ae-0a7e5ade102c","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":145,"box":{"x":89,"y":206,"width":869,"height":13}},{"id":"5e060458-c7ed-423f-b5df-21e323e6eafb","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":145,"box":{"x":89,"y":222,"width":876,"height":12}},{"id":"532fb783-3d5c-47bd-acc1-280e68580dcc","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":145,"box":{"x":89,"y":237,"width":876,"height":12}},{"id":"258c68a2-7c26-46cc-b7fe-f8e336f00bf0","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":145,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"5fc7ed47-475f-4ed0-9c9f-ebf5552ef4f5","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":145,"box":{"x":89,"y":267,"width":870,"height":12}},{"id":"5cdc0c32-dcd4-49c8-b680-3026bc4faf83","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":145,"box":{"x":89,"y":282,"width":722,"height":12}},{"id":"9fc964de-1f40-49d3-92ac-ca8c29417d03","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":145,"box":{"x":89,"y":308,"width":872,"height":13}},{"id":"fd7cb33a-28ed-4bea-be10-b06722992435","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":145,"box":{"x":89,"y":324,"width":829,"height":12}},{"id":"afa40f6e-f27e-4fd6-8fd9-87940874fa39","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":145,"box":{"x":88,"y":339,"width":828,"height":12}},{"id":"52cb5290-df3b-47a4-a5b1-ddf9091f66b7","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":145,"box":{"x":89,"y":354,"width":567,"height":12}},{"id":"0d2f31fa-7948-41f0-8801-53ddd52f3fc8","block_type":"box","text":"130","page_number":145,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"c27bccea-5469-4558-a5b3-f8ad50454d5a","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":146,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"4e040323-ec76-4af8-aafa-6b92e0845069","block_type":"box","text":"A-1","page_number":146,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"0b143abb-0cfd-49d9-9665-d0279af5c477","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":147,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"b30ac8e6-178f-4192-8a26-dce41a87f805","block_type":"box","text":"Proxy Voting Policy","page_number":147,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"8248b691-2009-4a1f-8ca9-0145448b8794","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":147,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"7f549294-db42-458f-9823-f89621c0a2e8","block_type":"box","text":"Effective Date: January 1, 2025","page_number":147,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"28187d32-713f-495e-a213-ec1b3dc05dde","block_type":"box","text":"Last Review Date: September 16, 2025","page_number":147,"box":{"x":89,"y":174,"width":275,"height":12}},{"id":"a0dfc11b-d2f9-404a-9311-bd069d2384e4","block_type":"box","text":"________________________________________","page_number":147,"box":{"x":88,"y":211,"width":326,"height":0}},{"id":"188b204a-f811-4408-ab79-bcac0649d349","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":147,"box":{"x":88,"y":227,"width":507,"height":12}},{"id":"4f10ae4d-6572-4135-8c1b-68f6a0a0d9cb","block_type":"box","text":"□","page_number":147,"box":{"x":89,"y":254,"width":14,"height":11}},{"id":"06a77570-5676-4216-b61c-e5d26164fe27","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":147,"box":{"x":110,"y":253,"width":391,"height":12}},{"id":"a6b5cffe-469a-4d0e-b5ca-2f0ef0d89f18","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":147,"box":{"x":109,"y":279,"width":596,"height":13}},{"id":"d6d0fc3a-2f41-4ad4-a979-615a84061d4a","block_type":"box","text":"□","page_number":147,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"f5466d26-af02-4c6f-8ee6-1017dc2c5707","block_type":"box","text":"Money Market Funds","page_number":147,"box":{"x":109,"y":306,"width":148,"height":12}},{"id":"604289bf-e117-469e-a8e7-b590ba19ca84","block_type":"box","text":"□","page_number":147,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"7583cc4a-9a24-447f-900c-c18b58b6f7d1","block_type":"box","text":"Closed-End 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Policy.","page_number":147,"box":{"x":88,"y":438,"width":623,"height":13}},{"id":"05447520-136c-4fdf-a8ed-1c28f013d811","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":147,"box":{"x":89,"y":465,"width":356,"height":12}},{"id":"ac0fa5d0-08af-44e2-9544-d77ebb8acb78","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":147,"box":{"x":88,"y":491,"width":873,"height":12}},{"id":"d0f6a897-1927-4d4b-85f4-798fe084b837","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":147,"box":{"x":89,"y":506,"width":835,"height":13}},{"id":"8cd87bcd-250f-4f38-a7bc-bf4be08ef617","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":147,"box":{"x":89,"y":521,"width":853,"height":13}},{"id":"c403400b-0835-4736-a1a0-4d88013b0ce2","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":147,"box":{"x":88,"y":536,"width":878,"height":13}},{"id":"23be6bc1-e403-468a-9c28-153bed573053","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":147,"box":{"x":88,"y":552,"width":850,"height":12}},{"id":"a7e56b7e-b72c-47c7-80f5-58af10d5d7aa","block_type":"box","text":"agreements.","page_number":147,"box":{"x":89,"y":568,"width":85,"height":11}},{"id":"f97e2985-197e-491a-bcb2-84ad83d8e9f4","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":147,"box":{"x":89,"y":593,"width":849,"height":13}},{"id":"34c7464b-9313-494f-864a-3f5a66bb6cbb","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":147,"box":{"x":88,"y":608,"width":821,"height":13}},{"id":"b75ff0c0-e1ab-460c-8986-5c15b6f243cf","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":147,"box":{"x":89,"y":623,"width":874,"height":13}},{"id":"75eac7b0-9b91-423f-96ac-df08a32af5a3","block_type":"box","text":"any.","page_number":147,"box":{"x":89,"y":642,"width":25,"height":9}},{"id":"b4ba28f1-900b-4891-99c8-d2522bc1836d","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":147,"box":{"x":89,"y":665,"width":876,"height":12}},{"id":"e5687e7b-db53-42b5-a34c-79ffe9b61e5a","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":147,"box":{"x":89,"y":680,"width":611,"height":12}},{"id":"8ed0b58a-5e73-4f1c-ae33-7e9537c4bafa","block_type":"box","text":"Conflicts Management","page_number":147,"box":{"x":89,"y":707,"width":164,"height":12}},{"id":"fd04977b-4c23-4354-97b5-46b3885c9ed4","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":147,"box":{"x":89,"y":733,"width":860,"height":12}},{"id":"aa482b2d-3123-4712-84e0-506e261ede12","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":147,"box":{"x":89,"y":748,"width":775,"height":12}},{"id":"0278ea4c-04f6-4b63-b9c8-080ae92b391b","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":147,"box":{"x":89,"y":763,"width":851,"height":13}},{"id":"0651849b-845e-4f8d-8aa5-6ec32d00dfee","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":147,"box":{"x":89,"y":778,"width":875,"height":13}},{"id":"c9ce6658-62c2-48e6-b4f2-554f99ae479f","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":147,"box":{"x":89,"y":793,"width":844,"height":13}},{"id":"f8791db8-12a7-434c-8dad-33f3a753e363","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":147,"box":{"x":89,"y":809,"width":646,"height":12}},{"id":"76137d8f-6628-46e4-ae98-6cc4bc7b2ea8","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":147,"box":{"x":89,"y":835,"width":769,"height":12}},{"id":"163ecc0a-6112-48b1-a174-637c22acd47a","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":147,"box":{"x":89,"y":850,"width":784,"height":13}},{"id":"9a14827b-633d-4b21-9631-c6ddce75ad47","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":147,"box":{"x":89,"y":865,"width":452,"height":13}},{"id":"1fb2ca36-d26b-42fc-9487-725f90c9d7d1","block_type":"box","text":"A-2","page_number":147,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"2b688969-4001-485d-b235-9b64e8cbec6a","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":148,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"62d522c8-a24d-43c1-915f-abf4ea7459d6","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":148,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"04d59cda-bcc5-4517-b96b-fe016589a6d5","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":148,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"5099450b-5c53-41d9-b836-0a8ea5d39a8f","block_type":"box","text":"Reports to the Board","page_number":148,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"7ff13c5a-7da8-4daa-aac3-e8b0165aebe1","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":148,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"4fc034ac-22d4-4a76-a0e2-1b370d992677","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":148,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"e296a1ec-8b8d-4021-8ce7-4b7623fdec50","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":148,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"06779797-c82d-4997-b880-c2bc795e89e2","block_type":"box","text":"that have not previously been reported.","page_number":148,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"b85594a8-42d3-4bd8-9d0b-10b45f119712","block_type":"box","text":"Appendix A","page_number":148,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"1dd1cd2a-4774-411e-9481-64b476f3080b","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":148,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"705ceb9e-7b3c-4513-bbf7-e5782adaf98b","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":148,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"0095b994-581c-4f8f-9e48-56b80a2bda93","block_type":"box","text":"A-3","page_number":148,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"0f10932a-4366-4372-9c6c-62f4b385dd54","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":149,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"0921dee6-e62f-4253-ad68-02963517b29e","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":149,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"65685e2a-d293-4f40-a8ab-46c867969325","block_type":"box","text":"Effective as of January 2026","page_number":149,"box":{"x":106,"y":114,"width":198,"height":13}},{"id":"9a66aacb-103d-453d-9a48-ae74050a04b4","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":149,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"a8622f45-5d83-4bd6-af7a-42cb9a6ab854","block_type":"box","text":"Introduction to BlackRock","page_number":149,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"02b90b80-c65d-4a12-a874-d52d28c237d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":149,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"cbafd042-0acb-49f0-ae21-069bff8ee970","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":149,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"0013ff5b-33e0-4437-94f7-985dbc76ac5f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":149,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"41c324f1-93d8-431c-ac43-7343aad53f80","block_type":"box","text":"Our approach to stewardship within active equities","page_number":149,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"2a656ee1-98d8-4f29-b798-591c4f2f0d63","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":149,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"c7434df6-da22-4eda-8ef9-1390d1e435c3","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":149,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"61ab1caf-4c32-496c-9e28-a0072c9b1061","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":149,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"4422f607-93d9-4b1a-b763-9f2d2dae8bb4","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":149,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"6dbcf314-3f40-4f25-91f0-6c847f17617f","block_type":"box","text":"Executive compensation","page_number":149,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"d5d2ff98-f274-4c00-b1a2-12886922c4bb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":149,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"3ca3d342-0e3d-48bb-8d68-705b22554470","block_type":"box","text":"Non-executive director compensation","page_number":149,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"d6241a68-efe9-4348-8de6-d19cd886cb89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":149,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"4d41caf8-c637-4271-af31-4d39696456e3","block_type":"box","text":"Capital structure","page_number":149,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"841c02ab-662e-4e8c-bb57-2fc504bcc743","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":149,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"91aea7f2-f596-435e-9870-801382265aac","block_type":"box","text":"Transactions and special situations","page_number":149,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"69e343cd-e19c-4a84-a743-36ac2bf97621","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":149,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"cf3a2588-457a-42fa-b5b3-caf02f558513","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":149,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"6891073d-d350-4ba8-a8e7-db6e5b6a75c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":149,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"302209b0-aa97-415b-a9ae-97ea97b4e082","block_type":"box","text":"Shareholder rights and protections","page_number":149,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"705b0be1-f11b-4622-a9b8-946069840067","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":149,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"e33acfb5-9d94-49eb-ba09-b8154e969f48","block_type":"box","text":"Shareholder proposals","page_number":149,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"ac67c337-4f5c-4ad2-9e9c-f044c950d478","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":149,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"da1bb7f1-cd42-4123-ab54-532d3962a55e","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":149,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"aea226b8-064a-4590-a470-24c41b284906","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":149,"box":{"x":170,"y":441,"width":373,"height":12}},{"id":"116233d2-00a1-4b4c-93e0-efae537ce843","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":149,"box":{"x":545,"y":441,"width":341,"height":9}},{"id":"796db62f-1bea-4204-9fac-6f416451cfa6","block_type":"box","text":"Key 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responsibilities","page_number":149,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"a8145b72-5314-49a3-9fd2-07cddb9b75f2","block_type":"box","text":". . . . . . . . . .A-15","page_number":149,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"cf5b5791-f364-4911-af97-4ef1964624fc","block_type":"box","text":"Overview","page_number":149,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"a4e68075-f44b-42fe-9f19-49d405d68501","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":149,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"5cabade9-4929-4da9-868a-a6bd26c65891","block_type":"box","text":"governance matters that are commonly put to a shareholder vote, or on which investors engage with 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companies alongside and on behalf of those teams when appropriate. The team is responsible for","page_number":149,"box":{"x":89,"y":602,"width":820,"height":12}},{"id":"6c6ae0bc-1e78-4656-974c-7e8b4c01bc14","block_type":"box","text":"establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting","page_number":149,"box":{"x":89,"y":617,"width":850,"height":12}},{"id":"53aec64a-5525-400f-81ec-21bd48382402","block_type":"box","text":"decisions. The guidance informs the voting recommendations BAIS makes to BlackRock’s active portfolio managers. It","page_number":149,"box":{"x":89,"y":632,"width":827,"height":13}},{"id":"33dc4961-3ffe-4914-bab0-98aba31ffe70","block_type":"box","text":"applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions strategies. It","page_number":149,"box":{"x":89,"y":647,"width":871,"height":13}},{"id":"7166b7e1-c88b-4f8c-a6fb-ccef08456763","block_type":"box","text":"also may apply to holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting","page_number":149,"box":{"x":89,"y":662,"width":871,"height":13}},{"id":"2732dee8-f8cf-4610-8073-df103cb58471","block_type":"box","text":"securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as","page_number":149,"box":{"x":89,"y":678,"width":874,"height":12}},{"id":"1fc02e14-0b68-4d66-b6e5-cd2648ef1be8","block_type":"box","text":"to how they integrate these guidelines within their investment processes in light of their clients’ or funds’ investment","page_number":149,"box":{"x":88,"y":693,"width":818,"height":12}},{"id":"0ef3c23a-7c49-4276-ae0e-ac26c26f7858","block_type":"box","text":"objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":149,"box":{"x":89,"y":708,"width":861,"height":12}},{"id":"7a55c4da-6ce5-4c6e-b77e-ed4423821441","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":149,"box":{"x":89,"y":723,"width":663,"height":12}},{"id":"aba5e17c-cb54-4578-8a89-74854eaf352e","block_type":"box","text":"(1) This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s fundamental equity, systematic eq","page_number":149,"box":{"x":89,"y":790,"width":840,"height":10}},{"id":"666546a6-311b-4f0e-bb56-f2db526ad1ed","block_type":"box","text":"uity","page_number":149,"box":{"x":930,"y":791,"width":21,"height":9}},{"id":"1d63de4e-e1d4-4c61-991f-485c07146e14","block_type":"box","text":"and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock’s index and active fixed income strategies, to th","page_number":149,"box":{"x":121,"y":803,"width":828,"height":10}},{"id":"0e9a4c95-7ea8-43db-8294-5019bef72968","block_type":"box","text":"e","page_number":149,"box":{"x":950,"y":805,"width":6,"height":6}},{"id":"134b8473-4267-41d7-a20b-a8c9cfc6846d","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which cov","page_number":149,"box":{"x":121,"y":816,"width":824,"height":9}},{"id":"2b6f460d-72fc-418a-90fd-f41c89add91f","block_type":"box","text":"ers","page_number":149,"box":{"x":946,"y":818,"width":16,"height":5}},{"id":"43daa99e-d950-4a2a-985b-ec69de79dc59","block_type":"box","text":"holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":149,"box":{"x":121,"y":828,"width":662,"height":10}},{"id":"1f323b77-e230-40d5-accc-b24c68b69eb9","block_type":"box","text":"(2) BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to un","page_number":149,"box":{"x":89,"y":843,"width":833,"height":10}},{"id":"bfa27f54-c5d2-4a9a-8eb2-68dac7d322a2","block_type":"box","text":"lock the","page_number":149,"box":{"x":924,"y":843,"width":44,"height":8}},{"id":"eb2a785f-4e68-452a-90d8-f942d48aa2e1","block_type":"box","text":"full breadth of the firm’s active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independe","page_number":149,"box":{"x":121,"y":856,"width":815,"height":10}},{"id":"10b94a25-0f01-4439-b833-3dd5fae567e1","block_type":"box","text":"ntly","page_number":149,"box":{"x":938,"y":856,"width":20,"height":10}},{"id":"6617728c-70f8-4c2b-be5c-d110f4b35885","block_type":"box","text":"of one another and have separate voting policies.","page_number":149,"box":{"x":121,"y":868,"width":274,"height":10}},{"id":"4f62468e-be28-4b13-83a1-fc4c60e09a30","block_type":"box","text":"A-4","page_number":149,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"a640ac8e-37af-4f1a-b646-a65f0eb4bec5","block_type":"box","text":"Introduction to BlackRock","page_number":150,"box":{"x":89,"y":44,"width":187,"height":10}},{"id":"657d9f21-cafc-4c50-90fe-03d1809955da","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to","page_number":150,"box":{"x":89,"y":70,"width":831,"height":13}},{"id":"d8a6d7d9-254e-4106-aeb9-d74af04079c7","block_type":"box","text":"BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary,","page_number":150,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"3580315b-6449-4339-bd62-33d043c88815","block_type":"box","text":"BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this by understanding","page_number":150,"box":{"x":89,"y":101,"width":834,"height":12}},{"id":"4d37f49d-aace-4319-aef9-7e22dfb82cf0","block_type":"box","text":"clients’ long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock","page_number":150,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"1a77d9b8-46ea-49b5-a849-d4f6a3edf5a1","block_type":"box","text":"then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and","page_number":150,"box":{"x":88,"y":131,"width":878,"height":12}},{"id":"73ed8adf-8bdf-4ea9-8ad2-7c74f45b85ab","block_type":"box","text":"analytics.","page_number":150,"box":{"x":89,"y":146,"width":64,"height":12}},{"id":"b5bcf2fc-9936-4c9b-b4ae-996cf55b39dc","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of","page_number":150,"box":{"x":88,"y":172,"width":859,"height":13}},{"id":"ed3408d6-71a5-47d3-bede-d6e078756317","block_type":"box","text":"our clients’ assets, we engage with companies to discuss the corporate governance and business practices that, in our","page_number":150,"box":{"x":89,"y":188,"width":828,"height":12}},{"id":"5f50b7b6-444c-4ba0-acd8-6475e9bce4ca","block_type":"box","text":"experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building","page_number":150,"box":{"x":89,"y":203,"width":868,"height":12}},{"id":"dd189841-b4b9-4104-b1fc-024c68ffbd6d","block_type":"box","text":"strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in","page_number":150,"box":{"x":89,"y":218,"width":876,"height":12}},{"id":"7bbe5ff6-113e-4d5a-ba81-53bb5875ae38","block_type":"box","text":"which our clients are invested.","page_number":150,"box":{"x":88,"y":233,"width":211,"height":10}},{"id":"809a956e-69b4-4dff-b455-9f2d14bd3c35","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":150,"box":{"x":88,"y":259,"width":351,"height":13}},{"id":"63a25238-74cb-4ff1-a5f3-32b1e316102d","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":150,"box":{"x":89,"y":286,"width":861,"height":12}},{"id":"d1f249cb-4284-4db3-b503-bed277541a11","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":150,"box":{"x":89,"y":301,"width":822,"height":12}},{"id":"839b16d7-f5f7-4b03-a209-b750268bd3cb","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":150,"box":{"x":89,"y":316,"width":861,"height":12}},{"id":"df73a090-b7e0-4068-a42d-cd66bc39588e","block_type":"box","text":"these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active investment analysts and portfolio","page_number":150,"box":{"x":88,"y":331,"width":879,"height":12}},{"id":"fa7978ae-c9f0-4494-94a3-f186c16a324f","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":150,"box":{"x":89,"y":346,"width":697,"height":13}},{"id":"7693df4c-c796-40fa-89f4-48a02bf5cb00","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":150,"box":{"x":89,"y":373,"width":857,"height":12}},{"id":"5a6c4160-a325-408e-aafa-88ae07ddf1c6","block_type":"box","text":"(3)","page_number":150,"box":{"x":951,"y":371,"width":15,"height":8}},{"id":"c669a9de-bcd8-4c38-94d5-82f80669dceb","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":150,"box":{"x":88,"y":388,"width":862,"height":12}},{"id":"451938b6-e26f-46db-afb1-a18615dceda7","block_type":"box","text":"opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage","page_number":150,"box":{"x":89,"y":403,"width":864,"height":12}},{"id":"6f2c1887-09db-410c-845c-f12b9e966e2a","block_type":"box","text":"jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company’s","page_number":150,"box":{"x":88,"y":418,"width":869,"height":12}},{"id":"1c02285b-b497-42b1-b611-45129a67d1da","block_type":"box","text":"success over time, including governance and leadership, corporate strategy, capital structure and financial performance,","page_number":150,"box":{"x":89,"y":433,"width":840,"height":13}},{"id":"e2777c2c-cb24-4b9c-867d-7207098106e7","block_type":"box","text":"operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to","page_number":150,"box":{"x":89,"y":448,"width":871,"height":13}},{"id":"98377d50-733e-4ac4-9f57-db3c0c0f5073","block_type":"box","text":"be constructive investors and are generally supportive of management teams that have a track record of financial value","page_number":150,"box":{"x":89,"y":463,"width":833,"height":13}},{"id":"757bea28-51ca-4448-8bcf-d675615a081a","block_type":"box","text":"creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual","page_number":150,"box":{"x":89,"y":479,"width":851,"height":12}},{"id":"2dcb5b74-fc56-4300-b4f0-8939ea7ae83c","block_type":"box","text":"respect.","page_number":150,"box":{"x":89,"y":495,"width":53,"height":11}},{"id":"d668d8ed-5234-4c82-9b16-5af3b7d2d808","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio","page_number":150,"box":{"x":89,"y":520,"width":860,"height":12}},{"id":"fc62ac0a-4eff-44de-9cc1-52af61d883ee","block_type":"box","text":"manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in","page_number":150,"box":{"x":89,"y":535,"width":858,"height":13}},{"id":"53cbf6d3-4b7d-47fc-bb2a-aa9b7e496c89","block_type":"box","text":"Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental","page_number":150,"box":{"x":88,"y":550,"width":877,"height":13}},{"id":"66175281-6043-47b6-a980-db7e6aebeb27","block_type":"box","text":"equity portfolio managers, who may determine to vote differently based on each portfolio’s investment objectives and","page_number":150,"box":{"x":89,"y":565,"width":823,"height":13}},{"id":"4396d546-730e-4281-99eb-ac35cb131163","block_type":"box","text":"strategy.","page_number":150,"box":{"x":89,"y":582,"width":58,"height":11}},{"id":"06908e6c-9752-496d-8f9b-991fc05f68b9","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with management teams","page_number":150,"box":{"x":88,"y":607,"width":850,"height":12}},{"id":"d6b251ea-b7ab-41a5-ae36-8940f7959a2f","block_type":"box","text":"and board directors","page_number":150,"box":{"x":89,"y":622,"width":136,"height":10}},{"id":"98c9e40c-762b-4dd5-a857-8947fa565f70","block_type":"box","text":"(4)","page_number":150,"box":{"x":226,"y":620,"width":14,"height":8}},{"id":"67f26d7b-e15a-46f0-89ff-b45f459984fc","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":150,"box":{"x":246,"y":622,"width":675,"height":12}},{"id":"9adceb20-d517-419d-9d50-78782953f8ca","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":150,"box":{"x":89,"y":637,"width":807,"height":13}},{"id":"76c8141c-ceb1-4aaa-8c83-96f354bc6035","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns to","page_number":150,"box":{"x":89,"y":652,"width":835,"height":13}},{"id":"c019c2ce-448f-4931-933d-371ad3546cac","block_type":"box","text":"investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets","page_number":150,"box":{"x":89,"y":668,"width":865,"height":12}},{"id":"490ad13e-6028-4985-a5f2-9466b59449b7","block_type":"box","text":"or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of","page_number":150,"box":{"x":89,"y":683,"width":872,"height":12}},{"id":"4ae9cd1d-214d-4999-b5b9-349babb0054f","block_type":"box","text":"many minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. We","page_number":150,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"afe235d4-ea4d-4304-ba59-36bbcba4532d","block_type":"box","text":"look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the","page_number":150,"box":{"x":89,"y":713,"width":832,"height":12}},{"id":"2ae496e4-e059-41dd-b620-1e681ca27740","block_type":"box","text":"financial interests of their investors.","page_number":150,"box":{"x":88,"y":728,"width":248,"height":10}},{"id":"5cea7051-a83a-41b9-a96a-797485dfe554","block_type":"box","text":"(3) On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibi","page_number":150,"box":{"x":89,"y":816,"width":848,"height":9}},{"id":"627bbfa2-326d-4820-99dd-f096ab8265cb","block_type":"box","text":"lity","page_number":150,"box":{"x":939,"y":816,"width":16,"height":9}},{"id":"823ecd04-b607-4a59-b3e7-a69152c6f4af","block_type":"box","text":"to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfo","page_number":150,"box":{"x":121,"y":828,"width":846,"height":10}},{"id":"3d1f0ea4-e94c-4598-8c0f-03dc6ae2ff99","block_type":"box","text":"lio companies for the purpose, or with the effect, of changing or influencing control of the company.","page_number":150,"box":{"x":121,"y":841,"width":560,"height":10}},{"id":"c910a670-23c9-4e2d-a89d-dd24e6d640f4","block_type":"box","text":"(4) References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where","page_number":150,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"f8851916-c6b9-4396-b7a8-b926bd92e6d1","block_type":"box","text":"relevant.","page_number":150,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"e800df47-ae07-46d3-a2f3-875f4c13801a","block_type":"box","text":"A-5","page_number":150,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"88f62b8b-2c86-4a0e-8b93-617f0e3791d9","block_type":"box","text":"Our approach to stewardship within active equities","page_number":151,"box":{"x":89,"y":44,"width":368,"height":12}},{"id":"b9f54222-d7eb-457f-9513-9c277322f44b","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate governance. The","page_number":151,"box":{"x":88,"y":70,"width":862,"height":13}},{"id":"83125ed3-10da-4fbf-a449-554bbfa518e3","block_type":"box","text":"voting rights attached to clients’ holdings are an important mechanism for investors to express support for, or concern about,","page_number":151,"box":{"x":88,"y":85,"width":880,"height":13}},{"id":"a22b7a40-456e-4726-a29d-85cc051e08c7","block_type":"box","text":"a company’s performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of","page_number":151,"box":{"x":89,"y":101,"width":846,"height":12}},{"id":"cfd86e77-c041-4a59-ae35-51f69a64f548","block_type":"box","text":"clients who have delegated voting authority to us, in a manner consistent with BlackRock’s contractual arrangements with","page_number":151,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"a004bec6-4cf7-48f5-9375-e554981d296c","block_type":"box","text":"clients and funds.","page_number":151,"box":{"x":89,"y":131,"width":122,"height":10}},{"id":"686804ef-6e6a-4a51-a1c0-b9456d1cd9df","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":151,"box":{"x":89,"y":157,"width":876,"height":13}},{"id":"d4c45daa-2526-49c2-a9cb-12ac15fb95bd","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":151,"box":{"x":88,"y":172,"width":821,"height":13}},{"id":"34d01f48-c36a-426c-acdb-6385fa6ede48","block_type":"box","text":"interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different","page_number":151,"box":{"x":89,"y":188,"width":861,"height":12}},{"id":"192a2a54-aec5-4df4-93f3-edcaa4e8a819","block_type":"box","text":"corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of","page_number":151,"box":{"x":89,"y":203,"width":879,"height":12}},{"id":"3137eccc-a851-403b-99ac-b161e66624e0","block_type":"box","text":"a company’s situation and the investment mandate we have from clients. Please see page 19 for more information about","page_number":151,"box":{"x":89,"y":218,"width":845,"height":12}},{"id":"1e5ec183-347b-4e34-a722-e52e40dd3770","block_type":"box","text":"how we fulfill and oversee our investment stewardship responsibilities for BlackRock’s non-index equity strategies.","page_number":151,"box":{"x":89,"y":233,"width":799,"height":12}},{"id":"06927b73-e551-4498-9f7b-afab9ec782ce","block_type":"box","text":"(5)","page_number":151,"box":{"x":889,"y":231,"width":15,"height":8}},{"id":"3255d38c-c60a-413a-a451-212ba9124045","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":151,"box":{"x":89,"y":259,"width":358,"height":13}},{"id":"6d1627f8-ea8c-4407-8234-96fab07c3ace","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":151,"box":{"x":88,"y":286,"width":880,"height":12}},{"id":"e3b21836-7964-4221-861d-85e74d4f0edb","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial","page_number":151,"box":{"x":88,"y":301,"width":857,"height":12}},{"id":"055f8f19-9716-454c-9da7-ec800143056d","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":151,"box":{"x":89,"y":316,"width":843,"height":12}},{"id":"2fb11d81-4c5e-4f9e-b7af-c99bd03b3a15","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":151,"box":{"x":89,"y":331,"width":873,"height":12}},{"id":"d9ba2e46-56ee-4a0d-8de7-71e4de3699fa","block_type":"box","text":"income investment teams may help inform an issuer’s approach to structuring specialist issuances and the standard terms","page_number":151,"box":{"x":89,"y":346,"width":858,"height":13}},{"id":"f95c1b37-dffc-4cb7-aa7c-94bc9da8d6b4","block_type":"box","text":"and information in bond documentation.","page_number":151,"box":{"x":89,"y":361,"width":285,"height":10}},{"id":"6deae2bb-74cb-46f3-8176-507b17200df3","block_type":"box","text":"Boards of Directors","page_number":151,"box":{"x":89,"y":388,"width":138,"height":10}},{"id":"53224c60-1155-4dcc-a92d-8fe14553bb83","block_type":"box","text":"Roles and responsibilities","page_number":151,"box":{"x":106,"y":414,"width":181,"height":13}},{"id":"45fe6e99-cb75-4ab8-99b6-b54a1242a2a2","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":151,"box":{"x":88,"y":441,"width":852,"height":12}},{"id":"21ec973b-9e9e-4b82-a843-a8a6c6c107b0","block_type":"box","text":"able to advise and supervise management in an independent and objective manner.","page_number":151,"box":{"x":89,"y":456,"width":584,"height":12}},{"id":"e06872c6-d511-4978-b312-e4e1230ce2d2","block_type":"box","text":"(6)","page_number":151,"box":{"x":675,"y":454,"width":14,"height":8}},{"id":"602c1ead-cccd-4690-b7c4-13c920947452","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":151,"box":{"x":88,"y":482,"width":856,"height":13}},{"id":"4e335fd3-321f-4530-9c79-5b66a23e1048","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":151,"box":{"x":89,"y":497,"width":835,"height":13}},{"id":"ba4b7ec9-1879-4c55-b112-3351f0db4f5e","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":151,"box":{"x":89,"y":513,"width":833,"height":12}},{"id":"b6c03c78-23af-408d-a4bf-9a4f3d9434d4","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":151,"box":{"x":89,"y":528,"width":772,"height":12}},{"id":"7b970c05-3e9a-4c6b-bc6a-73efadab14ed","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in","page_number":151,"box":{"x":89,"y":554,"width":853,"height":12}},{"id":"5c21ebad-f573-499f-bec4-7c8e9ccbe512","block_type":"box","text":"place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":151,"box":{"x":89,"y":569,"width":610,"height":13}},{"id":"67d3edf8-020d-4d30-bbdd-71f0bf4a145d","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":151,"box":{"x":89,"y":596,"width":848,"height":12}},{"id":"634a62b5-759b-4ffe-b3f2-57cc36029ad8","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":151,"box":{"x":89,"y":611,"width":862,"height":12}},{"id":"c3d71eac-c3b2-45d2-b795-2baf04c50deb","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":151,"box":{"x":89,"y":626,"width":850,"height":12}},{"id":"435ba704-1edf-4f38-9d3e-4540f1cfefa9","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":151,"box":{"x":89,"y":641,"width":463,"height":12}},{"id":"f552ccba-babf-4ed4-9f74-b5093707947a","block_type":"box","text":"Composition and effectiveness","page_number":151,"box":{"x":89,"y":668,"width":221,"height":12}},{"id":"de4a3289-aa8e-4b05-abb8-4cd4d2bd702a","block_type":"box","text":"Appointment process","page_number":151,"box":{"x":104,"y":694,"width":156,"height":12}},{"id":"8632a6ab-5019-4115-86f8-3f98b34bb253","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":151,"box":{"x":88,"y":720,"width":823,"height":13}},{"id":"4d086a8d-a7a5-4b0e-99ab-78c8f4172a86","block_type":"box","text":"composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines","page_number":151,"box":{"x":89,"y":736,"width":876,"height":12}},{"id":"e84b0a4c-a6b2-489e-ab18-e9dfabec8db3","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":151,"box":{"x":88,"y":751,"width":829,"height":12}},{"id":"165fbf5b-69f4-4ab1-a38f-389b0a2e1a0e","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":151,"box":{"x":89,"y":766,"width":850,"height":12}},{"id":"2d7621fd-a1bb-470c-a81f-01cf8af17ca1","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and","page_number":151,"box":{"x":89,"y":781,"width":815,"height":12}},{"id":"db4674dd-62cb-45d6-880f-ca228bd58b18","block_type":"box","text":"(5) Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions st","page_number":151,"box":{"x":89,"y":816,"width":816,"height":9}},{"id":"a20dabbe-9e9d-423a-a614-45bf3ac10a27","block_type":"box","text":"rategies, as","page_number":151,"box":{"x":906,"y":816,"width":61,"height":9}},{"id":"a036bec7-4d0f-426f-b2ee-a5c03f5c501b","block_type":"box","text":"well as holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer eng","page_number":151,"box":{"x":121,"y":828,"width":818,"height":10}},{"id":"572d86b8-bdf5-448b-babd-92c7236a2d50","block_type":"box","text":"age","page_number":151,"box":{"x":941,"y":831,"width":24,"height":7}},{"id":"3604fa5b-9c1a-44e4-845e-f6649419a551","block_type":"box","text":"ments.","page_number":151,"box":{"x":121,"y":842,"width":37,"height":7}},{"id":"3d8eb99c-b711-4e0f-b3a3-e2003bd98ebc","block_type":"box","text":"(6) See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles of the US Business Roundtable as","page_number":151,"box":{"x":89,"y":856,"width":871,"height":10}},{"id":"713fb136-bde9-4265-bc8c-8dd9472bfda5","block_type":"box","text":"examples.","page_number":151,"box":{"x":121,"y":868,"width":55,"height":10}},{"id":"97d56bba-ff40-4b3b-8739-6bc6df97994a","block_type":"box","text":"A-6","page_number":151,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"3fc59b32-8a35-4481-b7a4-ae253b3d2d87","block_type":"box","text":"experience of a director candidate would be additive. We welcome disclosures that explain how the board considered","page_number":152,"box":{"x":89,"y":44,"width":820,"height":12}},{"id":"11419ba6-f47d-42e8-8dd2-272c69faf26e","block_type":"box","text":"different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We","page_number":152,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"ef7cc267-25ea-4652-b850-eae169561686","block_type":"box","text":"assess a company’s board composition against that of its peer group and local market requirements.","page_number":152,"box":{"x":89,"y":74,"width":703,"height":12}},{"id":"9f68254a-ac0f-40a8-b019-28e2a3527ca7","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition","page_number":152,"box":{"x":88,"y":101,"width":871,"height":12}},{"id":"a5943c12-05d0-4bb5-ba1d-9dace3deeb3f","block_type":"box","text":"in our engagements or voting but seek to understand how well placed a board is to act in investors’ interests. We may vote","page_number":152,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"fe656a97-eda0-4c18-983c-7bf6f9d436ab","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a company has","page_number":152,"box":{"x":89,"y":131,"width":854,"height":12}},{"id":"7a4605b9-8ed8-4ff3-9038-55276158a0fe","block_type":"box","text":"not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement","page_number":152,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"80373e65-bad3-45e3-9651-c10407198506","block_type":"box","text":"of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly","page_number":152,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"0f5a29d3-e0ef-400e-afc2-7da9cc78e8f2","block_type":"box","text":"nominated directors who do not seem to have the appropriate skills or experience to contribute to the board’s effectiveness.","page_number":152,"box":{"x":89,"y":176,"width":868,"height":13}},{"id":"b93a9936-fb89-45f1-99c0-cbf10fdfd025","block_type":"box","text":"Independence","page_number":152,"box":{"x":106,"y":203,"width":101,"height":12}},{"id":"d563792b-a796-4821-a380-726989b045d6","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":152,"box":{"x":89,"y":229,"width":871,"height":12}},{"id":"a710df71-b797-47a2-9b90-409d4639e222","block_type":"box","text":"of paramount importance to the protection of the interests of minority shareholders such as BlackRock’s clients. We consider","page_number":152,"box":{"x":89,"y":244,"width":876,"height":13}},{"id":"1f9db77f-e7ee-4858-950e-095c31197f35","block_type":"box","text":"it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.","page_number":152,"box":{"x":89,"y":259,"width":821,"height":13}},{"id":"15cd0b56-1e02-42fd-90fb-9d8b107176d7","block_type":"box","text":"(7)","page_number":152,"box":{"x":911,"y":257,"width":14,"height":8}},{"id":"1588d91b-deba-4afe-8087-c20ac4231d40","block_type":"box","text":"This","page_number":152,"box":{"x":930,"y":259,"width":29,"height":10}},{"id":"206ca5d1-265e-43da-bc59-decf6d8a5156","block_type":"box","text":"also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies","page_number":152,"box":{"x":89,"y":274,"width":830,"height":13}},{"id":"1d2d3471-2366-406c-9468-e0a385bfc911","block_type":"box","text":"domiciled in markets with a higher threshold for board independence should meet those local requirements.","page_number":152,"box":{"x":89,"y":290,"width":757,"height":12}},{"id":"465d31f9-8fc6-494c-a2ec-e1d4f947836d","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":152,"box":{"x":88,"y":316,"width":789,"height":12}},{"id":"417adbfc-ce8b-4c0e-87f2-77ca48e5c6b6","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":152,"box":{"x":89,"y":331,"width":867,"height":12}},{"id":"67f4a837-2004-4c8b-bdff-9da962ff0495","block_type":"box","text":"is a perennial issue.","page_number":152,"box":{"x":89,"y":346,"width":134,"height":13}},{"id":"d2e4166f-464d-4fec-ac68-df7557d2047d","block_type":"box","text":"Independent board leadership","page_number":152,"box":{"x":106,"y":373,"width":216,"height":12}},{"id":"328c69ca-c758-4b02-9ccf-ba1aac98315f","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":152,"box":{"x":89,"y":399,"width":804,"height":13}},{"id":"463c0908-4bc4-4b22-ad6f-c5ab7055f364","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":152,"box":{"x":89,"y":414,"width":856,"height":13}},{"id":"5a9128f2-ce64-46fd-a689-a7cd6734d7a8","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":152,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"5e52d173-d8a0-433a-8b00-4802c6e519c8","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":152,"box":{"x":89,"y":445,"width":851,"height":12}},{"id":"59da96fd-08ec-4494-b79c-0140629299c4","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":152,"box":{"x":88,"y":460,"width":858,"height":12}},{"id":"472d1750-2fd3-47cd-af84-66a99526012d","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":152,"box":{"x":89,"y":475,"width":819,"height":12}},{"id":"eb68c77c-6149-498f-ace1-ee9b21069606","block_type":"box","text":"available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look","page_number":152,"box":{"x":89,"y":490,"width":876,"height":12}},{"id":"e3e6edc6-6ca4-4877-b9ca-55d12fd5893b","block_type":"box","text":"to boards to explain their board leadership model and how it serves the interests of shareholders.","page_number":152,"box":{"x":88,"y":505,"width":679,"height":12}},{"id":"a1659376-721b-455c-8236-88c5af0a0d07","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":152,"box":{"x":88,"y":531,"width":873,"height":13}},{"id":"f895386c-d7ab-4872-add0-2d22ac9c8e52","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":152,"box":{"x":89,"y":547,"width":837,"height":12}},{"id":"2ec26c4f-0cba-4397-8702-30ce069de466","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":152,"box":{"x":89,"y":562,"width":566,"height":12}},{"id":"41724563-ae49-4b45-9f6d-450c25a0e039","block_type":"box","text":"Tenure and succession","page_number":152,"box":{"x":104,"y":588,"width":165,"height":10}},{"id":"ed817801-6003-4eae-915a-6fc40354741d","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in","page_number":152,"box":{"x":89,"y":615,"width":852,"height":12}},{"id":"8299f2c9-2b68-4290-88a1-698977c822c8","block_type":"box","text":"line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure","page_number":152,"box":{"x":89,"y":630,"width":834,"height":12}},{"id":"6de11f69-c9cd-44d7-84fc-2e18dc6715a0","block_type":"box","text":"particularly around the contributions of directors who have served for longer periods than typically provided for under local","page_number":152,"box":{"x":89,"y":645,"width":861,"height":12}},{"id":"939d6dcc-f664-4829-947e-c5d7d0a8fdba","block_type":"box","text":"practice. In our experience, long-serving directors could become less independent given their long-term relationship with","page_number":152,"box":{"x":89,"y":660,"width":848,"height":12}},{"id":"be41049f-0738-47c8-9706-760d9941f221","block_type":"box","text":"management and involvement in past board decisions.","page_number":152,"box":{"x":89,"y":675,"width":382,"height":12}},{"id":"dda3cf0b-511b-4e82-920b-1fba8de5d378","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":152,"box":{"x":88,"y":702,"width":851,"height":12}},{"id":"8f92bacc-8389-4910-9c5b-2c19ad91b256","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":152,"box":{"x":89,"y":717,"width":872,"height":12}},{"id":"1177f7c0-d5ae-4d13-ac34-9c720345598c","block_type":"box","text":"long-term knowledge of the board and company.","page_number":152,"box":{"x":89,"y":732,"width":343,"height":12}},{"id":"78ce5fe5-34af-4c8b-ac0e-cba46ded9730","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we","page_number":152,"box":{"x":89,"y":758,"width":859,"height":13}},{"id":"23956967-6e4f-468e-a398-56f55ae61dc7","block_type":"box","text":"may vote against the election of the chair of the committee responsible for board composition if a company does not clearly","page_number":152,"box":{"x":89,"y":773,"width":869,"height":13}},{"id":"b320d43a-e523-41dc-8393-97fe1dda3f70","block_type":"box","text":"disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for","page_number":152,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"47c8ea36-e518-4a12-ba16-2106a1c2a40e","block_type":"box","text":"more years than is typical in markets with specific guidance, where the case for their continued service is not evident.","page_number":152,"box":{"x":89,"y":804,"width":821,"height":12}},{"id":"485c4b33-8125-4132-b21d-a3bb1817a559","block_type":"box","text":"(7) Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or","page_number":152,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"6feea7d2-6980-436c-8430-f0d52f254ea1","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":152,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"ce352eca-2137-4afa-957c-f1b0bfc77cd9","block_type":"box","text":"rest,","page_number":152,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"00a97dd6-da46-45ae-9802-c9520a1dde09","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":152,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"0b72b7d4-2751-44c9-8ef5-0557b999c55b","block_type":"box","text":"terests","page_number":152,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"34fa419b-f178-4d19-b1bc-66452b3cfb3d","block_type":"box","text":"of the company and shareholders.","page_number":152,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"94b90c9c-08ea-4192-9fe6-0aec7b719531","block_type":"box","text":"A-7","page_number":152,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"3c57bc1a-f183-41d5-b3ae-f4b359296d4a","block_type":"box","text":"Capacity","page_number":153,"box":{"x":105,"y":44,"width":62,"height":12}},{"id":"88936158-1792-48c7-9aa5-46373a261ba6","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board","page_number":153,"box":{"x":88,"y":70,"width":876,"height":13}},{"id":"6333ee4e-accb-4f91-a164-5a93eee84c3c","block_type":"box","text":"will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":153,"box":{"x":88,"y":85,"width":821,"height":13}},{"id":"b049c0c3-e06c-407d-86fe-e1a62fe2ffba","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and","page_number":153,"box":{"x":89,"y":101,"width":875,"height":12}},{"id":"55563397-04af-4ab5-89d9-76cb7c489356","block_type":"box","text":"required time commitment but note that they are generally more intensive than a standard directorship. We will take local","page_number":153,"box":{"x":89,"y":116,"width":851,"height":12}},{"id":"639a3519-4ffc-4eb6-be40-024c79aa7d09","block_type":"box","text":"norms and practices into consideration when making our voting determinations across markets.","page_number":153,"box":{"x":89,"y":131,"width":675,"height":12}},{"id":"fe36c3e6-b781-4dc3-866d-cb30963feaa6","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":153,"box":{"x":88,"y":157,"width":859,"height":13}},{"id":"59f5189f-04ea-4c01-aaac-ba6ed18d15d8","block_type":"box","text":"the board and company.","page_number":153,"box":{"x":88,"y":172,"width":169,"height":13}},{"id":"ae9e6c2d-788e-47b7-9ba1-ad92139e0e55","block_type":"box","text":"Director elections","page_number":153,"box":{"x":106,"y":199,"width":126,"height":10}},{"id":"4180376b-1225-4ef0-aea9-eeef8d617870","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure","page_number":153,"box":{"x":89,"y":225,"width":856,"height":13}},{"id":"89bba2db-5d35-4595-81a7-aaa16b801e30","block_type":"box","text":"(8)","page_number":153,"box":{"x":946,"y":223,"width":14,"height":8}},{"id":"9c171270-c8a6-49b9-a228-d4846016e5f5","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its","page_number":153,"box":{"x":89,"y":240,"width":827,"height":13}},{"id":"a9db9867-ee34-442f-a707-072e5268ea29","block_type":"box","text":"business model (e.g., a non-operating company such as closed-end funds).","page_number":153,"box":{"x":89,"y":256,"width":526,"height":12}},{"id":"a560bbec-1330-4d70-b2b9-7aac35154623","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":153,"box":{"x":88,"y":282,"width":876,"height":12}},{"id":"896599ea-dfb5-4978-8241-b21ff552d322","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":153,"box":{"x":88,"y":297,"width":856,"height":12}},{"id":"c56aeb29-39cb-461f-8a6c-3cca7c120282","block_type":"box","text":"capabilities and suitability. We will generally not support the election of directors whose names and biographical details have","page_number":153,"box":{"x":89,"y":312,"width":871,"height":13}},{"id":"cbc37dc2-c66f-4f28-a32b-6938fc353871","block_type":"box","text":"not been disclosed sufficiently in advance of the shareholder meeting.","page_number":153,"box":{"x":89,"y":327,"width":488,"height":13}},{"id":"b57bdd9a-4e22-4655-913d-fd232011715a","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":153,"box":{"x":89,"y":354,"width":817,"height":12}},{"id":"5970079a-e4fa-40d5-9b40-7ff6eaa9fc4f","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":153,"box":{"x":89,"y":369,"width":858,"height":12}},{"id":"27c5e1e2-54c3-4dec-8bfd-713913192f6d","block_type":"box","text":"best serves investors’ interests.","page_number":153,"box":{"x":89,"y":384,"width":215,"height":10}},{"id":"f8085a1f-d562-4142-aa15-c29655e5986d","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":153,"box":{"x":88,"y":410,"width":846,"height":13}},{"id":"d232cf14-c62d-47c5-93d5-d25cace16e0f","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":153,"box":{"x":89,"y":426,"width":849,"height":12}},{"id":"664e8744-12a7-4b7d-a064-16cefb88f149","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":153,"box":{"x":89,"y":441,"width":581,"height":12}},{"id":"ab35c42b-346b-47e8-b0e9-cb12d5d11213","block_type":"box","text":"Committees","page_number":153,"box":{"x":105,"y":468,"width":86,"height":9}},{"id":"aea4a28d-53b3-4162-962d-07aba378ca8b","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":153,"box":{"x":89,"y":494,"width":859,"height":12}},{"id":"5fd845fc-2acb-43e1-b3fa-a920336c90d4","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":153,"box":{"x":89,"y":509,"width":855,"height":12}},{"id":"83407333-a735-4856-a5d1-2caf8da376b2","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":153,"box":{"x":88,"y":524,"width":802,"height":12}},{"id":"fe862211-b541-4f9a-ba76-32f3b5b1fda5","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":153,"box":{"x":89,"y":539,"width":847,"height":12}},{"id":"e8335721-ef94-4af2-b78c-17d69d3727e0","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":153,"box":{"x":89,"y":554,"width":840,"height":12}},{"id":"fef84dab-04eb-497f-87a1-7232a27311f4","block_type":"box","text":"committees. It is helpful to investor understanding when the board discloses the structure, membership, proportion of","page_number":153,"box":{"x":89,"y":569,"width":829,"height":13}},{"id":"fffef9ef-6e19-4c08-ac5b-fb742451c65b","block_type":"box","text":"independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three","page_number":153,"box":{"x":89,"y":584,"width":841,"height":13}},{"id":"bee49a49-deee-40f1-b9aa-0e0cc9961519","block_type":"box","text":"most common committees include:","page_number":153,"box":{"x":89,"y":599,"width":249,"height":10}},{"id":"86d85e90-fbcd-4fc3-ba48-be301a851c25","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":153,"box":{"x":121,"y":620,"width":830,"height":12}},{"id":"9a69fa65-41e1-49d6-b8c2-a3052ed43504","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":153,"box":{"x":153,"y":635,"width":807,"height":12}},{"id":"eb811e7d-39eb-4b77-8700-60676d050dfa","block_type":"box","text":"whistleblowing mechanisms.","page_number":153,"box":{"x":153,"y":650,"width":203,"height":12}},{"id":"e52a776f-0470-40c1-80f9-24e3c4a4d667","block_type":"box","text":"• Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":153,"box":{"x":121,"y":670,"width":815,"height":12}},{"id":"072ceda1-9c17-4efe-89f6-77109bf680dd","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":153,"box":{"x":154,"y":685,"width":748,"height":12}},{"id":"dcac2962-3099-4657-976d-41714b2c88c8","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":153,"box":{"x":154,"y":700,"width":750,"height":13}},{"id":"bf8e594a-6d9c-482a-8134-0196acc61939","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":153,"box":{"x":154,"y":715,"width":697,"height":13}},{"id":"509fd7d4-f2ca-44a2-b04c-ae0ecf2c189d","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":153,"box":{"x":121,"y":736,"width":817,"height":12}},{"id":"0ed7c578-4ec6-4998-a440-16d8cb4ba8a2","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":153,"box":{"x":154,"y":751,"width":808,"height":12}},{"id":"69183754-4dfe-4295-b90d-7c38ffa774cb","block_type":"box","text":"wide compensation policies.","page_number":153,"box":{"x":153,"y":766,"width":199,"height":12}},{"id":"98417297-e876-4b67-b88d-52fbf04ce583","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":153,"box":{"x":88,"y":792,"width":866,"height":13}},{"id":"482c1a9a-e76f-47a1-a097-75783f63eac9","block_type":"box","text":"concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior","page_number":153,"box":{"x":89,"y":807,"width":850,"height":13}},{"id":"b2e57c0b-1e39-4a04-bb60-3386e1ac02f8","block_type":"box","text":"non-executive director if there is not a clearly disclosed approach to board committees.","page_number":153,"box":{"x":89,"y":822,"width":609,"height":13}},{"id":"de063152-aae1-44a4-b6a2-7e8552e5e191","block_type":"box","text":"(8) A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for electi","page_number":153,"box":{"x":89,"y":856,"width":809,"height":10}},{"id":"41ca983e-b5c0-4895-b846-434a9226f27c","block_type":"box","text":"on in any","page_number":153,"box":{"x":899,"y":857,"width":51,"height":9}},{"id":"7ac74c1f-bb96-4c3d-aab5-2bd899a0eaae","block_type":"box","text":"one year.","page_number":153,"box":{"x":121,"y":871,"width":49,"height":7}},{"id":"f706cc11-8843-4ae6-a07e-ba4f10013c2a","block_type":"box","text":"A-8","page_number":153,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"2fdd1eb9-dc2e-4b38-9f25-c6f5ad0f28d0","block_type":"box","text":"Board and director evaluation","page_number":154,"box":{"x":106,"y":44,"width":212,"height":10}},{"id":"14fc11d3-fcfb-411f-9373-2760ac749f54","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":154,"box":{"x":88,"y":70,"width":853,"height":13}},{"id":"3db6325d-55a5-40f5-ae72-64b79d650a34","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":154,"box":{"x":88,"y":85,"width":853,"height":13}},{"id":"6a24d539-929b-4b92-b8a9-89e1eb60a71b","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":154,"box":{"x":89,"y":101,"width":871,"height":12}},{"id":"e5785af2-00a3-4c07-839c-1a3ef7e94abd","block_type":"box","text":"and the objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":154,"box":{"x":89,"y":116,"width":688,"height":12}},{"id":"0718b008-9f3d-4ca4-9ef1-df301aa7c5be","block_type":"box","text":"Access to independent advice","page_number":154,"box":{"x":104,"y":142,"width":216,"height":12}},{"id":"18027129-d7c7-4ecc-a524-574e33eb2dc1","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":154,"box":{"x":88,"y":169,"width":840,"height":12}},{"id":"b8b44312-3863-4c85-bcc5-41c968c9c587","block_type":"box","text":"independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on","page_number":154,"box":{"x":89,"y":184,"width":845,"height":12}},{"id":"270c54ab-1638-44d2-866a-1f5c8c1b7c60","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":154,"box":{"x":89,"y":199,"width":843,"height":12}},{"id":"4da68638-cb69-45b0-a4fe-8e6ca12c7867","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":154,"box":{"x":89,"y":214,"width":841,"height":12}},{"id":"e0ff8949-837a-4d6d-9277-770724dda3de","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":154,"box":{"x":89,"y":229,"width":805,"height":12}},{"id":"cab891a2-9d65-43a8-9dc1-305cfd9b965a","block_type":"box","text":"succession planning.","page_number":154,"box":{"x":89,"y":244,"width":145,"height":13}},{"id":"879f62b7-9a4f-46e2-bfaf-664fab265d42","block_type":"box","text":"Executive compensation","page_number":154,"box":{"x":89,"y":271,"width":174,"height":12}},{"id":"b048928a-2811-44ce-b83c-26b2cc7a15c1","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and","page_number":154,"box":{"x":89,"y":297,"width":845,"height":12}},{"id":"c6b63d37-a3d6-4040-831a-9bcdf9a22a9f","block_type":"box","text":"reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":154,"box":{"x":89,"y":312,"width":871,"height":13}},{"id":"d324162f-b44e-4c95-ac91-eb4663d69f76","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":154,"box":{"x":89,"y":327,"width":671,"height":13}},{"id":"55f8a47f-d8a2-40b1-ad80-4655ba8848f7","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":154,"box":{"x":89,"y":354,"width":787,"height":12}},{"id":"d8d7fa97-ba1b-43cc-88cf-737a11c7224d","block_type":"box","text":"performance against short-term metrics, incentives - most often share-based- that reward performance against long-term","page_number":154,"box":{"x":89,"y":369,"width":858,"height":12}},{"id":"954c9cab-ef51-40d2-91dd-6ff2e9164667","block_type":"box","text":"metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":154,"box":{"x":89,"y":384,"width":854,"height":12}},{"id":"3e5d1661-0bab-4af7-9bc2-70428a77c9bf","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the","page_number":154,"box":{"x":89,"y":399,"width":823,"height":13}},{"id":"c8cbf4a2-8d92-4784-b1b7-c61069e3c412","block_type":"box","text":"company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":154,"box":{"x":89,"y":414,"width":793,"height":13}},{"id":"ce087ae3-84b3-4253-93a5-369b0842a732","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":154,"box":{"x":89,"y":441,"width":819,"height":12}},{"id":"231f9050-cb12-4d23-bc5e-23a9032a29c6","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":154,"box":{"x":89,"y":456,"width":836,"height":12}},{"id":"dd5f71a1-8aa8-4dc9-9aff-92747933cf44","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":154,"box":{"x":89,"y":471,"width":825,"height":12}},{"id":"b9cc51e3-9222-440a-ae57-0c591dc614c1","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":154,"box":{"x":89,"y":486,"width":673,"height":12}},{"id":"aa3f5680-3e32-411f-9d1d-cf94910ae523","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":154,"box":{"x":121,"y":506,"width":823,"height":13}},{"id":"cb27eb06-e000-43ed-a5e0-d836022d295e","block_type":"box","text":"company’s size, sector and market.","page_number":154,"box":{"x":154,"y":521,"width":244,"height":13}},{"id":"aa6dda04-25ec-4050-931c-167916720bfe","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":154,"box":{"x":121,"y":542,"width":840,"height":12}},{"id":"d9ff15f6-3c1a-4273-be27-16980258c30f","block_type":"box","text":"objectives.","page_number":154,"box":{"x":154,"y":557,"width":72,"height":12}},{"id":"4f2e9ebe-9d05-4a3f-b93c-ca0544aff545","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":154,"box":{"x":121,"y":577,"width":637,"height":12}},{"id":"7add3366-fbe5-4269-a63f-b59a1a5747cc","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":154,"box":{"x":121,"y":597,"width":805,"height":12}},{"id":"a45ebb10-e3f4-4383-86ee-8c0a8d2e1d99","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":154,"box":{"x":154,"y":612,"width":778,"height":12}},{"id":"40fd209e-7fa8-4ba1-881d-a914497e06cc","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":154,"box":{"x":121,"y":632,"width":677,"height":13}},{"id":"ccad4dcd-cb9c-4ffe-9978-ac0af8fbf134","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":154,"box":{"x":121,"y":652,"width":752,"height":13}},{"id":"1ac2f070-0d10-40c1-9ef7-282ef31b25bb","block_type":"box","text":"transparently.","page_number":154,"box":{"x":153,"y":668,"width":94,"height":12}},{"id":"abddf41b-9325-4a40-96a0-d97c221778e5","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":154,"box":{"x":121,"y":688,"width":822,"height":12}},{"id":"e3a7654d-755c-4960-b2e0-0693eb6fbfc2","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":154,"box":{"x":154,"y":703,"width":674,"height":12}},{"id":"87921903-dec2-4ee6-8762-20fe1df057d9","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":154,"box":{"x":121,"y":723,"width":737,"height":12}},{"id":"13a1e0ef-16f5-41fb-92fb-5733c668eb5c","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":154,"box":{"x":121,"y":743,"width":774,"height":12}},{"id":"3fc5b702-588d-48a2-bef5-a1c55113ca4a","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":154,"box":{"x":154,"y":758,"width":805,"height":13}},{"id":"095082bc-8a8c-4774-818d-4c3c121ad783","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":154,"box":{"x":121,"y":778,"width":756,"height":13}},{"id":"ed74b382-b914-4f92-a52a-1a36aa6c1948","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":154,"box":{"x":88,"y":805,"width":857,"height":12}},{"id":"8d170791-4b9a-44cf-b133-4a781110e509","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":154,"box":{"x":89,"y":820,"width":825,"height":12}},{"id":"41828de5-1881-4b42-9327-cdfafe1c3f1e","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":154,"box":{"x":88,"y":835,"width":804,"height":12}},{"id":"99ee487a-76ef-4395-bfce-f24f8b241e48","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":154,"box":{"x":89,"y":850,"width":874,"height":13}},{"id":"b9e3df25-4698-4d98-b52a-bf74d5f8286f","block_type":"box","text":"independent director.","page_number":154,"box":{"x":89,"y":865,"width":148,"height":13}},{"id":"631222b4-0f72-47f0-ba93-85124ffb7f3d","block_type":"box","text":"A-9","page_number":154,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"c6df4ae5-6371-4e5f-ae8a-c1e7a7b378ef","block_type":"box","text":"Non-executive director compensation","page_number":155,"box":{"x":89,"y":44,"width":272,"height":12}},{"id":"ea03b96f-eea2-4ae0-b099-1ab43396e299","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":155,"box":{"x":89,"y":70,"width":875,"height":13}},{"id":"aaa796a5-ce7f-4b9a-ad52-ac6e18316886","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":155,"box":{"x":89,"y":85,"width":845,"height":13}},{"id":"f3d56ed5-57c6-4d98-aebe-e45b92c5fc85","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":155,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"3f3d8332-522a-41d1-8d77-6a175aa44558","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":155,"box":{"x":89,"y":116,"width":501,"height":12}},{"id":"479e4d7f-f15f-4dba-adb4-ba88550670c9","block_type":"box","text":"Capital structure","page_number":155,"box":{"x":89,"y":142,"width":119,"height":12}},{"id":"b879d1f9-5135-418b-aabc-7ddb1b115bff","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":155,"box":{"x":89,"y":169,"width":859,"height":12}},{"id":"d2293461-91db-443b-8496-f47b1ece7843","block_type":"box","text":"capital allocation in support of long-term financial resilience.","page_number":155,"box":{"x":89,"y":184,"width":424,"height":12}},{"id":"f6c7c542-a68a-4049-b4dc-5b7cf1b3e67a","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":155,"box":{"x":88,"y":210,"width":876,"height":13}},{"id":"4bc13f5a-540b-441c-bfb9-f9dc47820407","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities, or","page_number":155,"box":{"x":88,"y":225,"width":879,"height":13}},{"id":"fe343acc-3159-4cc7-8a78-4a49fe42622f","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":155,"box":{"x":88,"y":240,"width":875,"height":13}},{"id":"e72d4645-b143-4921-a6f3-e0047d31890e","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":155,"box":{"x":89,"y":256,"width":838,"height":12}},{"id":"2e6e5d91-f00d-4335-8bfd-85009642be3d","block_type":"box","text":"Share issuance","page_number":155,"box":{"x":105,"y":282,"width":107,"height":10}},{"id":"3564aa10-095d-4e55-b699-c4333053877f","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":155,"box":{"x":88,"y":308,"width":807,"height":13}},{"id":"eeaf89e1-8231-4592-af31-3cf3cde05029","block_type":"box","text":"authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good","page_number":155,"box":{"x":89,"y":324,"width":877,"height":12}},{"id":"8359110c-9919-4a25-bc23-2f9d0e9c3106","block_type":"box","text":"practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":155,"box":{"x":89,"y":339,"width":845,"height":12}},{"id":"5b247311-17fb-4dfb-b865-cac99734c36f","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":155,"box":{"x":89,"y":354,"width":773,"height":12}},{"id":"954bb634-3faf-4f22-b575-09386bd6cb5d","block_type":"box","text":"Share buybacks","page_number":155,"box":{"x":105,"y":380,"width":113,"height":13}},{"id":"fabc93ee-93f7-4742-bf07-39918ba26f3d","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":155,"box":{"x":88,"y":407,"width":786,"height":12}},{"id":"904da0de-d301-489d-81c6-452e040ccbb4","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":155,"box":{"x":89,"y":422,"width":844,"height":12}},{"id":"e1f3460d-91e0-4c4a-ba4f-c8c30859b22b","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":155,"box":{"x":89,"y":437,"width":872,"height":12}},{"id":"16e6cbe6-8799-4b7f-a19f-bc5e4b8adb60","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":155,"box":{"x":89,"y":452,"width":858,"height":12}},{"id":"15db2b01-faa5-491d-afc6-e7127e375179","block_type":"box","text":"price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":155,"box":{"x":89,"y":467,"width":865,"height":13}},{"id":"43fa8b9a-f6c1-4ebf-8aa6-3c4da560f411","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the market","page_number":155,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"7ce026f8-4221-48d7-a807-71665ffcc3fa","block_type":"box","text":"environment.","page_number":155,"box":{"x":89,"y":498,"width":91,"height":9}},{"id":"f598b27f-3876-4588-82b8-37983ce0ebb4","block_type":"box","text":"Dividends","page_number":155,"box":{"x":106,"y":524,"width":70,"height":10}},{"id":"66b8349a-9734-44e4-afab-b914f0c2c55f","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":155,"box":{"x":88,"y":550,"width":852,"height":13}},{"id":"51d859ed-9c36-4535-80fe-6f23cecdf9db","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":155,"box":{"x":89,"y":565,"width":534,"height":13}},{"id":"e4146b1f-15d0-43be-9e83-5ba9b77396e6","block_type":"box","text":"Differentiated voting rights","page_number":155,"box":{"x":106,"y":592,"width":193,"height":12}},{"id":"ce5061a9-ceb4-4d1c-b039-88ce517511e1","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":155,"box":{"x":88,"y":618,"width":862,"height":13}},{"id":"e533e0a2-085e-470c-bdd5-c17ad4259c84","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":155,"box":{"x":89,"y":633,"width":875,"height":13}},{"id":"c3005afe-2951-404f-9d64-5bdbf948fe1b","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":155,"box":{"x":89,"y":649,"width":860,"height":12}},{"id":"f326ea24-89d0-4779-b990-9304625a3d77","block_type":"box","text":"periodic basis.","page_number":155,"box":{"x":89,"y":664,"width":98,"height":12}},{"id":"76520212-30f0-4a1b-a6c6-05283aae9477","block_type":"box","text":"Transactions and special situations","page_number":155,"box":{"x":88,"y":690,"width":253,"height":13}},{"id":"24b4a17b-4244-4f78-991c-53f1cd04d016","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":155,"box":{"x":88,"y":717,"width":813,"height":12}},{"id":"96f4aef4-fc37-46f7-b726-2c1e9dabfe39","block_type":"box","text":"proposals.","page_number":155,"box":{"x":89,"y":732,"width":70,"height":12}},{"id":"559cde82-0460-46e0-a1bb-f2c3bb28babf","block_type":"box","text":"Mergers and acquisitions","page_number":155,"box":{"x":105,"y":758,"width":182,"height":13}},{"id":"2f30852a-b65c-4636-8094-c53c69fb984c","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":155,"box":{"x":88,"y":785,"width":856,"height":12}},{"id":"aa385c01-f0e3-424f-a322-7df59a4be73b","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":155,"box":{"x":89,"y":800,"width":846,"height":12}},{"id":"91aa74e5-dd78-4282-8d46-6b29dd3e3238","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":155,"box":{"x":89,"y":815,"width":861,"height":12}},{"id":"99ce58f3-7f32-48e5-9954-00deb9e99782","block_type":"box","text":"the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to","page_number":155,"box":{"x":88,"y":830,"width":839,"height":12}},{"id":"41a26192-595d-4344-8455-bbca6f02491e","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":155,"box":{"x":89,"y":845,"width":855,"height":12}},{"id":"e40207e7-17df-4d95-8edb-cd4c362b3400","block_type":"box","text":"shareholders.","page_number":155,"box":{"x":89,"y":860,"width":93,"height":10}},{"id":"d9abee3a-ff73-4cce-b4c5-81b43e851fc8","block_type":"box","text":"A-10","page_number":155,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"255d7f00-f6a2-4172-a958-60409ce1f59e","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":156,"box":{"x":88,"y":44,"width":727,"height":12}},{"id":"7c53239a-d1fc-4d63-9e3a-693d9e12dd2a","block_type":"box","text":"Anti-takeover defenses","page_number":156,"box":{"x":104,"y":70,"width":167,"height":10}},{"id":"4078327b-1e07-4442-b5ef-548a7c444745","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":156,"box":{"x":89,"y":97,"width":842,"height":12}},{"id":"d51cabd9-b2f8-48dd-8707-bd585a437c43","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":156,"box":{"x":89,"y":112,"width":867,"height":12}},{"id":"a5d18186-e3c3-4a2b-b2fb-efbdf3244b6e","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":156,"box":{"x":89,"y":127,"width":865,"height":12}},{"id":"b26588e6-5de3-439b-a991-510459851cc1","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":156,"box":{"x":89,"y":142,"width":832,"height":12}},{"id":"1155b7ff-0962-4395-bdbe-d0b30fc10904","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":156,"box":{"x":89,"y":157,"width":856,"height":13}},{"id":"3c645d83-b2e3-4ed7-886a-fffc5ed70c64","block_type":"box","text":"should be limited in term and threshold, and also be closely monitored by the independent members of the board. We","page_number":156,"box":{"x":89,"y":172,"width":824,"height":13}},{"id":"09c40e45-63df-4e3c-94b3-62e7123c2c34","block_type":"box","text":"consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than","page_number":156,"box":{"x":89,"y":188,"width":865,"height":12}},{"id":"a92580d8-4999-431a-9d49-95bf1cf1df4f","block_type":"box","text":"12 months.","page_number":156,"box":{"x":90,"y":203,"width":77,"height":9}},{"id":"1b5dbd07-274d-4b4d-a6b9-60886d9d8b65","block_type":"box","text":"Shareholder activism","page_number":156,"box":{"x":105,"y":229,"width":151,"height":10}},{"id":"9e6a7bf9-776a-40f6-aaad-0a6c813731a5","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis","page_number":156,"box":{"x":88,"y":256,"width":872,"height":12}},{"id":"1184c0cb-5713-4dd5-a791-cffddd51beaf","block_type":"box","text":"and objectives, once they have publicly disclosed their campaign. We may also engage with company management and","page_number":156,"box":{"x":89,"y":271,"width":837,"height":12}},{"id":"6d866cb5-ff00-47d4-9717-d80646a77723","block_type":"box","text":"possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":156,"box":{"x":89,"y":286,"width":839,"height":12}},{"id":"e5cd0b41-a6ac-4ebb-9e59-96cc775bc26e","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":156,"box":{"x":88,"y":301,"width":796,"height":12}},{"id":"f9a30922-5900-4781-b333-6c006bc9d968","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by assessing","page_number":156,"box":{"x":89,"y":316,"width":854,"height":12}},{"id":"3b8d6907-cbdc-4f45-a6d2-dea2772653bd","block_type":"box","text":"the potential financial outcome for our clients as minority shareholders.","page_number":156,"box":{"x":88,"y":331,"width":502,"height":12}},{"id":"6cd9761f-eedd-4f86-988d-9892e5b5c450","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant","page_number":156,"box":{"x":88,"y":358,"width":861,"height":12}},{"id":"625f30b9-7da1-4fa3-b232-8b4364cd99ec","block_type":"box","text":"portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board","page_number":156,"box":{"x":89,"y":373,"width":853,"height":12}},{"id":"89c68cb9-9c58-4792-8aee-318c1b945acd","block_type":"box","text":"members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders’","page_number":156,"box":{"x":89,"y":388,"width":820,"height":12}},{"id":"6c0d1b49-a9c0-4443-84d6-5352062674ec","block_type":"box","text":"interests.","page_number":156,"box":{"x":89,"y":404,"width":62,"height":9}},{"id":"e5a4352c-22a9-44fd-a9c5-2f90fc1db716","block_type":"box","text":"Significant shareholders and related party transactions","page_number":156,"box":{"x":105,"y":429,"width":396,"height":13}},{"id":"39e4616d-cb36-4216-b177-1ede46ae9af7","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all","page_number":156,"box":{"x":89,"y":456,"width":825,"height":12}},{"id":"2051b7c4-fc23-4993-887f-51ce356df317","block_type":"box","text":"shareholders when evaluating related party transactions.","page_number":156,"box":{"x":89,"y":471,"width":396,"height":12}},{"id":"3471115c-5128-4e79-b72d-1599a79a809f","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated","page_number":156,"box":{"x":88,"y":497,"width":850,"height":13}},{"id":"aac5f8b6-0614-4807-9195-4de7ca274024","block_type":"box","text":"with the public company, to be disclosed in detail and conducted on terms similar to what would objectively have been","page_number":156,"box":{"x":88,"y":513,"width":832,"height":12}},{"id":"db87bc32-9035-419c-9b10-a49873bc0ba7","block_type":"box","text":"agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent","page_number":156,"box":{"x":89,"y":528,"width":817,"height":12}},{"id":"0e4597ac-aa14-4124-87c7-4ac730022b9e","block_type":"box","text":"members of the board, and if voted on, only disinterested shareholders should vote.","page_number":156,"box":{"x":89,"y":543,"width":585,"height":12}},{"id":"99c96662-9f9e-40e3-969a-bf6aa4f8ff9d","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":156,"box":{"x":89,"y":569,"width":352,"height":13}},{"id":"e7402dba-6f81-4763-8191-74aba6437649","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":156,"box":{"x":89,"y":596,"width":783,"height":12}},{"id":"62654a90-b414-48c4-b073-a3566190f2e6","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":156,"box":{"x":89,"y":611,"width":868,"height":12}},{"id":"c1291e94-e7e4-4b47-99b8-d660a27cd532","block_type":"box","text":"the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting","page_number":156,"box":{"x":88,"y":626,"width":876,"height":12}},{"id":"16dd4aa5-2bf8-4217-b486-45248316378f","block_type":"box","text":"and the policies and procedures underpinning the internal audit function and external audit.","page_number":156,"box":{"x":89,"y":641,"width":644,"height":12}},{"id":"a2ed5cab-6a8d-44fc-b8ad-a34f804e441a","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders, on its","page_number":156,"box":{"x":88,"y":668,"width":836,"height":12}},{"id":"492d7c44-614b-479d-981a-24e615f6c5ee","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":156,"box":{"x":88,"y":683,"width":879,"height":12}},{"id":"d46e9c09-fe40-4069-bb8f-c1380ad0d505","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":156,"box":{"x":89,"y":698,"width":862,"height":12}},{"id":"f6404413-fca1-452a-9337-1b55f473f51b","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":156,"box":{"x":89,"y":713,"width":864,"height":12}},{"id":"edff9d6c-1e50-4deb-a8a3-fedfffeb6a50","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":156,"box":{"x":89,"y":728,"width":862,"height":12}},{"id":"92a1bb0e-eaf1-43b7-8fe0-6643cdccb55b","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":156,"box":{"x":89,"y":743,"width":862,"height":12}},{"id":"e9f4bdb8-b671-47a6-ad5e-fbb289be8a56","block_type":"box","text":"and the implications of these, disclosed.","page_number":156,"box":{"x":89,"y":758,"width":279,"height":13}},{"id":"863bbf1c-2667-4e20-8f42-249044b67040","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":156,"box":{"x":89,"y":785,"width":819,"height":12}},{"id":"52f838a0-6f87-4a0a-a366-5014347bb6e9","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal","page_number":156,"box":{"x":89,"y":800,"width":850,"height":12}},{"id":"8395958d-b495-477a-8d7e-19338801e53d","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":156,"box":{"x":89,"y":815,"width":863,"height":12}},{"id":"2a6d9a4c-bfd4-4ad0-b424-faa9c206e9bb","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":156,"box":{"x":88,"y":830,"width":878,"height":12}},{"id":"67a91bc0-9b5c-4537-9e33-a24655ba779c","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":156,"box":{"x":88,"y":845,"width":840,"height":12}},{"id":"358d8f93-53e5-444e-b56a-46be99085304","block_type":"box","text":"external audit process annually.","page_number":156,"box":{"x":89,"y":860,"width":219,"height":13}},{"id":"154884af-beac-4366-934f-9cb5df8bd8fe","block_type":"box","text":"A-11","page_number":156,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"8d9b67df-9b2b-49e3-a07e-dfeadcb01205","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company","page_number":157,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"b697be3e-c740-4776-b08f-87ec622ca4ba","block_type":"box","text":"manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized","page_number":157,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"d093c4f3-a03d-47a4-a748-6e094db0b732","block_type":"box","text":"disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board","page_number":157,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"f94a9962-3ee2-4e03-9f95-8ba9484657cf","block_type":"box","text":"(ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in","page_number":157,"box":{"x":89,"y":89,"width":865,"height":13}},{"id":"37a0d31d-96c3-4a7f-888e-eb6a96b880e8","block_type":"box","text":"preparing such reports.","page_number":157,"box":{"x":89,"y":104,"width":161,"height":13}},{"id":"13b12267-29dd-45f6-b2ee-7479549218ef","block_type":"box","text":"(9)","page_number":157,"box":{"x":252,"y":102,"width":14,"height":8}},{"id":"4c1f9144-e788-4614-aa77-85da0efad600","block_type":"box","text":"However, we do not mandate any specific disclosure framework, and note that companies in","page_number":157,"box":{"x":272,"y":104,"width":647,"height":13}},{"id":"09b30865-e0c1-48cb-942c-f3b9c4d6ba0f","block_type":"box","text":"certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.","page_number":157,"box":{"x":89,"y":119,"width":794,"height":13}},{"id":"64f8e647-60e8-4b69-8a7c-c5205715fc62","block_type":"box","text":"(10)","page_number":157,"box":{"x":885,"y":117,"width":20,"height":8}},{"id":"68523409-91c2-4317-af36-39f92561f919","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":157,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"6666ab42-a973-4784-bf28-b47a78d72faa","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":157,"box":{"x":89,"y":161,"width":797,"height":12}},{"id":"f644b5cf-2129-4181-9c98-4233062654e6","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":157,"box":{"x":89,"y":176,"width":813,"height":13}},{"id":"1d8b0772-e3ca-4591-8fe1-f0dcb1acf74a","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":157,"box":{"x":89,"y":191,"width":532,"height":13}},{"id":"bda25b5c-56c0-4020-9930-d65e542244a9","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":157,"box":{"x":88,"y":218,"width":879,"height":12}},{"id":"65786d42-f148-42e1-beb1-85f566f1a0cc","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":157,"box":{"x":89,"y":233,"width":856,"height":12}},{"id":"2cadc685-e1ba-41b1-b62d-d6c5ffdc5369","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":157,"box":{"x":89,"y":248,"width":850,"height":12}},{"id":"b5add697-f4e9-4de0-b96d-cce1294f5d47","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":157,"box":{"x":89,"y":263,"width":867,"height":12}},{"id":"99515f6c-f054-4383-91c1-060281b2bfff","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":157,"box":{"x":88,"y":278,"width":837,"height":13}},{"id":"4eb854bb-32c9-4c9c-ac95-f69e833281e1","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":157,"box":{"x":89,"y":293,"width":618,"height":13}},{"id":"61a528e0-4287-4aa9-bf56-01c9b77fedf6","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":157,"box":{"x":88,"y":320,"width":824,"height":12}},{"id":"158e6102-0465-47c9-8aa0-c7e5e6d04cc4","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":157,"box":{"x":89,"y":335,"width":826,"height":12}},{"id":"7655fe71-37fe-41d1-901f-2db3036604a3","block_type":"box","text":"statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We","page_number":157,"box":{"x":89,"y":350,"width":856,"height":12}},{"id":"cc53fb8d-1b6c-458b-8976-a0bddd1a1ccb","block_type":"box","text":"may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about","page_number":157,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"b13823eb-ef15-4aaf-bf88-511d71e1f4a9","block_type":"box","text":"the auditor’s independence, the quality of the audit, or there are material misstatements in financial reports and the board","page_number":157,"box":{"x":88,"y":380,"width":854,"height":13}},{"id":"b311c7db-f22f-4694-80ef-85192177c17b","block_type":"box","text":"has not established reasonable remediation plans.","page_number":157,"box":{"x":89,"y":395,"width":349,"height":13}},{"id":"a70c4622-8642-41ef-af2a-8e31955925c7","block_type":"box","text":"Shareholder rights and protections","page_number":157,"box":{"x":88,"y":422,"width":252,"height":12}},{"id":"9ddf924e-e132-41cd-995b-443e73d5b3db","block_type":"box","text":"General shareholder meetings","page_number":157,"box":{"x":105,"y":448,"width":217,"height":13}},{"id":"3cacfb0f-eb79-4bac-831e-b3434f667455","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":157,"box":{"x":89,"y":475,"width":875,"height":12}},{"id":"9e2d91e7-fda9-45fd-9176-2c01240d4293","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":157,"box":{"x":89,"y":490,"width":831,"height":12}},{"id":"6c99cba2-4708-4348-9808-34eace1e1b6a","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":157,"box":{"x":89,"y":505,"width":846,"height":12}},{"id":"496c84fa-5088-44d5-8a0a-cd72862bfd00","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":157,"box":{"x":88,"y":520,"width":823,"height":12}},{"id":"793461bd-8a16-486d-8130-b96544856d11","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":157,"box":{"x":88,"y":535,"width":774,"height":13}},{"id":"0e0876bc-88c6-49d8-ab15-2f0e7a3211e2","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":157,"box":{"x":88,"y":562,"width":877,"height":12}},{"id":"35bae21b-2471-4f0a-9125-c8ba0d10d775","block_type":"box","text":"manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if","page_number":157,"box":{"x":89,"y":577,"width":874,"height":12}},{"id":"b3afdf88-3f7f-4427-b361-ac8f3c87b33d","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":157,"box":{"x":88,"y":592,"width":704,"height":12}},{"id":"3ceca5a6-af65-420d-9632-a79141b2667c","block_type":"box","text":"Bylaw amendments","page_number":157,"box":{"x":106,"y":618,"width":140,"height":13}},{"id":"46afe795-dd04-44a6-835e-26da692d0a9a","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":157,"box":{"x":88,"y":645,"width":860,"height":12}},{"id":"8c53bda5-4b9c-48e9-8a72-06c27f50fe67","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":157,"box":{"x":89,"y":660,"width":873,"height":12}},{"id":"2b52efee-7b16-4cf3-bb53-6eddaeeed578","block_type":"box","text":"to a shareholder vote.","page_number":157,"box":{"x":88,"y":675,"width":151,"height":10}},{"id":"d5a53b3c-605f-48fc-ae72-aa209fd26f2b","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We","page_number":157,"box":{"x":88,"y":702,"width":875,"height":12}},{"id":"3a42f2fb-533a-4133-b24f-8ff99a8f371c","block_type":"box","text":"may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":157,"box":{"x":89,"y":717,"width":703,"height":12}},{"id":"fc543421-14b6-4816-8b0f-0a1de96c3928","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":157,"box":{"x":89,"y":743,"width":876,"height":12}},{"id":"c7c64d7e-c60f-4450-bedb-1b053ecdd92c","block_type":"box","text":"meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":157,"box":{"x":89,"y":758,"width":867,"height":13}},{"id":"d56490fc-f2e5-48a5-9f16-5a37a124f27a","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":157,"box":{"x":89,"y":773,"width":579,"height":13}},{"id":"a36780e4-3c89-4c24-b68e-6df3ca7a21be","block_type":"box","text":"(9) The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the","page_number":157,"box":{"x":89,"y":803,"width":831,"height":10}},{"id":"b68183dd-3f56-4265-8140-6cd0a9eac3ec","block_type":"box","text":"IFRS","page_number":157,"box":{"x":925,"y":803,"width":23,"height":8}},{"id":"32b2290b-6081-437b-b37b-bb0873004ea2","block_type":"box","text":"website to learn more about the framework and standards S1 “General Requirements for Disclosure of Sustainability-related Financial Information”","page_number":157,"box":{"x":121,"y":816,"width":824,"height":9}},{"id":"c5cd4568-226a-4cd4-95be-20a30e7e634e","block_type":"box","text":"and S2 “Climate-related Disclosures.”","page_number":157,"box":{"x":121,"y":828,"width":209,"height":8}},{"id":"a665fb00-6925-4f8a-8646-5a0d91162f35","block_type":"box","text":"(10) See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-st","page_number":157,"box":{"x":89,"y":843,"width":765,"height":10}},{"id":"752494cb-b2bf-4d0a-ab46-486f8df4e1d2","block_type":"box","text":"andards/ and","page_number":157,"box":{"x":855,"y":843,"width":75,"height":8}},{"id":"642d2120-3ab9-468a-ad32-49c5747496e3","block_type":"box","text":"https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and","page_number":157,"box":{"x":121,"y":856,"width":569,"height":10}},{"id":"e7b9e5ea-c347-46ce-9e50-5e03fa0338db","block_type":"box","text":"auditing/company-reporting/corporate-sustainability-reporting_en","page_number":157,"box":{"x":121,"y":868,"width":379,"height":10}},{"id":"b24164cd-0244-475c-b89b-f6a44311289e","block_type":"box","text":"A-12","page_number":157,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"4dfae6b5-24a2-4612-9bfa-35d3bddd5384","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":158,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"df7cc5b8-f69b-4a56-ada1-ffedfc7acb81","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":158,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"48516ba4-d622-4394-ac8e-62d345199a32","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":158,"box":{"x":89,"y":74,"width":756,"height":12}},{"id":"0177eb97-702e-4634-9e84-21171dfced56","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":158,"box":{"x":88,"y":101,"width":878,"height":12}},{"id":"a9c9dbca-38fa-40ec-af51-3e419f059e6c","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":158,"box":{"x":88,"y":116,"width":696,"height":12}},{"id":"38aacea3-8b39-4345-9b48-a88f017603b8","block_type":"box","text":"Change of domicile","page_number":158,"box":{"x":105,"y":142,"width":139,"height":12}},{"id":"cb23d84a-09c7-4f37-8c8b-ff801cc55d9e","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":158,"box":{"x":88,"y":169,"width":842,"height":12}},{"id":"22988c6a-d9af-4b96-8c3c-8fa9a04a1e09","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":158,"box":{"x":89,"y":184,"width":754,"height":12}},{"id":"c7d3b9cb-9398-4d9c-a055-6a624529e2ff","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":158,"box":{"x":88,"y":210,"width":878,"height":13}},{"id":"c4a88e6d-5c9c-4cda-a80c-cb036d161557","block_type":"box","text":"financial interests.","page_number":158,"box":{"x":88,"y":225,"width":126,"height":10}},{"id":"91f74f41-bdf0-4dfb-aa36-352129ce345e","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":158,"box":{"x":105,"y":252,"width":446,"height":12}},{"id":"155cd586-cdfb-4a4e-9388-878f67d9c003","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":158,"box":{"x":89,"y":278,"width":826,"height":13}},{"id":"dd45a4a3-7583-4125-8c95-cfa45bed9f6e","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":158,"box":{"x":89,"y":293,"width":823,"height":13}},{"id":"693fd259-b575-4194-b445-8c38c23ffff5","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":158,"box":{"x":89,"y":308,"width":455,"height":13}},{"id":"afbe42b0-b010-4657-8e89-973f238c8a8e","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":158,"box":{"x":88,"y":335,"width":871,"height":12}},{"id":"a9fdd719-554a-4494-bab0-e671accda8fc","block_type":"box","text":"not provided a credible argument for change.","page_number":158,"box":{"x":89,"y":350,"width":316,"height":12}},{"id":"4524b44c-ba69-40fa-bd3d-953a9a186c9b","block_type":"box","text":"Shareholder proposals","page_number":158,"box":{"x":88,"y":376,"width":163,"height":13}},{"id":"2f9af8dc-4410-43f8-9b1d-6637f90ae938","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":158,"box":{"x":88,"y":403,"width":813,"height":12}},{"id":"8496b19a-9c81-4920-a671-302164c75662","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":158,"box":{"x":89,"y":418,"width":846,"height":12}},{"id":"b6b2d427-2cd0-4bfa-8ff5-db372fd71a60","block_type":"box","text":"majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company’s","page_number":158,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"e4d3ad6c-cbe1-4a82-a91c-8b5917d27771","block_type":"box","text":"business.","page_number":158,"box":{"x":89,"y":448,"width":63,"height":10}},{"id":"1ab73ae3-cec6-41ed-bd51-d67c634e6d62","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":158,"box":{"x":88,"y":475,"width":877,"height":12}},{"id":"067c4838-96a0-4c8e-84db-75e609c9b6dd","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":158,"box":{"x":89,"y":490,"width":861,"height":12}},{"id":"b4d58ebd-c1f9-4671-ac85-8104d9cd7102","block_type":"box","text":"being acted upon might have on financial performance.","page_number":158,"box":{"x":89,"y":505,"width":388,"height":12}},{"id":"d816254c-4362-4329-b6c6-6ab368789f5d","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":158,"box":{"x":89,"y":531,"width":861,"height":13}},{"id":"adb60776-5672-4ef8-9ff0-f222f341f17d","block_type":"box","text":"understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders’ financial","page_number":158,"box":{"x":89,"y":547,"width":844,"height":12}},{"id":"3c867aff-a038-49d0-9f69-e824b86cfd00","block_type":"box","text":"interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned","page_number":158,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"c9acb674-5331-429d-96be-4dba9f6b4cb9","block_type":"box","text":"with our clients’ financial interests. We generally do not support shareholder proposals that are legally binding on the","page_number":158,"box":{"x":88,"y":577,"width":820,"height":12}},{"id":"884605ed-9793-4347-a8af-b5e5f02b2301","block_type":"box","text":"company, seek to alter a company’s strategy or direct its operations, or are unrelated to how a company manages risk or","page_number":158,"box":{"x":89,"y":592,"width":842,"height":12}},{"id":"1fab5bf3-7609-4e55-89e3-f9b54ff38e9a","block_type":"box","text":"generates financial returns.","page_number":158,"box":{"x":89,"y":607,"width":189,"height":12}},{"id":"f41f2131-fe41-4fb7-b803-60bdeffa091d","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations","page_number":158,"box":{"x":89,"y":633,"width":878,"height":13}},{"id":"c9010a6e-75eb-4f89-8b1e-4ef99e2ab46b","block_type":"box","text":"on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":158,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"76c05721-d5e7-4443-82fc-f6b4a7e0c5ba","block_type":"box","text":"shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so,","page_number":158,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"1914759a-7884-4216-8eb2-944ab263b9b1","block_type":"box","text":"on proposals put forth by others.","page_number":158,"box":{"x":89,"y":679,"width":228,"height":12}},{"id":"d0e20754-4051-411b-8aaf-39330f365200","block_type":"box","text":"Corporate political activities","page_number":158,"box":{"x":89,"y":705,"width":202,"height":13}},{"id":"89a05406-c2cd-4928-89b1-3e95a693433d","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they","page_number":158,"box":{"x":88,"y":732,"width":876,"height":12}},{"id":"9f81c00b-b7a7-4dac-95eb-e4582b34125a","block_type":"box","text":"engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to","page_number":158,"box":{"x":89,"y":747,"width":841,"height":12}},{"id":"0467e56d-4442-4552-be8d-8e79d451c90e","block_type":"box","text":"understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate","page_number":158,"box":{"x":89,"y":762,"width":840,"height":12}},{"id":"42c4ff07-53a9-4b96-8f52-0b068e9ac7ef","block_type":"box","text":"political activities and ensure that their participation is consistent with their public statements on policy matters material to","page_number":158,"box":{"x":89,"y":777,"width":862,"height":12}},{"id":"febb2311-263b-426b-b65b-bf1aa35d698b","block_type":"box","text":"the company’s long-term strategy. The board should be aware of the approach taken by management on corporate political","page_number":158,"box":{"x":88,"y":792,"width":866,"height":13}},{"id":"d17815fc-ce9a-46b9-95fb-1f6213f681bb","block_type":"box","text":"activities as there can be reputational risks arising from inconsistencies between a company’s policy engagement and stated","page_number":158,"box":{"x":89,"y":807,"width":871,"height":13}},{"id":"0a9fbf87-7341-4a7c-9ee5-ddc8fdd7940c","block_type":"box","text":"policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may","page_number":158,"box":{"x":89,"y":822,"width":879,"height":13}},{"id":"f5b62322-b50e-4eb0-9ed8-0c606bd3bb42","block_type":"box","text":"engage a company where we would like to better understand its approach to policy engagement, where relevant.","page_number":158,"box":{"x":89,"y":838,"width":791,"height":12}},{"id":"c8aa238e-3fb6-412d-8dba-3c5598099c8b","block_type":"box","text":"A-13","page_number":158,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"fe7b59fb-817a-4a99-bb63-be43ee1e7724","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the","page_number":159,"box":{"x":88,"y":44,"width":860,"height":12}},{"id":"a0edd4e0-f2d2-498a-a949-afe3014f8c25","block_type":"box","text":"policy positions of the trade associations of which they are active members and any engagements undertaken by trade","page_number":159,"box":{"x":89,"y":59,"width":832,"height":12}},{"id":"4877c9c7-14fa-4fdd-a55d-9eff7411548f","block_type":"box","text":"associations on behalf of members.","page_number":159,"box":{"x":89,"y":74,"width":248,"height":10}},{"id":"7d4f15b8-07d7-4b3b-846c-a3bb18a9def8","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are insufficient to","page_number":159,"box":{"x":88,"y":101,"width":870,"height":12}},{"id":"58fc9ec0-8233-4f65-845d-470f62e09485","block_type":"box","text":"address the material risk it has identified.","page_number":159,"box":{"x":89,"y":116,"width":286,"height":9}},{"id":"17aa4ff7-a450-4dcc-b03b-b8e914390e61","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":159,"box":{"x":89,"y":142,"width":387,"height":12}},{"id":"51c435cd-b64e-4139-9f6b-d5a790b59d5d","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In","page_number":159,"box":{"x":88,"y":169,"width":872,"height":12}},{"id":"a6e91f5b-2eff-44ac-a5cb-24d403f39ab1","block_type":"box","text":"our experience, sustainability-related factors","page_number":159,"box":{"x":89,"y":184,"width":310,"height":12}},{"id":"3cca8b15-4c62-4a40-a876-e5c39cbb355d","block_type":"box","text":"(11)","page_number":159,"box":{"x":401,"y":182,"width":20,"height":8}},{"id":"22c0731f-a637-4b84-9123-da8a25970f24","block_type":"box","text":"that are relevant to a company’s business or material to its financial","page_number":159,"box":{"x":426,"y":184,"width":472,"height":12}},{"id":"7c6e5959-3a4b-4741-a293-d807b8688b8f","block_type":"box","text":"performance, are generally operational considerations embedded into day-to-day management systems. Certain","page_number":159,"box":{"x":89,"y":199,"width":787,"height":12}},{"id":"7857cc56-49ac-4a1d-9e6d-f157eb33fbfa","block_type":"box","text":"sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in","page_number":159,"box":{"x":89,"y":214,"width":794,"height":12}},{"id":"e6ba1f24-e3fc-44ce-86bc-eb2b6f857328","block_type":"box","text":"anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.","page_number":159,"box":{"x":89,"y":229,"width":843,"height":12}},{"id":"a6a88408-5a96-4398-bbf7-933e8d34e922","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":159,"box":{"x":88,"y":256,"width":864,"height":12}},{"id":"f3a0bb44-7588-4397-a61f-df9e7a5e234f","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":159,"box":{"x":89,"y":271,"width":862,"height":12}},{"id":"efd90291-aee3-4d87-90f1-e099881c43ab","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":159,"box":{"x":89,"y":286,"width":783,"height":12}},{"id":"b414dbfc-5136-4976-9330-f782b1aac9dc","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":159,"box":{"x":89,"y":301,"width":871,"height":12}},{"id":"fd42c91f-7115-46f7-9caf-ed21d64d09f8","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":159,"box":{"x":89,"y":316,"width":810,"height":12}},{"id":"bba41c7a-0fbc-4d9a-85ff-89f8e77187e2","block_type":"box","text":"investment.","page_number":159,"box":{"x":89,"y":332,"width":80,"height":9}},{"id":"8c526433-fa97-462c-8f5d-c274319b1ed9","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":159,"box":{"x":88,"y":358,"width":834,"height":12}},{"id":"f3558738-6bdc-445b-87bf-256d4796a09d","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":159,"box":{"x":89,"y":373,"width":762,"height":12}},{"id":"52054f88-decf-4c3a-bd9b-050b58fd6b8a","block_type":"box","text":"Key stakeholders","page_number":159,"box":{"x":89,"y":399,"width":121,"height":13}},{"id":"17ee909e-70a6-4398-94c5-96eb2696c914","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":159,"box":{"x":89,"y":426,"width":842,"height":12}},{"id":"d9bcdbfa-a799-496e-b801-323532e959c8","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":159,"box":{"x":89,"y":441,"width":858,"height":12}},{"id":"1e4c217c-d074-430d-9c48-bdc2c0eea53a","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":159,"box":{"x":88,"y":456,"width":843,"height":12}},{"id":"e02d9512-dc2f-4947-b8bc-7565147d4f70","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":159,"box":{"x":89,"y":471,"width":872,"height":12}},{"id":"8a752eec-f758-4fc7-8a76-85908794f969","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":159,"box":{"x":89,"y":486,"width":865,"height":12}},{"id":"e760c14b-5433-4a97-a489-50eae1a89ed8","block_type":"box","text":"be financially resilient over time.","page_number":159,"box":{"x":89,"y":501,"width":223,"height":13}},{"id":"9e12d0a7-f270-45e2-86ec-ce0c39569ecf","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":159,"box":{"x":89,"y":528,"width":367,"height":12}},{"id":"802e9018-eee9-43c0-bd81-4a9a48621029","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":159,"box":{"x":89,"y":554,"width":847,"height":12}},{"id":"5210e3f5-015c-467d-9de8-ded6ab599862","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":159,"box":{"x":88,"y":569,"width":875,"height":13}},{"id":"7d92d1c6-fd79-487c-b635-b9a6c43262fb","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":159,"box":{"x":89,"y":584,"width":864,"height":13}},{"id":"2c5bd8ec-d558-462d-838f-3b86f7af4f9f","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":159,"box":{"x":88,"y":599,"width":878,"height":13}},{"id":"4f7caf82-83b3-45fb-8e91-686a60326c2a","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":159,"box":{"x":88,"y":615,"width":849,"height":12}},{"id":"7abffa64-3d8e-4603-a35c-8e5669523563","block_type":"box","text":"levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings.","page_number":159,"box":{"x":89,"y":630,"width":875,"height":12}},{"id":"13313f34-96ed-4e8e-bbbc-7e1d4f69b3df","block_type":"box","text":"Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection","page_number":159,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"e60a6345-3171-42e1-84cb-8edc98224f82","block_type":"box","text":"and approval by the applicable fund board or client.","page_number":159,"box":{"x":89,"y":660,"width":358,"height":12}},{"id":"2f748436-2998-43b3-ba8f-8d14c7c73b9a","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":159,"box":{"x":88,"y":686,"width":874,"height":13}},{"id":"f8e84f08-8f06-4afb-b101-34535a0d9694","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":159,"box":{"x":88,"y":702,"width":867,"height":12}},{"id":"520e040a-7adb-430d-900a-f0557871563e","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":159,"box":{"x":89,"y":717,"width":872,"height":12}},{"id":"3623f3e1-d257-4d25-be26-ae6bb6ba0af9","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is","page_number":159,"box":{"x":88,"y":732,"width":870,"height":12}},{"id":"b086324b-1a37-43f3-93c9-34a7e8c6a80b","block_type":"box","text":"helpful to investors’ understanding when these disclosures include an explanation of the decarbonization scenarios a","page_number":159,"box":{"x":89,"y":747,"width":819,"height":12}},{"id":"18f88a82-43a9-4548-ab32-bbb6e8884d60","block_type":"box","text":"(11) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mo","page_number":159,"box":{"x":89,"y":793,"width":824,"height":10}},{"id":"1b6c1922-4be5-4728-94be-25e84fa4f6f6","block_type":"box","text":"del that","page_number":159,"box":{"x":914,"y":793,"width":42,"height":8}},{"id":"28c7111c-2c50-478d-bd82-693b2ae55c45","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":159,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"9bda4d81-1c89-4b06-a658-d0ef266dac49","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":159,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"9dc53b8b-ef3c-422f-b5fd-49847dcbfc2a","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":159,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"ccf6eab0-b185-4109-a5fc-a6805fc51003","block_type":"box","text":"e","page_number":159,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"f6dc5629-659d-4324-9c8e-ccf50adf1098","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":159,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"de021054-a93f-47df-8ec7-b00df960e4a4","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":159,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"5a506a18-f2a5-4c4f-adff-1e1a584dcde9","block_type":"box","text":"onsider","page_number":159,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"e0a85da0-435d-4364-bcc8-60762f8962fc","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":159,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"5e7a7569-a365-482c-a53b-fb9fe07747c7","block_type":"box","text":"A-14","page_number":159,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"dacdcbe2-fb5c-46ef-ae94-7c81a4a344b4","block_type":"box","text":"company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas","page_number":160,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"9dbaa211-51da-4f2f-bf41-c93ee109bdec","block_type":"box","text":"(GHG) emissions and reduction targets for scope 1 and 2 emissions.","page_number":160,"box":{"x":89,"y":59,"width":477,"height":12}},{"id":"b716c1a4-3696-4ffb-9cf4-ae366e4d0171","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":160,"box":{"x":89,"y":85,"width":875,"height":13}},{"id":"cf5c5fcb-88df-450b-8bac-ce8a2b17b16e","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material","page_number":160,"box":{"x":89,"y":101,"width":820,"height":12}},{"id":"47b9a26d-1ccb-4523-9ccf-170b841c883f","block_type":"box","text":"climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We","page_number":160,"box":{"x":89,"y":116,"width":854,"height":12}},{"id":"37d6760f-4bb3-4b76-8ee6-9ae58fe08ecc","block_type":"box","text":"may recommend supporting shareholder proposals seeking information relevant to a company’s stated low-carbon transition","page_number":160,"box":{"x":89,"y":131,"width":878,"height":12}},{"id":"4b5b2bc4-1be8-4760-8413-4fbef3cbe082","block_type":"box","text":"strategy or targets that the company does not currently provide and that would be helpful to investment decision-making.","page_number":160,"box":{"x":89,"y":146,"width":855,"height":12}},{"id":"c53034c7-23f4-4102-a08a-e77d229ee765","block_type":"box","text":"We would not recommend support for shareholder proposals that seek to constrain board or management decision-making","page_number":160,"box":{"x":88,"y":161,"width":869,"height":12}},{"id":"ad628760-6191-4a44-8647-beced5107e35","block_type":"box","text":"or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are","page_number":160,"box":{"x":89,"y":176,"width":862,"height":13}},{"id":"f9486cd1-ccfd-477d-ab17-0f695c7bd11d","block_type":"box","text":"ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts","page_number":160,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"f92d9626-ddb0-4d19-aaf6-a1ea24cec93d","block_type":"box","text":"in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS’ benchmark","page_number":160,"box":{"x":89,"y":206,"width":859,"height":13}},{"id":"ec9d1927-04b6-4cab-892f-0dca2e3dca0f","block_type":"box","text":"guidelines.","page_number":160,"box":{"x":89,"y":222,"width":73,"height":12}},{"id":"ae73dd37-d27a-4ab1-89ae-bfadf409d99d","block_type":"box","text":"Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment","page_number":160,"box":{"x":88,"y":248,"width":834,"height":12}},{"id":"13880de8-3164-4147-9392-7375a9b9728e","block_type":"box","text":"strategies","page_number":160,"box":{"x":89,"y":264,"width":69,"height":11}},{"id":"c793ee56-6212-43bb-a08c-0a08d753d884","block_type":"box","text":"Oversight","page_number":160,"box":{"x":105,"y":290,"width":69,"height":12}},{"id":"5541f085-a6d1-458e-abcd-40bdafdcf221","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":160,"box":{"x":88,"y":316,"width":865,"height":12}},{"id":"42625d13-96b6-4230-a134-baeedf513b5b","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the “Guidelines”), which","page_number":160,"box":{"x":88,"y":331,"width":835,"height":12}},{"id":"9500d994-77b0-405b-91d1-1e8e548a7a11","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":160,"box":{"x":89,"y":346,"width":878,"height":13}},{"id":"41b27909-fa7b-4fd4-9841-d453f0162344","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":160,"box":{"x":88,"y":361,"width":868,"height":13}},{"id":"8ac5a6fe-b0fb-4485-a9d4-c37e5567302d","block_type":"box","text":"reporting lines, and oversight.","page_number":160,"box":{"x":89,"y":376,"width":207,"height":13}},{"id":"3d089dd3-e77d-4c1c-a0e4-c5e7e0d8ad40","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock’s legal,","page_number":160,"box":{"x":88,"y":403,"width":854,"height":12}},{"id":"e09c2c6c-7723-4992-90c5-812e76a3560d","block_type":"box","text":"public policy, sustainability and communications teams, helps shape the firm’s approach to investment stewardship on non","page_number":160,"box":{"x":89,"y":418,"width":869,"height":12}},{"id":"d0ac779d-dcbc-4cf3-8a93-cd0617dc35ea","block_type":"box","text":"index equity investment strategies. The Group may advise on and review amendments to BAIS’ policies and practices. It does","page_number":160,"box":{"x":89,"y":433,"width":874,"height":13}},{"id":"a7d4215b-831f-4f1a-b05d-ab4e0c91f715","block_type":"box","text":"not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":160,"box":{"x":89,"y":448,"width":753,"height":13}},{"id":"2b027533-cd69-46ef-93fd-896cc0f634a2","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":160,"box":{"x":89,"y":475,"width":862,"height":12}},{"id":"1ed66c17-b556-47e4-a01f-645800090648","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":160,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"f68c73e6-b07f-4dab-a572-658569452122","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":160,"box":{"x":89,"y":505,"width":874,"height":12}},{"id":"134a9b1f-299b-492b-b0e7-5aaecb184876","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":160,"box":{"x":89,"y":520,"width":878,"height":12}},{"id":"7610a5fd-bc76-4ada-87ad-d549c3a30496","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":160,"box":{"x":89,"y":535,"width":807,"height":13}},{"id":"a2064e8d-4e95-4b7d-a35e-f2d7b0a029b5","block_type":"box","text":"Voting guidelines and vote execution","page_number":160,"box":{"x":104,"y":562,"width":267,"height":12}},{"id":"d8a989b0-9bc8-4cc9-882e-914d464a28ad","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":160,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"ee997c4d-f0d9-4f4b-84b4-200920de4781","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":160,"box":{"x":88,"y":603,"width":863,"height":13}},{"id":"a7d28bc0-e875-4cc9-8586-09ecf45daef8","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":160,"box":{"x":88,"y":618,"width":863,"height":13}},{"id":"c976c400-238f-4d65-bb31-c1cb0668c47b","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":160,"box":{"x":88,"y":633,"width":877,"height":13}},{"id":"c9f3fb5d-afc5-4fa4-a458-10ad7ff548bb","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":160,"box":{"x":88,"y":649,"width":848,"height":12}},{"id":"666e5538-c4ce-4440-b8a2-16285e36a557","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":160,"box":{"x":89,"y":664,"width":841,"height":12}},{"id":"73b1f62a-d1b4-419b-8a0e-f4db856b1b29","block_type":"box","text":"below).","page_number":160,"box":{"x":89,"y":679,"width":50,"height":12}},{"id":"230ea4ea-c8e9-4e6a-9b15-e445c5c27e4c","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":160,"box":{"x":88,"y":705,"width":859,"height":13}},{"id":"d08da793-60cc-4b98-8536-04533b463f99","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":160,"box":{"x":89,"y":720,"width":846,"height":13}},{"id":"188377a4-4a9d-47ba-be69-bcc76cca1635","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":160,"box":{"x":89,"y":736,"width":619,"height":12}},{"id":"8432285b-f27f-4d36-bcf7-fa74c804eb5b","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":160,"box":{"x":88,"y":762,"width":862,"height":12}},{"id":"0fa7ccf4-7189-4a43-b967-5def82048ec1","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":160,"box":{"x":89,"y":777,"width":863,"height":12}},{"id":"22706bd1-0888-46dd-9b5a-b45e5f2da804","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":160,"box":{"x":89,"y":792,"width":827,"height":13}},{"id":"09f9fe9d-aadc-499c-81b8-2ac31ddf0625","block_type":"box","text":"insight into how we typically approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed","page_number":160,"box":{"x":89,"y":807,"width":840,"height":13}},{"id":"0a94bf97-b361-410b-adcf-5df34030a3c5","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":160,"box":{"x":89,"y":822,"width":826,"height":13}},{"id":"03cada66-18d4-4f68-87d4-1f2241a9ebb8","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":160,"box":{"x":88,"y":838,"width":854,"height":12}},{"id":"5cccc517-1969-4fb0-ae0a-4bb7ec474b40","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":160,"box":{"x":89,"y":853,"width":452,"height":12}},{"id":"cef5ba2f-050a-491e-9660-2aeafb2e165b","block_type":"box","text":"A-15","page_number":160,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"dea88b06-ff25-4c11-834e-6e8eb0e94451","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":161,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"f7d1c31c-4950-4b90-acaf-79d2fea7825a","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":161,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"00691cde-e633-4309-a1ee-14be0c14a267","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":161,"box":{"x":89,"y":74,"width":804,"height":12}},{"id":"a7135b96-82b1-4a62-ad55-838d231d14c1","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at","page_number":161,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"573781d6-9b97-492d-b86d-cd7bd059bb87","block_type":"box","text":"which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating","page_number":161,"box":{"x":88,"y":104,"width":859,"height":13}},{"id":"5faf187e-2f36-4507-8eb3-bdebbc96d38e","block_type":"box","text":"the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting","page_number":161,"box":{"x":88,"y":119,"width":872,"height":13}},{"id":"72b8d71b-aa5f-407c-93ec-a99ce72beb8d","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":161,"box":{"x":89,"y":135,"width":807,"height":12}},{"id":"394d4cec-592f-4ae5-9b8f-4ca7a9dfac3b","block_type":"box","text":"burdensome administrative requirements.","page_number":161,"box":{"x":89,"y":150,"width":292,"height":12}},{"id":"8c4ab2ff-acfd-43b6-8b7e-7333f2dbd7a3","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":161,"box":{"x":89,"y":176,"width":878,"height":13}},{"id":"fe6b0b5e-8b0e-4f3e-8254-6a5816b35470","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":161,"box":{"x":89,"y":191,"width":869,"height":13}},{"id":"3d8cbc3d-3a0b-4294-8b8f-85af2959daaa","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":161,"box":{"x":89,"y":206,"width":878,"height":13}},{"id":"8fdbf75e-8fe6-4809-bb20-5a9a6dab84bf","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":161,"box":{"x":89,"y":222,"width":397,"height":12}},{"id":"6209b000-fafd-4ace-a017-4873a7a75e87","block_type":"box","text":"Voting Choice","page_number":161,"box":{"x":104,"y":248,"width":101,"height":12}},{"id":"608caaec-f1d2-476b-ab9c-9964f397c6d4","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":161,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"9c3c3b30-c2b8-4977-8010-d3500bacfb70","block_type":"box","text":"voting process where legally and operationally viable.","page_number":161,"box":{"x":88,"y":290,"width":373,"height":12}},{"id":"5dcff3f4-a8a6-4103-85aa-c456dd79ab7d","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":161,"box":{"x":88,"y":316,"width":823,"height":12}},{"id":"3ae815f1-5954-459a-a652-dbd414d7b85e","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":161,"box":{"x":89,"y":331,"width":832,"height":12}},{"id":"57b5bc9a-09ed-432e-910c-8efe98d4925c","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":161,"box":{"x":89,"y":346,"width":760,"height":13}},{"id":"a26a9267-5fa2-4233-9f3a-4d516a7d67ec","block_type":"box","text":"(12)","page_number":161,"box":{"x":855,"y":344,"width":20,"height":8}},{"id":"5f9a85d5-19a1-4f7b-850d-91219882ff3a","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":161,"box":{"x":88,"y":373,"width":880,"height":12}},{"id":"2c9563bc-f2ca-46e1-addc-02cbfeec6ca1","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":161,"box":{"x":89,"y":388,"width":833,"height":12}},{"id":"e76ab9c0-e140-40de-a456-297f73a34231","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":161,"box":{"x":89,"y":403,"width":863,"height":12}},{"id":"c2a4866a-6fe6-49f9-9d88-5c85ce00bf2e","block_type":"box","text":"because of Voting Choice.","page_number":161,"box":{"x":89,"y":418,"width":180,"height":12}},{"id":"52c4f296-9c03-44c8-9fc5-153ee5336784","block_type":"box","text":"(13)","page_number":161,"box":{"x":271,"y":416,"width":20,"height":8}},{"id":"7f6951ef-cb09-46b4-8b7a-7bf5322bcc14","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":161,"box":{"x":105,"y":445,"width":400,"height":12}},{"id":"fb437e23-4c17-410e-ae07-5235ca04a727","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":161,"box":{"x":88,"y":471,"width":877,"height":12}},{"id":"73ababfe-3060-4c42-b9a8-82f2e3bce74c","block_type":"box","text":"as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to","page_number":161,"box":{"x":89,"y":486,"width":873,"height":12}},{"id":"0ad793ff-3037-45d6-8eb8-8b04ce27ee50","block_type":"box","text":"supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis’ research and analysis","page_number":161,"box":{"x":89,"y":501,"width":871,"height":13}},{"id":"8ea967b0-a920-452e-876e-73e1fbc93292","block_type":"box","text":"as an input into our voting process. It is important to note that, although proxy research firms provide important data and","page_number":161,"box":{"x":89,"y":516,"width":851,"height":13}},{"id":"9578816f-45fd-4340-ae18-ef8dddbfbf70","block_type":"box","text":"analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company’s disclosures, our","page_number":161,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"c4757e84-d700-4db2-a3d0-8d012fbf36bd","block_type":"box","text":"engagements and voting, investment colleagues’ insights and our Guidelines are important inputs into our voting decisions","page_number":161,"box":{"x":89,"y":547,"width":863,"height":12}},{"id":"a6c34ee1-6987-4de4-a96e-9b24dec628ad","block_type":"box","text":"on behalf of clients.","page_number":161,"box":{"x":89,"y":562,"width":136,"height":9}},{"id":"3f848f32-92f6-4f54-ad7c-dad000a131a1","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":161,"box":{"x":89,"y":588,"width":824,"height":12}},{"id":"77b3f6f2-d124-4874-96ad-4bd9c2daf24f","block_type":"box","text":"process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder meeting agenda are","page_number":161,"box":{"x":89,"y":603,"width":877,"height":13}},{"id":"322c3a47-0588-4021-b17a-79153a03a382","block_type":"box","text":"routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio","page_number":161,"box":{"x":89,"y":618,"width":868,"height":13}},{"id":"8e42b3b1-1219-4b27-a785-4d923ad60256","block_type":"box","text":"managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to","page_number":161,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"b061ed5f-fed2-49fb-aa55-3ad1c30fae7c","block_type":"box","text":"the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company","page_number":161,"box":{"x":88,"y":649,"width":841,"height":12}},{"id":"d786c8de-f223-4d4f-aa37-49098cea373f","block_type":"box","text":"announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy","page_number":161,"box":{"x":89,"y":664,"width":856,"height":12}},{"id":"7d9944e7-7586-4b76-8be0-88a53e023dcc","block_type":"box","text":"materials that may require a modification of votes.","page_number":161,"box":{"x":89,"y":679,"width":352,"height":12}},{"id":"c30c0826-f5ba-4028-bca7-1416dd5e1b14","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":161,"box":{"x":89,"y":705,"width":850,"height":13}},{"id":"1c5129b8-dcfc-46cc-93b2-2025458cb42d","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":161,"box":{"x":89,"y":720,"width":872,"height":13}},{"id":"4088630b-52b7-47fe-9cda-d04dc87d395f","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":161,"box":{"x":89,"y":736,"width":869,"height":12}},{"id":"587a1863-a412-4c18-8608-14aae8785910","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":161,"box":{"x":89,"y":751,"width":584,"height":12}},{"id":"7ec6c188-258c-45c1-a9b2-7ba9ab62326b","block_type":"box","text":"(12) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with t","page_number":161,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"fd13ba68-38d9-433b-9ea2-4e890511937c","block_type":"box","text":"heir","page_number":161,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"d57313cd-4b36-49e3-905a-129709a1c3ff","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":161,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"10ff92a6-cc81-42da-bf57-b557833f226e","block_type":"box","text":"(13) BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":161,"box":{"x":89,"y":868,"width":676,"height":10}},{"id":"c30775af-0619-4dd6-b58a-80b13c89c728","block_type":"box","text":"A-16","page_number":161,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b3009dd6-3813-4ac4-9a5c-01e14514c878","block_type":"box","text":"Conflicts management policies and procedures","page_number":162,"box":{"x":105,"y":44,"width":340,"height":12}},{"id":"1bb81a31-a1bf-4a85-94b5-9120d528d3e5","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting activity. Such","page_number":162,"box":{"x":89,"y":70,"width":826,"height":13}},{"id":"9ad2997a-f3d6-49e9-b0e3-ee11e1182c27","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":162,"box":{"x":89,"y":85,"width":829,"height":13}},{"id":"86e31924-53e7-486b-b674-3d5086b4f65f","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":162,"box":{"x":89,"y":101,"width":855,"height":12}},{"id":"4f474f87-2e26-4444-b159-9e87de7ebb0f","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":162,"box":{"x":89,"y":116,"width":459,"height":12}},{"id":"97639af1-05e1-40ea-938e-ddc4735a59c1","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":162,"box":{"x":121,"y":136,"width":676,"height":12}},{"id":"99461314-50a7-451a-9ee9-7ff743407f34","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":162,"box":{"x":121,"y":156,"width":781,"height":12}},{"id":"39dd7f56-2c1e-49f1-b2cf-3d20f0b5a5ae","block_type":"box","text":"resolutions","page_number":162,"box":{"x":154,"y":171,"width":76,"height":10}},{"id":"07b6d0ea-0064-4cb1-8887-3b8a48dd8b4e","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":162,"box":{"x":121,"y":191,"width":785,"height":13}},{"id":"c768f8b5-f7b3-4f80-9072-7dd6ea4fff9e","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":162,"box":{"x":121,"y":211,"width":780,"height":13}},{"id":"17c8d51d-0a5c-400d-b83a-9f86d9b32108","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":162,"box":{"x":121,"y":232,"width":714,"height":12}},{"id":"37cdb67b-ff33-4b51-9ef0-804fd5e87117","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":162,"box":{"x":121,"y":252,"width":801,"height":12}},{"id":"9991f755-98e7-4ce4-952d-cebc62d471ea","block_type":"box","text":"managed by BlackRock","page_number":162,"box":{"x":154,"y":267,"width":162,"height":12}},{"id":"99397e75-8945-47e4-989c-4f7917dde518","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":162,"box":{"x":89,"y":293,"width":839,"height":13}},{"id":"e9a636f7-372a-458d-aeeb-d248feb2ea22","block_type":"box","text":"• Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the companies","page_number":162,"box":{"x":121,"y":313,"width":843,"height":13}},{"id":"adb68994-c023-464b-93c1-8a1bbe3b95cf","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":162,"box":{"x":154,"y":329,"width":294,"height":9}},{"id":"032f0ad7-8bce-4e66-ac70-93930365590b","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business","page_number":162,"box":{"x":121,"y":349,"width":835,"height":12}},{"id":"e4705739-5faa-4cf2-8ca1-26af8b39727f","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":162,"box":{"x":154,"y":364,"width":777,"height":12}},{"id":"b9cc2023-915e-4565-8675-b6dce136497a","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":162,"box":{"x":154,"y":379,"width":797,"height":12}},{"id":"0eb3f8db-c034-46b0-b283-b76a3555b78b","block_type":"box","text":"with such parties. Clients or business partners are not given preferential treatment or differentiated access. BAIS","page_number":162,"box":{"x":153,"y":394,"width":783,"height":12}},{"id":"ba969c82-bdf1-4292-bd6c-3efbd296b25e","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":162,"box":{"x":154,"y":409,"width":803,"height":13}},{"id":"82403329-ab69-41d4-b828-7f5799cc385f","block_type":"box","text":"a more informed voting decision or to better understand a company’s perspectives on financially material risks and","page_number":162,"box":{"x":154,"y":424,"width":805,"height":13}},{"id":"c7cfe5a3-ac79-4c8b-b065-b6d4b0f499e4","block_type":"box","text":"opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business","page_number":162,"box":{"x":154,"y":439,"width":779,"height":13}},{"id":"4c481ab4-c493-406a-b058-4ba9638b04dd","block_type":"box","text":"partners and/or third parties, and/or with employees with sales, vendor management, or business partnership","page_number":162,"box":{"x":154,"y":455,"width":773,"height":12}},{"id":"a26a4443-6a2a-487f-8c12-b7e9f1f124ed","block_type":"box","text":"roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting","page_number":162,"box":{"x":154,"y":470,"width":807,"height":12}},{"id":"eca15b1e-2d08-46d6-a2db-7b321c4a6e87","block_type":"box","text":"needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":162,"box":{"x":154,"y":485,"width":567,"height":12}},{"id":"fc03ab76-d242-46bb-b379-c174313bcaf9","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":162,"box":{"x":121,"y":505,"width":846,"height":12}},{"id":"9dc618a3-2f70-4d69-9814-94c73631a51e","block_type":"box","text":"recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory","page_number":162,"box":{"x":154,"y":520,"width":789,"height":12}},{"id":"0ea0dec2-40a7-421f-8a3f-093df1e29b7a","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":162,"box":{"x":154,"y":535,"width":780,"height":13}},{"id":"bec6918a-90e5-42ed-a645-735d80e739ae","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":162,"box":{"x":154,"y":550,"width":793,"height":13}},{"id":"ad8e75e4-0b42-448b-ae0c-7a00d10404b7","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":162,"box":{"x":154,"y":565,"width":799,"height":13}},{"id":"146b3291-2d56-4bbe-9c0b-f89e9db65e81","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":162,"box":{"x":154,"y":581,"width":790,"height":12}},{"id":"a7398688-bae8-4751-8962-8ec440ccafb6","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for certain perceived","page_number":162,"box":{"x":154,"y":596,"width":813,"height":12}},{"id":"fd80f635-bb09-47de-881b-a9f049e3981d","block_type":"box","text":"or potential conflicts of interest, including:","page_number":162,"box":{"x":154,"y":611,"width":295,"height":12}},{"id":"21791d6b-2dc1-4b44-b610-b7e7355eaef5","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":162,"box":{"x":187,"y":631,"width":592,"height":12}},{"id":"468eb810-85b9-4b10-af5d-14278abeab41","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":162,"box":{"x":187,"y":651,"width":761,"height":12}},{"id":"54daddca-3124-4e35-9119-7add3b812102","block_type":"box","text":"the board of directors","page_number":162,"box":{"x":218,"y":666,"width":152,"height":10}},{"id":"39f72bcc-543c-4af2-833e-5bba9b31503e","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":162,"box":{"x":187,"y":686,"width":646,"height":13}},{"id":"b0e3285c-8081-4962-85cc-ca26572f3b6d","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":162,"box":{"x":187,"y":707,"width":513,"height":12}},{"id":"a46828a9-6945-4ceb-b6bc-b9f79b0e0268","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":162,"box":{"x":187,"y":727,"width":764,"height":12}},{"id":"9422865b-2318-45dc-b92a-15a22b7d3fae","block_type":"box","text":"party voting service provider","page_number":162,"box":{"x":219,"y":742,"width":199,"height":12}},{"id":"bd0c7bcd-5eb5-418a-8807-0abeb15ede35","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":162,"box":{"x":89,"y":768,"width":873,"height":13}},{"id":"c9909351-2648-45cd-85ed-2f6aab7402af","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":162,"box":{"x":89,"y":783,"width":826,"height":13}},{"id":"20e2c293-a928-4474-8b33-4519e3edd0f1","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":162,"box":{"x":89,"y":799,"width":836,"height":12}},{"id":"14945fed-1cda-4f50-9a3c-3f161361b8ed","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":162,"box":{"x":89,"y":814,"width":829,"height":12}},{"id":"68906987-1e4b-4365-8544-02a70d460e4c","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.","page_number":162,"box":{"x":89,"y":829,"width":725,"height":12}},{"id":"046ab641-dd32-496a-8bb3-79b7848aab5c","block_type":"box","text":"A-17","page_number":162,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"7ed8c7c0-e485-4840-94cc-fbcb18799294","block_type":"box","text":"Securities lending","page_number":163,"box":{"x":105,"y":44,"width":128,"height":12}},{"id":"ff6c2d22-60bc-4d61-b69e-e060654e05e2","block_type":"box","text":"If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated","page_number":163,"box":{"x":89,"y":70,"width":825,"height":13}},{"id":"6ec27c35-d918-4e76-8d49-c459d016d116","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may","page_number":163,"box":{"x":89,"y":85,"width":860,"height":13}},{"id":"ff903881-c18a-4cfd-882e-b4a4b5e86f2c","block_type":"box","text":"allow fund providers to offset fund expenses.","page_number":163,"box":{"x":89,"y":101,"width":314,"height":12}},{"id":"7723bac2-6121-462f-b8aa-3dfcf1d6741a","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":163,"box":{"x":88,"y":127,"width":867,"height":12}},{"id":"2b08a06e-cf81-442c-9af5-fb84655de487","block_type":"box","text":"determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients","page_number":163,"box":{"x":89,"y":142,"width":864,"height":12}},{"id":"4ccf7a73-325f-4022-97d8-f5df98004c4f","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall","page_number":163,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"8cba8e10-8b1d-4ed6-a670-b4dc497fe515","block_type":"box","text":"securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various","page_number":163,"box":{"x":89,"y":172,"width":836,"height":13}},{"id":"7d2881c5-1ad1-4698-b63b-618201d1ef53","block_type":"box","text":"factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term","page_number":163,"box":{"x":88,"y":188,"width":860,"height":12}},{"id":"e9d8111a-dfef-4208-a636-572053c61a71","block_type":"box","text":"financial value to clients of voting those securities (based on the information available at the time of recall consideration).","page_number":163,"box":{"x":88,"y":203,"width":850,"height":12}},{"id":"5d2a9c21-0987-427f-9fda-870fc1be5b95","block_type":"box","text":"BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and","page_number":163,"box":{"x":89,"y":218,"width":851,"height":12}},{"id":"cabc2153-20fe-4c2e-b0ba-afd770dc1aba","block_type":"box","text":"benefits to clients of recalling shares on loan.","page_number":163,"box":{"x":89,"y":233,"width":314,"height":12}},{"id":"32b0cc51-fd31-4b6a-b5a7-59c3538ffb9d","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would","page_number":163,"box":{"x":89,"y":259,"width":851,"height":13}},{"id":"9b1b9d1e-abaf-40ac-b4f5-66d331a3ea6a","block_type":"box","text":"not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent","page_number":163,"box":{"x":89,"y":274,"width":816,"height":13}},{"id":"c6ce4867-befb-4445-a048-8392a547b6ec","block_type":"box","text":"business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would","page_number":163,"box":{"x":89,"y":290,"width":867,"height":12}},{"id":"99eb3833-474d-4620-8c29-341e25d980aa","block_type":"box","text":"therefore recall shares to be voted in those instances.","page_number":163,"box":{"x":88,"y":305,"width":372,"height":9}},{"id":"08e5a025-4e2e-4890-bbaf-d57f2d119f99","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":163,"box":{"x":89,"y":331,"width":840,"height":12}},{"id":"3d5ad764-f378-41e7-8933-6514294b95be","block_type":"box","text":"modify it as necessary.","page_number":163,"box":{"x":89,"y":346,"width":156,"height":13}},{"id":"a5c51bf8-deba-4cec-9941-3aaa6375ba75","block_type":"box","text":"Reporting and vote transparency","page_number":163,"box":{"x":106,"y":373,"width":236,"height":12}},{"id":"e81b8928-f0c2-4968-9477-83ad80c62dda","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our","page_number":163,"box":{"x":89,"y":399,"width":803,"height":13}},{"id":"e2cca35e-2837-4f82-adb7-7d292b1e85d1","block_type":"box","text":"engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":163,"box":{"x":89,"y":414,"width":758,"height":13}},{"id":"0aff0996-1834-4768-8d24-67bccca5fb51","block_type":"box","text":"Want to know more?","page_number":163,"box":{"x":88,"y":441,"width":149,"height":9}},{"id":"91bad8bf-2a9c-4166-adf6-c9a3eb11c497","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":163,"box":{"x":89,"y":467,"width":511,"height":13}},{"id":"31add7f3-0b4f-4e7d-b955-68e32f8c11cd","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is at the","page_number":163,"box":{"x":88,"y":494,"width":855,"height":12}},{"id":"234e2c0e-cb6e-4678-90fb-453abf335f4a","block_type":"box","text":"sole discretion of the reader.","page_number":163,"box":{"x":89,"y":509,"width":196,"height":9}},{"id":"d738a916-b8dd-43c8-a80e-1a142f69de81","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":163,"box":{"x":89,"y":535,"width":190,"height":13}},{"id":"c6b00512-4669-437e-b36b-7cb40abf136c","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":163,"box":{"x":89,"y":562,"width":290,"height":12}},{"id":"0de2d62a-e650-4518-b561-3a5697c0a15a","block_type":"box","text":"BLACKROCK","page_number":163,"box":{"x":385,"y":562,"width":89,"height":9}},{"id":"ebeb87ee-6efe-4832-a9bf-51e046afa085","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":163,"box":{"x":479,"y":562,"width":450,"height":11}},{"id":"8162a034-fac4-4053-a067-7955ff6d1e53","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":163,"box":{"x":88,"y":577,"width":558,"height":12}},{"id":"8225b86b-02f2-43e8-b84a-83d52f452dbb","block_type":"box","text":"A-18","page_number":163,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"65237be2-3324-47d6-8ac8-6d88512de803","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":164,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"5b51edf0-099e-4fdd-a94f-f3fb5d97650a","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":164,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"21bf53cf-c5f4-44fe-ba64-385dbea14139","block_type":"box","text":"Effective Date: January 1, 2025","page_number":164,"box":{"x":106,"y":114,"width":217,"height":13}},{"id":"0fca10af-e10b-469e-9381-58d1fc2832e7","block_type":"box","text":"Last Review Date: September 16, 2025","page_number":164,"box":{"x":106,"y":141,"width":275,"height":12}},{"id":"1a0bc629-0152-449c-a88d-60e9f434a45b","block_type":"box","text":"________________________________________","page_number":164,"box":{"x":88,"y":178,"width":326,"height":0}},{"id":"7317ac3c-5bb0-4d00-a668-2e568a0a9c4c","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":164,"box":{"x":88,"y":194,"width":507,"height":12}},{"id":"ddf89134-5ec8-498e-9f79-397ee5b75d33","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":164,"box":{"x":110,"y":220,"width":391,"height":13}},{"id":"6050061c-970e-45a7-a4f9-33a7e46e9e1d","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":247,"width":14,"height":12}},{"id":"4edc773f-7a47-491c-b8f1-f3e185a2489a","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":164,"box":{"x":109,"y":247,"width":596,"height":12}},{"id":"dbc30b2c-a799-4311-b561-92c2cd6a8b93","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":274,"width":14,"height":11}},{"id":"ff0f6e50-51bc-4bf2-9019-c75807f12ec7","block_type":"box","text":"Money Market Funds","page_number":164,"box":{"x":109,"y":273,"width":148,"height":13}},{"id":"0d297b59-5e90-448f-bed5-7831cc4298f5","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":300,"width":14,"height":12}},{"id":"9b570e6f-425c-4008-90a5-50ae23bc682c","block_type":"box","text":"Closed-End Funds","page_number":164,"box":{"x":109,"y":300,"width":126,"height":9}},{"id":"8c6c08e9-5113-4d29-a444-401038bc0be3","block_type":"box","text":"□","page_number":164,"box":{"x":89,"y":327,"width":14,"height":11}},{"id":"76c76069-98d9-49bd-ba2c-9fb28dec6907","block_type":"box","text":"Other","page_number":164,"box":{"x":109,"y":326,"width":40,"height":10}},{"id":"5b5ccb4e-b048-442f-a79c-221ad3afa7ae","block_type":"box","text":"________________________________________","page_number":164,"box":{"x":88,"y":363,"width":326,"height":1}},{"id":"60a25dc1-047c-44b5-a9ff-f8363e7adad1","block_type":"box","text":"Objective and Scope","page_number":164,"box":{"x":89,"y":379,"width":146,"height":12}},{"id":"41c7901f-46bc-4c4a-8cbf-ef87e4088e1c","block_type":"box","text":"Set forth below is the Index Equity Fund Proxy Voting Policy.","page_number":164,"box":{"x":88,"y":405,"width":418,"height":13}},{"id":"1c5bd31c-c216-47b3-a745-36f49f6295b3","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":164,"box":{"x":89,"y":432,"width":356,"height":12}},{"id":"b47c3f8f-811c-439b-bc37-5a4a07c0ae89","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":164,"box":{"x":88,"y":458,"width":873,"height":13}},{"id":"055171f1-28bc-441a-9f62-720f18181075","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":164,"box":{"x":89,"y":473,"width":835,"height":13}},{"id":"af98f80a-84f1-4b6a-8c6d-ee8eb401173d","block_type":"box","text":"securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate","page_number":164,"box":{"x":89,"y":489,"width":853,"height":12}},{"id":"48bb30fb-4291-4dcb-b3a1-f147472a789e","block_type":"box","text":"the responsibility to vote proxies to BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority","page_number":164,"box":{"x":88,"y":504,"width":878,"height":12}},{"id":"ed878015-be73-4ee8-a095-bd2732380f22","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":164,"box":{"x":88,"y":519,"width":850,"height":12}},{"id":"68d8dfe6-0b54-495d-a3dd-baf28f85b4c0","block_type":"box","text":"agreements.","page_number":164,"box":{"x":89,"y":535,"width":85,"height":11}},{"id":"930f1553-e565-46a8-99b6-29373974392c","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Principles for Benchmark Policies (as from time to time","page_number":164,"box":{"x":89,"y":560,"width":876,"height":13}},{"id":"e475c723-1fca-4104-a7ff-b1e417be29e4","block_type":"box","text":"amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for the iShares","page_number":164,"box":{"x":89,"y":576,"width":843,"height":12}},{"id":"fc2c92d7-f7d4-40b2-b852-a31ccbb0bb17","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":164,"box":{"x":89,"y":591,"width":822,"height":12}},{"id":"7a6ceb01-d590-4214-a127-fe813dde77d5","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":164,"box":{"x":89,"y":606,"width":818,"height":12}},{"id":"e814c6e5-5f0f-4e78-ab1d-7bef3b5a4a1c","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":164,"box":{"x":89,"y":621,"width":689,"height":12}},{"id":"2ec255e4-8fec-408d-9476-38d30671544f","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in respect of securities","page_number":164,"box":{"x":89,"y":647,"width":876,"height":13}},{"id":"f2163d18-11f1-4ea4-897c-5a7f37a421c9","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":164,"box":{"x":89,"y":662,"width":829,"height":13}},{"id":"ea2c4ff5-6b9f-4ad2-9bcd-1f566fd35afe","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":164,"box":{"x":89,"y":678,"width":384,"height":12}},{"id":"12ed11ed-8fe2-46a3-a96e-25937d60911a","block_type":"box","text":"Conflicts Management","page_number":164,"box":{"x":89,"y":704,"width":164,"height":12}},{"id":"468df99c-37a5-4e5a-ab3d-4c523de5c4cb","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":164,"box":{"x":89,"y":730,"width":824,"height":13}},{"id":"8981648c-abdf-46b4-b4e1-b4956d335d8f","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":164,"box":{"x":89,"y":746,"width":865,"height":12}},{"id":"9c5caf6d-f590-433d-8447-91c12a54f4ea","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":164,"box":{"x":89,"y":761,"width":831,"height":12}},{"id":"9579542c-1570-4efa-a124-c759a5a29d51","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":164,"box":{"x":89,"y":776,"width":803,"height":12}},{"id":"75811fd2-9d9d-4acf-a7db-c3a2b59270ce","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":164,"box":{"x":89,"y":791,"width":825,"height":12}},{"id":"3758461c-c392-4134-b2e3-e559b140452b","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":164,"box":{"x":89,"y":806,"width":635,"height":12}},{"id":"387b5efb-280b-412f-9e65-12be2796cf8e","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":164,"box":{"x":89,"y":833,"width":758,"height":12}},{"id":"d1df2d2e-3456-47f6-9b74-bb716a6c6fc5","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":164,"box":{"x":89,"y":848,"width":784,"height":12}},{"id":"dcf924c3-2dd7-47b6-938f-80923a377bc8","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":164,"box":{"x":89,"y":863,"width":452,"height":12}},{"id":"440e32e2-b44f-4138-a6fb-1ed5448baa1a","block_type":"box","text":"A-19","page_number":164,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"04711240-41b3-44a7-9c7f-a5dcbdffa4f8","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted and BlackRock","page_number":165,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"2187d6d4-6fe1-4e2a-b798-51fb3aaa7b42","block_type":"box","text":"may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act in clients’ financial interests.","page_number":165,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"a9f43583-1c2b-4f57-87ea-d7fdb44d6ae8","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":165,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"7ef1bd74-0d96-46db-bbf0-a67df040c777","block_type":"box","text":"Reports to the Board","page_number":165,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"fa509d4f-3b1a-47d8-bce6-9ca811c64e0b","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the","page_number":165,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"6c737ff7-36c8-460c-aee9-f0a1a4ba6c9d","block_type":"box","text":"Funds covered by this policy in the preceding year together with a representation that all votes were in accordance with the","page_number":165,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"21ac145a-a8b0-4f4a-b038-43d215975a5c","block_type":"box","text":"Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable (2) any material changes 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-21","page_number":166,"box":{"x":531,"y":177,"width":353,"height":9}},{"id":"4a20153d-a3d8-4a8e-bf47-1ecdd5f5fea4","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":166,"box":{"x":170,"y":195,"width":717,"height":12}},{"id":"a5dbf479-859a-4474-b0d5-10d117e1bd61","block_type":"box","text":"Key governance topics","page_number":166,"box":{"x":170,"y":215,"width":156,"height":11}},{"id":"29a0bd33-d3b9-48ce-9d75-2d135edeedf0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":166,"box":{"x":329,"y":214,"width":558,"height":10}},{"id":"d341e98f-d475-4e17-8ec9-f4088bc381ad","block_type":"box","text":"Boards and directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-24","page_number":166,"box":{"x":170,"y":233,"width":717,"height":10}},{"id":"f496b9e0-44be-4f64-bba6-4d19d61ad596","block_type":"box","text":"Auditors and audit-related issues","page_number":166,"box":{"x":169,"y":252,"width":232,"height":9}},{"id":"c6013c13-64b4-4173-a8ef-2bc422e9114e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-26","page_number":166,"box":{"x":407,"y":252,"width":480,"height":9}},{"id":"01f60445-c4fa-48fb-b661-5a768e96c955","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-28","page_number":166,"box":{"x":629,"y":309,"width":258,"height":9}},{"id":"8575d916-3a08-499d-8d5d-88e777d5a897","block_type":"box","text":"Shareholder proposals","page_number":166,"box":{"x":169,"y":327,"width":156,"height":13}},{"id":"fbf3602e-8e1a-4914-924b-d9fe0e5127d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-28","page_number":166,"box":{"x":329,"y":328,"width":558,"height":9}},{"id":"1080c074-7886-43cf-ad4a-224cd884184f","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":166,"box":{"x":170,"y":346,"width":372,"height":13}},{"id":"6acb8efe-981a-4103-85c5-a3771096b548","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-29","page_number":166,"box":{"x":544,"y":347,"width":343,"height":9}},{"id":"b43b58cd-7b5f-4937-ae52-dcc66023e86d","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":166,"box":{"x":170,"y":365,"width":426,"height":12}},{"id":"8f87228d-7a05-47c4-af33-10fdfe07c79b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-31","page_number":166,"box":{"x":603,"y":366,"width":281,"height":9}},{"id":"16cbcd7a-14c5-4801-a488-fe892512ea46","block_type":"box","text":"Voting Choice","page_number":166,"box":{"x":169,"y":384,"width":97,"height":12}},{"id":"4f016032-54d4-4737-9b11-8426d7bbf08b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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BlackRock offers a range of proxy voting","page_number":166,"box":{"x":88,"y":477,"width":842,"height":13}},{"id":"fd195ed5-46cf-48bf-87d2-128ab813abc3","block_type":"box","text":"policies to reflect clients’ individual investment choices and goals.","page_number":166,"box":{"x":89,"y":492,"width":458,"height":13}},{"id":"bdffe46a-94b6-469c-8dad-f936f7af01d3","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets invested in index","page_number":166,"box":{"x":89,"y":519,"width":876,"height":12}},{"id":"cb327822-9430-4bc9-8ebb-5d1923aab2e0","block_type":"box","text":"equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the","page_number":166,"box":{"x":89,"y":534,"width":818,"height":12}},{"id":"9b4ee83a-9fd5-4885-bc23-499fe96a1156","block_type":"box","text":"majority of our clients. BIS does this through:","page_number":166,"box":{"x":89,"y":549,"width":314,"height":12}},{"id":"b578b158-020f-4669-b3c5-35423daf0213","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":166,"box":{"x":90,"y":569,"width":456,"height":13}},{"id":"7bd8cef5-5791-4634-8d85-515512c4817f","block_type":"box","text":"in which clients are invested to deepen our understanding","page_number":166,"box":{"x":552,"y":569,"width":405,"height":13}},{"id":"f3e61216-a22c-4b62-88ce-e78f25a41247","block_type":"box","text":"of a company’s business model, including how they are overseeing material business risks and opportunities over time,","page_number":166,"box":{"x":128,"y":584,"width":833,"height":13}},{"id":"c2b99783-75a8-4af3-8226-291eb6ff6f4c","block_type":"box","text":"and to help inform our voting on behalf of clients.","page_number":166,"box":{"x":128,"y":599,"width":347,"height":13}},{"id":"707874eb-cda7-438e-95cc-45483660bef1","block_type":"box","text":"(1)","page_number":166,"box":{"x":476,"y":597,"width":14,"height":8}},{"id":"00fceb70-d688-4fc7-9957-9b38d80d161b","block_type":"box","text":"2. Voting at shareholder meetings","page_number":166,"box":{"x":89,"y":620,"width":265,"height":12}},{"id":"15cb062d-60bf-49cf-8b0a-245cfd6663ba","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS to","page_number":166,"box":{"x":359,"y":620,"width":575,"height":12}},{"id":"6fe347ea-86fb-4eac-af69-e43233aae48f","block_type":"box","text":"vote on their behalf.","page_number":166,"box":{"x":127,"y":635,"width":139,"height":9}},{"id":"63c12364-a185-4d99-be8d-d7bd1e1ab519","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":166,"box":{"x":88,"y":655,"width":396,"height":12}},{"id":"bb4d28e3-5cf3-4e4e-98e7-2464ea8a94f9","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":166,"box":{"x":489,"y":655,"width":457,"height":12}},{"id":"5a4d25cd-9f63-4c7d-8a08-1388b90c51d6","block_type":"box","text":"investments.","page_number":166,"box":{"x":128,"y":671,"width":87,"height":9}},{"id":"9b0d6440-2c95-4dbb-b644-5c3a0309e021","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":166,"box":{"x":88,"y":690,"width":353,"height":13}},{"id":"07f8aee8-bec2-43c5-adae-1ce42b0d1b9e","block_type":"box","text":"about our stewardship efforts on their behalf through a range of","page_number":166,"box":{"x":447,"y":690,"width":450,"height":13}},{"id":"cc70dd31-220b-40bd-8cd5-3e84c7c98076","block_type":"box","text":"publications on our website and direct client communications.","page_number":166,"box":{"x":128,"y":705,"width":436,"height":13}},{"id":"c5e7cdb8-0938-46f0-8122-d045224cc78f","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and voting on","page_number":166,"box":{"x":88,"y":732,"width":845,"height":12}},{"id":"0d917b3f-5411-409b-9819-2fd67583ea03","block_type":"box","text":"corporate governance matters and other material risks and opportunities under BIS’ Benchmark Policies. 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We comply fully with these requirements and do not engage with portfo","page_number":166,"box":{"x":121,"y":856,"width":846,"height":10}},{"id":"74ceae5e-3a4c-41f5-9bb7-73266f3a8611","block_type":"box","text":"lio companies for the purpose, or with the effect, of changing or influencing control of any company.","page_number":166,"box":{"x":121,"y":868,"width":562,"height":10}},{"id":"431cb9fc-ce9b-4074-ae08-48b5c40b379b","block_type":"box","text":"A-21","page_number":166,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"a1262a0c-99e1-4c14-ab5c-045d7c5f0f3f","block_type":"box","text":"clients’ assets invested through index equity strategies, take a financial materiality-based approach, and are focused solely on","page_number":167,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"cd7d57e5-ef84-4cfa-9c23-73c62e148a3d","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":167,"box":{"x":89,"y":59,"width":330,"height":12}},{"id":"5fde2056-6857-49e7-9df1-44e5244103da","block_type":"box","text":"(2)","page_number":167,"box":{"x":421,"y":57,"width":14,"height":8}},{"id":"dabc95e5-097e-43eb-9a7e-d7b27bbda911","block_type":"box","text":"Philosophy on investment stewardship","page_number":167,"box":{"x":89,"y":85,"width":278,"height":13}},{"id":"3affa248-ff05-45c4-aa32-b7919d8df1aa","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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As one of many minority","page_number":167,"box":{"x":88,"y":169,"width":851,"height":12}},{"id":"63e6f476-9fa5-4bae-9836-143a7c775129","block_type":"box","text":"shareholders in public companies, BlackRock does not direct a company’s strategy or its implementation, nor how they","page_number":167,"box":{"x":89,"y":184,"width":834,"height":12}},{"id":"5a67e993-ce4b-43d7-a86b-41518e2855dd","block_type":"box","text":"should manage material business risks. Our role, on behalf of clients as long-term investors, is to better understand how","page_number":167,"box":{"x":89,"y":199,"width":842,"height":12}},{"id":"be9a5247-77cd-4cc6-add4-f0fe53021639","block_type":"box","text":"corporate leadership is managing material risks and capitalizing on opportunities to help protect and enhance the company’s","page_number":167,"box":{"x":89,"y":214,"width":876,"height":12}},{"id":"5800f16e-16b4-48ff-8ef6-43d8297317a5","block_type":"box","text":"ability to deliver long-term financial returns.","page_number":167,"box":{"x":89,"y":229,"width":306,"height":12}},{"id":"31950753-557a-4845-8cba-06173a5c9b68","block_type":"box","text":"Stewardship in practice","page_number":167,"box":{"x":88,"y":256,"width":169,"height":12}},{"id":"84f24c83-c15f-4b89-8231-3ca2d88f8bd9","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":167,"box":{"x":88,"y":282,"width":821,"height":12}},{"id":"40e6c31a-9743-44a7-905e-9af195547ae0","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":167,"box":{"x":89,"y":297,"width":872,"height":12}},{"id":"53a25fe5-bf85-4c99-ad5c-68436f81189f","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":167,"box":{"x":88,"y":312,"width":873,"height":13}},{"id":"ef723603-cc2d-4167-86f2-fdbf3f767111","block_type":"box","text":"of whom are saving for long-term goals, such as retirement. Our stewardship program - including when engaging with","page_number":167,"box":{"x":89,"y":327,"width":831,"height":13}},{"id":"e3ac5042-8d5d-47a7-b6ef-ddb606561d1f","block_type":"box","text":"companies and voting at shareholder meetings on behalf of clients - is conducted from a long-term investor perspective and","page_number":167,"box":{"x":89,"y":342,"width":871,"height":13}},{"id":"a0fde331-aaae-42cd-a2b2-c69c531be979","block_type":"box","text":"takes a financial materiality-based approach, focused solely on advancing clients’ long-term financial interests.","page_number":167,"box":{"x":88,"y":358,"width":775,"height":12}},{"id":"91c8dcda-aa5e-470a-989d-397ac401d038","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our understanding of a","page_number":167,"box":{"x":89,"y":384,"width":867,"height":12}},{"id":"321c7252-732e-428f-a8bc-c8022e568190","block_type":"box","text":"company’s business model, including how they are overseeing material business risks and opportunities over time, and to","page_number":167,"box":{"x":89,"y":399,"width":851,"height":13}},{"id":"0b05579e-b66c-4f61-a099-591bfc9dc6c8","block_type":"box","text":"help inform our voting on behalf of clients. Engagements provide companies with the opportunity to share their perspectives","page_number":167,"box":{"x":89,"y":414,"width":873,"height":13}},{"id":"ce497edb-093b-4fac-a0e9-e89da000b8f0","block_type":"box","text":"on topics that, in BIS’ experience, impact the long-term financial returns BlackRock’s clients depend on to meet their financial","page_number":167,"box":{"x":89,"y":429,"width":877,"height":13}},{"id":"16f560a6-f8de-410d-863e-db45b7342a64","block_type":"box","text":"goals.","page_number":167,"box":{"x":89,"y":445,"width":39,"height":12}},{"id":"4c8778a1-ac0c-4797-874c-49933a6bfae0","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate governance. As a","page_number":167,"box":{"x":88,"y":471,"width":865,"height":12}},{"id":"b2697200-6c1f-4100-a9b3-f18bf18f6584","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with the","page_number":167,"box":{"x":88,"y":486,"width":803,"height":12}},{"id":"e94f2d9c-a6d1-4680-8c8e-1e05886e8233","block_type":"box","text":"investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark Policies, and the vote decisions","page_number":167,"box":{"x":89,"y":501,"width":858,"height":13}},{"id":"223b98ee-793c-4a50-86e3-c6cf6a19f23b","block_type":"box","text":"made consistent with those policies, reflect our reasonable and independent judgment of what is in the long-term financial","page_number":167,"box":{"x":89,"y":516,"width":861,"height":13}},{"id":"0f340932-85d0-4daf-9ac6-c2abd4696313","block_type":"box","text":"interests of clients. Our vote decisions are often informed by several factors, including in-depth analysis of company","page_number":167,"box":{"x":89,"y":531,"width":811,"height":13}},{"id":"75773b76-fcac-4aa3-813f-2549f1cacaa9","block_type":"box","text":"disclosures, comparisons against industry peers, third-party research, and, where appropriate, engagement with companies.","page_number":167,"box":{"x":89,"y":547,"width":870,"height":12}},{"id":"fc5b7b24-49f1-4488-aa1f-1f48d1fc1d0c","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies which have","page_number":167,"box":{"x":89,"y":573,"width":839,"height":12}},{"id":"93ccd30f-2925-40f7-a693-254140e7a65f","block_type":"box","text":"sound corporate governance and deliver strong financial returns over time. When we determine it is in our clients’ financial","page_number":167,"box":{"x":89,"y":588,"width":859,"height":12}},{"id":"354b50ed-ddc0-4aa2-9962-1459fb94ba18","block_type":"box","text":"interests to convey concern to companies through voting, we may do so in two forms: we might not support the election of","page_number":167,"box":{"x":89,"y":603,"width":866,"height":13}},{"id":"d8babf2e-08ec-4da1-b2ca-3c638d913df4","block_type":"box","text":"directors or other management proposals, or we might not support management’s voting recommendation on a shareholder","page_number":167,"box":{"x":89,"y":618,"width":877,"height":13}},{"id":"3fd750ad-d045-4eb3-865b-b56799145d4d","block_type":"box","text":"proposal.","page_number":167,"box":{"x":89,"y":633,"width":63,"height":13}},{"id":"2b16399f-a36c-40f7-b23f-a1fd17d31459","block_type":"box","text":"Shareholder rights","page_number":167,"box":{"x":88,"y":660,"width":134,"height":12}},{"id":"5f1e3905-6d28-4c10-93dc-50ef98e68c40","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached to","page_number":167,"box":{"x":89,"y":686,"width":795,"height":13}},{"id":"31baeacf-6b9d-40b8-a88a-85686b3e2957","block_type":"box","text":"shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":167,"box":{"x":89,"y":702,"width":652,"height":12}},{"id":"b5d6cbc9-0b8f-41e8-ba58-bd0dc7aaa26f","block_type":"box","text":"(3)","page_number":167,"box":{"x":743,"y":700,"width":14,"height":8}},{"id":"10ba72a2-d0fd-4742-83c6-83ae030f55c9","block_type":"box","text":"For example, in most","page_number":167,"box":{"x":763,"y":702,"width":146,"height":12}},{"id":"854608c6-31f2-489f-bc2c-e8a9e1f269f9","block_type":"box","text":"markets, shareholders have the right to:","page_number":167,"box":{"x":89,"y":717,"width":277,"height":12}},{"id":"96a6bdf3-0964-4bf7-9ca3-c9e38315718d","block_type":"box","text":"• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter","page_number":167,"box":{"x":89,"y":737,"width":878,"height":12}},{"id":"0de450d8-865b-44b4-8362-ab5848616386","block_type":"box","text":"or bylaws.","page_number":167,"box":{"x":121,"y":752,"width":69,"height":12}},{"id":"b825b9da-42aa-4e3a-96b4-7be1d1aa5620","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":167,"box":{"x":89,"y":772,"width":872,"height":12}},{"id":"72e71db6-90d3-4ec0-ab28-9391dd5d9b6c","block_type":"box","text":"to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":167,"box":{"x":121,"y":787,"width":488,"height":13}},{"id":"3845220e-388a-4a0a-9a48-5c3e49b37a7d","block_type":"box","text":"(2) Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the five themes on which we mo","page_number":167,"box":{"x":89,"y":816,"width":848,"height":9}},{"id":"976b43f4-7043-4eb4-8523-32077f06ff2c","block_type":"box","text":"st","page_number":167,"box":{"x":938,"y":817,"width":9,"height":6}},{"id":"0c88112c-f673-4f75-91a2-bef8da4fe634","block_type":"box","text":"frequently engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":167,"box":{"x":121,"y":828,"width":673,"height":10}},{"id":"81b0442d-8784-49c7-a855-901d6def76b6","block_type":"box","text":"(3) Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union, “Shareholder Rights Directive II,”","page_number":167,"box":{"x":89,"y":843,"width":854,"height":10}},{"id":"1b0c087d-15a1-45b6-9054-cacd0f0a4f2d","block_type":"box","text":"2017; and the China Securities Regulatory Commission, “Code of Corporate Governance for Listed Companies in China,” 2001. Websites accessed in","page_number":167,"box":{"x":121,"y":856,"width":828,"height":10}},{"id":"a38b0431-34e1-48ee-b748-1cae790c12db","block_type":"box","text":"December 2025.","page_number":167,"box":{"x":122,"y":868,"width":90,"height":8}},{"id":"0c8a54e6-169a-436f-8193-f84793803a4e","block_type":"box","text":"A-22","page_number":167,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"99034129-fa9a-4403-b2b8-de5d6400df28","block_type":"box","text":"• Access sufficient and timely information on governance, strategic, and business matters — where such matters are","page_number":168,"box":{"x":89,"y":44,"width":839,"height":12}},{"id":"0f3b2c65-5878-4af9-ab14-447007dd2ae0","block_type":"box","text":"material — to make informed decisions.","page_number":168,"box":{"x":122,"y":59,"width":278,"height":10}},{"id":"96bfa747-3f20-4035-a26b-4276625723ba","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":168,"box":{"x":88,"y":85,"width":844,"height":13}},{"id":"c4343a67-54fa-4aac-9088-de889313af0a","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":168,"box":{"x":89,"y":101,"width":823,"height":12}},{"id":"688c72fd-1cf7-4e4c-930d-e393766b4473","block_type":"box","text":"Key governance topics","page_number":168,"box":{"x":89,"y":128,"width":161,"height":11}},{"id":"50b4aeb9-9967-4602-a810-66e33040fe36","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a company’s","page_number":168,"box":{"x":89,"y":153,"width":843,"height":13}},{"id":"8268c928-2542-425a-a9a0-8c702299719d","block_type":"box","text":"ability to create long-term financial value for shareholders. These are topics that shareholders may have the ability to vote on","page_number":168,"box":{"x":89,"y":169,"width":873,"height":12}},{"id":"5cdaae3a-f2ee-4042-b252-0534793fda9f","block_type":"box","text":"at shareholder meetings. These areas include:","page_number":168,"box":{"x":89,"y":184,"width":319,"height":12}},{"id":"9bd5100a-16bf-43c2-8ac3-52a5eddac58a","block_type":"box","text":"• Boards and directors","page_number":168,"box":{"x":89,"y":204,"width":176,"height":10}},{"id":"d9fd2360-52bf-4f44-8bac-c99158cb7251","block_type":"box","text":"• Auditors and audit-related issues","page_number":168,"box":{"x":89,"y":224,"width":264,"height":10}},{"id":"3dbdc015-0607-451b-b010-7c91bf1447be","block_type":"box","text":"• Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":168,"box":{"x":89,"y":244,"width":589,"height":13}},{"id":"570de619-2336-4718-9c24-acaa5df29ba0","block_type":"box","text":"• Executive compensation","page_number":168,"box":{"x":89,"y":265,"width":202,"height":12}},{"id":"afeef0de-9605-4b04-96f3-4d4a157d60f2","block_type":"box","text":"• Shareholder protections and other significant corporate governance matters","page_number":168,"box":{"x":89,"y":285,"width":566,"height":12}},{"id":"92dcde5e-f811-4288-bf87-057c08586dcd","block_type":"box","text":"• Shareholder proposals","page_number":168,"box":{"x":89,"y":305,"width":188,"height":12}},{"id":"444045e4-9a20-4389-8494-0caf9d1acca7","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into consideration a","page_number":168,"box":{"x":88,"y":331,"width":832,"height":12}},{"id":"fc1b40d1-c215-4244-8d5a-79f5b3503fc7","block_type":"box","text":"number of company-specific factors, including the sector, market, and business environment within which companies","page_number":168,"box":{"x":89,"y":346,"width":826,"height":13}},{"id":"2ff8686d-7719-4199-9763-ae5f1424ef0f","block_type":"box","text":"operate.","page_number":168,"box":{"x":89,"y":363,"width":56,"height":11}},{"id":"e69a4268-cbbd-40ed-b3d2-41f2003a8c2a","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards in their","page_number":168,"box":{"x":88,"y":388,"width":840,"height":12}},{"id":"42272da6-3938-40bd-92f5-08e0c04177c3","block_type":"box","text":"domestic market at a minimum, and we ask that, if they do not, they explain how their approach better supports durable,","page_number":168,"box":{"x":89,"y":403,"width":848,"height":12}},{"id":"51f43241-4c44-439a-b0d2-5d470a547eb9","block_type":"box","text":"long-term financial value creation. Our regional voting guidelines explain how the BIS Global Principles inform our voting","page_number":168,"box":{"x":89,"y":418,"width":844,"height":12}},{"id":"2536582b-3a3c-444e-be7c-05ad6c4f64ad","block_type":"box","text":"decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":168,"box":{"x":89,"y":433,"width":616,"height":13}},{"id":"6d5a8b16-0a2d-4e7d-9a56-5dc85797722b","block_type":"box","text":"(4)","page_number":168,"box":{"x":706,"y":431,"width":15,"height":8}},{"id":"039f2a49-6531-4c5a-bb80-df997546fac4","block_type":"box","text":"Boards and directors","page_number":168,"box":{"x":351,"y":459,"width":356,"height":23}},{"id":"c4c36fab-ee6e-46d0-a9a9-1bb2815383e4","block_type":"box","text":"Oversight role of the board","page_number":168,"box":{"x":89,"y":502,"width":193,"height":13}},{"id":"3cc927b6-0953-4773-9c80-bc53ff9c4b37","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":168,"box":{"x":89,"y":529,"width":829,"height":12}},{"id":"2808d3a9-d1a7-4b14-bbf9-1e35bb9cc753","block_type":"box","text":"relevant to a company’s business enhance the board’s ability to add long-term financial value and serve as the voice of","page_number":168,"box":{"x":89,"y":544,"width":830,"height":12}},{"id":"05ebc9e4-65d2-4bd5-b197-01b062a7713b","block_type":"box","text":"shareholders in board discussions. In our view, a strong board gives a company a competitive advantage, providing valuable","page_number":168,"box":{"x":89,"y":559,"width":865,"height":13}},{"id":"1721d2eb-6da3-4d07-af49-f91944100cae","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial performance.","page_number":168,"box":{"x":89,"y":574,"width":841,"height":13}},{"id":"b235a537-42a6-4f4d-8d07-8d278d032f62","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We engage, as","page_number":168,"box":{"x":89,"y":601,"width":824,"height":12}},{"id":"b3bb6ffa-4feb-444d-81cf-5378ce864218","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":168,"box":{"x":89,"y":616,"width":867,"height":12}},{"id":"eef8624a-b3dd-4bb5-9f6a-bed6551f34cf","block_type":"box","text":"and board composition are effective given a company’s business model, sector, market, and the business environment in","page_number":168,"box":{"x":89,"y":631,"width":842,"height":12}},{"id":"cd982301-3212-4b2d-9140-17c1c45a5df0","block_type":"box","text":"which a company is operating.","page_number":168,"box":{"x":88,"y":646,"width":214,"height":12}},{"id":"be8c0fac-7377-45f3-9627-6c34c4660401","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective governance","page_number":168,"box":{"x":88,"y":673,"width":841,"height":12}},{"id":"02fa89f2-1c52-470e-92d3-ebd5b81ded91","block_type":"box","text":"mechanisms that supports its oversight of the company’s strategy and operations, consistent with the long-term financial","page_number":168,"box":{"x":89,"y":688,"width":853,"height":12}},{"id":"39e30856-0683-4e4c-8c61-173f32f300f2","block_type":"box","text":"interests of investors. This includes having clear descriptions of the role of the board and the committees of the board and","page_number":168,"box":{"x":89,"y":703,"width":854,"height":12}},{"id":"1340151c-95b3-4b17-8159-4652583b1a59","block_type":"box","text":"how directors engage with and oversee management, as well as disclosure of material risks that may affect a company’s","page_number":168,"box":{"x":89,"y":718,"width":841,"height":12}},{"id":"e369fd14-89e1-44cf-90ad-0fd4b835d0df","block_type":"box","text":"long-term strategy and how management is effectively identifying, managing, and mitigating such risks.","page_number":168,"box":{"x":89,"y":733,"width":729,"height":12}},{"id":"fd727e4f-6eba-4f76-90db-7e93cc97c6e2","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":168,"box":{"x":89,"y":759,"width":777,"height":13}},{"id":"5b7a9e0c-da47-4250-865c-1134256ce65e","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we find it","page_number":168,"box":{"x":89,"y":775,"width":854,"height":12}},{"id":"e2a7bf44-84ee-4621-bd75-8b1ca2f4502c","block_type":"box","text":"helpful when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":168,"box":{"x":89,"y":790,"width":838,"height":12}},{"id":"46576e5f-279d-4d1c-b37d-d0b579c068a7","block_type":"box","text":"(4) Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally accepted practice is info","page_number":168,"box":{"x":89,"y":831,"width":836,"height":10}},{"id":"f812ed84-2059-4179-9c31-466078a278d9","block_type":"box","text":"rmed","page_number":168,"box":{"x":926,"y":831,"width":28,"height":7}},{"id":"c783cb5a-c096-40b9-9f7e-b0030453da65","block_type":"box","text":"by corporate law, market regulation, best practices, and industry initiatives, amongst other factors. BIS carries out engagement with companies,","page_number":168,"box":{"x":121,"y":843,"width":805,"height":10}},{"id":"57b00316-c469-4f8d-b26d-f5a9cfae9ed6","block_type":"box","text":"executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant regional","page_number":168,"box":{"x":121,"y":856,"width":823,"height":10}},{"id":"882e9b7a-1864-4997-bba0-fdda9e1e5be8","block_type":"box","text":"voting guidelines.","page_number":168,"box":{"x":121,"y":868,"width":98,"height":10}},{"id":"23925e8f-c82b-490e-90a3-682735c99f00","block_type":"box","text":"A-23","page_number":168,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1b220d0e-31f7-426e-8041-6e6d5710fc84","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the","page_number":169,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"d51313c5-910d-4977-9f28-da7f55ec43ed","block_type":"box","text":"management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":169,"box":{"x":89,"y":59,"width":663,"height":12}},{"id":"8d7d451a-2a51-49a0-9b9d-a9c0cc34e635","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate governance and","page_number":169,"box":{"x":88,"y":85,"width":870,"height":13}},{"id":"f09384ee-fc75-4cd5-9607-562e66a6c119","block_type":"box","text":"risk oversight responsibilities, we may consider not supporting the election of directors who, in our assessment, have","page_number":169,"box":{"x":89,"y":101,"width":818,"height":12}},{"id":"7ff9db11-2edb-48a8-a2a8-40de3dab2911","block_type":"box","text":"particular responsibility for the issues.","page_number":169,"box":{"x":89,"y":116,"width":263,"height":12}},{"id":"e5cf64a2-16a3-4c75-bfa2-b8b4f767ef1e","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to the board’s","page_number":169,"box":{"x":88,"y":142,"width":854,"height":12}},{"id":"dc5c8b92-c843-4d3d-8c44-74f951f2154f","block_type":"box","text":"effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well as directors’ capacity","page_number":169,"box":{"x":89,"y":157,"width":875,"height":13}},{"id":"75dbc36e-9ae5-4c2b-9193-9300f5ced566","block_type":"box","text":"and other time commitments, and how these factors may contribute to the company’s financial performance. We look to","page_number":169,"box":{"x":89,"y":172,"width":847,"height":13}},{"id":"5ae7a8b6-5c6e-4c0f-813a-73737a6e972e","block_type":"box","text":"boards to establish formal and transparent processes for nominating directors that reflect the company’s long-term strategy","page_number":169,"box":{"x":89,"y":188,"width":870,"height":12}},{"id":"2f729505-04db-4e3e-b6d8-5ae79504e3ae","block_type":"box","text":"and business model.","page_number":169,"box":{"x":89,"y":203,"width":142,"height":9}},{"id":"d4afbaeb-1cf8-47b5-b2de-3c046ce3eb7b","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":169,"box":{"x":89,"y":229,"width":789,"height":12}},{"id":"545022e8-8e43-4c47-9797-4d788fc94dbd","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":169,"box":{"x":89,"y":244,"width":654,"height":13}},{"id":"7fd3f4ba-3cb3-4a07-bc41-b7ba9ef6e42f","block_type":"box","text":"Regular accountability through director elections","page_number":169,"box":{"x":89,"y":271,"width":354,"height":12}},{"id":"ae158cd5-9250-44eb-8908-d22f9eb530d5","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or concern about, the","page_number":169,"box":{"x":88,"y":297,"width":869,"height":12}},{"id":"8239d3ea-b520-4bff-a950-9f181f39036b","block_type":"box","text":"performance of the board in overseeing and advising management. To ensure accountability for their decisions on behalf of","page_number":169,"box":{"x":89,"y":312,"width":867,"height":13}},{"id":"f9a7e27b-4a35-43db-9782-c49b025d36a6","block_type":"box","text":"shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":169,"box":{"x":89,"y":327,"width":583,"height":13}},{"id":"af2ba7f2-8a9c-4769-83d8-617a189452dd","block_type":"box","text":"(5)","page_number":169,"box":{"x":674,"y":325,"width":14,"height":8}},{"id":"ce6e1324-f4b7-4b48-baeb-d1730b886646","block_type":"box","text":"Annual director elections allow","page_number":169,"box":{"x":693,"y":327,"width":217,"height":10}},{"id":"570bda63-384c-4dda-b870-4f59bd226c5c","block_type":"box","text":"shareholders to reaffirm their support for, or concerns about, board members’ decisions in a timely manner. When board","page_number":169,"box":{"x":89,"y":342,"width":842,"height":13}},{"id":"2ca8c017-1f65-418f-8c69-fe9bbed3951d","block_type":"box","text":"members are not elected annually, we consider it good practice for boards to have a rotation policy to ensure that, through a","page_number":169,"box":{"x":89,"y":358,"width":871,"height":12}},{"id":"e20fe2bd-1a33-464c-a9bb-3c8fb30f8cf5","block_type":"box","text":"board cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":169,"box":{"x":89,"y":373,"width":833,"height":12}},{"id":"a69b09b2-3b5c-44c3-a15c-ec7d79347823","block_type":"box","text":"election at each shareholder meeting.","page_number":169,"box":{"x":89,"y":388,"width":262,"height":12}},{"id":"9291de82-a80b-48d1-a7e9-18839db12f14","block_type":"box","text":"Board quality and effectiveness","page_number":169,"box":{"x":89,"y":414,"width":224,"height":13}},{"id":"f01b1428-e311-4e30-b836-240d7914f6e8","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":169,"box":{"x":89,"y":441,"width":794,"height":12}},{"id":"3b7e59e0-7278-472c-8ff9-f575e6f96421","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":169,"box":{"x":89,"y":456,"width":839,"height":12}},{"id":"4a04da2c-8d4b-42e5-8291-550ad186b251","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":169,"box":{"x":89,"y":471,"width":819,"height":12}},{"id":"f824f5ff-41d3-4714-92ed-d3f534748293","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":169,"box":{"x":89,"y":486,"width":850,"height":12}},{"id":"d7b120c6-1adb-46cd-ac38-9b8faa06d952","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":169,"box":{"x":89,"y":501,"width":723,"height":13}},{"id":"7de1abea-de68-43d6-9c04-d97007cb7b51","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to the","page_number":169,"box":{"x":88,"y":528,"width":806,"height":12}},{"id":"93c1c746-889f-46f4-acde-72e6b69def3c","block_type":"box","text":"effectiveness of the board. In our view, the company’s assessment should consider a number of factors, including each","page_number":169,"box":{"x":89,"y":543,"width":830,"height":12}},{"id":"bbbea9c2-c072-4457-9781-0f4e65ce4298","block_type":"box","text":"director’s independence and time commitments, as well as the breadth and relevance of director experiences and skillsets,","page_number":169,"box":{"x":89,"y":558,"width":856,"height":12}},{"id":"592f2425-8566-4ede-9979-06e3bb250169","block_type":"box","text":"and how these collectively contribute to the board’s effectiveness in advising and overseeing management in delivering long","page_number":169,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"e296e1bf-ed7f-4e4a-a67b-2f732baa64d2","block_type":"box","text":"term financial returns.","page_number":169,"box":{"x":88,"y":588,"width":154,"height":10}},{"id":"6baec7bc-813d-486a-930d-ca73811f81bd","block_type":"box","text":"Director independence","page_number":169,"box":{"x":89,"y":615,"width":165,"height":12}},{"id":"07085983-d653-470b-ad83-650d8dfb4940","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central tenet of sound","page_number":169,"box":{"x":89,"y":641,"width":865,"height":12}},{"id":"ea40f692-1b26-451f-9bf7-50e9f18090e1","block_type":"box","text":"corporate governance across markets.","page_number":169,"box":{"x":89,"y":656,"width":267,"height":13}},{"id":"4774c867-c7ad-44c2-b1a6-d70422014893","block_type":"box","text":"(6)","page_number":169,"box":{"x":357,"y":654,"width":15,"height":8}},{"id":"399322fa-734c-4035-8085-1543e1a49ebe","block_type":"box","text":"We look to boards to have a sufficient number of independent directors, free from","page_number":169,"box":{"x":377,"y":656,"width":571,"height":13}},{"id":"6b82301f-cf59-4194-ad0c-9f7057ca1fff","block_type":"box","text":"conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board and its ability to oversee","page_number":169,"box":{"x":89,"y":671,"width":848,"height":13}},{"id":"efa6862f-3e26-48c8-a599-8c7bc25b0694","block_type":"box","text":"management. We generally consider it good practice for independent directors to make a majority of the board, or in the case","page_number":169,"box":{"x":89,"y":686,"width":879,"height":13}},{"id":"d32df719-4283-4622-9e80-35e985ad5155","block_type":"box","text":"of controlled companies, at least one-third.","page_number":169,"box":{"x":89,"y":702,"width":300,"height":12}},{"id":"4d30b96b-108f-4c60-b4f1-9888d03ffb63","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":169,"box":{"x":89,"y":728,"width":528,"height":12}},{"id":"9597e58b-ae86-4336-84e9-406781ca892a","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":169,"box":{"x":89,"y":748,"width":465,"height":12}},{"id":"6e010b03-032a-44df-a148-1a7c6a7349cc","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":169,"box":{"x":89,"y":768,"width":627,"height":13}},{"id":"f6ee82f6-f33e-4693-878b-cd34b1a880b9","block_type":"box","text":"• Interlocking directorates","page_number":169,"box":{"x":89,"y":788,"width":202,"height":13}},{"id":"d2cabe76-ed03-4c2f-b07c-d7edc31d7946","block_type":"box","text":"(5) In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market regulation or voluntary b","page_number":169,"box":{"x":89,"y":828,"width":839,"height":10}},{"id":"4729c39b-106a-48cb-9738-18062b0cc7cc","block_type":"box","text":"est","page_number":169,"box":{"x":929,"y":829,"width":16,"height":7}},{"id":"e1d0e9e5-797d-444d-876a-c3f070af7214","block_type":"box","text":"practice.","page_number":169,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"3e9404d4-846c-42b6-b9c3-24db5b90261c","block_type":"box","text":"(6) For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial Reporting Council, “UK Corporate G","page_number":169,"box":{"x":89,"y":856,"width":857,"height":10}},{"id":"745b9114-d43f-4340-8afd-c61c26001428","block_type":"box","text":"ov","page_number":169,"box":{"x":948,"y":858,"width":17,"height":6}},{"id":"74d74202-e50c-49d4-afbb-3c66686cac55","block_type":"box","text":"ernance Code,” January 2024, accessed in December 2025.","page_number":169,"box":{"x":121,"y":868,"width":327,"height":10}},{"id":"1b38e68e-0b41-4738-8743-ed55f26acf4d","block_type":"box","text":"A-24","page_number":169,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"51892978-147a-4f16-89d2-080ef37cadfc","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":170,"box":{"x":89,"y":44,"width":853,"height":12}},{"id":"d02815ec-17e5-47d6-8e91-4385e66099ef","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":170,"box":{"x":122,"y":59,"width":646,"height":12}},{"id":"d1ee4713-3655-4969-a6ed-7ab25c688ee8","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":170,"box":{"x":89,"y":85,"width":848,"height":13}},{"id":"3b26ee6d-33da-4953-816d-81862d9e4894","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":170,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"727f408d-80d6-4bdf-97b6-22d98dfb726c","block_type":"box","text":"designated as a lead independent director. The role of this director is to support independent board members in fulfilling their","page_number":170,"box":{"x":89,"y":116,"width":879,"height":12}},{"id":"49bf4aec-ac0a-4a3b-a859-ba1aec659607","block_type":"box","text":"oversight responsibilities effectively by shaping the agenda, ensuring adequate information is provided to the board, and","page_number":170,"box":{"x":89,"y":131,"width":840,"height":12}},{"id":"bf7267f8-1c21-4ef8-bdef-049da7dc420c","block_type":"box","text":"encouraging independent director participation in board deliberations. We appreciate when the lead independent director or","page_number":170,"box":{"x":89,"y":146,"width":869,"height":12}},{"id":"d2a78c2b-c659-4668-a27d-97d48ba13f3d","block_type":"box","text":"another appropriate director is available to meet with shareholders to explain and contextualize a company’s approach as a","page_number":170,"box":{"x":89,"y":161,"width":861,"height":12}},{"id":"512777ac-16e1-4343-b81a-b4714b682f85","block_type":"box","text":"situation warrants.","page_number":170,"box":{"x":89,"y":177,"width":129,"height":9}},{"id":"be213574-0ec3-49fb-ba9b-c207ad7e761d","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that require additional","page_number":170,"box":{"x":89,"y":203,"width":871,"height":12}},{"id":"34d7fdc8-471c-4131-93e7-4f566a9be1bf","block_type":"box","text":"focus. It is our view that objective oversight of such matters is best achieved when the board forms committees with a","page_number":170,"box":{"x":88,"y":218,"width":828,"height":12}},{"id":"9b4a212c-e904-481e-9a7d-14b088887984","block_type":"box","text":"majority of independent directors, depending on market norms and a company’s ownership structure. In many markets,","page_number":170,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"a69a0d67-be9a-4381-b7e1-2316e23a07c2","block_type":"box","text":"these committees of the board specialize in audit, director nominations, and compensation matters, among others. An ad","page_number":170,"box":{"x":88,"y":248,"width":852,"height":12}},{"id":"b319975c-9534-4a1d-9259-8053bec7e502","block_type":"box","text":"hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to","page_number":170,"box":{"x":89,"y":263,"width":828,"height":12}},{"id":"39002926-d826-491d-a797-a3f905c6c678","block_type":"box","text":"investigate a significant adverse event.","page_number":170,"box":{"x":89,"y":278,"width":268,"height":13}},{"id":"f5ad9176-e210-485a-9c1b-bc2c43b0fbbe","block_type":"box","text":"Sufficient capacity","page_number":170,"box":{"x":88,"y":305,"width":134,"height":12}},{"id":"32bb8cec-27da-4d6d-97dd-340aff0a2ed6","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":170,"box":{"x":88,"y":331,"width":836,"height":12}},{"id":"9eb7ecab-923b-4057-bf7e-31596e2b56eb","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":170,"box":{"x":89,"y":346,"width":806,"height":13}},{"id":"24658087-c37e-4c73-9414-9b5c36ef202a","block_type":"box","text":"responsibilities — including when there are unforeseen events — and therefore, we consider it best practice when they don’t","page_number":170,"box":{"x":89,"y":361,"width":872,"height":13}},{"id":"4e38cf2c-9f61-4bd4-8990-292de21dc355","block_type":"box","text":"take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":170,"box":{"x":88,"y":376,"width":613,"height":13}},{"id":"13d91f99-2a8c-441d-bed2-aa3adb9668a8","block_type":"box","text":"Board composition","page_number":170,"box":{"x":89,"y":403,"width":135,"height":12}},{"id":"63292dba-4b17-47a2-89c4-48dd8cefcd66","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":170,"box":{"x":89,"y":429,"width":781,"height":13}},{"id":"24a1ceaf-3e52-49d6-85c2-ae46f6e848a9","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":170,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"45c768ca-72dc-4c6e-9f40-8e01055e1c7b","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":170,"box":{"x":89,"y":460,"width":757,"height":12}},{"id":"0987cc14-bcbc-4281-9975-9bae8fc9d49e","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":170,"box":{"x":88,"y":486,"width":877,"height":12}},{"id":"d06cde2a-73d1-46d6-9d43-703720be5221","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":170,"box":{"x":89,"y":501,"width":854,"height":13}},{"id":"166d97e9-0d3f-4d09-bb40-76b260cd221e","block_type":"box","text":"composition. These disclosures should explain how the collective experience and expertise of the board, as well as the","page_number":170,"box":{"x":89,"y":516,"width":827,"height":13}},{"id":"87b45370-f6b9-463e-b8a9-4113c39457a2","block_type":"box","text":"particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly qualified, engaged directors","page_number":170,"box":{"x":89,"y":531,"width":859,"height":13}},{"id":"fffdf318-35ee-425b-837a-14731db6ef60","block_type":"box","text":"with professional characteristics relevant to a company’s business and strategy enhance the ability of the board to add value","page_number":170,"box":{"x":88,"y":547,"width":871,"height":12}},{"id":"d53f615f-f699-48bd-94ed-f7e4fd14ee13","block_type":"box","text":"and be the voice of shareholders in board discussions.","page_number":170,"box":{"x":89,"y":562,"width":377,"height":9}},{"id":"e5c576ca-a9ca-4e34-bff9-16129b737614","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":170,"box":{"x":89,"y":588,"width":860,"height":12}},{"id":"aa4bc3e6-e361-4b07-a09b-e8c170fc1a9e","block_type":"box","text":"as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and oversee management. We","page_number":170,"box":{"x":89,"y":603,"width":849,"height":13}},{"id":"08cc592c-bfb7-4bf3-a820-3880e7288851","block_type":"box","text":"note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies,","page_number":170,"box":{"x":89,"y":618,"width":830,"height":13}},{"id":"d40ae0e3-8218-487c-bb6b-3d3767e2f0a7","block_type":"box","text":"particularly if there is a risk their board composition may be misaligned.","page_number":170,"box":{"x":89,"y":633,"width":499,"height":13}},{"id":"7db08694-3938-4240-96b7-56b7314ff879","block_type":"box","text":"Auditors and audit-related issues","page_number":170,"box":{"x":88,"y":660,"width":240,"height":10}},{"id":"1b18e155-065c-4847-bf57-73f61cab82d3","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company’s","page_number":170,"box":{"x":89,"y":686,"width":856,"height":13}},{"id":"b127e084-2c1a-45c5-9456-f11e1eac9de9","block_type":"box","text":"financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the auditor in","page_number":170,"box":{"x":88,"y":702,"width":810,"height":12}},{"id":"50197b88-8d0f-4439-89b4-6088650da7f8","block_type":"box","text":"preparing the financial statements, to be reasonable and justified.","page_number":170,"box":{"x":89,"y":717,"width":457,"height":12}},{"id":"502e0f7c-11ff-4a7f-9145-1b56eb0a882f","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the independent auditor","page_number":170,"box":{"x":88,"y":743,"width":854,"height":12}},{"id":"8bf9abdc-4a41-49de-b36f-727fa2ef2a0f","block_type":"box","text":"and the internal audit function at a company. The committee plays an important role in a company’s financial reporting","page_number":170,"box":{"x":89,"y":758,"width":833,"height":13}},{"id":"db26d8b9-af8c-40cd-8b03-abc65f22c5c0","block_type":"box","text":"system by providing independent oversight of the accounts, material financial, and, where appropriate to the jurisdiction,","page_number":170,"box":{"x":89,"y":773,"width":846,"height":13}},{"id":"f6e731b7-0e63-446a-81d2-65fdc7d2a16c","block_type":"box","text":"non-financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":170,"box":{"x":89,"y":788,"width":851,"height":12}},{"id":"cca456cf-33ca-4030-bf19-f4e5f722578d","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":170,"box":{"x":89,"y":804,"width":526,"height":12}},{"id":"92849ff0-aa18-4a2c-bab6-99f4405908ec","block_type":"box","text":"(7)","page_number":170,"box":{"x":617,"y":802,"width":14,"height":8}},{"id":"769cb4cc-24c9-4d7e-a778-78591d2764f8","block_type":"box","text":"In our view, effective audit committee","page_number":170,"box":{"x":637,"y":804,"width":262,"height":11}},{"id":"234e9e65-6e52-49a1-a0d7-37a2ab70cec3","block_type":"box","text":"A-25","page_number":170,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ade598f6-8470-4bc9-9e11-0224fc2c693e","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level of","page_number":171,"box":{"x":89,"y":44,"width":830,"height":12}},{"id":"91eab4d7-c2e5-4b9f-bf28-c3d5938ceaac","block_type":"box","text":"reassurance to shareholders.","page_number":171,"box":{"x":89,"y":59,"width":200,"height":10}},{"id":"dc764463-49e0-479d-86ed-bfc9c71f3946","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their responsibilities.","page_number":171,"box":{"x":88,"y":85,"width":820,"height":13}},{"id":"e2266b00-148a-442b-8a1d-059a9526fe04","block_type":"box","text":"Additionally, having a rotation plan can periodically refresh the committee membership and introduce new perspectives. We","page_number":171,"box":{"x":88,"y":101,"width":869,"height":12}},{"id":"146449b1-59a4-4f7e-b819-c5d096bed739","block_type":"box","text":"recognize that audit committees will rely on management, internal audit, and the independent auditor to fulfill their","page_number":171,"box":{"x":89,"y":116,"width":808,"height":12}},{"id":"934e97a4-b6d3-430e-85df-02376ef99a66","block_type":"box","text":"responsibilities. However, we look to committee members to demonstrate they have relevant expertise to monitor and","page_number":171,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"bbeb1156-e051-4db0-88bf-d56240ed9ece","block_type":"box","text":"oversee the audit process and related activities.","page_number":171,"box":{"x":89,"y":146,"width":329,"height":12}},{"id":"d8cc2058-0040-4df9-98a7-daa8a0ceb107","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":171,"box":{"x":88,"y":172,"width":871,"height":13}},{"id":"65e51b4c-ccda-470c-a809-f2d9ba2f553f","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to provide timely","page_number":171,"box":{"x":89,"y":188,"width":810,"height":12}},{"id":"701e5904-d318-4c7b-87f9-00eaff53499f","block_type":"box","text":"disclosure on the remediation of key and critical audit matters identified either by the external auditor or internal audit","page_number":171,"box":{"x":89,"y":203,"width":827,"height":12}},{"id":"698a5493-3d42-467c-811b-70bf8943ffe8","block_type":"box","text":"function.","page_number":171,"box":{"x":88,"y":218,"width":62,"height":9}},{"id":"312f6167-9a3c-4407-80ec-1718f7c99a26","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could compromise its ability","page_number":171,"box":{"x":88,"y":244,"width":875,"height":13}},{"id":"004e0f04-50a3-4595-aae9-b98f34786f4c","block_type":"box","text":"to serve as an effective check on management. To that end, it is important that auditors are, and are seen to be, independent.","page_number":171,"box":{"x":88,"y":259,"width":877,"height":13}},{"id":"31b9616d-d6ac-4f4c-81af-73bac4b16f0b","block_type":"box","text":"Where an audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed","page_number":171,"box":{"x":88,"y":274,"width":849,"height":13}},{"id":"35d64afb-a9fe-45be-85b2-fb19c788a572","block_type":"box","text":"and explained. We look for audit committees to have in place a procedure for assessing the independence of the auditor and","page_number":171,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"09cb470e-988d-4dcb-bbb1-2baa1519c34c","block_type":"box","text":"the quality of the external audit process on an annual basis.","page_number":171,"box":{"x":88,"y":305,"width":416,"height":12}},{"id":"140dba86-d001-41eb-b2d6-0be6257a90da","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":171,"box":{"x":89,"y":331,"width":791,"height":12}},{"id":"03cc8afa-4157-4322-ab1d-6ab2d14ebf1f","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee to","page_number":171,"box":{"x":89,"y":346,"width":839,"height":13}},{"id":"072c931b-61f9-49de-99d0-c53b1da78f0e","block_type":"box","text":"periodically review the company’s risk assessment and risk management policies and the significant risks and exposures","page_number":171,"box":{"x":89,"y":361,"width":843,"height":13}},{"id":"12fcb2ca-6655-4e23-a88c-1d2b2cbd672b","block_type":"box","text":"identified by management, the internal auditors or the independent auditors, and management’s steps to address them. In","page_number":171,"box":{"x":89,"y":376,"width":858,"height":13}},{"id":"d65a2cc7-0f5d-43d3-95d5-3a966adbbb59","block_type":"box","text":"the absence of detailed disclosures, we may conclude that companies are not adequately managing risk.","page_number":171,"box":{"x":88,"y":392,"width":732,"height":12}},{"id":"e7fef429-a9d8-433e-9712-77eee998fa96","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":171,"box":{"x":89,"y":418,"width":577,"height":12}},{"id":"0c56ec6c-c13e-47f0-8b98-7d561942c5cd","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":171,"box":{"x":88,"y":445,"width":853,"height":12}},{"id":"335403a2-998d-46fc-b085-0f2197bfc0a6","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":171,"box":{"x":88,"y":460,"width":841,"height":12}},{"id":"1af2ec45-60b2-4258-a11d-695f37381f03","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":171,"box":{"x":89,"y":475,"width":351,"height":12}},{"id":"62c8d7e7-c583-4b00-b9e0-8524b74e2f82","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and differentiated voting","page_number":171,"box":{"x":89,"y":501,"width":875,"height":13}},{"id":"41b8ca21-7efe-4439-bfc4-53635cc1f1a4","block_type":"box","text":"rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of “one share, one vote” for","page_number":171,"box":{"x":89,"y":516,"width":821,"height":13}},{"id":"4badefe8-a3b7-4945-bd97-e47e16d72f19","block_type":"box","text":"registered shareholders.","page_number":171,"box":{"x":89,"y":531,"width":167,"height":13}},{"id":"b482ee85-5ca0-407f-851e-8d5cd097be2b","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason for listing","page_number":171,"box":{"x":89,"y":558,"width":844,"height":12}},{"id":"301ddd7a-1acc-4260-a734-5d83f244076a","block_type":"box","text":"dual classes of shares with differentiated voting rights. In our view, such companies should review these share class","page_number":171,"box":{"x":89,"y":573,"width":808,"height":12}},{"id":"bcf2102e-23fe-4705-9b46-e369e40ccfdd","block_type":"box","text":"structures on a regular basis or as company circumstances change. Additionally, they should seek shareholder approval of","page_number":171,"box":{"x":89,"y":588,"width":855,"height":12}},{"id":"d8a26ee0-59b2-4592-ac47-e9382425b01f","block_type":"box","text":"their capital structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":171,"box":{"x":88,"y":603,"width":859,"height":13}},{"id":"c5578f1a-bc0f-46b0-b810-7f2e5602efbc","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase","page_number":171,"box":{"x":89,"y":618,"width":877,"height":13}},{"id":"c23af0f8-ad42-44ce-bacc-d769e466b877","block_type":"box","text":"out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":171,"box":{"x":89,"y":633,"width":628,"height":13}},{"id":"8f3a5d5d-7396-4823-bf13-af8ae8e7aaaf","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term financial interests of","page_number":171,"box":{"x":89,"y":660,"width":874,"height":12}},{"id":"b139e03c-af95-4c4c-a39e-f15417a9f1f6","block_type":"box","text":"our clients as shareholders, and so we will review any proposed transaction with that objective in mind. Typically, we review","page_number":171,"box":{"x":89,"y":675,"width":865,"height":12}},{"id":"3f3758c8-6993-47d5-ae9d-49c85caf45e3","block_type":"box","text":"factors such as whether the proposed transaction has the unanimous support of the board and has been negotiated at arm’s","page_number":171,"box":{"x":88,"y":690,"width":876,"height":13}},{"id":"d83175f2-fbca-49df-80c3-8c6054e34c1e","block_type":"box","text":"length, and whether the board or management has clearly explained its economic and strategic rationale. We may also seek","page_number":171,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"8c1129ee-53fb-48dc-8d7c-7220d33adf2d","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction have not","page_number":171,"box":{"x":89,"y":720,"width":864,"height":13}},{"id":"fe7cd58b-1178-4e68-b7b6-fc4118f0c0d9","block_type":"box","text":"adversely affected their ability to place shareholders’ interests before their own. Where the transaction involves related","page_number":171,"box":{"x":89,"y":736,"width":826,"height":12}},{"id":"fa66fd73-14df-4908-8195-fa93d03329c6","block_type":"box","text":"parties, the recommendation to support should come from the independent directors, a best practice in most markets, and","page_number":171,"box":{"x":89,"y":751,"width":861,"height":12}},{"id":"c15bee44-3c80-4a91-8f1f-d247390d5909","block_type":"box","text":"ideally, the terms should have been assessed through an independent appraisal process. In addition, it is good practice that it","page_number":171,"box":{"x":89,"y":766,"width":874,"height":12}},{"id":"f71d3adc-9cee-4ea4-b0d1-8992618f2048","block_type":"box","text":"be approved by a separate vote of the non-conflicted parties.","page_number":171,"box":{"x":89,"y":781,"width":424,"height":12}},{"id":"875f7857-463c-4abd-b724-ca0645008d23","block_type":"box","text":"(7) Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setti","page_number":171,"box":{"x":89,"y":831,"width":836,"height":10}},{"id":"63ea6246-654b-46be-a532-c5ab8b6de9dc","block_type":"box","text":"ng and","page_number":171,"box":{"x":927,"y":831,"width":38,"height":10}},{"id":"fa15104a-8a39-4133-81ff-c7f053ff6c3e","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":171,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"5e92d2a9-a301-47d4-a18a-1d223b97de42","block_type":"box","text":"son","page_number":171,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"e89b2248-24ad-4a72-b298-85c2da089dbc","block_type":"box","text":"able assurance regarding the achievement of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission","page_number":171,"box":{"x":121,"y":856,"width":799,"height":10}},{"id":"38e3adef-0628-4ab4-926d-5b2490b2284a","block_type":"box","text":"(COSO), “Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":171,"box":{"x":121,"y":868,"width":423,"height":10}},{"id":"3799d8bd-2820-4a11-a0af-acceb5a682dc","block_type":"box","text":"A-26","page_number":171,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b9dd849b-3c01-4dbf-bb49-c1ceb06a0c6d","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":172,"box":{"x":88,"y":44,"width":827,"height":12}},{"id":"217bbcec-67dd-4704-ae2e-f2c67e4d0e0b","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":172,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"baaf7c33-6311-4761-808b-599f5e023ab3","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":172,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"d28ff469-0360-429d-8de0-997d565b0725","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":172,"box":{"x":89,"y":89,"width":819,"height":13}},{"id":"5dcab028-b990-47a7-887d-fbaeebc3c9e5","block_type":"box","text":"encourage any shareholder rights plans proposed by a board to be subject to shareholder approval upon introduction and","page_number":172,"box":{"x":89,"y":104,"width":851,"height":13}},{"id":"274518f6-0894-45d3-b27c-f2887f416c7e","block_type":"box","text":"periodically thereafter.","page_number":172,"box":{"x":89,"y":119,"width":154,"height":13}},{"id":"6bc88538-1587-452d-b4b7-16c04046c2dd","block_type":"box","text":"Executive compensation and benefits","page_number":172,"box":{"x":89,"y":146,"width":269,"height":12}},{"id":"71f49216-82c7-4005-b50c-7d66cdc6cce5","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A well","page_number":172,"box":{"x":89,"y":172,"width":826,"height":13}},{"id":"c25e5e2a-cadc-4b3d-8bec-d72fda9ba065","block_type":"box","text":"structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals; encourages","page_number":172,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"aec132fd-c6e8-48af-b47f-3997dc913dbd","block_type":"box","text":"an appropriate risk appetite; and aligns the interests of shareholders and executives through equity ownership.","page_number":172,"box":{"x":89,"y":203,"width":773,"height":12}},{"id":"9c76cba8-056b-4d0a-be2d-1e02fd54983d","block_type":"box","text":"(8)","page_number":172,"box":{"x":864,"y":201,"width":14,"height":8}},{"id":"7591f593-0b35-4429-be8c-ff88937bc7a6","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained financial","page_number":172,"box":{"x":88,"y":229,"width":840,"height":12}},{"id":"e50f742a-6ad5-4d3a-b614-b2e54a621420","block_type":"box","text":"value creation for our clients as shareholders. We appreciate when performance targets incorporate ambitious objectives,","page_number":172,"box":{"x":88,"y":244,"width":849,"height":13}},{"id":"30c1de62-eabc-40ba-a98a-ae319970ac62","block_type":"box","text":"and the corresponding metrics are aligned with the company’s strategy and business model. BIS does not have a position on","page_number":172,"box":{"x":89,"y":259,"width":871,"height":13}},{"id":"88327e18-866e-4981-a3f4-94b9c919dab5","block_type":"box","text":"whether companies choose to use sustainability-related criteria in compensation structures, but, where they are included, we","page_number":172,"box":{"x":88,"y":274,"width":878,"height":13}},{"id":"dae7121b-e487-4ecd-9f20-44e87df8db6a","block_type":"box","text":"look to companies to be as rigorous as they would be in setting other financial or operational targets. We appreciate when","page_number":172,"box":{"x":89,"y":290,"width":854,"height":12}},{"id":"9c59a068-b6cb-4182-af79-392fb0c9ec89","block_type":"box","text":"long-term incentive plans encompass timeframes that: 1) are distinct from annual executive compensation structures and","page_number":172,"box":{"x":89,"y":305,"width":855,"height":12}},{"id":"87e92362-c578-4192-8880-b68afc1e174d","block_type":"box","text":"metrics, and 2) encourage the delivery of strong financial results over a period of years.","page_number":172,"box":{"x":89,"y":320,"width":608,"height":12}},{"id":"85ffa5c2-12c7-4863-b88f-253be223ee3a","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive compensation carefully","page_number":172,"box":{"x":88,"y":346,"width":878,"height":13}},{"id":"4d0e8445-d46c-4f51-b89a-553d73566d63","block_type":"box","text":"consider the company’s specific circumstances. Factors to consider may include the company’s risk profile, the environment","page_number":172,"box":{"x":89,"y":361,"width":870,"height":13}},{"id":"a87dd4c0-39fb-40d5-a3af-443fd93e97e7","block_type":"box","text":"it operates in, and the individuals the board is trying to attract and retain. We look to the compensation committees to guard","page_number":172,"box":{"x":89,"y":376,"width":871,"height":13}},{"id":"2a4dcd61-e95c-46f3-b91c-7636246714f3","block_type":"box","text":"against contractual arrangements that would entitle executives to material compensation for early termination of their","page_number":172,"box":{"x":89,"y":392,"width":830,"height":12}},{"id":"49a0b3f8-10d6-4f9d-8567-7b3df7955a8d","block_type":"box","text":"employment. Finally, we look for pension contributions and other deferred compensation arrangements to be reasonable in","page_number":172,"box":{"x":89,"y":407,"width":863,"height":12}},{"id":"ec8e2856-e0ff-4da4-8561-71e55397f93b","block_type":"box","text":"light of market practices or the company’s business and executive compensation strategies.","page_number":172,"box":{"x":89,"y":422,"width":642,"height":12}},{"id":"3cff0c4b-e41d-43bf-ab77-3692027907b9","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":172,"box":{"x":88,"y":448,"width":862,"height":13}},{"id":"7a80cbe0-c557-4925-b237-d2756b5919fa","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":172,"box":{"x":89,"y":463,"width":878,"height":13}},{"id":"77df285a-1eb3-4ea7-997e-e196106d6d36","block_type":"box","text":"was used, and how the adjusted outcome is aligned with the interests of shareholders. In addition, we acknowledge that the","page_number":172,"box":{"x":88,"y":479,"width":870,"height":12}},{"id":"129b246f-3d59-4ebb-8106-d6a9deaa69f0","block_type":"box","text":"use of peer group evaluation by compensation committees can help ensure competitive pay. However, we encourage","page_number":172,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"c5a4195b-ebe7-4906-81e9-a639ba9d71b2","block_type":"box","text":"companies to clearly explain how compensation outcomes have rewarded performance rather than solely base increases in","page_number":172,"box":{"x":89,"y":509,"width":862,"height":12}},{"id":"b476f7b1-2002-4fa8-8d24-02c1da5cc085","block_type":"box","text":"total compensation on peer benchmarking.","page_number":172,"box":{"x":88,"y":524,"width":304,"height":12}},{"id":"0ac09994-c9cf-475a-a7a7-c00140b9f34d","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions could","page_number":172,"box":{"x":88,"y":550,"width":827,"height":13}},{"id":"30ddb38f-ff30-45db-9ba0-e47bb712eb44","block_type":"box","text":"require executives to forgo awards when compensation was based on faulty financial statements or deceptive business","page_number":172,"box":{"x":89,"y":565,"width":833,"height":13}},{"id":"3685a05d-dc6d-4f37-962c-d2937bf38cac","block_type":"box","text":"practices, or when their behavior caused material financial harm to shareholders, material reputational risk to the company,","page_number":172,"box":{"x":89,"y":581,"width":863,"height":12}},{"id":"7fea7a47-0cb4-451a-be9c-69d34a7f8e69","block_type":"box","text":"or resulted in a criminal investigation.","page_number":172,"box":{"x":89,"y":596,"width":261,"height":12}},{"id":"f36a919a-ee5e-496e-ac10-05f7c9a6f7a8","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":172,"box":{"x":89,"y":622,"width":839,"height":12}},{"id":"ed5941f1-9399-4013-97e1-b0ccf5516aa7","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":172,"box":{"x":89,"y":637,"width":832,"height":13}},{"id":"b83b6873-4a33-4867-a8c9-34a6c63ef376","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":172,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"78d89629-d207-4d8b-99f9-852eeb2cdfc3","block_type":"box","text":"charged with overseeing.","page_number":172,"box":{"x":89,"y":668,"width":174,"height":12}},{"id":"9690de76-04bb-44dc-845b-6f737a097245","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s approach to","page_number":172,"box":{"x":88,"y":694,"width":873,"height":12}},{"id":"bd6606ea-61d2-46bc-a26d-9747a927ba2a","block_type":"box","text":"executive compensation is rigorous in light of the company’s stated long-term corporate strategy and specific circumstances,","page_number":172,"box":{"x":89,"y":709,"width":878,"height":12}},{"id":"0603d8d0-ed34-47be-b361-ab9eb90d0e8b","block_type":"box","text":"as well as local market and policy developments","page_number":172,"box":{"x":89,"y":724,"width":336,"height":13}},{"id":"877463f8-9cc1-4a05-9a3e-5c0ce60e39cb","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not support","page_number":172,"box":{"x":88,"y":751,"width":849,"height":12}},{"id":"317bf156-997e-45c0-a49b-219be8e80e14","block_type":"box","text":"management’s proposals to approve compensation, where they are on the agenda. We may also not support members of the","page_number":172,"box":{"x":89,"y":766,"width":877,"height":12}},{"id":"4a880e4d-d9b2-4aad-825b-a61d251b1b1c","block_type":"box","text":"compensation committee or equivalent board members for poor compensation practices or structures.","page_number":172,"box":{"x":89,"y":781,"width":722,"height":12}},{"id":"88e13b54-ba46-49ec-8392-d91c1dc002d3","block_type":"box","text":"(8) The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in different markets","page_number":172,"box":{"x":89,"y":868,"width":765,"height":10}},{"id":"aeda7900-6fd4-472f-9463-6213765202b7","block_type":"box","text":"A-27","page_number":172,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"58806fbd-c5b7-41a2-b126-1a5728251845","block_type":"box","text":"Shareholder protections and other corporate","page_number":173,"box":{"x":139,"y":44,"width":778,"height":30}},{"id":"1dc6f83e-2ba0-4c77-b431-94063f9294fd","block_type":"box","text":"governance matters","page_number":173,"box":{"x":356,"y":80,"width":344,"height":27}},{"id":"08afeda6-3c6e-4e7c-b177-5047ff844287","block_type":"box","text":"Corporate form","page_number":173,"box":{"x":89,"y":121,"width":110,"height":12}},{"id":"f6c74f44-a864-462c-a582-5fb9338429a0","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":173,"box":{"x":89,"y":147,"width":875,"height":13}},{"id":"a2fb2062-513b-48bf-ba79-57edf9a3ae9c","block_type":"box","text":"purpose and business model.","page_number":173,"box":{"x":89,"y":162,"width":204,"height":13}},{"id":"e3ab0b5b-a91c-445b-95da-0272c1f1a374","block_type":"box","text":"(9)","page_number":173,"box":{"x":295,"y":160,"width":14,"height":8}},{"id":"0378f252-70d4-491e-99a7-0ebb71494745","block_type":"box","text":"We look to companies proposing to change their corporate form to a public benefit","page_number":173,"box":{"x":314,"y":162,"width":583,"height":13}},{"id":"1d2ef6cf-5693-4f83-a40d-33b3342c1e2b","block_type":"box","text":"corporation, or similar entity, to put it to a shareholder vote if not already required to do so under applicable law. We","page_number":173,"box":{"x":89,"y":177,"width":810,"height":13}},{"id":"54b2addf-9779-4eb6-81db-d959e5f9a620","block_type":"box","text":"appreciate when supporting documentation from companies or shareholders proposing to alter the corporate form clearly","page_number":173,"box":{"x":89,"y":193,"width":858,"height":12}},{"id":"201b1d31-04d8-43f8-b5d3-a41ce3e090ef","block_type":"box","text":"explains how the interests of shareholders and different stakeholders would be impacted as well as the accountability and","page_number":173,"box":{"x":89,"y":208,"width":852,"height":12}},{"id":"14fdd475-c46a-44ca-83b9-59e1c2e0bae9","block_type":"box","text":"voting mechanisms that would be available to shareholders. We generally support management proposals if our analysis","page_number":173,"box":{"x":88,"y":223,"width":845,"height":12}},{"id":"672eb7ab-9a00-4001-a004-e39e016e3b60","block_type":"box","text":"indicates that shareholders’ financial interests are adequately protected. Corporate form shareholder proposals are evaluated","page_number":173,"box":{"x":89,"y":238,"width":873,"height":12}},{"id":"6c0fe87f-9899-404c-a0c8-27f3dbe43429","block_type":"box","text":"on a case-by-case basis.","page_number":173,"box":{"x":89,"y":253,"width":168,"height":12}},{"id":"d8c59f63-7417-4342-9790-df8e3582c1e1","block_type":"box","text":"Shareholder proposals","page_number":173,"box":{"x":88,"y":279,"width":163,"height":13}},{"id":"f3057c83-c17b-4ef3-ac74-824af0215894","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as long as certain","page_number":173,"box":{"x":89,"y":306,"width":862,"height":12}},{"id":"b3577df4-8248-400d-acb9-eef361852ddf","block_type":"box","text":"requirements are met. Shareholder proposals span a wide range of topics, including governance reforms, capital","page_number":173,"box":{"x":89,"y":321,"width":783,"height":12}},{"id":"f148f9cd-f1fe-4ed4-9cba-19842f421517","block_type":"box","text":"management, and changes in the management or disclosure of sustainability-related risks. These proposals have a varying","page_number":173,"box":{"x":89,"y":336,"width":859,"height":13}},{"id":"55a2b98c-df55-4467-8c72-4f376cdb4caa","block_type":"box","text":"degree of relevance for companies across sectors, locations, and business models.","page_number":173,"box":{"x":89,"y":351,"width":575,"height":13}},{"id":"1704c474-3ccf-4fe2-870c-334a128d6f58","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the proposal’s","page_number":173,"box":{"x":89,"y":378,"width":834,"height":12}},{"id":"d1f48a52-58a7-4f9e-86e0-791f978d48a5","block_type":"box","text":"implications for long-term financial value creation for shareholders. Our analysis considers whether a shareholder proposal","page_number":173,"box":{"x":89,"y":393,"width":860,"height":12}},{"id":"1dc965d3-630a-4806-816c-c8591fbaad02","block_type":"box","text":"addresses a material risk that may impact a company’s long-term financial performance. BIS may support shareholder","page_number":173,"box":{"x":89,"y":408,"width":827,"height":12}},{"id":"f77b1262-5b82-426f-bd86-6051aab14291","block_type":"box","text":"proposals that request disclosures that help us, as long-term investors on behalf of our clients, better understand the","page_number":173,"box":{"x":89,"y":423,"width":818,"height":12}},{"id":"c4144c27-5e54-4776-a941-5c9340392283","block_type":"box","text":"material risks and opportunities companies face and how they are managing them, especially where this information is","page_number":173,"box":{"x":89,"y":438,"width":833,"height":13}},{"id":"79969b81-66e1-410b-bbe7-319754786e8b","block_type":"box","text":"additive given the company’s existing disclosures. We look for consistency between the specific request formally made in the","page_number":173,"box":{"x":89,"y":453,"width":873,"height":13}},{"id":"719c5553-dcba-452e-9024-21f16c3b7d4e","block_type":"box","text":"proposal, the supporting documentation, and the proponents’ other communications on the issues. We also assess the","page_number":173,"box":{"x":89,"y":468,"width":833,"height":13}},{"id":"c6c1d04b-59c6-4acd-a8cb-154b42fb0ffa","block_type":"box","text":"company’s practices and disclosures and the costs and benefits to the company of meeting the request made in the","page_number":173,"box":{"x":89,"y":484,"width":810,"height":12}},{"id":"5852d4a7-54a0-4555-b622-e8973e914837","block_type":"box","text":"proposal. We take into consideration a company’s governance practices and disclosures against those of their peers.","page_number":173,"box":{"x":89,"y":499,"width":813,"height":12}},{"id":"cf26e5e2-1c67-4b1c-a31a-cb18fc5d0326","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that seek to","page_number":173,"box":{"x":89,"y":525,"width":828,"height":12}},{"id":"ae65de2c-0f20-4d4e-b14b-25c5c22fbd31","block_type":"box","text":"micromanage companies. We take into consideration the legal effect of the proposal, as shareholder proposals may be","page_number":173,"box":{"x":89,"y":540,"width":828,"height":13}},{"id":"71a282a1-b41b-4787-aae5-3e1240700a69","block_type":"box","text":"advisory or legally binding depending on the jurisdiction, while others may make requests that would be deemed illegal in a","page_number":173,"box":{"x":89,"y":555,"width":864,"height":13}},{"id":"42e7a2f2-02e9-4443-990c-fdafdaff0fc5","block_type":"box","text":"given jurisdiction.","page_number":173,"box":{"x":89,"y":570,"width":122,"height":13}},{"id":"71a7a082-70d3-49be-b30a-bfb0531043f6","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":173,"box":{"x":89,"y":597,"width":857,"height":12}},{"id":"02409c22-dc64-470c-a742-f704ce00947c","block_type":"box","text":"advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the","page_number":173,"box":{"x":89,"y":612,"width":866,"height":12}},{"id":"fcf835b0-47e1-4d67-9905-21288f855510","block_type":"box","text":"proponent’s supporting statement may refer to topics that are not directly related to the request made in the proposal. In","page_number":173,"box":{"x":89,"y":627,"width":846,"height":13}},{"id":"56c4bbfe-d917-45a0-a83b-20affdf87b1f","block_type":"box","text":"voting on behalf of clients, we must vote yes or no on the proposal as phrased by the proponent. Therefore, when we vote in","page_number":173,"box":{"x":88,"y":642,"width":871,"height":13}},{"id":"d676b835-b424-4b3e-9779-a254b5d442cd","block_type":"box","text":"support of a proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives, or","page_number":173,"box":{"x":89,"y":657,"width":821,"height":13}},{"id":"a4316524-56b3-4ccb-b7cc-f2368cb01b76","block_type":"box","text":"supporting statement of the proponent. We may support a proposal for different reasons than those put forth by the","page_number":173,"box":{"x":89,"y":673,"width":813,"height":12}},{"id":"50c67a91-88d9-4030-a4aa-4a20629445d9","block_type":"box","text":"proponent, when we believe that overall it may advance our clients’ long-term financial interests.","page_number":173,"box":{"x":89,"y":688,"width":676,"height":12}},{"id":"80e57076-3fd6-4967-af71-33f46e4fb6ab","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place restrictions and","page_number":173,"box":{"x":89,"y":714,"width":856,"height":12}},{"id":"101876fc-995e-46df-986b-7c18f1aa67fd","block_type":"box","text":"limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients. BlackRock does","page_number":173,"box":{"x":89,"y":729,"width":852,"height":13}},{"id":"7cffc987-4ab0-4712-872a-8d2840c50d8c","block_type":"box","text":"not nominate directors for board elections or submit shareholder proposals to companies. Non-compliance with these","page_number":173,"box":{"x":89,"y":744,"width":829,"height":13}},{"id":"bce79307-4ae3-46f0-a83b-61461348b9ea","block_type":"box","text":"requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":173,"box":{"x":89,"y":759,"width":582,"height":13}},{"id":"51ad4bf1-36b9-410f-bf62-256a6bd1452e","block_type":"box","text":"(9) Corporate form refers to the legal structure by which a business is organized.","page_number":173,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"c279c4b7-efd7-4e0a-a6ac-f5ef00e496e5","block_type":"box","text":"A-28","page_number":173,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"686dea9f-b557-4b87-b6cb-16a1bcbcd26d","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":174,"box":{"x":89,"y":44,"width":387,"height":12}},{"id":"e74063f2-1ed0-4164-8491-5e76d473d2c0","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and opportunities, is","page_number":174,"box":{"x":88,"y":70,"width":868,"height":13}},{"id":"1518c94e-7de2-4f05-bcdb-c2e6bf27158b","block_type":"box","text":"an important component of having an effective governance framework that supports durable, long-term financial value","page_number":174,"box":{"x":89,"y":85,"width":836,"height":13}},{"id":"c4a039d0-f60c-4b95-99aa-1dbf9efbfb24","block_type":"box","text":"creation.","page_number":174,"box":{"x":89,"y":102,"width":59,"height":8}},{"id":"dd737152-de08-4748-bf8b-167f809167bc","block_type":"box","text":"(10)","page_number":174,"box":{"x":150,"y":99,"width":20,"height":8}},{"id":"eec44eeb-0f00-445e-8d30-1242da8502a0","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’ strategy and","page_number":174,"box":{"x":88,"y":127,"width":835,"height":12}},{"id":"c3256c13-f024-4e76-8d13-ff0e23286119","block_type":"box","text":"business practices related to material sustainability-related risks and opportunities. We find it helpful when companies’","page_number":174,"box":{"x":89,"y":142,"width":831,"height":12}},{"id":"a8345511-5dba-42d2-aa12-29f99348d9c1","block_type":"box","text":"disclosures demonstrate that they have a resilient business model that integrates material sustainability-related risks and","page_number":174,"box":{"x":89,"y":157,"width":846,"height":13}},{"id":"ecb595a2-7644-4381-9bae-93eded95dc29","block_type":"box","text":"opportunities into their strategy, risk management, and metrics and targets, including industry-specific metrics.","page_number":174,"box":{"x":89,"y":172,"width":781,"height":13}},{"id":"67525511-df4e-4023-9a09-76bf7a531187","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The International","page_number":174,"box":{"x":88,"y":199,"width":844,"height":12}},{"id":"ad2c6b20-c41f-4d00-bafe-d501dd2e242b","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization that we find","page_number":174,"box":{"x":88,"y":214,"width":879,"height":12}},{"id":"8ce05e40-26a8-429e-9540-3f05b502ac6c","block_type":"box","text":"useful in our analysis.","page_number":174,"box":{"x":89,"y":229,"width":149,"height":12}},{"id":"ced0cd50-e954-4e52-a114-15d6257e1e57","block_type":"box","text":"(11)","page_number":174,"box":{"x":240,"y":227,"width":20,"height":8}},{"id":"62bdeb32-f581-4836-b5f1-10574dc71789","block_type":"box","text":"However, we do not mandate any specific disclosure framework companies should use, and","page_number":174,"box":{"x":266,"y":229,"width":642,"height":12}},{"id":"f6cf2d9b-b3c1-4354-9325-6b20e05d3b6a","block_type":"box","text":"recognize that companies may report using different standards, some of which may be required by regulation. In such cases,","page_number":174,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"1780d12a-9608-4dc4-b33c-c958e9e0fba3","block_type":"box","text":"we ask that companies highlight the metrics that are industry- or company-specific.","page_number":174,"box":{"x":88,"y":259,"width":588,"height":13}},{"id":"53b06e2a-eee4-42eb-a12f-23b67305ef82","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines regarding","page_number":174,"box":{"x":88,"y":286,"width":855,"height":12}},{"id":"b3b02994-0fcd-4104-821c-9deb897c05c9","block_type":"box","text":"when companies should make sustainability-related disclosures but appreciate it when companies produce them sufficiently","page_number":174,"box":{"x":88,"y":301,"width":874,"height":12}},{"id":"a8ed35b8-7159-4dc0-89c8-187e16246cab","block_type":"box","text":"in advance of their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and","page_number":174,"box":{"x":89,"y":316,"width":850,"height":12}},{"id":"ed17c8b0-7e6e-49d1-ad77-fffe8c7f5290","block_type":"box","text":"make informed voting decisions.","page_number":174,"box":{"x":89,"y":331,"width":226,"height":12}},{"id":"8f781922-eaa6-418a-89ad-8b5e2562b958","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on best practices","page_number":174,"box":{"x":89,"y":358,"width":863,"height":12}},{"id":"b77a54d5-f960-4148-83e4-16e0a3cf630c","block_type":"box","text":"and disclosures. While not a voting item, we find it helpful to our understanding of investment risk when companies disclose","page_number":174,"box":{"x":89,"y":373,"width":872,"height":12}},{"id":"1e1b912b-8d14-4948-b81a-dbff8cb9bba0","block_type":"box","text":"any relevant global sustainability-related standards adopted, the industry initiatives in which they participate, any peer group","page_number":174,"box":{"x":89,"y":388,"width":871,"height":12}},{"id":"527d88d3-eae8-4700-9f21-abad20d33cca","block_type":"box","text":"benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and","page_number":174,"box":{"x":89,"y":403,"width":842,"height":12}},{"id":"7a19ea05-9bd6-4b77-a71c-9c39609bedfd","block_type":"box","text":"responsible business practices.","page_number":174,"box":{"x":89,"y":418,"width":215,"height":12}},{"id":"6a69ccef-ccf5-400d-9675-a4a27e0f468b","block_type":"box","text":"Climate and nature-related risk","page_number":174,"box":{"x":105,"y":445,"width":225,"height":9}},{"id":"64cd50ba-688b-4587-864a-e3e7d6b30a3e","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial value to","page_number":174,"box":{"x":89,"y":471,"width":828,"height":12}},{"id":"04141567-0e98-4da4-b57f-33d67a8df6ec","block_type":"box","text":"investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose, consistent with","page_number":174,"box":{"x":89,"y":486,"width":865,"height":12}},{"id":"6efd26d2-758f-4be9-bbb5-550b0e269cfe","block_type":"box","text":"their business model and sector, how they intend to deliver long-term financial performance through the low-carbon","page_number":174,"box":{"x":88,"y":501,"width":819,"height":13}},{"id":"87f46503-ebbe-4508-82ad-62d80bf1a024","block_type":"box","text":"transition, including where available, their transition plan.","page_number":174,"box":{"x":88,"y":516,"width":400,"height":13}},{"id":"11114f7b-2665-40e0-b2b7-3d664c954c95","block_type":"box","text":"(12), (13)","page_number":174,"box":{"x":490,"y":514,"width":50,"height":8}},{"id":"9059e9e6-8cf6-43ee-a160-f100f57a2cbd","block_type":"box","text":"From company disclosures and engagement, we seek to","page_number":174,"box":{"x":546,"y":516,"width":393,"height":13}},{"id":"ff73ca58-c4a5-47db-a9ba-13eebb33ded7","block_type":"box","text":"understand the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":174,"box":{"x":89,"y":531,"width":820,"height":13}},{"id":"61e4577d-d4fa-4830-8648-1e5f12aecd59","block_type":"box","text":"business model associated with a range of climate-related scenarios.","page_number":174,"box":{"x":89,"y":547,"width":481,"height":12}},{"id":"ce9c5722-3785-47fe-af9d-ed983d595f1c","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large companies to disclose","page_number":174,"box":{"x":89,"y":573,"width":878,"height":12}},{"id":"4575df58-0b52-4cf4-a5c8-d49e9f5100d5","block_type":"box","text":"such climate-related financial information, while in other jurisdictions these disclosures are viewed as best practice in the","page_number":174,"box":{"x":89,"y":588,"width":847,"height":12}},{"id":"54c00861-4c2d-4f3b-bbdd-6050b9b0c0f6","block_type":"box","text":"market.","page_number":174,"box":{"x":89,"y":603,"width":52,"height":10}},{"id":"288a9185-b427-4095-826f-2ac324c5003a","block_type":"box","text":"(10) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mo","page_number":174,"box":{"x":89,"y":659,"width":824,"height":10}},{"id":"eb5ac3f7-fb5e-4813-ac7a-ea0d1ec1e306","block_type":"box","text":"del that","page_number":174,"box":{"x":914,"y":659,"width":42,"height":8}},{"id":"05711276-2dbe-4154-b66c-0b7ed5ba2f83","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":174,"box":{"x":121,"y":672,"width":826,"height":10}},{"id":"3cbfd85e-c6fd-4d3d-b8fd-1bf070df7a57","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":174,"box":{"x":121,"y":685,"width":832,"height":9}},{"id":"7b3db255-27c0-4c88-b13c-21342e92115c","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":174,"box":{"x":121,"y":697,"width":443,"height":10}},{"id":"50d30d81-f457-41d1-be46-21e5708b958a","block_type":"box","text":"(11) The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. The standards bui","page_number":174,"box":{"x":89,"y":712,"width":831,"height":10}},{"id":"90a4ecfe-6643-487d-aa8f-6b8a4fd285d9","block_type":"box","text":"ld on","page_number":174,"box":{"x":922,"y":712,"width":26,"height":8}},{"id":"cac6c672-6064-44fa-9aed-4cbaaf35350c","block_type":"box","text":"the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting","page_number":174,"box":{"x":121,"y":725,"width":838,"height":10}},{"id":"97b95e6f-edcd-4650-ae37-380111b24f4e","block_type":"box","text":"Standards Board (SASB), which have both converged under the ISSB. Please refer to the IFRS website to learn more about the framework and stan","page_number":174,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"27595eea-a563-4092-91c1-a2de7d653564","block_type":"box","text":"dards S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.” Websites","page_number":174,"box":{"x":121,"y":750,"width":795,"height":10}},{"id":"9ae15784-6865-490e-8933-177693092b36","block_type":"box","text":"accessed in December 2025.","page_number":174,"box":{"x":121,"y":763,"width":159,"height":7}},{"id":"a64718ad-b0b3-45fe-acd1-b9ec8da2039d","block_type":"box","text":"(12) We have observed that more companies are developing such plans, and public policymakers in certain markets are signaling their intentions to req","page_number":174,"box":{"x":89,"y":778,"width":852,"height":10}},{"id":"42b7330a-8d96-4c67-b97b-4362bc5a16b1","block_type":"box","text":"uire","page_number":174,"box":{"x":943,"y":779,"width":19,"height":7}},{"id":"537cb125-1d50-4ff7-9939-63b926dd169b","block_type":"box","text":"them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the International Transition Plan Network fo","page_number":174,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"4046e926-7477-4305-ab3d-0a2af5dda03b","block_type":"box","text":"for","page_number":174,"box":{"x":952,"y":793,"width":12,"height":5}},{"id":"ef3d27a8-4f48-42c7-9552-8356fa14c127","block_type":"box","text":"information). We view transition plans as a method for a company to both internally assess and externally communicate its long-term strategy, ambi","page_number":174,"box":{"x":121,"y":803,"width":837,"height":10}},{"id":"80c7d902-e70d-4e0c-88fe-495ee1abbe31","block_type":"box","text":"tion, objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape there rema","page_number":174,"box":{"x":121,"y":816,"width":827,"height":9}},{"id":"6ed8bf00-1130-43ee-83e1-3d89f9840265","block_type":"box","text":"ins","page_number":174,"box":{"x":949,"y":816,"width":15,"height":7}},{"id":"3d9b0e85-a689-417c-bd65-dfe44126de24","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. While transition plans can be helpful disclosure, BIS does not make the","page_number":174,"box":{"x":121,"y":828,"width":841,"height":10}},{"id":"ab37047a-2115-4437-b8a8-5db48a164f50","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":174,"box":{"x":121,"y":841,"width":835,"height":10}},{"id":"ff294d00-e814-4082-b826-cfeb6ba9f9f4","block_type":"box","text":"their planned actions and resource implications. Website accessed in December 2025.","page_number":174,"box":{"x":121,"y":853,"width":480,"height":10}},{"id":"80f90080-cb51-4a45-aec4-1e2ed9ded0cb","block_type":"box","text":"(13) For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December 2025.","page_number":174,"box":{"x":89,"y":868,"width":701,"height":10}},{"id":"27722c7e-9738-482c-aa03-1481810dc779","block_type":"box","text":"A-29","page_number":174,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"349871ba-7665-4ea3-86e8-213501f6767d","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific climate-related risks","page_number":175,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"69d28c9d-5504-42ec-9482-55a670f5f0f5","block_type":"box","text":"and opportunities, and informing investment decisions. Such disclosures also provide investors with insights into how","page_number":175,"box":{"x":89,"y":59,"width":825,"height":12}},{"id":"ee4e1e4e-9e64-4ce3-93a2-a857a186e3cd","block_type":"box","text":"companies are managing the risks associated with a transition to a low-carbon economy by managing their own carbon","page_number":175,"box":{"x":89,"y":74,"width":841,"height":12}},{"id":"e7f2d549-107c-4ade-84fd-06c5baa759cd","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable.","page_number":175,"box":{"x":89,"y":89,"width":490,"height":13}},{"id":"fbbcedca-a276-4146-b415-af26044afadd","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":175,"box":{"x":88,"y":116,"width":846,"height":12}},{"id":"cf2c3ed8-7232-416c-9fa8-a2b957232988","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG)","page_number":175,"box":{"x":88,"y":131,"width":860,"height":12}},{"id":"853d0f1b-9780-4312-9541-75c6f577ef8d","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":175,"box":{"x":89,"y":146,"width":833,"height":12}},{"id":"e88b58ff-7502-4b3d-b326-cac699330680","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":175,"box":{"x":88,"y":172,"width":871,"height":13}},{"id":"bc17f4bc-fc23-4978-be0e-2a513be5e0eb","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":175,"box":{"x":89,"y":188,"width":824,"height":12}},{"id":"4aa6d148-791d-4723-9411-407c5cfa2ec9","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments that companies","page_number":175,"box":{"x":89,"y":203,"width":827,"height":12}},{"id":"9cce46f1-54a4-4412-bfa5-5e430d8d45ba","block_type":"box","text":"choose to make regarding material scope 3 emissions and recognize that these are provided on a good-faith basis as","page_number":175,"box":{"x":89,"y":218,"width":816,"height":12}},{"id":"db781b2d-79e4-40b4-85df-880f42e7d017","block_type":"box","text":"methodology develops.","page_number":175,"box":{"x":89,"y":233,"width":162,"height":12}},{"id":"940374f0-778e-444b-a399-5676ca73db12","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply chains are","page_number":175,"box":{"x":89,"y":259,"width":827,"height":13}},{"id":"e1ecc474-79b6-4fa5-870f-f9cc42c779b6","block_type":"box","text":"materially reliant on natural capital, nature-related risks and opportunities may affect their ability to generate long-term","page_number":175,"box":{"x":89,"y":274,"width":835,"height":13}},{"id":"d6dc7133-ad15-4ded-9aee-0654708820c4","block_type":"box","text":"financial returns.","page_number":175,"box":{"x":88,"y":290,"width":117,"height":9}},{"id":"9375e94c-3af8-4ce1-aa06-a17bdf3cee04","block_type":"box","text":"(14)","page_number":175,"box":{"x":207,"y":288,"width":20,"height":8}},{"id":"b17a93fb-3efb-4636-ad34-ac76b4bedbcd","block_type":"box","text":"For these companies, we rely on disclosures to understand how their strategies consider nature-related","page_number":175,"box":{"x":233,"y":290,"width":721,"height":12}},{"id":"36d1134f-f56a-439e-8b4e-c7aa3aef95db","block_type":"box","text":"impacts and dependencies and to assess how the board oversees these risks.","page_number":175,"box":{"x":89,"y":305,"width":538,"height":12}},{"id":"1a323f22-7491-413b-b23e-4481da331ba9","block_type":"box","text":"(15)","page_number":175,"box":{"x":629,"y":303,"width":20,"height":8}},{"id":"22197341-1499-4e10-82e1-be7310723612","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":175,"box":{"x":105,"y":331,"width":519,"height":12}},{"id":"37f95816-5463-4366-8333-1c6b043d6d7f","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":175,"box":{"x":89,"y":358,"width":784,"height":12}},{"id":"149f810c-2427-47a4-acc5-55f35d53e87c","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and consumers,","page_number":175,"box":{"x":89,"y":373,"width":841,"height":12}},{"id":"bef97cb1-bce2-4fb1-9197-cc998ccbffb4","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":175,"box":{"x":89,"y":388,"width":387,"height":12}},{"id":"49f1a16e-2fec-4968-9c95-72e0009b663b","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are more likely to","page_number":175,"box":{"x":89,"y":414,"width":847,"height":13}},{"id":"bbce2c23-cb20-4990-acca-4e02e78319ec","block_type":"box","text":"deliver durable, long-term financial performance. By contrast, we have found that poor relationships may create adverse","page_number":175,"box":{"x":89,"y":429,"width":840,"height":13}},{"id":"f51c07c3-f97d-469b-8c2d-ac001db097fb","block_type":"box","text":"impacts that could expose companies to legal, regulatory, operational, and reputational risks. This is particularly relevant to a","page_number":175,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"d48a0dbc-6cea-4d58-85e0-165adac59f8e","block_type":"box","text":"company’s workforce, which is central to long-term financial value creation.","page_number":175,"box":{"x":89,"y":460,"width":530,"height":12}},{"id":"f35191d8-14e0-4698-b348-d0fc6e14bfdb","block_type":"box","text":"(16)","page_number":175,"box":{"x":621,"y":458,"width":20,"height":8}},{"id":"1f6bcdf8-309c-4482-a603-d718e191bbf8","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":175,"box":{"x":88,"y":486,"width":844,"height":12}},{"id":"54a60705-3b04-46f5-acb6-fdd4c1dd5f38","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":175,"box":{"x":88,"y":501,"width":837,"height":13}},{"id":"5420739a-9ef2-41dd-9880-518882163274","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":175,"box":{"x":89,"y":516,"width":870,"height":13}},{"id":"a303badc-e56f-4a01-af8c-e381c305ea52","block_type":"box","text":"and the skills required for their future business strategy. We are also interested in understanding how the board monitors and","page_number":175,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"fe0e0acd-3f9b-44c7-85f4-704ca48045c9","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":175,"box":{"x":89,"y":547,"width":860,"height":12}},{"id":"7f53148c-91e1-452e-b117-bdca30a567db","block_type":"box","text":"aligns with the company’s strategy. BIS does not direct a company’s policies or practices, which are the responsibility of","page_number":175,"box":{"x":89,"y":562,"width":837,"height":12}},{"id":"c1b993b8-655d-44de-bc94-c20225a54b04","block_type":"box","text":"management and the board.","page_number":175,"box":{"x":89,"y":577,"width":199,"height":12}},{"id":"77f3c67b-1283-4705-9431-4b3d96663322","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts that could","page_number":175,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"9cecdf85-849e-4d99-8899-92bbf682792a","block_type":"box","text":"arise from their business practices and affect critical relationships with their stakeholders. We encourage companies to","page_number":175,"box":{"x":89,"y":618,"width":830,"height":13}},{"id":"4efe05b6-74d9-47f5-8ce5-43b4cae19e7a","block_type":"box","text":"implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate","page_number":175,"box":{"x":89,"y":633,"width":834,"height":13}},{"id":"03a737b2-1304-4886-8112-30fd0ea4a7b2","block_type":"box","text":"potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts.","page_number":175,"box":{"x":89,"y":649,"width":728,"height":12}},{"id":"d7c84ac0-82e5-413f-8cb4-c84a8ceda931","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders and may","page_number":175,"box":{"x":88,"y":675,"width":837,"height":12}},{"id":"5c05b367-f667-4b61-9dd3-353face0da2f","block_type":"box","text":"convey concerns about board oversight in our voting on director elections or supporting a business relevant shareholder","page_number":175,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"fd43478a-f08d-4777-b605-756ff8b2419a","block_type":"box","text":"proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":175,"box":{"x":89,"y":705,"width":726,"height":13}},{"id":"e058993a-798d-46df-840f-3767128d5a57","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":175,"box":{"x":89,"y":732,"width":441,"height":12}},{"id":"10fe0247-f8ac-4be1-a893-4e7ba3ef5fbd","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of clients at the","page_number":175,"box":{"x":89,"y":758,"width":858,"height":13}},{"id":"27dd8526-475e-4f89-a4bd-cea93e80becb","block_type":"box","text":"global and regional level.","page_number":175,"box":{"x":89,"y":773,"width":171,"height":13}},{"id":"7da9ce56-81de-4e1e-acc3-c1d257e5a3f4","block_type":"box","text":"(14) For more information, please see our commentary “Our approach to engagement on natural capital,” December 2025.","page_number":175,"box":{"x":89,"y":800,"width":694,"height":10}},{"id":"e135fced-7542-4270-af60-b257f1aac58f","block_type":"box","text":"(15) Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital depend","page_number":175,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"85dd9bad-90bb-4421-9780-9655e278c9ec","block_type":"box","text":"en","page_number":175,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"7a8ddc74-a795-4ac8-9e7a-bb87fc0f73bf","block_type":"box","text":"cies and impacts would aid investors’ understanding. The recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may","page_number":175,"box":{"x":121,"y":828,"width":818,"height":10}},{"id":"6b77e3fe-831a-4889-ab5e-ae0cb1b3a902","block_type":"box","text":"prove useful to some companies. We recognize that some companies may report using different standards, which may be required by regulation, or","page_number":175,"box":{"x":121,"y":841,"width":825,"height":10}},{"id":"e50e3224-81df-44c6-ab4f-72b9539bc793","block_type":"box","text":"one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":175,"box":{"x":121,"y":853,"width":748,"height":10}},{"id":"49c00954-c1d2-4172-aee4-36b48564ddca","block_type":"box","text":"(16) For more information, please see our commentary “Our approach to engagement on human capital management,” December 2025.","page_number":175,"box":{"x":89,"y":868,"width":774,"height":10}},{"id":"c416f334-bd6f-4a64-9669-173e4ce557ca","block_type":"box","text":"A-30","page_number":175,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"50270a21-ae08-498f-a1d3-a9a3a70ec295","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee) supports BIS’","page_number":176,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"fa89f243-be66-4dc0-b59d-829a1d95efa0","block_type":"box","text":"regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as well as market-level","page_number":176,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"654d9eca-0f22-4de6-8cd4-e69472db7122","block_type":"box","text":"stewardship requirements. The Committee reviews and approves amendments to the Global Principles and regional voting","page_number":176,"box":{"x":89,"y":74,"width":857,"height":12}},{"id":"6f86d9f8-cd8e-4b21-8858-254f97099fd0","block_type":"box","text":"guidelines. The Committee also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as","page_number":176,"box":{"x":89,"y":89,"width":824,"height":13}},{"id":"f5611c03-1655-4655-a4bf-a914eaef37e7","block_type":"box","text":"updates on material process issues, procedural changes, and other risk oversight considerations. The Committee is chaired","page_number":176,"box":{"x":89,"y":104,"width":860,"height":13}},{"id":"8216b09a-c8f3-42b6-b40a-572c5c41bc06","block_type":"box","text":"by the Global Heads of the Investment Stewardship function and its members include senior BlackRock executives with legal,","page_number":176,"box":{"x":89,"y":119,"width":874,"height":13}},{"id":"08ef1180-97d8-4733-a20e-858b1b454823","block_type":"box","text":"risk, and other experience relevant to team oversight who are independent from the investment stewardship function.","page_number":176,"box":{"x":89,"y":135,"width":824,"height":12}},{"id":"95ea106f-74da-4c2d-ad09-dfe3fa4c1827","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global Principles","page_number":176,"box":{"x":88,"y":161,"width":865,"height":12}},{"id":"d17783f3-aa54-4282-9c10-cd0c9471ce46","block_type":"box","text":"and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and EMEA oversee BIS’","page_number":176,"box":{"x":89,"y":176,"width":845,"height":13}},{"id":"b9aceba0-2d01-4bc3-8227-599265bf9014","block_type":"box","text":"activities for their specific markets.","page_number":176,"box":{"x":89,"y":191,"width":242,"height":13}},{"id":"973cda1d-9ce3-476e-b265-cfd76e1cf2d6","block_type":"box","text":"Vote execution","page_number":176,"box":{"x":88,"y":218,"width":107,"height":9}},{"id":"3a38c45f-77fc-40c0-8127-08e76dbdb685","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have processes in place to","page_number":176,"box":{"x":89,"y":244,"width":875,"height":13}},{"id":"f81a8cb1-9e8c-4c15-bdfd-55a580afcff0","block_type":"box","text":"consider all proxies for which we have voting authority, and submit voting decisions, or refrain from voting when logistical","page_number":176,"box":{"x":89,"y":259,"width":852,"height":13}},{"id":"139dcf21-37fe-49d3-acc7-1ad0e6340c73","block_type":"box","text":"issues arise (see below). The BIS Benchmark Policies – and the vote decisions made consistent with those policies – reflect","page_number":176,"box":{"x":89,"y":274,"width":856,"height":13}},{"id":"8ae6546b-2b15-40b2-abe1-e8d3f4c557fe","block_type":"box","text":"our reasonable and independent judgment and are made without regard to the relationship between the issuer of the proxy","page_number":176,"box":{"x":89,"y":290,"width":865,"height":12}},{"id":"3cd4c511-e85b-4aaf-9896-e5c41e2311ad","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s","page_number":176,"box":{"x":89,"y":305,"width":874,"height":12}},{"id":"62552abc-2326-4b78-a20e-06d86ca3248f","block_type":"box","text":"affiliates, or BlackRock employees (see “Conflicts management policies and procedures,” below).","page_number":176,"box":{"x":89,"y":320,"width":676,"height":12}},{"id":"9c24cab0-e09a-41ae-ac0d-3cb7b1d78091","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost of voting","page_number":176,"box":{"x":89,"y":346,"width":843,"height":13}},{"id":"49e7e1ec-ebd3-45aa-a07d-0b8085d01568","block_type":"box","text":"such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of shareholder meetings;","page_number":176,"box":{"x":89,"y":361,"width":876,"height":13}},{"id":"8b2e0181-01e1-4cd3-8fe9-925c363e7b8b","block_type":"box","text":"2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in person; 4) “share-blocking”","page_number":176,"box":{"x":89,"y":376,"width":818,"height":13}},{"id":"20ba8818-3700-46f8-85d1-87c822454427","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at","page_number":176,"box":{"x":89,"y":392,"width":877,"height":12}},{"id":"8f7de125-7df3-4009-bf4a-6c296fb29173","block_type":"box","text":"which votes are submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in translating","page_number":176,"box":{"x":88,"y":407,"width":860,"height":12}},{"id":"5af3a3fb-0477-476e-901c-e814910c4178","block_type":"box","text":"the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with powers of attorney to facilitate voting","page_number":176,"box":{"x":88,"y":422,"width":863,"height":12}},{"id":"f81ad3c5-c4dd-4d22-96d4-10859a6047d4","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":176,"box":{"x":89,"y":437,"width":807,"height":12}},{"id":"895a501c-d168-4ce8-b9e3-5cf7cefe0301","block_type":"box","text":"burdensome administrative requirements.","page_number":176,"box":{"x":89,"y":452,"width":292,"height":12}},{"id":"117a69bf-f84e-427e-8d4e-db86acce6bba","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally in the","page_number":176,"box":{"x":89,"y":479,"width":817,"height":12}},{"id":"94a4d3c4-4b98-4f15-a44c-3df74fd64ff7","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":176,"box":{"x":89,"y":494,"width":869,"height":12}},{"id":"6378bc3a-6918-4bc0-9eff-f87d21d632e5","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":176,"box":{"x":89,"y":509,"width":878,"height":12}},{"id":"2b3cb1d3-4a0b-4551-8280-b2e9fdce0804","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":176,"box":{"x":89,"y":524,"width":397,"height":12}},{"id":"2a50e356-ac40-4f89-9bea-cce52aebe56d","block_type":"box","text":"Conflicts management policies and procedures","page_number":176,"box":{"x":89,"y":550,"width":340,"height":13}},{"id":"5a7e7305-8531-4462-866e-b7562673f83e","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or enterprise","page_number":176,"box":{"x":89,"y":577,"width":849,"height":12}},{"id":"f7cb329a-7af6-4a1a-8e5c-4ff68254eace","block_type":"box","text":"level vendor management activities.","page_number":176,"box":{"x":89,"y":592,"width":250,"height":12}},{"id":"d4c727ac-a4f4-4444-a5f8-59ddba1c9933","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting activity. Such","page_number":176,"box":{"x":89,"y":618,"width":873,"height":13}},{"id":"a007be46-318c-498a-baeb-97c6e11c0d7c","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":176,"box":{"x":89,"y":633,"width":829,"height":13}},{"id":"658093d0-59ff-4740-8803-42dc76423dde","block_type":"box","text":"shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":176,"box":{"x":89,"y":649,"width":729,"height":12}},{"id":"316f8e6d-9510-4799-b816-c39d6d01616e","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":176,"box":{"x":89,"y":675,"width":585,"height":12}},{"id":"1208453b-aa44-462d-8585-558be4061b1a","block_type":"box","text":"Securities lending","page_number":176,"box":{"x":88,"y":702,"width":128,"height":12}},{"id":"c6508499-feb8-4915-9c81-3339061c1813","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities enables BlackRock","page_number":176,"box":{"x":88,"y":728,"width":863,"height":12}},{"id":"e042a69f-ea19-4195-97b6-177c9e45a1b0","block_type":"box","text":"to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to recall securities out on loan at","page_number":176,"box":{"x":88,"y":743,"width":852,"height":12}},{"id":"a3b40d16-b24b-46e4-ae02-00d4fb0bdb8f","block_type":"box","text":"any time. BlackRock (or any other lender) does not retain voting rights for securities out on loan. Entitlements associated","page_number":176,"box":{"x":89,"y":758,"width":844,"height":13}},{"id":"40a2d09b-27dc-4aad-abf4-fcf6386a1c25","block_type":"box","text":"with the lent securities (dividends, coupons, etc.), while on loan are paid back to the lender of the security as stipulated in","page_number":176,"box":{"x":88,"y":773,"width":851,"height":13}},{"id":"7e5a8393-29dd-4ba4-a048-1e6fbd649791","block_type":"box","text":"industry standard legal agreements.","page_number":176,"box":{"x":89,"y":788,"width":250,"height":13}},{"id":"08b0cb90-e43d-4431-a105-990de66ffe3c","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":176,"box":{"x":88,"y":815,"width":867,"height":12}},{"id":"41879cb8-e7d9-4360-b2d4-e3002419b2bc","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":176,"box":{"x":89,"y":830,"width":827,"height":12}},{"id":"7d4be4a0-f367-49da-958f-89aa46276743","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":176,"box":{"x":89,"y":845,"width":866,"height":12}},{"id":"bf1b26e9-f198-400f-9a48-927a4573d6e6","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":176,"box":{"x":89,"y":860,"width":853,"height":13}},{"id":"e54acbc7-e2e0-4dec-abc2-7eebf71d769d","block_type":"box","text":"A-31","page_number":176,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"8fc899bd-714d-4ebd-8201-b5d47758184d","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":177,"box":{"x":89,"y":44,"width":838,"height":12}},{"id":"f5874317-3804-4352-857f-9d2f57cee0a4","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":177,"box":{"x":89,"y":59,"width":726,"height":12}},{"id":"effa5490-7ef2-4feb-9276-91c92314fa69","block_type":"box","text":"(17)","page_number":177,"box":{"x":816,"y":57,"width":20,"height":8}},{"id":"eecd15fd-c2e9-4420-b819-031291246a4d","block_type":"box","text":"BIS works with","page_number":177,"box":{"x":842,"y":59,"width":102,"height":10}},{"id":"54c4c321-17ee-4fbf-930e-16d5a5260d4b","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":177,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"673031ae-aad2-4734-bb00-e3e75739edb1","block_type":"box","text":"recalling shares on loan.","page_number":177,"box":{"x":89,"y":89,"width":167,"height":13}},{"id":"de6262b9-723c-4b65-b05a-0aa72ff5220d","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would be","page_number":177,"box":{"x":89,"y":116,"width":873,"height":12}},{"id":"e2af1bf1-ab59-468f-a09d-00b6b6b9e3f9","block_type":"box","text":"less than the potential revenue the loan may provide clients. However, in certain instances, BlackRock may determine, in our","page_number":177,"box":{"x":89,"y":131,"width":867,"height":12}},{"id":"6d3fc302-b73f-43fb-8f78-6338f4d0ee7b","block_type":"box","text":"independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to","page_number":177,"box":{"x":89,"y":146,"width":832,"height":12}},{"id":"c1c0cd71-1a68-4673-b8bd-6518eb6f7925","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances. It is important to note that the majority of lendable","page_number":177,"box":{"x":89,"y":161,"width":860,"height":12}},{"id":"1d777ff7-8f45-456a-beb1-30aae6d77b9d","block_type":"box","text":"assets in the market at any given time are not out on loan.","page_number":177,"box":{"x":89,"y":176,"width":405,"height":13}},{"id":"bae8f44b-6e5f-497f-86ba-ae1878fdbeee","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":177,"box":{"x":89,"y":203,"width":840,"height":12}},{"id":"2d1b2e3c-7f14-4ec9-a74c-7fe6fafc5984","block_type":"box","text":"modify it as necessary.","page_number":177,"box":{"x":89,"y":218,"width":156,"height":12}},{"id":"115d8cc7-960d-4c36-8bd2-ed7377f12c40","block_type":"box","text":"Voting Choice","page_number":177,"box":{"x":88,"y":244,"width":101,"height":13}},{"id":"703d31f6-a1ca-4d64-9fb9-491777fdb714","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":177,"box":{"x":89,"y":271,"width":855,"height":12}},{"id":"e3d93125-39cb-4b95-bd30-103022658c97","block_type":"box","text":"voting process, where legally and operationally viable.","page_number":177,"box":{"x":88,"y":286,"width":376,"height":12}},{"id":"741e8dc9-0564-40ff-ade5-f4307993fe7a","block_type":"box","text":"(18)","page_number":177,"box":{"x":466,"y":284,"width":20,"height":8}},{"id":"c24c66e3-2907-43c6-baa2-c10439251b71","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland,","page_number":177,"box":{"x":88,"y":312,"width":849,"height":13}},{"id":"486d2807-284a-444a-8c77-e0dc8f813dad","block_type":"box","text":"Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in certain institutional","page_number":177,"box":{"x":89,"y":327,"width":827,"height":13}},{"id":"b60d729a-ef7f-4099-88f4-4baa962f36dd","block_type":"box","text":"pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity (SAE) strategies. In addition,","page_number":177,"box":{"x":89,"y":342,"width":810,"height":13}},{"id":"bf30fb65-9037-4144-8254-365b77ba0089","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of","page_number":177,"box":{"x":89,"y":358,"width":877,"height":12}},{"id":"f132508c-556b-4da7-b43f-e96b755fc115","block_type":"box","text":"their investment strategies.","page_number":177,"box":{"x":88,"y":373,"width":190,"height":12}},{"id":"4f6ef638-0e3d-4e7f-abcf-10682f017158","block_type":"box","text":"(19)","page_number":177,"box":{"x":279,"y":371,"width":21,"height":8}},{"id":"6dcad191-27ec-412c-867e-d5706b587eaf","block_type":"box","text":"Voting Choice is also available for eligible U.S. retail shareholder accounts invested in","page_number":177,"box":{"x":305,"y":373,"width":591,"height":12}},{"id":"32908d75-8475-41f4-b214-8c767051517f","block_type":"box","text":"BlackRock’s largest U.S. exchange-traded fund.","page_number":177,"box":{"x":89,"y":388,"width":328,"height":12}},{"id":"cbad78df-a488-403f-be9a-b846a3533fbc","block_type":"box","text":"(20)","page_number":177,"box":{"x":418,"y":386,"width":21,"height":8}},{"id":"e670e7fb-52f2-4f0b-acec-ae7ed3c56fd2","block_type":"box","text":"As a result, the shares attributed to BlackRock portfolios in company share registers may be voted differently depending on","page_number":177,"box":{"x":88,"y":414,"width":860,"height":13}},{"id":"d2cb5427-d73f-4c1a-849e-996797dc96cb","block_type":"box","text":"whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third-party","page_number":177,"box":{"x":88,"y":429,"width":864,"height":13}},{"id":"8de18f38-856f-48d1-a78c-c90f4433f12b","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":177,"box":{"x":89,"y":445,"width":863,"height":12}},{"id":"46eb862e-ce13-4242-b470-bccc626f8578","block_type":"box","text":"because of Voting Choice.","page_number":177,"box":{"x":89,"y":460,"width":180,"height":12}},{"id":"97fd6d9e-d0b5-463c-9745-3ede7e97caf7","block_type":"box","text":"(21)","page_number":177,"box":{"x":271,"y":458,"width":20,"height":8}},{"id":"15422d82-5a05-47c2-bb3f-392ade6b2c99","block_type":"box","text":"Reporting and vote transparency","page_number":177,"box":{"x":89,"y":486,"width":236,"height":12}},{"id":"e97b0b54-5ec6-404e-9d20-2a4c57846463","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about our","page_number":177,"box":{"x":88,"y":513,"width":806,"height":12}},{"id":"3402f04b-a5f5-40da-8097-32f5de5343e0","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website. We","page_number":177,"box":{"x":89,"y":528,"width":845,"height":12}},{"id":"167ac27f-fac3-4611-b271-d60b267e0d31","block_type":"box","text":"make public our regional voting guidelines for the benefit of clients and the companies in which we invest on their behalf. We","page_number":177,"box":{"x":89,"y":543,"width":875,"height":12}},{"id":"b8efcc1d-01d6-4712-ab6b-3c2060eeb70d","block_type":"box","text":"also publish commentaries to share our approach to engagement on our five engagement priorities, as well as quarterly","page_number":177,"box":{"x":89,"y":558,"width":839,"height":12}},{"id":"4346f428-6cb5-4ccd-a523-a6bb0c90701b","block_type":"box","text":"reports detailing our proxy voting and engagement activities.","page_number":177,"box":{"x":89,"y":573,"width":426,"height":12}},{"id":"6f517acc-01e4-4149-8983-a2c797414ea4","block_type":"box","text":"(17) Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record date of a shareholder meeting typic","page_number":177,"box":{"x":89,"y":720,"width":848,"height":10}},{"id":"2636fdd4-c0a9-49e1-83be-533987bc77dc","block_type":"box","text":"ally","page_number":177,"box":{"x":938,"y":720,"width":18,"height":10}},{"id":"cc405512-1eb0-4bf4-b5d2-839068e85f53","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":177,"box":{"x":121,"y":732,"width":817,"height":10}},{"id":"b14f49df-169d-47a4-ae45-cc6fa2d1901c","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":177,"box":{"x":121,"y":745,"width":831,"height":10}},{"id":"a560dbde-ec2b-425f-981e-a5c6ab3d30fb","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":177,"box":{"x":121,"y":758,"width":810,"height":9}},{"id":"8f414eba-511b-47db-ba00-b32163b570d1","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":177,"box":{"x":121,"y":770,"width":832,"height":10}},{"id":"74b0a9ba-9f78-4e3e-9156-eeaf5968c859","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":177,"box":{"x":121,"y":783,"width":745,"height":10}},{"id":"9e561bec-0c94-45d9-b0d1-22cfc308d894","block_type":"box","text":"(18) BlackRock will determine eligibility criteria under this program based upon, among other things, local market regulation and practice, cost co","page_number":177,"box":{"x":89,"y":798,"width":821,"height":10}},{"id":"d6491221-1a90-4d8a-a7fc-35d85ff3ac43","block_type":"box","text":"nsider","page_number":177,"box":{"x":912,"y":798,"width":38,"height":8}},{"id":"542afea5-da0b-4787-98dd-78c32a543497","block_type":"box","text":"ations, operational risk and/or complexity, and financial considerations, including the decision to lend securities.","page_number":177,"box":{"x":121,"y":811,"width":629,"height":9}},{"id":"a6d0a21c-95ff-4f83-838c-31ca4a418939","block_type":"box","text":"(19) With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and preferences from a set of voting policie","page_number":177,"box":{"x":89,"y":826,"width":837,"height":10}},{"id":"179044b8-93a6-4794-a0fb-9866c837cfe0","block_type":"box","text":"s from","page_number":177,"box":{"x":927,"y":826,"width":34,"height":7}},{"id":"958066e4-3512-4ef0-8b38-f19886624b5f","block_type":"box","text":"third-party proxy advisers. BlackRock can then use its proxy voting infrastructure to cast votes for the SMA based on the client’s selected voting pol","page_number":177,"box":{"x":121,"y":838,"width":824,"height":10}},{"id":"3c4eb8ff-3c42-4406-b0d7-ff3950723b05","block_type":"box","text":"icy.","page_number":177,"box":{"x":947,"y":839,"width":16,"height":9}},{"id":"1f025abb-f203-43a8-8094-35da43b550b4","block_type":"box","text":"(20) Read more about BlackRock Voting Choice on our website.","page_number":177,"box":{"x":89,"y":853,"width":360,"height":10}},{"id":"3aa382f9-1e2c-4af5-aaed-3bdf460a38ef","block_type":"box","text":"(21) BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":177,"box":{"x":89,"y":868,"width":676,"height":10}},{"id":"aa54f366-30ce-4708-b7c8-4805a63cd9c3","block_type":"box","text":"A-32","page_number":177,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"abad9ebf-f9fe-412f-a139-1d2fe1acf7e7","block_type":"box","text":"Want to know more?","page_number":178,"box":{"x":88,"y":44,"width":149,"height":10}},{"id":"21dd92f2-cbb6-4b16-99ff-75b34aa667c1","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":178,"box":{"x":89,"y":70,"width":464,"height":13}},{"id":"0634af20-ba94-4a7f-8e07-8cdb6f85b241","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":178,"box":{"x":88,"y":97,"width":827,"height":12}},{"id":"ecef5b99-9a6d-4502-9507-dda3a7e36efc","block_type":"box","text":"principal.","page_number":178,"box":{"x":89,"y":112,"width":62,"height":12}},{"id":"4db01bba-5516-471a-ab0f-8c572604c9b2","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":178,"box":{"x":89,"y":138,"width":190,"height":13}},{"id":"b1ed1dd5-7683-48bb-9c97-27f1555c3d49","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":178,"box":{"x":89,"y":165,"width":290,"height":12}},{"id":"7c4c8fff-4812-4dff-b850-382f2bfb8915","block_type":"box","text":"BLACKROCK","page_number":178,"box":{"x":385,"y":165,"width":89,"height":10}},{"id":"b501a8e3-62de-44f8-a8aa-9736715563cf","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":178,"box":{"x":479,"y":165,"width":450,"height":11}},{"id":"f0cbd176-fc58-49a8-8480-4d7bd60d7c22","block_type":"box","text":"States and elsewhere. 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BlackRock offers a range of proxy voting","page_number":179,"box":{"x":88,"y":402,"width":842,"height":12}},{"id":"2fad802a-f22a-4d52-830e-0d32b8616c2e","block_type":"box","text":"policies to reflect clients’ individual investment choices and goals.","page_number":179,"box":{"x":89,"y":417,"width":458,"height":12}},{"id":"11f73787-9a20-414c-9e48-d20b06250e09","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets invested in index","page_number":179,"box":{"x":89,"y":443,"width":876,"height":13}},{"id":"e2e95ecb-b2b6-433f-bd59-aba65f4fbccc","block_type":"box","text":"equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the","page_number":179,"box":{"x":89,"y":458,"width":818,"height":13}},{"id":"704a2d62-e8ab-44a2-8f4d-ccb9c618c0e9","block_type":"box","text":"majority of our clients. BIS does this through:","page_number":179,"box":{"x":89,"y":473,"width":314,"height":13}},{"id":"0c2ba08b-4f4b-4a26-b9b0-46d80e998acb","block_type":"box","text":"1.","page_number":179,"box":{"x":90,"y":494,"width":10,"height":9}},{"id":"f6d59c16-2191-434d-8635-3e4315d6585a","block_type":"box","text":"Engaging with the boards and management of companies","page_number":179,"box":{"x":128,"y":494,"width":418,"height":12}},{"id":"90b3c862-8956-4621-8ac8-5fad288b217d","block_type":"box","text":"in which clients are invested to deepen our understanding","page_number":179,"box":{"x":552,"y":494,"width":405,"height":12}},{"id":"418ef25d-5cc3-4349-b229-8dd7e1a5eb65","block_type":"box","text":"of a company’s business model, including how they are overseeing material business risks and opportunities over time,","page_number":179,"box":{"x":128,"y":509,"width":833,"height":12}},{"id":"cbfffb95-b39f-4d33-8c94-4bf8f16225ea","block_type":"box","text":"and to help inform our voting on behalf of 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economy:","page_number":181,"box":{"x":122,"y":132,"width":744,"height":12}},{"id":"9795086f-274c-44ce-a862-46f4704b6d99","block_type":"box","text":"This includes","page_number":181,"box":{"x":871,"y":132,"width":91,"height":10}},{"id":"c7fb8676-ffe4-4351-bac3-89e8662efcb6","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive","page_number":181,"box":{"x":121,"y":147,"width":830,"height":13}},{"id":"b8a95fb4-507c-4d04-8728-bf3ccbb05ee0","block_type":"box","text":"business model and face outsized impacts from the low-carbon transition.","page_number":181,"box":{"x":122,"y":162,"width":518,"height":13}},{"id":"099e93fb-6fc3-4f27-b071-8de8b1ff1887","block_type":"box","text":"•","page_number":181,"box":{"x":89,"y":186,"width":4,"height":3}},{"id":"ad392b95-bd92-4848-8a44-14e12a9d0a1d","block_type":"box","text":"Apply a nuanced approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":181,"box":{"x":121,"y":182,"width":822,"height":13}},{"id":"b6c3b340-f5ad-46d9-9300-1b3632fc4730","block_type":"box","text":"sectors and markets:","page_number":181,"box":{"x":121,"y":198,"width":149,"height":9}},{"id":"0ab4aeaa-6746-4cbb-86e5-ae529cae069e","block_type":"box","text":"The Guidelines take into consideration the varying speeds at which sectors and markets are","page_number":181,"box":{"x":275,"y":198,"width":642,"height":12}},{"id":"b8acf399-402e-4f0b-bc2e-cf06ed390bac","block_type":"box","text":"decarbonizing based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":181,"box":{"x":121,"y":213,"width":811,"height":12}},{"id":"f8d95fd5-dc01-4e02-a427-e5c3d631a627","block_type":"box","text":"other factors. 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It reflects a view that a smooth transition — where companies adapt","page_number":181,"box":{"x":122,"y":278,"width":805,"height":13}},{"id":"55764e03-ea79-4716-b12a-443c9c28ba85","block_type":"box","text":"while continuing to deliver financial returns — is a better long-term investment outcome and less disruptive to other key","page_number":181,"box":{"x":121,"y":293,"width":844,"height":13}},{"id":"0e287d51-8c6a-4943-9e12-45a6aa178b42","block_type":"box","text":"stakeholders than a disorderly transition. 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Under the Guidelines, the dedicated team makes","page_number":181,"box":{"x":121,"y":424,"width":821,"height":13}},{"id":"3bb4689f-8641-45e2-a108-19ffcc5530c1","block_type":"box","text":"decisions on how to engage companies and vote proxies independently, based on its professional judgment of the","page_number":181,"box":{"x":121,"y":439,"width":798,"height":13}},{"id":"582d948c-b591-446b-acda-6a34fd0c5625","block_type":"box","text":"priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":181,"box":{"x":121,"y":455,"width":602,"height":12}},{"id":"965c9f70-e8f5-4954-9792-7f3e3a61a52e","block_type":"box","text":"Voting approach under the Guidelines","page_number":181,"box":{"x":88,"y":481,"width":275,"height":12}},{"id":"01bfa343-60dd-449b-a6a8-402578dba40f","block_type":"box","text":"(12)","page_number":181,"box":{"x":364,"y":479,"width":22,"height":8}},{"id":"fb9864cc-d67e-4f67-9480-8c62f2072e9a","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a case-by-case","page_number":181,"box":{"x":88,"y":508,"width":872,"height":12}},{"id":"b3069fa7-9480-4df9-8e03-a1062ab1e25e","block_type":"box","text":"approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and acknowledges the","page_number":181,"box":{"x":89,"y":523,"width":835,"height":12}},{"id":"ea4a07eb-2763-4c5a-803f-5d2fc2f10b7f","block_type":"box","text":"distinction between what company management can influence and what lies beyond its control. As a result, voting decisions","page_number":181,"box":{"x":89,"y":538,"width":873,"height":12}},{"id":"8eba32d2-07d4-4cb7-8e79-c7841dc0256e","block_type":"box","text":"— on behalf of in-scope funds and SMAs — on similar proposals included on different companies’ shareholder meeting","page_number":181,"box":{"x":88,"y":553,"width":838,"height":12}},{"id":"65ecd108-7225-4e6a-9efd-a4b9ffa672fe","block_type":"box","text":"agendas may vary depending on company, sector, or market-specific circumstances.","page_number":181,"box":{"x":89,"y":568,"width":590,"height":12}},{"id":"dc331e0e-89d4-40b3-ab7d-f9670dd0298c","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the dedicated team will","page_number":181,"box":{"x":89,"y":594,"width":871,"height":13}},{"id":"89a8d000-4618-4b3a-b70e-7c43a3b09bce","block_type":"box","text":"look to the companies to demonstrate the following:","page_number":181,"box":{"x":89,"y":610,"width":367,"height":12}},{"id":"a9480f3c-bada-45b7-8412-5d98c2b56099","block_type":"box","text":"Corporate Disclosures","page_number":181,"box":{"x":105,"y":636,"width":160,"height":12}},{"id":"953012b4-b446-49e6-8e34-61b463961d54","block_type":"box","text":"(13)","page_number":181,"box":{"x":266,"y":634,"width":21,"height":8}},{"id":"1b32bfe1-c4e6-4c22-8df8-1d8fe929ecd9","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to assess whether","page_number":181,"box":{"x":89,"y":662,"width":873,"height":13}},{"id":"087badb9-8a46-4bbf-bf33-b2b65cac4a1e","block_type":"box","text":"the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks to companies that are","page_number":181,"box":{"x":88,"y":678,"width":857,"height":12}},{"id":"30c0595e-a3c5-4b8b-821e-a78c8987bced","block_type":"box","text":"important to the transition to a low-carbon economy to explain the strategy and governance frameworks that they have","page_number":181,"box":{"x":89,"y":693,"width":840,"height":12}},{"id":"8fd76fe1-0be4-4250-8748-9d40f95e8aaa","block_type":"box","text":"determined most appropriate, which may include:","page_number":181,"box":{"x":89,"y":708,"width":349,"height":12}},{"id":"3fe0d8b6-68a3-4574-8aae-e1772176d74b","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global temperature","page_number":181,"box":{"x":89,"y":728,"width":866,"height":12}},{"id":"9e21e192-5882-4319-ab9b-0b70c0a554af","block_type":"box","text":"(11) Aladdin","page_number":181,"box":{"x":89,"y":775,"width":74,"height":10}},{"id":"358a6d92-93bd-4a4a-a51f-ea33d891ba09","block_type":"box","text":"®","page_number":181,"box":{"x":164,"y":772,"width":6,"height":4}},{"id":"cba14689-5741-4606-a000-625bbabae376","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment analytics. Aladdin","page_number":181,"box":{"x":174,"y":775,"width":688,"height":10}},{"id":"dbd516ea-4383-44de-ad14-5ec23d27fd34","block_type":"box","text":"®","page_number":181,"box":{"x":863,"y":772,"width":6,"height":4}},{"id":"5a8950b2-5077-473b-8877-928395e9bb0c","block_type":"box","text":"is a proprietary","page_number":181,"box":{"x":873,"y":776,"width":83,"height":9}},{"id":"25d03630-38ce-46af-a2b4-6c4c7b208f54","block_type":"box","text":"investment and risk management platform.","page_number":181,"box":{"x":121,"y":788,"width":242,"height":10}},{"id":"870698bc-9528-46ed-9891-6088485d3517","block_type":"box","text":"(12) These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide as to how the dedicated team w","page_number":181,"box":{"x":89,"y":803,"width":858,"height":10}},{"id":"6b37035b-32b4-49e5-89db-2a6356a7937f","block_type":"box","text":"ill","page_number":181,"box":{"x":948,"y":803,"width":7,"height":8}},{"id":"ea0cbd2d-6aaa-40ad-9a08-5b7b3120c3c7","block_type":"box","text":"engage and/or vote in every instance. The Guidelines are applied by the dedicated team with discretion, on a case-by-case basis, taking into consider","page_number":181,"box":{"x":121,"y":816,"width":836,"height":9}},{"id":"4601ca1a-a45e-492e-8e18-b8348ed73add","block_type":"box","text":"ation the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings.","page_number":181,"box":{"x":121,"y":828,"width":656,"height":10}},{"id":"09b6316a-d807-4ad8-852d-45e6946fc67c","block_type":"box","text":"(13) Given data and measurement limitations, companies may need to provide estimated GHG emissions where reporting methodologies are nascent. In","page_number":181,"box":{"x":89,"y":843,"width":860,"height":10}},{"id":"e197c9aa-cb4a-4a09-a777-928b9c68ba46","block_type":"box","text":"addition, certain disclosures related to a company’s plans for adapting their business models through the low-carbon transition may require forwar","page_number":181,"box":{"x":121,"y":856,"width":824,"height":10}},{"id":"7bb90713-9816-4aed-9338-338b06add749","block_type":"box","text":"d","page_number":181,"box":{"x":945,"y":856,"width":11,"height":8}},{"id":"5091c0ea-2de0-4fa7-97b7-1241facc8c1b","block_type":"box","text":"looking statements.","page_number":181,"box":{"x":121,"y":868,"width":110,"height":10}},{"id":"7b903e85-362b-4533-9184-a32dde953f2d","block_type":"box","text":"A-36","page_number":181,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b3ffd1b4-3081-4450-9883-836e318d95ec","block_type":"box","text":"rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve net-zero GHG","page_number":182,"box":{"x":128,"y":44,"width":797,"height":12}},{"id":"5248c904-46c7-4d10-81ab-87dbca553bf2","block_type":"box","text":"emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":182,"box":{"x":128,"y":59,"width":681,"height":12}},{"id":"af39fecc-cbcc-4b75-8de9-db6753a54cd0","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors in","page_number":182,"box":{"x":89,"y":79,"width":842,"height":13}},{"id":"902a51b1-a8f3-4639-b4f9-d60ed34c584c","block_type":"box","text":"making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2,","page_number":182,"box":{"x":128,"y":94,"width":773,"height":13}},{"id":"89e3b9f0-779b-47bc-a61a-20a0dd207baf","block_type":"box","text":"represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":182,"box":{"x":128,"y":109,"width":693,"height":13}},{"id":"caaa0041-5a69-4e9a-be10-c1a55083fe61","block_type":"box","text":"(14), (15)","page_number":182,"box":{"x":823,"y":107,"width":49,"height":8}},{"id":"b7dda163-1c2c-4a1d-bb9b-c5a21867d5e2","block_type":"box","text":"IFRS S1","page_number":182,"box":{"x":878,"y":110,"width":48,"height":9}},{"id":"21e48fbf-7287-4d9f-9115-9accedd6ff53","block_type":"box","text":"addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that provide","page_number":182,"box":{"x":128,"y":125,"width":778,"height":12}},{"id":"257547d2-a344-4397-9aad-81c3c6944705","block_type":"box","text":"investors with decision-useful information about a company’s most significant climate- and low-carbon transition","page_number":182,"box":{"x":128,"y":140,"width":804,"height":12}},{"id":"0ebb698b-3037-468c-86e5-8287186f9c02","block_type":"box","text":"related risks and opportunities. This includes receiving independent, third-party assurances, as audit and assurance","page_number":182,"box":{"x":128,"y":155,"width":807,"height":12}},{"id":"a6710980-9656-4445-a003-5fd1f5ce4fff","block_type":"box","text":"standards are developed.","page_number":182,"box":{"x":128,"y":170,"width":174,"height":12}},{"id":"4dba91c5-35f0-4306-bec4-e8011ee48d3f","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions.","page_number":182,"box":{"x":89,"y":190,"width":507,"height":12}},{"id":"b89e141c-8695-4848-9608-ae01e196d1ad","block_type":"box","text":"(16), (17)","page_number":182,"box":{"x":598,"y":188,"width":48,"height":8}},{"id":"d4a21675-9de6-4682-85d5-7b49cec1bea6","block_type":"box","text":"In addition, the dedicated team looks to","page_number":182,"box":{"x":653,"y":190,"width":277,"height":11}},{"id":"3525cad2-bac2-4397-8687-0075bec8a7f3","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where possible.","page_number":182,"box":{"x":128,"y":205,"width":810,"height":12}},{"id":"96937532-c185-4fde-8244-2b95f9de82e5","block_type":"box","text":"The team welcomes disclosure of targets or indicative goals, where companies have set them, for scope 3 emissions","page_number":182,"box":{"x":127,"y":220,"width":814,"height":13}},{"id":"0762f9a8-3f1e-4fa5-b9eb-7773004572fc","block_type":"box","text":"reductions. Scope 3 information, including how a company is working with its value chain to accelerate reductions in","page_number":182,"box":{"x":128,"y":235,"width":818,"height":13}},{"id":"5940b8c0-48fe-48a9-8e52-adcaacdb2a96","block_type":"box","text":"GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition and understanding","page_number":182,"box":{"x":128,"y":250,"width":833,"height":13}},{"id":"b82f58f3-a0d9-497a-b74d-5486b404aec9","block_type":"box","text":"the impact of their investments on their decarbonization goals.","page_number":182,"box":{"x":127,"y":266,"width":439,"height":12}},{"id":"f6612383-080d-4736-9598-8546b018f1c0","block_type":"box","text":"(18)","page_number":182,"box":{"x":568,"y":264,"width":20,"height":8}},{"id":"81d44296-5e13-435a-8cbd-6d44ef564ace","block_type":"box","text":"However, the team recognizes that companies have","page_number":182,"box":{"x":594,"y":266,"width":359,"height":12}},{"id":"92ae911f-53f3-4942-90e0-e9fa79a1e4ab","block_type":"box","text":"varying ability to influence the emissions across the different parts of their value chain and, therefore, it is helpful when","page_number":182,"box":{"x":127,"y":281,"width":831,"height":12}},{"id":"ff6be236-fae1-4956-9442-178a5c3dc8fb","block_type":"box","text":"disclosures explain the implications for the achievement of their decarbonization targets. For some companies that play","page_number":182,"box":{"x":128,"y":296,"width":837,"height":12}},{"id":"639bf4a4-5e94-43df-842b-4a297bbc5946","block_type":"box","text":"an important role in the low-carbon transition, scope 3 may represent their only significant source of GHG emissions in","page_number":182,"box":{"x":128,"y":311,"width":833,"height":12}},{"id":"dd8eb2df-824c-493e-927e-88887af95e48","block_type":"box","text":"the value chain. While we do not believe companies should be required to enforce emissions reduction targets outside","page_number":182,"box":{"x":127,"y":326,"width":827,"height":12}},{"id":"467110d8-9348-4da1-8a08-a8970080899b","block_type":"box","text":"of their control, where relevant, we look for disclosures on how the company approaches the low-carbon transition in","page_number":182,"box":{"x":128,"y":341,"width":821,"height":13}},{"id":"26c39c56-9390-4888-8217-2c931272e700","block_type":"box","text":"these cases. This may include plans and targets to grow businesses that contribute to real world decarbonization,","page_number":182,"box":{"x":127,"y":356,"width":795,"height":13}},{"id":"e9fa828d-0345-4327-ad8a-3f39d22189f9","block_type":"box","text":"forward-looking capital or procurement allocation plans to net-zero aligned activities or suppliers, and strategies to","page_number":182,"box":{"x":127,"y":371,"width":806,"height":13}},{"id":"1bf8a61b-2c2e-438e-8e6f-da8766a068b2","block_type":"box","text":"mitigate material transition risks.","page_number":182,"box":{"x":128,"y":387,"width":229,"height":12}},{"id":"331a518b-a4f6-4b6d-b360-f8bd52362523","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as acute risks","page_number":182,"box":{"x":89,"y":413,"width":873,"height":12}},{"id":"6b15ac6c-8927-46b4-b231-75ea66d5d142","block_type":"box","text":"from extreme weather events or chronic risks from long-term shifts in climate patterns—and how these risks could","page_number":182,"box":{"x":127,"y":428,"width":807,"height":12}},{"id":"b6e9d0c4-5bb6-4af4-ace2-dcc65e6cac7e","block_type":"box","text":"reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":182,"box":{"x":128,"y":443,"width":590,"height":13}},{"id":"2352ffc0-b16b-4396-bc01-82b12a828081","block_type":"box","text":"Transition plans","page_number":182,"box":{"x":104,"y":470,"width":116,"height":12}},{"id":"b4e567c8-1e61-4943-b6f2-1637e957deb2","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon transition","page_number":182,"box":{"x":88,"y":496,"width":818,"height":13}},{"id":"7675eb97-8849-4ef0-afae-49ff3c75efd9","block_type":"box","text":"strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for its transition","page_number":182,"box":{"x":89,"y":511,"width":818,"height":13}},{"id":"90698f64-3030-4f34-a6af-faa9a3b366fc","block_type":"box","text":"towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see Appendix 1).","page_number":182,"box":{"x":88,"y":526,"width":831,"height":13}},{"id":"8a3e2fc6-50a3-4445-a365-e011ad6318cb","block_type":"box","text":"(19)","page_number":182,"box":{"x":920,"y":524,"width":21,"height":8}},{"id":"58e5f510-c729-402c-9066-772bc1ec1947","block_type":"box","text":"(14) The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. The standards bui","page_number":182,"box":{"x":89,"y":591,"width":831,"height":10}},{"id":"78824dc3-9a2e-4dcb-9176-1efbe22a1eb5","block_type":"box","text":"ld on","page_number":182,"box":{"x":922,"y":591,"width":26,"height":8}},{"id":"9c542d91-80e2-41a6-95e8-f1f9957678e7","block_type":"box","text":"the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting","page_number":182,"box":{"x":121,"y":604,"width":838,"height":10}},{"id":"7ad17ee1-47b0-4b08-88d2-a3e9adae89dc","block_type":"box","text":"Standards Board (SASB), which have both converged under the ISSB. Please refer to the IFRS website to learn more about the framework and stan","page_number":182,"box":{"x":121,"y":617,"width":821,"height":9}},{"id":"b628d828-e13e-4cef-8802-59dd99374757","block_type":"box","text":"dards S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.” Websites","page_number":182,"box":{"x":121,"y":629,"width":795,"height":10}},{"id":"5380b0e8-fceb-4e78-aa3e-830325c1964f","block_type":"box","text":"accessed in December 2025.","page_number":182,"box":{"x":121,"y":642,"width":159,"height":7}},{"id":"0a9e510d-de28-4cb1-bd3c-456b992477fa","block_type":"box","text":"(15) A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to doing so. BIS does not mandate any","page_number":182,"box":{"x":89,"y":657,"width":864,"height":10}},{"id":"c55868a6-5e59-4ce4-9774-ab5804848c41","block_type":"box","text":"specific disclosure framework companies should use, and recognize that some companies may report using different standards, some of which may be","page_number":182,"box":{"x":121,"y":669,"width":846,"height":10}},{"id":"5d269edf-dacc-4433-b295-56bbfc8a7c80","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company-specific. We also recognize that com","page_number":182,"box":{"x":121,"y":682,"width":839,"height":10}},{"id":"0b15d7e4-d26f-4377-9d63-1a3a0dd533a8","block_type":"box","text":"panies may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should make sustainability-related","page_number":182,"box":{"x":121,"y":695,"width":825,"height":9}},{"id":"6d423418-3e4f-4e3a-a782-5cb00f90395b","block_type":"box","text":"disclosures but appreciate it when companies produce them sufficiently in advance of their shareholder meeting, to the best of their abilities, to pr","page_number":182,"box":{"x":121,"y":707,"width":819,"height":10}},{"id":"4d418c33-07e9-4c25-b450-94954cfb3bf9","block_type":"box","text":"o","page_number":182,"box":{"x":941,"y":710,"width":10,"height":5}},{"id":"f132f31b-5703-4ec4-ac91-219d6acfb0e8","block_type":"box","text":"vide investors with time to assess the data and make informed voting decisions.","page_number":182,"box":{"x":121,"y":720,"width":447,"height":10}},{"id":"6348e9ec-35d6-4eca-99d7-a66b82992506","block_type":"box","text":"(16) FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024 paper: FTSE Russel, “Scope for","page_number":182,"box":{"x":89,"y":735,"width":839,"height":10}},{"id":"b1790a40-4fb2-4d8d-88b9-b2aaadc6133e","block_type":"box","text":"improvement: Solving the Scope 3 conundrum,” January 2024, accessed in December 2025.","page_number":182,"box":{"x":121,"y":748,"width":512,"height":9}},{"id":"32ba46b4-aad4-4e0b-a6ec-713907dd82e4","block_type":"box","text":"(17) Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (GHG Protocol). The Prot","page_number":182,"box":{"x":89,"y":763,"width":864,"height":10}},{"id":"49f225e8-a692-4f32-9087-71d5a5482249","block_type":"box","text":"o","page_number":182,"box":{"x":954,"y":765,"width":11,"height":5}},{"id":"edfc083c-0d0b-42d8-b881-b5955feacdb5","block_type":"box","text":"col Standards and Guidance are currently being updated to ensure they continue to provide “a rigorous and credible accounting foundation for busi","page_number":182,"box":{"x":121,"y":775,"width":832,"height":10}},{"id":"3430d769-19dc-4f2b-9445-34125e63f5e1","block_type":"box","text":"nesses to measure, plan and track progress toward science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in","page_number":182,"box":{"x":121,"y":788,"width":800,"height":10}},{"id":"32aa1b25-050e-4e0f-9786-aa2fdc8d0398","block_type":"box","text":"December 2025.","page_number":182,"box":{"x":122,"y":800,"width":90,"height":8}},{"id":"37dc4818-cfae-4fbf-a341-eb56189ca7d0","block_type":"box","text":"(18) The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly traded companies into the role of","page_number":182,"box":{"x":89,"y":816,"width":851,"height":9}},{"id":"700f055f-c6e8-4a55-85b9-1a3a4113e1a9","block_type":"box","text":"enforcing emission reduction targets outside of their control. Given methodological complexity for scope 3 emissions and the lack of direct control","page_number":182,"box":{"x":121,"y":828,"width":821,"height":10}},{"id":"44b1073a-6330-4a6f-b637-c7e520bc550b","block_type":"box","text":"by","page_number":182,"box":{"x":948,"y":828,"width":12,"height":10}},{"id":"74d0eb28-9cca-4992-8bab-9220fea4e490","block_type":"box","text":"companies over the requisite data, we find it most useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol catego","page_number":182,"box":{"x":121,"y":841,"width":846,"height":10}},{"id":"1eec5e9a-bd93-46b7-8da8-f14d4b62e5d1","block_type":"box","text":"ries that are material to their business models.","page_number":182,"box":{"x":121,"y":853,"width":258,"height":8}},{"id":"cd69dde6-2066-46b5-adb3-76e609d1a59d","block_type":"box","text":"(19) International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in December 2025.","page_number":182,"box":{"x":89,"y":868,"width":723,"height":10}},{"id":"7af981e1-feed-41fe-8bd6-574986332c61","block_type":"box","text":"A-37","page_number":182,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"fb8379aa-e23f-4d5b-9a09-fe37163e14bd","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate transition","page_number":183,"box":{"x":88,"y":44,"width":860,"height":12}},{"id":"bc24cd87-f695-4c5b-8657-43969f91b36b","block_type":"box","text":"plans.","page_number":183,"box":{"x":89,"y":59,"width":40,"height":12}},{"id":"503b4c36-91f0-4be5-978e-0242ae3dc85f","block_type":"box","text":"(20)","page_number":183,"box":{"x":130,"y":57,"width":21,"height":8}},{"id":"c7f12654-f880-4d59-a621-f064265678a0","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of reporting","page_number":183,"box":{"x":157,"y":59,"width":758,"height":12}},{"id":"f82a86a2-9ac4-4ac7-8e94-1d900a6b5a15","block_type":"box","text":"approaches.","page_number":183,"box":{"x":89,"y":74,"width":84,"height":12}},{"id":"316f2c68-fc47-4c77-adc5-3c19c1f1db04","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures typically provide","page_number":183,"box":{"x":88,"y":101,"width":851,"height":12}},{"id":"f5615659-7159-40bb-b70f-05eacaea9e07","block_type":"box","text":"valuable insights that inform the dedicated team’s approach to engaging and voting on matters related to climate and","page_number":183,"box":{"x":88,"y":116,"width":827,"height":12}},{"id":"7affbe09-dfe1-4b57-bc3a-50232818e3da","block_type":"box","text":"transition risks on behalf of in-scope funds and accounts.","page_number":183,"box":{"x":88,"y":131,"width":402,"height":12}},{"id":"47df56f2-837b-4ed2-919d-c43192937edd","block_type":"box","text":"Boards and directors","page_number":183,"box":{"x":106,"y":157,"width":148,"height":10}},{"id":"efd5da69-7b17-4d9d-ba39-ea5fd27ed2f2","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":183,"box":{"x":88,"y":184,"width":847,"height":12}},{"id":"e742cacc-c4e2-47b9-8f3c-a2fb3b3d68e6","block_type":"box","text":"management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon transition strategy. In","page_number":183,"box":{"x":89,"y":199,"width":844,"height":12}},{"id":"225924b1-1bc4-41ba-b0a1-f6c6eb6f4eec","block_type":"box","text":"assessing the role and effectiveness of the board in this regard, the dedicated team seeks to understand whether:","page_number":183,"box":{"x":89,"y":214,"width":791,"height":12}},{"id":"68fbb9fc-b9e3-4761-a56f-51b88cb3e8ed","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":183,"box":{"x":89,"y":234,"width":877,"height":12}},{"id":"5ff40581-6dd2-4045-b37e-a2656aa6bc2c","block_type":"box","text":"company’s business model. The Guidelines consider the whole board to have responsibility for oversight of the","page_number":183,"box":{"x":121,"y":249,"width":774,"height":13}},{"id":"ff417ec7-429b-43aa-899f-11a6765f567b","block_type":"box","text":"company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":183,"box":{"x":121,"y":264,"width":740,"height":13}},{"id":"9e728290-d879-44f7-a9d1-62d3532533d3","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":183,"box":{"x":89,"y":285,"width":779,"height":12}},{"id":"bc5c672a-a236-4308-b78d-f914ec3d4233","block_type":"box","text":"accountability for delivery by senior executives.","page_number":183,"box":{"x":121,"y":300,"width":329,"height":12}},{"id":"ab03aa25-60a2-4be8-b876-eaa40d119c85","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":183,"box":{"x":89,"y":320,"width":867,"height":12}},{"id":"b8bac21a-d3d0-4746-b188-2c806a1bba74","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the company’s stated low-carbon","page_number":183,"box":{"x":122,"y":335,"width":798,"height":12}},{"id":"3e36de9c-66f4-4151-b4a6-0a0ea6d48870","block_type":"box","text":"transition strategy.","page_number":183,"box":{"x":121,"y":351,"width":129,"height":11}},{"id":"a2f137f2-c215-4834-b9a1-9aa716d62bcb","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":183,"box":{"x":89,"y":370,"width":828,"height":13}},{"id":"db0cc6f6-8a36-433b-952a-a8d668fe2005","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":183,"box":{"x":121,"y":385,"width":454,"height":13}},{"id":"c4e8298e-aa70-4cea-96b8-de9664af48bf","block_type":"box","text":"• The company has set scope 1 and 2 GHG emissions reduction targets, science-based and independently verified where","page_number":183,"box":{"x":89,"y":405,"width":866,"height":13}},{"id":"1452b833-35be-451f-9b3b-69a1745cbddc","block_type":"box","text":"possible, against a baseline, that are consistent with the ambition to limit average global temperature rise to no more","page_number":183,"box":{"x":121,"y":421,"width":818,"height":12}},{"id":"ec886062-7a46-454a-8037-265f41c14506","block_type":"box","text":"than 1.5°C above pre-industrial levels.","page_number":183,"box":{"x":121,"y":436,"width":264,"height":12}},{"id":"7c9d921b-1c9a-44fa-acef-1f83ca78066a","block_type":"box","text":"• There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over time and its long-term","page_number":183,"box":{"x":89,"y":456,"width":871,"height":12}},{"id":"f7c6a7cc-e648-4d92-bf6f-eae55a11841d","block_type":"box","text":"low-carbon transition strategy.","page_number":183,"box":{"x":122,"y":471,"width":213,"height":12}},{"id":"4fe45b43-6f59-47c1-94b6-8a411616ee9d","block_type":"box","text":"• The company is monitoring its most significant scope 3 emissions and disclosing these where it is confident in the data.","page_number":183,"box":{"x":89,"y":491,"width":872,"height":12}},{"id":"fe01c26f-fbfc-4127-9105-206d6b035f10","block_type":"box","text":"Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":183,"box":{"x":121,"y":506,"width":827,"height":13}},{"id":"e4ea5c57-ddc2-45b1-947a-5a18368892a0","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":183,"box":{"x":121,"y":521,"width":778,"height":13}},{"id":"8ddb647f-30a8-4da3-a21b-99766c0a699f","block_type":"box","text":"constituents in their value chain.","page_number":183,"box":{"x":121,"y":536,"width":227,"height":10}},{"id":"2a381272-e1d9-4ace-afae-f6aa312e5588","block_type":"box","text":"(21)","page_number":183,"box":{"x":350,"y":534,"width":20,"height":9}},{"id":"f3ca0661-3373-4672-a54a-af8e5101d6dc","block_type":"box","text":"• The company’s governance and oversight processes for managing material risks associated with corporate political","page_number":183,"box":{"x":89,"y":557,"width":839,"height":12}},{"id":"6758d316-3d92-4353-bc5f-0b82306fd440","block_type":"box","text":"activities including applicable policies and procedures where relevant.","page_number":183,"box":{"x":121,"y":572,"width":487,"height":12}},{"id":"d51e0095-2fb4-44e4-9760-2cf9ed9dcc3f","block_type":"box","text":"(22)","page_number":183,"box":{"x":610,"y":570,"width":20,"height":8}},{"id":"6b0f960a-05fd-4d5e-9a56-3d8265bf1618","block_type":"box","text":"The dedicated team looks for public policy","page_number":183,"box":{"x":635,"y":572,"width":298,"height":12}},{"id":"032507e9-c178-4ea0-b580-18f2c7c77380","block_type":"box","text":"engagement to be consistent with a company’s stated strategic policy objectives, including those related to the low","page_number":183,"box":{"x":121,"y":587,"width":814,"height":12}},{"id":"4ffa65bb-1299-4ade-a3ae-1b21120d8d7e","block_type":"box","text":"carbon transition.","page_number":183,"box":{"x":121,"y":602,"width":123,"height":10}},{"id":"10176edd-4a5d-48e9-b9c9-be64660a6b90","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":183,"box":{"x":104,"y":628,"width":413,"height":13}},{"id":"c48299a3-5e0f-4662-ad9b-7f0d92a570f3","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for election","page_number":183,"box":{"x":89,"y":655,"width":830,"height":12}},{"id":"c7b5391e-c2b6-4934-aab8-bf0c1575f1e7","block_type":"box","text":"where, in its assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":183,"box":{"x":88,"y":670,"width":844,"height":12}},{"id":"0f563c7f-1a7a-4d5a-897d-e609284a7f38","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where the dedicated team determines this is not the","page_number":183,"box":{"x":89,"y":685,"width":852,"height":12}},{"id":"f0ad454d-8448-4969-a798-79bb58886a65","block_type":"box","text":"(20) More companies are developing such plans, and public policymakers in certain markets are signaling their intentions to require them or already h","page_number":183,"box":{"x":89,"y":725,"width":845,"height":10}},{"id":"3e1ccfb5-db38-484a-88b4-ea5cf289ac05","block_type":"box","text":"ave","page_number":183,"box":{"x":935,"y":727,"width":18,"height":6}},{"id":"dd847047-1850-400d-91c0-aa62036aec67","block_type":"box","text":"requirements in place, such as Australia, Brazil, and the European Union (please see the International Transition Plan Network for information).","page_number":183,"box":{"x":121,"y":737,"width":798,"height":10}},{"id":"6615be60-3fef-462e-b1c4-6dc9bccc9d4b","block_type":"box","text":"BlackRock views transition plans as a method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":183,"box":{"x":122,"y":750,"width":825,"height":10}},{"id":"eb7b3384-d74d-48bf-a350-65dc14b2e8ac","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape there remains","page_number":183,"box":{"x":121,"y":763,"width":815,"height":10}},{"id":"e048d3ba-0891-4d0d-b9bc-6b65d40ca914","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. Website accessed in December 2025.","page_number":183,"box":{"x":121,"y":775,"width":652,"height":10}},{"id":"6250b39c-3f4b-4037-8d6a-246e0f778fbb","block_type":"box","text":"(21) FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024 paper “Scope for improvement: So","page_number":183,"box":{"x":89,"y":790,"width":861,"height":10}},{"id":"bbc437d6-579a-4059-bbc7-c2cdc85ac0a9","block_type":"box","text":"lv","page_number":183,"box":{"x":951,"y":790,"width":13,"height":8}},{"id":"ad07592c-9989-42d5-99f6-83a9250b9a09","block_type":"box","text":"ing the Scope 3 conundrum.” Their research indicates that there are 2-3 material scope 3 GHG emissions categories by sector. The research uses a","page_number":183,"box":{"x":121,"y":803,"width":820,"height":10}},{"id":"222260e5-357f-40bc-9592-87e691a77afd","block_type":"box","text":"definition of materiality from the GHG Protocol, which “encourages companies to maintain a representative inventory of the “most significant GHG","page_number":183,"box":{"x":121,"y":816,"width":823,"height":9}},{"id":"ead9acad-685c-43a8-831f-08426c45c335","block_type":"box","text":"emissions, [that] offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.” Website accessed i","page_number":183,"box":{"x":121,"y":828,"width":833,"height":10}},{"id":"a19f8d56-f819-458f-a212-f2eacd495f30","block_type":"box","text":"n","page_number":183,"box":{"x":956,"y":831,"width":5,"height":5}},{"id":"a06038c0-2acf-4992-81f1-cee57ab52891","block_type":"box","text":"December 2025.","page_number":183,"box":{"x":122,"y":841,"width":90,"height":8}},{"id":"03e372cd-73f7-491f-890e-3fa84ec88892","block_type":"box","text":"(22) Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade association members","page_number":183,"box":{"x":89,"y":856,"width":813,"height":10}},{"id":"b081329e-fad4-4814-8c90-862a9c9fba9c","block_type":"box","text":"hips), and","page_number":183,"box":{"x":904,"y":856,"width":54,"height":10}},{"id":"8099c289-a679-45a7-9ce1-08f515e0963f","block_type":"box","text":"corporate political contributions.","page_number":183,"box":{"x":121,"y":868,"width":182,"height":10}},{"id":"5847290f-7bc6-486d-828f-b111062c464d","block_type":"box","text":"A-38","page_number":183,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e28dbbb2-6c09-4ba0-97aa-9c0b5fc921be","block_type":"box","text":"case, it may vote against the election of one or more directors who the team identifies as having the most responsibility for","page_number":184,"box":{"x":89,"y":44,"width":860,"height":12}},{"id":"b4187ade-006b-4187-9787-b095164e12d6","block_type":"box","text":"the issue. The directors most likely to be in focus are the chair of the board committee with low-carbon transition, climate or","page_number":184,"box":{"x":88,"y":59,"width":873,"height":12}},{"id":"bb2df865-06dd-419a-b08f-f8f0e0083973","block_type":"box","text":"sustainability risk oversight responsibilities, other members of the relevant committee, the lead independent director or the","page_number":184,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"3c69d488-8a19-4ee0-a70c-b5879d7b2e2d","block_type":"box","text":"non-executive chair of the board. In certain markets, the team may withhold support for the discharge of the supervisory","page_number":184,"box":{"x":89,"y":89,"width":846,"height":13}},{"id":"f50a1b3c-ab91-4da7-bdc9-30118605948b","block_type":"box","text":"board or equivalent and/or board reports.","page_number":184,"box":{"x":89,"y":104,"width":291,"height":13}},{"id":"a81ca211-3890-4a4d-babc-a475dc729290","block_type":"box","text":"(23)","page_number":184,"box":{"x":382,"y":102,"width":21,"height":8}},{"id":"7012d7df-266b-43c8-9b75-6d7bebf91549","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year, and the company has","page_number":184,"box":{"x":88,"y":131,"width":861,"height":12}},{"id":"93263e87-f1f2-4674-aef5-2fdb972e8502","block_type":"box","text":"not subsequently made progress towards aligning with the transition to a low-carbon economy, the team may escalate by","page_number":184,"box":{"x":89,"y":146,"width":853,"height":12}},{"id":"89ad3a36-d535-4a85-a489-cc2b07de7e85","block_type":"box","text":"not supporting the re-election of additional responsible directors.","page_number":184,"box":{"x":89,"y":161,"width":456,"height":12}},{"id":"eaf9ff83-523c-4bf2-8959-9527506a058f","block_type":"box","text":"(24)","page_number":184,"box":{"x":546,"y":159,"width":21,"height":8}},{"id":"b5e890e6-9d34-432a-a347-5ee2506194de","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":184,"box":{"x":105,"y":188,"width":521,"height":12}},{"id":"843bcc22-c0ad-43b9-9ee8-2599cf20d7ea","block_type":"box","text":"In certain markets, company management may submit proposals— commonly referred to as “Say on Climate” — seeking","page_number":184,"box":{"x":89,"y":214,"width":850,"height":12}},{"id":"785e654f-eb50-4f8a-aeea-b46bffdf75c5","block_type":"box","text":"shareholder approval of their climate action plans or progress reports. The Guidelines consider these proposals as a valuable","page_number":184,"box":{"x":89,"y":229,"width":869,"height":12}},{"id":"3ccc38de-ac8e-4e76-a913-ca87346fe7cf","block_type":"box","text":"governance mechanism that can enhance transparency, accountability, and investors’ understanding of a company’s climate","page_number":184,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"427d9e1d-6451-4960-8d9e-a9267fffdcdb","block_type":"box","text":"strategy. The dedicated team generally supports management’s climate strategy proposal if, in the team’s assessment based","page_number":184,"box":{"x":89,"y":259,"width":871,"height":13}},{"id":"3d54ec25-b878-4104-8424-3882605c24fc","block_type":"box","text":"on these Guidelines, the strategy is aligned with the low-carbon transition. Similarly, the dedicated team generally supports","page_number":184,"box":{"x":89,"y":274,"width":861,"height":13}},{"id":"c1a581e0-68f8-4829-843f-beeeefc29442","block_type":"box","text":"management’s proposal on a progress report if the company has clearly explained its progress against, and any deviations","page_number":184,"box":{"x":89,"y":290,"width":855,"height":12}},{"id":"3ef950e0-59c5-4310-b31c-a5febfd4bdef","block_type":"box","text":"from or changes to, its stated low-carbon transition plan and targets.","page_number":184,"box":{"x":88,"y":305,"width":483,"height":12}},{"id":"cdcbda23-7d6b-4be5-8765-f2767af167c4","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":184,"box":{"x":105,"y":331,"width":494,"height":12}},{"id":"251e39b7-1cc0-49ea-8c6c-812690c1ffbe","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as long as certain","page_number":184,"box":{"x":89,"y":358,"width":862,"height":12}},{"id":"ae2c123d-70c5-45d0-9237-24e27b4d3cb4","block_type":"box","text":"requirements are met. Shareholder proposals span a wide range of topics and have varying degrees of relevance for","page_number":184,"box":{"x":89,"y":373,"width":807,"height":12}},{"id":"e80e78ed-dc90-4685-a80c-4f058ea04644","block_type":"box","text":"companies across sectors, locations, and business models.","page_number":184,"box":{"x":89,"y":388,"width":410,"height":12}},{"id":"938f39c1-3565-44bd-ad7e-0fed80cfeb86","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the company’s","page_number":184,"box":{"x":89,"y":414,"width":829,"height":13}},{"id":"b54be79a-3d69-45a0-b831-adf719963130","block_type":"box","text":"individual circumstances. When the dedicated team votes in support of a proposal, it is not necessarily endorsing every","page_number":184,"box":{"x":89,"y":429,"width":834,"height":13}},{"id":"1b40a5e6-2c8a-4e74-b0b7-0ec421e8bd55","block_type":"box","text":"element of the proposal or the reasoning, objectives, or supporting statement of the proponent.","page_number":184,"box":{"x":89,"y":445,"width":669,"height":12}},{"id":"b6d95def-2a51-45a3-b726-8c65e181d866","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon transition","page_number":184,"box":{"x":89,"y":471,"width":861,"height":12}},{"id":"5823f868-9c7a-4b79-9c2c-0cee13e898f1","block_type":"box","text":"strategy and targets. The dedicated team assesses the implications for, and the relevance to, the company’s stated low","page_number":184,"box":{"x":89,"y":486,"width":835,"height":12}},{"id":"2dbe403b-925c-4072-b55d-3e60f2ad082b","block_type":"box","text":"carbon transition strategy and targets. Under the Guidelines, the team may support shareholder proposals that, for example,","page_number":184,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"c512da8a-1750-458a-b20a-acc3b5b7e29c","block_type":"box","text":"ask a company to:","page_number":184,"box":{"x":89,"y":516,"width":126,"height":13}},{"id":"b94acf01-5a23-46a4-92f0-0f39e7f6b433","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average global temperature rise to","page_number":184,"box":{"x":89,"y":536,"width":870,"height":13}},{"id":"a5ce3a67-e813-48ca-a449-5d0014ab879f","block_type":"box","text":"no more than 1.5°C above pre-industrial levels","page_number":184,"box":{"x":122,"y":552,"width":323,"height":12}},{"id":"79e1388f-f765-4eec-877e-f46ea16b0b8f","block_type":"box","text":"• Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term goal of","page_number":184,"box":{"x":89,"y":572,"width":880,"height":12}},{"id":"371cd97d-3e69-454e-b029-e53d6202cd52","block_type":"box","text":"the company achieving net zero GHG emissions by 2050","page_number":184,"box":{"x":121,"y":587,"width":394,"height":12}},{"id":"677c10a6-0426-463a-afac-ab998758272a","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":184,"box":{"x":89,"y":607,"width":723,"height":12}},{"id":"015787d9-1f95-40b4-8351-f333c91ffc03","block_type":"box","text":"• Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with its","page_number":184,"box":{"x":89,"y":627,"width":839,"height":13}},{"id":"9ad80e5a-e31f-4817-b21d-a4483fab1f78","block_type":"box","text":"strategic policy positions, where existing disclosure is insufficient","page_number":184,"box":{"x":121,"y":642,"width":455,"height":13}},{"id":"90363859-9a8a-4991-8bde-d8cd0e8bea46","block_type":"box","text":"(25)","page_number":184,"box":{"x":577,"y":640,"width":21,"height":8}},{"id":"d4a8e0fd-af7c-483c-b782-0c150ff0a8af","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or management decision-making","page_number":184,"box":{"x":88,"y":669,"width":864,"height":12}},{"id":"14bd61c7-743e-4e37-a17f-5444edb8753c","block_type":"box","text":"or direct specific business or strategic decisions.","page_number":184,"box":{"x":89,"y":684,"width":336,"height":12}},{"id":"59b3f152-1077-46fb-b5d7-5efcc2698412","block_type":"box","text":"(23) Board report votes are generally advisory and relate to reports issued by the board of directors that may contain information on a company’s","page_number":184,"box":{"x":89,"y":775,"width":818,"height":10}},{"id":"76619ed9-0298-4882-aa8c-d06132d4a3f6","block_type":"box","text":"sustainability efforts, operational resilience, or financial condition, among others.","page_number":184,"box":{"x":121,"y":788,"width":452,"height":10}},{"id":"445f9913-828b-4385-9732-ac5dd916e0ec","block_type":"box","text":"(24) While the dedicated team may escalate voting by not supporting additional management proposals, principally director elections, the team does","page_number":184,"box":{"x":89,"y":803,"width":841,"height":10}},{"id":"f6d8d5b0-4167-4577-a820-dc7f6a50007a","block_type":"box","text":"not","page_number":184,"box":{"x":934,"y":804,"width":18,"height":7}},{"id":"40477028-6f56-445f-8e63-25d3ae6858d0","block_type":"box","text":"consider filing shareholder proposals, preannouncing voting intentions or using the media to amplify concerns as appropriate courses of action. Th","page_number":184,"box":{"x":121,"y":816,"width":825,"height":9}},{"id":"57017706-6237-4488-9462-33876d4b848d","block_type":"box","text":"e","page_number":184,"box":{"x":947,"y":818,"width":6,"height":5}},{"id":"f53fbf9c-b2a3-48bc-92e6-e67a6781886e","block_type":"box","text":"dedicated team will continue to take a constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guide","page_number":184,"box":{"x":121,"y":828,"width":830,"height":10}},{"id":"65459a27-1dd3-4a94-89b2-f6cae8105be1","block_type":"box","text":"lines.","page_number":184,"box":{"x":121,"y":841,"width":28,"height":8}},{"id":"c828fc88-fbc1-45be-b1ee-a823648577b6","block_type":"box","text":"(25) Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade association members","page_number":184,"box":{"x":89,"y":856,"width":813,"height":10}},{"id":"4d6afc56-ce6e-4ea6-8cfb-81920f7f0edb","block_type":"box","text":"hips), and","page_number":184,"box":{"x":904,"y":856,"width":54,"height":10}},{"id":"8cf746ab-ad91-4658-a8bb-9ecbbc837b3f","block_type":"box","text":"corporate political contributions.","page_number":184,"box":{"x":121,"y":868,"width":182,"height":10}},{"id":"310c5e9c-a5d7-4c64-be13-f3e180159299","block_type":"box","text":"A-39","page_number":184,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"6e64770e-4d3e-4889-b9b7-637a946c7e0c","block_type":"box","text":"Related matters","page_number":185,"box":{"x":89,"y":44,"width":112,"height":10}},{"id":"4ca824d7-8897-4e93-ae1b-71ba28ac828b","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":185,"box":{"x":88,"y":70,"width":870,"height":13}},{"id":"7dd01366-6b9d-4769-8b6b-64b1285f28c1","block_type":"box","text":"to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages, where appropriate, to","page_number":185,"box":{"x":88,"y":85,"width":833,"height":13}},{"id":"d0dfa751-c972-4a01-a17e-a7966f16dd09","block_type":"box","text":"enhance its understanding of a company’s approach. Generally, voting on these matters would be covered by BIS’ Benchmark","page_number":185,"box":{"x":89,"y":101,"width":878,"height":12}},{"id":"44a11eb6-2561-4156-9577-acda7f453a48","block_type":"box","text":"Policies.","page_number":185,"box":{"x":89,"y":116,"width":54,"height":9}},{"id":"5d8f0c68-efa9-4eee-8f48-2fce65a4461c","block_type":"box","text":"Executive compensation","page_number":185,"box":{"x":106,"y":143,"width":173,"height":11}},{"id":"fab71e52-1c73-40e1-bf1a-9b3b80153633","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and rewards","page_number":185,"box":{"x":88,"y":169,"width":819,"height":12}},{"id":"0cae2772-7b04-4cd2-872b-ea9145b4a355","block_type":"box","text":"executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":185,"box":{"x":89,"y":184,"width":876,"height":12}},{"id":"a9dc303a-9f5f-40e5-a483-c78aee619af9","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the dedicated team would","page_number":185,"box":{"x":89,"y":199,"width":860,"height":12}},{"id":"18e67458-bd80-42c2-ba84-31a19fc73577","block_type":"box","text":"engage to understand the alignment between those metrics and the company’s stated climate strategy. Clear disclosure also","page_number":185,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"574c3c72-6f37-4f5c-9a95-ceea19969c5c","block_type":"box","text":"helps investors assess whether pay structures are consistent with long-term climate strategy and risk management.","page_number":185,"box":{"x":89,"y":229,"width":810,"height":12}},{"id":"adb6ec92-9e2f-4b46-bb89-ad9a33c9877b","block_type":"box","text":"Auditors and audit-related issues","page_number":185,"box":{"x":104,"y":256,"width":240,"height":9}},{"id":"3c36b62a-220e-4b62-b0d6-6b54bbac3619","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated team is","page_number":185,"box":{"x":89,"y":282,"width":830,"height":12}},{"id":"06290444-3da2-4d30-b44a-fbb7b853fd8f","block_type":"box","text":"interested in understanding whether the company considers and, if relevant, quantifies, and accounts for material climate","page_number":185,"box":{"x":89,"y":297,"width":857,"height":12}},{"id":"75949086-2f75-4762-a739-03038eb417a6","block_type":"box","text":"related risks in its financial statements, including if the company explains such risks within the context of its audit report. The","page_number":185,"box":{"x":89,"y":312,"width":877,"height":13}},{"id":"c799e323-a97b-4aec-867d-b129fe6aa3f1","block_type":"box","text":"team notes that assurance of corporate disclosures related to climate risk and the transition to a low-carbon economy is still","page_number":185,"box":{"x":88,"y":327,"width":871,"height":13}},{"id":"95e57dbf-35bd-4084-9a8c-25f76889981f","block_type":"box","text":"nascent.","page_number":185,"box":{"x":89,"y":344,"width":57,"height":8}},{"id":"bc0bde1c-42fc-4866-9148-fa973a4e1660","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":185,"box":{"x":105,"y":369,"width":448,"height":12}},{"id":"21c6d41f-c53f-4161-a68b-21ba7097873f","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate-related factors","page_number":185,"box":{"x":88,"y":395,"width":870,"height":13}},{"id":"76e22050-a726-4d33-8ab1-7f3c60142103","block_type":"box","text":"under these Guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has","page_number":185,"box":{"x":89,"y":410,"width":871,"height":13}},{"id":"55f37814-c7c9-4037-832a-ca2d50a401df","block_type":"box","text":"proposed governance, strategic or operational changes that may impact its climate strategy. The dedicated team does not","page_number":185,"box":{"x":89,"y":426,"width":854,"height":12}},{"id":"ed51fe78-942e-45af-8a43-306463322716","block_type":"box","text":"promote changes in corporate control or engage in shareholder activism.","page_number":185,"box":{"x":89,"y":441,"width":511,"height":12}},{"id":"f7a2b66c-d900-4042-a88b-3a7d2d6d6c8f","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":185,"box":{"x":105,"y":467,"width":499,"height":13}},{"id":"42aa2f23-594a-4a78-b33d-45c887b6f558","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material sustainability","page_number":185,"box":{"x":89,"y":494,"width":862,"height":12}},{"id":"bb80fdbd-e461-4f4e-80e4-1508e203ce1e","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term financial performance.","page_number":185,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"c3dcf5a2-50cb-44ef-a297-7a3f50ae76f6","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":185,"box":{"x":88,"y":524,"width":652,"height":12}},{"id":"b0a076a2-fc37-4721-abbf-2fe8e946c61e","block_type":"box","text":"(26)","page_number":185,"box":{"x":741,"y":522,"width":21,"height":8}},{"id":"d037c917-88ee-4a8b-8e5a-2ffdb6047e8a","block_type":"box","text":"In the context of these","page_number":185,"box":{"x":769,"y":524,"width":156,"height":10}},{"id":"3e7c6d33-8c59-4d1d-8e80-67ead708342e","block_type":"box","text":"Guidelines, the dedicated team may engage companies to better understand how they are managing the impact on people","page_number":185,"box":{"x":89,"y":539,"width":860,"height":12}},{"id":"067db22e-5074-4d48-82a6-c574c180f59e","block_type":"box","text":"(e.g., employees, suppliers, customers and communities) of any strategic or operational changes they are making in relation","page_number":185,"box":{"x":89,"y":554,"width":867,"height":12}},{"id":"854f3c46-e428-484e-96a3-1f3d989835a0","block_type":"box","text":"to their transition to a low-carbon economy. Similarly, the team may engage companies that face risks and opportunities","page_number":185,"box":{"x":88,"y":569,"width":844,"height":13}},{"id":"c9a13147-a29c-444d-a7cc-79830be1e168","block_type":"box","text":"related to land use and deforestation, access to fresh water, or the ability to secure scarce resources critical to the transition","page_number":185,"box":{"x":89,"y":584,"width":863,"height":13}},{"id":"f2d5721f-8bfe-4a7a-9831-c092cd333e4b","block_type":"box","text":"to a low-carbon economy.","page_number":185,"box":{"x":88,"y":599,"width":183,"height":13}},{"id":"630c91ca-c164-4e43-b694-60ff242a933e","block_type":"box","text":"(26) Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital management, and corporate human","page_number":185,"box":{"x":89,"y":856,"width":871,"height":10}},{"id":"a689219d-80ec-4629-b756-4477e46777b1","block_type":"box","text":"rights risks, December 2025.","page_number":185,"box":{"x":121,"y":868,"width":159,"height":10}},{"id":"03ee4bea-0d78-49ff-8cf7-1ee0fb2d0201","block_type":"box","text":"A-40","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"476b8a1e-080e-4069-af7c-7178a6617713","block_type":"box","text":"Appendix 1","page_number":186,"box":{"x":88,"y":44,"width":80,"height":12}},{"id":"208b6ac5-5c57-4772-ac5d-c05ede1bbc88","block_type":"box","text":"Terminology","page_number":186,"box":{"x":104,"y":70,"width":92,"height":13}},{"id":"55f813d5-1fe2-479f-be57-2acd49aa548f","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":186,"box":{"x":88,"y":97,"width":552,"height":12}},{"id":"686c5269-6fa0-4ec2-a008-88047bfe3107","block_type":"box","text":"Climate risk:","page_number":186,"box":{"x":89,"y":123,"width":88,"height":10}},{"id":"e4cc2465-7661-48d7-8e58-55834c806f35","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":186,"box":{"x":183,"y":123,"width":743,"height":13}},{"id":"9f234878-0cb2-4812-9b27-b78b86fbd8e5","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":186,"box":{"x":89,"y":138,"width":816,"height":13}},{"id":"441db404-ee2a-44a8-a01a-b0d5d120c65e","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":186,"box":{"x":89,"y":153,"width":340,"height":13}},{"id":"4302d5af-1f13-4e97-a7af-dd12ddbc7f90","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":186,"box":{"x":88,"y":180,"width":455,"height":12}},{"id":"709edc3c-7026-4cea-beda-0c8897d26377","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":186,"box":{"x":547,"y":180,"width":401,"height":12}},{"id":"fe842941-94f5-4a7c-844d-433b67b95c9c","block_type":"box","text":"many sectors and business models. The economic transformation is being driven by changes in government policy,","page_number":186,"box":{"x":89,"y":195,"width":806,"height":12}},{"id":"9be2c1ba-43d1-45db-8823-b4c77cc13f4f","block_type":"box","text":"technology, and consumer and investor preferences, as well as the physical effects of climate change (e.g., extreme weather),","page_number":186,"box":{"x":88,"y":210,"width":877,"height":13}},{"id":"cb61e4cd-ff75-489f-8544-4c5e7c147395","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":186,"box":{"x":89,"y":225,"width":567,"height":13}},{"id":"44b63427-b8e6-4390-b62a-75157d3eeaa2","block_type":"box","text":"Decarbonization:","page_number":186,"box":{"x":89,"y":252,"width":121,"height":10}},{"id":"85446265-b8ed-44f1-93d3-09e87e332e2a","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO","page_number":186,"box":{"x":215,"y":252,"width":498,"height":12}},{"id":"2217746c-e282-4a69-b678-a0188b47b95a","block_type":"box","text":"2","page_number":186,"box":{"x":715,"y":258,"width":5,"height":6}},{"id":"2fc20ce2-0d42-4352-b0df-b70381e47a0f","block_type":"box","text":") from human activity and","page_number":186,"box":{"x":722,"y":252,"width":182,"height":12}},{"id":"568cec20-9d2a-4e93-9db4-cd2a03196e95","block_type":"box","text":"removing carbon currently in the atmosphere. This can be carried out by countries, companies and even individual","page_number":186,"box":{"x":89,"y":267,"width":801,"height":12}},{"id":"ceb38ab7-1b71-453e-9c71-91c9d8f15876","block_type":"box","text":"consumers. 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regional voting guidelines, and Engagement Priorities (collectively, the BIS Benchmark Policies) set out the core e","page_number":187,"box":{"x":89,"y":843,"width":808,"height":10}},{"id":"01c46592-2756-4163-9205-f4d83a038cfb","block_type":"box","text":"lements of","page_number":187,"box":{"x":898,"y":843,"width":60,"height":8}},{"id":"34fe686f-5d0f-4307-b2b7-dabcf1f11b62","block_type":"box","text":"corporate governance that guide our investment stewardship program. 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All rights reserved.","page_number":188,"box":{"x":89,"y":165,"width":290,"height":12}},{"id":"5b0c39d9-308f-4615-8503-a02e3b071edd","block_type":"box","text":"BLACKROCK","page_number":188,"box":{"x":385,"y":165,"width":89,"height":10}},{"id":"df42e456-4684-4076-83ef-f1e751c856a3","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":188,"box":{"x":479,"y":165,"width":450,"height":11}},{"id":"80451915-d6da-4596-8233-a30f69c99a74","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":188,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"437557b4-b999-4286-8367-98f4ee19f975","block_type":"box","text":"A-43","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"cfa2cecb-06b5-400b-8101-f45f1ab0120e","block_type":"box","text":"Appendi","page_number":189,"box":{"x":88,"y":44,"width":140,"height":30}},{"id":"d4686b8d-228d-48e0-b6f7-94d4c6326993","block_type":"box","text":"xB–D","page_number":189,"box":{"x":231,"y":46,"width":115,"height":21}},{"id":"6cbf3337-5d22-48c3-87ac-06c225f5c691","block_type":"box","text":"escription of Fixed-Income Ratings","page_number":189,"box":{"x":349,"y":44,"width":585,"height":30}},{"id":"92bf5e80-e29f-4c2e-8a3f-841fab749f4d","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency designated as a","page_number":189,"box":{"x":88,"y":85,"width":845,"height":13}},{"id":"4fc80360-a845-44d0-9fa7-e44c1ef45c80","block_type":"box","text":"NRSRO by the SEC. While NRSROs may from time to time revise such ratings, they undertake no obligation to do so, and the","page_number":189,"box":{"x":89,"y":101,"width":867,"height":12}},{"id":"de256b46-e1c7-4ed6-963b-929b9c36e736","block_type":"box","text":"ratings given to securities at issuance do not necessarily represent ratings which would be given to these securities on a","page_number":189,"box":{"x":89,"y":116,"width":838,"height":12}},{"id":"13d2f584-c808-4102-9f35-e957d7f03187","block_type":"box","text":"particular subsequent date.","page_number":189,"box":{"x":89,"y":131,"width":190,"height":12}},{"id":"a8d0bfa1-d557-4386-a781-697aa0a2ff34","block_type":"box","text":"NRSROs may rate specific investments (","page_number":189,"box":{"x":89,"y":157,"width":278,"height":13}},{"id":"ef0ffd02-598b-4cef-a578-1877ad5ee400","block_type":"box","text":"e.g.","page_number":189,"box":{"x":368,"y":160,"width":23,"height":10}},{"id":"bbc19a7b-54ed-435b-aed4-304a718212a0","block_type":"box","text":", bonds), issuers (","page_number":189,"box":{"x":393,"y":157,"width":123,"height":13}},{"id":"7728b5fd-62c0-42dd-b260-8f2d3a12035d","block_type":"box","text":"e.g.","page_number":189,"box":{"x":517,"y":160,"width":23,"height":10}},{"id":"5a834ecc-cea4-4a72-8494-1689f3be3ea7","block_type":"box","text":", corporations, governments and financial institutions)","page_number":189,"box":{"x":542,"y":157,"width":379,"height":13}},{"id":"09cad5f8-60d3-4ae1-859e-66367da8c76a","block_type":"box","text":"and/or programs (","page_number":189,"box":{"x":89,"y":172,"width":130,"height":13}},{"id":"4a2e53b5-a40f-46f9-896a-607bdcedb379","block_type":"box","text":"e.g.","page_number":189,"box":{"x":220,"y":175,"width":23,"height":10}},{"id":"4d2fd009-4c50-4505-b4ef-7ce209a26c8b","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be rated by NRSROs,","page_number":189,"box":{"x":245,"y":172,"width":696,"height":13}},{"id":"a212bf3a-d2d3-4d12-93bf-c49d2655c542","block_type":"box","text":"such as certain government/sovereign obligations, US agency securities, commercial paper, time deposits at financial","page_number":189,"box":{"x":89,"y":188,"width":820,"height":12}},{"id":"0baab76f-5090-426e-a62d-6a99d3820625","block_type":"box","text":"institutions, and derivative instruments such as credit default swaps. For these types of investments, as well as US Treasury","page_number":189,"box":{"x":89,"y":203,"width":860,"height":12}},{"id":"db802ffa-6afd-44c0-bc2f-9d4da3e67d6a","block_type":"box","text":"securities (some of which are not rated), where a NRSRO has not rated the specific investment but has rated the investment’s","page_number":189,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"afc1ca39-bc6c-4b78-b836-e5e4281dc081","block_type":"box","text":"issuer, program, financial institution or underlying reference asset, BFA may consider the investment to have the same","page_number":189,"box":{"x":89,"y":233,"width":825,"height":12}},{"id":"bd1567da-ece4-446f-96ac-7c7a5204d4c4","block_type":"box","text":"NRSRO rating as its issuer, program, financial institution or underlying reference asset, as applicable. 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Preliminary","page_number":189,"box":{"x":89,"y":305,"width":815,"height":12}},{"id":"62d00056-8d11-41a5-a6b0-00bf9dc2d30e","block_type":"box","text":"prospectuses or term sheets for new issue securities may include an expected rating for the security (as determined by the","page_number":189,"box":{"x":89,"y":320,"width":858,"height":12}},{"id":"f6061f1d-4a13-4c3e-a464-6950cd8bddd1","block_type":"box","text":"underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when deciding whether to purchase","page_number":189,"box":{"x":89,"y":335,"width":870,"height":12}},{"id":"c73c0c4e-5888-4ae7-8c59-af8ae56c5922","block_type":"box","text":"a new issue security that has not yet been rated by a NRSRO, BFA may attribute an expected rating to the security based on:","page_number":189,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"db24d61b-301e-4470-a9c9-ea8b6fcbf741","block_type":"box","text":"(i) the expected rating of the security set forth in the preliminary prospectus or term sheet for the security; (ii) the NRSRO’s","page_number":189,"box":{"x":89,"y":365,"width":860,"height":12}},{"id":"40857dc8-189c-4350-9aec-5fd0685270da","block_type":"box","text":"rating for the issuer of the security set forth in the preliminary prospectus or term sheet for the security; or (iii) with respect","page_number":189,"box":{"x":89,"y":380,"width":862,"height":13}},{"id":"82463f01-5b3b-47dd-826e-d54fed0d601e","block_type":"box","text":"to asset-backed securities, the rating of a prior issuance having a similar structure or the same sponsor.","page_number":189,"box":{"x":88,"y":395,"width":723,"height":13}},{"id":"11bc046f-47ac-440c-8750-b9a0d2e7088f","block_type":"box","text":"Where the investment objective of a Fund is to track the performance of an index that includes credit ratings eligibility criteria","page_number":189,"box":{"x":88,"y":422,"width":878,"height":12}},{"id":"5626134d-be04-4276-82de-a1f3d77ff2f4","block_type":"box","text":"as part of its index methodology, a Fund may purchase any security within the index, such security having been determined","page_number":189,"box":{"x":89,"y":437,"width":864,"height":12}},{"id":"75bce59c-b75e-49ff-85d6-68ef70f7cbb1","block_type":"box","text":"by the index provider as meeting its credit ratings eligibility criteria. 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Evaluation of these securities is dependent on the","page_number":189,"box":{"x":89,"y":569,"width":854,"height":13}},{"id":"3d704c33-cdb2-4d69-bed5-50e1b930f072","block_type":"box","text":"investment adviser’s judgment, analysis and experience in the evaluation of such securities.","page_number":189,"box":{"x":89,"y":584,"width":639,"height":13}},{"id":"ba876d63-e07b-4c80-ad1a-02248a94e76a","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of recent","page_number":189,"box":{"x":89,"y":611,"width":805,"height":12}},{"id":"c71bb333-65a8-41cb-89b1-2b11678b1098","block_type":"box","text":"developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":189,"box":{"x":89,"y":626,"width":750,"height":12}},{"id":"5aa0cbd0-68bb-4a88-a7f4-3c97ca6ed356","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and 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risk.","page_number":190,"box":{"x":106,"y":70,"width":565,"height":13}},{"id":"a0ef7fb0-6005-4484-86fd-7bce6a6b748c","block_type":"box","text":"Caa:","page_number":190,"box":{"x":89,"y":97,"width":30,"height":10}},{"id":"8d0b5a22-d113-4c5c-800e-d9b87cfed95c","block_type":"box","text":"Obligations rated Caa are judged to be speculative, of poor standing and are subject to very high credit risk.","page_number":190,"box":{"x":124,"y":97,"width":751,"height":12}},{"id":"4c5872a3-0832-4489-acb6-324f7ca3b73c","block_type":"box","text":"Ca:","page_number":190,"box":{"x":89,"y":124,"width":21,"height":9}},{"id":"2931b10e-72bd-4051-925a-edf9d60ee0f7","block_type":"box","text":"Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of","page_number":190,"box":{"x":116,"y":123,"width":806,"height":13}},{"id":"10793795-6961-4924-b506-595c97f5fffe","block_type":"box","text":"principal and interest.","page_number":190,"box":{"x":89,"y":138,"width":150,"height":13}},{"id":"f81374bd-e3c5-4e13-ab9e-9ed3157dc962","block_type":"box","text":"C:","page_number":190,"box":{"x":89,"y":165,"width":12,"height":10}},{"id":"2fcba2ac-c3ba-4c16-9462-3bf7af5d721e","block_type":"box","text":"Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.","page_number":190,"box":{"x":107,"y":165,"width":854,"height":12}},{"id":"41738dcf-f0d1-4650-9e11-3f12a468d897","block_type":"box","text":"Note:","page_number":190,"box":{"x":89,"y":192,"width":37,"height":9}},{"id":"129fca04-67d0-409a-a7b5-18c32627c857","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2 and 3 in each generic rating classification from Aa through Caa. The","page_number":190,"box":{"x":131,"y":191,"width":780,"height":13}},{"id":"f23e6645-7ca6-4e24-ac88-7810f589b3f0","block_type":"box","text":"modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid","page_number":190,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"e772290f-878c-47c6-b826-8fb45924f035","block_type":"box","text":"range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":190,"box":{"x":89,"y":222,"width":707,"height":12}},{"id":"8d6b6c29-6fe5-4739-9c1b-59bceadd3958","block_type":"box","text":"Absence of Rating:","page_number":190,"box":{"x":88,"y":248,"width":136,"height":12}},{"id":"4c282cf5-39f4-4f2d-b826-8b1ef335d9f2","block_type":"box","text":"Where no rating has been assigned or where a rating has been withdrawn, it may be for reasons","page_number":190,"box":{"x":229,"y":248,"width":672,"height":12}},{"id":"14106c5c-912f-4f30-86ed-2aafb3767166","block_type":"box","text":"unrelated to the creditworthiness of the issue.","page_number":190,"box":{"x":89,"y":263,"width":320,"height":10}},{"id":"4043d0d0-d1c6-45e9-ab74-bc8711e74e46","block_type":"box","text":"Should no rating be assigned, the reason may be one of the following:","page_number":190,"box":{"x":88,"y":290,"width":489,"height":12}},{"id":"f46e2950-44aa-4a6e-81bb-250f360d586a","block_type":"box","text":"1. An application was not received or accepted.","page_number":190,"box":{"x":90,"y":310,"width":328,"height":12}},{"id":"6480e739-9212-47a2-8071-079b66b4737b","block_type":"box","text":"2. The issue or issuer belongs to a group of securities or entities that are not rated as a matter of policy.","page_number":190,"box":{"x":89,"y":330,"width":721,"height":12}},{"id":"b714a552-dd66-439f-967c-b35c49026410","block_type":"box","text":"3. There is a lack of essential data pertaining to the issue or issuer.","page_number":190,"box":{"x":89,"y":350,"width":461,"height":12}},{"id":"92dd87f8-5756-4629-bad6-86c2a6adbc6d","block_type":"box","text":"4. The issue was privately placed, in which case the rating is not published in Moody’s publications.","page_number":190,"box":{"x":88,"y":370,"width":695,"height":13}},{"id":"18376d3a-b5ba-42ff-9ccc-37b883c4ba76","block_type":"box","text":"Withdrawal may occur if new and material circumstances arise, the effects of which preclude satisfactory analysis; if there is","page_number":190,"box":{"x":88,"y":397,"width":869,"height":12}},{"id":"a4d69e69-c76d-4272-9ad5-86481053b5cb","block_type":"box","text":"no longer available reasonable up-to-date data to permit a judgment to be formed; if a bond is called for redemption; or for","page_number":190,"box":{"x":89,"y":412,"width":862,"height":12}},{"id":"b4046d66-25ff-4771-a013-cea1e8ff2796","block_type":"box","text":"other reasons.","page_number":190,"box":{"x":89,"y":427,"width":98,"height":10}},{"id":"8031bd45-91f9-423f-9a64-a0d68f327a50","block_type":"box","text":"Short-Term Obligations","page_number":190,"box":{"x":88,"y":453,"width":170,"height":13}},{"id":"cab99678-9429-41e5-99f8-746f62136810","block_type":"box","text":"Moody’s short-term debt ratings are opinions of the ability of issuers to honor short-term financial obligations, generally with","page_number":190,"box":{"x":89,"y":480,"width":878,"height":12}},{"id":"aa50fe9b-4461-4faa-a698-614146380a7c","block_type":"box","text":"an original maturity not exceeding thirteen months.","page_number":190,"box":{"x":89,"y":495,"width":361,"height":12}},{"id":"a29c980f-b665-4d4b-b7e6-dfa732c451a4","block_type":"box","text":"Moody’s employs the following designations to indicate the relative repayment ability of rated issuers:","page_number":190,"box":{"x":89,"y":521,"width":712,"height":13}},{"id":"78c3c73a-e270-4841-8ad8-91ec7edd4fe2","block_type":"box","text":"P-1:","page_number":190,"box":{"x":89,"y":548,"width":26,"height":10}},{"id":"9748793e-8550-49df-b988-2719b945f7d7","block_type":"box","text":"Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.","page_number":190,"box":{"x":121,"y":548,"width":761,"height":12}},{"id":"d05d8514-96c5-4eae-b6b0-e54d4402557e","block_type":"box","text":"P-2:","page_number":190,"box":{"x":89,"y":575,"width":26,"height":9}},{"id":"e4b4c977-7a39-4078-b755-281281e99f23","block_type":"box","text":"Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.","page_number":190,"box":{"x":122,"y":574,"width":749,"height":13}},{"id":"a51dd939-6d74-403c-b5d9-b145ec142abc","block_type":"box","text":"P-3:","page_number":190,"box":{"x":89,"y":601,"width":26,"height":9}},{"id":"84b843a6-872c-4abd-8f89-6a690f2352b7","block_type":"box","text":"Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.","page_number":190,"box":{"x":121,"y":601,"width":754,"height":12}},{"id":"037c616e-3a8e-4028-8cbf-d6ad12205039","block_type":"box","text":"NP:","page_number":190,"box":{"x":89,"y":628,"width":22,"height":9}},{"id":"b2540709-6da3-48db-8c85-de83db602c66","block_type":"box","text":"Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.","page_number":190,"box":{"x":118,"y":627,"width":725,"height":13}},{"id":"fa8208af-9e71-4fd6-9043-da0c81038c56","block_type":"box","text":"US Municipal Short-Term Debt Obligations","page_number":190,"box":{"x":89,"y":654,"width":308,"height":12}},{"id":"3f83cfb5-c9a0-4abf-b2a1-f777978b01c6","block_type":"box","text":"There are three rating categories for short-term municipal obligations that are considered investment-grade and are","page_number":190,"box":{"x":88,"y":680,"width":812,"height":12}},{"id":"dba21930-dd53-4e48-8dc9-1c72d13ec415","block_type":"box","text":"designated as Municipal Investment Grade (MIG). In addition, those short-term obligations that are of speculative quality are","page_number":190,"box":{"x":89,"y":695,"width":873,"height":13}},{"id":"9e71b6ac-0501-4150-ae44-0279bfb5e9de","block_type":"box","text":"designated SG, or speculative grade. MIG ratings expire at the maturity of the obligation.","page_number":190,"box":{"x":89,"y":710,"width":618,"height":13}},{"id":"917d23fd-bf49-437f-af45-c9457f6bdf8c","block_type":"box","text":"MIG 1:","page_number":190,"box":{"x":89,"y":737,"width":45,"height":10}},{"id":"6b80cf92-fa2f-4015-95fa-b5b4cdc06345","block_type":"box","text":"This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly","page_number":190,"box":{"x":139,"y":737,"width":791,"height":12}},{"id":"fa1a9cbb-8a97-4563-b423-b95b14f0683b","block_type":"box","text":"reliable liquidity support, or demonstrated broad-based access to the market for refinancing.","page_number":190,"box":{"x":89,"y":752,"width":647,"height":12}},{"id":"0d569c81-5fcb-4a98-84cf-1f69310ec249","block_type":"box","text":"MIG 2:","page_number":190,"box":{"x":89,"y":779,"width":46,"height":9}},{"id":"a435d450-1d0b-4331-abd6-7d28531df300","block_type":"box","text":"This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the","page_number":190,"box":{"x":140,"y":778,"width":774,"height":13}},{"id":"87b6cfaf-e620-4d7c-9a66-ea658a2bc54f","block_type":"box","text":"preceding group.","page_number":190,"box":{"x":89,"y":793,"width":118,"height":13}},{"id":"2a1a8536-4394-40d4-a636-a3cf9e563909","block_type":"box","text":"MIG 3:","page_number":190,"box":{"x":89,"y":820,"width":46,"height":10}},{"id":"c09e7808-798f-4dfe-a448-0d8713d4931b","block_type":"box","text":"This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market","page_number":190,"box":{"x":140,"y":820,"width":796,"height":12}},{"id":"d450e971-72f3-4cff-bc87-eac7917bfd27","block_type":"box","text":"access for refinancing is likely to be less well-established.","page_number":190,"box":{"x":89,"y":835,"width":398,"height":12}},{"id":"6fa135c6-8557-405b-8276-9f7566781bdf","block_type":"box","text":"B-2","page_number":190,"box":{"x":517,"y":894,"width":22,"height":9}},{"id":"01496b3f-ead0-4ea2-9ff5-5d64b076cdc2","block_type":"box","text":"SG:","page_number":191,"box":{"x":88,"y":44,"width":23,"height":10}},{"id":"1a849e9f-c668-4a0f-b51d-a6ca4a251ad0","block_type":"box","text":"This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins","page_number":191,"box":{"x":116,"y":44,"width":839,"height":12}},{"id":"1062e1aa-0f40-42bc-adc5-2d232ce85404","block_type":"box","text":"of protection.","page_number":191,"box":{"x":89,"y":59,"width":93,"height":12}},{"id":"2d555058-7627-48bd-aa93-5061d271e897","block_type":"box","text":"S&P Global Ratings","page_number":191,"box":{"x":88,"y":85,"width":137,"height":13}},{"id":"cb8745df-f9e3-41d2-a8d1-974d5c7956e5","block_type":"box","text":"Long-Term Obligations","page_number":191,"box":{"x":89,"y":112,"width":166,"height":12}},{"id":"0cbd2cf9-5c16-4dc1-b30d-95107abaf9b9","block_type":"box","text":"AAA:","page_number":191,"box":{"x":88,"y":139,"width":37,"height":9}},{"id":"43c6a2ff-2d29-495f-a718-490e01093d75","block_type":"box","text":"An obligation rated AAA has the highest rating assigned by S&P Global Ratings. The obligor’s capacity to meet its","page_number":191,"box":{"x":130,"y":138,"width":793,"height":13}},{"id":"f52dcd61-c5fd-4d31-8a90-6af4f22104f8","block_type":"box","text":"financial commitment on the obligation is extremely strong.","page_number":191,"box":{"x":88,"y":153,"width":420,"height":13}},{"id":"28de63d1-41d8-4bec-97b0-376ca491a162","block_type":"box","text":"AA:","page_number":191,"box":{"x":88,"y":180,"width":25,"height":10}},{"id":"d5cbab1e-19cc-4ff0-a432-e32677129f80","block_type":"box","text":"An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet","page_number":191,"box":{"x":119,"y":180,"width":832,"height":12}},{"id":"0d494fdb-4e34-4925-9193-98fcd4a3d0d7","block_type":"box","text":"its financial commitment is very strong.","page_number":191,"box":{"x":89,"y":195,"width":276,"height":12}},{"id":"89e77276-9a1c-4e90-be3f-62821d1c782f","block_type":"box","text":"A:","page_number":191,"box":{"x":88,"y":222,"width":14,"height":9}},{"id":"c7f321dc-368f-4197-9307-bc83e0673697","block_type":"box","text":"An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic","page_number":191,"box":{"x":107,"y":222,"width":830,"height":12}},{"id":"c12456f5-cfb5-44af-8bf1-4be2b7f1d373","block_type":"box","text":"conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on","page_number":191,"box":{"x":89,"y":237,"width":863,"height":12}},{"id":"7a7ac98a-8919-45c6-bbf2-76c2730069e0","block_type":"box","text":"the obligation is still strong.","page_number":191,"box":{"x":88,"y":252,"width":193,"height":12}},{"id":"7400697c-16de-4e8c-af25-52af7631d085","block_type":"box","text":"BBB:","page_number":191,"box":{"x":89,"y":279,"width":31,"height":9}},{"id":"2dd8b8d5-7bae-4f71-85d6-49458d17509c","block_type":"box","text":"An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing","page_number":191,"box":{"x":125,"y":278,"width":825,"height":13}},{"id":"37bcb17e-55b1-4b00-a1e5-ae01b123f49b","block_type":"box","text":"circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the","page_number":191,"box":{"x":89,"y":293,"width":813,"height":13}},{"id":"7cb4bac8-f982-44b6-b4a4-e1fc133e59df","block_type":"box","text":"obligation.","page_number":191,"box":{"x":89,"y":308,"width":72,"height":13}},{"id":"f55ec559-5eff-40ba-b856-0ceff820c112","block_type":"box","text":"BB; B; CCC; CC; and C:","page_number":191,"box":{"x":89,"y":335,"width":156,"height":11}},{"id":"b49ce0c6-15b0-4d88-a1d1-6d27dd096913","block_type":"box","text":"Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics.","page_number":191,"box":{"x":251,"y":335,"width":706,"height":12}},{"id":"31c3da75-f34e-412b-91c3-2a18dae7790f","block_type":"box","text":"BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and","page_number":191,"box":{"x":89,"y":350,"width":827,"height":12}},{"id":"bbfb21d6-c97c-45f9-a36f-ddd4ab6c3d4d","block_type":"box","text":"protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.","page_number":191,"box":{"x":89,"y":365,"width":816,"height":12}},{"id":"2f22237b-7baa-42ea-a003-e9da9957dd45","block_type":"box","text":"BB:","page_number":191,"box":{"x":89,"y":392,"width":21,"height":9}},{"id":"44726c1a-f28c-49fd-b628-54fcde925f39","block_type":"box","text":"An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing","page_number":191,"box":{"x":115,"y":392,"width":832,"height":12}},{"id":"70e9bf25-6e43-4027-802b-a4cacc6abd2b","block_type":"box","text":"uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate","page_number":191,"box":{"x":89,"y":407,"width":877,"height":12}},{"id":"af81b13c-0674-4c67-b892-3342df150371","block_type":"box","text":"capacity to meet its financial commitment on the obligation.","page_number":191,"box":{"x":89,"y":422,"width":422,"height":12}},{"id":"e02bfdee-b3cb-4ab0-bcd2-02d3a18542f5","block_type":"box","text":"B:","page_number":191,"box":{"x":89,"y":449,"width":12,"height":9}},{"id":"86eb0fc2-348c-4a0f-8842-502f59e05902","block_type":"box","text":"An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the","page_number":191,"box":{"x":106,"y":448,"width":808,"height":13}},{"id":"5e8b0b7e-3cb1-4891-bc27-68197eeed874","block_type":"box","text":"capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely","page_number":191,"box":{"x":89,"y":463,"width":858,"height":13}},{"id":"82084d8e-6142-4f98-8af8-c9d31e08d5af","block_type":"box","text":"impair the obligor’s capacity or willingness to meet its financial commitment on the obligation.","page_number":191,"box":{"x":89,"y":479,"width":663,"height":12}},{"id":"605c5e79-9967-4820-bc43-0bc72ecf5ff5","block_type":"box","text":"CCC:","page_number":191,"box":{"x":89,"y":506,"width":33,"height":9}},{"id":"5108ca17-403a-4d51-adb5-28982cbe9492","block_type":"box","text":"An obligation rated CCC is currently vulnerable to nonpayment, and is dependent upon favorable business, financial,","page_number":191,"box":{"x":127,"y":505,"width":814,"height":12}},{"id":"bd549a64-30e3-456a-9504-fba59b98e407","block_type":"box","text":"and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse","page_number":191,"box":{"x":89,"y":520,"width":810,"height":12}},{"id":"fe210bb5-cc4a-4ee9-aeb8-43a9718a6b27","block_type":"box","text":"business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on","page_number":191,"box":{"x":89,"y":535,"width":872,"height":13}},{"id":"92eb9c28-1bd1-453b-8b62-3e6fc6a670fc","block_type":"box","text":"the obligation.","page_number":191,"box":{"x":88,"y":550,"width":100,"height":13}},{"id":"ac003505-7706-439a-970f-98c955697f43","block_type":"box","text":"CC:","page_number":191,"box":{"x":89,"y":577,"width":23,"height":10}},{"id":"e6084eaf-f8ef-4022-b0a5-cee578057933","block_type":"box","text":"An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not yet","page_number":191,"box":{"x":117,"y":577,"width":824,"height":12}},{"id":"b25dca1a-353b-4ff3-9b15-9dcd2faa0660","block_type":"box","text":"occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.","page_number":191,"box":{"x":89,"y":592,"width":825,"height":12}},{"id":"3e74e06d-f3c9-4d04-8844-9059cbcd5500","block_type":"box","text":"C:","page_number":191,"box":{"x":89,"y":619,"width":12,"height":9}},{"id":"9177cf2b-cf8c-4707-bb75-210ac3e124f2","block_type":"box","text":"An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative","page_number":191,"box":{"x":107,"y":618,"width":838,"height":13}},{"id":"5988d4ab-9ab8-4c2e-874b-045194b59f1b","block_type":"box","text":"seniority or lower ultimate recovery compared to obligations that are rated higher.","page_number":191,"box":{"x":89,"y":633,"width":572,"height":13}},{"id":"e69463b7-9201-4eab-a7b1-6858509ef18b","block_type":"box","text":"D:","page_number":191,"box":{"x":89,"y":661,"width":14,"height":9}},{"id":"07e0b731-2c5b-4878-be62-3b013f6a0133","block_type":"box","text":"An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating","page_number":191,"box":{"x":108,"y":660,"width":829,"height":12}},{"id":"cab91166-26b4-4fc8-a723-a2a8d9cc5043","block_type":"box","text":"category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that","page_number":191,"box":{"x":89,"y":675,"width":844,"height":12}},{"id":"96460002-219e-4212-8756-7378eae919e4","block_type":"box","text":"such payments will be made within five business days in the absence of a stated grace period or within the earlier of the","page_number":191,"box":{"x":89,"y":690,"width":839,"height":13}},{"id":"170eccf7-57d9-4dd7-917c-d05e212e9896","block_type":"box","text":"stated grace period or 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":191,"box":{"x":89,"y":705,"width":862,"height":13}},{"id":"73f810df-1051-42de-883d-94d6c788d94e","block_type":"box","text":"of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An","page_number":191,"box":{"x":89,"y":720,"width":853,"height":13}},{"id":"0a8a13e4-88dd-40ae-a29e-35955f22677a","block_type":"box","text":"obligation’s rating is lowered to D if it is subject to a distressed exchange offer.","page_number":191,"box":{"x":89,"y":736,"width":546,"height":12}},{"id":"110f1aed-2421-4662-893f-fadedbdbf709","block_type":"box","text":"NR:","page_number":191,"box":{"x":89,"y":763,"width":23,"height":9}},{"id":"02e37861-b3b1-4d04-a2d9-18da32b298cd","block_type":"box","text":"NR indicates no rating has been requested, or that there is insufficient information on which to base a rating, or that S&P","page_number":191,"box":{"x":118,"y":762,"width":844,"height":12}},{"id":"2c5159cf-6ae7-40b7-a48a-72edbcd91e05","block_type":"box","text":"Global Ratings does not rate a particular obligation as a matter of policy.","page_number":191,"box":{"x":89,"y":777,"width":504,"height":12}},{"id":"2c0c51c5-6b03-4a6c-b063-85544296d694","block_type":"box","text":"Note:","page_number":191,"box":{"x":89,"y":804,"width":37,"height":9}},{"id":"61ef4403-dc16-4b71-a633-20e52bb6ae34","block_type":"box","text":"The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing","page_number":191,"box":{"x":131,"y":804,"width":816,"height":12}},{"id":"6fc2f6bd-9fbd-4986-9fd9-bc9268e444bc","block_type":"box","text":"within the major rating categories.","page_number":191,"box":{"x":88,"y":819,"width":241,"height":12}},{"id":"146781b9-125b-42e6-84d6-8d7fd9d5adfa","block_type":"box","text":"Short-Term Obligations","page_number":191,"box":{"x":88,"y":845,"width":170,"height":12}},{"id":"25b102f4-da6e-4e66-8f05-5fc0690bd9f4","block_type":"box","text":"B-3","page_number":191,"box":{"x":517,"y":894,"width":22,"height":9}},{"id":"1d14f9bb-8e5f-4e73-9e64-49223d2df738","block_type":"box","text":"A-1:","page_number":192,"box":{"x":88,"y":44,"width":29,"height":10}},{"id":"db4b614d-9fbb-4318-a132-3398f47b0940","block_type":"box","text":"A short-term obligation rated A-1 is rated in the highest category by S&P Global Ratings. The obligor’s capacity to meet","page_number":192,"box":{"x":122,"y":44,"width":835,"height":12}},{"id":"c2b11465-02ed-4df6-aa1b-ce0309689108","block_type":"box","text":"its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign","page_number":192,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"d76ef3df-03d4-439b-9464-883595e23ba2","block_type":"box","text":"(+). This indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong.","page_number":192,"box":{"x":89,"y":74,"width":835,"height":12}},{"id":"d88fa256-630c-4cba-9b37-4ea36a263ead","block_type":"box","text":"A-2:","page_number":192,"box":{"x":88,"y":101,"width":29,"height":9}},{"id":"6bfef468-d7e6-49a8-b84d-130da2342fac","block_type":"box","text":"A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and","page_number":192,"box":{"x":122,"y":101,"width":842,"height":12}},{"id":"7d00d311-73db-43dd-9aef-d63dd49f580c","block_type":"box","text":"economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial","page_number":192,"box":{"x":89,"y":116,"width":820,"height":12}},{"id":"7ea9f98b-d99d-41e1-8c68-3794ee312934","block_type":"box","text":"commitment on the obligation is satisfactory.","page_number":192,"box":{"x":89,"y":131,"width":317,"height":12}},{"id":"3a1902e0-de1e-4b1d-9d31-e066f714f15a","block_type":"box","text":"A-3:","page_number":192,"box":{"x":88,"y":158,"width":29,"height":9}},{"id":"d63db80e-cde2-48e3-963b-99a88d85735d","block_type":"box","text":"A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or","page_number":192,"box":{"x":122,"y":157,"width":826,"height":13}},{"id":"08ef9139-9a77-4161-9059-de82e2948ccd","block_type":"box","text":"changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on","page_number":192,"box":{"x":89,"y":172,"width":856,"height":13}},{"id":"2c0cab07-1be8-42ec-a140-c89913906d67","block_type":"box","text":"the obligation.","page_number":192,"box":{"x":88,"y":188,"width":100,"height":12}},{"id":"483f70ee-f396-4d64-925a-4404004b7a41","block_type":"box","text":"B:","page_number":192,"box":{"x":89,"y":215,"width":12,"height":9}},{"id":"40a86841-09f3-4a6d-a806-63725276fd85","block_type":"box","text":"A short-term obligation rated B is regarded as vulnerable and has significant speculative characteristics. The obligor","page_number":192,"box":{"x":106,"y":214,"width":811,"height":12}},{"id":"9eaf7ca0-4980-4239-bfa3-51280e623d8c","block_type":"box","text":"currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead","page_number":192,"box":{"x":89,"y":229,"width":876,"height":12}},{"id":"284ee2ec-65e1-4eae-aca6-1db7f1d63e9c","block_type":"box","text":"to the obligor’s inadequate capacity to meet its financial commitments.","page_number":192,"box":{"x":88,"y":244,"width":500,"height":13}},{"id":"ed935f5d-2659-4bf4-933e-4827219b45ae","block_type":"box","text":"C:","page_number":192,"box":{"x":89,"y":271,"width":12,"height":9}},{"id":"afb1239b-04dc-472d-8da4-47f2c0fe47d3","block_type":"box","text":"A short-term obligation rated C is currently vulnerable to nonpayment and is dependent upon favorable business,","page_number":192,"box":{"x":107,"y":271,"width":794,"height":12}},{"id":"be6aa2d7-37b5-4b97-9a9c-2f2d47e7fc81","block_type":"box","text":"financial, and economic conditions for the obligor to meet its financial commitment on the obligation.","page_number":192,"box":{"x":88,"y":286,"width":715,"height":12}},{"id":"3aa50e29-43c4-473c-8af1-31ae63aca579","block_type":"box","text":"D:","page_number":192,"box":{"x":89,"y":313,"width":14,"height":9}},{"id":"3c8bfa89-9d12-4a5e-8bad-106df1a50d99","block_type":"box","text":"A short-term obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D","page_number":192,"box":{"x":108,"y":312,"width":856,"height":13}},{"id":"7c076907-b87d-48a1-bfb3-9226882436ee","block_type":"box","text":"rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes","page_number":192,"box":{"x":89,"y":327,"width":856,"height":13}},{"id":"29116955-af87-42ff-a6ee-e0bcf0d1491e","block_type":"box","text":"that such payments will be made within any stated grace period. However, any stated grace period longer than five business","page_number":192,"box":{"x":88,"y":342,"width":868,"height":13}},{"id":"f60b368b-7c88-4cc2-b041-54752873b2d7","block_type":"box","text":"days will be treated as five business days. The D rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":192,"box":{"x":89,"y":358,"width":870,"height":12}},{"id":"96188766-64de-4d71-a4d9-12250c1f6de5","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An","page_number":192,"box":{"x":89,"y":373,"width":865,"height":12}},{"id":"1e2c4816-6729-454f-a7fd-339d0f264949","block_type":"box","text":"obligation’s rating is lowered to D if it is subject to a distressed exchange offer.","page_number":192,"box":{"x":89,"y":388,"width":546,"height":12}},{"id":"bb099038-6917-427c-86dc-7c51bd4c566c","block_type":"box","text":"Municipal Short-Term Obligations","page_number":192,"box":{"x":89,"y":414,"width":245,"height":13}},{"id":"868aa6d6-4f01-46b2-9970-dc9b0589e977","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P Global Ratings opinion about the liquidity factors and market access risks","page_number":192,"box":{"x":88,"y":441,"width":844,"height":12}},{"id":"ad7ce911-b3a9-4ba0-812e-12a72f8d4a2c","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more","page_number":192,"box":{"x":89,"y":456,"width":862,"height":12}},{"id":"ac235975-03d2-407e-8f42-133ca193bbcd","block_type":"box","text":"than three years will most likely receive a long-term debt rating.","page_number":192,"box":{"x":88,"y":471,"width":445,"height":12}},{"id":"15606f79-6df6-4b9a-bee3-c85ff79e6143","block_type":"box","text":"SP-1:","page_number":192,"box":{"x":88,"y":498,"width":36,"height":9}},{"id":"55ea912b-6a49-4ca2-91bd-7e767bb559e3","block_type":"box","text":"Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service","page_number":192,"box":{"x":129,"y":497,"width":832,"height":13}},{"id":"b2d963fc-6d08-4897-ac83-be2d1eab6796","block_type":"box","text":"is given a plus (+) designation.","page_number":192,"box":{"x":89,"y":513,"width":211,"height":12}},{"id":"29cbd176-1088-4d33-ae30-06523a2454b5","block_type":"box","text":"SP-2:","page_number":192,"box":{"x":88,"y":540,"width":36,"height":9}},{"id":"c7e4f0fd-7312-4d3d-a5dc-e984174fa7a4","block_type":"box","text":"Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes","page_number":192,"box":{"x":130,"y":539,"width":822,"height":12}},{"id":"774e94e0-a285-44df-aebd-b37571cf0632","block_type":"box","text":"over the term of the notes.","page_number":192,"box":{"x":89,"y":554,"width":185,"height":10}},{"id":"3c837393-1cfe-4dc0-bf04-6e8fb5965c48","block_type":"box","text":"SP-3:","page_number":192,"box":{"x":88,"y":581,"width":36,"height":9}},{"id":"70b0218b-78b1-4a8d-9d1e-97569e1be903","block_type":"box","text":"Speculative capacity to pay principal and interest.","page_number":192,"box":{"x":129,"y":581,"width":345,"height":12}},{"id":"089e50b9-08a2-4ef1-b1d5-13810467a34a","block_type":"box","text":"Fitch Ratings","page_number":192,"box":{"x":89,"y":607,"width":92,"height":12}},{"id":"81d06998-6682-44ef-80e4-fe5dddc9ab2f","block_type":"box","text":"Long-Term Obligations","page_number":192,"box":{"x":89,"y":633,"width":166,"height":13}},{"id":"bde805d8-8ab4-4cf0-9e5b-bf277ca64465","block_type":"box","text":"AAA:","page_number":192,"box":{"x":88,"y":660,"width":37,"height":10}},{"id":"e12447fe-542b-4abd-a3b2-10a85ab56406","block_type":"box","text":"Highest credit quality. AAA ratings denote the lowest expectation of credit risk. They are assigned only in cases of","page_number":192,"box":{"x":131,"y":660,"width":795,"height":12}},{"id":"0991dd05-e584-4a96-ba13-3dde854d3ddd","block_type":"box","text":"exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected","page_number":192,"box":{"x":89,"y":675,"width":867,"height":12}},{"id":"88870613-c78f-4ebe-b650-6b4d6b2e1a5d","block_type":"box","text":"by foreseeable events.","page_number":192,"box":{"x":89,"y":690,"width":152,"height":13}},{"id":"83c5177e-74bd-43ed-af36-e4c1f02a6577","block_type":"box","text":"AA:","page_number":192,"box":{"x":88,"y":717,"width":25,"height":9}},{"id":"20c133a3-5c50-43e4-943b-5e90b3718187","block_type":"box","text":"Very high credit quality. AA ratings denote expectations of very low credit risk. They indicate very strong capacity for","page_number":192,"box":{"x":119,"y":717,"width":814,"height":12}},{"id":"8f7042e6-ec0b-4a74-8bd7-68ccd1a1e305","block_type":"box","text":"payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.","page_number":192,"box":{"x":89,"y":732,"width":710,"height":12}},{"id":"768bd6c7-1457-4723-970e-691366eb648b","block_type":"box","text":"A:","page_number":192,"box":{"x":88,"y":759,"width":14,"height":9}},{"id":"3d8e583c-3d76-47c5-b211-19f23451d4d2","block_type":"box","text":"High credit quality. A ratings denote expectations of low credit risk. The capacity for payment of financial commitments is","page_number":192,"box":{"x":108,"y":758,"width":851,"height":13}},{"id":"5f5765c6-86dd-4623-b18c-b3c6ba7529ac","block_type":"box","text":"considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is","page_number":192,"box":{"x":89,"y":773,"width":860,"height":13}},{"id":"56887638-55d9-47a8-a4d0-21af8186c8d7","block_type":"box","text":"the case for higher ratings.","page_number":192,"box":{"x":88,"y":788,"width":187,"height":13}},{"id":"320005a4-c9cd-4385-918f-15885617c52c","block_type":"box","text":"BBB:","page_number":192,"box":{"x":89,"y":816,"width":31,"height":9}},{"id":"40bb37c8-40fc-4474-88a5-ec3f4f5c00de","block_type":"box","text":"Good credit quality. BBB ratings indicate that expectations of credit risk are currently low. The capacity for payment of","page_number":192,"box":{"x":125,"y":815,"width":824,"height":12}},{"id":"172cc1f8-e53a-4942-b93e-446c052c9b6e","block_type":"box","text":"financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this","page_number":192,"box":{"x":88,"y":830,"width":852,"height":12}},{"id":"4adb6393-4f6a-458d-862d-acdb781a0ff2","block_type":"box","text":"capacity.","page_number":192,"box":{"x":89,"y":846,"width":59,"height":11}},{"id":"718617bc-6b78-4456-835c-f29695fab37d","block_type":"box","text":"B-4","page_number":192,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"172670e6-452d-4c92-bc5c-396057973dcb","block_type":"box","text":"BB:","page_number":193,"box":{"x":89,"y":44,"width":21,"height":10}},{"id":"d1a9b195-5931-44a7-9894-fe55e7ec7c6e","block_type":"box","text":"Speculative. BB ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in","page_number":193,"box":{"x":116,"y":44,"width":812,"height":12}},{"id":"9ffe6acb-e8dd-407c-9db8-1f0f12deedf6","block_type":"box","text":"business or economic conditions over time; however, business or financial alternatives may be available to allow financial","page_number":193,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"d3668d1f-33da-45fa-9e04-970991a497ca","block_type":"box","text":"commitments to be met.","page_number":193,"box":{"x":89,"y":74,"width":173,"height":10}},{"id":"122ef148-960f-49fc-a35e-f1287860e8ed","block_type":"box","text":"B:","page_number":193,"box":{"x":89,"y":101,"width":12,"height":9}},{"id":"470e315e-3264-4a5a-8b52-bbb48dc8da82","block_type":"box","text":"Highly speculative. B ratings indicate that material credit risk is present.","page_number":193,"box":{"x":107,"y":101,"width":497,"height":12}},{"id":"68e755e2-05dc-4aa1-a673-0205217a8ef3","block_type":"box","text":"CCC:","page_number":193,"box":{"x":89,"y":128,"width":33,"height":9}},{"id":"f7a2339b-213e-45c8-9b98-c9c9ac623f89","block_type":"box","text":"Substantial credit risk. CCC ratings indicate that substantial credit risk is present.","page_number":193,"box":{"x":127,"y":127,"width":563,"height":12}},{"id":"5bbaab3e-1f0e-45f1-95e8-b702f1d592d8","block_type":"box","text":"CC:","page_number":193,"box":{"x":89,"y":154,"width":23,"height":9}},{"id":"c2ad9647-b648-42fb-8667-9b14815f02c7","block_type":"box","text":"Very high levels of credit risk. CC ratings indicate very high levels of credit risk.","page_number":193,"box":{"x":117,"y":153,"width":545,"height":13}},{"id":"ad7863e3-d2a1-45d9-9acd-b951f289dab9","block_type":"box","text":"C:","page_number":193,"box":{"x":89,"y":180,"width":12,"height":10}},{"id":"f299675c-58e6-4f1d-9da5-bbbe82993922","block_type":"box","text":"Exceptionally high levels of credit risk. C indicates exceptionally high levels of credit risk.","page_number":193,"box":{"x":108,"y":180,"width":613,"height":12}},{"id":"252a48c8-5c31-4849-8067-8e69c26442e5","block_type":"box","text":"Defaulted obligations typically are not assigned RD or D ratings, but are instead rated in the B to C rating categories,","page_number":193,"box":{"x":89,"y":206,"width":811,"height":13}},{"id":"fcd5c3a6-9933-48e6-b85e-6827bf51ca6e","block_type":"box","text":"depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have","page_number":193,"box":{"x":89,"y":222,"width":876,"height":12}},{"id":"2d365b4d-6d4b-438d-b299-58d7c0dc6b14","block_type":"box","text":"comparable overall expected loss but varying vulnerability to default and loss.","page_number":193,"box":{"x":89,"y":237,"width":541,"height":12}},{"id":"4e62750f-08c3-45e5-a6c9-db9545bcab9b","block_type":"box","text":"Note: The modifiers “+” or “-” may be appended to a rating to denote relative status within major rating categories. Such","page_number":193,"box":{"x":88,"y":263,"width":842,"height":12}},{"id":"e33138cb-ee90-4e27-83fc-899d62d5a451","block_type":"box","text":"suffixes are not added to the AAA obligation rating category, or to corporate finance obligation ratings in the categories","page_number":193,"box":{"x":88,"y":278,"width":836,"height":13}},{"id":"5af1fe04-c04a-4f74-9099-ab0e690f3770","block_type":"box","text":"below CCC.","page_number":193,"box":{"x":88,"y":293,"width":78,"height":10}},{"id":"61387692-29bf-4a8f-948d-52c80af34ebf","block_type":"box","text":"The subscript ’emr’ is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The","page_number":193,"box":{"x":89,"y":320,"width":843,"height":12}},{"id":"46e6cc6a-a263-405f-9ded-99e63d0af1dc","block_type":"box","text":"designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant","page_number":193,"box":{"x":88,"y":335,"width":881,"height":12}},{"id":"748869d8-a90f-4637-b1fd-5497f4c0d2f9","block_type":"box","text":"to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for","page_number":193,"box":{"x":89,"y":350,"width":876,"height":12}},{"id":"36f0d572-9e70-474b-858c-fad1cecf16eb","block_type":"box","text":"analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to","page_number":193,"box":{"x":88,"y":365,"width":879,"height":12}},{"id":"80e189b2-0e23-4f67-af7b-b8ac3cd678b8","block_type":"box","text":"market risk.","page_number":193,"box":{"x":88,"y":380,"width":81,"height":10}},{"id":"2c31b7e0-082b-46dc-8a45-b45c1feb2d91","block_type":"box","text":"Short-Term Obligations (Corporate and Public Finance)","page_number":193,"box":{"x":88,"y":407,"width":400,"height":12}},{"id":"3edf2da5-edef-447e-8f8a-173a160dfa99","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or","page_number":193,"box":{"x":88,"y":433,"width":855,"height":13}},{"id":"2b17c37d-4721-468a-9a9f-9f21f478ac52","block_type":"box","text":"security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":193,"box":{"x":89,"y":448,"width":878,"height":13}},{"id":"a2f49441-2750-449c-a6f0-ea8b785ca0f2","block_type":"box","text":"relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as “short-term” based on","page_number":193,"box":{"x":89,"y":463,"width":874,"height":13}},{"id":"f958af78-ee22-4015-8eae-fea9db497b39","block_type":"box","text":"market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36","page_number":193,"box":{"x":89,"y":479,"width":866,"height":12}},{"id":"cec62fef-aa9c-47c2-b211-3224a2f45f6b","block_type":"box","text":"months for obligations in U.S. public finance markets.","page_number":193,"box":{"x":89,"y":494,"width":374,"height":12}},{"id":"95bdb5b7-7a6c-413e-b2e0-0f490df6f0ad","block_type":"box","text":"F1:","page_number":193,"box":{"x":89,"y":521,"width":20,"height":9}},{"id":"f1661752-40cc-4d06-b767-35f966e21751","block_type":"box","text":"Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments;","page_number":193,"box":{"x":115,"y":520,"width":844,"height":12}},{"id":"dc1ce0bc-cacc-418d-9c71-58a1f9a9bb3a","block_type":"box","text":"may have an added “+” to denote any exceptionally strong credit feature.","page_number":193,"box":{"x":89,"y":535,"width":509,"height":13}},{"id":"82858ab5-b36f-4b11-a49c-43d913ec981d","block_type":"box","text":"F2:","page_number":193,"box":{"x":89,"y":562,"width":20,"height":9}},{"id":"7e5e6b53-f86d-4d7a-8abf-fe1339154b86","block_type":"box","text":"Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.","page_number":193,"box":{"x":115,"y":562,"width":706,"height":12}},{"id":"1c9cb105-3e95-4fd6-b354-84ad32c10b68","block_type":"box","text":"F3:","page_number":193,"box":{"x":89,"y":589,"width":20,"height":9}},{"id":"6198840b-0fc0-473c-97e9-d6f935e5cbbe","block_type":"box","text":"Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.","page_number":193,"box":{"x":115,"y":588,"width":766,"height":12}},{"id":"22b252f0-3c85-41fb-acb2-9208933d0718","block_type":"box","text":"B:","page_number":193,"box":{"x":89,"y":615,"width":12,"height":9}},{"id":"84221d3b-2c27-4549-8da7-6383fa9ab60e","block_type":"box","text":"Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened","page_number":193,"box":{"x":106,"y":615,"width":824,"height":12}},{"id":"5266e277-05a4-47ae-890c-d49ef400bcf6","block_type":"box","text":"vulnerability to near term adverse changes in financial and economic conditions.","page_number":193,"box":{"x":88,"y":630,"width":564,"height":12}},{"id":"83853973-530a-4d10-a933-2a8cf04e19b9","block_type":"box","text":"C:","page_number":193,"box":{"x":89,"y":657,"width":12,"height":9}},{"id":"b329bff7-5914-455b-98de-6bf0eee069d1","block_type":"box","text":"High short-term default risk. Default is a real possibility.","page_number":193,"box":{"x":108,"y":656,"width":386,"height":13}},{"id":"931be4f3-51b7-43e5-95f4-4ff46f16fe6a","block_type":"box","text":"RD:","page_number":193,"box":{"x":89,"y":683,"width":24,"height":9}},{"id":"812a0485-b072-467c-8380-5e36a516c0c4","block_type":"box","text":"Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it","page_number":193,"box":{"x":119,"y":683,"width":792,"height":12}},{"id":"c0524d98-1973-4056-8132-bcaa2097c2c6","block_type":"box","text":"continues to meet other financial obligations. Typically applicable to entity ratings only.","page_number":193,"box":{"x":89,"y":698,"width":609,"height":12}},{"id":"b026b966-da60-4f50-8528-aef3a13890f9","block_type":"box","text":"D:","page_number":193,"box":{"x":89,"y":725,"width":14,"height":9}},{"id":"425ba3ca-db2c-4534-a5fd-d9c903ed8c16","block_type":"box","text":"Default. 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